Geo Group Inc (GEO) 2025 Q1 法說會逐字稿

Good day and welcome to the GEO Group first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 GEO Group 2025 年第一季財報電話會議。（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 Paez, 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 Paez。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for today's discussion of the GEO Group's first quarter 2025 earnings results. With us today are Dave Donahue, Chief Executive Officer; and Mark Suchinski, Chief Financial Officer. This morning, we will discuss our first 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.geogroup.com.

謝謝您，接線生。大家早安，感謝您參加今天關於 GEO 集團 2025 年第一季財報結果的討論。今天和我們在一起的是執行長戴夫‧多納休 (Dave Donahue)；以及財務長馬克‧蘇欽斯基 (Mark Suchinski)。今天上午，我們將討論第一季的業績以及展望。我們將以問答環節結束此通話。本次電話會議也將在我們的投資者網站 investors.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 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. These forward-looking statements are intended to fall within the safe harbor provisions of the securities laws.

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。這些前瞻性陳述旨在符合證券法的安全港條款。

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.

由於我們提交給美國證券交易委員會的文件（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 CEO, Dave Donahue. Dave?

說完這些，請允許我將這個電話轉給我們的執行長戴夫·多納休 (Dave Donahue)。戴夫？

Thank you, Pablo, and good morning everybody, and thank you for joining us on our first quarter, 2025 earnings call. Our executive Chairman, George Zoley, he's on personal leave today and will not be joining the call, but I am pleased to be joined by our CFO, Mark Suchinski, to review our first quarter financial results and operational highlights. We've had a very active first half of 2025, and we continue to make significant progress towards meeting our growth and capital allocation objectives.

謝謝你，Pablo，大家早安，謝謝你參加我們的 2025 年第一季財報電話會議。我們的執行主席喬治·佐利 (George Zoley) 今天因個人休假而無法參加電話會議，但我很高興與我們的首席財務官馬克·蘇欽斯基 (Mark Suchinski) 一起回顧我們的第一季度財務業績和運營亮點。2025 年上半年我們非常活躍，並且在實現成長和資本配置目標方面繼續取得重大進展。

As we have expressed to you previously, we believe we have an unprecedented opportunity to assist the federal government in meeting its expanded immigration enforcement priorities. And we've taken several important steps in anticipation of what we expect to be significant future growth opportunities and related operational activity during 2025.

正如我們之前向您表達的那樣，我們相信我們擁有前所未有的機會來協助聯邦政府滿足其擴大的移民執法優先事項。我們已採取多項重要舉措，以應對 2025 年預計出現的重大未來成長機會和相關營運活動。

In December of 2024, we announced the $70 million investment to strengthen our capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring services to ICE and the federal government.

2024 年 12 月，我們宣布投資 7,000 萬美元，以加強我們向 ICE 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。

Late last year, we also announced the reorganization of our corporate management structure to strengthen our operational oversight and execution in preparation for the expected growth. This reorganization, along with additional professional fees has resulted in higher quarterly overhead expenses incurred in anticipation of what we expect to be unprecedented future growth projects and operational activity.

去年年底，我們也宣布重組公司管理結構，以加強營運監督和執行，為預期的成長做好準備。此次重組以及額外的專業費用導致季度管理費用增加，因為我們預期未來將出現前所未有的成長項目和營運活動。

This morning we updated our financial guidance for 2025, which reflects the tale of two halves of the year. The first half of 2025 reflects higher overhead and operating expenses, as well as higher capital expenditures without corresponding revenues. This is to position our company for anticipated future revenue growth, which we expect to begin to layer in during the second half of 2025.

今天上午，我們更新了 2025 年的財務指導，反映了今年兩個半年的情況。2025 年上半年，管理費用和營運費用將會增加，資本支出也將增加，但收入卻沒有相應增加。這是為了使我們公司為預期的未來收入成長做好準備，我們預計收入成長將在 2025 年下半年開始實現。

Additionally, consistent with our long standing practice, our guidance does not include any new contract awards that have not been previously announced. During the first quarter of 2025, we announced several new contract awards with US Immigration and Customs Enforcement.

此外，根據我們的長期做法，我們的指導不包括任何尚未宣布的新合約授予。2025 年第一季度，我們宣布與美國移民和海關執法局簽訂了幾份新的合約。

In New Jersey, we entered into a 15 year contract to provide support services for the establishment of a federal immigration processing center at our company owned 1,000 bed Delaney Hall facility. This new contract is expected to generate in excess of $60 million of annualized revenues, with margins consistent with our company-owned secure services facilities. The Delaney Hall facility began the intake process on May 1, and we expect revenues and earnings from the new contract to normalize during the second half of 2025.

在新澤西州，我們簽訂了一份為期 15 年的合同，為在我們公司擁有的 1,000 個床位的 Delaney Hall 設施內建立聯邦移民處理中心提供支援服務。預計這份新合約將產生超過 6000 萬美元的年收入，利潤率與我們公司擁有的安全服務設施一致。德萊尼霍爾工廠於 5 月 1 日開始接收流程，我們預計新合約的收入和收益將在 2025 年下半年恢復正常。

In Michigan, we entered into a letter contract with ICE for the phased activation of a federal immigration processing center at our company owned 1,800 bed Northlake facility. We're in the process of negotiating a multi-year contract with ICE, which we expect to be finalized in the next several weeks, with the facility activation expected during the third quarter of 2025. We expect this new contract to generate an excess of $70 million in annualized revenues, with margins consistent with our company-owned secure services facilities.

在密西根州，我們與 ICE 簽訂了一份書面合同，將在我們公司擁有的 1,800 個床位的 Northlake 設施分階段啟動聯邦移民處理中心。我們正在與 ICE 協商一份多年期合同，預計該合約將在未來幾週內完成，該設施預計將於 2025 年第三季投入使用。我們預計這份新合約將產生超過 7000 萬美元的年收入，利潤率與我們公司擁有的安全服務設施一致。

In Texas, we had announced a contract modification for our company owned 1,328 bed Karnes ICE Center to transition the facility from housing single adults to housing mixed populations. Subsequently, ICE decided to continue to house single adults in the Karnes ICE Center based on the assessment of the agency's current needs.

在德克薩斯州，我們宣布了一項合約修改，將我們公司擁有的 1,328 個床位的卡恩斯 ICE 中心從容納單身成年人轉變為容納混合人群。隨後，ICE 根據對該機構當前需求的評估，決定繼續在卡恩斯 ICE 中心安置單身成年人。

The activation of the Delaney Hall and Northlake facilities will increase our total capacity under contract with ICE from approximately 20,000 beds to approximately 23,000 beds. Utilization at our facilities under contract with ICE is currently at approximately 16,000 beds, which is the highest level of utilization in over five years, while we estimate the ICE detention levels are currently at about 48,000 beds nationwide.

德萊尼大廳和諾斯萊克設施的啟用將使我們與 ICE 簽訂合約的總容量從約 20,000 張床位增加到約 23,000 張床位。目前，我們與 ICE 簽訂合約的設施的使用率約為 16,000 張床位，這是五年來的最高使用率，而我們估計，目前全國範圍內 ICE 拘留床位的使用率約為 48,000 張。

In addition, we have around 3,000 beds available to facilities currently under contract with the US Marshal Service. We also have roughly 6,500 beds at idle facilities, which have not received the contract award yet, and for which we are currently in active discussions with both ICE and the Marshal Service regarding their interests in these facilities.

此外，我們也為目前與美國法警局簽約的機構提供約 3,000 張床位。我們還在閒置設施中擁有大約 6,500 張床位，這些設施尚未獲得合約授予，我們目前正在與 ICE 和法警局就他們在這些設施中的權益進行積極討論。

We continue to be very encouraged by the pace of these discussions and anticipate additional contract awards to be announced during the second quarter of 2025 for likely activation in the second half of the year. ICE recently issued a $45 billion procurement for detention beds and related services as a strategic sourcing vehicle to contract for additional detention bed space nationwide.

我們對這些討論的進展感到非常鼓舞，並預計將在 2025 年第二季宣布更多合約授予，並可能在下半年啟動。ICE 最近發布了一項價值 450 億美元的拘留床位及相關服務採購計劃，作為在全國範圍內簽訂額外拘留床位空間合約的策略採購工具。

And the Marshal Service has issued sources sault notices to contract for additional bed space in Texas and North Carolina, where we currently have available idle facilities. As we have previously articulated, we estimate that the utilization of our available idle and underutilized beds could generate between $500 million and $600 million in annualized revenues, with margins consistent with our secure services owned facilities, which average 25% to 30%.

法警局已向消息人士發出通知，要求在德克薩斯州和北卡羅來納州簽訂合約以增加床位，目前這兩個地方有閒置的床位設施。正如我們先前所闡述的，我們估計，利用我們可用的閒置和未充分利用的床位可以產生 5 億至 6 億美元的年收入，利潤率與我們的安全服務自有設施一致，平均為 25% 至 30%。

To date, the Delaney Hall and Northlake contract announcements represent an excess of $130 million of this annualized revenue potential. However, these facilities are expected to generate only partial revenue and earnings contribution in 2025 due to the timing of these facility activations.

迄今為止，Delaney Hall 和 Northlake 合約公告代表著超過 1.3 億美元的年收入潛力。然而，由於這些設施的啟動時間，預計到 2025 年這些設施僅會產生部分收入和收益貢獻。

As a reminder, once the contract has been awarded, our typical facility activation period is 60 to 90 days to hire, train, and clear staff, and to get the facility ready for occupancy, followed by a gradual ramp up and utilization. As we have previously discussed before the passage of the Lake and Riley Act, the Trump administration had indicated the need to ramp up to 100,000 total ICE detention beds for increased interior enforcement operations.

