The GEO Group, Inc. (GEO) 2026 Q2 法說會逐字稿

Good day, and welcome to the GEO Group Second Quarter 2026 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Pablo Paez, Executive Vice President of Corporate Relations. Please go ahead.

大家好，歡迎參加 GEO Group 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。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 afternoon, everyone, and thank you for joining us for today's discussion of the GEO Group's Second Quarter 2026 Earnings Results. With us today are George Zoley, Chairman, Chief Executive Officer and Founder; and Shayn March, Senior Vice President and Chief Financial Officer.

謝謝，接線員。各位下午好，感謝各位參加我們今天針對 GEO Group 2026 年第二季財報結果的討論。今天與會者包括董事長、執行長兼創辦人 George Zoley，以及資深副總裁兼財務長 Shayn March。

This afternoon, we will discuss our second quarter results as well as our outlook, and we will conclude the call with a question-and-answer session. This conference call is also being webcast live or on investor website at investors.geogroup.com. Today, we will discuss non-GAAP basis information.

今天下午，我們將討論第二季業績以及我們的展望，並在最後進行問答環節。本次電話會議也透過投資人網站 investors.geogroup.com 進行即時或線上網路直播。今天我們將討論非 GAAP 基礎資訊。

A reconciliation from non-GAAP basis information to GAAP basis results is included in the press release and 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.

我們今早發布的新聞稿與補充揭露資料中，已包含非 GAAP 基礎資訊與 GAAP 基礎結果之間的調節表。此外，我們今天將討論的許多資訊（包括我們對各位提問的回覆）可能包含前瞻性陳述，反映我們對各項事項的信念與目前預期。

These forward-looking statements are intended to fall within the safe harbor provisions of the securities laws. Our actual results may differ materially from those in the forward-looking statements as a result of various factors contained in our Securities and Exchange Commission filings, including the Form 10-K, 10-Q and 8-K reports.

這些前瞻性陳述旨在符合證券法的安全港條款。由於我們向美國證券交易委員會提交的文件（包括 10-K、10-Q 與 8-K 報告）中所載的各種因素，我們的實際結果可能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、執行長兼創辦人 George Zoley。George？

Thank you, Pablo, and good afternoon, everyone, and thank you for joining us. Our diversified business units continued to deliver strong financial and operational performance during the second quarter of 2026. Revenues increased 15% from the second quarter of 2025, while net income increased 63% from the same period.

謝謝你，Pablo。各位下午好，感謝各位加入我們。在 2026 年第二季，我們多元化的業務單位持續展現強勁的財務與營運表現。營收較 2025 年第二季成長 15%，而淨利較同期成長 63%。

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 several new or expanded contracts that represent up to approximately $520 million in annual revenues, which represents the largest amount of new business we've won in a single year in our company's history.

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。如同我們先前在 2025 年所討論，我們獲得數項新的或擴增的合約，年化營收合計最高約 5.2 億美元，這是本公司歷史上單一年份贏得的新業務金額最高的一次。

In our Secure Services segment, we entered into new contracts to house ICE detainees at four facilities valued at approximately $280 million in annual revenues, and totaling approximately 6,000 beds, increasing our total active ICE beds to approximately 27,000.

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，年化營收約 2.8 億美元，合計約 6,000 張床位，使我們目前啟用中的 ICE 床位總數增加至約 27,000 張。

Our current centers across our active ICE facilities is approximately 24,000, representing more than one third of the current national ICE population of approximately 68,000, which has distributed over 225 separate locations that are primarily short-term GEO facilities. Over the last six weeks, we have experienced a 20% increase in ICE populations.

我們目前在啟用中的 ICE 設施之在押人數約為 24,000 人，約占目前全國 ICE 總在押人數約 68,000 人的三分之一以上；該等人員分布於超過 225 個不同地點，主要為短期的 GEO 設施。在過去六週，我們觀察到 ICE 在押人數增加了 20%。

Following the passage of the Secure America Act, which we restored baseline appropriations funding for ICE and Customs and Border Protection after the longest partial government shutdown in U.S. history. Under the Secure American Act, ICE received $38.5 billion in funding available through September 30, 2029.

在《Secure America Act》通過後，該法在美國史上最長的部分政府停擺之後，恢復了對 ICE 與海關及邊境保護局（Customs and Border Protection）的基準撥款資金。依據《Secure America Act》，ICE 獲得 385 億美元資金，可使用至 2029 年 9 月 30 日。

This amount is in addition to the $75 billion in funding previously allocated to ICE under the One Big Beautiful Bill, including $45 billion for retention, which is available through September 30, 2029. We believe the federal government is continuing to pursue the priority of increasing immigration detention capacity to 100,000 beds or more, consolidating to fewer larger facilities.

此金額另加於先前在《One Big Beautiful Bill》下分配給 ICE 的 750 億美元資金之上，其中包括 450 億美元用於留置（retention），同樣可使用至 2029 年 9 月 30 日。我們認為，聯邦政府仍持續推動將移民拘留容量提升至 100,000 張床位或以上的優先事項，並整併為較少但規模更大的設施。

As a 40-year partner to ICE, we expect to be part of that solution. In the past few weeks, we've announced two new contracts with ICE for the activation of ICE processing centers at two previously idled facilities. We have entered into a five-year support services contract with ICE for the activation of a federal immigration processing center at the 1,188 bed Bighorn facility in Hudson, Colorado while also entering into a lease agreement with the facility owner.

