CoreCivic, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CoreCivic, Inc. (CXW) filed its Q1 2024 10-Q, detailing financial activities, segment performance, and debt obligations.</b>

AI Summary

CoreCivic, Inc. (CXW) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. CoreCivic, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing references various dates including October 31, 2028, April 30, 2026, and January 31, 2040, likely related to debt maturities or agreements. Key segments mentioned include Safety, Community, and Properties. The company has a Bank Credit Facility and Senior Notes with various maturity dates. The filing details restricted stock activity for employees and non-employee directors.

Why It Matters

For investors and stakeholders tracking CoreCivic, Inc., this filing contains several important signals. The 10-Q filing provides a detailed look into CoreCivic's financial health and operational segments for the first quarter of 2024, which is crucial for investors to assess performance and future outlook. Information on debt maturities, credit facilities, and share repurchase programs offers insights into the company's capital structure and financial risk management.

Risk Assessment

Risk Level: medium — CoreCivic, Inc. shows moderate risk based on this filing. The company's business is subject to government contracts and regulations, which can change and impact operations and profitability. The filing mentions various facilities and segments, indicating a complex operational structure that could present challenges.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand CoreCivic's current financial position and operational risks.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-05-09 — Filing Date (10-Q submission)
• October 31, 2028 — Debt Maturity/Agreement Date (Likely related to credit facilities or notes)
• April 30, 2026 — Debt Maturity/Agreement Date (Likely related to credit facilities or notes)
• January 31, 2040 — Debt Maturity/Agreement Date (Likely related to credit facilities or notes)

Key Players & Entities

• CoreCivic, Inc. (company) — Filer name
• CXW (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-09 (date) — Filing date
• 5501 VIRGINIA WAY (address) — Business address
• BRENTWOOD (location) — Business address city
• TN (location) — Business address state
• 615-263-3000 (phone) — Business phone number

FAQ

Risk Factors

• Government Contracts and Regulations [high — regulatory]: The company's operations are heavily reliant on government contracts, and changes in government policies, funding, or contract awards can significantly impact revenue and profitability.
• Facility Operations and Occupancy [medium — operational]: The utilization and operational efficiency of its correctional and detention facilities are critical. Fluctuations in occupancy rates or the need to idle facilities can affect financial performance.
• Debt Obligations [medium — financial]: The company carries significant debt, and its ability to manage these obligations, including refinancing or meeting maturity dates, is a key financial risk.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share CXW New York Stock Exchan

Filing Documents

• cxw-20240331.htm (10-Q) — 1478KB
• cxw-ex22_1.htm (EX-22.1) — 11KB
• cxw-ex31_1.htm (EX-31.1) — 13KB
• cxw-ex31_2.htm (EX-31.2) — 13KB
• cxw-ex32_1.htm (EX-32.1) — 7KB
• cxw-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-056419.txt (&nbsp;) — 6502KB
• cxw-20240331.xsd (EX-101.SCH) — 1214KB
• cxw-20240331_htm.xml (XML) — 924KB

Financial Statements

Financial Statements 1 a) Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 b) Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023 2 c) Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 3 d) Consolidated Statement of Stockholders' Equity (Unaudited) for the quarterly period ended March 31, 2024 4 e) Consolidated Statement of Stockholders' Equity (Unaudited) for the quarterly period ended March 31, 2023 5 f)

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

– F INANCIAL INFORMATION

PART I – F INANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1. – FINANCIAL STATEMENTS. CORECIVIC, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS March 31, 2024 December 31, 2023 Cash and cash equivalents $ 111,399 $ 121,845 Restricted cash 7,978 7,111 Accounts receivable, net of credit loss reserve of $ 6,349 and $ 6,827 , respectively 274,311 312,174 Prepaid expenses and other current assets 32,612 26,304 Assets held for sale — 7,480 Total current assets 426,300 474,914 Real estate and related assets: Property and equipment, net of accumulated depreciation of $ 1,846,456 and $ 1,821,015 , respectively 2,095,606 2,114,522 Other real estate assets 199,248 201,561 Goodwill 4,844 4,844 Other assets 301,360 309,558 Total assets $ 3,027,358 $ 3,105,399 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 254,066 $ 285,857 Current portion of long-term debt 110,487 11,597 Total current liabilities 364,553 297,454 Long-term debt, net 984,085 1,083,476 Deferred revenue 17,761 18,315 Non-current deferred tax liabilities 91,799 96,915 Other liabilities 125,237 131,673 Total liabilities 1,583,435 1,627,833 Commitments and contingencies Preferred stock – $ 0.01 par value; 50,000 shares authorized; none issued and outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock – $ 0.01 par value; 300,000 shares authorized; 111,568 and 112,733 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1,116 1,127 Additional paid-in capital 1,742,111 1,785,286 Accumulated deficit ( 299,304 ) ( 308,847 ) Total stockholders' equity 1,443,923 1,477,566 Total liabilities and stockholders' equity $ 3,027,358 $ 3,105,399 The accompanying notes are an integral part of these consolidated financial statements. 1

View Full Filing

View this 10-Q filing on SEC EDGAR