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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED:  JUNE 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM            TO           

COMMISSION FILE NUMBER: 001-16109

 

CORECIVIC, INC.

(Exact name of registrant as specified in its charter)

 

 

MARYLAND

62-1763875

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

 

5501 VIRGINIA WAY

BRENTWOOD, TENNESSEE  

37027

(Zip Code)

(Address of principal executive offices)

 

 

(615) 263-3000

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

             Title of each class

     Trading Symbol(s)

Name of each exchange on which registered

              Common Stock

              CXW

               New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

Indicate the number of shares outstanding of each class of Common Stock as of July 31, 2020:

Shares of Common Stock, $0.01 par value per share: 119,630,803 shares outstanding.

 

 

 

 


CORECIVIC, INC.

 

FORM 10-Q

 

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

 

INDEX

 

 

 

PAGE

PART 1 – FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

1

    a)

 

Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019

 

1

    b)

 

Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2020 and 2019

 

2

    c)

 

Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2020 and 2019

 

3

    d)

 

Consolidated Statement of Stockholders' Equity (Unaudited) for the quarterly periods ended June 30, 2020

 

4

    e)

 

Consolidated Statement of Stockholders' Equity (Unaudited) for the quarterly periods ended June 30, 2019

 

5

    f)

 

Notes to Consolidated Financial Statements (Unaudited)

 

6

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

19

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

41

Item 4.

 

Controls and Procedures

 

41

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

43

Item 1A.

 

Risk Factors

 

43

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

Item 3.

 

Defaults Upon Senior Securities

 

44

Item 4.

 

Mine Safety Disclosures

 

44

Item 5.

 

Other Information

 

44

Item 6.

 

Exhibits

 

45

 

 

 

 

 

SIGNATURES

 

46

 

 

 

 


PART I – FINANCIAL INFORMATION

ITEM 1. – FINANCIAL STATEMENTS.

CORECIVIC, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

ASSETS

 

June 30, 2020

 

 

December 31, 2019

 

Cash and cash equivalents

 

$

363,772

 

 

$

92,120

 

Restricted cash

 

 

18,968

 

 

 

26,973

 

Accounts receivable, net of credit loss reserve of $5,590 and $3,217, respectively

 

 

246,114

 

 

 

280,785

 

Prepaid expenses and other current assets

 

 

39,552

 

 

 

35,507

 

Total current assets

 

 

668,406

 

 

 

435,385

 

Real estate and related assets:

 

 

 

 

 

 

 

 

   Property and equipment, net of accumulated depreciation of $1,538,148

       and $1,510,117, respectively

 

 

2,725,179

 

 

 

2,700,107

 

   Other real estate assets

 

 

232,750

 

 

 

238,637

 

Goodwill

 

 

48,569

 

 

 

50,537

 

Non-current deferred tax assets

 

 

14,475

 

 

 

16,058

 

Other assets

 

 

350,363

 

 

 

350,907

 

Total assets

 

$

4,039,742

 

 

$

3,791,631

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

256,708

 

 

$

337,462

 

Current portion of long-term debt

 

 

37,239

 

 

 

31,349

 

Total current liabilities

 

 

293,947

 

 

 

368,811

 

Long-term debt, net

 

 

2,227,319

 

 

 

1,928,023

 

Deferred revenue

 

 

5,653

 

 

 

12,469

 

Other liabilities

 

 

107,642

 

 

 

105,579

 

Total liabilities

 

 

2,634,561

 

 

 

2,414,882

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Preferred stock – $0.01 par value; 50,000 shares authorized; none issued and outstanding

   at June 30, 2020 and December 31, 2019, respectively

 

 

 

 

 

 

Common stock – $0.01 par value; 300,000 shares authorized; 119,631 and 119,096 shares

   issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

1,196

 

 

 

1,191

 

Additional paid-in capital

 

 

1,827,174

 

 

 

1,821,810

 

Accumulated deficit

 

 

(446,460

)

 

 

(446,252

)

Total stockholders' equity

 

 

1,381,910

 

 

 

1,376,749

 

Non-controlling interest – operating partnership

 

 

23,271

 

 

 

 

Total equity

 

 

1,405,181

 

 

 

1,376,749

 

Total liabilities and equity

 

$

4,039,742

 

 

$

3,791,631

 

 

The accompanying notes are an integral part of these consolidated financial statements.

