CoreCivic Reports Second Quarter 2025 Financial Results
CoreCivic (NYSE:CXW) reported strong Q2 2025 financial results, with total revenue increasing 9.8% to $538.2 million and net income surging 103.4% to $38.5 million. The company's performance was driven by increased demand from U.S. Immigration and Customs Enforcement (ICE), with nationwide detention populations reaching all-time highs.
Key highlights include diluted EPS of $0.35 (up 105.9%), adjusted EBITDA of $103.3 million (up 23.2%), and the repurchase of 2.0 million shares for $43.2 million. The company completed the $67 million acquisition of the Farmville Detention Center and raised its full-year 2025 guidance, projecting net income between $116.4-$124.4 million.
CoreCivic's average daily population increased to 54,026 with 76.8% occupancy across Safety and Community segments, and is actively re-activating previously idled facilities to meet growing demand.
CoreCivic (NYSE:CXW) ha riportato risultati finanziari solidi per il secondo trimestre del 2025, con un fatturato totale in crescita del 9,8% a 538,2 milioni di dollari e un utile netto in aumento del 103,4% a 38,5 milioni di dollari. La performance dell'azienda è stata trainata da una maggiore domanda da parte dell'U.S. Immigration and Customs Enforcement (ICE), con popolazioni detenute a livello nazionale ai massimi storici.
I punti salienti includono un utile per azione diluito di 0,35 dollari (in aumento del 105,9%), un EBITDA rettificato di 103,3 milioni di dollari (in crescita del 23,2%) e il riacquisto di 2,0 milioni di azioni per 43,2 milioni di dollari. L'azienda ha completato l'acquisizione da 67 milioni di dollari del Farmville Detention Center e ha rivisto al rialzo le previsioni per l'intero anno 2025, stimando un utile netto compreso tra 116,4 e 124,4 milioni di dollari.
La popolazione media giornaliera di CoreCivic è aumentata a 54.026 con un tasso di occupazione del 76,8% nei segmenti Safety e Community, e sta attivamente riattivando strutture precedentemente inattive per soddisfare la crescente domanda.
CoreCivic (NYSE:CXW) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos totales que aumentaron un 9,8% hasta 538,2 millones de dólares y una ganancia neta que se disparó un 103,4% hasta 38,5 millones de dólares. El desempeño de la compañía fue impulsado por una mayor demanda de la Oficina de Inmigración y Control de Aduanas de EE. UU. (ICE), con poblaciones detenidas a nivel nacional alcanzando máximos históricos.
Los aspectos destacados incluyen ganancias diluidas por acción de 0,35 dólares (un aumento del 105,9%), un EBITDA ajustado de 103,3 millones de dólares (un incremento del 23,2%) y la recompra de 2,0 millones de acciones por 43,2 millones de dólares. La empresa completó la adquisición de 67 millones de dólares del Centro de Detención de Farmville y elevó su guía para todo el año 2025, proyectando una ganancia neta entre 116,4 y 124,4 millones de dólares.
La población diaria promedio de CoreCivic aumentó a 54,026 con una ocupación del 76,8% en los segmentos de Seguridad y Comunidad, y está activamente reactivando instalaciones previamente inactivas para satisfacer la creciente demanda.
CoreCivic (NYSE:CXW)는 2025년 2분기 강력한 재무 실적을 보고했으며, 총수익은 9.8% 증가한 5억 3,820만 달러, 순이익은 103.4% 급증한 3,850만 달러를 기록했습니다. 회사의 성과는 미국 이민세관단속국(ICE)의 수요 증가에 힘입었으며, 전국 구금 인구는 사상 최고치를 기록했습니다.
주요 내용으로는 희석 주당순이익(EPS)이 0.35달러(105.9% 증가), 조정 EBITDA가 1억 330만 달러(23.2% 증가), 2백만 주를 4,320만 달러에 재매입한 점이 포함됩니다. 회사는 6,700만 달러 규모의 Farmville 구금센터 인수를 완료했으며, 2025년 연간 순이익 가이드를 1억 1,640만~1억 2,440만 달러로 상향 조정했습니다.
CoreCivic의 일평균 수감 인구는 54,026명으로 증가했으며, 안전 및 커뮤니티 부문에서 76.8%의 점유율을 기록했고, 증가하는 수요를 충족하기 위해 이전에 비활성화된 시설을 적극 재가동하고 있습니다.
