The GEO Group, Inc. (GEO) 2026 Q1 法說會逐字稿

Good day, and welcome to the GEO Group first-quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 GEO Group 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把會議交給企業關係執行副總裁 Pablo Paez。請開始。

Thank you, operator. Good morning, everyone, and thank you for joining us for today's discussion of the GEO Group's first-quarter 2026 earnings results.

謝謝，接線員。各位早安，感謝各位參加今天關於 GEO Group 2026 年第一季財報結果的討論。

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.

今天上午，我們將討論第一季業績以及我們的展望。我們將以問答環節結束本次電話會議。本次電話會議也在我們的投資人網站 investors.geogroup.com 進行即時網路直播。

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

今天我們將討論非 GAAP 基礎資訊。非 GAAP 基礎資訊與 GAAP 基礎結果之間的調節表，已包含在我們今天上午發布的新聞稿與補充揭露資料中。

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. 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.

此外，我們今天將討論的許多資訊（包括我們對各位提問所做的回覆）可能包含前瞻性陳述，內容涉及我們對各項事項的信念與目前預期。這些前瞻性陳述旨在符合證券法的「安全港」條款。我們的實際結果可能因我們向美國證券交易委員會提交的文件（包括 10-K、10-Q 與 8-K 報告）中所載的各種因素，而與前瞻性陳述存在重大差異。

With that, please allow me to turn this call over to our Chairman, CEO, and Founder, George Zoley. George?

接下來，請允許我把電話會議交給我們的董事長、執行長暨創辦人 George Zoley。George？

Thank you, Pablo. Good morning to everyone, and thank you for joining us on this call. I will conduct the entire conference call due to Shayn being out for the next couple of weeks.

謝謝你，Pablo。各位早安，感謝各位參加本次電話會議。由於 Shayn 接下來幾週不在，我將主持整場電話會議。

Our diverse five business units delivered strong financial and operational performance during the first quarter of 2026. Our better-than-expected performance reflects significant revenue growth from the contracts that we entered into throughout 2025. As we have previously discussed, in 2025, we were awarded new or expanded contracts that represent up to approximately $520 million in new incremental annual revenues, which represents the largest amount of new business we have won in a single year in our company's history.

我們多元的五個事業單位在 2026 年第一季展現強勁的財務與營運表現。我們優於預期的表現，反映了我們在 2025 年期間簽訂合約所帶來的顯著營收成長。如同我們先前所討論，2025 年我們獲得新的或擴增的合約，代表每年新增增量營收最高約 5.2 億美元，這是公司歷史上單一年份贏得的新業務最大金額。

In our Secure Services segment, we entered into new contracts to house ICE detainees at four facilities totaling approximately 6,000 beds, including three previously idle company-owned facilities in New Jersey, Michigan, Georgia, and a management services contract in Florida.

在我們的安全服務（Secure Services）部門，我們簽訂新合約，在四處設施安置 ICE 被拘留者，合計約 6,000 張床位，其中包括三處先前閒置的公司自有設施，分別位於新澤西州、密西根州、喬治亞州，以及佛羅里達州的一項管理服務合約。

We also reactivated our company-owned Adelanto ICE Processing Center in California, which was already under contract, but had been severely underutilized due to a long-standing COVID-related court case. These facility activations represent annual revenues of approximately $300 million and increased our total beds under contract with ICE to approximately 26,000 beds.

我們也重新啟用位於加州、公司自有的 Adelanto ICE 處理中心；該設施原本已在合約之下，但因一宗長期與 COVID 相關的法院案件而嚴重未充分利用。這些設施啟用帶來每年約 3 億美元的營收，並使我們與 ICE 簽約的總床位數增加至約 26,000 張。

The census across our ICE facilities reached a high of 24,000 early this year, but has since declined to approximately 21,000, but still representing more than one-third of the national ICE population of approximately 58,000. We believe that this recent decline is likely due to several factors, including the recent transition in leadership at the Department of Homeland Security and the 82-day partial government shutdown of DHS, resulting in a lapse in annual appropriations for ICE.

我們 ICE 設施的收容人數（census）在今年初一度達到 24,000 的高點，但此後已下降至約 21,000；不過仍占全國 ICE 總人口約 58,000 的三分之一以上。我們認為，近期下降可能由多項因素造成，包括國土安全部（DHS）領導層近期交接，以及 DHS 為期 82 天的部分政府停擺，導致 ICE 年度撥款出現空窗。

During this lapse in annual appropriations, we believe ICE detention operations have been supported with funding from the One Big Beautiful Bill. As a reminder, under the budget reconciliation bill, ICE received approximately $45 billion for detention available through September 30, 2029, and this funding is not impacted by the partial government shutdown. Congress has approved legislation that reopened most of DHS, excluding ICE and Customs and Border Protection, through an annual appropriations bill while proposing legislation through reconciliation for $70 billion to fund ICE and CPB through the next 3.5 years.

在年度撥款空窗期間，我們認為 ICE 的拘留作業已由《One Big Beautiful Bill》提供資金支持。提醒各位，依據預算協調法案，ICE 獲得約 450 億美元的拘留經費，可使用至 2029 年 9 月 30 日，且該資金不受部分政府停擺影響。國會已通過立法，透過年度撥款法案重新開放 DHS 的大部分機關（不含 ICE 與海關及邊境保護局（Customs and Border Protection）），同時並透過協調程序提出立法，擬提供 700 億美元資金，以支應 ICE 與 CPB 未來 3.5 年的經費。

Consistent with prior shutdowns, the services rendered under our contracts with ICE have continued uninterrupted as they are considered essential public safety services. However, the timing of payments and collections has been somewhat delayed, requiring us to carefully manage our liquidity and working capital needs. With the expansion of our revolving credit facility by $100 million earlier this year, we believe we have substantial liquidity.

