Corecivic, Inc. · NYSE:CXW
Corecivic — Q4 2023 Earnings Presentation
24 slides from Corecivic's earnings presentation, Feb 9, 2024
Slide 1: Supplemental Financial Information For the Quarter Ended December 31, 2023
Exhibit 99.2 Supplemental Financial Information For the Quarter Ended December 31, 2023 The Company’s supplemental financial information and other data presented herein speaks only as of the date or period indicated (or as of the date posted, as the case may be), and the Company does not undertake a
Slide 2: Table of Contents
CoreCivic, Inc. Supplemental Financial Information For the Quarter Ended December 31, 2023 TABLE OF CONTENTS Financial Highlights & 2023 Guidance Summary 1 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Reconciliation of Basic to Diluted Earnings Per Share 4 Calculation of Adj
Slide 3: Financial Highlights & 2024 Guidance Summary
1 of 22 FINANCIAL HIGHLIGHTS (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Diluted EPS $ 0 .23 $ 0.21 $ 0.59 $ 1 .03 Adjusted Diluted EPS $ 0.23 $ 0.22 $ 0.61 $ 0.57 Normalized FFO P
Slide 4: Consolidated Balance Sheets
2 of 22 CONSOLIDATED BALANCE SHEETS (Unaudited and amounts in thousands, except per share amounts) December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 ASSETS Cash and cash equivalents $ 121,845 $ 103,697 $ 41,840 $ 51,463 $ 149,401 Restricted cash 7,111 14,214 13,256
Slide 5: Consolidated Statements of Operations
3 of 22 CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 REVENUE: Safety $ 448,704 $ 430,247 $ 1,731,421 $ 1 ,684,035 Community 30,499 2 6,994 115,
Slide 6: Reconciliation of Basic to Diluted Earnings Per Share
4 of 22 RECONCILIATION OF BASIC TO DILUTED EARNINGS PER SHARE (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Basic: Net income $ 2 6,468 $ 24,437 $ 6 7,590 $ 122,320 Diluted: Net inco
Slide 7: Calculation of Adjusted Diluted Earnings Per Share
5 of 22 CALCULATION OF ADJUSTED DILUTED EARNINGS PER SHARE (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Net income $ 26,468 $ 24,437 $ 67,590 $ 122,320 Special items: Expenses assoc
Slide 8: Funds From Operations
6 of 22 FUNDS FROM OPERATIONS (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 FUNDS FROM OPERATIONS: Net income $ 26, 468 $ 24,437 $ 67,590 $ 122,320 Depreciation and amortization of r
Slide 9: EBITDA, Adjusted EBITDA, and Reconciliation to AFFO
7 of 22 EBITDA, ADJUSTED EBITDA, AND RECONCILIATION TO AFFO (Unaudited and amounts in thousands) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 EBITDA CALCULATION: Net income $ 26,468 $ 24,437 $ 67,590 $ 122,320 Interest expense 21,228 22,712 85,
Slide 10: Selected Financial Information
8 of 22 SELECTED FINANCIAL INFORMATION (Unaudited and amounts in thousands, except per share amounts) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 BALANCE SHEET: Property and equipment $ 3,935,537 $ 3,926,475 $ 3,912,719 $ 3,897,035 $ 3,892,381 Accumulated depr
Slide 11: Segment Data
9 of 22 SEGMENT DATA (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2023 2022 2023 2022 NET OPERATING INCOME: Revenue Safety $ 4 48,704 $ 4 30,247 $ 1,731,421 $ 1 ,684,035 Community 3 0,499 26,994 1 15,0
Slide 12: Segment Data: Safety and Community Facilities
10 of 22 SEGMENT DATA (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2023 2022 2023 2022 CORECIVIC SAFETY FACILITIES: Facility revenue $ 4 48,704 $ 4 30,247 $ 1 ,731,421 $ 1,684,035 Operating expenses: F
Slide 13: Analysis of Outstanding Debt
11 of 22 ANALYSIS OF OUTSTANDING DEBT (Unaudited and amounts in thousands) Outstanding Outstanding Stated Effective Balance Balance Interest Interest Maturity Callable/ 1) 12/31/2022 12/31/2023 Rate Rate Date Redeemable Fixed Rate: The 4.625% Senior Notes were redeemed on February 1, 2023 at a redem
