CoreCivic, Inc. (CXW) 2026 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Q2 CoreCivic Inc earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today. Please go ahead.

日安。感謝您耐心等候。歡迎參加 CoreCivic Inc 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者。請開始。

Thank you, operator. Good morning, everyone. Welcome to CoreCivic's second 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 年第二季財報電話會議。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 second 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 年第二季的財務結果，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 Litigation Reform Act. Our actual results and trends may differ materially as a result of a variety of factors, including those identified in our second 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》安全港條款所作的前瞻性陳述。由於多項因素，我們的實際結果與趨勢可能出現重大差異，包括我們於昨日收盤後發布的 2026 年第二季財報新聞稿中所識別的因素，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）中所載因素。敬請注意，任何前瞻性陳述僅反映管理層目前觀點，公司不承擔未來修訂或更新該等陳述的任何義務。

Management will discuss certain non-GAAP metrics. 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，已於相應的財報新聞稿中提供，並收錄於公司在 corecivic.com 官網投資人頁面所發布的季度補充財務資料報告中。

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

接下來，我很高興把電話會議交給我們的執行長 Patrick Swindle。

Thank you, Jeb. Good morning. Thank you for joining us for CoreCivic's second quarter 2026 earnings call. On this morning's call, we will discuss our second quarter operational results and provide updates on the latest developments with our government partners. Following my opening remarks, I will hand the call over to our CFO, Dave Garfinkle, who will provide greater detail on our second quarter 2026 financial results, as well as our updated 2026 financial guidance. Dave will also provide an update on our capital structure, including recent actions to reduce our outstanding indebtedness and planned activities for remaining proceeds from our recent asset sale activities. Before we discuss this quarter's financial performance, I want to highlight the activity that has occurred subsequent to the end of the second quarter.

謝謝你，Jeb。各位早安。感謝各位參加 CoreCivic 2026 年第二季財報電話會議。在今天上午的電話會議中，我們將討論第二季的營運結果，並就與政府合作夥伴的最新進展提供更新。在我開場致詞後，我將把電話會議交給我們的財務長 Dave Garfinkle，他將更詳細說明 2026 年第二季的財務結果，以及更新後的 2026 年財務指引。Dave 也將就我們的資本結構提供更新，包括近期為降低未償債務所採取的行動，以及對近期資產出售活動剩餘款項的規劃用途。在討論本季財務表現之前，我想先強調第二季結束後所發生的相關活動。

In early July, we announced the sale of two facilities, the California City Detention Facility and Otay Mesa Detention Center, both located in California, to the Department of Homeland Security for gross proceeds of $1.5 billion. Earlier this week, we announced the sale of two additional facilities, the Midwest Regional Reception Center, located in Kansas, and the Prairie Correctional Facility, located in Minnesota, to our government partner for gross proceeds of $734 million.

7 月初，我們宣布將位於加州的兩處設施——California City Detention Facility 與 Otay Mesa Detention Center——出售給國土安全部（Department of Homeland Security），總交易對價為 15 億美元。本週稍早，我們宣布將另外兩處設施——位於堪薩斯州的 Midwest Regional Reception Center，以及位於明尼蘇達州的 Prairie Correctional Facility——出售給我們的政府合作夥伴，總交易對價為 7.34 億美元。

After estimated income taxes and transaction costs, we estimate our net proceeds from these four sales to be approximately $1.6 billion. At an average price per bed of $307,000, and considering the location, size, cost, time, and effort to replace these facilities, we believe these sales were conducted at a fair valuation for both parties and supports our continued work to be a dependable partner for government.

在扣除預估所得稅與交易成本後，我們估計上述四筆出售的淨收益約為 16 億美元。以每床位平均 30.7 萬美元計，並考量這些設施的地點、規模、替代所需成本、時間與投入，我們認為這些交易對雙方而言皆以合理估值完成，並支持我們持續致力成為政府可靠合作夥伴的工作。

These transactions also demonstrate the underlying value of the company's real estate portfolio. They also fortify our already strong financial position and create significant balance sheet flexibility for investments in our business, our capital allocation, and our growth strategies going forward.

這些交易也展現了公司不動產投資組合的內在價值。同時也進一步強化我們原本就穩健的財務狀況，並為未來在業務投資、資本配置以及成長策略方面創造顯著的資產負債表彈性。

As we've previously disclosed in the press releases for the facilities that we have sold, we will continue operating these four facilities under terms of the existing management contracts. However, contract terms may be ultimately modified due to the transfer of ownership. We've adjusted fiscal 2026 guidance to account for the potential of modified terms, which Dave will discuss further.

如同我們先前在已出售設施的新聞稿中所揭露，我們將在既有管理合約條款下持續營運這四處設施。然而，由於所有權移轉，合約條款最終可能會被修改。我們已調整 2026 會計年度指引，以反映條款可能被修改的情況，Dave 將進一步說明。

In addition to the asset sales completed to date, we've recently begun discussions with ICE about the potential acquisition of additional detention facilities. These discussions are in preliminary stages, and we can provide no assurance that any additional sales will occur.

除目前已完成的資產出售外，我們近期也已開始與 ICE 討論其可能收購更多拘留設施的事宜。這些討論仍處於初步階段，我們無法保證會有任何額外出售發生。

Earlier this week, just prior to closing on the sale of the Prairie Correctional Facility, we announced a new contract award to manage this 1,600-bed facility. Idle since 2010, we made significant investments in this facility over the last 18 months as we prepared it for occupancy, and we are pleased to reactivate another idle facility as we work to meet our government partner needs. We currently expect this facility to have a minimal contribution to earnings in 2026, as we've just begun hiring staff and expect to begin receiving detainees at this facility in the fourth quarter.

本週稍早，就在 Prairie Correctional Facility 出售完成交割之前，我們宣布取得一項新的合約授予，以管理這座 1,600 床位的設施。該設施自 2010 年起閒置；過去 18 個月我們為使其具備入住條件而投入大量資本，我們也很高興在滿足政府合作夥伴需求的過程中，重新啟用另一座閒置設施。我們目前預期該設施在 2026 年對盈餘的貢獻將相對有限，因為我們才剛開始招募人員，並預期將於第四季開始接收被拘留者。

Bolstered by a strong cash position, we moved quickly to reduce our outstanding indebtedness to give us maximum flexibility as we consider how to best deploy remaining proceeds and continue our return of capital to our shareholders. A portion of the net sale proceeds was used to repay in full the outstanding balance under our $575 million revolving credit facility, which is available to be redrawn, and our incremental term loan.

在強勁的現金部位支撐下，我們迅速採取行動降低未償債務，以在考量如何最佳運用剩餘款項並持續回饋股東資本時，保有最大的彈性。部分淨出售收益已用於全額償還我們 5.75 億美元循環信用額度項下的未償餘額（該額度可再度動用），以及我們的增額定期貸款。

We've also announced our intention to redeem on August 12th, 2026, $238.5 million of senior notes due in 2027. Following these actions, on August 4th, the board approved a $500 million increase to our existing share repurchase program, providing capacity for approximately $756 million in additional repurchases. I'll now move on to a high-level overview of our second quarter operational performance.

我們也宣布，計畫於 2026 年 8 月 12 日贖回 2027 年到期的 2.385 億美元優先票據。在完成上述行動後，董事會於 8 月 4 日核准將既有庫藏股回購計畫增加 5 億美元，使額外回購額度約為 7.56 億美元。接下來我將就第二季營運表現做高層次的概述。

Despite lower enforcement activity and reductions in nationwide ICE detention populations following leadership changes and funding uncertainty at the agency, our second quarter results exceeded average analyst estimates for adjusted EPS by $0.04 and adjusted EBITDA by $2 million. For purposes of reviewing results, we've redefined our operating and reportable segments during the second quarter to align financial reporting with the manner in which we manage the businesses. We now view operating results in three operating segments: CoreCivic Residential, CoreCivic Services, and CoreCivic Properties, which Dave will describe in more detail.

儘管因領導層變動與機構資金不確定性，導致執法活動減少且全國 ICE 拘留人口下降，我們第二季的結果仍優於分析師對調整後每股盈餘（adjusted EPS）的平均預估 0.04 美元，並優於調整後 EBITDA 的平均預估 200 萬美元。為便於檢視結果，我們在第二季重新定義了營運與可報導部門，以使財務報導與我們管理業務的方式一致。我們目前將營運結果視為三個營運部門：CoreCivic Residential、CoreCivic Services，以及 CoreCivic Properties；Dave 將更詳細說明。

Total occupancy for our residential segment for the quarter was 78.4%, up 1.6 points since the year-ago quarter. The average daily population across all of the facilities we manage was 66,363 individuals during the second quarter of 2026, compared with 64,026 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 1st, 2025.

