GEO Group Files Q2 2024 10-Q

TL;DR

**GEO Group's Q2 10-Q is in! Financials and operations detailed.**

AI Summary

GEO Group Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which is involved in real estate and construction, specifically general building contractors. Key financial figures and business segments are presented within this report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial health and operational status of GEO Group, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company filing regular financial reports, GEO Group faces inherent market and operational risks that are reflected in its 10-Q.

Key Numbers

• 20240630 — End of Fiscal Quarter (The period covered by this 10-Q filing.)
• 20240808 — Filing Date (The date this 10-Q was submitted to the SEC.)

Key Players & Entities

• GEO GROUP INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date of the 10-Q
• BOCA RATON (location) — City of GEO Group's business and mailing address
• George CZoley (person) — Mentioned in relation to an executive retirement agreement

FAQ

Key Financial Figures

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

Filing Documents

• geo-20240630.htm (10-Q) — 3291KB
• 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
• 0000950170-24-093922.txt ( ) — 15546KB
• geo-20240630.xsd (EX-101.SCH) — 1870KB
• geo-20240630_htm.xml (XML) — 3768KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 202 3 3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 202 3 4 CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 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 52

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 52

- OTHER INFORMATION

PART II - OTHER INFORMATION 53

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 53

RISK FACTORS

ITEM 1A. RISK FACTORS 55

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 55

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 56

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 56

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 56

EXHIBITS

ITEM 6. EXHIBITS 57

- 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 AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (In thousands, except per share data) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenues $ 607,185 $ 593,891 $ 1,212,857 $ 1,202,100 Operating expenses 443,529 428,128 885,204 861,620 Depreciation and amortization 31,313 31,691 62,678 63,614 General and administrative expenses 52,198 41,692 105,268 91,826 Operating income 80,145 92,380 159,707 185,040 Interest income 1,992 1,297 4,466 2,465 Interest expense ( 50,644 ) ( 55,046 ) ( 101,939 ) ( 109,304 ) Loss on extinguishment of debt ( 82,339 ) ( 1,618 ) ( 82,378 ) ( 1,754 ) (Loss) gain on asset divestitures/impairment ( 2,907 ) 2,175 ( 2,907 ) 2,175 Income (loss) before income taxes and equity in earnings of affiliates ( 53,753 ) 39,188 ( 23,051 ) 78,622 (Benefit from) provision for income taxes ( 20,379 ) 11,153 ( 12,308 ) 23,515 Equity in earnings of affiliates, net of income tax provision of $ 186 , $ 334 , $ 314 and $ 514 , respectively 811 1,490 839 2,412 Net income (loss) ( 32,563 ) 29,525 ( 9,904 ) 57,519 Net loss attributable to noncontrolling interests 50 46 59 55 Net income (loss) attributable to The GEO Group, Inc. $ ( 32,513 ) $ 29,571 $ ( 9,845 ) $ 57,574 Weighted-average common shares outstanding: Basic 130,518 122,045 125,631 121,740 Diluted 130,518 123,278 125,631 123,496 Net income (loss) per common share attributable to The GEO Group, Inc.: Basic: Net income (loss) per common share attributable to The GEO Group Inc.-basic $ ( 0.25 ) $ 0.20 $ ( 0.08 ) $ 0.39 Diluted: Net income (loss) per common share attributable to The

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