CoreCivic Inc (CXW) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CoreCivic's 2 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 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the call over to David Gutierrez. You may now begin.

現在我想把電話轉給大衛古鐵雷斯。現在你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to CoreCivic's Second 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 also are joined here in the room by our Vice President of Finance, Brian Hammonds.

謝謝您，接線生。大家早安，歡迎參加 CoreCivic 2025 年第二季財報電話會議。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。

On this call, we will discuss financial results for the second quarter of 2025 as well as updated financial guidance for the 2025 year. We will also discuss developments with our government partners and provide you with other general business updates.

在本次電話會議上，我們將討論 2025 年第二季的財務表現以及 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 provisions 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 second 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 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 年第二季度收益報告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 including it in the company's quarterly supplemental financial data report posted on the Investors page of the company website at corecivic.com.

管理階層將討論某些非公認會計準則指標。相應的收益報告中提供了最可比較的 GAAP 衡量標準的對賬，並將其包含在公司網站 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。

Thank you, David. Good morning, and thanks, everyone, for joining us for CoreCivic's Second Quarter 2025 Earnings Call.

謝謝你，大衛。早安，感謝大家參加 CoreCivic 2025 年第二季財報電話會議。

On this morning's call, I will provide an overview of the current environment, briefly review our second quarter financial highlights and discuss our outlook, contracting and acquisition activity and opportunities resulting from government funding initiatives at both the federal and state level.

在今天早上的電話會議上，我將概述當前的環境，簡要回顧我們第二季度的財務亮點，並討論我們的前景、承包和收購活動以及聯邦和州政府資助計劃帶來的機會。

Following my opening remarks, I will hand the call over to Patrick Swindle, our President and Chief Operating Officer. Patrick will review the performance of our core portfolio, discuss in further detail our operational activities related to facility activations during the quarter and how we are preparing for additional demand from our government partners.

在我的開場白之後，我將把電話交給我們的總裁兼營運長 Patrick Swindle。派崔克將回顧我們核心投資組合的表現，進一步詳細討論我們本季與設施活化相關的營運活動，以及我們如何為政府合作夥伴的額外需求做準備。

Finally, we will turn the call over to our CFO, Dave Garfinkle, who will provide greater detail on our second 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二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。

Moving first to a discussion of the business climate. Our business is to help solve tough government challenges in flexible, cost-effective ways and to provide safe environments where people in our care can reside temporarily as they go through their legal due process.

首先討論商業環境。我們的業務是以靈活、經濟高效的方式幫助解決棘手的政府挑戰，並提供安全的環境，讓我們照顧的人們可以在履行合法正當程序期間暫時居住。

Our business is perfectly aligned with the demands of this moment. We are in an unprecedented environment with rapid increases in federal detention populations nationwide and a continuing need for solutions we provide.

我們的業務與當前的需求完全一致。我們正處於一個前所未有的環境中，全國範圍內的聯邦拘留人口迅速增加，並且持續需要我們提供的解決方案。

At the end of June of 2025, nationwide ICE detention populations were 57,861. The highest detention populations ever recorded by ICE which has been our largest customer for over 10 years. From the end of 2024 through the end of the second quarter, ICE populations in our care increased to just over 13,000 or 28%. And we know the demand from ICE will increase.

截至2025年6月底，全國ICE拘留人數為57,861人。ICE 記錄的拘留人數創歷史新高，該機構十多年來一直是我們最大的客戶。從 2024 年底到第二季末，我們照顧的 ICE 人口增加到 13,000 多人，即 28%。我們知道 ICE 的需求將會增加。

Just last month, Congress reached final resolution on federal funding for border security through the One Big Beautiful Act that is historically unmatched and will be available through September of 2029. I will elaborate more on the impact of this funding later in the call.

就在上個月，國會通過了歷史上無與倫比的“一項美麗大法案”，就聯邦政府為邊境安全提供資金做出了最終決議，該法案將持續到2029年9月。我將在稍後的電話會議上詳細闡述這筆資金的影響。

Nationwide population from the United States Marshals Service, our second largest customer, have also begun to increase, although we expect the Marshals population to increase further towards the end of 2025 and into 2026. Our year-over-year Marshals population increased slightly to just over 7,700 at the end of June. Many of our state partners continue to face complex correctional challenges either because of staffing shortages, overcrowding or outdated infrastructure. Our year-over-year state populations were up about 3.5%, driven most notably from new contracts with the State of Montana.

我們第二大客戶美國法警局的全國人口也開始增加，但我們預計到 2025 年底和 2026 年法警人數將進一步增加。與去年同期相比，我們的元帥人數略有增加，截至 6 月底已超過 7,700 人。由於人員短缺、過度擁擠或基礎設施過時，我們的許多州合作夥伴繼續面臨複雜的懲教挑戰。我們州的人口年增了約 3.5%，最顯著的原因是與蒙大拿州簽訂了新合約。

The business environment contributed to the strength of our second quarter financial results. Total revenue increased by 9.8% from the second quarter of 2024 to the second quarter of 2025 and we generated double or even triple-digit percent increases in GAAP net income, adjusted net income or their corresponding per share amounts as disclosed in our earnings press release.

商業環境促成了我們第二季財務業績的強勁成長。從 2024 年第二季度到 2025 年第二季度，總收入增長了 9.8%，並且我們的 GAAP 淨收入、調整後淨收入或其相應的每股金額實現了兩位數甚至三位數的百分比增長，如我們的收益新聞稿中披露的那樣。

Adjusted EBITDA for the quarter increased to $103.3 million, up $19.5 million or 23.2% from the prior year quarter. While the second quarter included certain payroll tax credits that Dave will explain further, even excluding these credits, we exceeded our internal projections for adjusted EPS and normalized FFO per share by $0.07 and adjusted EBITDA by $9.2 million.

本季調整後 EBITDA 增至 1.033 億美元，較去年同期增加 1,950 萬美元，增幅 23.2%。雖然第二季度包括了戴夫將進一步解釋的某些工資稅抵免，但即使不包括這些抵免，我們的調整後每股收益和每股正常化 FFO 也超出了內部預測 0.07 美元，調整後 EBITDA 也超出了 920 萬美元。

We have carried these favorable financial results to our updated full year 2025 financial guidance and further increased guidance for updated occupancy projections and new developments, which Dave will review in detail.

我們已將這些有利的財務業績納入我們更新的 2025 年全年財務指導中，並進一步增加了更新的入住率預測和新開發項目的指導，Dave 將對此進行詳細審查。

During the second quarter, we repurchased 2 million shares of our common stock at an aggregate cost of $43.2 million, increasing our year-to-date repurchases to 3.9 million shares at an aggregate cost of $81 million.

在第二季度，我們回購了 200 萬股普通股，總成本為 4,320 萬美元，使我們年初至今的回購量增至 390 萬股，總成本為 8,100 萬美元。

During the second quarter of 2025, we also announced that we had entered into a definitive agreement to acquire the Farmville Detention Center located in Virginia for a total purchase price of $67 million, which was completed on July 1 at an attractive EBITDA multiple and accretive to earnings. We believe the deployment of capital on these opportunities adds substantial value to our shareholders.

2025 年第二季度，我們也宣布已達成最終協議，以 6,700 萬美元的總收購價收購位於維吉尼亞州的法姆維爾拘留中心，該交易於 7 月 1 日完成，EBITDA 倍數具有吸引力，並可增加收益。我們相信，利用這些機會進行資本部署將為我們的股東帶來巨大的價值。

Turning next to an update on our reactivation activities. As we disclosed in the first quarter, we entered into an agreement with ICE to resume operations at the Dilley Immigration Processing Center in Dilley, Texas, a 2,400-bed facility originally constructed in 2014 to provide a safe and secure environment appropriate for family populations. Before resuming operations in the first quarter, this facility, which we leased from Target Hospitality has been idle since August of 2024. We began receiving residents at this facility during the second quarter and we are on schedule to complete the full reactivation by the end of the third quarter of 2025.

接下來介紹我們重新啟動活動的最新消息。正如我們在第一季披露的那樣，我們與 ICE 達成協議，恢復位於德克薩斯州迪利的迪利移民處理中心的運營，該中心最初建於 2014 年，擁有 2,400 個床位，旨在為家庭人口提供安全可靠的環境。在第一季恢復營運之前，我們從 Target Hospitality 租賃的該設施自 2024 年 8 月以來一直處於閒置狀態。我們從第二季開始在該設施接收居民，並計劃在 2025 年第三季末完成全面恢復營運。

In the first quarter, we also announced we entered into a Letter Contract with ICE to reactivate our 2,560-bed California City Immigration Processing Center effective April 1, 2025. The Letter Contract provides funding to begin startup activities while we work to negotiate and execute a longer-term contract. As a result of the progress made on this reactivation, we expect to receive detainees in the third quarter.

在第一季度，我們還宣布與 ICE 簽訂了一份意向合同，將於 2025 年 4 月 1 日起重新啟動我們擁有 2,560 個床位的加州市移民處理中心。在我們努力協商和執行長期合約的同時，意向合約為啟動活動提供了資金。由於復原工作取得的進展，我們預計將在第三季接收被拘留者。

Based on the status of negotiations with ICE, we also believe we will be successful in entering into a longer-term contract before the end of the third quarter. Effective March 1, 2025, we entered into another Letter Contract with ICE to begin activation efforts at the 1,033-bed Midwest Regional Reception Center. The intake process has been delayed by a lawsuit filed by the city of Leavenworth alleging that a Special Use Permit is required to operate the facility, which we do not believe is required. ICE remains very intent on using the facility, and we are pursuing several avenues through the course to be able to accept detainees. The timing for resolution is currently uncertain. Patrick will provide further details on the progress of these activations.

根據與 ICE 的談判狀況，我們也相信我們將在第三季結束前成功簽訂長期合約。自 2025 年 3 月 1 日起，我們與 ICE 簽訂了另一份意向合同，開始在擁有 1,033 張床位的中西部地區接待中心開展啟動工作。由於萊文沃思市提起訴訟，指控營運該設施需要特殊使用許可證，但我們認為這不是必需的，因此接收過程被推遲。ICE 仍然非常希望使用該設施，我們正在透過多種途徑來接收被拘留者。目前解決的時間尚不確定。帕特里克將提供有關這些激活進展的更多細節。

Looking forward, we are in advanced negotiations to activate a fourth idle facility and have just recently begun discussions to activate a fifth idle facility. Although it is difficult to predict if and when government actions might be taken on these potential contracts, we are optimistic that we will be successful obtaining contract awards to activate additional idle facilities especially now that historic funding levels for border security and immigration detention have been obtained.

展望未來，我們正在就啟動第四個閒置設施進行深入談判，並且最近剛開始討論啟動第五個閒置設施。雖然很難預測政府是否以及何時會對這些潛在合約採取行動，但我們樂觀地認為，我們將成功獲得合約獎勵，以激活額外的閒置設施，特別是現在已經獲得了歷史性的邊境安全和移民拘留資金水平。

Let me also provide one other legal case update that I know many of you have been following. We are pleased that the Third Circuit Court of Appeals upheld a lower court's judgment that determined that New Jersey could not block private immigration detention facilities like Elizabeth Detention Center from operating in the state. The court again found New Jersey's law unconstitutional under the supremacy clause of the US Constitution. We strongly believe that this was the right decision. We're very proud of our long partnership with ICE at Elizabeth, and as the filings in the case may clear, Elizabeth is absolutely critical to the successful execution of ICE's national mission.

我還要提供另一個法律案件的最新消息，我知道你們很多人都在關注。我們很高興第三巡迴上訴法院維持了下級法院的判決，裁定新澤西州不能阻止伊麗莎白拘留中心等私人移民拘留設施在該州運作。法院再次裁定新澤西州的法律違反美國憲法的最高條款。我們堅信這是正確的決定。我們為與伊麗莎白 ICE 的長期合作感到非常自豪，隨著案件文件的澄清，伊麗莎白對於 ICE 成功執行國家使命至關重要。

Before I turn the call over to Patrick, I want to provide some details of this government funding approved by Congress under the reconciliation process remind you of our detention bed capacity and close my remarks on additional business opportunities.

在我將電話轉給帕特里克之前，我想提供一些國會根據和解程序批准的政府資金的細節，提醒您我們的拘留床位容量，並結束我對其他商業機會的發言。

On July 4, President Trump signed a One Big Beautiful Bill Act, a pivotal moment for funding related to our industry. This act appropriates $75 billion in mandatory funding to ICE for immigration enforcement activities and to increase detention capacity. Specifically, the act appropriates $45 billion of the $75 billion for single adult alien detention capacity and family residential center capacity represents more than 3 times previous budgeted levels.

7 月 4 日，川普總統簽署了《一項偉大的美麗法案》，這對我們行業相關的資金來說是一個關鍵時刻。該法案撥款 750 億美元強制資金給 ICE，用於移民執法活動和增加拘留能力。具體來說，該法案從750億美元中撥款450億美元用於單身成人外國人拘留中心和家庭居住中心的容量，是先前預算水準的三倍多。

The remaining $30 billion of the $75 billion to ICE was appropriated for among other expenditures, hiring and training of new ICE agents, transportation costs for alien removals and promoting family unity by detaining aliens that have been charged with a misdemeanor with the alien's children. This funding is a historic increase in funding provided to ICE for border security and immigration detention, which we know will further drive demand for the solutions we provide.

在撥給ICE的750億美元中，剩餘的300億美元用於其他支出，包括僱用和培訓新的ICE特工、遣返外國人的交通費用以及透過拘留被指控犯有輕罪的外國人及其子女來促進家庭團聚。這筆資金是向 ICE 提供的邊境安全和移民拘留資金的歷史性增長，我們知道這將進一步推動對我們所提供解決方案的需求。

It has been well reported in the press that the act is intended to fund approximately 100,000 beds, an increase from 41,500 that had been funded since late 2024, which was an increase from about 34,000 generally funded with a few exceptions over the past 15 years.

根據媒體報道，該法案旨在資助約 10 萬張床位，較 2024 年底以來資助的 41,500 張床位有所增加，而過去 15 年來，除少數例外，資助的床位約為 34,000 張。

The funding under the act will remain available through September 30, 2029, and will be in addition to base annual preparations during that time period. We also understand that these funds will be released from the treasury and available to ICE in the coming weeks.

該法案下的資金將持續到 2029 年 9 月 30 日，並將作為該期間基本年度準備工作的補充。我們還了解到，這些資金將在未來幾週內從國庫中發放並提供給 ICE。

In addition to funding directly for ICE, the act also appropriates $23 billion in mandatory funding to the Department of Homeland Security, or DHS, for border support activities including $10 billion to the DHS Secretary for reimbursement of costs incurred in undertaking activities in support of DHS mission to safeguard US borders.

除了直接向 ICE 提供資金外，該法案還向國土安全部 (DHS) 撥款 230 億美元強制資金，用於邊境支持活動，其中包括向國土安全部部長撥款 100 億美元，用於報銷支持國土安全部保衛美國邊境任務的活動所產生的費用。

This funding is available for use at the discretion of the DHS Secretary. The act appropriates an additional $65 billion in mandatory funding to Customs and Border Protection, or CBP, for border control and security activities, including border infrastructure, personnel, fleet vehicles, facilities, border surveillance and technology.