作為 ICE 40 年的合作夥伴，我們預期將成為該解決方案的一部分。在過去幾週，我們宣布與 ICE 簽訂兩項新合約，啟用兩處先前閒置設施的 ICE 處理中心。我們與 ICE 簽訂一份為期五年的支援服務合約，以啟用位於科羅拉多州哈德遜（Hudson, Colorado）、1,188 床位的 Bighorn 設施之聯邦移民處理中心，同時也與該設施所有人簽訂租賃協議。

The Bighorn support services contract is expected to generate approximately $85 million in the annual revenues in the first full year of operations. We have also entered into a five-year support services contract with ICE for the activation of a federal immigration processing center at the GEO-owned 1,320-bed Rivers facility in Winton, North Carolina.

Bighorn 支援服務合約預期在全面營運的第一個完整年度可產生約 8,500 萬美元年化營收。我們也與 ICE 簽訂一份為期五年的支援服務合約，以啟用位於北卡羅來納州溫頓（Winton, North Carolina）、由 GEO 擁有的 1,320 床位 Rivers 設施之聯邦移民處理中心。

The River support services contract is expected to generate approximately $80 million in annual revenues in the first full year of operations. Under both contracts, ICE will reimburse GEO for the capital expenditures needed to reactivate these two facilities as well as providing funding for start-up expenses during the activation period.

Rivers 支援服務合約預期在全面營運的第一個完整年度可產生約 8,000 萬美元年化營收。依據兩項合約，ICE 將補償 GEO 為重新啟用這兩處設施所需的資本支出，並在啟用期間提供啟動費用（start-up expenses）資金。

We expect the activation of the Bighorn and Rivers facilities to be completed by the end of 2026, with both facilities achieving normalized operations and earnings contribution in early 2027. Following the activation of these two facilities, our total ICE beds under contract will increase to approximately 29,500 beds.

我們預期 Bighorn 與 Rivers 設施的啟用將於 2026 年底前完成，兩處設施皆可在 2027 年初達到正常化營運並貢獻獲利。在這兩處設施啟用後，我們合約下的 ICE 床位總數將增加至約 29,500 張。

We have also approximately 4,500 idle beds that remain available at five company-owned facilities, which are designed for high security and therefore, well suited for the current needs of the federal government. We continue to have active discussions with the federal government regarding potential reactivation of additional idle facilities.

我們另有約 4,500 張閒置床位，分布於五處公司自有設施，這些設施設計為高戒護等級，因此非常適合聯邦政府目前的需求。我們持續就可能重新啟用更多閒置設施與聯邦政府進行積極討論。

At full capacity, these 4,500 idle beds could generate approximately $250 million in combined incremental annual revenues. Our second quarter 2026 results reflect a significant expansion in our secure transportation services on behalf of both ICE and the U.S. Marshals Service.

在滿載情況下，這 4,500 張閒置床位合計可帶來約 2.5 億美元的新增年化營收。我們 2026 年第二季的業績也反映出我們代表 ICE 與美國法警局（U.S. Marshals Service）所提供的安全運輸服務大幅擴張。

In 2025, we signed a new five year contract with the U.S marshals covering 26 federal judicial districts and spanning 14 states, and we have entered into New York's amended contracts to expand secure ground transportation services at 7 ICE facilities.

在 2025 年，我們與美國法警局簽訂一份新的五年期合約，涵蓋 26 個聯邦司法轄區、橫跨 14 個州；同時我們也與紐約州簽訂修訂後的合約，以擴大在 7 處 ICE 設施的安全地面運輸服務。

The support services that we provide under our ICE air transportation subcontract have also continued to steadily increase. Additionally, in our new Bighorn and Rivers contracts with ICE, we are expected to generate approximately $20 million combined in additional annual transportation services revenues once normalized in early 2027.

我們在 ICE 航空運輸分包合約下所提供的支援服務也持續穩定增加。此外，在我們與 ICE 的新 Bighorn 與 Rivers 合約中，一旦於 2027 年初達到正常化，我們預期可合計額外產生約 2,000 萬美元的年化運輸服務營收。

Importantly, during the second quarter of 2026, our ISAP 5 contract continued to experience a steady technology shift to more intensive and higher priced monitoring devices such as ankle monitors. ISAP is the only ICE program currently in place to provide electronic monitoring and case management services for individuals on the non-detained docket.

重要的是，在2026年第二季期間，我們的 ISAP 5 合約持續出現穩定的技術組合轉移，轉向更密集且單價更高的監控裝置，例如腳踝監控器。ISAP 是目前唯一正在實施的 ICE 計畫，用於為非羈押名冊上的個人提供電子監控與個案管理服務。

The program relies on several forms of monitoring, including GPS, ankle bracelets or risk 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 predetermined check-ins.

該計畫依賴多種監控形式，包括 GPS、腳踝手環或可穿戴風險裝置，提供即時追蹤；以及 SmartLink 手機應用程式，該應用程式透過臉部辨識、聲紋 ID 與 GPS 來確認個人預先設定的報到（check-ins）。

The current overall ISAP count is approximately 184,000 participants. The number of ISAP participants on GPS ankle monitors has increased to approximately 54,000 currently from 17,000 early 2025. We also continue to experience a steady increase in the number of ISAP participants assigned to case management services which involves staff interaction and monitoring for approximately 116,000 individuals currently.

