Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q2 2024 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Aug 7, 2024
Slide 1: Supplemental Information Second Quarter and YTD 2024
Supplemental Information Second Quarter and YTD 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 this inf
Slide 2: Table of contents
Company Profile Financial Summary - 1 Financial Summary - 2 Condensed Consolidated Balance Sheets Condensed Consolidated Statement of Operations Reconciliation of Net Income/(loss) to EBITDA and Adjusted EBITDA, and Reconciliation of Net Income/(loss) Attributable to GEO to Adjusted Net Income Recon
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 - 1
Financial Summary Company Profile * Q2 2024 Q2 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 2,003,955 $ 902,698 $ 2,003,955 $ 902,698 Share Price ** $ 14.36 $ 7.16 $ 14.36 $ 7.16 Revenues * Owned and Leased: Secure Services $ 298,822 $ 279,283 $ 5
Slide 5: Financial Summary - 2
Financial Summary Q2 2024 Q2 2023 YTD 2024 YTD 2023 Portfolio Owned and Leased: Secure Services 30 30 30 30 Owned and Leased: Reentry Services 34 35 34 35 Managed Only & Other 26 26 26 26 90 91 90 91 Owned and Leased: Secure Services * Revenue Producing Beds 35,749 35,749 35,749 35,749 Occupancy 85%
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * 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 o
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q2 2024 Q2 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Reve nues $ 607,185 $ 593,891 $ 1,212,857 $ 1,202,100 Ope rating expense s 443,529 428,128 885,204 861,620 Depreciation and amortization 31,313 31,691 62,678 63,614 Gene
Slide 8: Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA
Reconciliation of Net Income/(Loss) to EBITDA and Adjusted EBITDA, and Reconciliation of Net Income/(Loss) Attributable to GEO to Adjusted Net Income * Q2 2024 Q2 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Income/(Loss) $ (32,563) $ 29,525 $ (9,904) $ 57,519 Add: Inco
Slide 9: Reconciliation of Net Income/(Loss) Attributable to GEO to NOI
Reconciliation of Net Income/(loss) Attributable to GEO to Net Operating Income (NOI) * Q2 2024 Q2 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Income/(Loss) attributable to GEO $ (32,513) $ 29,571 $ (9,845) $ 57,574 Less Net loss attributable to noncontrolling interest
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) YTD 6/30/2024 Q2 2024 (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 $106,520 2,197,625 96% $52,864 1,061,7
Slide 12: Customer Data
Customer Data 12 www.geogroup.com
Slide 13: Capital Expenditures
Capital Expenditures * Q2 2024 Q1 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 7,364 - - - 7,364 1,140 - - - 1,140 Technology - - 7,640 - 7,640 - - 6,729 -
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule * 14 www.geogroup.com
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) $600 $650,000 $625,000 Stated Coupon 6.500% 8.625%
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 6/30/2024) Secure Services Facilities Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 49,020 Flightline Correctional Facility Texas Owned 1,800 32,825 North Lake Correctional Facility Michigan Owned 1,800 72,
Slide 18: Property List
Property List Updated as of August 7, 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 August 7, 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 August 7, 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 August 7, 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 August 7, 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/(loss), adjusted by adding provisions for/(benefit from) 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-contro
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