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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Three Months Ended June 30, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 171,260 |  |  | $ | 465,286 |  |  | $ | 79,436 |  |  | $ | (138,912 | ) |  | $ | 577,070 |
Operating expenses | 135,244 |  |  | 373,399 |  |  | 68,714 |  |  | (138,912 | ) |  | 438,445 |
Depreciation and amortization | 6,065 |  |  | 24,906 |  |  | 895 |  |  | — |  |  | 31,866 |
General and administrative expenses | 15,573 |  |  | 29,432 |  |  | 7,201 |  |  | — |  |  | 52,206 |
Operating income | 14,378 |  |  | 37,549 |  |  | 2,626 |  |  | — |  |  | 54,553 |
Interest income | 6,751 |  |  | 409 |  |  | 12,476 |  |  | (7,290 | ) |  | 12,346 |
Interest expense | (17,451 | ) |  | (15,775 | ) |  | (10,047 | ) |  | 7,290 |  |  | (35,983 | )
Income before income taxes and equity in earnings of affiliates | 3,678 |  |  | 22,183 |  |  | 5,055 |  |  | — |  |  | 30,916 |
Income tax provision | 147 |  |  | 793 |  |  | 460 |  |  | — |  |  | 1,400 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 1,426 |  |  | — |  |  | 1,426 |
Income before equity in income of consolidated subsidiaries | 3,531 |  |  | 21,390 |  |  | 6,021 |  |  | — |  |  | 30,942 |
Income from consolidated subsidiaries, net of income tax provision | 27,411 |  |  | — |  |  | — |  |  | (27,411 | ) |  | — |
Net income | 30,942 |  |  | 21,390 |  |  | 6,021 |  |  | (27,411 | ) |  | 30,942 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 50 |  |  | — |  |  | 50 |
Net income attributable to The GEO Group, Inc. | $ | 30,942 |  |  | $ | 21,390 |  |  | $ | 6,071 |  |  | $ | (27,411 | ) |  | $ | 30,992 |
Net income | $ | 30,942 |  |  | $ | 21,390 |  |  | $ | 6,021 |  |  | $ | (27,411 | ) |  | $ | 30,942 |
Other comprehensive income, net of tax | — |  |  | 64 |  |  | 1,808 |  |  | — |  |  | 1,872 |
Total comprehensive income | $ | 30,942 |  |  | $ | 21,454 |  |  | $ | 7,829 |  |  | $ | (27,411 | ) |  | $ | 32,814 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 51 |  |  | — |  |  | 51 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 30,942 |  |  | $ | 21,454 |  |  | $ | 7,880 |  |  | $ | (27,411 | ) |  | $ | 32,865 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Three Months Ended June 30, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 174,414 |  |  | $ | 404,798 |  |  | $ | 112,811 |  |  | $ | (143,673 | ) |  | $ | 548,350 |
Operating expenses | 135,603 |  |  | 323,791 |  |  | 101,116 |  |  | (143,673 | ) |  | 416,837 |
Depreciation and amortization | 6,265 |  |  | 21,424 |  |  | 963 |  |  | — |  |  | 28,652 |
General and administrative expenses | 14,846 |  |  | 15,250 |  |  | 6,808 |  |  | — |  |  | 36,904 |
Operating income | 17,700 |  |  | 44,333 |  |  | 3,924 |  |  | — |  |  | 65,957 |
Interest income | 5,440 |  |  | 409 |  |  | 6,013 |  |  | (5,960 | ) |  | 5,902 |
Interest expense | (16,369 | ) |  | (13,932 | ) |  | (6,748 | ) |  | 5,960 |  |  | (31,089 | )
Loss on early extinguishment of debt | (15,866 | ) |  | — |  |  | — |  |  | — |  |  | (15,866 | )
Income (loss) before income taxes and equity in earnings of affiliates | (9,095 | ) |  | 30,810 |  |  | 3,189 |  |  | — |  |  | 24,904 |