與過往停擺情況一致，我們與 ICE 合約下提供的服務因被視為必要的公共安全服務而持續不中斷。然而，付款與收款的時點有所延遲，要求我們審慎管理流動性與營運資金需求。隨著我們今年稍早將循環信用額度擴增 1 億美元，我們認為目前具備充足的流動性。

Our first-quarter 2026 results also reflected significant expansion in our secure transportation services on behalf of both ICE and the U.S. Marshals Service. In 2025, we entered into a new or amended contracts to expand secured ground transportation services at four existing ICE facilities and at our three newly activated ICE facilities. And the support services that we provide under our ICE air transportation subcontract have continued to steadily increase.

我們 2026 年第一季的結果也反映出，我們代表 ICE 與美國法警局（U.S. Marshals Service）提供的安全運輸服務大幅擴張。2025 年，我們簽訂新的或修訂的合約，以擴大在四處既有 ICE 設施以及三處新啟用 ICE 設施的安全地面運輸服務。此外，我們在 ICE 空運分包合約下提供的支援服務也持續穩定增加。

In addition, in 2025, we signed a new five-year contract with the U.S. Marshals Service covering 26 federal judicial districts and spanning 14 states. Overall, these new and expanded transportation contracts are valued at approximately $60 million in incremental annual revenue.

另外，2025 年我們與美國法警局簽署一份新的五年期合約，涵蓋 26 個聯邦司法轄區，橫跨 14 個州。整體而言，這些新增與擴增的運輸合約，約帶來每年 6,000 萬美元的增量營收。

Importantly, in 2025, we also secured a new two-year contract for the ISAP V program. ISAP is the only ICE program currently in place to provide electronic monitoring and case management services for individuals on the non-detained docket. The program relies on several forms of monitoring, including GPS, ankle bracelets, or wrist-worn devices that provide real-time tracking, as well as the SmartLINK phone app, which relies on facial recognition, voice ID, and GPS to confirm a person's location during predetermined check-ins.

重要的是，2025 年我們也取得 ISAP V 計畫的一份新的兩年期合約。ISAP 是目前 ICE 唯一用於為「非拘留名冊」（non-detained docket）上的個人提供電子監控與個案管理服務的計畫。該計畫依賴多種監控形式，包括 GPS、腳踝電子腳環或配戴於手腕的裝置以提供即時追蹤，以及 SmartLINK 手機 App；SmartLINK 透過臉部辨識、聲紋 ID 與 GPS，在預先設定的報到（check-in）期間確認個人位置。

ISAP counts remained relatively stable during the first quarter of 2026 at approximately 180,000 to 181,000 participants. Consistent with the trend we highlighted last quarter, we have continued to see steady technology shift to more intensive and higher-priced monitoring devices such as ankle monitors. The number of ISAP participants on GPS ankle monitors has increased to more than 48,000 currently from 17,000 in early 2025. Correspondingly, the number of ISAP participants on the SmartLINK mobile app has declined to approximately 131,000 today from approximately 159,000 in early 2025.

2026 年第一季 ISAP 參與人數大致維持穩定，約為 180,000 至 181,000 人。與我們上季強調的趨勢一致，我們持續看到技術組合穩定轉向更密集、單價更高的監控裝置，例如腳踝監控器。目前使用 GPS 腳踝監控器的 ISAP 參與者已增至超過 48,000 人，較 2025 年初的 17,000 人大幅增加。相對地，使用 SmartLINK 行動 App 的 ISAP 參與者已從 2025 年初約 159,000 人下降至目前約 131,000 人。

We also continue to experience a steady increase in the number of ISAP participants assigned to case management services, which involve staff interaction and monitoring for approximately 111,000 individuals currently. If this trend continues, the technology and case management mix shift would continue to increase the revenues and earnings generated under the ISAP contract, even if overall volume remains constant. Thus, we continue to be optimistic about the importance and growth potential of the ISAP V contract, and we believe that is well positioned to scale up to higher overall counts.

我們也持續看到被指派接受個案管理服務的 ISAP 參與者人數穩定增加；該服務涉及員工互動與監控，目前約涵蓋 111,000 名個人。若此趨勢延續，即使整體量能維持不變，技術與個案管理的組合轉移仍將持續提高 ISAP 合約所帶來的營收與獲利。因此，我們仍對 ISAP V 合約的重要性與成長潛力保持樂觀，並認為其具備擴大至更高整體人數的良好條件。

In the fourth quarter, we were also awarded a new two-year contract by ICE for the provision of skip tracing services valued at up to $60 million in revenues per year. We began providing skip tracing services under this new two-year contract in the month of March and are optimistic that the contract can ramp up to higher volumes later this year.

此外，在第四季，我們也獲 ICE 授予一份新的兩年期合約，提供「跳查」（skip tracing）服務，每年營收最高可達 6,000 萬美元。我們已於 3 月開始在該新兩年期合約下提供跳查服務，並樂觀預期該合約可在今年稍晚提升至更高的服務量。

Finally, at the state level, we were awarded two new management-only contracts in 2025 from the Florida Department of Corrections valued at approximately $100 million in combined annual revenues. They include the 1,884-bed Graceville facility and the 985-bed Bay facility and are scheduled to transition to GEO management on July 1, 2026.

最後，在州政府層級，我們於 2025 年獲佛羅里達州矯正署（Florida Department of Corrections）授予兩份僅管理（management-only）的新合約，合計每年營收約 1 億美元。合約包含擁有 1,884 床位的 Graceville 設施與 985 床位的 Bay 設施，預計將於 2026 年 7 月 1 日轉由 GEO 管理。

Moving to our updated guidance. We have increased our outlook for 2026 to reflect the strength of our first-quarter results, and we believe there are still several sources of potential upside that are not currently included in our guidance. On the revenue side, sources of potential upside include additional growth in our Secure Services segment from the reactivation of additional idle facilities and/or higher overall populations across our active facilities, additional volume increases and/or accelerated technology service mix in our ISAP V contract, additional revenue from higher utilization of our skip tracing contract, and additional growth potential in our Secure Transportation segment.