我們住宅業務部門本季的總入住率為 78.4%，較去年同期上升 1.6 個百分點。2026 年第二季，我們所管理的所有設施之平均每日收容人數為 66,363 人，較去年同期的 64,026 人增加。此一增加主要由於我們服務需求提升、新增合約活動，以及於 2025 年 7 月 1 日完成的 Farmville 收購案所帶動。

Federal partners, primarily ICE and the US Marshals Service, comprised 53% of CoreCivic's total revenue in the second quarter. Revenue from our federal partners increased 27.2% during the second quarter of 2026 compared with the prior year quarter.

第二季中，聯邦合作夥伴（主要為 ICE 與美國法警局）占 CoreCivic 總營收的 53%。2026 年第二季來自聯邦合作夥伴的營收較去年同期增加 27.2%。

Further breaking down our revenue mix, revenue from ICE increased $91.3 million or 51.6%, while revenue from the US Marshals Service decreased by $14.1 million versus the prior year quarter. Some of this decline is simply a mix shift where ICE and Marshals share a contract. Revenue in the second quarter of 2026 also benefited from the contribution of Clinical Solutions Pharmacy, which was in line with our expectations.

進一步拆解我們的營收組合，來自 ICE 的營收增加 9,130 萬美元（或 51.6%），而來自美國法警局的營收則較去年同期減少 1,410 萬美元。其中部分下滑僅是組合移轉所致，因為 ICE 與法警局共同分攤同一份合約。2026 年第二季的營收亦受惠於 Clinical Solutions Pharmacy 的貢獻，且符合我們的預期。

Populations from ICE in our care increased by approximately 6,000 individuals or 59.6% from the beginning of 2025 through June 30th, 2026, when we cared for 16,197 individuals. Our average daily population decreased by 1,184 individuals in the second quarter of 2026 from the first quarter of 2026, net of a 793 increase that occurred at the five facilities we've activated.

自 2025 年初至 2026 年 6 月 30 日，我們照護中的 ICE 收容人數增加約 6,000 人（或 59.6%），截至該日我們照護 16,197 人。2026 年第二季的平均每日收容人數較 2026 年第一季減少 1,184 人；此數據已扣除我們已啟用的五座設施所增加的 793 人。

In late January 2026, nationwide ICE detention populations reached historical highs of around 70,800 individuals. However, a government shutdown that centered around Department of Homeland Security funding, a reorganization of DHS leadership, and a subsequent impact to enforcement activities, including redeployment of ICE agents at TSA checkpoints, led to a 10,500 decrease in detention populations by early April 2026. Consistent with our internal forecasts, populations have begun to rise again, reaching approximately 65,500 in early July. Dave will review our population assumptions at a high level reflected in our financial guidance.

2026 年 1 月下旬，全美 ICE 拘留人數達到約 70,800 人的歷史高點。然而，因以國土安全部（DHS）經費為核心的政府停擺、DHS 領導層改組，以及隨後對執法活動的影響（包括將 ICE 探員重新部署至 TSA 檢查站），使拘留人數至 2026 年 4 月初減少 10,500 人。與我們內部預測一致，收容人數已開始回升，於 7 月初達到約 65,500 人。Dave 將就我們財務指引中反映的收容人數假設進行高層次說明。

As demand from ICE returns, populations in activating facilities continue to increase. We continue to receive detainee populations at our 2,560-bed California City Detention Facility, where we signed a new contract effective September 1st, 2025, and our 2,160-bed Diamondback Correctional Facility, where we signed a new contract effective September 30th, 2025. As of June 30th, 2026, we cared for 1,674 and 1,522 individuals respectively at these two facilities.

隨著 ICE 需求回升，正在啟用中的設施之收容人數持續增加。我們持續在兩座設施接收被拘留者：一是擁有 2,560 床位的 California City Detention Facility（我們已簽署新合約並於 2025 年 9 月 1 日生效），二是擁有 2,160 床位的 Diamondback Correctional Facility（我們已簽署新合約並於 2025 年 9 月 30 日生效）。截至 2026 年 6 月 30 日，我們在上述兩座設施分別照護 1,674 人與 1,522 人。

As mentioned last quarter, after obtaining a special use permit at the Midwest Regional Reception Center, we began accepting detainees at this previous idle facility in March. As of June 30th, we cared for 379 individuals at this facility.

如同上季所提及，在 Midwest Regional Reception Center 取得特別使用許可後，我們於 3 月開始在這座先前閒置的設施接收被拘留者。截至 6 月 30 日，我們在該設施照護 379 人。

We continue to maintain four idle corrections and detention facilities containing approximately 5,500 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, are readily available, and provide the best value to the government.

我們仍維持四座閒置的矯正與拘留設施，合計約 5,500 床位，以因應任何聯邦或州層級的需求增加。我們仍有信心，我們提供的矯正與拘留床位最具人道性、在後勤上最有效率、最符合法規、最安全、可即時提供，並為政府帶來最佳價值。

Since our last earnings call, our share price has begun to reflect the underlying value of our business and our assets. However, we believe that our current share price continues to apply a significant discount to the fair value. Based on updated guidance, our enterprise value to EBITDA multiple has actually contracted since last quarter after taking into consideration the cash on our balance sheet, and we trade at a meaningful discount to our long-term average.

自上次法說會以來，我們的股價已開始反映本業與資產的內在價值。然而，我們認為目前股價相較於公允價值仍存在顯著折價。根據更新後的指引，在考量資產負債表上的現金後，我們的企業價值對 EBITDA 倍數自上季以來實際上已收縮，且目前交易倍數相較於長期平均仍有明顯折價。

Accordingly, we plan to continue prioritizing our share repurchase program, taking into consideration our stock price and alternative opportunities to deploy capital. Additionally, the recently completed facility sales provide meaningful proceeds that have been used to reduce outstanding debt and can be used for further debt repayments and investments to bolster our core business. Following on the successful acquisition of CSP, M&A can also provide opportunities for growth, but any potential transaction will need to be a strategic fit and compare favorably on a valuation basis with our other capital deployment targets.

因此，我們計畫持續將股票回購計畫列為優先事項，並同時考量股價水準及其他資本配置機會。此外，近期完成的設施出售帶來可觀的處分款項，已用於降低未償債務，亦可用於進一步償債及投資，以強化我們的核心業務。在成功收購 CSP 之後，併購亦可提供成長機會，但任何潛在交易都必須在策略上契合，且在估值基礎上相較於我們其他資本配置目標更具吸引力。

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

接下來，我將把電話會議交給 Dave，由他更詳細說明我們第二季的財務結果、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。

Thank you, Patrick, and good morning, everyone. In the second quarter of 2026, we generated GAAP EPS of $0.37 per share and FFO per share of $0.63. Special items in the second quarter of 2026 included $0.7 million of expenses associated with M&A activities reported in G&A expense for the acquisition of Clinical Solutions Pharmacy, compared with $1.5 million of M&A expenses in the prior quarter related to the acquisition of the Farmville Detention Center.

謝謝你，Patrick，各位早安。2026 年第二季，我們的 GAAP 每股盈餘（EPS）為 0.37 美元，每股 FFO 為 0.63 美元。2026 年第二季的特殊項目包括：為收購 Clinical Solutions Pharmacy 所產生、並列於一般及管理費用（G&A）中的併購相關費用 70 萬美元；相較之下，上一季因收購 Farmville Detention Center 而產生的併購費用為 150 萬美元。

Excluding M&A expenses from both periods, adjusted EPS was $0.38, compared with $0.36 in the second quarter of 2025, and normalized FFO per share was $0.64 per share, compared with $0.59 per share in the prior year quarter. As a reminder, the prior year quarter included the collection of Employee Retention Credits of $11.6 million, including interest, or $0.08 per share.

