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:
|
|
GuidanceFull 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, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER
SHARE AMOUNTS)
| |
|
June 30, |
|
December 31, |
|
ASSETS |
|
|
2024 |
|
|
|
2023 |
|
| Cash and cash equivalents |
|
$ |
60,186 |
|
|
$ |
121,845 |
|
| Restricted cash |
|
|
7,497 |
|
|
|
7,111 |
|
| Accounts receivable, net of
credit loss reserve of $4,803 and $6,827,
respectively |
|
|
273,670 |
|
|
|
312,174 |
|
| Prepaid expenses and other
current assets |
|
|
39,446 |
|
|
|
26,304 |
|
| Assets held for sale |
|
|
2,211 |
|
|
|
7,480 |
|
|
Total current assets |
|
|
383,010 |
|
|
|
474,914 |
|
| Real estate and related
assets: |
|
|
|
|
| Property and equipment, net of
accumulated depreciation of $1,872,601 and $1,821,015,
respectively |
|
|
2,083,178 |
|
|
|
2,114,522 |
|
| Other real estate assets |
|
|
196,059 |
|
|
|
201,561 |
|
| Goodwill |
|
|
4,844 |
|
|
|
4,844 |
|
| Other assets |
|
|
236,120 |
|
|
|
309,558 |
|
|
Total assets |
|
$ |
2,903,211 |
|
|
$ |
3,105,399 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
| Accounts payable and accrued
expenses |
|
$ |
254,634 |
|
|
$ |
285,857 |
|
| Current portion of long-term
debt |
|
|
11,832 |
|
|
|
11,597 |
|
|
Total current liabilities |
|
|
266,466 |
|
|
|
297,454 |
|
| Long-term debt, net |
|
|
1,007,148 |
|
|
|
1,083,476 |
|
| Deferred revenue |
|
|
13,899 |
|
|
|
18,315 |
|
| Non-current deferred tax
liabilities |
|
|
88,501 |
|
|
|
96,915 |
|
| Other liabilities |
|
|
79,676 |
|
|
|
131,673 |
|
|
Total liabilities |
|
|
1,455,690 |
|
|
|
1,627,833 |
|
| Commitments and
contingencies |
|
|
|
|
| Preferred stock – $0.01 par
value; 50,000 shares authorized; none issued and outstanding
at June 30, 2024 and December
31, 2023 |
|
|
— |
|
|
|
— |
|
| Common stock – $0.01 par value;
300,000 shares authorized; 110,271 and 112,733 shares
issued and outstanding at June 30, 2024 and December 31,
2023, respectively |
|
|
1,103 |
|
|
|
1,127 |
|
| Additional paid-in capital |
|
|
1,726,768 |
|
|
|
1,785,286 |
|
| Accumulated deficit |
|
|
(280,350 |
) |
|
|
(308,847 |
) |
|
Total stockholders' equity |
|
|
1,447,521 |
|
|
|
1,477,566 |
|
|
Total liabilities and stockholders' equity |
|
$ |
2,903,211 |
|
|
$ |
3,105,399 |
|
| |
|
|
|
|
CORECIVIC, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER
SHARE AMOUNTS)
| |
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| REVENUE: |
|
|
|
|
|
|
|
|
Safety |
$ |
455,373 |
|
|
$ |
421,743 |
|
|
$ |
913,119 |
|
|
$ |
839,393 |
|
|
Community |
|
30,302 |
|
|
|
28,364 |
|
|
|
60,202 |
|
|
|
54,778 |
|
|
Properties |
|
4,416 |
|
|
|
13,574 |
|
|
|
17,455 |
|
|
|
27,411 |
|
|
Other |
|
18 |
|
|
|
1 |
|
|
|
19 |
|
|
|
102 |
|
|
|
|
490,109 |
|
|
|
463,682 |
|
|
|
990,795 |
|
|
|
921,684 |
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
Safety |
|
348,121 |
|
|
|
335,726 |
|
|
|
698,219 |
|
|
|
664,124 |
|
|
Community |
|
24,134 |
|
|
|
22,905 |
|
|
|
48,278 |
|
|
|
45,620 |
|
|
Properties |
|
3,462 |
|
|
|
3,324 |
|
|
|
7,297 |
|
|
|
6,685 |
|
|
Other |
|
18 |
|
|
|
53 |
|
|
|
44 |
|
|
|
116 |
|
|
Total operating expenses |
|
375,735 |
|
|
|
362,008 |
|
|
|
753,838 |
|
|
|
716,545 |
|
|
General and administrative |
|
33,910 |
|
|
|
32,612 |
|
|
|
70,375 |
|
|
|
65,291 |
|
|
Depreciation and amortization |
|
32,145 |
|
|
|
31,615 |
|
|
|
63,875 |
|
|
|
62,657 |
|
|
|
|
441,790 |
|
|
|
426,235 |
|
|
|
888,088 |
|
|
|
844,493 |
|
| OTHER INCOME
(EXPENSE): |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(17,110 |
) |
|
|
(18,268 |
) |
|
|
(35,723 |
) |
|
|
(37,419 |
) |
|
Expenses associated with debt repayments
and