1


CORECIVIC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

 

 

For the Three Months Ended

June 30,

 

 

For the Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

$

472,641

 

 

$

490,294

 

 

$

963,742

 

 

$

974,358

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

352,927

 

 

 

345,679

 

 

 

715,242

 

 

 

691,511

 

General and administrative

 

 

30,145

 

 

 

33,364

 

 

 

61,424

 

 

 

62,809

 

Depreciation and amortization

 

 

38,619

 

 

 

35,591

 

 

 

76,571

 

 

 

71,114

 

Asset impairments

 

 

11,717

 

 

 

4,706

 

 

 

12,253

 

 

 

4,706

 

 

 

 

433,408

 

 

 

419,340

 

 

 

865,490

 

 

 

830,140

 

OPERATING INCOME

 

 

39,233

 

 

 

70,954

 

 

 

98,252

 

 

 

144,218

 

OTHER (INCOME) EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

20,996

 

 

 

20,662

 

 

 

43,534

 

 

 

42,098

 

Other (income) expense

 

 

(2,987

)

 

 

(258

)

 

 

(3,520

)

 

 

(254

)

 

 

 

18,009

 

 

 

20,404

 

 

 

40,014

 

 

 

41,844

 

INCOME BEFORE INCOME TAXES

 

 

21,224

 

 

 

50,550

 

 

 

58,238

 

 

 

102,374

 

Income tax benefit (expense)

 

 

962

 

 

 

(1,972

)

 

 

(2,814

)

 

 

(4,456

)

NET INCOME

 

 

22,186

 

 

 

48,578

 

 

 

55,424

 

 

 

97,918

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

(1,181

)

 

 

 

NET INCOME ATTRIBUTABLE TO COMMON

      STOCKHOLDERS

 

$

22,186

 

 

$

48,578

 

 

$

54,243

 

 

$

97,918

 

BASIC EARNINGS PER SHARE

 

$

0.19

 

 

$

0.41

 

 

$

0.45

 

 

$

0.82

 

DILUTED EARNINGS PER SHARE

 

$

0.18

 

 

$

0.41

 

 

$

0.45

 

 

$

0.82

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

2


CORECIVIC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED AND AMOUNTS IN THOUSANDS)

 

 

 

For the Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

55,424

 

 

$

97,918

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

76,571

 

 

 

71,114

 

Asset impairments

 

 

12,253

 

 

 

4,706

 

Amortization of debt issuance costs and other non-cash interest

 

 

2,740

 

 

 

1,712

 

Deferred income taxes

 

 

1,583

 

 

 

(3,911

)

Non-cash revenue and other income

 

 

(5,544

)

 

 

(5,889

)

Non-cash equity compensation

 

 

8,929

 

 

 

8,068

 

Other expenses and non-cash items

 

 

4,728

 

 

 

5,958

 

Changes in assets and liabilities, net:

 

 

 

 

 

 

 

 

Accounts receivable, prepaid expenses and other assets

 

 

29,529

 

 

 

(5,840

)

Accounts payable, accrued expenses and other liabilities

 

 

(12,122

)

 

 

(12,560

)

Income taxes payable

 

 

183

 

 

 

5,346

 

Net cash provided by operating activities

 

 

174,274

 

 

 

166,622

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Expenditures for facility development and expansions

 

 

(23,506

)

 

 

(84,819

)

Expenditures for other capital improvements

 

 

(18,512

)

 

 

(23,545

)

Acquisitions, net of cash acquired

 

 

(8,849

)

 

 

(38,579

)

Proceeds from sale of assets

 

 

5,026

 

 

 

4,273

 

Increase in other assets

 

 

(4,977

)

 

 

(3,408

)

Net cash used in investing activities

 

 

(50,818

)

 

 

(146,078

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from issuance of debt and borrowings from credit facility

 

 

374,000

 

 

 

349,144

 

Scheduled principal repayments

 

 

(15,124

)

 

 

(5,772

)

Principal repayments of credit facility

 

 

(108,000

)

 

 

(236,000

)

Payment of debt issuance and other refinancing and related costs

 

 

(891

)

 

 

(93

)

Payment of lease obligations for financing leases

 

 

(271

)

 

 

(268

)

Contingent consideration for acquisition of businesses

 

 

 

 

 

(7,398

)

Dividends paid

 

 

(105,963

)

 

 

(104,744

)

Purchase and retirement of common stock

 

 

(3,560

)

 

 

(3,530

)

Proceeds from exercise of stock options

 

 

 

 

 

875

 

Net cash provided by (used in) financing activities

 

 

140,191

 

 

 

(7,786

)

NET INCREASE IN CASH, CASH EQUIVALENTS AND

     RESTRICTED CASH

 

 

263,647

 

 

 

12,758

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

 

 

119,093

 

 

 

74,137

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period

 

$

382,740

 

 

$

86,895

 

NON-CASH INVESTING AND FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

      Debt assumed on acquisition of property portfolio

 

