CoreCivic Inc (CXW) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to the CoreCivic fourth-quarter 2023 earnings call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 CoreCivic 2023 年第四季財報電話會議。（操作員說明）

As a reminder, today's program is being recorded.

提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Mr. Mike Grant, Managing Director of Investor Relations.

現在我想介紹一下今天節目的主持人，投資者關係董事總經理麥克·格蘭特先生。

Thank you, operator. Good morning, ladies and gentlemen, and thank you for joining us today. Participating on today's call are Damon Hininger, CoreCivic's President and Chief Executive Officer; and David Garfinkle, our Chief Financial Officer. We're also joined here in the room by our Vice President of Finance, Brian Hammonds.

謝謝你，接線生。早安，女士們先生們，感謝你們今天加入我們。參加今天電話會議的有 CoreCivic 總裁兼執行長 Damon Hininger；以及我們的財務長 David Garfinkle。我們的財務副總裁 Brian Hammonds 也加入了我們的行列。

On today's call, we will discuss our financial results for the fourth quarter of 2023 as well as financial guidance for the 2024 year. We will also discuss developments with our government partners and provide you with other general business updates.

在今天的電話會議上，我們將討論 2023 年第四季的財務表現以及 2024 年的財務指引。我們還將與政府合作夥伴討論進展情況，並向您提供其他一般業務更新。

During today's call, our remarks, including our answers to your questions, will include forward-looking statements pursuant to the Safe Harbor Provision of the Private Securities and Litigation Reform Act. Our actual results or trends may differ materially as a result of a variety of factors, including those identified in our fourth-quarter 2023 earnings release issued after market yesterday and in our Securities and Exchange Commission filings, including Forms 10-K, 10-Q and 8-K reports.

在今天的電話會議中，我們的言論，包括我們對您問題的回答，將包括根據《私人證券和訴訟改革法案》安全港條款做出的前瞻性陳述。我們的實際結果或趨勢可能會因多種因素而產生重大差異，包括昨天盤後發布的2023 年第四季度收益報告以及我們向證券交易委員會提交的文件（包括表格10-K、10-Q）中確定的因素和 8-K 報告。

You are also cautioned that any forward-looking statements reflect management's current views only and the company undertakes no obligation to revise or update such statements in the future.

也請您注意，任何前瞻性陳述僅反映管理層當前的觀點，本公司不承擔將來修改或更新此類陳述的義務。

On this call, management will also discuss certain non-GAAP measures. A reconciliation of the most comparable GAAP measurement is provided in the corresponding earnings release and included in the company's quarterly supplemental financial data report posted on the Investors page of the company's website at corecivic.com.

在這次電話會議上，管理階層也將討論某些非公認會計準則措施。相應的收益報告中提供了最具可比性的 GAAP 衡量標準的調節表，並包含在該公司網站 corecivic.com 投資者頁面上發布的季度補充財務數據報告中。

With that, it is my pleasure to turn the call over to our President and CEO, Damon Hininger.

至此，我很高興將電話轉給我們的總裁兼執行長 Dammon Hininger。

Thank you, Mike. Good morning, and thank you for joining us for our fourth-quarter 2023 earnings call. On today's call, I'll provide the details of our fourth-quarter financial performance and introduce our 2024 full-year financial guidance. I will also discuss with you our latest operational developments and update you on the latest developments with our government partners.

謝謝你，麥克。早安，感謝您參加我們的 2023 年第四季財報電話會議。在今天的電話會議上，我將提供我們第四季度財務業績的詳細信息，並介紹我們的 2024 年全年財務指引。我也會與您討論我們最新的營運進展，並向您通報我們與政府合作夥伴的最新進展。

Following my remarks, I will turn the call over to our CFO, Dave Garfinkle, who will review our financial results and our 2024 financial guidance in greater detail. He will also provide a more detailed update on our ongoing capital structure initiatives, including debt reduction, share buybacks, and our new bank credit facility attained in the fourth quarter.

在我發表演講後，我將把電話轉給我們的財務長戴夫·加芬克爾 (Dave Garfinkle)，他將更詳細地審查我們的財務業績和 2024 年財務指引。他還將提供有關我們正在進行的資本結構舉措的更詳細的最新信息，包括債務削減、股票回購以及我們在第四季度獲得的新銀行信貸安排。

I'll now provide a brief overview of our fourth-quarter financial results. In the fourth quarter, we generated revenue of $491.2 million, which was a 4% increase compared to the prior-year quarter. This increase comes in spite of the expiration of our federal prison contract with the Federal Bureau of Prisons at our previously owned McRae Correctional Facility in November of 2022, and the expiration of our lease agreement with the Oklahoma Department of Corrections at our North Fork Correctional Facility on June 30, 2023. Excluding these two expirations, our total revenue increased 6%, demonstrating strong occupancy and revenue growth from our CoreCivic safety and community portfolios.

我現在將簡要概述我們第四季度的財務表現。第四季度，我們營收 4.912 億美元，比去年同期成長 4%。儘管我們與聯邦監獄局在我們之前擁有的麥克雷懲教所的聯邦監獄合約已於2022 年11 月到期，並且我們與俄克拉荷馬州懲教局在北福克懲教所的租賃協議也已到期，但這一增長還是出現了2023 年 6 月 30 日。排除這兩個到期，我們的總收入增長了 6%，這表明我們的 CoreCivic 安全和社區產品組合的入住率和收入增長強勁。

We generated normalized funds from operations or FFO of $51.3 million or $0.45 per share compared to $49.1 million or $0.42 per share in the fourth quarter of 2022, representing a per-share increase of 7%. The increase in FFO was driven by the higher federal and state populations combined with lower interest expense resulting from our debt reduction strategy.

我們從營運或 FFO 中獲得的正常化資金為 5,130 萬美元，即每股 0.45 美元，而 2022 年第四季為 4,910 萬美元，即每股 0.42 美元，每股成長了 7%。FFO 的增加是由於聯邦和州人口增加以及我們的債務削減策略帶來的利息支出降低所致。

The increase in FFO occurred despite the sale of our McRae facility and the expiration of the lease with Oklahoma, which resulted in a combined reductions to EBITDA of $2.3 million from the prior-year quarter. We have achieved significant improvements in our attraction and retention rates, resulting from staffing strategies as well as an overall improvement in the hiring environment.

儘管我們出售了 McRae 工廠並且與俄克拉荷馬州的租約到期，但 FFO 仍出現成長，導致 EBITDA 比去年同期減少了 230 萬美元。由於人員配置策略以及招募環境的整體改善，我們的吸引力和留任率顯著提高。

That said, labor market pressures have necessitated temporary incentives and related incremental operating expense experienced through 2023, including the fourth quarter. As we leave 2023, we believe that more favorable operating expense trends should continue as the tight labor market continues to loosen and as we continue to progress toward pre-pandemic staffing and occupancy levels.

也就是說，勞動市場的壓力需要採取臨時激勵措施，並在 2023 年（包括第四季）經歷相關的增量營運支出。2023 年即將過去，我們相信，隨著緊張的勞動力市場繼續放鬆，以及我們繼續向大流行前的人員配置和入住率水準邁進，更有利的營運費用趨勢應該會持續下去。

As mentioned on the past several conference calls, we have made significant investments in our existing staff and have successfully increased our staffing levels through improved recruiting and retention. These were the right investments to make, and they have enabled us to reduce usage of temporary incentives from the prior-year quarter and have positioned us well to manage our customers' higher population needs.

正如過去幾次電話會議中提到的，我們對現有員工進行了大量投資，並透過改善招募和留任來成功提高了我們的員工水準。這些都是正確的投資，它們使我們能夠比去年同期減少臨時激勵措施的使用，並使我們能夠很好地管理客戶更高的人口需求。

In the fourth quarter of 2023, we achieved our highest occupancy rates since the second quarter of 2020, which as you may recall is the quarter immediately following the start of the COVID-19 pandemic response. From the fourth quarter of 2022 to the fourth quarter of this year, occupancy in our safety segment increased from 72% to 74.7%, and occupancy in our community segment increased from 58.4% to 63.7%.

2023 年第四季度，我們實現了自 2020 年第二季度以來的最高入住率，您可能還記得，這是 COVID-19 大流行應對措施開始後的季度。從2022年第四季到今年第四季度，我們的安全部分的入住率從72%增加到74.7%，社區部分的入住率從58.4%增加到63.7%。

The increase in occupancy in our safety segment primarily resulted from higher detention population from our largest government partner, Immigrations and Customs Enforcement or ICE. On May 11, AHA 42, a temporary public health warning issued by the CDC that had essentially closed our nation's border to asylum seeking individuals since the onset of the COVID-19 pandemic, came to an end.

我們安全部門入住率的增加主要是由於我們最大的政府合作夥伴移民和海關執法局 (ICE) 拘留人數增加。5 月 11 日，AHA 42 結束，這是 CDC 發布的臨時公共衛生警告，自 COVID-19 大流行爆發以來，該警告基本上對尋求庇護的個人關閉了我國邊境。

At the same time, occupancy restrictions implemented during the pandemic at our ICE facilities also came to an end. Without the authority granted under Title 42 to deny entry to or quickly remove individuals from United States, there has been an increase in the number of people of custody of the Department Homeland Security or DHS.

同時，我們的 ICE 設施在疫情期間實施的入住限制也結束了。由於沒有第 42 條授予的拒絕個人入境或迅速將個人驅逐出美國的權力，國土安全部或國土安全部的拘留人數增加。

ICE is one of the two agencies within the DHS that is responsible for enforcing immigration laws, arresting and attaining individuals who have entered the country illegally. These activities have increased since the end of Title 42 and the country continues to report record numbers of people encounter at the southern border.

ICE 是國土安全部內負責執行移民法、逮捕和抓捕非法入境者的兩個機構之一。自第 42 條結束以來，這些活動有所增加，該國繼續報告在南部邊境遇到的人數創歷史新高。

Last quarter, we reported on the increase in demand for detention capacities since AHA 42 was lifted. From mid-May 2023 through December of 2023, the number of individuals in the custody of ICE increased 74%. Over the same period, ICE detention populations within our facilities increased 76%, which we believe was possible in part because of our investments in staffing.

上季度，我們報告了自 AHA 42 取消以來對拘留能力的需求增加。從 2023 年 5 月中旬到 2023 年 12 月，ICE 拘留的人數增加了 74%。在同一時期，ICE 設施內的拘留人數增加了 76%，我們認為這可能部分歸功於我們在人員配置方面的投資。

Because many of our federal contracts include a fixed payment component, the increase in residential populations do not result in proportionate increase in our financial results as such facilities until collections clear to minimum compensate debt total associated with the fixed payment levels. Most of our facilities are now at or above that level.

由於我們的許多聯邦合約都包含固定付款部分，因此，在收款明確到與固定付款水平相關的最低補償債務總額之前，居住人口的增加不會導致我們此類設施的財務業績成比例增加。我們的大多數設施現在都達到或超過這個水平。

Increased proxy in our safety segment also resulted from broad-based, higher occupancy levels for many of our state government partners, notably from the states of Arizona, Georgia, Idaho, and Colorado. Now it's in second year under management contract with the state of Arizona, our old Palma Correctional Center in Eloy, Arizona, continues to show improvements in occupancy as well as operating and financial metrics.