CoreCivic (NYSE:CXW) a publié de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires total en hausse de 9,8 % à 538,2 millions de dollars et un bénéfice net en forte hausse de 103,4 % à 38,5 millions de dollars. La performance de l'entreprise a été stimulée par une demande accrue de la part de l'U.S. Immigration and Customs Enforcement (ICE), avec des populations détenues à l'échelle nationale atteignant des niveaux records.
Les points clés incluent un bénéfice par action dilué de 0,35 dollar (en hausse de 105,9 %), un EBITDA ajusté de 103,3 millions de dollars (en hausse de 23,2 %) et le rachat de 2,0 millions d'actions pour 43,2 millions de dollars. L'entreprise a finalisé l'acquisition de 67 millions de dollars du centre de détention de Farmville et a relevé ses prévisions pour l'ensemble de l'année 2025, projetant un bénéfice net compris entre 116,4 et 124,4 millions de dollars.
La population moyenne quotidienne de CoreCivic a augmenté pour atteindre 54 026 avec un taux d'occupation de 76,8 % dans les segments Safety et Community, et réactive activement des installations précédemment mises en veille pour répondre à la demande croissante.
CoreCivic (NYSE:CXW) meldete starke Finanzergebnisse für das zweite Quartal 2025, mit einem Gesamtumsatzanstieg von 9,8 % auf 538,2 Millionen US-Dollar und einem Nettogewinn, der um 103,4 % auf 38,5 Millionen US-Dollar stieg. Die Leistung des Unternehmens wurde durch eine erhöhte Nachfrage der US-Einwanderungs- und Zollbehörde (ICE) angetrieben, wobei die landesweiten Haftpopulationen Rekordhöhen erreichten.
Wichtige Highlights sind ein verwässerter Gewinn je Aktie von 0,35 US-Dollar (plus 105,9 %), ein bereinigtes EBITDA von 103,3 Millionen US-Dollar (plus 23,2 %) und der Rückkauf von 2,0 Millionen Aktien für 43,2 Millionen US-Dollar. Das Unternehmen schloss die 67-Millionen-Dollar-Akquisition des Farmville Detention Centers ab und hob die Prognose für das Gesamtjahr 2025 an, mit einem erwarteten Nettogewinn zwischen 116,4 und 124,4 Millionen US-Dollar.
Die durchschnittliche tägliche Belegung von CoreCivic stieg auf 54.026 mit einer Auslastung von 76,8 % in den Bereichen Safety und Community, und das Unternehmen aktiviert aktiv zuvor stillgelegte Einrichtungen, um der steigenden Nachfrage gerecht zu werden.
- Net income increased 103.4% year-over-year to $38.5 million
- Total revenue grew 9.8% to $538.2 million
- Strategic $67 million acquisition of Farmville Detention Center expected to generate $40 million in annual revenue
- Increased 2025 full-year guidance significantly across all metrics
- Strong share repurchase program with $237.9 million authorization remaining
- ICE revenue increased 17.2% to $176.9 million year-over-year
- Average daily population increased to 54,026 with improved 76.8% occupancy rate
- Lawsuit challenges Special Use Permit for Midwest Regional Reception Center, delaying operations
- California City Immigration Processing Center still awaiting long-term contract finalization
- Dilley Immigration Processing Center not yet fully operational, with only three of five neighborhoods activated
Insights
CoreCivic reports exceptional Q2 growth with 103% profit increase, driven by ICE detention demand and strategic facility activations.
CoreCivic delivered remarkably strong Q2 2025 results, significantly exceeding prior-year performance across all key metrics. Revenue increased
The primary growth driver is increased demand from Immigration and Customs Enforcement (ICE) as nationwide detention populations reached an all-time high. ICE revenue grew
The company's strategic reactivation of idle facilities is proving highly effective. CoreCivic has made substantial progress reactivating three previously idle facilities, with the Dilley Immigration Processing Center already partially operational. The California City Immigration Processing Center is expected to begin receiving detainees soon, and negotiations are underway for a fourth idle facility activation.
Management is deploying capital efficiently through value-enhancing acquisitions and share repurchases. The company acquired the 736-bed Farmville Detention Center for
CoreCivic's significantly raised 2025 guidance reflects management's confidence in continued strong performance. The new outlook projects net income of
The company's strategic positioning aligns well with current immigration policies and detention funding levels. With significant funding for detention capacity available under the One Big Beautiful Bill Act and new legislation requiring detention for certain criminal violations, CoreCivic appears well-positioned to secure additional contracts that could further improve financial performance.
