Geo Group Inc (GEO) 2024 Q3 法說會逐字稿

Good day and welcome to the GEO group third quarter, 2024 earnings conference call.

美好的一天，歡迎參加 GEO 集團 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Pablo Paez, Executive Vice President of corporate relations.

現在我想將會議交給企業關係執行副總裁 Pablo Paez。

Thank you, operator. Good morning, everyone and thank you for joining us for today's discussion of the Geo group's third quarter, 2024 earnings results with us. Today are George Zoley, executive Chairman of the board. Brian Evans, Chief Executive Officer, Wayne Calabrese, President and Chief Operating Officer, Mark Shayn, Chief Financial Officer and James Black President of GEO Secure Services.

謝謝你，接線生。大家早安，感謝您今天與我們一起討論 Geo 集團 2024 年第三季的獲利結果。今天是董事會執行主席喬治·佐利 (George Zoley)。GEO Secure Services 執行長 Brian Evans、總裁兼營運長 Wayne Calabrese、財務長 Mark Shayn 和 James Black 總裁。

This morning, we will discuss our third quarter results as well as our outlook. We will conclude the call with a question and answer session. This conference call is also being webcast live on our investor website at investors dot geogroup.com

今天早上，我們將討論第三季業績以及展望。我們將以問答環節結束電話會議。本次電話會議也在我們的投資人網站 Investors dot geogroup.com 上進行網路直播

Today we will discuss non-GAAP basis information, a reconciliation from non-GAAP basis information to GAAP basis results is included in the press release and the supplemental disclosure that we issued this morning.

今天我們將討論非 GAAP 基礎訊息，從非 GAAP 基礎資訊到 GAAP 基礎結果的調整包含在我們今天早上發布的新聞稿和補充披露中。

Additionally, much of the information we will discuss today including the answers we may give in response to your questions may include forward-looking statements regarding our beliefs and current expectations with respect to various matters.

此外，我們今天將討論的大部分信息，包括我們可能針對您的問題給出的答案，可能包括有關我們對各種事項的信念和當前期望的前瞻性陳述。

These forward-looking statements are intended to fall within the safe harbor provisions of the security laws. Our actual results may differ materially from those in the forward-looking statements as a result of various factors contained in our securities and exchange commission filings including the form 10-K 10-Q and 8-K reports. With that. Please allow me to turn this call over to our executive Chairman George.

這些前瞻性陳述旨在符合安全法的安全港條款。由於我們向證券交易委員會提交的文件（包括 10-K、10-Q 和 8-K 報告）中包含的各種因素，我們的實際結果可能與前瞻性陳述中的結果有重大差異。就這樣。請允許我將這個電話轉給我們的執行主席喬治。

Thank you, Pablo and good morning to everyone. Thank you for joining us on our third quarter, 2024 earnings call. I'm pleased to be joined today by our senior management team. During today's call. We will review our third quarter 2024 financial results and operational highlights for our business segments.

謝謝你，巴勃羅，大家早安。感謝您參加我們的 2024 年第三季財報電話會議。我很高興今天加入我們的高階管理團隊。在今天的通話中。我們將回顧 2024 年第三季的財務表現和業務部門的營運亮點。

We'll provide an update on our efforts to pay down debt, reduce leverage and enhance long term value for shareholders and discuss our updated financial guidance for the fourth quarter and full year for 2024 and our potential future growth opportunities.

我們將提供有關我們為償還債務、降低槓桿和提高股東長期價值所做努力的最新信息，並討論我們更新的第四季度和 2024 年全年財務指引以及我們未來潛在的成長機會。

Our financial performance during the third quarter was largely consistent with our results for the second quarter. This performance was below our third quarter expectations largely driven by the lower than expected revenues in our electronic monitoring and supervision services segment.

我們第三季的財務業績與第二季的業績基本一致。這一業績低於我們第三季的預期，主要是由於我們的電子監控和監督服務部門的收入低於預期。

Participant counts under the federal government's intensive supervision appearance program or ISA have averaged approximately $177,000 during the third quarter compared to an average is a participant count of approximately $184,000 during the second quarter, 2024.

第三季聯邦政府強化監督出面計畫 (ISA) 的參與者人數平均約為 17.7 萬美元，而 2024 年第二季的平均參與者人數約為 18.4 萬美元。

After reaching a low participant count of approximately $174,000 in the third quarter, the daily is a participant count now has been steadily increasing and currently stands at approximately $182,500 with respect to our ice processing centers,

在第三季度達到約 174,000 美元的低參與者數量後，現在我們的冰加工中心的每日參與者數量一直在穩步增加，目前約為 182,500 美元，

utilization across our facilities remained largely consistent during the third quarter at approximately 13,000 beds and is currently at 13,500 beds. This utilization level during the third quarter represents an increase of approximately 11% from the end of the third quarter one year ago.

第三季我們的設施利用率基本上維持在約 13,000 個床位，目前為 13,500 個床位。第三季的利用率水準較一年前第三季末成長了約 11%。

However, it has remained relatively flat over the last three quarters based on the most recently available public data in September of this year. The utilization across all ISAP facilities nationwide was approximately 37,000 beds.

然而，根據今年 9 月的最新公開數據，過去三個季度的成長率保持相對穩定。全國所有 ISAP 設施的使用率約為 37,000 個床位。

This level of utilization is below the $41,500 beds that are funded under the short term continued resolution that is due to expire on December 20th. Similarly, we believe the ep contract utilization is likely below the level that could have been supported under the continuing resolution funding approximately $470 million for the agency's alternatives to detention programs.

這一利用率水準低於根據將於 12 月 20 日到期的短期持續決議資助的 41,500 美元床位。同樣，我們認為，EP 合約的利用率可能低於持續決議所支持的水平，該決議為該機構的拘留計劃替代方案提供了約 4.7 億美元的資金。

While it is possible for ISAP detention and ISAP utilization rates to further increase this year. We've decided to update our fourth quarter guidance to be largely consistent with our third quarter results with respect to federal funding after the expiration of the continuing resolution on December 20th, we believe it is likely that Congress will extend the continuing resolution until sometime after the new Presidential administration takes office.

雖然今年 ISAP 滯留率和 ISAP 使用率有可能進一步增加。我們決定在 12 月 20 日持續決議到期後更新我們的第四季度指導，使其與我們第三季度聯邦資金方面的結果基本一致，我們認為國會可能會將持續決議延長到之後的某個時間新總統政府就職。

At that point. We would expect the new Congress to consider appropriation bills to fund the federal government for the balance of the fiscal year as a reminder, while the US Senate has not previously introduced appropriation bills for the current fiscal year, the previous version of the House Homeland Security appropriations bill would have increased ISAP detention funding to support the utilization of 50,000 beds.

就在那時。我們預計新國會將考慮為聯邦政府提供本財年餘額的撥款法案作為提醒，而美國參議院此前並未提出本財年的撥款法案，眾議院國土安全部之前的版本撥款法案將增加ISAP 拘留資金，以支援50,000 個床位的使用。

This would have represented an increase of 8,500 beds from the currently funded level of 41,500 beds. The bill would have also required the use of electronic GPS monitoring for all individuals in the non-detained docket which is currently estimated to be more than 7 million people.

這意味著在目前資助的 41,500 個床位的基礎上增加了 8,500 個床位。該法案還要求對所有未被拘留的個人使用電子 GPS 監控，目前估計有超過 700 萬人。

We expect the incoming Trump administration to take a much more aggressive approach regarding border security as well as interior enforcement and to request additional funding from Congress to achieve these goals.

我們預計即將上任的川普政府將在邊境安全和內部執法方面採取更積極的做法，並要求國會提供額外資金以實現這些目標。

We stand ready to provide additional services and resources to help ice meet its future needs. In our secure services segment, we have approximately 10,000 beds at six company owned currently idle facilities that we believe could be well suited to support future federal government that space needs. We also have approximately 8,000 empty beds already under contract that could be utilized which would bring our total existing capacity to over 31,000 beds.

我們隨時準備好提供額外的服務和資源，以幫助冰層滿足其未來的需求。在我們的安全服務領域，我們在六家公司擁有的目前閒置的設施中擁有大約 10,000 個床位，我們相信這些設施非常適合支持未來聯邦政府的空間需求。我們還有約 8,000 個已簽訂合約的空床位可供使用，這將使我們現有的床位總數超過 31,000 個。

We believe we have the necessary technology and staffing resources to scale up the current utilization of the ISAB contract by several hundreds of thousands and upward to several millions of participants. Additionally, we are a leading provider of secure ground and air transportation services to the federal government, and we believe we have the capabilities to scale up these services as needed.

我們相信，我們擁有必要的技術和人力資源，可以將 ISAB 合約的當前使用規模擴大到數十萬參與者，直至數百萬參與者。此外，我們是向聯邦政府提供安全地面和空中運輸服務的領先供應商，我們相信我們有能力根據需要擴大這些服務。

We are currently responding to a procurement that was issued by ISAP for a Federal Immigration Processing Center with a minimum of 600 beds in the Newark, New Jersey area which is expected to result in a 15-year contract to be awarded by the end of December.