若排除兩期的併購費用，調整後 EPS 為 0.38 美元，較 2025 年第二季的 0.36 美元增加；每股常態化 FFO 為 0.64 美元，較去年同期的 0.59 美元增加。提醒各位，去年同期包含收取員工留任抵減（Employee Retention Credits）1,160 萬美元（含利息），約合每股 0.08 美元。

Excluding this per share impact from the prior year, adjusted EPS and normalized FFO per share increased 35.7% and 25.5%, respectively. Adjusted EBITDA was $109.4 million, compared with $103.3 million in the second quarter of 2025. Again, excluding the Employee Retention Credits from the prior quarter, adjusted EBITDA increased $17.7 million or 19.3%.

若排除去年同期上述每股影響，調整後 EPS 與每股常態化 FFO 分別增加 35.7% 與 25.5%。調整後 EBITDA 為 1.094 億美元，較 2025 年第二季的 1.033 億美元增加。同樣地，若排除上一期的員工留任抵減，調整後 EBITDA 增加 1,770 萬美元（或 19.3%）。

We received the final payment we claimed for the Employee Retention Credits in the first quarter of 2026. The increase in adjusted EBITDA from the prior quarter resulted from the activation of five previously idle facilities under new management contracts with ICE and the acquisitions of the Farmville Detention Center on July 1st, 2025, and Clinical Solutions Pharmacy on April 1st, 2026. Our per share results were also favorably impacted by an 8.9% decrease in weighted average diluted shares outstanding as a result of our share repurchase program.

我們已於 2026 年第一季收到所申請之員工留任抵減的最後一筆款項。相較上一期，調整後 EBITDA 的增加主要來自：在與 ICE 簽訂新的管理合約後啟用五座先前閒置的設施，以及於 2025 年 7 月 1 日收購 Farmville Detention Center 與於 2026 年 4 月 1 日收購 Clinical Solutions Pharmacy。由於我們的股票回購計畫使加權平均稀釋流通股數下降 8.9%，每股表現亦因此受到正面影響。

Following the acquisition of CSP to better reflect our operational strategy, beginning in the second quarter, we redefined our operating and reportable segments. Our CoreCivic Residential segment consists of the 64 correctional, detention, and re-entry facilities we manage.

在收購 CSP 後，為更貼近我們的營運策略，自第二季起我們重新定義了營運與可報導部門。我們的 CoreCivic Residential 部門包含我們所管理的 64 座矯正、拘留與重返社會（re-entry）設施。

Our CoreCivic Services segment consists of the delivery of complementary services to the corrections industry, including pharmaceutical supplies and services through CSP, transportation through our subsidiary, TransCor, and electronic monitoring and case management services as alternatives to incarceration through our subsidiary, Recovery Monitoring Solutions. Finally, our CoreCivic Property segment remains unchanged, currently consisting of five correctional facilities held for lease to government agencies.

我們的 CoreCivic 服務事業部門由向矯正產業提供互補性服務所構成，包括透過 CSP 提供的藥品供應與服務、透過我們的子公司 TransCor 提供的運輸服務，以及透過我們的子公司 Recovery Monitoring Solutions 提供作為監禁替代方案的電子監控與個案管理服務。最後，我們的 CoreCivic 不動產事業部門維持不變，目前由五座持有並出租予政府機關的矯正設施所構成。

Operating margins in our Residential segment, which generated 92.4% of our segment net operating income, decreased to 22.4% from 26.1% in the prior year quarter, primarily due to $8.2 million of ERCs reflected in facility operations during the second quarter of 2025. The operating margin was 24.5% in the prior year quarter, excluding the ERCs. The decline in ICE populations in the second quarter of 2026, which we believe was temporary, contributed to the margin decline.

我們的住宅事業部門（貢獻了分部淨營運收入的 92.4%）之營運利潤率，由前一年同期的 26.1% 降至 22.4%，主要係因 2025 年第二季在設施營運中反映了 820 萬美元的 ERCs。若排除 ERCs，前一年同期的營運利潤率為 24.5%。2026 年第二季 ICE 收容人數下降（我們認為屬暫時性）亦促成利潤率下滑。

Although we generated operating income of $21.1 million at the four facilities we continued to activate, they were only 55% occupied during the second quarter of 2026. Operating margins are expected to increase in the second half of the year as occupancies increase at these facilities and as ICE populations portfolio-wide increase from the declines in the second quarter. Margins could be negatively impacted at the facilities we sold and by start-up activities under a new management contract with ICE at the 1,600-bed Prairie Correctional Facility.

儘管我們在持續啟用的四座設施產生了 2,110 萬美元的營運收入，但在 2026 年第二季其入住率僅為 55%。隨著這些設施入住率提升，以及 ICE 收容人數在整體投資組合層面自第二季的下滑中回升，預期下半年營運利潤率將提高。我們已出售的設施以及在 1,600 床位的 Prairie 矯正設施與 ICE 新管理合約下的啟動活動，可能對利潤率造成負面影響。

The operating margin in our Services segment was 10.2% in the second quarter of 2026, in line with expectations. The Services segment generated 6.1% of our segment net operating income in the second quarter of 2026, up from 0.5% in the prior year quarter due to the acquisition of CSP. Turning next to the balance sheet.

我們服務事業部門在 2026 年第二季的營運利潤率為 10.2%，符合預期。服務事業部門於 2026 年第二季貢獻分部淨營運收入的 6.1%，高於前一年同期的 0.5%，係因收購 CSP 所致。接著談資產負債表。

During the second quarter, we funded the $148 million initial purchase price for CSP with cash on hand and borrowings under the revolving credit facility. We also obtained a $100 million incremental term loan shortly following the acquisition to replenish the borrowings under the revolving credit facility. We obtained the incremental term loan, which had a 364-day maturity and was prepayable without penalty, as a short-term solution to maintain our strong liquidity position as we assess potential asset sales that could further enhance our liquidity.

在第二季，我們以手頭現金及循環信用額度項下借款，支付 CSP 1.48 億美元的初始購買價款。我們亦在收購後不久取得 1 億美元的增額定期貸款，以補回循環信用額度項下的借款。該增額定期貸款到期日為 364 天，且可無罰則提前償還；我們將其作為短期方案，以在評估可能的資產出售（可進一步提升流動性）期間維持強勁的流動性部位。

As of June 30th, our leverage, measured by net debt to adjusted EBITDA, was 2.9 times using the trailing 12 months. As of June 30th, we had $108.9 million of cash on hand and an additional $273.3 million of borrowing capacity on our revolving credit facility, which had a balance of $280 million outstanding, providing us with total liquidity of $382.2 million.

截至 6 月 30 日，以過去 12 個月計算，我們以淨負債對調整後 EBITDA 衡量之槓桿倍數為 2.9 倍。截至 6 月 30 日，我們持有現金 1.089 億美元，循環信用額度另有 2.733 億美元可動用借款額度；該循環信用額度已動用餘額為 2.80 億美元，使我們的總流動性達 3.822 億美元。

On July 2nd, 2026, we completed the sales of our 2,560-bed California City Detention Facility and our 1,994-bed Otay Mesa Detention Center, both located in California, to the Department of Homeland Security for a total gross sales price of $1.5 billion while retaining management of these facilities. After transaction costs and estimated federal and state income taxes, which will be paid next month, we estimate our net proceeds to be $1.1 billion. We used the net proceeds to pay down debt totaling $608.5 million as detailed in our press release, including $238.5 million of our 4.75% unsecured notes that will be repaid on August 12th.

2026 年 7 月 2 日，我們完成將位於加州的 2,560 床位 California City 拘留設施及 1,994 床位 Otay Mesa 拘留中心出售予國土安全部（Department of Homeland Security），總毛出售價格為 15 億美元，同時保留對這些設施的管理權。扣除交易成本及預估將於下月繳納的聯邦與州所得稅後，我們估計淨收益為 11 億美元。我們使用該淨收益償還合計 6.085 億美元的債務（詳見新聞稿），其中包括 2.385 億美元、票面利率 4.75% 的無擔保票據，將於 8 月 12 日償還。

Earlier this week, after entering into a new management contract with ICE to activate our Prairie Correctional Facility in Minnesota, we completed the sales of our Midwest Regional Reception Center and our Prairie facility for a total gross sales price of $734 million, again, retaining management of these facilities. After estimated federal and state income taxes and transaction costs, we estimate our net proceeds to be approximately $522 million.

