BRENTWOOD, Tenn., Oct. 08, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it will release its 2024 third quarter financial results after the market closes on Wednesday, November 6, 2024. A live broadcast of CoreCivic’s conference call will begin at 8:30 a.m. central time (9:30 a.m. eastern time) on Thursday, November 7, 2024.
To participate via telephone and join the call live, please register in advance here https://registrations.events/direct/NTM123920992. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
Participants may access the audio-only webcast of the conference call from the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. A replay of the webcast will be available for seven days.
About CoreCivic CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Contact:
Investors: Michael Grant – Managing Director, Investor Relations – (615) 263-6957 Media: Steve Owen – Vice President, Communications – (615) 263-3107
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q24. Revenue came in at $490.1 million, up from $463.7 million a year ago and above our $482 million estimate. Increased occupancy and per diem rates drove the increase. Adjusted EBITDA was $83.9 million, up from $72.1 million, and our $74.6 million estimate. EPS was $0.17, adjusted EPS $0.20, and NFFO $0.42, compared to $0.13, $0.12, and $0.33, respectively, in 2Q23.
New Contract. In late July, CoreCivic received a Notice of Intent to Award a new management contract from the state of Montana to care for additional residents. The Company expects to receive 120 residents in the 3Q24. If the State needs additional capacity, the State may approve the utilization of any other facility CoreCivic owns or operates.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
BRENTWOOD, Tenn., Aug. 07, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its second quarter 2024 financial results.
Financial Highlights – Second Quarter 2024
Total revenue of $490.1 million
CoreCivic Safety revenue of $455.4 million
CoreCivic Community revenue of $30.3 million
CoreCivic Properties revenue of $4.4 million
Net income of $19.0 million; Adjusted Net Income of $21.8 million
Diluted earnings per share of $0.17; Adjusted Diluted EPS of $0.20
Normalized FFO per diluted share of $0.42, an increase of 27%
Adjusted EBITDA of $83.9 million, an increase of 16%
Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, commented, “CoreCivic carried its strong operating momentum into the second quarter of 2024. Revenue increased 6% versus the second quarter of 2023, with federal, state, and local revenues all increasing. Occupancy increased to 74.3% from 70.3% in the prior year quarter, and our cost management initiatives are proving effective.”
“In addition to our solid quarterly financial results,” Hininger added, “we are also proud of our continued progress toward our capital structure targets. During the quarter, we repurchased 1.3 million shares of our common stock for a total cost of $20.1 million. Through a thoughtful and disciplined capital allocation strategy, we ended the quarter with leverage, measured as net debt to Adjusted EBITDA, at 2.5x for the trailing twelve months – placing us at the midpoint of our target leverage range of 2.25x to 2.75x that we established in August 2020. Our balance sheet strength and readily available bed capacity position us well to respond to the dynamics of our industry.”
“Finally, we want to recognize the accomplishments of our South Texas Family Residential Center (South Texas Facility) in Dilley, Texas over the past decade. As we previously disclosed, U.S. Immigrations & Customs Enforcement (ICE) will discontinue using this facility as of August 9, 2024. The South Texas Facility was created in collaboration with ICE and a third-party lessor to address the unique challenges posed by then unprecedented levels of family immigration in 2014. This pioneering facility was initially designed to provide a family-oriented environment, featuring educational, medical, dining and athletic facilities. During 2021, this facility’s mission shifted to detention of single adults. We appreciate the trust placed in CoreCivic to launch this unique facility, and we appreciate our excellent leadership and staff at the South Texas Facility, whom we have offered employment opportunities at other facilities within the CoreCivic portfolio.”
Second Quarter 2024 Financial Results Compared With Second Quarter 2023
Net income in the second quarter of 2024 was $19.0 million, or $0.17 per diluted share, compared with net income in the second quarter of 2023 of $14.8 million, or $0.13 per diluted share. However, when adjusted for special items, Adjusted Net Income for the second quarter of 2024 improved to $21.8 million, or $0.20 per diluted share (Adjusted Diluted EPS), compared with Adjusted Net Income in the second quarter of 2023 of $13.6 million, or $0.12 per diluted share. Special items for each period are presented in detail in the calculation of Adjusted Diluted EPS in the Supplemental Financial Information following the financial statements presented herein.
