Geo Group Inc (GEO) 2024 Q4 法說會逐字稿

Good day and welcome to the GEO Group fourth quarter 2024 earnings conference call. (Operator Instruction) Please note this event is being recorded.

大家好，歡迎參加 GEO Group 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Pablo Paes, Executive Vice President of Corporate Relations. Please go ahead.

現在，我想將會議交給企業關係執行副總裁 Pablo Paes。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for today's discussion of the GEO Group's fourth quarter and full year 2024 earnings results. With us today are George Zoley, Executive Chairman of the Board; David Donahue, Chief Executive Officer; Wayne Calabrese, President and Chief Operating Officer; and Mark Suchinski, Chief Financial Officer.

謝謝您，接線生。大家早安，感謝您參加今天關於 GEO 集團 2024 年第四季和全年獲利結果的討論。今天與我們在一起的是董事會執行主席 George Zoley；執行長 David Donahue；總裁兼營運長 Wayne Calabrese；以及財務長 Mark Suchinski。

This morning, we will discuss our fourth quarter and full year 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 or on investor website at investors.geogroup.com.

今天上午，我們將討論第四季和全年業績以及展望。我們將以問答環節結束此通話。本次電話會議也將進行網路直播或在投資者網站 investors.geogroup.com 上播出。

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

今天我們將討論非公認會計準則基礎資訊。我們今天早上發布的新聞稿和補充披露中包含了非 GAAP 基礎資訊與 GAAP 基礎結果的對帳。此外，我們今天討論的大部分信息，包括我們對您的問題的回答，可能包括關於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 securities 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.

這些前瞻性陳述旨在符合證券法的安全港條款。由於我們向美國證券交易委員會提交的文件（包括 10-K、10-Q 和 8-K 表格報告）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。

With that, please allow me to turn this call over to our Executive Chairman, George Zoley.

接下來，請容許我將這通電話轉給我們的執行主席喬治‧佐利 (George Zoley)。

George, thank you, Pablo, and good morning to everyone. Thank you for joining us on our fourth quarter 2024 earnings call, and I apologize for my hoarse voice this morning. I would like to welcome our new CEO, Dave Donahue, who's joining our call today along with our President and COO, Wayne Calabrese and our CFO, Mark Suchinski.

喬治，謝謝你，巴布羅，大家早安。感謝您參加我們的 2024 年第四季財報電話會議，對於今天早上我的聲音沙啞，我深表歉意。我歡迎我們的新任執行長戴夫·多納休 (Dave Donahue)，他與我們的總裁兼首席營運官韋恩·卡拉布雷斯 (Wayne Calabrese) 和首席財務官馬克·蘇欽斯基 (Mark Suchinski) 一起參加了今天的電話會議。

Dave has 42 years of operational experience in our industry, having previously served for 10 years as GEO's Senior Vice President for Secure Services after a distinguished career with the Federal Bureau of Prisons and the Department of Corrections in the states of Kentucky and Indiana. We are pleased to have Dave join our senior management team as we embark on what we expect to be an unprecedented level of operational activity.

Dave 在我們這個行業擁有 42 年的營運經驗，此前曾在聯邦監獄局和肯塔基州和印第安納州懲教署工作，成績斐然，之後擔任 GEO 安全服務高級副總裁 10 年。我們很高興戴夫加入我們的高階管理團隊，我們將開始進行我們預期前所未有的營運活動。

During today's call, we will review our fourth quarter and full year 2024 financial results and operational highlights for our business segments. We will also discuss our initial financial guidance for '25, which is consistent with our longstanding practice and does not include any new contract awards that have not been previously announced.

在今天的電話會議上，我們將回顧我們各業務部門 2024 年第四季和全年的財務表現和營運亮點。我們還將討論 25 年的初步財務指導，這與我們的長期做法一致，不包括任何尚未宣布的新合約授予。

And we will provide an update on the latest developments across our diversified business segments, including the opportunities to expand our services for ICE and the federal government.

我們將提供我們多元化業務部門的最新發展情況，包括為 ICE 和聯邦政府擴展服務的機會。

Our financial performance during the fourth quarter '24 reflects higher overhead expenses which were partially the result of previously announced reorganization of our management team and additional professional fees we incurred in anticipation of what we expect to be an unprecedented future growth projects and related operational activity during '25.

我們 24 年第四季的財務表現反映了更高的管理費用，這部分是由於我們先前宣布的管理團隊重組以及我們預期 25 年期間前所未有的未來成長項目和相關營運活動而產生的額外專業費用。

Our top line revenue for the fourth quarter '24 increased from our '24 third quarter results in line with our guidance. However, our earnings and adjusted EBITDA were lower our previous expectations due to higher overhead expenses.

我們 2024 年第四季的營業收入較 2024 年第三季有所成長，符合我們的預期。然而，由於管理費用增加，我們的收益和調整後的 EBITDA 低於先前的預期。

In '24, we already incurred approximately $9 million of the $70 million investment we announced in December to strengthen our capabilities to deliver expanded detention capacity, secured transportation, and electronic monitoring services to ICE.

2024 年，我們已經投入了 12 月宣布的 7,000 萬美元投資中的約​​ 900 萬美元，以增強我們向 ICE 提供擴大拘留能力、安全運輸和電子監控服務的能力。

In 2025, we expect to invest an incremental $38 million to renovate existing facilities, $16 million to ramp up production of additional GPS tracking devices in the ISAP program, and $7 million to expand our secure transportation fleet.

2025 年，我們預計將增加投資 3,800 萬美元用於翻新現有設施，投資 1,600 萬美元用於提高 ISAP 計劃中更多 GPS 追蹤設備的產量，並投資 700 萬美元用於擴大我們的安全運輸車隊。

We believe these investments will prepare us to be able to provide approximately 17,000 incremental detention beds, ICE and the federal government and greatly increase our capacity to monitor undocumented aliens who are currently on the so-called non-detained docket, and increase our secure transportation capabilities.

我們相信，這些投資將使我們能夠為ICE和聯邦政府提供約17,000個增量拘留床位，並大大提高我們監控目前所謂的非拘留名單上的無證外國人的能力，並提高我們的安全運輸能力。

The additional 17,000 beds would increase the total available capacity for ICE detention requirements at GEO-related services from approximately 15,000 beds today to 32,000. The current population is approximately 15,000, represents an increase of 1,000 beds utilized by ICE at GEO-service facilities since our last earnings call.

新增的 17,000 張床位將使 GEO 相關服務中 ICE 拘留需求的總可用容量從目前的約 15,000 張床位增加到 32,000 張。目前人口約 15,000 人，自上次收益電話會議以來，ICE 在 GEO 服務設施中使用的床位增加了 1,000 張。

The incremental 17,000 beds includes approximately 9,400 beds in our current idle facilities that will be reconfigured for detention use and approximately 7,700 incremental beds available at existing GEO serviced ICE and Marshal's facilities under contract.

新增的 17,000 張床位包括我們目前閒置設施中的約 9,400 張床位（這些床位將重新配置用於拘留用途），以及根據合約在現有 GEO 服務的 ICE 和 Marshal 設施中提供的約 7,700 張新增床位。

We expect the utilization of these additional 17,000 beds could generate between $500 million and $600 million in incremental annualized revenues with margins consistent with our secure services owned facilities which average 25% to 30%.

我們預計，這些額外的 17,000 張床位的使用可以產生 5 億至 6 億美元的增量年收入，利潤率與我們的安全服務自有設施一致，後者的平均利潤率為 25% 至 30%。

These additional 17,000 beds include our company-owned 1,000 bed Delaney Hall facility in Newark, New Jersey. We announced this morning we have been awarded a fifteen-year fixed price contract by ICE to provide support services for the establishment of a federal immigration processing center at Delaney Hall.

這額外的 17,000 張床位包括我們公司位於新澤西州紐瓦克的 1,000 張床位的 Delaney Hall 設施。我們今天上午宣布，我們已獲得 ICE 授予的一份為期 15 年的固定價格合同，為在 Delaney Hall 建立聯邦移民處理中心提供支援服務。

GEO Support Services include the exclusive use of the facility by ICE, along with security maintenance, food services, access to recreational amenities, medical care, and legal counsel. These new support services contract is expected to generate in excess of $60 million in annualized revenues in the first full year of operations.

GEO 支援服務包括 ICE 對該設施的獨家使用，以及安全維護、食品服務、娛樂設施、醫療保健和法律顧問。這些新的支援服務合約預計將在營運的第一個完整年度產生超過 6000 萬美元的年收入。

With margins consistent with our company owned secure services facilities, we estimate the 15-year value of the contract with normal cost of living adjustments to be approximately $1 billion. We expect to reactivate the facility in the second quarter of 2025 with revenues and earnings from the new contract normalizing during the second half of 2025. We are in active discussions with ICE and the Marshal Service regarding their interests and GEO's remaining six idle facilities.

由於利潤率與我們公司擁有的安全服務設施一致，我們估計該合約的 15 年價值（按正常生活成本調整）約為 10 億美元。我們預計該設施將於 2025 年第二季重新啟動，新合約的收入和收益將於 2025 年下半年恢復正常。我們正在與移民與海關執法局和法警局就他們的利益以及 GEO 剩餘的六個閒置設施進行積極討論。

Additionally, we have two state correctional facilities totaling more than 3,000 combined beds which could be repurposed for the use by the federal government. However, we are currently pursuing the potential sale of one or both of these facilities with the objective of generating up to $550 million in proceeds that could be used to reduce debt and or otherwise enhance shareholder value.

此外，我們還有兩個州立懲教設施，總計超過 3,000 張床位，可以重新供聯邦政府使用。然而，我們目前正在尋求出售其中一個或兩個設施，目的是獲得高達 5.5 億美元的收益，可用於減少債務或以其他方式提高股東價值。

Based on the latest public data, ICE is currently utilizing over 41,000 detention beds nationwide, which is largely consistent with the current level of funding of 41,500 detention beds under the continuing resolution, which is set to expire March 14.

根據最新公開數據，ICE 目前在全國範圍內使用超過 41,000 張拘留床位，這與 3 月 14 日到期的持續決議規定的 41,500 張拘留床位的當前資金水平基本一致。

Before the recent passage of the Laken Riley Act, the Trump administration had indicated a need to ramp up to 100,000 total ICE detention beds for increased interior enforcement operations. Based on public statements from ICE, the implementation of the Laken Riley Act could require an additional 60,000 detention beds or more.

在最近通過《萊肯萊利法案》之前，川普政府曾表示需要將 ICE 拘留床位總數增加到 10 萬張，以加強內部執法行動。根據ICE的公開聲明，《萊肯萊利法案》的實施可能需要額外增加60,000張或更多的拘留床位。

We believe that an increase of between 100,000 and 160,000 beds will require a large range of solutions. The administration has taken steps to house some migrants with serious criminal backgrounds in Guantanamo Bay, and there's been some discussions about utilizing facilities in foreign countries for similar purposes.

我們認為，增加10萬至16萬張床位將需要大量的解決方案。政府已採取措施，將一些有嚴重犯罪背景的移民安置在關塔那摩灣，並且還討論了利用外國設施實現類似目的。

However, we believe that the detention and processing of migrants as a result of increased interior enforcement will require additional facilities to be activated in the United States. We have a 40year record of providing special purpose facilities that meet the unique operational needs and requirements set by ICE at cost savings to taxpayers when compared to publicly operated facilities and to alternative solutions like staff-[feded] facilities, and we are preparing to extend and build upon that strong and successful record of public-private partnership.