我們目前正在響應 ISAP 為新澤西州紐瓦克地區建造一個至少擁有 600 個床位的聯邦移民處理中心的採購，預計將在 12 月底授予一份為期 15 年的合約。

We believe we are well positioned to respond to additional procurements in the future across the spectrum of diversified support services that we currently provide on behalf of ISAP. Finally, we remain focused on reducing our debt, the leveraging our balance sheet and gaining the flexibility of potential capital returns to our shareholders in the future year-to-date,

我們相信，我們目前代表 ISAP 提供的多元化支援服務範圍內，有能力應對未來的額外採購。最後，我們仍然專注於減少債務，利用我們的資產負債表，並在未來年初至今為我們的股東獲得潛在資本回報的靈活性，

we have reduced net debt by approximately $92 million bringing our total net debt below $1.7 billion and our net leverage to approximately three-point times adjusted EBITDA we are on track to reduce net debt by an additional $20 million in the fourth quarter of this year, which would bring our total net debt to approximately $1.67 billion by year end. I will now turn the call over to our CEO Brian Evans.

我們已減少了約9,200 萬美元的淨債務，使我們的淨債務總額低於17 億美元，我們的淨槓桿率約為調整後EBITDA 的三倍，我們預計在今年第四季將淨債務再減少2,000 萬美元，到年底，我們的淨債務總額將達到約 16.7 億美元。我現在將把電話轉給我們的執行長布萊恩·埃文斯 (Brian Evans)。

Thank you, George. Good morning, everyone. While we have adjusted our guidance for the fourth quarter of 2024 to be largely consistent with our performance during the 2nd and 3rd quarters of 2024. And as a result, have also adjusted our full year 2024 guidance.

謝謝你，喬治。大家早安。雖然我們調整了 2024 年第四季的指導，以與 2024 年第二季和第三季的業績基本一致。因此，我們也調整了 2024 年全年指引。

We continue to believe that we have several sources of potential growth that could provide meaningful upside to our current quarterly earnings run rate, run rate in our secure services segment. As George noted, we have approximately 10,000 available beds at six company owned currently idle facilities.

我們仍然相信，我們有幾個潛在成長來源，可以為我們目前的季度獲利運行率和安全服務部門的運作率提供有意義的上升空間。正如喬治指出的那樣，我們在六家公司擁有的目前閒置的設施中擁有大約 10,000 個可用床位。

These six facilities range from 1,000 to 2000 beds each and are located in Texas, Georgia, Michigan, North Carolina and New Jersey. We believe that these facilities which currently have negative annual carrying costs of approximately $13 million are well suited to support future needs for ice and the federal government, five of the six facilities were previously used by the Federal Bureau of Prisons and the remaining facility was previously used by ice based on average per diem rates for our owned and leased facilities.

這六個設施分別擁有 1,000 至 2000 個床位，分別位於德克薩斯州、喬治亞州、密西根州、北卡羅來納州和新澤西州。我們認為，這些設施目前每年的負持有成本約為1300 萬美元，非常適合支持未來對冰和聯邦政府的需求，六個設施中的五個以前由聯邦監獄局使用，其餘設施以前是由聯邦監獄局使用的。

It fully reactivated. These facilities could generate approximately $300 million in incremental annualized revenues with margins consistent with our owned and leased secure services segment which averaged between 25%and 30%.

它完全重新激活。這些設施可產生約 3 億美元的增量年收入，其利潤率與我們自有和租賃的安全服務部門一致，平均在 25% 至 30% 之間。

Additionally, we currently have approximately 8,000 underutilized beds at existing ice and us marshals facilities already under contract which could generate approximately $100 million in incremental annual annualized revenues if fully utilized in our electronic monitoring and supervision services segment.

此外，我們目前在現有的冰和美國法警設施中約有8,000 個未充分利用的床位，這些床位已簽訂合同，如果在我們的電子監控和監督服務部門得到充分利用，每年可產生約1 億美元的增量年收入。

We believe we have the necessary technology and staffing resources to significantly scale up the delivery of our supervision compliance and case management services under our is a contract with ice if needed. These services entail diversified electronic monitoring technologies as well as case management services which are delivered through a network of approximately 100 offices and close to 1,000 employees.

我們相信，如果需要的話，我們擁有必要的技術和人力資源，可以根據與ice簽訂的合約顯著擴大我們的監督合規和案件管理服務的交付。這些服務需要多樣化的電子監控技術以及案件管理服務，這些服務透過由約 100 個辦事處和近 1,000 名員工組成的網路提供。

We have a long track record of delivering quality services under is a with bipartisan support for approximately 20 years. Achieving high compliance rates for a relatively small portion of individuals who are in the non-detained docket which is in is currently estimated to be comprised of more than $7 million people.

在大約 20 年的兩黨支持下，我們在提供優質服務方面有著悠久的記錄。未拘留名單中的一小部分人實現了較高的合規率，目前估計人數超過 700 萬人。

While the current participant count under is a is approximately 182,500. We believe we are capable of scaling up our monitoring under the contract by several hundreds of thousands of participants and up to several millions if necessary.

目前的參與者人數約為 182,500 人。我們相信，我們有能力根據合約將我們的監控規模擴大到數十萬參與者，如有必要，可擴大到數百萬參與者。

In addition to the core support services, we have historically provided on behalf of ice, we are also increasingly providing other ancillary services like secure ground transportation at our ice processing centers and secure air operation support.

除了我們歷來代表冰提供的核心支援服務外，我們也越來越多地提供其他輔助服務，例如冰加工中心的安全地面運輸和安全的空中運作支援。

As a subcontractor under a long-term prime contract, the secure air services subcontract alone is expected to generate approximately $25 million in annualized revenues and we believe we have the capabilities to expand the provision of these services to assist ice in moving several hundreds of thousands of additional individuals if needed.

作為長期主合約下的分包商，僅安全航空服務分包合約預計將產生約 2500 萬美元的年收入，我們相信我們有能力擴大這些服務的提供，以幫助冰運輸數十萬如果需要的話，可以有更多的人。

We have a long standing record of providing high quality diversified support services on behalf of ISAP. This public private partnership with the federal government dates back to the mid 1980s. We believe that this partnership is underpinned by long term real estate assets that are supported by high quality contracts for the provision of essential government services.

我們擁有代表 ISAP 提供高品質多元化支援服務的長期記錄。這種與聯邦政府的公私合作夥伴關係可以追溯到 20 世紀 80 年代中期。我們相信，這種夥伴關係是以長期房地產資產為基礎的，而這些資產又得到了提供基本政府服務的高品質合約的支持。

We have provided these essential services under both Democratic and Republican administrations and during times when either party has been control of the US Congress, we expect that our company will continue to provide valuable diversified services to ISAP and the federal government going forward.

我們在民主黨和共和黨政府執政期間都提供了這些基本服務，並且在任何一方控制美國國會期間，我們預計我們公司將繼續為 ISAP 和聯邦政府提供有價值的多元化服務。

As we evaluate and pursue future potential opportunities, we will continue to focus on the disciplined allocation of capital to drive long term value for shareholders. As we have for the last three years. We will continue to focus on further reducing our overall quantum of debt.

當我們評估和尋求未來潛在機會時，我們將繼續專注於嚴格的資本配置，以推動股東的長期價值。正如我們過去三年所做的那樣。我們將繼續致力於進一步減少整體債務規模。

Our recent refinancing traction transactions has staggered our debt maturities between 2029 and 2031 which has given us a significantly longer runway to reduce our net debt. As we make progress toward further reducing our net debt and net leverage. We plan to evaluate options to return capital to our shareholders in the future.

我們最近的再融資牽引交易將我們的債務期限錯開在 2029 年至 2031 年之間，這為我們減少淨債務提供了更長的跑道。隨著我們在進一步減少淨債務和淨槓桿方面取得進展。我們計劃評估未來向股東返還資本的方案。

We expect to balance this capital allocation strategy against our overall capital needs as well as potential opportunities to make investments that drive earnings and cash flow growth for our company and enhance long term value for shareholders.

我們希望根據我們的整體資本需求以及潛在的投資機會來平衡這項資本配置策略，以推動我們公司的獲利和現金流成長並提高股東的長期價值。

We have a 20-year record of carefully allocating capital investing in company owned facilities and pursuing strategic acquisitions of businesses and assets which we believe has enabled us to develop leading market positions across our diversified services platform.

我們擁有 20 年謹慎分配資本投資於公司自有設施以及對業務和資產進行策略性收購的記錄，我們相信這使我們能夠在多元化服務平台上建立領先的市場地位。

We believe we have built an unmatched network of company owned brick and mortar assets with a combined total value. A combined total of approximately 54,000 beds and an estimated replacement value in excess of $6 billion.

我們相信，我們已經建立了一個無與倫比的公司擁有的實體資產網絡，其總價值很高。總計約 54,000 個床位，估計重置價值超過 60 億美元。

We also believe we have developed an unrivaled platform of support services including in custody, rehabilitation, community reentry, post release assistance, electronic monitoring, case management, and secure transportation.

我們也相信，我們已經開發了一個無與倫比的支援服務平台，包括拘留、復原、社區重返、釋放後援助、電子監控、案件管理和安全運輸。

We believe that our investment strategy has maximized our ability to capture diversified growth. We believe our company continues to present an attractive value proposition for investors given the predictable nature of our cash flows and our potential growth opportunities going forward at this time, I'll turn the call over to CFO Mark Shayn.

我們相信，我們的投資策略已最大限度地提高了我們實現多元化成長的能力。我們相信，鑑於我們現金流的可預測性以及我們目前的潛在成長機會，我們公司將繼續為投資者提供有吸引力的價值主張，我將把電話轉給首席財務官馬克·謝恩(Mark Shayn) 。

Thank you, Brian and good morning, everyone for the third quarter of 2024 we reported net income attributable to GEO of approximately $26 million or ¢19 per diluted share on quarterly revenues of approximately $603 million.

謝謝布萊恩，大家早上好，我們報告的 2024 年第三季歸屬於 GEO 的淨利潤約為 2600 萬美元，或稀釋後每股收益 19 歐元，季度收入約為 6.03 億美元。

This compares to net income attributable to GEO of approximately $25 million or 16¢ per due a year in the third quarter of 2023 on revenues of approximately $603 million.

相較之下，2023 年第三季歸屬於 GEO 的淨利潤約為 2,500 萬美元或每年 16 美分，收入約為 6.03 億美元。

Our third quarter, 2024 results reflect pre-tax costs associated with the extinguishment of debt of approximately $3 million along with approximately $1 million in pre-tax transaction fees and close out expenses excluding these non-recurring items.

我們 2024 年第三季的業績反映了與約 300 萬美元債務清償相關的稅前成本，以及約 100 萬美元的稅前交易費和結清費用（不包括這些非經常性項目）。

We reported third quarter, 2024 adjusted net income of approximately $29 million or ¢21 per diluted share. While the prior year quarter, we reported adjusted net income of roughly $24 million or ¢19 per diluted share.

我們報告 2024 年第三季調整後淨利潤約為 2,900 萬美元，即稀釋後每股收益 21 歐元。而去年同期，我們公佈的調整後淨利約為 2,400 萬美元，即稀釋後每股收益 19 歐元。

Third quarter, 2024 adjusted EBITDA was approximately $119 million which is essentially unchanged as compared to the prior year. Third quarter, beginning with revenues, quarterly revenues in our owned and leased secure services facilities increased by approximately 6% year over year,

2024 年第三季調整後 EBITDA 約為 1.19 億美元，與前一年相比基本沒有變化。第三季度，從收入開始，我們自有和租賃的安全服務設施的季度收入年增約6%，

primarily driven by higher occupancy levels at our ice facilities compared to the prior year. Third quarter. This revenue increase was offset by lower quarterly revenue from our electronic monitoring and supervision services segment due to lower participant counts under the contract compared to the prior year.

與前一年相比，這主要是由於我們製冰設施的入住率較高所致。第三季。這一收入成長被我們的電子監控和監督服務部門的季度收入下降所抵消，因為合約下的參與者數量與上一年相比有所減少。

Third quarter, quarterly revenues for our managed only and non residential service contracts were largely unchanged compared to the prior year. Third quarter, turning to our expenses during the third quarter, 2024 both our operating expenses and general and administrative expenses remained largely consistent with the prior year quarter.

第三季度，我們的託管服務合約和非住宅服務合約的季度收入與上一年相比基本沒有變化。第三季度，談到 2024 年第三季的支出，我們的營運支出以及一般和管理支出與去年同期基本保持一致。

Our third quarter, 2024 results reflect a year over year decrease in net interest expense of approximately $12 million. As a result of our debt reduction and ref financing efforts over the past 12 months, our effective tax rate for the third quarter, 2024 was approximately 31%.

我們 2024 年第三季的業績反映淨利息支出年減約 1,200 萬美元。由於我們過去 12 個月的債務削減和參考融資努力，我們 2024 年第三季的有效稅率約為 31%。

Now, if we move to our updated financial guidance for the fourth quarter of 2024, we expect net income attributable to GEO to be in the range of ¢ 19 to ¢ 22 per diluted share on quarterly revenues of approximately 600 to $610 million.

現在，如果我們轉向 2024 年第四季的更新財務指引，我們預計 GEO 攤薄後每股淨利潤將在 19 至 22 歐元之間，季度收入約為 6 億至 6.1 億美元。

We expect fourth quarter 2024 adjusted EBITDA even do to be in the range of $114 million to $124 million. As George previously mentioned, we have decided to update our fourth quarter, 2024 guidance to be largely consistent with our third quarter, 2024 results.

我們預計 2024 年第四季調整後 EBITDA 甚至會在 1.14 億美元至 1.24 億美元之間。正如喬治之前提到的，我們決定更新 2024 年第四季的指導，以與 2024 年第三季的業績基本一致。

And as a result, we have adjusted our full year 2024 guidance for the full year 2024. We expect net income attributable to GEO to be in a range of ¢30 to ¢ 34 per diluted share excluding non-recurring items. We expect full year 2024 adjusted net income to be in the range of ¢80 to ¢84 per diluted share on revenues of approximately $2.42 billion.

因此，我們調整了 2024 年全年指引。我們預計，扣除非經常性項目後，GEO 攤薄後每股淨利潤將在 30 至 34 歐元之間。我們預計 2024 年全年調整後每股攤薄淨利潤將在 80 至 84 歐元之間，營收約 24.2 億美元。

We expect our effective tax rate for the full year 2024 to be approximately 23% inclusive of known discrete items. We expect our full year 2024 adjusted EBITA to be between $470 million and $480 million. Moving to our capital structure, we ended the third quarter of 2024 with total net debt below $1.7 billion and net leverage of approximately 3.5 times adjusted EBITA.

我們預計 2024 年全年的有效稅率約為 23%，包括已知的離散項目。我們預計 2024 年全年調整後 EBITA 將介於 4.7 億美元至 4.8 億美元之間。就我們的資本結構而言，截至 2024 年第三季末，我們的淨債務總額低於 17 億美元，淨槓桿約為調整後 EBITA 的 3.5 倍。

We closed the quarter with approximately $71 million in cash on hand and approximately $280 million in total available liquidity. As of the third quarter, fixed rate debt represents approximately 76% of our total indebtedness which is meaning which meaningfully insulates geo from potential interest rate volatility. Additionally, we have no substantial debt maturities due before April of 2029.

本季結束時，我們手頭現金約 7,100 萬美元，可用流動資金總額約 2.8 億美元。截至第三季度，固定利率債務約占我們總債務的 76%，這意味著它可以有效地使 Geo 免受潛在利率波動的影響。此外，我們沒有在 2029 年 4 月之前到期的重大債務。

This improved maturity schedule gives us significant runway to continue to grow our business and focus on reducing our debt year-to-date. We've reduced our net debt by approximately $92 million. We expect to further reduce our net debt by approximately $20 million in the fourth quarter of 2024 bring our total net debt to approximately $1.67 billion by year end.

這項改進的到期時間表為我們繼續發展業務並專注於減少年初至今的債務提供了重要的跑道。我們的淨債務減少了約 9,200 萬美元。我們預計在 2024 年第四季將淨債務進一步減少約 2,000 萬美元，到年底使我們的淨債務總額達到約 16.7 億美元。

In addition to allocating capital towards debt reduction and to support our growth capital needs. Our goal remains to explore options for returning capital to shareholders in the future. Now, at this time, I'd like to turn the call over to James Black for a review of our geo secure services business unit.

除了分配資本用於減少債務和支持我們的成長資本需求。我們的目標仍然是探索未來向股東返還資本的方案。現在，我想將電話轉給詹姆斯·布萊克（James Black），以審查我們的地理安全服務業務部門。

Thank you, March, good morning, everyone. It is my pleasure to review the quarterly milestones for GEO secure services. During the third quarter of 2024 our secure services facilities successfully underwent a total of 61 audits including internal audits, government reviews, third party accreditations and Prison Rape Elimination Act or Prea certifications.

謝謝你，三月，大家早安。我很高興回顧 GEO 安全服務的季度里程碑。2024 年第三季度，我們的安全服務設施成功通過了總計 61 項審計，包括內部審計、政府審查、第三方認證和《監獄強姦消除法案》或 Prea 認證。

Six of our secure services facilities received accreditation from the American Correctional Association with an average score of approximately 99% and one facility received precertification in the third quarter. Our GT I Transportation division and our GEO Amy UK joint venture completed approximately $4 million miles driven in the United States and the UK during the third quarter.

我們的六個安全服務設施獲得了美國懲教協會的認證，平均得分約為 99%，其中一個設施在第三季度獲得了預認證。第三季度，我們的 GT I 運輸部門和 GEO Amy UK 合資企業在美國和英國完成了約 400 萬美元的行駛里程。

Moving to the current trends for our government agency partners during the third quarter of 2024 utilization at our US. Marshals detention facilities was largely consistent with utilization. During the third quarter. One year ago, our US marshals facilities around the country support the agency as it carries out its mission of providing secure custodial services for pretrial detainees facing federal criminal proceedings.

轉向我們美國政府機構合作夥伴 2024 年第三季利用率的當前趨勢。法警拘留設施的使用情況基本一致。第三季期間。一年前，我們遍布全國的美國法警設施支持該機構履行其使命，為面臨聯邦刑事訴訟的審前被拘留者提供安全的監護服務。

We believe that our US marshals facilities provide needed bed space near federal courthouses where there is generally a lack of suitable alternative detention capacity. Moving to our contracted ice processing utilization across our facilities has largely remained at approximately 13,000 beds over the last three quarters, which represents an increase of approximately 11% from the end of the third quarter one year ago and is currently at approximately 13,500 beds.

