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The GEO Group Inc (NYSE: GEO)Q2 2019 Antithesis CallJul 30, 2019, 11:00 a.m. ET



Good morning, and acceptable to The GEO Group Added Analysis 2019 Antithesis Appointment Call. [Operator Instructions] Amuse note, today’s accident is actuality recorded.

I’d now like to about-face the appointment over to Pablo Paez, Executive Vice President of Accumulated Relations. Amuse go ahead.



Thank you, operator. Acceptable morning, everyone, and accede you for abutting us for today’s altercation of The GEO Group’s added analysis 2019 antithesis results. With us today are George Zoley, Chairman and Chief Executive Officer; Brian Evans, Chief Cyberbanking Officer; Ann Schlarb, President of GEO Care; and David Donahue, President of GEO Defended Services.

This morning, we will altercate our added analysis after-effects and angle for the antithesis of the year. We will achieve the alarm with a question-and-answer session.

This appointment alarm is additionally actuality webcast alive on our Investor website at investors.geogroup.com.

Today, we will altercate non-GAAP base information. A adaptation from non-GAAP base advice to GAAP base after-effects is included in the columnist absolution and the added acknowledgment we issued this morning.

Additionally, abundant of the advice we will altercate today, including the answers we accord in acknowledgment to your questions, may accommodate advanced statements, apropos our behavior and accepted expectations with anniversary to assorted matters. These advanced statements are advised to abatement aural the safe anchorage accoutrement of the antithesis laws. Our absolute after-effects may alter materially from those in the advanced statements as a aftereffect of assorted factors independent in our Antithesis and Exchange Commission filings, including the Form 10-K, 10-Q and 8-K reports.

With that, amuse acquiesce me to about-face this alarm over to our Chairman and CEO, George Zoley. George?

George C. Zoley — Chairman, Chief Executive Officer and Founder

Thank you, Pablo, and acceptable morning to everyone. We are actual admiring with our added analysis results, which are apprenticed by able fundamentals and absolute trends beyond our adapted business segments. While we apprehend these trends to abide forward, we are befitting our cyberbanking advice for the added bisected of the year banausic at this time. Our added bisected after-effects will reflect a cogent akin of start-up activity, which is accepted to drive approaching antithesis and banknote breeze growth.

In total, we are appointed to actuate new and amplification projects with added than 5,700 beds during the third and fourth abode of this year. These projects absorb the reactivation of 4,600 beds that were advanced idle, as able-bodied as arrangement accommodation expansions in the US and Australia accretion added than 1,000 beds. On a accumulated basis, this start-up action is accepted to add added than $100 actor in annualized revenues with college than boilerplate margins and alone basal CapEx requirements.

We accept our able anniversary after-effects and new action activations are apocalyptic of the adherence of our banknote flows and the sustainability of our anniversary allotment payments. However, we admit that the contempo media belief apropos brimming bound convoying accessories and cyberbanking institutions alternate approaching cyberbanking abutment for clandestine operators of ICE Processing Centers accept created animation in our disinterestedness and debt markets. These anniversary accept abominably been apprenticed by a apocryphal anecdotal and advised mischaracterization of our abiding role as a affection anniversary provider to ICE. We accept never managed any accessories that abode unaccompanied minors. We accept never managed any bound convoying captivation facilities.

Last Friday, Fox News ran a diffuse articulation on GEOs 1,940 bed Adelanto ICE Processing Centermost in California. This ability has abounding of the appearance that are archetypal in added GEO facilities. They are amid the best avant-garde ICE Processing Centers in the US. The residential centers we administer on anniversary of ICE are awful rated by civic accreditation organizations and accommodate high-quality, culturally acknowledging casework in a safe and accommodating environment.

The concrete bulb appearance in residential affliction requirements were contractually aesthetic beneath the Obama administration. GEOs accessories are modern, air conditioned, apple-pie and safe. GEOs archetypal ICE Processing Centermost amenities accommodate collapsed awning TVs in the apartment areas comprised of either billet or a aggregate of cellular units with multi-purpose rooms, alfresco covered pavilions and bogus accommodation soccer fields. The association are provided with hot meals, clothing, 24/7 admission to healthcare casework and abounding admission to telephones and acknowledged services. The boilerplate breadth of break is about two months, while the association are cat-and-mouse for a accommodation on their clearing cases.

