The GEO Group Reports Third Quarter 2024 Results
The GEO Group reported its Q3 2024 financial results with total revenues of $603.1 million and net income of $26.3 million ($0.19 per diluted share). Adjusted net income reached $29.1 million ($0.21 per diluted share). The company's Adjusted EBITDA was $118.6 million. Results were impacted by lower revenues in Electronic Monitoring Services due to declining ISAP participant counts, averaging 177,000 individuals. For full-year 2024, GEO expects revenues of $2.42 billion and Adjusted EBITDA between $470-480 million. The company maintains a net debt of $1.69 billion with approximately $280 million in total available liquidity.
The GEO Group ha riportato i risultati finanziari per il terzo trimestre del 2024 con ricavi totali di 603,1 milioni di dollari e un utile netto di 26,3 milioni di dollari (0,19 dollari per azione diluita). L'utile netto rettificato ha raggiunto i 29,1 milioni di dollari (0,21 dollari per azione diluita). L'EBITDA rettificato dell'azienda è stato di 118,6 milioni di dollari. I risultati sono stati influenzati da minori ricavi nei Servizi di Monitoraggio Elettronico a causa del calo degli partecipanti ISAP, con una media di 177.000 individui. Per l'intero anno 2024, GEO prevede ricavi di 2,42 miliardi di dollari e un EBITDA rettificato compreso tra 470 e 480 milioni di dollari. L'azienda mantiene un debito netto di 1,69 miliardi di dollari con circa 280 milioni di dollari di liquidità totale disponibile.
The GEO Group reportó sus resultados financieros del tercer trimestre de 2024 con ingresos totales de 603,1 millones de dólares y una ganancia neta de 26,3 millones de dólares (0,19 dólares por acción diluida). La ganancia neta ajustada alcanzó 29,1 millones de dólares (0,21 dólares por acción diluida). El EBITDA ajustado de la compañía fue de 118,6 millones de dólares. Los resultados se vieron afectados por menores ingresos en los Servicios de Monitoreo Electrónico debido a la disminución del número de participantes de ISAP, con un promedio de 177.000 individuos. Para el año completo 2024, GEO espera ingresos de 2,42 mil millones de dólares y un EBITDA ajustado entre 470 y 480 millones de dólares. La compañía mantiene una deuda neta de 1,69 mil millones de dólares con aproximadamente 280 millones de dólares en liquidez total disponible.
The GEO Group는 2024년 3분기 재무 실적을 보고하며 총 수익이 6억 3천 1백만 달러와 순이익이 2천 6백 3십만 달러 (희석 주당 0.19 달러)라고 밝혔습니다. 조정된 순이익은 2천 9백 1십만 달러 (희석 주당 0.21 달러)에 도달했습니다. 회사의 조정된 EBITDA는 1억 1천 8백 6십만 달러였습니다. 실적은 ISAP 참여자 수의 감소로 인해 전자 모니터링 서비스의 수익 감소로 영향을 받았습니다. 평균적으로 177,000명의 개인이 참여하고 있습니다. 2024년 전체 연도에 대해 GEO는 수익을 24억 2천만 달러로 예상하고 조정된 EBITDA는 4억 7천만 달러에서 4억 8천만 달러 사이로 예상하고 있습니다. 회사는 16억 9천만 달러의 순 부채를 유지하며 약 2억 8천만 달러의 총 가용 유동성을 보유하고 있습니다.
The GEO Group a annoncé ses résultats financiers pour le troisième trimestre 2024 avec des revenus totaux de 603,1 millions de dollars et un bénéfice net de 26,3 millions de dollars (0,19 dollar par action diluée). Le bénéfice net ajusté a atteint 29,1 millions de dollars (0,21 dollar par action diluée). L'EBITDA ajusté de l'entreprise s'élevait à 118,6 millions de dollars. Les résultats ont été affectés par la baisse des revenus des Services de Surveillance Électronique en raison de la diminution des participants ISAP, avec une moyenne de 177 000 individus. Pour l'année complète 2024, GEO prévoit des revenus de 2,42 milliards de dollars et un EBITDA ajusté entre 470 et 480 millions de dollars. L'entreprise maintient une dette nette de 1,69 milliard de dollars avec environ 280 millions de dollars de liquidités disponibles.
