CoreCivic, Inc. (NYSE:CXW) Q3 2021 Earnings Conference Call November 9, 2021 11:00 AM ET Company Participants Cameron Hopewell - Managing Director of Investor Relations Damon Hininger - President & Chief Executive Officer David Garfinkle - Chief Financial Officer Conference Call Participants Joe Gomes - NOBLE Capital Brian Violino - Wedbush Securities Kirk Ludtke - Imperial Capital Ben Briggs - StoneX Financial M. Marin - Zacks Michael Christodolou - Inwood Capital Operator Good morning. My name is Eli and ...

Facility Operations - As of September 30, 2021, CoreCivic operated 47 correctional and detention facilities with a total design capacity of approximately 70,000 beds[111] - CoreCivic's total design capacity for residential reentry centers is approximately 5,000 beds across 26 facilities[111] - The company operated 82 facilities as of September 30, 2021, down from 89 facilities as of December 31, 2020[135] - The CoreCivic Safety segment included 47 correctional and detention facilities, while the CoreCivic Community segment included 26 residential reentry centers[139] Revenue Sources - For the nine months ended September 30, 2021, the Bureau of Prisons (BOP) accounted for 2% ($30.3 million) of CoreCivic's total revenue, while the U.S. Marshals Service (USMS) and Immigration and Customs Enforcement (ICE) accounted for 23% ($324.3 million) and 30% ($411.5 million), respectively[119] - The company has one prison contract with the BOP, accounting for 2% ($30.3 million) of total revenue for the nine months ended September 30, 2021, which expires in November 2022[166] - The USMS accounted for 23% ($324.3 million) and ICE for 30% ($411.5 million) of total revenue for the nine months ended September 30, 2021[166] - Federal customers generated approximately 56% of total revenue for the three months ended September 30, 2021, increasing by $19.8 million, or 8.0%, compared to the same period in 2020[148] Financial Performance - Net income attributable to common stockholders for the three months ended September 30, 2021, was $30.0 million, or $0.25 per diluted share, compared to $26.7 million, or $0.22 per diluted share, for the same period in 2020[136] - For the nine months ended September 30, 2021, the company reported a net loss of $79.9 million, or $0.67 per diluted share, compared to net income of $81.0 million, or $0.68 per diluted share, for the same period in 2020[136] - Total revenue for the nine months ended September 30, 2021, was $1,390.5 million, a decrease of $41.5 million, or 2.9%, from $1,432.0 million in the same period of 2020[144] - CoreCivic Safety's total revenue increased by $11.5 million, or 2.7%, from $420.0 million in Q3 2020 to $431.5 million in Q3 2021[173] Expenses and Liabilities - The company incurred operating expenses of approximately $2.0 million for the three months ended September 30, 2021, at all idled facilities, and $6.0 million for the nine months ended September 30, 2021[125] - Operating expenses totaled $338.2 million in Q3 2021, down from $347.9 million in Q3 2020, and $1,004.1 million for the nine months ended September 30, 2021, compared to $1,063.2 million in the same period in 2020[158] - The company recognized an income tax charge of $128.7 million for the nine months ended September 30, 2021, compared to $3.2 million in the same period of 2020[136] - As of September 30, 2021, the company had $46.2 million in accrued liabilities for employee health, workers' compensation, and automobile insurance claims[132] Contracts and Renewals - CoreCivic has a contract with the BOP that expires in November 2022, and the USMS has indicated it will not renew existing contracts for private detention facilities[119] - The company believes it will renew all other contracts with government partners that are scheduled to expire within the next twelve months, maintaining a high renewal rate due to constrained supply and cost-effectiveness[172] - The company entered into a new three-year contract with Mahoning County, Ohio, to utilize up to 990 beds at its Northeast Ohio Correctional Center[120] Asset Management - The company owns 9 properties for lease to government agencies, totaling 1.6 million square feet[111] - The company completed the sale of