GEO Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>GEO Group Inc. filed its Q1 2024 10-Q, detailing financial instruments and credit agreements.</b>

AI Summary

GEO GROUP INC (GEO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. GEO Group Inc. filed a 10-Q report for the period ending March 31, 2024. The filing references various debt instruments including "Nine Point Five Zero Zero Percent Senior Second Lien Secured Notes Due Two Thousand Twenty Eight" and "Ten Point Five Zero Zero Percent Public Second Lien Notes Due Two Thousand Twenty Eight". Key dates mentioned include April 18, 2024, related to "Senior Secured Term Loan" and "Ten Point Five Zero Zero Percent Public Second Lien Notes Due Two Thousand Twenty Eight". The company's former name was Wackenhut Corrections Corp, with a name change date of May 25, 1994. The filing includes references to "Amended Credit Agreement" and "Exchange Credit Agreement" dated August 19, 2022.

Why It Matters

For investors and stakeholders tracking GEO GROUP INC, this filing contains several important signals. The filing provides specific details on various debt notes and credit agreements, offering insight into the company's capital structure and financing activities. References to past company names and significant dates related to credit agreements and debt issuances help contextualize GEO Group's financial history and evolution.

Risk Assessment

Risk Level: low — GEO GROUP INC shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Review the specific debt instruments and credit agreements mentioned in the filing to understand GEO Group's current financing structure and potential future obligations.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 1994-05-25 — Former Company Name Change Date (DATE OF NAME CHANGE)
• 2022-08-19 — Credit Agreement Date (Amended Credit Agreement)
• 2024-04-18 — Subsequent Event Date (Senior Secured Term Loan)

Key Players & Entities

• GEO GROUP INC (company) — FILER
• WACKENHUT CORRECTIONS CORP (company) — FORMER COMPANY
• GEO (company) — ticker
• Nine Point Five Zero Zero Percent Senior Second Lien Secured Notes Due Two Thousand Twenty Eight (dollar_amount) — debt instrument
• Ten Point Five Zero Zero Percent Public Second Lien Notes Due Two Thousand Twenty Eight (dollar_amount) — debt instrument
• Senior Secured Term Loan (dollar_amount) — debt instrument
• Amended Credit Agreement (dollar_amount) — credit agreement
• Exchange Credit Agreement (dollar_amount) — credit agreement

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.
• 1994-05-25: Name Change — Date the company changed its name from Wackenhut Corrections Corp.
• 2022-08-19: Credit Agreement — Date of the Amended and Exchange Credit Agreements.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial condition and performance during the quarter.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share GEO New York St

Filing Documents

• geo-20240331.htm (10-Q) — 2457KB
• geo-ex22_1.htm (EX-22.1) — 28KB
• geo-ex31_1.htm (EX-31.1) — 14KB
• geo-ex31_2.htm (EX-31.2) — 15KB
• geo-ex32_1.htm (EX-32.1) — 6KB
• geo-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-055810.txt (&nbsp;) — 12896KB
• geo-20240331.xsd (EX-101.SCH) — 1712KB
• geo-20240331_htm.xml (XML) — 2853KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 202 3 3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 202 3 4 CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2024 (UNAUDITED) AND DECEMBER 31, 2023 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 202 3 6 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 48

- OTHER INFORMATION

PART II - OTHER INFORMATION 49

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 49

RISK FACTORS

ITEM 1A. RISK FACTORS 51

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 51

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 51

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 51

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 52

EXHIBITS

ITEM 6. EXHIBITS 53

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS THE GEO GROUP, INC. CONSOLIDATED STATEM ENTS OF OPERATIONS (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (In thousands, except per share data) Three Months March 31, 2024 March 31, 2023 Revenues $ 605,672 $ 608,209 Operating expenses 441,675 433,492 Depreciation and amortization 31,365 31,923 General and administrative expenses 53,070 50,134 Operating income 79,562 92,660 Interest income 2,474 1,168 Interest expense ( 51,295 ) ( 54,258 ) Loss on extinguishment of debt ( 39 ) ( 136 ) Income before income taxes and equity in earnings of affiliates 30,702 39,434 Provision for income taxes 8,071 12,362 Equity in earnings of affiliates, net of income tax provision of $ 128 and $ 179 , respectively 28 922 Net income 22,659 27,994 Net loss attributable to noncontrolling interests 9 9 Net income attributable to The GEO Group, Inc. $ 22,668 $ 28,003 Weighted-average common shares outstanding: Basic 122,497 121,432 Diluted 130,987 125,139 Net income per common share attributable to The GEO Group, Inc.: Basic: Net income per common share attributable to The GEO Group, Inc.-basic $ 0.15 $ 0.19 Diluted: Net income per common share attributable to The GEO Group, Inc.-diluted $ 0.14 $ 0.19 The accompanying notes are an integral part of these unaudited consolidated financial statements. 3 THE GEO GROUP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (In thousands) Three Months March 31, 2024 March 31, 2023 Net income $ 22,659 $ 27,994 Other comprehensive loss, net of tax: Foreign currency translation adjustments ( 3,872 ) ( 1,379 ) Change in marketable securities, net of tax provision of $ 0 and $ 106 , respectively — 400 Pension liability adjustment, net of tax

View Full Filing

View this 10-Q filing on SEC EDGAR