該筆資金可由國土安全部部長酌情使用。該法案額外撥款 650 億美元給海關和邊境保護局（CBP），用於邊境管制和安全活動，包括邊境基礎設施、人員、車隊車輛、設施、邊境監視和技術。

Finally, the act appropriated roughly $12 billion to Department of Justice or DOJ, for immigration enforcement and border security related activities and programs. These funds are used -- are to be used to combat drug trafficking, prosecution of immigration matters and hiring of immigration judges and staff to address backlogs of petitions, cases and removals. Law enforcement activities by DHS, ICE, CBP and DOJ often contribute to the demand and utilization of our bed capacity.

最後，該法案撥款約 120 億美元給司法部，用於移民執法和邊境安全相關的活動和項目。這些資金將用於打擊毒品販運、起訴移民問題以及僱用移民法官和工作人員以處理積壓的請願書、案件和驅逐出境事宜。國土安全部、移民及海關執法局、海關和邊境保護局以及司法部的執法活動經常會增加我們床位容量的需求和利用率。

On prior earnings calls, we have discussed the detention bed capacity we can make available to our federal partners to accommodate their needs. But as a reminder, we own nine idled corrections and detention facilities containing 13,400 beds, including the two facilities under Letter Contracts that I mentioned earlier that contained 3,600 beds. By adding surge capacity, we have made available at certain facilities, partial capacity we have in facilities that are currently in operation and capacity we can make available through third-party leases like our great partnership with Target Hospitality, I have previously mentioned, we have close to 30,000 beds that we have informed to ICE we could make available.

在先前的收益電話會議上，我們討論了可以向聯邦合作夥伴提供的拘留床位容量，以滿足他們的需求。但要提醒的是，我們擁有 9 個閒置的懲教和拘留設施，共 13,400 張床位，其中包括我之前提到的兩個根據信件合約設立的設施，共計 3,600 張床位。透過增加激增容量，我們已在某些設施中提供了可用容量，這些設施目前已投入運營，並且我們可以透過第三方租賃提供容量，例如我們與 Target Hospitality 的良好合作夥伴關係，我之前提到過，我們有近 30,000 張床位可供使用，並且已告知 ICE 我們可以提供服務。

We also continue to evaluate additional opportunities for expansion that could be cost-effective and allow for greater efficiencies. We know that detention beds like these represent the best value and are the most humane, most efficient logistically have the highest audit-compliant scores in their system are more secure weatherproof 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 international and some other options.

我們也將繼續評估可能具有成本效益並提高效率的其他擴張機會。我們知道，這樣的拘留床位代表著最佳價值，也是最人性化、物流最有效率、系統審計合規分數最高、更安全、防風雨且隨時可用。此外，由於擁有 42 年的 ICE 營運經驗，私部門的床位受到法律挑戰的可能性最小，尤其是相對於國際和其他一些選擇。

Before I move on, let me reinforce these two points. First, the passage of the One Big Beautiful Bill has changed dramatically the activity of ICE and securing bed capacity. We did see very brisk contracting activity for detention bed capacity since the first of the year through the end of the second quarter. However, ICE didn't have enough funding for all this new capacity, so they knew that they would have to get several reprogrammings of funds to meet the increased utilization. And even with that, it was not enough funding because we knew that they were running a significant budget deficit over the last 60 days.

在繼續之前，讓我先強調一下這兩點。首先，《一個大美麗法案》的通過大大改變了ICE的活動和確保床位容量。我們確實看到，從今年年初到第二季末，拘留床位容量的簽約活動非常活躍。然而，ICE 沒有足夠的資金來滿足所有這些新容量的需求，因此他們知道必須對資金進行多次重新規劃才能滿足日益增長的利用率。即使如此，資金仍然不夠，因為我們知道他們在過去 60 天裡出現了嚴重的預算赤字。

But now with the passage of the One Big Beautiful Bill Act, contracting activity is running at a much faster pace. And not just for capacity, while on July 29, ICE launched a very aggressive nationwide hiring program for 10,000 employees.

但現在隨著《一項偉大的美麗法案》的通過，承包活動的步伐大大加快。不僅僅是為了增加產能，7 月 29 日，ICE 啟動了一項非常積極的全國招聘計劃，計劃招聘 10,000 名員工。

This is very important for two reasons. One, it is another sign of the intensity of ICE behavior with the passage of the One Big Beautiful Bill Act. And two, this increase in law enforcement personnel will obviously raise the level of individuals arrested and the requirement for detention capacity.

這非常重要，原因有二。一是《一樁大美法案》的通過是 ICE 行為強度的另一個體現。第二，執法人員的增加顯然會提高逮捕人數和對拘留能力的要求。

My second point is to reinforce that all of the proposed or implemented detention solutions discussed publicly, soft-sided solutions at military bases or at locations like Alligator Alcatraz, capacity at Guantanamo Bay or traditional secured capacity that historically we have provided. ICE's view of all of these offerings is an all-the-above approach and not one solution is preferred over the others that are available in the near term.

我的第二點是要強調，所有公開討論過的提議或實施的拘留解決方案，都是在軍事基地或惡魔島等地、關塔那摩灣的容量或我們歷史上提供的傳統安全容量等軟性解決方案。ICE 對所有這些產品的看法都是綜合考慮，沒有任何解決方案比近期可用的其他解決方案更受歡迎。

They have a need and funding for all of these solutions. But in addition to the superior benefits that I noted earlier in our solutions, it is important to note that ICE does not see soft-sided facilities as long-term solutions.

他們對所有這些解決方案都有需求，並且有資金支持。但是，除了我之前提到的我們的解決方案的卓越優勢之外，值得注意的是，ICE 並不認為軟邊設施是長期解決方案。

And as you could see in these agreements that have been put in place, minimum standards and requirements have been incorporated, whereas our agreements have comprehensive requirements and mandate national detention standards that we have complied with over many, many years.

正如您所看到的，這些已經實施的協議都納入了最低標準和要求，而我們的協議則有全面的要求，並規定了我們多年來一直遵守的國家拘留標準。

Wrapping this section up, and as I previously mentioned, in addition to increasing utilization of beds under existing contracts we have experienced over the past couple of quarters, and the expansion of contracts at our Ohio, Mississippi, Nevada and Oklahoma facilities, we have previously disclosed, we are in various stages of negotiation on multiple idled facilities to provide additional bed capacity to ICE.

總結本節，正如我之前提到的，除了過去幾個季度我們根據現有合約增加床位利用率，以及擴大我們在俄亥俄州、密西西比州、內華達州和俄克拉荷馬州設施的合約之外，我們之前還披露過，我們正處於多個閒置設施的談判階段，以便為 ICE 提供額外的床位容量。

In addition to these federal opportunities, we continue to have active dialogue with several existing state partners as well as new state partners that could result in additional populations including the possible use of the idled facilities. We have also responded to a proposal from the Florida Department of Corrections to manage one or more facilities they own and hope to hear results of that procurement in the near future.

除了這些聯邦機會之外，我們還繼續與幾個現有的州合作夥伴以及新的州合作夥伴進行積極對話，這可能會帶來更多的人口，包括可能使用閒置的設施。我們也回應了佛羅裡達州懲教署的提議，管理他們擁有的一個或多個設施，並希望在不久的將聽到採購的結果。

One final note on state budgeting activity. State budgets are typically approved and start annually on July 1. We are pleased with the level of funding approved by state legislatures for our state contracts, including per diem increases that were important for us to obtain.

關於國家預算活動的最後一點說明。州預算通常在每年 7 月 1 日獲得批准並開始執行。我們對州立法機構批准的用於我們州合約的資金水平感到滿意，其中包括對我們而言至關重要的每日津貼增加。

The increase has approved across our state portfolio average in the mid-single digits and were about double the increases that we were able to obtain last year. We are extremely grateful for the support of our state government partners.

我們州投資組合的平均增幅已達到個位數中段，約為去年增幅的兩倍。我們非常感謝州政府合作夥伴的支持。

Now I'll pass the call over to Patrick Swindle for a further review of our operations activity during the second quarter. Patrick?

現在我將把電話轉給帕特里克·斯溫德爾 (Patrick Swindle)，讓他進一步審查我們第二季度的營運活動。派崔克？

Thanks, Damon. I'll start with a high-level overview of top line revenue and second quarter operational performance. Federal partners, primarily Immigration and Customs Enforcement in the US Marshals Service comprised 50% of CoreCivic's total revenue in the second quarter. Revenue from our federal partners increased 11% during the second quarter of 2025, compared with the prior year quarter, including a reduction in revenue at the Dilley Immigration Processing Center, which closed in August 2024 that resumed operations in the first quarter of 2025 and continues to ramp towards full operations. Excluding the Dilley Immigration Processing Center from both years, our revenue from federal partners increased 19% versus the second quarter of 2024.

謝謝，達蒙。我將首先概述營業收入和第二季的營運表現。聯邦合作夥伴（主要是美國法警局移民和海關執法局）在第二季度佔 CoreCivic 總收入的 50%。2025 年第二季度，來自聯邦合作夥伴的收入與去年同期相比增長了 11%，其中包括迪利移民處理中心的收入減少，該中心於 2024 年 8 月關閉，於 2025 年第一季度恢復運營，並繼續向全面運營邁進。不包括這兩年的迪利移民處理中心，我們從聯邦合作夥伴獲得的收入與 2024 年第二季相比成長了 19%。

Further breaking down our federal revenue. Revenue from ICE increased $25.9 million or 17%, while revenue from the US Marshals Service was up $2.7 million or 3%. As Damon mentioned, we expect increases in US Marshals populations later in 2025 and into 2026. Revenue from our state partners increased $9.9 million or 5% from the prior year quarter. These increases include additional revenue from the State of Montana resulting from two new contracts we signed with the state since the second quarter of 2024. We care for these additional populations at our Saguaro Correctional Facility in Arizona, and our Tallahatchie County Correctional Facility in Mississippi.

進一步細分我們的聯邦收入。來自 ICE 的收入增加了 2,590 萬美元，即 17%，而來自美國法警局的收入增加了 270 萬美元，即 3%。正如達蒙所提到的，我們預計美國法警的數量將在 2025 年底至 2026 年增加。來自我們州合作夥伴的收入比去年同期增加了 990 萬美元，即 5%。這些成長包括我們自 2024 年第二季以來與蒙大拿州簽署的兩份新合約所帶來的額外收入。我們在亞利桑那州的薩瓜羅懲教所和密西西比州的塔拉哈奇縣懲教所照顧這些額外的囚犯。

Total occupancy for our Safety and Community segments for the quarter was 76.8%, up 2.5 points since the year ago quarter. Note that occupancy for the second quarter reflects the transfer of our 2,560-bed California City immigration processing center from our Property segment, which isn't included in these occupancy statistics to our Safety segment. This facility has been in our property segment because it was previously leased to the State of California at the lease expired in March 2024.

本季度，我們安全和社區部門的總入住率為 76.8%，比去年同期成長 2.5 個百分點。請注意，第二季的入住率反映了我們將擁有 2,560 張床位的加州城移民處理中心從我們的房地產部門轉移，而該中心並未包含在這些入住率統計數據中，而是轉移到了我們的安全部門。該設施一直屬於我們的房地產部門，因為它之前已租賃給加州，租約於 2024 年 3 月到期。

We resumed operations at this facility in the second quarter of 2025 due to a letter contract signed with ICE effective April 1, 2025, although we have not yet received any detainees during the second quarter. Therefore, if we exclude this additional capacity from the calculation, making more apples-to-apples comparison with prior periods. Our reported occupancy would have been 79.7%. Occupancy has been on an upward trajectory since early 2023 when it stood at approximately 70%.

由於與 ICE 簽署了一份自 2025 年 4 月 1 日起生效的書面合同，我們於 2025 年第二季度恢復了該設施的運營，儘管我們在第二季度尚未接收任何被拘留者。因此，如果我們將這額外產能排除在計算之外，就能與先前的時期進行更精確的比較。報告顯示入住率應為 79.7%。自 2023 年初以來，入住率一直呈上升趨勢，當時約為 70%。

Another way to look at occupancy is the average population we manage on a daily basis. The average daily population across all of the facilities we manage was 54,026 during the second quarter of 2025, compared with 51,541 in the year ago quarter.

觀察入住率的另一種方式是我們每天管理的平均人口數。2025 年第二季度，我們管理的所有設施的平均每日客流量為 54,026 人，去年同期為 51,541 人。

This increase was driven by more demand for our services and new contracting activity. Our teams have been very successful in working with our government partners and managing the additional people in our care, which we are focused on every day and do not take for granted.

這一增長是由於對我們服務和新承包活動的需求增加所致。我們的團隊在與政府合作夥伴的合作以及對我們照顧的額外人員的管理方面非常成功，我們每天都關注這些事情，並且不會將其視為理所當然。

As Damon alluded, the second quarter was a very busy quarter with reactivation activities at several previously idled facilities. We resumed operations at the Dilley Immigration Processing Center in the first quarter under an amendment to an intergovernmental services agreement or IGSA, and we are on schedule to complete full activation by the end of the third quarter when we expect to generate the full fixed monthly revenue for the facility. We've activated four neighborhoods at the facility and have hired approximately 550 staff at this facility progressing towards 640 staff, and we expect all five neighborhoods to be fully activated.

正如達蒙所暗示的，第二季度是一個非常繁忙的季度，幾個之前閒置的設施重新啟動了活動。根據政府間服務協議（IGSA）的修訂，我們在第一季恢復了迪利移民處理中心的運營，並計劃在第三季末完成全面啟動，預計屆時該設施將產生全部固定月收入。我們已經在該設施啟動了四個社區，並已在該設施僱用了大約 550 名員工，未來員工總數將達到 640 名，我們預計所有五個社區都將全面啟動。

Effective April 1, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 2,560-bed California City immigration processing center. The letter contract provides funding for a six-month period to begin start-up activities while we work to negotiate and execute a longer-term agreement.

自 2025 年 4 月 1 日起，我們與 ICE 簽訂了一份意向合同，開始在我們擁有 2,560 個床位的加州城移民處理中心開展工作。該書面合約提供了為期六個月的資金來啟動啟動活動，同時我們致力於協商並執行一項長期協議。

We've hired over 200 staff, held 10 preservice training academies and have invested $3.5 million in capital expenditures in preparation for receiving detainees from ICE. As a result of the progress made on this reactivation, and based upon communications from ICE, we currently expect to begin receiving detainees from ICE in the third quarter under the terms of Letter Contract.

我們已僱用了 200 多名員工，開設了 10 所職前培訓學院，並已投資 350 萬美元的資本支出，為接收 ICE 的被拘留者做準備。由於此次恢復工作的進展，並根據 ICE 的溝通，我們目前預計將根據合約函的條款在第三季開始接收來自 ICE 的被拘留者。

Along with the progress we believe we have made on the negotiations with ICE, this milestone gives us confidence that will be successful in entering to a longer-term contract before the end of the third quarter. Effective March 7, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 1,033-bed Midwest Regional Reception Center.

我們相信，隨著與 ICE 的談判取得進展，這一里程碑使我們有信心在第三季結束前成功簽訂長期合約。自 2025 年 3 月 7 日起，我們與 ICE 簽訂了一份意向合同，開始在我們擁有 1,033 張床位的中西部地區接待中心開展啟動工作。

We've hired approximately 130 of the approximately 300 staff that will be needed to operate a full facility. We've also held 12 pre-service training academies and invested $3.5 million in capital expenditures in preparation for receiving detainees from ICE.