three non-core actively leased properties for an aggregate price of $326.0 million, generating net proceeds of $122.6 million after transaction-related costs[236] - The company generated net proceeds of $46.2 million from the sale of two leased properties in May 2021[194] Debt and Financing - The company had $1.437 billion in long-term debt as of September 30, 2021, with a total weighted average effective interest rate of 6.3%[228] - The company issued $450.0 million of 8.25% senior unsecured notes due 2026, with an effective yield to maturity of 8.50%, using proceeds to redeem $250.0 million of 5.0% senior unsecured notes and reduce other indebtedness[208] - The company anticipates increased interest expense due to the issuance of the 8.25% Senior Notes, partially offset by the repayment of $90.0 million of Term Loan B[211] Cash Flow and Liquidity - For the nine months ended September 30, 2021, the company generated $284.1 million in cash from operating activities, compared to $281.5 million for the same period in 2020, reflecting a year-over-year increase of 0.9%[238] - The company reported net cash flow used in financing activities of $228.8 million for the nine months ended September 30, 2021, primarily due to net repayments under its Revolving Credit Facility[241] - The company anticipates sufficient liquidity to repay $174.0 million of 4.625% Senior Notes upon maturity in May 2023[226] Operational Metrics - Revenue per compensated man-day increased to $90.02 for the three months ended September 30, 2021, compared to $86.05 for the same period in 2020, reflecting a 4.6% increase[143] - Operating income per compensated man-day rose to $24.48 for the three months ended September 30, 2021, up from $20.49 in the same period of 2020, resulting in an operating margin of 27.2%[143] - Average daily compensated population decreased by 996, or 1.8%, to 54,106 during the three months ended September 30, 2021, compared to 55,102 in the same period of 2020[147] Impairments and Charges - The company recognized $5.2 million and $9.4 million in asset impairments for the three and nine months ended September 30, 2021, respectively[136] - The company expects the managed-only contract for the 1,030-bed Marion County Jail to be terminated effective December 31, 2021, leading to an asset impairment charge of $2.9 million[169] - Asset impairment charges for the nine months ended September 30, 2021, included $5.2 million related to predevelopment activities due to lease terminations with the state of Alabama[201]

Corecivic, Inc. (NYSE:CXW) Q2 2021 Earnings Conference Call August 10, 2021 11:00 AM ET Company Participants Cameron Hopewell - MD, IR Damon Hininger - President, CEO & Director David Garfinkle - EVP & CFO Conference Call Participants Joseph Gomes - NOBLE Capital Markets Marla Marin - Zacks Investment Research Benjamin Briggs - StoneX Financial Inc. Henry Coffey - Wedbush Securities Jordan Sherman - Ranger Global Operator Good morning, My name is Cassey, and I will be your conference operator. As a reminder ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED: JUNE 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-16109 CORECIVIC, INC. (Exact name of registrant as specified in its charter) MARYLAND 62-1763875 (State or other jurisdiction of incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED: MARCH 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-16109 CORECIVIC, INC. (Exact name of registrant as specified in its charter) MARYLAND 62-1763875 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-16109 CORECIVIC, INC. (Exact name of registrant as specified in its charter) MARYLAND 62-1763875 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Id ...

CoreCivic, Inc. (NYSE:CXW) Q4 2020 Earnings Conference Call February 11, 2021 8:30 AM ET Company Participants Cameron Hopewell - MD, IR Damon Hininger - President, CEO & Director David Garfinkle - EVP & CFO Conference Call Participants Joe Gomes - NOBLE Capital Markets M. Marin - Zacks Investment Jordan Sherman - Ranger Global Real Estate Advisors Dane Bowler - 2nd Market Capital Operator Good morning. My name is David, and I will be your conference operator. As a reminder, this call is being recorded. At t ...

