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CORECIVIC, INC.

(CXW)
  Report
Delayed Nyse  -  04:00:02 2023-01-30 pm EST
10.38 USD   -1.70%
01/24CoreCivic Announces 2022 Fourth Quarter Earnings Release and Conference Call Dates
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CoreCivic : Third Quarter 2022 Investor Presentation

11/18/2022 | 03:09pm EST

Investor Presentation

Third Quarter 2022

Forward-Looking Statements

This presentation contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy (including the DOJ not renewing contracts as a result of President Biden's Executive Order on Reforming Our Incarceration System to Eliminate the use of Privately Operated Criminal Detention Facilities) (two agencies of the DOJ, the Federal Bureau of Prisons, or BOP, and the U.S. Marshals Service, or USMS, utilize our services), legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government, and the impact of any changes to immigration reform and sentencing laws (our company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual's incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (v) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a continuing rise in labor costs; fluctuations in interest rates and risks of operations; (vi) the duration of the federal government's denial of entry at the United States southern border to asylum-seekers and anyone crossing the southern border without proper documentation or authority in an effort to contain the spread of COVID-19; (vii) government and staff responses to staff or residents testing positive for COVID-19 within public and private correctional, detention and reentry facilities, including the facilities we operate; (viii) restrictions associated with COVID-19 that disrupt the criminal justice system, along with government policies on prosecutions and newly ordered legal restrictions that affect the number of people placed in correctional, detention, and reentry facilities, including those associated with a resurgence of COVID-19; (ix) whether revoking our REIT election, effective January 1, 2021, and our revised capital allocation strategy can be implemented in a cost effective manner that provides the expected benefits, including facilitating our planned debt reduction initiative and planned return of capital to shareholders; (x) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; (xi) our ability to have met and maintained qualification for taxation as a REIT for the years we elected REIT status; and (xiii) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

The Company takes no responsibility for updating the information contained in this presentation following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this presentation or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

c

1

CoreCivic Operates at the Intersection of Government and Real Estate

Company Overview

  • Diversified government-solutions company with the scale and differentiated expertise to solve the tough challenges that governments face in flexible, cost-effective ways
  • Revenues and Adj. EBITDA for the nine months ended September 30, 2022, were $1.37 billion and $228.0 million (16.6% margin), respectively
  • Owns and manages 16.3 million square feet of real estate used by government
  • Approximately 56% of privately-owned correctional facilities in the U.S.
  • Unprecedented commitment to Environmental, Social and Governance (ESG) reporting within the corrections industry
  • Founded in 1983 and headquartered in Brentwood, Tennessee

Provides a broad range of solutions to government partners through three segments

Safety

Properties

Community

CoreCivic's historical core business,

Leases mission-critical real estate to

Completes spectrum of correctional

addresses the need for correctional

government tenants to address

services by providing needed

facilities, including programming,

serious challenges in their criminal

residential reentry facilities and

recreational, courts, and

justice infrastructure

non-residential services primarily to

administrative spaces

states and localities

EST. 1983

EST. 2012

c

EST. 2013

Compelling Investment Opportunity…

Market Leader with

• Largest private owner of real-estate utilized by

government agencies

Critical Infrastructure in

• Public overcrowding or lack of facilities drive private

Market with High Entry

market need

Barriers

• Significant cost and time to build new facility

Longstanding

Government

• 37+ year history of government service and relationships

Relationships with High

• Average retention rate of 95.0% since 2018(1)

Renewal Rates

Conservative Balance

• Strong and predictable cash flow from large

unencumbered asset base

Sheet with Strong

• Low leverage and strong fixed charge coverage

Predictable Cash Flows

• Diversifying toward growing Properties and Community

and Diversified Growth

segments

Proven Management

Team with Track

• Combined 120+ years experience

Record of Excellence

• Unwavering commitment to rehabilitation and combating

Over Multiple

recidivism

Administrations

…That Benefits the Public Good

• Improved conditions

Reduced overcrowding, modern amenities, and

improved medical programs

Prepares Offenders for

99.6% average facility ACA Audit Score

Successful Reentry Into

• Focus on rehabilitation and reentry

Society

Supports legislation designed to eliminate

discrimination against rehabilitated justice-involved

persons

Training and treatment programs

Company's ESG Focus

• Serves the needs of government partners, taxpayers and

Benefits All

the broader community

Stakeholders

1) Refers to Owned/Controlled Facilities

2

Largest Private Owner of Real Estate Utilized by Government Agencies

Manage 16.3 million square feet of real estate used by government

SAFETY

  • 83.5% of segment NOI for the nine months ended September 30, 2022
  • 13.9 million square feet
  • 68,377 correctional/detention beds
  • 7 idle prison facilities, including 8,459 beds available for growth opportunities

PROPERTIES

  • 12.5% of segment NOI for the nine months ended September 30, 2022
  • 1.8 million square feet
  • Consists of a combination of corrections and reentry facilities leased government entities totaling 8 facilities, including 9,154 beds

COMMUNITY

  • 4.0% of segment NOI for the nine months ended September 30, 2022
  • 0.6 million square feet
  • 4,869 community corrections beds
  • Serves approximately 20,000 individuals on a daily basis through non residential electronic monitoring and case management services
  • 3 idle facilities, including 650 beds available for growth opportunities

c

3

CoreCivic's Business Segments are Complementary

Customers

2022 Business

Mix(1)

(% of NOI)

Industry Trends

Value Proposition

Core Competency

Safety

Properties

Community

Government tenants

83.5%

12.5%

4.0%

Strong fundamental demand from federal and

Government entities require purpose-

States and localities place high value

state partners

built facilities and financing flexibility

on reducing recidivism

Critical infrastructure without available

Facility design, construction and

Broad rehabilitative expertise to deliver

alternative capacity, flexible solutions tailored

maintenance expertise. More efficient

customized and flexible program

to government partners' needs

process for developing needed solutions

offerings, includes critical infrastructure

Ability to develop unique solutions for government partners

c

1) Based on financial results for the nine months ended September 30, 2022

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CoreCivic Inc. published this content on 18 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2022 20:08:01 UTC.


ę Publicnow 2022
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Financials (USD)
Sales 2022 1 843 M - -
Net income 2022 112 M - -
Net Debt 2022 - - -
P/E ratio 2022 11,0x
Yield 2022 -
Capitalization 1 194 M 1 194 M -
Capi. / Sales 2022 0,65x
Capi. / Sales 2023 0,62x
Nbr of Employees 10 350
Free-Float 98,5%
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Number of Analysts 2
Last Close Price 10,38 $
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Managers and Directors
Damon T. Hininger Senior VP-Federal & Local Customer Relations
David M. Garfinkle Chief Financial Officer & Executive Vice President
Mark A. Emkes Independent Chairman
Harold Shannon Chief Information Officer & VP-Technology
Patrick D. Swindle Chief Operating Officer & Executive Vice President
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