我們的安全部門的代理商增加也源於我們許多州政府合作夥伴的基礎廣泛、更高的入住率，特別是來自亞利桑那州、喬治亞州、愛達荷州和科羅拉多州的合作夥伴。現在，我們與亞利桑那州簽訂的管理合約已進入第二年，位於亞利桑那州埃洛伊的舊帕爾馬懲教中心在入住率以及營運和財務指標方面繼續表現出改善。

During the fourth quarter, we were able to sharply reduce the facility's reliance on temporary labor resources and incentives due to strong local hiring and oversight. The fourth quarter was an exceptionally busy quarter for new contracts as our best-of-class services demonstrated outcomes and facilities provide a flexible resource to partners [incorporating] our financial services.

在第四季度，由於強而有力的本地招募和監督，我們能夠大幅減少工廠對臨時勞動力資源和激勵措施的依賴。第四季是新合約異常繁忙的季度，因為我們一流的服務展示了成果，而且設施為合作夥伴[整合]我們的金融服務提供了靈活的資源。

During the quarter, we signed and commenced three new management contracts, each of which boosts the incremental occupancy at already 40 facilities with available capacity. As a reminder, ours is a leveraged business model and higher utilization of our facilities is correlated with expanded margins.

本季度，我們簽署並開始了三份新的管理合同，每份合約都提高了已有 40 個可用產能設施的入住率。提醒一下，我們的業務模式是槓桿業務模式，我們設施的更高利用率與利潤的擴大有關。

In November, we announced a new management contract with the state of Montana to care for up to 120 male inmates at our 1,896 beds Saguaro Correctional Facility in Eloy, Arizona. The initial term of the contract is for two years and it may be extended by mutual agreement. A total term, including renewals, is up to seven years. We completed the intake process for the 120 inmates before year end.

11 月，我們宣布與蒙大拿州簽訂新的管理合同，為我們位於亞利桑那州埃洛伊的 Saguaro 懲教所提供 1,896 個床位的最多 120 名男性囚犯的照顧。合約的初始期限為兩年，經雙方同意可以延長。包括續約在內的總期限最長為七年。我們在年底前完成了 120 名囚犯的接收過程。

At December 31, 2023, we also care for approximately 875 residents from Hawaii and nearly 600 residents from the state of Idaho at our Saguaro Correctional Facility. This new contract represents an expansion of our relationship with the state of Montana as we also manage for them the fully occupied company-owned Crossroads Correctional Center in Shelby Montana under a separate management contract.

截至 2023 年 12 月 31 日，我們也在仙人掌懲教所照顧了約 875 名來自夏威夷的居民和近 600 名來自愛達荷州的居民。這份新合約代表了我們與蒙大拿州關係的擴展，因為我們還根據一份單獨的管理合約為蒙大拿州謝爾比管理完全佔用的公司擁有的十字路口懲教中心。

Also in November, we announced a new management contract with the state of Wyoming to care for up to 240 inmates at our 2,672-bed Tallahatchie County Correctional Facility in Tutwiler, Mississippi. This is not our first time partnering with Wyoming as we previously cared for their inmates under a management contract that had not been utilized since 2019. The term of the new contract runs through June 30, 2026. The intake process for the 240 inmates was complete as of December 31, 2023.

同樣在 11 月，我們宣布與懷俄明州簽訂了一份新的管理合同，為密西西比州塔特懷勒擁有 2,672 個床位的塔拉哈奇縣懲教所照顧最多 240 名囚犯。這不是我們第一次與懷俄明州合作，因為我們之前根據管理合約照顧他們的囚犯，但自 2019 年以來一直沒有使用過。新合約期限至2026年6月30日。截至 2023 年 12 月 31 日，240 名囚犯的接收過程已完成。

Finally, we announced a third new management contract during November. This new contract is with Harris County, Texas, to care for up to 360 inmates at Tallahatchie County Correctional Facility. The contract includes the option for the county to access an additional 360 beds at the Tallahatchie Facility.

最後，我們在 11 月宣布了第三份新的管理合約。這份新合約是與德州哈里斯縣簽訂的，旨在照顧塔拉哈奇縣懲教所的多達 360 名囚犯。該合約包括該縣可以選擇在 Tallahatchie 設施中額外使用 360 個床位。

The initial contract term began on December 1, 2023, and ends November 30 of this year. The contract may be extended at the county's option for up to four additional one-year terms. We began receiving inmates from Harris County during the fourth quarter of 2023 and we anticipate the intake process to be complete during the first quarter of this year.

初始合約期限從2023年12月1日開始，到今年11月30日結束。縣政府可以選擇將合約延長最多四個為期一年的期限。我們於 2023 年第四季開始接收來自哈里斯縣的囚犯，預計接收程序將在今年第一季完成。

Also, as an update on our county relationships, at the end of the third quarter, we signed a new major contract with Hinds County, Mississippi, for up to 250 adult male pre-trial detainees also at our Tallahatchie County Correctional Facility. We completed the intake of that population during the fourth quarter.

此外，作為我們縣關係的最新動態，第三季度末，我們與密西西比州海因茲縣簽署了​​一份新的重大合同，在我們的塔拉哈奇縣懲教所關押最多250 名成年男性審前被拘留者。我們在第四季度完成了該人口的接收。

While historically we have focused more on federal and state contracts, it is interesting to note that many large counties throughout the United States have begun to experience capacity constraints as a result of both larger populations and infrastructure problems.

雖然從歷史上看，我們更關注聯邦和州合同，但有趣的是，由於人口增加和基礎設施問題，美國許多大縣已開始面臨容量限制。

Expanded county jail populations typically precedes growth in state prison populations as the jail population is adjudicated and sentenced. Further, we remain in discussions with several additional jurisdictions to help address their challenges in the near to long term.

由於監獄人口是被審判和判刑的，縣監獄人口的擴大通常先於州監獄人口的增長。此外，我們仍在與其他幾個司法管轄區進行討論，以幫助他們解決近期和長期的挑戰。

Now turning to our community segment, which is comprised of 23 residential reentry facilities, we experienced an increase in occupancy of 63.7% in the fourth quarter of 2023 from 58.4% in the prior-year period. Populations continued to improve across many of our facilities serving both of Bureau Prisons or BOP, as well as states, including Texas and Colorado.

現在轉向我們的社區部分，該部分由 23 個住宅重返設施組成，2023 年第四季度的入住率從去年同期的 58.4% 增長了 63.7%。我們為局監獄或 BOP 以及德克薩斯州和科羅拉多州等州提供服務的許多設施中的人口數量持續改善。

We also provide electronic monitoring and case management services in our community segment. Our community segment represents a vital mission and is often critical to the successful reentry of residents in our care.

我們也在社區部分提供電子監控和案件管理服務。我們的社區部分代表著一項重要使命，通常對於我們所照顧的居民成功重返家園至關重要。

Net operating income in this segment increased 66% in the fourth quarter of 2023 from the prior year quarter due to the increase in occupancy as well as per diem increases we have been able to attain in contract renewals. We were also able to reduce temporary staffing incentives just as we did in our safety segment.

由於入住率增加以及我們在續約合約中實現的每日津貼增加，2023 年第四季度該部門的淨營業收入比去年同期增長了 66%。正如我們在安全部門所做的那樣，我們也能夠減少臨時員工激勵措施。

We expect the occupancy trend to continue in the community segment now that pandemic-related public health policies have come to an end and as more of our government partners return to these important residential reentry programs that help individuals be better prepared for successfully transitioning back from a period of incarceration into our communities.

由於與大流行相關的公共衛生政策已經結束，並且隨著越來越多的政府合作夥伴重返這些重要的住宅重新進入計劃，我們預計社區部分的入住趨勢將繼續下去，這些計劃可以幫助個人為成功地從疫情過渡回來做好更好的準備。被監禁到我們社區的時期。

Finally, the high performance of our colleagues and the high quality of our facilities continue to be rewarded with long-term commitments from our government partners. We never take for granted renewals of existing management contracts and continue to enjoy a contract retention rate of 95% over the five years through 2023, including the renewal of all 34 management contracts in our safety and community segments that came up for renewal during the course of the year.

最後，我們同事的高績效和高品質的設施繼續得到政府合作夥伴的長期承諾的回報。我們從不認為現有管理合約的續約是理所當然的，並且在截至2023 年的五年內繼續享有95% 的合同保留率，包括續簽我們安全和社區部分的所有34 份管理合同，這些合同在課程期間需要續簽今年的。

As a reminder, we entered into an agreement with the state of Oklahoma to lease our 1,670-bed Davis Correctional Facility effective October 1, 2023. We successfully transitioned operations to the state, which is now operating our facility with government employees, effectively converting the facility from one in which we own and operated in our safety segment to one that we simply lease to the state.

謹此提醒，我們與俄克拉荷馬州簽訂了一項協議，租賃擁有 1,670 個床位的戴維斯懲教所，該設施於 2023 年 10 月 1 日生效。我們成功地將業務轉移給國家，國家現在由政府僱員運營我們的設施，有效地將設施從我們在安全部門擁有和運營的設施轉變為我們直接租賃給國家的設施。

That facility is now named the Allen Gamble Correctional Center and is now reported in our property segment. We remain pleased to have reached a mutually advantageous contract for this facility, and we value our ongoing relationship with the state of Oklahoma.

該設施現在被命名為艾倫甘布爾懲教中心，現已在我們的房地產部分報告。我們很高興能夠就該設施達成互利的合同，並且我們重視與俄克拉荷馬州的持續關係。

Looking forward, we remain optimistic in the long-term macro environment for our federal, state, and local business. Our governments are facing complex capacity, infrastructure, and population challenges, and we see increased opportunities to serve their growing needs.

展望未來，我們對聯邦、州和地方業務的長期宏觀環境保持樂觀。我們的政府面臨著複雜的能力、基礎設施和人口挑戰，我們看到滿足其不斷增長的需求的機會越來越多。

At the federal level, although we continue to see a steady increase in detention bed utilization, the long-term impact of the end of Title 42 is still unclear as there are other factors that impact detention utilization levels by ICE. The most significant factor historically has been funding levels approved by Congress annually.

在聯邦層面，儘管我們繼續看到拘留床位利用率穩定成長，但第 42 條終止的長期影響仍不清楚，因為還有其他因素影響 ICE 拘留床位的使用率。歷史上最重要的因素是國會每年批准的資金水準。

However, the country is still facing significant challenges at the southern border and geopolitical events only enhance the needs for border security. Although we are over through the way into the federal fiscal year, which ends September 30, 2024, the appropriations process for funding the remaining fiscal year remains in flux.

然而，該國南部邊境仍面臨重大挑戰，地緣政治事件只會增強邊境安全的需求。儘管我們已經進入 2024 年 9 月 30 日結束的聯邦財政年度，但為剩餘財政年度提供資金的撥款流程仍然在變化。

Further, a supplemental funding bill proposed by the administration that includes significant funding for DHS and ICE has not been acted upon by Congress. While there is bipartisan recognition of the need to fund DHS and ICE more robustly to address challenges at the southern border, a funding resolution has not been reached.

此外，政府提出的一項補充資金法案，其中包括為國土安全部和移民和海關執法局提供大量資金，但國會尚未採取行動。儘管兩黨都意識到需要更強有力地資助國土安全部和移民和海關執法局以應對南部邊境的挑戰，但尚未達成資助決議。

The outcome of the appropriations process is expected to have significant impact on the overall population levels in our ICE facilities moving forward. And even though detention funding and related services are just part of the overall solution, we are positioned well to serve their needs.

撥款過程的結果預計將對我們 ICE 設施未來的整體人口水準產生重大影響。儘管拘留資金和相關服務只是整體解決方案的一部分，但我們能夠很好地滿足他們的需求。

Another part of the overall management of the border that could potentially expand the scope of services includes alternatives to detention. Earlier last year, ICE issued a request for information, or RFI, for release and reporting management services. This RFI is seeking information about monetary technology, participant coordination services, including physical space, participant engagement, and interactions and program management and community service to help people comply with their immigration obligations.

