corecivic investor relations

I know there was some issues with the a little bit Detention Center in New Jersey, what was the that center’s contribution to FFO in 2019? Finally, a reduction in G&A expenses partly due to lower incentive compensation and partly due to reduction of certain other expenses such as travel due to restrictions imposed by COVID-19 resulted in savings relative to the prior quarter. Last month, the Idaho Board of Corrections authorized the Idaho Department of Corrections to enter into a contract with core service to care for Idaho offenders that are facilities in Arizona. Great. Investors: Cameron Hopewell - Managing Director, Investor Relations - (615) 263-3024 Financial Media: David Gutierrez, Dresner Corporate Services - (312) 780-7204 Related Articles [Operator Instructions] Our first question will be from Joe Gomes from NOBLE Capital. Thanks, Carrie. And Joe is a reminder we discussed last quarter, about two thirds of our federal contracts have guarantees if you are a fixed monthly payments. And I would say, today, those populations are around or slightly below those fixed population levels. Marshal type populations? We structure our EOC platform to follow FEMA's National Incident Command System protocols, so we are following emergency response best practices. So we know from a business perspective as part of your question, we won’t miss a beat. So yes, I mean we can delever pretty quickly with the cash flow as the business generates. We’re also applying long-held strengths to deliver comprehensive real estate services through CoreCivic Properties. So we are looking at reaching that debt level target, I guess the middle of 2022. I would now like to turn the call over to Cameron Hopewell, CoreCivic's Managing Director of Investor Relations. Our finance department has to deal with the operating requirements as a REIT, so some back office things that we have to deal with in order to comply with the REIT requirements. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt refinancing, M&A activity, start-up expenses, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented. We haven't heard any indication relative to kind of the ultimate time line being affected. To put this in perspective, we have approximately 15,000 employees working for the company at an average of 56,000 residents in our 70-plus prisons, detention and community correction facilities over the last 60 days. I will provide you with additional color about the potential financial impact as we are also focused on maintaining the long-term financial health of the company. A little bit more about the decline in the ICE populations. We are also evaluating the sale of lower yielding non-core real estate properties outside our corrections portfolio. Additionally, some of our government partners have transferred certain residents assigned to our reentry facilities to nonresidential statuses such as furloughs, home confinement or early releases to create additional space for enhanced social distancing within our reentry facilities. So we want to test staff, all staff and all inmates. What is yet to be determined is if these measures to reduce density and capacity levels will be implemented on a more permanent basis across our nation's correctional systems. Are you kind of anticipating a similar level for the next two quarters? We have also developed several financial models with reasonable downside scenarios, including various levels of different time lines of disruption, none of which reached a net debt-to-EBITDA of 5 times. So they put out an RFI early this year. So I think they will continue to make investments in those facilities and we could see a resumption or populations returning to pre pandemic levels faster in that community segment even then in the safety segment. Thank you for those answers. Thanks for taking my call. So I will conclude my remarks by pointing you to an investor presentation on our website that further describes the strategy. We are a publicly traded real estate investment trust (REIT) and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. So after Alabama, the one that has been most public here recently that you may have heard about was Nebraska. So we are looking at 250. So still optimistic. I don't know, anything to add to that, David? We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, innovative and cost-saving government real estate solutions, and a growing network of residential and non-residential alternatives to incarceration that are helping to address America’s recidivism crisis. The pace of economic recovery will also affect future tax revenues, which at this time is difficult to predict and will likely vary greatly state by state. And it remains a great structure for many companies. Yes, and one more comment of mine. Maybe you could just kind of walk us through a little bit more on the thought process and what other alternatives your financial advisor here brought to the table tables you guys to look at when you make the conversion, is there either a positive or negative from the cost perspective of being the C-Corp versus a REIT, maybe you can you can talk a little bit about those. Yes. After the speakers’ remarks, there will be a question-and-answer session. The initial nationwide shortage of personal protective equipment and COVID-19 testing equipment required us to coordinate a portfoliowide supply chain in order to provide face masks to all staff and individuals in our care, consistent with CDC recommendations and ensure availability of testing equipment. They won’t see any change and kind of operation as it relates to kind of day-to-day business activities. Financial results in the second quarter of 2020, compared with the second quarter of 2019, decreased primarily because of lower utilization of our