PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Q1 2025 revenues were $604.6 million, a slight decrease, with net income at $19.6 million and diluted EPS flat [Consolidated Statements of Operations](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 revenues were $604.6 million, nearly flat, with operating income decreasing and net income declining Consolidated Statements of Operations (Unaudited) | (In thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $604,647 | $605,672 | | **Operating income** | $60,984 | $79,562 | | **Net income attributable to The GEO Group, Inc.** | $19,558 | $22,668 | | **Diluted Net income per common share** | $0.14 | $0.14 | [Consolidated Balance Sheets](index=6&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were $3.632 billion, total liabilities $2.291 billion, and shareholders' equity $1.342 billion Consolidated Balance Sheet Highlights | (In thousands) | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $503,366 | $500,179 | | **Total Assets** | $3,632,465 | $3,632,080 | | **Total Current Liabilities** | $388,774 | $340,223 | | **Long-Term Debt, Net** | $1,658,093 | $1,711,197 | | **Total Liabilities** | $2,290,917 | $2,298,666 | | **Total Shareholders' Equity** | $1,341,548 | $1,333,414 | [Consolidated Statements of Cash Flows](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash provided by operating activities decreased to $71.2 million, while investing and financing activities used more cash Consolidated Statements of Cash Flows (Unaudited) | (In thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $71,225 | $83,284 | | **Net cash used in investing activities** | ($31,141) | ($14,768) | | **Net cash used in financing activities** | ($49,423) | ($30,100) | | **Net (Decrease) Increase in Cash** | ($8,660) | $35,413 | [Note 10 - Debt](index=19&type=section&id=Note%2010%20-%20Debt) The company completed a major debt refinancing in April 2024, issuing $1.275 billion in new notes and establishing new credit facilities - In April 2024, the company closed a private offering of **$1.275 billion** in senior notes, comprising **$650.0 million** in 8.625% secured notes due 2029 and **$625.0 million** in 10.250% unsecured notes due 2031[60](index=60&type=chunk) - The company also entered into a new Credit Agreement with a **$310 million** revolving credit facility and a **$450 million** term loan facility[60](index=60&type=chunk)[81](index=81&type=chunk) - During Q1 2025, the company retired the remaining outstanding principal balance of its 6.50% Exchangeable Senior Notes due 2026[56](index=56&type=chunk)[93](index=93&type=chunk) [Note 11 - Commitments, Contingencies and Other Matters](index=29&type=section&id=Note%2011%20-%20Commitments,%20Contingencies%20and%20Other%20Matters) The company faces class-action lawsuits and legal challenges to state legislation, with nine idle facilities valued at $184.0 million - The company is defending against class-action lawsuits in Colorado, Washington, and California filed by immigration detainees concerning the Voluntary Work Program (VWP)[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - GEO is challenging state legislation in Washington, New Jersey, and California that it believes conflicts with its federal contracts[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - As of March 31, 2025, the company had nine idle facilities with a combined net carrying value of **$184.0 million**[113](index=113&type=chunk)[114](index=114&type=chunk) [Note 12 - Business Segments and Geographic Information](index=37&type=section&id=Note%2012%20-%20Business%20Segments%20and%20Geographic%20Information) U.S. Secure Services remained the largest segment in Q1 2025, with U.S. operations contributing the majority of total revenue Segment Revenues (Q1 2025 vs Q1 2024) | Segment (In thousands) | Q1 2025 Revenues | Q1 2024 Revenues | | :--- | :--- | :--- | | U.S. Secure Services | $405,716 | $400,940 | | Electronic Monitoring and Supervision Services | $77,713 | $86,784 | | Reentry Services | $70,376 | $67,830 | | International Services | $50,842 | $50,118 | | **Total** | **$604,647** | **$605,672** | - U.S. operations generated **$553.8 million** in revenue for Q1 2025, compared to **$555.6 million** in Q1 2024[128](index=128&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reported nearly flat revenue, lower operating income, and completed a major debt refinancing, while pursuing federal immigration enforcement opportunities [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Total revenues decreased slightly to $604.6 million, with varied segment performance and increased