CoreCivic Inc (CXW) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Kath, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreCivic, Inc., third-quarter 2024 earnings conference call. (Operator Instructions)

謝謝你的支持。我叫凱絲，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 CoreCivic, Inc. 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Mike Grant, CoreCivic's, Managing Director of Investor Relations. Please go ahead.

我現在想將電話轉給 CoreCivic 投資者關係董事總經理 Mike Grant。請繼續。

Thank you, operator. Good morning, everyone, and welcome to CoreCivic's third-quarter 2024 earnings call. Participating on today's call are Damon Hininger, CoreCivic's President and Chief Executive Officer; and David Garfinkle, our Chief Financial Officer. We are also joined here in the room by our Vice President of Finance, Brian Hammonds.

謝謝你，接線生。大家早安，歡迎參加 CoreCivic 的 2024 年第三季財報電話會議。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 this call, we will discuss financial results for the third-quarter of 2024 as well as financial guidance for the 2024 year. We'll also discuss developments with our government partners and provide you with other general business updates.

在本次電話會議上，我們將討論 2024 年第三季的財務表現以及 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 third-quarter 2024 earnings release issued after market yesterday as well as 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2024 年第三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）中確定的因素-Q 和 8-K 報告。

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

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。管理階層也將討論某些非公認會計準則指標。

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.

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。

Thanks, Mike, good morning and thanks everyone for joining us for CoreCivic's third-quarter, 2024 earnings call on this morning's call. I will provide details of our third quarter financial performance. I will also discuss our latest operational results and update you on the latest developments and opportunities with our government partners.

謝謝麥克，早安，感謝大家參加今天早上的 CoreCivic 2024 年第三季財報電話會議。我將提供我們第三季財務業績的詳細資訊。我也會討論我們的最新營運成果，並向您介紹與我們的政府合作夥伴的最新發展和機會。

Following my remarks. I will turn the call over to our CFO, Dave Garfinkle who will provide greater detail on our financial results and on our updated 2024 financial guidance, they will also provide an update on our capital structure initiatives including progress on our leverage target.

繼我的言論之後。我將把電話轉給我們的首席財務官戴夫·加芬克爾(Dave Garfinkle)，他將提供有關我們的財務業績和更新的2024 年財務指導的更多詳細信息，他們還將提供有關我們資本結構計劃的最新信息，包括我們的槓桿目標的進展。

Finally, just before our Q&A I will offer some brief comments on the potential impact of the election on our business.

最後，在我們的問答之前，我將就選舉對我們業務的潛在影響提供一些簡短的評論。

First. I'll start with a high-level overview of our third quarter financial results in the third quarter, we generated revenue of $491.6 million, a 2% increase compared with the prior year quarter.

第一的。我首先對我們第三季的財務表現進行高度概述，第三季我們的營收為 4.916 億美元，與去年同期相比成長了 2%。

Underlying revenue growth excluding the South Texas Family residential center which closed during the quarter would have increased over 5% against the prior year. I will provide more color on our performance with our federal state and local partner groups, later in the call.

不包括本季關閉的南德州家庭住宅中心的基礎收入成長將比上一年增長 5% 以上。我將在稍後的電話會議中提供更多關於我們與聯邦州和地方合作夥伴團體的表現的資訊。

During the third quarter of 2024 we generated normalized funds from operations or FFO of $47.6 million or $0.43 per share compared to $40.5 million or $0.35 per share in the third quarter of 2023 representing a 23% per share increase.

2024 年第三季度，我們從營運或FFO 中獲得的正常化資金為4,760 萬美元，即每股0.43 美元，而2023 年第三季為4,050 萬美元，即每股0.35 美元，每股成長23% 。

The increase in FFO is driven by higher revenues combined with expense normalization and lower interest expense resulting from our debt reduction. These increases were partially offset by higher G&A expenses and decreased lease revenue in our property segment resulting from our previously disclosed expiration of the lease with the state of California at our California City Correctional Center effective March 31, 2024.

FFO 的成長是由於收入增加、費用正常化以及債務減少帶來的利息費用降低所推動的。這些增長被我們先前披露的加州城市懲教中心與加州的租約於 2024 年 3 月 31 日到期而導致的一般管理費用增加和租賃收入減少所部分抵消。

Federal partners primarily Immigration and Customs Enforcement or ICE. And the United States Marshals Service comprise slightly over half of course of its total revenue. During the third quarter of 2024, revenue from our federal partners was essentially flat compared with the third quarter of last year revenue from ICE. Our largest partner declined 3.4% when comparing the third quarter of 2024 versus the prior year period.

聯邦合作夥伴主要是移民和海關執法局（ICE）。美國法警局的收入佔其總收入的一半以上。2024 年第三季度，我們聯邦合作夥伴的營收與去年第三季 ICE 的營收基本持平。與去年同期相比，我們最大的合作夥伴 2024 年第三季下降了 3.4%。

However, excluding the South Texas Family residential center, our revenue with ICE increased 10.9% versus the third quarter of 2023. A rate which is indicative of ICE continued to tend to capacity needs. And we believe satisfaction with our service delivery excluding South Texas overall federal revenue for CoreCivic in the third quarter of 2024 increased 7% year over year.

然而，不包括南德克薩斯家庭住宅中心，我們透過 ICE 獲得的收入比 2023 年第三季度增長了 10.9%。顯示 ICE 繼續趨於產能需求的比率。我們相信，除南德克薩斯州外，2024 年第三季 CoreCivic 的整體聯邦收入對我們的服務交付的滿意度同比增長 7%。

Now I'd like to discuss ICEs usage of detention capacity broadly following passage of the bipartisan funding bill in March of this year which provided funding for 41,500 detention beds. ICE's actual usage of detention beds dipped from 39,000 at the start of March to roughly 34,000 to 35,000 in April before increasing to roughly 37,000 to 38,000 to the end of the second quarter.

現在我想討論一下今年 3 月兩黨資助法案通過後 ICE 對拘留設施的使用情況，該法案為 41,500 個拘留床位提供了資金。ICE 拘留床位的實際使用量從 3 月初的 39,000 張下降至 4 月的約 34,000 至 35,000 張，然後在第二季末增加至約 37,000 至 38,000 張。

ICE's overall detention population count remained relatively flat during the third quarter and the most recently published ICE detention total was 37,395 on September 17, 2024. ICE has not updated this whole account since the October 1, start of the new federal fiscal year. So it is not known if or how their usage may have changed since the new fiscal year commenced.

第三季度，ICE 的拘留總數保持相對平穩，2024 年 9 月 17 日最新公佈的 ICE 拘留總數為 37,395 人。自 10 月 1 日新聯邦財政年度開始以來，ICE 尚未更新整個帳戶。因此，尚不清楚自新財年開始以來它們的用途是否或如何發生變化。

However, ICE populations in our facilities increased 5% in October. CoreCivic revenue from state partners in our safety and community segments in the third quarter grew 3% versus the prior year.

然而，10 月我們設施中的 ICE 數量增加了 5%。第三季度，CoreCivic 來自安全和社區領域國家合作夥伴的收入比去年同期成長了 3%。

This increase is a result of higher per diem rates and steady [occupancy] from our state government partners as well as contributions from the new state contracts with Wyoming and Montana signed in the fourth-quarter of 2023 and the third-quarter of 2024 which contributed to 1.6% of that growth.

這一增長是由於我們州政府合作夥伴的每日津貼率提高和穩定的[入住率]，以及2023 年第四季度和2024 年第三季度與懷俄明州和蒙大拿州簽署的新州合約的貢獻，這些合約貢獻了增長至 1.6%。

Also worth noting in October of 2023 an Allen Gamble Correctional Center Holdenville, Oklahoma, transitioned from a management contract with the state of Oklahoma to a lease, which means we now include it in our property segment, excluding the Allen Gamble facility. State revenue in our safety and community segments increased by nearly 8% year over year within our safety portfolio. Some of our greatest operational improvements have come in facility serving state partners.

另外值得注意的是，2023 年10 月，俄克拉荷馬州霍爾登維爾的艾倫甘布爾懲教中心從與俄克拉荷馬州的管理合約轉變為租賃，這意味著我們現在將其納入我們的房地產部門，但不包括艾倫甘布爾設施。在我們的安全投資組合中，我們的安全和社區部門的國家收入年增了近 8%。我們最大的一些營運改善來自於為州合作夥伴提供服務的設施。

For example, we continue to make progress on our financial and operating metrics at our La Palma Correctional Center in Eloy, Arizona. Since we pivoted from a federal contract to a contract with the state of Arizona. Roughly two years ago, La Palma's year over year improvement in the third quarter was nearly $4 million. As our investments and hard work directed at local hiring have cut the facility's reliance on temporary labor resources and incentives, to round out our discussion of third quarter, 2024 revenue, local revenue and our safety and community segments, which is revenue generated from contracts with county governments increased 39%.

例如，我們在亞利桑那州埃洛伊的拉帕爾馬懲教中心的財務和營運指標上繼續取得進展。自從我們從聯邦合約轉向與亞利桑那州的合約以來。大約兩年前，拉帕爾馬第三季的年增率接近 400 萬美元。由於我們針對當地招聘的投資和辛勤工作減少了該設施對臨時勞動力資源和激勵措施的依賴，因此我們對2024 年第三季度收入、當地收入以及我們的安全和社區部分的討論更加圓滿，這是與合約產生的收入縣政府增加了39%。

This growth reflects new major contracts signed in the second half of 2023 with Hinds County, Mississippi and Harris County, Texas.

這一增長反映了 2023 年下半年與密西西比州海因茲縣和德克薩斯州哈里斯縣簽署的新主要合約。

Both populations are housed at our Tallahatchie County Correctional facility located in Tutwiler, Mississippi CoreCivics' overall [occupancy] in our safety and community segments for the third-quarter of 2024 increased to 75.2% from 72% in the prior year period.

這兩個人都被關押在位於密西西比州圖特懷勒的塔拉哈奇縣懲教所內。增加到75.2%。

This growth in [occupancy] stems from both higher use of existing contracts, particularly with ICE and also from the four new contracts signed in the second half of 2023 as well as the new contracts signed in the third quarter of 2024 that I have mentioned.

[入住率]的成長源於對現有合約（尤其是 ICE）的更多使用，也源於 2023 年下半年簽署的四份新合約以及我提到的 2024 年第三季簽署的新合約。

From the third quarter of 2023 to the third quarter of this year. [occupancy] and our safety segment increased from 72.6% to 75.7%. While [occupancy] and our community segment improved from 62.8% to 66.7%.

從2023年第三季到今年第三季。 [入住率]和我們的安全部分從 72.6% 增加到 75.7%。而[入住率]和我們的社區部分則從 62.8% 提高到 66.7%。

As we have mentioned in the past, our operating model has significant embedded operating leverage to changes in occupancy. And this was a factor in our margin improvement during the third quarter, through the first three quarters of 2024, our ongoing labor attraction and retention efforts to continue to generate operational and financial improvement.

正如我們過去所提到的，我們的營運模式對入住率的變化具有顯著的嵌入營運槓桿作用。這是我們從第三季到 2024 年前三個季度利潤率改善的一個因素，也是我們持續進行的勞動力吸引和保留努力，以繼續實現營運和財務改善。

This follows a particularly challenged period for staffing during the COVID 19 pandemic, in 2022 and in 2023 labor market pressures, necessitated temporary incentives and related incremental operating expenses including travel and expense, [outlays].

在此之前，在 COVID 19 大流行期間，2022 年和 2023 年勞動力市場壓力特別大，因此需要臨時激勵措施和相關增量營運費用，包括差旅費和費用，[支出]。

The CoreCivic team responded by increasing frontline employee compensation as well as by designing and implementing unique human capital attraction and retention strategies.

CoreCivic 團隊的應對措施是增加第一線員工薪資以及設計和實施獨特的人力資本吸引和保留策略。

Today, I am proud to report that our staffing has improved to nearly pre-pandemic levels and that has allowed us to dial back elevated spending on temporary incentives and associated travel expenses.

今天，我很自豪地向大家報告，我們的人員配備已改善到接近大流行前的水平，這使我們能夠減少臨時激勵措施和相關差旅費用的增加支出。

Importantly, our improved staffing has also positioned us well operation to manage our customers, higher population needs and respond quickly to opportunities including those I will discuss shortly as we survey labor markets across the enterprise. Today, the labor markets we see in most of our markets are displaying normalization and greater workforce disability, labor inflation has now returned to relatively normal levels.

重要的是，我們改進的人員配置也使我們能夠良好地運作，以管理我們的客戶、更高的人口需求并快速響應機會，包括我在調查整個企業勞動力市場時將很快討論的機會。如今，我們在大多數市場中看到的勞動力市場正在呈現正常化和更大的勞動力殘疾，勞動力通膨現已恢復到相對正常的水平。

CoreCivic safety segment is easily our largest segment having provided 93% of total revenue year-to-date and net operating income for our safety segment increased 25% during the third quarter of 2024 over the third quarter of 2023 reflecting the cost management efforts and occupancy trends. I just detailed, I'll now turn to our community segment which currently comprises of 21 residential re-entry facilities serving the Federal Bureau of Prisons as well as various state and county governments.

CoreCivic 安全部門無疑是我們最大的部門，佔今年迄今總收入的93%，2024 年第三季我們安全部門的淨營業收入比2023 年第三季成長了25%，反映了成本管理工作和占用率趨勢。我剛才詳細介紹了，現在我將轉向我們的社區部分，該部分目前由 21 個住宅重新進入設施組成，為聯邦監獄局以及各州和縣政府提供服務。

The community segment is engaged primarily in preparing individuals for successful re-entry to their communities after a period of incarceration or as an alternative to incarceration, residential reach facilities are typically smaller than the prison and detention facilities that comprise our safety segment.

