CoreCivic, Inc. (CXW) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2026 CoreCivic, Inc., earnings conference call. (Operator Instructions) Please be advised that today’s conference is being recorded.

大家好，感謝您稍候等候。歡迎參加 CoreCivic, Inc. 2026 年第一季（Q1 2026）財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Jeb Bachmann, Managing Director of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係董事總經理 Jeb Bachmann。請開始。

Thank you, operator. Good morning, and welcome to CoreCivic’s first-quarter 2026 earnings call. Participating on today’s call are Patrick Swindle, CoreCivic’s President and Chief Executive Officer; and David Garfinkle, our Chief Financial Officer. We are also joined here in the room by our Vice President of Finance, Brian Hammonds.

謝謝，接線員。各位早安，歡迎參加 CoreCivic 2026 年第一季財報電話會議。今天參與會議的有 CoreCivic 總裁兼執行長 Patrick Swindle，以及我們的財務長 David Garfinkle。我們也在現場邀請到財務副總裁 Brian Hammonds。

On this call, we will discuss financial results for the first quarter of 2026, as well as updated financial guidance for the 2026 year. We will also discuss developments with our government partners and provide you with other general business updates.

在本次電話會議中，我們將討論 2026 年第一季的財務結果，以及更新後的 2026 年度財務指引。我們也將討論與政府合作夥伴的最新進展，並向各位提供其他一般性的業務更新。

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 first-quarter 2026 earnings release issued after market yesterday as well as in our Securities and Exchange Commission filings, including Forms 10-K, 10-Q, and also 8-K reports. You are cautioned that any forward-looking statements reflect management’s current views only and that the company undertakes no obligation to revise or update such statements in the future.

在今天的電話會議中，我們的發言（包括對各位提問的回答）將包含依據《私人證券訴訟改革法》安全港條款所作之前瞻性陳述。由於多項因素，我們的實際結果或趨勢可能出現重大差異；相關因素包括我們於昨日收盤後發布的 2026 年第一季財報新聞稿中所列者，以及我們向美國證券交易委員會提交的文件（包括 10-K、10-Q 表格及 8-K 報告）中所列者。敬請注意，任何前瞻性陳述僅反映管理層目前觀點，公司不承擔於未來修訂或更新該等陳述之義務。

Management will discuss certain non-GAAP metrics. A reconciliation of the most comparable GAAP measurement is provided in the corresponding earnings release and included in the company’s quarterly supplemental financial data report posted on the Investors page of the company’s website at corecivic.com.

管理層將討論若干非 GAAP 指標。與其最可比的 GAAP 衡量指標之調節表已載於相應的財報新聞稿中，並收錄於公司網站 corecivic.com「投資人」頁面所發布的季度補充財務資料報告內。

With that, it is my pleasure to turn the call over to our CEO, Patrick Swindle.

接下來，我很榮幸把電話會議交給我們的執行長 Patrick Swindle。

Thank you, Jeb. Good morning, and thank you for joining us for CoreCivic’s first-quarter 2026 earnings call. On this morning’s call, we will discuss our latest operational results and update you on the latest developments and opportunities with our government partners. Following my opening remarks, I’ll hand the call over to our CFO, Dave Garfinkle, who will provide greater detail on our first-quarter 2026 financial results as well as our updated 2026 financial guidance. He will also provide an update on our capital structure, including activity on our share repurchase program and other balance sheet initiatives.

謝謝你，Jeb。各位早安，感謝各位參加 CoreCivic 2026 年第一季財報電話會議。在今天上午的電話會議中，我們將討論最新的營運成果，並向各位更新與政府合作夥伴的最新進展與機會。在我開場致詞後，我會把電話交給我們的財務長 Dave Garfinkle，他將更詳細說明 2026 年第一季的財務結果，以及更新後的 2026 年財務指引。他也將就我們的資本結構提供最新資訊，包括股票回購計畫的執行情況及其他資產負債表相關措施。

Before we discuss this quarter’s financial performance, I want to share some perspective on what I see every day in this role, the work our team does, and why it matters. Every day, approximately 55,000 individuals are entrusted to our care by our government partners. That means that every day around the country, more than 13,000 CoreCivic professionals are responsible for feeding, safeguarding, treating medical and mental health needs, facilitating religious and recreational activities, providing access to legal resources, and delivering programs that help prepare people for whatever comes next in their life’s journey. Our colleagues carry out these responsibilities humanely, treating residents and each other with dignity and respect.

在討論本季的財務表現之前，我想分享一些我在這個職務中每天所看到的觀點：我們團隊所做的工作，以及其重要性。每天，約有 55,000 名個人由我們的政府合作夥伴託付由我們照護。這表示在全國各地，每天有超過 13,000 名 CoreCivic 專業人員負責提供餐食、維護安全、處理醫療與心理健康需求、協助宗教與休閒活動、提供法律資源的取得管道，並推動各項計畫，協助人們為人生旅程的下一步做好準備。我們的同仁以人道方式履行這些責任，並以尊嚴與尊重對待收容者及彼此。

This is an incredible responsibility and an essential service for our government partners in the communities where we operate. I’m extremely proud of our team and the professionalism and purpose with which they carry out their responsibilities, and I’m deeply grateful for the trust our government partners place in CoreCivic. Through these tens of thousands of interactions each day, we have an opportunity to help build safer, healthier, and more productive communities one person at a time. Using that as a North Star enables us to achieve success for all of our stakeholders, including our shareholders.

這是一項極其重大的責任，也是我們在營運所在社區中為政府合作夥伴提供的關鍵服務。我為我們團隊感到無比自豪，他們以專業與使命感履行職責；同時我也非常感謝政府合作夥伴對 CoreCivic 的信任。透過每天數以萬計的互動，我們有機會以一次一個人的方式，協助打造更安全、更健康、更具生產力的社區。以此作為北極星指引，使我們能為所有利害關係人（包括股東）創造成功。

I’ll now move on to a high-level overview of our first quarter operational performance. Total occupancy for our Safety and Community segments for the quarter was 79.6%, up 2.6 points since the year-ago quarter. The average daily population across all of the facilities we managed was 57,243 individuals during the first quarter of 2026, compared with 51,429 in the year-ago quarter. This increase was driven by more demand for our services, new contracting activity, and the Farmville acquisition that was completed July 1, 2025. This is a meaningful increase, and our teams continue to be focused on delivering the highest-quality services and environment every day.

接下來我將就第一季的營運表現做高層次概述。本季我們「安全」與「社區」兩大事業部門的總入住率為 79.6%，較去年同期提高 2.6 個百分點。2026 年第一季我們所管理的所有設施之平均每日收容人數為 57,243 人，去年同期為 51,429 人。此一增加主要來自對我們服務需求提升、新的合約簽訂活動，以及於 2025 年 7 月 1 日完成的 Farmville 收購案。這是相當有意義的成長，我們的團隊仍持續專注於每天提供最高品質的服務與環境。

Federal partners, primarily ICE and the US Marshals Service, comprised 58% of CoreCivic’s total revenue in the first quarter. Revenue from our federal partners increased 48% during the first quarter of 2026 compared with the prior-year quarter. Further breaking down our federal mix, revenue from ICE increased to $128.1 million, or 96.2%, while revenue from the US Marshals Service decreased by $12.2 million versus the prior-year quarter. Some of this decline is simply a shift in mix where ICE and the US Marshals Service share a contract.

第一季中，聯邦合作夥伴（主要為 ICE 與美國法警局）占 CoreCivic 總營收的 58%。與去年同期相比，2026 年第一季來自聯邦合作夥伴的營收成長 48%。進一步拆解聯邦組合，來自 ICE 的營收增加至 1.281 億美元（或 96.2%），而來自美國法警局的營收則較去年同期減少 1,220 萬美元。其中部分下滑僅是組合變動所致，因為 ICE 與美國法警局共同使用同一份合約。

Populations from ICE in our care increased by approximately 4,500 individuals, or 45%, from the beginning of 2025 through March 31, 2026, when we cared for 14,689 individuals. Our average daily population increased by 6,822 individuals in the first quarter of 2026 from the first quarter of 2025. However, since the end of January 2026, when our ICE populations peaked through April 30. ICE populations in our care have declined by roughly 3,000 individuals. We believe this decline is temporary and event-specific, and Dave will review our population assumptions at a high level reflected in our financial guidance.

自 2025 年初至 2026 年 3 月 31 日，我們照護中的 ICE 收容人數增加約 4,500 人（或 45%），截至該日我們照護 14,689 人。2026 年第一季的平均每日收容人數較 2025 年第一季增加 6,822 人。然而，自 2026 年 1 月底（當時我們的 ICE 收容人數達到高峰）至 4 月 30 日期間，我們照護中的 ICE 收容人數已下降約 3,000 人。我們認為此一下降屬暫時性且為特定事件所致；Dave 將就我們財務指引中反映的人數假設做高層次說明。

A key aspect of our ability to meet the increase in demand we’ve experienced from ICE has been the activation of five idle facilities. Activating idle facilities is challenging work, and activating numerous facilities simultaneously is particularly challenging, but I couldn’t be more proud of our team’s progress. Occupancy at our 600-bed West Tennessee Detention Center, where we signed a new contract and began accepting detainees in the third quarter of 2025, has stabilized, and our daily operations are now fairly routine. We continue to receive detainee populations at our 2,560-bed California City Detention Facility, where we signed a new contract effective September 1, 2025, and at our 2,160-bed Diamondback Correctional Facility, where we signed a new contract effective September 30, 2025. As of March 31, 2026, we cared for 1,817 individuals and 735 individuals, respectively, at these two facilities.

我們能夠因應 ICE 需求增加的一個關鍵因素，是啟用五座閒置設施。啟用閒置設施是一項具挑戰性的工作，而同時啟用多座設施更是格外艱鉅，但我對團隊的進展感到無比自豪。我們擁有 600 床位的西田納西拘留中心，在 2025 年第三季簽署新合約並開始接收被拘留者後，其入住率已趨於穩定，日常營運目前也相當常態化。我們持續在 2,560 床位的加州城拘留設施接收被拘留者（新合約於 2025 年 9 月 1 日生效），以及在 2,160 床位的 Diamondback 矯正設施接收被拘留者（新合約於 2025 年 9 月 30 日生效）。截至 2026 年 3 月 31 日，我們在上述兩座設施分別照護 1,817 人與 735 人。

We received approval for a special use permit at our 1,033-bed Midwest Regional Reception Center in early March 2026 and immediately began accepting detainees. The facility has been undergoing reactivation since a new contract was awarded in the third quarter of 2025, but experienced a temporary delay in the intake process as we worked through legal challenges in the SUP approval process. I want to reiterate our thanks to the Leavenworth City Commission for their collaboration and trust and look forward to bolstering our long-standing relationship with the Leavenworth community. Because of the uncertain timing on the resolution of the SUP matter, we did not include the financial impact of the activation in our initial guidance for 2026. We currently expect this facility to contribute approximately $0.05 to $0.06 in incremental earnings per share for the remainder of 2026, which is included in our updated financial guidance, as Dave will discuss further.

