CoreCivic, Inc. (NYSE:CXW) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 11:00 am ET


CoreCivic, Inc. (NYSE:CXW) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning. My name is Shelby and I will be your conference operator. [Operator Instructions] At this time, I'd like to welcome you to the CoreCivic's Third Quarter 2019 Earnings Conference Call. [Operator Instructions]. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions].

I would now like to turn the call over to Cameron Hopewell, CoreCivic's Managing Director of Investor Relations. Mr. Hopewell, you may begin your conference.

Cameron Hopewell

Thanks, Shelby. Good morning ladies and gentlemen, and thank you for joining us. Participating on today's call are Damon Hininger, President and Chief Executive Officer and David Garfinkle, Chief Financial Officer. We are also joined in the room by our Vice President of Finance, Brian Hammonds.

During today's call, our remarks, including our answers to your questions will include forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities and Litigation Reform Act. Our actual results or trends may differ materially as a result of a variety of factors including those identified in our third quarter 2019 earnings release issued aftermarket yesterday and in our Securities and Exchange Commission filings, including Form 10-K, 10-Q and 8-K reports.

You are also cautioned that any forward-looking statements reflect management's current views only and that the company undertakes no obligation to revise or update such statements in the future. On this call, we will also discuss certain non-GAAP measures, a reconciliation of the most comparable GAAP measurement is provided in our corresponding earnings release and included in the supplemental financial data on the Investors page of our website,

With that, it's my pleasure to turn the call over to our President and CEO, Damon Hininger. Damon.

Damon T. Hininger

Thank you, Cameron. Good morning everyone and thank you for joining our third quarter 2019 conference call today. CoreCivic is a diversified, real estate investment trust specializing in delivering government real estate solutions to serve the public good. We are the country's largest private owner of real estate assets in US government agencies with 105 facilities totaling over 17 million square feet of real estate and a 35-year history of delivering a broad range of solutions to help solve tough government challenges in flexible, cost effective ways. Our unique diversified portfolio of assets generate a steady reoccurring cash flow stream underwritten by investment grade government tenants.

Each of our three business segments provide specialized real estate to government tenants. Our Safety segment owns and manages corrections and detention facilities, including 51 correctional and detention facilities with a design capacity to safely and securely care for over 73,000 people. In the last five years, in this site might we served over 30,000 individuals achieve their high school equivalency or an industry-recognized trade certificate, which evidence based research has shown to materially reduce recidivism rates. Our community segment is a network of residential reentry centers and non-residential community-based correctional alternatives that help address America's recidivism crisis and includes 27 residential reentry facilities with a design capacity to support 5,274 individuals. We also provide nonresidential community-based services