社區部分主要致力於讓個人在監禁一段時間後成功重新進入社區做好準備，或者作為監禁的替代方案，住宅區設施通常小於構成我們安全部分的監獄和拘留設施。

Additionally, most residential re-facilities are located in urban environments, closer to employment opportunities as well as to family.

此外，大多數住宅重建設施都位於城市環境中，更靠近就業機會和家庭。

In addition to our 21 residential re-entry facilities, our non-residential services of electronic monitoring and case management services are also included in our community segment as mentioned occupancy in the community segment improved in the third quarter of 2024 compared with the third quarter of 2023.

除了我們的 21 個住宅重返設施外，我們的電子監控和案件管理服務等非住宅服務也包含在我們的社區部分，因為上述社區部分的入住率與 2024 年第三季相比有所改善。 2023 年。

However, net operating income in the segment declined $2.9 million partly due to the settlement of a legal matter at one of our facilities similar to our safety segment. Our community segment facilities have been able to reduce temporary staff incentives.

然而，該部門的淨營業收入下降了 290 萬美元，部分原因是我們與安全部門類似的設施之一的法律問題得到了解決。我們的社區部分設施已經能夠減少臨時員工激勵措施。

We remain positive about the outlook for the community segment now that the pandemic related public health policies have ended. And as more of our government partners return their focus to successful re-entry in order to curb the recidivism challenge, they will provide further color relating to our strong financial performance and execution on our long term capital allocation strategy.

鑑於與疫情相關的公共衛生政策已經結束，我們對社區領域的前景仍然持樂觀態度。隨著越來越多的政府合作夥伴將重點轉向成功重返市場，以遏制累犯挑戰，他們將為我們強勁的財務業績和長期資本配置策略的執行提供進一步的色彩。

But one item I'd like to highlight is continued progress on our leverage. In August of 2020, we established a leverage target of two and a quarter times to two and three quarters times calculated as net debt to trailing 12 months adjusted EBITDA.

但我想強調的一點是我們的影響力不斷取得進展。2020 年 8 月，我們設定了兩倍又四分之一到二又四分之三倍的槓桿目標，以過去 12 個月調整後 EBITDA 的淨債務計算。

I am exceptionally proud that CoreCivic has delivered on this target and we ended the quarter with leverage at 2.2 times trailing 12 month adjusted EBITDA for this quarter, slightly below our long term target after initially reaching our target last quarter.

我對 CoreCivic 實現了這一目標感到非常自豪，本季結束時，我們的槓桿率為 2.2 倍，歷經 12 個月調整後的 EBITDA，略低於我們上季度最初達到目標後的長期目標。

While we expect leverage to increase over the next few quarters, we will continue to maintain a strong balance sheet, providing us with flexibility to execute our long term business strategy while operating shareholder value, thoughtfully returning capital to shareholders while we did not repurchase any shares.

雖然我們預計未來幾季槓桿率將增加，但我們將繼續保持強勁的資產負債表，為我們提供執行長期業務策略的靈活性，同時營運股東價值，在我們不回購任何股票的情況下，周到地向股東返還資本。

This quarter, our diluted shares outstanding remained 3% below the year ago quarter. Based on 4.9 million shares we purchased over the last 12 months at a total cost of $72 million.

本季，我們稀釋後的流通股仍比去年同期低 3%。基於我們在過去 12 個月內購買的 490 萬股股票，總成本為 7,200 萬美元。

To conclude this business review, we believe the long term macro environment for our federal state and local business remains positive. Our current and prospective government partners face complex challenges including existing prison capacity limitations, aging and expensive to maintain facilities, persistent staffing challenges and populations that are increasing in numbers and involving in their complexity.

作為本次業務審查的結論，我們認為我們聯邦州和地方業務的長期宏觀環境仍然積極。我們目前和未來的政府合作夥伴面臨著複雜的挑戰，包括現有的監獄容量限制、設施老化且維護成本高昂、持續的人員配備挑戰以及人口數量不斷增加及其複雜性。

Ongoing direct conversations with our partners highlight their growing needs as do other available metrics including [GLL] backlogs and prison population forecast.

與我們的合作夥伴正在進行的直接對話突顯了他們不斷增長的需求，其他可用指標（包括 [GLL] 積壓和監獄人口預測）也是如此。

While uncertainties during an election year may have slowed some procurements. The underlying need for more beds is there and CoreCivic is ready to help solve problems for federal state and local government agencies to help address their various challenges in the near to long term.

雖然選舉年的不確定性可能會減緩一些採購。對更多床位的潛在需求是存在的，CoreCivic 已準備好幫助聯邦州和地方政府機構解決問題，以幫助他們解決近期和長期的各種挑戰。

Some of these opportunities may require activations of several item facilities and CoreCivic has taken proactive steps to ready facilities for activation.

其中一些機會可能需要啟動多個專案設施，CoreCivic 已採取主動措施準備啟動設施。

Many of the public opportunities are on the federal side, particularly with ICE. Our largest partner on May 30, ICE issued a broad RFI seeking information on detention capacity within three areas of responsibility or AOR Chicago, Harlington, Texas and Salt Lake City.

許多公共機會都在聯邦方面，尤其是 ICE。我們最大的合作夥伴 ICE 於 5 月 30 日發布了廣泛的 RFI，尋求有關芝加哥、德克薩斯州哈靈頓和鹽湖城三個責任區域內拘留能力的資訊。

Generally, the responding facility should be within a two hour commute from the listed ICE field office or Subfield office. Comply with ICE performance based national detention standards have approximately 850 to 950 detention beds plus an infirmary.

一般來說，回應設施應位於所列 ICE 現場辦事處或子現場辦事處兩小時通勤範圍內。符合 ICE 基於績效的國家拘留標準，擁有約 850 至 950 個拘留床位和一個醫務室。

ICE has expressed a preference for a dedicated facility but will consider a shared facility respondents may propose one or more facilities in each AOR and may also support multiple AORs.

ICE 表示傾向於使用專用設施，但會考慮共享設施。

The RFI is for informational purposes only and does not constitute an RFP or a commitment to issue an RFP in June CoreCivic responded with multiple facility options including our idle 1,033 bed Midwest regional reception center in Kansas.

RFI 僅供參考，並不構成 RFP 或在 6 月發布 RFP 的承諾 CoreCivic 做出了回應，提供了多種設施選項，包括我們位於堪薩斯州閒置的 1,033 個床位的中西部區域接待中心。

We believe we are the only provider with available capacity in all three locations. We anticipate an RFP for these opportunities. In early 2025 in June of 2024. ICE also issued an RFP for up to 600 detention beds in the state of New Jersey which would expand the capacity in the state. Responses are due next week, November 15, and we are participating in the process rounding out our discussion of federal opportunities. ICE issued an additional RFI in August of this year titled ICE, West Coast Multistate RFI to identify possible detention facilities available for single adults in areas covered by the San Francisco, Seattle, Phoenix and El Paso ICE field offices.

我們相信我們是唯一一家在所有三個地點都具備可用能力的提供者。我們預計會針對這些機會進行 RFP。2025年初2024年6月。ICE 還發布了一份在新澤西州設立多達 600 個拘留床位的 RFP，這將擴大該州的容量。答覆將於下週（11 月 15 日）截止，我們正在參與完善聯邦機會討論的過程。ICE 今年 8 月又發布了一份題為 ICE，西海岸多州 RFI 的 RFI，以確定在舊金山、西雅圖、菲尼克斯和埃爾帕索 ICE 辦事處覆蓋的地區可能為單身成年人提供的拘留設施。

The RFI seeks approximately 850 to 950 detention beds for each of the four field offices. Facilities must be able to meet PBNDS standards and include an affirm dedicated facilities are preferred but facilities with the ability to separate different populations would also be considered.

RFI 為四個外地辦事處分別尋求約 850 至 950 個拘留床位。設施必須能夠滿足 PBNDS 標準，並確認首選專用設施，但也將考慮能夠隔離不同人群的設施。

We responded to this RFI during September in some this is the greatest level of procurement activity we have seen with eyes in over a decade, demonstrating the continued need for additional detention solutions in various locations throughout the United States.

我們在 9 月對此 RFI 做出了回應，這是我們十多年來親眼所見的最高水準的採購活動，表明美國各地仍然需要額外的拘留解決方案。

Many of our state partners also have growing need for capacity. During the third quarter, we were awarded a new major contract from the State of Montana and in early August, we received from them, approximately 120 additional residents at our 1,896 beds World Correction Facility in Eloy, Arizona, where we are already managing 120 residents for the state of Montana.

我們的許多國家合作夥伴對產能的需求也不斷增長。第三季度，我們從蒙大拿州獲得了一份新的主要合同，並於8 月初從他們那裡收到了大約120 名額外的居民，位於亞利桑那州埃洛伊的世界懲教設施擁有1,896 個床位，我們已經在那裡管理著120 名居民蒙大拿州。

With these added residents, the facility which also houses populations for Hawaii and Idaho is near full capacity.

隨著這些居民的增加，容納夏威夷和愛達荷州人口的設施已接近滿載。

Last week, the state of Montana issued another RFP for an additional 120 beds and up to 360 beds within the continental United States. And CoreCivic intends to respond to Montana's request this month.

上週，蒙大拿州發布了另一份徵求建議書，要求在美國大陸增加 120 個床位和最多 360 個床位。CoreCivic 打算在本月回應蒙大拿州的請求。

CoreCivic enjoys a strong relationship with the state of Montana, which includes both instate populations at the company owned and fully occupied crossroads Correctional Center in Shelby, Montana, as well as out of state populations at our SWIRL facility.

CoreCivic 與蒙大拿州有著密切的關係，其中包括蒙大拿州謝爾比公司擁有和完全佔用的十字路口懲教中心的州內人口，以及我們 SWIRL 設施的州外人口。

In addition to Montana, as I previously mentioned, we remain in discussions with several other existing state partners as well as new state partners that could result in the activation of one or more idle facilities. These opportunities could manifest as early as 2025.

正如我之前提到的，除了蒙大拿州之外，我們仍在與其他幾個現有的州合作夥伴以及新的州合作夥伴進行討論，這可能會導致啟動一個或多個閒置設施。這些機會最快可能在 2025 年顯現。

In conclusion, CoreCivic continues to demonstrate operating cost discipline combined with revenue growth from our diverse government partners. The future demand outlook for our essential services remains positive as evidenced by the RFIs and RFPs that I had just discussed our financial results during the third quarter and year-to-date 2024. We reflect the ongoing hard work and prudent decisions made by our focus team here at CoreCivic, as well as the inherent value of our government solutions.

總之，CoreCivic 繼續展示營運成本紀律以及我們多元化政府合作夥伴的收入成長。正如我剛剛討論的 2024 年第三季和年初至今的財務業績的 RFI 和 RFP 所證明的那樣，我們基本服務的未來需求前景仍然樂觀。我們反映了 CoreCivic 焦點團隊持續的辛勤工作和審慎決策，以及我們政府解決方案的內在價值。

Our readily available bed capacity in key locations positions as well to serve the growing needs of our government partners.

我們在關鍵地點隨時可用的床位容量也可以滿足政府合作夥伴不斷增長的需求。

As they will explain in further detail, we are updating our financial guidance for 2024 based on our strong financial performance again in the third-quarter.

正如他們將進一步詳細解釋的那樣，我們將根據第三季度再次強勁的財務業績更新 2024 年的財務指引。

Now I'll turn the call over to Dave, who will provide a detailed look at our third quarter financial results, our capital market activities and assumptions included on our newly updated financial guides.

現在我將把電話轉給戴夫，他將詳細介紹我們第三季的財務表現、我們的資本市場活動以及我們新更新的財務指南中包含的假設。

Over to you, Dave.

交給你了，戴夫。

Thank you, Damon, and good morning, everyone. In the third-quarter of 2024 we generated GAAP net income of $0.19 per share compared with $0.12 per share in the prior year quarter excluding special items adjusted EPS during the third quarter was $0.20 compared with $0.14 per share in the prior year quarter. Exceeding average analyst estimates by $0.11 per share and our internal forecast by $0.08 per share.

謝謝你，達蒙，大家早安。2024 年第三季度，我們的GAAP 淨利潤為每股0.19 美元，而去年同期為每股0.12 美元，不包括特殊項目，第三季度調整後每股收益為0.20 美元，去年同期為每股0.14 美元。每股超出分析師平均預期 0.11 美元，超出我們內部預測每股 0.08 美元。

Special items in the current year quarter include $3.1 million of asset impairments and a $1.2 million gain on the sale of an idle residential re-entry center, normalized FFO per share was $0.43 during the third quarter of 2024 compared with $0.35 in the prior year quarter, an increase of 23%. Adjusted EBITDA was $83.3 million compared with $75.2 million in the prior year quarter, an increase of $8.1 million or 11%.

本季的特殊項目包括 310 萬美元的資產減損和出售閒置住宅重入中心的 120 萬美元收益，2024 年第三季每股正常 FFO 為 0.43 美元，而去年同期為 0.35 美元，成長了23% 。調整後 EBITDA 為 8,330 萬美元，較去年同期的 7,520 萬美元增加 810 萬美元，即 11%。

The increase in adjusted EBITDA resulted from higher occupancy contributing to an increase in revenue of $7.9 million and a $6.5 million reduction in operating expenses resulting from the continued normalization of our expense structure particularly in the labor market.

調整後 EBITDA 的增加是由於入住率提高，收入增加了 790 萬美元，而我們的費用結構（尤其是勞動力市場）的持續正常化導致營運費用減少了 650 萬美元。

These factors along with a decrease in interest expense and shares outstanding also contributed to the increase in adjusted EPS and normalized FFO per share.

