call capital call, with latest quarter strategy with XXXX of today and year and the over thank recent will earnings our and developments third to Georgia. joining financial you Garfinkle, Dave will to facility with ongoing third in our quarter initiatives. details for the who the discuss financial allocation operational you guidance third Good the greater performance, I sale our Cameron. of review Thank provide morning us partners, and I for on full government update results our discuss will you, then call. XXXX latest developments, $XXX you on On of detail today’s state you our our you turn CFO, structure including million our our our capital update McRae we’ll quarter
Before our I years, update give of briefly the a on X view pan partners, government and an but me into peak let also big-picture out a and beyond. past XXXX give
was challenging grateful way. along the through how team journey, am for deal proud like the systems, a we team pandemic the in know, has navigated forward were deal Being to As more the had brought to the a us. leadership the challenges that I challenges and for pandemic. world, easily be decisions XX/X have nearly you it operation the the rest years, and made with managed severity COVID difficult having XX of diminished. challenge place with I to COVID-XX this as and the processes, of and some strong am It appears sure, the of going in of thankfully
would years has status, growth this year. corporate and for team change capital note last maintenance. to new but the it witnessed by have the sentiment past impressive our but and quick and in existing Difficulty] from supported proactive work X The change major I been to needed establish possibly by Second, have in [Technical our Board relations expand access and to our also could our influenced how the
decade. and balance not strong the made in it the rate even We sheet stronger leverage have with seen levels [Technical a Difficulty] pre-COVID taken at nearly
partners of Marshals notably have purpose, nature expanded Fourth, XX our our Custom shown multiple the and to contracts. months, with XXXX the renewal federal was to Service federal concerns the Immigration States last ability times pleased of to going labor in we last for essential the new, United and the as with has Enforcement. by solutions Third, Difficulty] with in to [Technical fill our our unique vacancies months I’m of market team made the front. and but not a progress X on the the sure, extremely result this The us pandemic. this that came
others. programs mentioned going As certain goals, for year With our on have decline have with of into seen a recent vacancy our we we rate we are retention our this individuals vacancies this year. a levels last management double-digit earlier XXXX outcomes report, had achieving this our in forward have our team occupancy in the our years year, started seen while and at XX% in contracts. rate later ESG the and staffing the All higher X preparing raising tremendous you over rates filling leaning while, locations as at those care
focus have crime like with next and policy on security, our have So the But steps border that immigration of inflation. strong and and new election things possible I going seen existing the finally, the along obviously well-poised before from justice and among will partners. nonetheless, economy election. likely strong on, debates this to what brings needs government taken fall we move you this significant into from be has see We week for criminal summer the
facility needs contract the partners. of facility to years McRae significantly for correctional Bureau revenue. of government federal our the X,XXX-bed the decade. the United In Department has BOP the partners, to of customers, Justice, trend, Now government is Service. or our this McRae our we sale prison Prisons the first declines Georgia and the our diversified the experienced than of state is X% for response in total significant million. in which The $XXX other The of less populations completed with solutions business BOP, are last In BOP, beginning August, of Federal States last which and remaining representing of the long-term within Marshals to our over their an our update meet we with
the provision of we the Following to revenue our residential the expiration at from contracts. facility through reentry contract McRae, of generate BOP only expect
As a of reasons. notable sale facility number reminder, is of for our McRae the a
to Federal with of that is November the very significant has provide the repurchase that pay and was First, clearly to be debt. management McRae for contract that after-tax cash the renewed a years on going more Bureau sale the not authorization a last share asset expire us a execute proceeds XX, The our by to allow few facility contract Prisons BOP. currently scheduled quickly on down
resulting will this step prison system. not Georgia of for population modernize drastic Third, their great systems to a a opportunity from to the seeking transaction result them This state take facilities, modernize a deal of again the was once correctional our is market help as it growth.
when reflected value Finally, price importantly, reinforces company $XX,XXX and of XX,XXX our detention in debt our used the asset of securities. publicly traded and which indicates per sale correctional which our this our evaluation to correctional and assets, of the most sale that have to nearly price nearly The McRae applied value significant public estate equity value, is real for bed, approximate a beds not triple owned billion nearly markets the equity. $X.X the was is underlying
an our a market to from public pricing true with correctional the the the asset’s sale we do due to this away government diversification and BOP, excellent contracts recycle not as opportunity trend, to detention facilities and dislocation or growing of finalize of our to securities create expect prison the values. we capital entities our become view our of value While
XXXX contracted As their The facilities. Marshals the on we order by with with Marshals XXXX, and President X facilities United have that Marshals and General in directed no Department in contract to total not direct expiration, expiration but to with Attorney have the of in criminal will detention have now only we were that operated set significant for are their contract’s later reliance the January direct very for remaining replace, Justice privately we so by detention years. be signed their until on contracts due to we the closer expire Service, contracts believe States are challenging and impacted set country Marshals to that that issued to around are executive Both dates. the capacity contracts consistent existing the unchanged extensions populations provide renew to potential In likely remained directly for recent would the prisoner significant Marshals Biden very capacity years, need remains not resolution have the capacity.
ensure is place government resident XXXX, Of were any continue We improve year. detainee trend of to continue during Marshals populations capacity and implemented in occupancy third in closely being restrictions support their ICE their of their with most well Department operations are and quarter. to Homeland partners, significantly Notably, federal quarter and historical ICE capacities restrictions needs to ability remained third partner be of occupancy since remained to in level COVID-XX. safety public distance. the by unchanged Nationwide, the is below social our spring These our the remained mission. the Security. the within the for to of facilities order utilization met impacted the the work ICE populations critical their that third and this to at
our number the to remain funded utilization utilization facility below result, of materially levels a As levels beds below historical continue annual well appropriation through process. the budget also are averages. Current
into awards. facilities, experienced unplanned in new outside actions result trend levels nearly Although we watching other in are detention where which the of challenges will impacted their relax our to this federal the at their has to be We budget enacted because contract by and up nonetheless December obviously of occupancy agency restrictions. experiencing and control, COVID-related once expenditures on This this is fiscal quarter-to-date, XX% continue. XX. be expect September, account, is Today, funded year of particularly government resolution partners, was on funds approximately slowly XX,XXX end detained ICE pandemic-related federal and what the XX,XXX funding new ICE, started October that multiple individuals X a December. under ICE will increases across full are at nationwide. Their to beds the we budget of utilization year a their continued and beginning ICE they Taking
financial trend in this X late historical notable trend is this to the norms. following have year a a While we is well believe of too this below on utilization years occurring impact material levels year’s results,
continue to also We programs. or ICE alternative provide pursue with to ATD detention nonresidential opportunities
was young issued for quarter, which procurement this a third different a the provider awarded adults, During January. was
believe we with as new contract, developed. additional While we be were ATD awarded could not engaged programs remain we ICE the
also the our provide these We apprehensions of community are elevated services we services Southwest The the type rates case to know on segment. to management of continue similar case to detention challenges, already needs border we in to increase are to arise, believe residential and capacity ATDs. we great solutions government’s demand well-positioned do non-residential for both which ICE. the are deliver Should expected new management
the funds per of accounted XX facilities compared we per million X.X% quarter. the quarter share to the operations, results of this which reduction third we quarter quarter year third the or normalized a In or of United this with of revenue $X.XX of Jail $XX.X in Center to million, the of three with year. $XX.X this year, County, or $X.XX the XXXX. Leavenworth million Service third revenue of of versus Marshals West Facility of in our for States Marion these of $XXX.X the $XX.X compared a quarter effective non-renewal prior now only contracts year was Tennessee the Marion generated the the Indiana million prior the year, January quarter XXXX contract Collectively, share in Moving X.X% of FFO, despite at this to decline at managed-only generated year or Detention in Detention and third non-renewal and County from our
items. to from valuable once these in amounts have restrictions would was our decline contract mentioned by three the of that with occur take challenging new the populations year, of retain contracts investments and demand market. will Dave advantage during considerable the a La of government recruit Palma just frontline staffing I detail of unsustainable by at the COVID I considerable non-renewal government the increased to levels occupancy regarding we of and financial to were will believe Arizona incentives add spent us of positioned – we are these while impact staff Correctional increasing our on Now, and the provide transition amount that our have more pursuant pandemic Center partners the the prior a that our labor partners relaxed. on driven state that But imposed
quarter. believe government we partners earlier, to into residential are our ICE these awarded manage enter As State unable that mentioned We and in La are Arizona levels our contract populations new populations additional In to Department Reentry from a staffing Center this by new as contracts unable pursuant populations existing last accept we and we manifest April of Correctional late populations could at as to also this population – manage Arizona early transitioning – from to are because Arizona poised commenced their of Rehabilitation year, challenges. needs in that we of the Palma year. Corrections, because are to
expect to the year. We to million near in generate completed end the million expect process of transfer on $XX normalized annualized to utilization Upon be achieving we the $XX revenue. contract, based approximately this
X,XXX state the quarter the preparation expired approximately of Arizona Arizona third reduction average at XXXX. at quarter million of quarter, because supports The during $XX of the daily the caring this contract nearly the However, receive the by of the decreased operating Palma end income with ICE facility inmates. inmates, the in facility to for currently population third the of of including third submission net La of compared facility detainees whose year
