Loading...
•
Jun 30, 2021
Corecivic Q2 2021 Earnings Report
CoreCivic reported a strong quarter with stable cash flows, exceeding prior year's Adjusted EBITDA despite COVID-19 impacts.
Key Takeaways
CoreCivic announced its Q2 2021 financial results, reporting a total revenue of $464.6 million and a diluted EPS of $0.13. The company's Adjusted EBITDA slightly exceeded the Adjusted EBITDA for the same period in the prior year. CoreCivic also completed the sale of five non-core real estate assets for gross proceeds of $328.7 million and issued $450.0 million of Unsecured Senior Notes.
Total revenue reached $464.6 million.
Diluted earnings per share were reported at $0.13.
Adjusted diluted EPS stood at $0.25.
Five non-core real estate assets were sold for $328.7 million.
Corecivic
Corecivic
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 durable and continues to generate cash flow.
- Resiliency is due to the essential nature of facilities and services in Safety and Community segments.
- Stability of the Properties segment.
- Supported by payments from highly rated federal, state, and local government agencies.
- Plans to meet with investors during the third quarter of 2021.
Challenges Ahead
- Uncertainties associated with COVID-19, including a resurgence caused by the Delta variant.
- Uncertainties associated with the application of the administration’s various executive actions and policies related to immigration and criminal justice.
- The USMS has indicated that it has been advised by the Office of the Deputy Attorney General not to renew existing contracts, or enter into new contracts for private detention facilities.
- Termination of Leases by the State of Alabama.
- Expect to report asset impairment charges of $4.0 million to $6.0 million for pre-development activities, subject to certain vendor negotiations.