CoreCivic Inc (CXW) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CoreCivic first-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 CoreCivic 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Michael Grant, Managing Director of Investor Relations.

現在，我想將會議交給今天的第一位發言者，投資者關係董事總經理 Michael Grant。

Thank you, operator. Good morning, everyone, and welcome to CoreCivic's first-quarter 2025 earnings call. Participating on today's call are Damon Hininger, CoreCivic's Chief Executive Officer; Patrick Swindle, CoreCivic's President and Chief Operating Officer; and David Garfinkle, our Chief Financial Officer. We are also joined here in the room by our Vice President of Finance, Brian Hammonds. On this call, we will discuss financial results for the first quarter of 2025 as well as updated financial guidance for the 2025 year. We'll also discuss developments with our government partners and provide you with other general business updates.

謝謝您，接線生。大家早安，歡迎參加 CoreCivic 2025 年第一季財報電話會議。參加今天電話會議的有 CoreCivic 執行長 Damon Hininger、CoreCivic 總裁兼營運長 Patrick Swindle 和我們的財務長 David Garfinkle。我們的財務副總裁 Brian Hammonds 也來到了我們的會議室。在本次電話會議上，我們將討論 2025 年第一季的財務表現以及 2025 年的最新財務指引。我們還將與政府合作夥伴討論事態發展，並為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 first-quarter 2025 earnings release issued after market yesterday as well as in our Securities and Exchange Commission filings, including Forms 10-K, 10-Q, and also 8-K reports. You are 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.

在今天的電話會議中，我們的評論（包括對您的問題的回答）將根據《私人證券和訴訟改革法》的安全港條款包含前瞻性陳述。我們的實際結果或趨勢可能因多種因素而存在重大差異，包括我們昨天盤後發布的 2025 年第一季財報以及我們向美國證券交易委員會提交的文件（包括 10-K 表格、10-Q 表格和 8-K 報告）中確定的因素。請注意，任何前瞻性陳述僅反映管理層目前的觀點，本公司不承擔將來修改或更新此類陳述的義務。

Management will discuss certain non-GAAP metrics. 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.

管理階層將討論某些非公認會計準則指標。最可比較的 GAAP 衡量標準的對帳在相應的收益報告中提供，並包含在公司網站 corecivic.com 的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 CEO, Damon Hininger.

我很高興將電話轉給我們的執行長 Damon Hininger。

Thanks, Mike. Good morning and thanks, everyone, for joining us for CoreCivic first-quarter 2025 earnings call. On this morning's call, we will discuss our latest operational results and update you on the latest developments and opportunities with our government partners. Following my opening remarks, including high-level comments on our quarter and updates on contracting activity, I will hand the call over to Patrick Swindle, our President and Chief Operating Officer. Patrick will discuss operational results as well as our ongoing facility activations.

謝謝，麥克。早安，感謝大家參加 CoreCivic 2025 年第一季財報電話會議。在今天早上的電話會議上，我們將討論我們最新的營運結果，並向您通報我們與政府合作夥伴的最新發展和機會。在我的開場白之後，包括對我們本季度的高層評論和合約活動的最新情況，我將把電話交給我們的總裁兼首席營運官帕特里克·斯溫德爾 (Patrick Swindle)。帕特里克將討論營運結果以及我們正在進行的設施啟動。

Finally, we will turn the call over to our CFO, Dave Garfinkle, who will provide greater detail on our first-quarter financial results as well as our updated 2025 financial guidance. Dave will also provide an update on our capital allocation strategy.

最後，我們將把電話轉給我們的財務長戴夫·加芬克爾 (Dave Garfinkle)，他將詳細介紹我們的第一季財務業績以及我們更新的 2025 年財務指引。Dave 還將提供有關我們資本配置策略的最新資訊。

Before I go to the highlights of our first-quarter results and numerous contracting actions, I would like to share how excited I am for and deeply proud of our team here at CoreCivic. Our team has always been mission and outcomes focused, but this is such a significant moment of time in our company's history. Never in our 42-year company history have we had so much activity and demand for our services as we are seeing right now. As you know and as shared daily in the media, many of our partners are facing tough challenges, and our team is focused and energized to be able to answer the call with solutions our partners need at this critical moment in time.

在介紹我們第一季業績亮點和眾多簽約行動之前，我想分享我對 CoreCivic 團隊的興奮和深深的自豪。我們的團隊始終專注於使命和成果，但這是我們公司歷史上的一個重大時刻。在我們 42 年的公司歷史上，我們的服務從未像現在這樣受到如此多的活動和需求的青睞。正如您所知以及媒體每天分享的那樣，我們的許多合作夥伴都面臨著嚴峻的挑戰，我們的團隊集中精力並充滿活力，能夠在這個關鍵時刻為我們的合作夥伴提供所需的解決方案。

Let me now move on to a few highlights from our first-quarter results. Financially, CoreCivic exceeded expectations for revenue and profit during the first quarter. Patrick and Dave will discuss the quarter in greater detail, but the strong financial performance resulted from realized cost management improvements coupled with meaningful increases in facility utilization which improved to 77% from 75.2% in the first quarter of the prior year. Specifically, first quarter revenue of $488.6 million exceeded our expectations, with notable strength from facilities serving the United States Immigration and Customs Enforcement or ICE facilities as well as from our state partners. Similarly, EBITDA exceeded plan coming in at $81 million.

現在讓我來介紹一下我們第一季業績的一些亮點。從財務角度來看，CoreCivic 第一季的營收和利潤超出了預期。帕特里克和戴夫將更詳細地討論本季度，但強勁的財務業績源於實現的成本管理改進以及設施利用率的顯著提高，設施利用率從去年第一季的 75.2% 提高到 77%。具體而言，第一季 4.886 億美元的收入超出了我們的預期，其中為美國移民和海關執法局 (ICE) 設施提供服務的設施以及我們的州合作夥伴的貢獻尤為顯著。同樣，EBITDA 也超出計劃，達到 8,100 萬美元。

Both metrics were up meaningfully from the fourth quarter of 2024 but down slightly from the first quarter of last year when our Dilley facility had a full quarter of operation and when our California City facility was fully leased by the state of California. I'll have more on those two facilities in a (technical difficulty) as we have begun to reactivate both facilities.

這兩項指標較 2024 年第四季均大幅上升，但較去年第一季略有下降，當時我們的迪利工廠已運營整整一個季度，而我們的加州城工廠已被加州全部租賃。由於我們已經開始重新啟動這兩個設施，我將在（技術困難）時提供更多有關這兩個設施的資訊。

Turning to contracting activity, we have been busy this quarter, particularly since the change in presidential administration in late January. On February 27th, we announced contract modifications for our 2,016-bed Northeast Ohio Correctional Center in Youngstown, Ohio; our 1,072-bed Nevada Southern Detention Center in Pahrump, Nevada; and our 1,600-bed Cimarron Correctional Facility in Cushing, Oklahoma to add capacity for up to 784 ICE detainees. Additionally, a contract modification at our 2,672-bed Tallahatchie County Correctional Facility in Tutwiler, Mississippi details that ICE may use up to 258 beds.

談到承包活動，本季我們一直很忙，特別是自 1 月底總統政府更迭以來。2 月 27 日，我們宣布修改位於俄亥俄州揚斯敦、擁有 2,016 個床位的俄亥俄州東北懲教中心、位於內華達州帕朗、擁有 1,072 個床位的內華達州南部拘留中心以及位於俄克拉荷馬州庫欣、擁有 1,600 個床位的西馬龍懲教所的合同，以增加最多 784 名可被拘留者的容量。此外，位於密西西比州塔特威勒的塔拉哈奇縣懲教所擁有 2,672 張床位，其合約修改規定 ICE 最多可使用 258 張床位。

On March 5th, we announced that we had agreed under an amendment to our Intergovernmental Services Agreement or IGSA to resume operations and care for up to 2,400 individuals at the 2,400-bed Dilley Immigration Processing Center in Dilley, Texas, a facility operated by CoreCivic and owned by a third party. The term of the amended IGSA, which expires in March of 2030, and it may be further extended by mutual agreement. We anticipate total annual revenue once the facility is fully activated to be approximately $180 million.

3 月 5 日，我們宣布，根據《政府間服務協議》（IGSA）的修正案，我們同意恢復位於德克薩斯州迪利的擁有 2,400 張床位的迪利移民處理中心的運營，並為多達 2,400 人提供護理。該中心由 CoreCivic 經營，並由第三方擁有。修訂後的 IGSA 效期至 2030 年 3 月，經雙方同意可進一步延長。我們預計該設施全面投入使用後的年總收入將達到約 1.8 億美元。

As those who follow the company will recall, we previously received notification from ICE on June 10, 2024 after nearly 10 years of operation of ICE's intent to terminate funding of the IGSA for services at the Dilley facility effective August 9, 2024. We did not operate the Dilley facility from August 9th of 2024 until the resumption of operations at the facility on March 5, 2025, though we did continue to provide a maintenance team at the facility to keep it ready to reactivate. We are honored to have this important facility operating again, and we are grateful to work once again with Target Hospitality, our exceptional real estate partner, and we are thankful to ICE for their trust in our capabilities.

關注該公司的人會記得，我們之前在 2024 年 6 月 10 日收到了 ICE 的通知，在 IGSA 運營近 10 年後，ICE 打算從 2024 年 8 月 9 日起終止為 Dilley 設施的服務提供資金。從 2024 年 8 月 9 日起直至 2025 年 3 月 5 日該設施恢復運營，我們都沒有運營迪利設施，但我們確實繼續在該設施提供維護團隊，以使其隨時可以重新啟動。我們很榮幸這個重要的設施能夠再次投入運營，我們很高興能夠再次與我們傑出的房地產合作夥伴 Target Hospitality 合作，我們也感謝 ICE 對我們能力的信任。

Patrick will share more about this activation development, but I'm proud to share that we began receiving an initial population at the Dilley facility just 31 days after amending the contract, an accomplishment only possible due to months of pre-planning by our hardworking activation team.

帕特里克將分享更多有關這一激活開發的信息，但我很自豪地告訴大家，我們在修改合同後僅 31 天就開始在迪利工廠接收第一批人口，這一成就的取得完全歸功於我們辛勤工作的激活團隊數月的預先規劃。

Sticking with ICE, we also have entered into two six-month letter contracts with ICE. Effectively these letter contracts provide initial funding to CoreCivic to begin activation efforts while we engage collaboratively with ICE to negotiate and execute a longer-term contract.

我們繼續與 ICE 合作，也與 ICE 簽訂了兩份為期六個月的契約。實際上，這些書面合約為 CoreCivic 提供了初始資金以開始啟動工作，同時我們與 ICE 合作協商並執行長期合約。

On March 7, we commenced a letter contract at our 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. On April 1, we signed a letter contract for our 2,560-bed California City Immigration Processing Center in California City, California.

3 月 7 日，我們在堪薩斯州萊文沃思擁有 1,033 個床位的中西部地區接待中心開始簽訂書面合約。4 月 1 日，我們簽署了一份位於加州加州城、擁有 2,560 個床位的加州城移民處理中心的意向合約。

We continue to have active conversations with ICE regarding their increased secure bed needs at other facilities. We expect additional contracts with ICE to follow budget reconciliation when ICE has a clear line of funding, though it is possible some contracts could be announced even prior to reconciliation.

我們將繼續與 ICE 進行積極對話，討論他們在其他設施中增加安全床位的需求。我們預計，當 ICE 的資金來源明確時，預算核對之後，將會與 ICE 簽訂更多合同，儘管有些合約甚至可能在核對之前就宣布。

CoreCivic has three facilities currently under activation with ICE and we are also leaning forward on facility and transportation CapEx at other facilities so that we are ready to mobilize quickly. To that end, on our last conference call, we mentioned that we had internally approved $40 million to $45 million of capital expenditures related to facility activations and transportation services. And based on our opportunities, we are now adding another $25 million more for facility activation expenditures.

CoreCivic 目前有三個設施正在與 ICE 合作啟動，我們也傾向於在其他設施上進行設施和運輸資本支出，以便我們能夠快速動員。為此，在我們上次電話會議上，我們提到我們已經內部批准了與設施激活和運輸服務相關的 4000 萬至 4500 萬美元的資本支出。根據我們的機會，我們現在又增加了 2500 萬美元用於設施激活支出。

In its April 7 document titled Justification for Other than Full and Open Competition, I cite the need for nearly 100,000 beds based on the Laken Riley Act, three executive orders around border security, and the administration's goal of removing 1 million aliens annually. In contrast, ICE's budget currently funds 41,500 beds. In this document, ICE's justification for streamlining the contracting process recognizes that the procurement process is very time consuming and that the private sector in particular is needed to fill the gap and meet the immediacy of the current need. We believe this justification could allow for expedited contracting incorporating fair and reasonable pricing once the federal budget is determined.

在 4 月 7 日題為《非全面公開競爭的理由》的文件中，我引用了根據《萊肯萊利法案》、三項有關邊境安全的行政命令以及政府每年驅逐 100 萬外國人的目標，需要近 10 萬張床位。相比之下，ICE 的預算目前資助 41,500 張床位。在本文件中，ICE 簡化承包流程的理由是承認採購流程非常耗時，尤其需要私部門來填補空白並滿足當前的迫切需求。我們相信，一旦聯邦預算確定，這一理由可以允許加快簽訂合約並納入公平合理的定價。

Turning now to the federal budget process. Our current outlook is that we are still moving toward President Trump's singular funding bill, which, in addition to significant funding for border security would include the administration's tax and spending priorities, and that this will be achieved via a budget reconciliation process. Republicans are currently aiming for reconciliation by Memorial Day, but that could slide to July 4.

現在來談談聯邦預算流程。我們目前的前景是，我們仍在朝著川普總統的單一撥款法案邁進，除了為邊境安全提供大量資金外，該法案還將包括政府的稅收和支出優先事項，並且這將透過預算協調程序實現。共和黨目前的目標是在陣亡將士紀念日之前達成和解，但這一目標可能會推遲到 7 月 4 日。

The key to a reconciliation bill is the concurrent adoption by the House and Senate of specific reconciliation instructions, which aligns the two houses of Congress to a common budget outcome.

