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Corecivic, Inc. (CXW) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

CXW Quarterly Reports

Corecivic, Inc.

CIK: 1070985 Ticker: CXW

Exhibit 99.1

 

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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 SECOND QUARTER 2022 FINANCIAL RESULTS

INCREASES SHARE BUYBACK AUTHORIZATION

BRENTWOOD, Tenn. – August 2, 2022 – CoreCivic, Inc. (NYSE: CXW) (the Company) announced today its financial results for the second quarter of 2022 and provided an update on several significant transactions, including an increase in its share buyback program.

Damon T. Hininger, CoreCivic’s President and Chief Executive Officer, said, “We are pleased to have entered into an agreement during the second quarter to sell our 1,978-bed McRae Correctional Facility for a sale price of $130.0 million. This sale, which is expected to close later in the third quarter, will result in a gain on sale of $75.0 million to $80.0 million. The sale price represents approximately $66,000 per bed which, when used to approximate the value of our over 70,000 company-owned correctional beds, indicates a real estate value in excess of $4 billion, demonstrating the value of our portfolio. Monetizing this asset will generate additional liquidity, which we can use for general corporate purposes, including for our share repurchase program, which our board just increased to $225.0 million, and/or for additional debt reduction.

Hininger continued, “Our second quarter operations were affected by short-term earnings disruptions from transitioning populations at our La Palma Correctional Center in Arizona from an ICE population to an Arizona population, as a result of the previously announced state contract award, and a challenging labor market. Despite the short-term earnings disruption at the La Palma facility that we expect to normalize in the first quarter of 2023, we continue to make great strides in improving the position of our balance sheet, and we were able to begin returning capital to shareholders through our share repurchase authorization. We are pleased with our operational and financial performance and are confident in the long-term outlook for returning to earnings growth.”

Financial Highlights – Second Quarter 2022

 

   

Total revenue of $456.7 million

 

   

CoreCivic Safety revenue of $416.4 million

 

   

CoreCivic Community revenue of $25.8 million

 

   

CoreCivic Properties revenue of $14.5 million

 

   

Net Income of $10.6 million

 

   

Diluted earnings per share of $0.09

 

   

Adjusted diluted EPS of $0.13

 

   

Funds From Operations per diluted share of $0.28

 

   

Normalized Funds From Operations per diluted share of $0.34

 

   

Adjusted EBITDA of $78.8 million

5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000


The following information was filed by Corecivic, Inc. (CXW) on Wednesday, August 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Corecivic, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Operations
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Goodwill
Goodwill - Additional Information (Detail)
Idled Facilities And Respective Carrying Values Excluding Equipment And Other Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Organization And Operations
Organization And Operations - Additional Information (Detail)
Real Estate Transactions
Real Estate Transactions (Tables)
Real Estate Transactions - Additional Information (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 Principal Payments (Detail)
Schedule Of Revenue And Facility Net Operating Income For Each Of The Three Segments And A Reconciliation To Corecivic's Operating Income Before Income Taxes (Detail)
Schedule Of Total Assets (Detail)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Additional Information (Detail)
Stockholders' Equity
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Share Repurchase Program - Additional Information (Detail)
Summary Of Capital Expenditures Including Accrued Amounts (Detail)
Ticker: CXW
CIK: 1070985
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-22-027680
Submitted to the SEC: Wed Aug 03 2022 12:50:47 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Thursday, June 30, 2022
Industry: Real Estate Investment Trusts

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