我們相信，我們的美國法警設施在聯邦法院附近提供了所需的床位，而這些地方通常缺乏合適的替代拘留能力。過去三個季度，我們各設施的合約冰加工利用率基本上保持在約 13,000 個床位，較一年前第三季末增加約 11%，目前約為 13,500 個床位。

GEO has a long standing track record of delivering professional support services on behalf of ice at GEO contracted federal immigration processing centers and we stand ready to support ice with any additional needs.

GEO 在代表 ICE 在 GEO 簽約的聯邦移民處理中心提供專業支援服務方面擁有悠久的記錄，我們隨時準備為 ICE 提供任何額外需求的支援。

Geo contracted ice processing centers offer around the clock access to quality health care services. Our health care staffing at the ice processing centers where we provide resident health care is generally more than double the number of health care staff in a typical state correctional facility.

地理承包冰加工中心全天候提供優質醫療保健服務。我們在冰塊加工中心提供居民醫療保健的醫療保健人員數量通常是典型州立懲教機構醫療保健人員數量的兩倍以上。

Geo contracted ice processing centers offers full access to legal counsel and legal libraries and resources and we have dedicated space at each ice center to provide residents with confidential meetings with their legal counsel.

地理承包冰加工中心提供全面的法律顧問、法律圖書館和資源，我們在每個冰中心都有專門的空間，為居民提供與法律顧問的保密會議。

Geo contracted ice processing centers provide residents with three daily meals that are culturally sensitive special diet appropriate and approved by registered dietitians. We also provide access to faith based and religious opportunities at each geo contracted ice processing center and we partner with community volunteers as needed to ensure fair representation of various faiths and denominations.

地理承包冰加工中心為居民提供一日三餐，這些餐食具有文化敏感性，適合特殊飲食，並經註冊營養師批准。我們還在每個地理承包冰加工中心提供基於信仰和宗教的機會，並根據需要與社區志工合作，以確保各種信仰和教派的公平代表。

Geo contracted ice processing centers also offers access to enhanced amenities including artificial turf, soccer fields, covered pavilions, exercise equipment, and multipurpose rooms.

地理承包冰加工中心還提供增強的設施，包括人造草坪、足球場、有頂棚的涼亭、健身器材和多功能室。

During the third quarter of 2024 we renewed several important contracts for our company owned and contracted ice processing centers contracts for our 700 bed Broward Transitional Center 1,314 bed Montgomery processing Center and 1,904 bed South Texas Ice Processing Center were renewed for one-year terms through August of 2025.

2024 年第三季度，我們為公司自有和承包的冰加工中心續簽了幾份重要合約。薩斯冰加工中心的合約已續簽，期限為一年，截至8 月2025 年。

And our Karnes County Ice Processing Center contract was renewed for a five-year term through August of 2029. Most recently, our 1,532 bed Aurora Ice Processing Center contract was also renewed for a one-year term through October of 2025.

我們的卡恩斯縣製冰中心合約已續簽，為期五年，直至 2029 年 8 月。最近，我們擁有 1,532 個床位的 Aurora 製冰中心合約也被續簽，為期一年，直至 2025 年 10 月。

Finally, as we announced last month, I exercised the five year option period extending the contract for our 1,940 bed Adelanto Ice Processing Center through December 19th, 2029 I NGO entered into a 15 year contract on December 19th, 2019 for the provision of secure residential housing and support care services at the Avalon Ice Processing Center consisting of a five year base period followed by 25 year option periods.

最後，正如我們上個月宣布的那樣，我行使了五年選擇權，將我們擁有1,940 個床位的阿德蘭托製冰中心的合約延長至2029 年12 月19 日。 2019 年12 月19 日簽訂了一份為期15 年的合同，以提供安全的住宅阿瓦隆製冰中心的住房和支持護理服務包括五年基期和隨後的 25 年選擇期。

We believe the Adelanto Center represents an important asset in helping Ice and the federal government fulfill their mission and operational priorities. We are proud of our approximately 350 employees at the Adelanto Center who have helped us establish a longstanding record of providing high quality contracted support services on behalf of Ice in the state of California,

我們相信阿德蘭託中心是幫助 Ice 和聯邦政府履行其使命和營運優先事項的重要資產。我們為 Adelanto 中心約 350 名員工感到自豪，他們幫助我們建立了代表 Ice 在加州提供高品質合約支援服務的長期記錄，

We are also currently responding to a procurement that was issued by Ice for a processing center with a minimum of 600 beds in Newark, New Jersey area. This procurement is expected to result in a 15 year contract with an award expected to be announced by the end of December with respect to the ancillary support services.

我們目前也正在響應 Ice 為新澤西州紐瓦克地區建造一個至少擁有 600 個床位的處理中心的採購。此次採購預計將簽訂為期 15 年的合同，並預計將於 12 月底宣布有關輔助支援服務的合約。

We provide secure ground transportation for ice (Inaudible) primarily at 12 of the geo contracted ice processing centers as mentioned. Our GT I Transportation division also provides secure air operation support for ice as a subcontractor under a five-year prime contract held by CSI Aviation.

我們主要在上述 12 個地理承包冰塊加工中心提供安全的冰塊地面運輸（聽不清楚）。我們的 GT I 運輸部門還根據 CSI Aviation 持有的五年期主合同，作為分包商為ice提供安全的空中運營支援。

We have a long-standing record of providing safe and secure transportation services on behalf of ice which we expect will continue to play an important role in helping the agency carry out its mission. At this time. I will turn the call over to Wayne Calabrese for a review of our Geo care Business unit.

我們在代表冰提供安全可靠的運輸服務方面有著悠久的記錄，我們預計這將繼續在幫助機構履行其使命方面發揮重要作用。此時。我將把電話轉給韋恩·卡拉布雷斯 (Wayne Calabrese)，以審查我們的地理護理業務部門。

Thank you, James. I'm pleased to provide an overview of the quarterly operational milestones for geo care. During the third quarter of 2024 we successfully renewed five residential reentry center contracts including three contracts with the Federal Bureau of Prisons.

謝謝你，詹姆斯。我很高興概述地質護理的季度營運里程碑。2024 年第三季度，我們成功續簽了五份住宅重返中心合同，其中三份與聯邦監獄局簽訂了合約。

Our residential reentry centers, nonresidential day reporting centers and our is a field offices successfully underwent a combined total of 84 audits including internal audits, government reviews, third party accreditations and Prison Rape Elimination Act or prea certifications.

我們的住宅重返中心、非住宅日間報告中心和我們的外地辦事處成功地接受了總計 84 次審計，包括內部審計、政府審查、第三方認證和《監獄強姦消除法》或 prea 認證。

Five of our residential Reentry centers received accreditation from the American Correctional Association with an average accreditation score of 100% and eight of our residential reentry centers received pre certifications in the third quarter.

我們的五個寄宿重返中心獲得了美國懲教協會的認證，平均認證分數為 100%，我們的八個寄宿重返中心在第三季度獲得了預認證。

Our 34 residential reentry centers provide transitional housing and rehabilitation programs for individuals re entering their communities across 14 states. Average daily census levels at these centers remain stable at approximately 5,000 individuals. During the third quarter of 2024.

我們的 34 個居住重返中心為 14 個州重新進入社區的個人提供過渡性住房和康復計劃。這些中心的平均每日人口普查人數穩定在約 5,000 人。2024 年第三季。

Our non residential and day reporting centers provide high quality community based services including cognitive behavioral treatment for up to approximately 9,000 parolees and probationers at 98 locations across 10 different states.

我們的非住宿和日間報告中心為 10 個不同州 98 個地點的多達約 9,000 名假釋犯和緩刑犯提供高品質的社區服務，包括認知行為治療。

Moving to our enhanced rehabilitation programs during the third quarter of 2024 we delivered in custody rehabilitation programs to approximately 2,500 individuals at 38 in prison treatment sites in eight states and to approximately 19,000 individuals enrolled in 12 GEO continuum of care programs in six states.

2024 年第三季度，我們轉向強化康復計劃，為8 個州38 個監獄治療場所的約2,500 名在押人員提供了在押康復計劃，並為6 個州參加12 個GEO 連續護理計劃的約19,000 人提供了復健計劃。

Our in-custody rehabilitation services include academic programs focused on the attainment of high school equivalency diplomas. We've made a significant investment to equip all of our classrooms with smart boards to aid in the delivery of academic instruction.

我們的羈押復健服務包括專注於獲得高中同等文憑的學術課程。我們投入了大量資金，為所有教室配備了智慧白板，以幫助學術教學。

We've also focused on developing vocational programs that lead to certification for good jobs in the markets where our graduates will live upon their release. Our substance abuse treatment programs are an important part of our rehabilitation services because many of the individuals in our care suffer from addiction and substance use disorder.

我們還專注於開發職業計劃，為我們的畢業生在釋放後將生活的市場提供良好的工作認證。我們的藥物濫用治療計劃是我們康復服務的重要組成部分，因為我們照顧的許多人患有成癮和藥物濫用障礙。

Our facilities also provide extensive faith based and character-based programs with designated housing units across our facilities dedicated to enhancing the delivery of these critical programs. During the third quarter of 2024 we completed approximately 700,000 hours of enhanced rehabilitation programming.

