Corecivic, Inc. · NYSE:CXW
Corecivic — Q1 2025 Earnings Presentation
36 slides from Corecivic's earnings presentation, 2025
Slide 1: Investor Presentation First Quarter 2025
Investor Presentation First Quarter 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform
Slide 3: CoreCivic Operates at the Intersection of Government and Real Estate Infrastructure
CoreCivic Operates at the Intersection of Government and Real Estate Infrastructure Company Overview Compelling Investment Opportunity… • Diversified government-solutions company with the scale and differentiated expertise to solve the Market Leader with • Largest private owner of correctional real
Slide 4: Largest Private Owner of Real Estate Utilized by Government Agencies
Largest Private Owner of Real Estate Utilized by Government Agencies Manage 15.7 million(1) square feet of real estate used by government SAFETY • 91.7% of NOI for the quarter ended March 31, 2025 • 13.2 million(1) square feet • 43 total facilities, including 64,729 correctional/detention beds • 7 i
Slide 5: Industry Market Share
Industry Market Share • The private corrections industry cares for less than 8% of the nation's prison population • CoreCivic is the largest non-government owner of correctional and detention real estate in the United States ➢ We believe we own approximately 55% of all privately owned correctional a
Slide 6: CoreCivic's Business Segments are Complementary
CoreCivic's Business Segments are Complementary Safety Properties Community Government tenants Customers 2025 Business Mix(1) 91.7% 3.1% 5.2% (% of NOI) Strong fundamental demand from federal, state, Government entities require purpose-built States and localities place high value on Industry Trends
Slide 7: Current Financial Performance
Current Financial Performance March 31, December 31, September 30, June 30, March 31, For the quarter ended 2025 2024 2024 2024 2024 Net Income $25.1MM $19.3MM $21.1MM $19.0MM $9.5MM Diluted EPS $0.23 $0.17 $0.19 $0.17 $0.08 Adjusted Diluted EPS(1) $0.23 $0.16 $0.20 $0.20 $0.25 Normalized FFO Per Sh
Slide 8: Extensive History of Durable Earnings and Cash Flows
Extensive History of Durable Earnings and Cash Flows Adjusted EBITDA ($ in millions)(1) • Long term stable cash flows from government 40% partners due to essential, mission critical $500 35% infrastructure and valued services $441 $444 $427 $423 $418 $415 $405 $398 $396 $402 30% $400 $381 $386 $388
Slide 9: Occupancy Recovery Could Drive Significant Earnings Growth
Occupancy Recovery Could Drive Significant Earnings Growth ➢ The COVID-19 pandemic had a significant impact on the occupancy. ➢ Facility occupancy has been rising steadily since the end of the COVID-19 COVID-19 Impact Period pandemic. ICE utilization, along with new state contracts, drove Q1-25 incr
Slide 10: Key Factors Impacting 2022, 2023 and 2024 Financial Results
Key Factors Impacting 2022, 2023 and 2024 Financial Results ➢ COVID-19 had a significant impact on our occupancy, including most notably due to Impacted Business Segments population reductions from ICE through May 2023. The end of the COVID-19 pandemic and the normalization of our expense structure
Slide 11: Facility Utilization – Capacity to Meet ICE Needs
Facility Utilization – Capacity to Meet ICE Needs • This analysis does not construe a forecast; it is an illustration of the potential financial impact of CoreCivic's idle and unused bed capacity • Idle facilities include only those owned by CoreCivic. Facilities owned by 3rd parties are not include
Slide 12: Debt Reduction Due to Multi-Year Capital Allocation Strategy
Debt Reduction Due to Multi-Year Capital Allocation Strategy Debt Maturity Schedule – June 30, 2020 Debt Maturity Schedule – March 31, 2025 ($ in millions) ($ in millions) $1,400 $1,400 $382.7 $1,200 $1,200 $1,000 $1,000 $800 $800 $157.5 $600 $600 $508.0 $105.8 $400 $294.0 $266.4 $400 $631.0 $227.9
Slide 13: Positioned for Long-Term Success and Value Creation
Positioned for Long-Term Success and Value Creation ➢ Significant liquidity of $331 million as of March 31, 2025 ➢ On March 12, 2024, announced the completion of an underwritten 21.2% 4.5x registered public offering of $500 million aggregate principal Net Debt/ Fixed Charge Coverage(1)(3) amount of
Slide 14: Active Share Repurchase Plan & History of Returning Capital to Shareholders
Active Share Repurchase Plan & History of Returning Capital to Shareholders • Since 2009, CoreCivic has returned $2.4 billion in capital to shareholders • As a C-Corp: − 2009-2011: We returned $491 million through a stock buyback program STOCK BUYBACKS, DIVIDENDS AND LEVERAGE ($MM) − 2012: We return
Slide 15: Market Updates & Recent Developments
Market Updates & Recent Developments
Slide 16: Our Value Proposition to Our Government Partners Remains Strong
Our Value Proposition to Our Government Partners Remains Strong… CoreCivic provides tailored solutions to meet the needs of state and federal partners State Partners Federal Partners • Key State Partner Challenges: • Key Federal Partner Challenges: ➢ Prison over-crowding ➢ Limited owned infrastructu
Slide 17: And Has Resulted in Many New Contract Wins
…And Has Resulted in Many New Contract Wins New Contract Awards Date Details Immigrations and Customs Enforcement (ICE) enters into a Letter Contract to begin activation efforts at our 2,560-bed California City Immigration Processing April 2025 Center for a six-month term to help cover our start-up
