CoreCivic Inc (CXW) 2025 Q3 法說會逐字稿

Good day, and welcome to CoreCivic's Third Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the call over to Jeb Bachmann, Managing Director, Investor Relations.

各位好，歡迎參加CoreCivic 2025年第三季財報電話會議。（操作員說明）提醒您，本次通話可能會被錄音。現在我將把電話交給投資人關係總經理傑布‧巴赫曼。

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

謝謝接線生。各位下午好，歡迎參加CoreCivic 2025年第三季財報電話會議。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；以及我們的財務長 David Garfinkle。我們的財務副總裁布萊恩·哈蒙茲也來到了現場。在本次電話會議上，我們將討論 2025 年第三季的財務表現以及 2025 年的最新財務指引。

We will also discuss developments with our government partners and provide you with other general business updates. 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 third quarter 2025 earnings release issued after market yesterday as well as in our Securities and Exchange Commission filings, including Forms 10-K, 10-Q and also 8-K reports. You are cautioned that any forward-looking statements reflect management's current views only and that the company undertakes no obligation to revise or update such statements in the future. Management will discuss certain non-GAAP metrics.

我們還將與政府合作夥伴探討最新進展，並向您提供其他一般業務動態。在今天的電話會議中，我們的發言，包括我們對您問題的回答，將包含根據《私人證券和訴訟改革法案》安全港條款作出的前瞻性陳述。由於多種因素的影響，我們的實際業績或趨勢可能會與預期存在重大差異，這些因素包括我們在昨天盤後發布的 2025 年第三季度收益報告中以及我們在提交給美國證券交易委員會的文件（包括 10-K 表格、10-Q 表格和 8-K 表格）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訂或更新此類陳述的義務。管理階層將討論某些非GAAP指標。

A reconciliation of the most comparable GAAP measurement is provided in the corresponding earnings release and included in the company's quarterly supplemental financial data report posted on the Investors page of the company's website at corecivic.com. With that, it is my pleasure to turn the call over to our CEO, Damon Hininger.

最接近的GAAP計量指標的調節表已在相應的盈利報告中提供，並包含在公司網站corecivic.com投資者關係頁面上發布的季度補充財務數據報告中。接下來，我很高興將電話轉交給我們的執行長達蒙·希寧格。

Thank you, Jeb. Good afternoon and thank you for joining us for CoreCivic's third quarter 2025 earnings call. On this afternoon's call, I will discuss our near-term and long-term outlook and recent contracting activity. 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 relating to facility activations during the quarter and how we are preparing for additional demand from our government partners.

謝謝你，傑布。下午好，感謝各位參加CoreCivic 2025年第三季財報電話會議。今天下午的電話會議上，我將討論我們的近期和長期前景以及最近的合約活動。在我的開場白之後，我將把電話交給我們的總裁兼營運長帕特里克·斯溫德爾。Patrick 將檢視我們核心投資組合的表現，進一步詳細討論本季與設施啟用相關的營運活動，以及我們如何為政府合作夥伴的額外需求做好準備。

We will then turn the call over to our CFO, Dave Garfinkle, who will provide detail on our third quarter financial results as well as our updated 2025 financial guidance and provide an update on our capital allocation strategy. I will then conclude with some closing remarks before we open up the call for Q&A. First up, an update on our activation activities, where we've made substantial progress on contracting several idle facilities. Since our last earnings call, we announced new awards at the 600-bed West Tennessee Detention Facility, the 2,560-bed California City Immigration Processing Center, the 1,033-bed Midwest Regional Reception Center and the 2,160-bed Diamondback Correctional Facility. In aggregate, these 4 new contract awards are expected to generate annual revenue of approximately $320 million once we reach stabilized occupancy.

接下來，我們將把電話轉交給我們的財務長戴夫·加芬克爾，他將詳細介紹我們第三季度的財務業績以及我們更新後的 2025 年財務預期，並介紹我們的資本配置策略的最新情況。最後，我將作一些總結性發言，之後我們將進入問答環節。首先，報告我們的啟動活動進展，我們在與幾家閒置工廠簽訂合約方面取得了實質進展。自上次財報電話會議以來，我們宣布了對擁有 600 個床位的西田納西拘留中心、擁有 2,560 個床位的加州城移民處理中心、擁有 1,033 個床位的中西部地區接待中心和擁有 2,160 個床位的鑽石背懲教中心的新獎勵。預計這 4 份新合約在入住率穩定後，每年將產生約 3.2 億美元的收入。

Our updated full year 2025 financial guidance reflects significant earnings growth from 2024. Although these recently announced new contract awards negatively impact our financial guidance for the fourth quarter for start-up related activities, which Dave will review in detail, these new awards set us up nicely for an even stronger 2026. Once we reach stabilized occupancy for these new awards, which we expect to occur during the first half of 2026, we expect our annual run rate revenue to be approximately $2.5 billion and annual run rate EBITDA to increase by $100 million to over $450 million, and this is not counting any additional contract awards. While staffing ramp continues at each of these facilities with some already accepting detainees, the intake process at our Midwest facility has been delayed by a lawsuit filed by the City of Leavenworth. And although we are optimistic, we cannot predict if or when a favorable resolution will be achieved.

我們更新後的 2025 年全年財務預期反映了 2024 年以來的顯著獲利成長。儘管最近宣布的這些新合約授予對我們第四季度與新創公司相關的活動的財務預期產生了負面影響（戴夫將對此進行詳細審查），但這些新合約授予為我們2026年取得更強勁的成績奠定了良好的基礎。一旦這些新合約的入住率穩定下來（我們預計這將在 2026 年上半年發生），我們預計年度運行收入將達到約 25 億美元，年度運行 EBITDA 將增加 1 億美元，達到 4.5 億美元以上，這還不包括任何額外的合約授予。雖然這些設施的人員配備工作仍在繼續，有些設施已經開始接收被拘留者，但我們位於中西部的設施的接收程序因萊文沃思市提起的一項訴訟而被推遲。儘管我們持樂觀態度，但我們無法預測是否或何時能夠達成有利的解決方案。

Patrick will provide further details on the progress of these activations. Moving to a discussion of the business climate. At the end of September 2025, nationwide ICE detention populations were at historical highs of around 60,000, an increase of a couple of thousand from the end of the second quarter. U.S. Immigration and Customs Enforcement or ICE, has been our largest customer for over a decade.

Patrick 將提供這些活動進展的更多細節。接下來討論商業環境。截至 2025 年 9 月底，全國 ICE 拘留人數達到歷史最高水平，約 6 萬人，比第二季末增加了數千人。美國移民及海關執法局（ICE）十多年來一直是我們的最大客戶。

From the end of 2024 through the third quarter, ICE populations in our facilities increased 3,700 to almost 14,000 or 37%. We believe that enforcement activity could gain additional momentum in the coming months as more agents are hired to meet ICE's 100,000-bed detention target. Nationwide populations from the United States Marshals Service, our second largest customer, have remained relatively flat, although we expect Marshals populations to increase in 2026 due to an anticipated increase in enforcement activities and as more U.S. attorneys are put in place. Our Marshals populations have declined slightly to just over 6,300 at the end of September.

從 2024 年底到第三季度，我們設施中的 ICE 人口增加了 3,700 人，達到近 14,000 人，增幅達 37%。我們認為，隨著更多執法人員被雇用以實現 ICE 10 萬床位拘留目標，未來幾個月執法活動可能會獲得更大的動力。來自美國法警署（我們的第二大客戶）的全國人口數量一直保持相對穩定，儘管我們預計，由於執法活動的預期增加以及更多美國檢察官的到位，法警署的人口數量將在 2026 年增加。截至9月底，我們的執法人員數量略有下降，僅略高於6,300人。

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 600 people driven most notably from new contracts with the State of Montana and increased populations in Georgia. We are in conversations with numerous existing and potential state partners to accommodate their additional demand. As we continue to look for additional ways to meet our government partners' needs, we believe that we can make available substantial capacity to meet future demand. Even after the earlier mentioned activations, we own 5 idle corrections and detention facilities containing approximately 7,000 beds.

由於人員短缺、過度擁擠或基礎設施過時等原因，我們的許多州合作夥伴仍然面臨複雜的懲教挑戰。我們州的年人口比前一年增加了約 600 人，這主要得益於與蒙大拿州簽訂的新合約以及喬治亞州人口的增長。我們正在與眾多現有和潛在的州級合作夥伴進行洽談，以滿足他們額外的需求。我們將繼續尋找更多方法來滿足政府合作夥伴的需求，我們相信我們可以提供充足的產能來滿足未來的需求。即使在前面提到的啟用之後，我們仍然擁有 5 個閒置的懲教和拘留設施，約有 7000 個床位。

Along with 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 previously mentioned, we have close to 24,000 beds that we have informed ICE could be available. We continue to believe that detention beds like these represent the best value and are the most humane, most efficient logistically, have the highest audit compliance scores in their system, are more secure, weather-proof and are readily available. One final comment before I pass the call over to Patrick. As you all know, the company has a authorization for a share repurchase program for up to $500 million in the aggregate. During the 9 months ended September 30, 2025, we purchased 5.9 million shares of common stock under the share repurchase program at an aggregate cost of $121 million or $20.60 per share.

加上我們在某些​​設施中提供的緊急容量、我們目前運營的設施中的部分容量，以及我們可以透過第三方租賃（例如我之前提到的與 Target Hospitality 的良好合作關係）提供的容量，我們已經通知 ICE 可能有近 24,000 張床位可供使用。我們仍然認為，像這樣的拘留床位最有價值，也最人道，後勤效率最高，在系統中擁有最高的審計合規分數，更安全，防風雨，而且隨時可用。在把電話交給派崔克之前，我還有最後要補充一點。如大家所知，該公司已獲準實施總額高達 5 億美元的股票回購計畫。截至 2025 年 9 月 30 日的 9 個月內，我們根據股票回購計畫購買了 590 萬股普通股，總成本為 1.21 億美元，即每股 20.60 美元。

Since the share repurchase program was authorized in May of 2022, through September 30, 2025, we have purchased a total of 20.4 million shares of our common stock at an aggregate cost of $302 million or $14.81 per share, excluding fees, commissions and other costs related to the repurchases. As of September 30, 2025, we had approximately $198 million of repurchase authorization available under the share repurchase program. Looking at the current stock price and our historical EBITDA trading multiples, the market is assuming a $300 million EBITDA run rate for the company, which is clearly a misalignment with our recent operating performance and anticipated forecast for 2026. With that, we expect to be executing an aggressive buyback plan this quarter, likely to be more than double the amount we have done in previous quarters. With that, I will pass the call over to Patrick Swindle for further review of our operations activities during the third quarter.

自 2022 年 5 月批准股票回購計畫以來，截至 2025 年 9 月 30 日，我們已累積回購 2,040 萬股普通股，總成本為 3.02 億美元，即每股 14.81 美元，不包括與回購相關的費用、佣金和其他成本。截至 2025 年 9 月 30 日，我們在股票回購計畫下擁有約 1.98 億美元的回購授權。從目前的股價和我們歷史 EBITDA 交易倍數來看，市場假設公司 EBITDA 運作率為 3 億美元，這顯然與我們最近的經營業績和對 2026 年的預期預測不符。因此，我們預計本季將執行一項積極的股票回購計劃，回購規模可能會是前幾季的兩倍以上。接下來，我將把電話交給派崔克‧斯溫德爾，讓他進一步回顧我們第三季的營運活動。

Thanks, Damon. I'll start with a high-level overview of our top line revenue and third quarter operational performance. Federal partners, primarily Immigration and Customs Enforcement and the U.S. Marshals Service comprised 55% of CoreCivic's total revenue in the third quarter. Revenue from our federal partners increased 28% during the third quarter of 2025 compared with the prior year quarter.

謝謝你，達蒙。我將首先概述我們的總收入和第三季營運表現。聯邦合作夥伴，主要是移民和海關執法局以及美國法警局，佔CoreCivic第三季總收入的55%。2025 年第三季度，我們來自聯邦合作夥伴的營收比去年同期成長了 28%。

Further breaking down our federal revenue, revenue from ICE increased $76.2 million or 54.6%, while revenue from the U.S. Marshals Service decreased by 5% versus the prior year quarter. Some of this decline is simply a shift mix where ICE and Marshals share a contract. As Damon mentioned, we expect increases in U.S. Marshals populations later in 2026.

