CoreCivic(US:CXW)2025-11-05 21:13Financial Performance - Total revenue for Q3 2025 was $580.4 million, an increase of 18.1% compared to the prior year quarter[5] - Net income for Q3 2025 was $26.3 million, up 24.7% from the prior year quarter[5] - Adjusted EBITDA for Q3 2025 was $88.8 million, up 6.6% from $83.3 million in Q3 2024[10] - Revenue for the three months ended September 30, 2025, was $580,437 thousand, compared to $491,558 thousand for the same period in 2024, representing an increase of 18.1%[32] - Net income for the three months ended September 30, 2025, was $26,309 thousand, up from $21,096 thousand in the same period of 2024, reflecting a growth of 24.0%[32] - Adjusted net income for the nine months ended September 30, 2025, was $90,933 thousand, compared to $72,046 thousand for the same period in 2024, indicating a year-over-year increase of 26.0%[33] - Basic earnings per share for the three months ended September 30, 2025, was $0.25, compared to $0.19 for the same period in 2024, marking a 31.6% increase[32] - Funds From Operations (FFO) for Q3 2025 reached $51,519,000, up 9.1% from $47,122,000 in Q3 2024[35] - Normalized Funds From Operations (Normalized FFO) for Q3 2025 was $52,082,000, a 9.3% increase from $47,602,000 in Q3 2024[35] - EBITDA for Q3 2025 was $89,030,000, representing a 9.9% increase from $81,367,000 in Q3 2024[36] - Adjusted EBITDA for Q3 2025 was $88,832,000, up 6.1% from $83,294,000 in Q3 2024[36] Revenue Sources - Revenue from ICE, the largest government partner, was $215.9 million, reflecting a 54.6% increase from $139.7 million in Q3 2024[9] - New contracts at four facilities are expected to generate approximately $320 million of annual revenue once stabilized occupancy is achieved[4] - The acquisition of the Farmville Detention Center is expected to generate approximately $40.0 million in annual incremental revenue[15] Guidance and Projections - Revised financial guidance for full year 2025 includes net income of $107.0 million to $113.0 million, down from prior guidance of $116.4 million to $124.4 million[20] - The guidance for Funds From Operations for the year ending December 31, 2025 is projected between $207,326,000 and $214,326,000[37] - The guidance for Normalized Funds From Operations for the year ending December 31, 2025 is projected between $209,000,000 and $216,000,000[37] - The projected diluted EPS for 2025 is between $0.99 and $1.05[37] - The projected Adjusted Diluted EPS for 2025 is between $1.00 and $1.06[37] Operational Metrics - Average daily residential population increased to 55,236 in Q3 2025, a rise of 8.9% from 50,757 in Q3 2024[7] - The average occupancy rate in Q3 2025 was 76.7%, compared to 75.2% in Q3 2024[7] Capital Expenditures - The company expects to invest between $29.0 million and $31.0 million in maintenance capital expenditures on real estate assets, and between $31.0 million and $34.0 million for other assets and information technology in 2025[21] - Capital expenditures associated with activating previously idled facilities are projected to be approximately $97.5 million to $99.5 million, reflecting an increase due to requests from ICE related to new contract awards[21] Balance Sheet - Total assets as of September 30, 2025, amounted to $3,110,131 thousand, an increase from $2,931,891 thousand as of December 31, 2024[31] - The company reported total liabilities of $1,639,659 thousand as of September 30, 2025, compared to $1,438,540 thousand as of December 31, 2024[31] Company Background and Risks - The company has been a partner for government solutions for over 40 years, focusing on corrections and detention management, and residential reentry facilities[25] - Forward-looking statements indicate potential risks including changes in government policy and economic conditions that could impact future performance[26]