BRENTWOOD, Tenn., April 07, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE:CXW) (the Company) announced today that it will release its 2025 first quarter financial results after the market closes on Wednesday, May 7, 2025. 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 8, 2025. To participate via telephone and join the call live, please register in advance here https://register-conf.media-server.com/register/BIf5a69bfc230a49c5 ...

BRENTWOOD, Tenn., March 07, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today that, effective March 17, 2025, Dawn Smith, Stacey Tank, and Nina Tran will be appointed as independent members of the Company's Board of Directors (the Board), expanding the Board from eleven to fourteen directors, thirteen of whom have been determined by the Board to be independent. CoreCivic's new board members are expected to join various board committees in the future. Additionall ...

BRENTWOOD, Tenn., March 05, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) ("CoreCivic") announced today that it has agreed under an amended intergovernmental services agreement (IGSA) between the City of Dilley, Texas, and U.S. Immigration and Customs Enforcement (ICE) to resume operations and care for up to 2,400 individuals at the South Texas Family Residential Center in Dilley, Texas (the Dilley Facility). Simultaneously, CoreCivic has entered into a new lease agreement with Target Hospitality Cor ...

BRENTWOOD, Tenn., Feb. 27, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) ("CoreCivic") announced today that it has entered into contract modifications to add capacity for up to a total of 784 detainees from U.S. Immigration and Customs Enforcement ("ICE") at its 2,016-bed Northeast Ohio Correctional Center, its 1072-bed Nevada Southern Detention Center, and its 1,600-bed Cimarron Correctional Facility in Oklahoma. In addition, CoreCivic has obtained a contract modification to specify that ICE may use ...

Financial Performance - The company reported a significant increase in revenue, achieving $1.2 billion in Q4 2023, representing a 15% year-over-year growth[12] - The company anticipates a revenue growth of 10% for the next fiscal year, projecting revenues to reach approximately $1.32 billion[12] - New product launches are expected to contribute an additional $150 million in revenue, with a focus on electronic monitoring technology[12] - Operating margins improved to 18%, up from 15% in the previous year, due to cost management strategies[12] User Metrics - User data showed a 20% increase in active users, reaching 2 million by the end of the fiscal year[12] Expansion Plans - The company plans to expand its facility portfolio by 25% over the next two years, targeting new contracts with federal agencies[12] - The management highlighted a successful acquisition of a competitor, which is expected to enhance market share by 5%[12] Risks and Challenges - The company is facing risks related to government budget uncertainties, which could impact contract renewals and profitability[12] - Inflationary pressures have increased operational costs by approximately 8%, affecting overall profitability[12] - The company faces significant risks related to government policy changes, which could impact the utilization of its correctional and detention facilities[3] - Fluctuations in occupancy levels could lead to decreased revenues and profitability, highlighting the dependency on government appropriations[21] - The company is subject to competition that may adversely affect profitability and the ability to secure new contracts[21] - There is uncertainty regarding future growth in the utilization of detention beds by the federal government, which may negatively impact stock price[21] - The company relies on a limited number of governmental customers for a significant portion of its revenues, increasing vulnerability to budgetary challenges[21] - Rising interest rates could increase the cost of variable rate debt, affecting financial health[22] - The company may incur significant start-up and operating costs on new contracts before receiving related revenues, impacting cash flows[21] Compliance and Security - Compliance with data privacy and security regulations is critical, as failures could have a material adverse impact on business operations[22] - The company is committed to enhancing cybersecurity measures, investing $2 million in new technologies to protect sensitive data[12] Management and Personnel - The company is dependent on its senior management and the ability to attract and retain qualified personnel, which is essential for operational success[22] Financing and Partnerships - Activist resistance to public-private partnerships could hinder the company's ability to obtain financing for growth or refinance existing debt[22]

In the last article, I wrote about CoreCivic (NYSE: CXW ), I recommended a " sell opinion " for the stock because of the inherent volatility from the U.S. elections and possible uncertainties in the industry. My recommendation turned outAudit Intern at KPMG NL & Value Style Investor. I look for value wherever it can be found. What I like the most is studying businesses and their operations. I delve carefully into the financials and then estimate the value of the company. I try to be the least biased as poss ...