refinancing transactions |
|
(4,074 |
) |
|
|
(226 |
) |
|
|
(31,316 |
) |
|
|
(226 |
) |
|
Gain (loss) on sale of real estate assets, net |
|
- |
|
|
|
(25 |
) |
|
|
568 |
|
|
|
(25 |
) |
|
Other income |
|
444 |
|
|
|
78 |
|
|
|
386 |
|
|
|
31 |
|
| INCOME BEFORE INCOME
TAXES |
|
27,579 |
|
|
|
19,006 |
|
|
|
36,622 |
|
|
|
39,552 |
|
|
Income tax expense |
|
(8,625 |
) |
|
|
(4,176 |
) |
|
|
(8,125 |
) |
|
|
(12,322 |
) |
| NET
INCOME |
$ |
18,954 |
|
|
$ |
14,830 |
|
|
$ |
28,497 |
|
|
$ |
27,230 |
|
|
|
|
|
|
|
|
|
|
| BASIC EARNINGS PER
SHARE |
$ |
0.17 |
|
|
$ |
0.13 |
|
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
| DILUTED EARNINGS PER
SHARE |
$ |
0.17 |
|
|
$ |
0.13 |
|
|
$ |
0.25 |
|
|
$ |
0.24 |
|
CORECIVIC, INC. AND
SUBSIDIARIESSUPPLEMENTAL FINANCIAL
INFORMATION (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED
EPS
| |
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net income |
$ |
18,954 |
|
|
$ |
14,830 |
|
|
$ |
28,497 |
|
|
$ |
27,230 |
|
| Special items: |
|
|
|
|
|
|
|
|
Expenses associated with debt repayments and refinancing
transactions |
|
4,074 |
|
|
|
226 |
|
|
|
31,316 |
|
|
|
226 |
|
|
Income tax expense (benefit) associated with change in
corporate tax structure |
|
- |
|
|
|
(1,378 |
) |
|
|
- |
|
|
|
930 |
|
|
Loss (gain) on sale of real estate assets, net |
|
- |
|
|
|
25 |
|
|
|
(568 |
) |
|
|
25 |
|
|
Income tax benefit for special items |
|
(1,277 |
) |
|
|
(75 |
) |
|
|
(9,635 |
) |
|
|
(75 |
) |
| Adjusted net income |
$ |
21,751 |
|
|
$ |
13,628 |
|
|
$ |
49,610 |
|
|
$ |
28,336 |
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares
outstanding - basic |
|
110,954 |
|
|
|
113,628 |
|
|
|
111,630 |
|
|
|
113,840 |
|
| Effect of dilutive
securities: |
|
|
|
|
|
|
|
| Restricted stock-based
awards |
|
578 |
|
|
|
324 |
|
|
|
879 |
|
|
|
631 |
|
| Weighted average shares and
assumed conversions - diluted |
|
111,532 |
|
|
|
113,952 |
|
|
|
112,509 |
|
|
|
114,471 |
|
|
|
|
|
|
|
|
|
|
| Adjusted Diluted EPS |
$ |
0.20 |
|
|
$ |
0.12 |
|
|
$ |
0.44 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
CORECIVIC, INC. AND
SUBSIDIARIESSUPPLEMENTAL FINANCIAL
INFORMATION (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED
FUNDS FROM OPERATIONS
| |
For the Three Months Ended |
|
For the Six Months Ended |
| |
June 30, |
|
June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net income |
$ |
18,954 |
|
|
$ |
14,830 |
|
|
$ |
28,497 |
|
|
$ |
27,230 |
|
| Depreciation and amortization
of real estate assets |
|
24,843 |
|
|
|
24,198 |
|
|
|
49,627 |
|
|
|
48,369 |
|
| Loss (gain) on sale of real
estate assets, net |
|
- |
|
|
|
25 |
|
|
|
(568 |
) |
|
|
25 |
|
| Income tax expense (benefit)
for special items |
|
- |
|
|
|
(7 |
) |
|
|
178 |
|
|
|
(7 |
) |
|
Funds From Operations |
$ |
43,797 |
|
|
$ |
39,046 |
|
|
$ |
77,734 |
|
|
$ |
75,617 |
|
| |
|
|
|
|
|
|
|
| Expenses associated with debt
repayments and refinancing transactions |
|
4,074 |
|
|
|
226 |
|
|
|
31,316 |
|
|
|
226 |
|
| Income tax expense (benefit)
associated with change in corporate tax structure |
|
- |
|
|
|
(1,378 |
) |
|
|
- |
|
|
|
930 |
|
| Income tax benefit for special
items |
|
(1,277 |
) |
|
|
(68 |
) |
|
|
(9,813 |
) |
|
|
(68 |
) |
| Normalized Funds From
Operations |
$ |
46,594 |
|
|
$ |
37,826 |
|
|
$ |
99,237 |
|
|
$ |
76,705 |
|
| |
|
|
|
|
|
|
|
| Funds from Operations Per
Diluted Share |
$ |
0.39 |
|
|
$ |
0.34 |
|
|
$ |
0.69 |
|
|
$ |
0.66 |
|
| Normalized Funds From
Operations Per Diluted Share |
$ |
0.42 |
|
|
$ |
0.33 |
|
|
$ |
0.88 |
|
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
CORECIVIC, INC. AND
SUBSIDIARIESSUPPLEMENTAL FINANCIAL