邊境整體管理的另一部分可能會擴大服務範圍，其中包括拘留的替代方案。去年早些時候，ICE 發布了發布和報告管理服務的資訊請求（RFI）。該 RFI 正在尋求有關貨幣技術、參與者協調服務（包括實體空間、參與者參與、互動以及專案管理和社區服務）的信息，以幫助人們遵守移民義務。

Though not yet funded by Congress and only in the early stages, the RFI is intended to apply to noncitizens released from DHS custody, and according to the RFI, involves engaging with a large portion of the 5.7 million individuals on the current non-detained docket.

儘管尚未獲得國會資助且僅處於早期階段，但 RFI 旨在適用於從 DHS 羈押中釋放的非公民，並且根據 RFI，涉及與當前非拘留名單上的 570 萬人中的很大一部分進行接觸。

At the state level, overall state budgets are in very good shape. Most of our state partners are reporting increases in their prison populations and many states are also projecting further increases in their prison populations. Jail backlogs, which are a leading indicator for state prison populations, remain significant. Additionally, courts continue to normalize operations. And as cases are adjudicated, state correctional agencies will certainly be impacted.

在州一級，國家預算總體狀況非常良好。我們的大多數州合作夥伴都報告其監獄人口增加，許多州也預計其監獄人口將進一步增加。監獄積壓是州監獄人口的領先指標，但仍然很嚴重。此外，法院繼續正常化運作。隨著案件的判決，州懲教機構肯定會受到影響。

In summary, while challenges and uncertainties remain, the general macro environment in which we operate continues to improve and our financial results have begun to reflect that improvement. Our occupancy is at multiyear high, our margin has begun to reflect the operating leverage that comes with higher occupancy, and we are making solid progress against labor-related cost pressures that rose sharply during that COVID-19 period.

總而言之，儘管挑戰和不確定性依然存在，但我們經營所處的整體宏觀環境持續改善，我們的財務表現已開始反映出這種改善。我們的入住率處於多年高位，我們的利潤率已開始反映入住率上升帶來的營運槓桿，並且我們在應對 COVID-19 期間急劇上升的勞動力相關成本壓力方面正在取得紮實進展。

In our press release, we introduced our 2024 full-year financial guidance. It includes normalized FFO per share forecast, a range of a $1.46 to $1.61, and EBITDA range of $300 million to $313 million.

在我們的新聞稿中，我們介紹了 2024 年全年財務指引。其中包括標準化 FFO 每股預測（範圍為 1.46 美元至 1.61 美元）和 EBITDA 範圍為 3 億美元至 3.13 億美元。

As we have been sharing on these calls for over a year, our lease with the state of California for our California City Correctional Center ends March 31 of this year. That facility has generated slightly over $25 million in EBITDA. So the anticipated absence of that leads for the final three quarters of 2024 negatively impacts EBITDA and is reflected in our guidance.

正如我們一年多來一直在呼籲的那樣，我們與加州的加州城市懲教中心的租約將於今年 3 月 31 日結束。該設施產生的 EBITDA 略高於 2500 萬美元。因此，預計 2024 年最後三個季度將不會出現這種情況，這將對 EBITDA 產生負面影響，這也反映在我們的指導下。

Obviously, we are focused on a solution to the pending lease expiration with the state of California at California City. Finding a positive solution for this facility, which is in a great location and is comprised of further replicate beds, is a top priority for CoreCivic.

顯然，我們的重點是解決加州加州城的待定租約到期問題。CoreCivic 的首要任務是為該設施找到一個積極的解決方案，該設施地理位置優越，由更多的複製床組成。

I'll now turn the call over to Dave Garfinkle, our CFO, who will provide a more detailed look at our financial results in the fourth quarter. He will also discuss in detail our financial guidance for 2044, as well as progress on our capital markets activities and further details about our new bank credit facility and capital allocation strategy, including debt reduction and share buybacks.

我現在將把電話轉給我們的財務長戴夫·加芬克爾 (Dave Garfinkle)，他將更詳細地介紹我們第四季度的財務業績。他還將詳細討論我們 2044 年的財務指導，以及我們資本市場活動的進展，以及有關我們新的銀行信貸安排和資本配置策略（包括債務削減和股票回購）的更多細節。

Over to you, Dave.

交給你了，戴夫。

Thank you, Damon, and good morning, everyone. In the fourth quarter of 2023, we reported GAAP net income of $0.23 per share compared to $0.21 per share in the prior-year quarter. Adjusting for special items, adjusted EPS during the fourth quarter of 2023 was $0.23 compared to $0.22 per share in the prior-year quarter. Normalized FFO per share was $0.45 during the fourth quarter of 2023 compared with $0.42 in the prior-year quarter.

謝謝你，達蒙，大家早安。2023 年第四季度，我們公佈的 GAAP 淨利潤為每股 0.23 美元，而去年同期為每股 0.21 美元。調整特殊項目後，2023 年第四季調整後每股收益為 0.23 美元，去年同期為每股 0.22 美元。2023 年第四季，每股標準化 FFO 為 0.45 美元，去年同期為 0.42 美元。

As we disclosed last year, adjusted and normalized figures in the fourth quarter of 2022 included the impact of certain tax credits we were entitled to under the CARES Act. These credits were reflected as a reduction to operating expenses and favorably impacted per share results by $0.02 in the prior year quarter, net of related expenses resulting from the credits. The increase in adjusted EPS and normalized FFO per share resulted from higher occupancy from federal and state populations, the continued normalization of our operating expense structure, and lower interest expense partially offset by an increase in G&A expenses.

正如我們去年所揭露的那樣，2022 年第四季的調整和標準化數據包括我們根據 CARES 法案有權獲得的某些稅收抵免的影響。這些抵免反映為營運費用的減少，並對去年同期每股業績產生 0.02 美元的有利影響（扣除抵免產生的相關費用）。調整後每股收益和標準化 FFO 的增長是由於聯邦和州人口的入住率提高、我們的營運費用結構持續正常化以及利息費用的下降被一般管理費用的增加部分抵消。

The trend of increasing ICE detention populations nationwide continued during the fourth quarter, albeit at a slower pace than the second and third quarters, following the expiration of Title 42 on May 11, 2023. Title 42 is a policy that had been used since March 2020 that denied entry at the US border to asylum-seekers and anyone crossing the border without proper documentation or authority in an effort to contain the spread of COVID-19.

第 42 條於 2023 年 5 月 11 日到期後，全國 ICE 拘留人數增加的趨勢在第四季度持續增長，儘管增速慢於第二和第三季。Title 42 是自 2020 年 3 月以來一直使用的一項政策，拒絕尋求庇護者和任何沒有適當文件或授權越境的人進入美國邊境，以遏制 COVID-19 的傳播。

At December 31, 2023, ICE detention populations nationwide were up to 37,131, a 5.2% increase from September 30. Average daily ICE detention populations within our facilities increased by 2023 residents or 23% during the fourth quarter of 2023 compared with the third quarter. Note that due to fixed payments at certain of our facilities, increases in populations do not always result in incremental revenue and compensated occupancy. Because increases can occur at facilities where population levels were already included in our compensated population.

截至2023年12月31日，全國ICE拘留人數達37,131人，較9月30日增加5.2%。與第三季度相比，2023 年第四季度，我們設施內的平均每日 ICE 拘留人數增加了 2023 名居民，即 23%。請注意，由於我們某些設施的固定付款，人口的增加並不總是會帶來收入增量和補償佔用。因為人口水準已經包含在我們補償人口中的設施可能會增加。

Our average daily compensated population from ICE was up 7.5% from Q3 to Q4. Higher sequential ICE populations, combined with new contract awards and a continuing normalization of operating expenses, contributed to the increase in normalized FFO per share from Q3 of $0.35 to $0.45 in Q4, an increase of 29%; and adjusted EPS from Q3 of $0.14 to $0.23 in Q4, an increase of 64%.

從第三季到第四季度，我們從 ICE 獲得的平均每日補償人口增加了 7.5%。ICE 數量連續增加，加上新合約授予和營運費用持續正常化，導致每股正常化 FFO 從第三季的 0.35 美元增加到第四季度的 0.45 美元，增幅為 29%；調整後每股收益從第三季的 0.14 美元增至第四季的 0.23 美元，成長 64%。

Operating margins in our safety and community facilities improved to 24.4% in the fourth quarter of 2023 compared to 24.1% in the prior-year quarter and 21.3% in the third quarter of 2023. Excluding the impact of the aforementioned tax credits, margins were 22.6% in the prior-year quarter. The increase in our operating margins was due to the increases in occupancy, per diem increases we have been successful in obtaining, the continued normalization of operating expenses, and the successful transition of the Allen Gamble Correctional Center to a lease in our property segment.

2023 年第四季度，我們的安全和社區設施的營業利潤率提高至 24.4%，而去年同期為 24.1%，2023 年第三季為 21.3%。排除上述稅收抵免的影響，去年同期利潤率為 22.6%。我們營業利潤的增加是由於入住率的增加、我們成功獲得的每日津貼增加、營業費用的持續正常化以及艾倫甘布爾懲教中心成功過渡為我們房地產部門的租賃。

Compensated occupancy in our safety and community facilities was 74% in the fourth quarter of 2023 compared to 71.1% in the prior-year quarter and up from 72% in the third quarter of 2023. The increases in occupancy enabled us to leverage incremental revenue over our fixed operating expenses. The increase in revenue resulting from the increases in occupancy was amplified by per diem increases we have been able to obtain, which increased 5.5% over the fourth quarter of 2022.

2023 年第四季度，我們的安全和社區設施的補償佔用率為 74%，去年同期為 71.1%，高於 2023 年第三季的 72%。入住率的增加使我們能夠利用增量收入來抵銷固定營運費用。我們獲得的每日津貼增加放大了入住率增加帶來的收入成長，比 2022 年第四季增加了 5.5%。

During the fourth quarter, we were able to continue reducing certain incremental labor-related expenses such as registry nursing, temporary wage incentives, and travel, despite inflation and labor market pressures that have been steadily easing over the past several quarters. These three expense categories declined by $6.3 million from the fourth quarter of 2022 and $1.8 million from the third quarter of 2023. The successful transition of the Allen Gamble Facility effective October 1, 2023, improved operating margins in the fourth quarter of 2023 and will continue to provide a stable return in our property segment going forward.

在第四季度，儘管通膨和勞動力市場壓力在過去幾季穩步緩解，但我們仍能夠繼續減少某些與勞動力相關的增量費用，例如登記護理、臨時工資激勵和差旅。這三個費用類別較 2022 年第四季減少了 630 萬美元，較 2023 年第三季減少了 180 萬美元。Allen Gamble 設施的成功過渡於 2023 年 10 月 1 日生效，提高了 2023 年第四季度的營業利潤率，並將繼續為我們的房地產領域提供穩定的回報。

Turning next to the balance sheet. As previously disclosed, during the fourth quarter, we completed an amendment and extension of our bank credit facility, effectively replacing our previous bank credit facility, increasing the total size from $350 million to 400 million. The new bank credit facility increases available borrowings under the revolving credit facility, which remains undrawn from $250 million to 275 million, and increases the size of the term loan from an initial balance under the previous facility of $100 million to $125 million, extended the maturity date to October 2028 from May 2026 and relaxed certain covenants while maintaining a similar pricing structure.

