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Mar 31, 2024
Corecivic Q1 2024 Earnings Report
CoreCivic reported strong financial results for Q1 2024, driven by higher occupancy and effective cost management.
Key Takeaways
CoreCivic's Q1 2024 results showed a 9% increase in revenue compared to Q1 2023, propelled by a 75.2% occupancy rate, the highest since Q1 2020. The company also made progress on capital structure initiatives, including share repurchases and debt refinancing.
Total revenue reached $500.7 million, a 9% increase year-over-year.
Occupancy rate reached 75.2%, the highest since Q1 2020.
The company repurchased 2.7 million shares for $39.4 million.
Adjusted EPS was $0.25, compared to $0.13 in the first quarter of 2023.
Corecivic
Corecivic
Corecivic Revenue by Segment
Revenue by Segment
Safety Revenue
CapyFin.comCommunity Revenue
CapyFin.comProperties Revenue
CapyFin.com Forward Guidance
CoreCivic updated its financial guidance for the full year 2024, anticipating adjustments due to expenses associated with debt repayments and refinancing transactions, as well as the expiration of the lease at the California City Correctional Center.
Positive Outlook
- Adjusted net income is projected to be between $74.0 million and $85.0 million.
- Adjusted Diluted EPS is expected to be in the range of $0.66 to $0.76.
- Normalized FFO per diluted share is anticipated to be between $1.56 and $1.66.
- Adjusted EBITDA is forecasted to be between $312.0 million and $321.0 million.
- Company expects to invest $70.0 million to $76.0 million in capital expenditures.
Challenges Ahead
- Net income is now projected to be between $52.7 million and $63.7 million, a decrease from the prior guidance of $65.0 million to $80.0 million.
- Diluted EPS is expected to be between $0.47 and $0.57, down from the previous guidance of $0.58 to $0.72.
- FFO per diluted share is projected to be between $1.36 and $1.46, a decrease from the prior guidance of $1.46 to $1.61.
- EBITDA is forecasted to be between $281.1 million and $290.1 million, a decrease from the prior guidance of $300.3 million to $313.3 million.
- Per share results are expected to decline by approximately $0.06 per share during the second quarter of 2024 compared with the first quarter of 2024, and by approximately $0.15 to $0.16 per share for the year ended December 31, 2024 compared with the year ended December 31, 2023 due to California City Correctional Center lease expiration.
Revenue & Expenses
Visualization of income flow from segment revenue to net income