operating expenses leading to lower operating income Revenue by Segment (Q1 2025 vs Q1 2024) | (In thousands) | 2025 | % Change | | :--- | :--- | :--- | | U.S. Secure Services | $405,716 | 1.2% | | Electronic Monitoring and Supervision Services | $77,713 | (10.5)% | | Reentry Services | $70,376 | 3.8% | | International Services | $50,842 | 1.4% | | **Total** | **$604,647** | **(0.2)%** | - The decrease in Electronic Monitoring and Supervision Services revenue was primarily due to lower average participant counts under the Intensive Supervision and Appearance Program (ISAP)[168](index=168&type=chunk) - Operating expenses for U.S. Secure Services increased by **$13.1 million** (**4.3%**) due to higher labor, medical, and transportation costs, as well as costs to prepare for future growth[171](index=171&type=chunk)[172](index=172&type=chunk) - Interest expense decreased by **$8.9 million** (**17.3%**) due to the 2024 debt refinancing which resulted in lower overall interest rates and principal balances[183](index=183&type=chunk)[184](index=184&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) The company completed a major debt refinancing in April 2024, extending maturities and maintaining substantial liquidity with $117.2 million in cash - The company completed a major refinancing in April 2024, issuing **$1.275 billion** in new senior notes and entering a new credit agreement, pushing debt maturities to 2029 and 2031[191](index=191&type=chunk)[194](index=194&type=chunk) - The company retired the remaining balance of its 6.50% Exchangeable Senior Notes during Q1 2025[197](index=197&type=chunk) - Estimated remaining capital requirements for active projects in 2025 are **$32.9 million**[189](index=189&type=chunk) [Outlook](index=68&type=section&id=Outlook) Management is encouraged by growth opportunities in federal immigration enforcement and expects idle facilities to generate significant incremental revenue if activated - The company is preparing for an unprecedented opportunity to help the federal government meet its expanded immigration enforcement priorities and is making significant capital investments[219](index=219&type=chunk) - The nine idle facilities, if activated, could generate an estimated **$255 million** in incremental annualized revenue and an increase in EPS of **$0.20** to **$0.25**[223](index=223&type=chunk) - Operating expenses in 2025 are expected to be impacted by inflation and the costs of activating idle facilities[221](index=221&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces interest rate risk on its variable-rate debt and foreign currency risk from international operations - The company is exposed to interest rate risk on its variable-rate Credit Agreement. A **1%** increase in the average interest rate would increase annual interest expense by approximately **$4.6 million**[224](index=224&type=chunk) - The company is exposed to foreign currency risk from its operations in Australia, South Africa, and the UK. A **10%** change in currency rates would impact its financial position by approximately **$8.2 million**[227](index=227&type=chunk) [Controls and Procedures](index=69&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[228](index=228&type=chunk) - There were no significant changes to internal control over financial reporting during the quarter ended March 31, 2025[230](index=230&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=70&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in class-action lawsuits by immigration detainees and is challenging state legislation regulating private detention facilities - The company is defending against multiple class-action lawsuits from immigration detainees in Colorado, Washington, and California related to its Voluntary Work Program (VWP), with claims including violations of minimum wage and anti-trafficking laws[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) - GEO is challenging state laws in Washington (HB 1470), New Jersey (AB 5207), and California (SB 1132) that seek to impose state-level standards or prohibitions on its federally contracted facilities, arguing these laws are preempted by federal authority[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - The company believes it operates in full compliance with its contracts and applicable laws and intends to vigorously defend itself. No accruals have been recorded as losses are not deemed probable[236](index=236&type=chunk) [Risk Factors](index=74&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces risks related to its reliance on a limited number of third-party manufacturers for electronic