Income tax provision (benefit) | (101 | ) |  | 3,099 |  |  | 881 |  |  | — |  |  | 3,879 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 2,131 |  |  | — |  |  | 2,131 |
Income (loss) before equity in income of consolidated subsidiaries | (8,994 | ) |  | 27,711 |  |  | 4,439 |  |  | — |  |  | 23,156 |
Income from consolidated subsidiaries, net of income tax provision | 32,150 |  |  | — |  |  | — |  |  | (32,150 | ) |  | — |
Net income | 23,156 |  |  | 27,711 |  |  | 4,439 |  |  | (32,150 | ) |  | 23,156 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 53 |  |  | — |  |  | 53 |
Net income attributable to The GEO Group, Inc. | $ | 23,156 |  |  | $ | 27,711 |  |  | $ | 4,492 |  |  | $ | (32,150 | ) |  | $ | 23,209 |
Net income | $ | 23,156 |  |  | $ | 27,711 |  |  | $ | 4,439 |  |  | $ | (32,150 | ) |  | $ | 23,156 |
Other comprehensive income (loss), net of tax | — |  |  | 33 |  |  | (2,611 | ) |  | — |  |  | (2,578 | )
Total comprehensive income | $ | 23,156 |  |  | $ | 27,744 |  |  | $ | 1,828 |  |  | $ | (32,150 | ) |  | $ | 20,578 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 23,156 |  |  | $ | 27,744 |  |  | $ | 1,880 |  |  | $ | (32,150 | ) |  | $ | 20,630 |
| For the Six Months Ended June 30, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 349,433 |  |  | $ | 878,480 |  |  | $ | 180,920 |  |  | $ | (281,149 | ) |  | $ | 1,127,684 |
Operating expenses | 267,411 |  |  | 711,398 |  |  | 155,492 |  |  | (281,149 | ) |  | 853,152 |
Depreciation and amortization | 12,215 |  |  | 46,781 |  |  | 1,819 |  |  | — |  |  | 60,815 |
General and administrative expenses | 29,240 |  |  | 50,413 |  |  | 15,139 |  |  | — |  |  | 94,792 |
Operating income | 40,567 |  |  | 69,888 |  |  | 8,470 |  |  | — |  |  | 118,925 |
Interest income | 10,105 |  |  | 1,229 |  |  | 24,304 |  |  | (11,315 | ) |  | 24,323 |
Interest expense | (33,243 | ) |  | (28,260 | ) |  | (20,795 | ) |  | 11,315 |  |  | (70,983 | )
Income before income taxes and equity in earnings of affiliates | 17,429 |  |  | 42,857 |  |  | 11,979 |  |  | — |  |  | 72,265 |
Income tax provision (benefit) | 294 |  |  | 2,247 |  |  | 1,329 |  |  | — |  |  | 3,870 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 2,913 |  |  | — |  |  | 2,913 |
Income before equity in income of consolidated subsidiaries | 17,135 |  |  | 40,610 |  |  | 13,563 |  |  | — |  |  | 71,308 |
Income from consolidated subsidiaries, net of income tax provision | 57,749 |  |  | — |  |  | — |  |  | (57,749 | ) |  | — |
Net income | 74,884 |  |  | 40,610 |  |  | 13,563 |  |  | (57,749 | ) |  | 71,308 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 87 |  |  | — |  |  | 87 |
Net income attributable to The GEO Group, Inc. | $ | 74,884 |  |  | $ | 40,610 |  |  | $ | 13,650 |  |  | $ | (57,749 | ) |  | $ | 71,395 |
Net income | $ | 74,884 |  |  | $ | 40,610 |  |  | $ | 13,563 |  |  | $ | (57,749 | ) |  | $ | 71,308 |
Other comprehensive income, net of tax | — |  |  | 111 |  |  | 3,022 |  |  | — |  |  | 3,133 |
Total comprehensive income | $ | 74,884 |  |  | $ | 40,721 |  |  | $ | 16,585 |  |  | $ | (57,749 | ) |  | $ | 74,441 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 74,884 |  |  | $ | 40,721 |  |  | $ | 16,670 |  |  | $ | (57,749 | ) |  | $ | 74,526 |