和解法案的關鍵是眾議院和參議院同時通過具體的和解指示，使國會兩院達成共同的預算結果。

On April 28, the Republican House Judiciary Committee's portion of the budget reconciliation bill requested $45 billion over the four years ending in 2029 for immigration detention, which if annualized would be over 3x the current detention budget. The Senate has not yet shared its version, but we believe support for ICE is strong there too.

4 月 28 日，共和黨眾議院司法委員會提出的預算協調法案要求在截至 2029 年的四年內為移民拘留提供 450 億美元，如果按年計算，將是當前拘留預算的三倍多。參議院尚未分享其版本，但我們相信參議院對 ICE 的支持也十分強烈。

Our belief is that most new contracts with ICE will come after funding is established via a congressional budget agreement. We continue to believe that detention beds supplied by the private sector represent the best value and are the most humane, most efficient, logistically, have the highest audit compliance scores in their system and are readily available. Additionally, with 42 years of operating experience with ICE, private sector beds are the least likely to be legally challenged, particularly relative to some international options.

我們相信，大多數與 ICE 的新合約將在國會預算協議確定資金後簽訂。我們始終相信，私部門提供的拘留床位最有價值，並且是最人性化、最高效、後勤最完善、系統審計合規分數最高且隨時可用的。此外，由於擁有與 ICE 合作 42 年的營運經驗，私部門的床位受到法律挑戰的可能性最小，尤其是相對於一些國際選擇。

Before I move on, let me take a minute and pan out to the big picture regarding capacity we still have available for ICE versus capacity already under contract. I also want to provide a crosswalk to some of the numbers we discussed on last quarter's call. Dave will note in his comments that we have nine idle facilities that have over 13,400 beds available. As mentioned last quarter, if you include this amount, the 13,400 beds, along with surge capacity we have made available at certain facilities, partial capacity we have in facilities that are currently in operation. And finally capacity we can make available through third-party leases like our great partnership with Target Hospitality at our Dilley facility as an example. If you add all of these options together, we're close to the 30,000 beds that we proposed to ICE earlier this year.

在繼續之前，請允許我花一點時間來概括介紹我們仍可用於 ICE 的容量與已經簽訂合約的容量的情況。我還想提供我們在上個季度的電話會議上討論過的一些數字。戴夫在他的評論中指出，我們有 9 個閒置設施，可提供超過 13,400 張床位。正如上個季度所提到的，如果算上這個數字，13,400 張床位，加上我們在某些設施中提供的激增容量，以及我們目前正在運營的設施中的部分容量。最後，我們可以透過第三方租賃提供容量，例如我們與 Target Hospitality 在 Dilley 工廠建立的良好合作關係。如果將所有這些選項加在一起，我們就接近今年早些時候向 ICE 提出的 30,000 張床位的目標。

So with the four contract modifications that are Ohio, Mississippi, Nevada, and Oklahoma facilities, our amendment at the Dilley facility and the letter contracts at our Midwest and Cal City facilities that we assume will be replaced with long-term agreements, these together represent approximately 7,000 beds that either are or that will -- that we expect will be under contract.

因此，我們對俄亥俄州、密西西比州、內華達州和俄克拉荷馬州設施的四項合約進行了修改，對迪利設施進行了修訂，對我們中西部和加州城設施的書面合約進行了修訂，我們認為這些合約將被長期協議取代，這些加起來代表著大約 7,000 張床位，這些床位要么已經簽訂了合同，要么將要簽訂合約。

So we continue to have in excess 20,000 beds that could be available for ICE if they get additional funding through reconciliation. We are also looking at additional opportunities for expansion that could be cost effective and allow for greater efficiencies.

因此，如果 ICE 透過和解獲得額外資金，我們將繼續提供超過 20,000 張床位供其使用。我們也在尋找其他擴張機會，以節省成本並提高效率。

Finally, we are looking at facilities all across the United States that might be attractive for lease or purchase. But to be clear, our primary near-term focus on the solutions we are proposing to ICE is our existing idle or underutilized capacity.

最後，我們正在尋找美國各地可能具有租賃或購買吸引力的設施。但需要明確的是，我們向 ICE 提出的解決方案的近期主要關注點是我們現有的閒置或未充分利用的產能。

Switching now to the stateside during January, we announced that we are awarded a new management contract with the State of Montana to care for additional inmates outside the State of Montana, with 240 inmates arriving at our 2,672-bed Tallahatchie County Correctional Facility in Tutwiler, Mississippi, during the first quarter.

現在，我們將在一月份轉向美國本土，我們宣布與蒙大拿州簽訂了一份新的管理合同，以照顧蒙大拿州以外的更多囚犯，第一季度將有 240 名囚犯抵達我們位於密西西比州圖特威勒的擁有 2,672 張床位的塔拉哈奇縣懲教所。

The base term of the new management contract with the State of Montana, which is for an unspecified number of inmates and therefore could grow beyond 140, runs through December of 2026 and contract extensions could run as long as seven years. Also, during January of 2025, we received 120 additional Montana inmates at our 1,896-bed Saguaro Correctional Facility in Eloy, Arizona, under an existing contract. Our partnership with Montana remains strong and we now serve the state at three facilities. Those two out of state facilities I just mentioned, and also our 644-bed Crossroads Correctional Center in Shelby, Montana. We are grateful for our strong partnership with Montana and we appreciate the trust they put in our company and our facility teams.

與蒙大拿州簽訂的新管理合約的基本期限為 2026 年 12 月，合約期限最長可達七年，但針對的囚犯人數不詳，因此可能超過 140 人。此外，根據現有合同，2025 年 1 月，我們在亞利桑那州埃洛伊擁有 1,896 個床位的 Saguaro 懲教所接收了另外 120 名蒙大拿州囚犯。我們與蒙大拿州的合作關係仍然牢固，目前我們在三個設施為該州提供服務。我剛才提到的兩所州外懲教中心，以及位於蒙大拿州謝爾比的 644 張床位的十字路口懲教中心。我們非常感謝與蒙大拿州建立的牢固合作夥伴關係，並感謝他們對我們公司和設施團隊的信任。

On the state budget front, most states initiate the annual budget process with the Governor submitting a proposed budget around the start of the year, followed by a review and amendments by the legislature and culminating in a budget before the start of the new fiscal year typically on July 1.

在州預算方面，大多數州都會啟動年度預算流程，由州長在年初左右提交擬議預算，然後由立法機關進行審查和修訂，最終在新財政年度開始前（通常為 7 月 1 日）確定預算。

We continue to work with our state partners to help ensure that our per diem rates fully reflect the higher levels of inflation, particularly around labor experienced during and after the COVID-19 pandemic period. We are generally encouraged by the direction of the budget proposals. We remain in active dialogue with several other existing state partners as well as new state partners that could result in additional populations, including the possible use of one or more of our idle facilities. We are also currently evaluating the RFPs for several different facilities with the Florida Department of Corrections.

我們將繼續與州合作夥伴合作，以確保我們的每日津貼率充分反映更高的通貨膨脹水平，特別是在 COVID-19 疫情期間和之後的勞動力價格上漲。整體而言，預算提案的方向令我們感到鼓舞。我們仍在與其他幾個現有的州合作夥伴以及可能帶來更多人口的新州合作夥伴進行積極對話，包括可能使用我們的一個或多個閒置設施。我們目前也正在與佛羅裡達州懲教署一起評估幾家不同懲教機構的 RFP。

Now I'll pass it over to Patrick Swindle for an overview of operations during the first quarter. Patrick?

現在我將把第一季的營運概述交給帕特里克·斯溫德爾 (Patrick Swindle)。派崔克？

Thanks, Damon.

謝謝，達蒙。

I'll start with a high level overview of our first quarter operational performance. As Damon mentioned, overall occupancy for the quarter was 77%, up 1.5 percentage points from the fourth quarter of last year and 1.8 points since the year ago quarter. Occupancy has been on an upward trajectory since early 2023 when it sitted approximately 70%. This quarter also showed a month-to-month trend in improving occupancy with increases in ICE detention population levels beginning in late January.

我將首先概述我們第一季的營運表現。正如達蒙所提到的，本季的整體入住率為 77%，比去年第四季上升了 1.5 個百分點，比去年同期上升了 1.8 個百分點。自 2023 年初以來，入住率一直呈上升趨勢，當時約為 70%。本季也顯示出入住率逐月上升的趨勢，自 1 月底開始，ICE 拘留人口數量增加。

Federal partners, primarily Immigration and Customs Enforcement, and the U.S. Marshal Service, comprised 48% of CoreCivic's total revenue in the first quarter. Revenue from our federal partners declined 8% during the first quarter of 2025 compared to the prior year quarter. However, excluding the Dilley Immigration Processing Center from both years, our revenue from ICE increased 11% versus the first quarter of 2024. Our first quarter revenue from the U.S. Marshals Service, our second largest customer was essentially flat year-over-year, though we believe the U.S. Marshals Service population may start to increase later this year.

聯邦合作夥伴（主要是移民和海關執法局以及美國法警局）佔 CoreCivic 第一季總收入的 48%。2025 年第一季度，來自聯邦合作夥伴的收入與去年同期相比下降了 8%。然而，如果將這兩年的迪利移民處理中心排除在外，我們從 ICE 獲得的收入與 2024 年第一季相比成長了 11%。我們第一季來自第二大客戶美國法警局的收入與去年同期基本持平，但我們相信美國法警局的人數可能會在今年稍晚開始增加。

Now, I'd like to discuss ICE's usage of detention capacity nationally across all facilities. ICE started the quarter with this national detention population at approximately 39,000 and ended the quarter at nearly 48,000 individuals in detention. The most recently published ICE detention total was 47,928 on April 6, 2025. CoreCivic’s share of the total detention population has remained roughly steady during this period of expansion and we've increased from roughly 10,000 ICE detainees in our facilities at the end of 2024 to about 12,000 now.

現在，我想討論一下 ICE 在全國範圍內所有設施的拘留容量的使用情況。本季初，ICE 全國拘留人數約 39,000 人，本季末，全國拘留人數接近 48,000 人。最新公佈的 ICE 拘留總數為 2025 年 4 月 6 日，為 47,928 人。在此擴張期間，CoreCivic 在總拘留人口中所佔的比例基本上保持穩定，我們設施中的 ICE 拘留者人數已從 2024 年底的約 10,000 人增加到現在的約 12,000 人。

As we anticipated last quarter, the accelerated rate of interior enforcement arrest has more than offset the decline in order apprehensions resulting in ICE exceeding the 41,500 funded bed level.

正如我們上個季度所預測的那樣，內部執法逮捕率的加快已經超過了命令逮捕率的下降，導致 ICE 的資助床位水準超過了 41,500 張。

On March 5, we announced the resumption of operations at a 2,400-bed Dilley Immigration Processing Center in Dilley, Texas, which was idled during August 2024. The contract modification calls for CoreCivic to reopen the facility's five neighborhoods over 180 days, which commenced on March 5.

3 月 5 日，我們宣布恢復位於德克薩斯州迪利的擁有 2,400 個床位的迪利移民處理中心的運營，該中心於 2024 年 8 月處於閒置狀態。合約修改要求 CoreCivic 從 3 月 5 日開始，在 180 天內重新開放該設施的五個街區。

The fixed revenues scale accordingly. While the activation plan called for CoreCivic to have the first two neighborhoods ready to receive detainees after 60 days, CoreCivic was able to mobilize even more swiftly and we received our first detainees just 31 days after commencement. Many of our facility leaders and former employees were able to transfer back to the facility or to be rehired and we already have reestablished a team of approximately 360 employees and growing at Dilley.

固定收入也相應增加。雖然啟動計畫要求 CoreCivic 在 60 天後準備好接收被拘留者，但 CoreCivic 能夠更迅速地動員起來，我們在啟動後僅 31 天就接收了第一批被拘留者。我們的許多工廠領導和前員工都能夠調回工廠或被重新僱用，我們已經在 Dilley 重建了一支約 360 名員工的團隊，並且團隊仍在不斷壯大。

Target Hospitality Corporation, our real estate partner at Dilley has moved in lockstep with CoreCivic and we appreciate our strong relationship. Importantly, we are on track to open the additional neighborhoods on schedule and we should be fully ramped and receiving full contract economics beginning in September. We are also actively working to prepare two additional facilities for detention intake for ICE under letter contracts.

Target Hospitality Corporation 是我們在 Dilley 的房地產合作夥伴，與 CoreCivic 步調一致，我們非常重視我們之間的牢固合作關係。重要的是，我們正按計劃開放更多社區，並且從 9 月開始我們將全面投入並獲得全部合約經濟效益。我們也正在積極準備另外兩處根據書面合約為 ICE 拘留所。

Key work includes preparing the physical facilities to ensure compliance with national detention standards and hiring and training the professionals the operation will require. Our 1,033-bed Midwest Regional Reception Center located in Leavenworth, Kansas, has begun preliminary activation steps under a March 7 letter contract with ICE. While we work collaboratively with ICE toward negotiation and execution of a longer-term contract, we have begun the on ground steps necessary to get the physical facility and the team ready to receive a population there.

關鍵工作包括準備實體設施以確保符合國家拘留標準，以及僱用和培訓行動所需的專業人員。我們位於堪薩斯州萊文沃思的擁有 1,033 個床位的中西部地區接待中心已根據 3 月 7 日與 ICE 簽訂的書面合約開始初步啟動步驟。在我們與 ICE 合作協商並執行長期合約的同時，我們已經開始採取必要的實際措施，讓實體設施和團隊做好接待民眾的準備。

Notably, we have assembled our facility leadership team there and they're now on site. We posted job listings for employment at this facility on March 17; we've already received over 1,500 applications for an estimated 300 positions. Our first training class for detention officers started this past Monday.

