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CARRIAGE SERVICESANNUAL REPORTINNOVATIONPARTNERSHIPSERVICEcarriageservices.com80847_CS_AnnualReport.indd 19-21 3/28/24 9:29 PM
80847_CS_AnnualReport.indd 16-18 3/28/24 9:29 PM
To create a premier experience throughinnovation, empowered partnership,and elevated service.Our Purpose80847_CS_AnnualReport.indd 1 3/28/24 9:31 PM
01012023 CARRIAGE ANNUAL REPORTGreenlawn Memorial Park Southwest - Bakersfield, California*Funeral Home and Cemetery data as of (12/31/2023)32*Owned Cemeteries8.4%Adjusted Diluted Earnings Per Share CAGR (2013-2023)7. 3 %Adjusted Consolidated EBITDA CAGR (2013-2023)2,800+Employees Nationwide171*Owned Funeral Homes$382 million2023 Annual RevenueCarriage At A Glance2023 ANNUAL REPORT80847_CS_AnnualReport.indd 1 3/28/24 9:31 PM
INNOVATION. PARTNERSHIP. SERVICE.0202Dear Shareholder2023 SHAREHOLDER LETTERReflecting on the past year, it is important to acknowledge our significant accomplishments amidst a comprehensive review of strategic alternatives, initiated by our Board in June 2023. This process, inherently distracting and time-consuming, did not deter us from moving the Company forward through several significant achievements. This past year stood as a testament to Carriage’s resilience—our business model, our business teams, and the support center, all demonstrated remarkable adaptability. It was a year marked by unforeseen challenges, enriched by new learnings and opportunities, and underscored by diligent work that laid the groundwork for innovation and sustainable growth in the years ahead.Carlos Quezada,Chief Executive Officer and Vice Chairman of the Board 80847_CS_AnnualReport.indd 2 3/28/24 9:31 PM
03032023 CARRIAGE ANNUAL REPORTFocus on Feedback from Shareholders and Enhanced Board Leadership2023 SHAREHOLDER LETTERAs we began our 2023 journey, we prioritized implementing the valuable feedback we received from you in 2022, especially concerning our Board of Directors. This year marked the beginning of a significant refresh for our Board, resulting in two members stepping down and the welcome addition of three new members to Carriage. These additions have enriched our Board with a more diverse blend of skills, experience, and perspectives, significantly contributing to the evolving Carriage success narrative. We are enthusiastic about the fresh insights and contributions these new Directors bring to Carriage. For those interested in learning more about their impressive backgrounds and expertise, I encourage you to visit our website at carriageservices.com, where detailed profiles are available.Furthermore, our commitment to enhancing our approach to governance led to the amendment of our bylaws, ensuring the voices and votes of our shareholders are always prioritized, by eliminating the Board’s prior ability to dismiss a director’s resignation if that director failed to receive a majority of support from our shareholders in an uncontested election.Chad Fargason - Chairman of the Board Somer Webb - Board Director Julie Sanders - Board Director80847_CS_AnnualReport.indd 3 3/28/24 9:31 PM
INNOVATION. PARTNERSHIP. SERVICE.0404The Top Five2023 SHAREHOLDER LETTERDespite the review of strategic alternatives process presenting time consuming challenges to our daily operations, we still achieved several transformative milestones, which are pivotal to our long-term growth story. Below are five of our more impactful achievements in 2023:• We significantly reduced our debt, paying down $34.5 million on our credit facility since its peak level after closing the Greenlawn acquisition at the end of the first quarter, reducing our leverage ratio to 5.13x (from a peak of 5.51x) by year end.