我們已經僱用了營運整個設施所需的約 300 名員工中的約 130 名。我們也開設了 12 所職前培訓學院，並投資了 350 萬美元的資本支出，為接收 ICE 的被拘留者做準備。

Based on the progress we have made, we are ready to begin accepting detainees at this facility under the terms of Letter Contract. However, the intake process has been delayed by the lawsuit with the City of Leavenworth that Damon mentioned. ICE is eager to begin utilizing this facility, and we are optimistic about successfully resolving the dispute. But ICE and we will both have to wait until the disagreement is resolved. In the meantime, we will continue to negotiate with ICE for a longer-term contract.

根據我們所取得的進展，我們準備根據書面合約的條款開始在該設施接收被拘留者。然而，達蒙提到的與萊文沃思市的訴訟導致接收過程被推遲。ICE 渴望開始利用這項設施，我們對成功解決爭端充滿信心。但 ICE 和我們都必須等到分歧得到解決。同時，我們將繼續與 ICE 協商更長期的合約。

As previously reported, on July 1, we completed the acquisition of the 736-bed Farmville Detention Center in Virginia and immediately began implementing the integration plan we designed during the due diligence period. The facility provides transportation, care and civil detention services to adult male noncitizens through an IGSA between Prince Edward County, Virginia and ICE, which expires in March 2029.

正如之前報導的那樣，7月1日，我們完成了對弗吉尼亞州擁有736張床位的法姆維爾拘留中心的收購，並立即開始實施我們在盡職調查期間設計的整合計劃。該設施透過維吉尼亞州愛德華王子縣和 ICE 之間的 IGSA 為成年男性非公民提供交通、護理和民事拘留服務，該協議將於 2029 年 3 月到期。

While we haven't exercised this integration muscle in several years, I'm pleased with the status of the integration of systems, processes and of course, the team, which is already substantially complete. We are excited to welcome the 200-plus employees at the Farmville Facility to the CoreCivic team and are pleased to expand our book of business with ICE at such a critical location, which ICE is used since the facility was constructed in 2010.

雖然我們已經好幾年沒有鍛鍊這種整合能力了，但我對系統、流程以及團隊的整合現狀感到滿意，它已經基本完成。我們非常高興地歡迎 Farmville 工廠的 200 多名員工加入 CoreCivic 團隊，並且很高興能夠在如此重要的地點擴大與 ICE 的業務往來，自 2010 年該工廠建成以來，ICE 就一直在使用這項服務。

I would like to extend my gratitude to our activation team that has worked so diligently on all of these activations and integrations, along with the countless professionals executing our activation plans to reserve credit for these activities. These accomplishments have only been possible due to months of preplanning and hard work. We know there is more work to be done. While the activations of the Dilley, California City and Midwest Regional Reception Center facilities are not done, we continue to prepare for additional idle facility activations.

我要向我們的激活團隊表示感謝，他們在所有這些激活和整合工作中都付出瞭如此辛勤的努力，同時也向無數執行我們的激活計劃並為這些活動保留榮譽的專業人員表示感謝。這些成就的取得離不開數月的預先規劃和辛勤工作。我們知道還有很多工作要做。雖然迪利、加州市和中西部地區接待中心設施的啟用尚未完成，但我們仍在繼續為其他閒置設施的啟用做準備。

We are in advanced negotiations to activate a fourth idle facility and have just begun discussions to activate the fifth idle facility. And we continue to lean forward on capital expenditures for additional facility activations demonstrating our confidence in future contracting activity. Including the capital expenditures previously mentioned, through June 30, we've incurred over $30 million associated with activations and new transportation vehicles and plan to spend $40 million to $45 million or more.

我們正在就啟動第四個閒置設施進行深入談判，並且剛開始討論啟動第五個閒置設施。我們將繼續傾向於額外設施啟動的資本支出，這表明我們對未來承包活動的信心。包括前面提到的資本支出，截至 6 月 30 日，我們在啟動和新運輸車輛方面已花費超過 3000 萬美元，併計劃花費 4000 萬至 4500 萬美元或更多。

With all of this activity, we remain focused on effectively managing our core portfolio. It is the stability of operations and financial results of these facilities that gives us the opportunity to grow our business. We're managing our costs prudently, making investments where we see needs. We're meeting with customers to help ensure we're meeting their needs and expectations, and we're tending to our residential populations, providing the programs and services they need to transition successfully upon the release from our care.

透過所有這些活動，我們仍然專注於有效管理我們的核心投資組合。正是這些設施的營運和財務表現的穩定性為我們提供了發展業務的機會。我們謹慎地管理成本，在有需要的地方投資。我們正在與客戶會面，以幫助確保我們滿足他們的需求和期望，我們正在照顧我們的居住人口，為他們提供在離開我們的護理後成功過渡所需的計劃和服務。

And so as I turn it over to Dave to discuss our second quarter financial results in more detail, our capital allocation activities and assumptions included in our updated 2025 financial guidance, I'd like to express my appreciation to our 13,000 employees for their focus and commitment to our mission. Dave?

因此，當我將主題交給戴夫來更詳細地討論我們的第二季度財務業績、我們的資本配置活動以及我們更新後的 2025 年財務指南中包含的假設時，我要對我們 13,000 名員工對我們使命的關注和承諾表示感謝。戴夫？

Thank you, Patrick, and good morning, everyone. In the second quarter of 2025, we generated GAAP EPS of $0.35 per share and FFO per share of $0.58. Excluding special items, adjusted EPS in the second quarter was $0.36 and compared with $0.20 in the second quarter of 2024, an increase of $0.16 per share or 80%, and normalized FFO per share was $0.59 per share compared with $0.42 per share in the prior year quarter an increase of $0.17 per share or 40.5%.

謝謝你，派崔克，大家早安。2025年第二季度，我們實現了每股0.35美元的GAAP每股收益和每股0.58美元的FFO。扣除特殊項目後，第二季調整後每股盈餘為0.36美元，較2024年第二季的0.20美元成長0.16美元，增幅達80%；調整後每股FFO為0.59美元，較去年同期的0.42美元成長0.17美元，增幅達40.5%。

Special items for the second quarter of 2025 included $1.5 million of charges associated with our acquisition of the Farmville Detention Center reported in G&A expenses. Special items in the prior year quarter included $4.1 million of expenses associated with debt payments and refinancing transactions.

2025 年第二季的特殊項目包括與我們收購法姆維爾拘留中心相關的 150 萬美元費用，該費用已計入 G&A 費用中。去年同期的特殊項目包括與債務償還和再融資交易相關的 410 萬美元費用。

Adjusted EBITDA was $103.3 million, exceeding average analyst estimates by $21 million and compared with $83.9 million in the second quarter of 2024. The increase in adjusted EBITDA from the prior year quarter of $19.5 million resulted from higher federal and state populations as well as higher average per diem rates across much of our portfolio, which contributed approximately $20 million in incremental facility net operating income over the prior year quarter. The increase also resulted from the recognition of employee retention credits available under the CARES Act, amounting to $8.3 million or $0.08 per share, including $3.2 million of interest on the credits.

調整後的 EBITDA 為 1.033 億美元，比分析師平均預期高出 2,100 萬美元，而 2024 年第二季為 8,390 萬美元。調整後的 EBITDA 較去年同期增加 1,950 萬美元，原因是聯邦和州人口增加，以及我們大部分投資組合的平均每日津貼率提高，這為去年同期的增量設施淨營業收入貢獻了約 2,000 萬美元。此次成長也源自於對《關懷法案》規定的員工保留抵免的認可，總額為 830 萬美元或每股 0.08 美元，其中包括 320 萬美元的抵免利息。

These increases were net of the financial impact of the termination of the contract with ICE at the Dilley Immigration Processing Center effective August 9, 2024. However, we began reactivating the Dilley facility during March 2025 under a new five-year agreement and accepted our first residents at this facility April 8.

這些增長已經扣除了自 2024 年 8 月 9 日起終止與 ICE 在迪利移民處理中心的合約所產生的財務影響。然而，我們根據一項新的五年協議於 2025 年 3 月開始重新啟動 Dilley 設施，並於 4 月 8 日在該設施接收了第一批居民。

This facility accounted for a net decrease in facility net operating income of $11.4 million or $0.07 per share from the second quarter of 2024. As Damon and Patrick both mentioned, we expect this facility to be fully operational by the end of the third quarter of 2025 when we expect to generate revenue for the full fixed monthly payment from ICE.

該廠的淨營業收入較 2024 年第二季淨減少 1,140 萬美元，即每股 0.07 美元。正如達蒙和帕特里克都提到的，我們預計該設施將在 2025 年第三季末全面投入運營，屆時我們預計將從 ICE 獲得全額固定月付款的收入。

Other factors affecting EBITDA and per share results included higher G&A expenses and the favorable impact of our capital allocation strategy, contributing to increases in per share earnings of $0.02 per share through reductions in gross interest expense and common shares outstanding.

影響 EBITDA 和每股業績的其他因素包括更高的 G&A 費用和我們的資本配置策略的有利影響，透過減少總利息支出和流通在外的普通股，每股收益增加了 0.02 美元。

We exceeded our internal forecasted adjusted EBITDA by $20.7 million and both adjusted EPS and normalized FFO per share by $0.15 per share. Even after excluding the employee retention credits, we exceeded adjusted EBITDA by $9.2 million and our per share results by $0.07 and reflecting the strength of the quarter, driven primarily by higher federal populations under existing contracts, combined with new contracting activity. The number of ICE populations in our care followed national trends, which reached a record high at the end of June.

我們的內部預測調整後 EBITDA 超出預期 2,070 萬美元，調整後每股盈餘和每股標準 FFO 均超出預期 0.15 美元。即使排除員工保留抵免後，我們的調整後 EBITDA 仍超出 920 萬美元，每股收益超出 0.07 美元，這反映了本季度的強勁表現，主要原因是現有合約下的聯邦人口增加，加上新的合約活動。我們照顧的 ICE 人口數量遵循全國趨勢，並在 6 月底達到歷史最高水準。

Operating margin in our safety and community facilities combined, was 26.2% in the second quarter of 2025 compared with 23.7% in the prior year quarter. Again, the increase in our operating margin was due to higher occupancy as well as the employee retention credits, which are reflected as a reduction to operating expenses. Excluding employee retention credits, our operating margin was 24.6%, a 90-basis-point increase from the prior year quarter.

2025 年第二季度，我們安全和社區設施的綜合營業利潤率為 26.2%，而去年同期為 23.7%。再次，我們的營業利潤率的增加是由於更高的入住率以及員工保留抵免，這反映為營業費用的減少。不計員工保留抵免，我們的營業利潤率為 24.6%，比去年同期增加了 90 個基點。

Turning next to the balance sheet. During the second quarter, our Board of Directors authorized an increase to our share repurchase program by $150 million, increasing the total aggregate authorization up to $500 million. During the second quarter, we repurchased 2 million shares of our common stock at an aggregate cost of $43.2 million, increasing our year-to-date repurchases to 3.9 million shares at an aggregate cost of $81 million. Since our share repurchase program was announced in May 2022 through June 30, we have repurchased 18.5 million shares of our stock at a total cost of $262.1 million or an average price of $14.19 per share. As of June 30, we had $237.9 million available under the updated Board authorization. After taking into consideration these share repurchases, our leverage measured by net debt to adjusted EBITDA was 2.3 times using the trailing 12 months ended June 30, 2025. As of June 30, we had $130.5 million of cash on hand and an additional $216.4 million of borrowing capacity on our revolving credit facility, which had a balance of $40 million outstanding, providing us with total liquidity of $346.9 million.

接下來看資產負債表。在第二季度，我們的董事會批准將股票回購計畫增加 1.5 億美元，使總授權金額達到 5 億美元。在第二季度，我們回購了 200 萬股普通股，總成本為 4,320 萬美元，使我們年初至今的回購量增至 390 萬股，總成本為 8,100 萬美元。自 2022 年 5 月宣布股票回購計畫以來，截至 6 月 30 日，我們已回購了 1,850 萬股股票，總成本為 2.621 億美元，平均價格為每股 14.19 美元。截至 6 月 30 日，根據更新後的董事會授權，我們擁有 2.379 億美元可用資金。考慮到這些股票回購後，以截至 2025 年 6 月 30 日的過去 12 個月計算，我們的槓桿率（以淨債務與調整後 EBITDA 之比衡量）為 2.3 倍。截至 6 月 30 日，我們手頭上有 1.305 億美元現金，循環信貸額度還有 2.164 億美元的額外借款能力，未償還餘額為 4000 萬美元，為我們提供了 3.469 億美元的總流動資金。

On July 1, 2025, we used our existing liquidity to acquire the Farmville Detention Center, a 736-bed facility located in Virginia for a total purchase price of $67 million. ICE has been using this facility since it was constructed in 2010. Our strong balance sheet and cash flows provide us with significant flexibility to implement our capital allocation strategy of returning capital to shareholders and to take advantage of unique tuck-in acquisition opportunities like this with favorable investment returns.

2025年7月1日，我們利用現有流動資金收購了位於維吉尼亞州、擁有736張床位的法姆維爾拘留中心，總收購價為6,700萬美元。 ICE自 2010 年建成以來一直在使用該設施。我們強勁的資產負債表和現金流為我們提供了極大的靈活性，可以實施向股東返還資本的資本配置策略，並利用此類獨特的補充收購機會獲得豐厚的投資回報。

Moving lastly to a discussion of our updated 2025 financial guidance. We expect to generate adjusted diluted EPS of $1.07 to $1.14, up from $0.83 to $0.92 in our previous guidance and normalized FFO per share of $1.99 to $2.07, up from $1.72 to $1.82. We expect adjusted EBITDA of $365 million to $371 million, up from $331 million to $335 million. Our updated guidance reflects the favorable results for the second quarter, updated occupancy projections consistent with current trends, the acquisition of the Farmville Detention Center on July 1 and as well as the reactivation of the California City immigration processing center based on the expectation of receiving detaining populations during the third quarter of 2025.

最後討論一下我們更新的 2025 年財務指引。我們預計調整後稀釋每股收益為 1.07 美元至 1.14 美元，高於先前指引的 0.83 美元至 0.92 美元；每股標準營運現金流 (FFO) 為 1.99 美元至 2.07 美元，高於先前指引的 1.72 美元至 1.82 美元。我們預計調整後息稅折舊攤銷前利潤 (EBITDA) 為 3.65 億美元至 3.71 億美元，高於先前指引的 3.31 億美元至 3.35 億美元。我們更新後的指引反映了第二季度的良好業績、與當前趨勢一致的最新入住率預測、7 月 1 日對法姆維爾拘留中心的收購以及基於預計在 2025 年第三季度接收拘留人口而重新啟動加州市移民處理中心。

Our guidance reflects a range of assumptions pertaining to the activation of our California City facility, which is still operating under terms of letter contract. There could be upside to our guidance if the timing or terms of a longer-term contract at our California City facility, including the pace of receiving detainees is more favorable than our forecast. Our guidance does not include the impact of a potential longer-term contract at our 1,033-bed Midwest Regional Reception Center as the intake process has been delayed by the lawsuit, Damon and Patrick mentioned, as we have not yet completed negotiations on a long-term contract. The timing of any resolution on this legal matter is difficult to predict. We have updated our guidance to reflect the reduction in facility net operating income at this facility in the second half of 2025 compared with our previous guidance as we continue to ramp up our staffing levels and other operating expenses which are expected to exceed the revenue available under the letter contract. There could be upside to our guidance if the litigation is resolved expeditiously.

