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    Benjamin Briggs

    Research Analyst at StoneX Financial Inc.

    Ben Briggs serves as Director and Leveraged Finance Strategist at StoneX Financial Inc., specializing in the leveraged finance and fixed income markets. He covers companies such as R.R. Donnelley & Sons Company and several StoneX-issued bonds, providing actionable desk commentary and insights for institutional clients. Beginning his career as an intern at Markit in 2011, Briggs then worked as a Portfolio Analyst and later in Fixed Income Sales at KGS-Alpha Capital Markets, followed by brief experience as an Associate at BullsBridge Capital, before joining StoneX in July 2016 as Vice President and advancing to Director in June 2022. He holds a B.A. in Economics and Political Science from Columbia University and maintains professional credentials including FINRA Series 7 and Series 63 licenses.

    Benjamin Briggs's questions to CoreCivic (CXW) leadership

    Benjamin Briggs's questions to CoreCivic (CXW) leadership • Q4 2024

    Question

    Benjamin Briggs sought to confirm the key figures presented: the 28,000-bed proposal to ICE and the associated revenue and EBITDA potential. He also asked about the ability to mix different government populations within a single facility, the possibility of new facility construction, and potential opportunities with the Bureau of Prisons (BOP).

    Answer

    CEO Damon Hininger confirmed the 28,000-bed proposal. CFO David Garfinkle clarified the math, stating that activating ~15,000 idle beds could generate $750M-$800M in revenue and $200M-$275M in EBITDA. President Patrick Swindle explained that facilities are designed flexibly to house multiple, separated populations. Hininger stated that new construction is not a near-term need given existing capacity and expansion options. Regarding the BOP, he sees the most significant near-term opportunity in expanding community confinement and halfway house capacity to support the First Step Act.

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    Benjamin Briggs's questions to CoreCivic (CXW) leadership • Q3 2024

    Question

    Benjamin Briggs asked for clarification on the number of active RFIs and RFPs, whether any COVID-19 population restrictions remain, and for an EBITDA bridge explaining the change from Q4 2023 to the guided Q4 2024.

    Answer

    CFO David Garfinkle clarified the procurement landscape: ICE has two RFIs covering five Areas of Responsibility and one RFP in New Jersey; Montana has one RFP; and ICE also has the new ATD RFI. CEO Damon T. Hininger confirmed all COVID-related population restrictions have been lifted in their portfolio. For the Q4 EBITDA bridge, Garfinkle explained the year-over-year decline is primarily due to the loss of contributions from two major contracts: the South Texas facility (terminated Aug 2024) and the California City facility (terminated March 2024).

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