The GEO Group Reports Second Quarter 2024 Results
The GEO Group (NYSE: GEO) reported its Q2 2024 financial results. Key highlights include:
- Total revenues of $607.2 million
- Net Loss of $0.25 per diluted share, impacted by $82.3 million debt extinguishment costs
- Adjusted Net Income of $0.23 per diluted share
- Adjusted EBITDA of $119.3 million
The company completed a comprehensive debt refinancing in Q2, enhancing its balance sheet and lowering average debt cost. GEO updated its 2024 guidance, expecting full-year revenues of approximately $2.44 billion and Adjusted EBITDA between $485-505 million. Recent developments include a task order extension for the Adelanto ICE Processing Center and a new one-year contract for the Lawton Correctional Facility in Oklahoma.
Il GEO Group (NYSE: GEO) ha riportato i risultati finanziari del secondo trimestre 2024. Punti salienti includono:
- Ricavi totali di 607,2 milioni di dollari
- Perdita netta di 0,25 dollari per azione diluita, influenzata da costi di estinzione del debito pari a 82,3 milioni di dollari
- Reddito netto rettificato di 0,23 dollari per azione diluita
- EBITDA rettificato di 119,3 milioni di dollari
L'azienda ha completato una ristrutturazione del debito nel secondo trimestre, migliorando il suo stato patrimoniale e riducendo il costo medio del debito. GEO ha aggiornato la sua previsione per il 2024, prevedendo ricavi annui di circa 2,44 miliardi di dollari e un EBITDA rettificato tra 485 e 505 milioni di dollari. Sviluppi recenti includono un'estensione dell'ordine di lavoro per il Centro di Elaborazione ICE di Adelanto e un nuovo contratto annuale per la Struttura Penitenziaria di Lawton in Oklahoma.
The GEO Group (NYSE: GEO) informó sus resultados financieros del segundo trimestre de 2024. Los aspectos más destacados incluyen:
- Ingresos totales de 607.2 millones de dólares
- Pérdida neta de 0.25 dólares por acción diluida, afectada por costos de extinción de deuda de 82.3 millones de dólares
- Ingreso neto ajustado de 0.23 dólares por acción diluida
- EBITDA ajustado de 119.3 millones de dólares
La compañía completó una reestructuración de deuda integral en el segundo trimestre, mejorando su balance general y reduciendo el costo promedio de la deuda. GEO actualizó su guía para 2024, esperando ingresos anuales de aproximadamente 2.44 mil millones de dólares y un EBITDA ajustado entre 485 y 505 millones de dólares. Los desarrollos recientes incluyen una extensión de orden de trabajo para el Centro de Procesamiento ICE de Adelanto y un nuevo contrato de un año para la Instalación Correccional de Lawton en Oklahoma.
GEO Group (NYSE: GEO)가 2024년 2분기 재무 실적을 발표했습니다. 주요 사항은 다음과 같습니다:
- 총 수익 6억 720만 달러
- 희석 주당 순손실 0.25 달러, 8,230만 달러의 부채 상환 비용에 영향을 받음
- 희석 주당 조정 순이익 0.23 달러
- 조정된 EBITDA 1억 1,930만 달러
회사는 2분기에 포괄적인 부채 재구성을 완료하여 재무 상태를 개선하고 평균 부채 비용을 낮췄습니다. GEO는 2024년 연간 수익을 약 24억 4천만 달러, 조정 EBITDA는 4억 8,500만에서 5억 5,000만 달러 사이로 예상하며 가이드를 업데이트했습니다. 최근 개발사항으로는 아델란토 ICE 처리 센터의 작업 주문 연장과 오클라호마주 로우턴 교정 시설에 대한 1년 계약 체결이 포함됩니다.