| For the Six Months Ended June 30, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 342,051 |  |  | $ | 805,140 |  |  | $ | 193,776 |  |  | $ | (282,432 | ) |  | $ | 1,058,535 |
Operating expenses | 273,513 |  |  | 643,695 |  |  | 170,567 |  |  | (282,432 | ) |  | 805,343 |
Depreciation and amortization | 12,527 |  |  | 42,657 |  |  | 1,919 |  |  | — |  |  | 57,103 |
General and administrative expenses | 22,821 |  |  | 35,216 |  |  | 12,928 |  |  | — |  |  | 70,965 |
Operating income | 33,190 |  |  | 83,572 |  |  | 8,362 |  |  | — |  |  | 125,124 |
Interest income | 10,881 |  |  | 1,018 |  |  | 10,670 |  |  | (12,110 | ) |  | 10,459 |
Interest expense | (32,726 | ) |  | (27,876 | ) |  | (11,963 | ) |  | 12,110 |  |  | (60,455 | )
Loss on early extinguishment of debt | (15,866 | ) |  | — |  |  | — |  |  | — |  |  | (15,866 | )
Income (loss) before income taxes and equity in earnings of affiliates | (4,521 | ) |  | 56,714 |  |  | 7,069 |  |  | — |  |  | 59,262 |
Income tax provision (benefit) | (91 | ) |  | 5,290 |  |  | 1,831 |  |  | — |  |  | 7,030 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 3,250 |  |  | — |  |  | 3,250 |
Income (loss) before equity in income of consolidated subsidiaries | (4,430 | ) |  | 51,424 |  |  | 8,488 |  |  | — |  |  | 55,482 |
Income from consolidated subsidiaries, net of income tax provision | 59,912 |  |  | — |  |  | — |  |  | (59,912 | ) |  | — |
Net income | 55,482 |  |  | 51,424 |  |  | 8,488 |  |  | (59,912 | ) |  | 55,482 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 77 |  |  | — |  |  | 77 |
Net income attributable to The GEO Group, Inc. | $ | 55,482 |  |  | $ | 51,424 |  |  | $ | 8,565 |  |  | $ | (59,912 | ) |  | $ | 55,559 |
Net income | $ | 55,482 |  |  | $ | 51,424 |  |  | $ | 8,488 |  |  | $ | (59,912 | ) |  | $ | 55,482 |
Other comprehensive income (loss), net of tax | — |  |  | 65 |  |  | (3,541 | ) |  | — |  |  | (3,476 | )
Total comprehensive income | 55,482 |  |  | 51,489 |  |  | 4,947 |  |  | (59,912 | ) |  | 52,006 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 68 |  |  | — |  |  | 68 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 55,482 |  |  | $ | 51,489 |  |  | $ | 5,015 |  |  | $ | (59,912 | ) |  | $ | 52,074 |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands) (unaudited)
| As of June 30, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 30,576 |  |  | $ | 6,882 |  |  | $ | 28,443 |  |  | $ | — |  |  | $ | 65,901 |
Restricted cash and investments | 1,849 |  |  | — |  |  | 15,529 |  |  | — |  |  | 17,378 |
Accounts receivable, less allowance for doubtful accounts | 112,978 |  |  | 213,596 |  |  | 15,787 |  |  | — |  |  | 342,361 |
Contract receivable, current portion | — |  |  | — |  |  | 238,958 |  |  | — |  |  | 238,958 |
Prepaid expenses and other current assets | 2,249 |  |  | 34,588 |  |  | 5,630 |  |  | — |  |  | 42,467 |
Total current assets | 147,652 |  |  | 255,066 |  |  | 304,347 |  |  | — |  |  | 707,065 |
Restricted Cash and Investments | (1,659 | ) |  | 22,632 |  |  | 2,047 |  |  | — |  |  | 23,020 |
