What changed in this filing

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Item 1. Business

2024-02-13 compared with 2023-02-15 · 81 added, 95 removed, 262 unchanged (40% of the section changed)

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Although labor disputes occur from time to time, relations with associates are generally considered favorable.

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.

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 workforce.

Associate Benefits

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At December 31, 2023 and 2022, there were 9,779 and 9,478 associates, respectively, who had elected to participate in our group health insurance plans.

Eligible associates in the United States are covered by retirement plans of SCI or various subsidiaries, while international associates are covered by other SCI (or SCI subsidiary) defined contribution or government-mandated benefit plans.

Eligible associates in the United States are covered by retirement plans of SCI or various subsidiaries, while Canadian associates are covered by other SCI (or SCI subsidiary) defined contribution or government-mandated benefit plans.

We have an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code for the exclusive benefit of our United States employees.

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Additionally, we offer an employee assistance program that offers free and confidential counseling by masters level counselors for associates who may be facing mental health challenges.

Inclusion and Diversity

Diversity, Equity, and Inclusion

We believe in the power of inclusion and respecting our fellow associates’ work, ideas, beliefs, and lifestyles.

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).

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.

Our Diversity, Equity, and Inclusion (DEI) Committee, which is a cross-functional team of associates, has been key to the development of programs such as our inclusive leadership training and Associate Resource Communities (ARCs).

The ARCs allow colleagues with similar backgrounds or interests to connect for networking, provide opportunities for mentorship, and support the communities and customers we serve.

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 unique, we are able to remain relevant to the diverse families we serve.

We have created 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.

Embracing the many backgrounds and perspectives that make each of us unique allows us to remain relevant to the diverse families we serve.

We maintain a DEI 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

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The Funeral Rule defines certain acts or practices as unfair or deceptive and contains certain requirements to prevent these acts or practices.

The preventive measures require a funeral provider to give consumers accurate, itemized price information and various other disclosures about funeral merchandise and services and prohibit a funeral provider from:

1) misrepresenting legal, crematory, and cemetery requirements;

2) embalming for a fee without permission;

3) requiring the purchase of a casket for direct cremation;

and 4) requiring consumers to buy certain funeral merchandise or services as a condition for furnishing other funeral merchandise or services.

The preventive measures require a funeral provider to give consumers accurate, itemized price information as well as various other disclosures about funeral merchandise and services and prohibit a funeral provider from making misrepresentations and engaging in deceptive or unfair practices.

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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We were incorporated in Texas in July of 1962.

Our original business plan was based on efficiencies of scale, specifically reducing overhead costs by sharing resources such as preparation services, back office administration support, transportation, and personnel among funeral service locations in a business “cluster.” After proving the plan’s effectiveness in Houston in the early 1960s, we set out to apply this operating strategy through the acquisition of deathcare businesses in other markets over the next three decades.

Beginning in 1993, we expanded beyond North America, acquiring major deathcare companies in Australia, the United Kingdom, and France, plus smaller holdings in other European countries, Asia, and South America.

Our original business plan was based on efficiencies of scale, specifically reducing overhead costs by sharing resources such as preparation services, back office administration support, transportation, and personnel among funeral service locations in a business “cluster.” We set out to apply this operating strategy through the acquisition of deathcare businesses in other markets over the next three decades.

Beginning in 1993, we expanded beyond North America, acquiring major deathcare companies internationally.

During the mid to late 1990s, acquisitions of deathcare facilities became extremely competitive, resulting in increased prices for acquisitions and substantially reduced returns on invested capital.

In 1999, we significantly reduced our level of acquisition activity and over the next several years implemented various initiatives to pay down debt, increase cash flow, reduce overhead costs, increase efficiency, and leverage our scale.

We divested our international businesses and many North American funeral service locations and cemeteries that were either underperforming or did not fit within our long-term strategy.

In 1999, we significantly reduced our level of acquisition activity and divested certain of our international businesses and many North American funeral service locations and cemeteries.

At the same time, we began to capitalize on the strength of our network by introducing to North America the first transcontinental brand of deathcare services and products — Dignity Memorial ® (see www.dignitymemorial.com).

Information contained on our website is not part of this report.

In late 2006, having arrived at a position of financial stability and improved operating efficiency, we acquired the then second largest company in the North American deathcare industry, Alderwoods Group.