Le GEO Group (NYSE: GEO) a publié ses résultats financiers pour le deuxième trimestre de 2024. Les points clés incluent:
- Revenus totaux de 607,2 millions de dollars
- Perte nette de 0,25 dollar par action diluée, impactée par des coûts de remboursement de dette de 82,3 millions de dollars
- Revenu net ajusté de 0,23 dollar par action diluée
- EBITDA ajusté de 119,3 millions de dollars
L'entreprise a complété une restructuration de dette complète au deuxième trimestre, améliorant son bilan et abaissant le coût moyen de la dette. GEO a mis à jour ses prévisions pour 2024, s'attendant à des revenus annuels d'environ 2,44 milliards de dollars et un EBITDA ajusté compris entre 485 et 505 millions de dollars. Parmi les développements récents figurent une extension de commande pour le Centre de traitement de l'ICE d'Adelanto et un nouveau contrat d'un an pour l'établissement correctionnel de Lawton, en Oklahoma.
Die GEO Group (NYSE: GEO) hat ihre finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Wesentliche Highlights umfassen:
- Gesamteinnahmen von 607,2 Millionen Dollar
- Nettoverlust von 0,25 Dollar pro verwässerter Aktie, beeinflusst von Kosten in Höhe von 82,3 Millionen Dollar zur Schuldtilgung
- Bereinigter Nettoertrag von 0,23 Dollar pro verwässerter Aktie
- Bereinigtes EBITDA von 119,3 Millionen Dollar
Das Unternehmen hat im zweiten Quartal eine umfassende Refinanzierung der Schulden abgeschlossen, wodurch die Bilanz verbessert und die durchschnittlichen Finanzierungskosten gesenkt wurden. GEO hat die Prognose für 2024 aktualisiert und erwartet einen Jahresumsatz von etwa 2,44 Milliarden Dollar sowie ein bereinigtes EBITDA zwischen 485 und 505 Millionen Dollar. Zu den jüngsten Entwicklungen gehört die Verlängerung eines Auftrags für das ICE-Verarbeitungszentrum in Adelanto und ein neuer Einjahresvertrag für die Correctional Facility in Lawton, Oklahoma.
- Completed comprehensive debt refinancing, enhancing balance sheet and lowering average debt cost
- Secured task order extension for Adelanto ICE Processing Center through October 19, 2024
- Entered new one-year contract for Lawton Correctional Facility through June 30, 2025
- Updated 2024 guidance with expected revenues of $2.44 billion
- Reported net loss of $32.5 million or $0.25 per diluted share in Q2 2024
- Q2 2024 Adjusted EBITDA decreased to $119.3 million from $129.0 million in Q2 2023
- First half 2024 Adjusted EBITDA declined to $236.9 million from $259.9 million in H1 2023
- Incurred $82.3 million in debt extinguishment costs related to April 2024 refinancing
Insights
The GEO Group's Q2 2024 results present a mixed financial picture. While total revenues increased to
Adjusting for these one-time costs, the company's performance appears more stable with adjusted net income of
The company's debt refinancing, while costly in the short term, has improved their financial flexibility. This could be positive for long-term investors, as it lowers the average cost of debt and provides more options for capital returns in the future.
GEO's updated 2024 guidance suggests a cautiously optimistic outlook. They project full-year revenues of approximately
The company's diversified business units and ability to secure contract extensions, such as the ICE task order for the Adelanto Center and the new one-year contract for the Lawton Facility, demonstrate resilience in their core operations. However, the ongoing COVID-related litigation affecting the full use of the Adelanto Center remains a potential risk factor.
Investors should monitor GEO's ability to capitalize on quality growth opportunities and execute their strategic priorities, as mentioned by Executive Chairman George C. Zoley. The company's focus on disciplined capital allocation could lead to enhanced long-term value for shareholders if executed effectively.