接著談我們更新後的財測指引。我們已上調 2026 年展望，以反映第一季結果的強勁表現；同時我們認為仍有數項潛在上行來源尚未納入目前指引。在營收面，潛在上行來源包括：因重新啟用更多閒置設施及／或我們已啟用設施的整體收容人數提高，而使安全服務部門進一步成長；ISAP V 合約的額外量能增加及／或技術服務組合加速轉向；跳查合約因使用率提高而帶來的額外營收；以及安全運輸部門的額外成長潛力。

On the expense side, our guidance assumes more moderate contribution from labor savings in subsequent quarters.

在費用方面，我們的指引假設後續季度來自勞動力節省的貢獻將較為溫和。

Moving to our outlook for new business opportunities in 2026. We will continue to be in active discussions with ICE and the U.S. Marshals Service regarding the potential reactivation of additional idle facilities. It is our understanding that the present ICE detention census is approximately 58,000 distributed over 225 separate locations, which are primarily short-term jail facilities. We believe the federal government is continuing to pursue the priority of increasing immigration detention capacity to approximately 100,000 beds or more and consolidate to fewer, larger facilities.

接著談我們對 2026 年新業務機會的展望。我們將持續與 ICE 及美國法警局就可能重新啟用更多閒置設施進行積極討論。據我們了解，目前 ICE 的拘留人數約為 58,000 人，分布於 225 個不同地點，且主要為短期監獄設施。我們認為聯邦政府仍在推進其優先事項，即將移民拘留容量提升至約 100,000 張床位或以上，並整併為更少、規模更大的設施。

As a 40-year partner to ICE, we expect to be part of the solution. We have approximately 6,000 idle beds at six company-owned facilities, which are primarily former U.S. Bureau of Prisons facilities and therefore high security, making them ideally suited for the current needs of the federal government. At full capacity, these 6,000 beds could generate more than $300 million in combined incremental revenues.

作為 ICE 40 年的合作夥伴，我們預期將成為解決方案的一部分。我們在六處公司自有設施中約有 6,000 張閒置床位，這些設施主要為前美國聯邦監獄局（U.S. Bureau of Prisons）設施，因此具高戒護等級，非常適合聯邦政府目前的需求。在滿載情況下，這 6,000 張床位合計可帶來超過 3 億美元的增量營收。

Before moving on to a more detailed review of the first-quarter results, I'd like to highlight our continued progress toward strengthening our capital structure and enhancing shareholder value. During the first quarter, we purchased approximately 3.6 million shares for approximately $50 million, bringing the total number of shares repurchased to 8.5 million for approximately $141 million. Our current total outstanding share count is approximately 133.7 million shares, and we have approximately $359 million still available under our $500 million share repurchase authorization.

在進入第一季業績更詳細的回顧之前，我想強調我們在強化資本結構與提升股東價值方面持續取得的進展。第一季期間，我們以約 5,000 萬美元回購約 360 萬股，使累計回購股數達到 850 萬股、累計金額約 1.41 億美元。目前我們的流通在外股數約為 1.337 億股，而在 5 億美元的股票回購授權額度下，仍約有 3.59 億美元可用。

We believe our stock continues to trade at historically low multiple despite the intrinsic value of our assets and our significant growth opportunities. And we recognize that the imbalance creates a unique opportunity to enhance value for our shareholders through share repurchases.

我們認為，儘管我們資產的內在價值以及顯著的成長機會，我們的股票仍以歷史低倍數交易。我們也認知到這種失衡，透過股票回購為股東提升價值提供了獨特機會。

Moving to a more detailed review of our financial results. Revenues for the first quarter of 2026 increased to approximately $705.2 million, up from approximately $604.6 million in the prior year's first quarter, reflecting a 17% increase.

接著更詳細回顧我們的財務結果。2026 年第一季營收增加至約 7.052 億美元，高於前一年度第一季約 6.046 億美元，年增 17%。

For the first quarter of 2026, we reported net income attributable to GEO operations of approximately $38.3 million or $0.29 per diluted share. This compares to net income attributable to GEO operations of approximately $19.6 million or $0.14 per diluted share for the first quarter of 2025, reflecting a 96% increase this year.

2026 年第一季，我們報告歸屬於 GEO 營運的淨利約 3,830 萬美元，或稀釋後每股 0.29 美元。相較之下，2025 年第一季歸屬於 GEO 營運的淨利約 1,960 萬美元，或稀釋後每股 0.14 美元，反映今年年增 96%。

Our adjusted EBITDA for the first quarter of 2026 increased to approximately $131.4 million, up from approximately $99.8 million in the prior year's first quarter, reflecting a 32% increase.

2026 年第一季調整後 EBITDA 增加至約 1.314 億美元，高於前一年度第一季約 9,980 萬美元，年增 32%。

Looking at revenue trends, our owned and leased Secure Services revenues increased by approximately $70 million or 23% increase compared to the prior year's first quarter. This increase was driven by the activation of our three company-owned facilities under new contracts with ICE, which was offset by revenue loss from the sale of the Lawton, Oklahoma, facility and the depopulation of Lee County, New Mexico, facility.

從營收趨勢來看，我們自有與租賃的 Secure Services（安全服務）營收較前一年度第一季增加約 7,000 萬美元，或年增 23%。此增幅主要來自我們三處公司自有設施在與 ICE 簽訂新合約後啟用，但部分被出售奧克拉荷馬州 Lawton 設施的營收流失，以及新墨西哥州 Lee County 設施去人化（depopulation）所抵銷。

Quarterly revenues for our manage-only contracts increased by approximately $33 million or 22% from the prior first year's quarter. This increase was driven by the joint venture agreement for the management of the North Florida ICE Detention Facility, as well as certain transportation revenue increases that are reported in this segment.

我們僅管理（manage-only）合約的季度營收較前一年度第一季增加約 3,300 萬美元，或年增 22%。此增幅主要來自北佛羅里達 ICE 拘留設施管理的合資協議，以及本分部所揭露的部分運輸營收增加。

Quarterly revenues for our Reentry Services increased by approximately 5%, offset by a 5% decline in non-residential services revenues compared to the prior year's first quarter.

