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Shares of this private prison operator have returned -14% over the past month versus the Zacks S&P 500 composite's +2% change. The Zacks Business - Services industry, to which Geo Group belongs, has lost 3.1% over this period. Now the key question is: Where could the stock be headed in the near term? Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors ...

[Overview of Q1 2024 Performance](index=1&type=section&id=Overview%20of%20Q1%202024%20Performance) This section summarizes The GEO Group's financial results and management's strategic commentary for the first quarter of 2024 [First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) The GEO Group reported a slight year-over-year decrease in Q1 2024 revenues and net income, with total revenues at **$605.7 million** Q1 2024 vs Q1 2023 Financial Results | Metric | Q1 2024 (USD) | Q1 2023 (USD) | | :--- | :--- | :--- | | Total Revenues | $605.7 million | $608.2 million | | Net Income | $22.7 million | $28.0 million | | Adjusted EBITDA | $117.6 million | $130.9 million | [Management Commentary](index=1&type=section&id=Management%20Commentary) Executive Chairman George C. Zoley highlighted strong Q1 2024 performance and successful debt refinancing, enhancing capital allocation flexibility - The company's **multiyear strategy to deleverage its balance sheet successfully positioned GEO to refinance substantially all of its debt**[4](index=4&type=chunk) - The recent refinancing has **lowered the average cost of debt and provides greater flexibility to evaluate options for returning capital to shareholders**[4](index=4&type=chunk) [Financial Guidance and Outlook](index=1&type=section&id=Financial%20Guidance%20and%20Outlook) This section provides the company's financial projections for the full year and second quarter of 2024, including expected revenues and net income [Full Year 2024 Guidance](index=1&type=section&id=Full%20Year%202024%20Guidance) GEO updated its full-year 2024 guidance, projecting net income between **$55 million** and **$75 million** on approximately **$2.4 billion** in revenues Full Year 2024 Financial Guidance | Metric | Guidance Range (USD) | | :--- | :--- | | Net Income | $55 million - $75 million | | Annual Revenues | ~$2.4 billion | | Adjusted EBITDA | $485 million - $515 million | | Loss on Extinguishment of Debt (pre-tax) | $86 million | [Second Quarter 2024 Guidance](index=1&type=section&id=Second%20Quarter%202024%20Guidance) The company anticipates a Q2 2024 net loss of **$27 million** to **$30 million**, primarily due to a significant pre-tax loss on debt extinguishment Second Quarter 2024 Financial Guidance | Metric | Guidance Range (USD) | | :--- | :--- | | Net Loss | $27 million - $30 million | | Revenues | $600 million - $610 million | | Adjusted EBITDA | $119 million - $125 million | [Business and Operational Updates](index=2&type=section&id=Business%20and%20Operational%20Updates) This section details recent contract awards and the comprehensive debt refinancing initiatives undertaken by The GEO Group [Recent Developments](index=2&type=section&id=Recent%20Developments) GEO's subsidiary, GTI, secured a five-year contract with ICE for air operations support, expected to generate **$25 million** in annualized revenues - GEO Transport, Inc. (GTI) secured a five-year contract for air operations support services on behalf of U.S. Immigration and Customs Enforcement (ICE)[8](index=8&type=chunk) - The new contract is expected to generate approximately **$25 million** in annualized revenues for GEO[8](index=8&type=chunk) [Debt Refinancing](index=2&type=section&id=Debt%20Refinancing) In April and May 2024, GEO completed a major debt refinancing, issuing **$1.275 billion** in senior notes and a new **$450 million** Term Loan B - Closed a private offering of **$1.275 billion** in senior notes and a new five-year **$450 million** Term Loan B[9](index=9&type=chunk) - Net proceeds of approximately **$1.67 billion** were used to refinance approximately **$1.5 billion** of existing indebtedness and pay related fees[10](index=10&type=chunk) - On May 6, 2024, the company retired **$177.1 million** principal amount of its 6.50% exchangeable senior notes due 2026[10](index=10&type=chunk) [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents the unaudited condensed consolidated financial statements and reconciliations of GAAP to non-GAAP financial measures [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section provides the unaudited condensed consolidated balance sheets and statements of operations for Q1 2024 and prior periods [Balance Sheet](index=6&type=section&id=Balance%20Sheet) The condensed consolidated balance sheet