$CXW
CoreCivic, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514189455 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $400.4M $398.9M $415.8M
YoY Change -5.56% -4.06% -4.48%
Cost Of Revenue $287.6M $287.4M $317.8M
YoY Change -5.39% -9.57% 0.73%
Gross Profit $123.1M $116.8M $116.9M
YoY Change 1.74% -0.09% -2.42%
Gross Profit Margin 30.75% 29.28% 28.11%
Selling, General & Admin $26.60M $25.40M $31.20M
YoY Change 4.72% -18.59% 43.12%
% of Gross Profit 21.61% 21.75% 26.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.70M $28.38M $27.63M
YoY Change 2.14% 2.73% -2.67%
% of Gross Profit 23.31% 24.3% 23.64%
Operating Expenses $281.5M $286.1M $294.0M
YoY Change -5.99% -2.69% 484.49%
Operating Profit $65.54M $63.07M $59.89M
YoY Change -3.58% 5.3% -13.76%
Interest Expense -$8.364M $10.35M $12.57M
YoY Change -170.21% -17.65% -25.6%
% of Operating Profit -12.76% 16.41% 20.98%
Other Income/Expense, Net -$7.751M -$9.961M -$12.89M
YoY Change -83.91% -22.74% -30.1%
Pretax Income $57.78M $53.11M $47.00M
YoY Change 191.97% 12.99% -8.03%
Income Tax $2.052M $1.367M -$134.4M
% Of Pretax Income 3.55% 2.57% -286.06%
Net Earnings $55.73M $51.74M $181.1M
YoY Change 172.81% -71.43% 471.63%
Net Earnings / Revenue 13.92% 12.97% 43.55%
Basic Earnings Per Share $0.48 $0.45 $1.81
Diluted Earnings Per Share $0.48 $0.44 $1.78
COMMON SHARES
Basic Shares Outstanding 116.4M shares 116.0M shares 100.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.60M $52.70M $60.30M
YoY Change 22.96% -12.6% 92.04%
Cash & Equivalents $46.62M $52.68M $60.33M
Short-Term Investments
Other Short-Term Assets $29.01M $18.72M $20.05M
YoY Change 0.13% -6.62% -18.83%
Inventory
Prepaid Expenses
Receivables $246.9M $239.3M $232.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $328.9M $318.5M $318.6M
YoY Change 7.57% -0.03% 1.47%
LONG-TERM ASSETS
Property, Plant & Equipment $2.539B $2.543B $2.552B
YoY Change 0.01% -0.33% -1.9%
Goodwill $16.11M $16.11M $11.99M
YoY Change 44.38% 34.38%
Intangibles
YoY Change
Long-Term Investments $4.400M $4.900M $7.000M
YoY Change -32.31% -30.0% -20.45%
Other Assets $76.66M $75.13M $35.81M
YoY Change 90.5% 109.79% 2.32%
Total Long-Term Assets $2.645B $2.651B $2.618B
YoY Change 1.27% 1.26% -1.48%
TOTAL ASSETS
Total Short-Term Assets $328.9M $318.5M $318.6M
Total Long-Term Assets $2.645B $2.651B $2.618B
Total Assets $2.973B $2.969B $2.936B
YoY Change 1.93% 1.12% -1.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $237.4M $227.0M $216.3M
YoY Change 4.12% 4.95% 33.35%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $238.5M $229.3M $218.7M
YoY Change 4.25% 4.84% 0.83%
LONG-TERM LIABILITIES
Long-Term Debt $1.195B $1.195B $1.017B
YoY Change 3.91% 17.51% -10.83%
Other Long-Term Liabilities $40.38M $45.95M $38.82M
YoY Change 8.5% 18.39% 12.51%
Total Long-Term Liabilities $1.235B $1.241B $1.056B
YoY Change 4.06% 17.54% -10.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $238.5M $229.3M $218.7M
Total Long-Term Liabilities $1.235B $1.241B $1.056B
Total Liabilities $1.474B $1.470B $1.274B
YoY Change 4.09% 15.36% -16.57%
SHAREHOLDERS EQUITY
Retained Earnings -$235.9M -$232.0M $501.4M
YoY Change 11.4% -146.26%
Common Stock $1.736B $1.731B $1.161B
YoY Change 1.32% 49.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.500B $1.499B $1.662B
YoY Change
Total Liabilities & Shareholders Equity $2.973B $2.969B $2.936B
YoY Change 1.93% 1.12% -1.17%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $55.73M $51.74M $181.1M
YoY Change 172.81% -71.43% 471.63%
Depreciation, Depletion And Amortization $28.70M $28.38M $27.63M
YoY Change 2.14% 2.73% -2.67%
Cash From Operating Activities $67.30M $66.58M $96.86M
YoY Change -21.74% -31.26% 41.79%
INVESTING ACTIVITIES
Capital Expenditures -$21.50M -$27.10M -$11.40M
YoY Change 38.71% 137.72% -50.22%
Acquisitions
YoY Change
Other Investing Activities $6.300M $400.0K -$300.0K
YoY Change -520.0% -233.33%
Cash From Investing Activities -$15.20M -$26.73M -$11.66M
YoY Change -10.59% 129.31% -49.06%
FINANCING ACTIVITIES
Cash Dividend Paid $56.27M $172.0K
YoY Change 32613.37%
Common Stock Issuance & Retirement, Net $2.768M $5.430M
YoY Change -49.02% 127.1%
Debt Paid & Issued, Net $45.00M $105.0M
YoY Change -57.14% -84.64%
Cash From Financing Activities -58.20M -65.09M -87.77M
YoY Change -36.25% -25.83% 25.55%
NET CHANGE
Cash From Operating Activities 67.30M 66.58M 96.86M
Cash From Investing Activities -15.20M -26.73M -11.66M
Cash From Financing Activities -58.20M -65.09M -87.77M
Net Change In Cash -6.100M -25.24M -2.567M
YoY Change -72.65% 883.17% -89.51%
FREE CASH FLOW
Cash From Operating Activities $67.30M $66.58M $96.86M
Capital Expenditures -$21.50M -$27.10M -$11.40M
Free Cash Flow $88.80M $93.68M $108.3M
YoY Change -12.51% -13.46% 18.69%

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EntityRegistrantName
CORRECTIONS CORP OF AMERICA
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001070985
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2014Q1 us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><b>1.</b></td> <td align="left" valign="top"><b>ORGANIZATION AND OPERATIONS</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> Corrections Corporation of America (together with its subsidiaries, the &#x201C;Company&#x201D; or &#x201C;CCA&#x201D;) is the nation&#x2019;s largest owner of privatized correctional and detention facilities and one of the largest prison operators in the United States, behind only the federal government and three states. CCA currently owns or controls 52 correctional and detention facilities, and manages an additional 13 facilities owned by its government partners, with a total design capacity of approximately 86,500 beds in 20 states and the District of Columbia.