目前 ISAP 的整體人數約為 184,000 名參與者。配戴 GPS 腳踝監控器的 ISAP 參與者人數已增至目前約 54,000 人，較 2025 年初的 17,000 人大幅增加。我們也持續看到被指派接受個案管理服務（涉及人員互動與監控）的 ISAP 參與者人數穩定增加，目前約涵蓋 116,000 人。

If this trend continues, the technology and case management mix shift will continue to increase the revenues and earnings generated under the ISAP contract even if Overall, participation counts remain relatively stable. Thus, we continue to be optimistic about the importance and growth potential of the ISAP contract, and we believe it is also well positioned to scale up to higher overall counts.

若此趨勢持續，即使整體參與人數相對穩定，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 合約的重要性與成長潛力保持樂觀，並認為其也具備良好條件可擴大至更高的整體人數規模。

Finally, during the second quarter of 2026, we did not receive any revenues from our new skip tracing contract, which we believe was due to the lapse in ICE appropriations funding during the government shutdown. With the restoration of ICE funding, we are optimistic that the contract will begin to ramp up during the second half of 2026.

最後，在2026年第二季期間，我們未從新的追蹤查找（skip tracing）合約取得任何營收；我們認為這是因政府停擺期間 ICE 撥款資金中斷所致。隨著 ICE 資金恢復，我們樂觀預期該合約將於 2026 年下半年開始逐步放量。

Moving to our outlook. We have increased our net income and adjusted EBITDA guidance for 2026 to reflect the strength of our results in the first half of the year. Our updated guidance does not include any earnings contribution from our new Bighorn and Rivers contracts since we expect the activation period for these facilities to be completed by the end of 2026, achieving normalized earning contributions in early 2027.

接著談我們的展望。我們已上調 2026 年的淨利與調整後 EBITDA 指引，以反映我們上半年強勁的業績表現。我們更新後的指引未納入新簽的 Bighorn 與 Rivers 合約的任何獲利貢獻，因我們預期這些設施的啟用期將於 2026 年底完成，並在 2027 年初達到正常化的獲利貢獻。

Our updated guidance also does not include any earnings contributions from our previously announced managed-only contracts for our 1,884 bed Graceville facility, and our 985-bed Bay facility in the state of Florida, which have been rescheduled for implementation. These two contracts, which are valued at approximately $100 million in combined annual revenues, are now expected to transition to GEO on July 1, 2027.

我們更新後的指引亦未納入先前已公告、僅管理（managed-only）合約的任何獲利貢獻，該等合約涉及佛羅里達州的 Graceville 設施（1,884 床）與 Bay 設施（985 床），目前已重新排程實施。這兩份合約合計年營收約 1 億美元，現預期將於 2027 年 7 月 1 日移轉至 GEO。

Looking at our improved outlook, we believe there are still several sources of potential for their upside. 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 population across our active facilities.

就我們改善後的展望而言，我們認為仍有數個潛在上行來源。在營收方面，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，而帶動我們安全服務（Secure Services）部門的額外成長。

Additional volume increases and our accelerated technology services mix and a shift in our ISAP contract, additional growth in our secure transportation services business, additional revenue from higher utilization of our skip tracing contract. On the expense side, our guidance assumes more moderate contributions from labor cost savings in the second half of the year.

此外還包括：量能進一步增加、我們技術服務組合加速提升以及 ISAP 合約的組合轉移、安全運輸服務業務的額外成長、以及因追蹤查找（skip tracing）合約使用率提高而帶來的額外營收。在費用方面，我們的指引假設下半年來自人力成本節省的貢獻較為溫和。

Before I turn the call over to our CFO, Shayn March, for a more detailed review of our second quarter results, I'd like to highlight our continued commitment towards strengthening our capital structure, enhancing shareholder value.

在我把電話會議交給我們的財務長 Shayn March，請他更詳細檢視第二季業績之前，我想強調我們持續致力於強化資本結構、提升股東價值。

During the second quarter of 2026, we repurchased approximately 1.6 million shares for approximately $37 million, bringing the total shares repurchased to $10.1 million or approximately $177 million since the current share repurchase program was authorized in August 2025. Our current total outstanding share count is approximately $132 million, and we have approximately $323 million still available under our $500 million share repurchase authorization.

在2026年第二季期間，我們以約 3,700 萬美元回購約 160 萬股，使得自 2025 年 8 月現行庫藏股回購計畫獲授權以來，累計回購股數達 1,010 萬股，累計金額約 1.77 億美元。我們目前流通在外總股數約為 1.32 億股，且在 5 億美元的回購授權額度下，仍有約 3.23 億美元可用。

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

我們認為，儘管我們的資產具有內在價值且擁有顯著的成長機會，我們的股票目前仍以相對偏低的倍數交易。我們相信這種失衡為我們透過股票回購提升股東價值創造了獨特機會。

At this time, I will turn the call over to Shayn to review our quarterly results and increased guidance.

此時，我將把電話會議交給 Shayn，請他回顧我們的季度業績以及上調後的指引。

Thank you, George. Good afternoon, everyone. Revenues for the second quarter of 2026 increased by approximately $732.1 million up from approximately $636.2 million in the prior year second quarter, reflecting a 15% increase. For the second quarter of 2026, we reported net income attributable to GEO operations of approximately $47.5 million or $0.36 per diluted share.

謝謝你，George。各位下午好。2026 年第二季營收約為 7.321 億美元，較去年同期約 6.362 億美元增加約 15%。2026 年第二季，我們報告歸屬於 GEO 營運的淨利約 4,750 萬美元，或稀釋後每股 0.36 美元。

This compares to net income attributable to GEO operations of approximately $29.1 million or $0.21 per diluted share in the second quarter of 2025, reflecting a 63% increase for net income and a 71% increase for earnings per share. Our adjusted EBITDA for the second quarter of 2026 increased to approximately $142 million up from approximately $118.6 million in the prior year second quarter, reflecting a 20% increase.