The increased adjusted earnings per share amounts resulted from higher federal, state, and local populations, particularly at our facilities serving ICE, combined with lower interest expense and a decrease in shares of common stock outstanding, both resulting from our capital allocation strategy. These earnings increases were achieved despite being partially offset by the expiration of our leases with the California Department of Corrections and Rehabilitation (CDCR) at our California City Correctional Center on March 31, 2024, and with the Oklahoma Department of Corrections (ODC) at our North Fork Correctional Facility on June 30, 2023, which collectively accounted for a per share reduction of $0.06.
We continue to realize improvements in our cost structure, both as a result of operating leverage stemming from improving facility occupancy versus the prior year, as well as from other initiatives, particularly those related to labor attraction and retention. The costs of registry nursing, temporary labor resources, including associated travel expenses, overtime and incentives, declined meaningfully from the prior year quarter as well as sequentially.
Revenue from ICE, our largest government partner, increased 10.5% compared with the second quarter of 2023, when the impact of Title-42 restrictions remained. Under Title 42, which ended May 11, 2023, asylum-seekers and anyone crossing the border without proper documentation or authority were denied entry at the United States border to contain the spread of COVID-19. Revenue from ICE declined slightly versus the first quarter of 2024, reflecting a slight decline in ICE detention populations nationwide. During the second quarter of 2024, revenue from ICE was $151.0 million compared to $136.7 million during the second quarter of 2023, and compared to $153.8 million during the first quarter of 2024.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $79.8 million in the second quarter of 2024. Adjusted EBITDA, which excludes special items, was $83.9 million in the second quarter of 2024, compared with $72.1 million in the second quarter of 2023. The increase in Adjusted EBITDA was attributable to an increase in occupancy, combined with a general reduction in temporary staffing incentives and related labor costs, partially offset by the expiration of the leases with the CDCR at the California City facility and with the ODC at the North Fork facility.
Funds From Operations (FFO) for the second quarter of 2024 was $43.8 million. Normalized FFO, which excludes special items, increased to $46.6 million, or $0.42 per diluted share, in the second quarter of 2024, compared with $37.8 million, or $0.33 per diluted share, in the second quarter of 2023, representing an increase in Normalized FFO per share of 27%. Normalized FFO was impacted by the same factors that affected Adjusted EBITDA, further improved by a reduction in interest expense resulting from our debt reduction strategy that is not reflected in Adjusted EBITDA, as well as a 2% reduction in weighted average shares outstanding compared with the prior year quarter.
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.
Business Updates
Capital Strategy
Share Repurchases. During 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $225.0 million of our common stock. On May 16, 2024, our Board of Directors authorized an additional $125.0 million in shares of our common stock for our share repurchase program, increasing the total aggregate authorization to $350.0 million. During the three months ended June 30, 2024, we repurchased 1.3 million shares of our common stock at an aggregate purchase price of $20.1 million, excluding fees, commissions and other costs related to the repurchases. Since the share repurchase program was authorized, through June 30, 2024, we have repurchased a total of 14.1 million shares at an aggregate price of $172.1 million, or $12.20 per share, excluding fees, commissions and other costs related to the repurchases.
As of June 30, 2024, we had $177.9 million remaining under the share repurchase program. Additional repurchases of common stock will be made in accordance with applicable securities laws and may be made at management’s discretion within parameters set by the Board of Directors from time to time in the open market, through privately negotiated transactions, or otherwise. The share repurchase program has no time limit and does not obligate us to purchase any particular amount of our common stock. The authorization for the share repurchase program may be terminated, suspended, increased or decreased by our Board of Directors in its discretion at any time. As a result of ICE’s discontinued use of the South Texas Facility and the impact such discontinuation will have on our leverage ratios, we intend to prioritize the use of our free cash flow to further reduce our debt, although we may exercise discretion in repurchasing additional shares of our common stock in accordance with the repurchase program.
