0001193125-26-337295
SEC filing营收大增27.3%至$684.9M，但净利微降，主因CSP收购及ICE需求驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $684.9M | $538.2M | +27.3% |
| Gross Profit | $149.0M | $139.8M | +6.6% |
| Gross Margin | 21.8% | 26.1% | -430bps |
| Operating Income | $69.0M | $64.8M | +6.4% |
| Operating Margin | 10.1% | 12.8% | -270bps |
| Net Income | $37.1M | $38.5M | -3.6% |
| Diluted EPS | $0.37 | $0.35 | +5.7% |
| Operating Cash Flow | $146.8M | $141.2M | +3.9% |
| Free Cash Flow | $88.0M | $81.1M | +8.5% |
增长桥：Q2营收$684.9M，同比+27.3%，主要驱动力为：(1) ICE需求激增，Residential分部联邦收入+27.2%至$365.8M；(2) CSP收购并表贡献Services收入$65.3M；(3) 平均每日补偿人口+4.3%至56,363人。但增长质量存疑，因运营费用增速(+34.6%)远超营收增速。
利润率归因：Gross Margin下降430bps至21.8%，Operating Margin下降270bps至10.1%。主因：(1) 新激活设施（California City、Midwest等）处于爬坡期，运营效率未达稳态；(2) 员工留任税收抵免(ERC)减少$2.7M；(3) 工资上涨及通胀压力。Residential分部Operating Margin从26.1%降至22.4%，降幅370bps。
盈利质量：Net Income $37.1M，同比-3.6%，但EPS $0.37，同比+5.7%，因股份回购减少股本。经营现金流$146.8M，同比+3.9%，FCF $88.0M，同比+8.5%，现金流质量良好。剔除CSP收购费用$0.7M后，run-rate净利约$37.8M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| CoreCivic Residential | $614.9M | +17.5% | $137.6M | 22.4% | ICE需求、新设施激活 |
| CoreCivic Services | $88.7M | +362.6% | $9.0M | 10.2% | CSP并表贡献 |
| CoreCivic Properties | $4.7M | 0.0% | $2.3M | 49.4% | 租赁收入稳定 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $108.9M | +$11.0M |
| Total Debt | $1,357.5M | +$127.2M |
| Net Debt | $1,248.6M | +$116.2M |
| Operating Cash Flow | $146.8M | +$5.6M |
| Capex | $58.8M | -$0.6M |
| Free Cash Flow | $88.0M | +$6.9M |
| FCF 转化率 | 117.3% | — |
Net Debt/EBITDA：基于TTM EBITDA约$500M，Net Debt/EBITDA约2.5x（估算）。
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Capex | $35.0M-$40.0M | 用于设施激活 |
关注点：