相較之下，2025 年第二季歸屬於 GEO 營運的淨利約 2,910 萬美元，或稀釋後每股 0.21 美元，反映淨利增加 63%，每股盈餘增加 71%。我們 2026 年第二季的調整後 EBITDA 增至約 1.42 億美元，較去年同期約 1.186 億美元增加 20%。

Looking at revenue trends. our owned and leased secured services revenues increased by approximately $55 million or 16% compared to prior year's second quarter. This increase was driven by the activation of three company-owned facilities under new contracts with ICE, which was partly offset by revenue loss from the sale of the Lawton, Oklahoma facility and the depopulation of the Lea County, New Mexico facility.

就營收趨勢而言，我們自有與租賃的安全服務營收較去年第二季增加約 5,500 萬美元或 16%。此增幅主要來自三座公司自有設施在與 ICE 的新合約下啟用，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 Lea County 設施去收容（depopulation）所抵銷。

Quarterly revenues for our managed-only contracts increased by approximately $44 million or 30% from prior year second quarter. This increase was primarily 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（managed-only）合約的季度營收較去年第二季增加約 4,400 萬美元或 30%。此增幅主要由北佛羅里達 ICE 拘留設施管理的合資協議所帶動，另亦包括在本分部列報的部分運輸營收增加。

Quarterly revenues for our reentry services increased by approximately $3 million, offset by a $3 million decline in non residential services revenues compared to the prior year's second quarter. Finally, second quarter 2026 revenues for our electronic monitoring and supervision services decreased by less than $3 million or approximately 3.5% from the prior year second quarter despite the reduced pricing on our ISAP 5 contract, which demonstrates the strength of the continued favorable technology and case management mix shift in the program.

我們的重返社會服務（reentry services）季度營收增加約 300 萬美元，但與去年第二季相比，非住宿型服務（non residential services）營收下滑 300 萬美元而相互抵銷。最後，儘管 ISAP 5 合約定價下調，我們 2026 年第二季的電子監控與督導服務營收較去年第二季減少不到 300 萬美元或約 3.5%，顯示該計畫中持續有利的技術與個案管理組合轉移具備強勁支撐力。

Turning to expenses. During the second quarter of 2026, our operating expenses increased by approximately 12% as a result of the activation of our ICE facility contracts and increased occupancy compared to prior year's second quarter. Operating expenses continue to be favorably impacted by lower labor costs during the second quarter of 2026.

接著談費用。2026 年第二季，由於我們的 ICE 設施合約啟用，以及相較去年第二季入住率提高，我們的營運費用增加約 12%。2026 年第二季的營運費用仍持續受惠於較低的人力成本。

Our general and administrative expenses for the second quarter of 2026 remained steady at approximately 9% of revenue compared to prior year's second quarter. Our second quarter 2026 results reflect a year-over-year decrease in net interest expense of approximately $4 million as a result of the reduction in our total net debt. Our effective tax rate for the second quarter of 2026 was approximately 28.7%.

我們2026年第二季的一般及行政費用維持穩定，約占營收的9%，與前一年度第二季相當。我們2026年第二季的業績反映淨利息費用年減約400萬美元，係因我們總淨負債降低所致。我們2026年第二季的有效稅率約為28.7%。

Moving to our outlook. We have updated our guidance for the full year 2016 and issued guidance for the third and fourth quarters of 2026. We have increased our full year 2026 GAAP net income guidance to a range of $168 million to $175 million for a range of $1.27 to $1.32 per diluted share on annual revenues of $2.95 billion to $3.05 billion, and based on an effective tax rate of approximately 30%, inclusive of known discrete items.

接著談我們的展望。我們已更新2016年全年指引，並發布2026年第三季與第四季指引。我們將2026年全年GAAP淨利指引上調至1.68億至1.75億美元區間，按稀釋後每股盈餘為1.27至1.32美元；全年營收為29.5億至30.5億美元，並以約30%的有效稅率為基礎，包含已知的一次性（離散）項目。

We have increased our full year 2026 adjusted EBITDA guidance to a range of $550 million to $560 million. We expect total unreimbursed capital expenditures for the full year 2026 to be between $135 million and $145 million and expect CapEx to decline below $100 million in 2027.

我們將2026年全年調整後EBITDA指引上調至5.50億至5.60億美元區間。我們預期2026年全年未獲補償的資本支出總額介於1.35億至1.45億美元之間，並預期2027年資本支出將下降至1億美元以下。

For the third quarter of 2026, we expect GAAP net income to be $45 million to $48 million or a range of $0.35 to $0.37 per diluted share on quarterly revenues of $755 million to $805 million. We expect third quarter 2026 adjusted EBITDA to be between $140 million and $145 million.

就2026年第三季而言，我們預期GAAP淨利為4,500萬至4,800萬美元，或按稀釋後每股盈餘為0.35至0.37美元；季度營收為7.55億至8.05億美元。我們預期2026年第三季調整後EBITDA介於1.40億至1.45億美元之間。

For the fourth quarter of 2026, we expect GAAP net income to be $37 million to $41 million or a range of $0.28 to $0.31 per diluted share on quarterly revenues of $758 million to $808 million. We expect fourth quarter 2026 adjusted EBITDA to be between $137 million and $142 million. Moving to our balance sheet. We closed the second quarter of 2026 with approximately $55 million in cash and cash equivalents and approximately $1.54 billion of total debt.