提醒一下，一旦合約授予，我們通常需要 60 到 90 天的設施啟動期來僱用、培訓和清理員工，並讓設施做好入住準備，然後逐步提升和利用。正如我們在《萊克和萊利法案》通過之前所討論的那樣，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。

Based on public statements from ICE, the implementation of the Lake and Riley Act could require an incremental 60,000 ICE detention beds or more. We continue to believe that an increase to between 100,000 and 160,000 total detention beds will require a range of solutions for the detention and processing of migrants in the United States.

根據 ICE 的公開聲明，《萊克和萊利法案》的實施可能需要增加 60,000 張或更多的 ICE 拘留床位。我們仍然認為，要將拘留床位總數增加到 10 萬至 16 萬張，就需要美國採取一系列針對移民拘留和處理的解決方案。

We have a 40 year record of providing special purpose facilities that meet the unique operational needs and requirements set by ICE at a cost savings to taxpayers when compared to publicly operated facilities and to alternative solutions like soft-sided facilities.

我們擁有 40 年提供特殊用途設施的記錄，這些設施滿足 ICE 設定的獨特營運需求和要求，與公共營運設施和軟邊設施等替代解決方案相比，可以為納稅人節省成本。

In addition to our current inventory of vital facilities, we are exploring additional options, including the potential purchase, leasing, or operation of third party owned facilities and the potential repurposing of some of our current state facilities.

除了我們目前的重要設施庫存外，我們還在探索其他選擇，包括潛在購買、租賃或經營第三方擁有的設施，以及潛在重新利用我們現有的一些州設施。

With respect to the latter option, we have two state correctional facilities totaling approximately 3,600 combined beds, which could be repurposed for use by the federal government. We were initially pursuing the potential sale of both of these facilities. However, after discussions with the leadership of these two states, we are currently moving forward with the potential sale of one of these facilities while repurposing the other facility.

對於後者選擇，我們有兩個州立懲教設施，總共約有 3,600 張床位，可以重新供聯邦政府使用。我們最初尋求的是出售這兩個設施的可能性。然而，在與這兩個州的領導層進行討論之後，我們目前正在推進出售其中一個設施的可能性，同時重新利用另一個設施。

In New Mexico, we are working with the New Mexico Corrections Department to depopulate our company owned 1,200 bed Lee County facility by the end of the year. We've already begun marketing this facility to both ICE and the US Marshal Service. As has been publicly disclosed in the media, in Oklahoma, we are in advanced discussions with the Oklahoma Department of Corrections for the potential sale of our company-owned 2,400 bed Lawton Correctional Facility for $312 million with financial closing targeted for this July, subject to legislative and executive approval.

在新墨西哥州，我們正在與新墨西哥州懲教部門合作，計劃在今年年底前減少我們公司擁有的 1,200 個床位的李縣懲教所的囚犯數量。我們已經開始向美國移民及海關執法局 (ICE) 和美國法警局推銷這項設施。正如媒體公開披露的那樣，在俄克拉荷馬州，我們正在與俄克拉荷馬州懲教署進行深入討論，以 3.12 億美元的價格出售我們公司擁有的 2,400 個床位的勞頓懲教所，併計劃於今年 7 月完成財務結算，但需獲得立法和行政部門的批准。

We've also made a significant investment commitment in our electronic monitoring and supervision services segment to ramp up for the production of GPS tracking devices for use under the intensive supervision appearance Program, or ISAP. ISAP participant counts averaged approximately 186,000 during the first quarter of 2025. While ISAP counts declined below 184,000 in April, they have recently begun to increase and are currently above the 185,000 participants.

我們也對電子監控和監督服務部門做出了重大投資承諾，以加強生產用於強化監督出庭計畫 (ISAP) 的 GPS 追蹤設備的力度。2025 年第一季度，ISAP 參與者人數平均約為 186,000 人。雖然 4 月 ISAP 的人數下降到 184,000 以下，但最近已經開始增加，目前已超過 185,000 名參與者。

As we have previously noted in late 2022, the ISAP contract utilization peaked at approximately 370,000, or twice the number of participants currently in the program. We estimate that returning to that utilization level could generate an incremental $250 million in annualized revenues based on the current mix of the program.

正如我們之前所指出的，在 2022 年底，ISAP 合約的使用率達到峰值，約為 370,000，是目前該計劃參與者數量的兩倍。我們估計，根據該計劃的當前組合，恢復到該利用率水準可以產生 2.5 億美元的年度收入增量。

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.

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, ISAP has achieved high compliance rates with immigration court requirements while monitoring a relatively small portion of the estimated 7 million to 8 million undocumented aliens who are on the non-detained docket. In addition to another 9.5 million to 10 million people who are also estimated to be in the United States without legal status.

在我們 20 年的任期內，ISAP 一直高度遵守移民法庭的要求，同時監控的只是非拘留名單上約 700 萬至 800 萬無證外國人中的一小部分。此外，據估計還有 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 and the Lake and Riley Act will require an increase in GPS tracking for individuals on the non-detained docket.

考慮到這一人口規模，我們認為，除了增加拘留能力外，聯邦移民法和《萊克和萊利法案》的要求還將要求增加對非拘留名單上個人的 GPS 追蹤。

With the investment commitment we have made, we believe we have the necessary resources to significantly and quickly scale up the current utilization of the ISAP contract, and we believe that the agency's focus remains on increasing the size of the population that is currently monitored under ISAP.

憑藉我們所做的投資承諾，我們相信我們擁有必要的資源來大幅、快速地擴大 ISAP 合約的當前利用率，並且我們相信該機構的重點仍然是增加目前受 ISAP 監測的人口規模。

The existing ISAP contract is scheduled to expire July 31, 2025, which we do not believe provides adequate time for competitive rebid of the contract, and thus we are expecting a one or two year extension allowing for an orderly transition to a larger and more focused program. We are also investing in the expansion of our secure services transportation fleet.

現有的 ISAP 合約計劃於 2025 年 7 月 31 日到期，我們認為沒有足夠的時間進行合約的競爭性重新招標，因此我們預計合約將延長一到兩年，以便有序過渡到更大、更有針對性的計劃。我們也正在投資擴大我們的安全服務運輸車隊。

As we have previously discussed, we expect an increase in the number of removal flights could generate an incremental $40 million to $50 million in annualized revenues under our existing ICE air support services subcontract. On a combined basis, we estimate that the upside potential from all of these opportunities could represent as much as $800 million to $1 billion in annualized revenues, which could add as much as $250 million to $300 million and annualized adjusted EBITDA.

正如我們之前所討論的，我們預計，根據我們現有的 ICE 空中支援服務分包合同，增加撤僑航班數量可以帶來 4000 萬至 5000 萬美元的年收入。綜合起來，我們估計所有這些機會的上行潛力可能意味著年化收入高達 8 億至 10 億美元，這可能會增加 2.5 億至 3 億美元的年化調整後 EBITDA。

To date we have announced new contracts totaling in excess of $130 million of this potential growth. We expect these opportunities to be supported by the expected continued ramp up in interior enforcement by ICE, contingent on future funding availability either through additional appropriated or reprogrammed funds. The budget reconciliation process in Congress remains a key element for the future funding availability for ICE.

到目前為止，我們已經宣布了總額超過 1.3 億美元的新合同，這反映了這一潛在增長。我們預計，隨著 ICE 內部執法力度的持續加大，這些機會將得到支持，但前提是未來能夠透過額外撥款或重新安排資金來獲得資金。國會的預算協調程序仍然是 ICE 未來資金可用性的關鍵因素。

The US Senate and the US House of Representatives have agreed on a budget framework and are currently considering a budget reconciliation bill that is expected to provide a significant funding increase for border security and immigration enforcement. The US House of Representatives is aiming to complete the budget reconciliation process by Memorial Day, while the US Senate is aiming to complete it by the July 4.

美國參議院和眾議院已就預算框架達成一致，目前正在審議一項預算協調法案，預計將為邊境安全和移民執法提供大幅資金增加。美國眾議院計劃在陣亡將士紀念日之前完成預算協調程序，而美國參議院計劃在 7 月 4 日之前完成。

Regarding our capital structure, we continue to make significant progress in our efforts to reduce debt, deleverage our balance sheet, and evaluate potential capital returns in the future. We ended the first quarter of 2025 with approximately $1.68 billion in total net debt. For the full year 2025, we expect to reduce net debt by approximately $150 million to $175 million bringing total net debt to approximately $1.54 billion and total net leverage to approximately 3.3 times adjusted EBITDA.

關於我們的資本結構，我們在減少債務、去槓桿化資產負債表和評估未來潛在資本回報方面繼續取得重大進展。截至 2025 年第一季度，我們的淨債務總額約為 16.8 億美元。到 2025 年全年，我們預計淨債務將減少約 1.5 億美元至 1.75 億美元，使總淨債務達到約 15.4 億美元，總淨槓桿率達到調整後 EBITDA 的約 3.3 倍。

Finally, before I turn the call over to Mark, I would like to briefly review the quarterly operational highlights for our GEO Secure Services and GEO Care business units.