轉到資產負債表旁邊。如同先前所揭露的，第四季度，我們完成了銀行信貸安排的修訂和延期，有效取代了先前的銀行信貸安排，將總規模從 3.5 億美元增加到 4 億美元。新的銀行信貸安排將循環信貸安排下尚未提取的可用借款從2.5億美元增加到2.75億美元，並將定期貸款規模從先前安排下的初始餘額1億美元增加到1.25億美元，延長了期限日期從2026 年5 月延長至2028 年10 月，並放寬了某些契約，同時保持類似的定價結構。

We remain focused on paying down debt and continue to make progress on our debt reduction strategy. Our debt reduction strategy resulted in a decrease to interest expense of $1.9 million from the fourth quarter of 2022 and a decrease in interest expense of $12 million from the full-year 2022.

我們仍然專注於償還債務，並繼續在減債策略上取得進展。我們的債務削減策略使利息支出較 2022 年第四季減少 190 萬美元，較 2022 年全年減少 1,200 萬美元。

During 2023, we repaid $157.8 million of debt or $130.3 million net of the change in cash. During 2023, we repurchased $27.9 million of our unsecured notes in the open market, including $6.9 million in the fourth quarter.

2023 年，我們償還了 1.578 億美元的債務，扣除現金變動後淨額為 1.303 億美元。2023 年期間，我們在公開市場回購了 2,790 萬美元的無擔保票據，其中第四季回購了 690 萬美元。

With clear visibility of reaching our targeted leverage ratio of 2.25 times to 2.75 times, during the fourth quarter, we repurchased 872,000 shares of our common stock under our share repurchase program at an aggregate cost of $12.5 million, bringing our 2023 totals to $3.5 million shares at an aggregate cost of $38.1 million or an average price of $10.97 per share. Going forward, we expect to allocate our free cash flow toward both paying down debt and repurchasing shares, maintaining discipline on our targeted leverage ratio.

在明確達到2.25 倍至2.75 倍的目標槓桿率的情況下，我們在第四季度根據股票回購計劃回購了872,000 股普通股，總成本為1,250 萬美元，使我們2023 年的股票總額達到350萬美元總成本為 3,810 萬美元，平均價格為每股 10.97 美元。展望未來，我們預計將自由現金流用於償還債務和回購股票，同時保持對目標槓桿率的嚴格控制。

Our leverage, measured by net debt to EBITDA, was 2.8 times using the trailing 12 months ended December 31, 2023. As of December 31, we had $122 million of cash on hand and an additional $257 million of borrowing capacity on our revolving credit facility, providing us with total liquidity of $379 million.

截至 2023 年 12 月 31 日的過去 12 個月，我們的槓桿比率（以 EBITDA 淨負債衡量）為 2.8 倍。截至 12 月 31 日，我們手頭上有 1.22 億美元現金，循環信貸額度還有 2.57 億美元的額外借款能力，為我們提供了 3.79 億美元的總流動性。

Moving lastly to a discussion of our 2024 financial guidance, we expect to generate EPS of $0.58 to $0.72 and FFO per share of $1.46 to $1.61. Our guidance reflects growth in state and local residential populations, largely attributable to the new contract awards obtained during the second half of 2023. Intakes under those contracts are substantially complete.

最後討論我們的 2024 年財務指引，我們預計每股收益為 0.58 美元至 0.72 美元，每股 FFO 為 1.46 美元至 1.61 美元。我們的指導反映了州和當地居民人口的增長，這在很大程度上歸因於 2023 年下半年獲得的新合約。這些合約下的接收工作已基本完成。

Our state populations also reflect higher utilization than expected under existing contracts that we began to experience in 2023. Our guidance further reflects an increase in our average daily federal populations in 2024 compared with 2023, mainly due to the expiration of Title 42 in May. We expect these federal populations to remain stable throughout 2024.

我們州人口的使用率也高於我們從 2023 年開始簽訂的現有合約的預期。我們的指導進一步反映了 2024 年平均每日聯邦人口較 2023 年增加，這主要是由於 Title 42 於 5 月到期。我們預計這些聯邦人口在 2024 年全年將保持穩定。

The most significant factor impacting detention utilization by our federal partners has historically been funding levels approved by Congress for ICE as detention capacity is insufficient to meet the demand at the southern border. Funding under a continuing resolution for the Department of Homeland Security, including ICE, expires March 8.

歷史上，影響我們聯邦合作夥伴拘留利用的最重要因素是國會批准的 ICE 資金水平，因為拘留能力不足以滿足南部邊境的需求。根據一項持續決議為包括 ICE 在內的國土安全部提供的資金將於 3 月 8 日到期。

If Congress provides higher funding levels for detention beds or if the highly publicized supplemental funding bill is approved to include additional funding for border security, there could be upside to our guidance. Our guidance contemplates the continuation of an improving hiring market for labor with less reliance on temporary incentives, but resulting in higher staffing costs as we continue to progress toward pre-COVID staffing levels.

如果國會為拘留床位提供更高的資金水平，或者如果廣為人知的補充資金法案獲得批准，其中包括用於邊境安全的額外資金，那麼我們的指導可能會有好處。我們的指導考慮到勞動力招聘市場將繼續改善，減少對臨時激勵措施的依賴，但隨著我們繼續向新冠疫情前的人員配置水平邁進，會導致人員成本上升。

Our guidance contemplates the expiration of the lease with the state of California at our California City Correctional Center, effective March 31, 2024. This facility generated $31.1 million in revenue and $25.5 million in EBITDA during 2023 and is expected to result in a reduction to EBITDA of approximately $23 million to $24 million in 2024, including carrying costs such as maintenance, property taxes, and insurance that we will continue to incur after the lease expiration.

我們的指導意見預計我們與加州的加州城市懲教中心的租約將於 2024 年 3 月 31 日到期。該設施在 2023 年產生了 3,110 萬美元的收入和 2,550 萬美元的 EBITDA，預計到 2024 年將導致 EBITDA 減少約 2,300 萬至 2,400 萬美元，包括維護、財產稅和保險等我們將繼續承擔的成本租約到期後發生。

Our guidance does not include any other contract losses or any new contract awards, not previously announced because the timing of government actions on new contracts is always difficult to predict. While we are encouraged by the strength of our margins in the fourth quarter, sustained margins at this quarter's level are likely to require higher populations as our staffing continues to return to pre-COVID levels.

我們的指導不包括之前未宣布的任何其他合約損失或任何新合約授予，因為政府對新合約採取行動的時間總是很難預測。儘管我們對第四季度的強勁利潤率感到鼓舞，但隨著我們的人員配置繼續恢復到新冠疫情前的水平，本季的持續利潤率可能需要更多的人員。

For modeling our quarterly results, as a reminder, compared to the fourth quarter, Q1 is seasonally weaker because of one fewer day in the quarter, higher utilities, and because we incur approximately 75% of our unemployment taxes during the first quarter, resulting in a collective $0.04 per share decline from Q4 to Q1 and negatively impacting our operating margins.

為了對我們的季度業績進行建模，提醒一下，與第四季度相比，第一季季節性疲軟，因為該季度天數減少，公用事業費用增加，而且因為我們在第一季承擔了大約75%的失業率，導致從第四季度到第一季度，每股價格總計下降了 0.04 美元，對我們的營業利潤率產生了負面影響。

Moving now to our capital allocation strategy. Since our Board authorized the share repurchase program in May 2022 through December 31, 2023, we repurchased 10.1 million shares of our common stock at an aggregate cost of $112.6 million, leaving $112.4 million under the Board authorization. We will remain opportunistic in repurchasing shares of our common stock and expect to repurchase additional shares in 2024, taking into consideration our leverage, earnings trajectory, stock price, liquidity, and alternative opportunities to book -- to deploy capital.

現在轉向我們的資本配置策略。自董事會於 2022 年 5 月至 2023 年 12 月 31 日批准股票回購計畫以來，我們以總成本 1.126 億美元回購了 1,010 萬股普通股，董事會授權還剩 1.124 億美元。我們將在回購普通股方面保持機會主義，並預計在 2024 年回購更多股票，同時考慮到我們的槓桿率、獲利軌跡、股價、流動性和其他預訂機會——部署資本。

Our guidance includes a range of repurchase scenarios at various amounts and at various assumed prices. We also expect to use our cash on hand and cash flow from operations to continue paying down debt, which could include additional open-market purchases or partial redemptions of our 8.25% senior notes, which are scheduled to mature in 2026 and become redeemable at 104.125% of par on April 15, 2024.

我們的指導包括一系列不同金額和不同假設價格的回購情境。我們還預計將使用手頭現金和營運現金流來繼續償還債務，其中可能包括額外的公開市場購買或部分贖回我們的 8.25% 優先票據，這些票據計劃於 2026 年到期，可按 104.125 贖回2024年4 月15 日票面價值的百分比。

We continue to monitor the debt capital markets and could issue additional debt securities to refinance portions of our existing debt to extend our weighted average debt maturities if and when we determine that market conditions and the opportunity to utilize the proceeds are favorable. Given the strength of both our balance sheet and cash flows, we have tremendous flexibility in how we deploy our liquidity and free cash flow and balance our capital allocation strategy between debt repayments and share repurchases. Again, our guidance contemplates a range of scenarios associated with debt reduction and share repurchases.

我們將繼續監控債務資本市場，如果我們確定市場條件和利用收益的機會有利，則可以發行額外的債務證券為部分現有債務進行再融資，以延長我們的加權平均債務期限。鑑於我們資產負債表和現金流的實力，我們在如何部署流動性和自由現金流以及在債務償還和股票回購之間平衡資本配置策略方面擁有巨大的靈活性。同樣，我們的指導考慮了與債務削減和股票回購相關的一系列情境。

We expect AFFO, which we consider a proxy for our cash flow available for capital allocation decisions, to range from $158.3 million to $175.3 million or $1.42 to $1.57 per share. We expect our normalized effective tax rate to be 27% to 29%, and the full-year EBITDA guidance in our press release provides you with our estimate of total depreciation and interest expense.

我們預計 AFFO（我們認為可用於資本分配決策的現金流量的代表）的範圍為 1.583 億美元至 1.753 億美元，即每股 1.42 美元至 1.57 美元。我們預計標準化有效稅率為 27% 至 29%，我們新聞稿中的全年 EBITDA 指導為您提供了我們對總折舊和利息費用的估計。

We are forecasting G&A expenses in 2024 to be consistent with 2023. We plan to spend $62 million to $66 million on maintenance capital expenditures during 2024, in line with $64 million incurred during 2023 and $7 million to $9 million for other capital investments compared to $4 million in 2023.

我們預計 2024 年的一般管理費用將與 2023 年保持一致。我們計劃在 2024 年花費 6,200 萬至 6,600 萬美元用於維護資本支出，與 2023 年的 6,400 萬美元一致，其他資本投資為 700 萬至 900 萬美元，而 2023 年為 400 萬美元。

I will now turn the call back to the operator to open up the lines for questions.

我現在將把電話轉回給接線員，以開通提問線路。

(Operator Instructions)

（操作員說明）

Joe Gomes, Noble Capital.

喬·戈麥斯，貴族資本。

Good morning, Damon and David. Nice quarter.

早安，達蒙和大衛。不錯的季度。

Hey. Good morning, Joe.

嘿。早安，喬。

Morning, Joe.

早安，喬。

Thank you so much.

太感謝了。

So I wanted to start with the ICE populations in the quarter. It sounds like you had some good growth sequentially there. And kind of like where are we today? And kind of in conjunction with that, going through the supplemental, it looks like you had two facilities that were not yet to 75% occupancy to ICE facilities at the end of the year. Where are they today? And how do we get those up and above that 75% occupancy level?

