In This Story
CoreCivic, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $491.6 million from $483.7 million in the same quarter the previous year. This increase is attributed to higher state and local revenues, offset by a decrease in lease revenue.
Operating expenses for the quarter decreased slightly to $370.8 million from $377.3 million in the previous year. The decrease was primarily due to reduced costs at certain facilities.
The company reported a net income of $21.1 million for the quarter, up from $13.9 million in the previous year, with the increase attributed to higher operating margins and a gain on the sale of real estate assets.
Cash provided by operating activities was $229.9 million, while cash used in investing and financing activities was $34.8 million and $206.5 million, respectively.
CoreCivic had a working capital of $145.9 million as of September 30, 2024. The company intends to prioritize the use of its free cash flow to reduce debt, although it may also repurchase shares of its common stock.
The filing also details the termination of a significant contract with ICE at the South Texas Family Residential Center, which impacted revenue.
CoreCivic continues to focus on managing its correctional, detention, and residential reentry facilities, while exploring opportunities for growth through new contracts and potential acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CoreCivic Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.