然而，我們認為，由於國內執法力度加大，對移民的拘留和處理將需要在美國啟動更多的設施。我們有 40 年提供特殊用途設施的記錄，這些設施滿足了 ICE 設定的獨特營運需求和要求，與公共營運設施和工作人員[供養]設施等替代解決方案相比，可以為納稅人節省成本，我們正準備擴展和鞏固這一強大而成功的公私合作夥伴關係記錄。

We are also making a significant investment in our electronic monitoring and supervision services segment to ramp up the production of GPS tracking devices for use under the Federal government's Intensive Supervision Appearance Program, or ISAP.

我們也對電子監控和監督服務部門進行了大量投資，以提高 GPS 追蹤設備的產量，供聯邦政府的強化監督出庭計畫 (ISAP) 使用。

ISAP participant counts averaged between 130,000 and 183,000 during the fourth quarter of 2024 and are currently stand at approximately 186,000. A little over two years ago, the ISAP contract utilization peaked at approximately 370,000, almost twice the number of the participants currently in the program.

2024 年第四季度，ISAP 參與者數量平均在 130,000 至 183,000 之間，目前約為 186,000 人。兩年多前，ISAP 合約使用率達到高峰約 37 萬，幾乎是目前該計畫參與者數量的兩倍。

Returning to that utilization level would generate an incremental income of revenues of $250 million and even more if the contract exceeds the prior peak of utilization. We have a long track record of delivering quality services under ISAP with bipartisan support for approximately 20 years. These services entail diversified electronic monitoring technologies as well as compliance management services which are delivered through a nationwide network of approximately 100 offices and close to 1,000 employees.

恢復到該利用率水準將產生 2.5 億美元的增量收入，如果合約超過先前的利用率峰值，收入甚至會更多。我們在 ISAP 框架下提供優質服務已有約 20 年的悠久歷史，並得到了兩黨的支持。這些服務包括多樣化的電子監控技術以及合規管理服務，透過全國約 100 個辦事處和近 1,000 名員工的網路提供。

Over our 20 year tenure, ISAF has achieved high compliance rates with our immigration court requirements while monitoring what amounts to a relatively small portion of the undocumented aliens who are on the non-detained docket.

在我們20年的任期內，ISAF 對我們移民法庭要求的遵守率很高，同時監控了未被拘留的無證外國人中相對較小的一部分。

The non-detained docket is made up of persons who have entered the country without proper authorization, who have been processed by federal immigration officers, and who have been released into the interior of the company pending their appearance before an immigration court.

非拘留名單由未經適當授權進入該國、已由聯邦移民官員處理並被釋放到公司內部等待在移民法庭出庭的人員組成。

There are currently an estimated 7million to 8 million undocumented aliens on the non-detained docket in addition to another 9.5 million to 10 million people who are estimated to be in the United States without legal status.

目前，美國尚未被拘留的非法移民人數估計有 700 萬至 800 萬，此外，還有 950 萬至 1,000 萬人在美國境內沒有合法身分。

Given the size of this population, our view is that in addition to increased detention capacity, the requirements of the federal immigration law in the Laken Riley Act will require a significant ramp up in the electronic monitoring to ensure proper trafficking of persons on the non-detained docket and their compliance with the requirements of their immigration court proceedings.

鑑於這一人口規模，我們認為，除了增加拘留能力外，《萊肯萊利法案》中聯邦移民法的要求還將要求大幅加強電子監控，以確保非拘留名單上的人員的適當販運及其遵守移民法庭訴訟程序的要求。

At this time, we have not received any update from ICE regarding the timing of a procurement or a rebid of the ISAP contract, and we believe the agency's focus has shifted to increasing the size of the population that is currently monitored under ISAP.

目前，我們尚未收到 ICE 關於採購或重新招標 ISAP 合約時間的任何最新消息，我們認為該機構的重點已轉向增加目前受 ISAP 監控的人口規模。

With the investment commitment we have made in the technical and personnel enhancements we have already completed, we believe we have the necessary resources to scale up the current utilization of the ISAP contract by several hundreds of thousands and upwards to several millions of participants as required.

憑藉我們在技術和人員提升方面已經做出的投資承諾，我們相信我們擁有必要的資源，可以根據需要將 ISAP 合約的當前利用率擴大數十萬甚至數百萬參與者。

We are investing in the expansion of our secure services transportation fleet as well. We expect an increase in the number of removable flights which could generate an increase incremental of $40 million to $50 million in annualized revenues under our existing ICE airport services subcontract.

我們也在投資擴大我們的安全服務運輸車隊。我們預計可移動航班數量將會增加，這將使我們現有的 ICE 機場服務分包合約下的年收入增加 4,000 萬至 5,000 萬美元。

While our initial guidance for 2025 is based on our current business baseline and does not reflect the impact of any new contract awards that have not been previously announced, we expect the upside potential from all these opportunities to represent as much as $800 million to $1 billion in incremental annualized revenues.

雖然我們對 2025 年的初步指導是基於我們目前的業務基準，並未反映任何尚未宣布的新合約授予的影響，但我們預計所有這些機會的上行潛力將帶來高達 8 億至 10 億美元的增量年收入。

Based on the average margins for our respective segments, we expect that the opportunities could add as much as $250 million to $300 million in incremental annualized adjusted EBITDA. We expect interior enforcement by ICE to continue to ramp up throughout the year, contingent upon funding availability. We believe under the Trump administration, ICE began with a significant funding deficit.

根據我們各自部門的平均利潤率，我們預計這些機會可能會增加 2.5 億至 3 億美元的增量年度調整後 EBITDA。我們預計，ICE 的內部執法力道將在全年持續加大，但具體力度取決於資金狀況。我們認為，在川普政府的領導下，ICE 一開始就存在嚴重的資金缺口。

While we understand that DHS has recently reprogrammed approximately $485 million in funding to shore up this deficit, the continued ramp up in enforcement and detention activities is likely contingent on additional funding being appropriated by Congress or reprogrammed by DHS.

雖然我們了解到國土安全部最近已重新安排了約 4.85 億美元的資金來彌補這一赤字，但執法和拘留活動的持續加強可能取決於國會撥出額外資金或國土安全部重新安排資金。

Currently, the US Senate and the US House of Representatives are moving forward on two separate tracks under the budget reconciliation process, either of which could provide additional funding for border security of between $175 billion and $200 billion over several years. Depending on which track the Senate and House agree on, it may take several months for the budget reconciliation process to be completed.

目前，美國參眾兩院正分頭推進預算協調進程，每一項都可能在未來幾年內為邊境安全提供1750億美元至2000億美元的額外資金。根據參議院和眾議院達成的一致意見，預算協調過程可能需要幾個月的時間才能完成。

Based on our understanding of the current status of the budget discussions, we expect additional new contract awards to continue to be announced in the near term and into the second quarter of 2025 with likely activation of additional new facilities in the second half of 2025.

根據我們對預算討論現狀的了解，我們預計近期和 2025 年第二季將繼續宣布更多新合約授予，並可能在 2025 年下半年啟用更多新設施。

Once a contract has been awarded, our typical facility activation period is 60- to 90 days to hire, train, and clear staff and get the facility ready for occupancy followed by a gradual ramp up in utilization. Finally, despite the increase in our capital requirements, we have continued to make significant progress in our efforts to reduce debt.

一旦簽訂合同，我們通常需要 60 到 90 天的設施激活期來僱用、培訓和清理員工，並讓設施做好入住準備，然後逐步提高利用率。最後，儘管我們的資本需求有所增加，但我們在減少債務的努力中仍然取得了重大進展。

The leverage our balance sheet and evaluate potential capital returns in the future. We ended 2024 with approximately $1.7 billion in total net debt. Based on our initial guidance for 2025, we would expect to reduce net debt by an additional $150 million to $175 million this year before any asset sales or further upside to our guidance, bringing the total net debt to approximately $1.5 billion and a total net leverage of approximately 3.2x adjusted EBITDA. I will now turn the call over to our CFO, Mark Suchinski.

利用我們的資產負債表並評估未來的潛在資本回報。截至 2024 年，我們的淨債務總額約為 17 億美元。根據我們對 2025 年的初步指導，我們預計今年在出售任何資產或進一步上調指導之前，淨債務將再減少 1.5 億美元至 1.75 億美元，使總淨債務達到約 15 億美元，總淨槓桿率約為調整後 EBITDA 的 3.2 倍。現在我將電話轉給我們的財務長馬克‧蘇欽斯基 (Mark Suchinski)。

Thank you, George, and good morning, everyone. For the fourth quarter of 2024, we reported net income attributable to GEO of approximately $15.5 million or $0.11 per diluted share and quarterly revenues of approximately $608 million. This compares the net income attributed to the GEO of approximately $25 million or $0.17 per loaded share in the fourth quarter of 2023 on revenues of approximately $608 million.

謝謝你，喬治，大家早安。2024 年第四季度，我們報告歸屬於 GEO 的淨收入約為 1550 萬美元或每股攤薄收益 0.11 美元，季度收入約為 6.08 億美元。相比之下，2023 年第四季度，GEO 的淨收入約為 2,500 萬美元，即每股收益 0.17 美元，營收約 6.08 億美元。

Fourth quarter of 2024 results reflect higher G&A, overhead expenses in part due to the recent reorganization of our senior management team and additional associated professional fees incurred during the quarter. Fourth quarter of 2024 results also reflect pre-tax costs associated with the extinguishment of debt of approximately $1.3 million and approximately $2.1 million in pre-tax employee restructuring expenses.

2024 年第四季的業績反映了更高的 G&A 和管理費用，部分原因是我們最近重組了高階管理團隊，以及本季產生的額外相關專業費用。2024 年第四季的業績也反映了與債務清償相關的約 130 萬美元的稅前成本和約 210 萬美元的稅前員工重組費用。

Excluding these unusual items, we reported fourth quarter 2024 adjusted net income of approximately $18 million or $0.13 per diluted share compared to the results of the fourth quarter of 2023 when we reported adjusted net income of roughly $37 million or $0.29 per diluted share.

不包括這些不尋常的項目，我們報告的 2024 年第四季調整後淨收入約為 1800 萬美元或每股攤薄收益 0.13 美元，而 2023 年第四季報告的調整後淨收入約為 3700 萬美元或每股攤薄收益 0.29 美元。

We also reported fourth quarter 2024 of adjusted EBITDA of approximately $108 million compared to approximately $129 million for the prior year's fourth quarter.

我們還報告稱，2024 年第四季的調整後 EBITDA 約為 1.08 億美元，而去年同期第四季約為 1.29 億美元。

Beginning with revenues, quarterly revenues in our owned and leased secure service facilities increased by approximately 3% year over year. This revenue increase was offset by lower quarterly revenue from our electronic monitoring and supervision services segment, which declined by approximately 10% compared to the prior year's fourth quarter.

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 3%。這一收入成長被我們電子監控和監督服務部門的季度收入下降所抵消，與去年同期第四季相比下降了約 10%。

Quarterly revenue for re-entry centers managed only and non-residential service contracts were largely unchanged compared to the prior year fourth quarter.