我們的指導反映了與啟動加州城工廠有關的一系列假設，該工廠仍根據書面合約條款運作。如果我們加州城設施的長期合約的時間或條款（包括接收被拘留者的速度）比我們的預測更為有利，那麼我們的指導可能會上升。我們的預期並不包括我們擁有 1,033 張床位的中西部地區接待中心可能簽訂的長期合約的影響，因為接收過程因訴訟而被推遲，達蒙和帕特里克提到，因為我們尚未完成長期合約的談判。很難預測這項法律問題解決的時間。我們已更新我們的指引，以反映 2025 年下半年該設施的設施淨營業收入與先前的指引相比有所減少，因為我們將繼續增加人員配備水平和其他營運費用，預計這些費用將超過書面合約規定的可用收入。如果訴訟能夠迅速解決，我們的預期可能會有所改善。

As a reminder, the new agreement reached in March to activate the Dilley facility provides for a fixed monthly revenue payment in accordance with the graduated schedule to correlate with the activation of each neighborhood within the facility. Our guidance reflects revenue for the full facility beginning September 2025, which is unchanged from our previous guidance. Consistent with our past practice, our guidance does not include the impact of new contract awards not previously announced because the timing of government actions on new contracts is always difficult to predict.

提醒一下，3 月達成的啟動 Dilley 設施的新協議規定，將按照分階段的計劃支付固定的每月收入，以與設施內每個社區的啟動情況相一致。我們的指引反映了 2025 年 9 月開始的全部設施的收入，與我們先前的指引相同。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。

We are in advanced negotiations to activate a fourth idle facility and have just begun discussions on activating a fifth idle facility. Although it is difficult to predict if and when government actions might be taken on these potential contracts, we are optimistic that we will be successful in obtaining contract awards to activate additional idle facilities especially now that historic funding levels for border security and immigration detention have been obtained under the One Big Beautiful Bill Act. We expect to revise our financial guidance throughout the year if and when new contracts are signed.

我們正在就啟動第四個閒置設施進行深入談判，並且剛開始討論啟動第五個閒置設施。雖然很難預測政府是否以及何時會對這些潛在合約採取行動，但我們樂觀地認為，我們將成功獲得合約獎勵，以啟動更多閒置設施，特別是現在根據《一項大美麗法案》已獲得歷史性的邊境安全和移民拘留資金水平。如果簽署新合同，我們預計全年將修改我們的財務指引。

In addition to our 2,560-bed California City immigration processing center and our 1,033-bed Midwest Regional Reception Center, we own seven idle correctional and detention facilities that have 9,826 available beds or a total of 13,419 available beds as of June 30. We -- the activation of an idle facility involves hiring, training and preparing the facility to accept residential populations, which depending on contract structure, could result in substantial start-up expenses before we realize additional revenue.

除了擁有 2,560 張床位的加州城移民處理中心和擁有 1,033 張床位的中西部地區接待中心外，我們還擁有 7 個閒置的懲教和拘留設施，共有 9,826 張可用床位，截至 6 月 30 日，可用床位總數為 13,419 張。我們——閒置設施的啟動涉及僱用、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。

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 the start-up expenses until the revenue we generate offsets these expenses. For modeling purposes, when bridging results from Q2 to Q3, it is important to take into consideration the $11.5 million of EBITDA or $0.08 per share associated with the employee retention credits recognized in the second quarter.

如果任何新合約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。為了建模的目的，在將第二季的結果與第三季的結果銜接起來時，重要的是要考慮與第二季確認的員工保留抵免相關的 1,150 萬美元的 EBITDA 或每股 0.08 美元。

Further, during Q3, we expect to continue to increase staffing levels to prepare for the receipt of detainees under both letter contracts without a proportionate increase in revenue negatively impacted Q3 by approximately $0.06 per share compared with Q2. The negative impact of the letter contracts in Q3 is more than offset in the fourth quarter by the assumption of a longer-term contract at our California City facility and a continuing increase in detainee populations at that facility as well as a fully operational billing facility. We plan to spend $60 million to $65 million on maintenance capital expenditures during 2025 and $9 million to $10 million for other capital expenditures, both unchanged from our prior guidance.

此外，在第三季度，我們預計將繼續增加人員配備水平，為根據兩份信件合約接收被拘留者做好準備，而收入不會相應增加，這將對第三季度產生負面影響，與第二季度相比，每股收益約為 0.06 美元。由於我們在加州城監獄簽訂了長期合同，該監獄的被拘留者人數持續增加，以及計費設施全面投入運營，因此在第四季度，信件合同帶來的負面影響被大大抵消。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，花費 900 萬至 1,000 萬美元用於其他資本支出，這兩項支出均與我們先前的指導保持不變。

Our 2025 forecast also includes $70 million to $75 million of capital expenditures associated with potential idle facility activations and for additional transportation vehicles, up $5 million from our prior guidance. During the first half of the year, we spent $30.7 million on potential idle facility activations and additional transportation vehicles. Our guidance includes a similar level of share repurchases as we purchased during the first two quarters. Our share repurchases will take into consideration our stock price, earnings trajectory, liquidity and alternative opportunities to deploy capital. Our guidance does not include any 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.

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 7,000 萬至 7,500 萬美元的資本支出，比我們先前預期的高出 500 萬美元。上半年，我們花了 3,070 萬美元用於啟動潛在的閒置設施和增加運輸車輛。我們的指導包括與前兩季類似的股票回購水準。我們的股票回購將考慮我們的股價、獲利軌跡、流動性和配置資本的替代機會。我們的指導不包括上述以外的任何額外資本支出，這些支出可能需要與重新啟動我們的閒置設施有關，這可能取決於客戶的需求和偏好。

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 and growth CapEx such as facility activations to range from $216 million to $227 million for 2025. We expect our normalized effective tax rate to be 25% to 30%, unchanged from our prior guidance. The full year EBITDA guidance in our press release provides you with our estimate of total depreciation and interest expense, and we are forecasting G&A expenses in 2025 to be approximately $160 million, excluding expenses associated with M&A transactions.

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（例如股票回購和設施激活等成長資本支出）的現金流的代表）將在 2.16 億美元至 2.27 億美元之間。我們預計標準化有效稅率為 25% 至 30%，與先前的預期相同。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支出的估計，我們預測 2025 年的 G&A 支出約為 1.6 億美元，不包括與併購交易相關的費用。

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。

(Operator Instructions) Joe Gomes, Noble Capital.

（操作員指示）Noble Capital 的 Joe Gomes。

Congrats on the quarter on the raised guidance, I did want to start with you talked, Damon, about alternative solutions like the soft side and international, things of that nature. And I guess, the kind of to multipart question here is. One, as I start to look at the solutions, is it slowing down the process with discussions with you guys and your type of solutions. And secondly, what would be your interest in either participating in some of these soft-sided spaces or maybe just managing them, if not actually constructing them?

恭喜本季的指導價有所提高，我確實想從你開始，達蒙，談論一下軟方面和國際化的替代解決方案，諸如此類的事情。我想，這裡的問題有點多部分。首先，當我開始尋找解決方案時，與你們討論並提出你們的解決方案類型是否會減慢進程。其次，如果您不實際建造這些軟邊空間，您是否有興趣參與其中，或者只是管理它們？

Yes. Great question, Joe, and thank you for that, and thank you for the comments. Let me start with the first part. And as I indicated on the call or in my script, I should say, the intensity has really picked up here in the last couple of weeks with the passage of the One Big Beautiful Bill Act. So we obviously saw a lot of activity, as I mentioned, from kind of January through end of June after we've got the letter contracts. We got the new contract at Dilley, so a lot of activity for sure. But with the funding now in place, we clearly are seeing a lot of intensity, both at the national level with DHS and ICE leadership but also seen to play out in field offices where they're engaging us on tours, contract negotiations as we all alluded to, we've got multiple facilities that are in some level of discussion relative to activation and final and long-term contracts.

是的。喬，問得好，謝謝你，也謝謝你的評論。讓我從第一部分開始。正如我在電話會議或我的腳本中所指出的，我應該說，隨著《一項偉大的美麗法案》的通過，過去幾週這裡的緊張程度確實有所上升。因此，正如我所提到的那樣，在我們獲得信件合約之後，從 1 月到 6 月底，我們顯然看到了很多活動。我們與迪利簽訂了新合同，因此肯定會有很多活動。但隨著資金到位，我們顯然看到了很大的力度，不僅在國家層面與國土安全部和移民及海關執法局領導層的合作，而且在外地辦事處也看到了他們的參與，他們讓我們進行參觀、合同談判，正如我們都提到的，我們有多個設施正在就啟動和最終及長期合同進行一定程度的討論。

But maybe if I could, let me just step back for a minute and just give you kind of big picture, how we see things and then kind of answer the second part of your question about these other alternatives. Let me just first just give you a kind of reminder for you and the rest of the folks on the call just the demand as we see it today. So it's been reported in the press over the last 12 months, there is about 14 million people in the country illegally, about half of that amount is what we call 9-10 docket or people in the immigration proceedings. So these are folks as we understand it from my is the $7.5 million that they're focusing on, especially ones that have a criminal record. And so $7.5 million, and if they've got a goal with this administration to do deep rotations at a clip of 1 million a year, that's obviously a lot of people that they're going to have to work through here in the next three, four, five years. So that's -- those are big, big numbers. And now it's going to be a multiyear effort. So that would be number one, as I think about the demand.

但如果可以的話，請允許我先退一步，先向您介紹一下總體情況，我們如何看待事物，然後再回答您關於其他替代方案的問題的第二部分。首先，請容許我提醒您和電話會議中的其他人員，注意我們今天看到的需求。根據媒體報道，過去 12 個月，美國境內非法移民人數約為 1400 萬人，其中約有一半是我們所謂的「9-10 案卷」或移民程序中的人員。據我了解，他們重點關注的是這 750 萬美元的贓物，尤其是那些有犯罪記錄的人。因此需要 750 萬美元，如果本屆政府的目標是以每年 100 萬美元的速度進行深度輪換，那麼顯然，他們必須在未來三、四、五年內處理大量的人員輪調。所以——這些都是很大的數字。現在這將是一項多年的努力。所以，當我考慮需求時，這將是第一位的。

The second thing I would say about the demand is that resources obviously had to be recalibrated here in the last few months. So first of this year, most of the resources, no surprise. We're focused on the Southwest border. And if you look at the detention population at that time, about 90% of all people detained and facilities at the first of the year were people that were arrested at the Southwest border. That has now completely flipped. If you look at the detention population today, which is, again, about 56,000 people, about 70% of those individuals were arrested in the interior. So it's completely flipped here in the last seven, eight months. It's gotten some press on that, but I think it's important to note that ICE has been working hard along with DHS leadership to recalibrate their resources for enforcement, within the interior and again, focus on that 7.5 million people that are in immigration proceedings or maybe have removal orders.

關於需求，我想說的第二件事是，過去幾個月顯然必須重新調整資源。因此，今年年初，大部分資源都投入使用，這並不令人意外。我們的重點是西南邊境。如果你看看當時的拘留人口，你會發現年初被拘留的所有人員和設施中約有 90% 都是在西南邊境被捕的人。但現在情況已經完全改變了。如果你看看今天的拘留人數，大約有 56,000 人，其中約 70％ 是在內陸地區被捕的。在過去的七、八個月裡，情況完全發生了變化。此事已引起一些媒體關注，但我認為值得注意的是，ICE 一直在與國土安全部領導層一起努力，重新調整執法資源，在內陸地區，再次將重點放在 750 萬正在接受移民程序或可能收到驅逐令的人身上。

The last thing I'll just say on the demand side is that, as reported in the press, the last two or three months, and basically, the Southwest border has been completely closed down. The apprehensions are at record lows. But we know that ICE and even Custom Border Patrol, they can recalibrate as appropriate if that changes. So that's the demand side.

關於需求方面，我最後要說的是，正如媒體報導的那樣，過去兩三個月，西南邊境基本上已經完全關閉。逮捕人數處於歷史最低水準。但我們知道，如果情況發生變化，ICE 甚至海關邊境巡邏隊都可以進行適當的重新調整。這就是需求方。

So now let's flip over to the supply side. Again, while we reported and we noted some of these things in my script, there was this Big Beautiful Bill Act, $175 billion under that act for border security, that's going to take many different personnel levels within the federal government to higher levels.

現在讓我們轉到供應方面。再說一次，當我們報道並在我的腳本中提到其中的一些事情時，有一項“大美麗法案”，該法案下有 1750 億美元用於邊境安全，這將使聯邦政府內許多不同級別的人員級別上升到更高的水平。

It's obviously going to put a lot of resources in place, but I get a couple of things I'd point to of note. One of which is there's 6,000 frontline officers, law enforcement officers on ICE today, they want to take that to 16,000. So 6,000 to 16,000. So a lot more people he'll be able to do these enforcement actions within the United States. Secondly, there's a lot of resources for Custom Border Patrol. I touched on that in my script. -- a lot of resources for immigration judges and ports, a lot of resources for technology, especially on Southwest border, vehicles, et cetera, et cetera. So they're clearly doing a ton of investment, what I'd say kind of in the front of the funnel to get the ability to have more enforcement efforts around the United States.

顯然，這將投入大量資源，但我有幾件事需要指出。其中之一是，目前 ICE 上有 6,000 名一線執法人員，他們希望將這一數字增加到 16,000 名。所以是 6,000 到 16,000。因此，他將能夠讓更多的人在美國境內採取這些執法行動。其次，海關邊境巡邏隊擁有大量資源。我在我的劇本中提到了這一點——為移民法官和港口提供大量資源，為技術提供大量資源，特別是西南邊境、車輛等。所以他們顯然在進行大量的投資，我想說的是，他們在漏斗的前端進行投資是為了能夠在美國各地進行更多的執法工作。

But coming back to us and then going back to your second part of your question, if you look at just the dollars that were appropriated for detention capacity. So again, in my script, there's been widely reported, that's about $45 billion. That's just for detention. If you take that over the next four to five years and layer that on top of the $3.5 billion that's been appropriate last couple years for ICE detention at round numbers, that's about $13.5 billion on an annual basis over the next four to five years. And if you take their per day average, ICE's average per day for the detention beds in the United States, which is about $165. That's about 200,000 beds that they could purchase either from the private sector, from state and local governments or other offers that they have, who made solutions available to them. The 200,000 beds is capability if you look at just purely from a dollars perspective. And so to answer your question, we've got the 30,000 beds that we've offered to ICE. Those are in the facilities that we've talked about, and Dave noted 13,400 in vacant facilities. But we've also got surge capacity that we've made available in our facilities that are currently operational, but where we reconfigured the operational capacity where we've added some beds. The third is what we've added some partial capacity in places where we've got maybe lower occupancy where we can provide solutions for ICE and it's already taken place in places like Nevada and Oklahoma.