值得注意的是，我們已經在那裡組建了我們的設施領導團隊，他們現在就在那裡。我們於 3 月 17 日發布了工廠的招聘資訊；目前，預計 300 個職位已收到 1,500 多份申請。我們針對拘留官員的第一期訓練班於上週一開課。

Similarly, we have begun preparation activities at our 2,560-bed California City Immigration Processing Center in California City, California, under a letter contract signed April 1, 2025. Again, our facility leadership team is now in place and they're actively preparing the facility to receive an ICE population once a long-term contract has been negotiated and executed. We posted job listings for Cal City on April 7 and we received over 2,500 applications already.

同樣，根據 2025 年 4 月 1 日簽署的書面合同，我們已開始在位於加利福尼亞州加利福尼亞城擁有 2,560 個床位的加利福尼亞城移民處理中心開展準備活動。再次重申，我們的設施領導團隊現已到位，他們正在積極準備設施，以便在長期合約談判和執行後接收 ICE 人口。我們於 4 月 7 日發布了 Cal City 的招聘信息，目前已收到超過 2,500 份申請。

One other significant component of CoreCivic's broader ICE activation plan involves adding capacity for detainee transportation. Over the last four months, CoreCivic has purchased or has in production a total of 120 vehicles comprised of a mix of buses and vans. This is a significant increase in our fleet and we believe this capacity will be necessary to accommodate ICE's transportation requirements.

CoreCivic 更廣泛的 ICE 活化計畫的另一個重要組成部分是增加被拘留者運輸能力。在過去的四個月中，CoreCivic 總共購買或生產了 120 輛汽車，包括巴士和貨車。這是我們車隊的顯著成長，我們相信這種運能對於滿足 ICE 的運輸需求是必要的。

CoreCivic's first quarter revenue from state partners in our safety and community segments increased 5.2% compared with the prior year quarter. This increase is a result of higher per diem rates and higher occupancy from our state government partners as well as contributions from additional contracts with Montana that commenced in the third quarter of 2024 and the first quarter of 2025.

CoreCivic 第一季來自安全和社區部門的州合作夥伴的收入與去年同期相比增長了 5.2%。這一增長是由於我們州政府合作夥伴的每日津貼率更高、入住率更高，以及 2024 年第三季和 2025 年第一季度開始與蒙大拿州簽訂的額外合約的貢獻。

During January 2025, we expanded our relationship with the State of Montana with a new contract that expanded the geographic area of our facilities that can serve the state. During the first quarter, we accepted 240 inmates at our Tallahatchie County Correctional Facility in Tutwiler, Mississippi.

2025 年 1 月，我們與蒙大拿州簽訂了一份新合同，擴大了我們為該州提供服務的設施的地理範圍，從而擴大了我們與蒙大拿州的關係。第一季度，我們在密西西比州塔特威勒的塔拉哈奇縣懲教所接收了 240 名囚犯。

Within our facilities, we continue to realize operational improvements. Improved staffing levels continue to drive much of our operating improvement as we've been able to reduce or eliminate expensive short-term labor measures necessary in response to the COVID-19 pandemic.

在我們的設施內，我們不斷實現營運改善。由於我們能夠減少或消除 COVID-19 疫情所需的昂貴短期勞動力措施，人員配備水準的提高繼續推動我們營運的巨大改善。

In addition to being more cost effective over the long-term, permanent and locally hired staff also improved facility performance in such areas of safety, program outcomes, and audit performance. Labor is the largest expense in our industry and in recent years, we have experienced unusual levels of labor inflation and cost uncertainty. At this point, labor inflation and availability have returned to relatively normal and predictable levels and labor markets are displaying stability.

除了長期更具成本效益之外，長期和當地僱用的員工還提高了設施在安全、專案成果和審計績效等方面的績效。勞動力是我們行業最大的開支，近年來，我們經歷了異常的勞動力通膨和成本不確定性。目前，勞動力通膨和勞動力供應已恢復到相對正常和可預測的水平，勞動力市場呈現穩定。

In recent years, we have invested significantly in our frontline employees often ahead of receiving funding support from our partners. Through per diem increases and operational improvements, we are restoring the performance of many of these facilities. CoreCivic's ability to maintain strong staffing levels in our current base of facilities is particularly important as we address increased demand under existing contracts and approach facility activations.

近年來，我們往往在獲得合作夥伴的資金支持之前就對第一線員工進行了大量的投資。透過增加每日津貼和改善運營，我們正在恢復許多此類設施的性能。當我們滿足現有合約下日益增長的需求並著手設施啟動時，CoreCivic 在我們現有的設施基地中維持強大的人員配備水平的能力尤為重要。

In short, our improved staffing positions us well operationally to maintain the trust of our partners to manage their higher population needs and respond swiftly to new opportunities. CoreCivic's community segment is comprised of 21 residential reentry facilities serving the Federal Bureau of Prisons as well as various state and county governments. Facilities in our community segment are engaged primarily in preparing individuals for successful reentry to their communities after a period of incarceration or as an alternative to incarceration.

簡而言之，我們改進後的人員配置使我們在營運上處於有利地位，能夠維持合作夥伴的信任，滿足他們更高的人口需求，並迅速應對新的機會。CoreCivic 的社區部分由 21 個住宅重返社會設施組成，為聯邦監獄局以及各州和縣政府提供服務。我們社區部門的設施主要致力於幫助個人在監禁一段時間後或作為監禁的替代方案成功重返社區。

Revenue in our community segment was essentially flat compared with the first quarter of 2024, but facility net operating income for community increased 6%. We remain positive about the outlook for the community segment as more of our government partners, including the BOP, returned their focus to successful reentry in order to curb the recidivism challenge.

與 2024 年第一季相比，我們社區部門的收入基本上持平，但社區設施淨營業收入增加了 6%。我們對社區部門的前景仍然持樂觀態度，因為包括 BOP 在內的更多政府合作夥伴將重點重新放在成功重返社會上，以遏制再犯罪的挑戰。

In conclusion, CoreCivic is well-positioned operationally to serve our government partners growing needs. The longer-term macro environment for our federal, state, and local businesses remains positive as we are well-positioned to support increasing public safety and immigration priorities.

總之，CoreCivic 在營運上處於有利地位，可以滿足我們政府合作夥伴日益增長的需求。由於我們有能力支持日益增加的公共安全和移民優先事項，因此我們的聯邦、州和地方企業的長期宏觀環境仍然保持積極。

Our government partners at all levels face complex challenges, including capacity limitations, aging, expensive to maintain and expensive to build facilities, persistent staffing challenges, and populations that are increasing in numbers and evolving their complexity. Our ongoing conversations with our partners highlight their growing needs, as do other metrics, including jail backlogs and population forecasts.

我們各級政府合作夥伴面臨著複雜的挑戰，包括容量限制、老化、設施維護和建設成本高昂、持續的人員配備挑戰以及人口數量不斷增加和複雜性不斷演變。我們與合作夥伴的持續對話強調了他們日益增長的需求，其他指標（包括監獄積壓案件和人口預測）也同樣如此。

Now, I will turn the call over to David Garfinkle who will provide a detailed look at our first quarter financial results, our capital markets activities and assumptions included in our 2025 financial guidance. Dave?

現在，我將電話轉給 David Garfinkle，他將詳細介紹我們的第一季財務業績、資本市場活動以及 2025 年財務指引中包含的假設。戴夫？

Thank you, Patrick, and good morning, everyone.

謝謝你，派崔克，大家早安。

In the first quarter of 2025, we generated net income of $0.23 per share and FFO per share of $0.45, both exceeding average analyst estimates by $0.10 per share.

2025 年第一季度，我們的淨收入為每股 0.23 美元，每股 FFO 為 0.45 美元，均超過分析師平均預期每股 0.10 美元。

Adjusted EBITDA was $81 million, exceeding average analyst estimates by $10 million.

調整後的 EBITDA 為 8,100 萬美元，比分析師平均預期高出 1,000 萬美元。

Excluding the contribution of our South Texas Family Residential Center and our California City Correctional Center contracts in the prior year period, revenue increased 6.7% and adjusted EBITDA increased 21.2% in the remainder of our portfolio helping offset some of the impact of these contract losses.

不計入去年同期我們南德州家庭住宅中心和加州城市懲教中心合約的貢獻，我們投資組合中剩餘部分的收入增長了 6.7%，調整後的 EBITDA 增長了 21.2%，有助於抵消這些合約損失的部分影響。

On an as reported basis, compared to the prior year quarter, adjusted EBITDA decreased $8.5 million, adjusted EPS declined $0.02, and normalized FFO per share decreased $0.01. These year-over-year declines resulted from the termination of our contract with ICE at the South Texas Family Residential Center effective August 9, 2024, and a lease expiration with the State of California effective March 31, 2024, at our California City Correctional Center. These terminations combined for a decrease in facility net operating income of $22.6 million or $0.16 per share from the prior year quarter. During the first quarter, we began reactivating the South Texas facility now known as the Dilley Immigration Processing Center under a new five-year agreement that became effective March 5 and accepted our first residence at this facility April 9.

以報告基礎計算，與去年同期相比，調整後息稅折舊攤銷前利潤 (EBITDA) 減少 850 萬美元，調整後每股盈餘 (EPS) 減少 0.02 美元，標準化每股營運現金流 (FFO) 減少 0.01 美元。年比下降的原因是，我們與美國移民及海關執法局 (ICE) 簽訂的南德克薩斯家庭住宅中心的租賃合約將於 2024 年 8 月 9 日終止，以及我們與加州政府簽訂的加州城市懲教中心的租賃合約將於 2024 年 3 月 31 日到期。這些終止合併起來導致該設施淨營業收入較去年同期減少 2,260 萬美元或每股 0.16 美元。在第一季度，我們根據一項新的五年協議開始重新啟動南德克薩斯州設施（現稱為迪利移民處理中心），該協議於 3 月 5 日生效，並於 4 月 9 日接受了我們在該設施的第一位住戶。

Further, on April 1, 2025, we entered into a letter contract with ICE at the California City facility now known as the California City Immigration Processing Center, which authorizes funding for a six-month period to reactivate the facility while we work with ICE to negotiate and execute a long-term contract.

此外，2025 年 4 月 1 日，我們與加州城設施（現稱為加州城移民處理中心）的 ICE 簽訂了一份意向合同，該合同授權提供六個月的資金來重新啟動該設施，同時我們與 ICE 合作協商並執行一份長期合同。

The reductions in adjusted EBITDA and per share results during the first quarter of 2025 compared with the prior quarter were partially offset by higher occupancy from state and local partners as well as from ICE across the remainder of the portfolio.

2025 年第一季調整後的 EBITDA 和每股盈餘與上一季相比有所下降，但被州和地方合作夥伴以及 ICE 對剩餘投資組合的入住率提高所部分抵消。

First quarter 2025 results also include an income tax benefit associated with stock-based compensation vesting and certain payroll tax credits aggregating $0.04 per share, which compares to a $0.02 income tax benefit associated with stock-based compensation vesting in the prior year quarter. Our capital allocation strategy contributed to increases in per share earnings aggregating approximately $0.03 per share through reductions in interest expense and common shares outstanding.

2025 年第一季的業績還包括與股票薪酬歸屬相關的所得稅優惠和某些工資稅抵免，總計每股 0.04 美元，而去年同期與股票薪酬歸屬相關的所得稅優惠為 0.02 美元。我們的資本配置策略透過減少利息支出和流通普通股，促使每股盈餘增加約 0.03 美元。

Federal revenue in our safety and community segments decreased $21.1 million from the first quarter of 2024 to the first quarter of 2025, including a reduction in management revenue at the Dilley facility of $33.6 million. So excluding this facility, federal revenue in our safety and community segments increased $12.5 million or 5.6%.

從 2024 年第一季到 2025 年第一季度，我們安全和社區部門的聯邦收入減少了 2,110 萬美元，其中包括 Dilley 工廠的管理收入減少了 3,360 萬美元。因此，不包括該設施，我們在安全和社區部門的聯邦收入增加了 1,250 萬美元，即 5.6%。

State revenue in the safety and community segments increased $9.8 million or 5.2% from the first quarter of 2024 to the first quarter of 2025, which included revenue from two new contracts with the State of Montana awarded in the third quarter of 2024 and the first quarter of 2025.

從 2024 年第一季到 2025 年第一季度，安全和社區部門的州收入增加了 980 萬美元，即 5.2%，其中包括 2024 年第三季度和 2025 年第一季與蒙大拿州簽訂的兩份新合約的收入。

Revenue in our property segment declined $8.4 million primarily due to the aforementioned expiration of the lease at our California City facility. Based on our activation activities resulting from the letter contract signed effective April 1, the California City facility will move to our safety segment in the second quarter to be reported with other correctional and detention facilities we operate.

我們的房地產部門的收入下降了 840 萬美元，主要原因是上述加州城工廠的租約到期。根據我們於 4 月 1 日簽署的書面合約所進行的啟動活動，加州市設施將在第二季轉入我們的安全部門，並與我們營運的其他懲教和拘留設施一起進行報告。

Operating margin in our safety and community facilities combined was 23.6% in the first quarter of 2025 compared to 23.7% in the prior year quarter. The slight decrease in our operating margin was due to the termination of the ICE contract at the Dilley facility. As we have previously mentioned, the margin at the Dilley facility was higher than the portfolio average due to the size and scalability of expenses and due to the unique design and specialized services provided at the facility.

2025 年第一季度，我們安全和社區設施的綜合營業利潤率為 23.6%，而去年同期為 23.7%。我們的營業利潤率略有下降是由於 Dilley 工廠的 ICE 合約終止。正如我們之前提到的，由於費用規模和可擴展性，以及該工廠提供的獨特設計和專業服務，Dilley 工廠的利潤率高於投資組合的平均水平。

All else equal, we expect our margin to improve as we fully reactivate the Dilley facility. Excluding the Dilley facility, operating margin was 22.2% in the prior year quarter. The increase in our operating margin excluding the Dilley facility was due to an increase in occupancy from 75.2% to 77% for our safety and community segments combined and a reduction in certain operating expenses.