與去年同期第四季相比，重返社會中心管理和非住宅服務合約的季度收入基本上沒有變化。

Turning to expenses, during the fourth quarter of 2024, our operating expenses increased by approximately 1% compared to the prior year's fourth quarter. Our operating expenses for the fourth quarter of 2024 reflect higher labor costs in our secure services segment of approximately $10 million in part due to revenue increases tied to contractual cost of living adjustments and in part due to additional staffing and training costs we incurred during the fourth quarter of 2024 in preparation for expected future growth.

談到費用，2024 年第四季度，我們的營運費用與去年同期第四季相比增加了約 1%。我們 2024 年第四季的營運費用反映了我們安全服務部門的勞動力成本增加約 1000 萬美元，部分原因是與合約生活成本調整相關的收入增​​加，部分原因是我們在 2024 年第四季度為準備預期的未來增長而產生的額外人員配備和培訓成本。

And our general and administrative expenses for the fourth quarter of 2024 increased by approximately 18% from the prior year's fourth quarter in part due to recent reorganization of our senior management team and additional associated professional fees which we incurred during the fourth quarter of 2024 in preparation for expected future growth.

我們 2024 年第四季的一般和行政費用較去年同期第四季增加了約 18%，部分原因是我們最近重組了高階管理團隊，以及我們在 2024 年第四季為準備預期的未來成長而產生的額外相關專業費用。

While our fourth quarter 2024 revenues were in line with our guidance, our quarterly earnings and adjusted EBITDA were below our previous expectations as a result of the higher G$A expenses I just explained.

雖然我們 2024 年第四季的營收符合我們的預期，但由於我剛才解釋的 G$A 費用較高，我們的季度收益和調整後的 EBITDA 低於我們先前的預期。

Our fourth quarter 2024 results reflect a year over year decrease in net interest expense of approximately $7 million as a result of our debt reduction and refinancing efforts over the past 12 months. Our effective tax rate for the fourth quarter of 2024 was approximately 40%. For the full year 2024, we reported net income attributable to GEO of approximately $32 million on annual revenues of approximately $2.42 billion.

我們的 2024 年第四季業績反映出淨利息支出年減約 700 萬美元，這得益於我們過去 12 個月的債務削減和再融資努力。我們 2024 年第四季的有效稅率約為 40%。2024 年全年，我們報告的歸屬於 GEO 的淨收入約為 3,200 萬美元，年收入約為 24.2 億美元。

Our full year 2024 results reflect approximately $86.6 million in pre-tax costs associated with the extinguishment of debt in relation to our refinancing transactions. Excluding the debt extinguishment costs and other unusual items, we reported full year 2024 adjusted net income of approximately $101 million or $0.75 per diluted share. We reported full year 2024 adjusted EBITDA of approximately $463.5 million.

我們的 2024 年全年業績反映出與再融資交易相關的債務清償相關的稅前成本約為 8,660 萬美元。不包括債務清償成本和其他不尋常項目，我們報告的 2024 年全年調整後淨收入約為 1.01 億美元或每股攤薄收益 0.75 美元。我們報告稱，2024 年全年調整後 EBITDA 約為 4.635 億美元。

Now let's move to our initial financial guidance for 2025. Consistent with our long-standing practice, our initial guidance does not include the impact of any new contract awards that have not been previously announced. Therefore, our initial guidance for 2025 reflects only the baseline of our current business.

現在讓我們來看看 2025 年的初步財務指引。與我們的長期做法一致，我們的初步指導不包括任何尚未宣布的新合約授予的影響。因此，我們對 2025 年的初步指導僅反映了我們目前業務的基準。

For the full year 2025, we expect net income attributed to GEO to be in a range of $0.74 to $0.88 per diluted share on revenues of approximately $2.5 billion and based on an effective tax rate of approximately 28% inclusive of known discrete items. We expect our full year 2025 adjusted EBITDA to be between $460 million and $485 million.

對於 2025 年全年，我們預計歸屬於 GEO 的淨收入將在每股攤薄收益 0.74 美元至 0.88 美元之間，營收約為 25 億美元，基於約 28% 的有效稅率（包括已知單一項目）。我們預計 2025 年全年調整後 EBITDA 將在 4.6 億美元至 4.85 億美元之間。

While our guidance does not include any assumption for new contract awards that have not been previously announced, as George mentioned, we anticipate several opportunities could materialize during the year, which we believe would provide significant upside to our current forecast.

雖然我們的指引不包括任何尚未公佈的新合約授予的假設，但正如喬治所提到的，我們預計今年可能會出現幾個機會，我們相信這將為我們目前的預測帶來顯著的上行空間。

On a combined basis, we believe that these opportunities could generate as much as $800 million to a $1 billion in incremental annualized revenues, and as much as $250 million to $300 million in incremental annualized adjusted EBITDA.

綜合起來，我們認為這些機會可以產生高達 8 億至 10 億美元的增量年化收入，以及高達 2.5 億至 3 億美元的增量年化調整後 EBITDA。

As we progress throughout the year, and the likelihood and timing of these opportunities become clearer, we will adjust our 2025 guidance accordingly. As contract awards are announced and we begin to reactivate at idle facilities, we would expect to incur startup expenses during the initial 60- to 90-day activation period. Startup expenses for any facility activations not previously announced are also not currently included in our guidance.

隨著我們全年的進展，這些機會的可能性和時機變得更加清晰，我們將相應地調整 2025 年的指導方針。隨著合約授予的宣布以及我們開始在閒置設施重新啟動，我們預計在最初的 60 到 90 天的激活期內會產生啟動費用。任何未曾公佈的設施啟動費用目前也不包含在我們的指導範圍內。

We expect total capital expenditures for full year 2025 to be between $125 million and $145 million including the impact of the $70 million investment we announced in December to expand our ICE services capability. This incremental $70 million investment is comprised of the following.

我們預計 2025 年全年總資本支出將在 1.25 億美元至 1.45 億美元之間，其中包括我們 12 月宣布的 7000 萬美元投資的影響，用於擴大我們的 ICE 服務能力。此次新增的 7,000 萬美元投資包括以下內容。

$47 million to renovate existing secure service facilities, $9 million of which was spent in 2024, with the remaining $38 million expected to be spent over the first three quarters of 2025. $16 million to be spent evenly throughout 2025 to ramp up production of additional GPS tracking devices and $7 million to be spent primarily in the first half of 2025 to expand our secure transportation fleet.

4,700 萬美元用於翻新現有的安全服務設施，其中 900 萬美元於 2024 年支出，剩餘的 3,800 萬美元預計將於 2025 年前三個季度支出。 1,600 萬美元將於 2025 年全年平均支出，用於提高額外 GPS 追蹤設備的產量，700 萬美元將主要於 2025 年上半年支出，用於擴大我們的安全運輸車隊。

Now let's move to our capital structure. We ended the fourth quarter of 2024 with total net debt of approximately $1.7 billion. We closed the year with approximately $77 million in cash on hand and approximately $214 million in total available liquidity.

現在讓我們來討論一下資本結構。截至 2024 年第四季度，我們的淨債務總額約為 17 億美元。截至本財年末，我們的現金餘額約為 7,700 萬美元，可用流動資金總額約為 2.14 億美元。

As of the end of the fourth quarter of 2024, fixed rate debt represents approximately 75% of our total indebtedness, which meaningfully insulates GEO for potential interest rate volatility. As we have previously noted, we have no substantial debt maturities due before April of 2029. We continue to give our company a significant runway to grow our business and focus on reducing our debt.

截至 2024 年第四季末，固定利率債務約占我們總債務的 75%，這在很大程度上使 GEO 免受潛在利率波動的影響。正如我們之前所指出的，我們沒有在 2029 年 4 月之前到期的大量債務。我們將繼續為公司提供重要的發展平台，以擴大業務並致力於減少債務。

Based on the initial guidance for 2025, we expect to reduce our net debt by between $150 million and $175 million this year, bringing our total net debt to approximately $1.55 billion by the end of the year. Our debt reduction could also be augmented with proceeds from the potential sale of some of our state correctional facility assets and or from the potential upside to our guidance.

根據 2025 年的初步指導，我們預計今年的淨債務將減少 1.5 億美元至 1.75 億美元，到年底我們的總淨債務將達到約 15.5 億美元。我們還可以透過出售部分州懲教設施資產的潛在收益或我們指導方針的潛在上行收益來增加債務削減額。

In addition to allocating capital towards debt reduction and to support our growth capital needs, our goal remains to export options for returning capital to shareholders in the future.

除了分配資本用於減少債務和支持我們的成長資本需求之外，我們的目標仍然是在未來向股東提供返還資本的選擇。

At this time, I will turn the call over to our CEO, Dave Donahue, for a review of our GEO Secure Services business unit. Dave?

現在，我將把電話轉給我們的執行長 Dave Donahue，以審查我們的 GEO 安全服務業務部門。戴夫？

Thanks, Mark, and good morning, everybody. It's my pleasure to have returned to the GEO Group to join George and the rest of our management team at an unprecedented time in our company's history. We believe the scale of the opportunity before our company is unlike any we've previously experienced and will therefore require a significant operational undertaking.

謝謝，馬克，大家早安。我很高興能夠在公司歷史上前所未有的時刻重返 GEO 集團，與喬治和我們其他管理團隊合作。我們相信，我們公司面臨的機會規模是我們以前從未經歷過的，因此需要進行大量的營運工作。

My focus as the new CEO of the GEO Group will be to work with our management team and our Board to ensure that we have the necessary resources to operationalize the growth opportunities we are pursuing and to support our employees as they help us achieve operational excellence across all of our service lines.

作為 GEO 集團新任首席執行官，我的工作重點是與我們的管理團隊和董事會合作，確保我們擁有必要的資源來實現我們正在追求的成長機會，並支持我們的員工，幫助我們在所有服務線上實現卓越營運。

Moving to our annual milestones for GEO secure services, during 2024, we renewed 13 secure service contracts, including 9 contracts at the federal level with Immigration Customs Enforcement and the US Marshals Service.

談到 GEO 安全服務的年度里程碑，2024 年，我們續簽了 13 份安全服務合同，其中包括與移民海關執法局和美國法警局簽訂的 9 份聯邦級合同。

During the year, our secure services facilities successfully underwent a total of 197 audits, including internal audits, government reviews, third party accreditations, and Prison Rape Elimination Act, or PREA certifications. 11 of our secure services facilities received accreditation from the American Correctional Association with an average score of 99.1% and another four facilities received PREA certifications.

在這一年中，我們的安全服務設施成功通過了總共 197 次審計，包括內部審計、政府審查、第三方認證以及監獄強姦消除法案 (PREA) 認證。我們的 11 個安全服務設施獲得了美國懲教協會的認證，平均得分為 99.1%，另有 4 個設施獲得了 PREA 認證。

Our GTI transportation division and our GEOAmey UK joint venture completed approximately 18.5 million miles driven in the United States and the UK during the year.