Second Quarter 2024 Highlights
-
Total revenues of
$607.2 million -
Net Loss Attributable to GEO of
$0.25 $82.3 million -
Adjusted Net Income of
$0.23 -
Adjusted EBITDA of
$119.3 million
For the second quarter 2024, we reported a net loss attributable to GEO of
We reported total revenues for the second quarter 2024 of
George C. Zoley, Executive Chairman of GEO, said, “Our diversified business units have continued to deliver steady financial and operational performance. We are pleased to have completed the comprehensive refinancing of our debt, including the exchange and retirement of substantially all of our convertible notes, during the second quarter of 2024. We believe that these important transactions significantly enhanced our balance sheet, lowered our average cost of debt, and have given us greater flexibility to evaluate options for capital returns in the future. We remain focused on the disciplined allocation of capital to enhance long-term value for shareholders as we execute our company’s strategic priorities and pursue quality growth opportunities.”
First Six Months 2024 Highlights
-
Total revenues of
$1.21 billion -
Net Loss Attributable to GEO of
$0.08 $82.4 million -
Adjusted Net Income of
$0.43 -
Adjusted EBITDA of
$236.9 million
For the first six months of 2024, we reported a net loss attributable to GEO of
We reported total revenues for the first six months of 2024 of
Financial Guidance
Today, we updated our financial guidance for 2024. For the full year 2024, we expect net income Attributable to GEO to be in a range of
Excluding the costs associated with the extinguishment of debt and other unusual and/or nonrecurring items, we expect full year 2024 Adjusted Net Income to be in a range of
For the third quarter 2024, we expect net income attributable to GEO to be in a range of
For the fourth quarter 2024, we expect net income attributable to GEO to be in a range of
Recent Developments
During the second quarter 2024,
On June 20, 2024, we announced that GEO had given the Oklahoma Department of Corrections (“ODOC”) notice of our intent to discontinue our management contract for the company-owned, 2,388-bed Lawton Correctional and Rehabilitation Facility (the “Lawton Facility”), which was set to expire on June 30, 2024. Subsequently, on June 26, 2024, GEO and the ODOC agreed to enter into a new one-year contract, continuing GEO’s operation of the Lawton Facility through June 30, 2025, under revised terms.
Balance Sheet
During the second quarter 2024, we completed the comprehensive refinancing of our debt, including the exchange and retirement of
As of June 30, 2024, our senior debt was comprised of
Conference Call Information
We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our second quarter 2024 financial results as well as our outlook. The call-in number for the
About The GEO Group
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
Reconciliation Tables and Supplemental Information
GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics. The reconciliation tables are also presented herein. Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure - Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.
Note to Reconciliation Tables and Supplemental Disclosure –
Important Information on GEO's Non-GAAP Financial Measures
Adjusted Net Income, EBITDA, and Adjusted EBITDA are non-GAAP financial measures that are presented as supplemental disclosures. GEO has presented herein certain forward-looking statements about GEO's future financial performance that include non-GAAP financial measures, including Net Debt, Net Leverage, and Adjusted EBITDA. The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period.
While we have provided a high level reconciliation for the guidance ranges for full year 2024, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures. The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.
Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted 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 is defined as EBITDA adjusted for gain/(loss) on asset divestitures/impairment, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, close-out expenses, pre-tax, other non-cash items, pre-tax, and certain other adjustments as defined from time to time.
Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.
We believe that by removing the impact of our asset base (primarily depreciation and amortization) and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA and Adjusted EBITDA provide our investors with performance measures that reflect the impact to operations from trends in occupancy rates, per diem rates and operating costs, providing a perspective not immediately apparent from net income.
The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance.
EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.
Adjusted Net Income is defined as net income/(loss) attributable to GEO adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented loss on the extinguishment of debt, pre-tax, start-up expenses, pre-tax, transaction fees, pre-tax, ATM equity program expenses, pre-tax, close-out expenses, pre-tax, discrete tax benefit, and tax effect of adjustments to net income attributable to GEO.
