CoreCivic (CXW) Q3 FY2023 earnings: revenue $484 million, up 4.2% on the year

CoreCivic, Inc. (CXW) reported revenue of $484 million for Q3 FY2023, the quarter ended 30 September 2023, up 4.2% on the same quarter a year earlier. Net income was $14 million, down 79.7% on the year, and diluted earnings per share $0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$484 millionup 4.2%

Net income$14 milliondown 79.7%

Diluted EPS$0.12

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	484	n/a	n/a	n/a
Operating income	37.2	n/a	n/a	n/a
Operating margin	7.7%	n/a	n/a
Interest expense	17.9	n/a	n/a	n/a
Pre-tax income	19.5	n/a	n/a	n/a
Income tax	5.6	n/a	n/a	n/a
Effective tax rate	28.9%	n/a	n/a
Net income	13.9	n/a	n/a	n/a
Net margin	2.9%	n/a	n/a
Diluted EPS	$0.12	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	83.7	n/a	n/a	n/a
Capital expenditure	17.6	n/a	n/a	n/a
Free cash flow	66.1	n/a	n/a	n/a
Free cash flow margin	13.7%	n/a	n/a
Cash from investing	-17.6	n/a	n/a	n/a
Cash from financing	-3.3	n/a	n/a	n/a
Depreciation and amortisation	32.5	n/a	n/a	n/a
Share-based compensation	5.3	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	0.0	n/a	n/a	n/a
Diluted shares, weighted	114m	n/a	n/a	n/a
Shares outstanding at period end	114m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,458	n/a	n/a	n/a
Debt	1,081	n/a	n/a	n/a
Other liabilities	529	n/a	n/a	n/a
Total liabilities and equity	3,069	n/a	n/a	n/a
Fixed assets	2,128	n/a	n/a	n/a
Goodwill	4.8	n/a	n/a	n/a
Cash and equivalents	104	n/a	n/a	n/a
Receivables	269	n/a	n/a	n/a
Other assets	563	n/a	n/a	n/a
Total assets	3,069	n/a	n/a	n/a

Questions

What was CoreCivic's revenue in Q3 FY2023?

CoreCivic (CXW) reported revenue of $484 million for Q3 FY2023, the quarter ended 30 September 2023, up 4.2% on the same quarter a year earlier.

How much did CoreCivic earn in Q3 FY2023?

Net income for Q3 FY2023 was $14 million, down 79.7% on the year, and diluted earnings per share $0.12.

When did CoreCivic report Q3 FY2023 results?

CoreCivic filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 7 November 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	484	491	501	490	492	479	489	538	580	604	615	685
Operating income	37.2	53.7	54.4	48.3	44.2	38.2	47.4	64.8	50.7	55.8	70.0	69.0
Operating margin	8%	11%	11%	10%	9%	8%	10%	12%	9%	9%	11%	10%
Interest expense	17.9	17.7	18.6	17.1	16.0	15.7	15.2	12.5	16.6	17.8	17.7	22.3
Pre-tax income	19.5	36.7	9.0	27.6	30.2	25.2	32.1	52.3	36.6	36.3	52.3	47.5
Tax rate	29%	28%	-6%	31%	30%	23%	22%	26%	28%	27%	28%	22%
Net income	13.9	26.5	9.5	19.0	21.1	19.3	25.1	38.5	26.3	26.5	37.9	37.1
Net margin	3%	5%	2%	4%	4%	4%	5%	7%	5%	4%	6%	5%
Diluted EPS	$0.12	$0.23	$0.08	$0.17	$0.19	$0.17	$0.23	$0.35	$0.24	$0.26	$0.38	$0.37
Operating cash flow	83.7	22.3	70.4	68.1	91.5	39.3	44.5	96.7	53.8	-0.4	13.8	133
Capital expenditure	17.6	27.5	10.6	18.7	17.8	23.3	24.5	34.9	37.7	44.8	20.7	38.1
Free cash flow	66.1	-5.2	59.7	49.3	73.7	16.0	20.0	61.9	16.1	-45.1	-6.9	94.9
Buybacks	0.0	12.5	49.0	20.2	0.0	8.0	50.6	43.3	40.0	95.1	55.1	0.0
Dividends paid	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a
Shares outstanding	114m	113m	112m	110m	110m	110m	109m	107m	105m	100m	99m	99m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0000950170-23-059984: the filing on EDGAR. All of CoreCivic, Inc.'s filings: EDGAR company page.

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