我們於2026年3月初取得位於中西部區域接收中心（Midwest Regional Reception Center）、擁有1,033張床位之特殊用途許可（SUP）核准，並立即開始收容被拘留者。自2025年第三季獲得新合約後，該設施即持續進行重新啟用作業，但在我們處理SUP核准流程中的法律挑戰期間，收容流程曾出現短暫延宕。我想再次感謝萊文沃斯市（Leavenworth）市政委員會的合作與信任，並期待強化我們與萊文沃斯社區長期以來的關係。由於SUP事項解決時點不確定，我們在2026年初始財務指引中未納入該啟用所帶來的財務影響。我們目前預期該設施在2026年剩餘期間可為每股盈餘帶來約0.05至0.06美元的增量貢獻；此已納入我們更新後的財務指引中，Dave稍後將進一步說明。

Moving to a discussion of the macro business environment with ICE, in late January 2026, nationwide ICE detention populations were at historic highs of around 70,800 individuals, an increase of approximately 1,000 from the end of the fourth quarter. However, a government shutdown centered around Department of Homeland Security funding, a reorganization of DHS leadership, and a subsequent impact to enforcement activities, including redeployment of ICE agents to TSA checkpoints, led to a 10,500 decrease in detention populations by early April 2026. While we cannot predict how quickly population growth will resume, the Administration continues to indicate a strong emphasis on border security and active ICE enforcement. What has potentially changed is how DHS plans to meet its detention bed needs going forward, including through the conversion of vacant warehouse facilities into immigration detention facilities and/or the acquisition of existing turnkey facilities. As the former has garnered a lot of attention for various reasons, we do not know the future of that strategy.

接著談到與ICE相關的總體業務環境：2026年1月下旬，全美ICE拘留人數達到歷史高點，約70,800人，較第四季末增加約1,000人。然而，因以國土安全部（DHS）經費為核心的政府部分停擺、DHS領導層重整，以及對執法活動的後續影響（包括將ICE探員重新部署至TSA安檢站），使拘留人數在2026年4月初前下降了10,500人。雖然我們無法預測人數成長將多快恢復，但政府仍持續表明將高度重視邊境安全與積極的ICE執法。可能改變的是，DHS未來計畫如何滿足其拘留床位需求，包括將閒置倉庫設施改建為移民拘留設施，及／或收購既有可立即投入使用的交鑰匙（turnkey）設施。由於前者因各種原因受到高度關注，我們並不清楚該策略的未來走向。

However, as widely reported in the media and in numerous analysts’ reports, we do believe the potential of turnkey facility acquisitions remains as our government partners look to secure capacity throughout the United States. Nationwide populations from the US Marshals Service, our second-largest customer, have declined from the prior year, partially offsetting the increase from ICE, as facilities that share contracts between the two agencies have extended capacity to ICE due to the higher demand. Marshals populations are also down nationwide due to fewer apprehensions at the southern border. Our average daily Marshals population declined by 1,360 individuals in the first quarter of 2026 from the first quarter of 2025, although we have experienced a steady increase in average daily Marshals populations in the past few months. Revenue from our state partners, which comprises 33% of our total revenue in the first quarter, increased 3.6% from the prior-year quarter.

不過，正如媒體與多份分析師報告廣泛報導，我們確實認為，當政府合作夥伴尋求在全美各地確保收容量能時，收購交鑰匙設施的可能性仍然存在。我們的第二大客戶——美國法警局（US Marshals Service）——其全美收容人數較去年下滑，部分抵銷ICE增加的影響；原因在於同時與兩機構共享合約的設施，因ICE需求較高而將部分容量延伸提供給ICE。法警局收容人數在全美也因南部邊境逮捕人數減少而下降。我們2026年第一季的法警局平均每日收容人數較2025年第一季減少1,360人，不過過去幾個月我們的法警局平均每日收容人數已呈現穩定回升。來自州政府合作夥伴的營收（第一季占總營收33%）較去年同期成長3.6%。

This increase includes per diem increases under a number of our state contracts and population growth from the states of Georgia, Montana, and Colorado. This increase is net of a decline in revenue for the transition of populations at our Trousdale facility in Tennessee, which resulted in a decline in populations that we expect to recover in the coming quarters. Excluding the decline in revenue at Trousdale, revenue for state partners increased 5.2%. We continue to see an increase in opportunities at the state level, and in addition to increases in populations in our existing contracts, we are in discussions with several states in need of additional bed capacity. At the end of the first quarter, we began consolidating an expanding state customer population into our Tallahatchie County Correctional Facility in order to provide single-location service for this customer, while creating more marketable capacity for a potential new state customer in Arizona.

此成長包含多項州政府合約的每日費率（per diem）調升，以及喬治亞州、蒙大拿州與科羅拉多州的收容人數成長。上述成長已扣除田納西州Trousdale設施因收容人員移轉所造成的營收下滑；該移轉導致收容人數下降，我們預期將在未來幾季回升。若排除Trousdale的營收下滑，州政府合作夥伴營收成長為5.2%。我們持續看到州層級機會增加；除既有合約收容人數增加外，我們也正與數個需要額外床位容量的州進行洽談。第一季末，我們開始將某州客戶持續擴大的收容人數整併至我們的Tallahatchie County Correctional Facility，以便為該客戶提供單一據點服務，同時為亞利桑那州潛在的新州政府客戶釋出更具市場性的容量。

We continue to maintain five idle corrections and detention facilities containing approximately 7,000 beds to meet any federal or state increase in demand. We remain confident that the corrections and detention beds that we provide are the most humane, most efficient logistically, most compliant, most secure, readily available, and provide the best value to the government.

我們仍維持五座閒置的矯正與拘留設施，合計約7,000張床位，以因應任何聯邦或州政府需求增加。我們仍有信心，我們所提供的矯正與拘留床位在對待人道性、後勤效率、合規性、安全性、可即時提供性，以及對政府的價值等方面，都是最佳選擇。

Moving on to capital deployment, we remain focused on creating value for our shareholders through operational excellence and meaningful organic growth, an active share repurchase program, and, at times, accretive acquisitions. In April 2026, we executed an agreement to acquire Clinical Solutions Pharmacy, one of the largest providers of mail-order pharmacy services to correctional facilities in the United States. This ancillary business complements our core mission of improving the lives of those in our care while providing a diversifying revenue stream and meaningful growth opportunities as correctional populations age with more complex and chronic medical needs.

接著談資本配置：我們仍專注於透過卓越營運與具實質意義的內生成長、積極的庫藏股回購計畫，以及在適當時機進行具增益性的收購，為股東創造價值。2026年4月，我們簽署協議收購Clinical Solutions Pharmacy（CSP），其為美國矯正機構郵購藥局服務的最大供應商之一。此項周邊（ancillary）業務可補強我們改善受照護者生活的核心使命，同時提供多元化的營收來源，並在矯正人口老化、醫療需求更複雜且慢性病增加的趨勢下，帶來具意義的成長機會。

CSP's exclusive focus on the corrections market, serving over 600 correctional facilities, including CoreCivic, across 28 states, uniquely positions it to support government agencies seeking reliable, clinically advanced pharmacy solutions. CSP is at the forefront of the correctional pharmacy business, with 50% of shipments being fully automated, which is a key differentiator in the industry, filling approximately 60,000 prescriptions per day, with no single customer currently accounting for more than 15% of its annual revenue. CSP is headquartered and operates a centralized distribution center less than 30 miles from our facility support center here in Greater Nashville and has nearly 300 employees. I want to welcome the CSP employees to the CoreCivic team. We’re excited about the future with CSP and look forward to reporting on the progress. Dave will provide more details on the financial impact of the acquisition.

CSP專注於矯正市場，服務超過600座矯正設施（包含CoreCivic）並涵蓋28個州，使其在協助政府機關取得可靠且臨床先進的藥局解決方案方面具備獨特定位。CSP位居矯正藥局業務前沿，出貨中有50%為全自動化處理，這是產業中的關鍵差異化因素；其每日約調劑60,000張處方，且目前沒有任何單一客戶占其年度營收超過15%。CSP總部及集中式配送中心位於大納許維爾地區，距離我們的設施支援中心不到30英里，並擁有近300名員工。我想歡迎CSP員工加入CoreCivic團隊。我們對與CSP共同開展的未來感到振奮，並期待向各位報告進展。Dave將提供更多關於此次收購財務影響的細節。

Our first-quarter results exceeded average analyst estimates for adjusted EPS by $0.12 and adjusted EBITDA by $13.3 million. While we are pleased with the first quarter results, we expect a sequential decline in per-share results in the second quarter as a result of the recent reduction in nationwide ICE detention population. However, for the reasons I mentioned earlier, we believe this reduction is temporary.

我們第一季業績在調整後每股盈餘（adjusted EPS）方面超出分析師平均預估0.12美元，調整後EBITDA亦超出1,330萬美元。雖然我們對第一季結果感到滿意，但由於近期全美ICE拘留人數下降，我們預期第二季每股表現將較前一季下滑。不過，基於我先前提到的原因，我們認為這次下降是暫時性的。

Even with this reduction, we are increasing our full-year guidance, reflecting our strategic investment in Clinical Solutions and the successful activation of our Midwest Regional Reception Center, which more than offset the decline in our updated forecast for ICE populations. As I noted on our last earnings call, despite full-year 2026 EBITDA guidance near record levels, our stock continues to trade at a discount to our historical trading multiples, which we believe does not reflect the cash flows of our business, particularly considering the ongoing activations of previously idle facilities, giving us visibility into our growth potential in 2026 and beyond. The acquisition of CSP further strengthens that growth outlook.

即便出現這次下降，我們仍上調全年指引，反映我們對Clinical Solutions的策略性投資，以及中西部區域接收中心成功啟用；這些因素足以抵銷我們對ICE收容人數更新預測中的下修影響。如同我在上次財報電話會議所提，儘管2026年全年EBITDA指引接近歷史高檔，我們的股價仍以低於歷史交易倍數的折價交易；我們認為這未能反映本業的現金流，特別是考量到先前閒置設施持續啟用，使我們對2026年及其後的成長潛力具備可見度。收購CSP進一步強化了該成長展望。

We also believe that our current share price implies a significant discount to the fair value of our real estate assets using just about any valuation methodology. Accordingly, we plan to continue prioritizing our cash flows towards share repurchases, taking into consideration our stock price and alternative opportunities to deploy capital, among other factors. Additionally, the recently completed $100 million term loan supports balance sheet flexibility as we navigate the partial government shutdown environment, and assessed potential asset sales could further enhance our liquidity, enabling us to continue to deploy capital in ways we believe create shareholder value.

我們也認為，以幾乎任何估值方法衡量，我們目前股價都隱含對我們不動產資產公允價值的顯著折價。因此，我們計畫持續優先將現金流用於股票回購，同時考量股價水準、其他資本配置機會等因素。此外，近期完成的1億美元定期貸款（term loan）在我們因應政府部分停擺環境之際，提供了資產負債表的彈性；而已評估的潛在資產出售亦可進一步提升流動性，使我們得以持續以我們認為能創造股東價值的方式配置資本。

With that, I will turn the call over to David to discuss our first quarter financial results in more detail, our capital allocation activities, and the assumptions underlying our updated 2026 financial guidance. Dave?