這些因素加上利息費用和流通股的減少也導致調整後每股盈餘和標準化每股 FFO 的增加。

These per share increases were net of a reduction in facility net operating income of $7.2 million or $0.05 per share resulting from the previously disclosed lease termination with the state of California effective March 31, 2024. And our California City Correctional Center reported in our property segment even though the previously disclosed termination of the contract with ICE at the South Texas Family Residential Center occurred in the middle of the third quarter of 2024 net operating income at this facility was comparable to the prior quarter due to the accelerated recognition of deferred revenue originally established from upfront payments from ICE. At the inception of the contract amortized over the term of the contract which was contemplated in our prior guidance.

這些每股成長扣除了因先前揭露的與加州於 2024 年 3 月 31 日生效的租賃終止而導致的設施淨營業收入減少 720 萬美元或每股 0.05 美元的淨額。我們的加州城市懲教中心在我們的房地產部門中報告，儘管先前披露的南德克薩斯家庭住宅中心與ICE 的合約終止發生在2024 年第三季中期，但該設施的淨營業收入與先前相當由於加速確認了最初由 ICE 預付款建立的遞延收入。在合約開始時，請按照我們先前的指示中預期的合約期限進行攤銷。

The outperformance of this facility was also due to the rapid ramp down in detainee populations in July resulting in a substantial reduction of most operating expenses. Though we continued to generate full fixed contractual revenue through the termination date on August 9th, the substantial reduction of operating expenses resulting from the rapid ramp down in detainee populations was not contemplated in our guidance which contributed to a positive variance relative to our guidance of $0.03 per share.

該設施表現出色的另一個原因是 7 月被拘留者人數迅速減少，導致大部分營運費用大幅減少。儘管我們在8 月9 日終止日期之前繼續產生全額固定合約收入，但我們的指導中並未考慮到因被拘留者人數迅速減少而導致營運費用大幅減少，這導致相對於我們的指導0.03 美元出現正差異每股。

Federal revenue in our safety and community segments decreased $1.5 million from the third quarter of 2023, to the third quarter of 2024 including a reduction in management revenue at the South Texas facility of $16.5 million. So excluding this facility, federal revenue in our safety and community segments increased $15 million or 7.1%. A healthy increase across the remainder of the portfolio state revenue in the community. And safety segments increased $5.6 million or 2.9% from the third quarter of 2023 to the third quarter of 2024 which included revenue from new contracts with the States of Wyoming and Montana awarded in the fourth quarter of 2023 and third quarter of 2024.

從 2023 年第三季到 2024 年第三季度，我們安全和社區部門的聯邦收入減少了 150 萬美元，其中德州南部設施的管理收入減少了 1,650 萬美元。因此，排除該設施，我們安全和社區部門的聯邦收入增加了 1500 萬美元，即 7.1%。投資組合其餘部分的健康成長表明社區收入。從2023 年第三季度到2024 年第三季度，安全部門增加了560 萬美元，即2.9%，其中包括2023 年第四季度和2024 年第三季度與懷俄明州和蒙大拿州簽訂的新合同帶來的收入。

The increase in state revenue is net of a reduction of $8.6 million resulting from the transition of our Allen Gamble Correctional Center in Oklahoma from a facility we previously operated in our safety segment to a facility we now lease to the state of Oklahoma in our property segment effective October 1, 2023, local revenue in our safety and community segments increased $3.4 million or 39% from the third quarter of 2023 to the third quarter of 2024. Primarily resulting from new contracts with Hinds County Mississippi awarded in the third quarter of 2023 in Harris County, Texas awarded in the fourth quarter of 2023.

州收入的增加扣除了俄克拉荷馬州艾倫甘布爾懲教中心從我們之前在安全部門運營的設施轉變為我們現在在財產部門租賃給俄克拉荷馬州的設施而導致的860 萬美元的減少。主要是由於與密西西比州海因茲縣於 2023 年第三季度簽訂的新合約以及德克薩斯州哈里斯縣於 2023 年第四季度簽訂的新合約。

Revenue in our property segment declined $6.4 million primarily due to the aforementioned expiration of the lease at our California City facility, which resulted in a revenue reduction of $8 million from the third quarter of 2023 to the third quarter of 2024. Partially offset by the previously mentioned conversion of the Allen Gamble Correctional Center to a leased property, operating margin and our safety and community facilities combined improved to 24.9% in the third quarter of 2024 compared to 21.3% in the prior year quarter.

我們的房地產部門收入下降了 640 萬美元，主要是由於上述加州城市工廠的租約到期，導致 2023 年第三季到 2024 年第三季的收入減少了 800 萬美元。部分抵銷了先前提到的艾倫甘布爾懲教中心改建為租賃物業的影響，2024 年第三季的營業利潤率以及我們的安全和社區設施合計提高至24.9%，而上年同期為21.3% 。

The increase in our operating margin was due to the increase in occupancy from 72% to 75.2% for our safety and community segments. Combined an increase in our average per diem rate by 4% over the prior year quarter and a reduction in our operating expenses during the third quarter, we were able to continue reducing certain operating expenses such as registry, nursing, temporary wage incentives and travel all related to labor market pressures that have been steadily easing over the past several quarters. These three expense categories declined by $9.7 million from the third quarter of 2023.

我們的營業利潤率增加是由於我們的安全和社區部分的入住率從 72% 增加到 75.2%。結合我們的平均每日津貼比去年同期增加 4% 以及第三季度營運費用的減少，我們能夠繼續減少某些營運費用，例如登記、護理、臨時工資獎勵和差旅費用這與過去幾個季度穩步緩解的勞動市場壓力有關。這三類費用較 2023 年第三季減少了 970 萬美元。

We also generated a higher margin at the South Texas Family Residential Center, as previously mentioned, as we generated a similar level of net operating income compared with the prior year quarter but generated revenue for only half the current year quarter, excluding the South Texas facility operating margins increased to 22.3% in the third quarter of 2024 from 19.3% in the prior year quarter.

如前所述，我們在南德州家庭住宅中心也創造了更高的利潤率，因為我們的淨營業收入與去年同期持平，但僅產生了本季一半的收入（不包括南德克薩斯設施） 2024 年第三季的營業利潤率從去年同期的 19.3% 增至 22.3%。

Turning next to the balance sheet, during the third quarter, we repaid $75.6 million of debt net of the change in cash. Our leverage measured by net debt to adjusted EBITDA was 2.2 times using the trailing 12 months ended September 30, 2024. As of September 30, we had $108 million of cash on hand and an additional $257 million of borrowing capacity on a revolving credit facility providing us with total liquidity of $365 million.

接下來看資產負債表，第三季我們償還了 7,560 萬美元的債務（扣除現金變動）。截至 2024 年 9 月 30 日的過去 12 個月，我們的槓桿率（以淨債務與調整後 EBITDA 衡量）為 2.2 倍。截至 9 月 30 日，我們手頭上有 1.08 億美元現金，另外還有 2.57 億美元的循環信貸借款能力，為我們提供了 3.65 億美元的總流動性。

Following the completion of refinancing transactions during the first and second quarters, we have no debt maturities until 2027. When $243.1 million of senior unsecured notes at a rate of 4.75% mature.

在第一季和第二季完成再融資交易後，我們直到 2027 年才到期債務。當 2.431 億美元的優先無擔保票據以 4.75% 的利率到期時。

Our board of directors has authorized up to $350 million of repurchases of our common stock under our share repurchase program including an increase to the authorization in May by $125 million during 2024. We have repurchased 4 million shares of common stock under our share repurchase program at an accurate purchase price of $59.5 million. Although we did not repurchase any shares during the third quarter.

我們的董事會已授權根據我們的股票回購計畫回購最多 3.5 億美元的普通股，其中包括在 2024 年 5 月的授權基礎上增加 1.25 億美元。我們已根據股票回購計畫回購了 400 萬股普通股，準確購買價格為 5,950 萬美元。儘管我們在第三季沒有回購任何股票。

Since our share repurchase program was announced in May 2022 through September 30. We have repurchased 14.1 million shares of our stock at a total cost of $172.1 million or an average price of $12.20 per share, leaving $177.9 million available under the board authorization.

自從我們的股票回購計畫於 2022 年 5 月宣布以來，一直持續到 9 月 30 日。我們已回購 1,410 萬股股票，總成本為 1.721 億美元，平均價格為每股 12.20 美元，董事會授權還剩下 1.779 億美元。

Moving lastly to a discussion of our updated 2024 financial guidance. We expect to generate adjusted EPS of $0.69 to $0.75 up from our previous guidance of $0.58 to $0.66 and normalized FFO per share of a $1.59 to $1.65 up from our previous guidance of $1.48 to $1.56 our guidance assumes federal populations to remain within a stable range for the remainder of 2024. If national detention populations increase and are sustained at higher levels, there could be upside to our guidance.

最後討論我們更新的 2024 年財務指引。我們預計調整後每股收益將從我們先前的指引值0.58 美元到0.66 美元提高到0.69 美元到0.75 美元，每股標準化FFO 將從我們之前的指引1.48 美元到1.56 美元提高到1.59 美元到1.65 美元。如果國家拘留人數增加並維持在較高水平，我們的指導可能會有好處。

Our guidance includes the impact from the termination of the contract at the South Texas family residential center effective August 9, 2024, this facility contributed $0.11 of normalized earnings per share in the third quarter.

我們的指引包括南德州家庭住宅中心合約終止於 2024 年 8 月 9 日生效的影響，該設施在第三季貢獻了 0.11 美元的標準化每股收益。

We expect the operating margin for our safety and community segments combined to be roughly in line with Q3 excluding the South Texas facility.

我們預計安全和社區部門的營業利潤率合計將大致與第三季（不包括南德州工廠）一致。

Even aside from the unique factors I previously mentioned, positively impacting this facility in the third quarter of 2024. The margin at the South Texas facility exceeded the average operating margin of our safety and community segments due to its size and scalability of expenses and due to the unique design and specialized services provided at the facility, our guidance does not include any additional share repurchases although our leverage at September 30, was just below our targeted range of two and a quarter to two and three quarters times leverage will mathematically increase beginning in the fourth quarter as a result of the termination of the contract at the South Texas facility.

即使拋開我之前提到的獨特因素，該設施也會在 2024 年第三季產生正面影響。由於其規模和費用可擴展性，以及由於該設施提供的獨特設計和專業服務，南德克薩斯設施的利潤率超過了我們安全和社區部門的平均運營利潤率，儘管如此，我們的指導不包括任何額外的股票回購截至9 月30 日，我們的槓桿率略低於我們目標範圍的二又四分之一到二又四分之三倍，從計算上看，由於南德克薩斯工廠合約終止，槓桿率將從第四季開始增加。

Accordingly in order to minimize the impact on leverage, we intend to prioritize the use of our free cash flow to further reduce our debt ahead of stock repurchases. Although we may exercise discretion in repurchasing additional shares of our common stock taking into consideration our leverage earnings trajectory, stock price liquidity and alternative opportunities to deploy capital.

因此，為了盡量減少對槓桿率的影響，我們打算在股票回購之前優先利用我們的自由現金流進一步減少債務。儘管考慮到我們的槓桿收益軌跡、股價流動性和部署資本的其他機會，我們可能會酌情決定回購額外的普通股。

Our balance sheet and cash flows remain strong with no near term debt maturities and readily available bed capacity. Positioning us well, to take advantage of opportunities in the marketplace, we expect adjusted funds from operations or AFFO which we consider a occupancy for our cash available for capital allocation decisions to range from $177.8 million to $185.8 million or $1.58 to $1.65 per share for 2024, up from our previous guidance of $162.4 million to $172.4 million or $1.45 to $1.54 per share.

我們的資產負債表和現金流保持強勁，近期沒有債務到期，且床位容量充足。為了充分利用市場機會，我們預計營運或 AFFO 調整後的資金（我們認為可用於資本分配決策的現金佔用量）範圍為 1.778 億美元至 1.858 億美元，即 2024 年每股 1.58 美元至 1.65 美元，高於我們先前的指引值1.624 億美元至1.724 億美元，即每股1.45 美元至1.54 美元。

We expect our normalized effective tax rate to be approximately 30% for the fourth quarter and approximately 27.5% for the year, which is unchanged from our previous guidance, the full year, even a guidance in our press release provides you with our estimate of total depreciation and interest expense.

我們預計第四季度的標準化有效稅率約為 30%，全年約為 27.5%，這與我們之前的全年指導一致，甚至我們新聞稿中的指導也為您提供了我們對總稅率的估計。折舊和利息費用。

We are forecasting G&A expenses in 2024 to be between $146 million and $148 million. We plan to spend $62 million to $66 million on maintenance capital expenditures during 2024. Unchanged from our previous guidance and $8 million to $10 million for other capital investments also unchanged from our previous guidance.

我們預計 2024 年的一般管理費用將在 1.46 億美元至 1.48 億美元之間。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。與我們先前的指導一致，800 萬至 1000 萬美元的其他資本投資也與我們先前的指導一致。

I will now turn the call back to Damon for comments on the election.

我現在將把電話轉回達蒙，徵求對選舉的評論。

Thank you so much, Dave. And I wanted just a little bit of observations and comments on the elections that just happened a couple of days ago. First, I want to just give a few observations on the state side and then talk a little bit about the federal side. But let me just first say I've had the good fortune to be with the company, you know, well, over 32 years, we have seen, you know, during that period of time, significant events during that history where elections have, you know, kind of changed the course on policy and sentiment on certain issues. And it feels like with the selection this year, we're heading into an era that we really haven't seen maybe only once or twice in the company's history where the value proposition of the private sector for both our state partners and our federal partners are going to be not only strong today, but even stronger as we go in the next couple of years. So I want to start with that.