我們的重返社會服務（Reentry Services）季度營收增加約 5%，但相較前一年度第一季，非住宿型服務（non-residential services）營收下滑 5%，形成抵銷。

Finally, first-quarter 2026 revenues for our electronic monitoring and supervision services decreased by approximately 4% from the prior year's first quarter. This decrease was driven by the reduced pricing for our ISAP V contract, which was offset by favorable technology and case management mix shift and some modest skip tracing revenues.

最後，2026 年第一季我們的電子監控與監督服務營收較前一年度第一季下降約 4%。此下降主要由 ISAP V 合約價格降低所致，但部分被有利的技術與個案管理組合轉移，以及一些小幅的跳查（skip tracing）營收所抵銷。

Turning to the expenses during the first quarter of 2026, our operating expenses increased by approximately 15% as a result of the activation of our new ICE facility contracts and increased occupancy compared to the prior year's first quarter. Operating expenses were favorably impacted by lower-than-expected labor costs compared to our prior guidance for the first quarter of 2026.

談到 2026 年第一季的費用，我們的營運費用因新 ICE 設施合約啟用以及相較前一年度第一季入住率提高而增加約 15%。營運費用亦受惠於勞動成本低於我們先前對 2026 年第一季的指引預期。

Our general and administrative expenses for the first quarter of 2026 declined to 8.6% of revenue as compared to 9.6% of revenue in the prior year's first quarter.

2026 年第一季的一般及行政費用降至營收的 8.6%，相較前一年度第一季為營收的 9.6%。

Our first-quarter 2026 results reflect the year-over-year decrease in net interest expense of approximately $4 million as a result of the reduction of our total net debt.

我們 2026 年第一季的結果反映淨利息費用年減約 400 萬美元，主要因我們總淨負債降低所致。

Our effective tax rate for the first quarter of 2026 was approximately 28.5%.

2026 年第一季的有效稅率約為 28.5%。

Moving to our outlook. We have increased our guidance for the full year of 2026 and issued guidance for the second quarter of 2026. We expect full-year 2026 GAAP net income to be $153 million to $166 million, or a range of $1.15 to $1.25 per diluted share, on annual revenues of $2.95 billion to $3.1 billion based on effective tax rate of approximately 30%, inclusive of known discrete items.

接著談我們的展望。我們上調了 2026 年全年指引，並發布 2026 年第二季指引。我們預期 2026 年全年 GAAP 淨利為 1.53 億至 1.66 億美元，或稀釋後每股 1.15 至 1.25 美元；在年營收 29.5 億至 31 億美元的基礎上，假設有效稅率約 30%，並包含已知的一次性（discrete）項目。

We expect full-year 2026 adjusted EBITDA to be in the range of $525 million to $545 million.

我們預期 2026 年全年調整後 EBITDA 將介於 5.25 億至 5.45 億美元。

We expect total capital expenditures for the full year of 2026 to be between $137.5 million and $162.5 million.

我們預期 2026 年全年資本支出總額將介於 1.375 億至 1.625 億美元。

For the second quarter of 2026, we expect GAAP net income to be $33 million to $39 million, or a range of $0.25 to $0.29 per diluted share, on a quarterly revenues of $715 million to $725 million.

就 2026 年第二季而言，我們預期 GAAP 淨利為 3,300 萬至 3,900 萬美元，或稀釋後每股 0.25 至 0.29 美元；季度營收為 7.15 億至 7.25 億美元。

We expect second-quarter 2026 adjusted EBITDA to be between $130 million and $135 million.

我們預期 2026 年第二季調整後 EBITDA 將介於 1.30 億至 1.35 億美元。

Moving to our balance sheet. We closed the first quarter of 2026 with approximately $80 million in cash on hand and approximately $1.61 billion in total debt.

接著談資產負債表。我們在 2026 年第一季結束時，手上現金約 8,000 萬美元，總負債約 16.1 億美元。

At the end of the first quarter of 2026, our total net debt was approximately $1.53 billion and our total net leverage was below 3.2 times adjusted EBITDA.

截至 2026 年第一季末，我們的總淨負債約 15.3 億美元，總淨槓桿低於調整後 EBITDA 的 3.2 倍。

With the expansion of our revolving credit facility by $100 million, which we announced in January, we believe we have substantial liquidity to support our diverse capital needs as we manage through the current partial government shutdown.

隨著我們在 1 月宣布將循環信用額度增加 1 億美元，我們認為在因應目前部分政府停擺的同時，已具備充足流動性以支持多元的資本需求。

In closing, we are very pleased with our first-quarter results and improved full-year outlook. Our strong performance has been driven by the new growth opportunities we captured in 2025 and are normalizing in 2026. Last year was the most successful period for new business wins in our company's history, and we expect 2026 to be a very active year as well.

總結而言，我們對第一季業績以及改善的全年展望感到非常滿意。我們的強勁表現來自於 2025 年所掌握的新成長機會，並在 2026 年逐步常態化。去年是公司歷史上新業務得標最成功的時期，我們也預期 2026 年同樣將是非常活躍的一年。

We have therefore believed we have upside potential across our diversified business segments. We have approximately 6,000 idle high-security beds that remain available, which could generate in excess of $300 million in annual revenues at full occupancy. The continued shift in technology and case management mix and potential increases in counts under our ISAP V contract could also provide additional upside through 2026. We are also well positioned to continue to expand our delivery of secure ground and air transportation services for ICE and the U.S. Marshals beyond the significant growth we have already experienced.