但回到我們的問題，然後回到你問題的第二部分，如果你只看用於拘留能力的撥款。所以，在我的劇本中，據廣泛報道，這個數字大約是 450 億美元。那隻是拘留。如果將未來四到五年的這筆資金加上過去幾年 ICE 拘留所需的 35 億美元，那麼未來四到五年每年的資金將達到約 135 億美元。如果你計算他們的每日平均值，ICE 在美國拘留床位上的每日平均收費約為 165 美元。他們可以從私營部門、州和地方政府或其他機構購買約 20 萬張床位，這些機構可以為他們提供解決方案。如果僅從金錢角度來看，20 萬張床位是可以負擔的。所以回答你的問題，我們已經向 ICE 提供了 30,000 張床位。這些都是我們討論過的設施，戴夫指出空置設施中有 13,400 個。但是，我們在目前營運的設施中也提供了激增容量，但我們重新配置了營運容量，增加了一些床位。第三，我們在入住率較低的地方增加了部分容量，以便為 ICE 提供解決方案，並且已經在內華達州和俄克拉荷馬州等地實施了這一舉措。

And then finally, the third-party leases through Target, we've got either opportunities with a vendor like them where they could do a complete new activation or do an expansion. And an example of expansion would be at our Dilley facility, which we've talked previously, that's got a lot of capabilities for expansions. So we've got 30,000 beds available today. Some of this is already under contract or letter contracts with like Cal City and Midwest, but also a lot of other capabilities to provide capacity in a very short term.

最後，透過 Target 進行第三方租賃，我們有機會與像他們這樣的供應商合作，進行全新的啟動或擴展。擴張的一個例子就是我們之前談到的迪利工廠，它有許多擴張的能力。因此我們今天有 30,000 張床位可用。其中一些已經與 Cal City 和 Midwest 等公司簽訂了合約或書面合同，但也有許多其他公司可以在很短的時間內提供產能。

So to your last part of your question, if that comes through a solution with a state government or is that a solution that we do on a military base, we're all of the above are very interested. We've got the capabilities. Obviously, we've been working with state governments for almost 42 years. We've been in constant conversations with them as they then kind of the for the federal government. And as you're seeing, there is some interest from states to partner. So we think there's a great kind of win-win. We'll work a partner with someone like that to provide these solutions. So let me talk in a little bit and see if Patrick, anything you'd add to that.

所以對於你問題的最後一部分，如果這個問題是透過與州政府達成的解決方案，或者是我們在軍事基地實施的解決方案，我們對此都非常感興趣。我們有能力。顯然，我們已經與州政府合作了近42年。我們一直在與他們進行對話，因為他們當時是聯邦政府的官員。如您所見，各州都對合作表現出興趣。因此我們認為這是一種雙贏的局面。我們將與這樣的人合作來提供這些解決方案。那麼讓我稍微談談，看看派崔克，你還有什麼要補充的。

Thank you, Damon. The only thing that I would add is I think it's really important to look at prioritization of the different solutions or alternatives that ICE is considering. And as you can imagine, as they shifted from the border to enter enforcement, there are gaps that present across the country. And so you may see, for example, a private sector solution like our California City facility contracted for. You might see a state solution like is presented in Florida, where military based solutions like is presented with Ford Blitz.

謝謝你，達蒙。我唯一要補充的是，我認為對 ICE 正在考慮的不同解決方案或替代方案進行優先排序非常重要。你可以想像，當他們從邊境轉移到入境執法時，全國各地都會出現一些差距。因此，您可能會看到，例如，我們承包的加州城市工廠等私營部門的解決方案。您可能會看到像佛羅裡達州提出的州級解決方案，以及像福特閃電戰提出的軍事解決方案。

And I think it's important to contextualize all those because in the beginning is ensuring that it has the capacity to need locations across the country. And so it isn't necessarily an either/or but a prioritization in terms of filling out the resource gaps or needs across the country. And so if you see a solution, for example, that might be a military-based solution or a state level solution that doesn't mean necessarily that it would displace a private sector solution or vice versa, it may be a function of timing and location and resource needs. So we believe that is considering all of those alternatives, and we continue to believe that the investments that we've made in our capacity position it well to meet ICE needs at the appropriate time.

我認為將所有這些都置於特定背景中非常重要，因為首先要確保它有能力在全國各地開設門市。因此，這不一定是非此即彼的選擇，而是在填補全國資源缺口或需求方面的優先考慮。因此，如果你看到一個解決方案，例如，它可能是一個基於軍事的解決方案或國家層級的解決方案，但這並不一定意味著它會取代私營部門的解決方案或反之亦然，它可能取決於時間、地點和資源需求。因此，我們相信正在考慮所有這些替代方案，我們仍然相信，我們在產能方面所做的投資能夠在適當的時候很好地滿足 ICE 的需求。

And thanks for that, Patrick. I mean, that's a really important point. Again, you go back to the dollars, then you've got the funding capabilities to go to 200,000 beds today and their current population is 6,000. So they really, to Patrick's point, have opportunities to say, okay, where is the near-term need and demand at and then look at the alternative they've gotten us various locations. So I think that's an important point.

謝謝你，派崔克。我的意思是，這是一個非常重要的觀點。再說一遍，回到美元問題，那麼你就有資金能力去增加到今天的 20 萬張床位，而他們目前的人口是 6,000 人。因此，正如帕特里克所說，他們確實有機會說，好吧，近期的需求在哪裡，然後看看他們為我們在各個地點提供的替代方案。所以我認為這是一個重要的觀點。

And lastly, I'll just say when you think about our financial performance today, you think about our guidance for the rest of the year, that just assumes obviously South Texas, which we've announced as part of our guidance, but also Cal City and also a couple of smaller contracts where they've had increased utilization. Our financial performance, which has been pretty significant this year, only incorporates really kind of very small part of the opportunity that's going to be, I think, near term for us as we go to end of this year into 2026.

最後，我想說的是，當您考慮我們今天的財務業績時，您會想到我們對今年剩餘時間的指導，這顯然假設了南德克薩斯州（我們已經將其作為指導的一部分宣布），但也有加州城以及幾個較小的合同，它們的利用率有所提高。我們今年的財務表現相當可觀，但這只體現了從今年年底到 2026 年的短期機會的一小部分。

Great. And then you brought up the non-detained docket. So how many people are there. So I'll switch gears for a second. It's common knowledge, the ISAP contract is coming up for renewal here. Your competitors got an extension on it for right now that we're hoping to get at least six months to a year on it. But I think after that, it would come up for rebid. One, is that something you'd be interested in to kind of capabilities do you have for that? Do you think given the potential size we're talking about here, again, the $7 million 900 docket is something maybe in your view, I would look into split multiple contracts out there like they do on the retention side, given that the past highs here was roughly 375,000 people.

偉大的。然後你又提出了未被扣留的案卷。那麼有多少人呢？因此，我暫時換個話題。眾所周知，ISAP 合約即將續約。您的競爭對手目前已獲得延期，我們希望至少能獲得六個月到一年的延期。但我認為在那之後，它會被重新競標。首先，您是否對此感興趣？您具備哪些能力？您是否認為，考慮到我們在此討論的潛在規模，再次，7900 萬美元的案卷也許在您看來，我會考慮拆分多個合同，就像他們在保留方面所做的那樣，因為這裡過去的最高點大約是 375,000 人。

Yes, great question. And let me first just say, and I think we've been pretty consistent on this, is that really, in the days since the election, the message has been pretty darn clear from an administration DHS leadership and ICE leadership that the tension is going to be the priority. So -- we've been working around the clock at that really almost for a year on getting ourselves ready with capital improvement to facilities that are currently either partially utilized or completely vacant leaning forward on buying buses and vans for transportation needs, making sure that we've got strong pipelines for the labor that we'll need for these activations or additional staff for facilities that go up to a higher occupancy. So detention has been the priority. It's been maker to us from, again, from leadership, administration, DHS and ICE -- and so again, that's what we've been focusing on.

是的，很好的問題。首先我要說的是，我認為我們在這個問題上一直非常一致，自大選以來，政府國土安全部領導層和移民及海關執法局領導層發出的信息非常明確，那就是緩解緊張局勢將成為優先事項。因此，我們幾乎已經日以繼夜地工作了將近一年，為目前部分使用或完全空置的設施進行資本改善做好準備，傾向於購買公共汽車和貨車來滿足運輸需求，確保我們擁有強大的勞動力管道來滿足這些激活所需的需求，或為更高入住率的設施增加額外的員工。因此拘留一直是當務之急。這是我們領導階層、行政部門、國土安全部和移民及海關執法局 (ICE) 的決策者——這也是我們一直關注的重點。

Having said that, obviously, we've been watching to see what's going on with the subcontract. Obviously, we heard some of the comments from Gio's leadership yesterday on their call and we are interested. And so we're going to watch out closely what plays out relative to their extension and then the RFP once it comes out, which, I guess, could be a later this year or maybe early next year.

話雖如此，顯然我們一直在關注分包合約的進展。顯然，我們昨天在電話會議上聽到了吉奧領導層的一些評論，我們很感興趣。因此，我們將密切關注他們的延期情況以及 RFP 的發布情況，我猜這可能是在今年晚些時候或明年年初。

But to answer the second part of your question, we absolutely got the capability plan I think this came out a little bit yesterday on the geo call, if they go to more of an active monitoring solution, I mean that is right in our wheelhouse. Our community division has been doing those types of solutions for nearly 30 years with jurisdictions all over the country. So we clearly have got that capability and competency and also, we've got the leadership. And also, we've got the financial worth and the technology to scale up. So we're monitoring it very closely. We'd be interested, but I'll say again, we know right now, in this moment, the attention is the priority, and that's been our focus since the first of this year or late last year.

但要回答你問題的第二部分，我們絕對有能力計劃，我認為這在昨天的地理電話會議上有所體現，如果他們採用更主動的監控解決方案，我的意思是這正在我們的掌控之中。近 30 年來，我們的社區部門一直在為全國各地的司法管轄區提供此類解決方案。因此，我們顯然具備這種能力和競爭力，而且我們擁有領導力。而且，我們擁有擴大規模的財務價值和技術。因此我們正在密切監視。我們很感興趣，但我要再說一遍，我們知道現在，此時此刻，專注是首要任務，這也是我們從今年年初或去年年底以來一直關注的重點。

Okay. Great. And one more for me, and I'll pass it on. The Midwest facility, unfortunately, we're kind of the loggerheads here right now hopefully gets dissolved quickly. But given its location and ICE's interest in it, are there other potential facilities in that location that this continue to drag along could decide to move their interest too.

好的。偉大的。再給我一個，我會把它傳下去。不幸的是，中西部工廠目前處於一種爭執狀態，希望這個問題能盡快解決。但考慮到其位置和 ICE 對它的興趣，該位置是否還有其他潛在設施，如果繼續拖延，他們可能會決定轉移興趣。

I would say -- I mean, ICE has always been very -- I'd say always recently in the last couple of years, they've been very interested in the facility. I mean for all the points you just made, the location is ideal is near a major Metropolitan airport. It's close to I-70. So from a transportation perspective, it's very good location-wise. I'm confident I don't want to speak to any kind of pending legal matters. You heard what we said in our script, so I really can't add more than that. But I'm confident we're going to get through a resolution on this near term and that facility will be made avail with ICE.

我想說——我的意思是，ICE 一直都非常——我想說最近幾年，他們對該設施非常感興趣。我的意思是，就您剛才提出的所有觀點而言，該地點非常理想，靠近一個主要的大都市機場。它靠近 I-70。因此從交通角度來看，這裡的位置非常好。我確信我不想談論任何懸而未決的法律問題。您已經聽到了我們在腳本中所說的內容，因此我真的無法再添加更多內容。但我有信心，我們將在近期就此問題達成解決方案，並且該設施將由 ICE 提供。

Jason Weaver, JonesTrading.

傑森·韋弗（Jason Weaver），JonesTrading。

It was great to see the updated guidance. As you're well on your way to activating these new facilities, are you seeing any efficiency gains in the expected timeline of staff and get everything you prepared for intake. I know Dilley is a unique case here, but just overall.

很高興看到更新的指南。在您順利啟動這些新設施的過程中，您是否看到員工預期時間表的效率有所提高，並為入職做好了一切準備。我知道迪利在這裡是一個特殊的例子，但總的來說是這樣。

This is Patrick. I guess the way I would answer that is we started preparing for activations in the fourth quarter of last year. And the timeline, as we talked about being somewhat funding-driven has given us a window in the first half of 2025 to really invest resources and making sure that our facilities are positioned to activate quickly. So we've had strong visibility on where the initial demand would man test and we've made preemptive investments to make sure that we can meet that demand as quickly as possible. And so I think because of the preparation work that we did, it really has made the nations that we've initiated so far in Midwest, Cal City and in South Texas, very smooth.

這是派崔克。我想我的回答是，我們從去年第四季就開始為激活做準備。正如我們所說的，時間表在某種程度上是由資金驅動的，這為我們在 2025 年上半年提供了一個窗口，讓我們能夠真正投入資源並確保我們的設施能夠快速啟動。因此，我們對最初的需求測試地點有清晰的了解，並且進行了先發製人的投資，以確保我們能夠盡快滿足這一需求。所以我認為，由於我們所做的準備工作，我們迄今為止在中西部、加州城和南德克薩斯州開展的活動確實非常順利。

Now I think one of the things we're obviously sensitive to is the ramp-up in activity nationwide after the passage of the funding of One Big Beautiful Bill Act. So we do believe that there may be an acceleration. But we also believe that the work that we've already done in our existing sites. And it is helpful with our existing facilities that those facilities are already in place. They don't have to be constructed on a very rapid timeline. The ready. We can have them prepared the physical plant prime for activation, puts us in a great position to activate those quickly. So again, the timelines, the resource investments we made early we think position us really well depending on where demand does shift and manifest to be able to meet that within our existing portfolio.

現在我認為我們顯然敏感的事情之一是《一項偉大的美麗法案》撥款法案通過後全國範圍內活動的增加。所以我們確實相信可能會出現加速。但我們也相信我們在現有站點上已經完成的工作。而且，這些設施已經到位，這對我們現有的設施很有幫助。它們不需要在非常短的時間內建成。準備好了。我們可以讓他們準備好用於活化的物理植物原料，這讓我們能夠快速啟動它們。因此，我們認為，時間表和我們早期所做的資源投資能夠讓我們處於非常有利的位置，這取決於需求的變化，並且能夠在我們現有的投資組合中滿足這些需求。

Great. And then I believe we touched on it in the past, but do you have any new visibility into? Or have you had any incremental discussion regarding the Pecos, Texas facility that was formerly managed by HHS?

偉大的。然後我相信我們過去曾討論過這個問題，但您對此有什麼新的認識嗎？或者您是否就以前由 HHS 管理的德克薩斯州佩科斯設施進行過任何漸進式討論？

Yes. We -- nothing new to report. Obviously, we're, again, monitoring kind of more globally the needs are there in the Southwest border and kind of recalibration of where the needs are based on kind of enforcement actions there. And again, the focus more on the interior versus Southwest border. So again, we're well aware of that facility and its capabilities and then continue to kind of monitor based on what the needs are for ICE and that moment in time in that part of the country.

是的。我們——沒有什麼新消息可報告。顯然，我們再次以更全面的方式監控西南邊境的需求，並根據那裡的執法行動重新調整需求。再次強調，重點更多放在內陸而不是西南邊境。因此，我們非常了解該設施及其能力，然後根據 ICE 的需求和該地區當時的情況繼續進行監控。

Got it. And just one more. I think you might have mentioned in your prepared remarks, but just to clarify, Farmville, can you talk about the timing of that when you expect that incremental $40 million revenue run rate?

知道了。還有一個。我想您可能已經在準備好的發言中提到過，但只是為了澄清一下，Farmville，您能否談談您預計增量收入運行率達到 4000 萬美元的具體時間？

Yes. I can take that one, so immediately. So we closed on July 1. It was a $40 million annual revenue. And so it was a contract in place. So I would expect approximately $20 million for the second half of the year.