Safe-Harbor Statement
This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for the full year, third quarter, and fourth quarter of 2024, statements regarding GEO’s focus on reducing net debt, deleveraging its balance sheet, positioning itself to explore options to return capital to shareholders in the future, and pursuing a disciplined allocation of capital to enhance long-term value for shareholders, executing on GEO’s strategic priorities, and pursuing quality growth opportunities. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for 2024 given the various risks to which its business is exposed; (2) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (3) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (4) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers, including the timing and scope of implementation of President Biden's Executive Order directing the
Second quarter and first six months 2024 financial tables to follow:
Condensed Consolidated Balance Sheets* (Unaudited) |
||||||
| 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 other current assets | 53,802 |
44,511 |
||||
| Total current assets | $ | 490,413 |
$ | 528,505 |
||
| Restricted Cash and Investments | 141,312 |
135,968 |
||||
| Property and Equipment, Net | 1,919,541 |
1,944,278 |
||||
| Operating Lease Right-of-Use Assets, Net | 95,365 |
102,204 |
||||
| Assets Held for Sale | 6,080 |
- |
||||
| Deferred Income Tax Assets | 8,551 |
8,551 |
||||
| Intangible Assets, Net (including goodwill) | 887,235 |
891,085 |
||||
| Other Non-Current Assets | 95,491 |
85,815 |
||||
| Total Assets | $ | 3,643,988 |
$ | 3,696,406 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| Accounts payable | $ | 76,287 |
$ | 64,447 |
||
| Accrued payroll and related taxes | 64,940 |
64,436 |
||||
| Accrued expenses and other current liabilities | 198,626 |
228,059 |
||||
| Operating lease liabilities, current portion | 24,568 |
24,640 |
||||
| Current portion of finance lease obligations, and long-term debt | 24,442 |
55,882 |
||||
| Total current liabilities | $ | 388,863 |
$ | 437,464 |
||
| Deferred Income Tax Liabilities | 72,604 |
77,369 |
||||
| Other Non-Current Liabilities | 87,869 |
83,643 |
||||
| Operating Lease Liabilities | 74,924 |
82,114 |
||||
| Long-Term Debt | 1,739,191 |
1,725,502 |
||||
| Total Shareholders' Equity |
1,280,537 |
1,290,314 |
||||
| Total Liabilities and Shareholders' Equity | $ | 3,643,988 |
$ | 3,696,406 |
||
| * all figures in '000s | ||||||
Condensed Consolidated Statements of Operations* (Unaudited) |
||||||||||||||||
| Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Revenues | $ | 607,185 |
|
$ | 593,891 |
|
$ | 1,212,857 |
|
$ | 1,202,100 |
|
||||
| Operating expenses | 443,529 |
|
428,128 |
|
885,204 |
|
861,620 |
|
||||||||
| Depreciation and amortization | 31,313 |
|
31,691 |
|
62,678 |
|
63,614 |
|
||||||||
| General and administrative expenses | 52,198 |
|
41,692 |
|
105,268 |
|
91,826 |
|
||||||||
| Operating income | 80,145 |
|
92,380 |
|
159,707 |
|
185,040 |
|
||||||||
| Interest income | 1,992 |
|
1,297 |
|
4,466 |
|
2,465 |
|
||||||||
| Interest expense | (50,644 |
) |
(55,046 |
) |
(101,939 |
) |
(109,304 |
) |
||||||||
| Loss on extinguishment of debt | (82,339 |
) |
(1,618 |