Slide 18: Private Sector Advantages vs "Alternative" Beds
Private Sector Advantages vs "Alternative" Beds To boost total available detention beds, accelerate deportation initiatives and explore cost savings, the current administration has considered non-traditional detention options outside of the private sector. This pool of "alternative" beds may include
Slide 19: Core Value is in the Real Estate, But Our Business Model is Flexible
Core Value is in the Real Estate, But Our Business Model is Flexible We have been responsive to the needs of our government partners as those needs have evolved over our 40+ year history Early Stages Rapid Growth Phase Recent Dynamics Future Opportunities Operational Cost Efficiencies → Rapid Popula
Slide 20: Our Real Estate is Flexible for Alternative Uses
Our Real Estate is Flexible for Alternative Uses We have a well-established history of repurposing facilities for alternative government partners: Facility Facility Capacity State Details In June 2023, the state of Oklahoma entered into a 5.75-year lease agreement at our 1,670-bed Allen Gamble Corre
Slide 21: America's Prisons: The Aging Infrastructure Crisis
America's Prisons: The Aging Infrastructure Crisis • The majority of America's inmates are housed in facilities that are 25 to 45 years old • Public prison facilities will typically need to replace major components of infrastructure around the 20-year mark • As a result of delayed/deferred maintenan
Slide 22: Potential Growth Channels & Opportunities
Potential Growth Channels & Opportunities Multiple opportunities in the market to drive future growth, some of which can be realized due to our decision to convert to a taxable C-Corp in 2021, allowing CoreCivic to fund future growth initiatives with internally generated cash flows CoreCivic Safety
Slide 23: SW Border Apprehensions Declining, but ICE Detention Population Rising
SW Border Apprehensions Declining, but ICE Detention Population Rising • After hitting multi-decade highs during the federal fiscal years 2021-2024, apprehension rates along the US Southwest border have slowed in F2025 due to enhanced enforcement and deterrence, particularly since the implementation
Slide 24: Unprecedented Commitment to ESG within the Corrections Industry
Unprecedented Commitment to ESG within the Corrections Industry • CoreCivic released the Company’s seventh Corporate Responsibility Report in April 2025, demonstrating the continued commitment to transparency and accountability and providing more robust disclosures to show how the Company betters th
Slide 25: Company's ESG Focus Benefits All Stakeholders
Company's ESG Focus Benefits All Stakeholders Holistic Approach Toward Preparing Inmates for Successful Reentry… More Humane Conditions Focus on Rehabilitation & Reentry • Reduced Overcrowding • Ban the Box • Modern Real Estate Amenities • Education & Vocational Training • Improved Medical Programs
Slide 26: Human Rights – CoreCivic's Approach and Goals
Human Rights – CoreCivic's Approach and Goals Human rights are foundational in all that we do, therefore the salient rights of residents and employees are considered throughout our ESG and corporate strategies. We recognize the inherent dignity of every person and the benefits of promoting a culture
Slide 27: CoreCivic's Quality Assurance and Government Oversight
CoreCivic's Quality Assurance and Government Oversight CoreCivic facilities’ operations are subject to oversight and accountability measures, both internally and externally. Many of CoreCivic’s government partners maintain full-time, on-site monitors to promote transparency and ease of communication
Slide 28: CoreCivic's Quality Assurance and Government Oversight
CoreCivic's Quality Assurance and Government Oversight CoreCivic facilities are also subject to a range of other audit and inspection processes, based on facility mission, location and contractual and regulatory requirements: • CoreCivic Safety facilities that maintain American Correctional Associat
Slide 29: CoreCivic's Health Services – Care Delivery
CoreCivic's Health Services – Care Delivery Whether CoreCivic directly provides health services or coordinates with partner agencies and third-party providers, we are committed to providing quality care in line with correctional health standards set by organizations like National Commission on Corre
Slide 30: Highly Qualified, Proven Management Team
Highly Qualified, Proven Management Team Damon T. Hininger Patrick Swindle David Garfinkle Chief Executive Officer President & Chief Operating Officer EVP and Chief Financial Officer • 30+ years of corrections experience • Began at CoreCivic in 2007 • Began at CoreCivic in 2001 • Began at CoreCivic
Slide 31: Diverse Board of Directors (Eleven Independent) with Relevant Expertise
Diverse Board of Directors (Eleven Independent) with Relevant Expertise Mark A. Emkes Alexander R. Fischer Catherine Hernandez-Blades Damon T. Hininger Stacia Hylton Harley G. Lappin • Chairman of the Board • Partner, New Albany Company • Former SVP, Marketing & • CEO, CoreCivic • Principal, LS Advi
Slide 32: Appendix
& coreCivic Appendix
Slide 33: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS c 32
Slide 34: Calculation of FFO, Normalized FFO and AFFO
Calculation of FFO, Normalized FFO and AFFO c 33
Slide 35: Calculation of NOI and Segment NOI
Calculation of NOI and Segment NOI c 34
Slide 36: Calculation of EBITDA and Adjusted EBITDA
Calculation of EBITDA and Adjusted EBITDA c 35