The following is a summary of the CoreCivic, Inc. (CXW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CoreCivic reported Q1 2024 revenue of over $500 million, an increase of 9% compared to Q1 2023.

• Normalized FFO was $52.6 million or $0.46 per share, showing a per share increase of 35% from the previous year.

• The increase in FFO was driven by increased population across federal, state, and local partnerships.

• There were increases in revenue from federal, state, and local partners by 11%, 5% and 44% respectively.

• Investments in stock repurchases were accelerated, with 2.7 million shares repurchased at a cost of nearly $40 million.

• CoreCivic reported no debt maturities until 2027, currently holding a debt of $243.1 million with a 4.75% rate.

Business Progress:

• Successful ramp-up of four new contracts from Q3 and Q4 of 2023 contributed to growth in occupancy and revenue.

• Improved staffing levels have allowed for better management of higher population needs.

• Occupancy rates in the Safety and Community segments have increased from 71% to 76% and 59% to 63% respectively.

• There is a positive future outlook on the company's federal, state, and local businesses with discussions to address near to long-term challenges.

• Expected increase in state and local residential populations, and average daily federal populations due to new contracts.

• Potential upgrades are being considered for their ICE facility. This could cost from minimal to around $15-20 million.

• Observes increased demand from state and local partners and foresees further cooperation with the State of California.

• CoreCivic aims for a 25% NOI margin in the Safety and Community segments combined and plans to return to pre-pandemic staffing levels.

More details: CoreCivic, Inc. IR

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