就2026年第四季而言，我們預期GAAP淨利為3,700萬至4,100萬美元，或按稀釋後每股盈餘為0.28至0.31美元；季度營收為7.58億至8.08億美元。我們預期2026年第四季調整後EBITDA介於1.37億至1.42億美元之間。接著談我們的資產負債表。我們在2026年第二季末的現金及約當現金約為5,500萬美元，總負債約為15.4億美元。

At the end of the second quarter 2026, our total net debt was approximately $1.5 billion, and our total net leverage was below 3 times adjusted EBITDA. At the end of the second quarter, we had total available liquidity of approximately $300 million, including cash on hand and revolver availability to support our capital needs.

截至2026年第二季末，我們的總淨負債約為15億美元，總淨槓桿倍數低於調整後EBITDA的3倍。截至第二季末，我們的可用流動性總額約為3億美元，包括手頭現金及循環信貸額度（revolver）的可用額度，以支應我們的資本需求。

At this time, I will turn the call back to George.

此時，我將電話會議交回給George。

Thank you, Shayn. To recap, we are very pleased with our strong second quarter results and the improved full year outlook. Our financial performance in the first half of has been driven by the new growth opportunities which we captured in 2025 and are normalizing this year.

謝謝你，Shayn。總結來說，我們對強勁的第二季業績以及改善的全年展望感到非常滿意。我們上半年財務表現主要受惠於我們在2025年掌握的新成長機會，並在今年逐步回歸常態。

Last year was the most successful period for new business wins in our company's history, and we expect 2026 to continue to be very active as well. We therefore believe that we have upside potential across our diversified business segments.

去年是本公司歷史上新業務得標最成功的期間，我們預期2026年也將持續非常活躍。因此，我們認為在多元化的業務部門中仍具上行潛力。

We recently announced new contracts with ICE to reactivate two previously idle facilities totaling approximately 2,500 beds with annual revenue value of approximately $165 million once operations normalize in early 2027. With these two facility activations, we now have approximately 4,500 idle high-security beds that remain available, which could generate in excess of $250 million in annual revenues at full occupancy.

我們近期宣布與ICE簽訂新合約，將重新啟用兩座先前閒置的設施，合計約2,500張床位；待營運於2027年初恢復常態後，年化營收價值約為1.65億美元。隨著這兩座設施啟用，我們目前仍有約4,500張閒置的高戒護床位可供使用，若滿載入住，年營收可超過2.5億美元。

We are pleased with the continued shift in technology and case management mix under our ISAP 5 contract, which could also provide additional upside throughout '26. We also remain well positioned to expand our delivery of secure ground and air transportation services for ICE and U.S. Marshals Service beyond the significant growth we've already experienced.

我們對ISAP 5合約下，技術與個案管理組合持續轉向感到滿意，這也可能在2026年帶來額外上行空間。此外，我們仍具備良好條件，得以在既有顯著成長的基礎上，進一步擴大為ICE與美國法警局提供安全的地面與空中運輸服務。

Finally, I'd like to provide you with an update regarding the plan by ICE and DHS to purchase existing privately owned turnkey ICE processing centers. On our earnings call last quarter, we discussed that ICE was considering the purchase of approximately 10 privately owned key processing centers.

最後，我想就ICE與DHS擬收購現有民營、交鑰匙（turnkey）的ICE處理中心之計畫，向各位提供最新進展。在上一季的財報電話會議中，我們提到ICE正考慮收購約10座民營的主要處理中心。

As was disclosed recently by CoreCivic, four facilities totaling 7,187 beds have been -- already have been acquired by ICE for more than $2.2 billion at an average purchase price of more than $300,000 per bed. Based on our current discussions, we believe that the total number facilities that are being considered for acquisition by ICE is likely larger than the 10 that were originally contemplated.

如CoreCivic近期揭露，ICE已收購四座設施、合計7,187張床位，總價超過22億美元，平均每床位收購價格超過30萬美元。根據我們目前的討論，我們認為ICE正在考慮收購的設施總數，可能高於原先所設想的10座。

And it is possible that the number of facilities targeted for acquisition by ICE could continue to grow in the future. Following the recently completed sales, ICE now used is approximately 36 existing detention sites nationwide that are owned and operated by private contractors. CoreCivic now owns and operates approximately 11 ICE detention facilities while GEO owns and operates 23 ICE detention consoles.

而且，ICE未來鎖定收購的設施數量也可能持續增加。在近期完成的出售交易之後，ICE目前在全國約使用36處由民間承包商擁有並營運的既有拘留據點。CoreCivic目前擁有並營運約11處ICE拘留設施，而GEO擁有並營運23處ICE拘留中心。

We believe that future sales are likely to have similar valuations to the transactions that have already been completed with standard adjustments with respect to geography and facility size. We are engaged in an active process for the sale of several of our turnkey facilities subject to mutual agreement on price and our continued management of those facilities under long-term support services contracts.

我們認為未來的出售交易估值，可能與已完成交易的估值相近，並會就地理位置與設施規模進行標準調整。我們正積極推動出售我們數座交鑰匙設施的流程，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。

We believe we have two types of assets. the buildings and the businesses of providing support services. We are pursuing a potential sale of the buildings, but we want to retain the business. 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.