因此，我們相信在多元化的業務分部中仍具上行潛力。我們仍有約 6,000 張閒置的高戒護床位可供使用，在滿載入住下每年可產生超過 3 億美元的營收。技術與個案管理組合的持續轉移，以及 ISAP V 合約下人數可能增加，也可能在 2026 年帶來額外上行。我們亦具備良好條件，得以在既有顯著成長的基礎上，持續擴大為 ICE 與美國法警局提供安全的地面與空中運輸服務。

Finally, as we discussed last quarter, ICE has purchased 11 commercial warehouses that were to be retrofitted as detention facility while contracting with private sector companies for operations. These purchases were part of a plan to acquire 24 warehouses and retrofit them as detention facilities using funds from the $45 billion provided for detention in the One Big Beautiful Bill. At this time, the warehouse project has been paused and DHS is evaluating how to proceed with this initiative to increase and consolidate detention capacity.

最後，如同我們在上季所討論，ICE 已購買 11 座商用倉庫，原計畫改裝為拘留設施，並與民間企業簽約負責營運。這些購置是計畫的一部分，該計畫擬收購 24 座倉庫並將其改裝為拘留設施，資金來自《One Big Beautiful Bill》中為拘留提供的 450 億美元。目前，倉庫專案已暫停，國土安全部（DHS）正在評估如何推進此項提高並整併拘留容量的倡議。

It has also been widely reported that ICE is considering the purchase of approximately 10 privately owned turnkey ICE processing centers. ICE uses approximately 40 existing detention sites nationwide that are owned and operated by private contractors. CoreCivic owns and operates approximately 15 detention facilities, while GEO owns and operates 23 ICE detention facilities.

此外，亦有廣泛報導指出，ICE 正在考慮收購約 10 座由私人持有、可立即投入營運的 ICE 處理中心。ICE 目前在全美使用約 40 個由民間承包商擁有並營運的既有拘留據點。CoreCivic 擁有並營運約 15 座拘留設施，而 GEO 則擁有並營運 23 座 ICE 拘留設施。

I can respectfully acknowledge that we have been in discussions with ICE regarding the potential sale of multiple facilities, subject to mutual agreement on price and our continued management of those facilities under long-term support services contracts. We consider ourselves primarily a support services operator and will place particular importance on our ability to continue our support services at any facility sold to ICE. There will also be a need to renegotiate select contracts so as to eliminate the ownership costs, such as depreciation and property taxes embedded in our present contracts in the event of ICE ownership.

我可以謹此表示，我們確實一直在與 ICE 討論多座設施的潛在出售事宜，前提是雙方就價格達成共識，且我們能在長期支援服務合約下持續管理這些設施。我們主要將自身定位為支援服務營運商，並將特別重視在任何出售給 ICE 的設施中持續提供支援服務的能力。此外，若 ICE 成為所有權人，亦需要就部分合約重新協商，以排除目前合約中所包含的所有權成本，例如折舊與房產稅等。

At this time, there is no definitive agreement in place with ICE and no precise timeline for the closing of any such transactions. And of course, we can give no assurances that these transactions will take place at all. But if select facilities are sold to ICE, GEO would use the proceeds to reduce debt and continue stock repurchases as well as other corporate purposes.

目前，我們與 ICE 之間尚無任何具體協議，也沒有任何此類交易完成的明確時間表。當然，我們也無法保證這些交易一定會發生。但若部分設施出售給 ICE，GEO 將運用所得款項降低負債，並持續進行股票回購以及其他公司用途。

The potential sale of multiple facilities to ICE could represent a significant liquidity and shareholder value-enhancing event for our company. While the exact timing of government actions is always difficult to estimate, we remain focused on pursuing new growth opportunities and allocating capital to enhance our long-term value for our shareholders. Given the intrinsic value of our assets, including 50,000 owned beds at 70 facilities, and our current and expected future growth, we believe that our stock is significantly undervalued and offers a very attractive investment opportunity.

向 ICE 出售多座設施的潛在交易，可能為本公司帶來重大的流動性事件並提升股東價值。儘管政府行動的確切時點一向難以估計，我們仍專注於追求新的成長機會，並配置資本以提升股東的長期價值。鑑於我們資產的內在價值（包括 70 座設施中自有的 50,000 個床位）以及我們目前與預期未來的成長，我們認為本公司股票被嚴重低估，並提供非常具吸引力的投資機會。

That completes my remarks, and I would be glad to take on any questions from our audience. Thank you.

以上為我的發言內容，我很樂意回答各位聽眾的任何問題。謝謝。

(Operator Instructions) Greg Gibas, Northland Securities.

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

Hey. Good morning. Thanks for taking the questions, and congrats on the execution there. I wanted to follow up on the potential facility sales and maybe how we should think about potential valuations in relation to the Lawton facility sale last year at, I believe, $130,000 per bed.

嗨，早安。謝謝讓我提問，也恭喜你們在執行面上的成果。我想追問一下潛在的設施出售，以及我們應該如何看待可能的估值，特別是相較於去年 Lawton 設施出售案，我記得大約是每床位 130,000 美元。

Thank you for the question. I think the Lawton bed valuation is a good baseline to be followed by several other factors that should result in a meaningful higher valuation of our ICE facilities.

謝謝你的問題。我認為 Lawton 的床位估值是一個很好的基準，接下來還有幾個因素應會使我們的 ICE 設施估值顯著更高。

First, the physical plant at an ICE processing center is much more complicated with the addition of courtrooms and office space requirements for ICE personnel, which adds to the cost. Second, the ICE facility locations are in or near urban areas, which add to the land and construction costs. And third, several of the ICE facility locations are in blue states, which makes their development very difficult to establish and very problematic to replicate, thus adding to their value.

第一，ICE 處理中心的實體設施更為複雜，因為需要增設法庭與供 ICE 人員使用的辦公空間，這會增加成本。第二，ICE 設施多位於或鄰近都會區，土地與建造成本更高。第三，部分 ICE 設施位於偏藍州（民主黨州），使得開發非常困難、也很難複製，因此進一步提升其價值。

So again, the lot in sale at Oklahoma is a good baseline. But there's many things to consider beyond that, which would drive the price to a higher level.