進一步細分聯邦收入，來自美國移民及海關執法局 (ICE) 的收入增加了 7,620 萬美元，增幅達 54.6%，而來自美國法警局的收入與去年同期相比下降了 5%。部分下降僅是由於ICE和法警共用一份合約導致的輪班變更。正如達蒙所提到的，我們預計美國法警人數將在 2026 年稍後增加。

Revenue from our state partners increased 3.6% from the prior year quarter. This increase includes additional revenue from the State of Montana, resulting from the 2 new contracts we signed with the state since the second quarter of 2024 and population increases in Georgia. Total occupancy for our Safety and Community segments for the quarter was 76.7%, up 1.5 points since the year ago quarter. As we noted on our last quarter earnings call, total occupancy 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. Although this facility recently transitioned from a letter contract to a definitized contract, we have not yet begun receiving any detainees until late in the third quarter.

來自州合作夥伴的收入比去年同期成長了3.6%。這一增長包括蒙大拿州自 2024 年第二季以來與我們簽署的 2 份新合約帶來的額外收入，以及喬治亞州人口的成長。本季安全與社區部門的總入住率為 76.7%，較去年同期成長 1.5 個百分點。正如我們在上一季財報電話會議上所指出的，總入住率反映了我們擁有 2,560 個床位的加州城市移民處理中心從我們的物業部門轉移到我們的安全部門，而該中心並未計入這些入住率統計數據中。雖然該設施最近從意向合約轉為正式合同，但直到第三季末我們才開始接收任何被拘留者。

Therefore, if we exclude this additional capacity from the calculation, making a more apples-to-apples comparison with prior periods, our reported occupancy would have been 79.3%. The average daily population across all of the facilities we manage was 55,236 during the third quarter of 2025 compared with 50,757 in the year ago quarter. This increase was driven by more demand for our services and new contracting activity. Our teams continue to be successful in working with our government partners and managing the additional people in our care, which we are focused on every day. Our third quarter results exceeded our internal projections for adjusted EPS and normalized FFO per share by $0.03 and $0.04, respectively, and adjusted EBITDA by $4.8 million.

因此，如果我們從計算中排除此額外容量，與前期進行更公平的比較，我們報告的入住率將為 79.3%。2025 年第三季度，我們管理的所有設施的平均每日人口為 55,236 人，去年同期為 50,757 人。這一增長是由對我們服務的需求增加和新的承包活動所推動的。我們的團隊在與政府合作夥伴的合作以及管理我們照顧的更多人員方面繼續取得成功，這是我們每天關注的重點。我們第三季的業績比內部預期分別超出調整後每股盈餘和正常化每股FFO 0.03美元和0.04美元，調整後EBITDA超出預期480萬美元。

As Damon alluded, the third quarter was a very busy quarter with reactivation activities at several previously idle facilities. We resumed operations in March at the 2,400-bed Dilley Immigration Processing Center under a new 5-year agreement and reached full operational capacity in September. Shortly after the second quarter earnings release, we announced a new IGSA contract for our 600-bed West Tennessee Detention Facility. This contract has a 5-year term and is expected to generate $30 million of annual revenue once fully activated. Full ramp is expected to be completed by the end of the first quarter of 2026.

正如達蒙所暗示的那樣，第三季非常忙碌，幾個以前閒置的設施都重新啟動了生產活動。我們於 3 月根據一項新的 5 年協議恢復了擁有 2400 個床位的迪利移民處理中心的運營，並在 9 月達到了全面運營能力。第二季收益發布後不久，我們宣布了一項新的IGSA合同，用於我們位於西田納西州的600床位拘留中心。該合約期限為5年，全面實施後預計每年可產生3000萬美元的收入。預計全部匝道將於 2026 年第一季末完工。

Effective September 1, 2025, we transitioned from a letter contract with ICE to a definitized contract at our 2,560-bed California City Immigration Processing Center. The new contract is for a 2-year period and is expected to generate annual revenue of approximately $130 million once fully activated. We began receiving detainees at the facility on August 27 and expect the activation to be completed in the first quarter of 2026. Effective September 7, 2025, we transitioned from a letter contract with ICE to a definitized contract at our 1,033-bed Midwest Regional Reception Center. This new contract is for a 2-year period and is expected to generate annual revenue of approximately $60 million once fully activated.

自 2025 年 9 月 1 日起，我們位於加州城市、擁有 2560 個床位的移民處理中心與美國移民及海關執法局 (ICE) 簽訂了正式合約。新合約為期兩年，預計全面實施後每年可產生約 1.3 億美元的收入。我們從 8 月 27 日開始接收該設施的被拘留者，預計將於 2026 年第一季完成啟用。自 2025 年 9 月 7 日起，我們位於中西部地區、擁有 1033 個床位的接待中心與美國移民及海關執法局 (ICE) 簽訂了正式合約。這份新合約為期兩年，預計全面實施後每年可產生約 6,000 萬美元的收入。

However, the intake process continues to be delayed by the lawsuit with the City of Leavenworth that Damon mentioned earlier. Given the facility's centralized location, ICE is eager to begin fully utilizing this facility, and we're optimistic about successfully resolving the dispute. The recent entrance into the lawsuit by the Department of Justice could help expedite a favorable outcome. Effective September 30, 2025, we entered into a new IGSA between the Oklahoma Department of Corrections and ICE to resume operations at our 2,160-bed Diamondback Correctional Facility. This new contract has a 5-year term and is expected to generate approximately $100 million in annual revenues once fully activated, which we currently forecast to occur in the second quarter of 2026.

然而，由於達蒙之前提到的與利文沃斯市的訴訟，接收程序仍然被延誤。鑑於設施的地理位置優越，ICE 渴望開始充分利用設施，我們對成功解決爭端持樂觀態度。美國司法部最近介入此案，可能有助於加快有利結果。自 2025 年 9 月 30 日起，我們與俄克拉荷馬州懲教部和美國移民及海關執法局 (ICE) 簽訂了一份新的政府間服務協議 (IGSA)，以恢復我們擁有 2160 個床位的鑽石背懲教所的運營。這份新合約為期 5 年，預計全面生效後每年可產生約 1 億美元的收入，我們目前預測全面生效時間為 2026 年第二季。

In aggregate, these 4 recently announced contract awards are expected to generate annual revenue of $320 million. Despite visibility into annual run rate EBITDA, we do not believe the current stock valuation reflects the cash flows of our business, particularly considering these new contracts and our growth potential. Therefore, we plan to accelerate the pace of our share repurchases in future quarters, taking into consideration stock price and alternative opportunities to deploy capital, among other factors, as Dave will discuss further. The substantial progress made during the quarter in reactivating previously idle facilities couldn't have been accomplished without the hard work of our employees and the strong relationship with our government partners. However, we know there's more work to be done.

最近宣布的這 4 項合約預計每年將產生 3.2 億美元的收入。儘管年度 EBITDA 運行率清晰可見，但我們認為目前的股票估值並未反映我們業務的現金流，特別是考慮到這些新合約和我們的成長潛力。因此，我們計劃在未來幾季加快股票回購速度，同時考慮到股價和資本部署的其他機會等因素，戴夫將進一步討論這些因素。本季在重新啟用先前閒置設施方面取得的實質進展，如果沒有我們員工的辛勤工作以及與政府合作夥伴的牢固關係，是不可能實現的。但是，我們知道還有更多工作要做。

Activations are complex and activating 4 idle facilities simultaneously is particularly complex. But I'm confident we have the right plan and the right teams in place to be successful both in these and future activations. In the meantime, we continue to remain focused on effectively managing our core portfolio and ensuring we meet our high operational standards as well as those of our government partners. Without this focus and performance, these additional opportunities may not exist. And so as I turn it over to Dave to discuss our third quarter financial results in more detail, our capital allocation activities and assumptions included in our updated 2025 financial guidance, I'd like to again express my appreciation to our 13,000 employees for their focus and commitment to our mission.

啟動過程很複雜，同時啟動 4 個閒置設施尤其複雜。但我相信，我們已經制定了正確的計劃，並組建了合適的團隊，能夠在這些以及未來的活動中取得成功。同時，我們將繼續專注於有效管理我們的核心業務組合，並確保我們達到自身的高營運標準以及政府合作夥伴的要求。如果沒有這種專注和表現，這些額外的機會可能就不會存在。因此，現在我將把發言權交給戴夫，讓他更詳細地討論我們第三季度的財務業績、資本配置活動以及我們更新後的 2025 年財務指導中包含的假設。在此，我想再次感謝我們 13,000 名員工對我們使命的專注和奉獻。

Dave?

戴夫？

Thank you, Patrick, and good afternoon, everyone. In the third quarter of 2025, we generated GAAP EPS of $0.24 per share and FFO per share of $0.48. Special items in the third quarter of 2025 included a $2.5 million gain on the sale of assets, a $1.5 million asset impairment and $0.8 million of M&A charges, including our acquisition of the Farmville Detention Center on July 1, reported in G&A expenses. Excluding special items, adjusted EPS in the third quarter was $0.24 compared with $0.20 in the third quarter of 2024, an increase of 20%. And normalized FFO per share was $0.48 per share compared with $0.43 per share in the prior year quarter, an increase of 11.6%.

謝謝你，派崔克，大家下午好。2025 年第三季度，我們以 GAAP 計算的每股盈餘為 0.24 美元，每股 FFO 為 0.48 美元。 2025 年第三季的特殊項目包括出售資產所得 250 萬美元收益、150 萬美元資產減損損失以及 80 萬美元併購費用，其中包括我們於 7 月 1 日收購 Farmville 拘留中心的費用，該費用已計入一般及行政費用。在剔除特殊項目後，第三季調整後每股收益為 0.24 美元，而 2024 年第三季為 0.20 美元，成長了 20%。經過調整後的每股 FFO 為 0.48 美元，而去年同期為 0.43 美元，成長了 11.6%。

Adjusted EBITDA was $88.8 million compared with $83.3 million in the third quarter of 2024, an increase of 6.6%. Adjusted EPS and normalized FFO per share exceeded our internal forecast by $0.03 and $0.04 per share, respectively, and adjusted EBITDA exceeded our internal forecast by $4.8 million. The increase in adjusted EBITDA from the prior year quarter of $5.5 million resulted from higher federal and state populations as well as higher average per diem rates across much of our portfolio, partially offset by start-up activities in the third quarter of 2025 and some one-time benefits in the prior year quarter. The number of ICE detainees in our care followed national trends, which remained at or near record highs throughout the third quarter of 2025. As Damon and Patrick both mentioned, the third quarter was a very busy quarter for idle facility activations.

經調整後的 EBITDA 為 8,880 萬美元，而 2024 年第三季為 8,330 萬美元，成長了 6.6%。調整後每股盈餘和調整後每股FFO分別比我們內部預測高出0.03美元和0.04美元，調整後EBITDA比我們內部預測高出480萬美元。經調整的 EBITDA 較上年同期增加 550 萬美元，這主要得益於聯邦和州人口的增長以及我們大部分投資組合中平均每日津貼率的提高，但部分被 2025 年第三季度的啟動活動和上年同期的一些一次性收益所抵消。在我們照顧下的 ICE 拘留者人數與全國趨勢一致，在 2025 年第三季一直保持在或接近歷史最高水準。正如達蒙和帕特里克都提到的那樣，第三季度是閒置設施啟動非常繁忙的季度。

We completed our reactivation of the Dilley Immigration Processing Center in September and are now generating revenue under a fixed monthly payment for the full 2,400-bed facility. During the third quarter, however, this facility accounted for a net decrease in facility net operating income of $3.4 million or $0.02 per share compared with the third quarter of 2024 as the facility was fully operational during the third quarter of 2024 until the contract with ICE was terminated effective August 9, 2024. As we previously disclosed last year, we also accelerated recognition of deferred revenue of $5.7 million in the third quarter of 2024 due to the contract termination. Shortly after last quarter's earnings release, we announced a new contract under an IGSA between the City of Mason, Tennessee and ICE to activate our previously idled 600-bed West Tennessee Detention Center, where we began receiving detainees on September 8. In September, we announced that we transitioned from short-term letter contracts at our 1,033-bed Midwest Regional Reception Center and our 2,560-bed California Immigration Processing Center into newly signed longer-term contract structures.