Property and Equipment, Net | 744,674 |  |  | 1,217,685 |  |  | 87,254 |  |  | — |  |  | 2,049,613 |
Non-Current Contract Receivable | — |  |  | — |  |  | 358,727 |  |  | — |  |  | 358,727 |
Intercompany Receivable | 1,122,898 |  |  | 93,918 |  |  | 28,658 |  |  | (1,245,474 | ) |  | — |
Non-Current Deferred Income Tax Assets | 763 |  |  | 19,685 |  |  | 11,814 |  |  | — |  |  | 32,262 |
Goodwill | 79 |  |  | 787,284 |  |  | 440 |  |  | — |  |  | 787,803 |
Intangible Assets, Net | — |  |  | 267,580 |  |  | 765 |  |  | — |  |  | 268,345 |
Investment in Subsidiaries | 1,315,016 |  |  | 457,591 |  |  | 2,190 |  |  | (1,774,797 | ) |  | — |
Other Non-Current Assets | 13,417 |  |  | 112,567 |  |  | 20,589 |  |  | (79,640 | ) |  | 66,933 |
Total Assets | $ | 3,342,840 |  |  | $ | 3,234,008 |  |  | $ | 816,831 |  |  | $ | (3,099,911 | ) |  | $ | 4,293,768 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 20,438 |  |  | $ | 60,099 |  |  | $ | 17,490 |  |  | $ | — |  |  | $ | 98,027 |
Accrued payroll and related taxes | — |  |  | 47,674 |  |  | 15,518 |  |  | — |  |  | 63,192 |
Accrued expenses and other current liabilities | 37,066 |  |  | 100,691 |  |  | 16,173 |  |  | — |  |  | 153,930 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 1,746 |  |  | 245,658 |  |  | — |  |  | 255,404 |
Total current liabilities | 65,504 |  |  | 210,210 |  |  | 294,839 |  |  | — |  |  | 570,553 |
Intercompany Payable | 35,092 |  |  | 1,174,881 |  |  | 35,501 |  |  | (1,245,474 | ) |  | — |
Other Non-Current Liabilities | 4,725 |  |  | 155,895 |  |  | 17,761 |  |  | (79,640 | ) |  | 98,741 |
Capital Lease Obligations | — |  |  | 6,787 |  |  | — |  |  | — |  |  | 6,787 |
Long-Term Debt | 2,018,040 |  |  | — |  |  | 89,168 |  |  | — |  |  | 2,107,208 |
Non-Recourse Debt | — |  |  | — |  |  | 283,780 |  |  | — |  |  | 283,780 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 1,219,479 |  |  | 1,686,235 |  |  | 95,966 |  |  | (1,774,797 | ) |  | 1,226,883 |
Noncontrolling Interests | — |  |  | — |  |  | (184 | ) |  | — |  |  | (184 | )
Total Shareholders’ Equity | 1,219,479 |  |  | 1,686,235 |  |  | 95,782 |  |  | (1,774,797 | ) |  | 1,226,699 |
Total Liabilities and Shareholders' Equity | $ | 3,342,840 |  |  | $ | 3,234,008 |  |  | $ | 816,831 |  |  | $ | (3,099,911 | ) |  | $ | 4,293,768 |
CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands)
| As of December 31, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 45,566 |  |  | $ | 842 |  |  | $ | 21,630 |  |  | $ | — |  |  | $ | 68,038 |
Restricted cash and investments | — |  |  | — |  |  | 17,133 |  |  | — |  |  | 17,133 |
Accounts receivable, less allowance for doubtful accounts | 139,571 |  |  | 200,239 |  |  | 16,445 |  |  | — |  |  | 356,255 |
Contract receivable, current portion | — |  |  | — |  |  | 224,033 |  |  | — |  |  | 224,033 |
Prepaid expenses and other current assets | 677 |  |  | 24,096 |  |  | 7,437 |  |  | — |  |  | 32,210 |
Total current assets | 185,814 |  |  | 225,177 |  |  | 286,678 |  |  | — |  |  | 697,669 |
Restricted Cash and Investments | 170 |  |  | 19,742 |  |  | 936 |  |  | — |  |  | 20,848 |
Property and Equipment, Net | 735,104 |  |  | 1,078,220 |  |  | 83,917 |  |  | — |  |  | 1,897,241 |
