GEO惩教集团与ICE签订合同，为无证移民提供定位追踪和拘留服务，其2024年约24亿美元的年收入中 约有60%来自美国政府。美国惩教公司近20亿美元的收入中同样约有一半来自美国政府。 智通财经APP获悉，在特朗普赢得美国总统大选推动下股价一度飙升的美国两家最大私营监狱运营商， 如今正面临股价表现低迷的局面。GEO惩教集团(GEO.US)和美国惩教公司(CXW.US)的股价都已较纪录 高点大幅下跌，且将在本周创下至少自去年11月以来的最大单周跌幅。 这两家公司本有望从特朗普政府承诺拘留数百万非法移民中受益。由于共和党的税收和支出法案为监狱 业务拨款数百亿美元，这一预期支撑了股价直至去年夏季。然而，对这两家公司来说，实际情况并未完 全如预期发展。尽管高调的执法行动频现，但国土安全部在拘留非法移民方面仍未达到其目标。 Noble Capital Markets分析师乔·戈麦斯表示："尽管去年通过的《大而美法案》提供了创纪录的资金，但 被拘留者人数的增加速度比许多人最初预期的要慢。"他表示，人们曾期望被拘留人数"弹指之间"就会 激增。 美国惩教公司将于2月11日美股盘后公布第四季度业绩，GEO惩教集团将于次日公布第 ...

Core Points - CoreCivic, Inc. will release its 2025 fourth quarter financial results on February 11, 2026, after market close [1] - A live conference call will take place on February 12, 2026, at 10:00 a.m. central time [1] - Participants can register in advance to join the call and will receive a confirmation email with details [2] - An audio-only webcast of the conference call will be available on CoreCivic's website, with a replay accessible for seven days [3] Company Overview - CoreCivic is a diversified government-solutions company focused on addressing government challenges through cost-effective solutions [4] - The company provides a range of services including corrections and detention management, alternatives to incarceration, and government real estate solutions [4] - CoreCivic is the largest owner of partnership correctional, detention, and residential reentry facilities in the U.S. and has over 40 years of experience as a government partner [4]

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on those with robust, consistent, and predictable cash flows [1] - It highlights the significance of combining fundamental analysis with macroeconomic factors to develop a disciplined investment framework [1] - The author expresses a willingness to engage with the investment community to share actionable ideas and insights [1] Company Focus - The investment strategy is sector and asset class agnostic, indicating a broad approach to identifying value across various markets [1] - There is a particular interest in exploring opportunities in the fixed-income market depending on market cycles [1] Macroeconomic Considerations - The article stresses that macroeconomic developments can drive market cycles and influence valuation discounts or premiums [1] - Attention to macroeconomic factors is deemed essential for accurate valuation and sensitivity analysis [1]

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on those with robust, consistent, and predictable cash flows [1] - It highlights the significance of combining fundamental analysis with macroeconomic factors to develop a disciplined investment framework [1] - The author expresses a willingness to engage with the investment community to share actionable ideas and insights [1] Company Focus - The investment strategy is sector and asset class agnostic, indicating a broad approach to identifying value across various markets [1] - There is a particular interest in exploring opportunities in the fixed-income market depending on market cycles [1] Macroeconomic Considerations - The article stresses that macroeconomic developments can drive market cycles and influence valuation discounts or premiums [1] - Attention to macroeconomic factors is deemed essential for accurate valuation and sensitivity analysis [1]

Core Viewpoint - CoreCivic has appointed Daren Swenson as Executive Vice President and Chief Corrections and Reentry Officer, effective January 1, 2026, to oversee operations for corrections, detention, and reentry facilities [1][2] Leadership Changes - Daren Swenson has been with CoreCivic since 1992, progressing through various leadership roles, and is recognized for his extensive knowledge of the business [2] - The CEO, Damon T. Hininger, expressed confidence in Swenson's leadership during a period of rapid growth for the company [2] - Patrick D. Swindle, President and COO, anticipates Swenson's contributions to operational excellence as the company addresses the needs of government partners [2] Company Overview - CoreCivic is a diversified government-solutions company that provides a range of services including corrections and detention management, alternatives to incarceration, and government real estate solutions [3] - The company is the largest owner of partnership correctional, detention, and residential reentry facilities in the U.S. and has been a reliable partner for government for over 40 years [3] - CoreCivic's employees are committed to high standards of professionalism and public service [3]