最後，在我將電話轉給馬克之前，我想簡要回顧一下我們的 GEO Secure Services 和 GEO Care 業務部門的季度營運亮點。

During the first quarter of 2025, our Secure Services facilities successfully underwent a total of 57 audits, including internal audits, government reviews, third party accreditations, and Prison Rape Elimination Act, or PREA certifications. Six of our Secure Services facilities received accreditation from the American Correctional Association with an average score of 99.6%, and another three facilities received PREA certifications.

2025 年第一季度，我們的安全服務設施成功接受了總共 57 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。我們的六個安全服務設施獲得了美國懲教協會的認證，平均得分為 99.6%，另有三個設施獲得了 PREA 認證。

Our GTI transportation division and our GEOAmey UK joint venture completed approximately 2.3 million miles driven in the United States and the UK during the first quarter. Moving to the quarterly operational milestones for GEO Care.

我們的 GTI 運輸部門和 GEOAmey UK 合資企業第一季在美國和英國完成了約 230 萬英里的行駛。轉向 GEO Care 的季度營運里程碑。

During the first quarter of 2025, we renewed five residential re-entry center contracts, including three contracts with the Federal Bureau of Prisons. Additionally, we renewed 10 non-residential day reporting center contracts. Our residential re-entry centers, non-residential day reporting centers, and ISAP offices successfully underwent a combined total of 81 audits, including internal audits, government reviews, third party accreditations, and Prison Rape Elimination Act, or PREA certifications during the first quarter.

2025 年第一季度，我們續簽了五份住院重返社會中心合同，其中包括與聯邦監獄局簽訂的三份合約。此外，我們還續簽了 10 份非住宿日間報告中心合約。第一季度，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 81 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 (PREA) 認證。

Two of our residential re-entry centers received accreditation from the American Correctional Association with an average accreditation score of 99.8%, and two residential re-entry centers received free recertifications.

我們的兩家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 99.8%，另外兩家住院重返社會中心獲得了免費重新認證。

Moving to our enhanced rehabilitation programs during the first quarter of 2025, we completed approximately 700,000 hours of enhanced in custody rehabilitation programming. Our academic programs awarded 575 high school equivalency diplomas, and our vocational courses awarded more than 1,600 vocational training certifications.

在 2025 年第一季轉向強化復健計畫後，我們完成了約 70 萬小時的密集羈押復健計畫。我們的學術課程頒發了 575 個高中同等學歷文憑，我們的職業課程頒發了 1,600 多個職業培訓證書。

Our substance abuse treatment programs awarded over 900 program completions, and those in our care achieved close to 2,600 behavioral treatment program completions, and close to 4,800 individual cognitive behavioral treatment sessions.

我們的藥物濫用治療項目已完成超過 900 個項目，我們護理的患者完成了近 2,600 個行為治療項目，並完成了近 4,800 個個人認知行為治療課程。

During the first quarter of 2025, we also allocated more than $300,000 towards post-release services. This funding supported approximately 1,900 individuals released from GEO service facilities as they returned to their communities. We believe that our award-winning continuum of care program provides a proven model for how the 2 million-plus people in the United States criminal justice system can be better served in changing their lives.

2025 年第一季度，我們也撥款 30 多萬美元用於釋放後服務。這筆資金支持了大約 1,900 名從 GEO 服務設施獲釋的人員返回社區。我們相信，我們屢獲殊榮的持續照護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。

I'll now turn the call over to our CFO Mark Suchinski. Mark?

現在我將把電話轉給我們的財務長馬克·蘇欽斯基。標記？

Thank you, Dave, and good morning everyone. For the first quarter of 2025, we reported net income attributable to GEO of approximately $19.6 million or $0.14 per loaded share on quarterly revenues of approximately $605 million. This compares the net income attributable to GEO of approximately $22.7 million or $0.14 per diluted share in the first quarter of 2024 on revenues of approximately $606 million.

謝謝你，戴夫，大家早安。2025 年第一季度，我們報告歸屬於 GEO 的淨收入約為 1,960 萬美元，即每股收益 0.14 美元，季度營收約 6.05 億美元。相較之下，2024 年第一季度，GEO 的淨收入約為 2,270 萬美元，即每股攤薄收益 0.14 美元，營收約 6.06 億美元。

Adjusted EBITDA for the first quarter of 2025 was approximately $100 million compared to approximately $118 million for the prior year's first quarter. Our first quarter revenue and adjusted EBITDA were in line with our internal expectations.

2025 年第一季的調整後 EBITDA 約為 1 億美元，而去年同期第一季約為 1.18 億美元。我們第一季的營收和調整後的 EBITDA 符合我們的內部預期。

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 first quarter. Combined quarterly revenues from our owned and leased re-entry centers, managed only facilities, and non-residential service contracts were largely unchanged compared to the prior year's first 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，與去年同期第一季相比下降了約 10%。我們自有和租賃的再入境中心、僅管理的設施以及非住宅服務合約的綜合季度收入與去年同期相比基本沒有變化。

Now let's turn to our operating expenses. During the first quarter of 2025, our operating expenses increased by approximately 3% compared to the prior year's first quarter. The increase in our operating expenses reflect higher labor costs in our secure services segment in part due to additional staffing and training costs, as we continue to incur these in preparation for expected future growth.

現在讓我們來談談我們的營運費用。2025 年第一季度，我們的營運費用與去年同期第一季相比增加了約 3%。我們的營運費用的增加反映了我們安全服務部門的勞動力成本的增加，部分原因是額外的人員配備和培訓成本，因為我們繼續承擔這些成本以準備預期的未來成長。

Our general and administrative expenses for the first quarter of 2025 increased by approximately 9% from the prior year's first quarter. In part due to recent reorganization of our senior management team and additional associated professional fees, which we incurred during the first quarter of 2025 in preparation for expected future growth as well as higher employee-related benefit costs.

我們 2025 年第一季的一般及行政開支較去年同期第一季增加約 9%。部分原因是我們最近重組了高階管理團隊並產生了額外的相關專業費用，這些費用是我們在 2025 年第一季度為應對預期的未來成長以及更高的員工相關福利成本而產生的。

Compared to the fourth quarter of 2024, our first quarter of 2025 results also reflect approximately $6 million in higher payroll related taxes, which are front loaded in the first quarter of each year. Our first quarter of 2025 results reflect a year-over-year decrease in net interest expense of approximately $8 million as a result of our debt reduction and refinancing efforts taken over the last year.

與 2024 年第四季相比，我們 2025 年第一季的業績也反映出與薪資相關的稅款增加了約 600 萬美元，這些稅款在每年第一季預付。我們的 2025 年第一季業績反映，由於我們去年採取的債務削減和再融資措施，淨利息支出年減約 800 萬美元。

Our effective tax rate for the first quarter of 2025 was approximately 9%. Income taxes for the first quarter of 2025 were lower than expected as a result of the increased value of equity awards, which vested during the quarter.

我們 2025 年第一季的有效稅率約為 9%。2025 年第一季的所得稅低於預期，原因是本季歸屬的股權獎勵價值增加。

Now let's move to our updated financial guidance for 2025. As previously noted, our financial guidance for 2025 reflects a tale of two halves of the year. The first half of 2025 reflects higher overhead and operating expenses, as well as higher capital expenditures to position our company for anticipated future revenue growth without the corresponding revenues, with growth beginning to layer in during the second half of 2025.

現在讓我們來看看 2025 年的最新財務指引。如前所述，我們對 2025 年的財務指導反映了這一年的兩個半程的情況。2025 年上半年反映了更高的管理費用和營運費用，以及更高的資本支出，以使我們公司在沒有相應收入的情況下實現預期的未來收入成長，而成長將在 2025 年下半年開始分層。

Also importantly, consistent with our long-standing practice, our guidance does not include any new contract awards that have not been previously announced. For the full year 2025, we expect net income attributable to GEO to be in the range of $0.77 to $0.89 per diluted share on revenues of approximately $2.53 billion and based on an effective tax rate of approximately 27% inclusive of known discrete tax items. We expect our full year 2025 adjusted EBITDA to be between $465 million and $490 million.

同樣重要的是，根據我們的長期做法，我們的指導不包括任何尚未宣布的新合約授予。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 0.77 美元至 0.89 美元之間，營收約為 25.3 億美元，基於約 27% 的有效稅率（包括已知的單獨稅項）。我們預計 2025 年全年調整後 EBITDA 將在 4.65 億美元至 4.9 億美元之間。

For the second quarter of 2025, we expect net income attributable to GEO to be in the range of $0.15 to $0.17 per diluted share on quarterly revenues of $615 million to $625 million. We expect the second quarter of 2025 adjusted EBITDA to be between $110 million and $114 million.

對於 2025 年第二季度，我們預計歸屬於 GEO 的淨收入將在每股攤薄收益 0.15 美元至 0.17 美元之間，季度營收將在 6.15 億美元至 6.25 億美元之間。我們預計 2025 年第二季調整後的 EBITDA 將在 1.1 億美元至 1.14 億美元之間。

Our guidance does not include any assumption for new contract awards that have not been previously announced, nor any material census growth at either existing facilities or the ISAP contracts. However, we anticipate that several upside opportunities could materialize during the year, including additional contract awards, which we expect to be announced in the second quarter of 2025.

我們的指導不包括任何尚未宣布的新合約授予的假設，也不包括現有設施或 ISAP 合約的任何實質人口增長。然而，我們預計今年可能會出現一些上行機會，包括額外的合約授予，我們預計將在 2025 年第二季公佈。

As we progress through the year and these growth opportunities materialize, we will continue to adjust our financial guidance accordingly. As a reminder, as contract awards are announced and we begin to reactivate idle facilities, we would expect to incur startup expenses during the initial 60 to 90 day activation period.