existing contracts with Immigration and Customs Enforcement, or ICE, and modest utilization declines across many of our state-level contracts due to the ongoing impact of COVID-19. As previously mentioned, during the third quarter, we will ramp down our Cimarron facility, and we estimate operating losses of $2.1 million at this facility during the quarter because of the transition. So governments have acted faster to transfer certain residents assigned for re-entry facilities to non-residential statuses such as furloughs, home confinement or early releases to create additional space for enhanced social distancing within our reentry facilities. But I would say this. But under a Taxable C Corp structure, the important thing is we don’t have to, we have to rely on the capital markets for those things. So I don't know, anything to add to that, David. So I think we had one small contract during the quarter. They're typically populations that are very long term. First half results are strong, with a robust multi-year outlook. On the top-line, our revenue in the second quarter was $472.6 million, which was a decline of 3.6% over the prior year quarter. One notable benefit includes the deferral of the employer portion of social security taxes, which will enable us to defer payments of approximately $30 million accumulated this year, half of which is due December 31, 2021, with the other half due December 31, 2022. So, G&A labor efforts and things like that the cost structure going forward is not material. CoreCivic Inc (NYSE:CXW) Q2 2020 Results Conference Call August 6, 2020 11:00 AM ET, Cameron Hopewell - Director of Investor Relations, Damon Hininger - President and Chief Executive Officer, David Garfinkle - Chief Financial Officer, Brian Hammonds - Vice President of Finance. To show our appreciation for their service and dedication during the pandemic, all frontline employees will receive a Hero Bonus. During the second quarter, many of our government partners have expanded testing of inmate and detainee populations beyond its testing guidance from the CDC. However, the largest impact has been the result of reduced activity at the southwest border and the federal government's decision to deny entry at the border to asylum seekers and anyone crossing the border without proper documentation in an effort to contain the spread of COVID-19. And some of them they have debt on them. An initial award, as the first facility for this procurement is expected in the next few months with subsequent awards being announced next year. And so the seven that do not, again, are pretty small facilities and typically have multiple customers in there. For example, many older facilities use central HVAC system that recirculate air throughout the entire facility. Nashville, TN 37215, Fax (for employment verification only): Cameron Hopewell -- Managing Director, Investor Relations. Funds From Operations (FFO) was $57.4 million, or $0.47 per diluted share, in the second quarter of 2020, compared to $79.2 million, or $0.66 per diluted share, in the second quarter of 2019. While the unprecedented increase in unemployment since the start of the pandemic may significantly expand the pool of available employees, corrections is facing an additional challenge in staffing with COVID-19 now. Other measures like social distancing and proper hygiene recommendations, as I mentioned earlier, are the primary measures to reduce the spread of the virus. Marshals populations and, to a lesser extent, state populations as the number of courts and session, arrests and prosecutions have declined due to shelter-in-place orders and other COVID-19 related restrictions on individuals, businesses and services. The most recent partner to conduct wide-scale testing is the State of Tennessee, and that effort is ongoing this week going into later this month. And an overview of the evolving impacts of the COVID-19 pandemic. [Operator Instructions] At this time, I would like to welcome you to the CoreCivic's First Quarter 2020 Earnings Conference Call. So margins are typically higher, but we do have those fixed monthly payments, as Damon described, that protect us on the downside. And we expect a similar renewal of a contract at our Houston Processing Center under the same procurement in the coming weeks, both demonstrating the continued bed demand. And I’m going to switch gears over to the community segment. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. But testing does have its limitations and cannot replace the need to follow proper hygiene distancing and PPE protocols. As a reminder, our first quarter always includes higher unemployment taxes when base wage rates reset, resulting in a per share increase of $0.02 from Q1 to Q2. And have any of the ICE or U.S. For more than 35 years, we have worked closely with our government partners to develop and implement industry best practices to handle the potential spread of infectious diseases. BRENTWOOD, Tenn., Oct. 16, 2020 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it will release its 2020 third quarter financial results after the market closes on Wednesday, November 4, 2020. So I don't have anything to announce today, but it does feel like that potentially a couple of other jurisdictions are going to take a hard look at that. As of June 30, 2020, we cared for 565 inmates from Mississippi. The live broadcast can also be accessed by dialing 800-367-2403 in the U.S. and Canada, including the confirmation passcode 4791391. We quickly pushed out guidance to our facilities to actively promote healthy habits for individuals in our care, including regular hand hygiene, respiratory etiquette and avoiding touching of one's face. Our next question will be from Jordan Sherman from Ranger Global.

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