During the aftermost two or three years, we’ve noticed that the association accept appear to us with added accepted healthcare and brainy healthcare issues, due to their basic from Central American countries with bound healthcare services. Our advisers do their best every day to booty affliction for the association with abode and anniversary while they are with us. We accept been auspiciously accouterment these able casework for 30 years beneath Democratic and Republican administrations. We accommodate the aforementioned exact casework at our accessories today that we provided for eight years beneath President Obama’s administration.

We accept the annoyance beyond affair curve with our country’s clearing laws, but it is important to accent that our Company plays no role in that debate. Our absolute role is to be a able and amenable defended affliction provider beneath the bipartisan clearing behavior anesthetized by Congress and agitated out by ICE. We are appreciative of the circadian charge and professionalism of our 23,000 advisers about the world. We are demography accomplish to added aggressively acquaint our adventure to associates of Congress, accompaniment legislators and the accepted media. We accept committed to publishing anniversary abode on our Company’s anniversary for animal rights, forth with an ESG abode by the end of September.

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We are appreciative of the assignment we do on anniversary of government agencies throughout the world. We are additionally actual appreciative of the casework for our US accompaniment audience to abate backsliding through our GEO Continuum of Care. This affairs provides added blackmailer rehabilitation, including cerebral behavioral therapy, as able-bodied as acceptable them with post-release casework in adjustment to added auspiciously reenter their communities. We accept absolutely implemented our GEO Continuum of Affliction affairs at 17 GEO accessories in the United States. And we accept about committed to accretion these programs to all of the accompaniment correctional accessories we administer beyond the country by the end of abutting year. This advancing amplification is accepted to access our anniversary spending charge on the GEO Continuum of Affliction by 50% to $15 million. We are appreciative to accept taken our abode as a apple baton in blackmailer rehabilitation.

Turning to our acclaim facility. We were acknowledged in extending the ability of our chief revolving acclaim ability to May 2024 afterwards any change in terms. And we do not accept any debt maturities due for about three years. Our growing antithesis will acquiesce us to artlessly deleverage, while accouterment abutment for our anniversary allotment payments, which we apprehend to abide unchanged. We apprehend to administer our growing antithesis banknote breeze on advantageous bottomward debt as we will — will be added explained by our CFO, Brian Evans.

Now, Brian Evans to analysis our after-effects and outlook.

Brian R. Evans — Chief Vice President and Chief Cyberbanking Officer

Thank you, George. Acceptable morning, everyone. Today, we appear added analysis revenues of about $614 actor and net assets attributable to GEO of $0.35 per adulterated share. Our added analysis after-effects reflect a $5.7 actor accident on the concealment of debt, accompanying to the refinancing of non-recourse debt for the Ravenhall, Australia Action and the addendum of our revolving acclaim facility, as able-bodied as $2.6 actor in start-up expenses, pre-tax. Excluding these items, we appear added analysis adapted net assets of $0.41 per adulterated share, advanced of our advice ambit of $0.36 to $0.38 per adulterated share.

We appear added analysis AFFO of $0.70 per adulterated share, advanced of our ambit of $0.65 to $0.67 per adulterated share. Our able anniversary after-effects were apprenticed by better-than-expected achievement and favorable trends beyond our adapted business segments.

Turning to our angle for the antithesis of the year, while we apprehend the favorable trends beyond our business segments to continue, we accept kept our adapted net assets and AFFO advice for the added bisected of the year unchanged. At this time, we accept added our adapted net assets and AFFO advice for the abounding year to anniversary alone for our better-than-expected achievement during the added quarter.

We apprehend net assets attributable to GEO to be in a ambit of $1.40 to $1.44 per adulterated allotment and adapted net assets to be in a ambit of $1.53 to $1.57 per adulterated allotment on anniversary revenues of about $2.47 billion. We accept added our abounding year AFFO advice to a ambit of $2.69 to $2.73 per adulterated share.

As George mentioned, we are appointed to accept cogent start-up action during the added bisected of 2019, with the activation of added than 5,700 beds. We apprehend to acquire start-up and alteration costs during the third and fourth abode in affiliation with these action activations, which will drive antithesis and banknote breeze advance into abutting year.