我們於 9 月完成了迪利移民處理中心的重新啟用，現在正根據每月固定付款的方式為這座擁有 2400 個床位的設施創造收入。然而，由於該設施在 2024 年第三季度全面運營，直到與 ICE 的合約於 2024 年 8 月 9 日終止，因此該設施在第三季度導致設施淨營業收入淨減少 340 萬美元，即每股 0.02 美元，與 2024 年第三季度相比。正如我們去年披露的那樣，由於合約終止，我們還在 2024 年第三季加速確認了 570 萬美元的遞延收入。在上一季度收益發布後不久，我們宣布了田納西州梅森市與美國移民及海關執法局 (ICE) 之間根據政府間服務協議 (IGSA) 簽訂的新合同，以啟用我們之前閒置的擁有 600 個床位的西田納西拘留中心，我們於 9 月 8 日開始接收被拘留者。9 月，我們宣布將我們位於中西部地區接待中心（擁有 1,033 個床位）和加州移民處理中心（擁有 2,560 個床位）的短期信函合約過渡到新簽署的長期合約結構。

We began receiving detainees at the California City facility on August 27. While obviously good news, we did incur facility operating losses at these 3 facilities during the third quarter of $3.4 million or $0.02 per share for start-up related activities. Although not impacting the third quarter, on October 1, we announced a new contract award under an IGSA between the Oklahoma Department of Corrections and ICE to activate our 2,160-bed Diamondback Correctional Facility, which commenced September 30. Other factors affecting EBITDA and per share results included higher G&A expenses, the favorable impact of our share repurchase program and the acquisition of the Farmville Detention Center on July 1, 2025. Operating margin on our Safety and Community facilities combined was 22.7% in the third quarter of 2025 compared to 24.9% in the prior year quarter.

我們從8月27日開始在加州城拘留中心接收被拘留者。雖然這顯然是個好消息，但由於啟動相關活動，我們在第三季在這 3 個設施中產生了 340 萬美元（即每股 0.02 美元）的設施營運虧損。雖然沒有影響第三季度，但我們在 10 月 1 日宣布，根據俄克拉荷馬州懲教部和美國移民及海關執法局 (ICE) 之間的 IGSA 協議，我們授予了一項新合同，以啟用我們擁有 2160 個床位的 Diamondback 懲教設施，該設施於 9 月 30 日開始運營。影響 EBITDA 和每股盈餘的其他因素包括更高的 G&A 費用、我們的股票回購計畫的有利影響以及 2025 年 7 月 1 日收購 Farmville 拘留中心。2025 年第三季度，我們安全和社區設施的綜合營業利潤率為 22.7%，而去年同期為 24.9%。

Excluding the aforementioned operating losses at the 3 facilities in various stages of activation, operating margin was 24% for Q3 2025. Again, margin in the prior year quarter was favorably impacted by the accelerated recognition of deferred revenue at the Dilley facility and a ramp down of populations at the facility in July 2024 despite generating a fixed revenue payment for the full facility through the August 9 termination date. Turning next to the balance sheet. During the third quarter, we repurchased 1.9 million shares of our common stock at an aggregate cost of $40 million, increasing our year-to-date repurchases to 5.9 million shares at an aggregate cost of $121 million. As of September 30, we had $197.9 million available under our $500 million Board authorization.

除去上述 3 個處於不同啟動階段的工廠的營運虧損，2025 年第三季的營業利潤率為 24%。同樣，由於迪利工廠遞延收入的加速確認以及該工廠人口在 2024 年 7 月的逐步減少，上一季度的利潤率受到了有利影響，儘管該工廠在 8 月 9 日終止日期之前產生了固定的收入付款。接下來是資產負債表。第三季度，我們以 4,000 萬美元的總成本回購了 190 萬股普通股，使我們今年迄今的回購量增加到 590 萬股，總成本達到 1.21 億美元。截至9月30日，我們在董事會授權的5億美元資金中，有1.979億美元可用。

As mentioned last quarter, on July 1, 2025, we acquired the Farmville Detention Center, a 736-bed facility located in Virginia for a total purchase price of approximately $71 million, including the acquisition of working capital accounts at an attractive return. After taking into consideration these share repurchases and this acquisition, our leverage measured by net debt to adjusted EBITDA was 2.5x using the trailing 12 months ended September 30, 2025. At September 30, we had $56.6 million of cash on hand and an additional $191.4 million of borrowing capacity on our revolving credit facility, which had a balance of $65 million outstanding, providing us with total liquidity of $248 million. Moving lastly to a discussion of our updated 2025 financial guidance. We expect to generate adjusted diluted EPS of $1 to $1.06 compared with $1.07 to $1.14 in our previous guidance and normalized FFO per share of $1.94 to $2 compared with $1.99 to $2.07 in our previous guidance.

正如上個季度所提到的，2025 年 7 月 1 日，我們收購了位於維吉尼亞州的 Farmville 拘留中心，該中心擁有 736 個床位，總收購價約為 7,100 萬美元，其中包括以可觀的回報收購營運資金帳戶。考慮到這些股票回購和此次收購，截至 2025 年 9 月 30 日的過去 12 個月，我們的槓桿率（以淨債務與調整後 EBITDA 的比率衡量）為 2.5 倍。截至 9 月 30 日，我們手頭上有 5,660 萬美元現金，循環信貸額度還有 1.914 億美元的額外借款能力，未償還餘額為 6,500 萬美元，使我們的總流動資金達到 2.48 億美元。最後，我們來討論一下我們更新後的 2025 年財務預期。我們預計調整後稀釋每股收益為 1 美元至 1.06 美元，而先前的預期為 1.07 美元至 1.14 美元；調整後每股 FFO 為 1.94 美元至 2 美元，而此前的預期為 1.99 美元至 2.07 美元。

We expect adjusted EBITDA of $355 million to $359 million compared with $365 million to $371 million in our previous guidance. Our updated guidance reflects the favorable results for the third quarter, updated occupancy projections consistent with current trends as well as updated assumptions for start-up activities related to new contracts signed during the third quarter at our West Tennessee Detention Facility, our California Immigration Processing Center, our Midwest Regional Reception Center and our Diamondback Correctional Facility. Our revised guidance reflects a reduction in EBITDA at these 4 facilities of $10 million to $11 million compared with our prior guidance. In other words, the reduction in our guidance is essentially attributable to the updated assumptions for the start-up activities at these 4 facilities. These start-up activities will also negatively impact Q4 margins.

我們預計調整後 EBITDA 為 3.55 億美元至 3.59 億美元，而我們先前的預期為 3.65 億美元至 3.71 億美元。我們更新後的業績指引反映了第三季度的良好業績、與當前趨勢一致的更新入住率預測，以及與第三季度在西田納西拘留中心、加州移民處理中心、中西部地區接待中心和鑽石背懲教中心簽署的新合約相關的啟動活動的更新假設。我們修訂後的預期反映出，這 4 家工廠的 EBITDA 比我們先前的預期減少了 1,000 萬美元至 1,100 萬美元。換句話說，我們下調業績預期主要歸因於這 4 個工廠啟動活動的假設更新。這些啟動活動也會對第四季利潤率產生負面影響。

We are currently preparing our 2026 budget and expect to provide financial guidance for 2026 in conjunction with our fourth quarter earnings release in February. However, as Damon mentioned, upon reaching stabilized occupancy at these 4 facilities, we currently expect our run rate EBITDA to be no less than $450 million. We currently expect to reach stabilized occupancy of the last activation of these 4 facilities in the second quarter of 2026, so we will not reach a full year run rate in 2026. Also keep in mind, activating facilities is a complex and challenging process with certain factors like the pace of intake and resolution of the legal dispute at our Midwest facility, to name a couple, not always within our control. We still have 5 remaining idle facilities containing 7,066 beds.

我們目前正在編制 2026 年預算，預計在 2 月發布第四季財報的同時，提供 2026 年的財務指引。然而，正如達蒙所提到的，一旦這 4 個設施的入住率穩定下來，我們目前預計我們的年化 EBITDA 將不低於 4.5 億美元。我們目前預計這 4 個設施的最後啟用將在 2026 年第二季達到穩定的入住率，因此 2026 年我們無法達到全年的運作率。另外，請記住，啟用設施是一個複雜且充滿挑戰的過程，其中一些因素，例如我們中西部設施的接收速度和法律糾紛的解決速度，並不總是在我們控制的範圍內。我們還有5個閒置的設施，共有7066張床位。

And we believe incremental demand for more idle facilities will likely be needed once ICE absorbs the recently contracted beds. With historic funding levels for border security and immigration detention obtained under the One Big Beautiful Bill Act, ICE's publicly stated intention to reach 100,000 detention beds nationwide as well as growing demand from existing and potential new state government partners, we believe there are numerous opportunities to activate additional idle facilities we own. We also believe there could be opportunities to manage additional bed capacity not currently in our portfolio. These opportunities would be incremental to the aforementioned run rate EBITDA levels after considering any start-up expenses. We plan to spend $60 million to $65 million on maintenance capital expenditures during 2025, unchanged from our prior guidance, and $14 million to $15 million for other capital expenditures increased primarily for preplanned investments at the newly acquired Farmville Detention Center.

我們認為，一旦 ICE 吸收了最近簽訂合約的床位，對更多閒置設施的需求可能會增加。鑑於《一項偉大的法案》為邊境安全和移民拘留提供了歷史性的資金，美國移民及海關執法局 (ICE) 公開表示有意在全國範圍內達到 10 萬個拘留床位，以及現有和潛在的新州政府合作夥伴的需求不斷增長，我們相信有很多機會可以激活我們擁有的其他閒置設施。我們也認為，或許有機會管理我們目前尚未擁有的額外床位容量。考慮到啟動費用，這些機會將增加上述 EBITDA 運作水準。我們計劃在 2025 年投入 6,000 萬至 6,500 萬美元用於維護性資本支出，與我們先前的指導意見一致；此外，還將投入 1,400 萬至 1,500 萬美元用於其他資本支出，主要增加用於新收購的 Farmville 拘留中心的預先計劃投資。

Our 2025 forecast also includes $97.5 million to $99.5 million of capital expenditures associated with potential facility activations and additional transportation vehicles, up from our prior guidance for requests from ICE in connection with the new contracts at the California City and Diamondback facilities. During the first 3 quarters of the year, we spent $51.6 million on potential idle facility activations and additional transportation vehicles. Finally, with respect to our capital allocation strategy, we do not believe the price of our common stock reflects the value of the cash flows of our business, particularly considering recent contract wins, and therefore, expect to accelerate the pace of our share repurchases in future quarters. Our Q4 guidance contemplates double the space of the previous quarter. Our share repurchases will take into consideration our stock price, liquidity, earnings trajectory and alternative opportunities to deploy capital.

我們的 2025 年預測還包括與潛在的設施啟用和額外的運輸車輛相關的 9750 萬美元至 9950 萬美元的資本支出，高於我們之前對 ICE 就加州城和鑽石背設施新合約提出的要求的指導。今年前三個季度，我們花費了 5,160 萬美元用於潛在的閒置設施啟動和額外的運輸車輛。最後，關於我們的資本配置策略，我們認為普通股的價格並沒有反映我們業務現金流的價值，特別是考慮到最近贏得的合同，因此，我們預計將在未來幾個季度加快股票回購的速度。我們預計第四季的產能將是上一季的兩倍。我們的股票回購將考慮股價、流動性、獲利軌跡以及其他資本部署機會。

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 $210 million to $219 million for 2025. We expect our normalized annual 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. We are forecasting G&A expenses in 2025 to be approximately $167 million, excluding expenses associated with M&A transactions. Before we turn the call back to the operator for Q&A, I'd like to turn the call back to Damon for his closing remarks.

我們預計 2025 年調整後營運資金 (AFFO) 將在 2.1 億美元至 2.19 億美元之間，我們認為 AFFO 可以作為我們可用於資本配置決策（例如股票回購和增長性資本支出，例如設施啟用）的現金流的指標。我們預計年度正常有效稅率為 25% 至 30%，與先前的預期持平。我們在新聞稿中提供的全年 EBITDA 指引包含了我們對總折舊和利息支出的估計。我們預測 2025 年的一般及行政費用約為 1.67 億美元，不包括與併購交易相關的費用。在將電話轉回接線生進行問答環節之前，我想把電話轉回給達蒙，請他做總結發言。

Thank you, Dave. Well, as you all know, in August, we announced that Patrick will succeed me as CEO effective on January 1, 2026. I've had the great honor and the privilege of holding the CEO title for over 16 years, and I'm humbled by the opportunity to have served this great company since I started my career as a correctional officer in the summer of 1992. I still clearly remember working my first post, which seems like yesterday. And I never would have, in my wildest dream, think that I would be someday the CEO of this great company.

