4Q21 Results. CoreCivic reported fourth quarter results after the market closed yesterday. Revenue came in at $472.1 million, compared to $473.5 million in the same period last year. The Company reported net income of $28 million, or $0.23 per share, compared to a loss of $26.8 million, or $0.22 per share last year. Adjusted EPS of $0.27 compared to $0.40. On a proforma basis to reflect the adoption of a C-corp structure EPS was $0.27 versus $0.30 last year. We had projected revenue of $474 million and EPS of $0.22.2021 Results. Full year revenue came in at $1.86 billion, adjusted EPS at $1.04, normalized FFO at $1.85, and adjusted EBITDA at $402 million. These results were obtained in the still challenging operating environment, including Covid-related costs and restrictions and the loss of USMS contracts as a result of the President's executive order. In 2020, revenue was $1.91 billion, adjusted EPS$1.32, NFFO $2.25, and adjusted EBITDA of $404.8 million.Debt Reduction. As expected, debt leverage ratio rose modestly to 2.9x from 2.8x for the nine month period. We continue to expect the Company to hit its 2.25x-2.75x goal in mid 2022, opening up other potential capital allocation opportunities, including share repurchases.Guidance: For 2022, management is projecting diluted EPS in the $0.72 to $0.86 range, FFO per share in the $1.55-$1.70 range, and EBITDA in the $354.8 million to $370 million range. These are below our previous projections and we believe reflect the transition of the Arizona facility, higher anticipated labor costs, and ongoing Covid-related occupancy restrictions, which we had been expecting to ease in 2022.Call. Management will host an investor call this morning at 11am ET to discuss the quarter's results. Dial-in is 800-614-0009, passcode 8591205. We will provide additional commentary and update our models following the call. Read More >>