接下來，我將把電話會議交給 David，請他更詳細地說明我們 2026 年第一季的財務結果、我們的資本配置活動，以及支撐我們更新後 2026 年財務指引的各項假設。Dave？

Thank you, Patrick, and good morning, everyone. In the first quarter of 2026, we generated GAAP EPS of $0.38 per share and FFO per share of $0.64. Special items in the quarter included $2.4 million of expenses associated with M&A activities reported in G&A expense for the acquisition of Clinical Solutions completed subsequent to quarter end. Excluding M&A expenses, adjusted EPS was $0.40 compared with $0.23 in the first quarter of 2025, an increase of 74%. Normalized FFO per share was $0.65, compared with $0.45 per share in the prior-year quarter, an increase of 44%. Adjusted EBITDA was $110.1 million compared with $81 million in the first quarter of 2025, an increase of 36%.

謝謝你，Patrick，各位早安。在 2026 年第一季，我們的 GAAP 每股盈餘（EPS）為每股 0.38 美元，每股 FFO 為 0.64 美元。本季的特殊項目包括 240 萬美元的併購（M&A）相關費用，該費用列報於一般及行政（G&A）費用中，與季後完成收購 Clinical Solutions 有關。剔除併購費用後，調整後 EPS 為 0.40 美元，較 2025 年第一季的 0.23 美元增加 74%。常態化每股 FFO 為 0.65 美元，較去年同期的每股 0.45 美元增加 44%。調整後 EBITDA 為 1.101 億美元，較 2025 年第一季的 8,100 萬美元增加 36%。

Adjusted EPS exceeded average analyst estimates by $0.12 per share and adjusted EBITDA exceeded average analyst estimates by $13.3 million. The increase in adjusted EBITDA from the prior-year quarter of $29.1 million resulted from the activation of four previously idle facilities since the first quarter of 2025 under new management contracts with ICE and the acquisition of the Farmville Detention Center on July 1, 2025. The number of ICE detainees in our care followed national trends, which reached record highs again during the first quarter of 2026, although they dipped at the end of the first quarter for what we believe are transitory reasons.

調整後 EPS 較分析師平均預估高出每股 0.12 美元，調整後 EBITDA 較分析師平均預估高出 1,330 萬美元。調整後 EBITDA 較去年同期增加 2,910 萬美元，主要來自自 2025 年第一季以來，在與 ICE 的新管理合約下啟用四座先前閒置的設施，以及於 2025 年 7 月 1 日收購 Farmville Detention Center。我們照護中的 ICE 被拘留者人數跟隨全國趨勢，於 2026 年第一季再度創下歷史新高，儘管在第一季末有所下滑，但我們認為原因屬於暫時性。

We managed approximately 24% of total ICE populations at quarter end, compared with 23% at year end and 25% at March 31, 2025. The increase in adjusted EBITDA also resulted from an increase of $4.6 million in employee retention credits available under the CARES Act during the first quarter of 2026 compared with the first quarter of 2025. During the first quarter of 2026, we collected the final amount we previously claimed. Higher state populations also contributed to the increase in EBITDA. Revenue from our state partners grew 3.6% and included notable increases from Georgia, Montana, and Colorado.

截至本季末，我們管理約占 ICE 總人口的 24%，相較於年末的 23% 以及 2025 年 3 月 31 日的 25%。調整後 EBITDA 的增加亦來自 2026 年第一季可依《CARES 法案》取得的員工留任抵免（employee retention credits）較 2025 年第一季增加 460 萬美元。在 2026 年第一季，我們收取了先前申報的最後一筆款項。較高的州政府收容人口亦對 EBITDA 的增加有所貢獻。來自州政府合作夥伴的營收成長 3.6%，其中喬治亞州、蒙大拿州與科羅拉多州的增幅尤為顯著。

Other factors affecting adjusted EBITDA and per-share results included higher G&A expense for one-time transitional expenses related to executive leadership changes, offset by a 10.1% decrease in weighted average diluted shares outstanding as a result of our share repurchase program. Operating margin in our Safety and Community facilities combined was 24% in the first quarter of 2026 compared with 23.6% in the prior-year quarter. Excluding the employee retention credits from each quarter, operating margin was 23% for both quarters.

其他影響調整後 EBITDA 與每股結果的因素包括：因高階主管領導層變動所產生的一次性過渡費用，使 G&A 費用上升；但部分被我們股票回購計畫導致加權平均稀釋流通股數下降 10.1% 所抵銷。我們的 Safety 與 Community 設施合計之營業利益率在 2026 年第一季為 24%，相較去年同期為 23.6%。若將各季的員工留任抵免排除，兩季的營業利益率皆為 23%。

Revenue during the first quarter of 2026 from the four previously idle facilities that we have activated since the first quarter of 2025 totaled $100.8 million, which, when annualized, is approximately 93% of the total annual revenue we expect to generate from these four facilities at stabilized occupancy. As these facilities reach expected occupancy, we anticipate a slight increase in operating margins.

2026 年第一季，來自自 2025 年第一季以來已啟用的四座先前閒置設施之營收合計為 1.008 億美元；若年化，約相當於我們預期在這四座設施入住率達穩定水準時可產生之全年總營收的 93%。隨著這些設施達到預期入住率，我們預期營業利益率將小幅提升。

Turning next to the balance sheet. During the first quarter, we repurchased 2.3 million shares of our common stock at an aggregate cost of $44.7 million. Although lower than the fourth quarter, the reduction does not reflect a change in our capital allocation strategy. Many factors can affect the magnitude of our share repurchases during any particular quarter, including share price, liquidity, earnings trajectory, alternative opportunities to deploy capital, as well as legal restrictions on trading windows impacted by potential strategic transactions such as acquisitions, dispositions, new contracts, and capital markets transactions. Since the share repurchase program was authorized in 2022 through March 31, we have repurchased a total of 28.1 million shares at an aggregate price of $444.2 million or $15.82 per share. As of March 31, we had $255.8 million available under our Board authorization.

接著談資產負債表。第一季期間，我們以合計成本 4,470 萬美元回購 230 萬股普通股。雖然回購金額低於第四季，但此一減少並不代表我們的資本配置策略有所改變。多項因素都可能影響任何特定季度的回購規模，包括股價、流動性、獲利走勢、其他資本運用機會，以及因潛在策略性交易（如收購、處分、新合約與資本市場交易）而影響交易窗口的法律限制。自 2022 年董事會核准回購計畫起至 3 月 31 日止，我們累計回購 2,810 萬股，總金額 4.442 億美元，或每股 15.82 美元。截至 3 月 31 日，董事會核准額度下尚可回購金額為 2.558 億美元。

After taking into consideration these share repurchases, our leverage, measured by net debt to adjusted EBITDA, was 2.8 times using the trailing twelve months ended March 31, 2026. As of March 31, we had $209.7 million of cash on hand and an additional $131.3 million of borrowing capacity on a revolving credit facility, which had a balance of $425 million outstanding, providing us with total liquidity of $341 million. Just after quarter end, we completed the acquisition of Clinical Solutions, one of the largest providers of mail-order pharmacy services to correctional facilities in the United States. The initial purchase price of $148 million, excluding transaction-related expenses, was funded with cash on hand and borrowings under the revolving credit facility.

在納入上述股票回購後，以截至 2026 年 3 月 31 日的過去十二個月計算，我們的槓桿（以淨負債對調整後 EBITDA 衡量）為 2.8 倍。截至 3 月 31 日，我們持有現金 2.097 億美元，另有循環信用額度可動用借款額度 1.313 億美元；該循環信用額度已動用餘額為 4.25 億美元，使我們的總流動性達 3.41 億美元。在季後不久，我們完成收購 Clinical Solutions，該公司為美國矯正機構郵購藥局服務的最大供應商之一。初始收購價 1.48 億美元（不含交易相關費用）以手頭現金及循環信用額度借款支應。

As Patrick mentioned, we believe this was a unique acquisition opportunity of a segment-leading company in a growing market complementary to our existing business, at a purchase price generating a return on capital deployed that equals or exceeds the accretion resulting from share repurchases, reflecting a lower multiple than our forward EV-to-EBITDA trading multiple. To replenish the borrowings under the revolving credit facility used to finance the acquisition, on April 10 we amended our bank credit facility to obtain a $100 million incremental term loan.

如 Patrick 所提，我們認為這是一個獨特的收購機會：在一個成長中的市場中收購該領先細分領域的公司，且與我們既有業務互補；其收購價格所帶來的投入資本報酬率（return on capital deployed）等同或高於股票回購所帶來的增益（accretion），反映其估值倍數低於我們前瞻 EV/EBITDA 的交易倍數。為補充用於收購而動用的循環信用額度借款，我們於 4 月 10 日修訂銀行授信安排，取得 1 億美元的新增定期貸款。

We obtained the incremental term loan, which has a 364-day maturity and is prepayable without penalty, as a short-term solution to maintain our strong liquidity position as we assess the debt capital markets and potential asset sales that could further enhance our liquidity, enabling us to deploy capital in ways that we believe will create shareholder value.

我們取得該新增定期貸款，其到期日為 364 天且可無罰則提前償還，作為短期方案，以在我們評估債務資本市場及可能的資產出售（可進一步提升流動性）之際，維持強勁的流動性部位，並使我們得以用我們認為能創造股東價值的方式部署資本。

Moving lastly to a discussion of our updated 2026 financial guidance, we expect to generate diluted EPS of $1.51 to $1.61 and adjusted diluted EPS of $1.53 to $1.63, up from $1.49 to $1.59 in our previous guidance. We expect to generate FFO per share of $2.58 to $2.68 and normalized FFO per share of $2.60 to $2.70, up from $2.54 to $2.64. We expect adjusted EBITDA of $453.8 million to $461.8 million, up from $437 million to $445 million.

最後談到我們更新後的 2026 年財務指引：我們預期稀釋 EPS 為 1.51 至 1.61 美元，調整後稀釋 EPS 為 1.53 至 1.63 美元，高於先前指引的 1.49 至 1.59 美元。我們預期每股 FFO 為 2.58 至 2.68 美元，常態化每股 FFO 為 2.60 至 2.70 美元，高於先前的 2.54 至 2.64 美元。我們預期調整後 EBITDA 為 4.538 億至 4.618 億美元，高於先前的 4.37 億至 4.45 億美元。

The most notable changes to our guidance reflect Q1 results beating our internal forecast by about $0.05 per share, an increase from our prior guidance of $0.05 to $0.06 per share for the activation of our Midwest Regional Reception Center that we announced on March 11, which was not in our initial guidance and the acquisition of Clinical Solutions, which we expect to generate $215 million to $230 million of revenue in 2026 and contribute $0.03 to $0.05 per share, net of interest incurred to finance the acquisition, partially offset by a reduction of $0.09 to $0.15 per share for lower ICE populations compared with our previous forecast.

