CoreCivic, Inc. Files Q3 2024 10-Q Report

TL;DR

CoreCivic's Q3 2024 10-Q is in. Check financials for Safety Segment.

AI Summary

CoreCivic, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Corrections Corporation of America, is incorporated in Maryland and headquartered in Brentwood, TN. Key financial dates and segment information are included, with references to its Safety Segment and various facilities like the West Tennessee Detention Facility.

Why It Matters

This filing provides investors with an update on CoreCivic's financial performance and operational status for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust operating in the correctional services sector, CoreCivic faces inherent regulatory, operational, and market risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-01-01 — Start of Safety Segment Reporting (Marks the beginning of the period for which the Safety Segment's performance is reported.)

Key Players & Entities

• CoreCivic, Inc. (company) — Filer of the 10-Q
• Corrections Corporation of America (company) — Former name of CoreCivic, Inc.
• 20240930 (date) — End of the reporting period
• West Tennessee Detention Facility (company) — Specific facility mentioned
• Safety Segment (company) — Operating segment of CoreCivic

FAQ

Key Financial Figures

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

Filing Documents

• cxw-20240930.htm (10-Q) — 2000KB
• cxw-ex22_1.htm (EX-22.1) — 11KB
• cxw-ex31_1.htm (EX-31.1) — 14KB
• cxw-ex31_2.htm (EX-31.2) — 14KB
• cxw-ex32_1.htm (EX-32.1) — 8KB
• cxw-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-122939.txt ( ) — 7676KB
• cxw-20240930.xsd (EX-101.SCH) — 1148KB
• cxw-20240930_htm.xml (XML) — 1243KB

Financial Statements

Financial Statements 1 a) Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 b) Consolidated Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 2 c) Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 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 39 Item 4.

Controls and Procedures

Controls and Procedures 40

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 42 Item 6. Exhibits 42

– 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 September 30, 2024 December 31, 2023 Cash and cash equivalents $ 107,850 $ 121,845 Restricted cash 9,714 7,111 Accounts receivable, net of credit loss reserve of $ 4,640 and $ 6,827 , respectively 264,843 312,174 Prepaid expenses and other current assets 33,713 26,304 Assets held for sale — 7,480 Total current assets 416,120 474,914 Real estate and related assets: Property and equipment, net of accumulated depreciation of $ 1,888,112 and $ 1,821,015 , respectively 2,066,702 2,114,522 Other real estate assets 194,972 201,561 Goodwill 4,844 4,844 Other assets 231,304 309,558 Total assets $ 2,913,942 $ 3,105,399 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 262,750 $ 285,857 Current portion of long-term debt 11,952 11,597 Total current liabilities 274,702 297,454 Long-term debt, net 979,811 1,083,476 Deferred revenue 13,149 18,315 Non-current deferred tax liabilities 90,896 96,915 Other liabilities 79,164 131,673 Total liabilities 1,437,722 1,627,833 Commitments and contingencies Preferred stock – $ 0.01 par value; 50,000 shares authorized; none issued and outstanding at September 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 September 30, 2024 and December 31, 2023, respectively 1,103 1,127 Additional paid-in capital 1,734,371 1,785,286 Accumulated deficit ( 259,254 ) ( 308,847 ) Total stockholders' equity 1,476,220 1,477,566 Total liabilities and stockholders' equity $ 2,913,942 $ 3,105,399 The accompanying notes are an integral part of these consolidated financial statements. 1 CORE

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View this 10-Q filing on SEC EDGAR