Core Points - CoreCivic has amended its Fourth Amended and Restated Credit Agreement to increase the "accordion" feature for uncommitted incremental extensions of credit from $200 million to $300 million and to expand the Revolving Credit Facility from $275 million to $575 million effective December 1, 2025 [1] - The company currently has outstanding borrowings of $165 million under the Revolving Credit Facility, with additional borrowing capacity of $391.4 million after the amendment [1] - CoreCivic's CFO indicated that recent contract awards are expected to lead to significant increases in revenues and cash flows for 2026 and 2027, enhancing the company's balance sheet flexibility for strategic investments and long-term value creation [2] - CoreCivic is the largest owner and one of the largest operators of partnership correctional, detention, and residential reentry facilities in the United States, providing a range of government solutions [3]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Points - CoreCivic's Board of Directors has authorized an increase in its share repurchase program, allowing for an additional $200 million in share buybacks, raising the total authorization from $500 million to $700 million [1] - Since the program's initiation in May 2022, CoreCivic has repurchased 21.5 million shares at a total cost of $322.1 million, averaging $14.98 per share, with $377.9 million remaining for repurchase as of November 7, 2025 [2] - The CEO of CoreCivic expressed confidence that the current share price does not reflect the company's progress and opportunities, emphasizing a commitment to enhancing long-term shareholder value through capital allocation strategies [3] - CoreCivic is a diversified government-solutions company, recognized as the largest owner and one of the largest operators of correctional and detention facilities in the U.S., providing various solutions to government partners [4]

Core Points - CoreCivic reported Q3 CY2025 revenue of $580.4 million, an 18.1% year-on-year increase, exceeding analyst estimates of $541.2 million by 7.3% [1][6] - Non-GAAP profit per share was $0.24, which was 7.7% below the consensus estimate of $0.26 [1][6] - The market reacted negatively to the earnings report, leading to a sharp decline in share price [3] Revenue and Profitability - Revenue growth was attributed to new federal contracts, particularly with Immigration and Customs Enforcement (ICE), and the reactivation of previously idle facilities [3][5] - Start-up costs for newly activated centers and legal delays impacted profitability, contributing to the shortfall in non-GAAP earnings [3][5] - Adjusted EBITDA was reported at $88.83 million, missing analyst expectations of $90.96 million, with a margin of 15.3% [6] Future Guidance - Management lowered full-year Adjusted EPS guidance to $1.03 at the midpoint, reflecting a 6.8% decrease [6] - EBITDA guidance for the full year is set at $357 million at the midpoint, below analyst estimates of $371.5 million [6] - Management anticipates significant earnings growth once stabilized occupancy is achieved in 2026, despite near-term margin pressure from start-up losses [4]