Financial Performance - In Q3 2020, the company's revenue was $468 million, a decline of 7.9% compared to the same quarter last year, primarily due to impacts from COVID-19 [6][7] - Normalized funds from operations (FFO) decreased to $0.52 per share from $0.70 per share in the prior year quarter, largely affected by lower utilization levels from Immigration and Customs Enforcement (ICE) [7][8] - The company generated $0.22 of EPS and $0.28 of adjusted EPS for the quarter, with adjusted EBITDA at $94.6 million [36] Business Segment Performance - The CoreCivic Safety segment experienced the majority of the revenue decline, while the CoreCivic Community segment was also impacted as government partners released lower-risk residents [6][7] - Occupancy in the Safety and Community facilities declined from 75% in Q2 to 71% in Q3, resulting in a decrease of 3,178 average daily resident populations [46] - The Property segment saw occupancy increase to 99% from 97% in the previous quarter, with 100% of rent collected [47] Market Opportunities - The company was awarded multiple new contracts during Q3, including one with the U.S. Marshals Service for the Cimarron facility, which is expected to improve earnings with annual revenues projected at approximately $30 million [10][12] - New contracts with the Idaho Department of Correction and the Federal Bureau of Prisons for reentry services were also highlighted, representing potential incremental utilization of approximately 3,000 beds [13][14][15] - The company is engaged in negotiations to build and lease new correctional facilities in Alabama, which could represent approximately 7,000 beds [17] Strategic Direction - The company plans to prioritize debt reduction as part of its capital-allocation strategy, having repaid over $100 million of net debt in Q3 [25][26] - The decision to revoke its REIT status and convert to a taxable C corporation is aimed at providing more flexibility in capital allocation [25][29] - The company is exploring the sale of non-core real estate assets, which could generate up to $150 million in net proceeds to accelerate its capital-allocation strategy [28][50] Management Commentary - Management acknowledged the ongoing challenges posed by COVID-19 but emphasized the company's strong underlying financial performance and continued execution of its strategy [24][51] - The company remains optimistic about future opportunities in the market, particularly in modernizing correctional facilities post-pandemic [20][21] - Management expressed confidence in the stability of its federal contracts, despite potential changes in the political landscape following the recent elections [30][64] Other Important Information - The company has maintained strong cash flow, generating $107.2 million from operating activities in Q3, allowing for significant debt repayment [43][44] - The company has no material capital commitments and expects to achieve a 10% reduction in maintenance capital expenditures [48][49] - The management team is aligned with shareholders and is considering share repurchases as part of its capital allocation strategy [29][72] Q&A Session Summary Question: Population levels stabilization - Management noted that while ICE populations have continued to decline, the rate of decline has slowed, and some state populations have shown slight increases [58][59] Question: Contracts up for renewal in Q4 - Management indicated that there are no significant contracts up for renewal in Q4, with a strong retention rate observed in Q3 [60][61] Question: Dividend suspension and REIT status - Management confirmed that they do not anticipate any additional distributions required this year, maintaining their position regarding REIT status [62][63] Question: Impact of election results on business - Management provided insights on how potential changes in administration could affect federal contracts, emphasizing the continued need for private sector capacity [64][66][69] Question: Consideration for stock buybacks - Management acknowledged the potential for share repurchases if non-core assets are sold, but emphasized the current focus on debt reduction [72]

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents CoreCivic, Inc.'s unaudited consolidated financial statements and management's analysis for Q3 and nine months ended September 30, 2020 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents CoreCivic, Inc.'s unaudited consolidated financial statements for Q3 and nine months ended September 30, 2020, with detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$4.04 million** from **$3.79 million** at year-end 2019, driven by higher cash and cash equivalents Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $282,462 | $92,120 | | Total current assets | $593,987 | $435,385 | | Property and equipment, net | $2,703,475 | $2,700,107 | | Total assets | $4,041,203 | $3,791,631 | | **Liabilities & Equity** | | | | Total current liabilities | $317,376 | $368,811 | | Long-term debt, net | $2,043,692 | $1,928,023 | | Total liabilities | $2,605,211 | $2,414,882 | | Total stockholders' equity | $1,412,721 | $1,376,749 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Revenues decreased in Q3 2020 to **$468.3 million** from **$508.5 million**, leading to a significant drop in net income to **$26.7 million** Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $468,266 | $508,522 | $1,432,008 | $1,482,880 | | **Operating Income** | $45,166 | $71,095 | $143,418 | $215,313 | | **Net Income Attributable to Common Stockholders** | $26,717 | $48,994 | $80,960 | $146,912 | | **Diluted EPS** | $0.22 | $0.41 | $0.68 | $1.23 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$281.5 million** for the nine months ended September 30, 2020, with reduced investing and financing outflows Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $281,513 | $304,072 | | **Net cash used in investing activities** | ($63,390) | ($198,054) | | **Net cash used in financing activities** | ($43,527) | ($107,077) | | **Net increase (decrease) in cash** | $174,596 | ($1,059) | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Key disclosures include the Board's decision to revoke REIT status, suspend dividends for debt reduction, and details on real estate transactions - The Board of Directors approved a plan to revoke the Company's REIT election and become a taxable C Corporation, effective January 1, 2021, discontinuing the quarterly dividend to prioritize debt reduction[28](index=28&type=chunk)[92](index=92&type=chunk) - In January 2020, the company acquired a portfolio of 28 properties leased to the federal government for **$83.2 million**, financed through cash, assumed debt, and Operating Partnership Units[37](index=37&type=chunk) - As of September 30, 2020, the company had five idled correctional facilities with a total carrying value of **$132.6 million**[41](index=41&type=chunk)[114](index=114&type=chunk) - The company is involved in several legal proceedings, including a class action lawsuit related to detainee labor and a securities class action lawsuit following a 2016 DOJ memorandum[81](index=81&type=chunk)[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance decline due to COVID-19, strategic REIT status revocation, and segment performance - Net income for Q3 2020 was **$26.7 million**, down from **$49.0 million** in Q3 2019, attributed to lower resident populations, pandemic-related expenses, and tax structure change costs[135](index=135&type=chunk) - The Board of Directors approved a plan to revoke the company's REIT election and become a taxable C Corporation, effective January 1, 2021, discontinuing the quarterly dividend to prioritize debt reduction[113](index=113&type=chunk)[210](index=210&type=chunk) - The COVID-19 pandemic negatively impacted operations by reducing ICE, USMS, and state populations due to border entry denials, criminal justice system disruptions, and inmate releases[147](index=147&type=chunk)[150](index=150&type=chunk)[211](index=211&type=chunk) Facility Net Operating Income by Segment (in millions) | Segment | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Safety** | $100.7 | $119.7 | $308.1 | $360.8 | | **Community** | $3.0 | $6.7 | $12.9 | $21.4 | | **Properties** | $16.7 | $13.6 | $48.0 | $40.7 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate changes on variable-rate debt, with a 100 basis point increase impacting interest expense by **$6.4 million** - The primary market risk is interest rate changes on variable-rate debt, including the revolving credit facility, Term Loan A, and Term Loan B[243](index=243&type=chunk) - A hypothetical 100 basis point increase in interest rates would have increased interest expense by **$6.4 million** for the nine months ended September 30, 2020[243](index=243&type=chunk) - Fixed-rate debt, including Senior Notes and non-recourse mortgage notes, mitigates a significant portion of interest rate risk[244](index=244&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of the end of the reporting period[246](index=246&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[246](index=246&type=chunk) [PART II – OTHER INFORMATION](index=48&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides updates on legal proceedings, risk factors, and a list of exhibits filed with the Form 10-Q [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates legal proceedings detailed in Note 8, including class action lawsuits related to detainee labor and securities - The company refers to Note 8 of the financial statements for details on legal proceedings[249](index=249&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) Updates risk factors, highlighting COVID-19 impact and potential failure to realize benefits from REIT election revocation - The COVID-19 pandemic is a major risk factor, causing reduced ICE, USMS, and state populations, disruptions to the justice system, and increased personnel costs[251](index=251&type=chunk)[252](index=252&type=chunk) - A new risk is that the anticipated benefits of revoking the REIT election may not be realized or may not offset the costs of the transition[256](index=256&type=chunk)[257](index=257&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including credit agreement amendments and required CEO/CFO certifications - Lists filed exhibits, including amendments to the Term Loan Credit Agreement and the Second Amended and Restated Credit Agreement, dated August 4, 2020[260](index=260&type=chunk) - Includes required CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[260](index=260&type=chunk)

CoreCivic Inc (NYSE:CXW) Q2 2020 Results Conference Call August 6, 2020 11:00 AM ET Company Participants Cameron Hopewell - Director of Investor Relations Damon Hininger - President and Chief Executive Officer David Garfinkle - Chief Financial Officer Brian Hammonds - Vice President of Finance Conference Call Participants Joe Gomes - NOBLE Capital Markets Operator Good morning. My name is Casey. And I will be your conference operator today’s call. As a reminder, this call is being recorded. At this time, I ...