本週稍早，在與 ICE 簽訂新的管理合約以啟用我們位於明尼蘇達州的 Prairie 矯正設施後，我們完成出售 Midwest Regional Reception Center 及 Prairie 設施，總毛出售價格為 7.34 億美元，同樣保留對這些設施的管理權。扣除預估聯邦與州所得稅及交易成本後，我們估計淨收益約為 5.22 億美元。

After income taxes and debt repayments, we will have approximately $1 billion of cash on hand, total debt outstanding of $739.1 million, and $553.3 million of borrowing capacity under our revolving credit facility. This is more liquidity than the company has ever had and provides us with significant flexibility to execute our capital allocation strategy and growth plans.

在繳納所得稅並償還債務後，我們將持有約 10 億美元現金，未償還總債務為 7.391 億美元，且循環信用額度可動用借款額度為 5.533 億美元。這是公司歷來最高的流動性水準，並為我們執行資本配置策略與成長計畫提供顯著彈性。

On August 4th, the Board of Directors authorized an increase to our existing share repurchase program, pursuant to which we may purchase up to an additional $500 million in shares of our common stock, increasing the total repurchase authorization to $1.2 billion. Since the share repurchase program was authorized in May 2022, we have repurchased a total of 28.1 million shares at an aggregate cost of $444.2 million, or $15.82 per share.

8 月 4 日，董事會核准提高既有庫藏股回購計畫額度，依該計畫我們得額外回購最多 5 億美元的普通股，使回購核准總額提高至 12 億美元。自 2022 年 5 月核准該回購計畫以來，我們已回購合計 2,810 萬股，總成本 4.442 億美元，或每股 15.82 美元。

Including the increased authorization, therefore, we have $755.8 million authorized and available under the share repurchase program. We expect to utilize a substantial portion of the remaining net proceeds from the facility sales to repurchase shares for our common stock under the recently expanded authorization.

因此，包含此次提高的核准額度在內，我們在庫藏股回購計畫下仍有 7.558 億美元已核准且可用。我們預期將運用設施出售剩餘淨收益中的相當大部分，依近期擴大的核准額度回購本公司普通股。

While these facility sales have created significant balance sheet flexibility, following the sales, we still retain ownership of a vast real estate portfolio consisting of 56 corrections, detention, and re-entry facilities with a design capacity of 63,727 beds containing 12.3 million sq ft, including 9 facilities contracted and dedicated fully to ICE with a design capacity of 10,750 beds containing 2.2 million sq ft.

儘管這些設施出售為資產負債表帶來顯著彈性，出售後我們仍保有龐大的不動產投資組合，包含 56 座矯正、拘留及重返社會（re-entry）設施，設計容量 63,727 床位、總面積 1,230 萬平方英尺；其中包括 9 座與 ICE 簽約且完全專供 ICE 使用的設施，設計容量 10,750 床位、面積 220 萬平方英尺。

Stated differently, even after these sales, we are not simply a services company. We remain a significant owner of specialized mission-critical real estate infrastructure that is very difficult to replace with the operating expertise to manage those assets effectively for federal, state, and local government agencies, providing steady, predictable cash flows. Moving lastly to a discussion of our updated 2026 financial guidance.

換言之，即使在這些出售之後，我們並非僅是一家服務公司。我們仍是專業且關鍵任務型不動產基礎設施的重要持有者，這些資產極難被取代；並具備有效管理該等資產所需的營運專業能力，為聯邦、州及地方政府機關提供穩定、可預測的現金流。最後談我們更新後的 2026 年財務指引。

Because of the significant gain on sale, we expect to generate diluted EPS of $15-$15.20, an adjusted diluted EPS, which excludes special items, of $1.62 to $1.70, up from $1.53 to $1.63 in our previous guidance. We expect to generate normalized FFO per share of $2.61 to $2.70, up from $2.60 to $2.70. We expect adjusted EBITDA of $440.5 million to $445.5 million, compared with $453.8 million to $461.8 million.

由於出售帶來的重大處分利益，我們預期稀釋每股盈餘（EPS）為 15.00 至 15.20 美元；排除特殊項目的調整後稀釋 EPS 為 1.62 至 1.70 美元，高於先前指引的 1.53 至 1.63 美元。我們預期每股常態化 FFO 為 2.61 至 2.70 美元，高於先前的 2.60 至 2.70 美元。我們預期調整後 EBITDA 為 4.405 億至 4.455 億美元，相較之下先前為 4.538 億至 4.618 億美元。

Our updated guidance reflects our best estimate of the financial impact of the aforementioned four facility sales and our expected continued management of these facilities. Although we and ICE have not yet modified the management contracts for these facilities to reflect the change in ownership, the range of our guidance incorporates our best estimate of the financial impact of the change in ownership. The updated guidance reflects the repayment of $608.5 million of debt, including $238.5 million of 4.75% unsecured notes that will be repaid August 12th.

我們更新後的指引反映我們對前述四項設施出售及預期持續管理這些設施之財務影響的最佳估計。儘管我們與 ICE 尚未修改這些設施的管理合約以反映所有權變更，我們的指引區間已納入對所有權變更財務影響的最佳估計。更新後的指引亦反映償還 6.085 億美元債務，其中包括將於 8 月 12 日償還的 2.385 億美元、票面利率 4.75% 的無擔保票據。

Our updated guidance for adjusted net income, FFO, and EBITDA were each favorably impacted by interest income associated with the residual cash balance after the repayment of debt resulting from the facility sales. Unlike net income and FFO, EBITDA excludes the benefit of the reduction in interest expense resulting from the repayment of debt. Our updated guidance does not include the impact of any share repurchases we may execute during the second half of 2026, which could negatively impact net income, FFO, and EBITDA for a reduction in interest income associated with any cash used to repurchase shares but could favorably impact their corresponding per-share measures for the reduction in our weighted average shares outstanding.

我們更新後對調整後淨利、FFO 與 EBITDA 的指引，均因設施出售後以償還債務所剩餘現金餘額所產生的利息收入而受到正面影響。不同於淨利與 FFO，EBITDA 不包含因償還債務而降低利息費用所帶來的利益。我們更新後的指引未納入我們可能在 2026 年下半年執行的任何庫藏股回購之影響；若以現金回購股份而使相關利息收入減少，可能對淨利、FFO 與 EBITDA 造成負面影響，但因加權平均流通股數下降，可能對其相對應的每股衡量指標帶來正面影響。

In addition to the financial impact associated with the facility sales, our updated guidance reflects modestly higher residential populations based on recent trends compared with our previous forecast, which already contemplated higher populations in the second half of 2026. The average daily ICE populations in our care declined by 6.6% during the second quarter from the first quarter of 2026, and nationwide ICE detention populations declined from a high of 70,766 at the end of January to 60,311 in early April, a decline of 14.8%.

除設施出售所帶來的財務影響外，我們更新後的指引亦反映，基於近期趨勢，相較於先前預測，住宅收容人口略為提高；而先前預測已考量 2026 年下半年人口將較高。我們照護中的 ICE 平均每日人口於 2026 年第二季較第一季下降 6.6%，全美 ICE 拘留人口亦自 1 月底高點 70,766 人降至 4 月初 60,311 人，降幅 14.8%。

We believe these declines were for temporary reasons, including a partial government shutdown that centered around DHS funding, a reorganization of DHS leadership, and the subsequent impact to enforcement activities, including redeployment of ICE agents to TSA checkpoints, each of which has since resolved. Since early April, nationwide ICE detention populations increased to 65,765, or 9%, in mid-July. ICE populations in our care increased by 17.7% during the same period.

我們認為這些下降屬於暫時性因素所致，包括以 DHS 經費為核心的部分政府停擺、DHS 領導層改組，以及其後對執法活動的影響（包括將 ICE 幹員重新部署至 TSA 檢查站），而上述情況目前均已解決。自 4 月初以來，全美 ICE 拘留人口於 7 月中旬增至 65,765 人，增幅 9%。同期間，我們照護中的 ICE 人口增加 17.7%。

Although the updated guidance includes the new management contract at the Prairie facility, taking into account startup activities and a phased commencement of intake operations at the facility, the updated guidance reflects an immaterial impact to earnings for the remainder of 2026. The updated guidance also includes an increase in general and administrative expenses for higher incentive compensation associated with the facility sales.

儘管更新後的指引納入 Prairie 設施的新管理合約，並考量啟動作業及該設施收容作業分階段開始，更新後的指引反映其對 2026 年剩餘期間獲利影響不重大。更新後的指引亦包含一般及行政費用增加，係因設施出售相關的較高激勵性薪酬所致。

As Patrick mentioned, in addition to the facility sales completed to date, we have recently begun discussions with ICE about the potential acquisition of additional detention facilities from us. These discussions are in preliminary stages, and our updated guidance does not include the impact of any potential additional facility sales.

