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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2018
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, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 202,186 |  |  | $ | 474,966 |  |  | $ | 67,256 |  |  | $ | (160,899 | ) |  | $ | 583,509 |
Operating expenses | 161,122 |  |  | 381,040 |  |  | 56,534 |  |  | (160,899 | ) |  | 437,797 |
Depreciation and amortization | 6,564 |  |  | 23,695 |  |  | 1,054 |  |  | — |  |  | 31,313 |
General and administrative expenses | 16,281 |  |  | 25,738 |  |  | 5,429 |  |  | — |  |  | 47,448 |
Operating income | 18,219 |  |  | 44,493 |  |  | 4,239 |  |  | — |  |  | 66,951 |
Interest income | 3,406 |  |  | 1,447 |  |  | 8,908 |  |  | (5,094 | ) |  | 8,667 |
Interest expense | (19,647 | ) |  | (13,959 | ) |  | (8,407 | ) |  | 5,094 |  |  | (36,919 | )
Income before income taxes and equity in earnings of affiliates | 1,978 |  |  | 31,981 |  |  | 4,740 |  |  | — |  |  | 38,699 |
Income tax provision | 716 |  |  | 1,442 |  |  | 1,557 |  |  | — |  |  | 3,715 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 2,341 |  |  | — |  |  | 2,341 |
Income before equity in income of consolidated subsidiaries | 1,262 |  |  | 30,539 |  |  | 5,524 |  |  | — |  |  | 37,325 |
Income from consolidated subsidiaries, net of income tax provision | 36,063 |  |  | — |  |  | — |  |  | (36,063 | ) |  | — |
Net income | 37,325 |  |  | 30,539 |  |  | 5,524 |  |  | (36,063 | ) |  | 37,325 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 96 |  |  | — |  |  | 96 |
Net income attributable to The GEO Group, Inc. | $ | 37,325 |  |  | $ | 30,539 |  |  | $ | 5,620 |  |  | $ | (36,063 | ) |  | $ | 37,421 |
Net income | $ | 37,325 |  |  | $ | 30,539 |  |  | $ | 5,524 |  |  | $ | (36,063 | ) |  | $ | 37,325 |
Other comprehensive income (loss), net of tax | — |  |  | 625 |  |  | (2,757 | ) |  | — |  |  | (2,132 | )
Total comprehensive income | $ | 37,325 |  |  | $ | 31,164 |  |  | $ | 2,767 |  |  | $ | (36,063 | ) |  | $ | 35,193 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 117 |  |  | — |  |  | 117 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 37,325 |  |  | $ | 31,164 |  |  | $ | 2,884 |  |  | $ | (36,063 | ) |  | $ | 35,310 |
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 Six Months Ended June 30, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 397,816 |  |  | $ | 933,694 |  |  | $ | 136,062 |  |  | $ | (319,146 | ) |  | $ | 1,148,426 |
Operating expenses | 312,944 |  |  | 759,006 |  |  | 111,702 |  |  | (319,146 | ) |  | 864,506 |
Depreciation and amortization | 13,024 |  |  | 48,138 |  |  | 2,077 |  |  | — |  |  | 63,239 |
General and administrative expenses | 30,622 |  |  | 48,185 |  |  | 10,473 |  |  | — |  |  | 89,280 |
Operating income | 41,226 |  |  | 78,365 |  |  | 11,810 |  |  | — |  |  | 131,401 |
Interest income | 7,583 |  |  | 2,864 |  |  | 18,292 |  |  | (10,973 | ) |  | 17,766 |
Interest expense | (38,269 | ) |  | (28,419 | ) |  | (17,073 | ) |  | 10,973 |  |  | (72,788 | )
Income before income taxes and equity in earnings of affiliates | 10,540 |  |  | 52,810 |  |  | 13,029 |  |  | — |  |  | 76,379 |
Income tax provision | 893 |  |  | 3,742 |  |  | 3,835 |  |  | — |  |  | 8,470 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 4,336 |  |  | — |  |  | 4,336 |
Income before equity in income of consolidated subsidiaries | 9,647 |  |  | 49,068 |  |  | 13,530 |  |  | — |  |  | 72,245 |
Income from consolidated subsidiaries, net of income tax provision | 62,598 |  |  | — |  |  | — |  |  | (62,598 | ) |  | — |