Raises 2025 Full Year Guidance
Increasing Demand Drives Strong Financial Performance
BRENTWOOD, Tenn., Aug. 06, 2025 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its second quarter 2025 financial results.
Financial Highlights – Second Quarter 2025
- Total revenue of
$538.2 million , up9.8% from the prior year quarter - Net income of
$38.5 million , up103.4% from the prior year quarter - Diluted earnings per share of
$0.35 , up105.9% from the prior year quarter - Adjusted diluted earnings per share of
$0.36 , up80.0% from the prior year quarter - Normalized FFO per diluted share of
$0.59 , up40.5% from the prior year quarter - Adjusted EBITDA of
$103.3 million , up23.2% from the prior year quarter - Repurchased 2.0 million shares of our common stock at an aggregate cost of
$43.2 million
Damon T. Hininger, CoreCivic's Chief Executive Officer, commented, "Increasing demand for the solutions we provide, particularly from U.S. Immigration and Customs Enforcement (ICE), contributed to a strong second quarter, as nationwide detention populations under ICE custody reached an all-time high. We expect the substantial increase in government funding approved during July to result in further increases in the utilization of our existing capacity. Based on the strength of our second quarter financial results and outlook for our business during the second half of 2025, we are increasing our 2025 financial guidance."
Hininger continued, "We continued to deploy capital in ways that we believe add shareholder value. During the second quarter, we repurchased 2.0 million shares of our common stock at an aggregate cost of
Patrick Swindle, CoreCivic's President and Chief Operating Officer, remarked, "We made substantial progress in re-activating three previously idled facilities during the second quarter, and our activation teams are preparing for additional contracting activity. ICE has been deliberate in increasing detention utilization under existing contracts while also executing new contracts at previously idled facilities. We expect to begin receiving detainees at our California City Immigration Processing Center in the near term, we are in advanced negotiations to activate a fourth idle facility, and we continue discussions to activate additional idle facilities. During the third quarter we also began integrating operations at the Farmville Detention Center, where we provide transportation, care, and civil detention services to adult male noncitizens under ICE custody. Along with the acquisition of the facility, we welcomed approximately 200 employees to our team."
Second Quarter 2025 Financial Results Compared With Second Quarter 2024
Net income in the second quarter of 2025 was
The increase in Diluted EPS and Adjusted Diluted EPS compared with the prior year quarter resulted from higher federal and state populations as well as higher average per diem rates across much of our portfolio, combined with the recognition of employee retention credits (ERCs) available under the Coronavirus Aid, Relief and Economic Security Act amounting to
We cared for an average daily residential population of 54,026 during the second quarter of 2025 in our Safety and Community segments compared with 51,541 during the second quarter of 2024. Average occupancy during the second quarter of 2025 was
During the second quarter of 2025, revenue from ICE, our largest government partner, was
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2025 was
Funds From Operations (FFO) for the second quarter of 2025 was
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.
Capital Strategy
Share Repurchases. Our Board of Directors (BOD) previously approved a share repurchase program authorizing the Company to repurchase up to
As of June 30, 2025, we had
Acquisition of Farmville Detention Center. On July 1, 2025, we completed the acquisition of the Farmville Detention Center, a 736-bed facility constructed in 2010 and located in Farmville, Virginia. The transaction was consummated through the acquisition of
Business Development Updates
Activation of the Dilley Immigration Processing Center. On March 5, 2025, we announced that we had agreed under an amendment to an IGSA to resume operations and care for up to 2,400 individuals at the 2,400-bed Dilley Immigration Processing Center in Dilley, Texas. We began receiving residents at this facility during the second quarter of 2025. By the end of the second quarter of 2025, three of the five neighborhoods at the facility were operational. We currently expect all five neighborhoods at the facility to be fully operational on schedule by the end of the third quarter of 2025, when we expect to generate the full fixed monthly payment for the facility.
