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    Ben Briggs • StoneX Financial Inc.

    Ben Briggs's questions to CoreCivic Inc (CXW) leadership

    Ben Briggs's questions to CoreCivic Inc (CXW) leadership • Q2 2025

    Question

    Ben Briggs of StoneX Group asked for the potential revenue and EBITDA contribution if all 30,000 available beds were activated. He also inquired about the company's transportation capabilities and opportunities given the shift to interior enforcement.

    Answer

    CFO David Garfinkle estimated that activating the 13,419 company-owned idle beds alone could generate approximately $500 million in annual revenue and $200-$225 million in incremental EBITDA. CEO Damon Hininger and President & COO Patrick Swindle detailed significant investments in their TransCore transportation fleet, noting vehicle CapEx is over five times normal levels this year to meet anticipated demand from ICE.

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    Ben Briggs's questions to CoreCivic Inc (CXW) leadership • Q1 2025

    Question

    Ben Briggs of StoneX Financial Inc. inquired about the number of individuals CoreCivic monitors under its current non-ICE contracts, the ability to ramp up these services, the potential incremental EBITDA from activating all idle facilities, and the expected timeline to reach a peak EBITDA run rate.

    Answer

    CEO Damon Hininger and CFO David Garfinkle estimated they monitor 20,000-30,000 individuals and confirmed they can ramp up quickly for a larger contract like ISAP, having secured technology partnerships. Garfinkle estimated that activating all remaining idle facilities could add $200 million to $225 million in incremental EBITDA. COO Patrick Swindle suggested that reaching a peak EBITDA run rate by the second half of 2026 is a reasonable assumption.

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    Ben Briggs's questions to Geo Group Inc (GEO) leadership

    Ben Briggs's questions to Geo Group Inc (GEO) leadership • Q2 2025

    Question

    Ben Briggs of StoneX Group sought clarification on revenue opportunities not included in guidance, specifically the $310 million from idle facilities and $40-50 million from transportation. He also asked about transportation margins and the potential for ISAP revenue growth beyond the current stable outlook.

    Answer

    CFO Mark Suchinski and Executive Chairman George Zoley confirmed the $310 million revenue opportunity from idle capacity (for ICE or U.S. Marshals) and the $40-50 million from transportation are not in current guidance. Suchinski declined to provide specific transportation margins. Regarding ISAP, they reiterated the outlook is flat for the year and that it's too early to quantify future growth, though they pointed to historical revenue levels of $370 million as a past high-water mark.

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