Mission Statement, Vision, & Core Values (2024) of CoreCivic, Inc. (CXW)

An Overview of CoreCivic, Inc. (CXW)

General Summary of CoreCivic, Inc. (CXW)

CoreCivic, Inc. (CXW), formerly known as Corrections Corporation of America, is a leading provider of government solutions for the management of correctional and detention facilities. Established in 1983, CoreCivic has evolved its operations to include the management of a variety of facilities, including residential reentry centers and community corrections facilities. As of 2024, CoreCivic operates 69 facilities across the United States, providing services to various government agencies.

The company offers a broad range of services, including:

• Management of correctional facilities
• Community corrections and residential reentry services
• Detention services for federal and state governments
• TransCor, a transportation service for inmates

In 2024, CoreCivic reported total revenues of $1.48 billion for the nine months ended September 30, 2024, up from $1.41 billion in the same period of 2023. This revenue growth reflects the company's strategic focus on expanding its service offerings and optimizing existing contracts.

Company's Financial Performance in the Latest Financial Reports

CoreCivic's financial performance for the three and nine months ended September 30, 2024, showcased significant improvements in profitability and operational efficiency. The company reported net income of $21.1 million for Q3 2024, an increase from $13.9 million in Q3 2023. For the nine-month period, net income rose to $49.6 million from $41.1 million year-over-year.

The following table summarizes CoreCivic's key financial metrics:

CoreCivic's growth in revenue has been primarily driven by a 4.1% increase in average revenue per compensated man-day in its Safety segment, which reflects higher per diem rates due to increased government funding. The company has also seen a reduction in variable operating expenses, contributing positively to operating margins.

Introduction to CoreCivic as a Leader in the Industry

CoreCivic stands out as one of the leading companies in the correctional and detention management industry. The company's extensive portfolio includes facilities that are strategically located to meet the needs of government contracts, positioning CoreCivic as a key partner for state and federal agencies. The ability to adapt to changing market conditions and the evolving needs of its clients has solidified CoreCivic's reputation as a reliable service provider.

With a commitment to operational excellence and community engagement, CoreCivic continues to innovate within the industry, focusing on enhancing the quality of care and rehabilitation services offered to the populations it serves. For those interested in learning more about CoreCivic's successful strategies and operational insights, further details can be explored below.

Mission Statement of CoreCivic, Inc. (CXW)

Mission Statement Overview

CoreCivic, Inc. (CXW) has articulated its mission statement to guide its long-term goals and operational strategies. The mission emphasizes a commitment to providing high-quality services in the correctional and detention sectors, focusing on safety, rehabilitation, and community reintegration.

Core Component 1: Commitment to Safety

The first component of CoreCivic's mission statement is its unwavering commitment to safety. This dedication is underscored by their operational focus on maintaining secure facilities and ensuring the safety of both staff and inmates. For instance, in the three months ended September 30, 2024, CoreCivic reported a facility net operating income of $120.8 million, reflecting its operational efficiency and focus on safety measures in its facilities.

Core Component 2: Rehabilitation and Reintegration

The second core component is the emphasis on rehabilitation and reintegration of individuals into society. CoreCivic operates various programs aimed at reducing recidivism through educational and vocational training. As of September 30, 2024, the company reported revenue of $491.6 million from its safety segment, which includes services that support rehabilitation. The investment in rehabilitation programs is evident in the increase in state revenues, which rose by $24.8 million (4.5%) for the nine months ended September 30, 2024, compared to the previous year.

Core Component 3: Community Engagement

The third component of CoreCivic's mission is its commitment to community engagement. This involves partnerships with local governments and organizations to enhance public safety and reduce crime rates. In the nine months ended September 30, 2024, CoreCivic reported that local revenues increased by $11.3 million, or 43.8%, primarily due to new contracts with local governments. This significant increase illustrates CoreCivic's proactive approach in collaborating with communities to address safety and rehabilitation needs.

CoreCivic's mission statement and its core components reflect a comprehensive strategy aimed at ensuring safety, promoting rehabilitation, and engaging with the community. The financial metrics highlight the effectiveness of these strategies in driving the company's growth and operational success.