所以我想從本季的 ICE 人口開始。聽起來你在那裡連續取得了一些好的成長。有點像我們今天在哪裡？與此相關的是，透過補充，看起來您有兩個設施在年底時 ICE 設施的入住率尚未達到 75%。他們今天在哪裡？我們如何將這些入住率提高到 75% 以上？

Yes. So, Joe, let me tag team with Dave on that one. First part of your question, as of yesterday, our total population in our facilities from ICE was at 11,334. So I give you a real-time number on current utilization.

是的。所以，喬，讓我和戴夫一起做這件事。你問題的第一部分，截至昨天，ICE 設施內的總人口為 11,334 人。因此，我為您提供當前利用率的即時數據。

And I think that's up, I think we did see a little bit of -- which is pretty typical at that time of year with the holidays, I think we saw a little decline between Thanksgiving and Christmas again. That's pretty typical based on seasonality.

我認為這已經完成了，我認為我們確實看到了一點——這在一年中的那個假期非常典型，我認為我們在感恩節和聖誕節之間再次看到了一點下降。根據季節性，這是非常典型的。

And then maybe just a quick comment. Obviously, you probably know as much as I do and just kind of following the discussions within Congress between the Senate leadership and House leadership and where that all ends up. I know there's a lot of people that don't know if that's going to be the path forward on the funding for additional resources with ICE, but that's kind of bigger bill with Ukraine and Taiwan and is real funding. So again, we'll see what happens here in the coming days and weeks.

然後也許只是一個簡短的評論。顯然，你可能和我一樣了解，只是關注國會內參議院領導層和眾議院領導層之間的討論以及這一切的最終結果。我知道很多人不知道這是否會成為 ICE 為額外資源提供資金的前進道路，但這是烏克蘭和台灣的一筆更大的賬單，而且是真正的資金。再說一次，我們將在接下來的幾天和幾週內看看這裡會發生什麼。

So on a parallel path, we'll watch off closely. The current fiscal year, as you know, is funded through early March. And we'll be watching closely on kind of what appropriation of adjustments are done there, especially for DHS and ICE and Border Patrol.

因此，在平行路徑上，我們將密切注意。如您所知，當前財政年度的資金資助截止到三月初。我們將密切關注那裡進行的撥款調整，特別是國土安全部、移民和海關執法局以及邊境巡邏隊的撥款調整。

But on facilities, let me pass it over to Dave.

但關於設施，讓我把它交給戴夫。

Yes. I think, Joe, you may be asking kind of where the facility stand relative to fixed payments because not all of our facilities have those fixed payments. So I'm not sure which facilities you're referring to that are below the 75%. They may or may not have fixed payments.

是的。我想，喬，您可能會問該設施相對於固定付款的情況如何，因為並非我們所有的設施都有這些固定付款。所以我不確定你指的是哪些設施低於 75%。他們可能有也可能沒有固定付款。

But in total, we're really clearing those fixed payment hurdles at this point. They are probably in aggregate across the portfolio. A few hundred below the fixed payment level so they're not thousands. So any incremental populations at this point would translate into incremental revenues for the most part.

但總的來說，我們目前確實正在清除這些固定付款障礙。它們可能是整個投資組合的總和。比固定付款水平低幾百，所以他們不是幾千。因此，此時任何增量人口在很大程度上都會轉化為增量收入。

Okay. Great. Thanks. And then in the guidance, you talked about you're assuming kind of the flat ICE population. As we all know, the funding for last year was 34,000 beds. We're at 38,500, I think, was the most recent ICE population number.

好的。偉大的。謝謝。然後在指南中，您談到您假設 ICE 人口持平。眾所周知，去年的經費是3.4萬個床位。我認為，我們的人口數是 38,500 人，這是 ICE 最新的人口數字。

When you look at your guidance, are you expecting to be at that 34,000 level for funding? Or do you think it stays more in that 38,000? Just trying to get a little more detail there.

當您查看指導時，您是否期望資金達到 34,000 的水平？還是你認為它會停留在 38,000 以內？只是想了解更多細節。

Yes. I'll let Dave talk a little bit about our actual guidance, but I just -- the bigger number for ICE, so all populations, not just CoreCivic, it's kind of hard to say. They've been working, as you know, since October 1 under continued resolutions. And so basically, that's taking the funding level from last year of 34,000 in this year.

是的。我會讓 Dave 談談我們的實際指導，但我只是 - ICE 的數字更大，所以所有人群，而不僅僅是 CoreCivic，這有點很難說。如您所知，自 10 月 1 日以來，他們一直根據持續的決議開展工作。基本上，今年的資金水準是去年的 34,000 美元。

So they clearly feel like they're in a position to go a little higher than that as we've gotten into a couple of months into the fiscal year. So could they go ahead and maybe fund that for the rest of the year at 34,000 but still run at 38,000? That possible.

因此，他們顯然認為，隨著我們進入本財年還有幾個月，他們的價格可能會比這更高。那麼，他們是否可以繼續以 34,000 美元的價格為今年剩餘時間提供資金，但仍以 38,000 美元的價格運行？那有可能。

As you know, last year, they did the reprogramming, I think during the middle of the fiscal year. That may be part of the strategy; that maybe Plan B. Don't know. But again, I think the next couple of weeks will be pretty critical on determining obviously what happens for the rest of the year.

如你所知，去年他們進行了重新規劃，我認為是在本財年中期。這可能是戰略的一部分；那也許是B計劃。不知道。但我再次認為，接下來的幾週對於確定今年剩餘時間會發生什麼至關重要。

I will say, though, that -- and maybe a little more to your second part of your question about the guidance. National number, obviously, that will go up and down. It didn't necessarily go in proportion with our populations.

不過，我會這麼說——也許還會對你關於指南的問題的第二部分多說一點。顯然，全國數字會上下波動。它不一定與我們的人口成比例。

So the national number maybe go down a little bit but our population is pretty flat. And based on utilization and what we're hearing kind of on the ground with our various stakeholders from ICE and the different parts of the country where we operate gives us some comfort that we've got a pretty good number for the rest of the year. But let me add -- let Dave add to that.

因此，全國數字可能會下降一點，但我們的人口相當穩定。根據利用率以及我們從 ICE 的各個利益相關者以及我們開展業務的國家不同地區聽到的情況，我們感到欣慰的是，我們在今年剩餘時間裡獲得了相當不錯的數字。但讓我補充一下——讓戴夫補充一下。

I think at a high level, Joe, the guidance would reflect populations consistent with what we saw in the fourth quarter. So we're not anticipating a supplemental funding going through or even when funding gets refreshed on March 8, whether that's a continuing resolution or a full budget for the rest of the year.

喬，我認為在較高層面上，該指導意見將反映與我們在第四季度看到的情況一致的人口情況。因此，我們預計不會進行補充資金，甚至不會在 3 月 8 日更新資金時，無論這是一項持續決議還是今年剩餘時間的完整預算。

We're not anticipating significant increases. And as I mentioned in my prepared remarks, if they do see increases in funding for detention beds, that could be upside to our guidance. Likewise, we're not assuming a decline in those populations. Our populations, like I said, probably from the fourth quarter. So pretty stable populations, at least at the federal level throughout 2024.

我們預計不會大幅成長。正如我在準備好的發言中提到的，如果他們確實看到拘留床位的資金增加，這可能有利於我們的指導。同樣，我們也不假設這些人口會減少。正如我所說，我們的人口可能是從第四季開始的。人口相當穩定，至少在 2024 年聯邦層級是如此。

Okay. Thanks. Damon, you didn't mention anything really on the US Marshals Service. I'm wondering if you might give us a little update on that client.

好的。謝謝。達蒙，你沒有提到任何關於美國法警局的事情。我想知道您是否可以向我們提供有關該客戶的一些最新情況。

Yes, I appreciate that question. Yes, we're basically just kind of seeing a steady as it goes. The populations have been up or down a little bit nationally. Our populations also fit up down a little bit. I think the national population right now for the March service is around 57,000 and 58,000.

是的，我很欣賞這個問題。是的，我們基本上只是看到了穩定的發展。全國範圍內的人口略有上升或下降。我們的人口也有所下降。我認為目前參加三月禮拜的全國人口約為 57,000 至 58,000 人。

That's been pretty stable over the last probably six, eight months down a little bit over the last two, three years. But last -- again, 6, 8, 10 months we're pretty stable. So we're kind of forecasting that for the rest of the year. Don't see any big, real changes with that customer for the rest of the year.

在過去的六、八個月裡，這一數字相當穩定，在過去的兩、三年裡略有下降。但最後——同樣是 6、8、10 個月，我們相當穩定。所以我們對今年剩餘時間的情況進行了預測。在今年剩餘的時間裡，該客戶不會出現任何重大的、真正的變化。

I don't know if anything you would add to that, Dave.

我不知道你是否還有什麼要補充的，戴夫。

Yes, our populations were very consistent in Q4 with Q3. In fact, they were up slightly.

是的，我們的人口在第四季與第三季非常一致。事實上，它們略有上升。

Okay, great. And on the community segment, you kind of touched on this a little bit, David. There was a large increase in the revenue per compensated mandate. I think year over year was up about $12.

好的，太好了。在社區部分，你有點觸及了這一點，大衛。每項補償任務的收入大幅增加。我認為同比上漲了約 12 美元。

You mentioned a little bit about some contract renewals you got. Is there anything else that's driving that? Should we kind of expect that as more of a high water mark? Or do you think there's more potential upside in that revenue per compensated mandate on the community side?

你提到了一些關於你續約的事情。還有其他什麼因素在推動這趨勢嗎？我們是否應該期待更高的水位線？或者您認為社區方面每項補償任務的收入有更多潛在的上升空間嗎？

Yes. Joe, actually, I'll tackle that one. Yes, we've seen a couple of quarters in a row of really strong growth on the community side. So as you know, both occupancy growing but also we've had some really good renewals where we've got kind of reset the pricing on the compensated for the contract, I should say. So we continue to see good support to increase populations there.

是的。喬，實際上，我會解決這個問題。是的，我們已經連續幾季看到社區方面的強勁成長。如您所知，我應該說，入住率都在增長，而且我們也進行了一些非常好的續約，我們對補償合約的定價進行了重新設定。因此，我們繼續看到為增加那裡的人口提供的良好支持。

Again, that was part of the population that was easy to go ahead and release with social distancing and everything going on with COVID. So we really think the big kind of bounce back is because now that the pandemic is over and some of those concerns were alleviated from a health perspective, we continue to see populations go up. So again, really, really pleased with that and continue to see good growth there.

同樣，由於社交距離和新冠肺炎疫情的影響，這部分人群很容易被釋放。因此，我們確實認為大幅反彈是因為現在大流行已經結束，並且從健康角度來看，其中一些擔憂得到了緩解，我們繼續看到人口在增加。所以，我真的非常非常高興，並繼續看到那裡的良好成長。

Okay. And one more for me and I'll step aside here. Just you mentioned Cal City and you're looking for alternatives there. Whenever there's anything significant you can tell us in terms of who you're talking to for that and any other types of new business that might be here in the near term?

好的。再給我一份，我就退到一邊。剛才您提到了加州城，您正在那裡尋找替代方案。每當有任何重要的事情時，您都可以告訴我們您正在與誰交談以及近期可能出現的任何其他類型的新業務嗎？

Yes. So Cal City is a new business. So not here to discuss any specific client for that facility. But as noted in my script, I mean, it is a great location. Southwest, it's not far from Los Angeles. So we think a state partner or a federal partner would be a good solution for this facility.