我們的 GTI 運輸部門和 GEOAmey UK 合資企業今年在美國和英國完成了約 1850 萬英里的行駛。

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

轉向我們政府機構合作夥伴在 2024 年第四季的當前趨勢，我們美國法警拘留設施的利用率與一年前第四季的利用率基本一致。我們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。

Our US Marshals facilities provide needed bed space near federal courthouses where there's generally a lack of suitable alternative detention capacity. In the first weeks of the administration, President Trump issued an executive order reversing the prior administration's executive order that had directed the US Attorney General to not renew US Department of Justice contracts with privately contracted criminal detention facilities.

我們的美國法警設施在聯邦法院附近提供所需的床位空間，而這些地方通常缺乏適當的替代拘留能力。在本屆政府執政的最初幾週，川普總統發布了一項行政命令，推翻了前一屆政府的行政命令，該命令指示美國司法部長不得與私人承包的刑事拘留設施續簽美國司法部合約。

We've enjoyed a long-standing public-private partnership with the US Marshal Service and the Federal Bureau of Prisons, which are both agencies under the US Department of Justice, and we stand ready to continue to support their capacity and secure residential care services needs going into the future.

我們與美國法警局和聯邦監獄局（均隸屬於美國司法部）建立了長期的公私合作夥伴關係，我們隨時準備繼續支持他們的能力並確保未來的住宿護理服務需求。

Moving to our contracted ICE processing centers, utilization across our facilities is currently at approximately 15,000 beds. This census level represents an increase of 1,000 beds in the last three months and marks the highest utilization rate for our contracted ICE facilities in approximately five years.

轉向我們簽約的 ICE 處理中心，我們所有設施的使用率目前約為 15,000 張床位。這個普查水準代表著過去三個月內床位增加了 1,000 張，並且標誌著我們簽約的 ICE 設施約五年來的最高利用率。

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 長期以來一直代表 ICE 在 GEO 簽約的聯邦移民處理中心提供專業支援服務，並且我們隨時準備為 ICE 提供任何額外需求的支援。

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

GEO 簽約的 ICE 處理中心提供全天候優質醫療服務。我們在 ICE 處理中心為居民提供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 offer full access to legal counsel, legal libraries, and resources, and we have dedicated space at each ICE center to provide residents with confidential meeting rooms with their legal counsel.

GEO 簽約的 ICE 處理中心提供對法律顧問、法律圖書館和資源的全面訪問，並且我們在每個 ICE 中心都設有專用空間，為居民提供與其法律顧問的保密會議室。

GEO contracted ice processing centers provide residents with three daily meals that are culturally sensitive, special diet appropriate, and approved by registered dieticians. 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.

GEO 簽約的冰塊加工中心為居民提供符合文化特徵、適合特殊飲食且經註冊營養師認可的每日三餐。我們還在每個 GEO 簽約的 ICE 處理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，以確保公平代表各種信仰和教派。

GEO-contracted ICE processing centers also offer access to enhanced amenities, including artificial turf soccer fields, covered pavilions, exercise equipment, and multi-purpose rooms.

GEO 承包的 ICE 處理中心還提供增強的便利設施，包括人工草皮足球場、有蓋涼亭、健身器材和多功能廳。

During the fourth quarter of 2024, we renewed several important contracts for our company owned and contracted ICE processing centers. Contracts for our 1,940 bed Adelanto ICE Processing Center, the 400 bed Mesa Verde Ice Processing Center, the 750 bed Desert View Annex, and the 700 bed Golden State Annex were renewed for five-year terms through December of 2029.

2024 年第四季度，我們為公司自有和簽約的 ICE 處理中心續簽了幾份重要合約。我們擁有 1,940 張床位的阿德蘭托冰處理中心、擁有 400 張床位的梅薩維德冰處理中心、擁有 750 張床位的沙漠景觀附屬建築以及擁有 700 張床位的金州附屬建築的合約均已續簽五年，有效期至 2029 年 12 月。

Additionally, in January of 2025, the United States District Court for the Central District of California lifted the long-standing intake restrictions at the Adelanto ICE Processing Center, which dated back to the early days of the COVID pandemic.

此外，2025 年 1 月，美國加州中區地方法院取消了阿德蘭托 ICE 處理中心長期以來實施的接收限制，可追溯到 COVID 大流行初期。

We are proud of our approximately 350 employees at the Adelanto Center, who have helped us establish a long-standing record of providing high quality contracted support services on behalf of ICE in the State of California.

我們為阿德蘭託中心的約 350 名員工感到自豪，他們幫助我們建立了代表加州 ICE 提供高品質合約支援服務的長期記錄。

As we announced this morning, we've been awarded a 15-year fixed price contract by ICE for our company-owned 1,000 bed Delaney Hall facility in Newark, New Jersey with a total value of approximately $1 billion over the fifteen-year contract period.

正如我們今天早上宣布的那樣，我們已獲得 ICE 授予的一份為期 15 年的固定價格合同，該合同將用於我們公司位於新澤西州紐瓦克的 Delaney Hall 設施，該設施擁有 1,000 個床位，十五年的合同期限內總價值約為 10 億美元。

Moving to our ancillary support services, we currently provide secure ground transportation for ICE, primarily at 12 of the GEO contracted ice processing centers. Our GTI transport division also provides secure air operations support for ICE as a subcontractor under a five-year prime contract held by CSI Aviation.

轉向我們的輔助支援服務，我們目前為 ICE 提供安全的地面運輸，主要在 GEO 簽約的 12 個冰處理中心。我們的 GTI 運輸部門還根據 CSI 航空簽訂的五年期主合同，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.

我們長期以來一直代表 ICE 提供安全可靠的運輸服務，我們期望這將繼續在幫助機構履行其使命方面發揮重要作用。

I could not be more excited to rejoin the GEO Group as its new CEO and to assist George and the entire GEO team as we prepare to fully meet the challenges of the unprecedented opportunities that lie ahead.

我非常高興能夠再次加入 GEO 集團並擔任其新任首席執行官，並協助喬治和整個 GEO 團隊做好充分準備迎接未來前所未有的機會和挑戰。

At this time, I'll turn the call over to Wayne Calabrese for a review of our GEO Care business unit. Wayne?

現在，我將把電話轉給 Wayne Calabrese，讓他對我們的 GEO Care 業務部門進行審查。韋恩？

Thank you, Dave. I'm pleased to provide an overview of the key operational milestones for this past year for GEO Care Division. In 2024, we renewed 31 residential re-entry center contracts, including 15 contracts with the Federal Bureau of Prisons. Additionally, we renewed 44 non-residential day reporting center contracts.

謝謝你，戴夫。我很高興概述 GEO Care 部門過去一年的主要營運里程碑。2024 年，我們續簽了 31 份住院重返中心合同，其中包括與聯邦監獄局簽訂的 15 份合約。此外，我們還續簽了 44 份非住宿日間報告中心合約。

During the year, our residential re-entry centers, non-residential day reporting centers, and ISAP offices successfully underwent a combined total of 311 audits, including internal audits, government reviews, third-party accreditations, and Prison Rape Elimination Act or PREA certifications.

在這一年中，我們的住院再入境中心、非住院日間報告中心和 ISAP 辦公室共成功通過了 311 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案或 PREA 認證。

8 of our residential re-entry centers received accreditation in the last year from the American Correctional Association with an average accreditation score of 100%, and 13 of our residential re-entry centers received PREA certifications.

去年，我們的 8 個住院重返社會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 13 個住院重返社會中心獲得了 PREA 認證。

Our 35 residential re-entry centers, including 14 centers under contract with the Federal Bureau of Prisons, 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 fourth quarter of 2024.

我們擁有 35 個住宅重返社會中心，其中包括 14 個與聯邦監獄局簽約的中心，為 14 個州重返社區的個人提供過渡住房和康復計劃。2024 年第四季度，這些中心的平均每日人口普查人數保持穩定，約 5,000 人。

Our non-residential and day reporting centers provide high quality community-based services, including cognitive behavioral treatment for up to 9,200 parolees and probationers at approximately 98 locations across 10 different states.

我們的非住宿和日間報告中心提供高品質的社區服務，包括為 10 個不同州約 98 個地點的多達 9,200 名假釋犯和緩刑犯提供認知行為治療。

We expect that the implementation of the First Step Act, which was enacted under President Trump's first term, will be an area of focus for the Federal Bureau of Prisons under his second term, and we stand ready to help the agency expand the delivery of residential and non-residential reentry programs that have been proven to reduce recidivism and to improve the lives of those who have taken that first step back into our nation's communities.

我們預計，川普總統第一任期內頒布的《第一步法案》的實施將成為聯邦監獄局第二任期內的工作重點，我們隨時準備幫助該機構擴大住宿和非住宿重返社會計劃的實施，這些計劃已被證明可以減少累犯率，並改善那些邁出重返國家社區第一步的人們的生活。

Moving to our enhanced rehabilitation programs, we currently deliver in-custody rehabilitation to an average daily population of approximately 2,700 individuals at 38 in-prison program sites located in 7 different states and engage over 36,000 program participants at 11 GEO continuum of care sites in 7 states.

談到我們的密集復健計劃，我們目前在位於 7 個不同州的 38 個監獄計劃點為平均每天約 2,700 名囚犯提供監禁康復服務，並在 7 個州的 11 個 GEO 連續護理點讓超過 36,000 名計劃參與者參與其中。

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. We've also focused on developing vocational programs that lead to certification for good jobs in the markets where our graduates will live upon release.

我們的羈押復健服務包括以獲得高中同等學歷文憑為重點的學術課程。我們投入了大量資金，為所有教室配備智慧白板，以協助學術指導。我們也致力於開發職業培訓項目，以便畢業生獲得畢業後所在市場的良好就業資格。

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. 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 important programs.

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，因為我們護理的許多人都患有成癮和藥物使用障礙。我們的設施還提供廣泛的基於信仰和基於性格的項目，並在設施內設有指定的住房單元，致力於加強這些重要項目的實施。

During 2024, we completed approximately 6.8 million hours of enhanced in custody rehabilitation programming. Our academic programs awarded more than 3,000 high school equivalency diplomas. Our vocational courses awarded close to 9,700 vocational training certifications. And our substance abuse treatment programs awarded approximately 9,300 program completions.

2024 年，我們完成了約 680 萬小時的密集羈押復健計畫。我們的學術課程頒發了 3,000 多個高中同等學歷文憑。我們的職業課程頒發了近 9,700 份職業培訓證書。我們的藥物濫用治療計畫已成功完成約 9,300 項。

Those in our care achieved approximately 60,000 behavioral treatment program completions and more than 43,000 individual cognitive behavioral treatment sessions during the past year. We also allocated approximately $1.5 million for post-release services last year. This funding supported more than 3,300 individuals released from GEO service facilities as they returned to their communities.

在過去的一年中，我們照顧的患者完成了大約 60,000 個行為治療計劃，並進行了超過 43,000 個個人認知行為治療課程。去年我們也撥款約 150 萬美元用於釋放後服務。這筆資金幫助 3,300 多名從 GEO 服務設施獲釋的人員回到社區。

Our GEO continuum of care program integrates enhanced in-custody rehabilitation, including cognitive behavioral treatment with post-release support services that address the critical community needs of released individuals. We believe our award-winning program provides a proven model for how the 2+ million people in the United States criminal justice system can be better served in changing their lives.