Intake Process Expected to Begin at the California City Immigration Processing Center. Effective April 1, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 2,560-bed California City Immigration Processing Center. The Letter Contract authorizes initial funding up to
Midwest Regional Reception Center. Effective March 7, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 1,033-bed Midwest Regional Reception Center. The Letter Contract authorizes initial funding up to
2025 Financial Guidance
Based on current business conditions, we are providing the following updated financial guidance for the full year 2025:
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Compared with our prior 2025 annual guidance provided on May 7, 2025, our revised 2025 guidance reflects the favorable results for the second quarter, updated occupancy projections consistent with current trends, the acquisition of the Farmville Detention Center, as well as our assumptions for the reactivation of the California City Immigration Processing Center based on the expectation of receiving detainee populations during the third quarter of 2025.
Consistent with our past practice, our guidance does not include the impact of any new contract awards not previously announced. However, we may continue to execute new contracts during the balance of 2025, and may revise guidance throughout the year if and when new contracts are signed. Although we can provide no assurance, based on significant funding levels for detention capacity that will be available under the One Big Beautiful Bill Act, modified immigration policies of the current administration, as well as newly enacted legislation pertaining to illegal immigrants requiring the utilization of detention for certain criminal violations, we expect new contracts to require the activation of more of our idle facilities. The activation of an idle facility generally requires four to six months to hire, train, and prepare the facility to accept residential populations, which, depending on contract structure, could result in additional expenses before we are able to realize additional revenue. To the extent any new contract requires the activation of an idle facility before we begin to recognize revenue, our guidance could be negatively impacted by start-up expenses until the revenue we generate offsets these expenses. Due to activation timing, full year benefits from idle facility activations are likely to be more impactful to 2026 results.
During 2025, we expect to invest
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the second quarter of 2025. Interested parties may access this information at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any information disclosed in this report.
Management may meet with investors from time to time during the third quarter of 2025. Written materials used in the investor presentations will also be available on our website beginning on or about August 29, 2025. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Conference Call, Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, August 7, 2025, which will be accessible through the Company's website at www.corecivic.com under the “Events & Presentations” section of the "Investors" page.
To participate via telephone and join the call live, please register in advance here https://register-conf.media-server.com/register/BI826b7187965c436ca353a3af4a956fed. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) our ability to activate idle facilities in a timely manner in order to meet the expected growth in demand for our facilities and services from the federal government that may occur as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of the debt ceiling and the potential for government shutdowns and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.
| CORECIVIC, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | ||||||||
| June 30, | December 31, | |||||||
| ASSETS | 2025 | 2024 | ||||||
| Cash and cash equivalents | $ | 130,524 | $ | 107,487 | ||||
| Restricted cash | 12,427 | 14,623 | ||||||
| Accounts receivable, net of credit loss reserve of | 300,439 | 288,738 | ||||||
| Prepaid expenses and other current assets | 40,255 | 38,970 | ||||||
| Assets held for sale | 3,766 | - | ||||||
| Total current assets | 487,411 | 449,818 | ||||||
| Real estate and related assets: | ||||||||
| Property and equipment, net of accumulated depreciation of respectively | 2,060,739 | 2,060,024 | ||||||
| Other real estate assets | 186,588 | 193,105 | ||||||
| Goodwill | 4,844 | 4,844 | ||||||