在其他條件相同的情況下，我們預計隨著 Dilley 工廠的全面恢復，我們的利潤率將會提高。不包括迪利工廠，去年同期的營業利益率為 22.2%。不包括迪利設施在內的營業利潤率有所增加，這是因為安全和社區部門的入住率從 75.2% 增加到 77%，並且某些營運費用有所減少。

Turning next to the balance sheet. During the first quarter, we repurchased 1.9 million shares of our common stock at an aggregate cost of $37.9 million under our $350 million share repurchase program, accelerating the pace of our repurchases compared with recent quarters. Since our share repurchase program was announced in May 2022 through March 31, we have repurchased 16.5 million shares of our stock at a total cost of $219 million or an average price of $13.30 per share. As of March 31, we had $131 million available under the Board authorization.

接下來看資產負債表。第一季度，我們根據 3.5 億美元的股票回購計畫回購了 190 萬股普通股，總成本為 3,790 萬美元，與最近幾季相比，我們的回購速度加快了。自 2022 年 5 月宣布股票回購計畫以來，截至 3 月 31 日，我們已回購了 1,650 萬股股票，總成本為 2.19 億美元，平均價格為每股 13.30 美元。截至 3 月 31 日，根據董事會授權，我們擁有 1.31 億美元可用資金。

Our leverage, measured by net debt to adjusted EBITDA was 2.5x using the trailing 12 months ended March 31, 2025, right in the middle of our target range of 2.25x to 2.75x. As of March 31, we had $75 million of cash on hand and an additional $256 million of borrowing capacity on our revolving credit facility, providing us with total liquidity of $331 million. Our next debt maturity is October 2027 when $238.5 million of senior unsecured notes mature.

截至2025年3月31日的過去12個月，我們的槓桿率（以淨債務與調整後EBITDA之比衡量）為2.5倍，恰好處於我們2.25倍至2.75倍的目標區間的中間。截至3月31日，我們持有7,500萬美元現金，並擁有2.56億美元的循環信貸額度，總流動資金為3.31億美元。我們的下一個債務到期日是 2027 年 10 月，屆時 2.385 億美元的無擔保優先票據將到期。

Based on our first quarter performance, which beat our internal forecast, our business momentum and new contract awards and contract expansions announced since we last provided guidance, we are increasing our full year 2025 financial guidance. For 2025, we now expect to generate diluted EPS of $0.83 to $0.92, up from $0.48 to $0.61 in our previous guidance, up 61% at the midpoint.

根據我們第一季的業績（超出了我們的內部預測）、我們的業務勢頭以及自上次提供指導以來宣布的新合約授予和合約擴展，我們將提高 2025 年全年財務指導。我們現在預計 2025 年的稀釋每股收益為 0.83 美元至 0.92 美元，高於先前預測的 0.48 美元至 0.61 美元，中間值成長 61%。

We now expect FFO per share of $1.72 to $1.82, up from $1.37 to $1.50, up 23% at the midpoint and we expect EBITDA of $331 million to $339 million, up from $281 million to $293 million or 17% at the midpoint. The single largest factor in our increased guidance is the reactivation of the Dilley Immigration Processing Center effective March 5. The new agreement for the Dilley facility provides for a fixed monthly revenue payment in accordance with a graduated schedule to correlate with the activation of each neighborhood within the facility. We expect to have the entire facility activated by early September 2025 and expect to begin recognizing revenue for the entire 2,400-bed facility at that point.

我們現在預計每股 FFO 為 1.72 美元至 1.82 美元，高於 1.37 美元至 1.50 美元，中點上漲 23%，我們預計 EBITDA 為 3.31 億美元至 3.39 億美元，高於 2.81 億美元至 2.93 億美元，中點上漲 17%。我們增加指導的最大因素是迪利移民處理中心於 3 月 5 日起重新啟用。迪利設施的新協議規定，根據分階段的計劃，每月支付固定收入，以配合設施內每個社區的活躍程度。我們預計整個設施將於 2025 年 9 月初投入使用，並預計屆時將開始確認整個 2,400 個床位設施的收入。

Consistent with our past practice, our guidance does not include the impact of new management contract awards not previously announced because the timing of government actions on new contracts is always difficult to predict. Although we have entered into short-term letter agreements for our 1,033-bed Midwest Regional Reception Center and our 2,560-bed California City Immigration Processing Center, our guidance does not include the impact of potential longer-term contracts at these facilities as we have not yet negotiated a per diem rate or a definitive quantity of beds to be utilized at either facility.

與我們過去的做法一致，我們的指導不包括先前未宣布的新管理合約授予的影響，因為政府對新合約採取行動的時間總是難以預測。儘管我們已經為擁有 1,033 個床位的中西部地區接待中心和擁有 2,560 個床位的加州市移民處理中心簽訂了短期函件協議，但我們的指導意見並未包括這些設施潛在的長期合約的影響，因為我們尚未就這兩個設施的每日費率或最終床位數量進行談判。

The timing of any new longer-term contract awards at these facilities is also difficult to predict. In the meantime, the net financial impact to the forecast of the short-term agreement is not material. But assuming we are able to negotiate longer-term contracts with these facilities, the EBITDA contribution will occur sooner than if we did not have the letter contracts because the letter contracts enable us to offset activation expenses we have already begun to incur.

這些設施的任何新的長期合約授予時間也很難預測。同時，對短期協議預測的淨財務影響並不重大。但假設我們能夠與這些設施協商長期合同，那麼 EBITDA 貢獻將比沒有簽訂書面合約時更快出現，因為書面合約使我們能夠抵消我們已經開始產生的激活費用。

We are expecting to execute new contracts during 2025, including but not limited to the potential long-term contracts at the Midwest Regional Reception Center and our California City Immigration Processing Center, and we'll revise our financial guidance throughout the year and if and when new contracts are signed.

我們預計將在 2025 年期間簽訂新合同，包括但不限於中西部地區接待中心和加州市移民處理中心的潛在長期合同，並且我們將在全年以及簽署新合同時修改我們的財務指導。

Based on immigration policies of the new administration as well as newly enacted legislation requiring the utilization of more detention for certain criminal violations, we expect new contracts to require the activation of one or more of our idle facilities.

根據新政府的移民政策以及新頒布的立法，要求對某些刑事違法行為使用更多的拘留，我們預計新合約將要求啟動一個或多個閒置設施。

We currently own nine idle correctional and detention facilities that have over 13,400 available beds, including the two I just mentioned.

包括我剛才提到的兩所，我們目前有九所閒置的懲教拘留設施，共有超過13,400張床位。

The activation of an idle facility generally requires four to six months to hire, train, and prepare the facility to accept residential populations, which depending on contract structure could result in substantial startup expenses before we realize additional revenue. To the extent any new contract requires the activation of an idle facility before we begin to recognize revenue; our guidance could be negatively impacted by these startup expenses until the revenue we generate offsets these expenses.

閒置設施的啟動通常需要四到六個月的時間來僱用、培訓和準備設施以接收居民，這取決於合約結構，在我們實現額外收入之前可能會導致大量的啟動費用。如果任何新合約都要求在我們開始確認收入之前啟動閒置設施，那麼我們的指導可能會受到這些啟動費用的負面影響，直到我們產生的收入抵消這些費用為止。

We plan to spend $60 million to $65 million on maintenance capital expenditures during 2025, unchanged from our prior guidance, and $9 million to $10 million for other capital expenditures, up slightly from our prior guidance. Our 2025 forecast also includes $65 million to $70 million of capital expenditures associated with potential idle facility activations and for additional transportation vehicles, including $12 million spent in the first quarter.

我們計劃在 2025 年花費 6,000 萬至 6,500 萬美元用於維護資本支出，與先前的指導持平，並花費 900 萬至 1,000 萬美元用於其他資本支出，略高於先前的指導。我們對 2025 年的預測還包括與潛在閒置設施啟動和額外運輸車輛相關的 6,500 萬至 7,000 萬美元的資本支出，其中第一季支出 1,200 萬美元。

We have increased this forecast by $25 million from our prior guidance in order to expand the number of facilities ready to accept residential populations beyond the initial list of priority locations we had previously identified. Our 2025 guidance contemplates staying within our targeted leverage of 2.25x to 2.75x. Although, we continue to evaluate M&A opportunities, which if completed, would most likely include transactions in our core business. Our guidance does not include any M&A activity.

我們將這項預測金額在先前的指導基礎上增加了 2500 萬美元，以便將準備接收居民的設施數量擴大到我們先前確定的優先地點初始名單之外。我們預計2025年的槓桿率將維持在2.25倍至2.75倍的目標水準。不過，我們仍在評估併購機會，如果成功，很可能會涉及我們核心業務的交易。我們的指導不包括任何併購活動。

However, we could deploy additional capital into M&A opportunities where we believe cash flows are sustainable over the long-term and where returns meet or exceed returns on share repurchases. Considering the size of M&A opportunities under evaluation, we would expect to finance such M&A opportunities with existing liquidity.

然而，我們可以將額外的資本投入到我們認為現金流可以長期可持續且回報達到或超過股票回購回報的併購機會。考慮到正在評估的併購機會的規模，我們期望利用現有的流動資金為此類併購機會提供資金。

Our guidance also does not include any share repurchases beyond those completed to-date or additional capital expenditures beyond those mentioned that could be needed in connection with the reactivation of our idle facilities, which may depend on customer needs and preferences. However, we expect to continue executing on our share repurchase program, taking into consideration our earnings trajectory, stock price, liquidity, and alternative opportunities to deploy capital.

我們的指引也不包括迄今已完成的股票回購以外的任何股票回購，也不包括上述以外的與重新啟用閒置設施相關的可能需要的額外資本支出，這可能取決於客戶的需求和偏好。然而，我們預計將繼續執行我們的股票回購計劃，同時考慮到我們的獲利軌跡、股價、流動性和部署資本的替代機會。

As a result, we could temporarily exceed our leverage target in the short-term, but considering the strength of our existing cash flows and the potential growth in our earnings, we would expect to naturally achieve and sustain our targeted leverage over the medium and long-term.

因此，我們可能會在短期內暫時超過我們的槓桿率目標，但考慮到我們現有現金流的強勁以及盈利的潛在增長，我們預計在中長期內自然實現並維持我們的槓桿率目標。

Our balance sheet remains strong with low leverage and 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 proxy for our cash flow available for capital allocation decisions such as share repurchases, M&A activity, and growth CapEx, such as facility activations, to range from $187.5 million (sic-see press release, "$189.5 million") to $200.5 million for 2025.

我們的資產負債表依然強勁，槓桿率低，沒有短期債務到期，且床位容量充足，使我們能夠充分利用市場機會。我們預計，2025 年調整後的營運資金或 AFFO（我們認為它是可用於資本配置決策（如股票回購、併購活動和增長資本支出（如設施激活））的現金流的代理資金將在 1.875 億美元（原文如此 - 參見新聞稿“1.895 億美元”）至 2.005 億美元之間。

We expect our normalized annual effective tax rate to be 25% to 30%, unchanged from our prior guidance, which reflected a lower tax rate in Q1 compared with the other quarters as previously mentioned. The full year EBITDA guidance in our press release provides you with our estimate of total depreciation and interest expense. We are forecasting G&A expenses in 2025 to be between $145 million and $150 million, unchanged from our prior guidance.

我們預計，我們的標準化年度有效稅率為 25% 至 30%，與我們先前的指引相同，這反映了第一季的稅率低於前面提到的其他季度。我們新聞稿中的全年 EBITDA 指引為您提供了我們對總折舊和利息費用的估計。我們預測 2025 年的 G&A 費用將在 1.45 億美元至 1.5 億美元之間，與我們先前的預測相同。

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

我現在將把電話轉回給接線生，以便大家解答疑問。

Thank you. At this time, we'll conduct the question-and-answer session. (Operator Instructions)

謝謝。現在，我們將進行問答環節。（操作員指示）

Joe Gomes, Noble Capital.

喬·戈麥斯 (Joe Gomes)，Noble Capital 的創始人。

So I want to start with these letter agreements. Great news on both Midwest and Cal City. Are you hiding any more of them on us? Has ICE come to you and signed a couple more recently?

所以我想從這些信函協議開始。關於中西部和加州城市都有好消息。你還對我們隱瞞了什麼嗎？ICE 最近有沒有找過你並簽過一些合約？

Definitely not hiding any more on you, Joe, but I guess, a couple observations. One is that it's clear to us that there's a lot of intensity, for obvious reasons, for ICE to get a lot of beds under contract. And so they kind of pulled this tool out of the toolbox here earlier this year to basically get these facilities under at least the protection for ICE, so they can get these secured more under long-term contracts. So it was a great feature on their part to at least get these facilities secured. They know they're going to need them, they know they're going to get additional funding through reconciliation to support the contracts. And obviously, it's a great feature for us because as Dave noted, it allows us to go ahead and start the activation process, start hiring staff, put leadership in place, get the academies going. So it would not surprise us, Joe, that we see a lot more of these in the coming days and weeks, especially as we get closer to reconciliation. But anything you'd add to that, Dave?

喬，我絕對不會再對你隱瞞什麼了，但我想，有幾點觀察。一是，我們很清楚，出於顯而易見的原因，ICE 需要付出很大的努力才能簽訂大量床位合約。因此，他們在今年稍早從工具箱中拿出了這個工具，基本上讓這些設施至少受到 ICE 的保護，這樣他們就可以透過長期合約獲得更多的保障。因此，至少確保這些設施的安全對他們來說是一件很棒的事。他們知道他們會需要這些資金，他們知道他們會透過和解獲得額外資金來支持合約。顯然，這對我們來說是一個很棒的功能，因為正如戴夫所說，它使我們能夠繼續啟動激活過程，開始僱用員工，建立領導層，讓學院運作起來。因此，喬，我們不會感到驚訝，因為我們將在未來幾天和幾週內看到更多這樣的情況，特別是當我們越來越接近和解的時候。但您還有什麼要補充的嗎，戴夫？

Just I mean the two letter contracts that we have, we have heard from ICE for the longest time that the Midwest Regional Reception Center was a priority for them to consolidate populations in that area. And then the Cal City facility becoming available at the end of March of last year. And that's in a strategic location. So a great facility for ICE could potentially even be used for the U.S. Marshals Service.