我們的 GEO 連續護理計劃整合了強化的羈押康復，包括認知行為治療和釋放後支持服務，以滿足釋放人員的關鍵社區需求。我們相信，我們屢獲殊榮的計畫為如何更好地服務於美國刑事司法系統中的 200 多萬人並改變他們的生活提供了一個行之有效的模式。

Our GEO continuum of care has had a positive impact in the reduction of criminal recidivism rates, with our programs achieving a reduction of between 42% and 47% in recidivism over three and five-year periods when compared to the national average.

我們的 GEO 連續照護對降低犯罪再犯率產生了積極影響，與全國平均水平相比，我們的計畫在三至五年內將再犯率降低了 42% 至 47%。

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 fourth quarter of 2024, participant counts under the ICE Intensive Supervision Appearance Program, or ISAP averaged approximately 183,000 and the current ISAP participant count is approximately 186,000.

最後，談到我們的電子監控和監督服務部門，我們的 BI 子公司提供全套監控和監督解決方案、產品和技術。2024 年第四季度，ICE 強化監管出庭計畫 (ISAP) 的參與者人數平均約為 183,000 人，目前 ISAP 參與者人數約為 186,000 人。

BI has provided technology solutions, holistic case management, supervision, monitoring and compliance services under the ISAP contract for nearly 20 years, winning every competitive rebid of the contract since ISAP was first established.

近 20 年來，BI 一直根據 ISAP 合約提供技術解決方案、整體案件管理、監督、監控和合規服務，自 ISAP 成立以來，BI 每次重新招標都獲得勝利。

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.

在 BI 任職期間，ISAP 得到了兩黨的支持，並透過使用各種新技術和案件管理服務實現了高水準的合規性。

As previously noted, we believe that in addition to increased attention capacity, a ramp up in electronic monitoring will be necessary to ensure proper tracking and compliance rates for the millions of people currently on that non-detained docket or who are otherwise in the United States without legal status.

如前所述，我們認為，除了提高關注能力外，還需要加強電子監控，以確保對目前未被拘留的數百萬人或在美國境內沒有合法身份的人進行適當的追蹤和遵守率。

At this time, we've not received any update from ICE regarding the timing of a procurement for the rebate of the ISAP contract. We believe the agency focus has shifted to increasing the size of the population that is currently being monitored under ISAP.

目前，我們尚未收到 ICE 關於 ISAP 合約退款採購時間的任何更新。我們認為，該機構的重點已轉向增加目前受 ISAP 監測的人口規模。

We are making a significant investment toward the increased production of GPS tracking devices to be in a position to scale up the federal government's current utilization of the ISAP program by several hundreds of thousands and upwards to several millions of participants if necessary. At this time, I'd like to turn the call back to George for closing remarks.

我們正在對增加 GPS 追蹤設備的產量進行大量投資，以便能夠將聯邦政府目前對 ISAP 計劃的利用率擴大數十萬，必要時甚至擴大到數百萬參與者。現在，我想把電話轉回給喬治，請他作最後發言。

Thank you, Wayne, and we wish you the best as you transition from a full-time employee to consultant effective April 1. Your unique talents will be missed by all, but we look forward to your continued involvement on a consulting basis. We believe our company faces an unprecedented opportunity at this time to play a role in supporting President Trump's new administration policies.

謝謝你，韋恩，我們祝你從 4 月 1 日起從全職員工轉為顧問一切順利。大家都會懷念您獨特的才華，但我們期待您能繼續以顧問的身份參與其中。我們相信，我們公司目前面臨前所未有的機遇，可以在支持川普總統的新政府政策方面發揮作用。

We've taken several important steps to be prepared to meet that opportunity. We've made significant investments, commitments of $70 million and possibly more to strengthen our capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring services to ICE and the federal government.

我們已採取多項重要措施，為迎接這項機會做好準備。我們已投入大量資金，承諾提供 7000 萬美元甚至更多的資金，以加強我們向移民與海關執法局和聯邦政府提供擴大拘留能力、安全運輸和電子監控服務的能力。

We've also completed a reorganization of our senior management team to oversee the operation execution of this expected future growth. GEO is the largest single contractor to ICE with 4 decades of partnership and currently provides for approximately 40% of the detention beds for ICE. We believe we are well positioned to scale up our secure residential care housing from the current 15,000 beds to over 31,000 to 32,000.

我們也完成了高階管理團隊的重組，以監督預期未來成長的營運執行情況。GEO 是 ICE 最大的單一承包商，已與 ICE 合作 40 年，目前為 ICE 提供約 40% 的拘留床位。我們相信，我們有能力將安全住宅護理住房的床位數量從目前的 15,000 張擴大到 31,000 至 32,000 張。

In GEO's 100% management of the ISAP program, we believe we can scale up from the present 186,000 participants to several hundreds of thousands or millions of participants if called upon.

在 GEO 對 ISAP 計畫的 100% 管理下，我們相信，如果需要，我們可以從目前的 186,000 名參與者擴大到數十萬或數百萬參與者。

GEO's contractual relationship with CSI Aviation has allowed us to become the largest provider of secure transportation services for ICE. During 2024, we assisted in the transport and relocation travel of 160,000 persons. We believe we can scale up materially for domestic and international travel for up to 500,000 individuals or more if called upon.

GEO 與 CSI Aviation 的合約關係使我們成為 ICE 最大的安全運輸服務提供者。2024年，我們協助了16萬人的交通和搬遷。我們相信，如果需要的話，我們可以擴大國內和國際旅行規模，以容納多達 50 萬甚至更多的人。

This is a unique moment in our company's history. We believe we are well positioned to scale up our diversified segments in secure housing, transportation, electronic monitoring to meet the changing needs of this new administration, and to continue to enhance value for our shareholders.

這是我們公司歷史上一個獨特的時刻。我們相信，我們有能力擴大我們在安全住房、交通、電子監控等多元化領域的業務，以滿足新政府不斷變化的需求，並繼續為股東創造價值。

I would now like to make a final closing statement with the unprecedented volume of new business opportunities confronting GEO, I am inclined to stay beyond the end of my present employment agreement that expires July 1, 2026 and have so notified the Board. I will offer the continuation of my services to the board under a new mutually agreeable employment agreement.

現在，我想做最後的總結發言，鑑於 GEO 面臨前所未有的大量新商機，我傾向於繼續留任至 2026 年 7 月 1 日到期的現有僱傭協議結束後，並已將此事通知董事會。我將根據雙方同意的新僱傭協議繼續為董事會服務。

That completes our remarks, and we would be glad to take any questions. Thank you.

我們的發言到此結束，我們很樂意回答任何問題。謝謝。

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

我們現在開始問答環節。（操作員指示）

Jason Weaver, Jones Trading.

傑森‧韋弗，瓊斯貿易公司。

Hey, good morning, guys. This is Matthew Edner on for Jason today. Thanks for taking the question. I kind of want to touch on the monitoring and the impact of the Laked Riley Act, you know what all does that include in terms of monitoring there, the role it's going to take. And then, kind of looking forward to the new contract are you guys assuming any changes in economics there?

嘿，大家早安。今天我是馬修艾德納 (Matthew Edner)，為傑森主持節目。感謝您回答這個問題。我想談談《萊利法案》的監控和影響，你知道它在監控方麵包括哪些內容，以及它將發揮什麼作用。那麼，對於新合同，你們認為那裡的經濟狀況會發生任何變化嗎？

I think our reading of the act is that those individuals need to be placed in detention and if there isn't capacity for that, they need to be continued in the ISAP monitoring program indefinitely.

我認為我們對該法案的解讀是，這些人需要被拘留，如果沒有能力，他們需要無限期地繼續接受 ISAP 監控計劃。

That's helpful there, and then turning to the subsidiary BI Inc. Are you guys prioritizing ankle or wrist monitors over the Smartlink app, and have you guys experienced any supply chain issues there as you guys have been expanding the footprint.

這很有幫助，然後轉向子公司 BI Inc. 你們是否優先考慮腳踝或手腕監視器而不是 Smartlink 應用程序，並且隨著你們擴大足跡，你們是否遇到過任何供應鏈問題。

I think there's going to be a preference in the beginning for the ankle monitors and which represents the high security level of monitoring which people can progress or digress into medium level security and low-level security depending with different devices contributing to the monitoring.

我認為人們一開始會優先考慮腳踝監視器，它代表著高安全級別的監控，人們可以根據監控設備的不同，逐漸進入或進入中級安全和低級安全級別。

Got it. And then you know the recent report that -- sorry about that, go ahead.

知道了。然後你知道最近的報告——很抱歉，請繼續。

Second part, no, we haven't really identified any supply chain difficulties. We are ramping up our inventory of ankle monitors at our Boulder, Colorado facility.

第二部分，不，我們還沒有真正發現任何供應鏈困難。我們正在科羅拉多州博爾德工廠增加腳踝監視器的庫存。

Okay, that's helpful there and then you know the recent report that came out of the current administration about migrants being forced to register. Do you think that that has an outsized demand on on a potential increase for monitoring. And then, as a follow up to that, kind of the guidance for $800 million to an incremental $1 billion in in revenue there. What percentage of that is the monitoring segment?

好的，這很有幫助，然後您知道現任政府最近發布的關於強制移民登記的報告。您是否認為這對監控的潛在增加有過大的需求？然後，作為後續行動，我們將指導收入從 8 億美元增加到 10 億美元。其中監控部分佔多大比例？

Yeah, so let me jump in on the $850 million to a $1 billion, about $250 million.

是的，那麼讓我來談談 8.5 億美元到 10 億美元，大約 2.5 億美元。

That's correct.

沒錯。

But that's based on a participant count of approximately 450,000. So if it goes beyond that, in which we think it will sometime next year, it'll be more.

但這是基於大約 45 萬名參與者的數量。因此，如果超出這個範圍，我們認為明年某個時候就會更多。

Got it, that's helpful. Thank you, guys.

明白了，很有幫助。謝謝你們。

Jay McCandless, Wedbush.

傑伊麥坎德利斯，韋德布希。

Hey, good morning, thanks for taking my questions. So I just wanted to clarify that you're saying of the $800 million to $850 million to a $1 billion in incremental revenue, roughly $250 million of that is going to come from ATD with a participant count of 450,000. Did I get all that correctly?

嘿，早上好，感謝您回答我的問題。所以我只是想澄清一下，您說的 8 億到 8.5 億美元到 10 億美元的增量收入中，大約 2.5 億美元將來自 ATD，參與者人數為 45 萬人。我理解的這些都正確嗎？

Yeah, so just a point of clarification, what we've said is, if we look back to two years ago, we had participant counts of approximately 370,000. If we would grow our current participant counts to 370,000 that would generate an incremental $250 million of incremental revenue. And as George just described, if the counts go higher than our previous highs, then we're looking at opportunities for that to surpass $250 million.

是的，需要澄清的是，我們所說的是，如果回顧兩年前，我們的參與者人數約為 37 萬人。如果我們將目前的參與者數量增加到 37 萬人，這將產生 2.5 億美元的增量收入。正如喬治剛才所描述的，如果數量高於我們之前的高點，那麼我們就有機會超過 2.5 億美元。

Okay, great. Thank you for clarifying that. And then the -- if I think about the $16 million that you're spending, I guess, 450,000 I guess is what you think you could monitor with the current, that you have. I guess how much more does that $16 million take you to $550,000, 650,000? What should we think about the outcome of that spend is going to be?

