−Removed: We are North America’s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries unequaled in geographic scale.
+Added: We are North America’s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries unequaled in geographic scale and reach.
At December 31, 2021, we operated 1,471 funeral service locations and 488 cemeteries (including 299 funeral service/cemetery combination locations), which are geographically diversified across 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico.
18 unchanged sentences
(Stewart), the then second largest operator of funeral service locations and cemeteries in North America.
−Removed: We continue to pursue strategic acquisitions and complete divestitures of non-strategic funeral homes and cemeteries, some of which can be meaningful.
+Added: We continue to pursue strategic acquisitions and complete divestitures of non-strategic funeral homes and cemeteries.
Funeral and Cemetery Operations
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Combination locations allow certain facility, personnel, and equipment costs to be shared between the funeral service location and cemetery locations.
−Removed: Such combination facilities typically can be more cost competitive and have higher gross margins than funeral and
+Added: Such combination facilities typically are more cost competitive and have higher gross margins than funeral and
cemetery operations that are operated separately.
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At December 31, 2021, our 488 cemeteries contained a total of approximately 35,500 acres, of which approximately 66% was developed.
+Added: Interment rights for approximately 2,000 acres of the developed acreage are unsold.
Our corporate headquarters are located at 1929 Allen Parkway, Houston, Texas 77019.
5 unchanged sentences
During 2020, an outbreak of a novel strain of coronavirus (COVID-19) spread worldwide and was declared a global pandemic by the World Health Organization on March 11, 2020.
−Removed: COVID-19 poses a threat to the health and economic well-being of our employees, customers, communities, and vendors.
−Removed: Our dedicated associates are acting as first responders and providing essential services for our client families and communities.
−Removed: The operation of all our facilities is critically dependent on our employees who operate these locations.
−Removed: To ensure the well-being of all our employees and their families, we provided them with detailed health and safety literature on COVID-19, such as the Center for Disease Control (the “CDC”)’s industry-specific guidelines for working with the deceased who were, and may have been, infected with COVID-19.
−Removed: In addition, we provide personal protection equipment to those employees whose positions require such equipment.
−Removed: We continue adding measures to help ensure client families can safely visit our facilities and celebrate the life of their loved ones.
−Removed: We have implemented work from home policies at our corporate offices consistent with CDC and local government guidance to reduce the risks of exposure to COVID-19, while continuing to support our locations and the customers they serve.
−Removed: Like most businesses world-wide, COVID-19 has impacted various aspects of our business operations.
−Removed: Until the onset of COVID-19, sales growth was continuing to trend in-line and consistent with our forecast for the first quarter of 2020.
−Removed: However, during the last two weeks of the first quarter of 2020, we saw our preneed sales activity and our atneed sales averages precipitously decline as North Americans began to practice social distancing to comply with multiple state and provincial shelter-in-place orders.
−Removed: Since that time, we have experienced periodic increases in services performed in COVID-19 hot spots with accompanying declines in atneed sales averages due to social distancing restrictions.
−Removed: The rigorous restrictions placed on gatherings, mandated by state, provincial, and local governments posed a unique challenge for our locations.
−Removed: In mid-March, we quickly implemented technology solutions to allow extended family and friends to virtually participate in the ceremony alongside the immediate family.
−Removed: We also carefully designed outdoor venues to allow guests to be present, while remaining at a safe distance.
−Removed: We also have offered customers the ability to livestream services with the use of Facebook Live and to broadcast cemetery services through radio transmitters at certain locations.
−Removed: Atneed funeral directors are also using virtual meeting platforms to discuss and plan service details with client families.
−Removed: Our preneed sales teams continue overcoming social distancing obstacles in certain areas of the country by leveraging technology with customers who may prefer to purchase cemetery property and merchandise from the safety of their home or setting up outdoor pop-up canopies to discuss pre-planning from a safe distance.
−Removed: While we implemented creative solutions to meet our client families' needs, we are still periodically experiencing a negative impact to our sales averages due to the continued social distancing impacts across North America.
−Removed: Nevertheless, we continued to experience unprecedented growth in our preneed cemetery sales while continuing to experience an increase in services and burials performed.
−Removed: As the world continues to experience the fluctuating effects of COVID-19, we remain reliant on the values and capabilities of our organization to meet the needs of our client families while ensuring our associates and customers are safe.