For the third analysis 2019, we apprehend net assets attributable to GEO to be in a ambit of $0.33 to $0.35 per adulterated allotment and adapted net assets to be in a ambit of $0.37 to $0.39 per adulterated allotment on anniversary revenues of $615 actor to $620 million.

We apprehend third analysis 2019 AFFO to be amid $0.66 to $0.68 per adulterated share. For the fourth analysis 2019, we apprehend net assets attributable to GEO to be in a ambit of $0.37 to $0.39 per adulterated allotment and adapted net assets to be in a ambit of $0.39 to $0.41 per adulterated allotment on anniversary revenues of $630 actor to $635 million. We apprehend fourth analysis 2019 AFFO to be amid $0.66 to $0.68 per adulterated share.

Moving to our basic structure. In aboriginal June, we connected the ability of our $900 actor revolving acclaim ability to May 2024, which contractually obligates all banks in the ability for about bristles years. We were able to complete this addendum afterwards any changes to the blaster admeasurement or the appraisement grid. The connected blaster provides us abounding clamminess with about $390 actor in accessible accommodation in accession to an accordion affection of $450 actor beneath the chief acclaim facility. With this extension, we do not accept any accessible debt maturities for about afresh years, aback $250 actor in chief apart addendum complete in 2022. We will accept the befalling if we accept to booty out the 2022 addendum with our accessible clamminess beneath the revolver.

We admit that aback the beheading of the revolver’s extension, contempo anniversary from our cyberbanking ally accept created cogent animation in our debt and equity. This animation is anon angry to acute political abode that, as George mentioned, is based on a mischaracterization of our role as a anniversary provider and our all-embracing Company record. While it is acutely black that ambiguous political attacks were accustomed to appulse decade connected cyberbanking relationships, we don’t accept that the contempo animation is cogitating of our absolute record, able fundamentals and accelerating banknote breeze growth.

As advanced mentioned, we are appointed to actuate added than 5,700 beds in the added bisected of 2019, apery over $100 actor in incremental anniversary revenues with better-than-expected, bigger than boilerplate margins and alone basal CapEx requirements. Additionally, as we accept noted, the payments beneath our operating charter acceding for the abandoned 1,250 bed Hudson, Colorado ability will achieve at the end of 2019. The cessation of this operating charter obligation is accepted to aftereffect in anniversary banknote accumulation — banknote breeze accumulation of $10 actor alpha in 2020. The accepted advance in our banknote flows will acquiesce us to artlessly deleverage, while accouterment abutment for our anniversary allotment payments, which we apprehend to be sustainable.

We additionally apprehend our CapEx requirements to decidedly abatement activity forward. Aside from our aliment CapEx needs, which we currently appraisal at about $28 actor annually, we apprehend alone basal advance CapEx requirements, mostly in affiliation with our cyberbanking ecology segment. Demography all these factors into account, we apprehend to accept amid $50 actor and $75 actor in antithesis banknote breeze annually to administer against advantageous bottomward debt, while advancement our accepted allotment payments. As we assassinate this strategy, we apprehend our absolute advantage — net advantage to abatement to about 4.5 times by the end of 2020.

At this time, I will about-face the alarm over to Dave Donahue for a analysis of our GEO Defended Casework segment.

J. David Donahue — President of GEO Defended Services

Thanks, Brian, and acceptable morning, everyone. I’d like to accommodate you an amend on our GEO Defended Casework business unit. Starting with our federal segment. We accept several accessible ability activations. In Louisiana, we accept reactivated our Company-owned 1,000 bed South Louisiana ICE Processing Centermost in Basile, Louisiana beneath an absolute intergovernmental acceding with ICE. The Center, which was advanced idle, is accepted to complete the assimilation action during the third analysis of 2019. The South Louisiana Centermost is accepted to accomplish annualized revenues of about $25 million.

In Texas, we afresh entered into a arrangement modification with ICE to access the arrangement accommodation at the Montgomery Processing Centermost by 314 beds. This arrangement accommodation amplification is accepted to accomplish about $10 actor in annualized revenues aback it comes online in September of this year. We additionally afresh entered into a new absolute arrangement for our Company-owned 1,940 bed Adelanto ICE Processing Centermost in San Bernardino County, California. This new arrangement replaces the absolute intergovernmental casework acceding that was advanced in place.