The GEO Group berichtete über die finanziellen Ergebnisse für das 3. Quartal 2024 mit einem Gesamtumsatz von 603,1 Millionen Dollar und einem Nettogewinn von 26,3 Millionen Dollar (0,19 Dollar pro verwässerter Aktie). Der bereinigte Nettogewinn erreichte 29,1 Millionen Dollar (0,21 Dollar pro verwässerter Aktie). Das bereinigte EBITDA des Unternehmens betrug 118,6 Millionen Dollar. Die Ergebnisse wurden durch niedrigere Einnahmen in den Elektronischen Überwachungsdiensten beeinflusst, da die Teilnehmerzahlen ISAP zurückgingen und durchschnittlich 177.000 Personen betrugen. Für das gesamte Jahr 2024 erwartet GEO Einnahmen von 2,42 Milliarden Dollar und ein bereinigtes EBITDA zwischen 470 und 480 Millionen Dollar. Das Unternehmen hat eine Nettoverschuldung von 1,69 Milliarden Dollar bei etwa 280 Millionen Dollar an liquiden Mitteln zur Verfügung.
- Revenue increased slightly to $603.1M in Q3 2024 vs $602.8M in Q3 2023
- Net income improved to $26.3M ($0.19/share) from $24.5M ($0.16/share) YoY
- ICE extended Adelanto Center contract through December 2029
- Company has 18,000 available beds for potential revenue growth
- Net leverage ratio maintained at 3.5x Adjusted EBITDA
- Electronic Monitoring Services revenue declined due to lower ISAP participant counts
- ISAP participants decreased to 177,000 in Q3 from 184,000 in Q2 2024
- Adjusted EBITDA slightly decreased to $118.6M from $118.7M YoY
- Nine-month Adjusted EBITDA declined to $355.5M from $378.6M YoY
- Debt extinguishment costs of $85.3M impacted nine-month results
Insights
GEO Group's Q3 2024 results show mixed performance with
The balance sheet shows improvement with net debt of
Third Quarter 2024 Highlights
-
Total revenues of
$603.1 million -
Net Income Attributable to GEO of
$0.19 -
Adjusted Net Income of
$0.21 -
Adjusted EBITDA of
$118.6 million
For the third quarter 2024, we reported net income attributable to GEO of
We reported total revenues for the third quarter 2024 of
Third quarter 2024 results reflect lower-than-expected revenues in our Electronic Monitoring and Supervision Services segment, primarily due to the decline in participant counts under the federal government’s Intensive Supervision Appearance Program (“ISAP”). Participant counts under ISAP averaged approximately 177,000 individuals during the third quarter 2024, compared to average ISAP participant counts of approximately 184,000 during the second quarter 2024.
George C. Zoley, Executive Chairman of GEO, said, “While our third quarter results were below our expectations due to lower-than-expected revenues in our Electronic Monitoring and Supervision Services segment, we believe we have several potential sources of upside to our current quarterly run rate, with possible future growth opportunities across our diversified services platform. We have 18,000 available beds across contracted and idle secure services facilities, which if fully activated, would provide significant potential upside to our financial performance. We also believe we have the necessary resources to materially scale up the service levels in our ISAP and air and ground transportation contracts.”
“As we evaluate and pursue future growth opportunities, we remain focused on the disciplined allocation of capital to further reduce our debt, deleverage our balance sheet, and position our company to evaluate options to return capital to shareholders in the future,” Zoley added.
First Nine Months 2024 Highlights
-
Total revenues of
$1.82 billion -
Net Income Attributable to GEO of
$0.11 $85.3 million -
Adjusted Net Income of
$0.63 -
Adjusted EBITDA of
$355.5 million
For the first nine months of 2024, we reported net income attributable to GEO of
Excluding the costs associated with the extinguishment of debt and other unusual and/or nonrecurring items, we reported adjusted net income for the first nine months of 2024 of
We reported total revenues for the first nine months of 2024 of
Financial Guidance
Today, we updated our financial guidance for the fourth quarter and full year 2024. While participant counts under ISAP have been increasing subsequent to the end of the third quarter 2024 to approximately 182,500 currently, and while it is possible ISAP participant counts and utilization of ICE processing center beds may further increase this year, we have updated our fourth quarter 2024 guidance to be largely consistent with our third quarter 2024 results. We expect fourth quarter 2024 Net Income Attributable to GEO to be in a range of