是的。我可以立即拿到那個。因此我們於 7 月 1 日關閉。年收入達 4,000 萬美元。因此，合約已經生效。因此我預計下半年的收入約為 2000 萬美元。

M. Marin, Zacks.

M. Marin，Zacks。

So I have a couple of questions. We've touched upon both of the topics that I'd sort of like to get a little bit more color on given what you've said, ICE is extremely well funded at the moment and has significant need, you have a strong relationship with ICE and a long-term relationship and you have significant ongoing discussions. All that said, we still hear in the news, as you mentioned, Alligator Alcatraz and other solutions. Can you give us a little bit more color on what you see as the possible advantages of course facilities compared to some of these other solutions we're hearing about?

我有幾個問題。我們已經談到了這兩個話題，鑑於您所說的，我想對這些話題進行更詳細的說明，ICE 目前資金非常充足，而且有很大的需求，您與 ICE 有著長期的密切關係，並且雙方正在進行重要的討論。儘管如此，我們仍然在新聞中聽到您所提到的鱷魚惡魔島和其他解決方案。與我們聽到的一些其他解決方案相比，您能否向我們詳細介紹一下您認為課程設施可能具有的優勢？

Absolutely. So thank team on this one also, but I appreciate your question. So again, as I said in my script, if you think about our facilities, they're very secure made with hardened construction. They have been tested by ICE or INS for the last 40 years. They have got the most superior ICE courts versus any alternative they've ever had in the United States, even more recent solutions that you just noted, they got great capabilities, so many of our facilities to have courtrooms and other solutions on site to make the mission a lot more efficient and they're extremely cost effective. I mean you look at our per day rate versus some of the alternatives that were recently procured. I mean there are dozens, if not hundreds of dollars cheaper for us versus the other alternatives, a lot more cost effective.

絕對地。所以也感謝這個團隊，但我很感謝您的提問。所以，正如我在腳本中所說的那樣，如果你想想我們的設施，它們採用堅固的結構，非常安全。過去 40 年來，它們一直接受 ICE 或 INS 的測試。他們擁有比美國以往任何法庭都更先進的ICE法庭，甚至還有您剛才提到的最新解決方案，他們擁有強大的能力，我們的許多設施都設有法庭和其他現場解決方案，使任務更加高效，而且極具成本效益。我的意思是，你可以看看我們的每日費率與最近採購的一些替代品的費率。我的意思是，與其他替代方案相比，我們可以便宜幾十甚至幾百美元，更具成本效益。

The other thing that we're watching closely on some of these other solutions, as you mentioned like Alligator Alcatraz, what we're seeing, once these contracts are in place, they've got really minimum standards, both for the operation facility but also for the staff. And what we're hearing kind of back channel is that they kind of see these solutions at very short term that there is -- it's kind of Patrick said, there's maybe a very unique in a short period of time in a third part of the country and these facilities can be rapidly deployed, but they don't want to do a huge investment, both on not only the physical asset but also the standards and requirements some of the infrastructure and also the personnel.

另一件事是，我們正在密切關注其他一些解決方案，正如您所提到的，例如 Alligator Alcatraz，我們看到，一旦這些合約到位，它們就會對營運設施和員工都有最低標準。我們從秘密管道聽到的是，他們把這些解決方案看作是短期解決方案——就像帕特里克所說的那樣，在短時間內，在該國三分之一地區可能存在非常獨特的解決方案，這些設施可以快速部署，但他們不想進行巨額投資，不僅是在實物​​資產上，還包括一些基礎設施和人員的標準和要求。

And so flip it back to us, our solutions and the contracts that we've had like Dilley and some of the others that we've been working on last couple of months like Cal City and Midwest, they're going to have a comprehensive set of terms and conditions and requirements. They're going to have all the newest detention standards and requirements, again, that we've been doing for decades and we can comply with very easily and quickly. And then also they're going to have the highest standards from a personnel perspective.

所以，回到我們這裡，我們的解決方案和我們簽訂的合同，比如 Dilley 以及我們過去幾個月一直在合作的一些其他合同，比如 Cal City 和 Midwest，他們將有一套全面的條款和條件以及要求。他們將採用我們幾十年來一直在實施的所有最新的拘留標準和要求，我們可以非常輕鬆、快速地遵守這些標準和要求。而且從人員角度來看，他們也將擁有最高標準。

And so I think the better way to say it or kind of think about this is that not only our facilities, more cost effective and have all these other benefits. But I think they see our facilities is now a more secure, but also a longer-term solution, more permanent solution versus these others where we're hearing privately, that they could be only for 6 to 12 months. I don't know anything you add to that, Patrick.

所以我認為更好的說法或思考方式是，我們的設施不僅更具成本效益，而且還有所有其他好處。但我認為他們認為我們的設施現在更安全，也是長期解決方案，比我們私下聽到的其他設施更永久的解決方案，這些設施可能只能持續 6 到 12 個月。我不知道你對此還有什麼補充，派崔克。

Yes. The only thing that I would add is, I think, again, this is back to my comments earlier, which is I think ICE is in the process at this moment identifying where it has the greatest geographic needs. And so that might be a focus on an area of the country where you have significant needs for internal enforcement support, but there isn't existing capacity.

是的。我唯一想補充的是，我認為這又回到了我之前的評論，我認為 ICE 目前正在確定最需要地理服務的地方。因此，我們可能會專注於某個地區，該地區對內部執法支援有著很大的需求，但目前卻缺乏這方面的能力。

Obviously, you can't pick up one of our facilities and drop it in Florida, for example. And so there are very specific geographic needs or support needs for the emission in various parts of the country that are going to require alternatives to our capacity to be used that again, as Damon said, our facilities are both our facilities and our operations very well understand the standards that ICE has for its operations our ability to scale those is very rapid in a way that's consistent with the way that we performed with ICE for 40 years of operations. And so we feel like our assets are very well positioned they meet all applicable standards. We can activate those very quickly.

顯然，你不能把我們的一個設施搬到佛羅裡達州。因此，全國各地對排放都有非常具體的地理需求或支援需求，這將需要我們產能的替代方案，正如達蒙所說，我們的設施既是我們的設施，我們的運營也非常了解 ICE 對其運營的標準，我們擴展這些標準的能力非常迅速，與我們 40 年來在 ICE 的運營方式一致。因此，我們認為我們的資產定位非常好，符合所有適用的標準。我們可以很快地激活它們。

And again, I look at the prioritization right now being a function of where the geographic need is and the mission support need is for ICE, but ultimately, funding as such that we would expect our facilities are very well positioned to meet the interim long-term needs for ICE as they ramp up their activities nationwide.

再次強調，我認為目前的優先順序取決於 ICE 的地理需求和任務支援需求，但最終，我們希望我們的設施能夠很好地滿足 ICE 在全國範圍內加強活動時的中期長期需求。

Okay. So that's one segues into my next question, which is about occupancies. And you talked in your prepared remarks about how occupancy is on an upward trajectory. I think you gained about 200 basis points year-over-year in the second quarter. Please just -- I went back and I looked at some of your metrics prior to the pandemic. And it looked like at one point, and this might not be the high, but it looked like occupancy was close to 87%. I'm wondering what you see as your potential runway here.

好的。這就引出了我的下一個問題，就是關於佔用率的問題。您在準備好的演講中談到了入住率如何呈現上升趨勢。我認為第二季的年成長約為 200 個基點。請——我回去查看了疫情爆發之前的一些指標。看起來，在某一時刻，入住率可能不是最高的，但看起來入住率接近 87%。我想知道您認為這裡的潛在跑道是什麼。

Yes, this is Dave. Yes, absolutely, we've got a lot of runway on occupancy. We do include our idle bed capacity in our occupancy statistics. So even as we activate the vital facilities, that's going to improve our occupancy statistics dramatically. That obviously has a big impact on our margins, although I'd say the margin improvement is more impacted by higher utilization at existing facilities, but getting back to occupancy as we fill idle capacity and provide other bed capacity available to ICE and the US Marshals Service as we get into later 2025 and into 2026. Certainly, we could see high 80s in a relatively short term. It is not the high. I think the high -- I've been with the company since 2001, and I think we were in the mid-90s back then. So we certainly have the capability to go higher.

是的，這是戴夫。是的，當然，我們的佔用率還很高。我們確實將閒置床位容量納入了我們的入住率統計數據中。因此，即使我們啟動重要設施，我們的入住率也會大幅提高。這顯然對我們的利潤率產生了很大的影響，儘管我認為利潤率的提高更多地受到現有設施利用率提高的影響，但隨著我們填補閒置容量並為ICE和美國法警局提供其他可用的床位，我們將在2025年末和2026年恢復入住率。當然，我們可能在相對較短的時間內看到 80 多度的高溫。這不是很高。我認為最高點——我自 2001 年起就在公司工作，當時公司正處於 90 年代中期。所以我們當然有能力更上一層樓。

The only thing I'd add to that is that, again, going back to pre-COVID, 87% sounds rise again, we had several vacant facilities, I think, in that period of time. But it's crystal clear to us that ICE is interested in every single bed that we've got in the enterprise. So to Dave's point, and going back to pre-COVID, they, sitting here today, knowing what we know and know what the demand is and also know what the financial capability of it. I think every single bed that we've got in our enterprise is very attractive to for multiple reasons.

我唯一要補充的是，回到新冠疫情之前，87% 的聲音再次上升，我想在那段時間裡我們有幾個空置的設施。但我們非常清楚，ICE 對我們企業中的每一張床位都感興趣。所以正如戴夫所說，回到新冠疫情之前，今天坐在這裡的他們知道我們所知道的，知道需求是什麼，也知道它的財務能力是什麼。我認為我們企業中的每一張床都因多種原因而極具吸引力。

Ben Briggs, StoneX Financial.

本·布里格斯（Ben Briggs），StoneX Financial。

Congratulations on the quarter and the guidance, and thank you for taking the call. So a couple of things. First of all, and maybe I missed this. I know you said you've got 30,000 idle beds. If those were to get activated theoretically immediately. What can you put some number on the revenue potential for that? I'm not sure if you already gave it or if I missed it.

恭喜本季和指導，感謝您接聽電話。有幾件事。首先，也許我忽略了這一點。我知道您說過您有 30,000 張閒置床位。如果這些理論上能夠立即被啟動。您能用數字來衡量一下其潛在收入是多少嗎？我不確定您是否已經給了或我是否錯過了。

Yes. I'll let Dave tackle that one.

是的。我會讓戴夫來解決這個問題。

Yes, we did not. But if you took the $165 per DM that Damon mentioned, that's kind of the average across the country for ICE that and applied that to the 30,000 beds, you're at $1.8 billion of incremental revenue. And again, not all of that is capacity in our portfolio today. As Damon mentioned, some of that's relationships with other parties to lease facilities. But I think we've said if you activated all of our idle 13,419 beds, we get around $500 million in annual revenue, and that would translate around $200 million to $225 million in incremental EBITDA.

是的，我們沒有。但是，如果按照達蒙提到的每位 DM 165 美元計算，這是 ICE 的全國平均水平，並將其應用到 30,000 張床位上，那麼您的增量收入將達到 18 億美元。再次強調，這些並非都是我們目前投資組合中的產能。正如達蒙所提到的，其中一些是與其他方租賃設施的關係。但我想我們已經說過，如果啟用我們所有閒置的 13,419 張床位，我們每年將獲得約 5 億美元的收入，這將轉化為約 2 億至 2.25 億美元的增量 EBITDA。

Okay. Got it. So $500 million, $200 million to $225 million of additional EBITDA. Got it. And then next thing for me. So you were talking a little about how a lot of the apprehensions are no longer happening on borders. But they're now happening in the interior. And obviously, there are detention facilities located around the country. It could have to get transported from where they're attained to those detention facilities. Can you talk a little bit about what your transportation capabilities are and how they might be expanding and any opportunities that you guys see there?

好的。知道了。因此，5 億美元、2 億至 2.25 億美元的額外 EBITDA。知道了。接下來是我要做的事。所以你剛才談到邊境上許多疑慮不再發生。但現在這些事情發生在內陸地區。顯然，全國各地都有拘留設施。它可能必須從到達的地方運送到拘留所。您能否簡單談談貴公司的運輸能力如何、如何擴展以及您在其中看到的機會？

Yes. Great question and tanking with Dave and Patrick on that. But let me just say at a high level, as I mentioned earlier, I guess it was probably October, November of last year, we started leaning way far forward on buying bands and buses because the clear message was, as I said earlier, was the detention. But the second message was we need real help on transportation, too. So we're starting pretty far forward on getting ourselves in the queue for the purchase of vans and buses that were being constructed to different manufacturers around the country. So we have seen a dramatic increase in the use of our transportation assets around the country.

是的。很好的問題，我與 Dave 和 Patrick 就此進行了討論。但是，正如我之前提到的，我只想從高層次上說，我想大概是去年 10 月、11 月，我們開始傾向於購買樂隊和巴士，因為正如我之前所說，明確的信息是拘留。但第二個訊息是我們也需要交通上的真正幫助。因此，我們很早就開始排隊購買全國各地不同製造商生產的貨車和巴士。因此，我們看到全國各地交通運輸資產的使用量急劇增加。

And the last thing I'll say before I give it over to Patrick is that we've gotten ourselves capability-wise where if someone is being arrested in a certain geographical location where we don't necessarily have an intention facility, we are positioning assets around the country where we can quickly go ahead and pick them up from a local gel or a local facility and then move them to one of our facilities. And so that's worked out pretty well. And that's the capability of competencies that we've had for over 30 years, but Patrick, what would you add to that?

在將發言權交給帕特里克之前，我要說的最後一件事是，我們已經具備了這樣的能力：如果有人在某個地理位置被捕，而我們在那裡沒有專門的拘捕設施，那麼我們就會在全國各地部署資源，以便我們能夠迅速前往，從當地的拘捕點或拘捕設施中將他們接走，然後轉移到我們的某個拘捕設施中。所以效果非常好。這就是我們 30 多年來所具備的能力，但是帕特里克，您還有什麼要補充的嗎？

I just had a couple of things. So obviously, our transit core operation supports our ICE and Marshal operations all across the country. And so the transport network allows us to support most of the geographies in the country to the extent that that's needed. Obviously, key focus around our existing facility operations.

我只有幾件事。顯然，我們的交通核心營運支持我們在全國各地的 ICE 和 Marshal 營運。因此，交通網絡使我們能夠在需要的範圍內支持該國的大部分地區。顯然，重點圍繞著我們現有的設施運作。

This year, the investment that we're making in vehicles is over 5x what we would normally spend for CapEx for our TransCore operations. As Damon mentioned, we wanted to be ahead of the curve, knowing that there is a long lead time on purchases for buses and vans to be able to get the inventory in place so we could ramp our operations in a timely way when that was needed. So gave us an ability to ensure that we would be able to meet those needs. And we continue to receive delivery on those vehicles.

今年，我們在車輛方面的投資是 TransCore 營運資本支出的 5 倍以上。正如達蒙所提到的，我們希望走在時代的前列，因為我們知道購買公車和貨車需要很長的準備時間才能準備好庫存，這樣我們才能在需要的時候及時擴大營運。因此我們有能力確保能夠滿足這些需求。我們繼續透過這些車輛接收貨物。

The last thing I'd say is from an experience perspective, we're just celebrating our 35th year anniversary of operations at our TransCore facility this year. So again, we've been able to flex up or down our transportation support needs needed by our customers. And I think what you're seeing this year is an indication of both our capability to do that and the knowledge and expertise that allow us to be able to meet that mission in addition to the housing mission.

