CoreCivic(US:CXW)2024-11-06 21:00Financial Performance - Total revenue for Q3 2024 was $491.6 million, an increase of 2% compared to Q3 2023[2] - Net income for Q3 2024 was $21.1 million, a 52% increase from $13.9 million in Q3 2023[3] - Adjusted net income for Q3 2024 was $22.4 million, up 44% from $15.6 million in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was $83.3 million, an 11% increase from $75.2 million in Q3 2023[7] - Total revenue for Q3 2024 was $491.6 million, a 1.8% increase from $483.7 million in Q3 2023[21] - Net income for Q3 2024 was $21.1 million, compared to $13.9 million in Q3 2023, representing a 52.5% increase[21] - Adjusted diluted EPS for Q3 2024 was $0.20, up from $0.14 in Q3 2023, reflecting a 42.9% increase[22] - Funds from operations for Q3 2024 were $47.1 million, compared to $38.5 million in Q3 2023, an increase of 22.0%[23] - The company reported an EBITDA of $81,367,000 for Q3 2024, compared to $72,787,000 in Q3 2023, marking a 11.8% increase[24] Guidance and Projections - Full year 2024 net income guidance raised to $55.5 million to $61.5 million, up from prior guidance of $42.0 million to $50.4 million[11] - For the full year 2024, the company projects adjusted net income to be between $78,000,000 and $84,000,000[25] - Funds from Operations (FFO) for the year is expected to be between $156,017,000 and $163,017,000[25] - The company anticipates EBITDA for the full year to be in the range of $284,325,000 to $288,325,000[25] - The diluted EPS for Q4 2024 is projected to be between $0.49 and $0.55[25] - Adjusted diluted EPS for Q4 2024 is expected to be between $0.69 and $0.75[25] - Interest expense for the year is projected at approximately $79,000,000[25] Operational Metrics - Compensated occupancy increased to 75.2% in Q3 2024 from 72.0% in Q3 2023[2] - Revenue from ICE decreased by 3.4% year-over-year to $139.7 million in Q3 2024[6] - Total operating expenses for Q3 2024 were $370.8 million, slightly down from $377.3 million in Q3 2023, a decrease of 1.2%[21] - General and administrative expenses increased to $41.2 million in Q3 2024 from $33.9 million in Q3 2023, a rise of 21.5%[21] - The company reported a gain on the sale of real estate assets of $1.2 million in Q3 2024, compared to $368,000 in Q3 2023[21] Balance Sheet and Capital Management - Total assets decreased to $2.91 billion as of September 30, 2024, down from $3.11 billion at the end of 2023, a decline of 6.1%[20] - Long-term debt decreased to $979.8 million from $1.08 billion at the end of 2023, a reduction of 9.6%[20] - The accumulated deficit improved to $(259.3) million as of September 30, 2024, from $(308.8) million at the end of 2023[20] - The company has repurchased a total of 14.1 million shares at an aggregate price of $172.1 million since the program's inception[9] - Capital expenditures for 2024 are expected to be between $70.0 million and $76.0 million[12] Asset Impairments - Asset impairments for Q3 2024 were recorded at $3,108,000, consistent with the previous year[24]