Debt Refinancing. On April 15, 2024, we redeemed the remaining $98.8 million outstanding principal balance of our 8.25% senior unsecured notes due 2026 (the 2026 Notes), at a redemption price of 104.125% of the principal amount, plus accrued and unpaid interest on such notes to, but not including April 15, 2024, resulting in a charge of $4.1 million reported during the second quarter of 2024. This redemption completed the refinancing transactions begun during the first quarter of 2024 with the underwritten registered public offering of $500 million aggregate principal amount of 8.25% senior unsecured notes due 2029 (the 2029 Notes). The net proceeds from the offering of the 2029 Notes, amounting to $490.3 million, together with borrowings under our revolving credit facility and cash on hand, were used to fund the tender offer for, and subsequent redemption of, the 2026 Notes, which had an outstanding principal balance of $593.1 million. Following the completion of the tender offer of $494.3 million, or 83.3% of the aggregate principal amount of the 2026 Notes then-outstanding during the first quarter of 2024, and the redemption of the remaining $98.8 million principal balance outstanding during the second quarter of 2024, we have no debt maturities until 2027, when $243.7 million principal amount of our 4.75% senior unsecured notes mature.
Contract Updates
New Management Contract with State of Montana. On July 25, 2024, following a competitive bid process, we received a Notice of Intent to Award a new management contract from the state of Montana to care for additional residents at CoreCivic facilities. During the third quarter of 2024, we anticipate receiving 120 residents at our 1,896-bed Saguaro Correctional Facility in Eloy, Arizona, doubling the population from the state of Montana residing at this facility under an existing management contract. As of June 30, 2024, we also cared for approximately 1,000 residents from Hawaii, and nearly 600 residents from the state of Idaho at the Saguaro Correctional Facility. Should the state of Montana need additional capacity, the State may approve the utilization of any other facility we own or operate, subject to availability. The Notice of Intent to Award a management contract is an expansion of our relationship with the state of Montana, where we also manage the fully occupied company-owned Crossroads Correctional Center in Shelby, Montana for the state of Montana pursuant to a separate management contract.
South Texas Family Residential Center. As disclosed on June 10, 2024, we received notification from ICE that the agency intends to terminate an inter-governmental service agreement (IGSA) for services at the South Texas Facility on August 9, 2024. We lease the facility and the site upon which it was constructed from a third-party lessor, and we have provided notice of lease termination to the lessor, also effective August 9, 2024. Total revenue at this facility was $39.3 million and $156.6 million for the three months ended June 30, 2024 and the twelve months ended December 31, 2023, respectively. The impact of this contract termination is included in our updated 2024 financial guidance.
2024 Financial Guidance
CoreCivic previously withdrew its financial guidance during the second quarter of 2024. Based on current business conditions, we are providing the following financial guidance for the full year 2024:
Guidance Full Year 2024
• Net income
$42.0 million to $50.4 million
• Adjusted Net Income
$65.6 million to $73.6 million
• Diluted EPS
$0.37 to $0.45
• Adjusted Diluted EPS
$0.58 to $0.66
• FFO per diluted share
$1.28 to $1.36
• Normalized FFO per diluted share
$1.48 to $1.56
• EBITDA
$268.0 million to $274.6 million
• Adjusted EBITDA
$302.4 million to $308.4 million
During 2024, we expect to invest $70.0 million to $76.0 million in capital expenditures, consisting of $30.0 million to $31.0 million in maintenance capital expenditures on real estate assets, $32.0 million to $35.0 million for maintenance capital expenditures on other assets and information technology, and $8.0 million to $10.0 million for other capital investments, including costs to prepare an idle facility for activation in the possible event an opportunity presents.
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the second quarter of 2024. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.
Management may meet with investors from time to time during the third quarter of 2024. Written materials used in the investor presentations will also be available on our website beginning on or about August 26, 2024. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Conference Call, Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, August 8, 2024, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. To participate via telephone and join the call live, please register in advance here https://register.vevent.com/register/BIdd7601382fc644b791a9a7cfbbe4f556. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, including as a consequence of the United States Department of Justice not renewing contracts as a result of President Biden’s Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities, impacting utilization primarily by the United States Federal Bureau of Prisons and the United States Marshals Service, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a continuing rise in labor costs; fluctuations in interest rates and risks of operations; (vi) government budget uncertainty, the impact of the debt ceiling and the potential for government shutdowns and changing budget priorities; (vii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; (viii) our ability to have met and maintained qualification for taxation as a real estate investment trust, or REIT, for the years we elected REIT status; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second Quarter Results. Total revenue was at $490.1 million, above our forecast of $482 million and above last year’s $463.7 million. Occupancy rates helped the increase in revenue, as occupancy increased to 74.3% from 70.3% in the prior year. Management’s cost initiatives are also taking root, as net income was $19.0 million, or $0.17 per diluted share, compared to $14.8 million or $0.13 last year. We estimated net income of $14.4 million or $0.13 per diluted share.