monitoring product components - The company's ability to market and sell its electronic monitoring products is dependent on a limited number of third-party suppliers for infrastructure components[245](index=245&type=chunk) - Supply chain disruptions, such as the recent microchip shortage or price increases due to tariffs, could have a material adverse effect on the company's financial condition and results of operations[245](index=245&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) In Q1 2025, the company withheld 905,833 shares of common stock for tax obligations related to restricted stock vesting Share Withholding for Tax Obligations (Q1 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2025 | — | $— | | February 2025 | 192,608 | $26.23 | | March 2025 | 713,225 | $24.01 | | **Total** | **905,833** | | - The withheld shares were used to satisfy statutory tax withholding requirements upon the vesting of restricted stock and were not part of a publicly announced plan or program[246](index=246&type=chunk) [Defaults Upon Senior Securities](index=75&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) Not applicable. The company reported no defaults upon senior securities during the period - The company reports 'Not applicable' for this item[247](index=247&type=chunk) [Mine Safety Disclosures](index=75&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) Not applicable. The company has no mining operations - The company reports 'Not applicable' for this item[248](index=248&type=chunk) [Other Information](index=75&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - No director or officer adopted or terminated a 'Rule 10b5-1 trading arrangement' or a 'non-Rule 10b5-1 trading arrangement' during the quarter[249](index=249&type=chunk) [Exhibits](index=76&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including required CEO and CFO certifications - The report includes CEO and CFO certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act[252](index=252&type=chunk)

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net income attributable to GEO of approximately $19.6 million or $0.14 per diluted share on revenues of approximately $605 million, compared to net income of approximately $22.7 million or $0.14 per diluted share in Q1 2024 on revenues of approximately $606 million [25][26] - Adjusted EBITDA for Q1 2025 was approximately $100 million, down from approximately $118 million in the prior year's first quarter [25][26] - Operating expenses increased by approximately 3% year over year, reflecting higher labor costs and general administrative expenses [26][27] Business Line Data and Key Metrics Changes - Revenues from owned and leased secure service facilities increased by approximately 3% year over year, while revenues from electronic monitoring and supervision services declined by approximately 10% [25][26] - Combined revenues from owned and leased reentry centers, managed only facilities, and non-residential service contracts were largely unchanged compared to the prior year's first quarter [26] Market Data and Key Metrics Changes - Utilization at facilities under contract with ICE is currently at approximately 16,000 beds, the highest level in over five years, while ICE detention levels are estimated at about 48,000 beds nationwide [11][12] - The company has around 3,000 beds available under contract with the US Marshals Service and approximately 6,500 beds at idle facilities [11][12] Company Strategy and Development Direction - The company is focused on expanding its capabilities to assist the federal government with immigration enforcement priorities, including a $70 million investment to enhance detention capacity and electronic monitoring services [6][33] - The company has reorganized its corporate management structure to strengthen operational oversight in anticipation of expected growth [7][33] - The guidance for 2025 reflects a "tale of two halves," with the first half impacted by higher overhead and capital expenditures, while growth is expected to begin in the second half [8][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to meet the federal government's expanded immigration enforcement needs and anticipates significant growth opportunities in 2025 [6][34] - The company expects to see additional contract awards and increased utilization of idle facilities, with optimism for the second half of the year [12][46] Other Important Information - The company ended Q1 2025 with approximately $1.68 billion in total net debt and expects to reduce net debt by approximately $150 million to $175 million for the full year [21][30] - The company is exploring options for returning capital to shareholders in the future, contingent on achieving certain leverage levels [30][31] Q&A Session Summary Question: What caused the larger fall in operating income in the electronic monitoring segment? - Management indicated that the decline in profitability was due to a mix shift away from phones to GPS monitoring devices, impacting margins [40] Question: Is the $45 billion funding for ICE detention inclusive of ATD? - Management noted that the funding activity is focused on interior enforcement and that they expect greater utilization of electronic monitoring as the budget process unfolds [42][43] Question: What is the current status of ICE detainee numbers? - Management stated that the increase in detainees is due to the agency's focus on interior enforcement, and they are optimistic about the second half of the year [46][47] Question: What is the status of the Northlake contract? - Management clarified that capital investment for the Northlake facility is included in overall guidance and will be accretive over the contract timeline [70] Question: When might the company consider share repurchases? - Management indicated that share repurchases could be considered in the back half of 2025, depending on financial performance and debt reduction progress [60][68]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net income of approximately $19.6 million or $0.14 per diluted share on revenues of approximately $605 million, compared to net income of approximately $22.7 million or $0.14 per diluted share in Q1 2024 on revenues of approximately $606 million [24][25] - Adjusted EBITDA for Q1 2025 was approximately $100 million, down from approximately $118 million in the prior year's first quarter [24][25] - Operating expenses increased by approximately 3% year over year, reflecting higher labor costs and general administrative expenses [25][26] Business Line Data and Key Metrics Changes - Revenues from owned and leased secure service facilities increased by approximately 3% year over year, while revenues from electronic monitoring and supervision services declined by approximately 10% [24][25] - Combined revenues from owned and leased reentry centers, managed only facilities, and non-residential service contracts were largely unchanged compared to the prior year's first quarter [25] Market Data and Key Metrics Changes - Utilization at facilities under contract with ICE is currently at approximately 16,000 beds, the highest level of utilization in over five years, while ICE detention levels are estimated at about 48,000 beds nationwide [10][11] - The company has around 3,000 beds available under contract with the US Marshals Service and approximately 6,500 beds at idle facilities [10][11] Company Strategy and Development Direction - The company is focused on expanding its capabilities to assist the federal government with immigration enforcement priorities, including a $70 million investment to enhance detention capacity and related services [5][32] - The company has reorganized its corporate management structure to strengthen operational oversight in anticipation of expected growth [5][32] - The guidance for 2025 reflects a "tale of two halves," with the first half impacted by higher overhead and operating expenses, while growth is expected to begin in the second half [6][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the anticipated growth opportunities due to increased immigration enforcement and the need for additional detention capacity [5][32] - The company expects to see additional contract awards in the second quarter of 2025, which will likely activate in the second half of the year [10][11] - Management highlighted the importance of the budget reconciliation process in Congress for future funding availability for ICE [19][80] Other Important Information - The company ended Q1 2025 with approximately $1.68 billion in total net debt and expects to reduce net debt by approximately $150 million to $175 million for the full year [19][30] - The company is exploring options for the potential purchase, leasing, or operation of third-party owned facilities to meet federal government needs [13][14] Q&A Session Summary Question: What caused the larger fall in operating income for the electronic monitoring segment? - Management indicated that the decline in profitability was due to a mix shift away from phone services to GPS monitoring devices, impacting margins [39][40] Question: Is the $45 billion funding for ICE detention inclusive of ATD? - Management noted that the focus is on