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Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024
Financial Media: David Gutierrez, Dresner Corporate Services - (312) 780-7204
CORECIVIC REPORTS FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS
BRENTWOOD, Tenn. February 10, 2021 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2020.
Financial Highlights Full Year 2020
Total revenue of $1.91 billion
CoreCivic Safety revenue of $1.71 billion
CoreCivic Community revenue of $106.0 million
CoreCivic Properties revenue of $93.1 million
Net income attributable to common stockholders of $54.2 million
Diluted EPS per share of $0.45
Adjusted diluted EPS of $1.32
Normalized FFO per diluted share of $2.25
Adjusted EBITDA of $404.8 million
Non-cash impairment charges of $60.6 million
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, While 2020 was an unprecedented and unpredictable year, we once again displayed the value of the mission-critical solutions we provide to our government partners and the durability of our cash flows. For the full year, we generated Normalized FFO per share of $2.25, only 4% below the mid-point of our guidance of $2.35 announced in February 2020, before the COVID-19 pandemic. In the fourth quarter we continued our capital allocation strategy of debt reduction by repaying more than $125 million in long-term debt, net of the change in cash, due to our strong operating cash flows and net proceeds provided by our recently announced sale of non-core government-leased real estate assets. We currently expect the sale of additional non-core assets, when combined with the sale completed in the fourth quarter of 2020, will result in aggregate net cash proceeds consistent with our original estimate of up to $150 million.
Our achievements are only possible thanks to our dedicated professionals who continue to be on the front lines of the COVID-19 pandemic. Their dedication and diligence have been essential to meeting the needs of our government partners through a difficult period of time, and we continue to work tirelessly to protect our employees and the individuals in our care, added Hininger.
CoreCivic is dedicated to helping those in its care be successful in their next step in life. Every day, CoreCivics chaplains, counselors and instructors help nearly 1,500 inmates learn the life and vocational skills they need to find and keep employment once released. Every year, its dedicated teachers help more than 1,500 inmates earn a GED, which research shows makes them 30% less likely to return to prison after theyre released. CoreCivic helps its government partners solve some of their toughest challenges by providing flexibility to manage constantly changing needs and populations and delivering on proven reentry programs that fight recidivism and change lives.
5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000
The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 11, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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