</p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> CCA is a Real Estate Investment Trust (&#x201C;REIT&#x201D;) specializing in owning, operating and managing prisons and other correctional facilities and providing inmate residential, community re-entry, and prisoner transportation services for governmental agencies. In addition to providing the fundamental residential services relating to inmates, CCA&#x2019;s facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training and substance abuse treatment. These services are intended to help reduce recidivism and to prepare inmates for their successful re-entry into society upon their release. CCA also provides or makes available to inmates certain health care (including medical, dental and mental health services), food services, and work and recreational programs.</p> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> CCA began operating as a REIT for federal income tax purposes effective January&#xA0;1, 2013. The Company provides correctional services and conducts other business activities through taxable REIT subsidiaries (&#x201C;TRSs&#x201D;). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax and certain qualification requirements. The Company&#x2019;s use of TRSs enables CCA to comply with REIT qualification requirements while providing correctional services at facilities it owns and at facilities owned by its government partners and to engage in certain other business operations. A TRS is not subject to the distribution requirements applicable to REITs so it may retain income generated by its operations for reinvestment.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66582000
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.45
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.44
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15900 shares
CY2014Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8573000
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
27284000
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
56267000
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3838000
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
224000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
387000
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
45000000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
103000
CY2014Q1 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-7610000
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
404222000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
53105000
CY2014Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
2476000
CY2014Q1 us-gaap Revenues
Revenues
398915000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
63066000
CY2014Q1 us-gaap Other Noncash Income
OtherNoncashIncome
496000
CY2014Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
51738000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2768000
CY2014Q1 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
314000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
103000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9961000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
51738000
CY2014Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
2681000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
612000
CY2014Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
435000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-995000
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
341156000
CY2014Q1 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-26655000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
25392000
CY2014Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
771000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-65094000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3293000
CY2014Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
287380000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28384000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-25238000
CY2014Q1 us-gaap Other Noncash Expense
OtherNoncashExpense
2316000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
286093000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1367000
CY2014Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
2768000
CY2014Q1 us-gaap Interest Expense
InterestExpense
10348000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
719000
CY2014Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
192000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3838000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28384000
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
35000000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
103000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26726000
CY2014Q1 us-gaap Other General Expense
OtherGeneralExpense
1287000
CY2014Q1 cxw Weighted Average Shares And Assumed Conversions Diluted
WeightedAverageSharesAndAssumedConversionsDiluted
116960000 shares
CY2014Q1 cxw Goodwill Recognition Description
GoodwillRecognitionDescription
This goodwill was established in connection with the acquisition of Correctional Alternatives, Inc. ("CAI") during the third quarter of 2013, as further described in Note 4, and the acquisitions of two service companies during 2000.
CY2014Q1 cxw Effect Of Pending Legal Proceedings On Companys Consolidated Financial Position
EffectOfPendingLegalProceedingsOnCompanysConsolidatedFinancialPosition
0 LegalMatter
CY2014Q1 cxw Percentage Of Tax Position Benefit Maximum Than Being Realized Upon Ultimate Settlement
PercentageOfTaxPositionBenefitMaximumThanBeingRealizedUponUltimateSettlement
0.50 pure
CY2014Q1 cxw Payments Received On Direct Financing Lease
PaymentsReceivedOnDirectFinancingLease
476000
CY2014Q1 cxw Expenditures For Facility Development And Expansions
ExpendituresForFacilityDevelopmentAndExpansions
18507000
CY2014Q1 cxw Minimum Distribution Percentage Of Taxable Income To Qualify For Real Estate Investment Trust
MinimumDistributionPercentageOfTaxableIncomeToQualifyForRealEstateInvestmentTrust
0.90 pure
CY2014Q1 cxw Other Revenues
OtherRevenues
5307000
CY2014Q1 cxw Minimum Distribution Percentage Of Taxable Income To Avoid Federal Income Taxes
MinimumDistributionPercentageOfTaxableIncomeToAvoidFederalIncomeTaxes
1.00 pure

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