−Removed: The continued
+Added: The health, safety, and mental well-being of our associates continues to be a top priority throughout this COVID-19 pandemic.
+Added: We provide an employee assistance program that offers free and confidential counseling by masters level counselors for our associates.
+Added: We have been able to avoid layoffs, mandatory furloughs, and any widespread reductions in pay as a result of the impact of COVID-19.
+Added: In 2020 and in 2021, we awarded "hero bonuses" and other bonuses to associates in recognition of their courageous efforts and dedication to serving families throughout the pandemic.
+Added: In early 2020, the rigorous restrictions placed on gatherings and mandates by state, provincial, and local governments posed a unique challenge for our locations.
+Added: We quickly implemented technology solutions, including livestreaming on social media, that allowed extended family and friends to virtually participate in the ceremony alongside the immediate family.
+Added: In certain instances, atneed funeral directors still have the option of using virtual meeting platforms as a tool to discuss and plan service details with client families if requested by families.
+Added: Our preneed sales teams continue to overcome social distancing obstacles in certain areas of the country by leveraging virtual arrangements with customers who may prefer to purchase cemetery property and merchandise from the safety of their home or setting up outdoor canopies to discuss pre-planning from a safe distance.
+Added: By capitalizing on our physical and digital presence in our response to the COVID-19 crisis, we have been able to further leverage our scale.
+Added: The accelerated use of new technology required to successfully meet customer needs during COVID-19 has provided many advantages and further differentiates us from our competitors.
+Added: The utilization of technology is increasing digital sales leads to record levels and producing a more effective and efficient sales model through enhanced use of our customer relationship management platform.
+Added: In addition, we experienced an improvement in our customer relationships due to a dedicated focus on service excellence and honoring the details of every life we are privileged to serve, as well as enabling a seamless interaction with families through a best-in-class website experience.
+Added: Our continued focus on service excellence during these trying times has been recognized by families who continue to share their positive experiences publicly through online customer satisfaction ratings and reviews.
+Added: Our average customer satisfaction ratings continue to remain high through various social media platforms and directly reflect the efforts of our front-line heroes, who consistently go above and beyond for the families we serve.
+Added: In 2021, we continued to experience the impact of COVID-19 variants.
+Added: However, we have seen community restrictions lifted and vaccine distribution more widespread.
+Added: As restrictions have lifted, we have seen an increase in the number of families who desire memorial services which has driven significant growth in our preneed sales as well as positively affected our average revenue per funeral service.
+Added: We view this as further evidence that our customers continue to value what our team does best, which is helping our client families gain closure and healing through the process of grieving, remembrance, and celebration.
8 Service Corporation International
−Removed: demand for services is further evidence that a considerable number of our customers continue to value what our team does best, which is helping our client families gain closure and healing through the process of grieving, remembrance, and celebration.
−Removed: The health, safety, and mental well-being of our associates continues to be a top priority throughout the COVID-19 pandemic.
−Removed: We have been able to avoid layoffs, mandatory furloughs, and any widespread reductions in pay as a result of the impact of COVID-19, while also providing certain associates with bonuses to recognize their incredible efforts and an Employee Assistance Program, which provides access to licensed counseling.
+Added: Like most businesses world-wide, COVID-19 is still impacting various aspects of our business operations;
+Added: however, we cannot, with certainty, predict the scope, severity, or duration with which COVID-19 will continue to impact our business, financial condition, results of operations, and cash flows.
Although there are several public companies that own funeral service locations and cemeteries, the majority of deathcare businesses in North America are locally-owned, independent operations.
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We are the largest consolidated deathcare company in North America and are well positioned for long-term profitable growth.
−Removed: Like most businesses world-wide, COVID-19 has impacted various aspects of our business operations, however, we believe our fundamental strategy has not changed.
−Removed: Over the next several years, our industry will be largely shaped by the aging of the Baby Boomer generation in the deathcare space and we are poised to benefit from the aging of this North American population.
+Added: Like most businesses world-wide, COVID-19 has impacted various aspects of our business operations, however, our fundamental strategy has not changed.
+Added: Over the next several years, our industry will be largely shaped by the aging of the Baby Boomer generation in the deathcare space and are poised to benefit from the aging of the North American population.
In each stage of life, Baby Boomers have set new trends, transformed society, and redefined norms, and we anticipate the impact will be the same for our industry.
