$CXW

PRISON REALTY TRUST INC

CIK:0001070985|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
REVENUE	$ 684,917	$ 538,165	$ 1,299,646	$ 1,026,792
EXPENSES:
Operating	535,983	398,342	1,003,702	773,079
General and administrative	44,126	43,882	87,802	79,898
Depreciation and amortization	35,814	31,108	69,149	61,626
Costs and Expenses, Total	615,923	473,332	1,160,653	914,603
OTHER INCOME (EXPENSE):
Interest expense, net	(22,279)	(12,539)	(39,960)	(27,770)
Other income (expense)	797	(35)	789	(70)
INCOME BEFORE INCOME TAXES	47,512	52,259	99,822	84,349
Income tax expense	(10,374)	(13,716)	(24,768)	(20,693)
NET INCOME	$ 37,138	$ 38,543	$ 75,054	$ 63,656
BASIC EARNINGS PER SHARE	$ 0.38	$ 0.35	$ 0.76	$ 0.58
DILUTED EARNINGS PER SHARE	$ 0.37	$ 0.35	$ 0.76	$ 0.58

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 75,054	$ 63,656
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,149	61,626
Amortization of debt issuance costs and other non-cash interest	2,766	1,755
Deferred income taxes	11,751	3,504
Non-cash revenue and other income	(193)	(193)
Non-cash equity compensation	12,542	13,962
Other expenses and non-cash items	1,743	5,931
Changes in assets and liabilities, net:
Accounts receivable, prepaid expenses and other assets	(13,459)	(12,976)
Accounts payable, accrued expenses and other liabilities	(12,588)	3,931
Net cash provided by operating activities	146,765	141,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for facility development and expansions	(9,915)	(2,593)
Expenditures for other capital improvements	(53,199)	(58,300)
Acquisitions, net of cash acquired	(142,783)	0
Net proceeds from sale of assets	88	20
Other investing activities	759	810
Net cash used in investing activities	(205,050)	(60,063)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt and borrowings from credit facility	465,000	50,000
Scheduled principal repayments	(7,786)	(5,975)
Principal repayments of credit facility	(330,000)	(10,000)
Payment of debt defeasance, issuance and other refinancing and related costs	(3,015)	(93)
Payment of lease obligations for financing leases	(320)	(310)
Dividends paid on restricted stock units	(120)	(45)
Purchase and retirement of common stock	(55,117)	(93,869)
Net cash provided by (used in) financing activities	68,642	(60,292)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	10,357	20,841
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	112,446	122,110
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	122,803	142,951
NON-CASH INVESTING AND FINANCING ACTIVITIES
Establishment of right of use assets and lease liabilities	1,899	116,961
Cash paid during the period for:
Interest (net of amounts capitalized of $1.4 million in 2026)	43,783	34,999
Income taxes paid	$ 26,600	$ 5,651

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 108,934	$ 97,929
Restricted cash	13,869	14,517
Accounts receivable, net of credit loss reserve of $5,635 and $4,506, respectively	463,089	446,224
Prepaid expenses and other current assets	78,475	49,904
Assets held for sale	2,513	2,513
Total current assets	666,880	611,087
Real estate and related assets:
Property and equipment, net of accumulated depreciation of $2,068,069 and $2,012,353, respectively	2,148,959	2,132,206
Other real estate assets	177,295	182,479
Goodwill	59,115	8,551
Other assets	403,390	322,420
Total assets	3,455,639	3,256,743
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	390,443	353,173
Current portion of long-term debt	115,250	15,701
Total current liabilities	505,693	368,874
Long-term debt, net	1,231,770	1,205,037
Deferred revenue	6,905	8,719
Non-current deferred tax liabilities	110,115	98,364
Other liabilities	162,679	170,500
Total liabilities	2,017,162	1,851,494
Commitments and contingencies
Preferred stock - $0.01 par value; 50,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock - $0.01 par value; 300,000 shares authorized; 98,893 and 100,051 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	989	1,001
Additional paid-in capital	1,485,910	1,527,724
Accumulated deficit	(48,422)	(123,476)
Total stockholders' equity	1,438,477	1,405,249
Total liabilities and stockholders' equity	$ 3,455,639	$ 3,256,743