非常感謝你，戴夫。我只想對幾天前剛發生的選舉進行一些觀察和評論。首先，我想簡單談談州方面的一些看法，然後談談聯邦方面。但首先我要說的是，我很幸運能夠在這家公司工作，你知道，在32 年多的時間裡，我們看到了，你知道，在那段時間裡，選舉發生在歷史上的重大事件，你知道，這有點改變了某些議題上的政策和情緒。感覺隨著今年的選擇，我們正在進入一個我們在公司歷史上可能只見過一兩次的時代，私營部門對我們的州合作夥伴和聯邦合作夥伴的價值主張我們不僅會在今天變得強大，而且在未來幾年內會變得更強大。所以我想從這個開始。

Let me just first talk about the state side. So there was 11 races for governor around the country. Two of our were a consequence to us, Montana and Vermont. Both those customers are working with us today for out of state solutions and also with Montana, we also have got an instate facility, no surprises and no changes. We think in policy, both the incumbents won those races.

我先談談國家方面。全國各地舉行了 11 場州長競選。其中兩個是我們的結果，蒙大拿州和佛蒙特州。這兩個客戶今天都在與我們合作尋求州外解決方案，並且與蒙大拿州合作，我們也擁有州內設施，沒有意外，也沒有變化。我們認為在政策上，兩位現任者都贏得了這些競選。

So we think it's going to be steady as it goes with those two states. And as we talked about earlier, Montana continues to be a growing partner with us with the most recent procurement. So that's number one on the state side. Number two is I wanted to highlight something that was going on in California this election cycle.

因此，我們認為這兩個州的情況將會保持穩定。正如我們之前談到的，蒙大拿州在最近的採購中繼續成為我們不斷增長的合作夥伴。所以這是州方面的第一名。第二，我想強調加州本次選舉週期中正在發生的事情。

They had a several referendums on the ballot on Tuesday and one of them was called Prop 36 which dealt with sentences for drug and theft crimes. Before I give a view on this. I want to be super clear on this point and that is we've had a long standing policy not to get involved to lobby or engage on a sentencing reform and that's in every single state regardless of if we do business or not.

週二，他們就投票進行了多次公投，其中一項名為“36 號提案”，涉及對毒品和盜竊犯罪的刑罰。在我對此發表看法之前。我想在這一點上說得非常清楚，那就是我們有一項長期政策，即不參與遊說或進行量刑改革，這在每個州都是如此，無論我們是否做生意。

So I provide this commentary just making sure everybody knows that we do not engage or lobby on anything around criminal form that touches sentencing policy. That's number one, number two is California has been a partner in the past, especially at the local level and also out of state. But in giving some views on this, we don't think it's necessarily any indication that California is going to engage on any solutions going forward. So those are two important caveats.

因此，我提供此評論只是為了確保每個人都知道我們不會參與或遊說任何涉及量刑政策的犯罪形式。第一，第二是加州過去一直是合作夥伴，特別是在地方層級和州外。但對此提出一些看法，我們認為這並不一定表明加州將參與任何未來的解決方案。所以這是兩個重要的警告。

So prop 36 I don't think all the votes have been counted, but it looks like it's going to pass with 70% of the vote. And if everything on the ballot that dealt with referendums, it looked like it's going to be the highest vote total of everything on the ballot. So super strong sentiment there for not Republicans but also Democrats for the passage of this bill. What this bill does is that it reverses some things that went into effect back in 2014 under prop 47 which allowed the rollback of certain sentencing of certain offenses within the state of California. Notably prop 36 will eliminate the $950 threshold for a third theft, meaning someone caught stealing three times can be charged with a felony regardless of the value of the merchandise stolen. It also is going to increase jail time for organized retail theft.

所以第 36 號提案我認為所有的選票都沒有被清點，但看起來它會以 70% 的票數通過。如果選票上的所有內容都涉及公投，那麼看起來這將是選票上所有內容中得票最高的。因此，對於該法案的通過，不僅是共和黨人，還有民主黨人的情緒都非常強烈。該法案的作用是推翻 2014 年第 47 號提案下生效的一些規定，該法案允許撤銷對加州內某些犯罪行為的某些量刑。值得注意的是，第 36 號提案將取消第三次盜竊的 950 美元門檻，這意味著無論被盜商品的價值多少，被抓到三次盜竊的人都可能被指控犯有重罪。它還將增加有組織的零售盜竊的入獄時間。

So I just highlight to say that that was in California. It had the highest vote total of anything on the ballot with referendums being considered by the citizenry of state of California and we just think it's an indication of not only that state but I think other states that are thinking about the right steps going forward around sentencing policy.

所以我只是強調說那是在加州。它的總票數是加州公民考慮進行公投的最高票數，我們認為這不僅表明該州，而且我認為其他州正在考慮圍繞量刑採取正確的步驟政策。

The last thing I just want to say on the safe side before moving to federal is that the populations that we've seen at jails in the last couple of years, we've noted that those are increasing. Prison population forecasts are notably increasing over the next five years, but also physical plan issues, staffing issues. These issues continue to be challenges for state partners and they're driving the need for engagement with us in the private sector to provide solutions to provide capacity either for growth or for overcrowding or facilities that are hard to staff and to maintain.

在轉向聯邦之前，我想說的最後一件事是安全起見，過去幾年我們在監獄中看到的人數，我們注意到這些人數正在增加。未來五年監獄人口預測將顯著增加，但實體規劃問題和人員配備問題也將增加。這些問題仍然是國家合作夥伴面臨的挑戰，它們推動了私營部門與我們合作的需求，以提供解決方案，為成長或過度擁擠或難以配備和維護的設施提供能力。

So put a bow on that, that's some observations on the state races from the last couple of days, switch it over to the federal side. So everybody obviously is well known, I should say that the White House is going to be occupied by President Trump inauguration in January.

因此，這是過去幾天對州競選的一些觀察，將其轉移到聯邦方面。所以顯然每個人都眾所周知，我應該說白宮將被川普總統一月的就職典禮佔據。

So you obviously know that it's also well known that the Senate is going to change leadership to Republicans with the Senate races around the country. The house is still unknown at the moment unless something's happened here in the last few minutes. But I think most people think that the Republicans are also going to keep to the house.

所以你顯然知道，眾所周知，隨著全國各地的參議院競選，參議院將把領導權交給共和黨。除非在過去幾分鐘內發生了什麼事，否則這棟房子目前仍然未知。但我認為大多數人認為共和黨也會留在眾議院。

So that's obviously just a general observation about the races itself. And in control of the House that's in it and also the White House. But more importantly how it impacts our federal partners. And let me just touch on that and I first want to talk about ICE.

所以這顯然只是對比賽本身的一般觀察。並控制其中的眾議院和白宮。但更重要的是它如何影響我們的聯邦合作夥伴。讓我簡單談談這一點，我首先想談談 ICE。

So obviously during the summer leading up to the election, there was a lot of discussion and policy debate and really a lot of energy for both candidates running for White House, but also Senate races around immigration and border security and immigration reform.

顯然，在選舉前的那個夏天，有很多討論和政策辯論，對於競選白宮的兩位候選人來說，確實有很多精力，而且圍繞移民、邊境安全和移民改革的參議院競選也是如此。

We think that the outcome of this election is probably going to be notable for ICE for a couple of different reasons. One is that we do think that there's going to be increased need for detention capacity.

我們認為，出於幾個不同的原因，這次選舉的結果可能會對 ICE 產生重大影響。一是我們確實認為對拘留能力的需求將會增加。

As you all know, as long time investors and supporters of the company, there has been some discussion from the spring going into the summer about additional detention capacity and there was a couple of bills that noted that capacity to go up to 50,000.

眾所周知，作為該公司的長期投資者和支持者，從春季到夏季，一直有一些關於增加拘留容量的討論，並且有幾項法案指出容量將達到 50,000 人。

So 550,000 beds detention capacity for ICE that feels to be a floor, you know, especially with Republicans now going to control both the House and likely to or excuse me, the control of the Senate and likely the House. And as I think you all know, there's been some news reports that may take that number with the support from again House Republicans Senate, Republicans and the White House taking that number to a much higher level. We don't know exactly what that number is, but that's just, you know, things that we're hearing and seeing a little bit reported in the press.

因此，ICE 的 550,000 個床位拘留能力感覺是一個底線，你知道，尤其是共和黨現在將控制眾議院，並且可能或對不起，控制參議院和眾議院。我想你們都知道，有一些新聞報道可能會在眾議院共和黨參議院、共和黨和白宮的支持下將這個數字提高到更高的水平。我們不知道這個數字到底是多少，但這只是我們在媒體上聽到和看到的一些報導。

So how we're approaching that is that we have about 18,000 vacant beds in our system that includes our beds that we had available in Dilley, Texas. So we are taking proactive steps and working on a plan to activate and make available every single bed that we've got in the enterprise. And again, that's about 18,000 beds along with that. And and you all have been supportive of this step, but for the last two years, we've been taking steps to making sure that we've got the scale and ability to staff capacity, especially for ICE.

因此，我們的解決方案是，我們的系統中有大約 18,000 個空置床位，其中包括我們在德州迪利的可用床位。因此，我們正在採取積極措施並製定計劃，以啟動並提供我們企業中擁有的每張床位。另外，還有大約 18,000 個床位。你們都支持這一步驟，但在過去的兩年裡，我們一直在採取措施，確保我們擁有足夠的規模和能力來配備人員，尤其是 ICE。

Making sure that we've got people in the pipeline that we can get them through the background screening process and also through academy. So we've been working on that for about 24 months. And so we're getting ourselves, make sure calibrated accordingly to weaken staff up to potentially meet the demand for this capacity that could be used by ICE.

確保我們有人才在管道中，我們可以讓他們通過背景篩選過程，也可以通過學院。我們為此努力了大約 24 個月。因此，我們要確保相應地進行調整，以削弱員工隊伍，以滿足 ICE 可能使用的這種能力的需求。

But with that, we do appreciate that, you know, funding is going to be needed for this capacity. And again, we'll be watching that closely, especially as you know, leadership changes a little bit with the House and Senate after the first of the year. And obviously the timing with that and also how they procure and contract for those beds. So obviously, we'll keep the market updated on that front. And it wouldn't surprise us that we start seeing some signs either reported in the press or actually from ICE directly where they're doing additional RFIs or some type of advertisements indicating for increased capacity.

但我們確實意識到，你知道，這種能力將需要資金。再次，我們將密切關注這一點，特別是如你所知，今年第一年後，眾議院和參議院的領導層發生了一些變化。顯然，時間安排以及他們如何採購和承包這些床位。顯然，我們將隨時向市場通報這方面的最新情況。如果我們開始看到一些跡象，或者是媒體報導的，或者實際上是直接來自 ICE 的，他們正在做額外的 RFI 或某種類型的廣告，表明容量增加，這並不會讓我們感到驚訝。

So we'll clearly get some signs here. I think in the coming days and weeks. Additionally, we are taking steps not only just making sure that we're prepared for activation of additional capacity for ICE, but also what's the CapEx need for those facilities? As you know, with ICE, sometimes we have to do a little bit of reconfiguration of facilities for, you know, bigger intake area, maybe a specialized infirmary, space for medical needs and whatnot.

所以我們會在這裡清楚地看到一些跡象。我認為在接下來的幾天和幾週內。此外，我們正在採取的措施不僅確保我們為啟動 ICE 的額外產能做好準備，而且還確保這些設施的資本支出需要什麼？如您所知，對於 ICE，有時我們必須對設施進行一些重新配置，以獲得更大的接收區域，也許是專門的醫務室、滿足醫療需求的空間等等。

So we're estimating and trying to determine kind of exactly what that looks like. Again, that will be clear in the coming days and weeks, once we get a clear sign of ICEs demand.

所以我們正在估計並試圖確定它到底是什麼樣子。同樣，一旦我們得到 ICE 需求的明確跡象，這一點將在未來幾天和幾週內變得清晰。

Also with that, as you all know, we've got great capability of getting additional detention capacity, that's temporary. So, you know, we're the ones obviously with Dilley, we got the facility up and running within about 120 days. So we have the competency and expertise where above and beyond the 18,000. If we did need to do additional capacity, we're getting ourselves prepared to do that again, that I think will be clear if there is additional need there from ICE in the coming days and weeks and two final things on ICE.

此外，正如你們所知，我們有很強的能力獲得額外的拘留能力，這是暫時的。所以，你知道，我們顯然是與 Dilley 合作的，我們在大約 120 天內就建立並運行了該設施。因此，我們擁有超過 18,000 名員工的能力和專業知識。如果我們確實需要增加容量，我們正在準備再次這樣做，我認為在未來幾天和幾週內 ICE 是否有額外的需求以及 ICE 的最後兩件事將會很清楚。

One thing we think that we're probably going to need too is additional transportation resources. And with our wholly owned subsidiary Transcore, who has got, you know, decades of experience of working with our federal partners, both the Marshals Service and ICE.

我們認為我們可能還需要的一件事是額外的交通資源。我們的全資子公司 Transcore 擁有與我們的聯邦合作夥伴（法警署和 ICE）合作數十年的經驗。

We've got the capability and the leadership in place to scale up and provide additional capacity if there's transportation needed primarily on ground transportation. But also we've got the competency to also do air transportation too as needed. And then finally, obviously, we'll be watching closely too about how the alternatives to detention program may change with the new administration.

如果主要需要地面交通運輸，我們有能力和領導力來擴大規模並提供額外的運力。但我們也有能力根據需要進行航空運輸。最後，顯然，我們也將密切關注新政府可能如何改變拘留計畫的替代方案。

In fact, interestingly and probably not a coincidence ICE actually came out with an RFI yesterday in advance of the procurement for the re-bid of the alternative detention contract, which I think expires end of next end of next year. We think this is a very clear sign with this RFI where they want to engage more vendors to provide unique and innovative solutions for this program.