−Removed: We have already begun to see the impact of the Baby Boomers through the growth in our preneed cemetery sales program.
−Removed: We expect seeing a similar impact on our preneed funeral results and ultimately our atneed results as these preneed contracts mature.
+Added: We have already begun to see the impact of the Baby Boomers through the growth in our preneed cemetery sales production.
+Added: We expect to see a similar impact on our preneed funeral results and ultimately our atneed results as these preneed contracts mature.
In every aspect of our business, we are listening and responding to our customer’s changing needs and leveraging our scale to deliver unparalleled experiences - both digitally and in person - to meet those changing needs.
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1) grow revenue, 2) leverage our unparalleled scale, and 3) deploy capital.
−Removed: While these strategies remain unchanged, through the pandemic a shift to a higher use of technology has influenced how we serve our customers and how we invest our capital.
+Added: While these strategies remain unchanged, a shift to increased utilization of technology during the COVID-19 pandemic has influenced how we serve our customers and how we invest our capital.
We plan to grow revenue by remaining relevant to our customers as their preferences evolve through a combination of price, product, and service differentiation strategies.
−Removed: We also expect that growing our preneed sales will drive future revenue growth.
+Added: We also expect that continued growth in our preneed sales will drive future revenue expansion.
Remaining Relevant to the Customer
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Whether choosing burial or cremation, the Baby Boomers are redefining the traditional funeral by transitioning away from solemnly mourning a death to a personalized celebration of life ceremony.
−Removed: In certain markets, we are responding to this trend by spending capital to repurpose traditional casket selection rooms to event rooms designed for a celebration.
+Added: In certain markets, we are responding to this trend by spending capital to repurpose traditional casket selection rooms to event rooms that can accommodate a celebration.
We are offering a customer friendly digital presentation of options that allow the customer to choose merchandise and services including unique celebration, catering, and celebrant services.
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From high-end family estates, which capture incredible views, to nicely landscaped hedge estates, we continue to develop property selections that resonate with our customers.
−Removed: merchandise and services, we have developed innovative products such as recurring floral placements, customized cemetery property offerings, and specialized graveside service options.
−Removed: We continue to embrace cremation opportunities for customers in our cemetery segment by offering an increased variety of cremation property options, including niches and scattering gardens.
+Added: For cemetery merchandise and services, we have developed innovative products such as recurring floral placements, customized cemetery property offerings, and specialized graveside service options.
+Added: We continue to embrace cremation opportunities for customers
+Added: in our cemetery segment by offering an increased variety of cremation property options, including glass-front niches and scattering gardens.
As we evolve to meet ever-changing customer preferences, we will continue catering to the religious, ethnic, and cultural traditions important to many of our customers.
−Removed: Throughout the COVID-19 pandemic, we have remained flexible to meet the varying needs of customers due to social distancing restrictions placed on our locations across North America.
−Removed: This flexibility has strengthened our resolve to remain relevant to changing customer preferences.
+Added: Throughout the COVID-19 pandemic, we have remained flexible to meet the varying needs of customers.
+Added: This flexibility has demonstrated our resolve to remain relevant to changing customer preferences.
Growing Preneed Sales
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We sponsor community events and seminars to educate and provide guidance around preplanning both funeral and cemetery services and merchandise.
−Removed: In 2019, we adopted a more sophisticated direct mail approach and we continue increasing our digital presence through search engine optimization and other marketing channels.
+Added: In 2019, we adopted a more sophisticated and targeted direct mail approach and we continue increasing our digital presence through search engine optimization and other marketing channels.
We have a unique competitive advantage to continue growing preneed sales benefiting from our size and scale.
Our preneed program provides us with an opportunity to develop greater brand awareness, gives consumers peace of mind about their end of life arrangements, and secures future market share.
−Removed: Many of our lead channels shifted away from in person throughout 2020 due to the COVID-19 pandemic.
−Removed: However, we gained efficiencies from generating leads digitally as a result of our website and search engine optimization efforts and leveraged video conferencing for socially distanced interactions with many customers.
+Added: We saw significant growth in our digital lead channels throughout 2020 and 2021 due to our efforts to increase our digital presence and also from the impact of the COVID-19 pandemic.
Leverage Our Unparalleled Scale
−Removed: As the largest deathcare company in North America, we leverage our scale by developing our sales organization and optimizing the use of our network using technology and for the benefit of our preneed backlog.