謝謝你，戴夫。如大家所知，我們在八月宣布，帕特里克將於 2026 年 1 月 1 日接替我擔任執行長。我很榮幸能擔任執行長一職超過 16 年，並且自 1992 年夏天我開始擔任獄警以來，有機會為這家偉大的公司服務，我深感榮幸。我仍然清楚地記得我的第一份工作，感覺就像昨天發生的一樣。我做夢都沒想到，有一天我會成為這家偉大公司的執行長。

It has truly been an amazing ride. And so as I close out my prepared remarks for my 65th and last quarterly earnings call, I want to express my gratitude to you, our investors, both new and long term for your confidence, support and ideas. Also to our government partners, to my fellow Board members, mentors and colleagues, both current and retired and all the other people with whom I have had the honor and privilege to work with, many of whom I call very dear friends. My sincere thanks to each and every one of you. I am tremendously excited and very proud of Patrick, and I know he will steer our company to new heights and tremendous success.

這真是一段奇妙的旅程。因此，在我結束為第 65 次也是最後一次季度收益電話會議準備的發言之際，我想對各位投資者，無論是新投資者還是長期投資者，表示衷心的感謝，感謝你們的信任、支持和想法。此外，也要感謝我們的政府合作夥伴、我的董事會成員、導師和同事（包括現任和退休的），以及所有我有幸與之共事的人，其中許多人都是我非常親密的朋友。衷心感謝在座的每一位。我為派崔克感到無比興奮和自豪，我知道他將帶領我們公司走向新的高度，並取得巨大的成功。

Beyond my transition agreement, I do not know yet what the next chapter in my life will bring. But I do know it will be shaped by my experiences at CoreCivic, which has ingrained in me a call to continuous public service and improving people's lives. Best of luck to each and every one of you. And with that, I turn the call over to operator for questions.

除了我的過渡協議之外，我還不知道我人生的下一個篇章會帶來什麼。但我知道，我在CoreCivic的經歷將塑造我的未來，這段經歷讓我深深感受到持續服務大眾和改善人民生活的使命感。祝你們每個人都好運。然後，我把電話轉交給接線生回答問題。

(Operator Instructions) Joe Gomez, NOBLE Capital.

（操作說明）喬·戈麥斯，NOBLE Capital。

Before I start, let me just say, Damon, it's been a pleasure working with you, and good luck on your future endeavors. And Patrick, I'm looking forward to seeing you fill Damon's shoes going forward.

在開始之前，我想說，達蒙，與你共事非常愉快，祝你未來一切順利。派崔克，我很期待看到你接替達蒙的位置。

Thank you, Joe. It means a lot. You've been a tremendous friend and always grateful for your advice and support perspective. So I'm going to miss you my friend.

謝謝你，喬。這對我意義重大。你一直是我非常好的朋友，我一直很感激你的建議和支持。我會想念你的，我的朋友。

So to the questions. We obviously, in the news is the government shut down ICE looking to hire 10,000 people. And I think there's some concern out there that the level and pace of ICE detentions has slowed significantly from where originally people were thinking they would be. I think at one point, 3,000 a day they were talking about. And I just wanted to kind of get your thoughts, Damon, on where the pace of ICE population detentions are for you guys?

那麼，接下來回答問題。很顯然，新聞報導中提到政府關閉了美國移民及海關執法局（ICE），該機構原本計劃招募 1 萬人。我認為，外界普遍擔心，美國移民及海關執法局 (ICE) 的拘留規模和速度已經比人們最初預想的要慢得多。我記得他們曾經提到每天3000人。達蒙，我只是想聽聽你對你們那邊移民拘留中心人口成長速度的看法？

Is it meeting your goals or how far below has it been your expectations? And how you see that maybe playing out the rest of this year?

它是否達到了你的目標？或與你的預期相差甚遠？你覺得今年剩下的時間裡，這種情況會如何發展？

Great question, and I'll probably tag team with Patrick a little bit on this. But the shorter answer is that, as you know, we're a 24/7 essential service for the government. And so on our side, on the contractor side, I mean, we're seeing the pace, admissions, discharges and activity in our facilities pretty much status quo, I mean, pretty much what we expected. In fact, I'd say, it's increased a little bit not just on the detention side, but we're also being asked to do a lot more transportation. We are expecting that with the demands and expectations and the priorities for this administration after the inauguration.

問得好，我可能會和派崔克合作一下來解答這個問題。但更簡潔的回答是，如您所知，我們是政府全天候提供的基本服務。因此，就我們承包商這邊而言，我們看到我們設施的進度、入院人數、出院人數和活動量基本上保持現狀，基本上符合我們的預期。事實上，我認為，不僅拘留方面有所增加，而且我們也被要求承擔更多的運輸工作。我們預計，在就職典禮之後，本屆政府將面臨各種需求、期望和優先事項。

But I'd say, even that's picked up a little bit more than what we expected. And not quite to your question, but I would say also on the contracting side. So again, we've had probably the fastest clip of 4 contracts in a period of time that I've ever seen in the company history with the 4 that we've announced here in the last 90 days. And so all the activation activities around those 4 facilities, obviously, a lot of that's on our shoulders. But I'd say, on the government side, clearances, helping people getting situated that are obviously going to be monitors and other support staff that are going to help the mission of these facilities, I'd say none of that has slowed down at all.

但我想說，即使是這個數字，也比我們預期的要高一些。雖然不太直接回答你的問題，但我也想說合約方面的情況。所以，在過去的 90 天裡，我們宣布了 4 份合同，這可能是公司歷史上最快的簽約速度，也是我們在這段時間內簽下 4 份合約的速度。因此，圍繞著這 4 個設施的所有推廣活動，顯然很大程度上都落在了我們的肩上。但就政府方面而言，我認為，無論是審批手續，還是幫助那些顯然會擔任監督員和其他支援人員的人員安頓下來，以幫助這些設施完成任務，這些工作都沒有絲毫放緩。

But Patrick, add and amplify to that, if you don't mind.

派崔克，如果你不介意的話，請補充和完善一下。

Sure. The only thing that I would add, Joe, is that really 2 things. One of them is the scale of increase in enforcement activity that has been implemented is really unprecedented and it's of a level that we really have not seen previously. And the consequence of that is you're going to see, I'll call it, an uneven or non-linear growth path. And so I wouldn't expect that you're going to see steady increases progressively.

當然。喬，我唯一要補充的是，其實只有兩件事。其中之一是，執法活動的規模確實前所未有，達到了我們以前從未見過的水平。結果就是，你會看到，我稱之為，不均衡或非線性的成長路徑。因此，我不認為你會看到穩步逐步成長。

But what we do know is our Department of Homeland Security has been very committed to hiring additional officers to help them implement the mission. We've seen no indication that there's been any change in terms of policy or policy approach that would cause us to believe that what we've experienced more recently is anything other than the natural ebb and flow of ramping up to a scale that, again, we haven't seen previously. And so as a consequence of that, I think it's really difficult to predict exact timing. But to Damon's point, we've signed 4 contracts. We're executing those and ramping them very quickly.

但我們知道的是，國土安全部一直致力於增聘警員來幫助他們完成這項任務。我們沒有看到任何跡象表明政策或政策方針發生了任何變化，以至於我們相信，我們最近所經歷的，除了自然而然地逐步擴大規模之外，還有其他因素，而這種規模，我們以前從未見過。因此，我認為很難預測確切的時間。但正如達蒙所說，我們已經簽了 4 份合約。我們正在執行這些計劃，並且正在迅速擴大規模。

We're going to be bringing those online but certainly wouldn't interpret pace as being an indication of any indicator of a lessening of long-term demand potential.

我們將陸續推出這些產品，但絕不會將目前的進度解讀為長期需求潛力減弱的任何跡象。

Okay. And then just -- I don't know if you can provide a little more color on when you talk about the guidance and updated occupancy projections, we talk about those are less than what you originally were projecting. And same with the assumptions for start-up costs, assuming they might be higher than what you were originally projecting. And I'm just trying to get a little more color on those comments and how they relate to the updated guidance.

好的。然後——我不知道您能否在談到指導意見和更新後的入住率預測時提供更多細節，我們談到這些預測低於您最初的預測。同樣，對於啟動成本的假設，也要假設它們可能高於你最初預期的金額。我只是想更詳細地了解這些評論，以及它們與更新後的指導方針之間的關係。

Yes, Joe, I'll take the second part of that question. Our updated guidance really reflects the start-up activities in Q4 relative to our last guidance. So last guidance, remember, we hadn't signed the West Tennessee contract. We didn't sign the Diamondback contract. So neither of those 2 contracts were in our guidance for the year, the fourth quarter.

是的，喬，我來回答這個問題的第二部分。我們更新後的業績指引真正反映了第四季度新創企業的營運活動情況，與我們先前的指引相比有了顯著改善。最後提醒大家，我們當時還沒有簽署與西田納西州的合約。我們沒有和響尾蛇隊簽約。因此，這兩份合約都不在我們今年的第四季預期之內。

So incorporating those new contracts into our guidance does result in some operating losses at those facilities as well hire staff, continue to ramp up staff before we start receiving detainees. Now we have started receiving detainees at the West Tennessee facility, but the Diamondback facility is really just beginning its ramp-up. So that did take the guidance down in Q4, which I don't take as bad news. I mean, I'd rather have the contracts with start-up activities than leaving the guidance where it was without those contracts. And what was the first part of your question, Joe?

因此，將這些新合約納入我們的指導方針確實會導致這些設施出現一些營運虧損，同時還需要招募員工，並在開始接收被拘留者之前繼續增加員工人數。現在我們已經開始在西田納西州的拘留中心接收被拘留者，但響尾蛇拘留中心才剛開始逐步投入使用。所以這確實下調了第四季的業績預期，但我並不認為這是個壞消息。我的意思是，我寧願簽訂包含創業活動的合同，也不願讓指導方針在沒有這些合同的情況下繼續沿用。喬，你問題的第一部分是什麼？

Just we talked about some of the updated occupancy projections --

我們剛才討論了一些更新後的入住率預測。--

Yes, occupancy, we expect that to increase because we are ramping up California City, our West Tennessee facilities, as I mentioned, are both taking on detainees. I would say that the rest of the core portfolio is at or near capacity. So I wouldn't expect a large increase from existing facilities. So as we ramp up additional idle capacity, the only opportunity is really to bring on new capacity and activate additional facilities with higher populations.

是的，入住率預計會增加，因為我們正在加緊建設加州城和西田納西州的設施，正如我所提到的，這兩個設施都在接收被拘留者。我認為核心投資組合的其餘部分已經達到或接近滿載運轉。因此，我不認為現有設施會有大幅成長。因此，隨著我們逐步增加閒置產能，唯一的機會就是引進新的產能，並在人口較多的地區啟用更多設施。

And Dave, maybe I can follow it up with the increased CapEx spend for ICE ask. What is ICE asking for that is going to increase the CapEx that you weren't originally anticipating?

戴夫，或許我可以接著提出增加ICE資本支出的要求。ICE 提出了哪些會增加資本支出、超出您最初預期的要求？

Yes. So Diamondback and Cal City, both asked for renovations to parts of the facility. That was really the increase in our CapEx guidance. I think it was intake areas. They want to expand the intake areas because ICE is a transient population.

是的。因此，Diamondback 和 Cal City 都要求對該設施的部分區域進行翻新。這其實就是我們資本支出預期上調的體現。我認為那是進出區域。他們希望擴大接收區域，因為移民和海關執法局（ICE）的移民群體流動性很強。

So typically, you have a higher volume of activity compared with a state population, which is what we had previously at both of those facilities.

因此，通常情況下，與州人口相比，活動量會更高，這正是我們之前在這兩個機構中遇到的情況。

Okay. And then one more for me, if I may, on the buyback. You have your leverage goal of 2.25 to 2.75. I think you said 2.5 at the end of the quarter. We see where the stock price is.

