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Performance was driven by incremental annual revenue from record contract wins secured throughout 2025, including $100 million from Florida contracts scheduled to transition in July 2026, though gains were partially offset by facility closures and depopulations.

The Secure Services segment benefited from the activation of three previously idled company-owned facilities and the reactivation of the Adelanto ICE Processing Center.

Management attributes a recent decline in ICE census (from 24,000 to 21,000) to a DHS leadership transition and a partial government shutdown impacting annual appropriations.

Operational margins improved due to lower-than-expected labor and overtime costs, as reduced detainee intake activity decreased the need for intensive processing and off-site travel.

The ISAP 5 program is experiencing a strategic technology shift, with participants moving from mobile apps to higher-priced, more intensive monitoring devices like GPS ankle monitors.

GEO Group is positioning itself as a primary support services operator, expressing a willingness to sell facilities to the federal government while retaining long-term management contracts.

Full-year 2026 guidance was increased based on Q1 strength, with potential upside from the reactivation of 6,000 remaining idle beds that could generate $300 million in annual revenue.

Management anticipates a pickup in ICE population levels starting in the second half of 2026 as federal funding and immigration policies stabilize.

Guidance assumes a more moderate contribution from labor savings in future quarters compared to the significant benefit seen in the first quarter.

The company expects to transition two new management-only contracts in Florida on 07/01/2026, contributing approximately $50 million in revenue for the remainder of the year.

Capital expenditure guidance was increased by 10-11% to fund facility retrofitting and office space expansions requested by ICE for newly activated contracts.

A partial government shutdown of DHS has delayed the timing of payments and collections, though services continue uninterrupted as essential public safety functions.

The company expanded its revolving credit facility by $100 million to manage working capital needs during the lapse in federal appropriations.

Management is in active discussions with ICE regarding the potential sale of multiple facilities, which would be subject to the company retaining long-term management of those facilities; proceeds from such sales would be used to reduce debt and fund share repurchases.

The federal government's 'warehouse project' for detention has been paused as DHS reevaluates its strategy for increasing capacity to 100,000 beds.

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Management views the Lawton facility sale at $130,000 per bed as a baseline but expects higher valuations for ICE facilities due to complex infrastructure and urban locations.

Facilities in 'blue states' may command a premium because they are difficult to replicate and offer federal protection from state-level litigation via the Supremacy Clause.

George Zoley estimated that initial sales could potentially be announced in late Q2 or early Q3 2026, though he characterized this as a guess.

Lower populations actually boosted EBITDA by reducing the high costs associated with rapid intake, mental health staffing, and overtime requirements.

Management described the current lower activity level as a 'welcome breather' from the extremely rapid processing pace experienced in 2025.

The program is in early stages; GEO completed its initial assignment quickly and is waiting for other contractors to catch up before receiving the next volume assignment.

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