🔹 Revenue: $636.2M (Est. $622.0M) 🟢; +4.8% YoY
🔹 Adj. EPS: $0.22 (Est. $0.17) 🟢
🔸$300M Buyback announced
Q3 & Q4 Guidance
🔹 Q3 EPS: $0.20–0.23 (Est. $0.26) 🔴
🔹 Q3 Revenue: $650M–660M
🔹 Q3 Adj. EBITDA: $115M–125M
🔹 Q4 EPS: $0.28–0.35 (Est. $0.36) 🔴
🔹 Q4 Revenue: $658M–673M
🔹 Q4 Adj. EBITDA: $132M–147M
FY25 Guidance
🔹 FY Adj. EPS: $0.84–0.94 (Est. $0.93) 🟡
🔹 FY Revenue: ~$2.56B
🔹 FY Adj. EBITDA: $465M–490M
🔹 FY CapEx: $200M–210M
Other Metrics
🔹 Net Income: $29.1M vs. ($32.5M) YoY
🔹 Adj. EBITDA (Q2): $118.6M
🔹 H1 Revenue: $1.24B
🔹 H1 Net Income: $48.7M vs. ($9.8M) YoY
🔹 Net Debt (post-sale): ~$1.47B; Net Leverage: ~3.3x
Commentary
🔸 “We believe our equity is undervalued and the $300M buyback reflects our strong conviction.” – Exec. Chairman George C. Zoley
🔸 Lawton sale generated $312M; partial proceeds used to acquire Western Region Detention Facility
🔸 4 major ICE facility activations in 2025: Delaney Hall, North Lake, D. Ray James, and Adelanto
🔸 Adelanto center reopened after court restrictions lifted; ramping expected to add $31M annual rev
🔸 Extended ISAP contract with ICE through August; new bidding underway
Strategic & Company Updates
🔸 $300M share repurchase authorized through June 2028
🔸 Lawton Correctional Facility sold to State of Oklahoma for $312M
🔸 Acquired Western Region Detention Facility (San Diego) for ~$60M
🔸 Facility activations expected to add ~$240M in combined annual revenue at full ramp