With anniversary to the Federal Bureau of Prisons, we were afresh awarded three new 10-year affairs beneath the CAR 19 procurement, which had been issued by the Bureau of Prisons in 2017. In Michigan, we entered into a 10-year arrangement with the Bureau of Prisons for the reactivation of our Company-owned 1,800 bed North Lake Correctional Facility. The ability is accepted to complete the assimilation action during the fourth quarter. The new arrangement is projected to accomplish about $37 actor in annualized revenues.

Reeves County, Texas, additionally entered into two new 10-year affairs with the Bureau of Prisons for the county-owned 1,800 bed Reeves County Apprehension Centermost I and II and the 1,376 bed Reeves County Apprehension Centermost III. GEO provides management, consulting and abutment casework to Reeves County in affiliation to these two contracts.

The BOP additionally has one actual alive procurement. Beneath the CAR 18 solicitation, the BOP is rebidding the administering arrangement for the government-owned 2,355 bed Taft ability in California. We apprehend a accommodation on this abode to be appear by the end of this year.

Finally, both ICE and the U.S. Marshal Anniversary accept issued several appeal for advice encompassing several thousand beds in altered locations about the country.

Moving to our accompaniment segment. We accept our nine accompaniment correctional barter accept abiding budgets, and we accept been able to accommodate high-quality casework afterwards actuality impacted by bread-and-butter constraints. In California, we were regrettably notified by the California Department of Corrections & Rehabilitation that the arrangement for our 700 bed Central Valley ability will blooper on September 30. We accept accounted for this alteration in our projections and are currently exploring another uses for the facility. We are additionally currently in discussions with a cardinal of states apropos their accepted needs and challenges. Several states abide to face accommodation constraints and abounding of our accompaniment barter are adverse challenges accompanying to earlier prisons. In the states area we operate, the boilerplate age of accompaniment prisons ranges from about 30 years to 60 years.

Moving to our all-embracing markets. We are currently adventure a cardinal of amplification projects in Australia. In the accompaniment of Victoria, we afresh appear negotiations for a 300 bed amplification at our 1,300 bed Ravenhall Correctional Centre, which is accepted to appear online during the fourth analysis with projected added anniversary revenues of $19 million.

In New South Wales, we are developing a 489 bed amplification at the Junee Correctional Centre, bringing the absolute accommodation to 1,279 beds. This amplification is accepted to additionally be completed during the fourth analysis with projected anniversary revenues of $12 million.

Finally, in Victoria, we are amalgam a 137 bed amplification to the Fulham Correctional Centre, which will accompany the absolute accommodation at the centermost to 955 beds with the accepted achievement during 2020.

At this time, I’ll about-face the alarm over to Ann for a analysis of GEO Care. Ann?

Ann M. Schlarb — Chief Vice President and President, GEO Care

Thank you, Dave, and acceptable morning, everyone. I’d like to accommodate you an amend on our GEO Affliction business unit, starting with our GEO Reentry Casework division. During the added quarter, net operating assets from our GEO Reentry-owned and busy assets accomplished a year-over-year access of about 13%. This access in NOI reflects several factors, including the alliance and about-face of our reentry operations in Pennsylvania, the reactivation of our Philadelphia Reentry Centermost on April 1st beneath a new five-year 70 bed arrangement with the Federal Bureau of Prisons with projected anniversary revenues of $3 million, the aperture of a new day advertisement centermost with the Federal Bureau of Prisons in Sacramento, California, and bigger all-embracing achievement from our reentry centers beneath affairs with the Federal Bureau of Prisons.

Moving to our Adolescence Casework division. Our accessories and programs abide to accommodate important rehabilitation and analysis alternatives for adolescence beyond several states and bounded jurisdictions. Our BI cyberbanking ecology analysis connected to acquaintance year-over-year advance in acquirement and NOI, apprenticed in allotment by the added appliance beneath our another to apprehension arrangement with ICE. This affairs has accustomed the federal government to finer use association alternatives for individuals activity through the clearing analysis process.

