Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q1 2023 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Apr 25, 2023
Slide 1: Supplemental Information First Quarter 2023
Supplemental Information First Quarter 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 this information,
Slide 2: Company Profile Financial Summary - 1 Financial Summary - 2
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 * Q1 2023 Q1 2022 (unaudited) (unaudited) Market Capitalization ** $ 993,786 $ 819,713 Share Price ** $ 7.89 $ 6.61 Revenues * Owned and Leased: Secure Services $ 277,066 $ 267,388 Owned and Leased: Reentry Services 39,358 38,138 Managed Only 133,815 135,275 Electro
Slide 5: Financial Summary
Financial Summary Q1 2023 Q1 2022 Portfolio Owned and Leased: Secure Services 30 32 Owned and Leased: Reentry Services 35 36 Managed Only & Other 26 25 91 93 Owned and Leased: Secure Services * Revenue Producing Beds 35,749 37,051 Occupancy 85% 84% Compensated Mandays 2,726,619 2,791,515 Square Feet
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of March 31, 2023 December 31, 2022 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 110,916 $ 95,073 Accounts receivable, less allowance for doubtful accounts 349,337 416,399 Prepaid expenses and other current assets 40,995 43,536 Total cur
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q1 2023 Q1 2022 (unaudited) (unaudited) Revenues $ 608,209 $ 551,185 Operating expenses 433,492 385,161 Depreciation and amortization 31,923 35,938 General and administrative expenses 50,134 48,560 Operating income 92,660 81,526 Interest income 1,168
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 * Q1 2023 Q1 2022 (unaudited) (unaudited) Net Income $ 27,994 $ 38,179 Add: Income tax provision ** 12,541 18,074 Interest expense, net of interest income *** 53,22
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) * Q1 2023 Q1 2022 (unaudited) (unaudited) Net Income attributable to GEO $ 28,003 $ 38,219 Less Net loss attributable to noncontrolling interests 9 40 Net Income $ 27,994 $ 38,179 Add (Subtract): Equity in earnings of aff
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 19,909 California 13 6,623 6,623 Pennsylvania 8 3,479 3,479 New Jersey 6 3,262 3,259 Colorado 6 2,943 2,943 Alaska 6 730 730 Florida 5 5,751 5,751 Arizona 4 5,930 5
Slide 11: Portfolio Operating Metrics
Portfolio Operating Metrics * (1) BEDS YTD 3/31/2023 (1) # of Facilities Sq. Ft. Owned & Compensated Managed Only Total Revenue* Occupancy Leased Mandays Eastern Region (FL,GA,IN,VA) 7 2,752,113 1,500 10,731 12,231 $50,042 1,048,986 95% Central Region (OK) 1 550,422 2,682 - 2,682 $11,992 235,391 98%
Slide 12: Customer Data
Customer Data 12 www.geogroup.com
Slide 13: Capital Expenditures
Capital Expenditures * Q1 2023 Q4 2022 Owned & Leased Owned & Leased Managed Only Managed Only Reentry BI ** Total Secure Reentry BI ** Total Secure Services & Other & Other Services Services Services Cap-Ex Category Growth - - - - - 5,109 216 - 130 5,455 Technology - - 2,399 - 2,399 - - 3,738 - 3,7
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule * 14 www.geogroup.com
Slide 15: Outstanding Debt
Outstanding Debt * Senior Notes Due 2024 2026 2026 2028 2028 Closing Date 9/25/14 4/18/16 2/24/21 8/19/22 8/19/22 Denomination USD USD USD USD USD Security Unsecured Unsecured Unsecured 2nd Lien 2nd Lien Original Principal Amount $250,000 $350,000 $230,000 $286,521 $239,142 Outstanding Principal Amo
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 Idle Facilities (As of 3/31/2023) Secure Services Facilities *** Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 50,370 Flightline Correctional Facility Texas Owned 1,800 34,617 North Lake Correctional Facility Michigan Owned 1,800
Slide 18: Property List
Property List Updated as of April 24, 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 California
Slide 19: Property List
Property List Updated as of April 19, 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 Facil
Slide 20: Property List
Property List Updated as of April 19, 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 22 Tully House Newark New Jersey 1929, 1999 July-22 NJ DOC 344 Ow
Slide 21: Property List
Property List Updated as of April 19, 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 Rehabilitation F
Slide 22: Property List
Property List Updated as of April 19, 2023 Years Primary Design Facility Name City State Years Contracted Ownership Type Lease Expiration Renewal Options Built/ Renovated Lessee(s) Capacity GEO LEASED PROPERTIES (NOT MANAGED) 1990-1992, 1995, 2008, 2011, 2013, 2015, Great Plains Correctional Facilit
Slide 23: Definitions
Definitions Adjusted EBITDA: Adjusted EBITDA is defined as EBITDA adjusted for gain/loss on asset divestitures, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, and other non-cash revenue & expenses, pre-tax. Adjusted Net Income: Adjusted Net I
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