For the full year 2024, we expect Net Income Attributable to GEO to be in a range of
Recent Developments
On October 4, 2024, we announced that
Balance Sheet
At the end of the third quarter 2024, our net debt totaled approximately
Conference Call Information
We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our third 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/(benefit) 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 revenue and expenses, 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 (gain)/loss on asset divestitures/impairment, pre-tax, 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 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, pursuing quality growth opportunities, and the upside this could have on GEO’s quarterly run-rate, and GEO’s ability to scale up the delivery of diversified services to support the future needs of its government agency partners. 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
Condensed Consolidated Balance Sheets* (Unaudited) |
||||||||
|
||||||||
| 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 current assets | $ | 484,498 |
$ | 528,505 |
||||
| Restricted Cash and Investments | 147,774 |
135,968 |
||||||
| Property and Equipment, Net | 1,910,554 |
1,944,278 |
||||||
| Operating Lease Right-of-Use Assets, Net | 96,718 |
102,204 |
||||||
| Deferred Income Tax Assets | 8,551 |
8,551 |
||||||
| Intangible Assets, Net (including goodwill) | 884,944 |
891,085 |
||||||
| Other Non-Current Assets | 100,253 |
85,815 |
||||||
| Total Assets | $ | 3,633,292 |
$ | 3,696,406 |
||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 64,532 |
$ | 64,447 |
||||
| Accrued payroll and related taxes | 86,280 |
64,436 |
||||||
| Accrued expenses and other current liabilities | 210,309 |
228,059 |
||||||
| Operating lease liabilities, current portion | 25,408 |
24,640 |
||||||
| Current portion of finance lease obligations, and long-term debt | 55,109 |
55,882 |
||||||
| Total current liabilities | $ | 441,638 |
$ | 437,464 |
||||
| Deferred Income Tax Liabilities | 72,604 |
77,369 |
||||||
| Other Non-Current Liabilities | 90,594 |
83,643 |
||||||
| Operating Lease Liabilities | 75,232 |
82,114 |
||||||
| Long-Term Debt | 1,638,686 |
1,725,502 |
||||||
| Total Shareholders' Equity | 1,314,538 |
1,290,314 |
||||||
| Total Liabilities and Shareholders' Equity | $ | 3,633,292 |
$ | 3,696,406 |
||||
| * all figures in '000s | ||||||||
Condensed Consolidated Statements of Operations* (Unaudited) |
|||||||||||||||
|
|||||||||||||||
| Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Revenues | $ | 603,125 |
|
$ | 602,785 |
|
$ | 1,815,982 |
|
$ | 1,804,885 |
|
|||
| Operating expenses | 441,917 |
|
440,667 |
|
1,327,121 |
|
1,302,287 |
|
|||||||
| Depreciation and amortization | 31,756 |
|
31,173 |
|
94,434 |
|
94,787 |
|
|||||||
| General and administrative expenses | 47,081 |
|
47,356 |
|
152,349 |
|
139,182 |
|
|||||||
| Operating income | 82,371 |
|
83,589 |
|
242,078 |
|
268,629 |
|
|||||||
| Interest income | 3,168 |
|
1,320 |
|
7,634 |
|
3,785 |
|
|||||||
| Interest expense | (45,498 |
) |
(55,777 |
) |
(147,437 |
) |
(165,081 |
) |
|||||||
| Loss on extinguishment of debt | (2,920 |
) |
(91 |
) |
(85,298 |
) |
(1,845 |
) |
|||||||
| Gain/(loss) on asset divestitures/impairment | - |
|
1,274 |
|
(2,907 |
) |
3,449 |
|
|||||||
| Income before income taxes and equity in earnings of affiliates | 37,121 |
|
30,315 |
|
14,070 |
|
108,937 |
|
|||||||
| Provision for/(benefit from) income taxes | 11,664 |
|
6,521 |
|
(644 |
) |
30,036 |
|
|||||||
| Equity in earnings of affiliates, net of income tax provision | 832 |
|
709 |
|
1,671 |
|
3,121 |
|
|||||||
| Net income | 26,289 |
|
24,503 |
|
16,385 |
|
82,022 |
|
|||||||
| Less: Net loss attributable to noncontrolling interests | 31 |
|
16 |
|
90 |
|
71 |
|
|||||||
| Net income attributable to The GEO Group, Inc. | $ | 26,320 |
|
$ | 24,519 |
|
$ | 16,475 |
|
$ | 82,093 |
|
|||
| Weighted Average Common Shares Outstanding: | |||||||||||||||
| Basic | 135,961 |
|
122,066 |
|
129,682 |
|
121,850 |
|
|||||||
| Diluted | 138,130 |
|
123,433 |
|
132,022 |
|
123,479 |
|
|||||||
