CoreCivic has announced financial results for the fourth quarter, with net income of $24.4 million, or $0.21 per diluted share, compared with net income in the fourth quarter of 2021 of $28 million, or $0.23 per diluted share.

According to a release, the Brentwood-based private prison operator saw total revenue of about $1.84 billion and net income of $122.3 million for 2022. Revenue was approximately 1.86 billion in 2021.

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Damon Hininger

Total revenue for Q4 was $471.43 million compared to $472.13 in the same period of 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $87 million in Q4, compared with $97 million in the fourth quarter of 2021. Adjusted EBITDA was $87.7 million in the fourth quarter of 2022, compared with $103.2 million in the fourth quarter of 2021.

“We are pleased to have closed out 2022 with another strong financial performance in a difficult environment, which allowed us to make meaningful progress towards the debt reduction goals we have set,” Damon Hininger, CoreCivic president and chief executive officer, said in the release.

Hininger said the company reduced its outstanding debt balance by over $287 million in 2022, and on Feb. 1, repaid in full the $154 million outstanding balance on its 4.62 percent senior notes originally scheduled to mature on May 1.

“Since announcing our updated capital allocation strategy in the summer of 2020, we have cut our overall debt in half, or by over $1 billion due to the strong and stable cash flows generated in the business,” he said. “Having made significant progress on our debt reduction strategy, we began returning capital to shareholders during 2022 through a new share repurchase program. During the year we repurchased 6.6 million shares, representing over 5 percent of our outstanding shares, at a total cost of $74.5 million.”