CXW's 3Q25 results beat our / consensus projections. Total revenue of $580.4m was well ahead of our $551m forecast and adjusted EPS excluding costs to reactivate idled facilities exceeded our/consensus EPS forecasts. Detention populations and revenue have not been impacted by the government shutdown. Revenue from ICE was up 54.6% in 3Q25 & average occupancy was 76.7% vs. 75.2%. CXW also has a strong balance sheet and liquidity to support operations, growth measures, share buybacks and other capital allocations & has been actively repurchasing its shares, a trend that we expect to continue or accelerate.