如 Patrick 所提，除迄今已完成的設施出售外，我們近期也已開始與 ICE 討論其可能向我們收購更多拘留設施的可能性。這些討論仍處於初步階段，我們更新後的指引未納入任何潛在額外設施出售的影響。

We plan to spend $65 million to $75 million on maintenance capital expenditures during 2026, and $15 million for other capital expenditures, up $5 million from our prior guidance. Our 2026 forecast also includes $35 million to $40 million for capital expenditures associated with previously idle facilities we are activating and for additional potential facility activations, down $5 million from our prior guidance.

我們計畫於 2026 年投入 6,500 萬至 7,500 萬美元的維護性資本支出，另有 1,500 萬美元的其他資本支出，較先前指引增加 500 萬美元。我們 2026 年預測亦包含 3,500 萬至 4,000 萬美元，用於先前閒置、目前正啟用的設施相關資本支出，以及其他潛在設施啟用，較先前指引減少 500 萬美元。

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 $257.5 million to $271.5 million for 2026. We expect our annual effective tax rate to be 25%-28%, substantially 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 $173 million to $175 million.

我們預期調整後營運資金（Adjusted Funds From Operations，AFFO；我們視其為可用於資本配置決策（如庫藏股回購）及成長型資本支出（如收購與設施啟用）的現金流量代理指標）在 2026 年將介於 2.575 億至 2.715 億美元。我們預期年度有效稅率為 25%–28%，與先前指引大致不變。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。我們預估 2026 年 G&A 費用將介於 1.73 億至 1.75 億美元。

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) Greg Gibas, Northland Securities.

(接線員指示) Greg Gibas，Northland Securities。

Are you able to provide how much of the adjusted EBITDA guidance delta reflects the anticipated contract adjustments to the facilities sold? Maybe when does that imply contract changes were or will be effective?

你們是否能提供調整後 EBITDA 指引變動（delta）中，有多少反映了對已出售設施之預期合約調整？另外，這是否意味著合約變更已經或將於何時生效？

It's Dave. Good question. Yeah, we've incorporated the range of outcomes from those negotiations into our guidance, but we're not specifically quantifying them for obvious reasons. Those negotiations are not yet complete. We felt like incorporating our best estimate into the range would provide investors with what the run rate could be. I don't yet know the effective date of those contract negotiations, when they'd be effective either as of yet.

我是 Dave。好問題。是的，我們已將這些談判可能結果的區間納入指引，但基於顯而易見的原因，我們不會具體量化。這些談判尚未完成。我們認為把我們最佳估計納入區間，能讓投資人了解可能的運行水準（run rate）。至於這些合約談判的生效日期，我目前也還不知道，尚未確定。

Got it. Also, as it relates to guidance, could you maybe discuss what it assumes with respect to ICE populations in Q3 and Q4, and maybe how that's changed since you last provided guidance?

了解。另外，關於指引，你們能否談談其對第三季與第四季 ICE 人口的假設，以及自上次提供指引以來有何變化？

Yeah, sure. If you recall last quarter, we expected ICE populations to decline in the second quarter of 2026, increasing in the second half of the year. That was already baked into our guidance. We did increase, probably the range is probably $5 million to $10 million for seeing those increases sooner than what we had in our previous guidance. I think you've seen the nationwide detention populations have now been published, and they have reflected an increase. That's probably going a little bit faster than what we had anticipated last quarter.

好的，當然。如果你記得上季，我們預期 2026 年第二季 ICE 人口會下降，並在下半年回升。這已經反映在我們的指引中。我們確實上調了，可能約 500 萬到 1,000 萬美元，因為我們看到這些回升比先前指引所預期的更早出現。我想你也看到全國拘留人口數據已公布，並反映出增加。這進展可能比我們上季預期的稍快一些。

M. Marin, Zacks.

M. Marin，Zacks。

Given that you're currently engaged in early-stage discussions with ICE regarding additional potential asset sales of facilities, is it reasonable for us to think that there might be a temporary pause on share repurchases during this current quarter, which presumably would not indicate any change in your prioritization of capital allocations?

鑑於你們目前正與 ICE 就額外潛在設施資產出售進行早期階段討論，我們是否可以合理推測，本季可能會暫停庫藏股回購；而這大概不代表你們資本配置優先順序有任何改變？

I'll tag team with Patrick on that maybe. It all depends on the status of negotiations. You'll see we kind of changed the tone of those discussions to be very preliminary at this point. We've been in deep discussions for the due diligence on both Prairie and Midwest for a large part of the last quarter or maybe even beyond then. That did create some restrictions on our ability to buy back stock.

我可能會和 Patrick 一起回答。這完全取決於談判的進展狀態。你會看到我們把這些討論的語氣調整為目前仍非常初步。在上一季的大部分時間，甚至可能更早之前，我們一直就 Prairie 與 Midwest 兩案進行深入的盡職調查討論。這確實對我們回購股票的能力造成了一些限制。

It all depends on the facts and circumstances of what we know at the time the window is open. Obviously, we're closed for earnings currently until next week when our window would normally open up. Based on discussions right now, I think we feel pretty good about being able to buy back stock in the second half of the year. It will all depend on the status of those discussions.

一切都取決於在回購窗口開啟時，我們所掌握的事實與情況。顯然，我們目前因財報期間而處於封閉期，直到下週我們的窗口通常才會重新開啟。就目前的討論而言，我們認為在下半年回購股票的可行性相當高。但仍將取決於這些討論的狀態。

The only thing that I would add is, obviously, we've seen meaningful price movement in the second quarter. We did not repurchase shares in the second quarter. That was not because we don't believe our stock is undervalued. We certainly see the value of being able to be in the market and initiate or continue our repurchase program so certainly looking for those opportunities as they do present.

我唯一要補充的是，顯然我們在第二季看到股價有顯著波動。我們在第二季沒有回購股份。那並不是因為我們不認為公司股票被低估。我們當然看得到能夠進入市場並啟動或延續回購計畫的價值，因此也確實會在機會出現時尋求把握。

Understood. As your consolidated occupancy, which reflects ICE and other government partners, continues to rise, can you please remind us of what the historical peak was from prior years?

了解。隨著你們的合併入住率（反映 ICE 及其他政府合作夥伴）持續上升，能否請你提醒我們，過去幾年的歷史高點是多少？

I've been with the company since 2001. That was probably the last time we were in the mid 90% occupancies. It's been that long since it's been over 90%. Pre-pandemic, I think we were in the upper 80s in terms of total occupancy. We haven't yet hit that percentage as of yet.

我自 2001 年起就在公司。那大概是我們上一次入住率在 90% 中段的時候。距離上次超過 90% 已經這麼久了。疫情前，我認為總入住率大約在 80% 高段。截至目前我們還沒有達到那個百分比。

Jordan Hymowitz, Philadelphia Financial.

Jordan Hymowitz，《Philadelphia Financial》。

A couple things. The $500 million buyback is not in the FFO guidance. If you would buy that back, the FFO guidance would be like 15% or 16% high on a per share basis, correct?

有幾點。5 億美元的庫藏股回購沒有納入 FFO 指引。如果你們回購的話，按每股計算，FFO 指引會高出大約 15% 或 16%，對嗎？

Well, correct. We did not include any share buybacks in our guidance. It's a weighted average calculation, so we wouldn't get the immediate benefit for a full year. Yeah, depending on what price you're buying back at the current prices, I think it's around 15% to 17% of total shares outstanding if we were to execute on the full $500.

嗯，沒錯。我們的指引沒有納入任何股票回購。這是加權平均的計算，所以不會在全年立刻享有完整年度的效益。是的，取決於你以什麼價格在目前價位回購；如果我們把 5 億美元全數執行，我認為大約相當於已發行在外總股數的 15% 到 17%。

Is there any program you could explain that's an automatic buying, like those 10b5-1 programs that automatically sell and there's no blackouts. Is there any such thing that a bank constructs that automatically buys a certain amount every month, so even if you were in knowledge of MNPI, it would still execute?