New Contract. CoreCivic was awarded a new management contract in July from the state of Montana to house additional residents at the Company’s facilities. The Company expects that 120 additional residents will be housed in the Saguaro Correctional Facility in Eloy, Arizona. We believe the new contract with the state shows the Company’s flexibility to accommodate additional residents and demand for CoreCivic’s services.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Model Updates. We updated our model to reflect the upcoming loss of the South Texas contract in mid-August. While a significant loss, we believe the ongoing increase in ICE detainees elsewhere could help soften the South Texas blow and we remain hopeful additional state and local contracts could be signed.
Details. As a reminder, South Texas generates approximately $40 million in quarterly revenue and generates approximately $0.10 per share in quarterly EPS. We assumed half of a quarter impact for 3Q24 and a full quarter impact in 4Q24. We kept the majority of the rest of the model consistent, although there may be some cost savings initiatives CoreCivic is able to put in place. We held our 2Q24 estimates the same.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
BRENTWOOD, Tenn., July 01, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it will release its 2024 second quarter financial results after the market closes on Wednesday, August 7, 2024. A live broadcast of CoreCivic’s conference call will begin at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, August 8, 2024.
To participate via telephone and join the call live, please register in advance here https://register.vevent.com/register/BIdd7601382fc644b791a9a7cfbbe4f556. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
Participants may access the audio-only webcast of the conference call from the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. A replay of the webcast will be available for seven days.
About CoreCivic CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Contact:
Investors: Michael Grant – Managing Director, Investor Relations – (615) 263-6957
Media: Steve Owen – Vice President, Communications – (615) 263-3107
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
South Texas. ICE has informed CoreCivic of its intention to terminate the existing agreement for use of the South Texas Family Residential Center effective August 9th. This is a major blow, at least in the short-term, to CoreCivic. We are lowering our rating to Market Perform from Outperform as a result until the smoke clears.
Financial Impact. The 2,400 bed South Texas is CoreCivic’s most important contract, in our opinion. In 2023, the facility generated over 8% of overall revenue. Management estimates the annualized EPS impact to be a reduction of $0.38-$0.41 due to the closure. The Company has suspended its 2024 financial guidance. Facility population as of June 9th was 1,561.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
BRENTWOOD, Tenn., June 10, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) received notification today from U.S. Immigration and Customs Enforcement (“ICE”) that the agency intends to terminate an inter-governmental service agreement (“IGSA”) between CoreCivic and ICE for services at the South Texas Family Residential Center in Dilley, TX (the “Facility”) effective in 60 days, or on or about August 9, 2024.
For the year ended December 31, 2023, and for the quarter ended March 31, 2024, total revenues at the Facility were $156.6 million and $39.3 million, respectively. Given that the notice of termination was received today and based on cost uncertainties associated with the closure, CoreCivic is suspending its financial guidance for 2024. However, we estimate the annualized financial impact to be a reduction to earnings per share of approximately $0.38 to $0.41.
South Texas Family Residential Center was initially opened during the Obama-Biden administration to improve conditions for a high volume of families then arriving at the border. The facility features such amenities as turf soccer fields and onsite medical care. During 2021, the facility’s mission shifted to detention of single adults. The population at the Facility stood at 1,561 as of June 9, 2024.
CoreCivic leases the Facility and the site upon which it was constructed from a third-party lessor. CoreCivic’s lease agreement with the lessor is over a base period concurrent with the IGSA, which was amended in September 2020 to extend the term of the agreement through September 2026. ICE’s termination rights, which permit ICE to terminate the agreement for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60-day notice, were unchanged under the extension. Concurrent with the extension of the amended IGSA, the lease with the third-party lessor for the site was also extended through September 2026, and permits CoreCivic to terminate the lease agreement with a notification period of at least 60 days. CoreCivic has provided such notice of lease termination to the lessor.
About CoreCivic CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
This press release includes forward-looking statements concerning the termination of the IGSA, the anticipated financial impact, and the termination of CoreCivic’s lease agreement for the Facility. These forward-looking statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 20, 2024. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Ability to Buy More Shares. On Monday, CoreCivic filed a form 8-K stating that on May 16, 2024, the Board of Directors authorized an increase of $125 million to the Company’s share repurchase program. The approval raised the overall program to $350 million of common stock. We believe the increase continues management’s philosophy of being opportunistic in repurchases while maintaining a leverage goal of 2.25x-2.75x.
