Slide 1: Investor Presentation 2Q24
Exhibit 99.1 Investor Presentation 2Q24 - Confidential -
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’
Slide 3: Highlights - Attractive Investment Characteristics
Highlights - Attractive Investment Characteristics Second Quarter Highlights - 2Q24 Revenue of $607.2 Million - 2Q24 Adjusted Net Income of $30.1 Million - 2Q24 Adjusted EBITDA of $119.3 Million - 2Q24 results reflect higher revenues driven by higher occupancy levels at our USMS and ICE facilities,
Slide 4: GEO is the Leading Diversified Secure and Community Reentry Services Provider
GEO is the Leading Diversified Secure and Community Reentry Services with a 40% share of the market Revenues Employees Facility Bed Capacity $2.41B 81,000 78,500 Beds Beds $1.90B 18,000 70,200 Employees 57,000 11,000 Employees GEO CoreCivic GEO CoreCivic GEO CoreCivic Owned/Leased Managed Only 4 * B
Slide 5: Financial Highlights
Financial Highlights Revenues ($ in millions) Net Income ($ in millions) $3,000 $200 $171.7 $2,413.2 $2,440 .0 $2,376.7 $2,500 $2,256.6 $150 $2,000 $107.2 $1,500 $100 $77.2 $62.5* $1,000 $50 $500 $- $- 2021 2022 2023 2024E 2021 2022 2023 2024E *Reflects $82.4 million pre-tax Loss on Extinguishment o
Slide 6: Cash and Debt Balances
Cash and Debt Balances Consolidated Debt Cash and Marketable Securities ($ in billions) ($ in millions) $126.5 $1,814 $1,800 $46.3 1Q24 2Q24 1Q24 2Q24 In the second quarter, we exchanged and retired substantially all of the $230 6 million dollars of our convertible notes
Slide 7: Company Overview
Company Overview 7
Slide 8: Company History
Company History Ø Founded in 1984 Ø Initial Public Offering (IPO) in 1994 Ø Listed on NYSE in 1996 Ø Included in Major Indexes: Ø S&P 600 Ø Russell 2000 Ø 18,000+ Employees 8
Slide 9: Diversified Government Service Provider
Diversified Government Service Provider Ø Secure Residential Care § ICE Processing Centers § USMS Detention Facilities § State Correctional and Rehabilitation Facilities Ø Non-Secure Residential Care § Residential Reentry Centers/Halfway Houses Ø Non-Residential Services § Day Reporting Centers § El
Slide 10: Corporate Structure
GC@. Corporate Structure + 17,557 Beds + 46,235 Beds & +12 Facilities 37 Facilities | Owned/Leased Sy | Managed Only Services Reentry Services Electronic Residential Non-R ial Beds +97 Non-Residential , ties [Owned/Leased Cone Supervised Individuals on Electronic Monitoring +99 ISAP Offices [Ma ‘age
Slide 11: Diversified U.S. Facility Footprint
Diversified U.S. Facility Footprint 49 GEO Secure Services Facilities 39 GEO Care Residential Facilities 8 Leased/Not Managed Facilities 11
Slide 12: International Services International Facilities
International Services 4 International Facilities 12
Slide 13: Valuable, Difficult to Replace Real Estate
Valuable, Difficult to Replace Real Estate § $6.5 billion: Estimated replacement value of owned beds § 17.3 Million Sq. Ft. owned and/or managed § 57,000 Owned/Leased Beds Karnes County Immigration § Economic Useful Life: 75+ Years Processing Center, TX § Newer Facility Assets = 21-Year Avg. Age § D
Slide 14: Segment Trends
Segment Trends 14
Slide 15: Segment Trends
Segment Trends USMS ICE Ø Continued Capacity Needs Ø U.S. Southwest Border Crossings Ø Facilities strategically located Ø Alternatives To Detention Program to support USMS needs Demand for Diversified Government Services Reentry Services State Correctional Agencies Ø Available capacity at existing Ø
Slide 16: U.S. Immigration and Customs Enforcement
U.S. Immigration and Customs Enforcement FEDERAL SEGMENT U.S. Southwest Border Alternatives To Detention Reentry Crossings Program Services AUG2023 - YTD2024 Program Participants JUNE23 - YTD2024 Southwest Land Border 200,000 On Technology Monitoring Encounters 195K 195K 194K 194K 350,000 195,000 30
Slide 17: U.S. Immigration and Customs Enforcement