我的意思是，根據我們簽訂的兩份合同，我們長期以來一直從 ICE 那裡聽說，中西部地區接待中心是他們集中該地區人口的優先事項。然後加州城市設施於去年三月底投入使用。而且它處於戰略位置。因此，ICE 的大型設施甚至有可能被美國法警局使用。

But those are two key facilities we are really pleased to get under letter agreements. And then of course, the Dilley facility, which is not a letter agreement, it's extended to the longer-term contract stage, between Cal City and Dilley, those were really two key facilities we were prioritizing at the beginning of the year. So good to get those across, at least Dilley across the finish line in the letter agreement with Cal City.

但我們很高興能夠根據信函協議獲得這兩項關鍵設施。當然，迪利設施並不是一份書面協議，而是延伸到加州城市大學和迪利之間的長期合約階段，這兩個實際上是我們今年年初優先考慮的兩個關鍵設施。能夠傳達這些訊息真是太好了，至少迪利在與加州城市大學達成的信函協議中取得了成功。

One thing I'll also add, Joe, is that again I've been with the company almost 33 years, almost 16 years as CEO. I've never seen the intensity and activity on ICE's part to secure capacity. Again these letter agreements are a new tool that are utilizing again to I think secure these beds again with Cal City and Midwest.

喬，我還要補充一點，我已經在公司工作了近 33 年，其中擔任執行長近 16 年。我從未見過 ICE 為確保運力而採取如此大的力度和行動。再次強調，這些信函協議是一種新工具，我認為可以再次利用這些工具來確保加州城和中西部地區的床位安全。

But we have also seen, I mean they've toured a lot of our facilities that are not under contract. Capacity we've got in Colorado, capacity we've got in Oklahoma, capacity we've got in Tennessee, I mean really all over the country they've expressed interest in some way or another, not just in the details of each facility and the capabilities, but actually making efforts to tour the facilities, see our capabilities, see maybe some CapEx that could be deployed to be able to put not only additional transportation assets in place, but also maybe courts and other services to help support the mission. So a lot of activity is the bottom line.

但我們也看到，他們參觀了我們許多未簽訂合約的設施。我們在科羅拉多州擁有的容量，我們在俄克拉荷馬州擁有的容量，我們在田納西州擁有的容量，我的意思是，實際上全國各地的人們都以某種方式表達了興趣，不僅僅是對每個設施和能力的細節感興趣，而且實際上還在努力參觀這些設施，看看我們的能力，看看也許可以部署一些資本支出，以便不僅能夠投入額外的交通資產，也許還可以投入其他任務。因此，大量的活動是底線。

Okay. And then the additional $25 million CapEx that you announced, how many more facilities could that stand up?

好的。那麼，您宣布的額外 2,500 萬美元資本支出，還能支撐多少設施？

Yes, good question, Joe. I mean we're kind of leaning forward on almost all of our idle facilities at this point. At the beginning of the year, we kind of targeted the priority locations that we thought would make the most sense. So we've obviously expanded the number of facilities that, that we're investing in to have ready. They obviously depending on how long they've been idle, have different levels of CapEx.

是的，喬，問得好。我的意思是，我們目前幾乎都在考慮所有閒置設施。年初，我們就確定了我們認為最合理的優先地點。因此，我們顯然擴大了我們正在投資的設施數量，以做好準備。顯然，根據閒置時間的長短，它們的資本支出水準也不同。

I wouldn't necessarily say that's the total CapEx that we would end up spending on them because we're leaning forward at different levels as well. So I don't know if that number is an additional $25 million or maybe even as high as $50 million if we were to activate all facilities and incur all the capital expenditures necessary to reactivate them all. But we are certainly leaning forward on more facilities than we were last quarter just due to the confidence that we have in our ability to reactivate these facilities and that's not just for federal. I think that, that could include potential state contracts as well. So we want to position these facilities to be available for the next customer that would use them.

我不一定會說這就是我們最終在它們身上花費的總資本支出，因為我們也傾向於不同的層面。因此，如果我們要啟動所有設施並承擔重新啟動所有設施所需的所有資本支出，我不知道這個數字是否會額外增加 2500 萬美元，甚至可能高達 5000 萬美元。但我們肯定會比上一季更傾向於啟用更多的設施，因為我們對重新啟動這些設施的能力充滿信心，而且這不僅僅針對聯邦政府。我認為這也可能包括潛在的國家合約。因此，我們希望將這些設施定位為可供下一位使用它們的客戶使用。

Okay. And then one of the things that items has been in the news was the use of some soft sided facilities, there was the Fort Bliss, on off type of contract. What would your guys appetite be for either putting together or managing one of these types of soft sided facilities?

好的。然後，新聞中報導的其中一件事是使用一些軟邊設施，即布利斯堡，這是一種開關類型的合約。你們對於組成或管理這些類型的軟邊設施有什麼興趣？

Yes, great question Joe. And the bottom line is we're very interested. We're very interested. We've been monitoring this very closely. As you've probably seen the press, I think they're talking about potentially 10 military reservations around the country that potentially could be good sites for that type of solution. We think this type of solution they're looking for is something that we're very capable to provide.

是的，喬，問得好。最重要的是，我們非常感興趣。我們非常感興趣。我們一直在密切關注此事。正如您可能已經在新聞中看到的，我認為他們正在談論全國範圍內潛在的 10 個軍事保留地，這些保留地可能成為此類解決方案的良好場所。我們認為他們所尋求的這種解決方案是我們完全有能力提供的。

As you know with Dilley, we just again reactivated it in 31 days. But going back 10 years when we first opened that facility, we basically had to do that. We had to work quickly with target to provide the CapEx, get the campus configured and operate very quickly. And I think we did it within I think probably 80 to 90 days. So we've got the capability to provide something very quickly that they're anticipating on some of these military reservations.

如您所知，我們剛剛在 31 天內重新啟動了 Dilley。但回顧 10 年前我們首次開設該設施時，我們基本上必須這樣做。我們必須迅速與目標公司合作，提供資本支出，配置校園並快速投入營運。我認為我們大概在 80 到 90 天內就完成了。因此，我們有能力非常迅速地提供他們所期望的一些軍事保留地的東西。

I also say that in addition to our experiences at Dilley, we've got obviously great capacity and ability to do transportation that may be needed on this site. So it's very consistent with what we do on the detention side with our other facilities, but also again, we've got the capability to do it very, very quickly. I talked about Dilley, but also we've been asked by ICE from time to time to help with natural disasters depopulate a facility very quickly when a hurricane is coming. So that's a long way of saying, we've got the capabilities that they're anticipating they'll need for these solutions on these military properties.

我還要說的是，除了我們在迪利的經驗之外，我們顯然還擁有強大的能力和能力來完成這個站點可能需要的運輸任務。因此，這與我們在其他設施的拘留方面所採取的做法非常一致，而且我們有能力非常迅速地完成這項工作。我談到了迪利，但 ICE 也時不時地要求我們幫助應對自然災害，當颶風來臨時迅速減少設施中的人員數量。簡而言之，我們擁有他們預期在這些軍事財產上提供解決方案所需的能力。

The only other thing I would just say is that every procurement, every RFI, every survey or sources site that we've seen from ICE here in the last 90 days, we've expressed interest in one way or another. So again you asked specifically about Bliss, but obviously a lot of activity going on around the country for unique detention solutions either in existing facilities, which obviously again we've had a lot of success already with all the facilities we just announced. But maybe some other unique solutions they want in other parts of the country. But anything you can add to that, Dave?

我唯一想說的是，在過去 90 天裡，我們從 ICE 看到的每項採購、每份 RFI、每項調查或來源網站，都以某種方式表達了我們的興趣。所以你再次具體詢問了布利斯的情況，但顯然全國各地都在進行大量活動，尋求在現有設施中提供獨特的拘留解決方案，顯然我們剛剛宣布的所有設施都已經取得了很大成功。但也許他們希望在該國其他地區提供一些其他獨特的解決方案。但是戴夫，您還有什麼可以補充的嗎？

Just that obviously our priority would be on our idle facilities and maximizing the utilization of our facilities. But we'll respond to whatever needs our customer has. We think our own facilities provide the most cost effective, readily available capacity. But there are some other solutions that, that as Damon just mentioned, we'd be interested in, could provide and could put up fairly quickly as well.

顯然，我們的首要任務是利用閒置設施並最大限度地提高設施的利用率。但我們會滿足客戶的任何需求。我們認為我們自己的設施提供了最具成本效益、最容易取得的容量。但正如達蒙剛才提到的，還有一些其他的解決方案，我們感興趣，可以提供，而且也可以相當快地提出。

One other quick thing, I alluded to this in my comments, Joe, but we've got a lot of real estate around existing facilities that maybe would be suitable for expansion too. So if there's a certain location in the country where ICE is saying, your facility in this location is 2,000 beds, can you add another 250 very quickly? That's part of the analysis that we're doing. And again, that could be a kind of a short-term expansion consistent with these type of facilities that are anticipating for these military reservations. So again, all the different solutions we're bringing to bear based on what their needs are and where they need those beds at.

還有一件簡單的事情，喬，我在我的評論中提到了這一點，但我們在現有設施周圍有很多房地產，也許也適合擴建。因此，如果 ICE 說該國某個地方的設施有 2,000 張床位，您能否很快再增加 250 張床位？這是我們正在進行的分析的一部分。再說一次，這可能是一種短期擴張，與預期用於軍事保留的此類設施一致。因此，我們會根據他們的需求以及他們需要床位的位置提供不同的解決方案。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Hey, good morning, guys. Thanks for taking my questions. The first one I had, it was interesting you guys were talking about increasing the size of your rolling fleet. I guess, could you give us maybe some preliminary idea of what revenues you might be able to generate doing more transportation work for ICE?

嘿，大家早安。感謝您回答我的問題。這是我遇到的第一個問題，很有趣的是，你們正在討論增加滾動艦隊的規模。我想，您能否給我們一些初步的了解，為 ICE 做更多的運輸工作可以帶來多少收入？

Yes, probably a little hard to put a number to it. We could maybe talk to you offline and give you a ballpark. But the way we thought about it is places like Cal City and Leavenworth; we know kind of historically what the needs are based on the number of beds for capacity need for transportation. So we just basically have done that analysis. So anyway, it's a long way of saying, we probably won't get clarity on that until we kind of finalize some of these contracts like Cal City and Leavenworth. But again, we can work with you a little bit offline and give you at least a ballpark.

是的，可能很難用數字來表示。我們或許可以線下與您交談並給您一個大概的信息。但我們考慮的是加州城和萊文沃思這樣的地方；我們從歷史上知道，根據床位數量和交通容量需求，這些地方的需求是什麼。所以我們基本上已經完成了該分析。所以無論如何，這是一個很長的說法，在我們最終確定一些合約（如加州城和萊文沃思合約）之前，我們可能無法清楚地知道這一點。但同樣，我們可以與您進行一些線下合作，至少給您一個大概的了解。

Okay. That sounds great. And then also wanted to you guys talked about looking at some different facilities, and your partner -- you guys have partnered with Target Hospitality, I guess, is PECOS one of the ones that you guys might consider purchasing and/or what other facilities might you be looking at this point?

好的。聽起來不錯。然後也想和你們談談考慮一些不同的設施，以及你們的合作夥伴——你們已經與 Target Hospitality 合作，我想，PECOS 是你們可能考慮購買的設施之一嗎？或者你們現在可能正在考慮哪些其他設施？

Yes, probably be a little inappropriate for me to give a lot of clarity on that. We -- again, we often know the market really, really well, and so we basically have surveyed facilities that are available that maybe are newer in construction that would be consistent with type of mission. So I wouldn't want to necessarily say we're looking at these various facilities around the country for obvious competitive reasons.

是的，我可能不太適合對此進行詳細的解釋。我們——再說一次，我們通常非常了解市場，所以我們基本上調查了可用的設施，這些設施可能是新建的，與任務類型一致。因此，我並不一定說我們出於明顯的競爭原因正在考慮全國各地的各種設施。

But again, we're -- we've got a great real estate team that's not only looking at potentially what's available, maybe owned by local or city or county governments, but also again, obviously talking to Target about their capabilities, what they have at their various locations. Anything you'd add to that, Dave?

但是，我們擁有一支優秀的房地產團隊，他們不僅在尋找潛在的可用資源（可能是由地方或市或縣政府擁有的），而且顯然還在與 Target 討論他們的能力以及他們在各個地點擁有的資源。戴夫，您還有什麼要補充的嗎？

No. Going back to the transportation question, I was thinking about that further. A lot of our negotiations are including the transportation services in the existing detention contract. So they're not necessarily separate and often built into the per diem, but we are seeing certainly an increased need for transportation services in connection with those contracts.

不。回到交通問題，我正在進一步思考這個問題。我們的許多談判都包括現有拘留合約中的運輸服務。因此，它們不一定是單獨的，而且通常包含在每日津貼中，但我們確實看到與這些合約相關的運輸服務需求增加。

That's great. And then, the last question I had, you guys said in the prepared comments that BOP starting to get more active on the community side, I guess. What -- anything you can tell us there? Have you seen any more push out of Pam Bondi or justice in terms of the First Step Act?