好的，太好了。感謝您澄清這一點。然後 — — 如果我考慮到您花費的 1600 萬美元，我猜，您認為您可以用目前擁有的資金來監控其中的 45 萬美元。我猜這 1600 萬美元能讓你賺多少錢，達到 55 萬美元還是 65 萬美元？我們該如何看待這些支出的結果？

Well, the $16 million that we're investing is George described what we're doing is, we're investing in building additional inventory of GPS devices to monitor in preparation of monitoring higher accounts and a lot of that has to do with ankle monitoring. We're vertically integrated there. We've designed the ankle monitor. We purchase it and we manufacture in our facility.

嗯，喬治描述了我們投資的 1600 萬美元，我們正在投資建立額外的 GPS 設備庫存，以準備監控更高的帳戶，其中許多與腳踝監控有關。我們在那裡進行了垂直整合。我們設計了腳踝監視器。我們購買它並在我們的工廠生產。

What we've done and that started in the fourth quarter, we've started to build the inventory and procure additional materials in anticipation of that, and that $16 million that we mentioned as part of our $70 million investment plan is to get ahead and start building larger quantities of inventory in support of expected higher GPS monitoring that would be required under the ISAP contract.

我們從第四季度開始所做的工作是建立庫存並採購額外的材料，我們提到的 7000 萬美元投資計劃中的 1600 萬美元將用於提前建立大量庫存，以支持 ISAP 合約所要求的預期更高的 GPS 監控。

And there are three security levels that we propose now in this program. The highest is high security, followed by medium security, and then low security. We don't know exactly how, those three buckets will be filled by the new administration as they review their Congressional directives and responsibilities balanced by the funding to achieve those contractual responsibilities.

我們現在在這個程式中提出了三個安全等級。最高為高安全性，其次是中等安全性，然後是低安全性。我們不知道新政府在審查國會指令和責任時將如何填補這三個空缺，並透過資金來平衡履行合約責任。

So we haven't done an inventory for all 450,000. Not yet. We're building a big initial inventory because ICE is kind of, it's a big organization and it's trying to realign itself to these huge new law enforcement responsibilities that it hasn't had for four years under the previous administration.

所以我們還沒有對全部 45 萬人進行盤點。還沒有。我們正在建立一個龐大的初步清單，因為 ICE 是一個龐大的組織，它正在試圖重新適應上屆政府執政四年來從未承擔過的重大執法責任。

So people are just coming back to the office. They're starting to regroup, thinking through how are they going to achieve these new objectives, new, these new Congressional directives and responsibilities. As we talked earlier, the Senate version of the budget is providing $170 billion. Quite a bit of money.

所以人們只是回到辦公室。他們開始重新集結，思考如何實現這些新目標、新要求、新的國會指令和責任。正如我們之前所說，參議院版本的預算提供了 1700 億美元。相當多的錢。

And the House version, I think is approximately $100 billion. So as those two bills that are competing between the House and the Senate merge, it could be a number somewhere in between those two. But it's a big league and it can't happen overnight. People have to be assigned within the ICE organization to identify the possible participants in the ISAP program.

我認為眾議院的方案約為 1000 億美元。因此，當眾議院和參議院之間競爭的這兩項法案合併時，最終的數字可能會介於兩者之間。但這是一個大聯盟，不可能一夕之間發生。必須在 ICE 組織內指派人員來確定 ISAP 計劃的可能參與者。

We would need contract adjustments to pay for the additional cost which we will be reimbursed and but all of that is in kind of a fluid situation which is picking up pace if I may say. We've gone from conceptual proposals by a major service providers like ourselves and CoreCivic to now substantive pricing and operational discussions as to who's going to go into this particular facility? How much is it going to cost?

我們需要調整合約來支付額外費用，這些費用我們將得到補償，但所有這些都處於一種不穩定的狀態，如果我可以這麼說的話，這種情況正在加快。我們已經從像我們自己和 CoreCivic 這樣的大型服務提供者提出的概念性提案，發展到現在關於誰將進入這個特定設施的實質定價和營運討論。這要花多少錢？

But there is interest in every one of our idle facilities by either ICE or the Marshals Service, and I would think that you know CoreCivic idle facilities would get the same level of attention, but the procurement process is moving at a speed that's unprecedented. We've never seen anything like this before.

但是，ICE 或法警署對我們的每個閒置設施都感興趣，我認為 CoreCivic 的閒置設施也會得到同樣的關注，但採購過程正在以前所未有的速度進行。我們以前從未見過這樣的事情。

That's good to hear. I mean, I guess -- to follow on that point, have you all been surprised at how slowly the ISAP numbers have moved up since the administration, new administration took over?

聽到這個消息真好。我的意思是，我想——繼續討論這個問題，自從新政府上台以來，大家是否對 ISAP 數字上升如此緩慢感到驚訝？

Well, I think there's probably a couple of answers to that, one of which is the focus on detention and the identification of alternative detention venues like Guantanamo, which seems to have some difficulties.

嗯，我認為這個問題可能有幾個答案，其中之一就是關注拘留和確定像關塔那摩這樣的替代拘留場所，這似乎存在一些困難。

But the focus I think will return back to the historical service providers like ourselves, like CoreCivic, utilizing their idle bed capacity that can be stood up within 60- or 90 days. That's the fastest approach to increasing detention capacity. I don't think anything else comes close to that. It's probably double the time. And I think we're very cost competitive with any kind of alternative service.

但我認為焦點將回到像我們這樣的歷史服務提供者身上，例如 CoreCivic，利用其可在 60 或 90 天內恢復的閒置床位容量。這是增加拘留容量的最快方法。我認為沒有任何東西能夠與此相比。時間可能加倍。我認為我們的成本與任何替代服務相比都極具競爭力。

And I guess if you think about the different opportunities you have for revenue growth, you called out a little bit on the halfway homes with the First Step program. Are you thinking that you're going to get growth faster through some of those, or is it mostly going to be focused on increasing bed count and increasing monitoring this year? Is that where you feel like most of the upside is going to come?

我想，如果您考慮增加收入的不同機會，您就會對「第一步」計畫中的中途之家提出一些看法。您是否認為透過其中一些措施您將會獲得更快的成長，還是今年主要會集中於增加床位數量和加強監測？您是否覺得大部分好處都會出現在那裡？

As we know it and see it today, but we believe that the Department of Justice under the administration of Pam Bondi is very much interested in increasing the number of re-entry bed capacity around the country and is interested in improving the rehabilitation programming at those facilities. So we think there will be a lot of activity in the reentry program. We are the largest provider in that space.

正如我們今天所知和所見，但我們相信，帕姆·邦迪政府下的司法部非常有興趣增加全國的重返社會床位容量，並有興趣改善這些設施的康復計劃。因此我們認為重返大氣層計劃將會有很多活動。我們是該領域最大的供應商。

But a final candidate has not been proposed for the Bureau of Prisons as yet, so they're still reviewing potential candidates.

但監獄管理局尚未提出最終候選人，因此他們仍在審查潛在候選人。

Understood and then just one more question back to monitoring for a sec. If you did start to see a rapid increase in people going through monitoring, what do you think the upside cases in terms of how many people you could monitor with your current infrastructure? Have you tried to stress up what the upper bound looks like?

明白了，然後再問一個問題，請稍等片刻。如果您確實開始看到接受監控的人數迅速增加，您認為就您目前的基礎設施可以監控多少人而言，好處是什麼？您是否嘗試過強調上限是什麼樣的？

Well, we know we can do several hundreds of thousands, and we are trying to position ourselves for millions and that will be permitted by contracting with other technical service providers that can help us reach those goals.

我們知道我們可以做幾十萬，我們正試圖將自己定位為數百萬，這將透過與其他可以幫助我們實現這些目標的技術服務提供者簽訂合約來實現。

Okay, great. Thank you for taking my questions.

好的，太好了。感謝您回答我的問題。

Greg Gibas, Northland Security.

格雷格·吉巴斯，北國安全局。

Hey, thanks for taking the questions. I wanted to ask what your expectations are for ICE's use of the Atalanta facility now that that court order limiting utilization before it was lifted.

嘿，謝謝你回答這些問題。我想問一下，既然法院限制使用之前的命令已經解除，您對 ICE 使用阿塔蘭塔設施有何期望。

Well, the court order is in two parts. I think under the first ruling, we have the authorization to utilize I think 460 beds or 470 beds, something like that, and there's a hearing the next month, the middle of next month that will presumably authorized the complete utilization of the facility under the new COVID standards.

嗯，法院命令分為兩個部分。我認為根據第一項裁決，我們有權使用 460 張床位或 470 張床位，類似的數字，下個月，也就是下個月中旬將舉行一次聽證會，大概會授權根據新的 COVID 標準全面使用該設施。

So that's almost a 2000 bed facility. It's the largest facility on the West Coast. Our -- at Delaney Hall facility will be the largest facility on the east coast for ICE.

所以這是一個擁有近 2000 張床位的設施。這是西海岸最大的設施。我們位於德萊尼霍爾的設施將成為東海岸最大的 ICE 設施。

Got it. That's helpful. And I guess as it relates to Delaney Hall, you know what level of startup costs will be associated with it and how should we maybe think about the OpEx versus CapEx split and maybe regarding just future facility ramp up costs like, is there a rough per bed expense we can expect to maybe estimate for future facilities that you reactivate?

知道了。這很有幫助。我想，就 Delaney Hall 而言，您知道與之相關的啟動成本是多少，我們應該如何考慮營運支出 (OpEx) 與資本支出 (CapEx) 的劃分，也許還應該考慮未來設施的增加成本，例如，我們是否可以粗略地估算一下您重新啟用的未來設施的每張床位費用？

Well, the Delaney hall may be an exception because we will receive partial payment during our 60 days startup process, but the other facilities will require the employment including Delaney of about 3,000 people. So you going to pay for at least their training time which is about four weeks. So that's going to be several millions of dollars. We haven't put that in our budget yet because we really don't know the timing of that.

嗯，德萊尼大廳可能是個例外，因為我們將在 60 天的啟動過程中收到部分付款，但其他設施將需要包括德萊尼在內的約 3,000 名員工就業。所以你至少要支付他們的訓練時間，大約四周。所以這將是數百萬美元。我們還沒有將其納入預算，因為我們確實不知道具體時間。

We haven't put the revenue in the budget because the contracts are not signed yet. We haven't put the startup cost because we don't know the timing of those start up costs, but I think you know here we are at the end of the first quarter.

由於合約尚未簽署，我們尚未將收入納入預算。我們沒有列出啟動成本，因為我們不知道這些啟動成本的時間，但我想你知道我們現在處於第一季末。

I think we're anticipating a very fast ramp up procurement activity where I think there'll be several contract awards, very possibly next month, by the end of the first quarter, but if that slips a little bit because of the funding competition between the Senate and the House, which may take until May for the money to come, the realistic activation of these facilities, our and Core Civic's will probably be the second half of the year.

