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Corecivic, Inc. (CXW) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Corecivic, Inc.

HISTORY TOOLS
CIK: 1070985 Ticker: CXW

Exhibit 99.1

 

News Release

 

      

LOGO

 

 

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, CoreCivic’s 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

The following information was filed by Corecivic, Inc. (CXW) on Thursday, February 10, 2022 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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Corecivic, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Corecivic, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accounts Payable, Accrued Expenses And Other Long-Term Liabilities
Accounts Payable, Accrued Expenses And Other Long-Term Liabilities (Tables)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Components Of Deferred Tax Assets And Liabilities (Detail)
Components Of Income Tax Expense (Benefit) (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Deferred Revenue
Deferred Revenue - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Estimated Amortization Expense Related To Intangible Assets (Detail)
Goodwill
Goodwill - Additional Information (Detail)
Idled Facilities And Respective Carrying Values Excluding Equipment And Other Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Investment In Affiliate
Investment In Affiliate - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Organization And Operations
Organization And Operations - Additional Information (Detail)
Other Assets
Other Assets (Tables)
Other Assets - Additional Information (Detail)
Other Long Term Liabilities (Detail)
Property And Equipment (Detail)
Real Estate And Related Assets
Real Estate And Related Assets (Tables)
Real Estate And Related Assets - Additional Information (Detail)
Real Estate Transactions
Real Estate Transactions (Tables)
Real Estate Transactions - Additional Information (Detail)
Reconciliation Of Income Tax Provision At Statutory Income Tax Rate And Effective Tax Rate (Detail)
Schedule Iii - Real Estate Assets And Accumulated Depreciation
Schedule Iii - Real Estate Assets And Accumulated Depreciation (Detail)
Schedule Iii - Real Estate Assets And Accumulated Depreciation (Parenthetical) (Detail)
Schedule Iii - Real Estate Assets And Accumulated Depreciation Summary Of Transactions (Detail)
Schedule Of Accounts Payable And Accrued Expenses (Detail)
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share (Detail)
Schedule Of Debt Outstanding (Detail)
Schedule Of Debt Outstanding (Parenthetical) (Detail)
Schedule Of Financial Instruments Having Difference Between Carrying Amount And Fair Value (Detail)
Schedule Of Future Minimum Lease Payments (Detail)
Schedule Of Future Undiscounted Cash Flows To Be Received From Third-Party Lessees For Company's Operating Leases And Finance Leases (Detail)
Schedule Of Other Assets (Detail)
Schedule Of Other Assets (Parenthetical) (Detail)
Schedule Of Principal Payments (Detail)
Schedule Of Revenue And Net Operating Income For Each Of The Three Segments And A Reconciliation To Corecivic's Operating Income (Detail)
Schedule Of Total Assets (Detail)
Schedule Of Useful Life Of Property And Equipment (Detail)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Subsequent Events
Subsequent Events - Additional Information (Detail)
Summary Of Capital Expenditures Including Accrued Amounts (Detail)
Summary Of Nonvested Rsu Transactions (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Stock Option Transactions Relating To Non-Qualified Stock Option Plans (Detail)
Tax Characterization Of Dividends Per Share On Common Shares (Detail)
Tax Characterization Of Dividends Per Share On Common Shares (Parenthetical) (Detail)
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

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