我們的設施還提供廣泛的基於信仰和品格的計劃，並在我們的設施內指定住房單元，致力於加強這些關鍵計劃的實施。2024 年第三季度，我們完成了約 70 萬小時的密集復健計畫。

Our academic programs awarded more than 800 high school equivalency diplomas. Our vocational courses awarded more than 700 career and technical certificates. Our substance abuse treatment programs awarded approximately 1,000 program completions those in our care, completed approximately 500 behavioral treatment programs and more than 4,400 individual cognitive behavioral treatment sessions in the third quarter of 2024.

我們的學術課程頒發了 800 多個高中同等學歷文憑。我們的職業課程頒發了 700 多個職業和技術證書。2024 年第三季度，我們的藥物濫用治療計劃為我們護理的大約 1,000 個項目完成者提供了獎勵，完成了大約 500 個行為治療項目和 4,400 多個個人認知行為治療課程。

During that same quarter, we also allocated approximately $340,000 for post release services to support approximately 700 individuals released from GEO facilities as they return to their communities. Our geo continuum of care program integrates enhanced in custody rehabilitation including cognitive behavioral treatment with post release support services that address critical community needs of released individuals.

在同一季度，我們還撥款約 34 萬美元用於釋放後服務，以支持從 GEO 設施釋放的約 700 名人員返回社區。我們的地理連續護理計劃將強化的羈押復健（包括認知行為治療）與釋放後支持服務相結合，以滿足釋放者的關鍵社區需求。

We believe our award winning continuum of Care program provides a proven model for how the two plus million people in the United States criminal justice system can be better served in changing their lives. Our geo continuum of care program has had a positive impact in the reduction of criminal recidivism rates.

我們相信，我們屢獲殊榮的連續護理計劃為美國刑事司法系統中的兩百萬人提供了一個經過驗證的模型，幫助他們更好地改變他們的生活。我們的地理連續護理計劃對降低犯罪再犯率產生了積極影響。

Achieving a reduction of between 32% and 55% in the rate of recidivism over the last three years when compared to the national average, finally turning to our electronic monitoring and supervision services segment, our BI subsidiary provides a full suite of monitoring and supervision solutions, products and technologies. In the third quarter of 2024 participant counts under the is a contract averaged approximately 177,000.

與全國平均相比，過去三年累犯率降低了32%至55%，最後轉向我們的電子監控和監管服務部門，我們的BI子公司提供了全套監控和監管解決方案、產品和技術。2024 年第三季度，該合約的參與者人數平均約為 177,000 人。

As earlier noted, the current is a participant count is approximately 182,500 BI has provided technology solutions, holistic case management, supervision, monitoring and compliance services under the is a contract for almost 20 years.

如前所述，目前的參與者人數約為 182,500 名，BI 已根據近 20 年的合約提供技術解決方案、整體案例管理、監督、監控和合規服務。

Winning every competitive Rebid of the contract since ISAP was first established under BI's tenure ISAP has received bipartisan support and has achieved high levels of compliance using a variety of new technologies and case management services. Over that time, ice has indicated that the Rebid procurement for the is a contract is presently estimated to be issued in May of 2025.

自從 ISAP 在 BI 任期內首次成立以來，贏得了每次有競爭力的合約再投標 ISAP 已獲得兩黨的支持，並利用各種新技術和案例管理服務實現了高水準的合規性。在此期間，ice 表示，該項目的重新投標採購合約目前預計將於 2025 年 5 月發布。

The federal government can extend existing contracts for six months or longer to accommodate Rebid procurement that can often take between 12 and 18 months to complete.

聯邦政府可以將現有合約延長六個月或更長時間，以適應通常需要 12 至 18 個月才能完成的重新投標採購。

We expect the incoming Trump administration to take a much more expansive approach to monitoring the several millions of individuals who are currently on the non detained immigrant docket.

我們預計即將上任的川普政府將採取更廣泛的方法來監控目前處於非拘留移民名單上的數百萬人。

We have assured ice of our capability to rapidly scale up our capabilities to monitor and oversee several hundreds of thousands or even several millions of individuals in order to achieve the federal government's immigration law compliance objectives. At this time, I'd like to turn the call back to George for closing remarks.

我們向冰保證，我們有能力迅速擴大我們的能力，以監控和監督數十萬甚至數百萬人，以實現聯邦政府的移民法合規目標。此時，我想將電話轉回給喬治，讓其結束語。

Thank you, Wayne. As you've heard us say today, the 3rd and 4th quarters are expected to be much the same under the Biden administration. What is new is a potential sea change by the incoming Trump administration that is expected to implement a much more aggressive policy towards interior and border immigration enforcement.

謝謝你，韋恩。正如你們今天聽到的，在拜登政府的領導下，第三季和第四季的情況預計將大致相同。新的情況是即將上任的川普政府可能會發生巨大變化，預計將對國內和邊境移民執法實施更加激進的政策。

We believe that the private sector will play a critical role in assisting the government in carrying out its objectives. GEO is the single largest contractor to ice with almost four decades of partnership and provides approximately 40% of the secure beds for ice.

我們相信私營部門將在協助政府實現目標方面發揮關鍵作用。GEO 是最大的單一冰塊承包商，擁有近 40 年的合作夥伴關係，提供約 40% 的冰塊安全床。

We are well positioned to scale up our secure residential care housing from current 13,500 beds to over 31,000 beds in geo's is a program we can scale up from the present 182,500 participants to several hundreds of thousands or even millions of participants in GEOS nationwide, ground and air transportation services. We can scale up materially for domestic as well as international travel.

我們完全有能力將我們的安全住宅護理住房從目前的13,500 個床位擴大到超過31,000 個床位。數百萬的全國、地面和數百萬參與者。我們可以大幅擴大國內和國際旅行的規模。

The GEO group was built for this unique moment in our company's country's history and the opportunities that it will bring. We are thankful for our long standing shareholders and welcome the new ones on this journey that completes our remarks and we would be glad to take the question.

GEO 集團是為了我們公司國家歷史上的這一獨特時刻及其將帶來的機會而建立的。我們感謝我們的長期股東，並歡迎新股東加入我們的旅程，完成我們的發言，我們很高興回答這個問題。

We will now begin the question-and-answer session. (Operator instructions)

我們現在開始問答環節。（操作員說明）

Brian Violino, Wedbush.

布萊恩·維奧利諾，韋德布希。

Great. Thanks for taking my questions. You know, heard the commentary about is a potentially being able to scale up into the millions, but just kind of curious about how you expect no, I margin in that segment to trend. I think they've been trending down a little bit, you know, over the past few quarters. But is there's some degree of operating leverage in that business if you know, we were to get to that sort of level of. Participants?

偉大的。感謝您回答我的問題。你知道，聽到的評論是有可能擴大到數百萬，但只是有點好奇你如何期望不，我在該領域邊緣化趨勢。我認為在過去的幾個季度裡，它們一直呈下降趨勢。但是，如果你知道的話，該業務是否存在一定程度的營運槓桿，我們要達到那種水平。參與者？

Hey, this is Brian. So the margins move around as we've talked about before, depending on the mix of the services that that ice is using at the time, the amount of technology as well as the case management services. So I think given the, you know, the guidance that George has provided, we would expect the margins to be at least consistent with where they are today and potentially improved.

嘿，這是布萊恩。因此，正如我們之前討論的那樣，利潤會發生變化，這取決於ice當時使用的服務組合、技術數量以及案例管理服務。因此，我認為考慮到喬治提供的指導，我們預計利潤率至少與目前的水平一致，並且可能會有所改善。

Great. And then, you know, there was some additional talk about the air services contract. I think that's $25 million in annualized revenue. You know, I think we have a pretty good idea of the potential size of the engine and the program in a new administration. But could you help us try to size this air services opportunity? And then what kind of margins do you generate in that business?

偉大的。然後，你知道，還有一些關於航空服務合約的額外討論。我認為年化收入為 2500 萬美元。你知道，我認為我們對新政府的引擎和計劃的潛在規模有很好的了解。但您能幫助我們嘗試評估這項航空服務機會嗎？那麼你在該業務中產生了多少利潤？

You know, I think to speak in generalities. We're looking at a theoretical potential doubling of all of our services, whether it's in the detention segment in the transportation segment as well as the ISAP program.

你知道，我想泛泛而談。我們正在研究理論上將我們所有服務增加一倍的潛力，無論是在運輸部門的滯留部門還是 ISAP 計劃。

Of course, this will depend on Congress providing the required funding. And we, we think that may not occur until after the new administration comes in and passes a final bill for the balance of the fiscal year. So we're, we're looking at maybe March as the the additive funding and you know, for this fiscal year.

當然，這將取決於國會提供所需的資金。我們認為，直到新政府上任並通過本財年餘額的最終法案之後，這種情況可能才會發生。因此，我們可能會將三月視為本財年的附加資金。

But as I said, in my final closing remarks, this is to us an unprecedented opportunity to assist the federal government and that the incoming Trump administration towards achieving a much more aggressive immigration policy with regard to interior enforcement and border enforcement and the removal of criminal aliens predominantly from this country as has been characterized by incoming President Trump as the focal point for the initial deportation activities.