那太棒了。然後，我的最後一個問題是，你們在準備好的評論中說，我猜 BOP 開始在社群方面變得更加活躍。您能告訴我們什麼嗎？您是否看到 Pam Bondi 或《第一步法案》 (First Step Act) 方面做出更多努力或伸張正義？

Yes, great, great question. It's been, I think, two weeks that the BOP has announced a new director, a gentleman from West Virginia. And I think he's been in the early days just getting his leadership team in place. So I think he's still got some positions filled at the senior leadership level at the BOP.

是的，非常好的問題。我想，BOP 已經宣布了一位新主任，一位來自西維吉尼亞州的紳士，已經兩週了。我認為他剛剛組建了領導團隊。所以我認為他仍然可以在 BOP 擔任一些高階領導職位。

So it's our belief that probably in the coming days and weeks, once he gets again his leadership team in place, they've got a plan on what they want to do. Not only on the community side, but also maybe on the secure side that they'll start making those kind of priorities and goals known out to the private sector.

因此，我們相信，可能在未來幾天或幾週內，一旦他的領導團隊重新到位，他們就會制定出他們想要做的事情的計劃。不僅在社區方面，也許在安全方面，他們也會開始讓私營部門了解這些優先事項和目標。

We understand that there's been some work on that already, but again, it's just been announced with the new director and like I said, he's getting his team in place. And like I said, we'll probably know a lot more over the summer leading up to our call in August on kind of where the direction is. But we do feel like, back to your kind of initial part of your question. We do feel like there's going to be a big push by this administration and DOJ leadership to really supercharge the capacity that's available in the private sector for community beds to again really fulfill the goals and the intent of the First Step Act. I don't know if anything you'd add to that, Dave.

我們知道這方面已經有一些工作要做，但是，新主管剛剛宣布了這一消息，就像我說的，他正在安排他的團隊。正如我所說的，我們可能會在夏天到八月電話會議之前了解更多關於發展方向的資訊。但我們確實感覺回到您問題的最初部分。我們確實感覺到，本屆政府和司法部領導層將大力推動真正增強私部門社區床位的容量，以再次真正實現《第一步法案》的目標和意圖。我不知道您是否還有什麼要補充的，戴夫。

Yes, I think potentially in the secure side, too, it's well documented they've had challenges with their infrastructure. It's old and outdated and they've had some staffing challenges. So we think we provide a great solution to be able to provide additional services to the BOP in our correctional facilities like we did years ago. It's cost effective as well. So we're optimistic that that can be an opportunity, at least in the medium-term. Maybe not tomorrow, but in the medium to long-term, certainly.

是的，我認為在安全方面也可能有問題，有充分的證據表明他們的基礎設施面臨挑戰。它又老又過時，而且他們還面臨著一些人員配備的挑戰。因此，我們認為我們提供了一個很好的解決方案，能夠像幾年前一樣在我們的懲教設施中為 BOP 提供額外的服務。它也具有成本效益。因此，我們樂觀地認為，至少在中期內，這可能是一個機會。也許不是明天，但從中長期來看，一定會。

M. Marin, Zacks.

M. Marin，Zacks。

Thank you. So in your prepared remarks and now in the Q&A, you've mentioned some of the competitive advantages that you see with your facilities versus other options for government partners, newer infrastructure, more modern amenities, I guess, and cost effectiveness. So in terms of your ability to negotiate higher per diem, how much room do you think you have before that cost advantage might go away?

謝謝。因此，在您準備好的演講和現在的問答環節中，您提到了與其他政府合作夥伴相比，您的設施所具有的一些競爭優勢，我想，包括更新的基礎設施、更現代化的便利設施以及成本效益。那麼，就您協商提高每日津貼的能力而言，您認為在成本優勢消失之前您還有多少空間？

Well, it's a great question. We watched, I mean, we've been doing this for years where we watch really closely on what the rates city and counties negotiate with the MAR service in ICE. So obviously, we look at that as a kind of a not as a benchmark, but just obviously want to appreciate what certain jurisdictions are charging ICE and MAR service in certain geographical locations in the country. So that's one data point.

嗯，這是一個很好的問題。我們觀察，我的意思是，我們已經這樣做了很多年，我們密切關注城市和縣與 ICE 的 MAR 服務協商的費率。因此，顯然，我們將其視為一種非基準，而只是想了解某些司法管轄區在該國某些地理位置對 ICE 和 MAR 服務的收費。這就是一個數據點。

And then the second thing is really what the scope is. And so ICE, they may want the tension capacity, but they also may want transportation or they want a specialized medical component that's got infirmary beds. And so again, we kind of put all those pieces in place and look at the total cost. And if you look at even those where we have a more comprehensive level of services, I mean, we're still very competitive to the alternatives both the city and counties can offer, but also what the federal government could do themselves, especially if they're buying beds from the BOP or other agencies within the federal government.

第二件事就是範圍到底是什麼。因此，ICE 可能想要張力容量，但他們也可能想要交通運輸，或者想要配備醫務床位的專門醫療零件。因此，我們再次將所有這些部分放在一起，並查看總成本。如果你看看那些我們擁有更全面服務水平的地方，我的意思是，我們仍然非常有競爭力，不僅能與市和縣提供的替代方案相比，而且能與聯邦政府自己提供的替代方案相比，特別是如果他們從 BOP 或聯邦政府內的其他機構購買床位。

And then there's been some discussion, as you know, about maybe capacity outside the U.S. and if you look at those numbers, I mean, we are really, really, really cost competitive and again, higher quality, great audit scores, more effective logistically for transportation, and obviously a lot less likely to get challenged from a legal perspective relative to our capabilities and the service we provide. I don't know if you can add to that, Dave.

然後，正如你所知，關於美國以外的運力有一些討論，如果你看看這些數字，我的意思是，我們的成本真的非常有競爭力，而且質量更高，審計分數很高，運輸物流更有效率，而且顯然從法律角度來看，相對於我們的能力和我們提供的服務，我們受到挑戰的可能性要小得多。我不知道你是否可以補充這一點，戴夫。

Yes, where we already have the capacity, the challenge with some of the other solutions being proposed is they intend on them being temporary. And so you have to recover that cost of activation and cost of infrastructure over a short period of time, which adds to the challenges in providing a competitive per diem compared with our traditional detention capacity where the beds are in the ground, already built paid for can ramp staffing fairly quickly. So I think that will continue to be a competitive price advantage.

是的，我們已經有能力做到這一點，而其他一些正在提出的解決方案所面臨的挑戰是，它們只是暫時的。因此，你必須在短時間內收回啟動成本和基礎設施成本，這增加了提供有競爭力的每日津貼的挑戰，與我們傳統的拘留能力相比，床位在地下，已經建好並支付了費用，可以相當快地增加人員。所以我認為這將繼續成為一種競爭價格優勢。

Okay. Thank you. That makes sense. One more question, which is the three facilities that you're currently in the process of reactivating or you've already started onboarding people are in three different states, right? Texas, California, Kansas, and you talked about how these all three facilities are strategically located, I think specifically for ICE's needs. If you look at your overall portfolio, the facilities that are currently idle, and you're thinking in terms of strategic location, you've been talking about the Kansas, Midwest Regional Reception Center for quite a while. So you knew for a while that was a strategically located facility. If you look at your portfolio and specifically look at idled facilities, are there any others that jump out at you in terms of the location as being particularly attractive for ICE and then potentially other government partners?

好的。謝謝。這很有道理。還有一個問題，您目前正在重新啟動的三個設施或已經開始招募人員的三個設施位於三個不同的州，對嗎？德克薩斯州、加利福尼亞州、堪薩斯州，您談到了這三個設施的戰略位置，我認為這是為了滿足 ICE 的需求。如果您看一下您的整體投資組合，看看目前閒置的設施，並從戰略位置的角度考慮，您會發現您已經談論堪薩斯州中西部地區接待中心很長一段時間了。所以你很快就知道這是一個具有戰略位置的設施。如果您審視自己的投資組合，特別是閒置設施，是否有其他設施在位置上對您來說特別有吸引力，對 ICE 以及其他潛在的政府合作夥伴來說也具有吸引力？

Yes, that's a great question. I'll tag team here a little bit with Dave on that. But I'd say the three locations that I think for me are top of mind, that I think would be most attractive to ICE is one, our facility Northeast of Memphis here in Tennessee. So right there on the border of Memphis and Arkansas, it's about a 600 bed facility. And I think ICE would find that very attractive just because of proximity to Memphis and obviously the transportation hub there with I-40 going through Memphis. So that would be one.

是的，這是一個很好的問題。我將與戴夫一起就此進行一些小組討論。但我想說，我認為對我來說最優先考慮的、對 ICE 最有吸引力的三個地點是其中之一，即我們位於田納西州孟菲斯東北部的設施。就在孟菲斯和阿肯色州的邊界上，有一個大約有 600 張床位的醫療設施。我認為 ICE 會發現這非常有吸引力，因為它靠近孟菲斯，而且 I-40 高速公路穿過孟菲斯，顯然是那裡的交通樞紐。所以這就是其中之一。

Second, this is an obvious one, but Oklahoma, I mean centrally located, period. So our capacity at both our Diamondback facility and our Norfolk facility, which again right there on I-40 West of Oklahoma City, Oklahoma City usually is a very big hub for air transportation for ICE and Marshall Service. So checks a lot of boxes with those two facilities. And again, I think both of those will be very attractive to ICE.

其次，這是顯而易見的，但俄克拉荷馬州，我的意思是位於中心位置，就是這樣。因此，我們的 Diamondback 工廠和 Norfolk 工廠的產能都位於俄克拉荷馬城以西的 I-40 公路上，而俄克拉荷馬市通常是 ICE 和 Marshall Service 的大型航空運輸樞紐。因此，使用這兩個設施檢查了很多箱子。而且，我認為這兩者對 ICE 來說都非常有吸引力。

And then, finally, I'll just say the capacity we've got in Colorado, I think having beds out West that are not all the way over to the Coast in California where they could service the needs of Salt Lake and Denver and even some of the needs out of Wyoming, Montana, makes our Kit Carson and our Warefield facilities very attractive to ICE. So I'd say those were probably the next one is kind of top of the list. We obviously have got capacity up in Minnesota with our Prairie facility. That could be a good solution if their activity more kind of mid to long-term for ICE on the Northern border. So that would be a great location.

最後，我想說的是，我們在科羅拉多州擁有的產能，我認為我們在西部的床位並不一直延伸到加州海岸，在那裡他們可以滿足鹽湖城和丹佛的需求，甚至可以滿足懷俄明州、蒙大拿州的一些需求，這使得我們的 Kit Carson 和 Warefield 設施對 ICE 非常有吸引力。所以我想說這些可能是下一個位於列表頂部的。顯然，我們在明尼蘇達州的 Prairie 工廠已經提高了產能。如果 ICE 在北部邊境的活動更具中長期性，這可能是個很好的解決方案。所以那將會是一個絕佳的地點。

And then we do have some incremental beds in Kentucky that are maybe a little lower on the list. But I'd say Tennessee, Oklahoma, Colorado, I think they're probably the top three locations where we've got capacity I think will be very attractive. But anything you add to that, Dave?

然後，我們在肯塔基州確實有一些增量床位，但排名可能稍微低一些。但我想說，田納西州、俄克拉荷馬州和科羅拉多州，我認為它們可能是我們擁有產能的前三個地點，我認為這將非常有吸引力。但你還有什麼補充嗎，戴夫？

Just the beds in Oklahoma, they're sizable, they're scaled so Diamondback's 2,160, North Fork's 2,400. So those are very large facilities. And when you get large facilities like that, if they need that type of demand, if the demand's there, can certainly offer a more competitive per diem compared with a smaller facility where per diem could be -- wouldn't be able to compete as well as large facility like those two.

光是俄克拉荷馬州的床位數量就相當可觀，Diamondback 有 2,160 張床位，North Fork 有 2,400 張床位。這些都是非常大的設施。當你擁有這樣的大型設施時，如果他們需要這種類型的需求，如果存在需求，那麼與較小的設施相比，它們肯定可以提供更具競爭力的每日津貼，而較小的設施無法與這兩家大型設施競爭。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Hey, good morning, Damon, Dave, Patrick, thanks for taking the questions. Congrats on the quarter. I wanted to ask on the puts and takes, I guess of the $48 million EBITDA range increase at the midpoint, Dilley obviously being the primary one. But could you maybe discuss the drivers or pieces of the increase in your guidance assumptions?

嘿，早安，達蒙、戴夫、派崔克，謝謝你們回答問題。恭喜本季取得佳績。我想問一下收益和利弊，我猜中間值 4800 萬美元的 EBITDA 範圍增長，顯然 Dilley 是主要原因。但是您能否討論一下指導假設中成長的驅動因素或部分因素？

Sure, I'll take that one, Greg. Certainly, the Q1 beat was like I think we were $13 million higher than our internal forecast $10 million higher than average analyst estimates. So that's obviously being carried through. You mentioned the Dilley facility that will be ramping up, so we don't get a full run rate until September or really a full quarter until Q4. But also I'd add the population increases we've seen, if you looked at January, February and March, particularly ICE populations, they increase sequentially each month. So we're kind of carrying through those populations that we saw in March, expecting them to sustain throughout the remainder of the year. So those are really impactful as well.

當然，我會接受這個，格雷格。當然，我認為第一季的業績超出了我們的內部預測，比分析師的平均預期高出 1,300 萬美元。顯然，這一目標正在實現。您提到了迪利 (Dilley) 工廠即將投入生產，因此直到 9 月我們才能實現全面運轉，或直到第四季度才能實現整個季度的運轉。但我還要補充一點，我們已經看到人口的成長，如果你看看一月、二月和三月，特別是 ICE 人口，他們每個月都在連續增加。因此，我們預計 3 月的人口數量將維持不變，並預計在今年剩餘時間內保持這種狀態。所以這些也確實很有影響力。

On the expense side, I'd say probably status quo. On the expense side, we didn't build any additional cost savings in for the rest of the year. That's where we've normalized expenses for the most part; particularly we continue to refer to the pandemic years. So I think those are really at a good level these days and so didn't necessarily see a lot of opportunity for cost savings going forward where there could be potential opportunities in the guidance, as we mentioned, the Midwest Regional Reception Center and the Cal City facility, the longer-term contracts are not baked in.