有沒有什麼計畫可以解釋一下，是那種自動買入的機制，例如 10b5-1 計畫可以自動賣出且沒有禁售期。是否有銀行能建立一種每月自動買入一定數量的安排，讓你即使掌握重大非公開資訊（MNPI），也仍會照樣執行？

Well, you'd have to be in an open window when you gave those instructions. I think nothing really better than a 10b5-1 that would enable us to trade through closed windows. Again, you have to be in an open window when you enter into those agreements, and then they could extend through a closed window.

嗯，你必須在開放交易窗口時下達那些指示。我認為沒有什麼比 10b5-1 更好的方式，能讓我們在封閉窗口期間仍可交易。同樣地，你必須在開放窗口時簽訂那些協議，之後它們可以延續到封閉窗口期間。

Last question is, how much stock could you buy back? Said a different way, what is the binding debt level to become an investment grade company, which I assume is your goal? What ratios do you hope to retain that would enable you to achieve an upgrade that would bind in some ways how much stock you could buy back?

最後一個問題是，你們最多能回購多少股票？換句話說，成為投資級公司所需的約束性負債水準是多少（我猜這是你們的目標）？你們希望維持哪些比率，以便獲得升評，而這些比率在某種程度上會限制你們能回購多少股票？

If I understand your question, Jordan, I think you're referring to the restricted payment basket covenant we have in our 2029 notes that limits our buyback. We have a restricted payment basket unless we're below 2 times leverage. Using kind of current metrics, we could buy around $1 billion, and still be below that 2 times leverage. Did I get that question right, Jordan?

Jordan，如果我理解你的問題，我想你指的是我們 2029 年票據中的「受限制付款籃子」契約，該契約限制我們的回購。除非槓桿率低於 2 倍，否則我們受到受限制付款籃子的限制。以目前的指標來看，我們大約可以回購 10 億美元，同時仍低於 2 倍槓桿。Jordan，我有理解對你的問題嗎？

You answered it a different way to the same place.

你用不同方式回答，但結論是一樣的。

Maybe to add on that just a bit. What we've stated previously is our leverage policy is 2 1/4 to 2 3/4 times leverage. We are below that. We want to make sure that we're in a position where we are able to deploy capital at the levels that we believe would be advantageous to our shareholders and give us that flexibility, which is under 2 times.

也許再補充一點。我們先前說過，我們的槓桿政策是 2 又 1/4 倍到 2 又 3/4 倍。我們目前低於這個區間。我們希望確保自己處於能以我們認為對股東有利的水準部署資本、並保有彈性的狀態；而這個彈性是在 2 倍以下。

We have not established a target of investment grade necessarily, so we're always looking at what is optimal leverage from a value creation standpoint. We have been through periods of investment grade ratings and periods of non-investment grade ratings, that's always a calculus that we consider when we're looking at our leverage policy and how we approach that.

我們並未必然設定投資級作為目標，因此我們一直在從價值創造的角度評估何者是最適槓桿。我們經歷過投資級評等的時期，也經歷過非投資級評等的時期；在檢視槓桿政策與我們的做法時，這一直是我們會納入考量的計算。

I think today, we should look at two times as being a limiter, at the same time, it's somewhat a function of the amount of capital available to deploy, as well as additional capital that may result from additional future asset sales if they do occur. There's a point at which leverage could drop further to the extent that there are sufficient available proceeds to give us that flexibility while availing ourselves of a repurchase program or other investments.

我認為以今天來看，2 倍應該被視為一個限制；同時，它也在某種程度上取決於可部署資本的規模，以及若未來發生額外資產出售所可能帶來的額外資本。在某個點上，若有足夠可用的處分所得來提供我們所需的彈性，同時又能運用回購計畫或其他投資，槓桿率可能會進一步下降。

(Operator Instructions) Bill Sutherland, Benchmark StoneX.

（接線員指示）Bill Sutherland，Benchmark StoneX。

When you have Prairie up and running under contract at stable occupancy and $75 million in revenue, how should we think about the incremental EBITDA from that facility?

當 Prairie 設施在合約下全面運轉、入住率穩定且營收達到 7,500 萬美元時，我們應該如何看待該設施帶來的增量 EBITDA？

I would say the margins on that facility are consistent with our other ICE contracts or consistent with the portfolio average as well.

我會說該設施的利潤率與我們其他 ICE 合約一致，或也與整體投資組合的平均水準一致。

Okay. Dave, I was also thinking about is there something we should know about kind of the quarterly cadence for the rest of the year, given the puts and takes that you talked about with the model?

好的。Dave，我也在想，考量你提到模型中的各項增減因素，今年剩餘時間的季度節奏是否有什麼我們應該注意的？

I think the only fluctuations you're going to see are we're still ramping up our California City facility, our Diamondback facility. Those are the two large facilities that continue to ramp. I think I mentioned in my prepared remarks, the four facilities that were ramping during Q2 are 55%. We do expect them to continue ramping in the second half of the year.

我認為你會看到的波動主要是：我們仍在提升加州城（California City）設施與 Diamondback 設施的入住/啟用進度。這兩個是持續爬坡的兩座大型設施。我在事先準備的發言中提到，第二季正在爬坡的四座設施目前為 55%。我們預期它們在下半年會持續爬坡。

If you back out our annual EBITDA guidance from what year-to-date EBITDA is, you get to a run rate around $450 million of total adjusted EBITDA. That obviously does not include the Prairie facility because the Prairie facility. We won't be able to accept the first detainees until late this year, and it won't reach full activation until the second quarter of 2027.

如果你用我們的年度 EBITDA 指引扣除年初至今的 EBITDA，你會得到總調整後 EBITDA 約 4.5 億美元的運行率。那顯然不包含 Prairie 設施，因為 Prairie 設施。我們要到今年稍晚才能接收第一批被拘留者，而且要到 2027 年第二季才會達到全面啟用。

That's helpful. Lastly, I was just thinking about what DHS is trying to get done here with capacity, curious what you've heard about anything other than obviously the facilities they would like to buy from you and GEO and a few others. Where is the warehouse strategy at this point in their plans?

這很有幫助。最後，我在想 DHS 在容量方面想達成什麼目標；我也好奇你們聽到的情況，除了他們顯然希望向你們、GEO 以及其他幾家購買的設施之外。就他們的規劃而言，目前「倉庫策略」進展到哪一步？

Well, the public statements from DHS has been that there has been a de-emphasis of the warehouse strategy. There were 4 of the warehouses of the 11 that they had purchased, they were continuing to explore whether they would convert those into operations. We believe they're still exploring that for some of those facilities. Again, we've seen pivots in strategy multiple times under the current administration. Whether we look back to the beginning with the Fort Bliss concept or an Alligator Alcatraz concept, or utilization of state capacity or warehouse opportunities, there's been really a number of organic shifts in demand. We've been there consistently through that process and continue to believe we provide an optimal solution for ICE to the extent they wish to use it.

嗯，DHS 的公開說法是，他們已降低對「倉庫策略」的重視。在他們購買的 11 個倉庫中，有 4 個他們仍在持續評估是否會把它們轉為營運用途。我們相信他們仍在就其中一些設施進行評估。再說一次，在現任政府之下，我們已多次看到策略轉向。不論回顧最初的 Fort Bliss 概念、或「Alligator Alcatraz」概念、或使用州政府容量或倉庫機會，需求面確實出現了多次自然的轉變。在整個過程中我們一直穩定參與，並持續相信，只要 ICE 希望使用，我們能為其提供最佳解決方案。

Certainly, you're seeing that evidenced through the award at our Prairie facility, have seen that with awards to our competitors. We think we provide a high-quality solution that provides great value to the government, think we're very well positioned to be able to meet any additional demand to the extent that it does present.

當然，你可以從我們 Prairie 設施獲獎一事看出這點，我們也看到競爭對手獲得獎項。我們認為我們提供的是高品質的解決方案，能為政府帶來很高的價值；我們也認為自己具備非常好的條件，在出現任何額外需求時，能在其確實發生的範圍內加以滿足。

Edwin Groshans, Compass Point Research & Trading.

Edwin Groshans，Compass Point Research & Trading。

You talked about the outlook and we're talking about detentions and there were reports that July was a record for apprehensions for ICE. That followed a record in June. There's talk of ICE has a target of 100,000 to 120,000 beds. You mentioned you have four or five still idle facilities. Can you just talk about what you're seeing in detentions and then expectations for the idle facilities, whether that's reactivation or, and I know you've discussed preliminary discussions on potential sales, but I guess really looking at reactivation in the ICE activity.