In early 2010, we acquired the then fifth largest company in the North American deathcare industry, Keystone North America.

In June 2011, we acquired 70% of the outstanding shares of The Neptune Society, Inc.

(Neptune), which is the nation's largest direct cremation organization, now known as SCI Direct.

Subsequently, in 2013 and 2014, we acquired the remaining 30% of the outstanding shares of Neptune.

In December 2013, we purchased Stewart Enterprises, Inc.

(Stewart), the then second largest operator of funeral service locations and cemeteries in North America.

In late 2006, we began a series of strategic acquisitions through 2013 by acquiring Alderwoods Group, Keystone North America, The Neptune Society, Inc.

(Neptune), also now known as SCI Direct, and Stewart Enterprises, Inc.

We continue to pursue strategic acquisitions and complete divestitures of non-strategic funeral homes and cemeteries.

See Strategies for Growth within Part I, Item 1.

Business for more information on how we invest capital to grow our business.

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 a cemetery location.

Combination facilities typically are more cost competitive and have a higher gross margin than funeral and

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cemetery operations that are operated separately.

Combination facilities typically are more cost competitive and have a higher gross margin than funeral and cemetery operations that are operated separately.

Combination locations also create synergies between funeral and cemetery sales personnel and give families added convenience to purchase both funeral and cemetery merchandise and services at a single location.

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Funeral merchandise, including burial caskets and related accessories, urns and other cremation receptacles, outer burial containers, flowers, online and video tributes, stationery products, casket and cremation memorialization products, and other ancillary merchandise, is sold at funeral service locations.

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Our cemeteries provide cemetery property interment rights, including developed lots, lawn crypts, mausoleum spaces, niches, and other cremation memorialization and interment options.

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We define these sales as preneed sales.

As a result of such preneed sales, our preneed backlog of unfulfilled funeral and cemetery contracts was $13.7 billion at December 31, 2022 and 2021.

As a result of such preneed sales, our preneed backlog of unfulfilled funeral and cemetery contracts was $14.8 billion and $13.7 billion at December 31, 2023 and 2022.

The following table at December 31, 2023 provides the number of our funeral service locations and cemeteries by country, and by state, territory, or province:

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Nevada 15 6 21

Country, State/Territory/Province Number of Funeral Service Locations Number of Cemeteries Total

New Hampshire 5 — 5

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Ohio 48 14 62

Country, State/Territory/Province Number of Funeral Service Locations Number of Cemeteries Total

Oklahoma 13 7 20

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We believe we have satisfactory title to the properties owned and used in our business, subject to various liens, encumbrances, and easements that are incidental to ownership rights and uses and do not materially detract from the value of the property.

At December 31, 2022, we owned approximately 90% of the real estate and buildings used at our facilities, and the remainder of the facilities were leased under both finance and operating leases.

At December 31, 2023, we owned approximately 90% of the real estate and buildings used at our facilities, and the remainder of the facilities were leased under both financing and operating leases.

At December 31, 2023, our 489 cemeteries contained a total of approximately 35,500 acres, of which approximately 66% was developed.

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A map of our locations in North America is presented below:

COVID-19 Impact

Since the World Health Organization declared the worldwide outbreak of a novel strain of coronavirus (COVID-19) a global pandemic in March 2020, we have worked continuously to meet the challenges it presented.

Like many businesses worldwide, COVID-19 is still directly and indirectly impacting various aspects of our business operations.

We continue to maintain a high priority focus on the health, safety, and mental well-being of our associates.

We provide an employee assistance program that offers free and confidential counseling by masters level counselors for our associates' overall mental health.

We have avoided layoffs, mandatory furloughs, and any widespread reductions in pay as a result of the impact of COVID-19.

Over the last several years, we have awarded discretionary bonuses to associates in recognition of their courageous efforts and dedication to serving families throughout the pandemic.

To ensure both associate and customer safety, we quickly implemented technology solutions during the early part of the pandemic to overcome social distancing restrictions.

Many of these solutions are still in place today and helped us accelerate the use of technology throughout our organization, particularly within our sales team with the use of our customer relationship management system and digital leads.

By capitalizing on our physical and digital presence in our response to the COVID-19 crisis, we were able to further leverage our scale.

This accelerated the use of new technology required to successfully meet customer needs during COVID-19 and has provided many advantages which further differentiates us from our competitors.