highlights total assets, liabilities, and shareholders' equity as of March 31, 2024, and December 31, 2023 Condensed Consolidated Balance Sheet Highlights (in '000s) | Account | March 31, 2024 (in '000s USD) | December 31, 2023 (in '000s USD) | | :--- | :--- | :--- | | Total current assets | $531,490 | $528,505 | | Total Assets | $3,684,510 | $3,696,406 | | Total current liabilities | $420,929 | $437,464 | | Long-Term Debt | $1,717,048 | $1,725,502 | | Total Shareholders' Equity | $1,308,621 | $1,290,314 | [Statement of Operations](index=7&type=section&id=Statement%20of%20Operations) The condensed consolidated statement of operations details revenues, operating income, net income, and diluted EPS for Q1 2024 and Q1 2023 Condensed Consolidated Statement of Operations Highlights (in '000s, except per share data) | Account | Q1 2024 (in '000s USD) | Q1 2023 (in '000s USD) | | :--- | :--- | :--- | | Revenues | $605,672 | $608,209 | | Operating income | $79,562 | $92,660 | | Net income | $22,659 | $27,994 | | Diluted EPS | $0.14 | $0.19 | [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section reconciles GAAP net income to non-GAAP measures like EBITDA and Adjusted EBITDA, and provides the 2024 outlook for key metrics [Reconciliation of Net Income to EBITDA and Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDA%20and%20Adjusted%20EBITDA) This reconciliation details the adjustments from net income to EBITDA and Adjusted EBITDA for the first quarters of 2024 and 2023 Q1 Reconciliation Highlights (in '000s) | Metric | Q1 2024 (in '000s USD) | Q1 2023 (in '000s USD) | | :--- | :--- | :--- | | Net Income | $22,659 | $27,994 | | EBITDA | $111,083 | $125,684 | | Adjusted EBITDA | $117,643 | $130,916 | | Adjusted Net Income | $23,628 | $28,105 | [2024 Outlook and Key Metrics](index=9&type=section&id=2024%20Outlook%20and%20Key%20Metrics) This section provides the full-year 2024 outlook for capital expenditures, total net debt, and total net leverage FY 2024 Outlook for Key Metrics (in '000s) | Metric | Low Range (in '000s USD) | High Range (in '000s USD) | | :--- | :--- | :--- | | Capital Expenditures | $75,000 | $85,000 | | Total Debt, Net | $1,625,000 | $1,675,000 | | Total Leverage, Net | 3.2x | 3.4x | [Important Disclosures](index=3&type=section&id=Important%20Disclosures) This section includes information about The GEO Group, explanations of non-GAAP financial measures, and a safe-harbor statement for forward-looking information [About The GEO Group](index=3&type=section&id=About%20The%20GEO%20Group) The GEO Group is a leading diversified government service provider specializing in secure facilities and community reentry centers globally - GEO is a diversified government service provider for secure facilities, processing centers, and community reentry centers[13](index=13&type=chunk) - Operations span the United States, Australia, South Africa, and the United Kingdom, covering **100 facilities** and approximately **81,000 beds**[13](index=13&type=chunk) [Note on Non-GAAP Financial Measures](index=3&type=section&id=Note%20on%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures like Adjusted Net Income and EBITDA to provide investors with insights into operational performance - **EBITDA is defined as net income adjusted for income tax, interest expense, and depreciation/amortization**. Adjusted EBITDA further adjusts for items like stock-based compensation and other specified expenses[19](index=19&type=chunk) - The company believes these non-GAAP measures provide investors with **performance metrics that reflect operational trends in occupancy rates, per diem rates, and operating costs**[21](index=21&type=chunk) [Safe-Harbor Statement](index=5&type=section&id=Safe-Harbor%20Statement) This statement warns that forward-looking projections are subject to significant risks and uncertainties, which could cause actual results to differ materially - The press release contains **forward-looking statements regarding financial guidance and strategic objectives like deleveraging**[26](index=26&type=chunk) - **Identified risks include changes in federal and state government policy, changes in federal immigration policy, public and political opposition, and fluctuations in operating results**[26](index=26&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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_______ Commission file number: 1-14260 The GEO Group, Inc. (Exact name of registrant as specified in its charter) Florida 65-0043078 (State or other jurisdicti ...

Investors looking for stocks in the Business - Services sector might want to consider either Geo Group (GEO) or Rentokil Initial PLC (RTO) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Sc ...