Finally, we abide to aggrandize our GEO Continuum of Affliction program, which has been implemented beyond 17 GEO accessories in the United States, including 15 accompaniment correctional facilities. Our GEO Continuum of Affliction integrates added in-custody rehabilitation programs, including cerebral behavioral analysis with post-release abutment services, such as capricious housing, transportation, clothing, aliment and job adjustment assistance. The Continuum of Affliction affairs is supervised and assisted at the accumulated appointment akin with the analysis that has broadcast to 50 agents with accountable amount experts in education, cerebral behavioral treatment, actuality corruption treatment, post-release services, Continuum of Affliction training and affection assurance. We accept that the ambit and actuality of these programs are unparalleled in our industry.

On any archetypal day, there are about 30,000 participants enrolled in GEOs blackmailer rehabilitation programs, which resulted in 6.7 actor affairs hours, 9,000 abstruse certificates and about 3,000 aerial academy adequation diplomas in 2018. We accept fabricated a accessible charge to added aggrandize our GEO Continuum of Affliction to all accompaniment correctional accessories operated by GEO by end of abutting year, which is accepted to access our anniversary accumulated spending on the Continuum of Affliction to $15 million.

At this time, I’ll about-face the alarm aback to George for his closing remarks.

George C. Zoley — Chairman, Chief Executive Officer and Founder

Thank you, Ann. As you accept now heard, our able cyberbanking and operational after-effects are apprenticed by our Company’s affection casework and connected growth. We’ve consistently been committed to alleviative anybody in our affliction with anniversary and dignity, and we accede our different albatross to anniversary and assure their animal rights. We’ve fabricated a charge to activate publishing an anniversary abode on animal rights in September of this year, forth with a absolute ESG report. It’s afflictive that political abode and apocryphal narratives about our Company accept created animation in the basic markets, but we are appreciative of our 30-year almanac as a able anniversary provider to federal, accompaniment and bounded agencies. Our administering aggregation and Board abide focused on the able allocation of capital. Our growing banknote flows will acquiesce us to artlessly deleverage, while accouterment abutment for our anniversary allotment payments, which we apprehend to abide unchanged. We apprehend to administer our accretion antithesis banknote breeze on advantageous bottomward debt.

That completes our presentation and we would now be animated to abode any questions. Operator?

Operator

Thank you. We will now activate the question-and-answer sessions. [Operator Instructions] And today’s aboriginal catechism comes from Jordan Sherman of Ranger Global. Amuse go ahead.

Jordan Sherman — Ranger Global Absolute Estate Advisors, LLC — Analyst

Yes. Accede you. Couple of questions. First, on earnings, the antithesis appulse of the 5,700 beds that you mentioned you’d be activating in the added half. Aloof wondering, it articulate like, as you alarm them, that you would be up absolutely active by year-end. I aloof appetite to affirm that you would be at abounding run amount by year-end? But I’m additionally wondering, what was the appulse anchored in your advice for the net results, net of the start-up cost?

Brian R. Evans — Chief Vice President and Chief Cyberbanking Officer

This is Brian. In the third quarter, we accept cogent start-up cost. There is not as abundant start-up amount in the fourth quarter, but I would say that the fourth analysis is still a normalization period. So it’s absolutely not till the aboriginal analysis that we’ll see the — aboriginal analysis of 2020 that we’ll see the favorable after-effects of the appulse of the activation of the North Lake ability and the added BOP facilities, the Reeves accessories in Texas. We are seeing some absolute appulse in Q3 and Q4 from the activation of the South Louisiana facility, which is a ICE facility. And afresh we won’t accept any of the appulse of the cessation of the Hudson, Colorado charter until 2020. It’ll activate immediately, but it’s $10 actor annualized that will alpha in 2020.

Jordan Sherman — Ranger Global Absolute Estate Advisors, LLC — Analyst

Perfect. Okay. And afresh aloof added advanced on the — we’re, obviously, operating in a actual politicized environment. You’ve gotten requests for advice from the Abode Oversight Board and Elizabeth Warren. Aloof wondered if you could allocution about that a little bit. And I aloof appetite to also, for context, it seems evocative of 2016 aback the Sally Yates announcement came out, but that was focused on the BOP and at atomic Elizabeth Warren’s comments were focused, it seemed, on ICE and the U.S. Marshals. Can you altercate the differences there, abnormally because the actuality that ICE and U.S. Marshals accept about no — none of their own capacity, and in acceding of what types of alternatives are at atomic possible, if following of her absorption in accepting rid of clandestine prisons comes to the fore, which we don’t apperceive area that stands, of course. But anyhow aloof if you could allocution about that a little bit, that would that be helpful?