+Added: As the largest deathcare company in North America, we leverage our scale by developing our sales organization and optimizing the use of our network using technology which benefits our preneed backlog.
Our scale enables cost efficiencies through purchasing power and utilizing economies of scale through our supply chain channel.
−Removed: In 2020 throughout the COVID-19 pandemic, we were able to continue to operate without any major disruptions to our business, which highlights the power of our scale.
+Added: During the COVID-19 pandemic, we have been able to continue to operate without any major disruptions to our business, which highlights the strength of our scale.
Developing Our Sales Organization
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Our scale allows us to operate and expand our sales organization in a manner that our competitors cannot replicate.
−Removed: During 2020, we were able to train and quickly develop our sales organization to be able to efficiently complete digital sales with the use of various online tools.
+Added: During 2020 and 2021, we were able to train and quickly develop our sales organization to be able to efficiently complete digital sales with the use of various online tools.
Optimizing Our Network and Deploying Customer-Facing Technology
−Removed: We continue driving operating discipline and leveraging our scale through standardizing processes and capitalizing on new technologies improving the customer experience.
+Added: We continue driving operating discipline and leveraging our scale through standardizing processes and capitalizing on new technologies to improve the customer experience.
Our advancements in technology are changing the way we present our product and service offerings to customers.
Our atneed point of sale system, HMIS+, uses a digital platform enabled with high resolution video and photographs to create a seamless presentation of our products and service offerings.
−Removed: Our recently implemented and mobile preneed sales system, provides customers with a full digital presentation experience in their home or other place of their choosing.
−Removed: In 2018, we completed a redesign of almost 2,000 Dignity Memorial® location websites.
−Removed: Featuring a modern and user-friendly design, these location-specific websites have been designed for mobile use and optimized for better search engine ranking.
+Added: Our mobile preneed sales system, Beacon, provides customers with a full digital presentation experience in their home or other place of their choosing.
+Added: In 2018, we completed a redesign of our Dignity Memorial® location websites.
+Added: Featuring a modern and user-friendly design, these location-specific websites are designed for mobile use and optimized for better search engine ranking.
In addition to the contemporary and sophisticated design, client families now enjoy new features such as a streamlined obituary completion process, social media sharing capabilities, and the ability to create and share personalized content in memory of their loved one.
−Removed: In 2020, our websites grew significantly in number of visits, which reached over 160 million visits.
+Added: As result of these efforts, the number of visits to our websites grew significantly.
During 2019, we took significant steps improving the quality of customer feedback and elevating our online reputation.
−Removed: We engaged a third party to increase the response rate from customers for online reviews and we have seen a significant increase in the number of reviews over the past two years.
+Added: We engaged a third party to increase the response rate from customers for online reviews which has resulted in a significant increase in the number of reviews over the past two years.
Online reviews provide visibility of customer engagement down to the location level and shorten our response time in addressing customer concerns.
We collaborated with a leading technology partner to deliver the J.D.
−Removed: Power surveys digitally, which has increased the quantity and quality of customer feedback and reduced the time it takes to receive customer feedback.
−Removed: We have established a social media presence for a number of our funeral and cemetery businesses, including the ability to livestream services at over 1,000 locations.
−Removed: These digital efforts resulted in favorable customer satisfaction ratings and increased digital sales leads.
−Removed: 10 Service Corporation International
−Removed: Although 2020 was difficult in many unexpected ways, we learned valuable lessons around our ability to quickly deploy customer-facing technology.
+Added: Power surveys digitally, which has increased the quality of customer feedback and reduced the time it takes to receive customer feedback.
+Added: We have established a social media presence for a number of our funeral and cemetery businesses, including the ability to livestream services at many of our locations.
+Added: These digital efforts resulted in favorable customer satisfaction ratings and increased digital sales leads over the last several years.
+Added: Although 2020 and 2021 were difficult in many unexpected ways, we learned valuable lessons around our ability to quickly deploy customer-facing technology.
Our associates and client families embraced an increasingly digital world and we utilized various online tools to complete sales and meet families while social distancing during the COVID-19 pandemic.
−Removed: We are encouraged by the increased digitization and we are making great strides with internal projects leveraging technology and simplifying nearly every facet of service delivery.
