CoreCivic Files Q2 2024 10-Q

TL;DR

CoreCivic's Q2 2024 10-Q is in, check financials for Properties, Safety, and Community segments.

AI Summary

CoreCivic, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial data and segment performance are presented, with specific mentions of operating segments like Properties, Safety, and Community.

Why It Matters

This filing provides investors with the latest financial and operational details for CoreCivic, Inc., crucial for understanding the company's performance and outlook.

Risk Assessment

Risk Level: medium — As a company operating in the correctional and detention services sector, CoreCivic faces inherent regulatory, political, and operational risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2023-01-01 to 2023-06-30 — Prior Year Period (Provides a comparative period for financial results.)
• 2024-04-01 to 2024-06-30 — Current Quarter Period (Details the financial performance for the most recent fiscal quarter.)

Key Players & Entities

• CoreCivic, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 5501 VIRGINIA WAY (address) — Company's business and mailing address
• BRENTWOOD (city) — City of company's address
• TN (state) — State of company's address
• 615-263-3000 (phone_number) — Company's business phone number
• cxw:PropertiesSegmentMember (segment) — Operating segment
• cxw:KitCarsonCorrectionalCenterMember (facility) — Specific correctional center
• cxw:SecuredOvernightFinancingRateMember (financial_instrument) — Reference to SOFR
• cxw:BankCreditFacilityMember (financial_instrument) — Reference to bank credit facility

FAQ

Key Financial Figures

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

Filing Documents

• cxw-20240630.htm (10-Q) — 1894KB
• cxw-ex22_1.htm (EX-22.1) — 10KB
• cxw-ex31_1.htm (EX-31.1) — 13KB
• cxw-ex31_2.htm (EX-31.2) — 13KB
• cxw-ex32_1.htm (EX-32.1) — 8KB
• cxw-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-093575.txt ( ) — 7547KB
• cxw-20240630.xsd (EX-101.SCH) — 1150KB
• cxw-20240630_htm.xml (XML) — 1222KB

Financial Statements

Financial Statements 1 a) Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 b) Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2024 and 2023 2 c) Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2024 and 2023 3 d) Consolidated Statement of Stockholders' Equity (Unaudited) for the quarterly periods during 2024 4 e) Consolidated Statement of Stockholders' Equity (Unaudited) for the quarterly periods during 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 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 41 Item 6. Exhibits 41

– 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 June 30, 2024 December 31, 2023 Cash and cash equivalents $ 60,186 $ 121,845 Restricted cash 7,497 7,111 Accounts receivable, net of credit loss reserve of $ 4,803 and $ 6,827 , respectively 273,670 312,174 Prepaid expenses and other current assets 39,446 26,304 Assets held for sale 2,211 7,480 Total current assets 383,010 474,914 Real estate and related assets: Property and equipment, net of accumulated depreciation of $ 1,872,601 and $ 1,821,015 , respectively 2,083,178 2,114,522 Other real estate assets 196,059 201,561 Goodwill 4,844 4,844 Other assets 236,120 309,558 Total assets $ 2,903,211 $ 3,105,399 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 254,634 $ 285,857 Current portion of long-term debt 11,832 11,597 Total current liabilities 266,466 297,454 Long-term debt, net 1,007,148 1,083,476 Deferred revenue 13,899 18,315 Non-current deferred tax liabilities 88,501 96,915 Other liabilities 79,676 131,673 Total liabilities 1,455,690 1,627,833 Commitments and contingencies Preferred stock – $ 0.01 par value; 50,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock – $ 0.01 par value; 300,000 shares authorized; 110,271 and 112,733 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1,103 1,127 Additional paid-in capital 1,726,768 1,785,286 Accumulated deficit ( 280,350 ) ( 308,847 ) Total stockholders' equity 1,447,521 1,477,566 Total liabilities and stockholders' equity $ 2,903,211 $ 3,105,399 The accompanying notes are an integral part of these consolidated financial statements. 1 CORECIVIC, INC

View Full Filing

View this 10-Q filing on SEC EDGAR