我最後要說的是，從經驗的角度來看，我們今年剛慶祝 TransCore 工廠運作 35 週年。因此，我們能夠根據客戶需求增加或減少運輸支援需求。我認為，您今年所看到的情況表明我們有能力做到這一點，並且我們擁有知識和專業技能，使我們能夠在住房使命之外完成這項使命。

Got it. Got it. What percentage -- I'm not sure if you disclose this, what percentage of, call it, I guess, LTM or 2024 revenue is transport?

知道了。知道了。百分比是多少——我不確定您是否披露這一點，我猜，LTM 或 2024 年收入中有多少百分比是運輸？

Well, most of our transportation revenue is kind of intercompany. So we do a lot of the transportation among our own facilities. I don't have the breakout of -- but we do mass moves for certain states like Hawaii, Vermont, et cetera. So that is third-party revenue that shows up in our in our financial statements as incremental revenue. But a lot of our transportation, it comes in various forms. So we have some of our contracts have fixed monthly amounts that they pay us to provide a minimum number of miles of transportation and then other contracts will get paid on a per month basis. So our -- I don't have our third-party transportation revenue is not a material number, but most of the transportation revenue that we really generate is through the management contracts where it's eliminated in but kind of like part of the embedded in the per DM.

嗯，我們的運輸收入大多是公司間收入。因此，我們在自己的設施之間進行了大量運輸。我沒有突破——但我們對某些州（如夏威夷、佛蒙特州等）進行大規模搬遷。因此，第三方收入在我們的財務報表中顯示為增量收入。但是我們的許多交通方式都是多種多樣的。因此，我們的部分合約有固定的月度金額，他們會向我們支付最低限度的運輸里程數，而其他合約將按月付款。所以我們的——我沒有第三方運輸收入，這不是一個實質性的數字，但我們真正產生的大部分運輸收入是透過管理合約產生的，在管理合約中它被消除了，但有點像嵌入在每個 DM 中的一部分。

Understood. Got it. So it's kind of baked into the rest of the contract.

明白了。知道了。因此它已經融入合約的其餘部分。

Right. That's right.

正確的。這是正確的。

Mason Bourne, AWH Capital.

梅森伯恩（Mason Bourne），AWH Capital。

More point of clarification, but I just wanted to ask about the reported beds from ICE. And so I think the current level like you mentioned, is about 57,000. At the beginning of the year, it was pretty easy to see where those beds were occupied by facility. And more recently, that gap has really widened. And so I think most recently, I'm kind of calling on Phantom beds, it's about 15,000 of the 56,000 are not broken out by facility. It seems like you're capturing them given your financial results, but just hope you could talk about that if that's a reporting issue, if it's just due to the activity water you might think might be going on there?

更多澄清點，但我只是想詢問有關 ICE 報告的床位情況。所以我認為目前的水平就像您提到的那樣，大約是 57,000。年初時，很容易就能看出這些床位被哪些設施佔用。而最近，這一差距確實進一步擴大。所以我認為最近，我有點在呼籲幻影床，56,000 張中的大約 15,000 張沒有按設施分類。根據您的財務結果，似乎您正在捕獲它們，但只是希望您能談論它是否是一個報告問題，是否僅僅是由於您認為可能在那裡發生的活動水？

Yes. Appreciate the question. I'm not sure I've got an answer for you. But yes, again, to go to the high-level number I'm looking at the most recent report, you 66,945 that ICE reported. Again, that was on July 27. And -- and as of yesterday, I think we were at about 13,500 within our facilities. But I don't know you had anything to add to that, Patrick?

是的。感謝你的提問。我不確定我是否能給你答案。但是的，再說一次，我要說的是最新的報告，ICE 報告的數字是 66,945。再說一次，那是 7 月 27 日。而且 — — 截至昨天，我認為我們的設施內大約有 13,500 人。但我不知道你還有什麼要補充的，派崔克？

I don't know. But we do track where growth is occurring really by facility nationally. And so -- and we can -- we're certainly willing to share with you our approach for gathering that data. If you want to touch base with us offline.

我不知道。但我們確實追蹤了全國各地各個設施的實際成長情況。因此——我們可以——我們當然願意與你們分享我們收集數據的方法。如果您想與我們進行線下聯繫。

Great. One other quick one. I appreciate your conservatism in the guidance. I just want to make sure that I understand it right. So I think it's not very well understood between you and your main public competitor. But you're basically at or above all of your contractual minimums, right? So as you capture an incremental bed, you're getting the incremental economics of that, which I think maybe isn't necessarily the case with your competitors. Is that fair?

偉大的。再來一個快速的。我欣賞您在指導中表現出的保守態度。我只是想確保我理解正確。所以我認為你和你的主要公開競爭對手之間並不是很了解。但你基本上已經達到或超過了合約規定的最低標準，對嗎？因此，當你佔領一個增量床位時，你就會獲得增量經濟，我認為這與你的競爭對手的情況可能不一定相同。這樣公平嗎？

Yes. Absolutely is fair. I would say -- oh, gosh, I'd say during the pandemic, we were below some of the fixed monthly guarantees. But nowadays, we have a couple of contracts that can bounce around that level. But for the most part, yes, every incremental detainee is contributing to additional revenue.

是的。絕對是公平的。我想說——哦，天哪，我想說在疫情期間，我們的收入低於一些固定的月度保證金。但如今，我們有幾個合約的價格可以在這個水平上下波動。但在大多數情況下，是的，每增加一名被拘留者都會為額外收入做出貢獻。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

So the first question, and apologies, it's a pretty basic modeling question. But if you look at the -- the 66,100 beds that were in safety at the end of the quarter, does that include both Dilley and Cal City? Or are those going to get included later in the year?

所以第一個問題，抱歉，這是一個非常基本的建模問題。但如果你看一下——本季末安全床位有 66,100 張，這是否包括迪利和加州城？或者這些會在今年晚些時候被納入？

It now includes both Dilley and Cal City, that's correct.

現在它包括迪利和加州城，這是正確的。

Okay. And then so when Farmville comes on, that's an immediate add of 736 for that number. I believe that facility was full when you all bought it correct.

好的。那麼，當 Farmville 出現時，這個數字就會立即增加 736。我相信當你們都正確購買時該設施已經滿了。

Yes. Definitely, we'll come into that number in the third quarter, and it was about full. That gave some capacity, wasn't equal but high occupancy.

是的。毫無疑問，我們將在第三季達到這個數字，而且幾乎是滿的。這提供了一定的容量，雖然不是均等的，但佔用率很高。

Okay. Great. All right. And then, David, I want to go back to what you said about occupancy potentially getting into the mid-80s. Is that something that happens this year? Is that more of type of probability just maybe give us some guidepost for that.

好的。偉大的。好的。然後，大衛，我想回到你所說的入住率可能達到 80 年代中期的問題。這是今年發生的事嗎？這是否更像是一種機率，也許能給我們一些指引。

Yes. I think even if we're activating facilities like we talked about Cal City in our guidance because we think we could accept detainees within the coming days and weeks. It will take some time to ramp those up. So I think that's really before we get to the mid-80s. But certainly, I mean, we're already in the high 70s. We could be low 80s by the end of the year depending on our ability to sign new contracts. I think if you exclude any new contracts, we're probably going to be -- still be in the upper 70s, maybe low 80s. But as we expect these new contracts to come online will ramp up to the mid-80s.

是的。我認為，即使我們啟動像我們在指導中談到的加州城那樣的設施，因為我們認為我們可以在未來幾天和幾週內接收被拘留者。需要花一些時間來提高這些水平。所以我認為這確實是在 80 年代中期之前。但可以肯定的是，我們的溫度已經達到 70 度以上了。根據我們簽署新合約的能力，到今年年底我們的收入可能會低於 80 億美元。我認為，如果不考慮任何新合同，我們的收入可能仍會處於 70 多美元，甚至 80 多美元。但正如我們預期的那樣，這些新合約的上線價格將上升至 1980 年代中期。

Okay. Great. And then just the last question. You all referenced some, I think, $10 billion in border funds that was allocated to DHS. Are there any revenue opportunities for CoreCivic inside that pool of money?

好的。偉大的。接下來是最後一個問題。我認為你們都提到了分配給國土安全部的 100 億美元邊境資金。在這筆資金中，CoreCivic 是否有任何創收機會？

Yes. So the $10 billion -- this is Damon. The $10 billion is referring to, yes, that's the dollars of the total $175 billion for border security under the Big Beautiful Bill Act that's for detention. So absolutely, that's the money. So again, $10 billion, and again, that's on top of the $3.5 billion that's in the base of preparation that Congress does on an annual basis. So you add those two numbers together, at $13.5 billion on an annual basis. And again, this money is multiyear money that goes through 2029. So that is going to be the money that ICE is going to look to fund existing capacity, but also new capacity they get on the contract in the coming days and weeks.

是的。所以這 100 億美元——這是達蒙的。是的，100 億美元指的是《美麗大法案》規定的用於邊境安全的 1750 億美元中的拘留費用。所以絕對就是錢。所以，再說一次，100 億美元，而且，這是在國會每年準備的 35 億美元基礎之上的。所以，將這兩個數字加在一起，每年就是 135 億美元。再說一次，這筆錢是多年期資金，將持續到 2029 年。因此，ICE 不僅要用這筆資金來資助現有產能，還要用這筆資金來資助未來幾天和幾週內透過合約獲得的新產能。

And then -- of the $40 billion, $45 billion, exactly right carving out by year.

然後——400億美元、450億美元，按年準確劃分。

That's exactly right. So that's a good clarification. So yes, that's prorated. So again, $40 billion, we're saying $40 billion, it's actually $45 billion. There's going to be some money as we understand it, to have fixed a couple of deficits here and there within DHS. But yes, $40 billion is probably a good number for the next four-plus years on top of the 3.5% to get from Congress on an annual basis.

完全正確。這是一個很好的澄清。是的，這是按比例分配的。再說一遍，400 億美元，我們說的是 400 億美元，實際上是 450 億美元。據我們了解，我們將撥出一些資金來彌補國土安全部內部的一些赤字。但是的，除了每年從國會獲得的 3.5% 的撥款之外，400 億美元在未來四年多的時間裡可能是一個不錯的數字。

All right. And so I mean, since the letter contracts, something you all have been receiving this year, there's a potential if they wanted to do something that they could with that $10 billion per year, issuing some new letter contracts, potential revenue appetite for CoreCivic down the road? Is that the right way to think about it?

好的。所以我的意思是，既然你們今年都收到了信函合同，如果他們想用每年 100 億美元做一些事情，簽發一些新的信函合同，那麼 CoreCivic 未來是否有潛在的收入需求？這是正確的思考方式嗎？

Pretty darn close. I guess one thing I would say is that -- the letter contracts that we got in Cal City and Midwest, that was during early this year. And the way we thought about those agreements as they were basically a bridge to help with activation activities but also get on the other side of the Big Beautiful Bill Act. We think now that that has been passed.

非常接近。我想說的是——我們在今年年初與加州城和中西部簽訂了合約。我們認為這些協議基本上是幫助進行激活活動的橋樑，同時也是《大美麗法案》的另一面。我們現在認為這已經通過了。

And as we said earlier, we think in -- probably by the end of August, the actual dollars will be transferred to accounts within DHS. We think now they're going to go straight into direct contracts or IGAs with us, they're not going to use letter contracts because now they've got the funding, they don't need a bridge. They don't need to wait for kind of funding as they were earlier this year. So we think that's going to not only accelerate contracting activity, but also, they're going to go straight into agreements and not do these letter agreements.

正如我們之前所說，我們認為——可能到 8 月底，實際資金就會轉入國土安全部的帳戶。我們認為現在他們將直接與我們簽訂直接合約或 IGA，他們不會使用書面合同，因為現在他們已經有了資金，他們不需要橋樑。他們不需要像今年早些時候那樣等待資金。因此，我們認為這不僅會加速簽約活動，而且他們會直接簽訂協議，而不是簽署這些書面協議。

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Congrats on the quarter. You mentioned expectations for US Marshals service population growth towards the end of 2025 into 2026. What, I guess, are you hearing that supports those expectations? And what the facilities in the portfolio are maybe best positioned to meet their needs kind of based on what they're looking for from a regional capacity perspective?

恭喜本季取得佳績。您提到了對 2025 年底至 2026 年美國法警服務人口成長的預期。我想，您聽到了什麼來支持這些期望呢？從區域容量角度來看，根據他們的需要，投資組合中的哪些設施可能最能滿足他們的需求？

Yes, great question. The first part is that just history indicates that will happen. So if you look over the last 10, 15 years, when you have a new administration, it usually takes a year, maybe 18 months, maybe a little longer for every individual US attorney that is needed in different court districts around the country to get nominated and get through the process, through the Senate.

是的，很好的問題。第一部分是歷史表明這將會發生。因此，如果你回顧過去 10 到 15 年，你會發現，當新政府上台時，全國各地不同法院轄區所需的每位美國檢察官通常需要一年、18 個月甚至更長的時間才能獲得提名，並通過參議院的程序。

And again, there's probably about 94 US attorneys around the country. So again, that's going to take a while. Once those US attorneys get in place in different core districts around the country, then obviously, they can start implementing the direction from administration from relative to focus on prosecution in certain crimes and offenses. And so history indicates that once that happens, and these people get in place, they build their staff, they're getting direction from kind of behavior and prioritization relative to prosecutions in certain parts of the country, you'll start to see an increase in the federal prison population for the Marshals Service. And so we're already seeing that a little bit. But once I think to get fully staffed and get through all these nominations, you'll see an increase pretty dramatically. I don't know I think you add to that, Patrick.

再說一次，全國大概有 94 名美國檢察官。所以，這又需要一段時間。一旦這些美國檢察官在全國各地不同的核心地區就位，那麼顯然，他們就可以開始執行行政方面的指示，重點關注某些罪行和違法行為的起訴。歷史表明，一旦發生這種情況，這些人就位，他們組建了員工隊伍，他們從與該國某些地區的起訴相關的行為和優先順序中獲得指導，你就會開始看到法警局的聯邦監獄人口增加。我們已經看到了一些這一點。但一旦我認為配備了全部人員並完成了所有這些提名，你就會看到相當顯著的成長。我不知道我認為你會補充這一點，派崔克。

The only thing I would add is that, obviously, in addition to the staffing changes, their enforcement changes that take time to work their way through the system. And so a combination of the potent in the US attorneys combined with a shift in enforcement priorities toward the administration's priorities result in a bit of a lag. But as Damon said, we typically see during the second year of administration and increase in need.

我唯一想補充的是，顯然，除了人員變動之外，他們的執法變化也需要時間來在系統中發揮作用。因此，美國檢察官的強勢加上執法重點向政府優先事項的轉變，導致了一點滯後。但正如達蒙所說，我們通常會在執政的第二年看到需求的增加。

Now in terms of magnitude of demand, initially, I would expect that would be additional utilization of existing contracts in existing facilities, more than it would be need for a substantial expansion of new capacity that's not already in place. And to the second part of your question, I think we've got really good opportunities in Arizona. Oklahoma, potentially Mississippi and New Mexico, all those states -- we have facilities in those states with existing US Marshals contracts that have capacity.