Program’s History. The Board originally approved the share repurchase program in May 2022 for $150 million. The program has since been increased twice, once in August 2022 to $225 million, and now in Monday’s filing. Since the beginning of the program, management has repurchased 13.3 million shares at an average price of approximately $11.99 per share for a total purchase price of $159.3 million. Including the additional authorization, there is approximately $190.7 million remaining under the program.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
ICE Pops. After topping out at over 39,000 in late February, ICE detainee population fell to about 36,900 by quarter’s end, finally bottoming out in late April in the low 34,000 level before rising once again over the past few weeks. CoreCivic ICE pops followed a similar pattern ending last week at 10,310.
Margins. With higher populations across federal, state, and local partners, higher occupancy rates, normalizing staffing cost and inflation, and per diem increases, operating margin improved once again in 1Q24. We anticipate additional improvement in 2024. Safety segment operating margin rose 210bp to 23.5%, while Community segment operating margin rose 1,120bp to 27.7%.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Higher Occupancy Propels Strong Quarterly Financial Performance Capital Strategy Highlights Include Significant Share Buyback and Debt Refinancing in Quarter
BRENTWOOD, Tenn., May 08, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the first quarter of 2024. Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, commented, “CoreCivic experienced a strong first quarter of 2024. Propelled by 75.2% occupancy – our highest level since the first quarter of 2020 – CoreCivic generated sturdy margins and year-over-year growth in our key metrics. Revenue increased 9% versus the first quarter of 2023, with Federal, State, and Local revenues all increasing, and our cost-management initiatives also contributed to our favorable results.”
Commenting on capital market activities for the quarter, Hininger added, “In addition to the strong quarterly financial results, we are equally pleased with the continued progress we have made on our capital structure initiatives. During the quarter, we repurchased 2.7 million shares of our common stock for $39.4 million – an acceleration over recent quarters. Also, during the quarter, we successfully issued $500 million of new senior unsecured notes, effectively refinancing and extending the term of our existing debt by roughly three years at the same rate as the senior unsecured notes that we issued in 2021, when interest rates were much lower. Even with those activities, we ended the quarter with leverage, measured as net debt to Adjusted EBITDA, at 2.7x for the trailing twelve months – placing us, for the first time, within our target leverage range of 2.25x to 2.75x that we established in August 2020. This is a significant accomplishment, and we are proud of the strategy, focus, and discipline that led us here.”
“We are thankful for our many partners. Our federal, state, and local government partners continue to trust the essential solutions CoreCivic provides, and we renewed the eight contracts that were up for renewal during the quarter – following a year in which we renewed all of the 34 contracts up for renewal. We are also thankful to our financial partners for their ongoing support, including of our recent debt refinancing.”
Financial Highlights – First Quarter 2024
Total revenue of $500.7 million
CoreCivic Safety revenue of $457.7 million
CoreCivic Community revenue of $29.9 million
CoreCivic Properties revenue of $13.0 million
Net income of $9.5 million; Adjusted net income of $27.9 million
Diluted earnings per share of $0.08
Adjusted Diluted EPS of $0.25
Normalized FFO per diluted share of $0.46
Adjusted EBITDA of $89.5 million
First Quarter 2024 Financial Results Compared With First Quarter 2023
Net income in the first quarter of 2024 was $9.5 million, or $0.08 per diluted share, compared with net income in the first quarter of 2023 of $12.4 million, or $0.11 per diluted share. However, when adjusted for special items, adjusted net income for the first quarter of 2024 improved to $27.9 million, or $0.25 per diluted share (Adjusted Diluted EPS), compared with adjusted net income in the first quarter of 2023 of $14.7 million, or $0.13 per diluted share. Special items for each period are presented in detail in the calculation of Adjusted Diluted EPS in the Supplemental Financial Information following the financial statements presented herein and, most notably, included $27.2 million of expenses associated with debt repayments and refinancing transactions in the first quarter of 2024.