interior enforcement and that as the budget process unfolds, greater utilization of electronic monitoring is expected [41][42][45] Question: What is the current status of ICE detainee numbers? - Management stated that the agency has rapidly increased the number of detainees, and new contracts will help expand capacity [46][48] Question: Will the company consider opportunities in Alabama for new facilities? - Management expressed openness to supporting any governmental client but emphasized the primary focus on federal partners [49][50] Question: What is the status of the Northlake contract? - Management clarified that capital investment for the Northlake facility is included in overall guidance and will be accretive over the contract timeline [72] Question: How does the company view the potential for share buybacks? - Management indicated that share buybacks would be considered once leverage levels are appropriate and after executing current commitments [89][90]

分组1 - Geo Group reported quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.18 per share, and down from $0.18 per share a year ago, representing an earnings surprise of -22.22% [1] - The company posted revenues of $604.65 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.62%, and down from $605.67 million year-over-year [2] - Over the last four quarters, Geo Group has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] 分组2 - The stock has added about 8.5% since the beginning of the year, while the S&P 500 has declined by -4.7% [3] - The current consensus EPS estimate for the coming quarter is $0.20 on revenues of $617.93 million, and for the current fiscal year, it is $1.04 on revenues of $2.58 billion [7] - The Zacks Industry Rank indicates that the Government Services sector is currently in the bottom 9% of over 250 Zacks industries, suggesting potential underperformance [8]

Financial Performance (Q1 2025) - Revenues reached $604647 thousand, slightly decreasing from $605672 thousand in Q1 2024[16] - Net income attributable to The GEO Group, Inc was $19558 thousand, down from $22668 thousand in Q1 2024[16] - Adjusted EBITDA was $99765 thousand, compared to $117643 thousand in Q1 2024[17] - Net Operating Income (NOI) totaled $155578 thousand, a decrease from $169060 thousand in Q1 2024[19] Guidance for 2025 - Revenue is projected to be between $2500000 thousand and $2550000 thousand[13] - Net income attributable to GEO is expected to range from $108000 thousand to $125000 thousand[13] - Adjusted EBITDA is forecasted to be between $465000 thousand and $490000 thousand[13] - Capital expenditures are estimated at $120000 thousand to $135000 thousand, including growth, technology, and facility maintenance[13] Operational Data (Q1 2025) - The company's worldwide operations include 98 facilities with approximately 77000 beds[7] - Owned and Leased Secure Services had 35455 revenue producing beds with 85% occupancy[21] - Managed Only facilities had 21919 revenue producing beds with 96% occupancy[21] - The contract retention rate for Owned & Leased facilities was 935%[28]

[The GEO Group First Quarter 2025 Earnings Report](index=1&type=section&id=The%20GEO%20Group%20First%20Quarter%202025%20Earnings%20Report) [First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) The company reported slightly lower revenues and a decline in Adjusted EBITDA year-over-year, influenced by increased G&A and seasonal payroll expenses Q1 2025 vs. Q1 2024 Key Financial Metrics | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $604.6 million | $605.7 million | | Net Income Attributable to GEO | $19.6 million | $22.7 million | | Diluted EPS | $0.14 | $0.14 | | Adjusted EBITDA | $99.8 million | $117.6 million | - Q1 2025 results were impacted by an approximate **$5 million increase in general and administrative expenses** compared to Q1 2024, partly due to management reorganization for future growth[4](index=4&type=chunk) - Compared to Q4 2024, Q1 2025 results also reflect about **$6 million in higher payroll taxes**, which are typically front-loaded in the first quarter of each year[4](index=4&type=chunk) [Management Commentary and Strategic Outlook](index=1&type=section&id=Management%20Commentary%20and%20Strategic%20Outlook) Management highlighted new contract awards expected to drive future growth while focusing on debt reduction and supporting federal immigration enforcement - Announced two significant contract awards for the reactivation of company-owned facilities, totaling 2,800 beds and expected to generate **over $130 million in annualized revenues**[5](index=5&type=chunk) - A **$70 million investment