Slide 14: Selected Operating Ratios and Other Financial Data
12 of 22 SELECTED OPERATING RATIOS AND OTHER FINANCIAL DATA (Unaudited and amounts in thousands, except per share amounts) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 COVERAGE RATIOS: Interest coverage ratio (Adjusted EBITDA/Interest incurred)
Slide 15: Partner Information
13 of 22 PARTNER INFORMATION (Unaudited) CONTRACT RETENTION 2019 2020 2021 2022 2023 TOTAL OWNED AND CONTROLLED: # of Contracts up for Renewal 43 43 35 21 34 176 # of Contracts Retained 40 40 33 20 34 167 Retention Rate 93.0% 93.0% 94.3% 95.2% 100.0% 94.9% TOP TEN PARTNERS Percentage of Revenue for
Slide 16: Facility Portfolio
14 of 22 FACILITY PORTFOLIO Compensated Year Remaining Occupancy % Constructed/ Design Facility Renewal for the Quarter Facility Name Acquired (A) Primary Customer Capacity (B) Security Level Type (C) Term Options (D) ended 12/31/23 CoreCivic Safety Facilities: Safety- Owned and Managed: Central Ari
Slide 17: Facility Portfolio
15 of 22 FACILITY PORTFOLIO Compensated Year Remaining Occupancy % Constructed/ Design Facility Renewal for the Quarter Facility Name Acquired (A) Primary Customer Capacity (B) Security Level Type (C) Term Options (D) ended 12/31/23 Lee Adjustment Center 1998 Commonwealth of Kentucky 816 Multi Corre
Slide 18: Facility Portfolio
16 of 22 FACILITY PORTFOLIO Compensated Year Remaining Occupancy % Constructed/ Design Facility Renewal for the Quarter Facility Name Acquired (A) Primary Customer Capacity (B) Security Level Type (C) Term Options (D) ended 12/31/23 West Tennessee Detention Facility 1990, 1996 - 600 Multi Detention
Slide 19: Facility Portfolio: Community Facilities
17 of 22 FACILITY PORTFOLIO Compensated Year Remaining Occupancy % Constructed/ Design Facility Renewal for the Quarter Facility Name Acquired (A) Primary Customer Capacity (B) Security Level Type (C) Term Options (D) ended 12/31/23 CoreCivic Community Facilities: Community CAI Boston Avenue 2013 St
Slide 20: Facility Portfolio: Community Facilities
18 of 22 FACILITY PORTFOLIO Compensated Year Remaining Occupancy % Constructed/ Design Facility Renewal for the Quarter Facility Name Acquired (A) Primary Customer Capacity (B) Security Level Type (C) Term Options (D) ended 12/31/23 Community Tulsa Transitional Center 2015 - 390 - Corrections - - 0.
Slide 21: Facility Portfolio and Occupancy Summary
19 of 22 FACILITY PORTFOLIO Compensated Year Remaining Occupancy % Constructed/ Design Facility Renewal for the Quarter Facility Name Acquired (A) Primary Customer Capacity (B) Security Level Type (C) Term Options (D) ended 12/31/23 Community (2) 1 year and Cheyenne Transitional Center 2015 State of
Slide 22: Facility Portfolio: CoreCivic Properties
20 of 22 FACILITY PORTFOLIO Year Tenant Remaining Constructed/ Design Property Lease Renewal Property Name Acquired (A) Primary Customer Capacity (B) Square Footage Type (C) Expiration Options (D) CoreCivic Properties: California City Correctional Center (L) 1999 State of California 2,560 522,000 Co
Slide 23: Facility Portfolio Footnotes
21 of 22 FACILITY PORTFOLIO (E) Pursuant to the terms of a contract awarded by the state of Arizona in September 2012, the state of Arizona has an option to purchase the Red Rock facility at any time during the term of the contract, including extension options, based on an amortization schedule star
Slide 24: Analyst Coverage
22 of 22 ANALYST COVERAGE Analyst Phone Number Email Address Report Link Equity Research Coverage: Noble Financial Joe Gomes (561) 999-2262 jgomes@noblecapitalmarkets.com https://www.channelchek.com/company/CXW Zacks Investment Research, Inc. M. Marin (312) 265-9211 mmarin@zacks.com https://scr.zack