What were the key takeaways from Service's earnings call?

What guidance did Service's management provide for the next earnings period?

What is Service's latest dividend and current dividend yield?

Did Service beat or miss consensus estimates last quarter?

What factors drove the changes in Service's revenue and profit?

What were the key takeaways from Service’s earnings call?

What is the revenue and EPS growth rate for Service year over year?

What is the market's earnings forecast for Service next quarter?

- **EPS Growth**: Q3 adjusted EPS +10% to $0.87, with 15% growth if tax rate normalized. 2025 guidance narrowed to $3.80-$3.90.
- **Cemetery Strength**: +7% revenue driven by preneed property (+$21M) and services (+$6M). Large sales +19%, core sales +9%.
- **Free Cash Flow**: $4.40/share in 2025, supported by lower taxes and strong operating cash flow.
- **Transition Progress**: SCI Direct preneed sales down 20% Q3, but expects 2026 recovery. Cremation education targeting mid-single-digit growth.

**【CEO Summary Section】**
- **Q3 2025 Results**: Adjusted EPS of $0.87, a 10% increase from $0.79 in Q3 2024. Cemetery revenue grew $31 million (7%), driven by preneed property and merchandise revenue. Funeral revenue declined slightly due to lower core services, offset by higher non-funeral home revenue.
- **Tax Impact**: Higher tax rate reduced EPS by $0.02, but normalized tax rate would have yielded 15% EPS growth. 
- **Preneed Sales**: Cemetery preneed sales up $30 million (10%), with large sales +19%. Funeral preneed sales +2%, despite SCI Direct transition to insurance-funded contracts.
- **2025 Outlook**: Narrowed EPS guidance to $3.80-$3.90, with Q4 EPS of $1.09-$1.19. Expect modest funeral growth, low-single-digit cemetery revenue, and $4.40 free cash flow per share.

**【CFO Financial Commentary】**
- **Cash Flow**: Q3 adjusted operating cash flow $268M, up $10M YoY. Free cash flow $615M ($4.40/share) due to lower taxes and better working capital.
- **Capital Allocation**: $140M invested in maintenance, growth, and acquisitions. $123M returned to shareholders via dividends ($45M) and buybacks ($78M).
- **Liquidity**: $1.5B liquidity, 3.6x net debt/EBITDA, within 3.5-4x target range.

**【Q&A Highlights】**
- **Cemetery Growth**: CEO confident in low-mid single-digit preneed sales growth, citing cremation education and inventory. Rose Hills Cemetery (+double digits) leads the charge.
- **Expense Control**: 1.4% Q3 G&A growth; 2026 expects <2% growth via staff metrics and tech leverage.
- **SCI Direct Transition**: Sales decline due to insurance licensing, but 2026 expects year-over-year growth as training completes.
- **Cremation Education**: 80% of cremation consumers interested in cemetery options post-education, targeting mid-single-digit growth from this segment.

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