但正如我在最後的結案陳詞中所說，這對我們來說是一個前所未有的機會，可以協助聯邦政府，也可以讓即將上任的川普政府在國內執法和邊境執法以及消除犯罪分子方面實現更積極的移民政策。

Understood. Thanks.

明白了。謝謝。

Joe Gomes, Noble capital.

喬‧戈麥斯，貴族之都。

Good morning.

早安.

Morning, morning. Yeah.

早安，早安。是的。

So I wanted to start out on looking through the supplement and maybe you can just walk, walk me through this. So obviously year over year, as you mentioned, you know, revenues and electronic monitoring and services, supervision services declined by about $14 million bucks.

所以我想開始瀏覽補充資料，也許你可以步行，引導我完成這個。正如您所提到的，您知道，收入和電子監控和服務、監督服務顯然逐年下降了約 1400 萬美元。

But that operating income also declined by $14 million bucks, which is I thought was somewhat odd. That was really almost dollar for dollar decline in that operating income with a decline in revenue. Just wondering if you could go through that.

但營業收入也下降了 1400 萬美元，我認為這有點奇怪。隨著收入的下降，營業收入實際​​上幾乎是逐美元下降。只是想知道你是否能經歷這個過程。

It, just depends, as I said before, this is Brian. It depends on which devices or services that they pulled out of the of the program. And there's different margin levels associated with that. There's different costs.

這取決於，正如我之前所說，這是布萊恩。這取決於他們從該計劃中撤出哪些設備或服務。與之相關的是不同的保證金水準。有不同的費用。

At, at some point, there's also can be an increase in staffing requirements even though the total number of participants in the program declined. There's more participants in the case management, labor intensive services. So, so that's I think part of what you see going on there is those that mix changes in the program.

在某些時候，即使該計劃的參與者總數有所下降，人員需求也可能會增加。案件管理、勞力密集服務的參與者較多。所以，我認為你所看到的部分情況是程式中混合了變化。

Yeah, Joe, I, I agree with Brian. I mean, I think it's just a coincidence that both of those decreased by approximately $14 million as Brian indicated. It's all about the mix of products and case management that we provide. And those will fluctuate quarter to quarter based on the needs of, ISAP.

是的，喬，我，我同意布萊恩的觀點。我的意思是，我認為這只是一個巧合，正如布萊恩所說，兩者都減少了約 1400 萬美元。這一切都與我們提供的產品和案例管理的組合有關。這些將根據 ISAP 的需求逐季度波動。

Okay. Fair enough. Thank you for that. And on a debt reduction, Brian, you can correct me if I'm wrong. I seem to recall, you know, the goal was a minimum of $150 million a year and ending 24 to 3 times net leverage ratio.

好的。很公平。謝謝你。關於債務減免，布萊恩，如果我錯了，你可以糾正我。我似乎記得，你知道，目標是每年至少 1.5 億美元，最終淨槓桿率為 24 至 3 倍。

Now, you know, maybe the thought process changed a little bit, you know, with all of the terming out of the debt. But you know, I just note, you know, this today that you're, you're probably on target to do net debt reductions of about $112 million for 2024. So I just wanted to get an update on, on those types of goals and Numbers.

現在，你知道，也許思考過程發生了一些變化，你知道，所有的債務條款都已解除。但你知道，我只是指出，你知道，今天你可能會實現 2024 年淨債務削減約 1.12 億美元的目標。所以我只是想了解這些類型的目標和數字的最新情況。

Sure. So I think going forward that continues to be our goal of 151,175 maybe a little bit higher. This year, that was our goal, and we were on track for that, but there is the one-time fees that we took to restructure all of the debt.

當然。所以我認為，展望未來，我們的目標仍然是 151,175，也許會更高一些。今年，這是我們的目標，我們正在實現這一目標，但我們需要支付一次性費用來重組所有債務。

And I think we,have a much better capital structure in place, but we had to pay those upfront fees to re to call some of the existing debt as well as the fees to, to pay for the new debt. And I think those were marked, what $40 to $50 million or so. So if you adjust for that, those fees were were right on track with what our goals were. But our net debt increased because of that, that refinancing transaction.

我認為我們擁有更好的資本結構，但我們必須支付這些預付費用，以重新調用一些現有債務以及支付新債務的費用。我認為這些都被標明了，大概是 4000 到 5000 萬美元左右。因此，如果您對此進行調整，這些費用就符合我們的目標。但我們的淨債務因為再融資交易而增加。

Okay. That makes sense. Thank you for that. And with, you know, with Trump, I know with the election of Trump, we talked a lot about ice. Do you see anything that could possibly increase the US Marshals and or you know, at this point in time, is there anything new, at least on the secure services with the bop that might be coming new due to the Trump? Being reelected?

好的。這是有道理的。謝謝你。你知道，隨著川普的當選，我知道隨著川普的當選，我們談了很多關於冰的問題。你是否看到任何可能增加美國法警人數的事情，或者你知道，在這個時間點上，是否有任何新的東西，至少在與波普的安全服務方面，由於川普可能會出現新的東西？連任？

I think in the short term, all available secure capacity will, will go to ice even though there's interest by the Marshals Service. And maybe some will have to go because there's an interplay between ice and the marshals service in in the immigration detention program. A long-term basis.

我認為在短期內，即使法警局有興趣，所有可用的安全能力都將被凍結。也許有些人必須離開，因為移民拘留計劃中的冰和法警服務之間存在相互作用。有長期的基礎。

I think both the Marshals Service and we think the bop will want their own additional capacity, you know, from the use of prior facilities in prior years. Tho those facilities they, they know well and they're strategically located so we could see a general expansion of our system as well as other contractors in this space.

我認為法警局和我們認為國際收支局都希望透過使用前幾年的現有設施來增加自己的能力。他們非常熟悉這些設施，而且地理位置優越，因此我們可以看到我們的系統以及該領域的其他承包商的整體擴張。

And then I would just add to what George said that similar to our ice facilities. It's a more significant number, as I mentioned at the ice facilities that there's a number of unused beds that currently active contracted for facilities.

然後我想補充喬治所說的，類似我們的製冰設施。這是一個更重要的數字，正如我在冰設施中提到的那樣，目前有許多未使用的床位正在與設施簽訂合約。

Some of our marshals' facilities could ha have improved utilization, even going into next year and we could see some incremental impact to our revenues just from, from those existing facilities. And then there may be some opportunities down the road as the bop looks at greater use of reentry and re-entry type programs.

我們的一些法警設施可能會提高利用率，甚至進入明年，我們可以看到這些現有設施對我們的收入產生一些增量影響。隨著央行考慮更多使用再入和再入類型計劃，未來可能會有一些機會。

Most of our facilities are located on large parcels of land and it may require at some point expanding these existing facilities because it's, it's in general, very difficult to locate such facilities. Once you've located one and operated successfully over a period of time, it's much easier just to add in addition to those facilities.

我們的大多數設施都位於大片土地上，在某些時候可能需要擴展這些現有設施，因為通常很難找到這類設施。一旦您找到了一個並成功運行了一段時間，添加這些設施就會變得容易得多。

Okay. And then one more for me, we talked briefly on this, the new RF I that on the, is a program that came out yesterday and you guys mentioned you have the capacity to increase either the current or even up into the, into the millions of people.

好的。然後對我來說，我們簡短地討論了這一點，新的 RF I 是昨天推出的一個計劃，你們提到你們有能力增加電流，甚至增加到數百萬。

I was wondering, you know, one, what, you know, I know it's, tough to quantify, but I'm going to throw it out there. What type of Capex would be necessary to go up into the into the millions of people and outside of yourself. Is there anybody else that you see out there that could perform these services? Capably like you do you have done for so many decades?

我想知道，你知道，一，什麼，你知道，我知道這很難量化，但我要把它扔在那裡。需要什麼樣的資本支出才能進入數百萬人以及自己之外。您認為還有其他人可以提供這些服務嗎？你能像你這樣乾了幾十年嗎？

Well, there's a couple of questions in there. Let me start with the Capex issue. You know, we provide a variety of monitoring devices, some are more Capex intensive than others.

嗯，裡面有幾個問題。讓我從資本支出問題開始。您知道，我們提供各種監控設備，其中一些設備的資本支出比其他設備更高。

So it will be depend on, you know, which devices are used for which people the higher security individuals will probably go on ankle monitors. But there's the other end of that continuum is electronic devices which are not capital intensive and can be made readily available quickly at, at a very low cost.

因此，這取決於，你知道，哪些設備用於哪些人，安全性較高的人可能會使用腳踝監視器。但這個連續體的另一端是電子設備，它們不是資本密集的，並且可以以非常低的成本快速獲得。

We are, we currently have the exclusive contract to provide all services under the is a contract. You know, there may be other companies that are theoretically interested in providing some of those services, but we, we are in a unique position where, you know, we have a 20-year history and our footprint is coast to coast. We have 1,000 individuals at over 100 offices or locations around the country providing these services.

我們目前擁有獨家合同，可以根據合約提供所有服務。你知道，理論上可能有其他公司有興趣提供其中一些服務，但我們處於一個獨特的位置，你知道，我們擁有 20 年的歷史，我們的足跡遍布全國各地。我們在全國 100 多個辦事處或地點擁有 1,000 名員工提供這些服務。

Great. Thanks for that. Insight, George. Appreciate it. And I'll get back in queue.