本次指引最顯著的變動反映：第一季結果較我們內部預測高出約每股 0.05 美元；我們於 3 月 11 日宣布啟用 Midwest Regional Reception Center，對每股貢獻較先前指引增加 0.05 至 0.06 美元（該項在原始指引中未納入）；以及收購 Clinical Solutions，我們預期其在 2026 年可帶來 2.15 億至 2.30 億美元營收，並在扣除為收購融資所產生的利息後，對每股貢獻 0.03 至 0.05 美元；上述部分被 ICE 人口較我們先前預測為低所致的每股 0.09 至 0.15 美元下修所抵銷。

As you may recall, our initial 2026 financial guidance contemplated stable or rising ICE populations at facilities where we have federal contracts. Our forecast reflects the reduction in nationwide ICE populations reported by ICE during the second quarter and the related reduction in our ICE populations that Patrick mentioned. We believe the reduction in nationwide ICE populations in the second quarter is transitory, reflecting the short-term redeployment of ICE agents to augment TSA security personnel during the government shutdown and overall enforcement strategy adjustments within DHS. Therefore, our guidance reflects growth in ICE populations under existing contracts during the second half of the year.

如您可能記得，我們最初的 2026 年財務指引假設在我們擁有聯邦合約的設施中，ICE 收容人數將保持穩定或上升。我們的預測反映了 ICE 在第二季所通報的全國 ICE 收容人數下降，以及 Patrick 所提到我們 ICE 收容人數的相應減少。我們認為第二季全國 ICE 收容人數的下降屬於暫時性，反映了政府停擺期間 ICE 探員短期調度以支援 TSA 安全人員，以及 DHS 內部整體執法策略的調整。因此，我們的指引反映在既有合約下，ICE 收容人數於下半年將成長。

Consistent with our past practice, 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. We still have five remaining idle facilities containing 7,066 beds, and we believe incremental demand for more idle facilities will likely be needed once ICE absorbs the recently contracted beds and nationwide ICE populations grow during the second half of the year as we expect. Our guidance does not include additional acquisitions or dispositions, including the impact on EBITDA, such as pricing adjustments, if any, that could result from dispositions.

依照我們過往的作法，指引不包含先前未公告之新合約得標的影響，因為政府對新合約採取行動的時點一向難以預測。我們仍有五座閒置設施，共計 7,066 個床位；我們相信，一旦 ICE 吸收近期已簽約的床位，且如我們預期全國 ICE 收容人數在下半年成長，將很可能需要更多閒置設施以滿足增量需求。我們的指引不包含額外的收購或處分（包括對 EBITDA 的影響），例如處分可能導致的價格調整（如有）。

For modeling our quarterly results, Q2 will reflect a reduction of $0.06 per share for the employee retention credits recognized in Q1; the reduction in ICE populations compared with Q1, aside from activations, amounting to $0.05 to $0.07 per share; partially offset by a seasonally stronger Q2 versus Q1 because we incur approximately 75% of our unemployment taxes during the first quarter, resulting in a collective per-share increase from Q1 to Q2 of $0.01 to $0.02. Our Q2 forecast also includes growth from the CSP acquisition and assumes higher occupancy at our California City, Diamondback, and Midwest Regional facilities.

就季度結果建模而言，第二季將反映第一季認列之員工留任抵免所帶來每股 0.06 美元的減少；與第一季相比 ICE 收容人數下降（不含啟用帶來的影響）相當於每股 0.05 至 0.07 美元的減少；部分被第二季相較第一季季節性較強所抵銷，因為我們約有 75% 的失業稅在第一季發生，導致從第一季到第二季每股合計增加 0.01 至 0.02 美元。我們對第二季的預測亦包含 CSP 收購帶來的成長，並假設我們在 California City、Diamondback 與 Midwest Regional 設施的入住率更高。

We plan to spend $60 million to $70 million on maintenance capital expenditures during 2026 and $15 million for other capital expenditures, unchanged from our prior guidance. Our 2026 forecast also includes $40 million to $45 million for capital expenditures associated with previously idle facilities we are activating and for additional potential facility activations, up $5 million from our prior guidance. 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 acquisitions and facility activations, to range from $250.4 million to $264.9 million for 2026.

我們計畫在 2026 年投入 6,000 萬至 7,000 萬美元的維護性資本支出，以及 1,500 萬美元的其他資本支出，與先前指引一致。我們的 2026 年預測亦包含 4,000 萬至 4,500 萬美元的資本支出，用於我們正在啟用的先前閒置設施，以及其他潛在設施啟用所需的支出，較先前指引增加 500 萬美元。我們預期 2026 年調整後營運資金（Adjusted Funds From Operations，AFFO）—我們將其視為可用於資本配置決策（例如股票回購）及成長型資本支出（例如收購與設施啟用）的現金流代理指標—將介於 2.504 億至 2.649 億美元。

We do not believe the price of our common stock reflects the value of the cash flows of our business. We are trading below historical multiples despite visibility of cash flow growth in 2026 driven by recent contract awards, which is now further enhanced by the acquisition of CSP. Therefore, we expect to prioritize our cash flows to continue executing on our share repurchase program, which has been incorporated into the range of our guidance. The amount of our share repurchases will take into consideration our stock price, liquidity, earnings trajectory, and alternative opportunities to deploy capital, as well as legal restrictions on trading windows that I previously mentioned.

我們不認為我們普通股的股價反映了本業現金流的價值。儘管 2026 年在近期合約得標帶動下的現金流成長具備可見度，且 CSP 的收購進一步強化了這一點，我們目前的交易倍數仍低於歷史水準。因此，我們預期將優先運用現金流，持續執行我們的股票回購計畫，且該計畫已納入我們指引區間之中。我們的股票回購金額將考量股價、流動性、獲利走勢與其他資本部署機會，以及我先前提到的交易窗口之法律限制。

We expect our 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 2026 to range from $160 million to $165 million, unchanged from our prior guidance.

我們預期年度有效稅率為 25% 至 30%，與先前指引一致。我們新聞稿中的全年 EBITDA 指引提供了我們對折舊與利息費用總額的估計。我們預測 2026 年 G&A（一般及行政）費用將介於 1.60 億至 1.65 億美元，與先前指引一致。

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

我現在把電話交回給接線員，開放提問。

(Operator Instructions) Raj Sharma, Texas Capital.

(接線員指示) Raj Sharma，Texas Capital。

I wanted to try to understand the scale of facilities to ICE and what would be a valuation level that you would consider. And just some color on would this be a great scenario for you with or without a contract on the facility.

我想試著了解這些設施對 ICE 的規模意義，以及你們會考慮的估值水準大概會是什麼。另外也想請你們補充一些背景：不論該設施是否有合約，這對你們而言會不會是一個很好的情境。

I would say -- and I'll address that in sort of two parts. One of them is we try to be a very good partner for all of our customers. And in trying to be a good partner, we evaluate the ways that we can best support their mission and their strategy. And so that may be our providing turnkey services and managing a facility that we operate, it may be managing a facility that they own, it may be leasing a facility to them, it might be selling them a facility. As we have conversations with each of our partners, we think about what is the optimal way for us to deliver that service.

我會說——我會分兩個部分來回答。其中之一是，我們努力成為所有客戶非常好的合作夥伴。而在努力成為好夥伴的過程中，我們會評估我們能以何種方式最能支持他們的任務與策略。因此，這可能是我們提供交鑰匙服務並管理我們營運的設施；也可能是管理他們自有的設施；也可能是將設施出租給他們；也可能是把設施賣給他們。當我們與每一位合作夥伴對話時，我們會思考以何種最優方式來提供該服務。

ICE has expressed a desire that they own certain of the assets that are managed on a turnkey basis nationally. So that's been publicly reported. You've seen it in a number of sources. I've seen it in a number of sources. It's clear that part of their strategy that they're considering is whether it does make sense to own some of those assets.

ICE 已表達希望擁有全國範圍內以交鑰匙方式管理的部分資產。這已在公開資訊中被報導。你在多個來源中都看過。我也在多個來源中看過。很明顯，他們正在考量的策略之一，就是是否有必要擁有其中一些資產。

Strategically, in thinking about the way that they would approach locations, the way that they would approach individual facilities, they've obviously mapped, you've seen references to warehouses, you've seen references to turnkey operations, what a consolidated ICE operation might look like nationally. And so in thinking about that, we have some of the largest facilities that provide service for ICE nationally, as do some of our competitors. Some of those would be a natural fit for ICE if they were working to build out that network. They ultimately would have to make that decision.

從策略面來看，在思考他們將如何布局各地點、如何看待個別設施時，他們顯然已做過規劃；你也看過提到「倉儲式」設施、交鑰匙營運，以及全國層級整合後的 ICE 營運可能會是什麼樣貌。因此在這樣的思考下，我們在全國範圍內擁有一些為 ICE 提供服務的最大型設施，我們的一些競爭對手亦然。若 ICE 正在打造那樣的網絡，其中一些設施會是很自然的契合選項。最終他們必須做出那個決定。

When you think about valuation, that's an interesting question because there really isn't a comp for what these facilities are worth. So if you were to look at a more actively traded market for assets, you can look at comparable sales and get a reasonable sense of what that value might be. I'd argue in this case, we have special purpose assets, they're highly improved properties, they have been prepared for utilization by ICE, many of them are in markets or in areas of the country where cost of construction is very high.

談到估值，這是個有意思的問題，因為這些設施值多少其實沒有可比案例（comp）。如果你看的是一個資產交易更活躍的市場，你可以參考可比交易並合理推估其價值。但我會主張在這個案例中，我們的是特殊用途資產，屬於高度改良的不動產，且已為 ICE 的使用需求做了準備；其中許多位於建造成本非常高的市場或地區。

We've seen significant increases in inflation in the cost of building corrections and detention facilities. So you really can't look at what I'd call comp sales as a guide for what we believe the value of our assets are worth. I look at it through the lens of what does it cost to build a facility today and why would that be on a depreciated replacement cost basis. I think that generally gives the guide for how we would think about what those facilities might be worth in a hypothetical conversation.

我們看到矯正與拘留設施的建造成本通膨顯著上升。因此，你很難把我所稱的可比交易當作指引，來判斷我們認為資產價值應該是多少。我會從「今天要建造一座設施需要多少成本」的角度來看，並思考在折舊後重置成本（depreciated replacement cost）基礎上會是什麼水準。我認為這通常能作為我們在假設性對話中評估這些設施可能價值的參考。

So I'd like to be more specific. It's very difficult to do that, obviously, but I guess in the context of the way we would think about value of our facilities, I really can't point to a public comp that would be an indicator. If you think about depreciated replacement costs, that's something that we certainly would think more appropriate, but I would really hesitate to pinpoint a value range at this point.

所以我希望能更具體一些。但顯然這非常困難；不過就我們思考設施價值的脈絡而言，我確實無法指出一個公開的可比案例可作為指標。如果以折舊後重置成本來看，這確實是我們會認為更合適的方式，但我目前仍會非常謹慎，不願在此刻明確指出一個價值區間。

And then your follow-up question which was, would we consider an asset sale without a management contract? We certainly believe it would be the intent of ICE to the extent that they were to purchase assets to have the private sector continue to manage facilities. But we have to consider the duration of that management contract long-term in terms of how we might think about or approach a sale process. So at this moment, we would expect that we would continue to operate.