隨著一年的進展和這些成長機會的實現，我們將繼續相應地調整我們的財務指導。提醒一下，隨著合約授予的宣布以及我們開始重新啟動閒置設施，我們預計在最初的 60 到 90 天的啟動期內會產生啟動費用。

Startup expenses for any facility activations not previously announced are not included currently in our guidance. We expect total capital expenditures for the full year of 2025 to be between $120 million and $135 million including the impact of the $70 million investment we announced in December to expand our ICE service capabilities.

目前，我們的指導中不包括任何尚未公佈的設施啟動費用。我們預計 2025 年全年總資本支出將在 1.2 億美元至 1.35 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，用於擴展我們的 ICE 服務能力。

Moving to our capital structure. We ended the first quarter of 2025 with total net debt of approximately $1.68 billion, $65 million in cash on hand and approximately $235 million in total available liquidity. As of the first quarter of 2025, fixed rate debt represents approximately 77% of our total indebtedness, which meaningfully insulates GEO from potential interest rate volatility.

轉向我們的資本結構。截至 2025 年第一季度，我們的淨債務總額約為 16.8 億美元，現金總額約為 6,500 萬美元，可用流動資金總額約為 2.35 億美元。截至 2025 年第一季度，固定利率債務約占我們總債務的 77%，這在很大程度上使 GEO 免受潛在利率波動的影響。

In April of 2025, we were pleased to have Fitch initiate ratings on GEO. With a B plus issuer rating. A BB plus rating on our secured debt. A BB minus rating on our unsecured debt and a stable outlook. We have no substantial debt maturities due before April of 2029, which continues to give our company significant runway to grow our business and focus on reducing our debt and eventually be able to return capital to shareholders.

2025 年 4 月，我們很高興惠譽對 GEO 開始評級。發行人評等為 B+。我們的擔保債務評級為 BB 加。我們的無擔保債務評級為 BB 減，前景穩定。我們沒有在 2029 年 4 月之前到期的大量債務，這為我們公司繼續發展業務、專注於減少債務並最終能夠向股東返還資本提供了重要的空間。

Based on our current 2025 guidance, we expect to reduce our net debt by between $150 million and $175 million this year, bringing our total net debt to approximately $1.54 billion by the end of the year. Our debt reduction could be augmented by the sale of one of our state correctional facilities in Oklahoma, which we estimate could generate gross proceeds of approximately $312 million.

根據我們目前的 2025 年指導方針，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 15.4 億美元。我們可以透過出售位於俄克拉荷馬州的州立懲教設施來進一步減少債務，我們估計這可以產生約 3.12 億美元的總收益。

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

除了分配資本用於減少債務之外，還要支持我們的資本成長需求。我們的目標仍然是探索未來向股東返還資本的選擇。

At this time, I'd like to turn the call back to Dave for closing remarks. Dave?

現在，我想把電話轉回給戴夫，請他做最後發言。戴夫？

Thank you, Mark. We are pleased with the progress we've made towards meeting our growth and capital allocation objectives. The additional time we've spent with our federal partners have positioned us very well for the remainder of 2025.

謝謝你，馬克。我們對在實現成長和資本配置目標方面取得的進展感到滿意。我們與聯邦合作夥伴一起度過的額外時間為我們在 2025 年剩餘時間裡做好了充分準備。

During the first quarter of 2025, we announced two important contract awards for the reactivation of two company-owned facilities, totaling 2,800 beds and representing in excess of $130 million in annualized revenues. We believe we have an unprecedented opportunity to assist the federal government in meeting its expanded immigration enforcement priorities.

2025 年第一季度，我們宣布了兩項重要合約授予，用於重新啟用兩家公司自有設施，總計 2,800 張床位，年收入超過 1.3 億美元。我們相信，我們擁有前所未有的機會來協助聯邦政府滿足其擴大的移民執法優先事項。

We have taken several important steps to be prepared to meet that opportunity, and we are very well positioned. We have made a significant investment commitment of $70 million 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，並且已做好充分準備。我們承諾投資 7,000 萬美元，以加強我們向 ICE 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 operational execution of this expected future growth. As a result of these steps, our guidance for 2025 reflects a tale of two halves of the year. The first half of the year is expected to be impacted by higher overhead and operating expenses, as well as increased capital expenditures to position our company for future growth, which is expected to begin to layer in during the second half of 2025 and normalize in 2026.

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。透過採取這些措施，我們對 2025 年的指導反映了這一年的兩個半程的故事。預計上半年將受到更高的管理費用和營運費用以及增加的資本支出的影響，為公司未來的成長做好準備，預計這將在 2025 年下半年開始顯現，並在 2026 年恢復正常。

GEO is the single largest contractor to ICE with four decades of partnership and are currently, we provide approximately 40% of the detention beds to ICE. We believe we are well positioned to significantly scale up our secure residential care housing price from the current 16,000 utilized beds.

GEO 是 ICE 最大的承包商，雙方已合作四十年，目前我們為 ICE 提供約 40% 的拘留床位。我們相信，我們有能力大幅提高安全住宅護理住房的價格，目前已使用 16,000 張床位。

In GEO's 100% management of the ISAP program, we believe we can quickly scale up from the present 185,000 participants to several hundreds of thousands or even millions of participants that called upon. GEO's contractual partnership with CSI Aviation has allowed us to become the largest provider of secure transportation services for ICE.

在GEO對ISAP計畫的100%管理下，我們相信我們可以迅速從目前的185,000名參與者擴大到數十萬甚至數百萬的參與者。GEO 與 CSI Aviation 的合約夥伴關係使我們成為 ICE 最大的安全運輸服務提供者。

We believe we can scale up materially for domestic and international travel for 500,000 individuals or more if called upon. This is a unique moment in our company's history, and we believe we are well positioned to meet this unprecedented opportunity and to continue to enhance value for our shareholders.

我們相信，如果需要的話，我們可以大幅擴大國內和國際旅行規模，以滿足 50 萬或更多人的需要。這是我們公司歷史上的一個獨特時刻，我們相信我們已準備好迎接這一前所未有的機遇，並繼續為股東創造價值。

With that, this completes our remarks, and we will be glad to handle any questions. Thank you.

我們的演講到此結束，我們很樂意解答您的任何問題。謝謝。

(Operator Instructions)

（操作員指示）

Joe Gomes, Noble Capital.

喬·戈麥斯 (Joe Gomes)，Noble Capital 的創始人。

Good morning. Thanks for taking my questions.

早安.感謝您回答我的問題。

Good morning, Joe.

早安，喬。

So wanted to start off, I'm looking in the supplement presentation, and you noted that during the quarter or the electronic monitoring segment during the quarter revenues were down 10.5% year-over-year but then operating income fell almost 20%, and I was just wondering what was behind that bigger than fall in the revenues were.

首先，我正在查看補充介紹，您指出本季度或電子監控部門的收入同比下降了 10.5%，但營業收入卻下降了近 20%，我只是想知道這背後的原因是什麼，而不是收入的下降幅度。

Yeah, Joe, I can address that. When we compare electronic monitoring, revenues and profitability first quarter of this year compared to last year, it's a bit of -- as you just indicated, the ISAP counts were down, but the bigger impact on the profitability was a makeshift, when we think about the products that we offer, we saw a larger reduction in the phones, as part of the program the first quarter of this year compared to last year. So it's really -- it's a mixed shift away from phones, and more to GPS monitoring devices which puts a little bit of pressure on the margins.

是的，喬，我可以解決這個問題。當我們將今年第一季的電子監控、收入和盈利能力與去年進行比較時，情況有點——正如您剛才指出的，ISAP 數量有所下降，但對盈利能力的更大影響是暫時的，當我們考慮我們提供的產品時，我們發現作為該計劃的一部分，今年第一季度的手機數量與去年相比有較大減少。所以這實際上是一種從手機轉向 GPS 監控設備的混合轉變，這給利潤率帶來了一點壓力。

Okay, thanks for that. And then you guys mentioned the house funding bill in reconciliation talking about, adding $45 billion for ICE detention. They talk about adding a significant amount of money also for transportation, but one of the things at least in the articles that I have read, nothing really mentioned on ATD now it was that included in that $45 billion or is there something else going on there with the funding bills -- potential funding bills?

好的，謝謝。然後你們提到了眾議院在和解中談到的撥款法案，增加了 450 億美元用於 ICE 拘留。他們談到為交通增加大量資金，但至少在我讀過的文章中，ATD 上沒有真正提到這一點，這是否包括在 450 億美元中，或者在撥款法案中還有其他內容——潛在的撥款法案？

Well, Joe, this is Dave. Let me speak to that. The funding activity right now, as you identified, I think Homeland Security and Immigration Customs Enforcement are obviously focusing on interior enforcement and detention is a priority. So we've seen as a result of the agency's efforts to secure the border at the southern side of our country, that the detention focus has become the reality.

嗯，喬，這是戴夫。讓我來談談這一點。正如您所說，目前的資助活動，我認為國土安全部和移民海關執法局顯然將重點放在內部執法上，而拘留是優先事項。因此，我們看到，隨著該機構努力確保我國南部邊境安全，拘留重點已成為現實。

And so we spend additional time with our clients working through our facilities so they have a better understanding to maximize the available detention space in the country. As the interior enforcement matures and the detention space is utilized, the non-detained docket is very robust as you know and the alternative to detention and specifically ISAP is the valuable solution that provides accountability for the immigration population as they're moving through their judicial reviews.