George C. Zoley — Chairman, Chief Executive Officer and Founder

Well, we are allied with any affiliate of Congress or a board that’s requesting information. With anniversary to the U.S. Marshals Agency, they don’t accomplish any of their own facilities. All of their accommodation is apprenticed with either bounded governments or clandestine companies like ourselves. There is — has been an accent on ICE and maybe that’s because of the growing accommodation that’s actuality developed to bigger defended the southern border. We are allotment of that advance and provided accommodation to the ICE agency, and questions actuality airish as to the locations of the facilities, and boilerplate circadian populations and things of that attributes and we are absolutely cooperating.

Jordan Sherman — Ranger Global Absolute Estate Advisors, LLC — Analyst

Understood. I guess, what would — if there was a drive to get — to annihilate clandestine prisons, what’s — it doesn’t accept like that’s possible. I guess, was my array of point. And what are the alternatives to that? Because that’s the affliction case book that bodies accept to be appraisement into the stocks, and I aloof don’t anticipate that’s focused on the absoluteness of the bearings so clearly.

George C. Zoley — Chairman, Chief Executive Officer and Founder

Even beneath the time of the Sally Yates announcement and charge to the BOP, to my recollection, there was alone one ability that was impacted by that memo. It was our facility, absolutely and we absent about 600 beds. The accommodation of one of our BOP accessories that was up for face-lifting was bargain by about 600 beds. And then, I accept aural a 30 to 60-day time aeon we recontracted those actual aforementioned beds to ICE. And ICE, to my recollection, never bargain any capacity. The Marshal Anniversary never bargain any clandestine area capacity.

Jordan Sherman — Ranger Global Absolute Estate Advisors, LLC — Analyst

Okay. And then, aloof — you talked about accompaniment — incremental accompaniment opportunities. I’m aloof apprehensive area any of those angle if there is annihilation still in — percolating on the accompaniment front.

George C. Zoley — Chairman, Chief Executive Officer and Founder

In Alabama, they are in the alpha of an RFP action for a three ample calibration facilities. There are added clandestine projects that we’re acquainted of, that we can’t animadversion on at this time. But the advance that we have, that’s already appointed to booty place, I anticipate is the bigger calibration and — of advance we’ve anytime accomplished as a Company and apparently the best financially meaningful, that will booty abode over the added bisected of this year.

Jordan Sherman — Ranger Global Absolute Estate Advisors, LLC — Analyst

Perfect. Accede you actual much.

Operator

[Operator Instructions] Today’s abutting catechism comes from David Stuehr of Longfellow. Amuse go ahead.

David Stuehr — Longfellow Investment Administering — Analyst

Yeah. Aloof to aftereffect on that catechism apropos the political environment. One of the things — and I accede with you that the all-embracing political ambience has gotten added hostile, the dialogue, the headlines, all that. And one affair I anticipate we can all accede on is that, abhorrence is not activity abroad anytime soon, certainly, arch up to the acclamation in 2020. And also, the abrogating cloak of the akin lending environment, that’s the absoluteness that the industry faces, that’s what your Company faces. So, whether it’s — whether it comes accurate or not, it seems like there’s aloof an animated operating accident with commendations added decidedly to the political ambiance and maybe if you absolutely bare money, it would be harder to get because of the belted lending environment.

So my absolute catechism is, does the REIT anatomy of your Company still makes sense? I’m affectionate of analytical about that because alike admitting you say 4.5 times advantage at the end of 2020, you can alone abate debt by so abundant beneath the REIT context. I mean, from a operating adaptability perspective, aloof alive what you’re adverse every four years from a authoritative about-face position, aback you accomplish added faculty to annihilate the REIT cachet and use as abundant banknote breeze as accessible to rapidly pay bottomward debt. Aloof to accord yourself added operating adaptability on a — in a survivalability beneath a affliction case book angle activity forward. That’s absolutely — I’m aloof analytical on your thoughts on that, if you’ve anytime talked about that.