• We successfully completed our CEO succession plan, which marks a pivotal moment in our leadership transition, ensuring continuity and a strong direction for our future;• We surpassed our key financial performance targets in four of the past five quarters, spanning from Q4 2022 through Q4 20231;• We reduced overhead costs2 from $53.8 million (14.5%) to $50.1 million (13.1%), demonstrating our commitment to efficiency and productivity; and• We entered and launched a groundbreaking national partnership with the National Guardian Life Insurance Company and Precoa. This unprecedented strategy in pre-need funeral sales is projected to double our General Agent commission over the next two years, while expanding our market share across our funeral home portfolio. We are projecting this partnership to help drive year-over-year growth in pre-need funeral sales of 20% over the next five years.Each milestone reflects our dedication to strategic growth and operational excellence and highlights our commitment to responding to your feedback with action and integrity. If you would like to examine our 2023 financial performance in more detail, please refer to the tables and 10-K that follow this letter.1 Carriage’s outlook compared to analysts’consensus expectations.2 As a percentage of Total Revenue.From left to right; Tyler Anderson - Precoa Sr. VP Business Development, Shane Pudenz - Carriage Sr. VP of Sales & Marketing, Cameron Black - National Guard and Life VP Sales & Business Development80847_CS_AnnualReport.indd 4 3/28/24 9:31 PM
05052023 CARRIAGE ANNUAL REPORTA Vision of the Future2023 SHAREHOLDER LETTERLooking towards the future of Carriage, I envision our Company will be distinguished by its industry-leading talent, leveraged by cutting-edge technology and innovation in a profession that will benefit greatly from a more direct focus on technology as an accelerator of growth. Additionally, I anticipate our Company will be characterized by its financial discipline, strategically deploying capital towards paying down debt while achieving the highest returns on invested capital for any investment project, creating added economic value for our shareholders. I also foresee a customer-centric organization upholding the highest standards of service excellence and fostering loyalty in every community we serve. I see Carriage as a continually evolving organization committed to continuous improvement, ensuring our operational and financial performance today is better than yesterday. Embracing improvement is a deliberate, inspiring, and strategic choice. While perfection may not be achieved, it is the benchmark we will consistently target.Fairfax Memorial Park Pavilion Estates - Fairfax, VirginaVeterans and First Responders Pre-planning80847_CS_AnnualReport.indd 5 3/28/24 9:31 PM
INNOVATION. PARTNERSHIP. SERVICE.0606Our Five-Year Strategic Objectives2023 SHAREHOLDER LETTER2024 has started off strong with our five-year strategic objectives. We are excited to continue building upon our ten-year vision driven by our new purpose statement: “Creating premier experiences through innovation, empowered partnerships, and elevated service.” This new purpose statement is a testament to our unwavering commitment across all areas of our operations, emphasizing our dedication to innovation, partnership, and exceptional service delivery. It is rooted in three foundational pillars, guiding our strategy and actions, and ensuring we remain at the forefront of funeral and cemetery innovation.The first pillar is Disciplined Capital Allocation. This strategic approach ensures our investments are focused on areas with the highest potential for returns, laying the groundwork for sustainable success and long-term value creation. This disciplined investment strategy is pivotal in navigating the path toward sustainable growth and profitability.Caring Decisions Seminar - Rest Haven Funeral Home and Cemetery, Rockwall, Texas80847_CS_AnnualReport.indd 6 3/28/24 9:31 PM
