CoreCivic Inc (CXW)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	—	18.62	19.70	12.62	13.20	—	—	—	15.61	28.61	36.02	1.11	1.11	26.17	15.18	16.69	10.25	10.84	9.05	8.11
Receivables turnover	6.08	6.97	7.10	7.22	5.91	6.29	6.77	7.09	6.59	8.14	6.59	7.20	7.12	7.29	8.00	7.29	7.05	7.24	7.05	6.87
Payables turnover	3.60	—	—	—	2.80	—	—	—	3.03	—	—	—	3.85	—	—	—	3.34	—	—	—
Working capital turnover	10.69	16.24	23.19	22.02	29.33	32.54	60.89	5.86	6.50	5.45	10.66	5.08	4.72	6.98	5.26	6.48	29.75	—	—	202.78

The activity ratios of CoreCivic Inc provide insights into the company's efficiency in managing its key operational components.

1. Receivables turnover: CoreCivic's receivables turnover ratio has been relatively stable over the quarters, ranging from 5.91 to 7.22. This indicates that the company collects its accounts receivable approximately 6 to 7 times a year. A higher turnover ratio suggests a shorter time between selling products or services and receiving payment.

2. Payables turnover: The data shows that payables turnover was not available in Q4 2023 and Q1 2022, and remained unchanged at 0.00 in other quarters where data was provided. This may suggest that the company is not actively managing its accounts payable turnover or has a different payment strategy in place.

3. Working capital turnover: CoreCivic's working capital turnover has shown significant fluctuation, ranging from 5.86 to 60.89. A higher turnover ratio indicates a more effective utilization of working capital to generate sales revenue. The sharp increase in Q2 2022 and subsequent decline may indicate changes in the company's working capital management strategies during this period.

In conclusion, while the receivables turnover ratio reflects a consistent collection efficiency, the absence of payables turnover data and fluctuations in working capital turnover warrant further investigation into CoreCivic's operational and financial management practices.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	—	19.60	18.53	28.91	27.66	—	—	—	23.38	12.76	10.13	329.93	329.27	13.95	24.04	21.87	35.62	33.66	40.33	45.00
Days of sales outstanding (DSO)	days	60.08	52.40	51.40	50.53	61.80	58.01	53.94	51.48	55.42	44.82	55.35	50.70	51.28	50.07	45.60	50.06	51.74	50.45	51.81	53.14
Number of days of payables	days	101.47	—	—	—	130.16	—	—	—	120.54	—	—	—	94.75	—	—	—	109.17	—	—	—

Days of inventory on hand (DOH) for CoreCivic Inc is not available in the provided data.
Days of sales outstanding (DSO) have shown a decreasing trend over the quarters in 2023, indicating that the company is collecting its accounts receivable faster compared to previous periods. This can be a positive sign of efficient management of credit and collection activities, leading to improved cash flow.
Number of days of payables data is not available in the provided information for CoreCivic Inc, making it difficult to assess the company's payment practices and liquidity position utilizing this ratio. It is important to note that a higher number of days of payables may indicate that the company is taking longer to pay its suppliers, potentially improving working capital management but also possibly straining supplier relationships.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	0.90	0.88	0.87	0.86	0.85	0.85	0.84	0.82	0.82	0.81	0.80	0.80	0.81	0.71	0.72	0.72	0.73	0.69	0.68	0.67
Total asset turnover	0.61	0.61	0.61	0.61	0.57	0.56	0.57	0.53	0.53	0.51	0.54	0.50	0.51	0.48	0.49	0.49	0.52	0.52	0.51	0.51

Long-term activity ratios reflect how effectively a company is utilizing its assets to generate revenue over an extended period. In the case of CoreCivic Inc, the fixed asset turnover ratio has shown a slight improvement from Q1 2022 to Q4 2023, indicating that the company is generating more revenue relative to its investment in fixed assets. This suggests that CoreCivic is managing its property, plant, and equipment more efficiently.

On the other hand, the total asset turnover ratio has remained relatively stable from Q1 2022 to Q4 2023, indicating that the company is maintaining a consistent level of revenue generation in relation to its total assets. Although there has been a slight increase in total asset turnover from Q1 2022 to Q4 2023, the overall trend is not as pronounced as in the fixed asset turnover ratio.

Overall, CoreCivic Inc's long-term activity ratios suggest that the company is effectively utilizing its assets to generate revenue, with a particularly notable improvement in turning fixed assets into sales over the analyzed period. Continued monitoring of these ratios will be essential to assess the sustainability of CoreCivic's asset management strategies.