The increased adjusted per share amounts resulted from higher federal, state, and local populations, particularly at our facilities serving U.S. Immigration & Customs Enforcement (ICE), combined with lower interest expense and a decrease in shares outstanding, both resulting from our capital allocation strategy. These earnings increases were partially offset by the expiration of our lease with the Oklahoma Department of Corrections (ODC) at our North Fork Correctional Facility on June 30, 2023.
Our labor attraction and retention initiatives continue to generate positive results. The costs of registry nursing, temporary labor resources, including associated travel expenses, overtime and incentives, declined meaningfully from the prior year quarter as well as sequentially.
Revenue from ICE, our largest partner, increased significantly versus the same quarter of 2023, when Title-42 restrictions were still in effect, and ICE revenue was essentially flat versus the fourth quarter of 2023. Under Title 42, which ended May 11, 2023, asylum-seekers and anyone crossing the border without proper documentation or authority were denied entry at the United States border to contain the spread of COVID-19. During the three months ended March 31, 2024, revenue from ICE was $153.8 million compared to $130.7 million during the three months ended March 31, 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $62.8 million in the first quarter of 2024. Adjusted EBITDA, which excludes special items, was $89.5 million in the first quarter of 2024, compared with $73.7 million in the first quarter of 2023. The increase in Adjusted EBITDA was attributable to an increase in occupancy, combined with a general reduction in temporary staffing incentives and related labor costs, partially offset by the expiration of the lease with the ODC at the North Fork facility.
Funds From Operations (FFO) for the first quarter of 2024 was $33.9 million. Normalized FFO, which excludes special items, increased to $52.6 million, or $0.46 per diluted share, in the first quarter of 2024, compared with $38.9 million, or $0.34 per diluted share, in the first quarter of 2023, representing an increase in Normalized FFO per share of 35%. Normalized FFO was impacted by the same factors that affected Adjusted EBITDA, further improved by a reduction in interest expense resulting from our debt reduction strategy that is not reflected in Adjusted EBITDA, as well as a 2% reduction in weighted average shares outstanding compared with the prior year quarter.
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.
Business Updates
Share Repurchases. On May 12, 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $150.0 million of our common stock. On August 2, 2022, our Board of Directors authorized an increase in our share repurchase program of up to an additional $75.0 million in shares of our common stock, or a total of up to $225.0 million. During the three months ended March 31, 2024, we repurchased 2.7 million shares of our common stock at an aggregate purchase price of $39.4 million, excluding fees, commissions and other costs related to the repurchases. Since the share repurchase program was authorized, through March 31, 2024, we have repurchased a total of 12.8 million shares at an aggregate price of $152.0 million, or $11.87 per share, excluding fees, commissions and other costs related to the repurchases.
As of March 31, 2024, we had $73.0 million remaining under the share repurchase program. Additional repurchases of common stock will be made in accordance with applicable securities laws and may be made at management’s discretion within parameters set by the Board of Directors from time to time in the open market, through privately negotiated transactions, or otherwise. The share repurchase program has no time limit and does not obligate us to purchase any particular amount of our common stock. The authorization for the share repurchase program may be terminated, suspended, increased or decreased by our Board of Directors in its discretion at any time.
Debt Refinancing. On March 12, 2024, we announced the completion of an underwritten registered public offering of $500 million aggregate principal amount of 8.250% senior unsecured notes due 2029 (the 2029 Notes). The net proceeds from the offering of the 2029 Notes, amounting to $490.3 million, together with borrowings under our revolving credit facility and cash on hand, were used to fund the tender offering for, and subsequent redemption of, the 8.250% senior unsecured notes due 2026 (the 2026 Notes), which had an outstanding principal balance of $593.1 million. Note holders with an aggregate principal amount of $494.3 million, or 83.3% of the aggregate principal amount of the 2026 Notes then-outstanding, tendered their notes by the expiration date on March 11, 2024, and on April 15, 2024, we redeemed the remaining $98.8 million principal balance outstanding.
California City Correctional Center. As previously disclosed, the lease with the California Department of Corrections and Rehabilitation at our 2,560-bed California City Correctional Center expired on March 31, 2024, and was not renewed. The facility was idled effective April 1, 2024. Rental revenue at this facility was $8.5 million and $31.1 million for the three months ended March 31, 2024 and twelve months ended December 31, 2023, respectively. Facility net operating income at the facility was $7.2 million and $25.5 million for the three months ended March 31, 2024 and the twelve months ended December 31, 2023, respectively. As a result, although we are marketing the facility to potential customers, we expect per share results to decline by approximately $0.06 per share during the second quarter of 2024 compared with the first quarter of 2024, and by approximately $0.15 to $0.16 per share for the year ended December 31, 2024 compared with the year ended December 31, 2023. The impact of this lease expiration has been, and continues to be, included in our 2024 financial guidance.