是的。所以加州城是新企業。因此，這裡不是討論該設施的任何特定客戶。但正如我的劇本中所指出的，我的意思是，這是一個很棒的位置。西南，離洛杉磯不遠。因此，我們認為州合作夥伴或聯邦合作夥伴將是該設施的一個很好的解決方案。

So I think you know, Joe, in the past, the marshal service and ICE have used that facility in the past. So it's a great facility for their mission. So we are continuing to have conversations and see that again as a great solution, knowing this location, but also its capabilities within the actual facility.

所以我想你知道，喬，過去，執法部門和 ICE 曾經使用過該設施。因此，對於他們的使命來說，這是一個很棒的設施。因此，我們正在繼續進行對話，並再次認為這是一個很好的解決方案，了解這個位置，並且了解它在實際設施中的功能。

To your second question about just generally about new business, I'll tell you, I have met with a lot of governors and secretaries and directors of corrections here in the last probably six or eight months. And the message just continues to be the same: really challenging infrastructure issues within their system. Facilities are becoming more and more overcrowded as populations are starting to come out of the jails that have been backed up because, of course, being closed. And then also seeing significant population increases over the next three to five years. So that message continues to be conveyed to us from our partners.

關於你關於新業務的第二個問題，我告訴你，在過去的六到八個月裡，我在這裡會見了許多州長、秘書和懲戒主任。傳達的訊息始終如一：系統內的基礎設施問題確實具有挑戰性。隨著人們開始從監獄中出來，設施變得越來越擁擠，而這些監獄當然是因為關閉而積壓的。然後在未來三到五年內人口也會顯著增加。因此，我們的合作夥伴繼續向我們傳達這一訊息。

The other thing I'll just say that maybe is a little bit surprise for folks is that some of our customers, they closed either units or maybe entire facilities during COVID and what facilities they targeted for closure are usually the ones again that are maybe older, maybe more difficult to operate, but maybe really challenging the staff.

我想說的另一件事可能會讓人們感到有點驚訝，那就是我們的一些客戶在新冠疫情期間關閉了單位或整個設施，而他們目標關閉的設施通常又是那些可能較舊的設施，也許操作起來比較困難，但也許真的對工作人員有挑戰性。

And so some of this, kind of more immediate opportunity for us are coming from customers to say, we close XYZ facility in certain part of our jurisdiction. And it just doesn't make operational sense for us to reactivate it.

因此，對我們來說，其中一些更直接的機會來自客戶，他們說，我們關閉了管轄範圍內某些地區的 XYZ 設施。重新激活它對我們沒有任何操作意義。

So basically, what I'm saying is you may have a system or systems that their operational capacity has declined a little bit because they've got units or facilities that just didn't make sense to reactivate. And so that's created a little more demand from them to use capacity in our system there. But I don't know, I guess you'd add to that, Dave.

基本上，我想說的是，您可能有一個或多個系統，其運作能力略有下降，因為它們的單位或設施沒有重新啟動的意義。因此，他們對使用我們系統中的容量產生了更多的需求。但我不知道，我想你會補充這一點，戴夫。

Just reemphasizing, the underlying drivers of the new contracts that we signed in the second half of 2023 are still there. And as David just mentioned, getting more urgent. So we feel really good about prospects moving into 2024 and have good momentum, having signed three new contracts in the fourth quarter and another contract in the third quarter that's both with state and county governments. So good momentum as we're going into '24.

只是再次強調，我們在 2023 年下半年簽署的新合約的根本驅動因素仍然存在。正如大衛剛才提到的，變得更加緊迫。因此，我們對進入 2024 年的前景感到非常樂觀，並且勢頭良好，我們在第四季度簽署了三份新合同，並在第三季度與州和縣政府簽署了另一份合同。我們即將進入 24 年，勢頭非常好。

Yes. I really appreciate that. One other thing I'd just say, Joe, and we mentioned in our script, but want to reinforce it, and that is: as you know, we leaned a little forward on staffing around the enterprise about a year ago and also impacted a little bit margins. And I know we had some good conversations about that along the way. But we think some of those investments are really now -- we're getting the benefits of that now with some of these new contracts.

是的。我真的很感激。我想說的另一件事是，喬，我們在腳本中提到過，但想強調這一點，那就是：如您所知，大約一年前，我們在企業人員配置方面向前傾斜了一點，也影響了一點點的利潤。我知道我們一路上對此進行了一些很好的對話。但我們認為其中一些投資現在確實是——我們現在透過一些新合約獲得了好處。

Again, obviously, we're watching closely what happens with ICE with this supplemental. There was some discussion about funding there for 50,000 beds nationwide, again, who knows how likelihood that is with the supplemental.

顯然，我們再次密切關注 ICE 在此補充中發生的情況。再次討論了為全國 50,000 個床位提供資金的問題，誰知道補充資金的可能性有多大。

But as long as we saying, we continue to be very thoughtful on the staffing front, not just on what the needs are today, but trying to probably anticipate a little bit what customer need is either with existing customers or new customers.

但只要我們說，我們在人員配置方面仍然非常周到，不僅僅是今天的需求，而是嘗試預測現有客戶或新客戶的客戶需求。

Great. Thanks again for taking my questions and congrats on the quarter.

偉大的。再次感謝您回答我的問題並祝賀本季。

Thank you, sir.

謝謝你，先生。

M. Marin, Zacks.

M.馬林，札克斯。

Thank you. So given COVID, the courts were obviously in advance. And now that they're back up and running, it seems that we're still seeing a backlog. And it seems like rather than getting smaller, it's appearing treatment to grow. So if that's the case, how do you think that might impact some of your utilization rates and some of your post COVID facilities?

謝謝。因此，考慮到新冠疫情，法院顯然提前了。現在它們已經恢復運行，但我們似乎仍然看到積壓的情況。看起來它不是在變小，而是在治療中變大。那麼，如果是這種情況，您認為這可能會如何影響您的一些利用率和新冠疫情後的一些設施？

Yes. It's a good question. And yes, it's a little bit of a couple of different catalysts. You alluded to it with you, of course, going to get back to where they were operationally pre-COVID in this backlog that is we've seen in numbers and jail populations nationwide.

是的。這是一個好問題。是的，這是一些不同的催化劑。當然，你也提到過，我們在全國範圍內看到的積壓案件中，他們會回到新冠疫情爆發前的運作狀態。

So again, we're seeing that now. I think again, with contracts like with Montana, increased utilization in Idaho. Wyoming as we talked about, I mean, I think that's part of the reason. I think again, I think another part of the reason is, again, some of these systems took some capacity offline. And just that, okay, it just makes sense for us to reactivate it to more cost effective. You're probably going to give a lot better outcomes, too, by using capacity within CoreCivic.

我們現在又看到了這一點。我再次認為，透過與蒙大拿州簽訂的合同，愛達荷州的利用率有所提高。正如我們談到的懷俄明州，我的意思是，我認為這是部分原因。我再次思考，我認為另一部分原因是，其中一些系統使一些容量離線。就這樣，好吧，我們重新激活它以更具成本效益是有意義的。透過使用 CoreCivic 中的容量，您可能還會獲得更好的結果。

And I guess the third thing I'd just say is that looking at another lead indicator, which is kind of crime rates around the country and some of the actions that are happening at the state and local level, I think that's also going to have some material impact on populations on top of what we're seeing today because of the backlog with COVID.

我想我要說的第三件事是，看看另一個領先指標，即全國各地的犯罪率以及州和地方層面正在採取的一些行動，我認為這也會有由於新冠肺炎疫情積壓，除了我們今天所看到的情況之外，也對人口產生了一些重大影響。

But is there anything you'd add to that, Dave?

但戴夫，你還有什麼要補充的嗎？

No, I don't have anything add, Damon. You covered it.

不，我沒有什麼要補充的，達蒙。你覆蓋了它。

Okay. So you also talked about in your prepared remarks, you mentioned alternatives to retention. And I'm guessing that that would include your electronic monitoring services, maybe the community service corporations.

好的。因此，您在準備好的發言中也談到了保留的替代方案。我猜這將包括您的電子監控服務，也許是社區服務公司。

Do you see -- and you talked before about how you had some good quarters on community services operations. Do you see that as potentially benefiting from some of the changes we're seeing in the courts and in prisons' views about prison detention?

你看到了嗎——你之前談到過你在社區服務運作方面如何取得了一些良好的成績。您認為這是否可能受益於我們在法院和監獄對監獄拘留的看法中看到的一些變化？

Yes. I mean -- and keep me answer, Dave. I say on the community, again, the big driver there has been just increased utilization from a population perspective into our facilities and also some favorable renegotiation of contract terms, again, we've had some improvements on the per diem and the compensated day rates.

是的。我的意思是——請讓我回答，戴夫。我再說一遍，在社區方面，最大的推動因素是從人口角度來看，我們的設施利用率有所提高，而且還對合約條款進行了一些有利的重新談判，我們在每日津貼和帶薪日費率方面進行了一些改進。

But we also are seeing, again, good use and good attraction to our monitoring, our case management services and other support services we can do within the community segment. But I'll also say, and I think maybe a part of your question, too, we remain really bullish on that for the community business. And so we continue to make investments in both people and technology to meet the needs either with the existing partners or potentially new partners.

但我們也再次看到，我們的監測、案件管理服務以及我們可以在社區部分提供的其他支援服務得到了很好的利用和良好的吸引力。但我還要說，我認為這也許也是您問題的一部分，我們仍然非常看好社區業務。因此，我們繼續對人員和技術進行投資，以滿足現有合作夥伴或潛在新合作夥伴的需求。

Again, going back to the lease proposed supplemental from Congress on Sunday night of this week, again, who knows how much of this will carry on either through a supplemental being passed or moved on to a full funded year. But there was almost over $1 billion, I think that was earmarked for additional expansion of alternative detention under ICE.

再次回到本週日晚上國會提出的租賃補充協議，誰知道其中有多少將通過補充協議的通過或轉移到全額資助的一年來進行。但我認為這筆資金幾乎超過 10 億美元，專門用於進一步擴大 ICE 下的替代性拘留。

So again, I think the continued investment, not only just for that opportunity but also what we're seeing in with cities and counties and even the bureau prisons, I think, are good investments. And again, we continue to be really bullish on the business.

所以，我再次認為，持續的投資，不僅是為了這個機會，而且是我們在市、縣、甚至局監獄中看到的，我認為，都是很好的投資。再說一次，我們仍然非常看好這項業務。

But anything to add to that, Dave?

但戴夫，還有什麼要補充的嗎？

Yes, I think there's some inertia from the Federal Bureau of Prisons as well to expand the utilization of residential reentry centers whether that's due to infrastructure, trying to get more people out of prison into the communities and helping them assimilate.

是的，我認為聯邦監獄局也有一些慣性，無論是由於基礎設施的原因，還是擴大居住重返中心的利用，試圖讓更多的人出獄進入社區並幫助他們同化。

So I think there could be some more funding there that kind of began during the last administration. And it seems to be getting some legs now. So I wouldn't be surprised if we saw the BOP expand its utilization of our RCs by early release programs, alternatives to detention, and things like that. So I agree that there's a lot of upside there. And we have a lot of capacity within our community portfolio to accommodate that need.

因此，我認為上屆政府期間可能會提供更多資金。現在它似乎有了一些腿。因此，如果我們看到國際收支平衡表透過提前釋放計劃、拘留替代方案等擴大對我們的 RC 的利用，我不會感到驚訝。所以我同意這有很多好處。我們的社群產品組合中擁有大量能力來滿足這項需求。

Okay, thank you.

好的謝謝。

Thank you, M.

謝謝你，M。

Kirk Ludtke, Imperial Capital.

柯克·路特克，帝都。

Hi, Damon and David, Brian, Mike, thanks for the call.

嗨，達蒙和大衛、布萊恩、麥克，感謝您的來電。

Good morning.