在費用方面，我認為可能維持現狀。在支出方面，我們在今年剩餘時間內沒有增加任何額外的成本節約。這就是我們大部分支出正常化的地方；特別是我們繼續參考疫情時期。所以我認為這些現在確實處於一個很好的水平，所以不一定看到未來有很多成本節約的機會，而指導中可能有潛在的機會，正如我們所提到的，中西部地區接待中心和加州城市設施，長期合約還沒有被納入其中。

I think we took a fairly reasonable approach on per diem increases, particularly from state customers. They don't kick in until July. That's not coincidentally the same month where we provide wage increases to our staff. So we'll -- we're in discussions with most state legislatures right now or legislatures are in session and we'll see where we come out on that. There potentially could be upside with per diem increases there, but that, that we won't know that for another couple months.

我認為我們對每日津貼增加採取了相當合理的做法，特別是針對國家客戶。它們要到七月才開始生效。這並不是巧合，那也是我們給員工加薪的同一個月。因此，我們目前正在與大多數州立法機構進行討論，或者立法機構正在開會，我們將看看結果如何。那裡的每日津貼可能會增加，但我們還得再過幾個月才能知道。

Got it. That's helpful, Dave. And guessing there's nothing specific that you can share here, but do you have a general sense of the timing of when the letter contracts are expected to be finalized via a formalized contract? Like how long would you expect maybe that negotiation process to take? And do you think it would have to be post budget reconciliation?

知道了。這很有幫助，戴夫。我猜您這裡沒有什麼具體內容可以分享，但是您是否大致了解一下書面合約預計何時透過正式合約最終確定的時間？您預計談判過程可能需要多長時間？您認為這一定是預算調節後的事嗎？

Yes. Great. Another great question, and I'll tag team with Patrick on this a little bit, but both of them are progressing pretty darn well. We got I guess, the template of the actual contracts on both locations, I think within the last 10 days. And so we're thumbing through it and making notes. And so there'll probably be some back and forth on the contract itself and I'm sure a fair amount of revisions as we go back and forth.

是的。偉大的。這又是一個很好的問題，我會和派崔克一起討論這個問題，但他們兩個的進展都相當順利。我想，我們在過去 10 天內就獲得了兩個地點的實際合約範本。因此，我們正在瀏覽它並做筆記。因此，合約本身可能會有一些反复，而且我相信在反覆的過程中會進行相當多的修改。

And then that usually leads into probably a face-to-face or a couple over the phone or both negotiations as we finalized terms. So hard to say today exactly the timing, but I think it's going to be days and weeks, not -- definitely not months.

然後，當我們最終確定條款時，這通常會導致面對面的談判或幾次電話談判或兩種談判。所以今天很難說出確切的時間，但我認為這將需要幾天或幾週的時間，而不是——絕對不是幾個月。

And then the second part of your question, I think there's a chance we get these done before reconciliation. And again, I think part of the rationale in getting these letter contracts is that they didn't want to miss this moment in time to get these two facilities. And again, it would surprise us that we get maybe another letter contract or two prior to reconciliation to where again they can kind of put their -- get their hands on the capacity and on the facilities as we work on a parallel path on the contracts.

然後關於你問題的第二部分，我認為我們有機會在和解之前完成這些。而且，我認為他們獲得這些合約函的原因之一是不想錯過獲得這兩個設施的時機。再次，令我們感到驚訝的是，在達成和解之前，我們可能會收到另一份或兩份意向合同，這樣他們就可以再次獲得他們的產能和設施，而我們正在按照合同的平行路徑進行工作。

But Patrick, let me -- let you kind of add or amplify to this.

但是派崔克，讓我——讓你補充或擴展這一點。

Sure. Thank you, Damon. Thank you for the question. I'd offer two additional thoughts. One of them is normal activation for a mothball facility would be 120 to 180 days. And so the value of a letter contract is it really allows us to go fully into activation mode for those facilities. And over the six months, we're under the letter contractor agreement; put ourselves in a place where when the final agreement is in place, we're able to begin ramping up the facility operations very quickly.

當然。謝謝你，達蒙。謝謝你的提問。我還要提供另外兩點想法。其中之一是，後備設施的正常啟用時間為 120 至 180 天。因此，書面合約的價值在於它確實使我們能夠完全進入這些設施的啟動模式。在這六個月裡，我們一直遵守承包商協議；當最終協議達成時，我們可以非常迅速地開始加強設施運作。

In other words, we can be ready for receipt of the first group of detainees even in advance of the end of the six-month letter contract. So it really accelerates the timeline under which we can prepare. We are pacing ourselves during the letter contract period, but we are working toward being fully activated, so that when the final agreement is in place, we're ready to immediately begin supporting our customers need. So that's certainly a key focus of us and it's a benefit of letter contract structure.

換句話說，我們甚至可以在六個月的信件合約結束之前就準備好接收第一批被拘留者。因此它確實加快了我們準備的時間。我們正在合約書期限內調整步伐，但我們正在努力全面啟動，以便在最終協議達成後，我們準備好立即開始支援客戶的需求。所以這當然是我們關注的重點，也是信函合約結構的一個好處。

Second thing I'd mention is, letter contracts are only one mechanism that ICE is using presently to solicit beds. And so we've talked a lot about letter contracts and the potential for activations under letter contracts. But there also are other mechanisms that we can use as well to activate facilities.

我想提到的第二件事是，信件合約只是 ICE 目前用來招攬床位的一種機制。因此，我們討論了很多有關書信合約以及書信合約下啟動的可能性。但我們也可以利用其他機制來啟動設施。

And so I think certainly that is one pathway toward a contract and an activation. There are also others that are available to us as well. And so each individual location may have specific intricacies that may require one pathway or another, but we're very well prepared, whether it be under a letter contract with a six-month ramp or another mechanism that might allow us to also activate very quickly.

因此我認為這無疑是達成合約和啟動的一條途徑。我們也可以使用其他資源。因此，每個地點可能都有特定的複雜情況，可能需要一條或另一條途徑，但我們已經做好了充分的準備，無論是通過簽訂為期六個月的書面合同，還是通過其他可能讓我們能夠快速啟動的機制。

Great. Really appreciate the color there. And I guess, lastly, because I don't think it was touched on yet, could you provide an update on how you're thinking about the potential rebidding of the ISAP contract and positioning CoreCivic for that and maybe anything you've heard on it.

偉大的。真的很欣賞那裡的色彩。最後，因為我認為還沒有涉及這個主題，您能否提供一下關於您對 ISAP 合約的潛在重新招標的看法以及 CoreCivic 的定位，以及您所聽到的任何相關資訊。

Yes. Thank you for that question. I obviously heard what GEO said yesterday on their call and they mentioned maybe a one or two year extension. We haven't heard two, but we heard maybe there was going to be a one year extension and obviously waiting the timing on the RFP. But I think we've made it very clear, we've been preparing ourselves for the last years of couple of years for the rebid of this contract.

是的。謝謝你的提問。我顯然聽到了 GEO 昨天在電話中說的話，他們提到可能會延長一到兩年。我們沒有聽到兩個消息，但我們聽說可能會延長一年，顯然要等待 RFP 上的時間。但我認為我們已經說得很清楚了，過去幾年我們一直在為重新競標這份合約做準備。

We've got the capability; it's something that we do already in our community division. So we continue to get ourselves prepared for not just the needs relative to the contract itself, but also getting ourselves aligned with the appropriate technology and third-party providers to help support our proposal. So again, we're watching very closely. I think in this environment, especially when you've got DOGE and others looking at most cost effective solutions for government, we think introducing some additional competition for innovation and cost effectiveness would be value added to the federal government. Anything to add to that, Dave?

我們有能力；這是我們社區部門已經在做的事情。因此，我們不僅在為與合約本身相關的需求做好準備，而且還與適當的技術和第三方提供者保持一致，以幫助支持我們的提案。因此，我們再次密切關注。我認為在這種環境下，特別是當 DOGE 和其他機構正在為政府尋找最具成本效益的解決方案時，我們認為引入一些額外的創新和成本效益競爭將為聯邦政府增加價值。還有什麼要補充的嗎，戴夫？

No. I think you covered it, Damon.

不。我想你已經涵蓋了這一點，達蒙。

(Operator Instructions) Benjamin Briggs, StoneX Financial.

（操作員指示） Benjamin Briggs，StoneX Financial。

Hey guys, thank you for holding the call and taking the questions. A lot of mine got answered, but I've got a couple left here. So I think the last guy asking questions brought up the ISAP and the monitoring contracts. So how many individuals are you monitoring under ISAP as it stands today?

嘿，大家好，感謝你們接聽電話並回答問題。我的許多問題都得到了解答，但這裡還剩下幾個。所以我認為最後一個提問的人提到了 ISAP 和監控合約。那麼，目前您在 ISAP 下監控了多少人？

Well, we currently don't have a contract with ICE for ISAP. That's again completely under the contract that GEO and BI's got at the moment. So we've got contracts but with other jurisdictions.

嗯，我們目前還沒有與 ICE 簽訂 ISAP 合約。這完全屬於 GEO 和 BI 目前簽訂的合約。所以我們與其他司法管轄區簽訂了合約。

Okay. So I guess under -- that's what I'm referring to, under those jurisdictions, how many individuals are you monitoring?

好的。所以我想——這就是我所指的，在這些管轄範圍內，你監視了多少人？

Oh, keep me on with your, Dave, I want to say it's a probably 20,000 to 30,000.

哦，戴夫，請繼續說下去，我想說這個數字大概是 20,000 到 30,000。

Yes. I was thinking more towards the 20,000, but it may have grown. So yes, that's probably about right.

是的。我原本想的是 20,000，但實際數字可能已經成長了。是的，這可能是正確的。

Okay, got it. What is your ability to ramp there? Would there be kind of a long process? Would you have to get additional infrastructure or is it a relatively fast ramping period?

好的，明白了。您在那裡提升的能力如何？這會不會是漫長的過程？您是否需要獲得額外的基礎設施，或者這是一個相對較快的增長期？

It's relatively fast. And again, we've been watching this agreement and this requirement for, gosh, probably going on six, seven years. And so we've got again the capabilities. We know that there would be a requirement to very quickly provide office space in certain locations where they've got great or high utilization. So again, we know those locations. We know where we have to kind of ramp up leases for probably storefront office space.

速度比較快。再說一次，我們一直在關注這項協議和這項要求，天哪，可能已經有六、七年了。這樣，我們又重新獲得了這些能力。我們知道，在某些利用率很高的地點，需要非常快速地提供辦公空間。所以我們再次知道這些位置。我們知道我們必須增加店面辦公空間的租賃量。

And again, from a staffing perspective, we feel like we can do that both in our community division, but also probably pull some folks from our safety division on the eyesight to help support that activation. So yes, we got -- we definitely got the capabilities and we've got the plan that if we get some of that contract going forward, again, we've got the plan where we can scale up and ramp up very quickly. But anything to add to that, Dave?

再次，從人員配備的角度來看，我們覺得我們可以在社區部門做到這一點，但也可能從安全部門調動一些人來幫助支持這項啟動。所以是的，我們確實有能力，而且我們有計劃，如果我們在未來獲得部分合同，那麼我們就可以迅速擴大規模並提升速度。但是戴夫，還有什麼要補充的嗎？

Yes, something we do differently. So in our monitoring subsidiary, we use a teaming agreement with a third-party to provide the devices and we've checked in with them to make sure to ask them how quickly they could scale up. And we don't have any concerns about scaling up to the size that would be certainly under the current ISAP contract or potentially larger. So we're very comfortable with our ability to scale there.

是的，我們的做法有所不同。因此，在我們的監控子公司，我們與第三方簽訂了合作協議來提供設備，並且我們已經與他們進行了核對，以確保詢問他們能夠多快擴大規模。我們並不擔心擴大規模，使其達到目前 ISAP 合約規定的規模或可能更大的規模。因此，我們對自己在那裡擴展的能力非常滿意。

Okay, got it. That's very helpful. So it sounds like it's mostly kind of offices and some administrative stuff. The technology is already in place.

好的，明白了。這非常有幫助。聽起來它主要是辦公室和一些行政事務。該技術已經到位。

Yes, correct. That's a good way to frame it.

是的，正確。這是一個很好的構圖方式。

Got it. Understood. Thank you. So moving on again to some of your, I guess, growth opportunities. I think you said that you've got nine facilities with a total of 13,000 beds that are idle. If those were all activated, can you ballpark for me what the total incremental revenue might be?

知道了。明白了。謝謝。所以我想再談談你的一些成長機會。我想您說過，有 9 個醫療機構、總共 13,000 張床位處於閒置狀態。如果這些都被激活，您能大概估算一下總增量收入是多少嗎？

Well, I'd say I know I get back into that, but I think last call we said it was probably anywhere from $250 million to $275 million. We've activated Dilley, probably without putting any further pen to paper, it's probably, oh gosh, the $200 million to $225 million in EBITDA as well, if we activated all of them at this point, that would be the upside.

好吧，我想說我知道我會回到這個問題，但我認為上次我們說它可能在 2.5 億美元到 2.75 億美元之間。我們已經啟動了 Dilley，可能無需再動筆，哦天哪，EBITDA 也可能達到 2 億到 2.25 億美元，如果我們現在就啟動它們，那將是一個好處。

Okay, got it. $200 million to $225 million of EBITDA. That's helpful. And then as far as, and I know, guy, I know that you got some questions earlier, but I'm going to try to ask a different way. As far as timing is concerned, I know it can be unpredictable. There have to be budget appropriations and you're waiting for some government sign offs. But as far as what the pace is for a ramp, when do you think is a fair time to model to you guys sitting, call it a run rate peak EBITDA. Do you think by second half of 2026 it should be realized? Do you think it might take a little longer, potentially faster? How is it that you guys think about that?