Net income | 72,245 |  |  | 49,068 |  |  | 13,530 |  |  | (62,598 | ) |  | 72,245 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 163 |  |  | — |  |  | 163 |
Net income attributable to The GEO Group, Inc. | $ | 72,245 |  |  | $ | 49,068 |  |  | $ | 13,693 |  |  | $ | (62,598 | ) |  | $ | 72,408 |
Net income | $ | 72,245 |  |  | $ | 49,068 |  |  | $ | 13,530 |  |  | $ | (62,598 | ) |  | $ | 72,245 |
Other comprehensive income (loss), net of tax | — |  |  | 730 |  |  | (1,526 | ) |  | — |  |  | (796 | )
Total comprehensive income | $ | 72,245 |  |  | $ | 49,798 |  |  | $ | 12,004 |  |  | $ | (62,598 | ) |  | $ | 71,449 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 176 |  |  | — |  |  | 176 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 72,245 |  |  | $ | 49,798 |  |  | $ | 12,180 |  |  | $ | (62,598 | ) |  | $ | 71,625 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| 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 | 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 |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands) (unaudited)
| As of June 30, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 18,363 |  |  | $ | 11,156 |  |  | $ | 35,932 |  |  | $ | — |  |  | $ | 65,451 |
Restricted cash and cash equivalents | 7,842 |  |  | — |  |  | 50,878 |  |  | — |  |  | 58,720 |
Accounts receivable, less allowance for doubtful accounts | 141,487 |  |  | 200,426 |  |  | 35,855 |  |  | — |  |  | 377,768 |
Contract receivable, current portion | — |  |  | — |  |  | 9,398 |  |  | — |  |  | 9,398 |
Prepaid expenses and other current assets | 2,391 |  |  | 22,293 |  |  | 11,079 |  |  | — |  |  | 35,763 |
Total current assets | 170,083 |  |  | 233,875 |  |  | 143,142 |  |  | — |  |  | 547,100 |
Restricted Cash and Investments | — |  |  | 22,481 |  |  | 2,816 |  |  | — |  |  | 25,297 |
Property and Equipment, Net | 826,324 |  |  | 1,210,293 |  |  | 87,936 |  |  | — |  |  | 2,124,553 |
Non-Current Contract Receivable | — |  |  | — |  |  | 396,360 |  |  | — |  |  | 396,360 |
Intercompany Receivable | 969,520 |  |  | 130,374 |  |  | 26,300 |  |  | (1,126,194 | ) |  | — |
Non-Current Deferred Income Tax Assets | 863 |  |  | 23,913 |  |  | 1,501 |  |  | — |  |  | 26,277 |
Goodwill | — |  |  | 775,955 |  |  | 424 |  |  | — |  |  | 776,379 |
Intangible Assets, Net | — |  |  | 242,911 |  |  | 638 |  |  | — |  |  | 243,549 |
Investment in Subsidiaries | 1,512,288 |  |  | 458,228 |  |  | 2,190 |  |  | (1,972,706 | ) |  | — |
Other Non-Current Assets | 9,448 |  |  | 113,627 |  |  | 23,042 |  |  | (79,062 | ) |  | 67,055 |
Total Assets | $ | 3,488,526 |  |  | $ | 3,211,657 |  |  | $ | 684,349 |  |  | $ | (3,177,962 | ) |  | $ | 4,206,570 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 17,449 |  |  | $ | 67,292 |  |  | $ | 5,586 |  |  | $ | — |  |  | $ | 90,327 |
Accrued payroll and related taxes | — |  |  | 50,169 |  |  | 18,893 |  |  | — |  |  | 69,062 |
Accrued expenses and other current liabilities | 42,758 |  |  | 115,623 |  |  | 30,880 |  |  | — |  |  | 189,261 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 1,974 |  |  | 15,153 |  |  | — |  |  | 25,127 |
Total current liabilities | 68,207 |  |  | 235,058 |  |  | 70,512 |  |  | — |  |  | 373,777 |
Non-Current Deferred Income Tax Liabilities | — |  |  | — |  |  | 8,757 |  |  | — |  |  | 8,757 |
Intercompany Payable | 122,124 |  |  | 968,622 |  |  | 35,448 |  |  | (1,126,194 | ) |  | — |
Other Non-Current Liabilities | 1,320 |  |  | 156,158 |  |  | 11,466 |  |  | (79,062 | ) |  | 89,882 |
Capital Lease Obligations | — |  |  | 5,329 |  |  | — |  |  | — |  |  | 5,329 |
Long-Term Debt | 2,203,441 |  |  | — |  |  | 85,968 |  |  | — |  |  | 2,289,409 |