| Other assets | 332,075 | 224,100 | ||||||
| Total assets | $ | 3,071,657 | $ | 2,931,891 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable and accrued expenses | $ | 290,071 | $ | 273,724 | ||||
| Current portion of long-term debt | 13,884 | 12,073 | ||||||
| Total current liabilities | 303,955 | 285,797 | ||||||
| Long-term debt, net | 1,006,584 | 973,073 | ||||||
| Deferred revenue | 10,898 | 12,399 | ||||||
| Non-current deferred tax liabilities | 92,711 | 89,207 | ||||||
| Other liabilities | 179,977 | 78,064 | ||||||
| Total liabilities | 1,594,125 | 1,438,540 | ||||||
| Commitments and contingencies | ||||||||
| Preferred stock – authorized; none issued and outstanding at June 30, 2025 and December 31, 2024 | — | — | ||||||
| Common stock – authorized; 107,311 and 109,861 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 1,073 | 1,099 | ||||||
| Additional paid-in capital | 1,652,782 | 1,732,231 | ||||||
| Accumulated deficit | (176,323 | ) | (239,979 | ) | ||||
| Total stockholders' equity | 1,477,532 | 1,493,351 | ||||||
| Total liabilities and stockholders' equity | $ | 3,071,657 | $ | 2,931,891 | ||||
| CORECIVIC, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| REVENUE: | |||||||||||||||
| Safety | $ | 503,339 | $ | 455,373 | $ | 957,523 | $ | 913,119 | |||||||
| Community | 30,134 | 30,302 | 59,842 | 60,202 | |||||||||||
| Properties | 4,692 | 4,416 | 9,334 | 17,455 | |||||||||||
| Other | - | 18 | 93 | 19 | |||||||||||
| 538,165 | 490,109 | 1,026,792 | 990,795 | ||||||||||||
| EXPENSES: | |||||||||||||||
| Operating: | |||||||||||||||
| Safety | 372,653 | 348,121 | 720,636 | 698,219 | |||||||||||
| Community | 23,528 | 24,134 | 47,141 | 48,278 | |||||||||||
| Properties | 2,143 | 3,462 | 5,266 | 7,297 | |||||||||||
| Other | 18 | 18 | 36 | 44 | |||||||||||
| Total operating expenses | 398,342 | 375,735 | 773,079 | 753,838 | |||||||||||
| General and administrative | 43,882 | 33,910 | 79,898 | 70,375 | |||||||||||
| Depreciation and amortization | 31,108 | 32,145 | 61,626 | 63,875 | |||||||||||
| 473,332 | 441,790 | 914,603 | 888,088 | ||||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest expense, net | (12,539 | ) | (17,110 | ) | (27,770 | ) | (35,723 | ) | |||||||
| Expenses associated with debt repayments and refinancing transactions | - | (4,074 | ) | - | (31,316 | ) | |||||||||
| Gain on sale of real estate assets, net | - | - | - | 568 | |||||||||||
| Other income (expense) | (35 | ) | 444 | (70 | ) | 386 | |||||||||
| INCOME BEFORE INCOME TAXES | 52,259 | 27,579 | 84,349 | 36,622 | |||||||||||
| Income tax expense | (13,716 | ) | (8,625 | ) | (20,693 | ) | (8,125 | ) | |||||||
| NET INCOME | $ | 38,543 | $ | 18,954 | $ | 63,656 | $ | 28,497 | |||||||
| BASIC EARNINGS PER SHARE | $ | 0.35 | $ | 0.17 | $ | 0.58 | $ | 0.26 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.35 | $ | 0.17 | $ | 0.58 | $ | 0.25 | |||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 38,543 | $ | 18,954 | $ | 63,656 | $ | 28,497 | |||||||
| Special items: | |||||||||||||||
| Expenses associated with debt repayments and refinancing transactions | - | 4,074 | - | 31,316 | |||||||||||
| Expenses associated with mergers and acquisitions | 1,538 | - | 1,538 | - | |||||||||||
| Gain on sale of real estate assets, net | - | - | - | (568 | ) | ||||||||||
| Income tax benefit for special items | (427 | ) | (1,277 | ) | (427 | ) | (9,635 | ) | |||||||
| Adjusted net income | $ | 39,654 | $ | 21,751 | $ | 64,767 | $ | 49,610 | |||||||
| Weighted average common shares outstanding - basic | 108,627 | 110,954 | 109,056 | 111,630 | |||||||||||
| Effect of dilutive securities: | |||||||||||||||
| Restricted stock-based awards | 542 | 578 | 756 | 879 | |||||||||||
| Weighted average shares and assumed conversions - diluted | 109,169 | 111,532 | 109,812 | 112,509 | |||||||||||
| Adjusted Diluted EPS | $ | 0.36 | $ | 0.20 | $ | 0.59 | $ | 0.44 | |||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 38,543 | $ | 18,954 | $ | 63,656 | $ | 28,497 | |||||||
| Depreciation and amortization of real estate assets | 24,920 | 24,843 | 49,518 | 49,627 | |||||||||||
| Gain on sale of real estate assets, net | - | - | - | (568 | ) | ||||||||||
| Income tax expense for special items | - | - | - | 178 | |||||||||||
| Funds From Operations | $ | 63,463 | $ | 43,797 | $ | 113,174 | $ | 77,734 | |||||||
| Expenses associated with debt repayments and refinancing transactions | - | 4,074 | - | 31,316 | |||||||||||
| Expenses associated with mergers and acquisitions | 1,538 | - | 1,538 | - | |||||||||||
