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Dec 31, 2020
Corecivic Q4 2020 Earnings Report
CoreCivic reported mixed Q4 2020 results with a net loss but an increase in adjusted diluted EPS, driven by new contracts and lower expenses, offset by COVID-19 impacts and lower ICE utilization.
Key Takeaways
CoreCivic's Q4 2020 results showed a net loss attributable to common stockholders of $26.8 million, or $0.22 per diluted share. However, adjusted diluted EPS increased to $0.40, up from $0.36 in Q4 2019. Revenue totaled $473.5 million. The results were influenced by new contracts, lower general and administrative expenses, and the ongoing impact of COVID-19.
Total revenue for Q4 2020 was $473.5 million.
Net loss attributable to common stockholders was $26.8 million, or $0.22 per diluted share.
Adjusted diluted EPS was $0.40, an increase from $0.36 in Q4 2019.
Adjusted EBITDA increased by 5.0% to $108.7 million.
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 related to COVID-19 and the administration's executive orders on immigration and criminal justice. They expect to provide guidance when there is more clarity.
Positive Outlook
- The business is very durable and continues to generate cash flow.
- Resiliency is due to the essential nature of facilities and services in the Safety and Community segments.
- Diversification and stability of the Properties segment.
- Supported by payments from highly rated federal, state, and local government agencies.
- New contract award for the development and lease of two correctional facilities for the State of Alabama.
Challenges Ahead
- Uncertainties associated with COVID-19.
- Uncertainties associated with the application of the administration’s various executive orders related to immigration and criminal justice.
- Lower utilization of existing contracts with ICE.
- Modest utilization declines across many state-level contracts.
- Goodwill Impairment of Community Segment
Revenue & Expenses
Visualization of income flow from segment revenue to net income