我們認為我們擁有兩類資產：建築物，以及提供支援服務的業務。我們正尋求可能出售建築物，但希望保留業務。我們將自身定位為以支援服務為主的營運商，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。

Several of our facilities already have long-term support services contracts in place and would likely only need to be modified so as to eliminate the ownership cost such as depreciation and property taxes embedded in our present contracts in the event of ICE ownership.

我們的數座設施已具備長期支援服務合約，若ICE取得所有權，這些合約很可能只需修改，以移除目前合約中所包含的所有權成本，例如折舊與財產稅。

One of these facilities have some unique and valuable assets that we believe requires separate appraisal, which has likely resulted in somewhat longer process of the valuation. Several other geo facilities have support services contracts that expire later this year. ICE has initiated a procurement process involving four facilities that we hope will result in new long-term support services contracts being awarded.

其中一座設施擁有一些獨特且具價值的資產，我們認為需要另行鑑價，這可能導致估值流程耗時較長。另外數座GEO設施的支援服務合約將於今年稍晚到期。ICE已啟動涵蓋四座設施的採購流程，我們希望最終能獲得新的長期支援服務合約授予。

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

目前，我們與 ICE 之間尚未達成任何具決定性的協議，也沒有任何交易完成的明確時間表。當然，我們也無法保證這些交易中的任何一項一定會發生。但若任何 GEO 設施出售給 ICE，我們擬將所得款項用於降低負債、持續進行股票回購，以及其他一般公司用途。

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 long-term value for our shareholders.

向 ICE 潛在出售多處設施，可能代表對本公司而言一項重大的流動性事件，並可提升股東價值。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。

Given the intrinsic value of our assets, including 50,000 owned beds, our strong financial performance and providing diversified secure support services and our expected future growth, we believe our stock continues to be significantly undervalued and offers a very attractive investment opportunity. That completes our remarks, and we would be glad to take questions.

鑑於我們資產的內在價值（包括 50,000 張自有床位）、我們強勁的財務表現、所提供的多元化安全支援服務，以及我們預期的未來成長，我們相信本公司股票仍被顯著低估，並提供非常具吸引力的投資機會。以上為我們的說明，我們很樂意回答問題。

(Operator Instructions)

(接線員指示)

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

I want to start out with the Florida facilities. It's a year push out here to the right. I was wondering maybe give us a little more color as to why the pushout there? And then secondarily on that, I'm assuming since they were supposed to start in early July this year that there was some of those revenues that were expected in your prior guidance that you put out in the first quarter, is that accurate?

我想先從佛羅里達州的設施談起。這裡的時程往後延了一年。我想請你們多補充一些背景，為什麼會往後延？其次，我假設因為原本預計今年 7 月初開始，所以你們在第一季發布的先前指引中，應該包含了部分原本預期會認列的營收，這樣理解正確嗎？

And so that would indicate that even with this push out to the right for these particular facilities, the guide still being raised -- have been raised even higher if these hadn't been pushed out?

那麼這也表示，即使這些特定設施的時程往後延，但你們仍上調指引——如果沒有延後的話，指引本來是不是會上調得更高？

That is correct. Yes, there were some budgetary issues that remain unresolved that required the extension to July 1 of next year.

是的，正確。沒錯，仍有一些尚未解決的預算問題，因此需要將期限延長至明年 7 月 1 日。

Okay. And then on the CapEx, you mentioned George, they're getting reimbursed for CapEx in some of the new contracts. If you could remind us of that as normal if that's something new from ICE? And does that also play into the reduction and CapEx guidance on the growth side, especially for you guys for this year?

了解。另外關於資本支出（CapEx），George，你提到在一些新合約中，他們會就 CapEx 進行補償。能否提醒我們，這在以往是否屬於常態，或是 ICE 新增的作法？此外，這是否也影響到你們今年成長相關的 CapEx 指引下調？

It is relatively new, but -- the answer to the second question may be twofold that we've spent a lot of CapEx gearing up ready for this expansion for the reactivation of ICE facilities. And I think we'll be pretty much complete by the end of this year or early next year. So the ongoing maintenance CapEx will come into play on a normal basis, but we won't have any unusual start-up CapEx as we've had over the last one and a half years.

這算是相對較新的作法。不過——第二個問題的答案可能有兩個面向：我們已投入大量 CapEx，為 ICE 設施重新啟用的擴張做準備。我認為到今年底或明年初應該就會大致完成。因此，後續的維護性 CapEx 會回到正常水準，但不會再像過去一年半那樣有不尋常的啟動型 CapEx。

Okay. Great. And then one more for me, if I may. I know you talked about the ISAP program. You got the two-year contract and even though there's been some mix shift which is helping maintain revenue under that contract. But we go back five years or so ago, and I think there was some thought out there that the numbers under the ISAP program could hit well in excess of where we are today.

好的。很好。如果可以的話，我還有一個問題。我知道你們談到 ISAP 計畫。你們拿到兩年期合約，儘管組合有所轉移，仍有助於在該合約下維持營收。但如果回到大約五年前，我記得市場上曾有一些看法認為 ISAP 計畫的規模可能會遠高於我們今天看到的水準。

I mean it's been pretty flat year now for probably, what, two years. And just trying to get your feel for us is just not a focus of ICE at this point in time, it's more on the retention side. Or is there something else going on in the ISAP contract where it just maybe in the near future, we'll start to see maybe numbers go up to where they were a couple of years ago for you guys up to that almost 400,000 level?