| Income tax benefit for special items | (427 | ) | (1,277 | ) | (427 | ) | (9,813 | ) | |||||||
| Normalized Funds From Operations | $ | 64,574 | $ | 46,594 | $ | 114,285 | $ | 99,237 | |||||||
| Funds from Operations Per Diluted Share | $ | 0.58 | $ | 0.39 | $ | 1.03 | $ | 0.69 | |||||||
| Normalized Funds From Operations Per Diluted Share | $ | 0.59 | $ | 0.42 | $ | 1.04 | $ | 0.88 | |||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
CALCULATION OF EBITDA AND ADJUSTED EBITDA
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Net income | $ | 38,543 | $ | 18,954 | $ | 63,656 | $ | 28,497 | |||||||||||||
| Interest expense | 18,428 | 20,060 | 36,809 | 42,118 | |||||||||||||||||
| Depreciation and amortization | 31,108 | 32,145 | 61,626 | 63,875 | |||||||||||||||||
| Income tax expense | 13,716 | 8,625 | 20,693 | 8,125 | |||||||||||||||||
| EBITDA | $ | 101,795 | $ | 79,784 | $ | 182,784 | $ | 142,615 | |||||||||||||
| Expenses associated with debt repayments and refinancing transactions | - | 4,074 | - | 31,316 | |||||||||||||||||
| Expenses associated with mergers and acquisitions | 1,538 | - | 1,538 | - | |||||||||||||||||
| Gain on sale of real estate assets, net | - | - | - | (568 | ) | ||||||||||||||||
| Adjusted EBITDA | $ | 103,333 | $ | 83,858 | $ | 184,322 | $ | 173,363 | |||||||||||||
CORECIVIC, INC. AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
GUIDANCE -- CALCULATION OF ADJUSTED NET INCOME, FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS, EBITDA AND ADJUSTED EBITDA
| Revised Guidance Range For the Year Ending | |||||||
| December 31, 2025 | |||||||
| Low End of Guidance | High End of Guidance | ||||||
| Net income | $ | 116.432 | $ | 124.432 | |||
| Expenses associated with mergers and acquisitions | 2,250 | 2,250 | |||||
| Gain on sale of real estate assets, net | (3,549 | ) | (3,549 | ) | |||
| Income tax expense for special items | 367 | 367 | |||||
| Adjusted net income | $ | 115,500 | $ | 123,500 | |||
| Net income | $ | 116,432 | $ | 124,432 | |||
| Depreciation and amortization of real estate assets | 99,500 | 100,500 | |||||
| Gain on sale of real estate assets, net | (3,549 | ) | (3,549 | ) | |||
| Income tax expense for special items | 993 | 993 | |||||
| Funds From Operations | $ | 213,376 | $ | 222,376 | |||
| Expenses associated with mergers and acquisitions | 2,250 | 2,250 | |||||
| Income tax benefit for special items | (626 | ) | (626 | ) | |||
| Normalized Funds From Operations | $ | 215,000 | $ | 224,000 | |||
| Diluted EPS | $ | 1.08 | $ | 1.15 | |||
| Adjusted Diluted EPS | $ | 1.07 | $ | 1.14 | |||
| FFO per diluted share | $ | 1.98 | $ | 2.06 | |||
| Normalized FFO per diluted share | $ | 1.99 | $ | 2.07 | |||
| Net income | $ | 116,432 | $ | 124,432 | |||
| Interest expense | 76,000 | 75,000 | |||||
| Depreciation and amortization | 130,750 | 130,750 | |||||
| Income tax expense | 43,117 | 42,117 | |||||
| EBITDA | $ | 366,299 | $ | 372,299 | |||
| Expenses associated with mergers and acquisitions | 2,250 | 2,250 | |||||
| Gain on sale of real estate assets, net | (3,549 | ) | (3,549 | ) | |||
| Adjusted EBITDA | $ | 365,000 | $ | 371,000 | |||
NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company's results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, security analysts, and other interested parties disclosures of its results of operations on the same basis that is used by management.
FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. As a company with extensive real estate holdings, we believe FFO and FFO per share are important supplemental measures of our operating performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs and other real estate operating companies, many of which present FFO and FFO per share when reporting results. EBITDA, Adjusted EBITDA, and FFO are useful as supplemental measures of performance of the Company's properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company's tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company's properties, management believes that assessing performance of the Company's properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented.
Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company's operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company's consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.
| Contact: | Investors: David Garfinkle - Chief Financial Officer - (615) 263-3008 |
| Financial Media: David Gutierrez, Dresner Corporate Services - (312) 780-7204 |
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