+Added: 10 Service Corporation International
+Added: encouraged by the increased digitization and we are making great strides with internal projects leveraging technology and simplifying nearly every facet of service delivery.
Growing Our Preneed Backlog
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This blended approach also results in our ability to grow our preneed backlog in a cash flow neutral manner.
−Removed: Additionally, we are experiencing contracts coming out of the backlog today to be serviced with growth rates that are superior to inflationary atneed pricing due to market performance.
+Added: Additionally, we are experiencing contracts coming out of the backlog today with growth rates that are superior to the comparable growth in atneed pricing due to higher market performance.
Deploy Capital
−Removed: We continue maximizing capital deployment opportunities in a disciplined and balanced manner to the highest relative return.
−Removed: Our strong liquidity, favorable debt maturity profile, and robust cash flow generation enables us to continue our long-standing commitment to use capital deployment to opportunistically grow our business and enhance shareholder value, even throughout the COVID-19 pandemic.
−Removed: Our priorities for capital deployment remain:
−Removed: 1) investing in acquisitions and building new funeral service locations, 2) paying dividends, 3) repurchasing shares, and 4) managing debt.
−Removed: During 2020, we were able to weather the uncertainty created by the COVID-19 pandemic and strategically deploy capital to the highest relative return opportunities.
−Removed: Investing in Acquisitions and Building New Funeral Service Locations
−Removed: We manage our footprint by focusing on strategic acquisitions and building new funeral service locations where the expected returns are attractive and meaningfully exceed our weighted average cost of capital.
+Added: We maximize capital deployment opportunities in a disciplined and balanced manner to the highest relative return.
+Added: Our strong liquidity, favorable debt maturity profile, and robust cash flow generation enables us to continue our long-standing commitment to use capital deployment to opportunistically grow our business and enhance shareholder value, even during the COVID-19 pandemic.
+Added: Typically our highest relative return opportunities come from acquisitions and funeral service and cemetery new builds.
+Added: During 2020 and 2021, we were able to weather the uncertainty created by the COVID-19 pandemic and strategically deploy capital to the highest relative return opportunities.
+Added: Investing in Acquisitions and Building New Funeral Service and Cemetery Locations
+Added: We manage our footprint by focusing on strategic acquisitions and building new funeral service and cemetery locations where the expected returns are attractive and meaningfully exceed our weighted average cost of capital.
We target businesses with favorable customer dynamics and locations where we can achieve additional economies of scale.
−Removed: Over the last several years, we have increased our growth capital spend on new funeral service locations growing our footprint into new communities as well as expanding of existing locations to remain relevant to our customers.
+Added: Over the last several years, we have increased our growth capital spend on new funeral service locations, enlarging our footprint into new communities as well as expanding existing locations to remain relevant to our customers.
For our cemetery businesses, we plan to pursue strategic acquisitions to create more opportunities to serve Baby Boomers through our tiered cemetery options.
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This investment in our future will allow us to continue creating cemetery offerings that appeal to varying preferences in those markets for many years to come.
−Removed: Paying Dividends
−Removed: Our quarterly dividend rate has steadily grown from $0.025 per common share in 2005 to $0.21 per common share at the end of 2020.
−Removed: We target a payout ratio of 30% to 40% of after-tax earnings excluding special items and intend to grow our cash dividend commensurate with the growth in our business.
−Removed: Repurchasing Shares
−Removed: Absent opportunities for strategic acquisitions, we expect to continue repurchasing shares of our common stock in the open market or through privately negotiated transactions, subject to market conditions, debt covenants, and normal trading restrictions.
−Removed: The volume and timing of our purchases is determined as we evaluate the opportunity to capture value for our shareholders.
−Removed: Since 2010, we have reduced the number of our shares outstanding by 29%.
−Removed: In August 2020, our Board of Directors increased our repurchase authorization to $500.0 million.
−Removed: The remaining dollar value of shares authorized to be purchased under the share repurchase program was $ 231.0 million at December 31, 2020.
−Removed: Subsequent to December 31, 2020, we repurchased 802,146 shares for $ 40.7 million at an average cost per share of $ 50.74 .
+Added: We were able to invest $121.4 million in acquiring 30 funeral homes and 2 cemeteries in 2021.
Managing Debt
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This cash flow stream and our significant liquidity allow us to substantially reduce our long-term debt maturities should we choose to do so.