我的意思是，這個數字現在相當持平，可能已經兩年左右了。我想了解你們的感受：目前 ICE 是否不太把重點放在這一塊，而是更偏向拘留（detention）端？或者 ISAP 合約是否還有其他因素，使得短期內我們可能會看到數字回升到幾年前的水準，例如你們接近 400,000 的那個水位？

I think in general, the focus of ICE has been on increasing detention capacity. But there's a lot of policy shifts as to who will be subject to immigration enforcement. So at a later point, maybe next year, we could see ISAP increase dramatically. But right now, the focus is on increasing detention capacity.

我認為整體而言，ICE 的重點一直放在提升拘留容量。但關於哪些人會被納入移民執法對象，政策上有很多轉變。因此在較後面的時間點，也許是明年，我們可能會看到 ISAP 大幅增加。但目前重點仍在提升拘留容量。

[Brendan McCarthy].

[Brendan McCarthy]。

Great. Just a follow-up on the electronic monitoring side. Is it still the expectation that ICE is going to reach 100,000 operational beds before turning to ISAP? Is that still a reasonable expectation?

很好。我想就電子監控這一塊追問一下。目前是否仍預期 ICE 會先把可運作床位提升到 100,000，之後才會轉向 ISAP？這仍是合理的預期嗎？

I think so for the most part, the focus within the agency and throughout the agency is to try to stand up approximately 100,000 beds. They're at a census presently about 68,000 and we have of that 24,000 in our facilities. So they have another 30,000 or so more beds to go.

我想大致上是的。該機構內部以及整個機構的重點，都是要設立大約 100,000 張床位。他們目前的在押人數（census）約為 68,000，其中我們的設施占了 24,000。所以他們大概還需要再增加 30,000 張左右的床位。

But within that process, I think there's a an objective of consolidation into fewer larger facilities down from their present 225 facilities that they use nationwide. So they want to be in fewer larger facilities with a normal detention capacity of about 100,000, not including maybe a lot of these little jails, which are just feeder locations to the main facilities that they want to have.

但在這個過程中，我認為他們也有一個目標，是把目前全國使用的 225 處設施，整併為更少但規模更大的設施。因此他們希望在更少、規模更大的設施中運作，常態拘留容量約 100,000，不一定包含許多小型監所；那些小型監所只是把人員輸送到他們希望設立的主要設施的「前哨」地點。

Understood. That makes sense. And on the skip tracing contract, I know you mentioned there was not much of an impact in Q2 from the lapse in ICE funding. Is $60 million still a reasonable annualized revenue estimate from that contract? Has that changed at all? And what are you seeing regarding trends in that program?

了解。這很合理。另外關於追蹤查找（skip tracing）合約，我知道你提到 ICE 資金中斷對第二季影響不大。該合約年化 6,000 萬美元的營收估計仍合理嗎？有任何變化嗎？你們在該計畫上看到哪些趨勢？

We do expect to receive another contract this quarter, possibly this month. And I think that number you quoted is correct.

我們確實預期本季會再收到一份合約，可能就在這個月。我認為你提到的那個數字是正確的。

Okay. And last question for me, just on the potential facility sales. I know you mentioned ICE has initiated the procurement process for involving four facilities I guess do you anticipate a potential sale lining up with the timing of a renewal, which it looks like a few of those facilities are up for renewal this fall. Just curious if you think the timing might line up there.

好的。我最後一個問題是關於潛在的設施出售。我知道你提到 ICE 已啟動採購流程，涉及四處設施；你是否預期潛在出售的時點會與續約時點相吻合？看起來其中幾處設施今年秋季就要續約。只是想了解你是否認為時程可能會在那裡對上。

Well, they're not being renewed. They're being recompeted. These are -- this is a new procurement to establish a new contract term for those facilities. And we're hoping the contract term is a long contract term. And I think there's a mutual interest to complete this process by the end of this quarter.

嗯，它們不會被續約。而是會重新競標。這些是——這是一項新的採購，用以為那些設施建立新的合約期間。而我們希望合約期間會是較長的合約期限。我認為我們與 ICE 都有共同的利益，希望在本季末前完成這個流程。

Hopefully, although it may spill into the next quarter. So that means it's -- as we understand it a two-step process, there was originally in RFI, request for information in which potential interested parties could submit their proposal to indicate that they had such a facility in that particular location, there's four different locations. The next step of the process -- and that first step has been completed.

希望如此，雖然也可能延續到下一季。因此，據我們了解，這是一個兩步驟流程：最初是 RFI（資訊徵詢／資訊請求），有意願的潛在參與方可以提交提案，表明他們在該特定地點擁有此類設施；共有四個不同地點。流程的下一步——而第一步已經完成。

The next step is to validate where the facility is and the ability to activate it within 30 days; we think that process will -- can take place fairly quickly. And the last step of the process is pricing on that existing facility for the next contract term. And as I said earlier, I think there's a mutual interest by us and ICE that this process hopefully be completed by the end of this quarter, but it could spill into the fourth quarter.

下一步是驗證設施所在位置，以及在 30 天內啟用的能力；我們認為該流程——可以相當快速地進行。而流程的最後一步是就該既有設施在下一個合約期間的定價。如我先前所說，我認為我們與 ICE 都有共同的利益，希望這個流程能在本季末前完成，但也可能延續到第四季。

Greg Gibas, Northland Securities.

Greg Gibas，Northland Securities。

George, Recognize that there are no assurances of asset sales, but post asset sales, could you maybe discuss how you're thinking about capital allocation and what your target net leverage would be? And perhaps just thoughts on buybacks versus any potential considerations for a [1031] exchange following NECL?