We view the demand for robust services and celebrations of life through the COVID-19 pandemic as evidence that our customers value what our team does best, which is helping our client families gain closure and healing through the process of grieving, remembrance, and celebration.

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.

We estimate that our funeral and cemetery market share in North America is approximately 16% based on estimated total industry revenue.

Our funeral business has low to moderate barriers to entry, whereas the cemetery business barriers to entry are high due to the requirement of land and permitting along with the requirement of sufficient capital to develop cemetery property.

The success of a single funeral service location or cemetery in any community is a function of the name, reputation, and location of that funeral service location or cemetery.

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We have an unparalleled network of funeral service locations and cemeteries that offers high quality products and services at prices that are competitive with local competing funeral service locations, cemeteries, and retail locations.

Within this network, the funeral service locations and cemeteries operate under various names as most operations were acquired as existing businesses.

Within this network, our funeral service locations and cemeteries operate under various names as most operations were acquired as existing businesses.

We have co-branded the majority of our operations under the name Dignity Memorial ® .

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We are the largest consolidated deathcare company in North America and are well positioned for long-term profitable growth.

Like most businesses world-wide, COVID-19 has impacted various aspects of our business operations, however, our fundamental strategy has not changed.

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 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.

We have already begun to see the impact of the Baby Boomers through the growth in our preneed cemetery sales production.

We expect to see a similar impact on our preneed funeral results and ultimately our atneed results as these preneed contracts mature.

Like most businesses world-wide, the outbreak of a novel strain of coronavirus (COVID-19) impacted various aspects of our business operations.

However, our fundamental strategy has not changed.

Over the next several years, our industry will be largely shaped by the aging of the Baby Boomer generation in the deathcare space which we are poised to benefit from.

In each stage of life, Baby Boomers have set new trends, transformed society, and redefined norms, and we are already seeing the impact on our industry.

Over the last five years, we have seen the impact of the Baby Boomers through the growth in both our preneed cemetery sales production and our preneed funeral production.

We expect to see a similar impact on 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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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.

We plan to remain relevant to our customers as their preferences evolve through a combination of price, product, and service differentiation strategies to facilitate revenue growth.

We also expect that continued growth in our preneed sales will drive future revenue expansion.

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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.

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.

In our funeral business, we focus on memorialization merchandise and services that are meaningful to both our burial and cremation customers.

The growing trend of cremation requires more flexibility in providing products and services.

We have developed cremation service packages, which may or may not include a celebratory memorialization, depending on the consumers preference.

In our cemetery business, we continue to grow revenue by responding to the customer’s desire for personalized and unique options by expanding our tiered product and cemetery property options.

We responded to this trend by spending capital to repurpose traditional casket selection rooms to event rooms that can accommodate a celebration, while also updating existing locations to more contemporary, uplifting spaces.

We are offering a customer-friendly digital presentation of options that allows the customer to choose merchandise and services including unique celebration, catering, and celebrant services.

In our funeral segment, we focus on merchandise and services that are meaningful to both our burial and cremation customers.

The growing trend of cremation has resulted in new product and service offerings, including cremation-specific service packages, which may or may not include memorialization.

In addition, we have focused on making the entire cremation experience more meaningful for families, from the first point of contact to the delivery of a loved one’s ashes to the family.

In our cemetery segment, we continue to grow revenue by responding to the customer’s desire for personalized and unique options by expanding our tiered product and cemetery property options.

Over the past several years, we have substantially increased our property options to offer many unique choices.

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We continue to embrace cremation opportunities for customers 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.

We have remained flexible to meet the varying needs of customers, demonstrating our resolve to remain relevant to changing customer preferences.

10 Service Corporation International

As we evolve to meet ever-changing customer preferences, we will continue catering to the numerous religious, ethnic, and cultural traditions important to many of our customers.

We have remained flexible to meet the varying needs of customers, demonstrating 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.

We have 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 adopted a more sophisticated and targeted marketing 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.

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These investments include a customer relationship management system, which drives improvements in productivity and sales production by leveraging data analytics, rigorous lead tracking, and effective follow-up campaigns.

We continue to diversify our sales force to understand and cater to the religious, ethnic, and cultural traditions important to our customers.

We continue to diversify our sales force to understand and cater to the numerous religious, ethnic, and cultural traditions important to our customers.