好的。如果可以的話，我再補充一點關於回購的問題。你的槓桿目標設定在 2.25 到 2.75 之間。我記得你上個季度末說過是 2.5。我們看到了股票價格的走勢。

You already said you're looking at getting more aggressive. Would you consider exceeding your leverage goals given where the stock price is on that -- to even acquire additional shares? How aggressive would you be?

你之前說過你打算採取更積極的策略。鑑於目前的股價，您是否會考慮超過您的槓桿目標，以購買更多股票？你會有多激進？

My short answer is yes, but I see we've got a couple of other people anxious to answer that question. So I'll flip it over to Damon and Patrick.

我的簡短回答是肯定的，但我看到其他幾個人也急於回答這個問題。接下來就交給達蒙和派崔克吧。

Joe, we're all nodding yes. Yes, yes, yes. I mean, if you think about it this way, and this is a pretty sweet way to end as a CEO. I mean, we look at our forecast next year, as I said in my script, $2.5 billion forecast in revenue, over $450 million in forecasted run rate EBITDA. And you look at the stock price, and that's ridiculous.

喬，我們都點頭表示同意。是的，是的，是的。我的意思是，如果你這樣想，這對CEO來說也算是相當不錯的結局了。我的意思是，看看我們明年的預測，正如我在稿子裡所說，預計收入為 25 億美元，預計 EBITDA 運行率超過 4.5 億美元。你看看股價，簡直荒謬。

I mean, so I think absolutely, we are looking at this quarter and then going into next year. If the price is going to sit around this level, this is a tremendous opportunity to buy back shares. And so I'm saying it obviously as CEO, we've got obviously the management team here, but I know I'm very confident our Board feels the same way, and this will be a conversation we'll have in the coming days and weeks, not just the aggressiveness of the plan, but also if we need potentially more authorization. But anything to add to that, Patrick.

我的意思是，所以我覺得我們肯定會先專注在本季，然後再展望明年。如果股價維持在這個水平附近，這將是一個絕佳的買入股票的機會。所以，我作為執行長這麼說，顯然我們這裡有管理團隊，但我相信我們的董事會也有同樣的看法，這將是我們未來幾天和幾週內要討論的問題，不僅是計劃的激進程度，還有我們是否需要更多授權。派崔克，你還有什麼要補充的嗎？

The only thing that I would add is our leverage target has been based on a trailing leverage basis. And so when you look at the growth that we're expecting for 2026, it's one of the fastest growth years year-over-year that we've experienced in a very long time as a company. And so when you think about that scale, we have to consider trailing leverage, but we can also look at it already identified cash flows. And so it's awarded contracts that would drive us to a $450 million or greater run rate. So it's not speculative in terms of our ability to achieve that level of cash flow.

我唯一要補充的是，我們的槓桿目標是基於過去槓桿率計算的。因此，當我們展望 2026 年的成長時，會發現這將是我們公司很長一段時間以來經歷的同比成長最快的年份之一。因此，在考慮這種規模時，我們必須考慮後續槓桿，但我們也可以查看已確定的現金流。因此，它獲得了能夠推動我們實現 4.5 億美元或更高年收入的合約。所以，就我們實現該現金流水準的能力而言，這並非推測。

And so certainly, we have to consider trailing leverage. We're not going to not think about that. But we also do have to compare that with an expectation of rapid known and cash flow growth that gives us the ability to be more aggressive on the margin.

因此，我們當然需要考慮後續槓桿。我們不可能不去考慮這個問題。但我們也必須將其與快速成長的已知現金流預期進行比較，這使我們能夠在利潤率方面更加積極。

M. Marin, Zacks.

M. Marin，Zacks。

I want to follow-up on something you touched upon in the script -- in your scripted remarks. We're all hearing a lot with the government shutdown about how payments to various entities are not being processed or not being processed as quickly as they were prior to the shutdown. Can you just give us some color on what that means for you in terms of when you finally do collect the cash in that you're expecting? Will it be a flat lump sum? Will you get interest on that?

我想就您在稿子中提到的一點——也就是您在稿子上的發言——再補充一點。由於政府停擺，我們都聽到了很多關於向各個實體支付款項無法處理或處理速度不如停擺前快的消息。您能否詳細說明一下，就您最終收到預期中的現金而言，這意味著什麼？會一次性付款嗎？你會收到利息嗎？

How will that work for you guys?

這樣對你們來說可行嗎？

Yes, I'll take that one, M. Thanks for the question. Yes, we expect when the government resumes operations that we will get paid in full for all the services that we've provided in the past. I don't exactly know the mechanics of how they process those. I imagine it goes into a queue.

是的，我選這個，M。謝謝你的提問。是的，我們預期政府恢復運作後，我們將獲得過去所提供服務的全部報酬。我不太清楚他們處理這些資訊的具體機制。我想它會排隊等候。

As we submitted our invoices, there'll be in a queue at ICE and Department of Homeland Security and they'll process those invoices according to due date. But I don't have visibility into exactly how they process them. But when they do process them, they do pay with interest. I think that interest is in the low-4% today. So that's not something we have to ask for.

我們提交發票後，這些發票將在美國移民及海關執法局 (ICE) 和國土安全部排隊等待處理，他們將根據到期日處理這些發票。但我並不清楚他們具體是如何處理這些文件的。但是，如果他們真的處理這些貸款，他們會支付利息。我認為目前的利率在4%左右。所以這不是我們必須提出的要求。

It's automatic under the Federal Acquisition Regulations of the Prompt Payment Act. So we will collect interest with the payments when they resume operations and make their payments to us.

根據《及時付款法》的聯邦採購條例，這是自動進行的。因此，當他們恢復營運並向我們付款時，我們將收取利息。

Okay, great. And you have a lot going on and there's a lot of noise in the third quarter numbers, as you indicated, with start-up costs, reactivating idled facilities. So you still have a handful of idled facilities after you reactivate the ones that are currently in the process of reopening. And in the earlier comments, you did say something about future activations and that you wouldn't be surprised if there were demands that warranted reactivating additional facilities. Is it right to think that there have been any kind of -- not negotiations, not at that point yet, but any kind of like early, early, early discussions about some of these other facilities?

好的，太好了。正如您所指出的，由於啟動成本、重新啟用閒置設施等原因，第三季的數據存在許多幹擾因素，因此有很多事情正在發生。所以，在重新啟用目前正在重新開放的設施之後，仍然會有一些閒置的設施。在先前的評論中，您確實提到了未來的啟用計劃，並且表示如果出現需要重新啟用其他設施的需求，您不會感到驚訝。是否可以認為，關於其他一些設施，已經進行過某種形式的——不是談判，至少當時還沒有，而是某種形式的早期討論？

Absolutely. Yes, this is Damon. I'll take that question. And the short answer is absolutely. So if you rewind the last quarter, we were looking at the rest of this year, there was a couple of facilities we didn't talk about on the call, but we were having conversations.

絕對地。是的，這是達蒙。我來回答這個問題。簡而言之，答案是肯定的。所以，如果你回顧上個季度，當時我們正在展望今年的剩餘時間，有幾個設施我們沒有在電話會議上談到，但我們一直在進行討論。

One of those is Diamondback, the one in Oklahoma. So obviously, those things happen discretely with the partner based on kind of what their needs and expectations and timing and how much capacity and whatnot. So we're having similar conversations today. So I think that's one question that's important to answer right now because you got the government shutdown, and I think there's probably assumption that all that activity is shut down. That's not the case.

其中之一就是俄克拉荷馬州的響尾蛇。顯然，這些事情都是根據伴侶的需求、期望、時間安排、精力等等因素，私下進行的。所以我們今天也在進行類似的對話。所以我認為這是現在需要回答的重要問題，因為政府停擺了，我認為人們可能會認為所有這些活動都停止了。事實並非如此。

We're still seeing active requests for information on facilities where we could expand, where we've got maybe a small allotment of vacant beds that they may want to contract for and then vacant facilities. We still have people or still have customers indicating interest not only about those facilities, but actively going out, touring, inspecting the facilities, determining how we can meet their mission. So all that activity is still very active even though with the government shutdown.

我們仍然收到很多關於我們可以擴張的設施的資訊請求，例如我們可能有一些空床位可以簽訂合同，以及一些空置的設施。我們仍然有客戶或個人表示不僅對這些設施感興趣，而且還積極地走出去參觀、考察這些設施，以確定我們如何滿足他們的需求。儘管政府停擺，但所有這些活動仍然非常活躍。

Kirk Ludtke, Imperial Capital.

柯克·盧特克，帝國資本。

Damon, congratulations on a great run.

達蒙，恭喜你跑得非常棒。

Thank you, Kirk. It's been a real blessing. I appreciate that.

謝謝你，柯克。這真是一件幸事。我很感激。

And best of luck. I guess with respect to the 100,000 beds, I'm hearing less -- we're hearing less about fewer alternative sites being opened by ICE. But can you just maybe comment on -- are you competing with those alternative sites of military bases, et cetera? And if so, how many beds are available at those locations that you think you might be competing with?

祝你好運。關於10萬張床位的問題，我聽到的消息越來越少——我們聽到的關於ICE開設的替代場所減少的消息越來越少。但是您能否就以下問題發表一下看法——您是否在與那些軍事基地等替代選址競爭？如果是這樣，你認為你可能會與之競爭的那些地方有多少床位？

Yes. Great question. And I think we've indicated or have alluded to anyway in the last couple of quarters, we think it's kind of the all of the above approach. So clearly, there's been some activity of both DHS leadership and ICE leadership to look at some of these alternatives for various different reasons. But indicating our value proposition here last 90 days, again, we signed 4 contracts with facilities where we had vacant capacity.

是的。問得好。而且我認為，在過去的幾個季度裡，我們已經表明或暗示過，我們認為這是一種「以上所有方法」的做法。顯然，國土安全部領導層和移民及海關執法局領導層都出於各種不同的原因，對其中一些替代方案進行了一些研究。但為了再次表明我們的價值主張，在過去的 90 天裡，我們與 4 家有空置產能的工廠簽訂了合約。

So the value proposition and the location of our facility is obviously very attractive with these new contract awards. And so I think to get to 100,000, I think, as I said earlier, I think it's going to be a little bit of all of the above approach. And I think it's also going to be a case of as they look at our capacity being more secure, but I think also maybe a little longer-term solution and then these alternatives, especially the soft side of ones where they're more short term in nature, again, I think it will just be determined on the mission and the location. But anything to add there, Patrick?

因此，憑藉這些新合同，我們工廠的價值主張和地理位置顯然非常有吸引力。所以我認為，要達到 10 萬的目標，正如我之前所說，我認為需要結合以上所有方法。我認為這也會是一個問題，因為他們會考慮如何提高我們的能力安全性，但我認為也可能是一個更長遠的解決方案，而這些替代方案，特別是那些性質更短期的軟性方案，我認為最終將取決於任務和地點。派崔克，你還有什麼要補充的嗎？

The only thing I would add is 100,000 beds is really a guidepost more than a hard target. And so it's going to be really somewhat dependent also on enforcement. And so if you were to look at all of the beds available in the sector today and you look at the potential demand opportunity that can result from the higher enforcement rate activity, all of our beds could be used and you could still have a scenario where many more beds are needed. And so we've talked on past calls about our having thought about how we might provide capacity in addition to our existing facilities of the 7,000 beds that we talked about being available. And again, we want to be flexible and nimble and help our partner meet the need that they have at any moment in time.

我唯一要補充的是，10萬張床位與其說是一個難以企及的目標，不如說是一個參考指標。因此，這在很大程度上也取決於執法力度。因此，如果您查看目前該行業所有可用的床位，並考慮執法力度加大可能帶來的潛在需求機會，即使我們所有的床位都能被使用，仍然可能出現需要更多床位的情況。因此，我們在之前的電話會議中討論過，除了我們之前提到的7000張床位之外，我們是否考慮過如何提供額外的床位。再次強調，我們希望保持靈活敏捷，幫助我們的合作夥伴滿足他們隨時可能提出的需求。

And I certainly wouldn't interpret all of our facilities not having been contracted for as an indication that, that may not be coming, because again, growth isn't going to be linear. And as the number of officers are put in place and out in our communities enforcing the law, you would expect you're going to see an ebb and flow in demand that will ultimately result in more bed need. And so I would say, from our perspective, we think that it is a both end solution.