) |
(82,378 |
) |
(1,754 |
) |
||||||||
| Gain/(loss) on asset divestitures/impairment | (2,907 |
) |
2,175 |
|
(2,907 |
) |
2,175 |
|
||||||||
| Income/(loss) before income taxes and equity in earnings of affiliates | (53,753 |
) |
39,188 |
|
(23,051 |
) |
78,622 |
|
||||||||
| Provision for/(benefit from) income taxes | (20,379 |
) |
11,153 |
|
(12,308 |
) |
23,515 |
|
||||||||
| Equity in earnings of affiliates, net of income tax provision | 811 |
|
1,490 |
|
839 |
|
2,412 |
|
||||||||
| Net income/(Loss) | (32,563 |
) |
29,525 |
|
(9,904 |
) |
57,519 |
|
||||||||
| Less: Net loss attributable to noncontrolling interests | 50 |
|
46 |
|
59 |
|
55 |
|
||||||||
| Net income/(loss) attributable to The GEO Group, Inc. | $ | (32,513 |
) |
$ | 29,571 |
|
$ | (9,845 |
) |
$ | 57,574 |
|
||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||
| Basic | 130,518 |
|
122,045 |
|
125,631 |
|
121,740 |
|
||||||||
| Diluted | 130,518 |
|
123,278 |
|
125,631 |
|
123,496 |
|
||||||||
| Net income per Common Share Attributable to The GEO Group, Inc.** : | ||||||||||||||||
| Basic: | ||||||||||||||||
| Net income/(loss) per share — basic | $ | (0.25 |
) |
$ | 0.20 |
|
$ | (0.08 |
) |
$ | 0.39 |
|
||||
| Diluted: | ||||||||||||||||
| Net income/(loss) per share — diluted | $ | (0.25 |
) |
$ | 0.20 |
|
$ | (0.08 |
) |
$ | 0.39 |
|
||||
| * | All figures in '000s, except per share data | |||||||||||||||
| ** | In accordance with |
|||||||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Net Income Attributable to GEO to Adjusted Net Income* (Unaudited) |
|||||||||||||||||
| Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | ||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Net Income/(Loss) | $ | (32,563 |
) |
$ | 29,525 |
|
$ | (9,904 |
) |
$ | 57,519 |
|
|||||
| Add: | |||||||||||||||||
| Income tax provision/(benefit) ** | (20,193 |
) |
11,487 |
|
(11,994 |
) |
24,029 |
|
|||||||||
| Interest expense, net of interest income *** | 130,991 |
|
55,366 |
|
179,851 |
|
108,593 |
|
|||||||||
| Depreciation and amortization | 31,313 |
|
31,691 |
|
62,678 |
|
63,614 |
|
|||||||||
| EBITDA | $ | 109,548 |
|
$ | 128,069 |
|
$ | 220,631 |
|
$ | 253,755 |
|
|||||
| Add (Subtract): | |||||||||||||||||
| Gain/(loss) on asset divestitures/impairment, pre-tax | 2,907 |
|
(2,175 |
) |
2,907 |
|
(2,175 |
) |
|||||||||
| Net loss attributable to noncontrolling interests | 50 |
|
46 |
|
59 |
|
55 |
|
|||||||||
| Stock based compensation expenses, pre-tax | 3,132 |
|
3,357 |
|
8,788 |
|
8,935 |
|
|||||||||
| Start-up expenses, pre-tax | 15 |
|
- |
|
507 |
|
- |
|
|||||||||
| ATM equity program expenses, pre tax | - |
|
- |
|
264 |
|
- |
|
|||||||||
| Transaction fees, pre-tax | 3,097 |
|
- |
|
3,097 |
|
- |
|
|||||||||
| Close-out expenses, pre-tax | 1,386 |
|
- |
|
1,874 |
|
- |
|
|||||||||
| Other non-cash items, pre-tax | (885 |
) |
(331 |
) |
(1,234 |
) |
(687 |
) |
|||||||||
| Adjusted EBITDA | $ | 119,250 |
|
$ | 128,966 |
|
$ | 236,893 |
|
$ | 259,883 |
|
|||||
| Net Income/(Loss) attributable to GEO | $ | (32,513 |
) |
$ | 29,571 |
|
$ | (9,845 |
) |
$ | 57,574 |
|
|||||
| Add (Subtract): | |||||||||||||||||
| Gain/(loss) on asset divestitures/impairment, pre-tax | 2,907 |
|
(2,175 |
) |
2,907 |
|
(2,175 |
) |