接著是您的追問，也就是：我們是否會考慮在沒有管理合約的情況下進行資產出售？我們確實相信，若 ICE 要購買資產，其意圖將是讓民間部門持續管理設施。但我們必須從長期角度考量該管理合約的期限，因為這會影響我們如何看待或推進出售流程。因此，就目前而言，我們預期會繼續營運。

We would expect that we'd adjust our pricing based on their ownership of the asset versus our ownership of the asset, if in fact there were to be a transaction occur. But the idea generally that. ICE owning an asset would be appropriate strategically for us to consider, I would say our answer to that would be, yes, depending on the value that we would derive from selling a potential asset to them or any other customer.

若確實發生交易，我們預期會依據資產由對方持有或由我們持有，來調整我們的定價。但整體而言，這個想法是——就策略面來說，ICE 持有資產對我們而言是適合納入考量的；我會說，我們對此的回答是肯定的，前提是我們能從將潛在資產出售給他們或任何其他客戶中獲得相應的價值。

Great. It's very helpful. And just one follow-on question on just what facility utilization levels would you expect to see end of the first half and also the end of the year?

很好。這非常有幫助。另外再追問一題：您預期上半年末以及年底的設施使用率水準會是多少？

Yeah, right, I'll take a stab at that one. We -- as Patrick mentioned in his remarks, from the peak in January through late April, we saw a decline in our ICE populations of about 3,000. So we're projecting that to sustain around those levels through the end of the second quarter and then growing back sequentially in Q3 and Q4. So it's hard to put a specific population number on it, but that's kind of trajectory as we see it.

好的，對，我來嘗試回答這題。正如 Patrick 在發言中提到的，從 1 月的高峰到 4 月下旬，我們看到 ICE 收容人數約下降了 3,000 人。因此，我們預估這個水準會維持到第二季末，接著在第三季與第四季逐季回升。所以很難給出一個具體的人數，但我們目前看到的走勢大致如此。

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

Great. Good morning, Dan and Dave. Congrats on the quarter. One of the follow-up on that last one, actually, is just related to the implied guidance. Maybe if we could get a little bit deeper in terms of what you're implying as kind of maybe the current run rate for Q2, noting that you kind of expect populations to remain somewhat flat with where they are now and versus kind of the ramp-up you're assuming in the back half. If you could kind of bridge the quarterly expectations implied by guidance, that'd be very helpful.

很好。早安，Dan 和 Dave。恭喜本季表現。針對剛才那題我有一個延伸追問，主要是關於指引中隱含的假設。能否再深入一點談談你們對第二季目前的隱含運行水準（run rate）是怎麼看的？考量到你們預期收容人數大致維持在目前水準，而下半年則假設會有回升。如果能把指引所隱含的各季預期做個銜接說明，會非常有幫助。

As I mentioned in my prepared remarks, I bridged the Q1 to Q2. Obviously, we have the $0.06 in Q1 for the employee retention credits that would not be present in Q2, and then there was the decline in ICE populations that we're expecting to sustain themselves through Q2. So I would say rough numbers, I think there's a lot of puts and takes, but that's around a $0.06 decline from Q1 to Q2. $0.06, $0.07, somewhere on there, Q1 to Q2, and then sequentially increasing from there.

如我在事先準備的發言中提到的，我已把第一季到第二季做了銜接。很明顯地，第一季有每股 0.06 美元的員工留任抵免（employee retention credits），第二季不會再有；另外，我們也看到 ICE 收容人數下滑，而我們預期這個水準會延續到第二季。所以我會說，以粗略數字來看，雖然有很多正負因素拉扯，但大約是從第一季到第二季下滑 0.06 美元左右；0.06、0.07 美元，大概在這個區間，然後之後會逐季增加。

We do have the acquisition of CSP that will be in a full quarter beginning April 1, so that will be in for a full quarter in Q2. And then we obviously continue to ramp up our California City, Midwest facilities, and Diamondback facilities. So those will be tailwinds to the decline in ICE population, so that's the way we're kind of thinking about it.

我們也有收購 CSP，從 4 月 1 日開始在第二季會完整貢獻一整季。此外，我們也持續推升 California City、Midwest 設施以及 Diamondback 設施的爬坡進度。因此，這些都會成為抵銷 ICE 收容人數下滑的順風因素，我們大致是這樣思考的。

And then we would get -- I think we could still get to, we mentioned in prior calls, a $450 million run rate, so certainly see that that's possible as we get into the second-half of the year.

另外，我們也會——我認為我們仍可達到我們在先前電話會議中提到的 4.5 億美元運行水準，因此我們確實認為在下半年是有可能做到的。

Understood. That is helpful. And if I could follow-up on CSP, could you discuss any synergies or, I guess, growth opportunities related to that acquisition and maybe provide a little bit more detail in terms of its financial profile, what that looks like, growth rate, margin profile, et cetera?

了解。這很有幫助。如果我可以再追問 CSP：能否談談這項收購帶來的任何綜效，或我想是成長機會？另外也請提供更多關於其財務輪廓的細節，例如成長率、利潤率結構等。

So I'll address those two somewhat separately, but also somewhat combined. So CSP is going to be a standalone subsidiary of CoreCivic. So the opportunities for operating synergies are fairly limited. Our goal is to maintain clinical solutions as it operates today, to be able to support the platform, provide it with resources, but also the independence to be able to grow. This isn't a tuck-in acquisition. It is an adjacent expansion of our business.

我會把這兩點分開回答，但也會稍微結合來談。CSP 將作為 CoreCivic 的獨立子公司運作。因此，在營運層面的綜效機會相對有限。我們的目標是維持 Clinical Solutions 目前的運作方式，讓它能支援其平台、提供資源，同時也保有能夠成長所需的獨立性。這不是一筆「補強型」（tuck-in）收購。而是我們業務的相鄰領域擴張。

In terms of growth rate, the company has seen its sectional growth historically. I'd rather not disclose the rate. The way that I would frame growth rates for Clinical Solutions, at least for the intermediate term, would be if you were to look at the way we think about the growth that's built into our guidance for 2026 and calculate the five-year compound annual growth rate, we would be just over 10%. If I were to look at the growth potential for Clinical Solutions, it's probably twice that. So it is a rapidly growing platform that has evidenced the ability to sustain growth rates in excess of that for an extended period of time. So our goal is to continue to support that platform, give it the space to be able to grow, but also take advantage of some administrative opportunities for synergies where those might be available.

就成長率而言，該公司過去確實呈現其分部的成長。我比較不想揭露具體比率。我會這樣框定 Clinical Solutions 的成長率（至少在中期）：如果你看我們對 2026 年指引中內含的成長，並計算五年複合年成長率（CAGR），會略高於 10%。若我看 Clinical Solutions 的成長潛力，可能是那個數字的兩倍。因此，這是一個快速成長的平台，且已證明其有能力在相當長的一段時間內維持高於該水準的成長率。所以我們的目標是持續支援這個平台，給它成長的空間，同時也在可行之處把握一些行政面的綜效機會。

For example, consolidation on our ERP platform, there are revenue synergies in terms of our customer relationships versus theirs. They do not presently do business with the federal agencies outside of contracting with us, so that is an opportunity for growth. There are a number of overlapping customers, there are a number of non-overlapping customers, and so we really, again, want to be able to support them, give them the space to be able to maximize the capability of their platform in the way that they have done in the past.

例如，在我們的 ERP 平台上進行整合；另外在營收面也有綜效，來自我們的客戶關係與他們的客戶關係之間的互補。他們目前除了與我們簽約外，並未與聯邦機構直接往來，因此這是一個成長機會。雙方有不少重疊客戶，也有不少不重疊的客戶；因此我們再次強調，希望能支援他們、給他們空間，讓他們能像過去一樣，以既有方式把平台能力發揮到最大。

We feel good about the pipeline that's in place for them. I have a lot of visibility into growth into 2027. I think they're really well positioned beyond that. Dave, I don't know if there's anything that you would add.

我們對他們目前的案源管線（pipeline）感到樂觀。我對 2027 年之前的成長有很高的能見度。我認為在那之後他們也具備很好的布局。Dave，我不確定你是否還要補充什麼。

Nothing to add other than the clarification on the prior comment, the $450 million in the second-half of the year, that excludes Clinical Solutions. So we're still confident even with the ICE reduction that we're seeing in Q2, the second-half of the year. Be at a run rate of $450 million, then CSP would be on top of that.

沒有其他補充，除了釐清先前那段話：下半年 4.5 億美元的運行水準不包含 Clinical Solutions。因此，即使我們在第二季看到 ICE 減少，我們對下半年仍有信心。可達到 4.5 億美元的運行水準，而 CSP 會在此之上再加上去。

Ben Briggs, Stonex Financial, Inc.

Ben Briggs，Stonex Financial, Inc.。

Hey. Good morning, guys. Thanks for taking the question. Congratulations on the quarter.

嗨。各位早安。謝謝讓我提問。恭喜本季表現。

Yeah, so I just wanted to kind of ask a little bit of a follow-up on kind of your acquisition strategy. Obviously, CSP happened in early April of this year. But just as you're thinking about potential acquisitions maybe going forward, I know you listed as one of the potential uses of cash of the incremental term loan that there might be some acquisitions that could happen in the future. Any color on the type of additional acquisitions that you might make? Is there any chance that you might build new facilities, technology platforms for alternative to detention programs? Just any clarity on your thinking there would be appreciated.

是的，所以我想就你們的併購策略再追問一下。顯然，CSP 是在今年四月初完成的。但當你們在思考未來可能的併購時，我知道你們曾提到，新增的定期貸款所帶來的現金用途之一，可能是未來會進行一些併購。能否談談你們可能會進行哪些類型的額外併購？你們是否有可能興建新的設施、技術平台，用於替代拘留（alternative to detention）計畫？若能釐清你們的想法，將不勝感激。

Sure. We have always been opportunistic in looking at opportunities for acquisitions. And if you think about the criteria that I would use at this moment, obviously, we believe that our share price is undervalued. We think that's a very attractive use of capital for us. So for an acquisition to meet the hurdle for us that would justify buying a business instead of our stock, you'd have to be very attractively valued, and I think appropriately valued at equal to or less than our ability to deploy capital via share repurchase. That's necessarily going to impact the scope and volume of acquisitions that we might consider or make. There is not an acquisition that's currently planned or in the pipeline, although, again, we're going to continue to be very opportunistic and look for acquisitions that might be a good fit for us.

當然。我們一向以機會主義的方式來尋找併購機會。如果你現在問我會用什麼標準，顯然我們認為公司的股價被低估了。我們認為這對我們而言是非常具吸引力的資本運用方式。因此，若要讓一項併購達到我們的門檻、足以合理化我們去買一家企業而不是回購自家股票，那它必須具備非常有吸引力的估值；我認為其合理估值應該要等於或低於我們透過股票回購部署資本的能力。這勢必會影響我們可能考慮或進行的併購範圍與數量。目前沒有任何已規劃或在管線中的併購案；不過，如同我所說，我們會持續以非常機會主義的方式，尋找可能適合我們的併購標的。

From a business standpoint, strategically, we're looking at transactions that might be adjacent to us that supplement our growth, that can leverage our competencies and their competencies, and can ultimately give us the ability to grow on a long-term basis in a sustainable way. We go through seasons. This has presently been a season that has seen a lot of ice growth. We will go through seasons that don't have that volume of growth, and so we're preparing the platform to be able to grow on a sustainable basis long-term.