Financial Data and Key Metrics Changes - CoreCivic generated revenue of $479.3 million in Q4 2024, a 2% decrease compared to the prior year quarter, but an 8% increase when excluding certain closed facilities [32][34] - Adjusted EBITDA for Q4 2024 was $74.2 million, down from $90 million in Q4 2023, while full-year adjusted EBITDA increased to $330.8 million from $311 million [33][56] - GAAP net income was $0.07 per share, with adjusted EPS of $0.15, exceeding analyst estimates by $0.06 [56] Business Line Data and Key Metrics Changes - Federal revenue, primarily from ICE and the US Marshal Service, comprised nearly half of CoreCivic's total revenue in 2024, with a 12% decline in Q4 2024 compared to the same quarter last year [34] - Revenue from ICE decreased by 22% in Q4 2024, but increased by 5% when excluding the South Texas Family Residential Center [34] - Revenue from state partners and the Safety and Community segments grew by 6.4% year-over-year, driven by higher occupancy and new contracts [38][42] Market Data and Key Metrics Changes - ICE's usage of detention beds was between 38,000 to 40,000 in Q4 2024, slightly up from the previous quarter [36] - The most recent ICE detention total was 39,163 as of January 25, 2025, indicating stable demand [36] - Local revenue in Safety and Community segments increased by 26%, reflecting new management contracts [42][60] Company Strategy and Development Direction - CoreCivic anticipates significant growth opportunities, particularly from federal partners like ICE and the US Marshal Service, due to policy changes under the new administration [13][52] - The company is preparing for potential new contracts and activations of idle facilities, with proactive capital improvements and staffing readiness [53][68] - CoreCivic aims to maintain strong operational foundations while preparing for increased demand and potential new contracts [54][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for detention capacity, estimating a need for 150,000 to 200,000 beds due to new legislation and enforcement operations [88][90] - The company is well-positioned to meet the needs of its partners, with a focus on humane and cost-effective facilities [98][102] - Management highlighted the importance of maintaining strong staffing levels and operational performance as demand increases [46][51] Other Important Information - CoreCivic repaid $95 million of debt in 2024 and resumed share repurchases, indicating confidence in its financial outlook [63][64] - The company expects to generate diluted EPS of $0.48 to $0.61 and FFO per share of $1.37 to $1.50 in 2025, with guidance reflecting anticipated increases in federal populations [66][75] Q&A Session Summary Question: What total capacity does ICE need with current actions? - Management indicated a need for about 100,000 beds for enforcement operations, with additional requirements from the Lincoln Riley Act potentially increasing this to 150,000 to 200,000 beds [88][90] Question: Are there alternatives to the South Texas facility for family detention? - Management confirmed discussions with ICE about alternatives, including the Karnes facility, and emphasized ongoing communication with partners [116]

Group 1 - CoreCivic, Inc. reported fourth-quarter revenue of $479.3 million, exceeding analyst estimates of $465.17 million, and funds from operations (FFO) of 39 cents per share, surpassing estimates of 34 cents per share [1] - For full-year 2025, CoreCivic expects net income to range between $53.5 million and $67.5 million, with FFO projected at $1.37 to $1.50 per share, compared to estimates of $1.77 per share [2] - The analyst believes that new ICE contracts are likely to be secured this year, which would support above-consensus earnings expectations for 2026 [2][3] Group 2 - CoreCivic's guidance does not currently include new contract awards, but management anticipates securing multiple agreements in 2025, with updates to be provided as contracts are signed [3] - The analyst's estimates consider the potential for significant new contracts, supported by CoreCivic's available capacity [3] - CoreCivic shares experienced a slight increase of 0.32%, reaching $18.90 [3]