我認為我們預計採購活動將會快速增加，我認為將會有幾份合約授予，很可能在下個月，也就是第一季末，但如果由於參議院和眾議院之間的資金競爭而出現一些下滑，資金可能要到五月份才能到位，這些設施的實際啟動，我們和 Core Civic 的設施的實際啟動可能要到今年下半年。

And it'll be on a ramp up basis and there will be significant costs for our 3,000 employees and Core Civic's approximate 3,000 so that's 6,000 employees that have to be recruited, screened for criminal history, job history, and then put into a four week training program.

而且這將是逐步增加的，對於我們的 3,000 名員工和 Core Civic 的大約 3,000 名員工來說，這將產生巨大的成本，因此必須招募 6,000 名員工，篩選他們的犯罪歷史和工作歷史，然後讓他們參加為期四週的培訓計畫。

And I would just add, we haven't been specific around what's the cost per bed of reactivating a facility, but what I can tell you is, when we activate those facilities in the back half of the year, and we start to generate revenue and fill the populations there, there's no doubt it'll be significantly a creative from a profitability standpoint.

我想補充一點，我們還沒有具體說明重新啟用一個設施的每張床位的成本是多少，但我可以告訴你的是，當我們在今年下半年啟用這些設施時，我們開始創造收入並填補那裡的人口，毫無疑問，從盈利的角度來看，這將是一個顯著的創意。

So as George said, 30- to 60-, 90 days. We got to hire people, we got to train people, it's a cost, but the benefit from the reactivation well exceeds any of those reactivation costs.

正如喬治所說，30 到 60、90 天。我們必須僱用人員，必須培訓人員，這需要成本，但重新啟用所帶來的收益遠遠超過任何重新啟用的成本。

Delaney Hall is a bit unusual because it's done, it's complete, and everything's brand new inside the facility and all it's ready to go. All we need to do is the recruitment, the hiring, the background screening, and the training. Other facilities may have -- be in different condi -- they are in different conditions. Some have been idle longer than others.

德萊尼大廳 (Delaney Hall) 有點不尋常，因為它已經完工，設施齊全，內部設施都是全新的，一切準備就緒。我們需要做的就是招募、僱用、背景審查和培訓。其他設施可能處於不同的狀態。有些人閒置的時間比其他人更長。

Adelanto has no capital requirements. It's in perfect shape and so we can open up the rest of the facilities up to -- I think approximately 1900 beds without any capital investment there. But we have other facilities like North Lake in Michigan, we have Big Springs in Texas, we have Ray James in Georgia, Rivers in North Carolina.

阿德蘭托沒有資本要求。醫院狀況完美，因此我們可以開放其餘設施——我想大約有 1900 張床位，而無需任何資本投資。但我們還有其他設施，例如密西根州的北湖、德克薩斯州的大泉、喬治亞州的雷詹姆斯、北卡羅來納州的里弗斯。

Those -- they're -- it's interesting that all of those facilities are former BOP facilities that were, that became idle because of Biden's restriction on the BOP contracting with us. But they're all high security facilities, which is very much of an interest to ICE and both Marshals because they're primarily cell facilities and I think they're in high demand at this time.

有趣的是，所有這些設施都是以前的 BOP 設施，由於拜登限制 BOP 與我們簽訂合同，這些設施都處於閒置狀態。但它們都是高度戒備的設施，這對 ICE 和兩位法警來說非常有意義，因為它們主要是牢房設施，而且我認為目前對它們的需求量很大。

Right, that makes sense, and very helpful. I guess lastly as it relates to, your commentary on the $250 million to $300 million incremental EBITDA off of the $800 million to a $1 billion in revenue, kind of over what period would we expect to see this is, when we see these rolling in post-funding like 2025 or more 2026?

對，這很有道理，而且很有幫助。我想最後，關於您對 8 億至 10 億美元收入中 2.5 億至 3 億美元增量 EBITDA 的評論，我們預計在什麼時期可以看到這一點，當我們看到這些資金在 2025 年或 2026 年左右滾動到融資後時？

Let me just jump in here and George can provide some commentary. I think we've been pretty consistent in stating that we expect the first half of 2025 to be relatively consistent with '24 and start to see the benefits of this contracting awards taking into effect in the back half of 2025.

讓我直接插話，喬治可以提供一些評論。我認為我們一直非常一致地表示，我們預計 2025 年上半年將與 24 年相對一致，並將在 2025 年下半年開始看到該合約授予生效的好處。

And as we stated before, the full benefits of reaching the full potential we expect to see in 2026. And so the benefits will start to bear fruit in the back half of '25, and then we should be with the timelines of activating facilities within 90 days and the contracting that we talked about, we think that the full operational benefits from a financial standpoint will take place in 2026.

正如我們之前所說，我們預計在 2026 年就能看到充分發揮潛力的全部好處。因此，這些好處將在 2025 年下半年開始顯現，然後我們應該按照 90 天內啟動設施的時間表以及我們談到的合同，我們認為從財務角度來看，全面運營效益將在 2026 年實現。

Brendan McCarthy, Sidoti.

布倫丹·麥卡錫，西多蒂。

Great good morning, everyone. Thanks for taking my questions. I just wanted to start off on the detention side. I know last earnings call, there was a discussion around, I think it was $400 million in incremental annualized revenue opportunity from the reactivation of 18,000 beds. But now this quarter, it sounds like that's shifted up to the $500 million to $600 million revenue opportunity from roughly 17,000 incremental beds. I just curious as to what kind of change that expectation and could we maybe see that range move higher.

大家早安。感謝您回答我的問題。我只是想從拘留方面開始談。我知道上次財報電話會議上我們進行了討論，我認為重新啟用 18,000 張床位可以帶來 4 億美元的增量年收入機會。但本季度，聽起來約 17,000 張增量床位帶來的收入機會已上升至 5 億至 6 億美元。我只是好奇這種預期會發生什麼樣的變化，我們是否可以看到這個範圍進一步擴大。

I would say that you know we continue to look at our facilities and the capacity of those facilities in our conversations with our clients and it's just a revision of our previous statements. I would say I wouldn't expect there to be significant upside from what we've just laid out, as it relates specifically to the idle facilities that we have here, so I just think it's more clarity as we've spent more time modeling, the business case opportunities.

我想說的是，你知道我們在與客戶的對話中繼續關注我們的設施及其容量，這只是對我們先前聲明的修改。我想說的是，我不會期望我們剛剛列出的內容會帶來顯著的好處，因為它與我們這裡的閒置設施具體相關，所以我認為它更加清晰，因為我們花了更多的時間來建模商業案例機會。

I would just add that you know the numbers we're talking about are numbers related to our own facilities. We are looking at other facilities that are owned by third party individuals, and there's a few of them, so none of our present numbers include those potential additional facilities.

我只想補充一點，你知道我們談論的數字是與我們自己的設施相關的數字。我們正在考慮由第三方個人擁有的其他設施，這樣的設施有很多，因此我們目前的數字都不包括那些潛在的附加設施。

Got it. Okay, that's helpful. And then more of a broad question here, but on detention versus alternatives to detention, do you kind of see the administration maxing out detention, utilization and population levels and then ramping up ATD population levels or do you think that process will be more I guess simultaneous?

知道了。好的，這很有幫助。這裡有一個更廣泛的問題，但關於拘留與拘留替代方案，您是否認為政府會最大限度地提高拘留、利用率和人口水平，然後再提高 ATD 人口水平，或者您認為這個過程會更加同步？

As far as brick-and-mortar facilities in the US that can be usable, I think it's presently about 75,000 to 80,000 beds before you possibly consider repurposing some of the idle Bureau of Prisons facilities. So if you're trying to get to 100,000, just the organic market place, it is only capable of 75,000 or 80,000 beds, I think at this time before you consider soft-sided facilities and as well as possibly repurposing and managing presently idle BOP facilities which can get you to the 100,000.

就美國可用的實體設施而言，我認為目前大約有 75,000 到 80,000 張床位，之後才可能考慮重新利用一些閒置的監獄管理局設施。因此，如果您試圖達到 100,000 個床位，那麼僅僅是有機市場，它只能容納 75,000 或 80,000 個床位，我認為在您考慮軟邊設施以及可能重新利用和管理目前閒置的 BOP 設施之前，這可以使您達到 100,000 個床位。

Great thanks. I guess just to clarify, I guess with the alternative to detention program, the ISAP contract, I guess you ultimately see, maybe a lag there with population increases, while detention ultimately takes the priority.

非常感謝。我想澄清一下，我想對於拘留計劃的替代方案，即 ISAP 合同，我想你最終會看到，隨著人口的增長，可能會出現滯後，而拘留最終會成為優先事項。

We think, the ISAP program has a separate team of individuals. They're not part of the detention team, but I think, they've heard the message and they're ready to respond appropriately in a fairly significant ramp up individuals on ISAP and I think the initial preference will be on ankle monitors for high security and allowing them to step down to lower security levels in the future but remain on ISAP as long as it takes for them to have their hearing and be cleared or allowed to stay in the US. If they're not approved to stay in the US, they would be scheduled for for deportation.

我們認為，ISAP 計劃有一個單獨的個人團隊。他們不是拘留小組的成員，但我認為，他們已經聽到了消息，並準備在 ISAP 上對個人進行相當大的提升，做出適當的反應，我認為最初的選擇是使用腳踝監視器，以實現高安全性，並允許他們在將來降低安全級別，但在他們聽證、獲准或允許留在美國之前，仍會繼續使用 ISAP。如果他們不被批准留在美國，他們將被驅逐出境。

So one of the criticisms of the ISAP program is that people have stayed on in a few months and then, they don't show up for their hearings. Well, the solution to that is continue their participation and monitoring under the ISAP program until they do go to their hearing and there is a decision on their case.

因此，對 ISAP 計畫的批評之一是，人們待了幾個月，然後就不再出席聽證會了。嗯，解決辦法就是繼續讓他們參與 ISAP 計劃並接受監督，直到他們參加聽證會並對他們的案件作出裁決。

One way or the other, either they get to stay or they have to go. That's the solution. Continue the individual's participation in the ISAP program until their deportation decision is made in the positive or in the negative.

不管怎樣，他們要嘛留下，要嘛離開。這就是解決方案。繼續讓該個人參與 ISAP 計劃，直到做出肯定或否定的驅逐決定。

Joshua Zoepfel, Noble Capital Markets.

Joshua Zoepfel，Noble Capital Markets。

Hey, good morning, I'm filling in for Joe. Hey, so obviously in your where prepared remarks, you just kind of touched on the idle facilities having some interest, are those kind of discussions really gaining any traction? Maybe, could we see idle facilities being activated in '25, maybe just early '26.

嘿，早安，我代替喬。嘿，顯然在您準備好的發言中，您只是提到了對閒置設施的一些興趣，這些討論真的有得到關注嗎？也許，我們可以看到閒置設施在 25 年，甚至 26 年初啟用。

Can you -- hey Joshua, can you repeat that again? You broke in and out.

你能——嘿約書亞，你能再說一遍嗎？你闖入又闖出。

Sure, yeah, no, you guys touched kind on the prepared marks, you guys were having some conversations with ICE and the Marshals and you know those kind of discussions really gaining any traction. Could we kind of see those idle facilities being reactivated maybe '25, early '26.

當然，是的，不，你們談到了準備好的標記，你們正在與 ICE 和法警進行一些對話，你知道這些討論確實取得了一些進展。我們是否可以看到這些閒置的設施在 2025 年或 2026 年初重新投入使用。

I think the likelihood that is that all of our idle facilities will be activated in 2025.