|||||||||
| Loss on extinguishment of debt, pre-tax | 82,339 |
|
1,618 |
|
82,378 |
|
1,754 |
|
|||||||||
| Start-up expenses, pre-tax | 15 |
|
- |
|
507 |
|
- |
|
|||||||||
| ATM equity program expenses, pre tax | - |
|
- |
|
264 |
|
- |
|
|||||||||
| Close-out expenses, pre-tax | 1,386 |
|
- |
|
1,874 |
|
- |
|
|||||||||
| Discrete tax benefit (1) | (4,519 |
) |
- |
|
(4,519 |
) |
- |
|
|||||||||
| Transaction fees, pre-tax | 3,097 |
|
- |
|
3,097 |
|
- |
|
|||||||||
| Tax effect of adjustment to net income attributable to GEO (2) | (22,568 |
) |
140 |
|
(22,891 |
) |
106 |
|
|||||||||
| Adjusted Net Income | $ | 30,144 |
|
$ | 29,154 |
|
$ | 53,772 |
|
$ | 57,259 |
|
|||||
| Weighted average common shares outstanding - Diluted | 130,518 |
|
123,278 |
|
125,631 |
|
123,496 |
|
|||||||||
| Adjusted Net Income/(loss) per Diluted share | 0.23 |
|
0.24 |
|
0.43 |
|
0.46 |
|
|||||||||
* |
all figures in '000s, except per share data. | ||||||||||||||||
** |
including income tax provision on equity in earnings of affiliates. | ||||||||||||||||
*** |
includes loss on extinguishment of debt. | ||||||||||||||||
(1) |
Discrete tax benefit primarily relates to interest deduction related to shares of common stock issued to note holders as a result of our private convertible note exchange transactions. | ||||||||||||||||
(2) |
Tax adjustment related to gain/loss on asset divestitures/impairment, loss on extinguishment of debt, start-up expenses, ATM equity program expenses, close-out expenses, and transaction fees. | ||||||||||||||||
2024 Outlook/Reconciliation* (In thousands, except per share data) (Unaudited) |
||||||
| FY 2024 | ||||||
| Net Income Attributable to GEO(1) | $ |
55,000 |
to |
$ |
70,000 |
|
| Net Interest Expense |
|
185,000 |
|
|
186,000 |
|
| Loss on Extinguishment of Debt, pre-tax |
|
82,000 |
|
|
82,000 |
|
| Income Taxes(1) (including income tax provision on equity in earnings of affiliates) |
|
15,000 |
|
|
17,000 |
|
| Depreciation and Amortization |
|
126,000 |
|
|
127,500 |
|
| Non-Cash Stock Based Compensation |
|
16,000 |
|
|
16,500 |
|
| Other Non-Cash |
|
6,000 |
|
|
6,000 |
|
| Adjusted EBITDA | $ |
485,000 |
to |
$ |
505,000 |
|
|
||||||
| Net Income Attributable to GEO Per Diluted Share | $ |
0.40 |
to |
$ |
0.51 |
|
| Adjusted Net Income Per Diluted Share | $ |
0.82 |
to |
$ |
0.93 |
|
| Weighted Average Common Shares Outstanding-Diluted |
|
137,000 |
|
|
137,000 |
|
|
||||||
|
||||||
|
||||||
| CAPEX |
|
|||||
| Growth |
|
10,000 |
to |
|
12,000 |
|
| Technology |
|
25,000 |
|
|
30,000 |
|
| Facility Maintenance |
|
45,000 |
|
|
48,000 |
|
| Capital Expenditures |
|
80,000 |
to |
|
90,000 |
|
|
||||||
| Total Debt, Net | $ |
1,675,000 |
to |
$ |
1,625,000 |
|
| Total Leverage, Net |
|
3.4 |
to |
|
3.3 |
|
| (1) Net of |
||||||
* Total Net Leverage is calculated using the midpoint of Adjusted EBITDA guidance range. |
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806966373/en/
Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations
Source: The GEO Group, Inc.
FAQ
What were GEO's Q2 2024 revenue and earnings?
How did GEO's Q2 2024 results compare to Q2 2023?
What is GEO's financial guidance for full-year 2024?
What major financial transaction did GEO complete in Q2 2024?
