SERVICE CORP INTERNATIONAL Business Summary

Service Corporation International (SCI) operates as the preeminent provider of deathcare products and services in North America, leveraging a high-margin business model centered on two primary segments: Funeral and Cemetery. Revenue is generated through a combination of at-need transactions and a robust pre-need sales funnel, which locks in future market share and creates a substantial backlog of deferred revenue. The company utilizes a proprietary "cluster" operational strategy, sharing personnel, vehicles, and professional resources across geographic markets to achieve significant economies of scale. As of early 2026, SCI maintains a dominant market position with over 1,900 locations, significantly outperforming its closest direct competitors, including Carriage Services, Inc., Foundation Partners Group, and Park Lawn Corporation, by utilizing its unmatched scale to drive industry-leading margin expansion and free cash flow. Founded in 1962 by Robert L. Waltrip, a third-generation funeral director who pioneered industry consolidation, SCI is currently led by Chairman and CEO Thomas L. Ryan, who has steered the company’s strategic growth since 2005. The executive leadership team was further strengthened in late 2024 with the promotions of Sumner J. Waring, III—a fifth-generation funeral director—to President, and Eric D. Tanzberger to Executive Vice President and Chief Financial Officer, overseeing business development and M&A. Operations are directed by John Faulk, Senior Vice President and Chief Operating Officer, while Aaron G. Foley serves as Senior Vice President and Treasurer. The company’s governance is supported by a seasoned Board of Directors, featuring Lead Independent Director Marc Watts, ensuring disciplined capital allocation and long-term shareholder value for this S&P 500 constituent.