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CoreCivic (CXW) investor relations material
CoreCivic Noble Capital Markets Emerging Growth Virtual Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company overview and market position
Operates as a diversified government solutions provider with $2.9B in assets and $2B in 2024 revenue.
Revenue is 100% from U.S. government agencies, with 51% federal, 41% state, and 8% local/other.
Main business segments: safety (corrections/detention, 92% NOI), community (reentry, 5% NOI), and property (leased facilities, 3% NOI).
Largest owner of correctional and detention facilities in the U.S., managing 41% of privately managed beds.
Private sector manages 83% of ICE beds and 34% of U.S. Marshals beds; company manages 27% of ICE and 13% of Marshals populations.
Growth opportunities and operational updates
Reactivating five idle facilities in 2024–2025, reducing idle bed count from 13,419 to about 9,000.
New contracts for Midwest Regional, Cal City, and Diamondback facilities; 6,400 beds activated for ICE.
ICE detention populations at all-time highs, with a goal to reach 100,000 beds, supported by $45B in federal funding.
Facility activations expected to complete between Q1 and Q2 2026, with robust hiring underway.
Alternatives to private facilities seen as cost-prohibitive; company positioned as low-cost, high-quality provider.
Financial performance and capital allocation
Adjusted EBITDA guidance for 2025 is $368M, up 11% from 2024.
$1.3B debt repaid since June 2020; leverage reduced from 4x to 2.3x.
$500M share repurchase authorization, with $81M repurchased in H1 2025 and $237.9M remaining.
Share buybacks prioritized over acquisitions due to limited attractive M&A opportunities.
Farmville acquisition in 2024 added $40M annual revenue, exceeding ROI targets and integrating smoothly.
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