07072023 CARRIAGE ANNUAL REPORTPurposeful Growth, our second pillar, transcends mere expansion, emphasizing strategic and thoughtful planning. This approach to business development is not about increasing our size, but rather, enhancing our revenue and financial health through strategic, thoughtful, and data-driven planning. It signifies our commitment to growing with intent and enriching our Company’s value proposition organically and through strategic partnerships.Finally, at the heart of our ethos lies Relentless Improvement and a commitment to the pursuit of excellence in all that we do. This pillar champions the idea that every day presents a new opportunity to refine our processes, prioritize efficiencies, enhance our service, and exceed our prior achievements. It embodies our dedication to continuous advancement and is the essence of our new purpose statement.These three pillars are more than strategic imperatives. They represent our covenant to pursue excellence relentlessly, innovate with purpose, and redefine industry standards through superior service. Reflecting our commitment to this vision, we have revitalized our website and visual identity, including a refreshed Carriage logo, symbolizing our drive and commitment towards an exciting future.132• Leverage ratio of 3.5x – 4.0x• ROIC of 15-20%• Divestiture of underperforming assets and deployment of proceeds towards premier businesses, in alignment with our long-term growth strategyDis c iplined C apit al Alloc at ion• 5% - 8% Organic revenue CAGR• $50 - $100 million annual strategic inorganic capital deployment• 5% gain in market share gain in cremationPurposeful Growth• Evolution of legacy systems with Trinity• Elimination of manual processes• Focus on automation of processesRelent les s ImprovementOur Five-Year Strategic Objectives80847_CS_AnnualReport.indd 7 3/28/24 9:31 PM
INNOVATION. PARTNERSHIP. SERVICE.0808We have a set of transformational initiatives currently underway:Enhance Local Brands: Carriage is committed to reinforcing the identity and presence of our local brands. We can strengthen customer connections and loyalty by tailoring services to each community’s unique character and needs. We will continue to invest in brand-specific strategies highlighting local heritage and fostering deeper community engagement, ultimately enhancing our competitive advantage across various markets.Maximize Evolving Preferences: By recognizing the dynamic nature of consumer preferences, we will actively adapt our offerings to align with current and emerging trends. Our agile approach to the various markets we serve demands that we always look ahead, delivering services that resonate with our customers’ evolving needs and expectations.Strategic M&A: After achieving a leverage ratio of 3.5x—4.0x, Carriage aims to expand its market reach and enhance its service portfolio through inorganic growth. We will continue to identify and pursue acquisition opportunities in strategic growth markets that promise the highest returns, integrating each new asset in a manner that fortifies our market positioning and drives shareholder value. The growth profile we have established through our acquisitions over the last five years, serves as a great representation of our focus on high quality, premier assets with significant growth potential.Pre-need Funeral & Cemetery Sales: We are intensifying our efforts in pre-need sales to provide greater education and peace of mind to our clients and their families. By offering comprehensive pre-planning services, we believe we will smooth the path for the future needs of our customers and secure a long-term revenue stream for Carriage.Implementing changes to enhance our market position and financial performance, while elevating the consumer experienceOpportunities to Further Distinguish Carriage from CompetitorsEnhance LocalBrandsMaximize Evolving PreferencesStrategicM&APre-need Funeral &CemeterySalesCustomer-Centric ERP"Trinity"Continuous ImprovementPassion for Service & “Wow”PlaybookMarket Position Consumer ExperienceFinancial PerformanceTransformational Initiatives Underway80847_CS_AnnualReport.indd 8 3/28/24 9:31 PM
