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Mar 31, 2021
Corecivic Q1 2021 Earnings Report
CoreCivic reported a net loss due to special items including income tax expense and a shareholder litigation settlement, but highlighted strong underlying business performance amidst COVID-19 challenges.
Key Takeaways
CoreCivic reported a total revenue of $454.7 million. The company experienced a net loss attributable to common stockholders of $125.6 million, or $1.05 per diluted share, but an adjusted diluted EPS of $0.24. The GAAP financial results were impacted by non-recurring charges related to the conversion from a REIT to a taxable C-corporation and a shareholder litigation settlement.
Total revenue for the quarter was $454.7 million.
Net loss attributable to common stockholders was $125.6 million, or $1.05 per diluted share.
Adjusted diluted EPS was $0.24.
The company is focused on repaying debt to improve its credit profile.
Corecivic
Corecivic
Corecivic Revenue by Segment
Revenue by Segment
Safety Revenue
CapyFin.comCommunity Revenue
CapyFin.comProperties Revenue
CapyFin.com Forward Guidance
CoreCivic is not providing 2021 financial guidance due to uncertainties associated with COVID-19 and the application of the administration’s various executive actions and policies related to immigration and criminal justice.
Positive Outlook
- Business is very durable.
- Continues to generate cash flow.
- Essential nature of facilities and services in Safety and Community segments.
- Stability of Properties segment.
- Supported by payments from highly rated government agencies.
Challenges Ahead
- Uncertainties associated with COVID-19.
- Uncertainties associated with the application of the administration’s various executive actions and policies related to immigration and criminal justice.
- USMS has notified the Company that it will not be renewing its contract for our Northeast Ohio Correctional Center, which expires May 30, 2021.
- The USMS also utilizes less than 100 of the 664 beds at our Crossroads Correctional Center under a contract that was scheduled to expire in April 2021, but was extended through June 30, 2021, and is not expected to be renewed thereafter.
- We do not yet know if the USMS will relocate the detainees at our West Tennessee and Leavenworth facilities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income