Non-Current Contract Receivable | — |  |  | — |  |  | 219,783 |  |  |  |  | 219,783 |
Intercompany Receivable | 918,527 |  |  | 141,987 |  |  | 27,290 |  |  | (1,087,804 | ) |  | — |
Non-Current Deferred Income Tax Assets | 764 |  |  | 17,918 |  |  | 11,357 |  |  | — |  |  | 30,039 |
Goodwill | 79 |  |  | 614,941 |  |  | 413 |  |  | — |  |  | 615,433 |
Intangible Assets, Net | — |  |  | 203,138 |  |  | 746 |  |  | — |  |  | 203,884 |
Investment in Subsidiaries | 1,238,772 |  |  | 453,635 |  |  | 2,190 |  |  | (1,694,597 | ) |  | — |
Other Non-Current Assets | 15,011 |  |  | 108,434 |  |  | 20,933 |  |  | (79,866 | ) |  | 64,512 |
Total Assets | $ | 3,094,241 |  |  | $ | 2,863,192 |  |  | $ | 654,243 |  |  | $ | (2,862,267 | ) |  | $ | 3,749,409 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 8,402 |  |  | $ | 50,200 |  |  | $ | 21,035 |  |  | $ | — |  |  | $ | 79,637 |
Accrued payroll and related taxes | — |  |  | 41,230 |  |  | 14,030 |  |  | — |  |  | 55,260 |
Accrued expenses and other current liabilities | 36,792 |  |  | 83,906 |  |  | 10,398 |  |  | — |  |  | 131,096 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 3,000 |  |  | 1,700 |  |  | 233,365 |  |  | — |  |  | 238,065 |
Total current liabilities | 48,194 |  |  | 177,036 |  |  | 278,828 |  |  | — |  |  | 504,058 |
Intercompany Payable | 133,039 |  |  | 920,825 |  |  | 33,940 |  |  | (1,087,804 | ) |  | — |
Other Non-Current Liabilities | 2,487 |  |  | 144,383 |  |  | 21,652 |  |  | (79,866 | ) |  | 88,656 |
Capital Lease Obligations | — |  |  | 7,431 |  |  | — |  |  | — |  |  | 7,431 |
Long-Term Debt | 1,935,465 |  |  | — |  |  | — |  |  | — |  |  | 1,935,465 |
Non-Recourse Debt | — |  |  | — |  |  | 238,842 |  |  | — |  |  | 238,842 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 975,056 |  |  | 1,613,517 |  |  | 81,080 |  |  | (1,694,597 | ) |  | 975,056 |
Noncontrolling Interests | — |  |  | — |  |  | (99 | ) |  | — |  |  | (99 | )
Total Shareholders’ Equity | 975,056 |  |  | 1,613,517 |  |  | 80,981 |  |  | (1,694,597 | ) |  | 974,957 |
Total Liabilities and Shareholders' Equity | $ | 3,094,241 |  |  | $ | 2,863,192 |  |  | $ | 654,243 |  |  | $ | (2,862,267 | ) |  | $ | 3,749,409 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
| For the Six Months Ended June 30, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 2,389 |  |  | $ | 62,559 |  |  | $ | (14,234 | ) |  | $ | 50,714 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Acquisition of CEC, net of cash acquired | (354,466 | ) |  | — |  |  | — |  |  | (354,466 | )
Proceeds from sale of property and equipment | 648 |  |  | — |  |  | — |  |  | 648 |
Change in restricted cash and investments | — |  |  | (2,890 | ) |  | 1,055 |  |  | (1,835 | )
Capital expenditures | (9,709 | ) |  | (53,629 | ) |  | (4,170 | ) |  | (67,508 | )
Net (cash used) provided by in investing activities | (363,527 | ) |  | (56,519 | ) |  | (3,115 | ) |  | (423,161 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 1,158,574 |  |  | — |  |  | — |  |  | 1,158,574 |
Payments on long-term debt | (972,500 | ) |  | — |  |  | — |  |  | (972,500 | )
Payments on non-recourse debt | — |  |  | — |  |  | (67,885 | ) |  | (67,885 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 91,076 |  |  | 91,076 |