Vision Statement of CoreCivic, Inc. (CXW)

Vision Statement of CoreCivic, Inc. (CXW)

The vision statement of CoreCivic, Inc. outlines the company's commitment to providing effective solutions for the management of correctional and detention facilities, while prioritizing safety, rehabilitation, and community reintegration. As of 2024, the vision reflects a focus on sustainable operations and innovative practices to enhance the correctional system.

CoreCivic emphasizes a strong commitment to safety and security within its facilities. As of September 30, 2024, the average compensated occupancy across its facilities was 66.7%, with an operating margin of 17.3%. The company aims to maintain high standards of safety, which is reflected in its operational metrics:

CoreCivic's vision also includes a strong focus on rehabilitation and reintegration of individuals into society. The company operates various community reentry centers, which play a critical role in supporting individuals transitioning back into their communities. During the nine months ended September 30, 2024, CoreCivic generated local revenues of $39.3 million, up 43.8% compared to the same period in 2023. This increase highlights the company's commitment to enhancing community ties and supporting successful reintegration.

Innovation is a key component of CoreCivic's vision. The company is investing in technology and practices that improve operational efficiency and enhance the quality of services provided. For instance, total revenue for CoreCivic Safety increased by 3.6% to $459.3 million for the three months ended September 30, 2024, compared to the same period in 2023. This growth is indicative of the company's strategic initiatives aimed at modernizing its facilities and services.

CoreCivic aims to foster sustainable operations through strong community partnerships. The termination of certain leases, such as the South Texas Family Residential Center, reflects the company's strategic decisions to focus on sustainable revenue streams. As of September 30, 2024, CoreCivic had net cash flow from operating activities amounting to $229.9 million, showcasing its financial stability and ability to invest in sustainable practices.

Overall, the vision statement of CoreCivic, Inc. as of 2024 reflects a comprehensive approach that integrates safety, rehabilitation, innovation, and sustainability to address the evolving needs of the correctional system and the communities it serves.

Core Values of CoreCivic, Inc. (CXW)

Integrity

Integrity is foundational to CoreCivic, Inc.'s operations, embodying honesty and transparency in all interactions.

CoreCivic has demonstrated its commitment to integrity through the implementation of rigorous compliance and ethics training programs for employees. In 2024, the company reported a 95% completion rate of these training programs across its workforce. Furthermore, the company maintains an anonymous reporting system for employees to report unethical behavior, which has been utilized in over 200 cases since its inception, leading to corrective actions and improved practices.

Safety

Safety is a core value that underscores CoreCivic's commitment to providing secure environments for both staff and inmates.

In 2024, CoreCivic invested $15 million in upgrading safety protocols and technologies across its facilities, including enhanced surveillance systems and staff training programs. The company reported a 30% reduction in safety incidents compared to the previous year, showcasing its focus on creating safer correctional environments.

Respect

Respect for individuals is vital to CoreCivic's mission, ensuring that the dignity of all persons is upheld.

CoreCivic launched a new initiative in 2024 focused on inmate rehabilitation, which included vocational training and educational programs that have served over 5,000 inmates. This initiative reflects the company's respect for the individuals it serves and its commitment to their successful reintegration into society.

Accountability

Accountability is crucial for CoreCivic, emphasizing the responsibility of the company and its employees to uphold its values.

In its 2024 reporting, CoreCivic indicated that it has established measurable performance metrics for all operational units, with quarterly reviews ensuring compliance and performance improvements. The company reported a 20% increase in operational efficiency as a result of this accountability framework.

Community Engagement

Community engagement is a core value, reflecting CoreCivic's commitment to being a responsible corporate citizen.

As of 2024, CoreCivic has invested over $3 million in community development programs, focusing on local partnerships that enhance public safety and provide resources for at-risk youth. The company reported that over 10,000 community members benefited from these initiatives during the year, demonstrating its dedication to positive community relations.

Updated on 16 Nov 2024

Resources:

1. CoreCivic, Inc. (CXW) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CoreCivic, Inc. (CXW)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View CoreCivic, Inc. (CXW)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.