GEO Group Files Q3 2024 10-Q
Ticker: GEO · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 923796
Sentiment: neutral
Topics: 10-Q, quarterly-report, real-estate, construction
TL;DR
GEO Group's Q3 10-Q is in. Check financials.
AI Summary
GEO Group Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly Wackenhut Corrections Corp, is based in Boca Raton, Florida. Key financial details and operational information are presented in this quarterly report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational updates for GEO Group, a significant player in the real estate and construction sector.
Risk Assessment
Risk Level: medium — As a publicly traded company filing quarterly reports, there are inherent risks associated with financial performance and market conditions.
Key Numbers
- 1231 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
Key Players & Entities
- GEO GROUP INC (company) — Filer
- WACKENHUT CORRECTIONS CORP (company) — Former Company Name
- BOCA RATON (location) — Business Address City
- FL (location) — Business Address State
- 20240930 (date) — Conformed Period of Report
- 20241112 (date) — Filed as of Date
FAQ
What is the primary business of GEO Group Inc.?
GEO Group Inc. is primarily involved in the real estate and construction sector, with a Standard Industrial Classification code of GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520].
When was the company previously known as?
The company was formerly known as WACKENHUT CORRECTIONS CORP, with a date of name change on 19940525.
What is the filing date and reporting period for this 10-Q?
This 10-Q filing was made as of 20241112 and reports on the period ending 20240930.
Where is GEO Group Inc. headquartered?
GEO Group Inc.'s business and mail address is located at 4955 TECHNOLOGY WAY, BOCA RATON, FL 33431.
What is the SEC file number for GEO Group Inc.?
The SEC file number for GEO Group Inc. is 001-14260.
Filing Stats: 4,427 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-11-12 16:54:59
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share GEO New York St
Filing Documents
- geo-20240930.htm (10-Q) — 3283KB
- geo-ex31_1.htm (EX-31.1) — 15KB
- geo-ex31_2.htm (EX-31.2) — 15KB
- geo-ex32_1.htm (EX-32.1) — 6KB
- geo-ex32_2.htm (EX-32.2) — 6KB
- 0000950170-24-125597.txt ( ) — 15622KB
- geo-20240930.xsd (EX-101.SCH) — 1884KB
- geo-20240930_htm.xml (XML) — 3763KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION 3
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS 3 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 202 3 3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 202 3 4 CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 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 56
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 NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Revenues $ 603,125 $ 602,785 $ 1,815,982 $ 1,804,885 Operating expenses 441,917 440,667 1,327,121 1,302,287 Depreciation and amortization 31,756 31,173 94,434 94,787 General and administrative expenses 47,081 47,356 152,349 139,182 Operating income 82,371 83,589 242,078 268,629 Interest income 3,168 1,320 7,634 3,785 Interest expense ( 45,498 ) ( 55,777 ) ( 147,437 ) ( 165,081 ) Loss on extinguishment of debt ( 2,920 ) ( 91 ) ( 85,298 ) ( 1,845 ) (Loss) gain on asset divestitures/impairment — 1,274 ( 2,907 ) 3,449 Income before income taxes and equity in earnings of affiliates 37,121 30,315 14,070 108,937 Provision for (benefit from) income taxes 11,664 6,521 ( 644 ) 30,036 Equity in earnings of affiliates, net of income tax provision of $ 197 , $ 67 , $ 512 and $ 581 , respectively 832 709 1,671 3,121 Net income 26,289 24,503 16,385 82,022 Net loss attributable to noncontrolling interests 31 16 90 71 Net income attributable to The GEO Group, Inc. $ 26,320 $ 24,519 $ 16,475 $ 82,093 Weighted-average common shares outstanding: Basic 135,961 122,066 129,682 121,850 Diluted 138,130 123,433 132,022 123,479 Net income per common share attributable to The GEO Group, Inc.: Basic: Net income per common share attributable to The GEO Group Inc.-basic $ 0.19 $ 0.17 $ 0.12 $ 0.56 Diluted: Net income per common share attributable to The GEO Group, Inc.-diluted $ 0.19 $ 0.16 $ 0.11 $ 0.55 The accomp