我認為，我們所有閒置的設施很可能在 2025 年投入使用。

Yeah, to be a little bit more specific, we think that the contracting of the additional detention beds will all take place in 2025. It doesn't mean that they'll be all fully populated by the end of 2025, but will be, all of that contracting should be done and as we said before, so that we reap the full benefits in '26 and get some of the benefits in the back half of this year.

是的，更具體一點，我們認為額外的拘留床位的承包將在 2025 年全部完成。這並不意味著到 2025 年底它們都會滿員，但正如我們之前所說，所有這些承包都應該完成，這樣我們就能在 26 年獲得全部收益，並在今年下半年獲得一些收益。

Even a longer view of the funding battles would allow I think the department to issue contracts by the end of the second quarter. Now if it takes that long to the end of the second quarter, then you need the third quarter forp activating the facilities. But I think we're hopeful. I think the administration's hopeful that the sense of awareness of how much money is available will occur early in the second quarter and to allow actual contracting to take to take place early or mid second quarter.

我認為，從更長遠的角度來看，資金之爭將允許該部門在第二季末簽發合約。現在，如果到第二季結束需要那麼長時間，那麼您就需要第三季才能啟動這些設施。但我認為我們充滿希望。我認為政府希望人們在第二季初就能意識到有多少資金可用，並允許實際簽約在第二季初或中期進行。

Okay, that's helpful. And obviously with the ICE investment you guys kind of broke out the capital expenditure services over 2025 and everything else like that. Just in terms of like the sale of the facilities first off, how close are you on any of those sales and furthermore, looking at that investment, when it's broken out, it kind of seems like it's about roughly around $21 million of the first three quarters of 2025. Is that kind of a fair assessment?

好的，這很有幫助。顯然，透過 ICE 投資，你們在 2025 年期間的資本支出服務以及其他類似事項都得到了突破。首先就設施銷售而言，您距離這些銷售的完成有多近？此外，從投資來看，當它被分解出來時，似乎在 2025 年前三個季度大約為 2,100 萬美元。這樣的評價公平嗎？

Well, his first question is, can we provide more detailed update on the sale process.

嗯，他的第一個問題是，我們能否提供有關銷售過程的更詳細的更新資訊。

Well, one of the facilities which is in the public domain is our Lawton, Oklahoma facility. It's a very large facility. Our facilities are generally the largest facilities in any state we operate in, as is the case with the Lawton facility in the state of Oklahoma. So it's a very high security facility. We've made a public request as to the purchase of the facility, an appraiser has been assigned and they're made a lot of progress in their appraisal work and we expect their assessment by next month.

嗯，其中一個屬於公共領域的設施是我們位於俄克拉荷馬州勞頓的設施。這是一個非常大的設施。我們的設施通常是我們經營所在州最大的設施，例如俄克拉荷馬州的勞頓設施。所以這是一個安全性非常高的設施。我們已經就購買該設施提出了公開請求，並已指派了一名評估師，他們的評估工作已經取得了很大進展，我們預計他們的評估將於下個月完成。

Okay, that's helpful and yeah, obviously the investment over 2025, yeah, I seemed like I calculated about $21 million over the first three quarters. I know that sounds about right to you guys.

好的，這很有幫助，是的，顯然這是 2025 年的投資，是的，我好像計算出前三個季度的投資約為 2,100 萬美元。我知道這對你們來說聽起來很正確。

It does.

確實如此。

Perfect. And then lastly you guys might have gone over this in the prepared marks, and I apologize if I missed it, but it seems like you had a pretty substantial NOI increase really for the managed only segment while you guys have pretty kind of steady revenue. Can I get a bit more color just kind of on the larger, jump is it?

完美的。最後，你們可能已經在準備好的標記中討論過這個問題了，如果我錯過了，我很抱歉，但看起來你們在僅管理的細分市場中確實實現了相當大的 NOI 增長，而你們的收入卻相當穩定。我能在更大的跳躍上得到更多的顏色嗎？

On the managed only, I think we had to make some wage increases out of our own concern for staffing levels and security of the facility in advance of actual reimbursement and additional funding from our state clients. Most of the state clients are in the middle of their legislative sessions right now. We've made a request to them for additional funding, but we haven't waited for that. We've done what we think is the right operational thing to do and increase wages to higher levels, to handle what is increasingly a higher security level of people in state facilities.

僅在管理方面，我認為我們必須在獲得實際報銷和來自國家客戶的額外資金之前，出於對人員配備水平和設施安全的考慮，對工資進行一些增加。大多數州客戶目前正處於立法會議之中。我們已經向他們提出了額外資金的請求，但我們還沒有等到。我們採取了我們認為正確的行動，將工資提高到更高的水平，以應對國家設施中人員安全級別日益提高的要求。

I think to the extent they could, they've released minimum security prisoners as much as they could. That really left medium and high security individuals that we're dealing with now and you know you have to be very careful that you have enough staffing to take care of that kind of situation. So we've moved forward in increasing staff wages given the operational challenges, but we are asking for reimbursements for additional funding from our state clients in several states.

我認為，在力所能及的範圍內，他們已經盡可能地釋放了最低安全等級的囚犯。這確實留下了我們現在要處理的中高級安全人員，你知道你必須非常小心，確保有足夠的人員來處理這種情況。因此，考慮到營運方面的挑戰，我們已經開始提高員工薪資，但我們正在要求幾個州的客戶償還額外資金。

Jordan Hymowitz, Philadelphia Financial.

喬丹海莫維茨 (Jordan Hymowitz)，費城金融公司。

Hey guys, thanks for your questions. First of all, has there been any Bureau of Prison population shifted over and or do your numbers include any shift? And if I remember correctly the peak was like 7% to 10% of the population with Bureau of Prisons in like 1914, 1915.

嘿夥計們，謝謝你們的提問。首先，監獄局的人口有沒有轉移？或者您的數字是否包括任何轉移？如果我沒記錯的話，1914 年、1915 年左右監獄局的囚犯人數最多，佔總人口的 7% 到 10%。

Well, we are not in communications with the Bureau of Prisons because a new director has not been appointed. We are awaiting that final decision and then we would be approaching them on what opportunities exist within the BOP given the probability that most of our idle, most if not all of our idle facilities will have been contracted to other agencies.

嗯，我們沒有與監獄管理局溝通，因為尚未任命新局長。我們正在等待最終決定，然後我們將與他們接洽，以了解 BOP 中存在哪些機會，因為我們的大多數閒置設施（如果不是全部的話）很可能已經承包給其他機構。

Where we think we can be helpful is if they do a consolidation play in some of their facilities, we could take over one of their facilities that they decide to empty as well as looking at their idle facilities to see if we can make a financially viable offer to rehabilitate the facility and take over the management.

我們認為我們可以提供幫助的是，如果他們對部分設施進行整合，我們可以接管他們決定清空的其中一處設施，同時查看他們閒置的設施，看看我們是否可以提出財務上可行的方案來修復該設施並接管管理。

So there are some opportunities that we're looking at, but the timing on that is a little bit further out, you know pending appointment of a new BOP director.

因此，我們正在尋找一些機會，但時機還稍遠一些，等待新 BOP 主管的任命。

But what you're saying is that for some reason there's a delay in ICE or Marshals, BOP is another option that we haven't factored into the equation at this point.

但您所說的是，由於某種原因，ICE 或 Marshals 出現了延誤，BOP 是另一個選擇，我們目前尚未將其納入考慮範圍。

Yes, but I think all of our remaining six idle facilities will be contracted as I'm hopeful by the end of the second quarter.

是的，但我認為我們剩下的六個閒置設施都將在第二季末簽訂合約。

And my second question is, I mean, everybody -- I mean, no one wants to be in jail anywhere, but at least if you're in jail in the US you have three meals a day, you have access to legal representation, as you mentioned, you have some amenities.

我的第二個問題是，我的意思是，每個人——我的意思是，沒有人願意在任何地方坐牢，但至少如果你在美國監獄裡，你每天可以吃三頓飯，你可以獲得法律代理，正如你提到的，你可以享受一些便利設施。

I mean, if God forbid you're thrown to El Salvador or some other [ecata] place, I mean, you have no representation or rights or anything, and I can't believe it's cheap to get legal representation to those places. Have you pointed that out when you think about the actual total cost per bed. It may not just be the amount charged per bed, but all the other services that are included in that in package, so to speak, and it may make the cost effectiveness of your facilities much better than an international option.

我的意思是，如果上帝不允許你被扔到薩爾瓦多或其他 [ecata] 地方，那麼你就沒有任何代表或權利或任何東西，而且我無法相信在那些地方獲得法律代表的費用是便宜的。當您考慮每張床的實際總成本時，您是否指出了這一點？它可能不僅僅是每張床位的收費金額，還包括套餐中包含的所有其他服務，並且可以使您的設施的成本效益遠遠優於國際選擇。

We have four decades of experience with ICE and Marshalls, so they know our capabilities, they know the quality of our services, and when I think about international sites, I think maybe they will be purpose for the ultimate detention of people in those or deportation venue for those people that are deported rather than where they're going to be processed.

我們與移民及海關執法局 (ICE) 和法警局有四十年的合作經驗，所以他們了解我們的能力，並了解我們服務的品質。當我想到國際拘留所時，我認為這些拘留所可能最終會被用作拘留被驅逐出境人員的場所，或者被驅逐出境人員的遣返地，而不是處理他們案件的地方。

I think logically speaking that most, if not all of the individuals will be processed within the US, but they may be deported to some other cooperative foreign country that may want to detain them rather than just releasing them within their own country. It depends on the security level of the individuals that are deported to these cooperating countries.

我認為從邏輯上講，大多數（如果不是全部）個人都會在美國境內接受處理，但他們可能會被驅逐到其他可能想要拘留他們而不是在本國釋放他們的合作國家。這取決於被驅逐到這些合作國家的個人的安全等級。

And I'm sure there's got to be a fair amount of lawsuits springing up to prevent that option from even occurring because if you're deported, you don't have that legal representation or rights to repeal that or it becomes much tougher. So I mean that may not even become an option, so to speak.

我確信會有相當多的訴訟出現，以阻止這種選擇的發生，因為如果你被驅逐出境，你就沒有法律代表或權利來廢除這種選擇，否則情況會變得更加困難。所以我的意思是，這甚至可能不會成為一種選擇。

We don't know if that's a policy decision or by the White House as well as DHS and ICE.

我們不知道這是政策決定還是白宮、國土安全部和移民及海關執法局的決定。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to George Zoley for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 George Zoley 做最後發言。

Well thank you all for joining us on this call. As you can tell by the length of the call, we've had a lot of questions because there's quite a bit going on in our company and the opportunities that we're looking at, which are completely unprecedented and we're proud to be a part in partnership with ICE and the Marshal Services and hopefully with the BOP as well, and play a significant role in the new immigration policies under this new administration. Thank you.

非常感謝大家參加這次電話會議。從通話時間可以看出，我們收到了很多問題，因為我們公司正在發生很多事情，我們正在尋找前所未有的機會，我們很榮幸能夠與 ICE 和法警局合作，並希望與 BOP 合作，在新政府的新移民政策中發揮重要作用。謝謝。

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。