好的，明白了。 EBITDA 為 2 億美元到 2.25 億美元。這很有幫助。然後就此而言，我知道，夥計，我知道你之前有一些問題，但我會嘗試用不同的方式提問。就時間而言，我知道它是不可預測的。必須有預算撥款，並且您正在等待政府的批准。但就成長速度而言，您認為何時是向您建模的合理時間，稱為運行率峰值 EBITDA。您認為到 2026 年下半年應該能夠實現嗎？您認為這可能需要更長的時間，或者可能更快嗎？你們是怎麼想的？

Yes, let me -- I'm going to tag team with Patrick on this a little bit. But I would say let me, I guess, talk about kind of the coming days and weeks and kind of key milestones. And so we've talked about off the contract with Dilley, we've talked about the letter contracts leading into permanent contracts in Cal City. So those feel like on those two probably will get finalized again as we go into summer, maybe early fall.

是的，讓我——我將在這件事上與帕特里克進行一些合作。但我想說，我想先談談未來幾天、幾週的情況和一些關鍵里程碑。因此，我們討論了與迪利的合約問題，討論了與加州城簽訂的永久合約的書面合約問題。因此，當我們進入夏季，甚至初秋時，這兩個問題可能會再次得到最終確定。

Additional contracting actions again I talked about our capacity in Tennessee and Oklahoma and Colorado probably being the next round of most attractive capacity to ICE. It feels like we'll get additional engagement on that again in the coming days and weeks. I don't think reconciliation has to get done for them to engage on us. Again, I wouldn't be surprised. They call us tomorrow and say hey we're ready to do a letter contract on name of facility Diamondback.

我再次談到額外的承包行動，我們在田納西州、俄克拉荷馬州和科羅拉多州的產能可能是下一輪對 ICE 最具吸引力的產能。感覺在接下來的幾天和幾週內我們會再次就此進行更多參與。我認為他們不需要先達成和解就可以與我們交戰。再說一次，我不會感到驚訝。他們明天打電話給我們說，嘿，我們準備以 Diamondback 工廠的名義簽訂書面合約。

But we do feel like that reconciliation then will be a catalyst especially to get if it's a letter contract going into a permanent contract because I think again they'll want to start showing activity in the third or fourth quarter of having this capacity available as they kind of ramp up the rest of the part of the infrastructure again especially around law enforcement and other assets they've got on their side that are probably come from the funding.

但我們確實覺得，這種和解將成為一種催化劑，特別是如果這是一份書面合約轉化為永久合約的話，因為我認為他們會希望在第三季度或第四季度開始顯示出這種可用容量的活動，因為他們會再次加大其餘基礎設施的建設，特別是在執法部門和他們擁有的其他資產方面，這些資產可能來自資金。

So a long way of saying that yes, it feels like that if reconciliation gets done. And I'll just say again I don't have anything unique to offer on this call but if you just listen to the media on any given day, it feels like all leadership in Congress, House, Senate and obviously the White House are focused on getting this done ideally by the July 4, definitely the August, August Recess. So it feels like again the momentum is there on the funding side. And again I think that will be on a parallel path on all these contracting activities. But Patrick, let me let you kind of add amplify to that.

簡而言之，是的，如果和解成功的話，感覺就是這樣。我再說一遍，在這次電話會議上我沒有什麼特別的見解，但如果你聽聽媒體的報道，你會發現國會、眾議院、參議院以及白宮的所有領導層都致力於在 7 月 4 日之前完成這項工作，當然也肯定是在 8 月休會之前。因此感覺融資方面的動能又出現了。我再次認為，這將與所有這些承包活動同步進行。但是派崔克，讓我讓你對此進行進一步的補充。

Thank you, Damon. Only thing that I would add is I think a lot of your question depends on where peak demand ultimately stops. In other words, what is the ultimate aggregated bed number when you look across all the alternative solutions that we can provide. So whether that's the utilization of our existing capacity. I know that was the question that was asked previously whether that would be the work that we're doing with our partner target to look at solutions that might be in non-traditional or soft sided type structures could be additional capacity related to opportunities currently contemplated for military bases.

謝謝你，達蒙。我唯一想補充的是，我認為你的許多問題取決於尖峰需求最終在哪裡停止。換句話說，當您查看我們可以提供的所有替代解決方案時，最終的總床位數是多少。這是否是我們現有產能的使用率。我知道這是先前提出的問題，即這是否是我們與合作夥伴共同開展的工作，目標是尋找非傳統或軟邊結構的解決方案，這些解決方案可能是與目前考慮的軍事基地機會相關的額外容量。

So I think in some respects, there's a lot of dependency on where peak demand ultimately settles out as to what the timing might be because it certainly could extend beyond second half of 2026. But I would say just thinking about the timeline around activations when we expect full funding will be in place. I think second half of 2026 is a reasonable assumption for when we could hit peak EBITDA run rate based on the demand level that ultimately presents.

因此，我認為從某些方面來看，高峰需求最終穩定下來的時間很大程度上取決於它，因為它肯定會延續到 2026 年下半年之後。但我想說的是，我們只需考慮一下啟動的時間表，我們預計全額資金將會到位。我認為，根據最終呈現的需求水平，2026 年下半年是我們達到 EBITDA 運行率峰值的合理假設。

Kirk Ludtke, Imperial Capital.

盧德克（Kirk Ludtke），《帝國首都》。

I just had a assuming -- let's assume that there are zero border crossings, no funding limitations, what is the relationship between the deportation rate and the number of beds? So in other words, you mentioned 1 million a year. You mentioned 100,000 beds. Is that roughly the relationship there?

我剛才有一個假設──假設沒有過境，沒有資金限制，那麼驅逐率和床位數之間有什麼關係？換句話說，您提到的是每年 100 萬。您提到了10萬張床位。那裡的關係大致是如此嗎？

Yes, that's what -- and I think I heard Tom Homan say that again this morning on one of the morning shows. But that's the near-term goal is 100,000 bed capacity and 1 million deportations on an annual basis. And so I think we mentioned on the last call 100,000 feels like kind of the new base going forward. Again, we'll see what happens with the funding through reconciliation, but at the moment feels like a pretty good number. Patrick, I don't know if there's anything you'd add to that.

是的，就是這樣——我想我今天早上在一個早間節目中又聽到湯姆·霍曼說了這句話。但近期目標是每年擁有 10 萬張床位和 100 萬人次驅逐出境。所以我認為我們在上次電話會議上提到，100,000 感覺就像是未來的新基礎。再次，我們將透過和解看看資金情況如何，但目前感覺這是一個相當不錯的數字。派崔克，我不知道您是否還有什麼要補充的。

Nothing to add, Damon.

沒什麼好補充的，達蒙。

Great. Thank you. And do you have a sense for when they'll get to 1 million, a run rate of a million a year?

偉大的。謝謝。您是否知道他們什麼時候能達到 100 萬，也就是每年 100 萬的運行率？

Oh, I don't think I've heard and I don't think they've expressed that in the press. Again, I'm sure part of it is also through reconciliation, the additional funding they'll need for staffing for law enforcement and processing, case managers, whatnot. So I'm sure they've done that scenarios on their side of the fence relative to that, but I have not heard a ramp plan.

哦，我想我沒有聽說過，而且我認為他們也沒有在媒體上表達過這一點。再次，我確信其中一部分也是透過和解，他們需要額外的資金來配備執法和處理人員、案件經理等等。因此，我確信他們已經在他們那邊考慮過相關情況，但我還沒有聽過坡道計劃。

Okay, got it. Thank you. Libya was added to the list of foreign locations, and I suspect these foreign locations are serving a different mission. You don't really view them as competition, but what -- how should we think about those?

好的，明白了。謝謝。利比亞被添加到國外地點名單中，我懷疑這些國外地點正在執行不同的使命。您實際上並不將它們視為競爭對手，但是我們應該如何看待它們？

Yes, exactly right. We don't see them as competition. And I think there's probably strategic and political reasons why some of those locations makes sense. But again, for all the reasons, we've talked about, 42 years in business, highest quality, best audit scores, logistically more favorable. We're obviously, not only just location wise, but we can provide transportation and less likely to get challenging courts, which we're seeing that obviously play out more and more here in the last few weeks. So yes, don't see it as competition.

是的，完全正確。我們並不視他們為競爭對手。我認為，選擇某些地點可能出於戰略和政治原因。但是，基於我們討論過的所有原因，42 年的經營歷史、最高的品質、最佳的審計分數、在後勤方面更有利。顯然，我們不僅在地理位置上提供優勢，而且我們還可以提供交通，並且不太可能遇到具有挑戰性的球場，我們看到這種情況在過去幾周里在這裡越來越明顯。所以，是的，不要將其視為競爭。

Jordan Hymowitz, Philadelphia Financial Management of San Francisco.

喬丹海莫維茲 (Jordan Hymowitz)，舊金山費城金融管理公司。

Thanks, guys. Couple questions. If the numbers you're talking about come to fruition, it seems like in the second half of 2026, you guys could be in a place to initiate a close to a double-digit dividend yield if you don't do M&A. Is that a reasonable thought process? You're not going to take the debt down any more than 2x to 2.25x, are you?

謝謝大家。幾個問題。如果你所說的數字能夠實現，那麼到 2026 年下半年，如果不進行併購，你們就有可能實現接近兩位數的股息收益率。這是一個合理的思考過程嗎？您不會將債務減少超過 2 倍至 2.25 倍，對嗎？

No. No, that's right, Jordan. Dividend -- we have not had a lot of conversations lately with our board or quite frankly even with investors about a dividend because we think the share repurchases more compelling at this point. But if we were to execute on a number of contracts and the stock price responds, obviously, we don't want to overpay for shares. So at that point, a dividend might make sense.

不。不，沒錯，喬丹。股息——我們最近沒有與董事會，甚至坦率地說也沒有與投資者就股息進行過多次對話，因為我們認為此時股票回購更具吸引力。但如果我們要執行多份合同，並且股票價格做出反應，那麼顯然我們不想為股票支付過高的價格。因此，從這個角度來看，派發股息可能是有意義的。

Okay. Second question, you've spoken incredibly favorably on TH during this call and potentially in a number of joint ventures with them, would there be a possibility of an interest in them as an M&A candidate? They were approached by a different private equity. But might that potentially fit with your M&A potential list of things?

好的。第二個問題，您在這次電話會議上對 TH 給予了非常高的評價，並且有可能與他們建立一些合資企業，您是否有可能對他們作為併購候選人感興趣？另一家私募股權公司與他們接洽。但這是否可能符合您的併購潛在事項清單？

Wow, what a direct question, Jordan. This never crossed our mind. They're a great, great partner and obviously it's not something that we've talked about or have entertained. So I appreciate your question, but it wouldn't be appropriate for me to provide any additional feedback on that.

哇，喬丹，這個問題問得真直接。我們從來沒想過這一點。他們是一個非常好的合作夥伴，但顯然這不是我們談論過或考慮過的事情。我很感謝您提出的問題，但我不適合就此提供任何額外的回饋。

Okay. And last question is, how big do you think the ISAP business has to be for a government to entertain two people splitting the contract versus one?

好的。最後一個問題是，您認為 ISAP 業務規模要有多大，政府才會接受兩個人而不是一個人分擔合約？

Oh, that's a great question. And I don't think they have to. I don't think they have to grow. I mean, I think there could be a path forward where they say, okay, we want to introduce a little bit of diversification with providers in anticipation of growth. But I think it could be what it is today allow for two providers. And if they do think there's going to grow, then I think having two providers that could help with the scale of that growth would be, I think, a good idea on the government side.

哦，這是一個很好的問題。但我不認為他們必須這麼做。我認為它們不必成長。我的意思是，我認為可能有一條前進的道路，他們會說，好吧，我們想與供應商引入一點多樣化，以期實現成長。但我認為它可以像現在這樣允許兩個提供者。如果他們確實認為會有所成長，那麼我認為，從政府角度來說，擁有兩家能夠幫助實現這一成長規模的供應商是一個好主意。

And this is the end of our Q&A session. I would now like to turn back to Damon Hininger for closing remarks.

我們的問答環節到此結束。現在我想請達蒙·希寧格作最後發言。

Thank you so much, operator. And before I let you all go, let me just note one quick thing. This week, nationally is National Correctional Officers and Employees Week, this was put in place by President Ronald Reagan back in 1984 and the intent is to recognize people in our profession both public and private, correctional officers, correctional workers around the country for the important work they do day in and day out. It is a tough business as you all know as many of you on the call are long time investors, it's tough, tough work but it's also very rewarding work.

非常感謝您，接線生。在讓大家離開之前，請容許我簡單提一件事。本週是全國懲教人員和員工週，這是羅納德·雷根總統於 1984 年設立的，目的是表彰我們這個行業的公共和私營部門的人員、全國各地的懲教人員、懲教工作者日復一日所做的重要工作。大家都知道，這是一項艱難的業務，因為電話會議上的許多人都是長期投資者，這是一項非常艱難的工作，但也是一份非常有意義的工作。

So I didn't want this moment to pass without recognizing our employees. They're the best of the business that do this work again can be very challenging but also very rewarding and they are obviously executing really, really effective like right now with all of these opportunities but also great outcomes for people in our facilities. So again my hats off to our entire team here within the CoreCivic.

所以我不想在這一刻過去而沒有對我們的員工表示認可。他們是業內最優秀的人才，再次從事這項工作可能非常具有挑戰性，但也非常有益，而且他們顯然非常有效地執行著這些工作，就像現在這樣，不僅為我們工廠的人們提供了所有這些機會，也帶來了巨大的成果。因此，我再次向 CoreCivic 的整個團隊表示敬意。

With that, we're adjourned. Thank you so much for participating in today's call and thank you again for your continued support of the company.

就這樣，我們休會了。非常感謝您參加今天的電話會議，再次感謝您對公司的持續支持。

This does conclude the program. You may now disconnect.

該計劃確實就此結束。您現在可以斷開連線。