事實上，有趣的是，也許不是巧合，ICE 昨天在重新投標替代拘留合約的採購之前就發出了一份 RFI，我認為該合約將於明年年底到期。我們認為，此 RFI 是一個非常明確的訊號，他們希望吸引更多供應商為此計劃提供獨特且創新的解決方案。

We also think again, probably knowing that the program is going to change a little bit relative to outcomes and its mission. Again, wanting to engage more vendors to understand kind of what the realm of the puzzle is on the program. And then also appreciating that the program is going to expand.

我們也再次思考，可能知道該計劃將根據結果及其使命進行一些改變。再次，希望吸引更多供應商來了解該程式的難題領域。然後也很高興該計劃將會擴大。

So I think I also wanted to have the opportunity to have the scale to increase the program if that's where policy and ICE leads to the program going forward. So that RFI, like I say came out yesterday, it's also advertising that there's going to be an Industry Day coming up in early, I think December. And again, it's an opportunity for multiple vendors to engage ICE about the program going forward and think about creative and innovate solutions to not get better outcomes but also scale up the program as necessary.

因此，我認為我也希望有機會擴大該計劃的規模，前提是政策和 ICE 能夠推動該計劃向前發展。所以，就像我昨天說的那樣，RFI 還宣傳了將在 12 月初（我想是 12 月）舉行工業日。同樣，這也是多個供應商與 ICE 就該計劃的進展進行接觸並思考創造性和創新解決方案的機會，這樣不僅可以獲得更好的結果，而且還可以根據需要擴大該計劃的規模。

So put a bow on ICE before I turn to Marshals Service. You know, ICE is our very first customer 41 years ago when the company got founded in 1983 with her first contract with ICE in Houston, Texas, we know that agency really, really well, we know what their needs are, we know how to provide very safe and humane solutions for them. And we've done that all over, all over the country.

因此，在我向法警服務處求助之前，請先向 ICE 鞠躬。您知道，ICE 是我們的第一個客戶，41 年前，公司於1983 年成立，與德克薩斯州休斯頓的ICE 簽訂了第一份合同，我們非常非常了解該機構，我們知道他們的需求是什麼，我們知道如何為他們提供非常安全和人性化的解決方案。我們已經在全國範圍內這樣做了。

So we are well suited to provide solutions to their critical needs in a very efficient, innovative way, but also providing safe and humane solutions. And again, we've done that not over 40 years, but also with Democrats and Republicans in charge of both the administration and Congress.

因此，我們非常適合以非常有效率、創新的方式為他們的關鍵需求提供解決方案，同時也提供安全和人性化的解決方案。再說一遍，我們這樣做的時間還不到 40 年，而且是由民主黨和共和黨同時掌管政府和國會。

Let me wrap up with two quick comments, one on Marshals Service and then the Federal Bureau of Prisons. So the Marshals Service, obviously also a longtime federal partner of ours. They are influenced obviously by the prosecution activity and behavior for the US attorneys around the country. So obviously, in the coming days there will be a new Attorney General appointed by the President elect. And then with that, the attorney general along with this administration will be put in place, US attorneys in the 90 plus court districts around the country.

讓我以兩點簡短的評論作為結束語，一是關於法警局，二是關於聯邦監獄局。法警局顯然也是我們的長期聯邦合作夥伴。他們顯然受到全國各地美國律師的起訴活動和行為的影響。顯然，未來幾天將由當選總統任命新的司法部長。然後，總檢察長和本屆政府將就位，美國全國 90 多個法院轄區的檢察官也將就位。

So history indicates that that obviously takes a little time and then that for that direction on prosecutions takes a little time once the people get in place and they kind of implement that policy. But just to give you a kind of historical perspective on numbers at the end of the administration for President Obama Marshals Service population nationwide is 47,000.

因此，歷史表明，這顯然需要一點時間，一旦人們就位並實施該政策，起訴方向就需要一點時間。但只是為了讓您從歷史角度了解奧巴馬總統執政結束時全國法警服務人口的數字為 47,000 人。

So that was at the end of President Obama's term that went as high as 66,000 under President Trump. So it gives you a little sense of again, it takes some time, but it gets you a little bit of a sense of kind of the impact on numbers if history is going to be an indication of the path going forward finally on the executive order. So there is obviously an executive order in place today that prohibits the direct contract between the private sector and the United States Marshals Service.

那是在歐巴馬總統任期結束時，川普總統領導下的人數高達 66,000 人。因此，這會讓您再次感覺到，這需要一些時間，但它會讓您感覺到，如果歷史將成為行政命令最終前進道路的指示，那麼對數字的影響。因此，今天顯然有一項行政命令禁止私部門與美國法警局之間直接簽訂合約。

We do think that policy potentially could be reversed if history is any indication within the 1st 90 days. That's what happened with the previous Trump administration. You may remember that when President Trump first was in office in early 2017, it was about 90 days after that that policy was reversed. So it would surprise that that happens again.

我們確實認為，如果歷史在第一個 90 天內有任何跡象，政策可能會被逆轉。這就是上屆川普政府的情況。大家可能還記得，川普總統2017年初剛上任時，大約90天後政策就被逆轉了。因此，如果這種情況再次發生，我們會感到驚訝。

Finally, just to wrap up with the Federal Bureau of Prisons, you know, we don't do any work as you know, with them on the safety side. So secure prisons, we do some work with them in the community section, halfway houses and home confinement and other solutions. On the community side, we think that's going to be more of the same if not increasing. You know, President Trump did pass a first step act which had some provisions to kind of supercharge the use of community solutions within, within that bill.

最後，我想對聯邦監獄局做個總結，您知道，我們不會與他們一起做任何安全方面的工作。為了確保監獄的安全，我們在社區部分、中途宿舍和家庭監禁等解決方案中與他們合作。在社區方面，我們認為即使沒有增加，也會保持不變。你知道，川普總統確實通過了第一步法案，其中有一些條款可以加強該法案中社區解決方案的使用。

So we think that's going to be the case where that will be an area of interest with the administration on the BOP side, on the secure side of the population has gone down dramatically. So we don't see any near term kind of impact relative views the private sector. But you know, being someone that's been in this profession for 32 years and growing up in love with Kansas, I have unique experience on the Federal Bureau prisons and their mission.

因此，我們認為，這將是國際收支方面政府感興趣的一個領域，在人口安全方面，人口急劇下降。因此，我們認為私部門的相對觀點不會受到任何短期影響。但你知道，作為一個在這個行業工作了 32 年並熱愛堪薩斯州的人，我對聯邦調查局監獄及其使命有獨特的經驗。

And I do know that they're suffering with, you know, very old kind of challenge facilities from a CapEx re-sectile but also from a staffing perspective. So we're happy to engage and provide kind of feedback on that as appropriate as some of the leadership changes happen there potentially down the road.

我確實知道他們正在遭受資本支出重新劃分的非常舊的挑戰設施，從人員配置的角度來看也是如此。因此，我們很樂意參與並提供適當的回饋，因為未來可能會發生一些領導層變動。

So with that, let me stop, just want to provide again a little more commentary before we go to Q&A and operate or turn back over to you to start the queue.

因此，讓我停下來，只是想在我們進行問答和操作之前再次提供更多評論，或者轉回給您開始排隊。

(Operator Instructions)

（操作員說明）

Jason Weaver, JonesTrading.

賈森‧韋弗，瓊斯交易公司。

Hey, good morning guys. Thanks for taking my question. Damon, you've touched on in several of the last conference calls about the sort of the gearing that, that you have with regard to occupancy. I was wondering, can you comment on how you would expect the margin profile to change if we were to ramp safety segment occupancy up into the low 80s, mid 80s and beyond there.

嘿，早上好，夥計們。感謝您提出我的問題。達蒙（Damon），您在最近的幾次電話會議中談到了有關入住率的傳動方式。我想知道，如果我們將安全段的入住率提高到 80 年代低、80 年代中期甚至更高，您能評論一下您預計利潤率會如何變化嗎？

Yeah, thanks, Jason. I'll try to take a stab at that question. I think in my prepared remarks, I indicated what the margins were. Again, it's important to exclude the South Texas facility which had an outsized impact on our overall margin profile, but we're around 22%. I think it was 22.3% excluding that contract in the third quarter.

是的，謝謝，傑森。我會嘗試回答這個問題。我認為在我準備好的發言中，我指出了利潤是多少。同樣，重要的是要排除南德克薩斯工廠，它對我們的整體利潤率影響巨大，但我們的利潤率約為 22%。我認為不包括第三季的合約的話，這個比例是 22.3%。

You're right. As the occupancy increases, our financial model has a bit of operating leverage to it. So we had always indicated that if we got back to a pre pandemic occupancy in the low 80s that we'd be around a 25% margin. So that was before the termination of the South Texas contract. So I probably bring that down 150 basis points or so, maybe up to 200 basis points, at occupancy in the low 80s. If occupancy were to go in the mid to upper 80s, you know, I haven't run the math on that, but I would guess you'd add a couple 100 basis points to that margin.

你說得對。隨著入住率的增加，我們的財務模型具有一定的營運槓桿作用。因此，我們一直表示，如果我們的入住率回到疫情大流行前的 80 多歲左右，我們的利潤率將達到 25% 左右。那是在南德克薩斯合約終止之前。因此，在入住率處於 80 左右的情況下，我可能會將其降低 150 個基點左右，甚至可能高達 200 個基點。如果入住率達到 80 多歲左右，你知道，我還沒有對此進行過數學計算，但我猜你會在這個利潤基礎上增加幾個 100 個基點。

Got it, that's helpful. And then, you know, I appreciate your comments on the Marshals Service and, and just knowing a little bit of the details around that, would you say that if the US MS no longer has to use those third party contracting entities? Does that remove any type of bottleneck for them that makes them more likely to use private providers such as yourself?

明白了，很有幫助。然後，你知道，我很欣賞你對法警局的評論，並且只是了解了一些相關細節，你會說如果美國海軍不再需要使用這些第三方承包實體嗎？這是否消除了他們的任何類型的瓶頸，使他們更有可能使用像您這樣的私人提供者？

Yeah, it's a great question and I think the short answer is yes, I think if you've got multiple tools to contract versus less and I think that makes it a little easier, especially certain parts of the country. So, yeah, I think, I think that's right.

是的，這是一個很好的問題，我認為簡短的答案是肯定的，我認為如果你有多種工具來收縮而不是更少，我認為這會讓事情變得更容易，特別是在該國的某些地區。所以，是的，我認為，我認為這是對的。

Got it. I appreciate that color.

知道了。我很欣賞那種顏色。

One other comment, Jason on the occupancy, I think on the margins, it's obviously impacted by where that occur. So if it occurs and if occupancy is increasing at facilities that are already operational, you get the operating leverage there.

另一條評論是傑森關於入住率的評論，我認為在邊緣，它顯然受到發生情況的影響。因此，如果發生這種情況，並且已經投入營運的設施的入住率正在增加，您就可以在那裡獲得營運槓桿。

Now we're looking at potentially activating new facilities and of course, you have startup expenses associated with a, with an activation. So during that activation period, your margins are obviously going to going to be negatively impacted. And I would expect as you stabilize occupancy margins of those facilities would be around that, you know, 22% to 25% margin. So just want to give that caveat on the increase in occupancy. It depends on where it comes from.

現在我們正在考慮啟動新設施的可能性，當然，您有與啟動相關的啟動費用。因此，在激活期間，您的利潤顯然會受到負面影響。我預計，隨著這些設施的入住率穩定下來，利潤率將在 22% 至 25% 左右。因此，我想對入住率的增加提出警告。這取決於它來自哪裡。

With a shift of demand, I would expect but thank you for the color.

隨著需求的變化，我預計但謝謝你的顏色。

Thank you.

謝謝。

M. Marin, Zacks.

M.馬林，札克斯。

Thank you. So I have a couple of questions following up on some of the remarks you made in your prepared comments. So there's an RFI out. And you're thinking that there will be an RFP in early '25. Is there a standard time line that we should think about? Because it seems like there's a lot of activity now in other RFI and RPP, so is there a standard?

謝謝。針對您在準備好的評論中發表的一些言論，我有幾個問題。所以有一個 RFI 出來。您認為 25 年初將會有 RFP。我們應該考慮一個標準的時間線嗎？因為其他 RFI 和 RPP 似乎現在有很多活動，那麼有標準嗎？

Yeah, thank you for this question. This is Damon. Let me make sure I understand the RFI you're asking about, is it for detention capacity or alternative detention or for both?

是的，謝謝你提出這個問題。這是達蒙。讓我確保我理解您所詢問的 RFI，是針對拘留能力還是替代拘留，還是兩者兼而有之？

Well, if you wanted to give us a broader stroke, you know, answer then I would say for both, but I was specifically thinking about for detention capacity.

好吧，如果你想給我們一個更廣泛的範圍，你知道，那麼我會說兩者都適用，但我特別考慮了拘留能力。

Detention capacity. Thank you for that. So yeah, so, you know, again, in my prepared remarks, kind of gave you an overview of everything that's out there right now. It wouldn't surprise us that there's maybe more to come where they're either looking at the current RFI and maybe expanding, saying the, the scope and the, the size maybe is a bigger or just need to be a bigger footprint or maybe it's for new locations in the country.

拘留能力。謝謝你。所以，是的，所以，你知道，在我準備好的發言中，我再次向你提供了目前所有情況的概述。我們不會感到驚訝的是，可能還會有更多的事情發生，他們要么考慮當前的 RFI，要么擴大範圍，說範圍和規模可能更大，或者只需要更大的佔地面積，或者也許它適用於該國的新地點。

But, but yeah, I think there was some obviously work on ICE part knowing that potentially, you know, going into the fall, there's going to be more detention capacity. So I think they were just trying to be proactive with these RFIS and trying to get as much information they can at their fingertips as they go in the coming days, weeks and months for, you know, detention needs and where the capability are with the private sector. But again, I think I wouldn't be surprised if we wake up tomorrow or, you know, the coming days and weeks where we're seeing more engagement there for additional information, but anything you'd add or amplify, Dave.