早安.

Good morning, Kirk.

早安，柯克。

Congratulations on the quarter. Just a couple of follow-ups. On the ICE population, did I hear that the immigration bill included funding for 50,000 beds. Did I hear that correctly?

恭喜本季。只是幾個後續行動。關於 ICE 人口，我是否聽說移民法案包括為 50,000 個床位提供資金。我沒聽錯嗎？

That's correct, yes. The bill that came out Sunday night. And as you know, this was out of the Senate. And you heard this a couple of times during the course of the week where the negotiators of that Bill noted that they were looking at funding for taking up the population of 50,000 beds.

這是正確的，是的。週日晚上公佈的法案。如你所知，這是參議院發出的。在這一周內，你多次聽到這樣的說法，該法案的談判代表指出，他們正在考慮為佔用 50,000 個床位的人口提供資金。

So that's been part of the talking points with the unveiling of this bill on Sunday. So again, you probably know as well as I, there's obviously some strong views about that bill on the House. So again, not here to handicap the bill, but at least just want to indicate, that's at least what the Senate was making relative to that supplemental.

因此，這已成為週日公佈該法案的談話要點的一部分。再說一次，你可能和我一樣清楚，眾議院顯然對這項法案有一些強烈的看法。再說一次，我並不是要阻礙該法案，而是至少想表明，這至少是參議院相對於該補充法案所做的事情。

Got it. Well, that's helpful. Thank you. And where did your ICE population peak pre-pandemic?

知道了。嗯，這很有幫助。謝謝。大流行前，您的 ICE 人口高峰在哪裡？

Pre-pandemic, keep me honest with you, Dave, I think in the summer of '19, we got near 15,000.

在大流行之前，請誠實地告訴你，戴夫，我想在 19 年夏天，我們有接近 15,000 人。

From 11,300 today?

從今天 11,300 起？

Yes.

是的。

Got it. Thank you. And do you remember what the -- how many beds were funded back then?

知道了。謝謝。您還記得當時資助了多少床位嗎？

I know that nationwide populations are around 55,000. I don't know if they were necessarily funded at that level. It was probably less -- I know it was less than that.

我知道全國人口大約有55,000人。我不知道他們是否一定有那個水準的資金。可能更少——我知道比那個少。

Yes. Actually, I think it was pretty meaningful less than that. Now I think about it.

是的。事實上，我認為這沒有那麼有意義。現在我想起來了。

Interesting. Okay. Thank you. That's helpful. And then on California City, so now the lease expires in just a couple of months, has the state started to ramp that facility down?

有趣的。好的。謝謝。這很有幫助。然後在加州城，現在租約還有幾個月就到期了，該州是否已開始縮減該設施？

They have. Yes, they've been going through the steps for kind of deactivation, I think, both population and staffing.

他們有。是的，我認為他們一直在採取一些停用措施，包括人口和人員配置。

Okay. Got it. And are there any legal limitations as to what you can use that facility for?

好的。知道了。您可以使用該設施的用途是否有任何法律限制？

There are a couple. I don't know right off the top of my head; I think there's a few. But obviously, California was in there. And then we've had no issues on housing Marshals there and ICE in the past.

有一對。我一時不知道；我想有幾個。但顯然，加州就在那裡。而且我們過去在安置法警和 ICE 方面沒有遇到任何問題。

Would be the type of inmate that you're --

你就是這樣的囚犯--

Yes, maybe that's right. It is type of inmate. And I don't know off top of my head. We can follow-up with you offline on that. But I suspect there's probably some limitations on maybe classification or something like that.

是的，也許是這樣。這是囚犯的類型。我根本不知道。我們可以在線下與您跟進此事。但我懷疑分類或類似的東西可能會有一些限制。

Got it. Got it. Thank you. And then on Harris County, that's a nice win. Can you just expand on that? And how that came about? And why they -- because if my Google Maps is working correctly, that's over 500 miles between Harris County and Tallahatchie. So I'm just curious what maybe --expand on how that came about and why Tallahatchie?

知道了。知道了。謝謝。然後在哈里斯縣，這是一場漂亮的勝利。能擴展一下嗎？這是怎麼發生的？以及為什麼他們 - 因為如果我的谷歌地圖工作正常，哈里斯縣和塔拉哈奇之間的距離超過 500 英里。所以我只是好奇可能會發生什麼——詳細說明這是如何發生的以及為什麼是塔拉哈奇？

Yes. Yes, sir. So part of the playbook is that, obviously, we're always monitoring not only the existing needs with the existing partner, I should say, but also partners like Harris County or potential partners, what's their system utilization capacity, maybe some challenges that they're experiencing.

是的。是的先生。因此，劇本的一部分是，顯然，我們不僅總是監控現有合作夥伴的現有需求，我應該說，而且還監控像哈里斯縣這樣的合作夥伴或潛在合作夥伴，他們的系統利用能力是什麼，也許他們面臨的一些挑戰正在經歷。

And Houston is -- I think that's where the company really got started. Our very first contract was in Houston almost four years ago. So either in that county in that city really, really well. And so I think they just expressed they had some issues with physical plant. They had some really difficult outcomes here in the last couple of years because of overcrowding. I think there were some staffing issues.

休斯頓——我認為這就是公司真正起步的地方。我們的第一份合約是大約四年前在休士頓簽訂的。所以無論是在那個縣還是在那個城市都非常非常好。所以我認為他們只是表達了他們對實體設備的一些問題。在過去的幾年裡，由於過度擁擠，他們在這裡遇到了一些非常困難的結果。我認為存在一些人員配置問題。

And it's a pretty big system. Obviously, Metropolitan Houston and Harris County, it's a big system. Don't hold me to this, and I think they have almost 10,000 people in their jail system. So what that allowed us to do to kind of your last part of your question about the distance is to say, okay, look at your entire population and is the part of the population that would be well suited and this is individuals. They don't have to go to jail or go to court every day that could be in a setting of Tallahatchie County.

這是一個相當大的系統。顯然，休士頓都會區和哈里斯縣，這是一個大系統。別讓我這麼認為，我認為他們的監獄系統裡有近萬人。因此，這讓我們能夠回答你關於距離的問題的最後一部分，那就是，好吧，看看你的整個人口，這是人口中最適合的部分，這是個人。他們不必像塔拉哈奇縣那樣每天進監獄或上法庭。

And of course, we'll work with them on transportation, video conferencing, and whatnot to keep them connect as appropriate with the courts and the Sheriff's office here in Harris County. So we've got a lot of plays in the playbook on helping them deal with kind of some of the distance issues.

當然，我們將在交通、視訊會議等方面與他們合作，以使他們與哈里斯縣的法院和治安官辦公室保持適當的聯繫。因此，我們的劇本中有很多幫助他們處理一些距離問題的劇本。

But again, with the system that large, there's parts of the population that would be well suited again from a distance of -- again, you said 500 miles from Houston. If anything you'd add to that, Dave?

但同樣，由於系統如此龐大，部分人口在距離休士頓 500 英里的地方再次非常適合。戴夫，您還有什麼要補充的嗎？

Yes. I mean Tallahatchie was a great facility. It was about 25% occupied. So it was a location where we could immediately satisfy the need and bring the detainees in quickly. We could probably -- I mean, there's about seven or eight different customers in that facility. So they're doing a fantastic job there.

是的。我的意思是塔拉哈奇是一個很棒的設施。大約有 25% 被佔用。所以這是一個我們可以立即滿足需求並快速將被拘留者帶入的地點。我們可能會—我的意思是，那個設施裡大約有七、八個不同的客戶。所以他們在那裡做得非常出色。

But with the exception of probably a handful of locations where we could accommodate a new customer, like what we did at our Saguaro Facility with Montana, Saguaro Facilities in Arizona, so Montana moved 120 inmates there.

但除了少數幾個我們可以容納新客戶的地點外，就像我們在蒙大拿州的 Saguaro 設施、亞利桑那州的 Saguaro 設施所做的那樣，因此蒙大拿州將 120 名囚犯轉移到了那裡。

We do have -- it's like 120 and we probably have a dozen facilities, but it's getting to the point now where we may have to look at activating a new facility to accommodate new contract towards if we see that kind of demand. Obviously, we wouldn't do that speculatively. It's expensive to open up and staff a facility in advance of visibility on a customer. But Tallahatchie was a great location where we could accommodate Harris County, and there aren't many of those left.

我們確實有——大約 120 個，我們可能有十幾個設施，但現在已經到了這樣的地步，如果我們看到這種需求，我們可能不得不考慮激活一個新設施來適應新合約。顯然，我們不會投機地這樣做。在客戶可見之前開設工廠並配備人員的成本很高。但塔拉哈奇是我們可以容納哈里斯縣的絕佳地點，但現在已經所剩無幾了。

Well, that's interesting. I appreciate it. Thank you.

嗯，這很有趣。我很感激。謝謝。

Brian Violino, Wedbush.

布萊恩·維奧利諾，韋德布希。

Great. Good morning. Thanks for taking my question.

偉大的。早安.感謝您提出我的問題。

Morning, Brian.

早安，布萊恩。

Good morning.

早安.

Good morning. Just quickly, you talked quite a bit about the three state and local contract wins you had in the fourth quarter. Could you give us how much EBITDA you anticipate those contracts will contribute in 2024?

早安.很快，您就第四季度贏得的三份州和地方合約談了很多。您能否告訴我們您預計這些合約將在 2024 年貢獻多少 EBITDA？

We haven't disclosed that, but they're probably different profiles. One was a facility that was largely occupied the one in Arizona and then Tallahatchie, as I just mentioned, was like 25% occupied. So it's probably a few million dollars in EBITDA between the two of them over a year, maybe a little bit north of that.

我們還沒有透露這一點，但他們可能是不同的個人資料。其中一個設施大部分被佔用，位於亞利桑那州，然後塔拉哈奇（Tallahatchie），正如我剛才提到的，大約有 25% 被佔用。因此，他們兩人一年內的 EBITDA 可能有幾百萬美元，也許比這個數字高一點點。

Got it. Okay. Thank you. And then maybe hard for you to answer from your seat, but it seems like DHS has been reallocating funds to ICE for additional bed funding given that we're over the 34,000 number.

知道了。好的。謝謝。然後，也許您很難在座位上回答，但考慮到我們的床位數量已超過 34,000，國土安全部似乎已將資金重新分配給 ICE，以提供額外的床位資金。

I guess from your perspective, do you anticipate that there's additional dollars that could be reallocated within DHS? Or do we really need supplemental funding to see bed counts rise much more than there are today?

我想從您的角度來看，您是否預期國土安全部內部可以重新分配額外的資金？或者我們真的需要補充資金才能看到床位數量比現在增加得多嗎？

Well, the first part of your question, you're exactly right. That's really hard to answer. Again, they had that play in the playbook last year. As you know, I think the secretary came out May or June of last year and indicated they were doing a reallocation of funding.

嗯，你問題的第一部分，你是完全正確的。這確實很難回答。去年他們的戰術手冊中再次出現了這種情況。如你所知，我認為國務卿在去年五月或六月就曾表示他們正在重新分配資金。

So can they do that again? And do they have the ability? It really be hard for me to say. I don't know if they even said publicly what the amount was. I think the secretary just came out saying we're doing it, but I don't think I ever heard an actual number.

那麼他們可以再做一次嗎？而他們有這個能力嗎？我真的很難說。我不知道他們是否公開說過具體金額是多少。我認為部長剛剛出來表示我們正在這樣做，但我認為我從未聽說過實際的數字。

I think population, again, a little bit to the question earlier about you're currently at the 37,000, 38,000. Again, they're officially funded at 34,000. Again, that number as Dave said, that was pretty consistent during the fourth quarter. You had a little bit up and down because it's again seasonality.

