CoreCivic, Inc. (NYSE:CXW) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 11:00 am ET


CoreCivic, Inc. (NYSE:CXW) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning. My name is Casey. And I will be your conference operator today's call. [Operator Instructions] At this time, I would like to welcome you to the CoreCivic's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] [Operator Instructions] Thank you.

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

Cameron Hopewell

Thanks, Casey. 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 here in the room by our Vice President of Finance, Brian Hammonds. On the call today, we will focus on our financial results for the second quarter, yesterday's announcements of our intentions to change our corporate structure and institute a new capital allocation strategy. And an overview of the evolving impacts of the COVID-19 pandemic. During today's call, our remarks, including our answers to your questions, will include forward-looking statements pursuing 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 second quarter 2020 earnings release issued after market yesterday and in our Securities and Exchange Commission filings, including Forms 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 our Investors page of our website

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

Damon Hininger

Thank you, Cameron. Good morning, everyone, and thank you for joining our second quarter 2020 conference call today. today. But also joining us on a day of great historical significance for our company. With last night's announcement noting our plan to convert to a Taxable C Corporation. We are putting our company that better position over time to improve our already strong financial position, and ultimately move our share price back to levels that reflect our strong fundamental business. By doing so, we will be able to build on our unprecedented leadership and supporting life changing reentry programs, policies and services that address America's recidivist crises, and help those in our care succeed with their next step in life. So for today's call, Dave and I will provide an overview of our second quarter financial performance. Yesterday's announcement of our intention to revoke our re-election and become a Taxable C Corporation in 2021, including its implications on our forward-looking business and capital allocation strategy, and our ongoing response to evolving developments resulting from the COVID-19 pandemic.

First, I will briefly touch on our second