但是，但是，是的，我認為 ICE 方面顯然做了一些工作，因為他們知道，進入秋季，拘留能力可能會增加。因此，我認為他們只是試圖積極主動地使用這些 RFIS，並試圖在未來幾天、幾周和幾個月內盡可能多地獲取可用信息，以滿足拘留需求以及拘留需求和能力狀況。但我想，如果我們明天醒來，或者，你知道，在接下來的幾天和幾周里，我們會看到更多的人參與獲取更多信息，但戴夫，你會添加或放大任何內容，我想我不會感到驚訝。

Maybe, you know, typically, you know, going from RFI, RFP, it's, you know, I don't know, on average, maybe a six month process getting from RFP two contract award and commencement. You know, again, don't know how that would impact it be impacted by a new administration coming in. They, you know, that the RFIs are interesting and they may be more prepared to move quickly to the RFP stage in early '25. Given the desire to impact immigration policies.

也許，你知道，通常，你知道，從 RFI、RFP 開始，你知道，我不知道，平均而言，從 RFP 獲得兩份合約授予和啟動可能需要六個月的過程。再說一次，你不知道這會如何影響新政府的上任。您知道，他們認為 RFI 很有趣，他們可能更願意在 25 年初快速進入 RFP 階段。鑑於希望影響移民政策。

Yeah, that's a good point because again, going back to South Texas, that facility was about 120 days. And so they, they moved really, really quickly. So if, if the energy and demand is there and they're getting direction from, from leadership, they can move very, very quickly. And again, I think the RFIs, they've got out already. Obviously, they've gotten a lot of great market information from us and others where again, today's point that allows them maybe be a little more efficient, you know, into this year, going into next year.

是的，這是一個很好的觀點，因為回到德克薩斯州南部，該設施大約需要 120 天。所以他們的行動非常非常快。因此，如果能量和需求存在，並且他們從領導層得到指導，他們就能非常非常快地採取行動。再說一次，我認為 RFI 已經發出了。顯然，他們從我們和其他人那裡獲得了很多重要的市場信息，今天的觀點讓他們在今年和明年可能會更有效率。

Okay. That helpful and then just to follow up on something else, you, you said you talked a little bit about, you know, how you've been preparing for, you know, increased occupancies with your staffing levels, you're comfortable with that where staffing levels are. But then obviously, to take on new awards, there would be some startup costs with those startup costs also include, you know, new hirings or have you identified, you know, certain hirings already within the pipeline?

好的。這很有幫助，然後只是為了跟進其他事情，你，你說你談了一點，你知道，你是如何準備的，你知道，增加你的人員配置水平的佔用率，你對此感到滿意人員配備水平在哪裡。但顯然，要獲得新的獎項，就會有一些啟動成本，這些啟動成本還包括，你知道，新的招聘，或者你是否已經確定，你知道，某些已經在管道中的招聘？

Yeah. That's a great question. So, yeah, we've been working and, and as you know, we went from about 5,000 in population in May of '23 to where we are today, which is about 10,000. So, so we had to just naturally get ourselves staffed up for that, you know, doubling of our population here in the last 18 months. But with that, we really kind of challenge our operations and our hr team to say, you know, if, if we need to scale that even further with some investments we need to make on kind of the processing again, making sure it's very efficient for background screening training and whatnot.

是的。這是一個很好的問題。所以，是的，我們一直在努力，正如你所知，我們的人口從 23 年 5 月的約 5,000 人增加到今天的約 10,000 人。所以，我們必須自然地為自己配備人員，以應對過去 18 個月內我們這裡的人口翻倍的情況。但這樣一來，我們確實對我們的營運和人力資源團隊提出了挑戰，他們說，如果我們需要透過一些投資進一步擴大規模，我們需要再次進行某種處理，確保它非常高效用於背景篩選培訓等。

So we basically have got the playbook ready to scale up. We've got the pipelines kind of populated. So we know where we can pull from the various labor markets around the country to get people. But you're right. Once we hit go, then obviously they'll, we'll start incurring expense. You know, obviously tie that to various contracts and we'll communicate as appropriate to the market when we get to that point. But obviously, that'd be part of our start up, but anything you want to add to that day.

所以我們基本上已經準備好擴大規模的劇本。我們已經把管道填滿了。因此，我們知道可以從全國各地的各個勞動力市場中尋找人才。但你是對的。一旦我們按下按鈕，顯然他們就會開始產生費用。你知道，顯然將其與各種合約聯繫起來，當我們到達這一點時，我們將根據情況與市場進行溝通。但顯然，這將是我們啟動的一部分，但您想在那天添加的任何內容都可以。

So to be clear, we have not hired in advance for activations of idle facilities, for example. And that probably wouldn't expect us to do that until we get more clarity around timing. But we do have capacity in existing facilities where we already have contracts where we could take on. You know, I don't know, 1,500 to 2000 additional people that are at facilities already staff. It's just a longer process when you're activating a new facility or entering in a new contract.

因此需要明確的是，例如，我們沒有提前僱用來啟動閒置設施。在我們更清楚地了解時間安排之前，我們可能不會這樣做。但我們現有的設施確實有能力，我們已經簽訂了可以承接的合約。你知道，我不知道，設施中已經有 1,500 到 2000 名額外人員。當您啟動新設施或簽訂新合約時，這只是一個更長的過程。

Alright, thank you.

好的，謝謝。

You're welcome.

不客氣。

Brian Violino, Wedbush.

布萊恩·維奧利諾，韋德布希。

Great. Good morning, thanks for taking my questions. I just wanted to get a bit more detail about. I know you mentioned, you know, if I were to have needs above and beyond the current idle beds of both you and your competitors today and more of a hypothetical. But you know, would there be a need for additional permanent construction? I know you mentioned temporary housing. Just curious, your thought about, you know, that if you know, new construction would be an option and the cost of temporary, you know, centers versus permanent facilities.

偉大的。早上好，感謝您回答我的問題。我只是想了解更多細節。我知道你提到過，你知道，我的需求是否超出了你和你的競爭對手目前的閒置床位，而且更多的是假設。但你知道嗎，是否需要額外的永久性建築？我知道你提到過臨時住房。只是好奇，你的想法，你知道，如果你知道的話，新建建築將是一種選擇，以及臨時中心與永久性設施的成本。

Yeah, great question. And I think, you know, all that will be kind of figured out as we continue to kind of engage with ICE and we kind of understand the mission as you know, every facility has kind of generally the same mission, but we've had some facilities have a very unique mission, notably, like with our facility down in Dilley, Texas where it's sort of a family facility, but we did a couple of mission changes over time where is only providing help with residents, adult residents, I should say.

是的，很好的問題。我認為，你知道，隨著我們繼續與 ICE 接觸，所有這些都會得到解決，並且我們了解其使命，正如你所知，每個設施都有大致相同的使命，但我們已經一些設施有一個非常獨特的使命，特別是，例如我們位於德克薩斯州迪利的設施，它是一個家庭設施，但隨著時間的推移，我們做了一些任務改變，只為居民提供幫助，成年居民，我應該說。

So I think if we get in discussion with ICE, I think they're going to pretty clearly be able to say, you know, this solution in this part of the country. We think it's a long term solution. And so you need to think about investments relative to not just the mission and staffing and the programs or whatnot, but also the physical plant. But there also may be some discussions where they say, you know, we think this mission is maybe more short term in length.

因此，我認為，如果我們與 ICE 進行討論，我認為他們將能夠非常清楚地表明，您知道，該解決方案適用於該國的這一地區。我們認為這是一個長期的解決方案。因此，您需要考慮的投資不僅與使命、人員配置、專案或其他相關，還與實體工廠相關。但也可能會有一些討論，他們說，你知道，我們認為這次任務的期限可能更短。

And so the good news for us is that we can do both and have done both. I mean, we've got vacant capacity again, we've talked about the 18,000 earlier today. But if there are certain parts of the kind of the mission for c or near term where they, you know, clearly kind of say, you know, it's probably a temporary solution. Then I'll say again, we've got the company and capability and really the third party relationships to do that pretty quickly. But anything you add to that, Dave.

因此，對我們來說，好消息是我們可以同時做到這兩點，而且已經做到了。我的意思是，我們又出現了空置產能，今天早些時候我們已經討論過 18,000 個產能。但如果在近期或近期任務的某些部分，他們明確表示，這可能是臨時解決方案。然後我再說一遍，我們有公司、能力以及第三方關係，很快就可以做到這一點。但戴夫，你可以添加任何內容。

Yeah, I mean, we've got nine facilities, I think it's nine facilities with approximately 13,000 beds. So we're a ways away to before we're thinking about construction of new facilities. So I wouldn't put that on the table yet. But we do have the capability to execute the lease agreement is what Damon's talking about when we mentioned third parties. So that's not permanent capital necessarily that we, we would have to deploy. But, but those are things we'll be thinking about in the coming weeks and months.

是的，我的意思是，我們有 9 個設施，我認為這 9 個設施約有 13,000 個床位。因此，距離考慮建造新設施還有很長的路要走。所以我還不會把它擺到桌面上。但我們確實有能力執行租賃協議，這就是達蒙在提到第三方時所談論的。因此，這不一定是我們必須部署的永久資本。但是，這些都是我們在未來幾週和幾個月內要考慮的事情。

Great. Thank you. And there's one more on the new ATD RFI that you mentioned came out yesterday, I believe there was another RFI that had been out for a while, I guess anything notably different compared, you know, between those two RFIs, that you believe would increase the likelihood that that would be broken up in the future. I know you mentioned there's an Industry Day coming up, just curious if there's any other notable differences between those RFIs, you know.

偉大的。謝謝。還有一個關於您昨天提到的新ATD RFI 的信息，我相信還有另一個RFI 已經發布了一段時間了，我想與這兩個RFI 相比，您認為有什麼顯著的不同，您認為這會增加未來被打破的可能性。我知道您提到即將到來的行業日，只是好奇這些 RFI 之間是否還有其他顯著差異，您知道。

I say, I didn't do a kind of reconcile between the two because since it's kind of late breaking news, but I'd say with our fight that came out yesterday, I again, I think it's a clear sign by doing RFI and also doing an Industry Day, you know, that's usually the case where they again want to think about the scale. So maybe getting more people in the, in the program and doing that with multiple vendors.

我說，我沒有在兩者之間進行調和，因為這是一個遲來的突發新聞，但我想說的是，昨天我們的爭吵發生了，我再次，我認為這是一個明確的信號，透過RFI 和還要舉辦工業日，你知道，通常在這種情況下，他們會再次考慮規模。因此，也許可以讓更多的人參與該計劃，並與多個供應商合作。

So we took that as a very encouraging sign and it's to be honest with you, pretty consistent of what we've heard from ICE here recently where there, you know, thinking about engaging multiple partners again, with likely changes of the program, the size of it and looking maybe for a different mission and outcomes.

因此，我們認為這是一個非常令人鼓舞的跡象，說實話，這與我們最近從 ICE 聽到的情況非常一致，你知道，考慮再次與多個合作夥伴合作，可能會對計劃進行更改，它的大小，並尋找不同的使命和結果。

Great. And just one more fact that is there any major change in the way you're approaching this, ATD renewal versus prior years in terms of the strategy to win some of that?

偉大的。還有一個事實是，與前幾年相比，你們處理這一問題的方式是否有任何重大變化，在贏得其中一些的策略方面？

I'd say the biggest thing is we made a lot of investment. So we've made a lot of investment both in people and competency and then also work and research in R&D with our third parties. And so we've, we've been a lot of time here in the last probably 36 you know, 24 months, you know, making those investments and get ourselves prepared. So I'd say we're a lot better prepared to put a bow on it, a lot better prepared today than we were a couple of years ago.

我想說最重要的是我們進行了大量投資。因此，我們在人員和能力方面進行了大量投資，然後也與第三方一起進行研發工作和研究。因此，在過去的 36 個月、24 個月裡，我們花了很多時間在這裡進行投資並做好準備。所以我想說，我們今天比幾年前準備得更好。

Joe Gomes, Noble Capital Markets.

喬‧戈麥斯，諾布爾資本市場。

Good morning. So just wanted to start out looking at the community segment and I know Damon you mentioned there was a I think you said $2.9 million legal settlement in there. But if I'm looking at the supplement, the revenue per compensated mandate fallen sequentially here. And then also looking at the expenses, operating expenses and increased pretty significantly. And just if you give us a little more color as to what is driving both of those would be appreciated.

早安.所以我只想開始關注社區部分，我知道達蒙你提到有一個我認為你說過的 290 萬美元的法律和解協議。但如果我看一下補充，每項補償任務的收入在這裡連續下降。然後還要看看費用，營運費用成長相當顯著。如果您能給我們更多關於推動這兩者的因素的信息，我們將不勝感激。

I'll take a stab at that, Joe. So the operating expense increase was certainly related to the legal matter. The per diem, slight reduction in per diem was really mixed as Damon mentioned in his prepared marks. We do business with both the Federal Bureau of Prisons and local county governments in that section in that sector segment. So, you know, they're not large numbers, so small differences in one or the other can have an outsized impact on the per diem per day impact.

我會嘗試一下，喬。所以營業費用的增加絕對與法律問題有關。正如達蒙在他準備的分數中提到的那樣，每日津貼的略微減少確實是好壞參半。我們與該部門的聯邦監獄局和當地縣政府都有業務往來。所以，你知道，它們的數字並不大，因此其中一個或另一個的微小差異可能會對每日每日津貼產生巨大影響。

Okay, thanks for that. And talk about South Texas. You had a, I believe, a marketing agreement, 90 day or so marketing agreement there given yesterday's results, is that something that you can extend? If you think there's the possibility that South Texas is back, you know, in place, so to speak as a potential ICE facility, or you know, any additional detail, there would be great.