Taxes paid related to net share settlements of equity awards | (4,092 | ) |  | — |  |  | — |  |  | (4,092 | )
Proceeds from issuance of common stock in connection with ESPP | — |  |  |  |  | 242 |  |  | 242 |
Proceeds from issuance of common stock under prospectus supplement | 275,867 |  |  | — |  |  | — |  |  | 275,867 |
Debt issuance costs | (6,992 | ) |  | — |  |  | (595 | ) |  | (7,587 | )
Proceeds from stock options exercised | 6,150 |  |  | — |  |  | — |  |  | 6,150 |
Dividends paid | (110,859 | ) |  |  |  |  | — |  |  | (110,859 | )
Net cash (used in) provided by financing activities | 346,148 |  |  | — |  |  | 22,838 |  |  | 368,986 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 1,324 |  |  | 1,324 |
Net (Decrease) Increase in Cash and Cash Equivalents | (14,990 | ) |  | 6,040 |  |  | 6,813 |  |  | (2,137 | )
Cash and Cash Equivalents, beginning of period | 45,566 |  |  | 842 |  |  | 21,630 |  |  | 68,038 |
Cash and Cash Equivalents, end of period | $ | 30,576 |  |  | $ | 6,882 |  |  | $ | 28,443 |  |  | $ | 65,901 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
| For the Six Months Ended June 30, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | 84,523 |  |  | $ | 40,602 |  |  | $ | (86,873 | ) |  | $ | 38,252 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 41 |  |  | 2 |  |  | 43 |
Insurance proceeds - damaged property | — |  |  | — |  |  | 548 |  |  | 548 |
Change in restricted cash and investments | (12 | ) |  | (1,565 | ) |  | (64,276 | ) |  | (65,853 | )
Capital expenditures | (5,137 | ) |  | (39,078 | ) |  | (1,799 | ) |  | (46,014 | )
Net cash used in investing activities | (5,149 | ) |  | (40,602 | ) |  | (65,525 | ) |  | (111,276 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Taxes paid related to net share settlements of equity awards | (2,257 | ) |  | — |  |  | — |  |  | (2,257 | )
Proceeds from long-term debt | 641,000 |  |  | — |  |  | — |  |  | 641,000 |
Payments on long-term debt | (627,506 | ) |  |  |  |  | — |  |  | (627,506 | )
Payments on non-recourse debt | — |  |  | — |  |  | (3,044 | ) |  | (3,044 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 159,068 |  |  | 159,068 |
Proceeds from issuance of common stock in connection with ESPP | — |  |  | — |  |  | 224 |  |  | 224 |
Debt issuance costs | (16,980 | ) |  | — |  |  | (2,517 | ) |  | (19,497 | )
Tax benefit related to equity compensation | (791 | ) |  | — |  |  | — |  |  | (791 | )
Proceeds from stock options exercised | 2,057 |  |  | — |  |  | — |  |  | 2,057 |
Dividends paid | (97,247 | ) |  | — |  |  | — |  |  | (97,247 | )
Net cash (used in) provided by financing activities | (101,724 | ) |  | — |  |  | 153,731 |  |  | 52,007 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 244 |  |  | 244 |
Net Decrease in Cash and Cash Equivalents | (22,350 | ) |  | — |  |  | 1,577 |  |  | (20,773 | )
Cash and Cash Equivalents, beginning of period | 37,077 |  |  | — |  |  | 22,561 |  |  | 59,638 |
Cash and Cash Equivalents, end of period | $ | 14,727 |  |  | $ | — |  |  | $ | 24,138 |  |  | $ | 38,865 |

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