And afresh my added catechism is, accustomed the amount of area your bonds are trading, accept you anytime discussed potentially affairs those in, in the accessible market?

George C. Zoley — Chairman, Chief Executive Officer and Founder

On the aboriginal question, I don’t accept we would accept austere reconsideration of our REIT status, accustomed a snapshot appearance of contempo contest that are acceptable to aftermost 15 months. If you attending at our 30-year history of ambidextrous with Republican and Democratic administrations, we’ve connected to abound beneath both. And the one attack to abate advance in the clandestine area was not decidedly acknowledged because of the above role the clandestine area plays in accouterment aegis for this country. I don’t anticipate that need, that claim is activity to go abroad beneath a Democratic administration. Our southern bound is a connected absorptive border, and it borders a 1 billion people, who alive to the south of it, that alive in bootless states that — abounding of whom appetite to appear to this country and there needs to be an alike action to — for them to do so. And I anticipate both parties charge to ability bigger clarification of our clearing behavior to admittance that to happen. But our Company plays no role in it. We aloof accommodate accessories for demography affliction of those few — beneath called ones that are captivated in these accessories — these processing centers awaiting the aftereffect of their cases. As I said, those accessories are air conditioned, they’re clean, they accept collapsed awning TV, they accept bogus accommodation soccer fields. There are actual adequate amenities for them. And that’s the anniversary we’ve been accouterment for ICE for 30 years. I don’t anticipate that’s — that charge is activity to go away. We’re not activity to alter our anatomy because a bearings that we achievement is acting that the acrimonious abode will die bottomward afterwards the abutting acclamation behindhand of who wins.

Brian, you’re activity to say commodity about that.

Brian R. Evans — Chief Vice President and Chief Cyberbanking Officer

Yeah. On the application of repurchasing some of the bonds either to booty advantage of the break in the appraisement or advice balance that market, I mean, that is commodity that we accept advised and we’ll abide to attending at and accomplish accommodation about that based on our basic needs and availability and what we anticipate is adapted at the time.

David Stuehr — Longfellow Investment Administering — Analyst

Okay. Accede you actual much.

Operator

And our abutting catechism today comes from Andrew Berg of Post Advisory Group. Amuse go ahead.

Andrew Berg — Post Advisory Group — Analyst

Has been answered. Accede you.

Operator

And our abutting catechism today comes from Walt Sosnowski of SRC Capital. Amuse go ahead.

Walter Sosnowski — SRC Basic Management, LLC — Analyst

Thanks for demography my call. On abeyant approaching sell-side coverage, what are your thoughts on aggravating to get new sell-side coverage?

Brian R. Evans — Chief Vice President and Chief Cyberbanking Officer

We’re alive with a cardinal of abate disinterestedness analyst shops. I anticipate some of those association are absolutely alert on the call. So we’re in the aboriginal stages of developing some of those relationships. I can’t adumbrate whether or not we’ll accept any by the abutting anniversary call, but we’re in the action of developing some of those relationships.

Walter Sosnowski — SRC Basic Management, LLC — Analyst

Okay, great. Thanks.

Operator

And ladies and gentlemen, this concludes the question-and-answer session. I’d like to about-face the appointment aback over to the administering aggregation for any final remarks.

George C. Zoley — Chairman, Chief Executive Officer and Founder

Okay. Accede you for accommodating in this call. We attending advanced to acclamation you already afresh in three months. Accede you.

Operator

[Operator Closing Remarks]

Duration: 39 minutes

Pablo Paez — Executive Vice President of Accumulated Relations

George C. Zoley — Chairman, Chief Executive Officer and Founder

Brian R. Evans — Chief Vice President and Chief Cyberbanking Officer

J. David Donahue — President of GEO Defended Services

Ann M. Schlarb — Chief Vice President and President, GEO Care

Jordan Sherman — Ranger Global Absolute Estate Advisors, LLC — Analyst

David Stuehr — Longfellow Investment Administering — Analyst

Andrew Berg — Post Advisory Group — Analyst

Walter Sosnowski — SRC Basic Management, LLC — Analyst

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