09092023 CARRIAGE ANNUAL REPORTContinuous Improvement: Continuous improvement is at the heart of Carriage’s reinvigorated operational philosophy. By adopting a kaizen mindset, we are committed to incremental improvements in every aspect of our business. This proactive approach ensures efficiency, quality, and customer satisfaction. It highlights our commitment to operational efficiency and effectiveness, enhancing productivity, reducing costs, and uncovering new opportunities. It aligns with our Relentless Improvement pillar and underscores our dedication to excellence.Passion for Service & “Wow” Playbook: Our unwavering passion for service excellence sets us apart. We have developed a “Wow” Playbook, a guide to delivering exceptional experiences that exceed customer expectations at selected customer touchpoints. Training and empowering our staff to create “wow” moments ensures a service level that cultivates enduring customer relationships. For this purpose, we are proud to announce the creation of the Director of Customer Care role, which will be pivotal to our heightened focus on service excellence. Central to our Passion for Service Program, this new role will focus on developing hospitality concepts, creating Key Performance Indicators for customer experience, and implementing our Wow Moments Playbook. This initiative underscores our commitment to improving service delivery, ensuring every interaction reflects our dedication to exceeding expectations.Customer-Centric ERP “Trinity”: We are currently streamlining processes to put our customers at the forefront of every decision. This integrated system, known as “Trinity,” will provide comprehensive insights into customer interactions, enabling personalized service and fostering customer loyalty.Each of these initiatives reinforces Carriage’s commitment to excellence and innovation. As we embark on this continuous improvement and innovation journey, we will keep you updated along the way and share our progress and insights. We are confident in our strategic direction and look forward to building a future at Carriage that promises differentiation, customer loyalty, and sustainable success, all while driving shareholder value.Thank you, Mel Payne As I conclude this shareholder letter, it is important to highlight someone who has been a critical figure in Carriage’s history, and my own professional journey. Mel Payne dedicated more than thirty years, since founding Carriage in 1991, to building Carriage into a built-to-last company that he often calls “an elite club of the best businesses and operators in the profession.” Over the years, Mel relentlessly desired to build the best (not the biggest) funeral home and cemetery consolidation company. His passion and energy are unrivaled, and Mel’s high-performance expectations, at all levels, are well known.80847_CS_AnnualReport.indd 9 3/28/24 9:31 PM
INNOVATION. PARTNERSHIP. SERVICE.1010Along the way, Mel built an incredible company and many unique relationships. Just as impactful, Mel also created countless opportunities for others within Carriage to develop meaningful friendships. Mel often talks of living a life of significance and meaning. Not many things in the world are as meaningful as friendship. While business is usually measured by financial performance, life is more appropriately measured through meaningful relationships. Mel has been highly successful, as his life has had so much significance and meaning. As we look ahead to the bright future in front of Carriage, it is important to take a moment to reflect on the foundation Mel helped build and the countless relationships he helped make possible. Thank you, Mel.80847_CS_AnnualReport.indd 10 3/28/24 9:32 PM
11112023 CARRIAGE ANNUAL REPORTLong-Term Adjusted Diluted Earnings Per Share Growth CAGR: 8.4%Track Record of Long-Term Revenue & Adjusted Consolidated EBITDA GrowthTotal Revenue CAGR: 6.0%Adjusted Consolidated EBITDA CAGR: 7.3% COVID PEAK COVID PEAK80847_CS_AnnualReport.indd 11 3/28/24 9:32 PM
