CoreCivic owns and operates correctional and detention facilities and residential reentry centers across the U.S., selling bed capacity and facility management services exclusively to government agencies. CoreCivic's dominant business is its Safety segment, which operates 44 correctional and detention facilities for federal and state governments. Federal customers — primarily ICE, the U.S. Marshals Service, and the Bureau of Prisons — represent roughly 54% of revenue, with state governments at about 37%. CoreCivic also operates 20 residential reentry centers through its Community segment, providing transitional housing and reintegration services. A small Properties segment owns five facilities leased directly to government agencies. CoreCivic's primary revenue driver is a per diem rate charged per occupied bed per day, making occupancy the key financial lever. Labor represents roughly two-thirds of costs, so incremental occupancy above a facility's breakeven point drops through at high margins. Many federal contracts include minimum guaranteed capacity payments, which limit downside at low occupancy. Near-term growth is almost entirely driven by activating idle facilities to meet surging ICE detention demand following the Trump administration's immigration enforcement actions, including $45B appropriated for ICE detention capacity through 2029. CoreCivic signed new ICE contracts at five previously idle facilities in FY25, adding thousands of beds. Beyond federal demand, CoreCivic is in discussions with states facing prison overcrowding. On capital allocation, CoreCivic has prioritized share repurchases since revoking its REIT election in 2021.