Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q3 2024 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Nov 7, 2024
Slide 1: Supplemental Information Third Quarter and YTD 2024
Supplemental Information Third 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 info
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 - 1
Financial Summary Company Profile * Q3 2024 Q3 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 1,795,425 $ 1,031,262 $ 1,795,425 $ 1,031,262 Share Price ** $ 12.85 $ 8.18 $ 12.85 $ 8.18 Revenues * Owned and Leased: Secure Services $ 298,771 $ 282,374
Slide 5: Financial Summary - 2
Financial Summary Q3 2024 Q3 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 25 26 25 26 89 91 89 91 Owned and Leased: Secure Services ** Revenue Producing Beds 35,455 35,749 35,455 35,749 Occupancy
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of September 30, 2024 December 31, 2023 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 70,635 $ 93,971 Accounts receivable, less allowance for doubtful accounts 367,504 390,023 Prepaid expenses and other current assets 46,359 44,511 Total
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q3 2024 Q3 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Re v e nue s $ 603,125 $ 602,785 $ 1,815,982 $ 1,804,885 Operating e xpe nse s 441,917 440,667 1,327,121 1,302,287 De preciation and amortization 31,756 31,173 94,434 94
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 * Q3 2024 Q3 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Income $ 26,289 $ 24,503 $ 16,385 $ 82,022 Add: Income tax provision/(benefi
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) * Q3 2024 Q3 2023 YTD 2024 YTD 2023 (unaudited) (unaudited) (unaudited) (unaudited) Net Income attributable to GEO $ 26,320 $ 24,519 $ 16,475 $ 82,093 Less Net loss attributable to noncontrolling interests 31 16 90 71 Net
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) YTD 9/30/2024 Q3 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) 6 2,328,213 1,500 9,195 10,695 $158,123 3,219,784 96% $51,602 985,359
Slide 12: Customer Data
Customer Data 12 www.geogroup.com
Slide 13: Capital Expenditures
Capital Expenditures * Q3 2024 Q2 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 2,011 - - - 2,011 7,364 - - - 7,364 Technology - - 3,073 - 3,073 - - 7,640 -
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) $300 $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 9/30/2024) Secure Services Facilities Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 48,548 Flightline Correctional Facility Texas Owned 1,800 32,400 North Lake Correctional Facility Michigan Owned 1,800 72,
Slide 18: Property List
Property List Updated as of October 23, 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 Californ
Slide 19: Property List
Property List Updated as of October 23, 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 Fac
Slide 20: Property List
Property List Updated as of October 23, 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 October 23, 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
Slide 22: Property List
Property List Updated as of October 23, 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 Cor
Slide 23: Definitions
Definitions EBITDA: EBITDA is defined as net income, 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 (gain)/loss on asset divestitures/impairme
Geo Group Inc (The) REIT — Q3 2024 Earnings Presentation on 6ix