commitment** has been made to enhance capabilities in detention capacity, secure transportation, and electronic monitoring services for ICE and the federal government[5](index=5&type=chunk) - The company's 2025 financial performance is described as a **"tale of two halves,"** with higher upfront costs in the first half to support revenue growth expected in the second half of 2025[8](index=8&type=chunk) - The company plans to **reduce total net debt by approximately $150 million to $175 million** during 2025, aiming for a total net debt of around $1.54 billion[8](index=8&type=chunk) [Full Year and Second Quarter 2025 Financial Guidance](index=2&type=section&id=Full%20Year%20and%20Second%20Quarter%202025%20Financial%20Guidance) The company issued its full-year and Q2 2025 guidance, projecting revenue of approximately $2.53 billion for the year, excluding any unannounced contracts Full Year 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Net Income Attributable to GEO (per diluted share) | $0.77 to $0.89 | | Revenues | ~$2.53 billion | | Adjusted EBITDA | $465 million to $490 million | | Total Capital Expenditures | $120 million to $135 million | Second Quarter 2025 Guidance | Metric | Guidance Range | | :--- | :--- | | Net Income Attributable to GEO (per diluted share) | $0.15 to $0.17 | | Revenues | $615 million to $625 million | | Adjusted EBITDA | $110 million to $114 million | - Current guidance **does not include the impact of any new unannounced contract awards**, with updates planned as new agreements materialize[9](index=9&type=chunk)[12](index=12&type=chunk) [Recent Business Developments](index=3&type=section&id=Recent%20Business%20Developments) The company secured two major contracts with ICE for facilities in New Jersey and Michigan, expected to generate significant annualized revenue - Announced a **15-year contract with ICE** for the 1,000-bed Delaney Hall Facility in Newark, NJ, expected to generate **over $60 million in annualized revenues**[15](index=15&type=chunk) - Announced a contract with ICE for the immediate activation of the 1,800-bed North Lake Facility in Baldwin, MI, which is expected to generate **over $70 million in annualized revenues** under a future multi-year contract[17](index=17&type=chunk) - A contract modification for the Karnes ICE Processing Center was announced to change its use, but ICE later decided to **continue housing single adults** based on current needs[16](index=16&type=chunk) [Balance Sheet and Debt Position](index=3&type=section&id=Balance%20Sheet%20and%20Debt%20Position) The company ended Q1 2025 with net debt of approximately $1.68 billion, a net leverage ratio of 3.78x, and total available liquidity of $235 million Balance Sheet Position as of March 31, 2025 | Metric | Value | | :--- | :--- | | Net Debt | ~$1.68 billion | | Net Leverage | ~3.78x Adjusted EBITDA | | Cash and Cash Equivalents | ~$65 million | | Total Available Liquidity | ~$235 million | [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents detailed unaudited financial statements and reconciliations of GAAP to non-GAAP measures for Q1 2025 and the full-year outlook [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet remained stable with total assets of $3.632 billion, while long-term debt decreased to $1.658 billion as of March 31, 2025 Condensed Consolidated Balance Sheets (in '000s) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | **$503,366** | **$500,179** | | Property and Equipment, Net | $1,900,525 | $1,899,690 | | **Total Assets** | **$3,632,465** | **$3,632,080** | | **Total Current Liabilities** | **$388,774** | **$340,223** | | Long-Term Debt | $1,658,093 | $1,711,197 | | **Total Shareholders' Equity** | **$1,341,548** | **$1,333,414** | | **Total Liabilities and Shareholders' Equity** | **$3,632,465** | **$3,632,080** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 operating income declined to $61.0 million from $79.6 million year-over-year, though lower interest expense partially offset the impact Condensed Consolidated Statements of Operations (in '000s) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $604,647 | $605,672 | | Operating Income | $60,984 | $79,562 | | Interest Expense | ($42,441) | ($51,295) | | Net Income | $19,542 | $22,659 | | Net Income Attributable to The GEO Group, Inc. | $19,558 | $22,668 | | Diluted EPS | $0.14 | $0.14 | [Reconciliation of Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) The company reconciled Q1 2025 Net Income of $19.5 million to Adjusted EBITDA of $99.8 million, detailing key non-cash and other adjustments Reconciliation of Net Income to Adjusted