CoreCivic (CXW) Q1 FY2024 earnings: revenue $501 million, up 9.3% on the year

CoreCivic, Inc. (CXW) reported revenue of $501 million for Q1 FY2024, the quarter ended 31 March 2024, up 9.3% on the same quarter a year earlier. Net income was $10 million, down 23.0% on the year, and diluted earnings per share $0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$501 millionup 9.3%

Net income$10 milliondown 23.0%

Diluted EPS$0.08

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	501	491	n/a	n/a
Operating income	54.4	53.7	n/a	n/a
Operating margin	10.9%	10.9%	n/a
Interest expense	18.6	17.7	n/a	n/a
Pre-tax income	9.0	36.7	n/a	n/a
Income tax	-0.5	10.3	n/a	n/a
Effective tax rate	-5.5%	28.0%	n/a
Net income	9.5	26.5	n/a	n/a
Net margin	1.9%	5.4%	n/a
Diluted EPS	$0.08	$0.23	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	70.4	22.3	n/a	n/a
Capital expenditure	10.6	27.5	n/a	n/a
Free cash flow	59.7	-5.2	n/a	n/a
Free cash flow margin	11.9%	-1.1%	n/a
Cash from investing	-3.8	-19.7	n/a	n/a
Cash from financing	-76.2	8.4	n/a	n/a
Depreciation and amortisation	31.7	32.1	n/a	n/a
Share-based compensation	6.1	5.3	n/a	n/a
Buybacks	49.0	12.5	n/a	n/a
Dividends paid	0.0	0.0	n/a	n/a
Diluted shares, weighted	112m	115m	n/a	n/a
Shares outstanding at period end	112m	113m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,444	1,478	n/a	n/a
Debt	1,110	1,107	n/a	n/a
Operating lease liabilities	n/a	70.9	n/a	n/a
Other liabilities	474	450	n/a	n/a
Total liabilities and equity	3,027	3,105	n/a	n/a
Fixed assets	2,096	2,115	n/a	n/a
Goodwill	4.8	4.8	n/a	n/a
Intangible assets	n/a	7.2	n/a	n/a
Cash and equivalents	111	122	n/a	n/a
Receivables	274	312	n/a	n/a
Other assets	541	545	n/a	n/a
Total assets	3,027	3,105	n/a	n/a

Questions

What was CoreCivic's revenue in Q1 FY2024?

CoreCivic (CXW) reported revenue of $501 million for Q1 FY2024, the quarter ended 31 March 2024, up 9.3% on the same quarter a year earlier.

How much did CoreCivic earn in Q1 FY2024?

Net income for Q1 FY2024 was $10 million, down 23.0% on the year, and diluted earnings per share $0.08.

When did CoreCivic report Q1 FY2024 results?

CoreCivic filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 9 May 2024.

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 31 March 2024, filed 9 May 2024, accession 0000950170-24-056419: the filing on EDGAR. All of CoreCivic, Inc.'s filings: EDGAR company page.

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