現在就需求規模而言，最初，我預計這將是對現有設施中現有合約的額外利用，超過尚未到位的新產能大幅擴張的需要。對於你問題的第二部分，我認為我們在亞利桑那州確實有很好的機會。俄克拉荷馬州，可能還有密西西比州和新墨西哥州，所有這些州——我們在這些州都擁有設施，並且已經與美國法警簽訂了合同，這些設施具有一定的容量。

Sure. Very helpful. And I guess, simply because I don't think it was asked yet. Are you able to provide any color? Or is there anything you can share on the fourth and fifth idle facility discussions and maybe more particularly, the fourth that you're in advanced discussions for?

當然。非常有幫助。我想，只是因為我認為這個問題還沒被問到。您能提供任何顏色嗎？或者您可以分享有關第四和第五個閒置設施討論的內容，也許更具體地說，關於您正在進行深入討論的第四個閒置設施討論？

Nothing more than we shared already. Yes, we're having discussions, but not at a point yet to reveal of so we're going to get a little further down the road with Ice on those discussions.

我們已經分享了，僅此而已。是的，我們正在進行討論，但尚未透露具體時間，因此我們將與 Ice 就這些討論進行更深入的討論。

Fair enough. And I guess, lastly, just as we think about kind of quarterly cadence, I as Cal City begins intake this quarter, Dilley ramps to full occupancy by the end of this quarter. Do you kind of see Q4 as a fair run rate of maybe the currently contracted facilities going forward, obviously, with the exclusion of Midwest regional?

很公平。最後我想說，正如我們考慮季度節奏一樣，隨著加州城市本季開始招生，迪利將在本季末達到滿員狀態。您是否認為第四季可能是目前已簽約設施未來運作的合理時間，顯然不包括中西部地區？

Yes, we do. Yes, I'd say if you look at Q4 on a run rate basis, you're probably no less than $400 million in on an annual basis, and that does not include any of the additional contracts like the fourth and fifth idle facilities. We just mentioned that we're in discussions with on the advanced stages of discussions one is kind of in the earlier stages. And that's just two of them. And we've got additional opportunities after that. So as we look -- obviously, we're not putting out guidance for 2026, but as we look out to 2026 based on the book of business that we have in 2025 and as these contracts ramp up and some of them will be fully ramped like Dilley, in Q4, we don't see -- well, we see a minimum EBITDA of $400 million going into $26 million without new contracts.

是的，我們有。是的，我想說，如果你從運行率的角度來看第四季度，那麼按年計算，你的收入可能不少於 4 億美元，而且這還不包括第四和第五個閒置設施等任何額外合約。我們剛才提到，我們正在進行後期討論，但目前還處於早期階段。這只是其中兩個。此後我們還有更多的機會。因此，當我們看時 - 顯然，我們不會發布 2026 年的指導，但當我們根據 2025 年的業務賬簿展望 2026 年時，隨著這些合同的增加，其中一些合同將像 Dilley 一樣在第四季度全面增加，我們看不到 - 好吧，我們看到最低 EBITDA 為 4 億美元，如果沒有新合同將達到 260 萬美元。

Raj Sharma, Texas Capital.

德克薩斯首府的拉吉夏爾馬 (Raj Sharma)。

Congratulations on a solid quarter and raised guidance. My first question is, can we go back to the electronic monitoring business, if you could comment on what do you think the cadence of it is, it does the supervision sort of monitoring business? Does it stay at current levels here as your competitors indicated? And then when should it pick back up once retention sort of goals are reached. And my question really is that if ice levels of ICAP go back to 375,000 in Europe for a contract six months or a year, how much of that business are you ready to take get? What is the capacity of how much you can handle in the electronic monitoring and supervision?

恭喜本季業績穩健並提高了預期。我的第一個問題是，我們可以回到電子監控業務嗎？如果您可以評論一下，您認為它的節奏是什麼，它是否執行監督類型的監控業務？正如您的競爭對手所指出的，它是否保持在當前水平？那麼，一旦達到保留目標，什麼時候該恢復呢？我真正的問題是，如果歐洲 ICAP 冰層厚度在六個月或一年的合約期間回到 375,000 噸，您準備承接多少業務？你們在電子監控和監管方面能處理多少容量？

Yes. Thank you so much. I appreciate that question. And again, just to reinforce, I mean, the laser focus from DHS ICE leadership administration is attention. And again, as I said earlier, I mean we're working to accommodate that. And again, if you look at our occupancy today, we've got a lot of runway to help support that prioritization of using detention capacity. So we'll rehash that, but that's our focus.

是的。太感謝了。我很感謝你提出這個問題。再次強調，我的意思是，國土安全部 ICE 領導層高度重視。正如我之前所說，我們正在努力適應這一點。再說一次，如果你看看我們今天的佔用率，我們有很多跑道來幫助支持優先使用拘留能力。因此我們會重新討論這個問題，但這是我們的重點。

And so to answer your question, yes, I think we would agree with GEO, kind of our view is that the current program and its size is probably where it's going to be for the foreseeable future. Again, we're going to watch closely on kind of the timing of RFP. As GEO said yesterday, they've got the one-month extension through August. They're waiting to see and they do a 6- or 12-month extension after that, to allow time for RFP. And again, as I said earlier, we've got the competency and the capability and also if they kind of shift more to active monitoring, which is the anchor bracelet, a GP type solution. We've been doing that for 30-plus years. So we've definitely got -- we check all the boxes relative to our ability and being very competitive in that procurement, but anything you'd add to that, Patrick.

所以回答你的問題，是的，我認為我們同意 GEO 的觀點，我們的觀點是，當前的計劃及其規模在可預見的未來可能都會保持不變。再次，我們將密切關注 RFP 的時間。正如 GEO 昨天所說，他們已將期限延長一個月至 8 月。他們正在等待，然後進行 6 或 12 個月的延期，以留出時間進行 RFP。而且，正如我之前所說，我們擁有能力和實力，而且如果他們更多地轉向主動監控，也就是錨手環，一種 GP 類型的解決方案。我們已經這樣做了 30 多年。因此，我們確實已經做到了——我們檢查了與我們的能力相關的所有方面，並且在採購中非常具有競爭力，但是您還有什麼要補充的嗎，帕特里克。

Yes. The only thing that I would add is that I think it's really important to contextualize the program overall, which is it isn't a singular service. It's a program that's actually evolved over time based on the needs of ICE and the type of monitoring that might be required during a particular period, and those priorities may shift. And so clearly, the prioritization is around detention services through the end of the year. That is very clear.

是的。我唯一想補充的是，我認為將整個計劃置於特定背景下進行非常重要，它並不是一項單一的服務。該計劃實際上是根據 ICE 的需求和特定時期可能需要的監控類型隨著時間的推移而發展的，而這些優先事項可能會發生變化。顯然，今年年底前的優先事項是拘留服務。這非常清楚。

I think the question beyond that, and it really goes back to Damian's answer earlier to one of the questions, which is the funding that's available under the One Big Beautiful Bill Act is actually in excess of 100,000 beds that gets talked about a lot right now as a targeted bed number. And I think really to think about what the world looks like in 6 months or 12 months of being different than today is somewhat difficult at this point because funding is variable to utilize more beds than 100,000 beds that that's ultimately needed. So you have to see a shift from -- in priority from ICE to focus on something other than detention, and we haven't seen that yet.

我認為問題不止於此，它實際上可以追溯到達米安之前對其中一個問題的回答，即《一項偉大的美麗法案》提供的資金實際上超過 100,000 張床位，這是目前人們經常談論的目標床位數量。我認為，現在要真正思考 6 個月或 12 個月後的世界會與現在有何不同是有些困難的，因為資金是可變的，無法利用最終需要的 100,000 張以上的床位。因此，你必須看到 ICE 的優先事項從拘留轉向其他事項，而我們還沒有看到這種情況。

Then in terms of capacity, obviously, this is a program that we've looked at for some time. We've built the capacity and the partnerships that we believe would allow us to compete very effectively for that program at current funded levels. And so we are in a place where we would hope to be in a position to be considered as an alternative. I think we've positioned ourselves well. And certainly, at the current level and capabilities that we think we're very well positioned to compete at the appropriate time. But again, in the short run, we believe the focus of ICE today is on intention, ramping up the tension in meeting the needs of their current priorities.

那麼就容量而言，顯然，這是一個我們已經研究了一段時間的計劃。我們已經建立了能力和合作夥伴關係，我們相信這將使我們能夠在目前的資助水平下非常有效地競爭該項目。因此，我們希望能夠被視為一種替代方案。我認為我們已經做好了很好的定位。當然，以目前的水平和能力，我們認為我們完全有能力在適當的時候參與競爭。但從短期來看，我們認為 ICE 目前的重點是意圖，增加緊張程度以滿足其當前優先事項的需求。

That's really helpful. And then my next question is on the contribution of EBITDA from the reactivated facilities? How much -- what's the current contribution from reactivated facilities right now in your EBITDA number? And when would you -- will you think you'd reach mature margin profile on these facilities and we can -- I know that David has talked about the potential add-on in EBITDA once they turn on fully? Could you talk about that, please?

這真的很有幫助。我的下一個問題是關於重新啟動的設施對 EBITDA 的貢獻？重新啟用的設施目前對您的 EBITDA 數字的貢獻是多少？您認為這些設施何時能夠達到成熟的利潤率？我們可以嗎？我知道 David 已經談到這些設施全面投入使用後 EBITDA 的潛在附加價值？你能談談這個嗎？

So first of all, we typically don't parse the economics of our individual contracts from a contribution perspective. And so I know that's something that would be helpful from an external modeling perspective. But it's something that we typically don't do and have not done. And we've talked about what the contribution could be from a revenue perspective around our new contracts.

首先，我們通常不會從貢獻的角度來分析個人合約的經濟性。所以我知道從外部建模的角度來看這會有所幫助。但這是我們通常不會做、也沒有做過的事情。我們已經討論了從收入角度來看新合約可能帶來的貢獻。

From a timeline standpoint, we do expect our South Texas facility will hit normalized run rate for the fourth quarter. So you would expect that facility would be fully contributing and fully ramped in the fourth quarter. You would expect our Cal City facility would be ramping up and achieving normalized run rate at some point during the fourth quarter. And as Dave said, during his most recent question, we would expect our run rate would be north of $400 million as we exit this year. And obviously, you can look at the puts and takes that have contributed to our outperformance this year. But again, we typically don't and wouldn't expect to parse the individual contract economics.

從時間角度來看，我們確實預計我們的南德克薩斯工廠將在第四季度達到正常運作率。因此，您可以預期該設施將在第四季度全面投入使用並全面投入使用。您可能希望我們的加州城市工廠能夠在第四季度的某個時候提高產能並實現正常的運作率。正如戴夫在最近一次提問中所說，我們預計今年退出時的運行率將超過 4 億美元。顯然，您可以看看今年促成我們優異表現的因素。但同樣，我們通常不會、也不會期望去分析個人合約經濟學。

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。

A couple of questions. The last time your occupancy was above 80%. Could you remind us of the EBITDA margins? And would it actually be higher than that now given the ICE mix is a little higher profit margin or the federal more specifically than the state?

有幾個問題。上次您的入住率超過 80%。您能提醒我們一下 EBITDA 利潤率嗎？鑑於 ICE 組合的利潤率略高，或者聯邦政府的利潤率比州政府更高，那麼現在實際利潤率會更高嗎？

I would say we were around 25%, if I recall correctly. I have to go back to check to confirm for sure. But I think we are on 25%, 26% total operating margin that's across the whole portfolio. So again, as we've mentioned, not in a portfolio of our size, you have some better margins and some worse margins, but that's the average cost of portfolio. I don't -- I wouldn't say our margin profile would change materially. Just with an increase in ICE business. I think they're consistent with the overall margin profile of the safety segment. So I'd expect us as we increase occupancy, to approach and perhaps exceed that 25% margin, again, just because of higher occupancy, not necessarily because of the specific customer.

如果我沒記錯的話，我們的比例大概是 25%。我必須回去檢查以確認。但我認為我們整個投資組合的總營業利潤率為 25% 至 26%。所以，正如我們所提到的那樣，在我們這種規模的投資組合中，利潤率有高有低，但這是投資組合的平均成本。我不認為我們的利潤率狀況會發生重大變化。只是 ICE 業務增加。我認為它們與安全部門的整體利潤狀況一致。因此，我預計隨著我們入住率的提高，我們的利潤率將接近甚至超過 25%，這僅僅是因為入住率更高，而不一定是因為特定的客戶。

Okay. Second question, could you remind people, you bid on the ISAP contract last time. And I believe you were the lower bidder in when the contract, do you see this administration possibly ignoring the lower bid, if that was the case again?

好的。第二個問題，您能否提醒大家，您上次投標了 ISAP 合約。我相信您在簽訂合約時是最低投標人，如果情況再次如此，您是否認為本屆政府可能會忽略最低投標？

Yes. It's hard to say to get into the heads of people that evaluate the proposal through a procurement process. So it'd be really kind of hard to answer that as your question. So again, we're waiting to see when the procurement comes out, again, GEO said it could be a 6-month or 12-month extension that they get after this current extension through the in August. And then, we'll have to evaluate when it comes down to the kind of new requirements. And also to your question about kind of weighting of price, if that changes how they consider the overall arching kind of cost of the contract with the proposal from us in the overall kind of scoring of the proposal.

是的。很難說如何讓那些透過採購流程評估該提案的人明白這一點。所以回答你的這個問題確實有點困難。因此，我們再次等待採購結果出來，GEO 再次表示，在目前的延期（截止到 8 月）之後，他們可能會獲得 6 個月或 12 個月的延期。然後，我們必須評估新的要求。另外，關於您關於價格權重的問題，如果這改變了他們如何考慮合約的總體成本以及我們提出的提案在總體評分中的影響，那該怎麼辦？

Okay. And final question is, do you see yourself initiating a dividend in '26 given the increased cash flow and buyback already ongoing?

好的。最後一個問題是，考慮到現金流的增加和正在進行的回購，您是否認為自己會在 26 年開始派發股息？

Not at the current prices, no not at the current stock price.

不是以當前價格，不是以當前股票價格。

Thank you. That does conclude today's Q&A session. I would like to go ahead and turn the call back over to Damon Hininger for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。我想繼續，並將電話轉回給 Damon Hininger 做最後發言。請繼續。

All right. Thank you so very much. Thank you so much for your interest in the company. I know we went a little over, but also, we had a lot to talk about. On behalf of the team here in the room and throughout the organization, we're deeply grateful for the interest of the company, but more importantly, your support and investment in our company. We have had a tremendous, tremendous first half of 2025, as you see from the financial performance, but also the year we're going to have a very strong year as we end 2025 and go into 2026. So we look forward to talking to you at our next call in early fall. Thank you so much.

好的。非常感謝。非常感謝您對本公司的關注。我知道我們談論得有點多了，但我們也有很多話要說。我謹代表在座的各位團隊以及整個組織，對公司的關注深表感謝，但更重要的是，感謝您對我們公司的支持與投資。從財務表現來看，我們在 2025 年上半年取得了巨大的成功，而且在 2025 年結束、2026 年即將到來之際，我們也將迎來非常強勁的一年。因此，我們期待在初秋的下一次電話會議上與您交談。太感謝了。

This does conclude today's conference. You may all disconnect.

今天的會議到此結束。你們都可以斷開連線。