因此，我們花費更多時間與客戶一起了解我們的設施，以便他們更好地了解如何最大限度地利用該國可用的拘留空間。隨著內部執法的成熟和拘留空間的利用，非拘留案件卷宗將變得非常強大，正如你所知，拘留的替代方案，特別是 ISAP，是一種有價值的解決方案，它為正在接受司法審查的移民人口提供問責制。

So again, we have a high degree of confidence that as the budget process unfolds as that becomes clear, you'll see greater utilization on the electronic monitoring side to enhance the detention availability.

因此，我們再次高度相信，隨著預算過程的展開和明朗化，您將看到電子監控方面的利用率更大提高，從而提高拘留的可用性。

And Joe, I would just add, I think that, as the funding bill matures, I think more specifics and details will merge around the ICE needs and where those funds will be allocated. So I think we just need to wait and let the process in Congress work out and I think all of that will become more clear to all of us.

喬，我想補充一點，我認為，隨著撥款法案的成熟，圍繞 ICE 的需求以及這些資金的分配，將會有更多具體細節。所以我認為我們只需要等待國會的進程，我認為這一切對我們所有人來說都會變得更加清晰。

Okay. And then you guys mentioned, ICE detainees and obviously working with the ICE numbers which are delayed. I think the most recent one I saw was from early April, the number of detainees, has significantly increased from the beginning of the government fiscal year from, call it, 38,000-ish to, 48,000-ish, but. It's been relatively flat the last couple of months, and I don't know if that's your guys' thoughts that's just due to funding and there are other things going on there and how does that kind of play into your expectations that the likelihood that all of your idle facilities would be reactivated this year.

好的。然後你們提到了 ICE 被拘留者，顯然正在處理延遲的 ICE 號碼。我認為我看到的最近一次數據是從 4 月初開始的，被拘留者的數量從政府財政年度開始大幅增加，從 38,000 人左右增加到 48,000 人左右。過去幾個月一直比較平穩，我不知道你們是否認為這只是因為資金問題，還有其他因素在起作用，這與你們的預期有何關係，即今年所有閒置設施都可能重新啟用。

So relative to the budget conversation, as Mark said, Joe, I think that what you're seeing right now is the agency being supported by the congressional initiatives to really meet their mission. And the transition from 2024 to 2025, the agency's objectives have significantly changed and the executive office obviously has provided greater clarity on the expectations for interior enforcement.

因此，關於預算討論，正如馬克所說，喬，我認為你現在看到的是該機構得到了國會倡議的支持，以真正完成他們的使命。從 2024 年到 2025 年的過渡期間，該機構的目標發生了重大變化，行政辦公室顯然對內部執法的期望提供了更清晰的說明。

So we're very impressed with ICE's focus, with their due diligence associated with how they're going to handle this mission, and we do believe that as the funding streams become defined, we are very well positioned to help them meet their mission, and we're excited about the second half of the year because of that.

因此，我們對 ICE 的專注力以及他們在處理這項任務時所表現出的盡職調查印象深刻，我們也相信，隨著資金流的明確，我們完全有能力幫助他們完成他們的任務，因此，我們對今年下半年的情況感到興奮。

And I think the -- I would add that they were rapidly increased the number of people detained. And so they're using up very quickly, the amount of space that they have. And so when you think about the back half of the year, our Delaney contract and the Northlake contract that will help them increase the number of detainees. So it's a budget, but I also think as they're letting these contracts and increasing the capacity, you'll start to see those go up. It just very quickly they used the capacity that they had on contract and now they're going to have to open up new contracts to expand that capacity.

我想補充的是，被拘留的人數正在迅速增加。因此，它們很快就用完了所擁有的空間。因此，當您想到今年下半年時，我們的 Delaney 合約和 Northlake 合約將幫助他們增加被拘留者的數量。所以這是一個預算，但我還認為，隨著他們簽訂這些合約並增加產能，你會開始看到這些預算上升。他們很快就用完了合約上的產能，現在他們必須簽訂新合約來擴大產能。

Okay. Thanks for that. One last one for me -- pardon me, given what we discussed today about the selling the one, potentially selling the one state facility and repurposing another state facility, for ICE uses, recently and I think in the last week or so Alabama put out RFI, I think about interest for people building a new facility, for them.

好的。謝謝。我還有最後一個問題——請原諒，鑑於我們今天討論的關於出售一個州立設施，可能出售一個州立設施，並將另一個州立設施重新用於 ICE 用途，最近，我想在上週左右，阿拉巴馬州發布了 RFI，我認為人們對為他們建造新設施感興趣。

It given where you guys are today and the expected growth from ICE, would Alabama make sense for you guys to look at or is that something that would be on a back burner so to speak given the demand -- expected demand coming from the federal government.

考慮到你們目前的狀況和 ICE 的預期成長，阿拉巴馬州對你們來說是否有意義，或者考慮到聯邦政府的預期需求，這是否會被擱置。

Well, Joe, as you use the phrase back burner, we obviously want to be in a position to support any governmental client that potentially has a need, and we would look at those opportunities, but our primary focus today is supporting our federal partners and the mission at hand. So we don't have adverse opinion about the Alabama opportunity, but to your point it's definitely a back burner issue.

好吧，喬，正如你使用的“次要”一詞，我們顯然希望能夠支持任何可能有需要的政府客戶，我們會考慮這些機會，但我們今天的主要重點是支持我們的聯邦合作夥伴和當前的任務。因此，我們對阿拉巴馬州的機會沒有負面看法，但就你的觀點而言，這絕對是一個次要問題。

Okay, great. I'll get back in queue. Thank you very much.

好的，太好了。我會回到隊列中。非常感謝。

Thank you.

謝謝。

Jason Weaver, Jones Trading.

傑森‧韋弗，瓊斯貿易公司。

Hey guys, good morning. Thanks for taking my question. So first we've heard about some requisitions for semi-permanent detainment facilities on military properties around the country. Do you have any context on that and whether GEO might be retained or approached as an operating partner for anything like that?

大家好，早安。感謝您回答我的問題。首先，我們聽說了全國各地軍事基地一些半永久性拘留設施的徵用情況。您對此有何了解？ GEO 是否會被保留或作為營運夥伴來做類似的事情？

Sure, Jason, good question.

當然，傑森，好問題。

This is the Fort Bliss.

這就是布利斯堡。

-- we've heard of. Right? As you may know, the government has retracted the Fort Bliss objective, and that's no longer a competitive procurement. So that's been pulled off the table by the government, and I'm sure they're evaluating other opportunities. We are very well positioned to provide additional capacity. And operating support on an as needed basis.

——我們聽說過。正確的？您可能知道，政府已經撤回了布利斯堡目標，這不再是一項競爭性採購。因此政府已經放棄了這個計劃，我相信他們正在評估其他機會。我們完全有能力提供額外的產能。並根據需要提供營運支援。

We are focusing presently on our idle facilities, and several of our current facilities have opportunity for expansion by way of soft-sided capacity if in fact the government wants to pursue that. So we're working directly with our clients to understand what their needs are and as those needs become identifiable, then we're going to stand in the corner with them to create the solution. So we're not opposed to operating any environment that ICE feels is necessary for them to meet their mission.

我們目前專注於閒置的設施，如果政府確實願意的話，我們現有的幾個設施都有機會透過軟容量進行擴張。因此，我們直接與客戶合作，了解他們的需求，當這些需求變得可識別時，我們就會與他們站在一起，共同創造解決方案。因此，我們並不反對經營 ICE 認為對其完成使命所必需的任何環境。

All right, thank you for that. And also on the same topic, I believe in your prepared remarks you mentioned US Marshals interests in one of your Texas facilities, which is Flight Line, I believe. Have you engaged in any discussions around reopening the Georgia Ray James facility with any federal partners?

好的，謝謝你。關於同一主題，我相信您在準備好的演講中提到了美國法警在您位於德克薩斯州的設施中的利益，我相信該設施是 Flight Line。您是否與任何聯邦合作夥伴就重新開放喬治亞州雷詹姆斯醫療中心進行過任何討論？

Again, all of our -- Jason, all of our current idle inventory is under review and in discussions with our federal partners.

再次重申，傑森，我們目前所有的閒置庫存都在接受審查，並與我們的聯邦合作夥伴進行討論。

All right, thanks. And just one -- got it. And finally, when do you think you would be the earliest you'd be in a position to engage and share repurchase?

好的，謝謝。只有一個——得到了它。最後，您認為最早什麼時候可以參與並分享回購？

Good question, Jason. I think first things first, when we at our Investor Day we talked about the priorities of capital allocation. Right now, the big focus is on, supporting our clients and the reactivation and expanding of the services that we have in place here which we believe will lead to substantial increase in revenues and profitability.

問得好，傑森。我認為首先，我們在投資者日討論了資本配置的優先事項。目前，我們最大的重點是支持我們的客戶以及重新激活和擴展我們現有的服務，我們相信這將大幅增加收入和盈利能力。

And that's both from an expansion and a capital standpoint and what I would tell you is we -- as we move into the back half of this year, we have this potential opportunity in Oklahoma which could help accelerate debt pay down. I think that becomes returning capital back to shareholders becomes a close -- a closer priority as that happens and so I think it's something that we'll look at.