2024 Financial Guidance
Based on current business conditions, we are providing the following updated financial guidance for the full year 2024:
New Guidance Full Year 2024
Prior Guidance Full Year 2024
– Net income
$52.7 million to $63.7 million
$65.0 million to $80.0 million¹
– Adjusted net income
$74.0 million to $85.0 million
$65.0 million to $80.0 million
– Diluted EPS
$0.47 to $0.57
$0.58 to $0.72¹
– Adjusted Diluted EPS
$0.66 to $0.76
$0.58 to $0.72
– FFO per diluted share
$1.36 to $1.46
$1.46 to $1.61¹
– Normalized FFO per diluted share
$1.56 to $1.66
$1.46 to $1.61
– EBITDA
$281.1 million to $290.1 million
$300.3 million to $313.3 million¹
– Adjusted EBITDA
$312.0 million to $321.0 million
$300.3 million to $313.3 million
¹ Prior guidance did not include the aforementioned $27.2 million of expenses associated with debt repayments and refinancing transactions incurred during the first quarter of 2024.
During 2024, we expect to invest $70.0 million to $76.0 million in capital expenditures, consisting of $30.0 million to $31.0 million in maintenance capital expenditures on real estate assets, $32.0 million to $35.0 million for maintenance capital expenditures on other assets and information technology, and $8.0 million to $10.0 million for other capital investments.
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the first quarter of 2024. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.
Management may meet with investors from time to time during the second quarter of 2024. Written materials used in the investor presentations will also be available on our website beginning on or about May 21, 2024. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Conference Call, Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, May 9, 2024, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. To participate via telephone and join the call live, please register in advance here https://register.vevent.com/register/BIa41ba53918294659afa34f33febf12cc. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, including as a consequence of the United States Department of Justice not renewing contracts as a result of President Biden’s Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities, impacting utilization primarily by the United States Federal Bureau of Prisons and the United States Marshals Service, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a continuing rise in labor costs; fluctuations in interest rates and risks of operations; (vi) government budget uncertainty, the impact of the debt ceiling and the potential for government shutdowns and changing budget priorities; (vii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; (viii) our ability to have met and maintained qualification for taxation as a real estate investment trust, or REIT, for the years we elected REIT status; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Results. Total revenue was $500.7 million for the quarter compared to $458.0 million in the prior year. This exceeded our expectations of $478 million. All of CoreCivic’s segments experienced growth over the prior year due to higher populations at the federal, state, and local populations. Another driver was revenue from ICE increasing from the prior year, as last year had Title 42 still enacted. Net income was $9.5 million, or $0.08/sh, from $12.4 million, or $0.11, last year. We estimated net income of $21.7 million or $0.19 per diluted share. Adjusted EPS was $0.25 for 1Q24, excluding one-time costs associated with the debt refinancing.
Debt Refinancing Completed and Share Repurchases. CoreCivic completed its registered public debt offering of $500 million on March 12, 2024. The offering, in conjunction with the Company’s revolving credit facility, paid off CoreCivic’s senior unsecured notes due 2026. The Company repurchased 2.7 million shares of its common stock during the quarter at an aggregate purchase price of $39.4 million, or approximately $14.59 per share.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
BRENTWOOD, Tenn., April 08, 2024 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it will release its 2024 first quarter financial results after the market closes on Wednesday, May 8, 2024. A live broadcast of CoreCivic’s conference call will begin at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, May 9, 2024.
To participate via telephone and join the call live, please register in advance here https://register.vevent.com/register/BIa41ba53918294659afa34f33febf12cc. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
Participants may access the audio-only webcast of the conference call from the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. A replay of the webcast will be available for seven days.
About CoreCivic CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest prison operators in the United States. We have been a flexible and dependable partner for government for 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Contact:
Investors: Michael Grant – Managing Director, Investor Relations – (615) 263-6957 Media: Steve Owen – Vice President, Communications – (615) 263-3107