Our premier combination locations and other large and recognizable cemeteries and funeral homes attract high-quality sales talent.

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Our 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 enjoy innovative features such as an interactive obituary experience, social media sharing capabilities, the ability to create and share personalized content in memory of their loved one, and the ability to see venue and catering options for locations.

We have reduced the time it takes to receive customer feedback through digital J.D.

Power surveys.

In addition to the contemporary and sophisticated design, client families enjoy innovative features such as an interactive obituary experience, the ability to create and share personalized content in memory of their loved one, the ability to see venues, catering options, online pricing, and new self-service options like scheduling an appointment online.

We have reduced the time it takes to receive customer feedback through digital surveys.

Online reviews provide visibility of customer engagement down to the location level and shorten our response time in addressing any customer concerns.

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.

These digital efforts resulted in favorable customer satisfaction ratings and increased digital sales leads over the last several years.

Although the last several years were difficult in many unexpected ways through the COVID-19 pandemic, 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.

We have established a social media presence for many of our funeral and cemetery businesses, including the ability to livestream services at many of our locations.

These digital efforts have resulted in favorable customer satisfaction ratings and increased digital sales leads over the last several years.

Through the COVID-19 pandemic, we learned valuable lessons around our ability to quickly deploy customer-facing technology.

Our associates and client families embraced an increasingly digital world, as we utilized various online tools to complete sales and meet families.

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.

Growing Our Preneed Backlog

Our preneed backlog, which includes both insurance and trust-funded merchandise and service products, allows us the opportunity to grow future revenue in a more stable and efficient manner than selling at the time of need.

The scale of our multi-billion dollar trust portfolios allows us to leverage access to preeminent money managers with favorable fee structures generating above average returns.

Our preneed backlog, which includes both insurance and trust-funded merchandise and service products, allows us to grow future revenue in a more stable and efficient manner than selling at the time of need.

The scale of our multi-billion dollar trust portfolios allows us to leverage access to preeminent money managers with favorable fee structures generating above average returns to help offset inflation.

Our blended funding approach between insurance and trust-funded merchandise and service products allows us to combine the positive cash flow and predictability of the insurance product with the potential upside of higher returns from our trusted merchandise and service products.

This blended approach also helps our ability to grow our preneed backlog in a cash flow neutral manner.

Invest Capital

We maximize capital deployment opportunities in a disciplined and balanced manner to the highest relative return.

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.

Capital Allocation

We consistently evaluate the best uses of our cash flow that will yield the highest value and return on capital.

Our strong liquidity, favorable debt maturity profile, and robust cash flow generation enables us to continue our long-standing commitment to allocate capital to opportunistically grow our business and enhance shareholder value.

Typically, our highest relative return opportunities come from acquisitions and funeral service and cemetery new builds.

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We target businesses with favorable customer dynamics and locations where we can achieve additional economies of scale.

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.

Over the last several years, we have deployed significant 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.

We invested $102.6 million in acquiring 18 funeral service locations and 3 cemeteries, which included 3 combination locations, in 2022.

We invested $72.5 million in acquiring 17 funeral service locations and 2 cemeteries in 2023.

Return Excess Cash to Shareholders

Absent any strategic acquisition or new build opportunities, we intend to return excess cash to shareholders through dividends and our share repurchase program.

Our quarterly dividend rate has steadily grown from $0.025 per common share in 2005 to $0.29 per common share at the end of 2023.

We target a dividend 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 also expect to continue to repurchase shares of our common stock in the open market or through privately negotiated transactions, subject to market conditions, debt covenants, and normal trading restrictions.

There can be no assurance that we will buy our common stock under our repurchase program in the future.

In 2023, we repurchased 8,700,767 shares of our common stock at an aggregate cost of $549.6 million, which is an average cost per share of $63.17.

In 2022, we repurchased 10,356,250 shares of our common stock at an aggregate cost of $661.1 million, which is an average cost per share of $63.84.

Subsequent to December 31, 2023, we repurchased 310,581 shares for $20.93 million at an average cost per share of $67.39.

Managing Debt

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Proceeds from this new bank credit agreement were used to settle our existing Term Loan and Bank Credit Facility due May 2024.

The new bank credit agreement provides us with flexibility for incremental liquidity, capital investment, working capital, and other general corporate purposes.