所以再次強調，奧克拉荷馬那筆出售案是一個很好的基準，但除此之外還有許多因素需要考量，這些都會推動價格到更高的水準。

Got it. That makes sense. Appreciate that. And I know you mentioned it's difficult to predict the timing of these sales, but do you believe initial sales could still be, I guess, realized or announced within Q2? Or is Q3 a more likely timeframe?

了解，這很合理，謝謝說明。我知道你提到很難預測這些出售的時點，但你認為首批出售仍可能在第二季內實現或宣布嗎？還是第三季比較可能？

I would guess at late Q2 and maybe early Q3, but that's just a guess.

我猜可能在第二季末、也許第三季初，但這只是猜測。

Fair enough. And I guess the last one for me as it related to some reports that ICE was activating the Central Valley Annex facility in California, next to the Golden State Annex. I wonder if you could comment on, is that a transfer facility or is that new? Any color you can provide there would be helpful.

可以理解。最後一個問題：有些報導提到 ICE 正在啟用加州的 Central Valley Annex 設施，就在 Golden State Annex 旁邊。我想請你評論一下，那是轉移用途的設施，還是新的設施？你能提供的任何補充資訊都會很有幫助。

The Central Valley facility actually was under ICE to begin with in 2020 and it was lent to the U.S. Marshals Services for up until only recently, and then ICE has taken it over since then. It's a 700-bed facility. It's located in the McFarland, California, area, next to another ICE facility actually adjacent to it. So it's part of a complex that is entirely ICE controlled.

Central Valley 設施其實在 2020 年一開始就由 ICE 管轄，之後借給美國法警局使用，直到不久前為止，ICE 才又接手。那是一座 700 床位的設施，位於加州 McFarland 一帶，旁邊緊鄰另一座 ICE 設施。因此它屬於一個完全由 ICE 控制的園區（複合設施）的一部分。

Got it. Thanks very much.

了解，非常感謝。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Good morning. Thanks for the detailed overview, George. Much appreciated.

早安。謝謝你提供詳盡的概述，George，非常感謝。

You're welcome. Thank you for joining us.

不客氣。謝謝你加入我們。

So I just wanted to kind of circle back on the Q1 performance, especially given the decline in ICE populations over the period. They were down roughly from 24,000, I think you said, in the end of the fourth quarter to 21,000 at the end of the first quarter or to today.

我想回到第一季的表現，特別是考量到期間 ICE 收容人數的下降。你剛才說大概從第四季末的 24,000 人，降到第一季末或截至今天的 21,000 人左右。

Maybe give a little more color on the kind of how that progressed through the quarter and also maybe some more color on the ramp-up of the reactivated facilities. Is that going as expected? Are they going slower than expected given the decline in ICE populations here recently? And what that possibly means for getting those facilities up to normalized occupancy levels?

能否再多補充一些細節，說明這在整個季度中是如何演變的？另外也想請你談談重新啟用設施的爬坡（ramp-up）情況：是否如預期進行？在近期 ICE 收容人數下降的情況下，是否比預期更慢？以及這可能對讓這些設施回到正常入住率水準意味著什麼？

Well, two very good questions. Let me take the first questions regarding lower populations, which actually promoted an increase in our EBITDA.

這是兩個非常好的問題。先談第一個關於收容人數較低的問題，而這其實促成了我們 EBITDA 的提升。

With respect to lower populations, it required less intake duties, less housing assignments, less off-site travel, less labor and overtime for servicing these facilities, which at one point were extremely active as to the intake and outflow of detainees, which was very costly in bringing people in on an overtime basis often to handle those areas of intake, housing, and off-site requirements. But it is stabilized at this point, and we think it will be fairly stable through the second quarter as well with a pickup starting probably in the second half of the year.

就收容人數較低而言，這意味著較少的收押接收作業、較少的住宿分配、較少的外出運送、以及較少的人力與加班需求來服務這些設施。先前這些設施在收容人員的進出（收押與釋放）方面非常活躍，為了處理接收、住宿與外出需求，常常需要以加班方式調派人力，成本很高。但目前已趨於穩定，我們認為第二季也會相當穩定，而人數回升可能會從下半年開始。

The new facilities had very rapid intakes at one point, and that has slowed down because of the general scale-down of the populations nationally. So we're kind of in a holding pattern, I guess, to a large extent because of the change in administration and the lack of specific funding for ICE and a re-evaluation of the immigration enforcement policies and programs.

新設施曾在某個時點出現非常快速的收押接收，但由於全國整體收容人數縮減，這已放緩。因此我們某種程度上處於觀望狀態，主要是因為政府更迭、ICE 缺乏明確的專項資金，以及移民執法政策與計畫正在重新評估。

Right, okay. Thank you for that. And then, you talked about lower-than-anticipated labor cost. Maybe you could talk a little bit more -- also a little more color on where all that is coming from or what is driving that.

好的，了解，謝謝。接著你提到人力成本低於預期。也許你可以再多談一些——更具體說明這主要來自哪裡，或是由什麼因素驅動？

Well, as I said, it's the lower number of intakes and lower overall population that drives -- it's primarily in the overtime costs. To have additional people in the intake area, additional people serving in special needs cases, particularly in mental health cases, you have to have additional staff and that requires many cases over time.

如我所說，主要是收押接收人數較少、整體收容人數較低所致——主要反映在加班成本。要在接收區配置更多人手、在特殊需求個案（尤其是心理健康個案）提供服務，就必須增加人員，而在許多情況下會需要加班。

And we're seeing a population that I'm told is more sickly than we've historically had. And these people require more offsite visits, require more staff involvement, more overtime expense. So it's been a different situation for us. But with the pause in the overall population levels and the intake activity, it's given us a welcome breather from that very rapid intake and outflow processing that we experienced last year.

而且我們看到的收容人群體，據我了解，比我們過去歷史上更為病弱。這些人需要更多的院外就診、需要更多人員介入，也帶來更多加班費用。對我們而言這是不同的情況。但由於整體收容人數水準與接收活動暫時放緩，讓我們從去年所經歷的非常快速的接收與進出處理中，得到一段可喜的喘息。

Okay. And then one more for me, if I may. Last quarter, I believe it was, you talked about looking at some additional opportunities in the mental health area. And I'm just wondering how that is progressing, those efforts?