你談到了展望，而我們也在談拘留；有報導指出，7 月 ICE 的逮捕人數創下紀錄。而 6 月也剛創下紀錄。外界在談 ICE 的目標是 10 萬到 12 萬張床位。你提到你們仍有四到五座閒置設施。你能否談談你們在拘留方面看到的情況，以及對這些閒置設施的預期，是重新啟用還是——我知道你們也談過就潛在出售進行初步討論——但我主要想了解的是，在 ICE 活動增加的情況下，重新啟用的可能性。

I would answer that through two lenses. As you mentioned, there has been an increase in enforcement activity the last couple of months that we've seen reflected in increases in detention populations in our facilities and in the national statistics. I believe we've seen three contract awards just in the last month for activation of new capacity that was previously idled within the industry, both ourselves and our competitor. That clearly is an indication of anticipated additional demand needs. I think it's difficult to project what the pace would be for bringing on additional capacity beyond those contracts that have already been awarded.

我會從兩個角度來回答。如你所提，過去幾個月我們看到執法活動增加，這也反映在我們設施內的拘留人口上升，以及全國統計數據上。我相信僅在過去一個月，業界就看到三項合約授予，用於啟用先前閒置的新產能，包含我們以及我們的競爭對手。這顯然顯示市場預期會有額外需求。我認為，要預測在已授予的合約之外，進一步導入額外產能的速度會如何，仍然很困難。

We have and continue to market our available capacity. As we mentioned in our comments, we have another 5,500 beds that are traditional turnkey facilities that are available today, again, in four facilities. We've got an ability to be able to provide additional capacity that's needed, and we're very well positioned to do that.

我們一直在、也將持續推廣我們可用的產能。如同我們在評論中提到的，我們還有另外 5,500 張床位，屬於傳統的交鑰匙設施，今天就可供使用，分布在四座設施中。我們有能力提供所需的額外產能，而且我們在這方面的布局非常到位。

We've made significant investments in that idle capacity to make it ready. Again, we've seen increased demand recently. If that continues, I think we're very well positioned for more, but I'd be reticent to provide any sense of timing at this point.

我們已對那部分閒置產能投入了大量資本，使其保持隨時可用的狀態。同樣地，我們近期確實看到需求增加。如果這種趨勢持續，我認為我們非常有利於承接更多需求，但此刻我仍不願對時間點做任何推測。

Fantastic, Patrick. Appreciate that. If we look at ICE's target of 100,000-plus beds, there's been some commentary out there that system-wide, maybe there is 85,000 beds available. Even if ICE were to buy or contract for the idle facilities, it still seems as though they'd be short of their goal. Do you have any sense of how they can get to their goal, especially now in the prior question with putting the warehouse program on ice at the present time?

太好了，Patrick。感謝你的說明。如果我們看 ICE 10 萬張以上床位的目標，外界有些評論指出，整體系統可能只有 85,000 張床位可用。即便 ICE 買下或簽約使用那些閒置設施，看起來仍然達不到他們的目標。你是否能判斷他們要如何達成目標，尤其是前一題提到目前把「倉儲計畫」暫時擱置的情況下？

My view on that would be, I think the goal is organic. It's based on what the ultimate detention bed needs are at any given point in time. What I would say is, this moment, we believe that demand for additional capacity has increased with the awards that have already been made. We believe we're well positioned with already existing turnkey capacity to the extent there's more, and I believe there's other turnkey capacity available in the industry.

我對此的看法是，我認為這個目標是有機形成的。它是基於在任何特定時間點最終所需的拘留床位數。我想說的是，就目前而言，隨著已經做出的合約授予，我們相信對額外產能的需求已經增加。若還有更多需求，我們相信自己憑藉既有的交鑰匙產能具備良好條件；我也相信業界還有其他交鑰匙產能可用。

As we've said on prior calls, we've also looked at a number of alternatives in terms of expansions of our existing facilities Or different ways that we could provide capacity to the extent that that demand did manifest. I can see pathways for the provision of up to 100,000 beds in the industry through a variety of different scenarios. Continue to believe that turnkey solutions are the best initial option, and there's capacity to meet that demand initially. We've done a number of scenario analyses and believe that there are some alternatives that could certainly leverage that capacity higher to the extent that the demand presented.

如同我們在先前的電話會議中所說，我們也就擴建既有設施或以不同方式提供產能等，評估了多種替代方案，以因應需求一旦出現。我可以看到，在多種不同情境下，業界有途徑提供最多達 10 萬張床位。我們仍然相信交鑰匙解決方案是最佳的初始選項，而且在初期有足夠產能可滿足該需求。我們做過多種情境分析，並相信若需求出現，確實存在一些替代方案可以把該產能進一步提高、加以運用。

Okay. Would one of those alternatives -- I'm sorry, third question. I'll stop after this. I've heard potential discussions of doing sort of soft-sided facilities on the sites. Is that -- when you talk about expansion, is that one of the potential alternatives?

好的。這些替代方案之一會不會——抱歉，第三個問題。我問完這個就停。我聽說可能會討論在場址上設置某種「軟式」設施。你談到擴建時，這是否是其中一種可能的替代方案？

There are a number of ways that you can flex up capacity and do it in a very humane and dignified way on the locations that are already operational. That would certainly be one pathway to achieving the additional capacity goal. Having capacity co-located can be very helpful for both the agency and for us operationally, as we try to deliver the highest quality service possible by concentrating in a single location allows us to also concentrate resources.

有很多方式可以彈性提升產能，並且在既有營運地點以非常人道且有尊嚴的方式來進行。那當然會是達成額外產能目標的一條途徑。把產能設在同一地點，對機關與我們的營運都很有幫助；因為當我們把服務集中在單一地點時，也能集中資源，以提供盡可能最高品質的服務。

Absolutely, that would be -- I'm not going to speak to the form. You mentioned soft-sided. There could be a variety of forms of providing that capacity. Certainly, that would be an optimal way to scale up capacity.

沒錯，那會是——我不打算談具體形式。你提到軟式設施。提供該產能的形式可能有很多種。當然，那會是擴大產能規模的一種最佳方式。

Jordan Hymowitz, Philadelphia Financial.

Jordan Hymowitz，Philadelphia Financial。

I just want to follow up on Ed's very thoughtful question, that is, you've now gone down the path of being willing to sell your facilities to others, and you've sold them to the government, would you be willing to sell them to event centers or apartments or I think in my own mind towards the San Francisco Armory, which was a prison at one point, and which became a movie theater show and now housing? In other words, are you willing to evaluate your assets at different price points to see what's there as opposed to just the use that it's currently in?

我想延續 Ed 那個非常周到的問題：也就是說，你們現在已經走到願意把設施賣給其他人的路徑，而且你們也賣給過政府；那你們是否也願意把設施賣給活動中心或公寓之類的用途？我腦中想到的是舊金山軍械庫（San Francisco Armory），它曾經是監獄，後來變成電影院表演場地，現在又成為住宅。換句話說，你們是否願意用不同的價格點來評估資產，看看有哪些可能性，而不僅僅侷限於目前的用途？

We're always evaluating the ways to maximize the value of our assets and looking at the alternatives that might present. I can say we have not at this moment, considered actively alternative uses for our facilities. We believe the highest and best use is what they're purpose-built for. We think that generates the highest value for those assets to the extent that we do consider a sale.

我們一直在評估如何將資產價值最大化，並觀察可能出現的替代方案。我可以說，就目前此刻，我們尚未主動考慮將設施用於其他用途。我們相信其最高且最佳用途，就是它們原本為之量身打造的用途。我們認為，若我們考慮出售，這樣的用途能為這些資產帶來最高價值。

If we were to be approached by a buyer that had interest in our capacity, we would certainly not turn away that conversation. To the extent that someone did want to engage in dialogue, we're very open to that. At this time, again, I think the best value that we can capture from our assets is for the purpose that they were originally built.

如果有買方主動接洽並對我們的產能有興趣，我們當然不會拒絕這樣的對話。只要有人希望展開交流，我們都非常開放。但在此時此刻，我仍認為我們能從資產中取得的最佳價值，是用於它們最初建造時的目的。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

There's been a lot of discussion today on ICE. Let's switch gears here. Maybe you could talk a little bit, and Patrick, on the state opportunities, the US Marshals, where those populations have been. I know this time here in July is normally when you get your per diem increases. Maybe you could talk a little bit about how that unfolded this year.

