Earnings Call Summary | CoreCivic, Inc.(CXW.US) Q1 2024 Earnings Conference
Earnings Call Summary | CoreCivic, Inc.(CXW.US) Q1 2024 Earnings Conference
The following is a summary of the CoreCivic, Inc. (CXW) Q1 2024 Earnings Call Transcript:
以下是CoreCivic, Inc.（CXW）2024年第一季度财报电话会议记录摘要：
Financial Performance:
财务业绩：
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.
CoreCivic报告称，2024年第一季度收入超过5亿美元，与2023年第一季度相比增长了9％。
正常化的FFO为5,260万美元，合每股0.46美元，比上年增长了35％。
FFO的增长是由联邦、州和地方合作伙伴关系中人口的增加所推动的。
来自联邦、州和地方合作伙伴的收入分别增长了11％、5％和44％。
股票回购投资得到加速，回购了270万股股票，耗资近4000万美元。
CoreCivic报告称，直到2027年才有债务到期，目前持有的债务为2.431亿美元，利率为4.75％。
Business Progress:
业务进展：
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.
从2023年第三季度和第四季度成功签订了四份新合同，这促进了入住率和收入的增长。
人员配置水平的提高使人们能够更好地管理更高的人口需求。
安全和社区领域的入住率分别从71％增加到76％，从59％增加到63％。
公司的联邦、州和地方企业未来前景乐观，正在讨论如何应对近期的长期挑战。
由于新合同，预计州和地方居民人口以及平均每日联邦人口将增加。
正在考虑对其ICE设施进行可能的升级。这可能要花费最低到1500万至2,000万美元左右。
观察到州和地方合作伙伴的需求增加，并预计将与加利福尼亚州进一步合作。
CoreCivic的目标是将安全和社区领域的总净资产利润率提高25％，并计划恢复到疫情前的人员配备水平。
More details: CoreCivic, Inc. IR
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