好的。如果可以的話我再問最後一個。上一季我記得你提到在心理健康領域尋找一些額外機會。我想了解這些努力目前進展如何？

We do have a pending proposal of the State of Florida Department of Children and Families for a forensic facility in the state that we at one time developed, constructed and operated for eight years. So we expect there'll be a decision on that procurement in the next 30 days, I imagine.

我們目前有一項待決提案，提交給佛羅里達州兒童與家庭部（Department of Children and Families），內容是州內一座法醫（forensic）設施；該設施我們曾在某個時期負責開發、興建並營運了八年。因此我想，未來 30 天內應該會對該採購案作出決定。

Okay, great. Thanks, George. Appreciate it. I'll get back in queue.

好的，太好了。謝謝你，George，非常感謝。我回到隊列中。

Thank you.

謝謝。

Brendan McCarthy, Sidoti & Co.

Brendan McCarthy，Sidoti & Co.

Great. Good morning. Thanks for taking my questions here. I wanted to start off on the skip tracing business. I know you're only about maybe two months or so into the operations there, but can you give us any detail on the current volume in that program and the revenue model associated with the program?

很好。早安。感謝讓我在這裡提問。我想先從跳查（skip tracing）業務開始。我知道你們在那邊的營運大概才兩個月左右，但你能否提供該計畫目前的量能，以及與該計畫相關的營收模式的任何細節？

Our guidance really reflects some modest improvement in that program. We received an initial contract. We delivered it very quickly. There are other contractors that were awarded similar contracts. They're still working on their assignments, and we're waiting for them to catch up so we can get our next assignment.

我們的指引確實反映該計畫有些許改善。我們收到一份初始合約，且非常快速地交付。另有其他承包商也獲得了類似合約；他們仍在執行其任務，我們正在等他們趕上進度，這樣我們才能取得下一個任務。

Understood. And then just on the updated 2026 guidance, I know the low end of the revenue guide was brought up, but it looks like there was a more meaningful uplift in the adjusted EBITDA and EPS guidance for the year. I'm just curious as to what's the read-through there, and is it really just in line with your prior comments on kind of a lower cost structure at these new facilities?

了解。再就更新後的 2026 年指引而言，我知道營收指引的低端被上調了，但看起來今年調整後 EBITDA 與 EPS 指引有更顯著的上修。我想了解這背後的解讀是什麼？是否真的只是符合你先前提到的——這些新設施較低的成本結構？

It really is -- at this point, I think that's our view as to what taking place in the financials of these facilities. We've had one month of activity to reflect on that, and I think we're on track as to our guidance and the underlying assumptions in that guidance. So yeah, I think we've given you good guidance.

確實是——就目前而言，我認為這就是我們對這些設施財務表現所發生情況的看法。我們只有一個月的活動可供回顧，但我認為我們的進度符合指引以及該指引背後的基本假設。所以，是的，我認為我們已提供了不錯的指引。

Got it. Thanks for that detail, George. One more question for me on the updated guidance for CapEx. I think it was up 10% to 11% at the midpoint. Any insight into that increase and maybe what specific segment in the business is going to consume that incremental capital?

明白。謝謝這些細節，George。我還有一個問題，關於更新後的資本支出（CapEx）指引。我想中位數大概上調了 10% 到 11%。能否說明上調的原因，以及業務中哪個特定部門會消耗這部分新增資本？

Well, we have, as I said, 6,000 idle beds, and some of those facilities need some retrofitting to bring them up to date and revise them according to the new updated needs of ICE. As we get these new contracts, ICE is typically asking for more office space, more areas for their use, for more staff. And we have to pay for those improvements to the capital structure of the facility.

嗯，我們如我所說，有 6,000 張閒置床位，其中一些設施需要進行改裝（retrofit），以使其符合最新標準，並依照 ICE 更新後的新需求進行調整。當我們取得這些新合約時，ICE 通常會要求更多辦公空間、更多供其使用的區域，以及更多人員配置。我們必須為這些對設施資本結構的改善買單。

Understood. Thanks, George. That's all from me.

了解。謝謝，George。我這邊就這些。

Raj Sharma, Texas Capital.

Raj Sharma，Texas Capital。

Hi. Congratulations on the solid results in raising the guidance, and thank you for taking my questions. I wanted to get some clarity on the $520 million of revenues from wins last year. They don't seem to be fully reflected in the increase in the revenue guidance. Could you please help bridge how much of this, the five wins, will be fully ramped versus still to come? And also, perhaps comment on the utilization at Adelanto and the other -- the three activated ICE facilities by end of year, the sort of rate?

你好。恭喜你們在上調指引方面取得穩健成果，也謝謝讓我提問。我想釐清一下去年贏得合約所帶來的 5.2 億美元營收。這些似乎沒有完全反映在營收指引的上調幅度中。你能否協助說明其中多少（這五個得標案）會完全爬坡（fully ramped），以及還有多少仍待後續貢獻？另外，也請評論一下 Adelanto 以及其他——年底前啟用的三個 ICE 設施——的使用率（utilization）大概會是什麼水準？

Well, $100 million of the new $520 million was related to two facilities in the state of Florida. Those facilities have not yet been activated. I think they started July 1, so only half of the $100 million will take place this year. Then, we had an offset of two facilities with the discontinuation of the Lawton, Oklahoma, facility, which was approximately 2,400 beds, and the Lee County facility, which was approximately 1,200 beds.

嗯，新增的 5.2 億美元中，有 1 億美元與佛羅里達州的兩個設施有關。那些設施尚未啟用。我想它們是 7 月 1 日開始，所以今年只會實現那 1 億美元的一半。接著，我們也有兩個設施的抵銷影響：包括停止 Lawton, Oklahoma 設施（約 2,400 張床位）以及 Lee County 設施（約 1,200 張床位）。

Got it. And then just I wanted to understand how soon do you see a pickup in the ICE detention staff. And has your outlook on achieving the overall ICE achieving the overall 100,000 detentions, has that changed at all with the change in the DHS administration and the lull?