從業務面與策略面來看，我們在尋找可能與我們相鄰（adjacent）的交易，能補強我們的成長、能同時槓桿我們的能力與對方的能力，並最終讓我們能以可持續的方式在長期成長。我們會經歷不同的季節。目前這個季節，ICE 的成長量很大。未來也會有一些季節不會有這麼大的成長量，因此我們正在打造平台，使其能在長期以可持續的方式成長。

CSP fits within that. But in terms of prioritization, I'd revert back to Dave's comment and his comments overall, which were prioritization right now would be toward share repurchases. But again, we will consider other business acquisitions as appropriate, but I don't see anything as imminent that I would point to from a cash flow prioritization perspective.

CSP 符合這個方向。但就優先順序而言，我會回到 Dave 的說法以及他整體的評論：目前的優先順序會偏向股票回購。不過，我們仍會在適當時機考慮其他業務併購，但就現金流優先配置的角度，我看不到有任何迫在眉睫、我可以特別指出的事項。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Just to kind of follow-up and put a little bow tie on the CSP. I think they're in 28 states, so there's 22 they're not in. Would there be the potential for a similar type of purchase of another operator that may be in those 22 states as opposed to slowly going organically through those states? Is there others out there like a CSP that might be of interest at some point?

我想就 CSP 再追問一下並做個總結。我記得他們在 28 個州有業務，所以還有 22 個州沒有。是否有可能在那 22 個州，透過收購另一家營運商、以類似的方式擴張，而不是慢慢地以有機方式逐步進入那些州？市場上是否還有其他像 CSP 這樣的公司，未來某個時點可能會引起你們的興趣？

There are other providers in the market, and I can see that as being an attractive way to scale the CSP platform. So I would say to the extent that those opportunities do present, we would consider them. Again, in terms of timelines, I wouldn't certainly look at something as imminent, but I do think there is an opportunity for consolidation within the space.

市場上確實還有其他供應商，我也認為這可能是一種具吸引力的方式來擴大 CSP 平台的規模。所以我會說，只要這些機會出現，我們就會加以考慮。同樣地，就時間點而言，我不會把任何事情視為迫在眉睫，但我確實認為這個領域存在整併的機會。

Okay. And then, Patrick, we have talked a number of quarters that you are in discussions with other states -- some that are not existing customers. Any more color you can provide us as to what timing might be as to whether you might get a new contract from a state that is not an existing customer?

好的。另外，Patrick，我們已經談了好幾個季度，你們正在與其他州進行討論——其中一些州目前不是既有客戶。你能否再多提供一些資訊，關於你們可能何時會從一個非既有客戶的州拿到新合約？

Timelines with any state procurement, and particularly with new state procurements, can be widely varied. You can go through periods of intense discussion and have that ebb and flow based on relative priorities or alternatives, and certainly it also links to individual state budget cycles. So as we have conversations, you are going to see periods where you think that you are close to an agreement and you find out that it lags a bit. In other cases, you are going to see demand accelerate quickly based on an imminent need that presents and something either being funded or not funded due to legislative cycle. So I do not have an update today on timing of what some of those might be.

任何州政府採購的時程，尤其是新的州採購，可能差異非常大。你可能會經歷一段密集討論期，然後因相對優先順序或替代方案而出現起伏；而且這也確實與各州的預算週期相關。因此，當我們在對話時，你會看到某些時期看似接近達成協議，但後來發現又延後了一些。在其他情況下，你也會看到需求因迫切需求的出現而快速加速，而這又取決於立法週期下某項資金是否到位。所以我今天無法就其中一些事項的時間點提供更新。

But I would say that we have a very strong state partnership development team that is quick to accommodate the needs of our customers when they do present, and a number of those organic conversations continue. And certainly as it warrants, we will provide updates on timing, but historically we have not given a lot of specificity outside of RFPs that are active and underway. So again, appreciate the question, I'd like to give you more clarity, but really can't say more at this time.

但我會說，我們有一支非常強的州合作夥伴開發團隊，當客戶需求出現時，我們能迅速配合。許多這類有機的對話仍在持續。當情況需要時，我們當然會提供時間點的更新；但歷來我們不會在主動進行中的 RFP（提案徵求）之外，給出太多具體細節。所以，再次感謝你的提問；我也希望能給你更清楚的資訊，但目前確實無法多說。

William Sutherland, Benchmark Stonex.

William Sutherland，Benchmark Stonex。

Dave, I just want to make sure I'm clear on the source of growth in ICE populations in the second half. That is based simply on the buildouts to do, if you're assuming that the national census levels have changed. Is that correct?

Dave，我想確認我對下半年 ICE 收容人口成長來源的理解是否正確。這是單純基於你們要做的擴建（buildouts），如果你假設全國的普查/在押總量水準已經改變。是這樣嗎？

Yes, exactly right. We are ramping the three facilities I mentioned California City, Midwest, and Diamondback, but the growth we are contemplating in the second half of the year would be on top of that, would basically be 10,500 lower from the peak in January nationwide ICE detention populations. So we would expect that growth to resume in the second half of the year. Part of that could be around reconciliation. We did see a redeployment of ICE agents toward TSA checkpoints and some other factors that contributed to the decline. So we would see nationwide populations growing during the second half of the year, so that would include not just the activation facilities that we got but the contracts that we've had.

是的，完全正確。我們正在把我提到的三個設施——California City、Midwest 和 Diamondback——逐步拉升（ramp）。但我們所預期的下半年成長，是在此之上；基本上是以全國 ICE 拘留人口在一月高峰為基準，低了 10,500 人的水準之上再成長。因此我們預期下半年成長會恢復。其中一部分可能與資源重新調整（reconciliation）有關。我們確實看到 ICE 探員被重新部署到 TSA 安檢點等，還有其他因素導致下滑。所以我們會看到全國人口在下半年成長；這不僅包括我們啟用的設施，也包括我們既有的合約。

Glad you clarified that. And then the second thing I've been thinking about is I have been reading about the interest ICE has in owning facilities and just the greater protection they have in terms of the kinds of things that facilities can run into. Are there any states where they are particularly focused on trying to acquire?

很高興你釐清了這點。另外，我一直在想的第二件事是：我讀到一些報導，提到 ICE 對於自有設施（owning facilities）的興趣，以及在面對設施可能遇到的各種狀況時，他們能獲得更大的保障。是否有任何州是他們特別聚焦、想要收購的？

We would rather not speak specifically to where ICE might be focused. I'd certainly revert back to my earlier answer which is we believe that the broader vision is to develop a nationwide network that consolidates populations in relatively larger facilities that allows them to be able to service the needs of the entire country. And as they map that, they're going to have to make decisions between where they might consider the purchase of a facility outright, where they might choose to continue to contract with the private sector, and where they might consider an alternative, like warehouses. And so ultimately, they'll settle on a strategy that makes sense for them, but I would say that's not necessarily limiting in terms of location.

我們比較不便具體談 ICE 可能聚焦在哪些地點。我會回到我先前的回答：我們相信更宏觀的願景，是建立一個全國性的網路，把收容人口整合到相對更大型的設施中，使他們能服務全國的需求。當他們進行這樣的規劃時，就必須在幾個選項之間做決策：哪些地方可能考慮直接買下一座設施、哪些地方可能選擇繼續與民間部門簽約，以及哪些地方可能考慮其他替代方案，例如倉庫（warehouses）。最終他們會形成一套對他們而言合理的策略；但我會說，這不一定會在地點上形成限制。

And so as they look back strategically and try to decide where the optimal locations might be, I certainly have ideas on where optimal locations would be from our perspective, but I also wouldn't want to limit the scope to any particular subset of markets because I think that could be unnecessarily limiting in terms of the broader vision of asset ownership by ICE.

因此，當他們以策略角度回顧並試圖判斷最佳地點可能在哪裡時，從我們的角度來看，我當然對最佳地點有一些想法，但我也不想把範圍限制在任何特定的市場子集合上，因為我認為那可能會在 ICE 更廣泛的資產持有願景方面造成不必要的限制。

Is this a process that just feels like it will be determined over a long period of time, or do you feel a sense from the agency that they're wanting to get some decisions made in the relatively near term?

這個流程是否感覺會在很長一段時間內才會決定，還是你從該機構那邊感受到他們希望在相對較近的期限內做出一些決策？

I guess the way I would answer that is that the first articles that I saw referencing the strategy broadly were, I believe, around the end of last year, and in that, there was a lot of discussion around 85,000 beds total, some mix of warehouses and turnkey facilities. What's happened since then, and so they have to consider what has happened in the market and how that would impact various purchases. It's been publicly reported that they have made a number of warehouse purchases, but it's also been reported that they are actively considering those turnkey facilities.

我想我會這樣回答：我看到最早廣泛提及該策略的文章，我相信大約是在去年年底左右；在那之中，對總計 85,000 張床位有很多討論，包含倉儲式設施與交鑰匙設施的某種組合。自那之後發生的事情是——因此他們必須考量市場上發生了什麼，以及這將如何影響各項收購。公開報導指出他們已進行了多筆倉儲式設施的收購，但也有報導指出他們正在積極評估那些交鑰匙設施。

And so as you can imagine, if that process was initiated last year, that would be a conversation that's ongoing and something that ultimately they would make a decision on their own time. And so I really hate to speculate on timing because in dealing with government, you do see significant movement in timeline from time to time, sometimes accelerating, sometimes decelerating. But obviously, they have pointed to very publicly the idea that some number of turnkey assets would be a critical part of their strategy going forward.

因此，如你所想像，如果該流程是去年啟動的，那將是一段持續進行的對話，而最終他們會在自己的時間表上做出決定。所以我真的不願意推測時程，因為在與政府打交道時，你確實會不時看到時程出現顯著變動，有時加速、有時放緩。但顯然，他們已非常公開地指出，若干數量的交鑰匙資產將是其未來策略中至關重要的一部分。

Marla Marin, Zacks.

Marla Marin，Zacks。

So I have a couple of follow-up questions related to CSP. So with this acquisition, you now have several business lines that are adjacent or complementary to the core business. Should we be thinking that there are any potential cross-promotional opportunities you see that could lift some of the other business lines now that you have CSP on board, or they're all extremely distinct, and you don't see any opportunities for that?

我有幾個與 CSP 相關的追問。透過這次收購，你現在擁有數條與核心業務相鄰或互補的業務線。我們是否應該認為，既然你已將 CSP 納入麾下，你看到任何可能的交叉推廣機會，能帶動其他業務線？還是它們彼此極為分明，你不認為有這類機會？

So on one hand, the individual service delivery aspects are distinct, but there is meaningful overlap. The more interactions that we have with a particular partner meeting their needs, the better trusted partner that we can be for them. And so I think about the opportunity for cross-synergies, most importantly, through the lens of expanding customer relationships where we may have a relationship that's very strong that they may not have or vice versa. And so cross-selling opportunities absolutely will be available between the various businesses relationship leveraging between those is important. And one of the really attractive things to us about Clinical Solutions is we believe that both their values are very aligned with ours, their culture is very aligned with ours, they have very strong customer relationship focus and orientation, and are very well respected by their customers.