EBITDA (Q1 2025, in '000s) | | Q1 2025 | | :--- | :--- | | Net Income | $19,542 | | Add: Income tax provision | $2,056 | | Add: Interest expense, net | $40,444 | | Add: Depreciation and amortization | $32,136 | | **EBITDA** | **$94,178** | | Add: Stock based compensation | $6,488 | | Other Adjustments | ($901) | | **Adjusted EBITDA** | **$99,765** | 2025 Full Year Outlook Reconciliation (in '000s) | | Low End | High End | | :--- | :--- | :--- | | Net Income Attributable to GEO | $108,000 | $125,000 | | Net Interest Expense | $161,000 | $162,500 | | Income Taxes | $41,000 | $47,000 | | Depreciation and Amortization | $136,000 | $136,500 | | Non-Cash Stock Based Compensation | $23,000 | $23,000 | | **Adjusted EBITDA** | **$465,000** | **$490,000** | [Note on Non-GAAP Financial Measures](index=4&type=section&id=Note%20on%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like EBITDA and Adjusted EBITDA to provide investors with a clearer view of its operational performance and trends - EBITDA is defined as net income plus provisions for income tax, interest expense, and depreciation and amortization[28](index=28&type=chunk) - Adjusted EBITDA further adjusts EBITDA for items like **stock-based compensation, start-up expenses, and other non-cash or non-recurring items**[28](index=28&type=chunk) - Management uses these non-GAAP measures to provide consistency in financial reporting and facilitate historical comparisons, reflecting trends in occupancy, per diem rates, and operating costs[30](index=30&type=chunk)[32](index=32&type=chunk)

Company Insights - Geo Group is identified as the largest private prison operator in the United States, which has expanded its business model to include digital surveillance tools for immigrants [3] - The company has developed a range of products such as ankle monitors, smart watches, and tracking apps, which are utilized by the federal government to monitor immigrants [3] Industry Context - The use of technology for immigration surveillance has become a significant aspect of the immigration enforcement strategy in the United States, highlighting a growing intersection between technology and immigration policy [1][2] - The reliance on private companies like Geo Group for immigration monitoring raises questions about privacy and the implications of surveillance on immigrant communities [1][3]

Core Viewpoint - SSR Mining Inc. anticipates a more than 10% year-over-year increase in gold equivalent ounces (GEO) production, excluding contributions from the Çöpler mine, which is currently on care and maintenance [1] Production Outlook - The company expects GEO production to range between 410,000 to 480,000 ounces in 2025, with 55% of this production occurring in the second half of the year due to operational timing at CC&V and the grade profile at Marigold [2] - The Marigold mine is projected to produce 160,000 to 190,000 ounces of gold, while the Seabee mine is expected to produce 70,000 to 80,000 ounces [4] - Following the acquisition of the CC&V mine, expected gold production from this mine for 2025 is estimated to be between 90,000 to 110,000 ounces [5] Cost Expectations - SSR Mining's consolidated cost of sales for 2025 is anticipated to range between $1,375 and $1,435 per payable ounce, with All-In Sustaining Cost (AISC) expected to be between $2,090 and $2,150 [3] - Excluding care and maintenance costs at Çöpler, the AISC is projected to be between $1,890 and $1,950 per payable ounce, with costs expected to peak during the first and third quarters [3] - The cost of sales for the Marigold mine is expected to be between $1,530 and $1,570 per ounce, while the Seabee mine's cost of sales is anticipated to be between $1,230 and $1,270 per ounce [4] Financial Performance - SSR Mining's shares have surged 113.4% over the past year, contrasting with an 8.6% decline in the industry [6]

Strong Fourth Quarter Performance (in U.S. dollars unless otherwise noted)TORONTO, March 10, 2025 /PRNewswire/ - "Our portfolio delivered a strong fourth quarter resulting in GEO sales for the year that were near the top end of our revised GEO guidance range," stated Paul Brink, CEO. "Elevated gold prices drove higher quarterly revenue, Adjusted EBITDA and Adjusted Net Income compared to Q4 2023, even without a contribution from Cobre-Panama. Our strong balance sheet allowed us to complete more than $1.3B i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-14260 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to The GEO Group, Inc. (Exact name of registrant as specified in its charter) | Florida | 65-0043078 | | --- | --- | | State or oth ...