+Added: Return Excess Cash to Shareholders
+Added: Absent any strategic acquisition or new build opportunities, we intend to return excess cash to shareholders.
+Added: Our quarterly dividend rate has steadily grown from $0.025 per common share in 2005 to $0.23 per common share at the end of 2021.
+Added: We target a payout ratio of 30% to 40% of after-tax earnings excluding special items and intend to grow our cash dividend commensurate with the growth in our business.
We make available free of charge, on or through our website, our annual, quarterly, and current reports and any amendments to those reports, as soon as reasonably practicable after electronically filing such reports with the Securities and Exchange Commission (SEC).
Our website is http://www.sci-corp.com and our telephone number is (713) 522-5141.
−Removed: We also post announcements, updates, events and investor information and presentations on our website in addition to copies of all recent
−Removed: news releases.
+Added: We also post announcements, updates, events and investor information and presentations on our website in addition to copies of all recent news releases.
We may use the Investors section of our website to communicate with investors.
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Human Capital Management
−Removed: At December 31, 2020, we employed 16,503 individuals on a full-time basis and 7,632 individuals on a part-time basis.
+Added: At December 31, 2021, we employed 17,022 full-time individuals and 7,636 part-time individuals.
Of the full-time associates, 14,663 were employed in the funeral and cemetery operations and 2,359 were employed in corporate or other overhead areas of our business.
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Although labor disputes occur from time to time, relations with associates are generally considered favorable.
−Removed: We reach out to our associates for feedback throughout their employment at SCI using a variety of voluntary surveys ensuring we are meeting the needs and expectations of our large and diverse workforce.
+Added: We reach out to our associates for feedback throughout their employment at SCI using a variety o f voluntary surveys ensuring we are meeting the needs and expectations of our large and diverse workforce.
Associate Benefits
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Financial Statements and Supplementary Data.
−Removed: We understand the importance of work-life balance and provide other benefits such as baby bonding time, paid time off, and financial planning support for our associates.
−Removed: Additionally, we offer an employee assistance program that offers 24/7 masters-level counseling services for associates who may be facing challenges outside of the workplace.
+Added: We understand the importance of work-life balance and provide other benefits such as baby bonding time, paid time off for various reasons, and financial planning support for our associates.
+Added: Additionally, we offer an employee assistance program that offers free and confidential counseling by masters level counselors for associates who may be facing challenges outside of the workplace.
Inclusion and Diversity
We believe in the power of inclusion and respecting our fellow associates’ work, ideas, beliefs, and lifestyles.
−Removed: Our Inclusion and Diversity Committee, which is a cross-functional team of associates, has been key to the development of programs such as our Women’s Leadership Conference and Associate Resource Communities (ARCs).
−Removed: The ARCs allow colleagues with similar interests to connect for networking, provide opportunities for growth, and support the communities and customers we serve.
−Removed: Our leadership team is committed to advancing inclusion and diversity within the workplace, by embracing the many backgrounds and perspectives that make each of us so unique, allowing us to remain relevant to the families we serve.
+Added: Our Inclusion and Diversity (I&D) Committee, which is a cross-functional team of associates, has been key to the development of programs such as our Women’s Leadership Conference and Associate Resource Communities (ARCs).
+Added: The ARCs allow colleagues with similar backgrounds or interests to connect for networking, provide opportunities for growth, and support the communities and customers we serve.
+Added: Our leadership team is committed to advancing inclusion and diversity within the workplace.
+Added: By embracing the many backgrounds and perspectives that make each of us so unique, we are able to remain relevant to the diverse families we serve.
+Added: We recently added an I&D senior management position to support the Company's belief that diversity of talent and people is a key driver of better business outcomes.
Training and Development
−Removed: We provide opportunities for career growth, as we believe supporting the personal and professional goals of our associates is a priority for us.
+Added: We provide opportunities for career growth and supporting the personal and professional goals of our associates is a priority for us.
In addition to development programs and a robust online training portal offering more than 2,500 courses, associates can participate in mentoring programs and take advantage of discounts and tuition reimbursement through our many university partnerships.
We are also proud to offer scholarship and apprentice programs to those interested in joining our profession.
+Added: 12 Service Corporation International
Our funeral operations are regulated by the Federal Trade Commission (the “FTC”) under the FTC’s Trade Regulation Rule on Funeral Industry Practices (the “Funeral Rule”), which went into effect in 1984.