一方面，各項服務交付的面向是不同的，但確實存在有意義的重疊。我們與某個合作夥伴互動越多、越能滿足其需求，我們就越能成為他們更值得信賴的合作夥伴。因此，我看待交叉綜效的機會，最重要的是從擴大客戶關係的角度出發：我們可能在某些客戶上有非常強的關係而他們沒有，或反之亦然。因此，各業務之間絕對會有交叉銷售的機會，而在這些關係之間進行資源與關係的運用是重要的。而對我們而言，Clinical Solutions 非常吸引人的一點是：我們相信他們的價值觀與我們高度一致、文化與我們高度一致，他們非常重視並以客戶關係為導向，且在客戶之間享有很高的聲譽。

And so I think by thinking about how we might consider leveraging their capabilities or skill set, it really would be through cross-selling opportunities between the business. That said, we own -- there's a limited subset of customers in our space, and we all know all of our customers. And so, again, for me, it's one of those opportunities you have just to prove your value to your customers through delivering great quality service every day through two or three services instead of just one.

因此，我認為在思考我們如何運用他們的能力或技能組合時，主要會透過業務之間的交叉銷售機會來實現。話雖如此，在我們這個領域裡——我們所服務的客戶群其實是有限的一小部分，而我們彼此也都認識所有客戶。所以，對我來說，這又是一種機會：你可以透過每天提供高品質服務，並且一次提供兩到三項服務而不只是單一服務，來向客戶證明你的價值。

Okay. And one follow-up on that. You talked before, I think, in response to another question about potential for consolidation within that particular space. So very, very back of the envelope, it looks like CSP as the largest provider in that segment has only about or slightly under a 10% market share, which would suggest that there is an opportunity, significant opportunity to grow that business and potentially consolidate. Is that roughly the right neighborhood to think about, 10%-ish?

好的。再追問一點。你先前在回答另一個問題時提到，我想，是在那個特定領域內可能存在整併的潛力。非常粗略地看，CSP 作為該細分市場最大的供應商，市占率只有大約或略低於 10%，這似乎意味著有機會——而且是相當大的機會——來成長該業務並可能進行整併。以 10% 左右來思考，大致是在正確的範圍內嗎？

It depends on how you define market, but I'd answer your question with saying there is significant runway available to Clinical Solutions, whether that be through consolidation or whether it be through outsourcing by customers who presently provide that service in-house.

這取決於你如何定義市場，但我會這樣回答：Clinical Solutions 仍有相當大的成長跑道，無論是透過整併，或是透過目前由客戶自行內部提供該服務、未來改為外包。

Clinical Solutions has a very technically advanced pharmacy. They are -- from a service delivery standpoint, we believe they have an approach to delivery that is industry-leading and is very scalable. And so as you think about the economics and the desirability of self-operating, if you're a particular state or federal customer versus outsourcing, you certainly would have to consider both the quality aspects as well as the cost aspects of outsourcing. So I think in terms of overall market opportunity, you're in the right ZIP code. In terms of how that would manifest, that could be both through new outsourcing of currently self-operated facilities or operations as well as through consolidation through potential acquisitions.

Clinical Solutions 擁有技術非常先進的藥局。他們——從服務交付的角度來看，我們相信他們的交付方式在業界領先，且非常具可擴展性。因此，當你思考自行營運的經濟性與吸引力——如果你是某個州或聯邦客戶——相較於外包，你當然必須同時考量外包的品質面與成本面。所以就整體市場機會而言，你的估計大致在正確的範圍內。至於會如何呈現，可能同時來自目前自行營運的設施或作業改為新的外包，以及透過潛在收購所帶來的整併。

And I'd add, that's really discussing market share, but I'd also say it's a growing industry where we have aging prison populations that have complex medical needs, and so that is growth for that business as well.

我再補充一點：這其實是在談市占率，但我也會說這是一個成長中的產業，因為監獄人口正在老化且有複雜的醫療需求，所以這也會帶動該業務的成長。

Edward Zhao, Park West.

Edward Zhao，Park West。

Just wanted to understand some of the recent population changes. We understand that there's been declines in the population post-Q1 and just want to understand the band of outcomes if it doesn't ramp, like do we have room to change our expenses on either the fixed or variable side of the business? And just wanted to understand, too, kind of what you're hearing that would give us confidence that the ramp will continue post-Q2 and how much of a ramp do we need in those census numbers to get to the guide?

我想了解一些近期人口（收容人數）變化。我們了解到在第一季之後人口有所下降，想了解如果沒有像預期那樣回升，可能的結果區間會是什麼——例如，我們是否有空間在業務的固定成本或變動成本端調整支出？另外也想了解，你們聽到哪些訊息能讓我們有信心在第二季之後回升會持續，以及我們需要在這些收容人數上回升多少，才能達到指引？

I'll take -- maybe we'll tag team on this one, Patrick. I'll be the first part of that. There is ability to right-size staffing levels when populations decline. Having said that, we always want to be ready and adequately staffed to make sure we can accommodate demand, but certainly with lower populations, you have less churn within a facility, so you have less overtime, you have less variable expenses, and so there is an opportunity to reduce expenses.

我來回答——也許這題我們可以搭配回答，Patrick。我先講第一部分。當人口下降時，我們有能力將人力配置調整到合適規模。話雖如此，我們總是希望做好準備並維持足夠人力，以確保能滿足需求；但確實，在人口較低時，設施內的流動率較低，因此加班較少、變動費用較少，所以確實有降低費用的空間。

But well, I'll turn it over to you, Patrick, on the reasons why we expected growth in the second-half.

不過，關於我們為何預期下半年會成長的原因，我把問題交給你，Patrick。

Absolutely. So I'm sure, as you've seen, there's been a lot of national disruption around the ICE enforcement approach and a lot of transition occurring within Homeland Security. If I pan back and look at what sort of variety of variables. So one of them, what is being expressed in terms of national enforcement approach? We believe there continues to be a strong commitment to maintaining strong border enforcement and strong interior enforcement. We continue to see them act in ways that indicate that they have an expectation toward increasing need for beds.

當然。我相信你也看到，近期全國在 ICE 的執法方式上出現了許多擾動，而國土安全部內部也正在發生許多轉變。如果我拉遠一點來看各種變數。其中之一是：在全國層面所表達的執法方針是什麼？我們相信，對於維持強而有力的邊境執法與強而有力的境內執法，仍然有很強的承諾。我們也持續看到他們以各種方式行動，顯示他們預期床位需求將會增加。

Those conversations manifest in a variety of ways, including discussions around currently non-contracted facilities. As we mentioned on the call, we have 7,000 beds that are available and can meet that need. When you listen to conversations that have been publicly reported talking about the aggregated bed need continue to look toward 85,000 to as many as 100,000 beds nationwide. So we've seen no lessening of intensity. We've seen no change in what the expectation would be for the supply need.

這些對話以多種方式呈現，包括圍繞目前尚未簽約的設施進行的討論。如同我們在電話會議中提到的，我們有7,000張床位可用，並且能夠滿足該需求。當你聽到公開報導的對話談到全國合計床位需求仍然朝向85,000張、甚至多達100,000張床位。因此，我們沒有看到強度有任何減弱。我們也沒有看到對供給需求的預期有任何改變。

We have seen the disruption that occurred in recent months, but I believe that's more anomalous than what we've seen along a broader arc. You also have the dynamic of the significant and meaningful conversations that have occurred around funding for ICE and for CBP, the Homeland Security funding broadly has passed Reconciliation 2 which is currently in process. We've seen the initial language that has come out of the Senate committees around funding for ICE and CBP that would fund ICE through the remainder of the current administration are well underway.

我們確實看到近幾個月發生的干擾，但我認為那更像是異常情況，而非我們在更長期趨勢中所看到的樣貌。你也看到另一個動態：圍繞ICE與CBP資金的重大且具實質意義的討論；國土安全部整體資金已通過《和解法案2》（Reconciliation 2），目前正在推進中。我們已看到參議院各委員會釋出的初步文字，關於ICE與CBP的資金安排，將為ICE提供資金直至本屆政府任期剩餘期間，相關工作正在順利推進。

I'm not going to handicap what happens in Congress. I've never been good at predicting that, but what I would say is that it appears that funding is trending toward sufficient funding for ICE operations at a higher population level for the remainder of the administration. So I believe that as funding is in place, as new leadership is able to establish and implement its priorities, that you are likely to see an increase in populations. I do think that that's consistent with their desire to add capacity, and I think we're in a great position to do that.

我不打算去臆測國會會發生什麼。我從來不擅長預測那個，但我要說的是，看起來資金正朝向足以支應ICE在本屆政府剩餘期間、以較高收容人口水位運作所需的方向發展。因此我相信，當資金到位、新的領導層能夠建立並落實其優先事項時，你很可能會看到收容人口增加。我確實認為這與他們希望增加容量的意圖一致，而我們也處於非常有利的位置來做到這一點。

So in terms of being able to make adjustments to the cost structure, you do see our cost structure adjustments on the margin that's typically reductions in overtime. So it isn't outright staffing reductions. There's a long process for getting staff cleared, for ramping our facilities, for preparing them for growth. And we absolutely believe that the right stance and position for us right now is to maintain a growth-focused position with full staffing in our facilities to be able to accommodate the growth that we do expect in the second-half of the year.

因此，就調整成本結構的能力而言，你確實會看到我們在邊際上的成本結構調整，通常是減少加班。所以這並不是直接裁減人力。讓員工完成審查、讓設施逐步擴編、並為成長做好準備，是一個漫長的流程。我們絕對相信，對我們而言目前正確的立場與定位，是維持以成長為導向的姿態，在各設施保持滿編，以便容納我們預期在下半年出現的成長。

And then to answer your question on guidance, we feel like the range is incorporated, a range of population growth during the second-half of the year, and it's hard to pinpoint what the nationwide population would have to be to hit the midpoint of our guidance. But I'd say at a high level, if you get back to the -- we're 60,000, maybe slightly under 60,000 today, the peak was around 70,000 at the end of January. If we get back to the 70,000. Number in the second-half of the year, I feel, our guidance would probably be right in the middle there.

接著回答你關於財測指引的問題，我們認為該區間已納入下半年收容人口成長的範圍，而要精準指出全國收容人口需要到什麼水位才能達到我們指引的中點，確實不容易。但從高層次來看，如果回到——我們今天是60,000人左右，可能略低於60,000人，1月底的高峰大約是70,000人。如果我們在下半年回到70,000人。我覺得我們的指引大概就會落在中間位置。

So it could depend on timing, too. Do they get to a 70,000 number sooner? Do they go higher than 70,000? Then there would be upside to our guidance. If they don't get to 70,000 until the back half of the year, then you're toward the low end of our guidance. So that's kind of how we're looking at it.