偉大的。謝謝你。洞察力，喬治。欣賞它。我會回到隊列中。

Brendan McCarthy, Sidoti.

布倫丹·麥卡錫，西多蒂。

Everybody. Thanks for taking my questions. I just wanted to start off with the is a contract. I know you mentioned, you have the capacity to monitor several million participants.

大家。感謝您回答我的問題。我只是想從一份合約開始。我知道你提到過，你有能力監控數百萬參與者。

But if I were to receive a substantial increase in funding, what do you estimate the is a, you know, monthly or quarterly increase might look like? Or just in other words, what would that, what would that cadence kind of look like as it ramps up?

但是，如果我獲得的資金大幅增加，您估計每月或每季的成長會是什麼樣子？或者換句話說，當節奏加快時，會是什麼樣子？

Well, at one point, we were at 340,000 participants, I believe. So, we're kind of just a little more than half of that. So I would expect that we'll, that any aggressive approach to the ISAP program would result in a higher level than 340,000 and by several hundreds of thousands.

嗯，我相信，我們一度有 34 萬名參與者。所以，我們只完成了一半多一點。因此，我預計 ISAP 計劃的任何激進方法都會導致高於 340,000 和數十萬的水平。

So we're looking at potentially a doubling or a tripling of the ISAP program subject to the availability of funding to be approved by Congress.

因此，我們正在考慮將 ISAP 計劃增加一倍或三倍，具體取決於國會批准的資金情況。

But the, but the prior House Appropriations bill required that everybody on the non-detained docket be under some form of electronic monitoring and that, that involves 7 million people approximately, but we don't know how much funding will be made available towards reaching that goal.

但是，先前的眾議院撥款法案要求非拘留名單上的每個人都受到某種形式的電子監控，這大約涉及 700 萬人，但我們不知道將提供多少資金來實現這一目標那個目標。

Understood. Thanks George. And on the appropriations bills, the 2025 appropriations bills, you just kind of based on the high likelihood of a Republican controlled House and Senate. Do you expect the Senate version of the Homeland Security Bill to be materially different from the, from the house version that was rolled out recently?

明白了。謝謝喬治。在撥款法案中，2025 年撥款法案，你只是基於共和黨控制眾議院和參議院的可能性很高。您認為參議院版本的國土安全法案與最近推出的眾議院版本有實質不同嗎？

Yes, I do. If you're referring to the house version being about 50,000 beds, I think the new version of bills in the House and the Senate will be in the range of 70 to 100,000 bucks.

是的，我願意。如果你指的是眾議院版本大約有50,000個床位，我認為眾議院和參議院的新版本法案將在70至100,000美元之間。

Got it. Thank you. That's helpful.

知道了。謝謝。這很有幫助。

And then one more question just on, on the HD program as a whole. I think in the past, you mentioned that the is a contract holds about a 90% market share of the ATD programs. But if, if there were to be a material ramp up, you know, to say millions of participants, do you, how do you expect that or, you know, GS market share to ultimately trend? If that were to happen.

然後還有一個問題，關於整個高清節目。我想您過去提到過，該合約佔據了 ATD 項目約 90% 的市場份額。但如果，如果有一個實質性的成長，你知道，比如說數百萬參與者，你認為，或者，你知道，GS 市場份額最終會出現趨勢嗎？如果那樣的話。

I, think we would retain our market share, and I don't think there would be any difference. We're the exclusive provider under the ISAP program. And as I said, we have a broad footprint throughout the country, coast to coast. We have two monitoring centers.

我認為我們會保留我們的市場份額，而且我認為不會有任何區別。我們是 ISAP 計劃的獨家提供者。正如我所說，我們的足跡遍布全國各地，從東海岸到東海岸。我們有兩個監控中心。

We have a manufacturing facility in Colorado. So, we are a fully integrated company in being able to not only manufacture the devices but also provide them and, oversee them through the back office services at 100 different locations.

我們在科羅拉多州設有製造工廠。因此，我們是一家完全一體化的公司，不僅能夠製造設備，還能夠提供設備，並透過 100 個不同地點的後台服務對其進行監督。

And I would just add to what George said, I think if you're looking at the budget, there are some other service providers in the ATD line item. Its unclear to us how the government, you know, the new administration might use those programs that were put in place or brought in place during the current administration.

我想補充 George 所說的內容，我認為如果您查看預算，ATD 行專案中還有一些其他服務提供者。我們不清楚政府，你知道，新政府可能會如何使用現任政府期間實施或實施的那些計劃。

So those are relatively new programs, and they were, they had some different objectives and it's unclear to us how those might be used going forward. But as George said, we're the exclusive provider on the secure monitoring of individuals across the country.

因此，這些都是相對較新的計劃，它們有一些不同的目標，我們不清楚未來如何使用這些計劃。但正如喬治所說，我們是全國個人安全監控的獨家提供者。

Understood. Thanks George. Thanks, Brian. That's all for me.

明白了。謝謝喬治。謝謝，布萊恩。這就是我的全部。

Jason Weaver, Jones Trading.

賈森‧韋弗，瓊斯貿易公司。

Hi, thanks for taking my question. Just one for me between ISAP, the marshals and some of the states like with prop 36 in California, you know, in light of the sort of the scale opportunity that might be ahead. It seemed that it might require you to, you know, grow some of your footprint capacity.

您好，感謝您提出我的問題。考慮到未來可能出現的規模機會，ISAP、法警和一些州（例如加州的第 36 號提案）之間的關係只是我的一個選擇。你知道，這似乎可能需要你增加一些足跡容量。

So I'm just curious if that might shift your posture towards reducing leverage and capital return in light of in light of what's out there.

因此，我只是好奇這是否會改變您根據現有情況降低槓桿和資本回報的態度。

Well, I think we would be very careful and thoughtful as to, you know, what the long term needs are before we expand our facilities. But we, you know, we would take another look at other facilities that we have for other clients.

嗯，我認為在擴大我們的設施之前，我們會非常仔細和深思熟慮地考慮長期需求是什麼。但我們，你知道，我們會重新審視我們為其他客戶提供的其他設施。

You know, we have approximately 85,000 beds across the country that are being used for different clients, federal state and local clients. So we may have to take another look at, you know, who our clients are, whether we need to redirect those contracts towards these federal purposes?

您知道，我們在全國擁有大約 85,000 個床位，用於不同的客戶、聯邦州和當地客戶。因此，我們可能必須重新審視我們的客戶是誰，我們是否需要將這些合約轉向這些聯邦目的？

Understood. Well, thank.

明白了。嗯，謝謝。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey, good morning. Thanks for taking the questions. You know, I wanted to ask if ice populations were rent meaningfully, you know, requiring additional facilities that were idle to be turned on. You know, do you foresee any kind of challenges with staffing or any other challenges with kind of, you know, meeting that needed capacity or I guess cost associated? Just wondering if you could maybe speak to, you know, Capex or onetime costs related to getting those facilities turned on again.

嘿，早安。感謝您提出問題。你知道，我想問冰群的租用是否有意義，你知道，需要額外的閒置設施來啟動。您知道，您是否預見到人員配置方面的任何挑戰或任何其他挑戰，您知道，滿足所需的能力或我猜相關的成本？只是想知道您是否可以談論資本支出或與再次啟用這些設施相關的一次性成本。

You know, there will be start up costs of in two categories, one of probably some physical plant renovations that need to take place and we've already done an analysis on that. And then the other cost category would be on labor costs and, and recruitment of personnel.

您知道，啟動成本分為兩類，一類可能需要進行一些實體工廠改造，我們已經對此進行了分析。其他成本類別是勞動成本和人員招募。

But these federal contracts generally, you know, require compliance with the Department of Labor calculation of what the market rates are for the area. They're used very attractive and we have really no difficulty in hiring for these federal facilities. The delay sometimes comes in the clearance process that's required for participation in an ice contract or Marshals contract.

但您知道，這些聯邦合約通常要求遵守勞工部對該地區市場費率的計算。它們的使用非常有吸引力，我們在為這些聯邦設施招募人員方面確實沒有困難。有時，延遲會出現在參與冰毒合約或法警合約所需的審批過程中。

Okay. Sure. And you know, wondering if you could speak to the potential opportunity with the Bureau of Prisons and, you know, I guess under the new administration and, and what I guess did it look like on Trump's first term?

好的。當然。你知道，想知道你是否可以談談監獄管理局的潛在機會，你知道，我想在新政府的領導下，我想川普第一個任期會是什麼樣子？

Well, you know, I think the, the prior Biden policy of, of prohibiting private sector providers to assist the Bureau of Prisons will be ended as it was under the prior Trump administration.

嗯，你知道，我認為拜登之前禁止私部門提供者協助監獄管理局的政策將像之前川普政府那樣結束。

But in the short term, I think all available bed space will be prioritized for I and on a secondary basis with the US Marshals Service.