INNOVATION. PARTNERSHIP. SERVICE.1212Condensed Five Quarter Operating & Financial Trend Report (in thousands, except per share amounts) QTR 42022QTR 12023QTR 22023QTR 32023QTR 42023 Funeral Operating Revenue $ 63,964 $ 66,463 $ 60,919 $ 59,397 $ 62,401 Cemetery Operating Revenue 23,169 21,605 29,142 24,577 26,892 Financial Revenue 5,265 6,221 6,294 5,346 8,398 Other Revenue 1,518 1,225 1,323 1,174 1,143 Total Revenue $ 93,916 $ 95,514 $ 97,678 $ 90,494 $ 98,834 Funeral Operating EBITDA $ 26,874 $ 26,628 $ 21,925 $ 22,025 $ 24,371 Funeral Operating EBITDA Margin 42.0% 40.1% 36.0% 37.1% 39.1% Cemetery Operating EBITDA 9,910 8,393 12,940 9,005 10,758 Cemetery Operating EBITDA Margin 42.8% 38.8% 44.4% 36.6% 40.0% Financial EBITDA 4,846 5,881 5,846 4,945 7,889 Financial EBITDA Margin 92.0% 94.5% 92.9% 92.5% 93.9% Other EBITDA 389 148 69 160 93 Other EBITDA Margin 25.6% 12.1% 5.2% 13.6% 8.1%Total Field EBITDA $ 42,019 $ 41,050 $ 40,780 $ 36,135 $ 43,111 Total Field EBITDA Margin 44.7% 43.0% 41.7% 39.9% 43.6%Total Overhead $ 13,360 $ 13,265 $ 12,087 $ 12,848 $ 11,886 Overhead as a percentage of revenue 14.2% 13.9% 12.4% 14.2% 12.0%Consolidated EBITDA $ 28,659 $ 27,785 $ 28,693 $ 23,287 $ 31,225 Consolidated EBITDA Margin 30.5% 29.1% 29.4% 25.7% 31.6% Other Expenses and InterestDepreciation & Amortization $ 5,188 $ 4,769 $ 5,668 $ 5,186 $ 5,494 Non-Cash Stock Compensation 1,381 2,141 2,022 1,992 1,548 Interest Expense 7,687 8,539 9,396 9,278 9,053 Other Expense (Income), net 2,452 (10) (95) 55 (475)Pretax Income $ 11,951 $ 12,346 $ 11,702 $ 6,776 $ 15,605 Net Tax Expense 3,731 3,502 3,416 2,131 3,967 GAAP Net Income $ 8,220 $ 8,844 $ 8,286 $ 4,645 $ 11,638 Sum of Special Items $ 2,384 $ (177) $ (118) $ 829 $ 469 Tax on Special Items 665 (51) (33) 238 131 Adjusted Net Income $ 9,939 $ 8,718 $ 8,201 $ 5,236 $ 11,976 Adjusted Net Income Margin 10.6% 9.1% 8.4% 5.8% 12.1%Adjusted Basic EPS $ 0.68 $ 0.58 $ 0.55 $ 0.35 $ 0.80 Adjusted Diluted EPS $ 0.64 $ 0.56 $ 0.53 $ 0.33 $ 0.77 GAAP Basic EPS $ 0.56 $ 0.59 $ 0.55 $ 0.31 $ 0.78 GAAP Diluted EPS $ 0.53 $ 0.57 $ 0.53 $ 0.30 $ 0.75 Weighted Average Number of Shares OutstandingBasic 14,707 14,758 14,793 14,820 14,838 Diluted 15,418 15,468 15,454 15,514 15,448 Reconciliation of Consolidated EBITDA to Adjusted Consolidated EBITDAConsolidated EBITDA $ 28,659 $ 27,785 $ 28,693 $ 23,287 $ 31,225 Other Special Items - - - 973 1,219 Adjusted Consolidated EBITDA $ 28,659 $ 27,785 $ 28,693 $ 24,260 $ 32,444 Adjusted Consolidated EBITDA Margin 30.5% 29.1% 29.4% 26.8% 32.8%80847_CS_AnnualReport.indd 12 3/28/24 9:32 PM
13132023 CARRIAGE ANNUAL REPORTCondensed Annual Operating And Financial Trend Report (in thousands, except per share amounts) 2019 2020 2021 2022 2023 Funeral Operating Revenue $ 196,475 $ 226,819 $ 252,926 $ 251,396 $ 249,180 Cemetery Operating Revenue 49,317 69,083 91,330 90,033 102,216 Financial Revenue 15,878 19,689 22,708 22,452 26,259 Other Revenue 12,437 13,857 8,922 6,293 4,865 Total Revenue $ 274,107 $ 329,448 $ 375,886 $ 370,174 $ 382,520 Funeral Operating EBITDA $ 75,553 $ 93,480 $ 109,204 $ 101,951 $ 94,949 Funeral Operating EBITDA Margin 38.5% 41.2% 43.2% 40.6% 38.1% Cemetery Operating EBITDA 17,164 26,627 42,158 37,509 41,096 Cemetery Operating EBITDA Margin 34.8% 38.5% 46.2% 41.7% 40.2% Financial EBITDA 14,272 18,357 21,156 20,767 24,561 Financial EBITDA Margin 89.9% 93.2% 93.2% 92.5% 93.5% Other EBITDA 2,778 3,478 2,123 1,134 470 Other EBITDA Margin 22.3% 25.1% 23.8% 18.0% 9.7%Total Field EBITDA $ 109,767 $ 141,942 $ 174,641 $ 161,361 $ 161,076 Total Field EBITDA Margin 40.0% 43.1% 46.5% 43.6% 42.1%Total Overhead $ 37,554 $ 40,514 $ 54,282 $ 53,848 $ 50,086 Overhead as a percentage of revenue 13.7% 12.3% 14.4% 14.5% 13.1%Consolidated EBITDA $ 72,213 $ 101,428 $ 120,359 $ 107,513 $ 110,990 Consolidated EBITDA Margin 26.3% 30.8% 32.0% 29.0% 29.0% Other Expenses and InterestDepreciation & Amortization $ 17,771 $ 19,389 $ 20,520 $ 19,799 $ 21,117 Non-Cash Stock Compensation 2,153 3,370 5,513 5,959 7,703 Interest Expense 25,522 32,515 25,445 25,895 36,266 Other Expense (Income), net 4,351 21,506 770 (1,524) (525)Pretax Income $ 22,416 $ 24,642 $ 44,304 $ 57,194 $ 46,429 Net Tax Expense 7,883 8,552 11,145 15,813 13,016 GAAP Net Income $ 14,533 $ 16,090 $ 