Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q4 2023 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Feb 15, 2024
Slide 1: Supplemental Information Fourth Quarter and Full Year 2023
Supplemental Information Fourth Quarter and Full Year 2023 The GEO Group, Inc.'s ("GEO") Unaudited Reconciliation Tables and Supplemental Disclosure presented herein speaks only as of the date or period indicated, and GEO does not undertake any obligation, and disclaims any duty, to update any of th
Slide 2: Table of Contents
Company Profile 3 Financial Summary - 1 4 Financial Summary - 2 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statement of Operations 7 Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Reconciliation of Net Income Attributable to GEO to 8 Adjusted Net Income Reconci
Slide 3: Company Profile
Company Profile The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the U
Slide 4: Financial Summary
Financial Summary Company Profile * Q4 2023 Q4 2022 FY 2023 FY 2022 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 1,365,527 $ 1,358,457 $ 1,365,527 $ 1,358,457 Share Price ** $ 10.83 $ 10.95 $ 10.83 $ 10.95 Revenues * Owned and Leased: Secure Services $ 292,235 $ 280,077
Slide 5: Financial Summary
Financial Summary Q4 2023 Q4 2022 FY 2023 FY 2022 Portfolio Owned and Leased: Secure Services 30 31 30 31 Owned and Leased: Reentry Services 34 36 34 36 Managed Only & Other 26 24 26 24 90 91 90 91 Owned and Leased: Secure Services * Revenue Producing Beds 35,749 35,749 35,749 37,051 Occupancy 84% 8
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of December 31, 2023 December 31, 2022 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 93,971 $ 95,073 Accounts receivable, less allowance for doubtful accounts 390,023 416,399 Prepaid expenses and other current assets 44,511 43,536 Total c
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q4 2023 Q4 2022 FY 2023 FY 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 608,283 $ 620,682 $ 2,413,167 $ 2,376,727 Operating expenses 433,042 430,565 1,735,328 1,662,885 Depreciation and amortization 30,996 32,641 125,784 132,925 Gen
Slide 8: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Reconciliation of Net Income Attributable to GEO to Adjusted Net Income * Q4 2023 Q4 2022 FY 2023 FY 2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Income $ 31,824 $ 41,529 $ 113,845 $ 171,692 Add: Income tax provision ** 7,88
Slide 9: Reconciliation of Net Income Attributable to GEO to Net Operating Income (NOI)
Reconciliation of Net Income Attributable to GEO to Net Operating Income (NOI) * Q4 2023 Q4 2022 FY 2023 FY 2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Income attributable to GEO $ 31,894 $ 41,531 $ 113,987 $ 171,813 Less Net loss attributable to noncontrolling interests 70 2 142 121 Ne
Slide 10: Global Operations Profile
Global Operations Profile Global Operating Portfolio by Region * ** United States Facilities Current Beds Beds 1-Yr Ago TEXAS 20 19,031 19,031 CALIFORNIA 13 6,623 6,623 ARIZONA 4 5,930 5,930 FLORIDA 5 5,751 5,751 GEOGIA 4 5,286 5,286 OKLAHOMA 2 4,622 4,622 INDIANA 2 4,262 4,262 LOUISIANA 4 3,654 3,6
Slide 11: Portfolio Operating Metrics
Portfolio Operating Metrics * BEDS (1) YTD 12/31/2023 Q4 2023 (1) # of Facilities Sq. Ft. Owned & Compensated Compensated Managed Only Total Revenue* Occupancy Revenue* Occupancy Leased Mandays Mandays Eastern Region (FL,GA,IN,VA) 7 2,686,213 1,500 10,731 12,231 $206,649 4,251,872 95% $53,436 1,075,
Slide 12: Customer Data
Customer Data 12 www.geogroup.com
Slide 13: Capital Expenditures
Capital Expenditures * Q4 2023 Q Owned & Leased Owned & Leased Managed Only Reentry BI ** Total Secure Reentry Secure Services & Other Services Services Services Cap-Ex Category Growth 2,201 - - - 2,201 4,358 - Technology - - 6,240 - 6,240 - - Facility Maintenance 5,517 1,404 - 2,752 9,674 8,451 770
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule * 14 www.geogroup.com
Slide 15: Outstanding Debt
Outstanding Debt * Senior Notes Due 2026 2026 2028 2028 Closing Date 4/18/16 2/24/21 8/19/22 8/19/22 Denomination USD USD USD USD Security Unsecured Unsecured 2nd Lien 2nd Lien Original Principal Amount $350,000 $230,000 $286,521 $239,142 Outstanding Principal Amount (end of quarter) $110,858 $230,0
Slide 16: Acquisitions/Dispositions
Acquisitions/Dispositions * Acquisitions Bed Count State Purchase Price Acquisition Date Tampa Residential Reentry Center 118 FL $1,200 March 2021 Dispositions Bed Count State Sale Price ** Sale Date Talbot Hall 536 NJ $13,922 January 2021 McCabe Center 113 TX $2,550 March 2021 Williams Street Cente
Slide 17: Idle Facilities
Idle Facilities Secure Services Facilities Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 49,743 Flightline Correctional Facility Texas Owned 1,800 33,203 North Lake Correctional Facility Michigan Owned 1,800 73,937 Big Spring Correctional Facili
Slide 18: Property List
Property List Updated as of December 31, 2023 Years Primary Renewal Facility Name City State Years Contracted Capacity Ownership Type Term(s) Upcoming Renewal Date Built/ Renovated Customer(s) Option(s) OWNED AND LEASED PROPERTIES GEO SECURE SERVICES 1 Adelanto ICE Processing Center Adelanto Califor
Slide 19: Property List
Property List Updated as of December 31, 2023 Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) Upcoming Renewal Date Built/ Renovated Customer(s) Capacity Option(s) OWNED AND LEASED PROPERTIES GEO CARE - REENTRY SERVICES 1 Alabama Therapeutic Education Fa
Slide 20: Property List
Property List Updated as of December 31, 2023 Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) Upcoming Renewal Date Built/ Renovated Customer(s) Capacity Option(s) GEO CARE - REENTRY SERVICES 20 Tully House Newark New Jersey 1929, 1999 July-22 NJ DOC 344
Slide 21: Property List
Property List Updated as of December 31, 2023 Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) Upcoming Renewal Date Built/ Renovated Customer(s) Capacity Option(s) MANAGED-ONLY FACILITIES GEO SECURE SERVICES 1 Florence West Correctional and Rehabilitatio
Slide 22: Property List
Property List Updated as of December 31, 2023 Years Primary Design Renewal Facility Name City State Years Contracted Ownership Type Term(s) Upcoming Renewal Date Built/ Renovated Lessee(s) Capacity Option(s) GEO LEASED PROPERTIES (NOT MANAGED) 1990-1992, 1995, 2008, 2011, 2013, 2015, Great Plains Co
Slide 23: Definitions
Definitions EBITDA: EBITDA is defined as net income, adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization. Adjusted EBITDA: Adjusted EBITDA is defined as EBITDA adjusted for gain on asset divestitures, pre-tax, net loss attributabl
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