我認為人口數與先前提到的問題類似，目前人口數為 37,000、38,000。同樣，他們的官方資助金額為 34,000。同樣，正如戴夫所說，這個數字在第四季非常穩定。你有一點上下波動，因為這又是季節性的。

So do they feel like they could do that rest of the year? If they come to end of February and March and due to the full funding until the end of fiscal year at 34,000, maybe. Again, we'll just have to wait and see.

那麼他們覺得自己可以在今年剩下的時間裡做到這一點嗎？如果他們能在 2 月底和 3 月底到來，並且由於到財政年度結束為止的全額資金為 34,000，也許可以。再說一遍，我們只能拭目以待。

And again, I think for them to go meaningfully above that, and I think this is the last part of your question, it will require additional funding. And again, that could potential be supplemental. We just talked about or they could -- I'll say they've got the ability to go ahead and do additional funding through the full funded year, full budget for the full year. So that's still an option, too.

再說一遍，我認為要讓他們有意義地超越這一點，我認為這是你問題的最後一部分，它將需要額外的資金。再說一次，這可能是補充。我們剛剛討論過，或者他們可以——我會說他們有能力繼續在整個資助年度、全年預算中提供額外資金。所以這仍然是一個選擇。

Again, we'll be watching, obviously, all these different discussions for these different vehicles where they could increase funding. I don't know anything you want to add to that, Dave?

顯然，我們將再次關注針對這些不同工具的所有不同討論，這些工具可以增加資金。我不知道你想補充什麼，戴夫？

No, that's right.

不，沒錯。

Great. Thanks. And then just one last one, if I could. Kind of on a similar note. In terms of ICE, looking at ICE facilities, is that something that you think that they can be involved with without supplemental funding potentially looking at some of your vital facilities, maybe even outside of Cal City?

偉大的。謝謝。如果可以的話，最後一張。有點類似。就 ICE 而言，看看 ICE 設施，您認為他們可以參與其中，而無需補充資金，可能會考慮您的一些重要設施，甚至可能在加州以外的設施？

Well, I guess I'll say it this way. We have been in the last, I guess, year and it's a little bit to the discussion we had on staffing. I mean obviously, we've worked with ICE for 40 years, so we're in daily conversations about what their needs are.

好吧，我想我會這樣說。我想，我們已經進入了去年，這與我們關於人員配置的討論有一點關係。我的意思顯然是，我們已經與 ICE 合作了 40 年，所以我們每天都會討論他們的需求。

And obviously, they're getting direction from DHS administration and to somewhat from members of Congress. So we're always having a constant conversation of our capabilities where we've got capacity, either that's in printing facilities or vacant facilities. And then with that, we make certain decisions based on that information on investments we need to do on either CapEx and/or on staff.

顯然，他們正在從國土安全部政府和國會議員那裡得到指示。因此，我們總是不斷討論我們有能力的地方，無論是印刷設施還是空置設施。然後，我們根據我們需要在資本支出和/或員工方面進行的投資資訊做出某些決策。

And again, that's a little bit of what we did last year. We felt like before Title 42 went away -- as you know, we were at 5,000. We felt like we needed to make some steps to get staffing in place for if and when the ICE populations do go up, we would be prepared for that.

再說一遍，這就是我們去年所做的一些事情。我們的感覺就像是在 Title 42 消失之前一樣——如你所知，我們當時的人數是 5,000。我們覺得我們需要採取一些措施來安排人員到位，以便當 ICE 人口確實增加時，我們會為此做好準備。

So we're continuing to have those discussions internally, but also with our customer, and that's just part of the -- kind of normal behavior working with them. And we know that there a lot of eyes on them. And they get a lot of direction from a lot of different stakeholders, but we do our best to acknowledge just to hear what they're saying, but also make some proactive steps as appropriate. I also want to be prudent on that as appropriate to prepare for any future demand.

因此，我們將繼續在內部進行這些討論，同時也與我們的客戶進行討論，這只是與他們合作的正常行為的一部分。我們知道有很多目光注視著他們。他們從許多不同的利害關係人那裡得到了很多指導，但我們盡最大努力承認只是聽聽他們的意見，但也會酌情採取一些積極主動的措施。我還想對此保持謹慎，為未來的任何需求做好準備。

But I guess, anything you'd add to that, Dave?

但我想，戴夫，你還有什麼要補充的嗎？

Yes, I'd say if they wanted to consolidate populations from a number of local jails for example, and then consolidate them into one of our facilities, that would not require incremental funding. Because you're just transferring dollars from multiple facilities into one facility.

是的，我想說，如果他們想整合一些當地監獄的人口，然後將他們整合到我們的設施中，那不需要增加資金。因為您只是將美元從多個設施轉移到一個設施。

So we have had conversations with ICE at a particular facility on that. I haven't taken action on it yet. But that could be a potential where you could activate another facility without an incremental funding.

因此，我們在某個特定設施與 ICE 就此進行了對話。我還沒有對此採取行動。但這可能是一種潛力，您可以在不增加資金的情況下啟動另一個設施。

That's a good point.

那是個很好的觀點。

Okay. Great. Thank you. Appreciate it.

好的。偉大的。謝謝。欣賞它。

Yes, sir.

是的先生。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey Damon and Dave. Thanks for taking the question. Congrats on the results.

嘿達蒙和戴夫。感謝您提出問題。祝賀結果。

Thank you, Greg.

謝謝你，格雷格。

I was wondering if you could maybe elaborate a little bit more on the assumptions for occupancy and compensation per bed that is implicit in your guidance. It sounds like ICE, not really forecasting a change in population size there. But just if you could talk about kind of any changing dynamics with respect to the split between occupancy changes versus increased revenue per bed.

我想知道您是否可以詳細說明您的指南中隱含的每張床的入住率和補償的假設。聽起來像 ICE，並沒有真正預測那裡人口規模的變化。但如果你能談談入住率變化與每張床位收入增加之間的差距，任何變化的動態。

Yes, on the occupancy front, the forecast is fairly stable, so not much higher than 74%. We've talked in past calls about getting to that magical pre-pandemic occupancy of just north of 80%. So the guidance certainly does not include that. It's probably stable, maybe a slight increase from the 74% occupancy we achieved in the fourth quarter.

是的，在入住率方面，預測相當穩定，不會高於 74%。我們在過去的電話會議中談到如何將疫情前的入住率神奇地提高到 80% 以上。所以指導意見肯定不包括這一點。它可能是穩定的，也許比我們在第四季度達到的 74% 的入住率略有增加。

With respect to -- and that would include the populations that we're bringing in under the -- or have actually already brought in under the four new contracts that we executed during the second half of 2023, as well as some population increases that we saw from a number of states under existing contracts. So those will contribute to increases in occupancy.

就——這將包括我們根據 2023 年下半年執行的四份新合約引入的人口——或實際上已經引入的人口，以及我們所增加的一些人口。根據現有合約從許多州看到。因此，這些將有助於增加入住率。

On the per diem rate, most of our per diem increases take effect in July particularly from our state customers since that's when their fiscal years begin. So we'll be beginning those conversations if we haven't already, engaging with our partners, talking about our needs for per diem increases related to staffing and other inflationary costs.

在每日津貼率方面，我們的每日津貼增長大部分在 7 月生效，特別是來自我們的國有客戶，因為那是他們的財政年度開始的時間。因此，如果我們還沒有開始這些對話，我們將開始與我們的合作夥伴接觸，討論我們對與人員配置和其他通貨膨脹成本相關的每日津貼增加的需求。

So it's hard to get that visibility now. We take a pretty conservative approach when we talk about per diem increases that we include some of our contracts have stipulated per diem increases in them. In which case, obviously, we're going to put those per diem increases in the forecast. Others are dependent on appropriations. So depending on the history with a particular customer, we may or may not include that.

所以現在很難獲得這樣的知名度。當我們談論每日津貼增加時，我們採取相當保守的方法，我們包括一些合約中規定了每日津貼的增加。在這種情況下，顯然我們會將每日津貼的成長納入預測。其他的則依賴撥款。因此，根據特定客戶的歷史記錄，我們可能會或可能不會包含該資訊。

Our federal contracts, the other hand, most of them have per diem increases built into those contracts. And so they would be built into the guidance as well. So I'd say probably a pretty average year.

另一方面，我們的聯邦合約中的大多數都在這些合約中增加了每日津貼。因此，它們也將被納入指南中。所以我想說可能是相當平均的一年。

Last year 2023, we were quite successful in per diem increases, particularly from states that hadn't provided per diem increases during the pandemic. And we continue to provide wage increases as we really need to get a per diem increase to maintain our margins and pay our staff appropriately. So I wouldn't say we're forecasting as good a year in 2024 as we had in '23. Because '23, we were making up for some lost ground during the pandemic.

去年 2023 年，我們在增加每日津貼方面取得了相當成功，特別是對於在大流行期間沒有增加每日津貼的州。我們繼續增加工資，因為我們確實需要增加每日津貼以維持我們的利潤並適當地支付我們的員工工資。因此，我不會說我們對 2024 年的預測不會像 23 年那麼好。因為 23 年，我們正在彌補大流行期間的一些失地。

Great. Makes sense. That's very helpful. And I wanted to follow-up to -- it seems like there was some nice profitability upside just from the normalization of expenses, particularly reducing temporary staffing and more so going to a higher percentage of local based, more permanent. And I just wanted to ask if you see that as kind of a tailwind for continued margin improvement in 2024? Or do you kind of see that mostly already normalized?

偉大的。說得通。這非常有幫助。我想跟進——似乎僅僅通過費用正常化就可以帶來一些不錯的盈利能力上行，特別是減少臨時人員配置，更重要的是增加本地人員比例，更長期的人員配置。我只是想問您是否認為這會成為 2024 年利潤率持續改善的推動力？或者你認為這大部分已經正常化了嗎？

That's a great question. I'd say a little bit of both. There are some facilities where we still have some opportunities to normalize the expense structure, but we've made a lot of progress. And so if you go back to fourth quarter of 2022 compared with the fourth quarter of 2023, significant reductions, as I pointed out in my prepared remarks.

這是一個很好的問題。我想說兩者都有一點。在一些設施中，我們仍然有機會實現費用結構正常化，但我們已經取得了巨大進展。因此，如果你回到 2022 年第四季度，與 2023 年第四季相比，就會出現大幅下降，正如我在準備好的發言中指出的那樣。

But I wouldn't say it's totally complete. There's still some opportunities where we could reduce those travel expenses a bit further. We will also be hiring some additional staff, too. So there's the put and takes on that. But overall, I'd say there's still some opportunities to normalize expenses.

但我不會說它是完全完整的。我們仍有一些機會可以進一步減少差旅費用。我們還將僱用一些額外的員工。因此，這就是看跌期權和承付期權。但總的來說，我認為仍有一些機會使支出正常化。

Okay, good to hear. Thanks guys.

好的，很高興聽到。多謝你們。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Damon Hininger for any further remarks.

今天節目的問答環節到此結束。我想將程式交還給 Damon Hininger 以供進一步評論。

Thank you so very much and thank you all for joining us our call today. And especially to our investors, thank you for your trust and confidence and your investment in the company.

非常感謝大家，也感謝大家今天加入我們的電話會議。特別是對我們的投資者，感謝您對公司的信任和信心以及對公司的投資。

We look forward to talk to you in May as we talk about our first-quarter results. Have a great day, everyone.

我們期待在五月與您討論我們第一季的業績。祝大家有個美好的一天。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。