今天關於 ICE 的討論很多。我們換個話題。也許你可以談談州政府的機會、美國法警署（US Marshals），以及那些收容人口的情況。我知道每年 7 月通常是你們獲得每日費率（per diem）調升的時點。也許你可以談談今年這件事是如何進行的。

At the state level, we have made our way through the state legislative process. Our team was very effective at getting the traditional inflation-related per diem increases that we would expect we would get. We saw adjustments in some markets for additional compensation for wages for our staff, as we've provided significant wage increases in recent years. I would say from a state perspective, very consistent with what you would expect, no anomalies. That portion of our business continues to perform well, and outlook for balance of the year continues to be solid in our state operations.

在州層級方面，我們已完成州立法程序的推進。我們的團隊在爭取我們預期可取得的、與通膨相關的每日定額（per diem）調升方面非常有效率。鑑於我們近年來已提供顯著的薪資調升，我們也看到部分市場就員工薪資的額外補償進行了調整。我會說，從州的角度來看，整體非常符合你所預期的情況，沒有任何異常。我們這部分業務持續表現良好，且對今年剩餘期間的展望在州營運方面仍然穩健。

We find out later in the year, after the legislative sessions have resolved and they begin to spend budget dollars as to what additional demand may present. It's very possible that we could see additional demand for services from those customers, but certainly don't have anything at this time that would be notable to share.

我們會在今年稍晚、在立法會期結束且他們開始動用預算資金之後，才會知道可能出現哪些額外需求。我們很有可能會看到這些客戶對服務的額外需求，但目前當然沒有任何值得特別分享的事項。

On the Marshals Service, one of the things that we referenced, in both our press release and our script, is that in a number of our facilities where the Marshals Service and ICE share capacity, you see a mix shift from Marshals Service to ICE. We have seen positive movement in Marshal populations in the last quarter. When you look at overall trends, I would say we're seeing trends that would be, I think, at this point, consistent with the seasonal expectations that we would normally see this time of year, but not more than that.

關於法警局（Marshals Service），我們在新聞稿與講稿中都提到的一點是：在我們多個由法警局與 ICE 共同使用容量的設施中，你會看到收容人結構從法警局轉向 ICE。在上一季，我們看到法警局收容人數出現正向變化。就整體趨勢而言，我會說目前看到的走勢，與我們每年這個時節通常會看到的季節性預期一致，但也僅止於此，沒有超出太多。

Okay. Patrick,10,000-foot level type question here. Again, we made the sales, got the proceeds, increased stock buyback. The stock's up 70% year to date. What gives you confidence? What are you looking at that the stock today is still a great value for the share repurchase program?

好的。Patrick，這是一個從宏觀層面（10,000 英尺高度）來看的問題。再次，我們完成了出售、取得了款項，並提高了股票回購。該股今年迄今已上漲 70%。是什麼讓你有信心？你在看哪些指標，使你認為以今天的股價來看，對於股份回購計畫而言仍然是很好的價值？

I'd go back a little bit to the question that was asked earlier around free cash flow per share, because with the cash that we have on our balance sheet, with it not having been deployed, you don't see the value of that cash reflected yet in our per-share metrics. The consequence of that is when you look at EPS or price to earnings, or you look at free cash flow per share at this moment, we believe it understates the value of the cash that sits on our balance sheet. For our purposes, the way that I've looked at the value of our company this moment is from an enterprise value to EBITDA perspective.

我會回到先前有人問到的每股自由現金流問題，因為我們資產負債表上的現金尚未被運用，你還看不到這些現金的價值反映在我們的每股指標中。其結果是，當你此刻看 EPS 或本益比，或看每股自由現金流時，我們認為它低估了目前躺在我們資產負債表上的現金價值。就我們而言，我此刻評估公司價值的方式，是從企業價值對 EBITDA（EV/EBITDA）的角度來看。

If I think about the dynamics that we've seen since the beginning of the year, we have seen north of a 60% increase in our share price, but we're actually trading more cheaply today than we did coming into the year. From a multiple perspective, our multiple today, well, there's been movement during the day today, but it's approximately six times EBITDA, which is well below our historical EBITDA multiple average over the last 20 years of nine and a half times. I'd argue we're objectively cheap.

如果我思考自年初以來我們看到的動態，我們的股價已上漲超過 60%，但實際上我們今天的交易估值比年初更便宜。從倍數角度來看，我們目前的倍數——當然今天盤中也有波動——大約是 EBITDA 的 6 倍，遠低於過去 20 年 EBITDA 倍數的歷史平均 9.5 倍。我會主張，我們客觀上是便宜的。

How do I look at that in terms of the value creation that's occurred? Looking at the four transactions that we have completed, $1.6 billion in net after-tax proceeds, that's $16 a share in cash. I think about the beginning of the year, the additional cash from these transactions, the performance and visibility that you have with the guidance that we've provided, which we believe reflects the impact that we're going to see on our operating contracts. You're looking at a stock that, despite the movement that we've experienced year to date, we believe is significantly undervalued.

那我如何從已發生的價值創造來看這件事？看看我們已完成的四筆交易，稅後淨收益為 16 億美元，這相當於每股 16 美元的現金。我會想到年初、這些交易帶來的額外現金，以及我們所提供的財測所帶來的表現與能見度；我們相信該財測反映了我們將在營運合約上看到的影響。因此你看到的是一檔股票，儘管今年迄今我們經歷了上漲，我們仍認為其被顯著低估。

Just using enterprise value to EBITDA and our guidance and the debt level that Dave described, the $734 million as we go forward. At 9.5 times, our shares would trade just north of $48, which again, that's our 20-year average. If you look at 8 times, we would trade at $41.50, seven times, $37. Today, if we're trading approximately $32, we think the stock is still very attractively valued, and that's based on the value that we've been able to capture this year and that we would hope to be able to redeploy in a way that over time is reflected in our per-share metrics.

僅以 EV/EBITDA、我們的財測，以及 Dave 所描述的負債水準——往前看為 7.34 億美元——來計算。若以 9.5 倍計算，我們的股價將略高於 48 美元；再次強調，這是我們 20 年平均。若以 8 倍計算，股價會是 41.50 美元；7 倍則是 37 美元。而今天若我們大約在 32 美元交易，我們認為該股仍具非常吸引力的估值；這是基於我們今年已能捕捉到的價值，以及我們希望能以某種方式重新部署，並隨時間推移反映在我們的每股指標上。

This concludes the question-and-answer session. I will now turn the call back over to Patrick Swindle for any closing remarks.

問答環節到此結束。我現在把電話交回給 Patrick Swindle，請他做結語。

Thank you, operator, and thank you, everyone, who's joined our second quarter earnings call today. In closing, our overall operational performance affirms that the goals that we set are translating into meaningful results. Strong operating and financial performance, successful facility activations, and continued demand from our government partners reflect the confidence we have earned by delivering quality, compliant service, and care. These outcomes also demonstrate the strength of our people and our ability to respond to change with integrity, excellence, teamwork, service, and impact.

謝謝接線員，也謝謝今天加入我們第二季財報電話會議的各位。最後，我們整體的營運表現證實，我們所設定的目標正在轉化為具意義的成果。強勁的營運與財務表現、成功啟用設施，以及政府合作夥伴持續的需求，反映出我們透過提供高品質、合規的服務與照護所贏得的信任。這些成果也展現了我們團隊的力量，以及我們以正直、卓越、團隊合作、服務與影響力來回應變化的能力。

Just as important, our progress confirms that we are well positioned to lead our industry's evolution, adapting, innovating, and expanding our capabilities while strengthening our culture and our relationships. When we improve operations, support our employees, and deliver better outcomes for those in our care and the partners and communities we serve, we turn performance into purpose. That is how we advance our strategic ambition of building safer, healthier, and more productive communities one person at a time. Again, thank you all for joining today.

同樣重要的是，我們的進展證實我們已具備良好定位，能引領產業演進：在強化文化與關係的同時，持續調整、創新並擴展我們的能力。當我們改善營運、支持員工，並為我們照護對象以及我們所服務的合作夥伴與社區帶來更好的成果時，我們就能把績效轉化為使命。這就是我們如何推進我們的策略抱負：一次一個人，打造更安全、更健康、更具生產力的社區。再次感謝各位今天的參與。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。