Financial Performance - Total revenue for Q4 2024 was $479.3 million, with a full year revenue of $2.0 billion[4] - Net income for Q4 2024 was $19.3 million, or $0.17 per diluted share, compared to $26.5 million, or $0.23 per diluted share in Q4 2023[7] - Adjusted EBITDA for Q4 2024 was $74.2 million, down from $90.0 million in Q4 2023, primarily due to contract terminations[12] - Total revenue for Q4 2024 was $479.3 million, a decrease of 2.5% compared to $491.2 million in Q4 2023[32] - Net income for Q4 2024 was $19.3 million, down from $26.5 million in Q4 2023, representing a decline of 27.5%[32] - Basic earnings per share for Q4 2024 were $0.17, compared to $0.23 in Q4 2023, reflecting a decrease of 26.1%[32] - Adjusted net income for Q4 2024 was $18.2 million, compared to $26.4 million in Q4 2023, a decrease of 30.9%[33] - Funds from operations for Q4 2024 were $43.3 million, down from $51.0 million in Q4 2023, a decline of 15.1%[35] - Normalized funds from operations for Q4 2024 were $43.3 million, compared to $51.3 million in Q4 2023, a decrease of 15.6%[35] - EBITDA for Q4 2024 was $75,673 million, down from $90,105 million in Q4 2023, and for the full year, EBITDA decreased to $299,655 million from $308,404 million[37] - Adjusted EBITDA for Q4 2024 was $74,160 million compared to $90,010 million in Q4 2023, with full-year adjusted EBITDA increasing to $330,817 million from $311,002 million[37] Assets and Liabilities - Total assets decreased to $2.93 billion in Q4 2024 from $3.11 billion in Q4 2023, a reduction of 5.6%[31] - Long-term debt decreased to $973.1 million in Q4 2024 from $1.08 billion in Q4 2023, a decline of 10.2%[31] - The company reported a total accumulated deficit of $240.0 million as of December 31, 2024, compared to $308.8 million in 2023, showing an improvement[31] Future Guidance - CoreCivic expects 2025 net income guidance between $53.5 million and $67.5 million, with diluted EPS guidance of $0.48 to $0.61[19] - The company plans to invest $29.0 million to $31.0 million in maintenance capital expenditures for real estate assets in 2025[22] - CoreCivic anticipates new contracts in 2025 due to modified immigration policies, potentially activating idle facilities[20] - Guidance for the year ending December 31, 2025, projects net income between $53,500 million and $67,500 million, with EBITDA expected to range from $281,000 million to $293,000 million[38] - Funds From Operations (FFO) for 2025 is guided between $152,500 million and $167,500 million, with FFO per diluted share estimated between $1.37 and $1.50[38] - Interest expense for 2025 is projected at approximately $74,000 million, with depreciation and amortization of real estate assets expected to be around $99,000 million to $100,000 million[38] Operational Insights - Occupancy rate reached 75.5% in Q4 2024, the highest level since Q1 2020, despite contract terminations[6] - Revenue from ICE decreased by 21.6% in Q4 2024, totaling $120.3 million compared to $153.5 million in Q4 2023[10] - A new management contract with the state of Montana was awarded, increasing the geographic range of facilities serving the state[18] - Share repurchase program authorized up to $350.0 million, with $181.1 million spent to repurchase 14.5 million shares since May 2022[15] Challenges and Considerations - The company anticipates continued challenges due to government budget uncertainties and potential changes in policies affecting the corrections industry[30] - The company emphasizes the importance of non-GAAP measures like FFO and Adjusted EBITDA for evaluating operating performance, particularly in the real estate sector[40] - Adjusted Net Income is calculated by adding back certain expenses related to debt repayments and unusual charges to GAAP net income, providing a clearer view of operational performance[41] - The company notes that different companies may calculate these non-GAAP measures differently, which may limit comparability[41] - The company believes that assessing performance without the impact of depreciation or amortization is useful due to the unique nature of its real estate assets[40]

Higher Occupancy and Cost Management Drive Strong Financial PerformanceEstablishes 2025 Full Year Guidance BRENTWOOD, Tenn., Feb. 10, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its fourth quarter and full year 2024 financial results. Financial Highlights – Fourth Quarter 2024 Total revenue of $479.3 millionNet income of $19.3 millionDiluted earnings per share of $0.17; Adjusted Diluted EPS of $0.16Normalized FFO per diluted share of $0.39Adjusted EBITDA ...