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December 2022
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Exhibit 99.1
News Release
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Contact: | 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 2021 FINANCIAL RESULTS
BRENTWOOD, Tenn. February 9, 2022 CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the fourth quarter and full year 2021.
Financial Highlights Full Year 2021
| Total revenue of $1.86 billion |
| CoreCivic Safety revenue of $1.69 billion |
| CoreCivic Community revenue of $99.4 million |
| CoreCivic Properties revenue of $68.9 million |
| Net loss attributable to common stockholders of $51.9 million |
| Net loss reflects $178.6 million of special items, including $114.2 million of income taxes associated with change in corporate tax structure reflected in the first quarter of 2021 |
| Diluted net loss per share of $0.43 |
| Adjusted diluted EPS of $1.04 |
| Normalized FFO per diluted share of $1.85 |
| Adjusted EBITDA of $402.0 million |
Damon T. Hininger, CoreCivics President and Chief Executive Officer, said, Our fourth quarter financial performance capped off another year of resilient cash flow generation amid the ongoing global pandemic. During 2021, we made great strides in enhancing our capital structure by revoking our REIT election, selling non-core assets which enabled us to accelerate our debt reduction strategy, accessed the debt capital markets, extended our debt maturities, and positioned our balance sheet to allow us to pursue attractive growth opportunities and return capital to shareholders. With the financial guidance we are providing today for the full year 2022, our capital allocation strategy remains on track.
Hininger continued, We began 2022 on a positive note with the recent announcement of our new contract with the state of Arizona to care for up to 2,706 inmates at our La Palma Correctional Center, which is the largest contract awarded to the private sector by any state in over a decade. We look to continue this positive momentum as we pursue other market opportunities that may present themselves throughout the year.
Financial Highlights Fourth Quarter 2021
| Total revenue of $472.1 million |
| CoreCivic Safety revenue of $432.8 million |
| CoreCivic Community revenue of $25.3 million |
| CoreCivic Properties revenue of $14.0 million |
| Net income attributable to common stockholders of $28.0 million |
| Diluted earnings per share of $0.23 |
| Adjusted diluted EPS of $0.27 |
| Normalized FFO per diluted share of $0.48 |
| Adjusted EBITDA of $103.2 million |
5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000
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Corecivic, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Incremental expenses include, but may not be limited to, incentive payments to our front-line and field staff, additional paid time off, off-cycle wage increases in certain markets to remain competitive, as well as expenses to procure personal protective equipment and other supplies.
The improvement in operating margins also resulted from an increase in average revenue per compensated man-day during 2021 of 6.1% compared with 2020.
The improvement in operating margins also resulted from an increase in average revenue per compensated man-day during 2021 of 2.8% compared with 2020.
Such events could include negotiations with a prospective customer for the utilization of an idle facility at terms significantly less favorable than those used in our most recent impairment analysis, or changes in legislation surrounding a particular facility that could impact our ability to care for certain types of populations at such facility, or a demolition or substantial renovation of a facility.
Our effective tax rate could fluctuate in the future based on changes in estimates of taxable income, the implementation of additional tax planning strategies, changes in federal or state tax rates or laws affecting tax credits available to us, changes in other tax laws, changes in estimates related to uncertain tax positions, or changes in state apportionment factors, as well as changes in the valuation allowance applied to our deferred tax assets that are based primarily on the amount of state net operating losses and tax credits that could expire unused.
However, a substantial increase in...Read more
The decrease in depreciation and...Read more
Gross interest expense is based...Read more
The improvement in operating margins...Read more
We had $13.9 million of...Read more
As previously described herein, we...Read more
We used the net proceeds...Read more
On August 5, 2020, we...Read more
The Private Prison EO could...Read more
A decrease in gross interest...Read more
We may make adjustments to...Read more
As a result of the...Read more
Expenses incurred by CoreCivic Safety...Read more
Governments are now assessing their...Read more
Incremental expenses associated with COVID-19...Read more
As previously described, during 2021,...Read more
Effective August 1, 2019, we...Read more
The decrease in operating expenses...Read more
The "make- whole" redemption amount...Read more
We used a significant amount...Read more
The absence of hero bonuses...Read more
Net proceeds from the sales...Read more
The following table displays the...Read more
There were several factors that...Read more
Local revenues also decreased as...Read more
Effectively managing these staffing costs...Read more
Our managed-only contract for the...Read more
These two facilities contributed to...Read more
The remaining net proceeds were...Read more
Asset impairment charges during 2021...Read more
As of December 31, 2021,...Read more
Effective January 1, 2021, we...Read more
Effective January 1, 2021, we...Read more
Although our revenue has been...Read more
Operating expenses decreased primarily as...Read more
Further, in October 2021, we...Read more
We cannot predict government responses...Read more
With the successful consummation of...Read more
Operating expenses incurred by CoreCivic...Read more
These increases were net of...Read more
Through ongoing company-wide initiatives, we...Read more
We were not able to...Read more
State revenues primarily decreased as...Read more
By their nature, these estimates...Read more
Revenue generated from our electronic...Read more
Average revenue per compensated man-day...Read more
General and administration expenses increased...Read more
The federal customers in our...Read more
However, in the future we...Read more
Average revenue per compensated man-day...Read more
During the third quarter of...Read more
We believe we can also...Read more
The decrease in operating expenses...Read more
The decreases in total revenue...Read more
California Assembly Bill 32, or...Read more
AB32 generally prohibits new contracts...Read more
The Original 8.25% Senior Notes...Read more
The 8.25% Senior Notes were...Read more
We experienced increased interest expense...Read more
On August 25, 2021, we...Read more
The increase in interest expense...Read more
Income tax expense during 2020...Read more
Fixed expenses per compensated man-day...Read more
We also believe that owning...Read more
We used the net proceeds...Read more
Total expenses per compensated man-day...Read more
The new lease agreement at...Read more
COVID-19 notwithstanding, we believe the...Read more
Substantially all of our income...Read more
The County intends to redevelop...Read more
The following table reflects the...Read more
In addition, cash flow used...Read more
This capital was not always...Read more
As the new contract with...Read more
As a result of the...Read more
A combination of incremental staffing...Read more
The monetary terms of the...Read more
Revenue and expenses per compensated...Read more
It is possible that future...Read more
It is possible that future...Read more
With respect to idle correctional...Read more
More recently, in the second...Read more
Our employees are driven by...Read more
We believe FFO is an...Read more
Our estimates of recoverability are...Read more
During the second quarter of...Read more
In addition, we had $154.5...Read more
FFO and Normalized FFO are...Read more
As a result, we are...Read more
However, we believe this conversion...Read more
We reported an aggregate net...Read more
We used the net proceeds...Read more
As such, our insurance expense...Read more
The rules permit registrants to...Read more
If the appropriate governmental agency...Read more
CoreCivic Safety's facility net operating...Read more
CoreCivic Community's facility net operating...Read more
Facility net operating income at...Read more
The net proceeds from the...Read more
We will also pursue attractive...Read more
On May 28, 2021, we...Read more
The factors contributing to an...Read more
The factors contributing to an...Read more
We are making investments in...Read more
We also measure our costs...Read more
Financial Statements, Disclosures and Schedules
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Corecivic, Inc. provided additional information to their SEC Filing as exhibits
Ticker: CXW
CIK: 1070985
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-005663
Submitted to the SEC: Fri Feb 18 2022 1:33:31 PM EST
Accepted by the SEC: Fri Feb 18 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts