Operating XXXX. for for a decade Thank who previously call. you, Calabrese by GEO his us over Thank as back I begin morning December, to position held you retirement our until serving joining like welcoming fourth began in he good everyone. to in a XXXX at Chief would Pablo, on which quarter earnings and Officer Wayne
Ann Schlarb I would on their David and recent like retirements. to Venturella also congratulate
years GEO many to to new forward their for and service consultants. roles We are as GEO look their of grateful
reduce initial quarter results, year pleased today to end review to fourth management our by reduce guidance and our efforts net our joined senior continued for debt our leverage. and to I'm our and be XXXX financial our overall
operating the performance throughout diversified units year. strong delivered Our business and financial entire
have ago with highest quarterly history, year approximately $XXX of We revenues to million, are one which one in GAAP company's approximately $XX XX% grew net from income along pleased to our quarterly million. of the achieved
has diversification which strong And allowed our for of challenges impacted to Bureau time EBITDA believe most achieve and a year. based We XX% million, the We over significant company, EBITDA throughout metric our strong of industry of performance adjusted of related quarterly of our profitability best expenses Federal with has adjusted our a correctional reached provides year, that spectrum new high changes since performance the across were pandemic despite all our associated the year of growth $XXX important services. been policy the us and and community fluctuations able deriving is believe contracts. in entire adjusted that rates. interest growing fundamentals strategy, non-cash EBITDA the result to primarily continuing measure asset Prisons of detention federal our the our whole the it leading COVID multi establish the base year impact positions operating to before We non-GAAP
US the primarily Enforcement. and segments, Looking each trends leased a US the our comprised is at segment Service our Immigration for currently under current Marshal Customs facilities and services and of secure with owned contract,
of points to in quarter, of XX% three segment fourth our capacity. a occupancy the increase experienced During active compensated percentage this in year-over-year levels facilities
typically in that services facilities and areas our needed federal near our federal generally are With We provide are respect occupancy not contracts, US for detention stable. and space located detention defendants alternatives to to that available. US rates across these facilities courthouses Marshals be continued have Marshals where believe suitable pretrial
for the effective were quarter would year of bed, Dayton to we option the month. exercise the fourth period of Marshal later five XXX this agencies contract which intend in by During be Georgia, US the our notified Service XXXX, Robert facility
to these the ICE across has nationwide, rates facilities January. reported our facilities the all publicly levels remained our December. occupancy rates of nationwide declined month been ICE ICE at facilities Turning of during Occupancy during lower at month
border, occupancy XX% But weeks. the news application some recently XX has first subject may the May remains in on March and enacted of we the reports, future XXXX which rates media uncertain widely challenges. it been experienced However, to pending according a legal reported at increase recent Also, in expire in to Southwest Title was in several XX.
assumes Our that what across ICE XXXX. we outlook experienced generally rates utilization with in our are facilities XXXX for consistent
not Title otherwise program, our included Homeland lifting steadily number than of guidance. Security Department to assumptions appearance more XXX,XXX. have of regarding respect With the XXXX peaking in supervision XX or at throughout the participants any the of We ISAP, increased Intensive
in in changes recent policies budgetary ISAP a as decline a experienced result we've XXXX, pressures. of participants beginning immigration and Just of
the the participants in of approximately the guidance, current level, the range with provides number At guidance of assumptions number for ISAP reflecting our of the in in program a rate is reflecting XXX,XXX. a high of steady our XXXX participants end Presently low end reduction the XXX,XXX. participant based program and outlook continued a time, the on of below our this of level
year as beds budget, be the federal passed XX,XXX funding With tighten September omnibus Congress, the to appropriations omnibus bill range year. December, the previous Under approved progresses. XX, US guidance late as their funded in able Congress government through same expect the for the bill We detention by to the XXXX. respect to ICE’s federal
correctional primarily occupancy in XXXX. our managed-only capacity XX% of remain facilities, is in our fourth facilities of level managed-only relatively unchanged which quarter at business, state of rates the comprised Moving to
which significantly pandemic, Turning confinement as day for to and including the alternatives, our non-residential furloughs, residential COVID agencies reporting reentry centers, impacted governmental were opted by home programs.
well below reentry levels. historic remains actions, of result segment our these – in a resident As occupancy rates residential
us with increasing of by programs and days On make grow this units leverage. our approximately the other day quarter, over substantial year net debt participant throughout progress the to XX% performance our diversified non-residential The our strong reducing towards goal allowed reporting hand, during overall year. compensated by business continued year to
close net of times We and leverage approximately EBITDA. approximately $X.XXX net debt X.X XXXX adjusted billion of with
previously goal continue We million. $XXX on million to our is approximately to to noted reducing focus year our have each debt $XXX by
leverage at Doing XXXX, hope below end this of million the Achieving $XXX expense still leverage million to by to $XXX to net this EBITDA by by year. EBITDA net over three interest times adjusted and would despite that achieve million end another net $XXX times the allow us we X.X peeking debt of for reduce adjusted below XXXX. our reach
Assuming approximately interest $XXX of annual net expense million.
due the interest We that expense and By allow reduction $XX net for debt. by interest an are portions reduced our declined debt, in expense. the will to further are we of XXXX, to hopeful also in XXXX have that refinancing our environment successive is of year interest hopeful will each that net rates million reducing
to for our and options return expect potential equity all goals, We achieve to the capital that our efforts we debt we to reduction to explore leverage these shareholders. have additional Once stated shareholders. value unlock remain our optimistic
an we and other EBITDA a peer companies. step enterprise our EBITDA our currently believe diversified Given attractive represents multiple value is substantial stock comparable services valuation leverage, our group price adjusted that net with in below our current strong reduction our
call our turn results to the I'll this more guidance detail. over and financial to in At Brian address Evans time,
