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Dec 31, 2024
Corecivic Q4 2024 Earnings Report
CoreCivic reported strong financial performance in the fourth quarter of 2024, driven by higher occupancy and effective cost management, exceeding internal forecasts and analyst estimates.
Key Takeaways
CoreCivic concluded 2024 with robust financial performance, achieving a total revenue of $479.3 million and a net income of $19.3 million for the fourth quarter. The company's occupancy rate reached 75.5%, the highest since Q1 2020, despite contract terminations with ICE and CDCR. CoreCivic also provided optimistic full-year 2025 guidance, anticipating accelerated demand from government partners and leveraging its available capacity and strong balance sheet.
Total revenue for Q4 2024 was $479.3 million, with a net income of $19.3 million.
Diluted earnings per share were $0.17, and Adjusted Diluted EPS was $0.16.
Occupancy reached 75.5% of available capacity, the highest since Q1 2020, despite contract terminations.
The company repurchased 0.4 million shares for $9.0 million in Q4 2024, as part of its ongoing share repurchase program.
Corecivic
Corecivic
Corecivic Revenue by Segment
Corecivic Revenue by Geographic Location
Revenue by Segment
Safety Revenue
CapyFin.comCommunity Revenue
CapyFin.comProperties Revenue
CapyFin.comRevenue by Geographic Location
ICE Revenue
CapyFin.com Forward Guidance
CoreCivic anticipates accelerated demand from federal, state, and local government partners in 2025, driven by changes in presidential administration and immigration policies. The company expects to activate idle facilities to meet this demand, which may initially incur start-up expenses but will be favorable in 2026.
Positive Outlook
- Anticipated accelerated demand from federal, state, and local government partners.
- New administration's modification of immigration policy and enactment of new legislation expected to increase demand for services.
- Reversal of executive order restricting contracts with privately operated criminal detention facilities.
- Acquisition of all available detention beds for deportable migrants directed by the Secretary of Homeland Security.
- New management contract with the state of Montana for additional inmates, increasing geographic reach.
Challenges Ahead
- Guidance reflects a reduction in facility net operating income due to the termination of the ICE contract at South Texas Family Residential Center and lease expiration with CDCR at California City Correctional Center.
- New contract awards are not included in current guidance and will be revised throughout the year as they are signed.
- Activation of idle facilities requires 4-6 months to hire, train, and prepare, resulting in substantial expenses before realizing additional revenue.
- Start-up expenses for idle facility activations will negatively impact current year guidance, with more favorable impact expected in 2026.
- Expected capital investments of $40.0 million to $45.0 million for potential facility activations and transportation services.
Revenue & Expenses
Visualization of income flow from segment revenue to net income