Financial Performance - Net income for Q3 2025 was $26.3 million, or $0.24 per diluted share, compared to $21.1 million, or $0.19 per diluted share in Q3 2024, reflecting a 24.0% increase in net income year-over-year [110]. - Total revenue for Q3 2025 was $580.4 million, an increase of $88.8 million, or 18.1%, from $491.6 million in Q3 2024 [115]. - Total management revenue for the nine months ended September 30, 2025, was $1,593.1 million, an increase of $132.3 million, or 9.1%, compared to $1,460.8 million in the same period of 2024 [116]. - CoreCivic Safety's total revenue increased by $85.8 million, or 18.7%, from $459.3 million in Q3 2024 to $545.1 million in Q3 2025 [136]. - CoreCivic Community's total revenue increased by $2.4 million, or 8.7%, from $28.2 million in Q3 2024 to $30.7 million in Q3 2025, and by $2.1 million, or 2.4%, from $88.4 million in the first nine months of 2024 to $90.5 million in 2025 [148]. - Net income for the nine months ended September 30, 2025, was $87,801, up from $63,503 for the same period in 2024, representing an increase of approximately 38% [185]. - Funds From Operations (FFO) for the nine months ended September 30, 2025, was $164,693, compared to $124,856 for the same period in 2024, indicating an increase of approximately 32% [189]. - Normalized Funds From Operations for the nine months ended September 30, 2025, was $166,367, up from $146,839 in 2024, reflecting an increase of approximately 13% [189]. Revenue and Occupancy - Management revenue increased by $88.2 million, or 18.1%, for Q3 2025, driven by a $45.3 million increase in revenue per compensated man-day, which rose by 8.7% [116]. - Average compensated occupancy for Q3 2025 was 76.7%, up from 75.2% in Q3 2024, indicating improved facility utilization [114]. - Average daily compensated population increased by 4,479, or 8.8%, to 55,236 for the three months ended September 30, 2025, compared to 50,757 for the same period in 2024 [117]. - Federal customers generated approximately 55% of total revenue for the three months ended September 30, 2025, increasing by $70.9 million, or 28.3%, compared to the same period in 2024 [118]. - Average compensated occupancy in the Safety and Community segments increased to 76.7% from 75.2% during the three months ended September 30, 2025, and to 76.8% from 74.9% during the nine months ended September 30, 2025 [117]. Expenses and Costs - Operating expenses totaled $449.6 million for the three months ended September 30, 2025, an increase of $78.8 million, or 21.2%, compared to $370.8 million for the same period in 2024 [122]. - Total expenses per compensated man-day increased to $86.22 during the three months ended September 30, 2025, from $77.02 during the same period in 2024 [127]. - Variable expenses per compensated man-day increased to $22.79 during the three months ended September 30, 2025, from $19.42 during the same period in 2024, representing a 17.4% increase [131]. - Operating expenses increased by $100.5 million, or 9.0%, during the nine months ended September 30, 2025, compared to the same period in 2024 [123]. - General and administrative expenses rose to $45.3 million in Q3 2025 from $41.2 million in Q3 2024, primarily due to increased corporate salaries and benefits [155]. Acquisitions and Investments - The acquisition of the Farmville Detention Center effective July 1, 2025, contributed to the increase in average daily compensated population [117]. - The acquisition of the Farmville Detention Center for $71.4 million is expected to result in total annual incremental revenue of approximately $40 million [145]. - The company completed the repurchase of 5.9 million shares at a total cost of $121.0 million during the nine months ended September 30, 2025 [169]. - The company approved capital expenditures of $97.5 million to $99.5 million for activating previously idled facilities [171]. Debt and Cash Management - As of September 30, 2025, the company had cash on hand of $56.6 million and $191.4 million available under its Revolving Credit Facility [173]. - The company generated $195.0 million in cash from operating activities for the nine months ended September 30, 2025, compared to $229.9 million for the same period in 2024 [177]. - The company reported a net cash flow used in investing activities of $166.8 million for the nine months ended September 30, 2025, primarily due to capital expenditures and the acquisition of the Farmville Detention Center [178]. - As of September 30, 2025, the company had $238.5 million of 4.75% senior unsecured notes and $500.0 million of 8.25% senior notes outstanding [175]. - The total weighted average effective interest rate for the company was 6.9% as of September 30, 2025 [175]. - The company has no debt maturities until October 2027, providing flexibility for future capital management [175]. Market and Operational Insights - The CoreCivic Safety segment accounted for 92.1% of total segment net operating income for Q3 2025, down from 94.3% in Q3 2024 [111]. - Operating margins were negatively impacted by start-up expenses and labor shortages, with a facility operating loss of $3.4 million during Q3 2025 [136]. - CoreCivic anticipates an increase in demand for correctional and detention facilities due to changes in immigration policy and funding levels from the federal government [139]. - The management contract with the state of Montana for inmate care is set to expire on July 31, 2026, with the potential for a total term of up to seven years, currently managing 362 inmates at the Saguaro facility and 239 at the Tallahatchie facility [147]. - The company is exposed to market risk related to interest rates, with a potential increase or decrease in interest expense of $0.4 million and $1.0 million for the three and nine months ended September 30, 2025, respectively, if rates changed by 100 basis points [195].