所以也可能取決於時點。他們是否更早達到70,000人的水位？他們是否會高於70,000人？那麼我們的指引就會有上行空間。如果他們直到下半年後段才達到70,000人，那你就會落在我們指引的低端。這大概就是我們的看法。

Kirk Ludtke, Imperial Capital.

Kirk Ludtke，帝國資本（Imperial Capital）。

Hello, Patrick, David, Brian, Jeb, thank you for the call. I'm just curious, is ICE full steam ahead with their plans to convert warehouses to detention centers or have they -- has that slowed down?

你好，Patrick、David、Brian、Jeb，感謝這通電話會議。我只是好奇，ICE是否仍全速推進把倉庫改建為拘留中心的計畫，還是——是否已經放緩了？

We have seen probably the same things that you've seen in the press around the individual warehouse opportunities. There have been purchases that have been completed. We've not yet seen one of those opportunities be fully built out and ramped. In terms of the feasibility of that, I think that's something that really only ICE is able to assess themselves.

我們大概也看到你在媒體上看到的那些關於個別倉庫機會的消息。確實有一些收購已經完成。但我們尚未看到其中任何一個機會被完整建置並完成爬坡（ramp）。至於其可行性，我認為那是只有ICE自己才能評估的事情。

I will say that we've looked at those opportunities. If we think about where we have strong capabilities, that would be the traditional type of detention capacity that we've provided. We've got a great network of traditional facilities nationwide. We've got 7,000 additional beds available to them today. We could scale that up significantly if needed, and so we've got the ability to do that with our traditional asset base.

我會說，我們也研究過那些機會。如果我們思考我們具備強項能力的領域，那會是我們一向提供的傳統類型拘留容量。我們在全國有很好的傳統設施網絡。我們今天就有額外7,000張床位可供他們使用。如有需要，我們可以大幅擴充，因此我們有能力以我們的傳統資產基礎來做到這一點。

Warehouse conversions are challenging. They're difficult and would have to be done in an expedited timeline. And so I hate to speak in areas where I would look at what a preference or an expressed option or opportunity might be for ICE, but I would say certainly for us, it's not an area where we would see as much opportunity as partnering with them for whether it be a turnkey asset sale or whether it would be activation of a new facility that would meet their needs. But again, if you were to look at what's -- always look at what's actually occurred, and at this point, we haven't seen a great deal of movement in terms of activation of new warehouse facilities.

倉庫改建具有挑戰性。它很困難，而且必須在加速的時程內完成。因此我不太想在我無法掌握的領域發言，去推測ICE可能偏好或表達的選項或機會，但我會說，對我們而言，這個領域的機會不如與他們合作——不論是交鑰匙資產出售（turnkey asset sale），或是啟用一座能滿足其需求的新設施。但同樣地，如果你看實際發生的情況，截至目前，我們尚未看到在啟用新的倉庫設施方面有很大的進展。

Got it, and when do you think -- what's the timing on that? I mean, are we talking months, years? I mean, even if they get all the permits and all the local players go along with it, how long does it take to convert something like that?

了解，那你認為——那個時程會是什麼？我的意思是，我們談的是幾個月、幾年？即使他們拿到所有許可、地方各方也都配合，把那種東西改建完成需要多久？

It's very difficult for me to assess because we always look at through the lens of what we believe we're good at and what we're capable of and we can deliver in a way that we think would meet the government's needs, and we would really struggle as a company being able to do that on an expedited timeline. The community relationships are very complex and dealing with water and sewer and utilities. The overall construction build-out to meet the requirements is complex and takes time. But again, I can only answer that through our lens. I can't address that through a broader lens, and perhaps there are others that can do that more quickly than we could. But certainly for us, it would be an extended timeline to allow us to complete a conversion like that.

這對我來說很難評估，因為我們一向是從我們擅長什麼、我們能做什麼、以及我們能以何種方式交付並滿足政府需求的角度來看，而若要在加速時程內完成，我們公司會非常吃力。社區關係非常複雜，還要處理供水、污水與公用事業等問題。為符合要求而進行的整體施工建置很複雜且需要時間。但同樣地，我只能從我們的角度回答。我無法從更廣泛的角度回答，也許有其他人能比我們更快做到。但對我們而言，要完成那樣的改建會需要較長的時程。

Got it. I appreciate it. And maybe one of the goals was, these facilities are much larger than the type of facilities that you manage? Is that -- I mean, is there -- how many people, how many beds do you think would be in a typical warehouse?

了解。謝謝你。也許其中一個目標是，這些設施比你們管理的那類設施大得多？那是——我的意思是——你認為一個典型倉庫大概會容納多少人、多少張床位？

Well, what's been described publicly is somewhat of a hub-and-spoke model. So there would be a mix of large facilities that would be hubs of 7,000 to 8,000, even 10,000 or more detainees in a single location. Others would be smaller. What I've seen publicly described is, something that's 500 or 1,500 beds. So It's a mix of both.

嗯，公開描述的是某種樞紐—輻射（hub-and-spoke）模式。因此會混合大型設施作為樞紐，在單一地點收容7,000到8,000人，甚至10,000人或更多的被拘留者。其他則會較小。我看到公開描述的是，大約500或1,500張床位的規模。所以兩者都有。

We have developed over time a preference in the way that we operate. Optimal sizing for a facility is more in the 2,000 to 3,000 bed range as opposed to something larger than that. But again, ultimately, ICE has to make a determination on what is the best fit for them and ultimately decide whether that would be a viable option once they have proposals in place. So that is a very large facility.

我們隨著時間推移，在營運方式上形成了某種偏好。就設施規模而言，最佳床位數大約落在2,000到3,000床的區間，而不是更大的規模。但再說一次，最終ICE必須判斷什麼對他們最合適，並在他們收到提案後，最終決定這是否會是一個可行的選項。所以那會是一個非常大型的設施。

Got it. I appreciate it. And then if you were to sell a facility to ICE and then operate it, how might we think about the margins on a contract like that? Would they be similar to your managed-only contracts now or higher because it's a more complicated role?

了解。謝謝你。另外，如果你們把一座設施賣給ICE，然後再由你們來營運，我們應該如何看待這類合約的利潤率？會和你們目前僅管理（managed-only）的合約相近，還是因為角色更複雜而更高？

I would look at that as being more managed only like in terms of the components. There's some components of that negotiation that are very straightforward, which is what are your operating costs on a daily basis and what is the reimbursement level. There are other components that are different from a capital perspective, which is who's responsible for a roof replacement or HVAC replacement or other component FF&E within the facility.

我會把它視為在構成要素上更接近僅管理的模式。這類談判有些部分非常直接，也就是你們每日的營運成本是多少，以及報銷（reimbursement）水準是多少。也有一些部分在資本面向上不同，例如屋頂更換、HVAC更換，或設施內其他FF&E（家具、固定裝置與設備）項目由誰負責。

That's something that we'll obviously have to manage through. Depending on responsibility, that could mean that the margin profile could be meaningfully different than our traditional managed only. But that's something that would have to resolve through the negotiation because, again, the ongoing CapEx that we have for our facility operations is significant, and understanding responsibility for that would impact what the operating margin would be.

這顯然是我們必須加以管理與處理的事項。依責任歸屬不同，利潤結構可能會與我們傳統的僅管理模式有顯著差異。但這必須透過談判來釐清與解決，因為我們在設施營運上的持續性資本支出（CapEx）相當可觀，而釐清由誰負責將影響營運利潤率會是多少。

Obviously, on a cash flow basis, you'd expect that the answer to that question would be somewhat neutral because you'd be pricing in the additional margin that you need to cover the investments you have to make to maintain appropriate facility operation. But from a margin perspective, an operating margin basis, you wouldn't be looking at higher margins to the extent that we're responsible for ongoing capital.

顯然，從現金流的角度，你會預期這個問題的答案大致會是中性，因為你會把為了涵蓋維持適當設施營運所需投資而需要的額外利潤納入定價。但從利潤率的角度、以營運利潤率為基礎來看，若我們需要負擔持續性的資本支出，就不會期待有更高的利潤率。

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

Great. Thanks for taking the follow-up. And first of all, sorry, Patrick. I wasn't thinking when I addressed you earlier. Hey, I wanted to just follow-up on how maybe if you could discuss how your discussions or interest levels have trended with idle facilities. And as it relates to that, do you expect any additional contracting, would likely occur after appropriations are in place or made available?

很好。謝謝讓我追問。首先，抱歉，Patrick。我剛才稱呼你時沒有多想。我想追問一下，關於閒置設施（idle facilities），你們的討論或興趣程度的趨勢如何，是否可以談談？另外，就此而言，你是否預期任何額外的簽約，可能會在撥款（appropriations）到位或可用之後才會發生？

That's a great question. We continually market all of our available bed capacity, both the federal and state partners. So we are in constant dialogue in some form around use of those beds. And I would say that funding being in place is obviously helpful. I think having visibility that the department is funded through the end of the administration is particularly helpful to the extent that that's ultimately what occurs.

這是個很好的問題。我們持續行銷我們所有可用的床位容量，對象涵蓋聯邦與州層級的合作夥伴。因此，我們一直以某種形式就這些床位的使用保持持續對話。我會說，資金到位當然有幫助。我認為，若能清楚看到該部門的資金可支應到本屆政府任期結束，這會特別有幫助——前提是最終確實如此。

I think the recent decline in populations that we've seen could certainly impact timing of any new awards, but I would also say to the extent that there is additional space needed, the entire network has not been built out at this point, and we do believe there are opportunities for additional awards. I'd hate to get more specific than that on timing because I do think it is somewhat variable, but I would be surprised if there aren't awards within the sector during the balance of this year.

我認為我們近期看到的人口數下降，確實可能影響任何新案授予（awards）的時點；但我也會說，若仍需要額外空間，目前整體網絡尚未完全建置到位，我們確實相信仍有取得額外授予的機會。我不想在時點上說得更具體，因為我確實認為它具有一定的變動性；但如果在今年剩餘期間內，這個產業領域沒有任何授予，我會感到意外。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Patrick Swindle for closing remarks.

謝謝。問答環節到此結束。我現在想把時間交回給Patrick Swindle作結語。

Thank you, operator, and thank you all for joining our call today. In closing, as we, along with our public sector government partners and private sector peers, celebrate National Correctional Officers and Employees Week, I would like to again express my appreciation to our over 13,000 employees. Their focus and commitment help ensure that everyone in our care is provided with a safe, secure, and humane environment, and that we deliver the highest quality services to every individual for whom we are responsible. We are proud of our team, and we want to celebrate them today with all of you as they make what we do possible.

謝謝，主持人，也謝謝各位今天參加我們的電話會議。最後，在我們與公部門政府合作夥伴及民間同業一同慶祝「全國矯正官與員工週」之際，我想再次向我們超過13,000名員工表達感謝。他們的專注與承諾，確保我們照護之下的每一位都能獲得安全、可靠且人道的環境，並且我們能為每一位我們負責的人提供最高品質的服務。我們以團隊為榮，也希望今天能與各位一同為他們喝采，因為他們讓我們所做的一切成為可能。

Thank you all for joining the call today, and have a great day.

謝謝各位今天參與本次電話會議，祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本節目到此結束。您現在可以掛線。