我當然不會把我們所有設施尚未簽訂合約解讀為這些設施可能不會建成，因為成長並非線性成長。隨著越來越多的警力部署到位並在社區中執法，預計需求將會波動，最終導致床位需求增加。因此，從我們的角度來看，我們認為這是一個雙贏的解決方案。

Got it. That's very helpful. And have you staffing issues, any issues there finding people to work at your facilities you're ramping up?

知道了。那很有幫助。你們在人員配備方面是否有問題？在擴建過程中，是否難以找到人手來為你們的工廠工作？

No, we're having a very strong experience from a hiring perspective. As you can see in the broader economy, there has been some broader economic weakness, and we're certainly experiencing that as we hire. And so the backdrop that we've encountered as we've gone out to activate these facilities has helped us activate very efficiently approaching our staffing targets ahead of schedule in most all cases and really don't see ourselves inhibited by our ability to hire.

不，從招募的角度來看，我們的體驗非常好。正如你在整體經濟中看到的那樣，經濟整體上出現了一些疲軟，我們在招募過程中也確實感受到了這一點。因此，我們在啟用這些設施的過程中所遇到的背景，幫助我們非常有效率地完成了啟用工作，在大多數情況下都提前實現了人員配備目標，我們真的不認為自己會受到招募能力的限制。

Got it. Great. And then last one. Are there any limitations on share repurchases in your credit agreements?

知道了。偉大的。然後是最後一個。你們的信用協議中對股份回購有任何限制嗎？

No.

不。

Raj Sharma, Texas Capital.

Raj Sharma，德州資本。

My first question is around how much -- your guide -- your sort of soft guide that you just gave on fiscal '26. How much of the revenue embedded in 2026? What is the reactivated of the 5 facilities? How much are they contributing in revenues and in EBITDA to that fiscal '26 guidance?

我的第一個問題是關於——你的指南——你剛剛發布的關於2026財年的那種軟性指南——的金額。2026 年蘊含的收入有多少？重新啟用的5個設施是什麼？它們對2026財年的營收和EBITDA貢獻了多少？

Well, the -- if you're talking about the 4 we just announced in the third quarter is about $321 million in -- yes, that's about $320 million in revenue. I would say, if you look at '26 versus '25, that's probably about $250 million of incremental revenue because we are generating some revenue at these facilities and did generate some revenue at Midwest Regional Reception Center and Cal City under the letter contracts earlier in the year. So yes, I'd say the increment in revenue is about $250 million. It'd be hard to estimate. I don't think we're ready to put out a number on EBITDA of those facilities.

嗯，如果你說的是我們在第三季剛剛宣布的4，那就是大約3.21億美元——是的，那就是大約3.2億美元的收入。我認為，如果比較 2026 年和 2025 年的數據，可能會增加約 2.5 億美元的收入，因為我們在這些設施中創造了一些收入，並且在今年早些時候根據信函合約在 Midwest Regional Reception Center 和 Cal City 也創造了一些收入。所以，是的，我認為營收成長約為 2.5 億美元。很難估計。我認為我們現在還不能給出這些設施的 EBITDA 的具體數字。

But I think it's fair to say the margins would be comparable to other margins we have for other contracts that we've announced, taking into consideration both the geography and size of the facility.

但考慮到該設施的地理位置和規模，我認為可以公平地說，其利潤率與我們已公佈的其他合約的利潤率相當。

Right. Is it also fair to say that those margins on the reactivated facilities are higher than the overall company EBITDA margins?

正確的。是否可以說，重新啟用的設施的利潤率高於公司整體的 EBITDA 利潤率？

Well, I'd say, we've got some state contracts that we've had for a long time and perhaps haven't kept up with per diems. In a portfolio of our size, you don't have all contracts that are as profitable as they would be if you're entering into a new contract. So I'd say, on average, across the whole portfolio, when you're taking into consideration state contracts, local contracts and so forth, they're probably slightly higher.

嗯，我想說，我們有一些州政府的合約已經簽訂很久了，可能沒有及時支付每日津貼。在我們這樣規模的投資組合中，並非所有合約都能像簽訂新合約那樣獲利。所以我覺得，平均而言，考慮到州政府合約、地方政府合約等等，整個投資組合的金額可能會略高一些。

Great. And then -- so we're assuming that these reactivated facilities are definitely all fully functional and normalized mid of 2026. What occupancy levels would you be -- are you targeting for mid-'26?

偉大的。然後——所以我們假設這些重新啟用的設施肯定都能在 2026 年年中完全恢復正常運作。你們的入住率目標是多少？是2026年中期嗎？

Well, I'd say -- yes, we're still in the process of preparing our 2026 budget. So I wouldn't put a number out there just yet. I mean, the frame of reference, we were at what, -- I'm sorry, Q4 occupancy combined safety at 76.7%. So that includes all of our idle capacity, including the facilities that we're activating. So I could easily see getting in the low-80s and perhaps mid-80s in 2026 on average.

嗯，我想說——是的，我們仍在準備 2026 年的預算。所以我暫時不會公佈具體數字。我的意思是，參考框架，我們當時處於什麼水平，——抱歉，第四季度乘員率綜合安全率為 76.7%。所以這包括我們所有的閒置產能，包括我們正在啟用的設施。因此，我很容易預見到 2026 年平均氣溫會達到 80 華氏度出頭，甚至可能達到 80 華氏度中段。

Great. That's super helpful. And then just the idle facilities, your 7,000 idle facilities, what level of ICE demand do you see there or is it only going to be ICE to reactivate those remaining 7,000 or would there -- you think there could be some state demand, especially given the federal -- the shutdown impacting operational matters?

偉大的。這太有幫助了。那麼，就閒置的設施而言，你們的 7000 個閒置設施，您認為這些設施的內燃機需求水準如何？或者說，只有內燃機才會重新啟用這剩餘的 7000 個設施，還是——您認為可能會有一些州政府的需求，特別是考慮到聯邦政府的停擺影響了運營方面？

So this is Patrick. Much of the focus in this conversation so far has been ICE because ICE contracted for the 4 additional facilities that we're presently ramping. But our pipeline is much broader than just ICE. And so we're having ongoing conversations with state customers and other federal partners around potential bed utilization. And so we are not a single customer story.

這位是派崔克。到目前為止，本次對話的重點主要集中在ICE上，因為ICE承包了我們目前正在加緊建造的4個額外設施。但我們的業務範圍遠不止ICE。因此，我們正在與州政府客戶和其他聯邦合作夥伴就潛在的床位利用進行持續對話。因此，我們講述的並非單一客戶的故事。

And again, going back to the outlook that we talked about in terms of our run rate, that's only reflective of contracts that have already been awarded. And so when you look at the discussion around EBITDA run rate in excess of $450 million, utilization of any additional capacity would certainly be in excess of that. And so again, we think we have opportunities with ICE. I don't want to diminish that, but we do also have a much broader pipeline than conversations that we're having with non-ICE partners.

再說一遍，回到我們之前討論的營運率前景，那隻能反映已經授予的合約。因此，當討論 EBITDA 運作率超過 4.5 億美元時，任何額外產能的使用率肯定會超過這個數字。所以，我們再次認為我們與美國移民及海關執法局（ICE）有合作機會。我不想貶低這一點，但我們的管道也比我們與非 ICE 合作夥伴的對話要廣泛得多。

And looping back, Raj, on the question you asked regarding revenue, I was talking about the contracts that we announced in the third quarter. Don't forget, we also have the Dilley Immigration Processing Center. That one became fully ramped as of September. So there's probably another, I don't know, $70 million, $60 million in incremental revenue in 2026 versus '25 since it will be on a full run rate basis here beginning in Q4. But Damon, back to --

拉傑，回到你剛才問的關於收入的問題，我指的是我們在第三季宣布的合約。別忘了，我們還有迪利移民處理中心。本工程於9月全面投產。因此，與 2025 年相比，2026 年可能會有 6,000 萬美元或 7,000 萬美元的增量收入，因為從第四季度開始，它將按全額運行率計算。但達蒙，回到--

Patrick makes an excellent point. I just want to underline one of his comments. On the state side, we've got probably about half a dozen states that are engaging us. Some of them are existing, some of them are potentially new ones that are looking for capacity. And that's probably the strongest kind of engagement we've had from our state partners or at least state portfolio in probably 12 or 24 months.

帕特里克說得很有道理。我只想強調他的一則評論。在州一級，大概有六個州正在與我們接洽。有些是現有的企業，有些是正在尋找產能的潛在新企業。這可能是我們近 12 到 24 個月以來，從州合作夥伴或至少是州級計畫組合中獲得的最強烈的參與。

So absolutely, it's a story that touches both federal and state opportunities.

所以，這絕對是一個涉及聯邦和州兩方面機會的故事。

Great. That's very helpful. I had a question on the -- any indication of rising -- given rising labor costs, how are your wage trends tracking across activated facilities? Do you have rate escalators with ICE or state contracts?

偉大的。那很有幫助。我有一個關於薪資上漲的問題——鑑於勞動成本不斷上漲，你們在已投入營運的工廠的薪資趨勢如何？你們與ICE或州政府簽訂的合約中是否有費率遞增條款？

We do have rate escalators in many of our contracts, but the wage environment is very much moderating across our markets. And so if you were to look at the staffing environment that we're experiencing today, I would say, it's the most favorable that we've experienced since before COVID. And so it's not something that we take for granted, and we're out actively working to hire additional employees. So we're very actively in the market. But at this point, we do not see either market pressure or wage pressure that causes us concern.

我們的許多合約中都包含工資上漲條款，但我們市場上的工資環境正在趨於緩和。因此，如果你看看我們今天所處的用工環境，我會說，這是我們自新冠疫情爆發以來所經歷的最有利的局面。因此，我們不會對此掉以輕心，我們正在積極努力招募更多員工。所以我們在市場上非常活躍。但就目前而言，我們既沒有看到市場壓力，也沒有看到薪資壓力讓我們感到擔憂。

Great. And just lastly, on any cash collection delays. I know that you addressed this question a little earlier due to the government shutdown. I know you mentioned credit line availability. Could you comment on that again, please, how long you're good for and what the working capital impact?

偉大的。最後，關於任何現金收款延遲的問題。我知道由於政府停擺，您之前已經回答過這個問題了。我知道您提到過信用額度可用性。請問您能否再次說明一下，這種情況下可以維持多久，以及對營運資金有何影響？

Yes. We're probably -- yes. So it's -- given a revenue from the federal government, it's probably about $40 million per month. So who knows how long the government shutdown is going to last. Lord help us.

是的。我們大概——是的。所以——考慮到聯邦政府的收入，每月大概是 4000 萬美元。所以誰也不知道政府停擺會持續多久。主啊，救救我們。

We hope it doesn't go through all of November. But if it does, I know we've got a very supportive bank group. We do have an accordion feature on our bank credit facility. So we could always exercise that. I've been in contact with banks as I always have been in contact with our banking group, and I know they would be very supportive.

我們希望它不會持續到整個十一月。但如果真的發生了，我知道我們有非常支持我們的銀行集團。我們的銀行信貸額度確實有一個靈活的擴展功能。所以我們可以隨時運用這個方法。我一直與銀行保持聯繫，就像我一直以來與我們的銀行集團保持聯繫一樣，我知道他們會非常支持我。

Greg Gibas, Northland Securities.

Greg Gibas，北地證券。

Damon, I wanted to wish you luck on your future endeavors.

達蒙，祝你未來一切順利。

Yes, sir. Thank you very much for that. Let me know if you know anybody is hiring.

是的，先生。非常感謝。如果你知道哪裡有招聘，請告訴我。

Well, I was going to ask about capital allocation but really appreciate your commentary on accelerating share repurchases given the stock's valuation. I had a few kind of modeling-related questions. And I guess, first, maybe, Dave, like to what degree do you expect start-up costs from the ramping up facilities to carry into the first half of 2026, if at all?