好的，謝謝。談論南德克薩斯州。我相信你們有一份行銷協議，考慮到昨天的結果，大約 90 天的行銷協議，你們可以延長嗎？如果你認為南德克薩斯州有可能恢復原狀，可以說是潛在的 ICE 設施，或者你知道，任何其他細節，那就太好了。

Yeah, thanks for that question. So, yeah, we've been, you know, really since the conclusion of the contract in early August, we've tried to keep that facility in what I call kind of warm status to get ourselves prepared that if there is a, if there is a need that we could reactivate it. So we've continued those conversations with, target, our third party provider who has been an excellent partner of ours over the years and also just making sure that we can kind of ramp up staffing.

是的，謝謝你提出這個問題。所以，是的，自八月初簽訂合約以來，我們一直在努力使該設施保持在我所說的溫暖狀態，以便我們做好準備，如果有，如果我們需要重新激活它。因此，我們繼續與我們的第三方提供者進行對話，他們多年來一直是我們的優秀合作夥伴，並且只是確保我們可以增加人員配備。

So we're watching closely, you know, we had maybe not quite a third of the staff at South Texas, stay with us, just relocate to other locations. And so obviously, we know who they are and where they're currently working. And my guess is that the vast majority would be interested to go back to dli if we reactivate it. And then some of the staff, for whatever reason, couldn't stay with us or relocate, I should say to other locations, but it would surprise us that them still residing in the local area that we can quickly kind of get them back in the fold. And obviously, the good news about them is many of them will be able to keep their credentials from a background screen process and also go through probably an abbreviated training.

所以我們正在密切關注，你知道，我們在南德克薩斯州可能沒有三分之一的員工留在我們身邊，只是搬到其他地方。顯然，我們知道他們是誰以及他們目前在哪裡工作。我的猜測是，如果我們重新激活 dli，絕大多數人都會有興趣回到它。然後一些工作人員，無論出於何種原因，無法留在我們身邊或搬遷，我應該說到其他地方，但令我們驚訝的是，他們仍然居住在當地，我們可以很快讓他們回來折疊。顯然，關於他們的好消息是他們中的許多人將能夠在後台螢幕過程中保留他們的憑證，並且還可能接受簡短的培訓。

So, again, we're, we're thinking through all the kind of details there to get ourselves prepared that, you know, if and when ICE wants to use that facility, which, you know, a 10 year run there, ICE was very, very happy with that facility and the way it was configured and obviously gave him great flexible with different missions. So we're just getting ourselves prepared for that. But to get to the day.

所以，我們再次考慮那裡的所有細節，讓我們做好準備，你知道，如果 ICE 想要使用該設施，你知道，ICE 在那裡運行了 10 年。給了他很大的彈性來執行不同的任務。所以我們只是為此做好準備。但要等到這一天。

We do have, I mean, the facility is intact, they have not dismantled it or anything. We have assets there that we have not removed. We did take an impairment charge as I mentioned in this quarter, but we have assets there that we're not relocating yet. And, and have continuous discussions with the target about all those items.

我們確實有，我的意思是，設施完好無損，他們沒有拆除它或任何東西。我們在那裡有資產但尚未移除。正如我在本季度提到的那樣，我們確實收取了減值費用，但我們在那裡有資產尚未搬遷。並且，與目標就所有這些項目進行持續討論。

Okay, perfect. Thank you for that. And so let me, I got one more for you if that's okay. Back to the yesterday's RFI release. Obviously, you know, very early days in there and we'll see what happens in the virtual day that they're talking about.

好的，完美。謝謝你。那麼，如果可以的話，讓我再給你一份。回到昨天發布的 RFI。顯然，你知道，在很早的時候，我們就會看到他們談論的虛擬日會發生什麼。

But outside of, of you and your, your main competitor, you know, who else out is out there that could perform either the monitoring or the case management side. Is there a very narrow group of you think potential competitors for this or is it a big group of people that could be involved in this?

但是，除了您和您​​的主要競爭對手之外，您知道還有誰可以執行監控或案例管理方面的任務。您認為這方面的潛在競爭對手是一小部分人，還是可能參與其中的一大群人？

Yeah, that's a great question. And I think, I think the short answer is, is that I think the size of this program today, but also potentially the size going forward I think would, you know, lead you to think? Yeah, it's probably only a couple of us, us and a go there may be one out there that I'm not thinking of. But I think the, I will probably want to make sure that you know, the capability of various organizations that would be in this program have the, you know, the financial, wherewithal, the capability the expertise, the competency. And again, I think that's a very small group of people

是的，這是一個很好的問題。我認為，簡短的回答是，我認為這個計劃今天的規模，以及未來的規模，我認為，你知道，會引導你思考嗎？是的，可能只有我們兩個人，我們還有一個我沒想到的人。但我認為，我可能想確保參與該計劃的各個組織的能力，包括財務、資金、能力、專業知識和能力。再說一次，我認為這是一小群人

But I think the other thing the RFI is trying to do is that there may be someone out there that maybe again, doesn't have the, the size and scale like us, that maybe would be a good partner for us, for whatever reason, you know, maybe that's just a small component of the case management services or maybe the, the, the technology.

但我認為 RFI 試圖做的另一件事是，可能有人沒有像我們這樣的規模和規模，但無論出於何種原因，他們可能會成為我們的好合作夥伴，你知道，也許這只是案例管理服務的一小部分，或者可能是技術。

So I think that's part of the reason also to do an RFI is that, you know, maybe they've had a few, few people knocking on the door, you know, a few people knocking on ICE door saying I've got this capability and it could be a piece of the overall program. I just need a dance partner to do it. So I think that's part of the intent too. So, we're looking forward again to participate, like I said earlier, we've made and, you know, this too, I mean, we've made a lot of investments and have done a lot of work to get ourselves prepared for this. But anything you'd add to that, Dave.

所以我認為這也是進行 RFI 的部分原因是，你知道，也許他們已經有幾個人敲門，你知道，有幾個人敲 ICE 的門說我收到了這個能力，它可以是整個計劃的一部分。我只需要一個舞伴來做這件事。所以我認為這也是意圖的一部分。所以，我們期待再次參與，就像我之前說的，我們已經做了很多投資，並做了很多工作來讓自己做好準備為了這。但戴夫，你想添加什麼都可以。

Yeah, it just, I think it still depends on the scope of services. The RFI yesterday was a bit informative, but again, you don't know what a new administration may want to do to the scope of services and how they look at case management services versus electronic monitoring versus different types of technologies. I think we'll just have to wait and see what they are and depending on that scope of services that could invite other, other parties to the table as well.

是的，只是，我認為這仍然取決於服務範圍。昨天的 RFI 提供了一些信息，但同樣，您不知道新政府可能希望對服務範圍做什麼，也不知道他們如何看待案件管理服務與電子監控與不同類型的技術。我認為我們只需要等待，看看它們是什麼，並取決於可能邀請其他各方參與談判的服務範圍。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey, good morning, Damon and Dave. A lot of good color in those prepared remarks. You know, I know you addressed a few on this, but I wanted to follow up, I guess on that, that ICE or ATD program.

嘿，早上好，達蒙和戴夫。這些準備好的言論中有很多精彩的內容。我知道您對此發表了一些看法，但我想跟進 ICE 或 ATD 計劃。

You know, if you anticipate, you know, ICE ramping population significantly there as it relates to the total opportunity across the US. You know, kind of needing another provider, you know, I guess, do you think it's mostly scale driven? Is it cost driven kind of via more competition? Is it kind of technology driven or maybe all three? And it just as it relates to the potential move to dual sourcing your, your thoughts on the likelihood of it just given the new RFI and commentary there?

你知道，如果你預計，ICE 會大幅增加那裡的人口，因為這關係到整個美國的總機會。你知道，有點需要另一個提供者，你知道，我想，你認為這主要是規模驅動的嗎？是透過更多的競爭來降低成本嗎？是技術驅動還是三者兼具？正如它與潛在的雙重採購有關一樣，考慮到新的 RFI 和評論，您對這種可能性的看法是什麼？

Yeah, it's a great question. I think the first part of your question I'd say yes, it's probably all the above. So everything you kind of laid out there, I think on your list, I think it's probably all, if you get, all the above is probably what I was thinking about. And then I think, yeah, I think that the, the last part is, is just yet this scale. But also a little bit, you know, days earlier point, you know what the program looks like.

是的，這是一個很好的問題。我想你問題的第一部分我會說是的，可能就是以上所有內容。所以你列出的所有內容，我想在你的清單上，我想這可能是全部，如果你明白的話，以上所有內容可能就是我正在考慮的。然後我想，是的，我認為最後一部分是這樣的規模。但還有一點，你知道，幾天前，你就知道程式是什麼樣的。

So I think they're just trying to get our, get themselves well prepared, as they've said, with the new administration where, you know, the views from a policy perspective may change on how this program looks. So I think a little bit kind of similar to what we talked with the RFIs this summer in advance of detention capacity needs.

因此，我認為他們只是想讓我們做好充分準備，正如他們所說，新政府的政策觀點可能會改變該計劃的外觀。所以我認為這有點類似於我們今年夏天在拘留能力需求之前與 RFI 討論的內容。

I see this kind of the same, same, same thing. Again, the other thing I would just say, and I mentioned this earlier, I think doing an RFI, you know, there's no requirement that ICE or any of our government parts have to do an RFI. They could just go ahead and say, okay, we're happy with kind of the status quo and we could do an RFP and just, you know, award it to the incumbent.

我看到了同樣、同樣、同樣的事情。再說一次，我要說的另一件事，我之前提到過，我認為做 RFI，你知道，沒有要求 ICE 或我們的任何政府部門必須做 RFI。他們可以繼續說，好吧，我們對現狀感到滿意，我們可以做一個 RFP，然後，你知道，將其授予現任者。

So doing an RFI again, I think if history is an indication, that's a clear sign where they're like one to open up, kind of the, the kind of the realm of the possible and kind of see what alternative they could have but also get themselves prepared again, as I said earlier with the to scale up the program but anything you'd add to, it.

因此，再次進行 RFI，我認為如果歷史是一個跡象，那麼這是一個明確的跡象，表明他們想要打開一種可能的領域，看看他們可以有什麼替代方案，但也讓自己再次做好準備，正如我之前所說的那樣，擴大該計劃的規模，但您可以添加任何內容。

Just makes sense to me with anything. If you're a government agency selling services that you want competition for price, you want competition for technology, you want competition for quality of services. So I think to your point, your earlier point, I think it's going to be all of the above, but again, this is something we'll have to wait and see.

對我來說任何事情都有意義。如果你是一家銷售服務的政府機構，你想要價格競爭，你想要技術競爭，你想要服務品質競爭。所以我認為對於你的觀點，你之前的觀點，我認為這將是上述所有內容，但同樣，這是我們必須拭目以待的事情。

Right? Makes sense. Great. You know, as it relates to the approximate, you know, 18,000 available bed for ICE could you and maybe broke this out? But how many are kind of idle facilities versus topping off existing or already operational facilities? And you know, obviously the margins differ by quite a bit between those two buckets. But you know, perhaps could you speak to maybe a blended margin if you know, hypothetically, those were fully utilized.

正確的？有道理。偉大的。你知道，因為它與 ICE 大約有 18,000 個可用床位有關，你能不能打破這個局面？但有多少是閒置設施，而不是補充現有或已經運作的設施？你知道，顯然這兩個桶子之間的利潤率相差很大。但你知道，如果你知道，假設這些已經充分利用，也許你可以談談混合利潤。

Oh boy, Dave, I'll try to take a step up to that. So I think we've probably got around 1,500 beds today. I think it's 1,500 or 1,300 to 2000. It changes on a daily basis depending on ebbs and flows of populations under existing contracts. Then we probably got another 800 or so that could, could be accommodated in facilities not currently housing ICE detainees.

噢，戴夫，我會努力做到這一點。所以我想我們今天可能有大約 1,500 個床位。我認為是1,500或1,300到2000。它每天都會根據現有合約下的人口潮起潮落而變化。然後我們可能會得到另外 800 人左右，可以安置在目前沒有收容 ICE 被拘留者的設施中。

And then as I mentioned around 13,000 in idle facilities. So those would have to be complete activations. And so the, the margins on those, as I mentioned earlier on the on the idle facilities, when you're activating those, you're obviously the negative margin during the startup period.

然後正如我所提到的，大約有 13,000 個閒置設施。所以這些必須是完整的激活。因此，正如我之前提到的關於閒置設施的利潤率，當您啟動這些設備時，您在啟動期間顯然是負利潤率。

I would imagine margins would be slightly higher than our portfolio average in the in the safety segment which for the third quarter was 25.2%. So maybe a little bit higher than that once you reach a stabilized occupancy at an idle facility that you've activated for ICE on the already utilized facilities, as I mentioned, those are higher because you've already got your fixed costs largely in place.

我認為安全領域的利潤率將略高於我們投資組合的平均水平，第三季為 25.2%。因此，一旦您在已使用的設施上為已激活的ICE 激活的閒置設施達到穩定的入住率，可能會比這個更高一點，正如我提到的，這些更高，因為您已經基本到位了固定成本。

And you're just in incurring your variable expenses or supplemental disclosure report which we posted on the website breaks down our fixed and variable costs as well as the per diem. I would imagine, you know, that the per diem in the supplemental is an average for the whole portfolio. I would expect that that would be slightly higher for an ICE population because it's a transient population.

您只需承擔可變費用或我們在網站上發布的補充揭露報告，其中詳細列出了我們的固定成本和可變成本以及每日津貼。我想，你知道，補充中的每日津貼是整個投資組合的平均值。我預計對於 ICE 人口來說，這個數字會略高，因為它是流動人口。

So you're more risk associated with occupancy levels. So it can be as a higher per diem. But I would imagine that margin could be, you know, quite a bit higher for an already active facility where we have the fixed cost and staff in place.