$

52,217

 

 

$

 

      Establishment of right of use assets and lease liabilities

 

$

62

 

 

$

83,064

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest (net of amounts capitalized of $0.5 million and $2.7 million in 2020 and

    2019, respectively)

 

$

45,020

 

 

$

41,000

 

Income taxes paid

 

$

1,156

 

 

$

3,198

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

CORECIVIC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2020

(UNAUDITED AND AMOUNTS IN THOUSANDS)

 

 

 

Stockholders' Equity

 

 

Non-controlling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Total

 

 

Interest -

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Stockholders'

 

 

Operating

 

 

Total

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Equity

 

 

Partnership

 

 

Equity

 

Balance as of December 31, 2019

 

 

119,096

 

 

$

1,191

 

 

$

1,821,810

 

 

$

(446,252

)

 

$

1,376,749

 

 

$

 

 

$

1,376,749

 

Net income

 

 

 

 

 

 

 

 

 

 

 

32,057

 

 

 

32,057

 

 

 

1,181

 

 

 

33,238

 

Retirement of common stock

 

 

(207

)

 

 

(2

)

 

 

(3,558

)

 

 

 

 

 

(3,560

)

 

 

 

 

 

(3,560

)

Dividends declared on common stock

   ($0.44 per share)

 

 

 

 

 

 

 

 

 

 

 

(53,415

)

 

 

(53,415

)

 

 

 

 

 

(53,415

)

Restricted stock compensation, net of forfeitures

 

 

 

 

 

 

 

 

4,610

 

 

 

 

 

 

4,610

 

 

 

 

 

 

4,610

 

Restricted stock grants

 

 

740

 

 

 

7

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of adoption of new

   accounting standard

 

 

 

 

 

 

 

 

 

 

 

(1,036

)

 

 

(1,036

)

 

 

 

 

 

(1,036

)

Contributions to operating partnership

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,271

 

 

 

23,271

 

Distributions to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,181

)

 

 

(1,181

)

Balance as of March 31, 2020

 

 

119,629

 

 

 

1,196

 

 

 

1,822,855

 

 

 

(468,646

)

 

 

1,355,405

 

 

 

23,271

 

 

 

1,378,676

 

Net income

 

 

 

 

 

 

 

 

 

 

 

22,186

 

 

 

22,186

 

 

 

 

 

 

22,186

 

Restricted stock compensation, net of forfeitures

 

 

 

 

 

 

 

 

4,319

 

 

 

 

 

 

4,319

 

 

 

 

 

 

4,319

 

Restricted stock grants

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

 

 

119,631

 

 

$

1,196

 

 

$

1,827,174

 

 

$

(446,460

)

 

$

1,381,910

 

 

$

23,271

 

 

$

1,405,181

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


 

CORECIVIC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

FOR THE QUARTERLY PERIODS ENDED JUNE 30, 2019

(UNAUDITED AND AMOUNTS IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance as of December 31, 2018

 

 

118,674

 

 

$

1,187

 

 

$

1,807,202

 

 

$

(393,330

)

 

$

1,415,059

 

   Net income

 

 

 

 

 

 

 

 

 

 

 

49,340

 

 

 

49,340

 

Retirement of common stock

 

 

(143

)

 

 

(1

)

 

 

(3,069

)

 

 

 

 

 

(3,070

)

Dividends declared on common stock

    ($0.44 per share)

 

 

 

 

 

 

 

 

 

 

 

(52,994

)

 

 

(52,994

)

Restricted stock compensation, net of forfeitures

 

 

 

 

 

 

 

 

3,812

 

 

 

 

 

 

3,812

 

Restricted stock grants

 

 

521

 

 

 

5

 

 

 

(5

)

 

 

 

 

 

 

Stock options exercised

 

 

16

 

 

 

 

 

 

207

 

 

 

 

 

 

207

 

Cumulative effect of adoption of new

   accounting standard

 

 

 

 

 

 

 

 

 

 

 

(29,940

)

 

 

(29,940

)

Balance as of March 31, 2019

 

 

119,068

 

 

 

1,191

 

 

 

1,808,147

 

 

 

(426,924

)

 

 

1,382,414

 

   Net income

 

 

 

 

 

 

 

 

 

 

 

48,578

 

 

 

48,578

 

Retirement of common stock

 

 

(21

)

 

 

 

 

 

(460

)

 

 

 

 

 

(460

)

Dividends declared on common stock ($0.44 per

   share)

 

 

 

 

 

 

 

 

 

 

 

(52,865

)

 

 

(52,865

)

Restricted stock compensation, net of forfeitures