我本來想問一下資本配置方面的問題，但非常感謝您對鑑於股票估值而加快股票回購的評論。我有一些關於建模方面的問題。首先，Dave，你認為擴建設施的啟動成本會在多大程度上延續到 2026 年上半年？如果有的話？

Well, there definitely would be some carried over into '26 because we don't have -- like Diamondback is I think the last facility expected to complete stabilized occupancy, and that's in Q2. Now our Midwest Regional Reception Center, we're kind of on hold pending the resolution of the legal matter. So don't know how long that will extend. We're optimistic that we can get that favorably resolved in the fourth quarter, but don't really know and don't have complete control over the timing of that. So there'll be a little bit of start-up in Q1.

嗯，肯定會有一些延續到 2026 年，因為我們沒有——比如 Diamondback，我認為它是最後一個預計完成穩定入住的設施，而它要到第二季度才能完成。目前，我們的中西部地區接待中心暫時處於停滯狀態，等待法律問題的解決。所以不知道這種情況會持續多久。我們樂觀地認為可以在第四季妥善解決這個問題，但我們並不清楚具體時間，也無法完全控制解決的時間。所以第一季會有一些啟動階段。

As I think about start-up, when I talk about start-up, I'm also talking about an operating loss at the facility. So we will be generating revenue, because like at Cal City, we're already accepting detainees and West Tennessee as well. So that will flip to profitability. I would imagine at least at those 3, Midwest aside, sometime during Q1 -- yes, probably during Q1.

當我想到創業時，當我談到創業時，我也在談論工廠的營運虧損。所以我們會創造收入，因為就像在加州城一樣，我們已經開始接收被拘留者，西田納西州也是如此。這樣就能扭轉局面，獲利。我估計至少除了中西部地區以外，那三個地區會在第一季的某個時候——是的，很可能是在第一季。

Okay. That's fair. And probably fair to say the majority of the, I guess, impact of these start-up costs for those 4 awards in Q4?

好的。這很合理。可以肯定地說，這 4 個獎項的大部分啟動成本影響都集中在第四季？

I'm sorry, what was the question? How much is it in Q4?

不好意思，剛才的問題是什麼？第四季是多少？

Well, I guess, I was just kind of curious like the majority, I guess, of the impact from those start-up costs is recognized in Q4?

嗯，我只是有點好奇，這些啟動成本的大部分影響是不是都在第四季確認了？

Yes, more so -- yes, exactly right.

是的，更是如此——沒錯，完全正確。

Yes, makes sense. Great. And then I guess I would just ask, what is a fair EBITDA run rate exiting the year, excluding those one-time and start-up costs? I think last quarter, you previously spoke to expectations of close to $100 million run rate ending the year. And wondering if any assumptions have changed around that.

是的，有道理。偉大的。然後我想問的是，在不計入一次性成本和啟動成本的情況下，年底合理的 EBITDA 運行率是多少？我認為上個季度，您曾提到預計年底營收將接近 1 億美元。想知道這方面的假設是否有改變。

No assumptions have changed other than adding a couple of new contracts because the $400 million did not include our West Tennessee facility and did not include our Diamondback facility. Diamondback facility is a 2,160-bed facility, so a large facility. So yes, I mean, I don't -- I would -- it's going to be -- again, we gave the soft guidance of no less than $450 million once they reach stabilized occupancy. That's probably the best number I could give you at this point.

除了新增幾份合約外，其他假設都沒有改變，因為 4 億美元不包括我們在西田納西州的工廠，也不包括我們在響尾蛇的工廠。Diamondback 是一家擁有 2160 個床位的大型醫療機構。所以，是的，我的意思是，我不會——我會——將會是——再說一遍，我們給出了一個較為保守的指導意見，一旦入住率穩定下來，收入不會低於 4.5 億美元。這大概是我現在能給你的最佳數字了。

Yes, makes sense. And yes, that's what I was asking kind of prior to those awards. So great. And I guess, just to clarify from your previous commentary, you were saying that about $250 million or so of the $320 million expected to be recognized in 2026, excluding Dilley?

是的，有道理。是的，那正是我在頒獎典禮之前一直在問的問題。太棒了。我想，為了澄清您先前的評論，您是說預計在 2026 年確認的 3.2 億美元中，大約有 2.5 億美元左右，不包括 Dilley 嗎？

No, no. That was the increment in '26 over '25 because we recognized some revenue from those activations in 2025. So I was talking about the 4 facilities that we announced in the third quarter. So that revenue is probably $250 million 2026 over 2025 and then another $60 million if you include the Dilley facility, incremental revenue 2026 over 2025.

不，不。2026 年比 2025 年有所成長，因為我們在 2025 年確認了部分活化收入。我當時說的是我們在第三季宣布的4個項目。因此，2026 年的收入可能比 2025 年增加 2.5 億美元，如果算上迪利工廠，2026 年的收入將比 2025 年增加 6,000 萬美元。

Ben Briggs, StoneX Financial.

本·布里格斯，StoneX Financial。

Damon, congratulations on a very successful career. And I hope you enjoy a well-deserved time off before whatever it is you decide to do next.

達蒙，恭喜你擁有非常成功的職業生涯。我希望你在決定下一步要做什麼之前，能夠好好享受這段當之無愧的假期。

Thank you, sir. I appreciate that. Yes, sir.

謝謝您，先生。我很感激。是的，先生。

Great. So the vast majority of mine have been asked and answered. I think one that I would get in here is, I know you referenced kind of a longer-term $450 million adjusted EBITDA, call it, run rate. Obviously, as you guys have discussed on the call, there are CapEx investments that are required upfront as you sign contracts that result in that longer-term increased EBITDA. Do you know -- I mean, I know you may not have an exact number, but any kind of range or just the best way to think about what the CapEx costs kind of all in, in aggregate to get there are going to be or is it just too much of an unknown with not all the contracts finalized and just too many moving pieces?

偉大的。所以我的大部分問題都已經被問過並得到了解答。我認為我想補充一點，我知道你提到了一個比較長期的 4.5 億美元調整後 EBITDA，或者說，運行率。顯然，正如你們在電話會議上討論的那樣，簽訂合約時需要預先進行資本支出投資，這將帶來長期的 EBITDA 成長。你知道嗎——我的意思是，我知道你可能沒有確切的數字，但是有沒有一個大致的範圍，或者說，有沒有比較好的方式來考慮實現目標所需的資本支出總額？或者說，由於並非所有合約都已最終確定，而且變數太多，所以這其中存在太多未知因素？

Yes, that's a really good question. Again, let me just through a little bit. So our guidance for 2025 was $97.5 million to $99.5 million. There'll probably be a carryover of another $20 million or so in 2026. That does include CapEx associated with some facilities that we have not announced new contracts on.

是的，這確實是個好問題。再讓我簡單說幾句。因此，我們對 2025 年的預期是 9,750 萬美元至 9,950 萬美元。到 2026 年，可能還會有約 2,000 萬美元的結餘。這其中包括一些與我們尚未宣布新合約的設施相關的資本支出。

So if you recall at the beginning of 2025, we began -- we leaned forward on CapEx because we wanted to prepare all of our facilities to accept detainees as quickly as possible. So that number that I just gave you all in would -- I won't say it will cover every one of our facilities. And then whenever we activate a facility, there's always some stocking of equipment that we have to add to the -- in addition to the hard infrastructure renovation type assets. So I'm not sure if that answers your question, but it's probably $150 million-ish all in for all facilities.

所以，如果你還記得的話，在 2025 年初，我們開始——我們增加資本支出，因為我們希望盡快準備好所有設施來接收被拘留者。所以，我剛才告訴大家的數字──我不會說它能涵蓋我們所有的設施。而且，每當我們啟用一個設施時，除了硬基礎設施改造之類的資產之外，我們總是需要補充一些設備。我不確定這是否回答了你的問題，但所有設施的總投資可能在 1.5 億美元左右。

[Daniel Furtado, PhillyFin].

[Daniel Furtado，PhillyFin]

I was a little bit late on the beginning, but did you give any -- are you willing to give any update on PECOS?

我一開始有點晚了，但是您有沒有提供任何關於 PECOS 的最新資訊？

We did not say anything about that, and there's really no update today. Again, we always continue to have a dialogue with not only as our partner with ICE, but also with Target about what the needs are there in the Southwest, notably in Texas. So no real update to share today.

我們沒有就此事發表任何評論，今天也沒有任何最新消息。再次強調，我們始終與美國移民及海關執法局 (ICE) 以及 Target 等合作夥伴保持對話，了解美國西南部，特別是德州的需求。今天沒有什麼實質的更新可以分享。

Okay, great. And then my follow-up is simply this discussion about the share repurchases. And I know this -- clearly not trying to put you on the spot, but have you given any thought to potentially a tender considering what the stock price has done and your desire to repurchase shares?

好的，太好了。接下來，我的後續討論就圍繞著股票回購。我知道這一點——我當然不是想讓你難堪，但考慮到股價的走勢以及你想要回購股票的願望，你有沒有考慮過發起要約收購？

Yes. Probably it wouldn't be appropriate to go into kind of the weeds of what we discussed with the management team with the Board. But I guess the message is that we clearly think the stock is undervalued based on the forecast. So we'll be looking at every opportunity to deploy capital and buy back shares. And so always looking at potentially different ways to do it and maybe more efficient ways, but I wouldn't say anything more than that.

是的。或許不宜向董事會詳細討論我們與管理團隊討論的具體內容。但我想傳達的訊息是，根據預測，我們顯然認為這支股票被低估了。因此，我們將尋找一切機會部署資本並回購股票。因此，我一直在尋找可能不同的方法，以及更有效率的方法，但我不會透露更多。

We clearly see the opportunity.

我們清楚地看到了這個機會。

Edwin Groshans, Compass Point Research & Trading.

Edwin Groshans，Compass Point Research & Trading。

Damon, congratulations and enjoy your retirement. I just have -- I guess my question kind of focuses on -- you saw a lot in the press changes at ICE management. This seems to be the third swing at it. You've mentioned on the call the hiring of new agents, which appears that that's going to take some time. Can you just discuss like as ICE appears to get more aggressive or gets more agents, how much impact that has on your facilities and how quickly it improves activation or even if you can give some sense of bed count?

戴蒙，恭喜你，祝你退休生活愉快。我只是想問——我想我的問題主要集中在——你在媒體上看到了很多關於ICE管理層變動的消息。這似乎是第三次嘗試了。您在電話會議中提到了招募新員工，看來這需要一些時間。您能否談談，隨著美國移民及海關執法局（ICE）的執法力度加大或增派執法人員，這對您的設施有多大影響，以及提高執法效率的速度有多快，或者您能否提供一些關於床位數量的信息？

Yes, great question, and I'll probably tag team with Patrick a little bit on this. But as Patrick alluded to earlier, it's been -- and I shouldn't say just this year, it's really kind of our business. It's a little lumpy. And I think that's probably the case in this situation with ICE. So on their side, they're looking at additional 10,000 agents.

是的，問得好，我可能會和派崔克合作一下來解答這個問題。但正如派崔克之前提到的那樣，這——我不應該說只是今年，這其實是我們的事業。它有點凹凸不平。我認為ICE的情況可能也是如此。因此，他們這邊正在考慮增聘 10,000 名經紀人。

They're looking also at lawyers, judges, other support staff to help with the mission. And obviously, that's going to impact the enforcement operations, both on the interior and on the Southwest border. And then in turn, obviously, that's going to impact the tension. So I would say, as you look at kind of last 60, 90 days, I think they have been going very aggressive on hiring, but it does take some time because -- and we appreciate it on our side to get them through training, get them through the screening process and get them to where they're able to go out and affect the mission of ICE. And so I think as that continue to kind of ramps up -- and again, I'd describe it as lumpy.

他們也正在尋找律師、法官和其他輔助人員來協助完成這項任務。顯然，這將對內陸和西南邊境的執法行動產生影響。而這反過來顯然會影響緊張局勢。所以我想說，回顧過去 60 到 90 天，我認為他們在招聘方面非常積極，但這確實需要一些時間，因為——我們很感激他們讓我們的員工完成培訓、通過篩選程序，並最終能夠上崗，為 ICE 的使命做出貢獻。所以我覺得隨著這種情況繼續加劇——而且我再次用「不均勻」來形容它。

As they got kind of more bandwidth on their side to do more enforcement operations, then obviously, that's going to impact the need for detention capacity. So the conversation is just real time. It's been like that for basically the last year. They're telling us kind of what the needs are, where the priorities are, where the capacity potentially is going to be needed as they kind of ramp up operations. And then obviously, we'll move on a parallel path to meet the need if we've been given the opportunity to provide a solution.

