Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q1 2024 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, May 7, 2024
Slide 1: Supplemental Information First Quarter 2024
Supplemental Information Fourth Quarter First Quarter and Full 2024 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,
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 * Q1 2024 Q1 2023 (unaudited) (unaudited) Market Capitalization ** $ 1,785,598 $ 993,786 Share Price ** $ 14.12 $ 7.89 Revenues * Owned and Leased: Secure Services $ 297,211 $ 277,066 Owned and Leased: Reentry Services 39,225 39,358 Managed Only 152,277 133,815 Elec
Slide 5: Financial Summary
Financial Summary Q1 2024 Q1 2023 Portfolio Owned and Leased: Secure Services 30 30 Owned and Leased: Reentry Services 34 35 Managed Only & Other 26 26 90 91 Owned and Leased: Secure Services * Revenue Producing Beds 35,749 35,749 Occupancy 84% 85% Compensated Mandays 2,743,361 2,726,619 Square Feet
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of March 31, 2024 December 31, 2023 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 126,497 $ 93,971 Accounts receivable, less allowance for doubtful accounts 356,717 390,023 Prepaid expenses and other current assets 48,276 44,511 Total cur
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q1 2024 Q1 2023 (unaudited) (unaudited) Revenues $ 605,672 $ 608,209 Operating expenses 441,675 433,492 Depreciation and amortization 31,365 31,923 General and administrative expenses 53,070 50,134 Operating income 79,562 92,660 Interest income 2,474
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 2024 Q1 2023 (unaudited) (unaudited) Net Income $ 22,659 $ 27,994 Add: Income tax provision ** 8,199 12,541 Interest expense, net of interest income *** 48,860
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 2024 Q1 2023 (unaudited) (unaudited) Net Income attributable to GEO $ 22,668 $ 28,003 Less Net loss attributable to noncontrolling interests 9 9 Net Income $ 22,659 $ 27,994 Add (Subtract): Equity in earnings of affi
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 Georgia 4 5,286 5,286 Oklahoma 2 4,622 4,622 Indiana 2 4,262 4,262 Louisiana 4 3,654 3,
Slide 11: Portfolio Operating Metrics
Portfolio Operating Metrics * BEDS (1) Q1 2024 (1) # of Facilities Sq. Ft. Owned & Compensated Managed Only Total Revenue* Occupancy Leased Mandays Eastern Region (FL,GA,IN,VA) 7 2,686,213 1,500 10,731 12,231 $53,656 1,063,035 96% Central Region (OK) 1 550,422 2,682 - 2,682 $12,085 237,487 97% Weste
Slide 12: Customer Data
Customer Data Customer Retention Data Total YTD 2024 2023 2022 2021 2020 # of Contracts up for Renewal/Rebid 235 3 48 50 58 76 Contract Retention Rate: Owned & Leased 91.4% 100.0% 97.8% 93.3% 84.8% 89.8% Contract Retention Rate: Managed Only 70.3% 100.0% 100.0% 60.0% 75.0% 64.7% Retention Rate 88.1%
Slide 13: Capital Expenditures
Capital Expenditures * Q1 2024 Q4 2023 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 1,140 - - - 1,140 2,201 - - - 2,201 Technology - - 6,729 - 6,729 - - 6,240 -
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule * 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Total Floating Rate Debt Revolver Borrowings due 2027 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Tranche 1 Term Loan due 2027 30,734 42,859 42,859 675,028 - - - - - - - 791,480 Tranche 2 Term Loan due 2027 - -
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 Correct Care Australasia N/A Australia $3,910 March 2024 Total $5,110 Dispositions Bed Count State Sale Price ** Sale Date Talbot Hall 536 NJ $13,922 Jan
Slide 17: Idle Facilities
Idle Facilities Idle Facilities (As of 3/31/2024) Secure Services Facilities Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 49,292 Flightline Correctional Facility Texas Owned 1,800 33,311 North Lake Correctional Facility Michigan Owned 1,800 73,
Slide 18: Property List
Property List Updated as of March 31, 2024 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 March 31, 2024 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 March 31, 2024 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 19 Tully House Newark New Jersey 1929, 1999 July-22 NJ DOC 344 Ow
Slide 21: Property List
Property List Updated as of March 31, 2024 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 March 31, 2024 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 Corre
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 net loss attributable to non-controlling interests, stock
Geo Group Inc (The) REIT — Q1 2024 Earnings Presentation on 6ix