33,159 $ 41,381 $ 33,413 Sum of Special Items $ 9,821 $ 25,579 $ 30,607 $ (200) $ 1,003 Tax on Special Items 1,822 7,986 8,503 95 285 Adjusted Net Income $ 22,532 $ 33,683 $ 55,263 $ 41,086 $ 34,131 Adjusted Net Income Margin 8.2% 10.2% 14.7% 11.1% 8.9%Adjusted Basic EPS $ 1.26 $ 1.88 $ 3.17 $ 2.76 $ 2.29 Adjusted Diluted EPS $ 1.25 $ 1.86 $ 3.02 $ 2.61 $ 2.19 GAAP Basic EPS $ 0.81 $ 0.90 $ 1.90 $ 2.78 $ 2.24 GAAP Diluted EPS $ 0.80 $ 0.89 $ 1.81 $ 2.63 $ 2.14 Weighted Average Number of Shares OutstandingBasic 17,877 17,872 17,409 14,857 14,803 Diluted 18,005 18,077 18,266 15,710 15,455 Reconciliation of Consolidated EBITDA to Adjusted Consolidated EBITDAConsolidated EBITDA $ 72,213 $ 101,428 $ 120,359 $ 107,513 $ 110,990 Special Items 4,374 2,822 5,802 1,799 2,192 Adjusted Consolidated EBITDA $ 76,587 $ 104,250 $ 126,161 $ 109,312 $ 113,182 Adjusted Consolidated EBITDA Margin 27.9% 31.6% 33.6% 29.5% 29.6%80847_CS_AnnualReport.indd 13 3/28/24 9:32 PM
INNOVATION. PARTNERSHIP. SERVICE.141480847_CS_AnnualReport.indd 14 3/28/24 9:32 PM
INNOVATIONPARTNERSHIPSERVICE80847_CS_AnnualReport.indd 15 3/28/24 9:32 PM
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Carriage Services is a leading provider of funeral and cemetery services and merchandise in the United States. As of December 31, 2023, the Company operated 171 funeral homes in 26 states and 32 cemeteries in 11 states.Board of DirectorsMelvin C. PayneFounder, Former Executive Chairman and Special Advisor to the BoardChad Fargason*Non-Executive Chairman of the BoardVaughan Nelson Investment ManagementCarlos R. QuezadaChief Executive Officerand Vice Chairman of the BoardDouglas B. Meehan*Deputy Chief Investment Officer,van Biema Value Partners, LLCDonald D. Patteson, Jr.*Former Chief Executive Officer and Chairman of the Board, Sovereign Business Forms, Inc.Julie Sanders*Senior Vice President and Chief Audit Executive, Dell TechnologiesSomer Webb*Chief Financial Officer, Authority Brands*Independent DirectorAdvisor to the Board of DirectorsGregory R. BrudnickiFormer Mayor of Panama City, FloridaIndependent Public AccountantsGrant Thornton LLP, Dallas, TexasForm 10-K AvailabilityThe Company’s Annual Report on Form 10-K for the year ended December 31, 2023 may be obtained by writing to: Investor Relations, Carriage Services, Inc., 3040 Post Oak Boulevard, Suite 300, Houston, Texas via the Company’s website: www.carriageservices.com; or via the SEC’s website: www.sec.gov.Common StockCarriage Services, Inc.’s common stock is traded on the New York Stock Exchange under the symbol “CSV”.Transfer Agent & RegistrarEquiniti Trust Company, LLC48 Wall Street, Floor 23, New York, NY 10005 800.937.5449 | Website: equiniti.comExecutive Leadership TeamCarlos R. Quezada*Chief Executive Officerand Vice Chairman of the BoardSteven D. Metzger*President and SecretaryL. Kian Granmayeh*Executive Vice President, Chief FinancialOfficer and TreasurerRob P. FranchChief Information OfficerShane T. PudenzSenior Vice President of Sales and MarketingKathryn ShanleyChief Accounting Officer*Member, Strategic Vision and Principles GroupHouston Support CenterCarriage Services, Inc.3040 Post Oak Boulevard, Suite 300 Houston, Texas 77056 | 713.332.8400www.carriageservices.comForward-Looking StatementsStatements made in this Annual Report that are not historical facts and are intended to be forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions that the Company believes are reasonable; however, many important factors, including factors not in our control, or as discussed under “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, could cause the Company’s results to differ materially from the forward-looking statements made herein and in any other documents or presentations made by or on behalf of the Company.Corporate Information80847_CS_AnnualReport.indd 16-18 3/28/24 9:29 PM
CARRIAGE SERVICES, INC.(713) 332.8400 3040 Post Oak Boulevard, Suite 300Houston, Texas 77056INNOVATION. PARTNERSHIP. SERVICE80847_CS_AnnualReport.indd 19-21 3/28/24 9:29 PM