隨著執法部門擁有更多資源進行執法行動，很顯然，這將影響拘留能力的需求。所以對話是即時進行的。過去一年基本上都是這樣。他們大致告訴我們有哪些需求，哪些是優先事項，以及隨著業務逐步擴大，哪些方面可能需要產能。然後，很顯然，如果我們有機會提供解決方案，我們將採取平行路徑來滿足需求。

But anything to add to that, Patrick.

派崔克，你還有什麼要補充的嗎？

The only thing that I would add is that I think it's important to note that as we open a facility during activation, all beds aren't immediately available on day 1. And so we have ramp schedules that we have built into our contracts at a pace at which we believe we can safely accommodate ramps in population. And so as we continue to open new facilities, we're seeing those beds utilized at a pace that's consistent with what we initially expected. And so I think to the point that Damon just made, I think what you're going to see is a little bit of ebb and flow. And so more beds have been contracted for both with us and with others.

我唯一要補充的是，我認為需要注意的是，當我們在啟動階段開放設施時，並非所有床位都能在第一天立即使用。因此，我們在合約中製定了人口增長的逐步恢復計劃，我們認為以這樣的速度可以安全地應對人口增長的逐步恢復。因此，隨著我們不斷開設新的設施，我們看到這些床位的使用速度與我們最初的預期一致。所以我覺得正如達蒙剛才所說，你會看到一些起伏。因此，我們和其他供應商都增加了床位供應。

Those beds are progressively being utilized, and absorption is occurring, but there are beds available. As you see a further step-up in enforcement, you would see further bed need manifest. And so again, it's not a linear growth path either for populations or for enforcement or for contracting, but the direction it appears to be very much intact. And again, as we provide beds on schedule, they're being utilized.

這些床位正在逐步使用，病人也正在被接收，但仍有剩餘床位。隨著執法力度的進一步加大，床位需求也會進一步增加。所以，無論是人口成長、執法或收縮，都不是一條線性成長路徑，但其方向似乎仍保持不變。再次強調，我們按計畫提供的床位都得到了充分利用。

Great. I appreciate that. And I know you mentioned earlier in the call, a surge capacity. Is that surge capacity available as activation is occurring? And then once activation is up and running, the surge can then leak into the new facilities or is that separate?

偉大的。我很感激。我知道你之前在通話中提到過應急容量。在啟動過程中，這種應急容量是否可用？一旦啟動系統啟動並運行，激增的電力是否會洩漏到新設施中，還是說這是另一回事？

That capacity generally is consistent in terms of the ebb and flow of what we might see on a surge basis versus inactivation. And so new beds being brought online are going to be utilized. There are still going to be times at our facilities, particularly depending on the field office where surge beds may be needed. And so it's going to be somewhat geography dependent and it's going to be somewhat facility dependent in terms of whether surge capacity would be used, when it would be used. But it is still available and in addition to the new beds that we would be bringing online.

就產能的波動而言，這種波動通常是一致的，表現為產能的激增與產能的下降。因此，新投入使用的床位將會充分利用。我們的設施仍然會有一些時候，特別是根據現場辦事處的情況，可能需要增設床位。因此，是否使用緊急容量以及何時使用，在某種程度上取決於地理位置和設施情況。但它仍然有售，而且我們還將推出新床位。

And then just my last one on this is, there's been a lot of discussions about deportations. You mentioned the judges, which I appreciate. There's going to be work to do mass deportation. Are you seeing in your model yet, are deportations having an impact on detentions or is detention still running ahead of deportations, i.e., intake is greater than outflow?

最後我想補充一點，關於驅逐出境的問題已經有很多討論了。你提到了評委，我很感激。將會有大規模驅逐出境的工作要做。你的模型是否已經顯示，驅逐出境是否對拘留人數產生影響，或者拘留人數是否仍然超過驅逐出境人數，即接收人數大於釋放人數？

Well, we see -- there is variation as enforcement occurs. And it really is very dependent on the field office, the country of origin that the individual is being transported to. And so I would say there's not really a universal answer to that because it really is dependent on, again, where the enforcement action occurs, where the individual is placed, the agreement that we have in place with the country of origin, all of those are going to impact the amount of time that someone would spend in detention. We do see a strong motivation for speed of deportation. But certainly, we see a lot of variation as individuals manage their way through the court process.

嗯，我們看到——執法過程中存在差異。這實際上很大程度上取決於外勤辦事處以及被遣返人員的原籍國。因此，我認為這個問題並沒有一個普遍適用的答案，因為它實際上取決於執法行動發生的地點、被拘留者的安置地點、我們與原籍國達成的協議，所有這些因素都會影響一個人被拘留的時間長短。我們確實看到了加快遣返速度的強烈動機。但可以肯定的是，我們看到個人在應對法庭程序時會遇到很多差異。

And last one -- I promise, this is my last one. I guess there was a lot of talk about ICE was tending to move people to different regions because of legal actions that's happening. Have you seen that or is most of the business still happening in the region where the people are picked up?

最後一個——我保證，這是最後一個。我猜想，當時有很多關於美國移民及海關執法局（ICE）因為正在進行的法律訴訟而傾向於將人們轉移到不同地區的討論。你看到這種情況了嗎？還是說大部分生意仍然在人們被接走的那個地區進行？

Well, I guess what I would say is -- and this has historically been the case. ICE -- so some customers have very tight geographic footprints. And so for many states, what you find is they want to stay within the border of that state. For some federal agencies, they want to stay within a particular district. In the case of ICE, we see -- we've always seen movement across the country.

嗯，我想說的是——而且歷史上一直都是如此。ICE－因此，有些客戶的地理覆蓋範圍非常有限。因此，對於許多州來說，你會發現他們只想待在本州的邊界之內。有些聯邦機構希望只在特定區域內運作。就 ICE 而言，我們看到——我們一直看到全國各地都在進行人員流動。

And so I've not seen broadly what I would describe as purposeful intent to move folks around the country for that reason. But we do see lots of movement around the country, which is really driven by the staging aspects of managing populations and aggregating individuals in certain locations in advance of deportation.

因此，我還沒有看到大規模的、我稱之為出於這個原因而將人們轉移到全國各地的有目的的舉動。但我們確實看到全國各地有很多人員流動，這實際上是由人口管理的分階段安排以及在遣返前將人員聚集到某些地點所驅動的。

Jason Weaver, JonesTrading.

Jason Weaver，JonesTrading。

At this point, just a couple for me. I'll try to be quick. Looking past your idle capacity and the facilities that are in various stages of reactivation now, can you update us a bit on what you're seeing or looking for in the long end of the pipeline to add ICE beds? That is, if we're trying to move to 100,000 capacity or greater?

目前，我只有幾個。我會盡量快一點。撇開您目前閒置的產能和處於不同階段的重新啟用設施不談，您能否向我們介紹一下您在增加 ICE 床位方面的長期規劃或關注點？也就是說，如果我們想將容量提升到 10 萬或更高呢？

Yes. I'll tag team with Patrick on this. This is Damon. Part of that conversation has been ongoing where they'll say, ICE will say, hey, we've got a certain need for capacity today in a certain region. But in the next, say, year or 2 years, we might have a need for more capacity.

是的。我會和派崔克合作完成這件事。這是達蒙。部分對話一直在進行中，他們會說，ICE會說，嘿，我們今天在某個地區需要一定的運力。但在未來一兩年內，我們可能需要更大的產能。

So the way we look at it, and obviously it's the most efficient way to do it is to look if we've got a base of operations in a certain location, can we add capacity both short-term and long-term. So it's a 2-way conversation. ICE says, hey, we may have a little bit of a higher population for a period of time, for 12, 24 months. So that would lend us to say we probably don't want to do a very large capital investment to meet that need. So we'll look at more kind of short-term solutions that we can maybe add to a facility and kind of leverage the base operations.

所以我們看待這個問題的方式，顯然也是最有效的方式，就是看看如果我們在某個地方有營運基地，我們能否在短期和長期內增加產能。所以這是一場雙向對話。美國移民及海關執法局表示，嘿，我們可能會在一段時間內（12 到 24 個月）人口略微增加。所以由此我們可以說，我們可能不想進行非常大的資本投資來滿足這個需求。因此，我們將考慮更多可以添加到設施中並利用基礎運營的短期解決方案。

So those conversations are ongoing. It's kind of alluded back to my earlier comments and what I said in my script, which is where we can either expand capacity in existing facilities or and/or go to a third-party like Target where they could meet the need either with a standalone or again maybe add capacity to an existing operation. So it's kind of all of the above approach.

所以這些對話仍在進行中。這其實呼應了我之前的評論和我在腳本中所說的內容，那就是我們可以擴大現有設施的產能，或者與像 Target 這樣的第三方合作，讓他們透過獨立運作或增加現有營運的產能來滿足需求。所以，這其實是以上所有方法的結合。

Okay. That's helpful. And then just as it pertains to Midwest Regional, do you have any upcoming hearing dates or events scheduled where we might see some developments there?

好的。那很有幫助。那麼，就中西部地區而言，您是否安排了任何即將舉行的聽證會或活動，以便我們了解該領域的一些進展？

Yes. There's a couple of hearings. I don't have the exact dates in front of me, but there's a couple of hearings here in the next probably 30 -- I think, 30 to 45 days. I think there's at least a couple before Christmas.

是的。有幾場聽證會。我手頭上沒有確切的日期，但接下來大概 30 到 45 天內會有幾場聽證會。我認為聖誕節前至少還有兩場。

There are no further questions at this time. I'd like to turn the call back over to Damon Hininger for closing remarks.

目前沒有其他問題了。我謹將電話交還給達蒙·希寧格，請他作總結發言。

Thank you so much. Well, this has been a really fun call. Thank you for all the well wishes. And again, as I kind of wrap up, 16 years of service as CEO, almost 33 years as a member of this great company. I'm deeply grateful for all of you on the call and also previous investors that have given me a lot of support and guidance over the years.

太感謝了。這次通話真是太愉快了。謝謝大家的祝福。最後，我想總結一下，我擔任執行長已有 16 年，作為這家偉大公司的一員也已近 33 年。我衷心感謝所有參加電話會議的各位，也感謝多年來給予我大力支持和指導的各位前投資者。

I also want to say to every single employee in our company, 14,000 strong and also the ones that have worked with us previously, I'm deeply honored and grateful to work alongside you all during these 33 years. You all have inspired me in so many different ways and it has made me a better person and have made this a better company. And really going into this year has given us a very strong 2025. I mean, this year, it is really breathtaking the amount of activity we've seen in the organization to meet the needs of not just one customer, also we've talked a lot about ICE, but also other federal partners and a lot of activity on the state side. So 2025 has been a great year.

我還要對我們公司的每一位員工，包括14,000名現任員工以及以前與我們共事過的員工說，我非常榮幸和感激能在過去的33年裡與大家一起工作。你們在很多方面都激勵了我，讓我成為了一個更好的人，也讓公司變得更好。而今年的發展確實為我們2025年的良好前景奠定了基礎。我的意思是，今年我們在組織內部開展的活動數量之多，著實令人驚嘆，這不僅是為了滿足一個客戶的需求，我們還與美國移民及海關執法局（ICE）進行了很多討論，也與其他聯邦合作夥伴以及州政府方面開展了很多活動。所以2025年是精彩的一年。

But boy, as I said earlier, next year with a forecast of $2.5 billion in revenue, over $450 million in annual run rate and EBITDA. Those would be 2 record numbers for us as an organization. So again, thank you for the organization, for the company, employees and also for our customers to give us that trust and confidence to provide that type of service to have these type of milestones. So with that, we adjourn. Enjoy the rest of your day.

但是，正如我之前所說，明年預計收入將達到 25 億美元，年運行率和 EBITDA 將超過 4.5 億美元。這將是我們組織創下的兩個歷史新高。再次感謝公司、員工以及我們的客戶，感謝你們給予我們的信任和信心，讓我們能夠提供這種服務，並取得這些里程碑式的成就。那麼，會議就此結束。祝您今天餘下的時間愉快。

Thank you for calling in today.

感謝您今天的來電。

This concludes the program. You may now disconnect.

節目到此結束。您現在可以斷開連線了。