Financial Data and Key Metrics Changes - The company reported first quarter revenues of approximately $606 million, a GAAP net income of approximately $23 million, and adjusted EBITDA of approximately $118 million [6][68] - Revenues for owned and leased secure facilities increased by approximately 7% year-over-year, driven by population increases in ICE facilities [7][68] - Managed-only segment revenues increased by approximately 14% year-over-year, attributed to new contract activations in secure transportation and international businesses [9][68] - Operating expenses increased by approximately 2% due to inflationary cost increases and higher occupancy levels [30] Business Line Data and Key Metrics Changes - Revenues in the GEO Reentry Services Division increased by approximately 19% year-over-year, with three residential reentry center contracts renewed [13][40] - The non-residential reentry services segment also saw a revenue increase of approximately 19% year-over-year [40] - The ISAP participant count averaged approximately 188,000 individuals during the first quarter, a slight decrease from the previous quarter [14][80] Market Data and Key Metrics Changes - Federal funding for ICE detention increased to 41,500 beds from the previous level of 34,000 beds, reflecting a 7% increase in funding for alternatives to detention programs [8][54] - The U.S. Marshals Detention Facilities experienced a population increase of approximately 5% since the beginning of the year [34] Company Strategy and Development Direction - The company is focused on enhancing long-term value for shareholders through disciplined capital allocation and strategic refinancing of debt [5][38] - The management team aims to market approximately 10,000 idle secure services facilities to local, state, and federal agencies for potential reactivation [26][82] - The company has a longstanding partnership with ICE and is positioned to support the agency with a range of services, including additional bed capacity and electronic monitoring technologies [36][37] Management's Comments on Operating Environment and Future Outlook - Management expects utilization rates for detention beds and alternatives to detention programs to potentially increase in the second half of the year, consistent with seasonal increases in border crossing activity [15][25] - The company has maintained its full-year 2024 adjusted EBITDA guidance despite uncertainties in utilization rates due to external factors [16][41] - Management emphasized the importance of operational excellence and the ability to respond to government agency needs as policy priorities evolve [25][57] Other Important Information - The company successfully completed refinancing of substantially all its debt, reducing overall cost of debt and extending maturities [18][43] - The effective tax rate for the first quarter of 2024 was approximately 26% [30] Q&A Session Summary Question: Clarification on ICE bed counts - Management noted a significant ramp-up in the census of those in detention facilities, with recent funding allowing for an increase in ICE facility counts [60] Question: New business opportunities on state and local levels - Management indicated that while there are requests for beds at smaller scales, they are focusing on larger governmental users [62] Question: Impact of potential changes in administration on BOP contracts - Management suggested that a change in administration could lead to a reestablishment of contracts with the BOP, given the rising populations [85][93] Question: Guidance assumptions for second half occupancy levels - Management clarified that the high end of guidance assumes a progressive increase in bed counts, but exact levels are uncertain [94] Question: Trends in capital returns and leverage - Management indicated that capital returns would likely be evaluated after leverage steps down, expected in the middle of next year [95] Question: ISAP population declines - Management attributed declines in ISAP populations to budget deficits within ICE, which affected detention capacity [137] Question: Developments on alternatives to detention - Management noted that additional funding was used to offset deficits in various programs, including ISAP, before achieving higher levels [105]

Geo Group (GEO) came out with quarterly earnings of $0.18 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.26%. A quarter ago, it was expected that this private prison operator would post earnings of $0.18 per share when it actually produced earnings of $0.29, delivering a surprise of 61.11%.Over the last four quarters, the ...

Geo Group (GEO) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this private prison operator have returned +6.8% over the past month versus the Zacks S&P 500 composite's -4.1% change. The Zacks Business - Services industry, to which Geo Group belongs, has lost 7.8% over this period. Now the key question is: Where could the stock be headed in the near term ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Geo Group (GEO) .Geo Group currently has an average brokerage recommendation (ABR) of 1.00, on ...

The 2024 U.S. presidential election season is heating up, and the primary season is wrapping up. Yet, no matter whether you are a Democrat, Republican, Independent or none of the above, election-year stocks could be a great opportunity for your portfolio.Even before ballots are cast on Nov. 5, 2024, many stocks with election-related catalysts will likely make big moves in anticipation of the results. As you would expect, some stocks stand to gain if it appears likely that presumptive Republican party candid ...