但在短期內，我認為所有可用床位將優先為我提供，其次是美國法警局。

But what we, are very familiar with the bop and having been a provider for them for several decades, you know, on a longer term basis, you know, we, we understand their needs in different geographic locations and we fully anticipate,

但我們對國際收支平衡非常熟悉，並且幾十年來一直是他們的供應商，從長遠來看，我們了解他們在不同地理位置的需求，我們充分預期，

you know, assisting them in, those long term needs because we're aware that many of the bop facilities are, you know, very old and requires substantial Capex requirements for operational operations. And we foresee a consolidation opportunity for the bop to consolidate into newer larger private sector facilities in the future.

你知道，協助他們滿足這些長期需求，因為我們知道許多國際收支平衡設施都非常陳舊，並且需要大量的資本支出來運作。我們預計國際收支銀行未來將有機會整合到更新的、規模更大的私部門設施。

I see and I guess one follow up there, it does the priority for ice kind of just relate to, you know, and I guess more favorable contract terms.

我明白了，我想有一個後續行動，它確實對冰的優先權與，你知道，我想更有利的合約條款有關。

The question, can you repeat that question?

這個問題，你能重複這個問題嗎？

You know, you say, you know, priority in terms of capacity will go to ISAP over bop. You know, and the US Marshals does, does that just relate to, you know, more favorable contract terms with ice.

你知道，你說，你知道，就產能而言，ISAP 將優先於 BOP。你知道，美國法警確實如此，這是否與冰毒更優惠的合約條款有關。

No, I think that's just following what the priorities of the Trump administration will be. They'll, determine who, who gets the beds, you know, through the contracting process.

不，我認為這只是遵循川普政府的優先事項。他們將透過承包過程來決定誰、誰獲得床位。

Sure. Sure. Got it just assuming that you kind of, you know, get to that 18,000 in the available capacity. But okay. Thank you.

當然。當然。假設您的可用容量達到了 18,000 個。但好吧。謝謝。

Kirk Ludtke from Imperial capital.

來自帝國首都的柯克·路特克。

Hello everyone. Thank you for the call. Just to follow up on this, the ISAP question, you mentioned that the Trump administration may focus on deporting criminal aliens. Do you have a guess as to how many criminal aliens are in the US?

大家好。謝謝您的來電。為了跟進 ISAP 問題，您提到川普政府可能會專注於驅逐犯罪的外國人。您猜猜美國有多少外國人犯罪？

Well, I, read one article this morning and I thought there was 20,000 approximately that are former, are known murderers. You know, it really depends on how you define criminal alien, but I'm sure there's different levels of criminality that, you know, that they'll focus on the most, the most severe and highest level of security threat as they, you know, review, you know, the locations of these individuals and you know what threat level they represent.

嗯，我今天早上讀了一篇文章，我認為大約有 20,000 人是已知的前兇手。你知道，這實際上取決於你如何定義犯罪外國人，但我確信有不同級別的犯罪行為，你知道，他們會關注最嚴重和最高級別的安全威脅，因為他們，你了解、審查這些人的位置，並且了解他們所代表的威脅等級。

And then I just similar articles that George mentioned and there was a disclosure from ice itself like a month or so ago where they mentioned that there were over 600,000 criminal aliens that would be subject to removal.

然後我只是喬治提到的類似文章，大約一個月前，ICE 本身就披露了一項訊息，他們提到有超過 60 萬名犯罪的外國人將被驅逐。

And then also just as a reminder, there's well over a million, folks that are on the non-detained docket have, who have already been adjudicated to be removed through the legal process or the court system.

另外提醒一下，有超過一百萬人在未拘留的名單上，他們已經透過法律程序或法院系統被裁定被驅逐。

Got it over a million people have skip their last hearing in state. Yeah. Got it. Okay. That's helpful. Thank you. And, and does that change? I mean, I know there's, you know, there's a lot of, you know, some dangerous people. Does that change the type, the population, you're housing, and do you need more secure beds for instance to, to accommodate?

超過一百萬人跳過了州裡的最後一次聽證會。是的。知道了。好的。這很有幫助。謝謝。而且，這會改變嗎？我的意思是，我知道有很多危險的人。這會改變類型、人口、你的住房嗎？

Well, I think it will require a kind of a triage of where you put these individuals. I think the higher security people will be in existing, you know, secure facilities as you descend down into the lower levels. It, could result in the need for some soft sided facilities around the country.

嗯，我認為這需要對這些人進行分類。我認為，當你下降到較低層時，更高層級的安全人員將在現有的安全設施中。這可能會導致全國各地需要一些軟面設施。

Okay. Thank you. And I would guess the length of stay increases like you might be pro you know, someone who crosses the border, you might process them in a couple of days as opposed to somebody's being deported. I mean, you have to find a place to send them, right? Don't you need to negotiate some country to take them?

好的。謝謝。我猜想停留時間會增加，就像你可能是專業人士一樣，你知道，一個跨越邊境的人，你可能會在幾天內處理他們，而不是有人被驅逐出境。我的意思是，你必須找到一個地方來發送它們，對吧？難道你不需要與某個國家談判來接收它們嗎？

Yes, it will take is, as I've been told recently, you know, several weeks, if not a few months, you know, to detain these people and make final arrangements for their removal.

是的，正如我最近被告知的那樣，需要幾週甚至幾個月的時間來拘留這些人並為他們的遣返做出最終安排。

Makes sense. Got it. Thank you. So it sounds like Biden's executive order will likely be reversed. Maybe day one. Is that meaningful.

有道理。知道了。謝謝。所以聽起來拜登的行政命令很可能會被推翻。也許第一天。那有意義嗎。

Yeah had a number of executive orders that overturn Trump's executive orders. I we, we kind of get the sense of President elect Trump's remarks that he will reverse all of the Biden executive orders on day one.

是的，有許多行政命令推翻了川普的行政命令。我們有點明白當選總統川普的言論，他將在第一天推翻拜登的所有行政命令。

Got it. Thank you. And I remember when, when, you know Biden's executive order that, that prevented you from contracting directly with us. Marshal facilities was enacted.

知道了。謝謝。我記得什麼時候，什麼時候，你知道拜登的行政命令，這阻止了你直接與我們簽約。元帥設施頒布。

It took quite a while for those contracts, those direct contracts to come due. And, and so would it be just that in reverse, it would take, it would take a while for the reversal to take effect or do you think that there's immediate opportunities?

這些合約、那些直接合約花了很長時間才到期。那麼，逆轉是否會需要一段時間才能生效，或者你認為有立即的機會嗎？

It's immediate but there will be a scramble for the available beds? But I think the administration will decide who gets the beds and we believe ice will have top priority on all available beds around the country.

是立竿見影的，但是會爭取可用床位嗎？但我認為政府將決定誰獲得床位，我們相信冰敷將是全國所有可用床位的首要優先考慮。

Got it. Okay. Thank you. And then, and now you, you mentioned this and I'm sorry if I missed it. But did you say how long you expect the existing ISAP contract to remain in place? I know it expires maybe in May, but it can't possibly, I mean, it would seem like you would, that will be extended. And I'm curious how long you think?

知道了。好的。謝謝。然後，現在你提到了這一點，如果我錯過了，我很抱歉。但您是否說過您預計現有的 ISAP 合約將保留多久？我知道它可能會在五月到期，但不可能，我的意思是，看起來你會延長。我很好奇你想多久？

Well, if it goes through the end of July of next July, but it can be extended for a minimum of six months and possibly up to 18 months and even longer it's determined that there's an emergency situation, it, in requiring that the continued extension of the contract.

那麼如果是到了七月底到明年七月份,但是可以延長最少六個月,可能最多十八個月甚至更長的話就認定是有緊急情況,那麼就要求繼續延長合同的。

Got it maybe, maybe asked differently. Is it, still realistic to think that, there'll be something to replace it when it expires in July or is it likely to be extended?

也許明白，也許問得不同。是否仍然現實地認為，當它在 7 月到期時會有一些東西來取代它，或者它可能會被延長？

Well, yeah, the complication will come as the new administration comes in and, and finally decides the framework for the new program and it may take some time for them to think it through and articulate it and, and the, the governmental staff put it into an RFP.

嗯，是的，隨著新政府的上任，最終決定新計劃的框架，他們可能需要一些時間來思考並闡明它，而且政府工作人員也表示，複雜性將會出現進入 RFP。

So we're thinking that they may RFP date may be overly ambitious and is certainly subject to different ideas by the new incoming Trump administration so that there could be a delay of that may date later on in, 2025 and even further as, they further define what that program should, how it should work and who should be monitored under that program using the variety of electronic monitoring devices that are available to them.

因此，我們認為，他們的 RFP 日期可能過於雄心勃勃，並且肯定會受到新上任的川普政府的不同想法的影響，因此可能會推遲到 2025 年晚些時候，甚至更遠，因為他們進一步定義該計劃應該做什麼、如何運作以及應該使用可用的各種電子監控設備在該計劃下對誰進行監控。

Got it. That's, very helpful. I appreciate it. Thank you.

知道了。這非常有幫助。我很感激。謝謝。

This concludes our question-and-answer session. I would like to turn the conference over to George Zoley from the executive Chairman of the go group for closing.

我們的問答環節到此結束。我想將會議移交給 Go Group 執行主席 George Zoley 來結束。

Well, thank you very much for joining us today and we look forward to addressing you in our next meeting.

好的，非常感謝您今天加入我們，我們期待在下次會議上向您發表演講。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。