George，我了解資產出售沒有任何保證，但在資產出售之後，你能否談談你們如何思考資本配置，以及你們的目標淨槓桿會是多少？另外，也想請教在 NECL 之後，回購相較於任何可能的（依 1031 條）換置交易（1031 exchange）的考量？

Greg, this is Shayn and thanks for the question. So post any asset sales, we do have certain restrictions in our current debt agreements, how those proceeds have to be applied. But once we were able to satisfy those restrictions in the venture and in the credit agreement, we would absolutely look to deploy as much capital as you can to returning it back to shareholders.

Greg，我是 Shayn，謝謝你的問題。因此，在任何資產出售之後，我們在現行的債務協議中確實有一些限制，規定這些收益必須如何使用。但一旦我們能在合資企業與信貸協議中滿足那些限制，我們絕對會考慮盡可能部署更多資本，把它回饋給股東。

So I think it's a combination of both debt repayment and ultimately using that money to get either active with share repurchases or other forms of remuneration back to our shareholder investors.

所以我認為這會是債務償還與最終運用該資金（例如啟動股票回購或其他形式的回饋）回饋我們股東投資人的組合。

Got it. That's helpful. And secondly, as it relates to ICE's recent push to utilize monitoring services for patient immigrants, would you expect that initiative to notably change the populations under the ISAP program. Similarly, I was just -- we've seen that continued technology mix shift.

了解。這很有幫助。第二個問題，關於 ICE 近期推動使用監控服務來監管移民個案，你是否預期該倡議會顯著改變 ISAP 計畫下的人口結構？同樣地，我只是——我們看到技術組合持續轉移。

Wondering if you could maybe quantify it in a way like what would be the impact of moving 1 individual from SmartLink to ankle monitoring?

想請問你是否能用量化方式說明，例如把 1 名個人從 SmartLink 轉到腳踝監控，影響會是什麼？

Well, there is a corresponding decline in the Smart -- like app to individuals on the ankle monitors. And the app is far less expensive than the ankle monitors. And because of new policy shifts as to who will be subject to this immigration enforcement.

嗯，Smart——也就是 App 的使用者人數，會相對下降，而腳踝監控的人數會上升。而 App 的成本遠低於腳踝監控。並且由於新的政策轉變，關於哪些人會被納入這類移民執法。

Like as you mentioned, [the Haitians] we could see a significant increase in the number of people in the ISAP program. And most of them, we believe, would be placed under the anchor monitoring supervision technique.

就像你提到的，[海地人]，我們可能會看到 ISAP 計畫中的人數大幅增加。而我們相信其中大多數人會被置於腳踝監控的監督方式之下。

Kirk Ludtke, Raymond James.

Kirk Ludtke，Raymond James。

Maybe a follow-up on the 100,000-bed target I know we've talked on past calls about ICE's efforts to build their own facilities. How many beds do you think might come from that effort.

也許追問一下 10 萬床位的目標。我知道我們在過去的電話會議中談過 ICE 建造自有設施的努力。你認為有多少床位可能會來自那項努力？

I don't think they're building their own facilities per se. Well, they may be -- of the warehouse program, I think of the 11 that they purchase, they may be trying to activate maybe two or three that would be maybe 5,000 beds.

我不認為他們是在建造自有設施本身。嗯，他們可能——就倉儲計畫而言，我想在他們購買的 11 個之中，他們可能嘗試啟用其中兩到三個，可能約 5,000 個床位。

So the vast majority is going to have to come from other places I guess...

所以絕大多數我想將不得不來自其他地方……

It's really a reactivation of what were formerly BOP facilities that were discontinued under the Obama administration, and these are generally high security facilities, single cell facilities that are very desirable by ICE in expanding their detention capacity.

這其實是重新啟用先前的 BOP 設施，這些設施在歐巴馬政府期間被停用；而這些通常是高戒護設施、單人牢房設施，對 ICE 擴大其拘留容量而言非常理想。

Got it. That's helpful. And is there any time limits on the funding? Could this effort -- does this effort have to happen before the end of this administration?

了解。這很有幫助。那資金方面有任何時間限制嗎？這項努力——是否必須在本屆政府任期結束前完成？

No, I believe ICE has maybe approximately $36 billion left for the buildup of new facilities. And I believe that, that money is allocated through the President's current term.

不，我相信 ICE 可能還剩下約 360 億美元，用於新設施的擴建。而我相信這筆資金是配置在總統目前任期內。

So they've got some time for this --F

所以他們還有一些時間來做這件事——F

Yes, about three years, three years.

是的，大約三年，三年。

Yes. Got it. And then you mentioned geographic considerations. Can you elaborate on what they might be looking for?

是。了解。然後你提到地理因素。你能詳細說明他們可能在尋找什麼嗎？

What that means? Well, -- it's the difference between a cost of a facility in Oklahoma versus a cost of a facility in Colorado or Washington or different states. Just like a house in Florida is a different cost than one in Mississippi. The appraisal technique that's being used is the replacement cost of that facility in that location.

那是什麼意思？嗯——這是指奧克拉荷馬州的設施成本，與科羅拉多州、華盛頓州或其他州的設施成本之間的差異。就像佛羅里達州的房子成本與密西西比州的房子成本不同。目前使用的估值方法，是以該地點該設施的重置成本作為基礎。

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

本次問答環節到此結束。我想把電話會議交回給董事長兼執行長 George Zoley，請他做任何結語。

Thank you for joining us today. We look forward to addressing you in the next quarter. Thank you.

感謝各位今天加入我們。我們期待在下一季與各位交流。謝謝。

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

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。