INFORMATION (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
CALCULATION OF EBITDA AND ADJUSTED EBITDA
| |
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
| Net income |
$ |
18,954 |
|
$ |
14,830 |
|
$ |
28,497 |
|
|
$ |
27,230 |
| Interest expense |
|
20,060 |
|
|
21,214 |
|
|
42,118 |
|
|
|
43,303 |
| Depreciation and
amortization |
|
32,145 |
|
|
31,615 |
|
|
63,875 |
|
|
|
62,657 |
| Income tax expense |
|
8,625 |
|
|
4,176 |
|
|
8,125 |
|
|
|
12,322 |
| EBITDA |
$ |
79,784 |
|
$ |
71,835 |
|
$ |
142,615 |
|
|
$ |
145,512 |
| |
|
|
|
|
|
|
|
| Expenses associated with debt
repayments and refinancing transactions |
|
4,074 |
|
|
226 |
|
|
31,316 |
|
|
|
226 |
| Loss (gain) on sale of real
estate assets, net |
|
- |
|
|
25 |
|
|
(568 |
) |
|
|
25 |
| Adjusted EBITDA |
$ |
83,858 |
|
$ |
72,086 |
|
$ |
173,363 |
|
|
$ |
145,763 |
| |
|
|
|
|
|
|
|
CORECIVIC, INC. AND
SUBSIDIARIESSUPPLEMENTAL FINANCIAL
INFORMATION (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT
PER SHARE AMOUNTS)
GUIDANCE -- CALCULATION OF ADJUSTED NET INCOME, FUNDS
FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS, EBITDA &
ADJUSTED EBITDA
| |
For the Year Ending |
| |
December 31, 2024 |
| |
Low End ofGuidance |
|
High End ofGuidance |
|
Net income |
$ |
41,970 |
|
|
$ |
50,389 |
|
|
Expenses associated with debt repayments and refinancing
transactions |
|
31,316 |
|
|
|
31,316 |
|
|
Gain on sale of real estate assets, net |
|
(568 |
) |
|
|
(568 |
) |
|
Asset impairments |
|
3,600 |
|
|
|
3,000 |
|
|
Income tax benefit for special items |
|
(10,718 |
) |
|
|
(10,537 |
) |
| Adjusted net income |
$ |
65,600 |
|
|
$ |
73,600 |
|
| |
|
|
|
| Net income |
$ |
41,970 |
|
|
$ |
50,389 |
|
|
Depreciation and amortization of real estate assets |
|
100,000 |
|
|
|
101,000 |
|
|
Gain on sale of real estate assets, net |
|
(568 |
) |
|
|
(568 |
) |
|
Impairment of real estate assets |
|
2,600 |
|
|
|
2,600 |
|
|
Income tax benefit for special items |
|
(612 |
) |
|
|
(612 |
) |
| Funds From Operations |
$ |
143,390 |
|
|
$ |
152,809 |
|
|
Expenses associated with debt repayments and refinancing
transactions |
|
31,316 |
|
|
|
31,316 |
|
|
Other asset impairments |
|
1,000 |
|
|
|
400 |
|
|
Income tax benefit for special items |
|
(10,106 |
) |
|
|
(9,925 |
) |
| Normalized Funds From
Operations |
$ |
165,600 |
|
|
$ |
174,600 |
|
| |
|
|
|
| Diluted EPS |
$ |
0.37 |
|
|
$ |
0.45 |
|
| |
|
|
|
| Adjusted Diluted EPS |
$ |
0.58 |
|
|
$ |
0.66 |
|
| |
|
|
|
| FFO per diluted share |
$ |
1.28 |
|
|
$ |
1.36 |
|
| |
|
|
|
| Normalized FFO per diluted
share |
$ |
1.48 |
|
|
$ |
1.56 |
|
| |
|
|
|
| Net income |
$ |
41,970 |
|
|
$ |
50,389 |
|
| Interest expense |
|
80,750 |
|
|
|
79,750 |
|
| Depreciation and
amortization |
|
129,000 |
|
|
|
129,000 |
|
| Income tax expense |
|
16,282 |
|
|
|
15,463 |
|
|
EBITDA |
$ |
268,002 |
|
|
$ |
274,602 |
|
| Expenses associated with debt
repayments and refinancing transactions |
|
31,316 |
|
|
|
31,316 |
|
| Gain on sale of real estate
assets, net |
|
(568 |
) |
|
|
(568 |
) |
| Asset impairments |
|
3,600 |
|
|
|
3,000 |
|
|
Adjusted EBITDA |
$ |
302,350 |
|
|
$ |
308,350 |
|
| |
|
|
|
NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and
Normalized FFO, and, where appropriate, their corresponding per
share metrics are non-GAAP financial measures. The Company believes
that these measures are important operating measures that
supplement discussion and analysis of the Company's results of
operations and are used to review and assess operating performance
of the Company and its properties and their management teams. The
Company believes that it is useful to provide investors, security