這是從擴張和資本的角度來看的，我想告訴你的是，隨著我們進入今年下半年，我們在俄克拉荷馬州有這個潛在的機會，這可能有助於加速償還債務。我認為，隨著這種情況的發生，將資本返還給股東將成為更緊迫的優先事項，因此我認為這是我們會考慮的事情。

The first priority is execution and supporting our clients back half of the year. We expect the financials to reflect those opportunities. And so I think it's -- we'll start to look at it more meaningfully in the back half 2025. And then I think it becomes a very serious conversation in '26.

首要任務是執行並支援我們的客戶度過下半年。我們預期財務狀況將反映出這些機會。所以我認為——我們將在 2025 年下半年開始更有意義地看待它。然後我認為這在 26 年會成為一場非常嚴肅的對話。

All right, thank you for taking my time.

好的，感謝您抽出時間。

Greg Gibas, Northland Security.

格雷格·吉巴斯，北國安全局。

Hey, good morning, guys. Thanks for taking the questions. As it relates to the Karnes facility, and that decision or the reversal back to single adults, what spurred that change?

嘿，大家早安。感謝您回答這些問題。就卡恩斯設施而言，以及該決定或恢復單身成年人的決定，是什麼促使了這一變化？

Greg, I think it's a reflection of our partnership with Immigration Customs Enforcement and our flexibility and ability to respond to their needs as they evaluate their objectives, they're looking obviously for missions specific solutions and when they completed that assessment, after that announcement was made, a reevaluation was completed, and we work directly with ICE to meet that objective. So it's really about making sure that we are nimble and flexible enough to meet the agency's objectives and help them meet their mission.

格雷格，我認為這反映了我們與移民海關執法局的合作關係，以及我們在他們評估目標時響應他們需求的靈活性和能力，他們顯然在尋找針對特定任務的解決方案，當他們完成評估後，在宣布之後，重新評估就完成了，我們直接與 ICE 合作以實現該目標。因此，這實際上是為了確保我們足夠靈活，以滿足該機構的目標並幫助他們完成使命。

Got it. That's fair. And I believe kind of last quarter and at the Investor Day, the expectation was, all these facilities ramping by the end of the year, as it relates to your idle facilities, that is, but primarily be contracted by the end of Q2. Is there an updated time frame you estimate from a contracting timing perspective with the idle facilities?

知道了。這很公平。我相信，上個季度和投資者日的預期是，所有這些設施都將在年底前投入使用，因為這與閒置設施有關，但主要將在第二季末簽訂合約。從閒置設施的承包時間角度來看，您是否估計了更新的時間框架？

I think we're still on plan, Greg. We envision this quarter to be very active for contract awards and engagements with our federal partners. So again, consistent with where we were at the beginning of the year, we're optimistic that the second half of the year is really the layover year or layover period for those additional projects being brought online.

我認為我們仍在按照計劃進行，格雷格。我們預計本季與聯邦合作夥伴的合約授予和合作將非常活躍。因此，與年初的情況一致，我們樂觀地認為，下半年實際上是這些額外項目上線的過渡年或過渡期。

Got it. And then lastly, to follow up on kind of the US Marshal Service, saw a couple RFPs out there, for facilities and pretty closely aligned with a couple of years, a couple of your idle facilities that is -- how are you kind of -- I know you can't provide specifics, but just kind of weighing. Do you expect maybe those RFPs to I guess -- are you expecting timing with the Marshal Service maybe to come through sooner than anything with ICE, and kind of how you're aware like weighing, which facilities for either kind of service, right? Like I think pricing is pretty similar so any color you can share on developments with the Marshal Service.

知道了。最後，為了跟進美國法警局的情況，我看到了一些關於設施的 RFP，這些 RFP 與幾年內一些閒置設施的情況非常接近 - 您如何 - 我知道您無法提供具體細節，但只是權衡一下。您是否預計這些 RFP 可能會——您是否預計與法警署的合作時間可能會比與 ICE 的合作時間更早，並且您是否知道需要權衡哪些設施適合這兩種服務，對嗎？就像我認為定價非常相似，所以您可以與 Marshal Service 分享有關發展的任何資訊。

Yeah, Greg, the Marshal Service, obviously a very important client of ours, no different than Immigration Customs Enforcement. Both agencies are governed by the congressional efforts to create the budget. And so as we watch Congress manage the funding necessary for the law enforcement initiatives, the US Marshal Service will I think be very well positioned commensurate with that funding authority to execute their needs, and we are working very closely with them. The facilities that you referenced we have frequent communication with our clients and we're having good pace discussions right now in anticipation of future use.

是的，格雷格，法警局顯然是我們非常重要的客戶，與移民海關執法局沒有什麼不同。這兩個機構的預算都由國會制定。因此，當我們觀察國會管理執法措施所需的資金時，我認為美國法警局將能夠很好地利用該資金授權來滿足其需求，我們正在與他們密切合作。對於您提到的設施，我們與客戶保持著頻繁的溝通，並且我們正在進行良好的進度討論，以期將來能夠使用。

Okay, thanks very much.

好的，非常感謝。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Hey, good morning guys. So the first question I had, if you do sell Oklahoma and say $150 million of what you talked about for additional debt pay down, at that point your debt equity is going to be sitting at about a 1:1 ratio. How low would you want that to go and again I guess how much would it lower would it need to go for you guys to start buying back stock?

嘿，大家早安。所以我的第一個問題是，如果你確實出售了俄克拉荷馬州，並說其中 1.5 億美元用於額外償還債務，那麼你的債務權益比例將達到 1:1 左右。您希望價格降到多低？我再想一下，需要降到多少才能讓你們開始回購股票？

Well, we get to that point, as you said, 1:1, we've significantly reduced our overall leverage, and as we talked at our Investor Day we're very comfortable with debt levels being 2 times to 2.5 times. So that all comes to fruition. I think then we have the opportunity to focus on returning capital maybe faster than the timeline that I previously discussed but that would be a good place for us to be and I think it'd be a real good opportunity for us to start to reward our shareholders.

好吧，正如你所說，我們達到了這一點，1：1，我們已顯著降低了我們的整體槓桿率，正如我們在投資者日所說的那樣，我們對債務水平為 2 倍到 2.5 倍感到非常滿意。這樣，一切就都實現了。我認為，我們有機會專注於回報資本，也許比我之前討論的時間表更快，但這對我們來說是一個很好的地方，我認為這對我們來說是一個開始回報股東的真正好機會。

Great. And then the second question I had, how should we think about the Northlake contract? Is the government covering the OpEx and CapEx related to starting up that facility, so that it's basically budget neutral for you guys or how should we think about the progression on that?

偉大的。我的第二個問題是，我們應該如何看待 Northlake 合約？政府是否承擔與啟動該設施相關的營運支出和資本支出，以便對你們來說基本上是預算中立的，或者我們應該如何考慮這一進展？

Yeah, so when you think about -- when we get a contract like that, our contracts typically don't have the government funding the capital up front and so the capital investment that we make is recovered over the course of our contract timeline, whether it's a two year contract or a five year contract and that's built into the pricing.

是的，所以當你想到——當我們獲得這樣的合同時，我們的合同通常不需要政府預先提供資金，因此我們所做的資本投資會在合同期限內收回，無論是兩年合同還是五年合同，這都包含在定價中。

And Northlake, when we talked about the $70 million investment that was included in our overall guidance for the year, we focus on making that those investments ahead of these contract awards and getting them prepared so that we could react very quickly for our clients' needs.

至於 Northlake，當我們談到今年總體指導中包含的 7000 萬美元投資時，我們專注於在合約授予之前進行這些投資並做好準備，以便我們能夠快速響應客戶的需求。

So what I would say is that, that investment on that facility from a CapEx standpoint is included in our overall guidance. As well as the revenues that will start to take hold in the back half of the year. So that investment that we made is covered in the guidance and will be creative over the course of that contract award.

所以我想說的是，從資本支出的角度來看，對該設施的投資包含在我們的整體指導中。以及下半年將開始實現的收入。因此，我們所做的投資已包含在指導中，並將在合約授予過程中發揮創意。

Okay, great. That's all I had. Thank you.

好的，太好了。這就是我所擁有的一切。謝謝。

Thank you.

謝謝。

Brendan McCarthy, Sidoti and Co.

布倫丹·麥卡錫，西多蒂公司

Great, good morning. I just want to start off on the Q2 guidance, the top line revenue of $620 million at the midpoint. Does that include any contribution from, I guess any of the three idle facility contract awards that were previously announced and also what does that assume as it relates to ISAP participant count?

太好了，早安。我只是想從第二季的預測開始，中間值是 6.2 億美元的營業收入。我猜這是否包括先前宣布的三個閒置設施合約授予中的任何一個的貢獻，以及這與 ISAP 參與者數量有何關係？

So, thanks, Brendan. The revenue guidance for the second quarter will factor in the benefits of the Delaney contract that activated it and started on May 1, so we'll have a couple of months' worth of revenue related to that new contract award.

所以，謝謝你，布倫丹。第二季的收入預期將考慮到 5 月 1 日生效的 Delaney 合約帶來的好處，因此我們將獲得與該新合約授予相關的幾個月的收入。

We talked about the Northlake facility. Really the revenue contribution on that is more, so start in the third quarter. From an ISAP account standpoint, we're monitoring that very closely at least from a second quarter standpoint. We don't expect a significant increase in the second quarter, but, as Dave had mentioned earlier we've -- we're starting to slowly increase the ISAP counts that will help from a revenue standpoint.

