GEO Group Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>GEO Group, Inc. has filed its 2023 10-K report, detailing financial performance and operational segments.</b>

AI Summary

GEO GROUP INC (GEO) filed a Annual Report (10-K) with the SEC on February 29, 2024. The GEO Group, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing details financial performance and operational aspects of the company. Key financial instruments mentioned include various senior notes with different interest rates and maturity dates. The report references specific segments such as Reentry Services and Electronic Monitoring and Supervision Services. Information regarding property, plant, and equipment, as well as debt and capital lease obligations, is provided.

Why It Matters

For investors and stakeholders tracking GEO GROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of GEO Group's financial health and operational activities for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed information on debt instruments, property, and specific service segments like Reentry Services and Electronic Monitoring offers insights into the company's strategic focus and risk exposure.

Risk Assessment

Risk Level: — GEO GROUP INC shows moderate risk based on this filing. The company operates in the correctional and detention services industry, which is subject to significant regulatory and political risks, as evidenced by the mention of US Federal Government as a key customer and the nature of its business segments.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to regulatory changes and its ability to manage its debt obligations.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-29 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• GEO GROUP INC (company) — Filer of the 10-K report
• WACKENHUT CORRECTIONS CORP (company) — Former company name
• US Federal Government (company) — Mentioned as a customer with concentration risk

FAQ

Risk Factors

• Regulatory and Political Risks [high — regulatory]: The company's operations are subject to extensive government regulation and political changes, which could adversely affect its business.
• Debt Obligations [medium — financial]: The company has significant debt obligations, including various senior notes, which could impact its financial flexibility.
• Customer Concentration [medium — market]: Reliance on a few key customers, such as the US Federal Government, poses a risk if these relationships are altered or terminated.

Industry Context

GEO Group operates in the private correctional and detention facility management industry, providing a range of services to government agencies.

Regulatory Implications

The company's operations are heavily influenced by government policies, contracts, and regulations related to corrections and community reentry programs.

What Investors Should Do

1. Analyze the company's revenue breakdown by segment to understand growth drivers and dependencies.
2. Review the detailed debt structure and maturity profile to assess financial leverage and refinancing risks.
3. Examine the risk factors section for specific details on regulatory, operational, and market-related challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the primary source of detailed financial and operational information for the fiscal year.)

Senior Notes

Unsecured, unsubordinated debt securities. (These represent significant debt obligations of the company, impacting its financial structure and risk profile.)

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value GEO New York Stock Exchan
• $7.16 — strant's quarter ended June 30, 2023 of $7.16 per share) was approximately $ 0.9 bill
• $70.8 million — sh deferred tax charge of approximately $70.8 million during the fourth quarter of 2021. We a
• $29.3 million — of 2021. We also incurred approximately $29.3 million in incremental income tax expense in th
• $16.8 million — a catch-up tax expense of approximately $16.8 million in connection with the first three quar
• $40,000 — requested by us for an advisory fee of $40,000 per month for the Advisory Period. We a
• $1,000,000 — s will be paid an annual base salary of $1,000,000, subject to the review and potential in
• $450,000 — se in Mr. March's annual base salary to $450,000, effective January 1, 2024. Otherwise,
• $700,000 — e will be paid an annual base salary of $700,000, subject to the review and recommendati
• $251.2 million — with a net book value of approximately $251.2 million at seven of our idle facilities to pote
• $37.2 million — with a net book value of approximately $37.2 million at three of our idle facilities to pote
• $26.2 m — e facilities in 2024 is estimated to be $26.2 million,

Filing Documents

• geo-20231231.htm (10-K) — 5855KB
• geo-ex21_1.htm (EX-21.1) — 5KB
• geo-ex22_1.htm (EX-22.1) — 26KB
• geo-ex23_1.htm (EX-23.1) — 3KB
• geo-ex31_1.htm (EX-31.1) — 14KB
• geo-ex31_2.htm (EX-31.2) — 14KB
• geo-ex32_1.htm (EX-32.1) — 6KB
• geo-ex32_2.htm (EX-32.2) — 6KB
• geo-ex97_1.htm (EX-97.1) — 67KB
• img267486394_0.jpg (GRAPHIC) — 558KB
• 0000950170-24-023181.txt (&nbsp;) — 26440KB
• geo-20231231.xsd (EX-101.SCH) — 3134KB
• geo-20231231_htm.xml (XML) — 5562KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 47 Item 1C. Cybersecurity 47 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. [ Reserved] 53 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 75 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 75 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 137 Item 9A.

Controls and Procedures

Controls and Procedures 137 Item 9B. Other Information 137 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 137 PART III Item 10. Directors, Executive Officers and Corporate Governance 138 Item 11.

Executive Compensation

Executive Compensation 138 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 138 Item 13. Certain Relationships and Related Transactions, and Director Independence 138 Item 14. Principal Accounting Fees and Services 138 PART IV Item 15. Exhibits and Financial Statement Schedule 139 Item 16. Form 10-K Summary 148

Signatures

Signatures 149 2 PAR T I

B usiness

Item 1. B usiness As used in this report, the terms "we," "us," "our," "GEO" and the "Company" refer to The GEO Group, Inc., its consolidated subsidiaries and its unconsolidated affiliates, unless otherwise expressly stated or the context otherwise requires. General We specialize in the ownership, leasing and management of secure facilities, processing centers and reentry facilities and the provision of community-based services in the United States, Australia and South Africa. We own, lease and operate a broad range of secure facilities including maximum, medium and minimum-security facilities, processing centers, as well as community-based reentry facilities. We develop new facilities based on contract awards, using our project development expertise and experience to design, construct and finance what we believe are state-of-the-art facilities. We provide innovative technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based programs. We also provide secure transportation services domestically and in the United Kingdom through our joint venture GEOAmey Ltd. ("GEOAmey"). As of December 31, 2023, our worldwide operations included the management and/or ownership of approximately 81,000 beds at 100 secure and community-based facilities, including idle facilities, and also includes the provision of reentry and electronic monitoring and supervision services for thousands of individuals, including an array of technology products including radio frequency, GPS, and alcohol monitoring devices. We provide a diversified scope of services on behalf of our government agency partners: our secure facility management services involve the provision of security, administrative, rehabilitation, education, and food services at secure services facilities; our reentry services involve supervision of individuals in community-based programs and reentry centers and the provision of temporary housing, programming,

View Full Filing

View this 10-K filing on SEC EDGAR