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and 4) requiring consumers to buy certain funeral merchandise or services as a condition for furnishing other funeral merchandise or services.
−Removed: 12 Service Corporation International
Our operations are also subject to regulation, supervision, and licensing under numerous federal, state, and local laws and regulations as well as Canadian provincial laws and regulations.
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Executive Officers of the Company
−Removed: The following table sets forth, as of February 16, 2021, the name and age of each executive officer of the Company, the office held, and the year first elected an officer.
+Added: The following table as of February 15, 2022, sets forth, the name and age of each executive officer of the Company, the office held, and the year first elected an officer.
Officer Name Age Position Year First
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He holds a bachelor's degree in business administration from the University of Texas at Austin.
−Removed: Ryan serves as a member of the University of Texas McCombs Business School Advisory Council and is a member of the Board of Trust Managers of Weingarten Realty Investors (NYSE:
+Added: Ryan serves as a member of the University of Texas McCombs Business School Advisory Council and is a senior member of the University of Texas MD Anderson Cancer Center Board of Visitors.
Waring, Senior Vice President and Chief Operating Officer, is responsible for North American Operations.
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Waring holds a bachelor's degree in business administration from Stetson University, a degree in mortuary science from Mount Ida College, and a master's degree in business administration from the University of Massachusetts Dartmouth.
−Removed: Waring serves on the Board of Directors of BankFive and the Board of Trustees of Tabor Academy.
+Added: Waring serves on the Board of Directors of BankFive and the Greater Houston Partnership.
Tanzberger was appointed Senior Vice President and Chief Financial Officer in June 2006 and also served as Treasurer from July 2007 to February 2017.
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Before joining SCI, Mr.
−Removed: Tanzberger served as Assistant Corporate Controller at Kirby Marine Transportation Corp., an inland waterway barge and tanker company.
−Removed: He was also a certified public accountant with Coopers and Lybrand LLP.
−Removed: Tanzberger holds a bachelor's degree in business administration from the University of Notre Dame.
−Removed: Tanzberger is the Audit Committee Chair for United Way of Houston and the Treasurer of the National Funeral Directors Association Funeral Service Foundation.
−Removed: He also serves on the Board of Directors for Junior Achievement of Southeast Texas.
+Added: Tanzberger began his financial career at Coopers and Lybrand LLP.
+Added: Tanzberger holds a Bachelor of Business Administration degree from the University of Notre
+Added: Tanzberger is currently a member of the Board of Directors and Chair of the Audit Committee of Sanara MedTech Inc.
+Added: He is also a current member of the Executive Committee and the Audit Committee Chair of the United Way of Greater Houston.
+Added: Tanzberger is a former member of the Board of Trustees of Junior Achievement of Southeast Texas and the National Funeral Directors Association Funeral Service Foundation.
Sangalis joined the Company in 2007 as Senior Vice President, General Counsel and Secretary.
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Sangalis served as Managing Director and General Counsel of Main Street Equity Ventures II, a private equity investment firm, and as Senior Vice President, General Counsel and Secretary for Waste Management, Inc., the leading provider of waste management services in North America.
−Removed: Sangalis holds a bachelor's degree in finance from Indiana University and a
−Removed: master's degree in business administration from the University of Minnesota.
+Added: Sangalis holds a bachelor's degree in finance from Indiana University and a master's degree in business administration from the University of Minnesota.
He earned his juris doctorate from the University of Minnesota Law School.
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She holds a bachelor's degree in business administration in accounting from Texas A&M University.
−Removed: Nash serves on the Board of Directors of Genesys Works.
+Added: Nash serves as Chair of the Board of Directors of Genesys Works.
Faulk was named Senior Vice President of Revenue and Business Development in 2018.
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Gupton College and has attended Executive Management and Leadership programs at the Harvard Business School, Vanderbilt University Owen Graduate School of Management, and the Center for Creative Leadership.
+Added: Tidwell has served for over three years as the Chairman of the Board of Regents of Commonwealth Institute of Funeral Service.
Moore joined the Company in August 2002 as Manager of Financial Reporting.
4 unchanged sentences
She holds a bachelor's degree in business administration in accounting from the University of Texas at San Antonio.
+Added: Since 2019, Mrs.
+Added: Moore has served on the Board of Regents of Commonwealth Institute of Funeral Service.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.