我們討論了 Northlake 設施。這方面的收入貢獻確實更大，所以從第三季開始。從 ISAP 帳戶的角度來看，至少從第二季的角度來看，我們正在密切監控這一點。我們預計第二季不會大幅成長，但正如戴夫之前提到的那樣，我們已經開始緩慢增加 ISAP 數量，這將有助於提高收入。

And I would also say this when you think about our existing contracts and the beds, and we talked about the 48,000, we're seeing nice upticks in our existing contracts and the utilization of those facilities. And so all of those items will help contribute to the revenue growth over the first quarter.

當您考慮我們現有的合約和床位時，我也會這麼說，我們談到了 48,000 張床位，我們看到現有合約和這些設施的利用率都有了良好的上升。因此，所有這些項目都將有助於第一季的收入成長。

Great, that's helpful. I appreciate the detail. And then as it relates to the budget reconciliation process, I think you mentioned in your prepared remarks, the house is aiming to complete their work by Memorial Day. The Senate is aiming closer to July. Just curious as to what do you think is the most likely outcome here, regarding the timing of funding ultimately being appropriated.

太好了，很有幫助。我很欣賞這個細節。至於預算協調過程，我想您在準備好的演講中提到過，眾議院的目標是在陣亡將士紀念日之前完成他們的工作。參議院的目標是接近七月。我只是好奇，關於最終撥付資金的時間，您認為最有可能的結果是什麼。

Well, Brendan, I submit to you that once the chambers complete their work, obviously the budget gets reconciled, and the agency has a clear runway to focus on the mission, and I submit to you that's going to be the second half of the year when you see what I call the momentum associated with interior enforcement and the work that Immigration Customs Enforcement is laid upon them to really become meaningful. So it is a matter of concert with the budget approvals before I think the agency really commits to extending themselves into the interior.

好吧，布倫丹，我向你保證，一旦各分局完成他們的工作，顯然預算就會得到協調，該機構就會有一個清晰的軌道來專注於任務，我向你保證，到今年下半年，你就會看到我所說的與內部執法相關的勢頭，以及移民海關執法局所承擔的工作真正變得有意義。因此，我認為，在機構真正致力於向內陸地區擴張之前，這是一個與預算批准相協調的問題。

Understood and one more question from me just on the Lee County facility in New Mexico. I think you had mentioned that, that is being depopulated at the moment, and maybe repurposed or sold. Can you just comment on that scenario and how that developed?

明白了，我還有一個關於新墨西哥州李縣工廠的問題。我想你已經提到過，那裡現在人煙稀少，可能被重新利用或出售。您能否評論一下該場景及其發展？

So as we had previously communicated, those facilities were being evaluated for either an asset sale or repurposing after discussions with the New Mexico leadership. We've reached the decision to pursue, demoing or depopulating that project and that'll be done by the end of June and then we began commensurate with that decision. We began providing the information to our federal partners on the potential availability of that project, obviously the second half of the year. So that's where it's being staged today and we're optimistic that we'll see that project become fruitful once again.

因此，正如我們之前所傳達的，在與新墨西哥州領導層討論後，這些設施正在接受評估，要么進行資產出售，要么重新利用。我們已決定繼續進行、拆除或減少該項目，並將在 6 月底完成，然後我們將根據該決定開始相應的工作。我們開始向我們的聯邦合作夥伴提供有關該項目潛在可用性的信息，顯然是在今年下半年。這就是今天的上演，我們樂觀地看到這個計畫再次取得成果。

And Brendon, I would only add that Lee County facility for us, from a return on investment was a challenge contract and so we tried to work with the state with the county there to -- support our client there but also get an appropriate return, and so I think we'll move forward here and the depopulation and the impact on revenue and profitability has been factored into the guidance that I provided, but I think it'll give us an opportunity here to pivot to a new client and provide those needs to the different agencies around the country that need the beds.

布倫登，我只想補充一點，對於我們來說，李縣的設施從投資回報來看是一項具有挑戰性的合同，因此我們試圖與那裡的州和縣合作 - 支持我們的客戶，同時也獲得適當的回報，所以我認為我們會在這裡向前邁進，人口減少和對收入和盈利能力的影響已經被考慮到我提供的指導中，但我認為這將為

Understood. And as a follow up, do you see further opportunity for similar state facilities that may be lower margin?

明白了。接下來，您是否認為類似的州立設施可能存在利潤率較低的進一步機會？

Well, I think -- really the two facilities that we have shared with you previously, which is the Lawton facility in Oklahoma and Lee County were the two that were really challenged for us. The other contracts that we have, we feel like we're in a good place, both from a client relationship standpoint and from a profitability standpoint. so I think, we're focused on meeting our client's objectives. I think we'll -- the two that we needed to focus on are the ones that we're working on right now, and I'd leave it at that.

嗯，我認為——我們之前與你們分享過的兩個設施，即俄克拉荷馬州的勞頓設施和李縣的設施，對我們來說是真正具有挑戰性的兩個設施。對於我們簽訂的其他合同，我們感覺無論從客戶關係的角度還是從盈利的角度來說，我們都處於良好的狀態。所以我認為，我們專注於滿足客戶的目標。我想我們會——我們需要關注的兩個問題是我們現在正在努力解決的問題，我就不多說了。

Great, thank you. I appreciate the insight. That's all from me.

太好了，謝謝。我很欣賞你的見解。我要說的就這些。

Thank you.

謝謝。

Kirk Ludtke, Imperial Capital.

盧德克（Kirk Ludtke），《帝國首都》。

Hello Dave, Mark, Pablo, I appreciate the call. Just a couple of follow ups. With respect to demand, I'm sure you have a much better perspective on how interior enforcement is ramping, and just curious how would you describe how it's going and are there any events on the horizon that we should have on our calendars that might be inflection points.

你好，戴夫、馬克、帕布羅，謝謝你們的來電。只需進行一些後續行動。關於需求，我相信您對內部執法如何加強有更好的看法，我只是好奇您會如何描述它的進展情況，以及是否有任何即將發生的事件應該在我們的日曆上記錄下來，這些事件可能是轉折點。

Well, Kurt, I guess from my perspective how things are going on in interior enforcement, I'm extremely impressed with Homeland Security and Immigration Customs Enforcement leadership and commitment to the mission. They are very focused, very engaging, and the pace by which they're working is remarkable.

好吧，庫爾特，我想從我的角度來看，國內執法的情況如何，我對國土安全部和移民海關執法局的領導力和對使命的承諾印象非常深刻。他們非常專注，非常投入，而且他們的工作節奏非常快。

So from my perspective, I couldn't be more impressed than watching the agency shift if you will, or pivot into this new mission because as you know for a number of years, their objectives were either not sufficiently clear or had been diluted in such a way that the agency wasn't able to really even meet the needs of Homeland Security from an immigration perspective.

因此，從我的角度來看，看到該機構轉變或轉向這項新使命令我印象深刻，因為正如你所知，多年來，他們的目標要么不夠明確，要么被淡化，以至於該機構甚至無法從移民角度真正滿足國土安全部的需求。

So it has become a laser focused and we are obviously very excited to support the mission that's at hand. I'm not recognizing any trigger dates for lack of better terms. I think the objective that's -- the short order is the congressional work that's being done to properly fund. The Law Enforcement Community at the federal level so that they can actually do the job and of course we're positioning ourselves to support those agencies to meet their mission.

因此，它已成為一種焦點，我們顯然非常高興能夠支援當前的任務。由於缺乏更好的術語，我無法識別任何觸發日期。我認為目標是──當務之急是國會正在進行的工作，以便獲得適當的資金。聯邦層級的執法部門可以真正完成工作，當然，我們的定位是支持這些機構完成他們的使命。

So we're excited about the task at hand and very optimistic with the leadership and the focus that's provided currently out of Homeland Security and Immigration Customs Enforcement.

因此，我們對於當前的任務感到興奮，並且對國土安全部和移民海關執法局目前提供的領導和關注感到非常樂觀。

That's helpful. Thank you. I appreciate it. On the share, potential for share buybacks, do you need resolution of the ATD contract before you move forward with that?

這很有幫助。謝謝。我很感激。關於股票、股票回購的可能性，在繼續推進之前是否需要解決 ATD 合約問題？

Well, I think it would be important for us to have a line of sight to that before we would launch that share buyback and as I had indicated earlier, we've got some constraints currently there's certain leverage levels that we need to get to before we can even consider the share the share buybacks.

嗯，我認為在我們啟動股票回購之前，我們必須對此有一個清晰的認識，正如我之前所說，我們目前面臨一些限制，我們需要達到一定的槓桿水平，然後才能考慮股票回購。

But for us, it's executing, it's meeting the commitments that we have out there and meeting the guidance that we've put forth. We talked about the Oklahoma opportunity to accelerate the debt pay down. We get those things in place I think, as I said earlier, I think we can have a much more robust conversation around returning capital shareholders.

但對我們來說，這是執行，這是履行我們的承諾，這是滿足我們提出的指導。我們討論了俄克拉荷馬州加速償還債務的機會。我認為我們已經把這些事情安排好了，正如我之前所說的，我認為我們可以就回報資本股東進行更深入的對話。

And Kirk, to that end, we do anticipate obviously a contract extension for the ISAP service level, so that should be resolved in short order.