Return Excess Cash to Shareholders

Absent any strategic acquisition or new build opportunities, we intend to return excess cash to shareholders.

Our quarterly dividend rate has steadily grown from $0.025 per common share in 2005 to $0.27 per common share at the end of 2022.

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.

Our new bank credit agreement provides us with flexibility for incremental liquidity, capital investment, working capital, and other general corporate purposes.

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).

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Each of our Board of Directors’ standing committee charters, our Corporate Governance Guidelines, our Code of Ethics for Board Members, and our Code of Conduct for Officers and Employees are available, free of charge, through our website or, upon request, in print.

We will post on our internet website all waivers to, or amendments of, our Code of Conduct for Officers and Employees, which are required to be disclosed by applicable law and rules of the New York Stock Exchange listing standards.

We will post on our internet website all waivers to, or amendments of, our Code of Conduct for Officers and Employees, which are required to be disclosed by applicable law and New York Stock Exchange listing standards.

Information contained on our website is not part of this report.

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Tanzberger 55 Senior Vice President, Chief Financial Officer 2000

Sangalis 67 Senior Vice President, General Counsel and Secretary 2007

Lori Spilde 53 Senior Vice President, General Counsel and Secretary 2019

Nash 62 Senior Vice President, Operations Services 2004

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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.

He previously served as Senior Vice President, Law and Administration for Team Inc., a leading provider of specialty industrial maintenance and construction services.

Prior to that, Mr.

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.

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.

Sangalis announced his intent to retire in March of 2023.

Nash was named Senior Vice President of Operations Services in 2010 and is currently responsible for a variety of support functions, including human resources, supply chain, and program management.

Spilde was named Senior Vice President, General Counsel and Secretary in 2023.

She joined SCI in 2000 with the acquisition of American Memorial Life Insurance.

She began her tenure with the Company in operations.

In 2006, she was promoted and her role shifted to managing legal affairs for Mergers & Acquisitions, Antitrust, and Real Estate.

In 2018, her role was expanded to include oversight of Company SEC filings and responsibility for the corporate secretarial function.

She was promoted to her previous role as Vice President and Deputy General Counsel in 2019.

Spilde holds a master's degree in business administration from The University of Texas.

She also earned Juris Doctor, Master of Arts, and bachelor's degrees from the University of South Dakota.

Nash was named Senior Vice President of Operations Services in 2010 and is currently responsible for a variety of support functions, including human resources, supply chain, centralized operations and program management.

Prior to that she was Vice President of Process Improvement and Technology, where she led the redefinition of our field and home office processes and systems.

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Faulk worked for Bain & Company, Inc.

where he helped

Fortune 500 Companies and specialty retailers identify profit growth opportunities and achieve strong operating results.

He holds a master's degree in business administration from the Darden Graduate School of Business at the University of Virginia and a bachelor's degree in electrical engineering from the University of Virginia.

Tidwell joined SCI as Vice President, Main Street Market Operations, in March 2010 and was promoted to Senior Vice President of Sales and Merchandising in 2012.

where he helped Fortune 500 Companies and specialty retailers identify profit growth opportunities and achieve strong operating results.

holds a master's degree in business administration from the Darden Graduate School of Business at the University of Virginia and a bachelor's degree in electrical engineering from the University of Virginia.

Tidwell was named Senior Vice President of Sales and Marketing in 2018 and is responsible for leading all areas of sales and marketing for SCI.

He joined SCI as Vice President, Main Street Market Operations, in March 2010 and was promoted to Senior Vice President of Sales and Merchandising in 2012.

As a co-founder of Keystone North America, Inc., Mr.

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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.

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.

She was promoted to Director of Financial Reporting in 2004 and Managing Director and Assistant Controller in June 2006.

In February 2010, she was promoted to Vice President and Corporate Controller and oversees trust accounting and compliance, general accounting, internal and external reporting and customer service.

Since 2019, Mr.

Tidwell has served on the Board of Regents of Commonwealth Institute of Funeral Service.

Moore was named Vice President and Corporate Controller in 2010 and oversees general accounting, trust and technical accounting, internal and external reporting, and customer service.

She joined the Company in August 2002 as Manager of Financial Reporting and was promoted to Director of Financial Reporting in 2004 and Managing Director and Assistant Controller in June 2006.

Prior to joining the Company, Mrs.

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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.

What changed 10-K

Item 1. Business