Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q4 2024 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Feb 27, 2025
Slide 1: Supplemental Information Fourth Quarter and Full Year 2024
Supplemental Information Fourth Quarter and Full Year 2024 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 2024 Q4 2023 FY 2024 FY 2023 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 3,922,273 $ 1,365,527 $ 3,922,273 $ 1,365,527 Share Price ** $ 27.98 $ 10.83 $ 27.98 $ 10.83 Revenues * Owned and Leased: Secure Services $ 300,725 $ 292,235
Slide 5: Financial Summary
Financial Summary Q4 2024 Q4 2023 FY 2024 FY 2023 Portfolio * Owned and Leased: Secure Services 30 30 30 30 Owned and Leased: Reentry Services 33 34 33 34 Managed Only & Other 25 26 25 26 88 90 88 90 Owned and Leased: Secure Services ** Revenue Producing Beds 35,455 35,749 35,455 35,749 Occupancy 83
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of December 31, 2024 December 31, 2023 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 76,896 $ 93,971 Restricted cash and cash equivalents 2,785 - Accounts receivable, less allowance for doubtful accounts 376,013 390,023 Prepaid expenses a
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q4 2024 Q4 2023 FY 2024 FY 2023 (unaudited) (unaudited) (unaudited) (unaudited) Re v e nue s $ 607,720 $ 608,283 $ 2,423,702 $ 2,413,167 Ope rating e xpe nse s 447,358 441,942 1,774,479 1,744,228 De pre ciation and amortization 31,786 30,996 126,220 1
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 2024 Q4 2023 FY 2024 FY 2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Income $ 15,511 $ 25,162 $ 31,896 $ 107,183 Add: Income tax provision ** 10,33
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 2024 Q4 2023 FY 2024 FY 2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Income attributable to GEO $ 15,491 $ 25,232 $ 31,966 $ 107,325 Less Net (gain)/loss attributable to noncontrolling interests (20) 70 7
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 4,328 4,622 Indiana 2 4,262 4,262 Louisiana 4 3,654 3,
Slide 11: Portfolio Operating Metrics
Portfolio Operating Metrics * BEDS (1) FY 12/31/2024 Q4 2024 # of Facilities (1) Sq. Ft. Owned & Compensated Compensated Managed Only Total Revenue* Occupancy Revenue* Occupancy Leased Mandays Mandays Eastern Region (FL,GA,IN,VA) 6 2,368,940 1,500 9,195 10,695 $207,379 4,195,625 96% $49,256 939,041
Slide 12: Customer Data
Customer Data Customer Retention Data Total FY 2024 2023 2022 2021 2020 # of Contracts up for Renewal/Rebid 278 46 48 50 58 76 Contract Retention Rate: Owned & Leased 92.4% 97.7% 97.8% 93.3% 84.8% 89.8% Contract Retention Rate: Managed Only 70.0% 66.7% 100.0% 60.0% 75.0% 64.7% Retention Rate 89.2% 9
Slide 13: Capital Expenditures
Capital Expenditures * Q4 2024 Q3 2024 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 1,281 - - - 1,281 2,011 - - - 2,011 Technology - - 6,748 - 6,748 - - 3,073 -
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule * 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Total Floating Rate Debt Revolver Borrowings due 2029 $ - $ - $ - $ - $ 110,000 $ - $ - $ - $ - $ - $ 110,000 New Term Loan due 2029 - - 20,198 22,500 278,125 - - - - - 320,823 Total Floating Debt $ - $ - $ 20,198 $ 22,
Slide 15: Outstanding Debt
Outstanding Debt * Senior Notes Due 2026 2029 2031 Closing Date 2/24/21 4/18/24 4/18/24 Denomination USD USD USD Security Unsecured Secured Unsecured Original Principal Amount $230,000 $650,000 $625,000 Outstanding Principal Amount (end of quarter) (1) $100 $650,000 $625,000 Stated Coupon 6.500% 8.6
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 12/31/2024) Secure Services Facilities Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 48,079 Flightline Correctional Facility Texas Owned 1,800 31,915 North Lake Correctional Facility Michigan Owned 1,800 71
Slide 18: Property List
Property List Updated as of December 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 Califor
Slide 19: Property List
Property List Updated as of December 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 Fa
Slide 20: Property List
Property List Updated as of December 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
Slide 21: Property List
Property List Updated as of December 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 Rehabilitatio
Slide 22: Property List
Property List Updated as of December 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 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)/loss on asset divestitures/impairment,pre-tax, net
Geo Group Inc (The) REIT — Q4 2024 Earnings Presentation on 6ix