Geo Group Inc (the) Reit · NYSE:GEO
Geo Group Inc (the) Reit — Q3 2023 Earnings Presentation
23 slides from Geo Group Inc (the) Reit's earnings presentation, Nov 7, 2023
Slide 1: Supplemental Information Third Quarter and YTD 2023
Supplemental Information Third Quarter and YTD 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, to update any of this info
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 * Q3 2023 Q3 2022 YTD 2023 YTD 2022 (unaudited) (unaudited) (unaudited) (unaudited) Market Capitalization ** $ 1,031,262 $ 955,230 $ 1,031,262 $ 955,230 Share Price ** $ 8.18 $ 7.70 $ 8.18 $ 7.70 Revenues * Owned and Leased: Secure Services $ 282,374 $ 286,576 $ 838
Slide 5: Financial Summary
Financial Summary Q3 2023 Q3 2022 YTD 2023 YTD 2022 Portfolio Owned and Leased: Secure Services 30 31 30 31 Owned and Leased: Reentry Services 35 36 35 36 Managed Only & Other 26 24 26 24 91 91 91 91 Owned and Leased: Secure Services * Revenue Producing Beds 35,749 37,051 35,749 37,051 Occupancy 83%
Slide 6: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets * As of As of September 30, 2023 December 31, 2022 (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 141,020 $ 95,073 Accounts receivable, less allowance for doubtful accounts 356,501 416,399 Prepaid expenses and other current assets 41,138 43,536 Total
Slide 7: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations * Q3 2023 Q3 2022 YTD 2023 YTD 2022 (unaudited) (unaudited) (unaudited) (unaudited) Revenues $ 602,785 $ 616,683 $ 1,804,885 $ 1,756,045 Operating expe nses 440,667 436,210 1,302,287 1,233,162 Depre ciation and amortization 31,173 32,330 94,787 100,284
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 2023 Q3 2022 YTD 2023 YTD 2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Income $ 24,503 $ 38,312 $ 82,022 $ 130,164 Add: Income tax provision ** 6,5
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 2023 Q3 2022 YTD 2023 YTD 2022 (unaudited) (unaudited) (unaudited) (unaudited) Net Income attributable to GEO $ 24,519 $ 38,337 $ 82,093 $ 130,283 Less Net loss attributable to noncontrolling interests 16 25 71 119 N
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 18,533 California 13 6,623 6,623 Arizona 4 5,930 3,479 Florida 5 5,751 3,259 Georgia 4 5,286 2,943 Oklahoma 2 4,622 730 Indiana 2 4,262 5,751 Louisiana 4 3,654 5,93
Slide 11: Portfolio Operating Metrics
Portfolio Operating Metrics * BEDS (1) YTD 9/30/2023 Q3 2023 (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 2,752,113 1,500 10,731 12,231 $153,213 1,832,048 83% $52,233 1,069,1
Slide 12: Customer Data
Customer Data 12 www.geogroup.com
Slide 13: Capital Expenditures
Capital Expenditures * Q3 2023 Q2 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 4,358 - - - 4,358 3,027 - - - 3,027 Technology - - 5,083 - 5,083 - - 3,713 -
Slide 14: Debt Maturity Schedule
Debt Maturity Schedule * 14 www.geogroup.com
Slide 15: Outstanding Debt
Outstanding Debt * Senior Notes Due 2024 2026 2026 2028 2028 Closing Date 9/25/14 4/18/16 2/24/21 8/19/22 8/19/22 Denomination USD USD USD USD USD Security Unsecured Unsecured Unsecured 2nd Lien 2nd Lien Original Principal Amount $250,000 $350,000 $230,000 $286,521 $239,142 Outstanding Principal Amo
Slide 16: Acquisitions/Dispositions
Acquisitions/Dispositions * Acquisitions Bed Count State Purchase Price Acquisition Date Tampa Residential Reentry Center 118 FL $1,200 March 2021 Dispositions Bed Count State Sale Price ** Sale Date Talbot Hall 536 NJ $13,922 January 2021 McCabe Center 113 TX $2,550 March 2021 Williams Street Cente
Slide 17: Idle Facilities
Idle Facilities Idle Facilities (As of 9/30/2023) Secure Services Facilities Location Ownership Bed Count Net Book Value * D. Ray James Correctional Facility Georgia Owned 1,900 49,508 Flightline Correctional Facility Texas Owned 1,800 33,672 North Lake Correctional Facility Michigan Owned 1,800 67,
Slide 18: Property List
Property List Updated as of September 30, 2023 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 Califo
Slide 19: Property List
Property List Updated as of September 30, 2023 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 F
Slide 20: Property List
Property List Updated as of September 30, 2023 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 20 Tully House Newark New Jersey 1929, 1999 July-22 NJ DOC 34
Slide 21: Property List
Property List Updated as of September 30, 2023 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 Rehabilitati
Slide 22: Property List
Property List Updated as of September 30, 2023 Years Primary Design Facility Name City State Years Contracted Ownership Type Lease Expiration Renewal Options Built/ Renovated Lessee(s) Capacity GEO LEASED PROPERTIES (NOT MANAGED) 1990-1992, 1995, 2008, 2011, 2013, 2015, Great Plains Correctional Fac
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 on asset divestitures, pre-tax, net loss attributabl
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