柯克，為此，我們確實預計 ISAP 服務等級的合約會延長，因此這個問題應該很快就能得到解決。

Got it. Thank you. Helpful. There's quite a disparity in your unsecured ratings, and congratulations on the Fitch, BB minus. Is or do you have target ratings for that you want to get to before you launch something? Do you need to be BB at all three agencies or?

知道了。謝謝。很有幫助。你們的無擔保評級差異很大，恭喜你們獲得惠譽 BB- 評級。在推出某款產品之前，您是否有想要達到的目標評級？您是否需要在所有三個機構擔任 BB？

I wouldn't necessarily say we have to be. I would just say that I think that Fitch's ratings on us is appropriate. When you think about our balance sheet, our leverage and the amount of cash that we generate, and I also think that we spend an enormous amount of time with Fitch explaining to them our business and the opportunities, and so we try to do the same with both S&P and Moody's as well.

我不認為我們必須這麼做。我只想說，我認為惠譽對我們的評級是合適的。當你考慮我們的資產負債表、我們的槓桿率以及我們產生的現金量時，我還認為我們花了大量時間向惠譽解釋我們的業務和機遇，因此我們也嘗試對標準普爾和穆迪做同樣的事情。

And as we execute and we pay down the debt, I think S&P is close behind Fitch from a rating standpoint. I think we got a little bit more work to go do on the moody side of things, but as you said, I think we're very pleased, and we think that the ratings that Fitch has come out with are very fair based on our actual business model today.

當我們執行並償還債務時，我認為標準普爾從評級角度緊隨惠譽之後。我認為我們在情緒方面還有更多工作要做，但正如你所說，我認為我們非常高興，我們認為惠譽根據我們目前的實際業務模式給出的評級非常公平。

Yes, agreed. And then lastly on the monitoring, you mentioned the shift from phones to GPS is there. How should we think about that? Is that going to be something we should expect going forward and -- or do you see it as stabilizing?

是的，同意。最後，關於監控，您提到了從手機到 GPS 的轉變。我們該如何看待這個問題？這是我們未來該期待的事嗎？還是您認為它會趨於穩定？

I think stabilizing, right. I think our client Is going to utilize all the technology that we have, and they do use it today, and so we've got a variety of technology, that's being deployed out there and I think that, right now with the stability and the accounts that we have, I think that the mix of products are have been fairly consistent probably over the last month or so and so I think we're in a good place and I think that the mix of our product should hold and continue as we move forward here.

我認為是穩定，對的。我認為我們的客戶將會利用我們擁有的所有技術，他們今天也確實在使用這些技術，因此我們擁有各種各樣的技術，並且正在部署中，我認為，就目前我們的穩定性和帳戶而言，產品組合在過去一個月左右的時間裡一直相當穩定，所以我認為我們處於一個良好的狀態，並且我認為我們的產品組合應該會保持下去並繼續保持下去。

Got it. Thank you. And then lastly on Oklahoma. What has to happen for that to move forward? Does the state legislature need to approve something, or is there something on the horizon there.

知道了。謝謝。最後是俄克拉荷馬州。為了實現這一目標，需要做什麼？州立法機構是否需要批准某事，或者那裡是否有某事即將發生。

Yeah, there is -- Kirk, there is a processing of an asset purchased by the jurisdiction and to your point, the legislature would need to support that in the funding stream and we've had, robust and deliberate conversations with leadership. Everything is tracking forward with that expectation understood, and we're looking for, as we indicated in our remarks, a potential July closing commensurate with the legislative authority.

是的，柯克，管轄區正在處理購買的資產，正如你所說，立法機構需要在資金流中支持這一點，我們已經與領導層進行了深入而深思熟慮的對話。一切都在按照這項預期向前推進，正如我們在發言中所指出的，我們期待在 7 月完成交易，這與立法授權相稱。

Fantastic. That's a big number, $312 million, is that what did I hear that correctly?

極好的。3.12 億美元，這是一個很大的數字，我沒聽錯吧？

That's correct.

沒錯。

Is there something about that facility that makes it particularly valuable? And then, and that's it for me.

該設施有什麼特別的價值嗎？然後，對我來說就這些了。

It is the largest, most secure facility in the state and provides the greatest level of flexibility based on the design and the capacity considerations for enhancing public safety. So it's a very well designed and well maintained project and obviously as a result of that, Oklahoma has significant interest in it.

它是該州規模最大、最安全的設施，在設計和容量考慮方面提供了最大程度的靈活性，以增強公共安全。因此，這是一個設計精良、維護良好的項目，顯然俄克拉荷馬州對此有濃厚的興趣。

Fantastic. I appreciate it. Thank you.

極好的。我很感激。謝謝。

Raj Sharma, TX Capital Bank.

Raj Sharma，德克薩斯州資本銀行。

Hi, thank you for taking my questions. I wanted to ask, what do you think -- when do you think we would -- you would reasonably get to the 370,000 monitoring number that you were doing, just a 1.5 year ago. That was about 3,500 to 4,000 a week.

你好，謝謝你回答我的問題。我想問一下，您認為什麼時候我們才能合理地達到一年半前設定的 370,000 個監控數字。每周大約有 3,500 到 4,000 人。

Is there a timeline you get to that and just sort of -- in addition to that, the congressional funding approval expected by second half, is that you're expecting that to help with the number to go --

有沒有一個時間表，除此之外，預計下半年國會將批准撥款，你預計這將有助於實現目標數字。--

Yeah, good question. And obviously the direct correlation is, the congressional budget to support the agency's objective on how they want to manage interior enforcement. As Mark alluded to earlier, right now what we see is a high reliance on the need for detention space that's being managed, appropriately and assertively by the federal government, and obviously we're partnering with them on that.

是的，好問題。顯然，直接的關聯是國會預算支持該機構關於如何管理內部執法的目標。正如馬克之前提到的，目前我們看到的是高度依賴拘留空間的需求，而聯邦政府正在適當和積極地管理這些空間，顯然我們正在與他們合作。

And then we would anticipate as that detention capacity is either utilized to its fullest extent or potentially even exceeded, then ICE would have the value statement to bring about the alternatives to detention as intended and historically been used. So we see that congressional funding is essential to the agency's mission. And once that occurs, then we anticipate the second half of the year for the layover of additional support in all of our business lines.

然後，我們預計，隨著拘留能力得到充分利用甚至可能超出其能力，ICE 將擁有價值聲明，以以預期和歷史使用的方式提供拘留替代方案。因此，我們看到國會的資助對於該機構的使命至關重要。一旦發生這種情況，我們預計今年下半年我們將為所有業務線提供額外支援。

Got it. That's very helpful. Thank you. And then just, if I'm understanding this correctly, there were higher expenses in Q1, higher G&A expenses. I know that the you had higher payroll was front loaded. So you expected -- are they expected to still stay at those levels for the second half, and on the second half results higher largely from the increase in revenues.

知道了。這非常有幫助。謝謝。然後，如果我理解正確的話，第一季的支出更高，一般及行政費用也更高。我知道你的薪水較高是前期支付的。那麼，您是否預計下半年的業績仍將保持在這一水平，並且下半年的業績將主要由於收入的增加而增長。

Yeah. When we think about our guidance with the activation of several idle facilities, the back half of the year profitability is that the main driver is going to be the revenue growth. We will see the expenses come down as a percent of our revenue, as we talked before, we've hired up ahead of time. We're training, we're making that investment right now. The G&A cost should tick down in the quarters to come here, but profitability will largely be driven by the revenue growth in the back half of the year.

是的。當我們考慮透過啟動幾個閒置設施來製定指導時，下半年獲利能力的主要驅動力將是收入成長。我們將看到支出佔收入的百分比下降，正如我們之前所說的，我們已經提前僱用了員工。我們正在進行培訓，現在正在進行投資。未來幾個季度，一般及行政費用應該會下降，但獲利能力將主要取決於下半年的收入成長。

Got it. That's very helpful. And then just lastly for me, on the secured services side, what is the assumption on the number of net beds, you're adding this year underlying the guidance for the year?

知道了。這非常有幫助。最後，對我來說，在擔保服務方面，您今年在年度指導基礎上增加的淨床位數假設是多少？

Well, what we've stated is the guidance reflects beds under current contract as well as, the winds of Delaney Hall and Northlake and those two contracts are going to add roughly 2,800 additional beds to our portfolio and then we continue to look at other opportunities with our clients to reactivate other facilities that we have and, I think we've mentioned in our remarks, we've got another 6,000 to 7,000 beds available, with our existing idle facility, so that's what we have in play and that's what's included in our guidance.

嗯，我們已經聲明，該指導反映了當前合約下的床位以及 Delaney Hall 和 Northlake 的風力，這兩份合約將為我們的投資組合增加約 2,800 張床位，然後我們將繼續與客戶一起尋找其他機會，重新激活我們擁有的其他設施，我想我們在評論中提到過，我們現有的閒置設施還有 6,000 到 7,000 到 7,000 到 7,000 到張可用的床位，這就是我們正在做的，也是我們指導中包含的內容。

Got it. Thank you. That's very clear. Thank you. I'll take my questions offline. Thank you again.

知道了。謝謝。這非常清楚。謝謝。我將離線回答我的問題。再次感謝您。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the conference back over to Dave Donahue, Chief Executive Officer of the GEO Group for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 GEO 集團執行長 Dave Donahue 並請他致閉幕詞。

Thank you very much operator and thank all of you for being on the call today. We look forward to talking to you at the end of the next quarter.

非常感謝接線生，也感謝大家今天的接聽電話。我們期待在下個季度末與您交談。

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。