U.S. Immigration and Customs Enforcement UNSUPERVISED INTENSTIVE SUPERVISION NON-DETAINED DOCKET APPEARANCE PROGRAM 2 7,000,000 (ISAP) PARTICIPANTS 3 175,000 41.67% 1.10% 1.34% DETAINED TOTAL ALIEN 3 37,000 POPULATION 1.34% 0.25% 1 16.8M 56.99% GOTAWAYS/OVERSTAYS/OTHER 9,574,500 Sources: 1) https://
Slide 18: Federal Appropriations Update
Federal Appropriations Update • In March 2024, Congress passed an appropriations bill for fiscal year 2024, which increased funding for ICE detention to 41,500 beds from the previously funded level of 34,000 beds. • The appropriations bill also increased funding for Alternatives to Detention program
Slide 19: ICE Processing Center Beds Breakdown
U.S. Immigration and Customs Enforcement ICE Processing Center Beds Breakdown * ICE Processing Center Beds Private Sector Beds Public Sector 10% GEO Other 42% Private 58% Sector 90% * Approximations based on contract guarantee bed counts 19 Source: ICE Data (ice.gov/detain/detention-management)
Slide 20: U.S. Marshals Service (USMS)
U.S. Marshals Service (USMS) Stable USMS Detention Populations (2014 –2023) 70,000 63,679 63,687 61,435 60,923 61,421 60,000 55,776 55,170 51,777 51,316 50,317 50,000 40,000 30,000 ~43% Contractor 20,000 Beds 10,000 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: 2014-2021 figures are ta
Slide 21: Aging Public Prisons
Aging Public Prisons Ø Aging Public Prison Facilities are Costly and Less Safe § Public Prison Facilities have Significant Deferred Maintenance Needs Ø More than 200,000 Public Prison Beds are Older than Economic Useful Life of 75 years § Close to 100,000 Public Prison Beds are 100+ Years Old Ø GEO
Slide 22: Aging State and Federal Prison Infrastructure
Aging State and Federal Prison Infrastructure Ø The majority of Public Prison Facilities have Significant Deferred Maintenance Needs § According to a May 2023 DOJ OIG Report, the Federal Bureau of Prisons has 1 approximately 123 facilities requiring an estimated $2 billion in maintenance costs § In
Slide 23: Available Beds in Inventory
Available Beds in Inventory Secure Services Facilities Location Ownership Bed Count D. Ray James Correctional Facility GA Owned 1,900 Flightline Correctional Facility TX Owned 1,800 North Lake Correctional Facility MI Owned 1,800 Big Spring Correctional Facility TX Owned 1,732 Rivers Correctional Fa
Slide 24: Financial Overview
Financial Overview 24
Slide 25: Financial Highlights
Financial Highlights Ø 2Q24 Revenue of $607.2 Million Ø 2Q24 Adjusted Net Income of $30.1 Million Ø 2Q24 Adjusted EBITDA of $119.3 Million 2Q24 2Q23 YTD2024 YTD2023 Revenue $607,185 $593,891 $1,212,857 $1,202,100 Adjusted Income $30,144 $29,154 $53,772 $57,259 Adjusted EBITDA* $119,250 $128,966 $236
Slide 26: Revenues by Segment
Revenues by Segment FY2023 Revenue = $2.41 Billion GEO Secure GEO Care Services 28% 72% Reentry Services 10% Electronic Monitoring & Supervision Services 18% Federal 46% International 8% State 18% 26
Slide 27: Diversified Long-Term, High-Quality Customer Relationships
Diversified Long-Term, High-Quality Customer Relationships Revenues By Customer (FY2023) Other Non- South Africa Residential Various Others Texas 1% 9% 3% 1% Virginia 1% ICE* Georgia 43% 1% New Jersey 1% Federal New Mexico Government 1% 62% Oklahoma 2% Indiana 2% U.S. Marshals Florida 16% 4% Arizona
Slide 28: FY2024 Guidance
FY2024 Guidance Net Income Attributable to GEO $55 Million - $70 Million + Net Interest Expense $185 Million - $186 Million + Loss on Extinguishment of Debt, pre-tax $82 Million + Income Taxes $15 Million - $17 Million (including income tax provision on equity in earnings of affiliates) + Depreciati
Slide 29: Environmental, Social & Governance (ESG) Overview
Environmental, Social & Governance (ESG) Overview 29
Slide 30: High Quality Government Contracts