了解。那我想再問，您預期 ICE 的拘留人員（detention staff）多久會開始回升？另外，隨著 DHS 管理層更替以及目前的空窗期，你對 ICE 達成整體 100,000 人拘留目標的展望，有沒有任何改變？

Well, we don't have any special insight as to what the administration is doing as to how they're reassessing the initiative to convert warehouses to detention facilities. But I think there's still an objective of trying to increase overall nationwide capacity as close as possible to the 100,000 and to consolidate to less than the 250 approximately locations they have now to fewer larger scale facilities.

嗯，我們並沒有任何特別內線資訊，了解政府在重新評估將倉庫改造成拘留設施這項倡議時的作法。但我認為，他們仍有一個目標：盡可能把全國總容量提高到接近 100,000，並把目前約 250 個地點整併為更少、規模更大的設施。

But as I think people are aware that, as I've said today, we have 6,000 beds that can be activated within a few months. I think CoreCivic has maybe 10,000 beds. So that -- and I think both have further expansion capabilities on those beds that I'm citing that we could expand for our 6,000 to maybe 10,000. And so the private sector with the two major providers can provide a very material, meaningful increase the nationwide capacity at a very comparable, favorable cost.

但我想大家也知道，正如我今天所說，我們有 6,000 張床位可在幾個月內啟用。我認為 CoreCivic 可能有 10,000 張床位。所以——而且我認為兩家公司在我所提到的床位上也都有進一步擴充能力；我們的 6,000 張可擴到約 10,000 張。因此，私營部門的兩大供應商可以以相當可比、具吸引力的成本，為全國容量提供非常實質且有意義的增加。

Got it. Thank you for taking my questions, and I'll get back in the queue. Thank you.

了解。謝謝回答我的問題，我會回到排隊序列。謝謝。

Kirk Ludtke, Imperial Capital.

Kirk Ludtke，Imperial Capital。

Hello, everyone. Thank you for the call. George, you mentioned the 100,000 beds in fewer facilities. Do you have a sense for how many of those 100,000 beds ICE would want to own?

各位好。謝謝這通電話會議。George，你提到在較少的設施中配置 100,000 張床位。你是否了解在這 100,000 張床位中，ICE 會希望擁有其中多少？

Probably as many as possible. But I think they're starting to look at the price tags of each of the facilities and doing comparisons as to whether they -- whether the existing turnkey facilities may be a better play financially, operationally, so forth, than some of these other locations, which have been politically problematic. So all of the plans, I think, are being reviewed, assessed, and I'm sure they'll come up with some reasonable conclusions.

可能越多越好。但我認為他們開始檢視各個設施的造價，並比較現有的交鑰匙（turnkey）設施在財務、營運等方面，是否比其他一些地點更合適；而那些地點在政治上一直有問題。所以我想所有計畫都在被檢討與評估，我相信他們會得出一些合理的結論。

Got it. Why do they want to own the facilities rather than contract with third parties?

了解。他們為什麼想要擁有設施，而不是與第三方簽約？

I think it's been reported that through federal ownership that there is more protections from litigation -- unwarranted litigation that infringes upon the activities of the ICE processing centers. There's been litigation regarding overseeing medical services, food services, general cleanliness, et cetera, and it's really unprecedented, and I believe it's fundamentally unconstitutional. And as some blue states are considering more active involvement in oversight of facilities, I think the logical solution to much of that is federal ownership of the facilities.

我認為有報導指出，透過聯邦持有（federal ownership），可以獲得更多免於訴訟——不當訴訟——的保護，避免其侵害 ICE 處理中心的運作。曾有訴訟涉及醫療服務、餐飲服務、一般清潔等的監督，這確實前所未見，我相信在根本上是違憲的。隨著一些藍州考慮更積極介入設施監督，我認為解決其中許多問題的合理方案，就是由聯邦政府擁有這些設施。

They are federal facilities to begin with, in my opinion. It's the federal government who's paying for the operations of the facilities. But the ownership of the buildings will provide stronger credibility in the courts as to the supremacy clause in the Constitution that these are federal facilities and they are carrying out the congressional priorities of the immigration programs and policies that Congress has passed and that states can only have very limited involvement in those policies and programs.

依我看，它們本來就是聯邦設施。是聯邦政府在支付設施的營運費用。但建物所有權將在法院中提供更強的可信度，支持憲法中的至上條款（supremacy clause）：這些是聯邦設施，且正在執行國會通過的移民計畫與政策之國會優先事項；各州只能在這些政策與計畫中有非常有限的介入。

Interesting. Thank you. How many beds are in your 23 ICE facilities?

有意思。謝謝。你們的 23 個 ICE 設施共有多少床位？

We have 25,000 beds in those 23 owned facilities.

我們在那 23 個自有設施中共有 25,000 張床位。

Great. And then lastly, you mentioned the $45 billion. Would ICE need any type of incremental approval to do this? Or is that at their discretion -- the $45 billion at their discretion?

很好。最後，你提到 450 億美元。ICE 要做這件事是否需要任何額外核准？還是說——這 450 億美元是由他們自行裁量？

The $45 billion is at their discretion.

這 450 億美元由他們自行裁量。

Got it. I appreciate it. Thank you very much.

了解。非常感謝。謝謝你。

This concludes our question-and-answer session. I would like to turn the conference back over to George Zoley, Executive Chairman and CEO of the GEO Group, for any closing remarks.

我們的問答環節到此結束。我想把會議交回 GEO Group 的執行董事長兼執行長 George Zoley，請他做結語。

Thank you for being on this call. We look forward to addressing you on the next one.

感謝各位參與本次電話會議。我們期待在下一次會議中再與各位交流。

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

本次會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。