We to Department Arizona of end this XXXX Corrections, complete Reentry successfully full transition our updated I guidance. financial briefly ensure and by year. of like actively year to to discuss the collaborate we the Rehabilitation with continue would
in per the the internal the full of reflective third to my partners comments. in sooner in increasing more financial the expectation in well provide and year quarter range and in as third included the our range We share greater quarter. following details per share prior forecasting facility in starting our operation, of adjusted guidance the or quarter forecast, normalized AFFO, is of the transition federal fourth in impact La financial financial of completing by guidance $X.XX, from full-year will Palma to $X.XX being utilization about at our increase our our financial Dave results than funds expectation results are the now estimated of our the The as line with $X.XX. quarter the updated significant of remainder FFO $X.XX of assumptions
had multiple that the continued strengthen during to finally, we our third So balance sheet. quarter, important milestones
the First, of I to gain the of we million, for facility as state sale. which our mentioned $XX.X a earlier, on of generated sale million price the sales Georgia completed $XXX McRae correctional a
capital in have During residential centers land aggregate strategy. California sold quarter, an helped also accelerate $XX.X the undeveloped X a cash of assets we for reentry third sale million. The generated and of price sales parcel these our allocation from
outstanding $X.X unsecured a $XXX to principle also senior scheduled quarter, in notes, million. million XXXX which and repurchased the During we of an mature are remaining additional our May amount of X.XXX% only have balance of
maturity XXXX. the our than maturity schedule bond until have in April our we balance notes, resilient a Following of million notes, With rate debt. million. $XX.X of debt And repaid in outstanding next million variable comfortable cash amount maturity position, those flow principal reducing the we positive our less isn’t $XXX on cash also and hand significant senior X.XX% of to generation, $XXX.X
interest to long-term net EBITDA expense cost leverage of total X.XXx X.XXx. our million, So far We we committed by this debt our our improving year, or of and ratio remain targeted $XXX adjusted future borrowing. reduced debt reducing to to nearly balances have significantly range outstanding our
have the our made due have flow debt leverage through our leverage continue the leverage increasing our company EBITDA understanding and at in has recently, meaningful to cash facility declined. debt of overall We been impacted decline contracts progress we through short-term levels strong over reducing our generates leverage Palma La that in Arizona. time, to the increasing mathematically, to by Mathematically transition negatively – levels expect
transition to as completion, our years’ naturally the leverage expect So decline. to we
based shares. year. our authorization million of price outstanding repurchase repurchased Since common stock on continue million we trading allow on – year, the equity. this shares approximately purchase earlier our of quarter, would commencing $XXX approved of or an program execute repurchase remaining $XX.X XX% $XXX.X of at stock shares stock our Directors X% an in repurchase aggregate third by us outstanding of million recent our on of the price this total authorization share Board we additional May X.X of our of our The to program repurchase have to the During million of
and as enabled on share achieving other potential leverage a progress us opportunities strategy total capital is to our returns repurchases to of remain taking has consideration repayments, factors future the price of ratio Our quarters include and allocation combination such securities, towards our expected capital. debt flexible into to deploy targeted and in
and what needs and of We continue for to U.S. believe me is reported a the it value continue effectively But to meet prudent positioning on that government near-term both of economy warning recession a in going a generate reliance our over capital before our on and allocation having companies outside capital strategy cost seen Dave, the acknowledge sources has on basis, I structure industries, the turn customers America it been stable and signs with capital. for less company is long-term through impact and the being of forward. let is and daily to corporate the to
in we industry in resilient previous has during been is service. previous because have the government downturns This part, essential recessions, an our are large in we economy. As seen
discuss full and I the provide guidance the shown eye financial interest financial forecasted to our in capacity CapEx detail look as detailed growing that the economy, can watch need financial Dave? the turn at to anticipated actively updated macro and to and a provide over we we hiring has and during to plenty updates. trends meet down the coming our Dave rates. slows we environment additional clear, have growth, are stable blind market to economy results in partners. the in To year will demand more off labor turn spend its a employees third our recession. this call a No So, of towards we demand be current business cycle, and of unprecedented history be but quarter, rising our in won’t now of for