High Quality Government Contracts Ø All Investment Grade Customers Ø Required by Law to Pay on Time: 45-60 days Ø No Receivables Problems Ø Payment Schedule: Monthly Billing Ø Majority of Contracts Include Fixed Monthly Payments Ø Contract Terms: Average Length of 7-10 Years Ø Customer Retention: In
Slide 31: Highly Regulated / Professional Services
Highly Regulated / Professional Services Ø Lengthy Contracts Specifying all Service Requirements Ø On-Site, Full-Time Customer Contract Monitors at Facilities in the U.S. Ø Full-time GEO Compliance Monitors at Facilities in the U.S. Ø Independent Contract Compliance Division Reporting Directly to th
Slide 32: Board Oversight
Board Oversight Nominating & Corporate Criminal Justice & Human Rights Committee Governance Committee Rehabilitation Committee • Periodic review of GEO • Annual review of Human Rights • Periodic review of GEO’s bylaws, & ESG Report Continuum of Care Code of Business Conduct and Ethics, and corporate
Slide 33: GEO's ESG Objectives
GEO’s ESG Objectives • To implement best practices that follow recognized global Human Rights standards and respect the dignity and basic human rights of all individuals in our care. • To be the leading provider of enhanced in-custody rehabilitation programs and post-release support services through
Slide 34: Diversified Employer
Diversified Employer Diversity • We are proud to be a diversified employer. • Women comprise a majority of our domestic workforce and play a significant role in our leadership and management. • Across GEO, under-represented minorities account for 69% of our U.S. workforce. Employee Training • We hav
Slide 35: Environmentally Responsible
Environmentally Responsible • GEO’s Environmental Sustainability Policy Statement is disclosed in Annual ESG Report. • GEO also provides disclosures on energy consumption statistics, water usage metrics, and Greenhouse Gas (GHG) Scope 1 and Scope 2 Emissions and Intensity Ratios. • New disclosures r
Slide 36: World Class Health Care
World Class Health Care • Disclosures in our Human Rights and ESG Report demonstrate the high quality of medical services provided across GEO’s Secure Services facilities in the U.S. • In 2022, our Secure Services Health Care Division oversaw nearly 575,000 medical encounters, including intake healt
Slide 37: GEO Continuum of Care: Rehabilitator of Lives
GEO Continuum of Care®: Rehabilitator of Lives • GEO Continuum of Care® focuses on integrating in-custody evidence-based rehabilitation with post-release services aimed at reducing recidivism. • GEO Continuum of Care 2023 Milestones: • Completed approximately 4.6 million hours of rehabilitation prog
Slide 38: Appendix
Appendix 38
Slide 39: Capital Structure (as of 2Q2024)
Capital Structure (as of 2Q2024) Interest Final ($ in millions) Amount Rate Maturity Date Cash & Equivalents $ 46.3 (1) $310M Revolving Line of Credit 4 0.0 SOFR + 3.00% April 2029 Term Loan 444.4 SOFR + 5.25% April 2029 8.625% Senior Secured Notes 650.0 8.625% April 2029 (2) Other Secured Debt 40.1
Slide 40: Asset Value (as of 2Q2024)
Asset Value (as of 2Q2024) ($ in millions) (4) Estimated Asset Value Debt Cash and Equivalents $ 46.3 Term Loan due 2029 $ 444.4 Accounts Receivable 384.1 Senior Secured Notes 2029 650.0 (1)(2) PP&E 6,449.0 Total Secured Debt $ 1,094.4 (3) Other Non-Real Estate Assets 1,200.0 Total Asset Value $ 8,0
Slide 41: Income Statement
Income Statement Q2 2024 Q2 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 607,185 $ 593,891 $ 1,212,857 $ 1,202,100 443,529 428,128 885,204 861,620 Operating expenses Depreciation and amortization 31,313 31,691 62,678 63,614 52,198 41,692 105,268 91,826 General an
Slide 42: Balance Sheet
Balance Sheet As of As of June 30, 2024 December 31, 2023 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 46,299 $ 93,971 Restricted cash and cash equivalents 6,240 - Accounts receivable, less allowance for doubtful accounts 384,072 390,023 Prepaid expenses and other current assets 53,802