| Net income per Common Share Attributable to The GEO Group, Inc.** : | |||||||||||||||
| Basic: | |||||||||||||||
| Net income per share — basic | $ | 0.19 |
|
$ | 0.17 |
|
$ | 0.12 |
|
$ | 0.56 |
|
|||
| Diluted: | |||||||||||||||
| Net income per share — diluted | $ | 0.19 |
|
$ | 0.16 |
|
$ | 0.11 |
|
$ | 0.55 |
|
|||
| * 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) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
| 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/(benefit) ** | 11,861 |
|
6,588 |
|
(132 |
) |
30,617 |
|
|||||||
| Interest expense, net of interest income *** | 45,250 |
|
54,548 |
|
225,101 |
|
163,141 |
|
|||||||
| Depreciation and amortization | 31,756 |
|
31,173 |
|
94,434 |
|
94,787 |
|
|||||||
| EBITDA | $ | 115,156 |
|
$ | 116,812 |
|
$ | 335,788 |
|
$ | 370,567 |
|
|||
| Add (Subtract): | |||||||||||||||
| (Gain)/loss on asset divestitures/impairment, pre-tax | - |
|
(1,274 |
) |
2,907 |
|
(3,449 |
) |
|||||||
| Net loss attributable to noncontrolling interests | 31 |
|
16 |
|
90 |
|
71 |
|
|||||||
| Stock based compensation expenses, pre-tax | 3,534 |
|
3,116 |
|
12,322 |
|
12,052 |
|
|||||||
| Start-up expenses, pre-tax | - |
|
- |
|
507 |
|
- |
|
|||||||
| Transaction fees,pre-tax | 371 |
|
- |
|
3,468 |
|
- |
|
|||||||
| ATM equity program expenses, pre tax | - |
|
- |
|
264 |
|
- |
|
|||||||
| Close-out expenses, pre-tax | 472 |
|
- |
|
2,345 |
|
- |
|
|||||||
| Other non-cash revenue & expenses, pre-tax | (928 |
) |
- |
|
(2,161 |
) |
(687 |
) |
|||||||
| Adjusted EBITDA | $ | 118,636 |
|
$ | 118,670 |
|
$ | 355,530 |
|
$ | 378,554 |
|
|||
| Net Income attributable to GEO | $ | 26,320 |
|
$ | 24,519 |
|
$ | 16,475 |
|
$ | 82,093 |
|
|||
| Add (Subtract): | |||||||||||||||
| (Gain)/loss on asset divestitures/impairment, pre-tax | - |
|
(1,274 |
) |
2,907 |
|
(3,449 |
) |
|||||||
| Loss on extinguishment of debt, pre-tax | 2,920 |
|
91 |
|
85,298 |
|
1,845 |
|
|||||||
| Start-up expenses, pre-tax | - |
|
- |
|
507 |
|
- |
|
|||||||
| Transaction fees,pre-tax | 371 |
|
- |
|
3,468 |
|
- |
|
|||||||
| ATM equity program expenses, pre tax | - |
|
- |
|
264 |
|
- |
|
|||||||
| Close-out expenses, pre-tax | 472 |
|
- |
|
2,345 |
|
- |
|
|||||||
| Discrete tax benefit (1) | (85 |
) |
- |
|
(4,605 |
) |
- |
|
|||||||
| Tax effect of adjustment to net income attributable to GEO (2) | (946 |
) |
297 |
|
(23,837 |
) |
(687 |
) |
|||||||
| Adjusted Net Income | $ | 29,052 |
|
$ | 23,633 |
|
$ | 82,822 |
|
$ | 79,802 |
|
|||
| Weighted average common shares outstanding - Diluted | 138,130 |
|
123,433 |
|
132,022 |
|
123,479 |
|
|||||||
| Adjusted Net Income per Diluted share | 0.21 |
|
0.19 |
|
0.63 |
|
0.65 |
|
|||||||
| * All figures in '000s, except per share data. | |||||||||||||||
| ** Includes 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. |
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2024 Outlook/Reconciliation* (In thousands, except per share data) (Unaudited) |
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|
|
|
|
|
|
||
FY 2024 |
|||||||
| Net Income Attributable to GEO(1) | $ |
40,000 |
to |
$ |
45,000 |
||
| Net Interest Expense |
|
182,000 |
|
184,000 |
|||
| Loss on Extinguishment of Debt, pre-tax |
|
87,000 |
|
87,000 |
|||
| Income Taxes(1) (including income tax provision on equity in earnings of affiliates) |
|
12,500 |
|
14,500 |
|||
| Depreciation and Amortization |
|
126,000 |
|
127,000 |
|||
| Non-Cash Stock Based Compensation |
|
16,000 |
|
16,000 |
|||
| Other Non-Cash |
|
6,500 |
|
6,500 |
|||
| Adjusted EBITDA | $ |
470,000 |
to |
$ |
480,000 |
||
| Net Income Attributable to GEO Per Diluted Share | $ |
0.30 |
to |
$ |
0.34 |
||
| Adjusted Net Income Per Diluted Share | $ |
0.80 |
$ |
0.84 |
|||
| Weighted Average Common Shares Outstanding-Diluted |
|
134,000 |
to |
|
134,000 |
||
| CAPEX | |||||||
| Growth |
|
12,000 |
to |
|
13,000 |
||
| Technology |
|
25,000 |
|
27,000 |
|||
| Facility Maintenance |
|
43,000 |
|
45,000 |
|||
| Capital Expenditures |
|
80,000 |
to |
|
85,000 |
||
| Total Debt, Net | $ |
1,675,000 |
$ |
1,650,000 |
|||
| Total Leverage, Net |
|
3.5 |
|
3.5 |
|||
| (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/20241106486473/en/
Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations
Source: The GEO Group, Inc.
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