因此，與入住率相關的風險更大。所以每日津貼可以更高。但我想，對於一個已經活躍的設施來說，我們擁有固定成本和員工，利潤率可能會高得多。

Kirk Ludtke, Imperial Capital.

柯克·路特克，帝都。

Hello, Damon, David, Mike, appreciate the call. On the Marshals. You mentioned, I think, I think I got this right. You said the current population is 47,000, but it was 66,000 under the first in the first Trump administration. Are those the right numbers?

你好，達蒙、大衛、麥克，感謝您的來電。關於元帥。你提到，我想，我認為我是對的。你說現在的人口是4.7萬，但川普第一屆政府的時候是6.6萬。這些數字正確嗎？

Actually, what I was doing is giving more historical. So, and I'll tell you what the population is today, but historically, trying to give a sense of how to change from a Democratic to Republican administration. So at the end of President Obama's term, second term, it was almost 48,000. So that was the national population for federal prisoners for the United States Marshals Service. It got as high as to almost 67,000 under President Trump. So again, going from kind of late 2015, '16 to, you know, early 2020, 2021.

事實上，我所做的就是賦予更多歷史意義。所以，我會告訴你今天的人口是多少，但從歷史上看，試著讓你了解如何從民主黨政府轉變為共和黨政府。因此，在歐巴馬總統第二任期結束時，這一數字接近 48,000 人。這就是美國法警局聯邦囚犯的全國人口。在川普總統領導下，這一數字高達近 67,000 人。再說一遍，從 2015 年底、16 年到 2020 年初、2021 年。

Today, so those are two data points, today the population is at 55,000, just actually almost 66,000. So two historical numbers and then obviously the current number is the last one.

今天，這是兩個數據點，今天的人口為 55,000，實際上幾乎是 66,000。所以兩個歷史數字，然後顯然當前數字是最後一個。

Okay. Got it. Thank you. And with respect to the Executive order, you didn't mention the Bureau of Prisons. I know that was not a big part of your business before the executive order. I'm wondering is that just something you're going to stay away from?

好的。知道了。謝謝。關於行政命令，你沒有提到監獄管理局。我知道在行政命令發布之前這並不是你們業務的重要組成部分。我想知道這是否只是你要遠離的事情？

We're definitely going to watch closely, you know, that, you know, really all of our kind of engagement with our partners is driven by needs and demand. And as you, as you know, the Bureau of Prisons has seen a significant decline in their population over the last decade.

我們肯定會密切關注，你知道，我們與合作夥伴的所有接觸實際上都是由需求和需求驅動的。如您所知，監獄管理局的人口在過去十年中顯著下降。

So I think any re-engagement with us will be dictated by the man. The only caveat I have there is it's been well reported. And we're sympathetic to this is that, you know, this bureau has been challenged with some physical plants that are very, very old. So I think that'll, you know, continue to get kind of screwed and seeing how the Bureau can get supported on that issue. And then also there's been some places I know that had challenge with staffing.

所以我認為任何與我們的重新接觸都將由那個人決定。我唯一需要注意的是它已經得到了很好的報道。我們對此表示同情的是，你知道，這個局面臨著一些非常非常古老的實體工廠的挑戰。所以我認為，你知道，這會繼續被搞砸，看看局如何在這個問題上獲得支持。我知道有些地方在人員配置方面也面臨挑戰。

So that's a long way of saying, you know, we enjoy today a really good relationship with the bureau prisons. We work with them on the, on the community side. And if there is a need on the, on the safety side, I would say very happy to have that conversation at the right moment.

這麼說，你知道，我們今天與局監獄保持著非常良好的關係。我們在社區方面與他們合作。如果在安全方面有需要，我會說非常高興在正確的時刻進行這次對話。

Got it. I appreciate it. Thank you. And then, lastly, you know, there is a lot, it's likely that deportations will ramp. And so does that change the nature of your business? If the mix of detainees is more weighted toward people that have been seized on the interior and in the process of being deported rather than people who are, have been seized, crossing the border. Does that change anything?

知道了。我很感激。謝謝。最後，你知道，驅逐出境的數量可能會增加。那麼這會改變您的業務性質嗎？如果被拘留者的比例更偏向於在內陸地區被抓獲並正在被驅逐出境的人，而不是那些在越境時被抓獲的人。這會改變什麼嗎？

Yeah, that's a great question. And the short answer is it could, you know, buy by facility. But, you know, the good news is, is we've been doing it for 40 years. So we've seen, that change even at facilities where maybe it's a more longer term population of facility but may, maybe changes in policy and behavior make it more short term.

是的，這是一個很好的問題。簡而言之，你知道，它可以透過設施購買。但是，你知道，好消息是，我們已經這樣做了 40 年。所以我們已經看到，即使在設施中，這種變化可能是更長期的設施人口，但也可能是政策和行為的變化使其更短期。

So the good news about our facilities, I mean, we designed them and purpose built them to be very flexible based on the changes of mission for ICE. Again, some of the facilities maybe that are vacant today that have not worked with ICE, we may have to do a little bit of investment, especially if there's, you know, a great need for intake.

我的意思是，關於我們的設施的好消息是，我們設計並專門建造了它們，根據 ICE 任務的變化，它們非常靈活。再說一遍，今天有些設施可能是空置的，沒有與 ICE 合作，我們可能需要做一點投資，特別是如果有很大的吸收需求的話。

So, I mean, we may have a facility that, you know, is design for, you know, 50 to 100 coming into the facility on a regular basis and that needs to go up to 200 or 300. So we may have to make some tweaks there with the physical plant. But again, we've done been done doing that for many years, a lot of other locations. So it's pretty easy to do.

所以，我的意思是，我們可能有一個設施，你知道，是為 50 到 100 人定期進入該設施而設計的，並且需要增加到 200 或 300 人。所以我們可能需要對實體設備進行一些調整。但同樣，我們已經在許多其他地點這樣做了很多年。所以這很容易做到。

Yeah, we have both today. So we have facilities where it's a very transient population, very short length of stay in fact, we had one earlier this year convert from one that was more of a longer term stay to a processing center. So, we can manage either. But as Damon said, not sure whether that will change under a new administration or not.

是的，今天我們兩個都有了。因此，我們的設施中人口流動性非常大，實際上停留時間很短，今年早些時候，我們將其中一個長期停留的設施轉變為處理中心。所以，我們都可以做到。但正如達蒙所說，不確定這種情況是否會在新政府領導下改變。

Got it. Well, it just, it seems like the length of stay would be longer if you're for someone that is being deported.

知道了。嗯，只是，如果你是被驅逐出境的人，停留時間似乎會更長。

Possibly, yeah. You know, not to get into weeds, but it determines that it depends on their legal case where they're at in the immigration process and also the country of origin. Because, you know, sometimes they go longer certain countries to deport it back versus others. So, but yeah, those are all variables that can happen. And again, we're well suited to kind of work through those issues.

可能，是的。你知道，不要陷入困境，但這決定了這取決於他們在移民過程中所處的法律案件以及原籍國。因為，你知道，有時某些國家將其驅逐回國的時間比其他國家更長。所以，但是，是的，這些都是可能發生的變數。再說一遍，我們非常適合解決這些問題。

Got it. And then lastly does a, an administration that's more focused on deportation. Does it make the monitoring component of the ATD contract more important or less important or it's hard to say.

知道了。最後，一個更關注驅逐出境的政府。它是否使 ATD 合約的監控部分變得更重要或不那麼重要，或者很難說。

I think that's a good-- it's a great question. I think at the moment it's probably hard to say. You know, there, there is a large number, I think we've heard north of a million people that have, have basically orders for removal already. And so it could be the case where they say, okay, let's look at all the tools at our disposal and, you know, prioritize and triages appropriately and both those tools, detention and alternate detention could be very effective. So I think those will be questions that will be answered here the coming days and weeks. But at the moment, we think they're probably looking at more tools not less to kind of help them work through this.

我認為這是一個很好的問題。我想目前還很難說。你知道，那裡有很多人，我想我們聽說有超過一百萬人，基本上已經下達了拆除令。因此，他們可能會說，好吧，讓我們看看我們可以使用的所有工具，你知道，適當地優先考慮和分類，這些工具，拘留和交替拘留都可能非常有效。所以我認為這些問題將在未來幾天和幾週內得到解答。但目前，我們認為他們可能正在尋找更多的工具來幫助他們解決這個問題。

Ben Briggs, Stonex Financial.

Ben Briggs，Stonex Financial。

Good morning, guys. Thanks for taking the call and thank you for taking the questions.

早安，夥計們。感謝您接聽電話，也感謝您提問。

So a lot of mine got answered here, but I got a couple of quick one’s for you. So first of all, there's a little, I know we've been talking about RFIs and RFPs a lot. I just want to make sure I have this straight. So correct me if I'm wrong here. ICE immigration and customs enforcement has a total of five RFIs out right now. Is that correct?

我的許多問題都在這裡得到了解答，但我為您準備了一些快速的答案。首先，我知道我們已經談論了很多 RFI 和 RFP。我只是想確保我明白這一點。如果我在這裡錯了，請糾正我。ICE 移民和海關執法部門目前總共發出了五份 RFI。這是正確的嗎？

Well, they're two RFIs think they have five AORs associated with them and then there's one RFP in New Jersey.

嗯，他們是兩個 RFI，認為他們有 5 個與其相關的 AOR，然後在新澤西州有一個 RFP。

Okay. Got it. That makes sense. Okay, thank you. And then Montana has one RFP out, right?

好的。知道了。這是有道理的。好的，謝謝。然後蒙大拿州提出了一份 RFP，對嗎？

Yeah, that was just issued last week. I think it was.

是的，這是上週剛發布的。我想是的。

Yes. And then there's the electronic monitoring RFI out from ICE in addition to all that.

是的。除此之外，還有 ICE 發出的電子監控 RFI。

That's right. Yes. It just came out yesterday.

這是正確的。是的。昨天剛出來的。

Yes. Okay. Good. Wanted to make sure I understood that. I know you said that you anticipate those ICE RFIs leading to RFPs eventually

是的。好的。好的。想確保我理解這一點。我知道您說過您預計 ICE RFI 最終會導致 RFP

Yea.

是的。

Okay. Great. Second thing for me is just kind of a housekeeping thing. I don't think there are, but are there any facilities with remaining COVID population restrictions? Are those have those of all those have all rolled off? Correct.

好的。偉大的。對我來說第二件事就是做家事。我認為沒有，但是還有哪些設施對新冠病毒人口仍實施限制嗎？那些都已經滾下來了嗎？正確的。

Those are all rolled off. At least in our portfolio.

這些都被滾下來了。至少在我們的投資組合中是如此。

Yes. And then finally, just kind of referring to the, the guidance here. I know you increased guidance a little bit, but it does imply a little bit of a slip in guidance in the fourth quarter. Is that that's not all a tribal attributable to South Texas, is it or can you give a little bit of fourth-quarter '23 to fourth-quarter, '24, even a bridge.

是的。最後，只是參考這裡的指導。我知道您增加了一點指導，但這確實意味著第四季度的指導略有下滑。這不全是德州南部的部落嗎？

Even a bridge. Yeah. So I mean, our, our guidance last quarter contemplated the termination of the South Texas facility. So that would be a reduction from Q3 to Q4, about $17.5 million. Other than that, I think they're just some pretty offsetting, you know, puts and takes going both ways. I don't know that it was necessarily a big change from last guidance in Q4.

甚至一座橋。是的。所以我的意思是，我們上季的指導考慮終止南德克薩斯工廠。因此，從第三季度到第四季度，這將減少約 1750 萬美元。除此之外，我認為它們只是一些相當抵消的，你知道的，雙向的放和取。我不知道這是否一定與第四季度的最後指導相比有很大變化。

Yeah. No, I mean, fourth-quarter of '23. So you did $90 million of you. But I in, in fourth-quarter of '23 and then that's, that's going to be down to, it looks like $62 million-ish in fourth-quarter of '24. And I just wanted to kind of get, get any commentary you had on that.

是的。不，我是說，23 年第四季。所以你賺了9000萬美元。但我在 23 年第四季度，然後，這將下降到 24 年第四季度，看起來約為 6200 萬美元。我只是想聽聽你們對此的評論。

Yeah. So South Texas would be one and then our California City facility terminated March 31, of '24. So it would have been included in last year's fourth quarter. I have that number at my fingertips, but I think it was $25 million of even on an annual basis. So about one-fourth of that in Q4 of '23.

是的。因此，南德克薩斯州就是其中之一，然後我們的加州城工廠於 2024 年 3 月 31 日終止。所以它應該包含在去年第四季。我手頭上有這個數字，但我認為即使以每年計算，這個數字也達到了 2500 萬美元。大約是 23 年第四季的四分之一。

So virtually those two together would be the.

所以其實這兩個加起來就是。

Yeah. Okay. Yeah, I wasn't including the Cal City.

是的。好的。是的，我沒有包括加州城。

Thank you. I will now turn the call back over to Damon Hininger for closing remarks.

謝謝。現在，我將把電話轉回給達蒙·希寧格 (Damon Hininger)，讓其致閉幕詞。

Thank you so much. Thank you so much for participating in our call today. Grateful for all the questions and the commentary and I just want to say to our shareholders, thank you so much for your continued support and advice and counsel to us. So we're grateful for that and never want to take it for granted. Enjoy the rest of your day. Everyone, thank you so much.

太感謝了。非常感謝您今天參加我們的電話會議。感謝所有的問題和評論，我只想對我們的股東說，非常感謝你們對我們的持續支持、建議和建議。所以我們對此表示感激，並且不想認為這是理所當然的。享受你一天剩下的時間。大家，非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。