analysts, and other interested parties disclosures of its results
of operations on the same basis that is used by
management.
FFO, in particular, is a widely accepted non-GAAP supplemental
measure of performance of real estate companies, grounded in the
standards for FFO established by the National Association of Real
Estate Investment Trusts (NAREIT). NAREIT defines FFO
as net income computed in accordance with GAAP, excluding gains (or
losses) from sales of property and extraordinary items, plus
depreciation and amortization of real estate and impairment of
depreciable real estate and after adjustments for unconsolidated
partnerships and joint ventures calculated to reflect funds from
operations on the same basis. As a company with
extensive real estate holdings, we believe FFO and FFO per share
are important supplemental measures of our operating performance
and believe they are frequently used by securities analysts,
investors and other interested parties in the evaluation of REITs
and other real estate operating companies, many of which present
FFO and FFO per share when reporting results. EBITDA, Adjusted
EBITDA, and FFO are useful as supplemental measures of performance
of the Company's properties because such measures do not take into
account depreciation and amortization, or with respect to EBITDA,
the impact of the Company's tax provisions and financing
strategies. Because the historical cost accounting convention used
for real estate assets requires depreciation (except on land), this
accounting presentation assumes that the value of real estate
assets diminishes at a level rate over time. Because of
the unique structure, design and use of the Company's properties,
management believes that assessing performance of the Company's
properties without the impact of depreciation or amortization is
useful. The Company may make adjustments to FFO from time to time
for certain other income and expenses that it considers
non-recurring, infrequent or unusual, even though such items may
require cash settlement, because such items do not reflect a
necessary or ordinary component of the ongoing operations of the
Company. Normalized FFO excludes the effects of such
items. The Company calculates Adjusted Net Income by adding to GAAP
Net Income expenses associated with the Company’s debt repayments
and refinancing transactions, and certain impairments and other
charges that the Company believes are unusual or non-recurring to
provide an alternative measure of comparing operating performance
for the periods presented.
Other companies may calculate Adjusted Net Income, EBITDA,
Adjusted EBITDA, FFO, and Normalized FFO differently than the
Company does, or adjust for other items, and therefore
comparability may be limited. Adjusted Net Income,
EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where
appropriate, their corresponding per share measures are not
measures of performance under GAAP, and should not be considered as
an alternative to cash flows from operating activities, a measure
of liquidity or an alternative to net income as indicators of the
Company's operating performance or any other measure of performance
derived in accordance with GAAP. This data should be
read in conjunction with the Company's consolidated financial
statements and related notes included in its filings with the
Securities and Exchange Commission.
| Contact: |
|
Investors: Mike Grant - Managing
Director, Investor Relations - (615) 263-6957Financial Media: David
Gutierrez, Dresner Corporate Services - (312) 780-7204 |
| |
|
|
CoreCivic (NYSE:CXW)
過去 株価チャート
から 7 2024 まで 8 2024
CoreCivic (NYSE:CXW)
過去 株価チャート
から 8 2023 まで 8 2024
