Behind the Miss. There were a number of items with the most significant being the La Palma transition, both the cost of implementing the transition as well as a faster drawn down of the existing ICE population than was anticipated, a challenging labor market where CoreCivic has implemented above average wage increases, and the impact of contract non-renewals and asset dispositions.Upside Potential Remains. Due to the COVID regulations, CoreCivic's occupancy levels remain well below historical norms. A return to pre-COVID occupancy levels, or about an additional 8,000 detainees, could add some $40-$50 million to EBITDA. Given the expectations for a border surge once Title 42 is lifted, we do not think this is a stretch. Read More >>