Non-Recourse Debt | — |  |  | — |  |  | 346,479 |  |  | — |  |  | 346,479 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 1,093,434 |  |  | 1,846,490 |  |  | 126,217 |  |  | (1,972,706 | ) |  | 1,093,435 |
Noncontrolling Interests | — |  |  | — |  |  | (498 | ) |  | — |  |  | (498 | )
Total Shareholders’ Equity | 1,093,434 |  |  | 1,846,490 |  |  | 125,719 |  |  | (1,972,706 | ) |  | 1,092,937 |
Total Liabilities and Shareholders' Equity | $ | 3,488,526 |  |  | $ | 3,211,657 |  |  | $ | 684,349 |  |  | $ | (3,177,962 | ) |  | $ | 4,206,570 |
CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands)
| As of December 31, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 54,666 |  |  | $ | — |  |  | $ | 26,711 |  |  | $ | — |  |  | $ | 81,377 |
Restricted cash and cash equivalents | — |  |  | — |  |  | 44,932 |  |  | — |  |  | 44,932 |
Accounts receivable, less allowance for doubtful accounts | 130,354 |  |  | 225,029 |  |  | 34,533 |  |  | — |  |  | 389,916 |
Contract receivable, current portion | — |  |  | — |  |  | 18,142 |  |  | — |  |  | 18,142 |
Prepaid expenses and other current assets | 2,589 |  |  | 24,163 |  |  | 18,590 |  |  | — |  |  | 45,342 |
Total current assets | 187,609 |  |  | 249,192 |  |  | 142,908 |  |  | — |  |  | 579,709 |
Restricted Cash and Investments | — |  |  | 25,715 |  |  | 2,284 |  |  | — |  |  | 27,999 |
Property and Equipment, Net | 777,404 |  |  | 1,209,816 |  |  | 90,903 |  |  | — |  |  | 2,078,123 |
Assets Held for Sale | — |  |  | 3,915 |  |  | — |  |  | — |  |  | 3,915 |
Non-Current Contract Receivable | — |  |  | — |  |  | 404,309 |  |  |  |  | 404,309 |
Intercompany Receivable | 1,130,189 |  |  | 88,534 |  |  | 28,218 |  |  | (1,246,941 | ) |  | — |
Non-Current Deferred Income Tax Assets | 863 |  |  | 23,913 |  |  | 1,501 |  |  | — |  |  | 26,277 |
Goodwill | — |  |  | 778,504 |  |  | 447 |  |  | — |  |  | 778,951 |
Intangible Assets, Net | — |  |  | 254,531 |  |  | 808 |  |  | — |  |  | 255,339 |
Investment in Subsidiaries | 1,336,665 |  |  | 456,076 |  |  | 2,190 |  |  | (1,794,931 | ) |  | — |
Other Non-Current Assets | 11,141 |  |  | 115,330 |  |  | 25,210 |  |  | (79,395 | ) |  | 72,286 |
Total Assets | $ | 3,443,871 |  |  | $ | 3,205,526 |  |  | $ | 698,778 |  |  | $ | (3,121,267 | ) |  | $ | 4,226,908 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 20,643 |  |  | $ | 65,475 |  |  | $ | 6,469 |  |  | $ | — |  |  | $ | 92,587 |
Accrued payroll and related taxes | — |  |  | 51,780 |  |  | 19,952 |  |  | — |  |  | 71,732 |
Accrued expenses and other current liabilities | 40,344 |  |  | 115,636 |  |  | 20,344 |  |  | — |  |  | 176,324 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 1,870 |  |  | 19,050 |  |  | — |  |  | 28,920 |
Total current liabilities | 68,987 |  |  | 234,761 |  |  | 65,815 |  |  | — |  |  | 369,563 |
Non-Current Deferred Income Tax Liabilities | — |  |  | — |  |  | 8,757 |  |  | — |  |  | 8,757 |
Intercompany Payable | 79,984 |  |  | 1,129,590 |  |  | 37,367 |  |  | (1,246,941 | ) |  | — |
Other Non-Current Liabilities | 4,674 |  |  | 157,200 |  |  | 14,223 |  |  | (79,395 | ) |  | 96,702 |
Capital Lease Obligations | — |  |  | 6,059 |  |  | — |  |  | — |  |  | 6,059 |
Long-Term Debt | 2,090,985 |  |  | — |  |  | 90,559 |  |  | — |  |  | 2,181,544 |
Non-Recourse Debt | — |  |  | — |  |  | 365,364 |  |  | — |  |  | 365,364 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 1,199,241 |  |  | 1,677,916 |  |  | 117,015 |  |  | (1,794,931 | ) |  | 1,199,241 |
Noncontrolling Interests | — |  |  | — |  |  | (322 | ) |  | — |  |  | (322 | )
Total Shareholders’ Equity | 1,199,241 |  |  | 1,677,916 |  |  | 116,693 |  |  | (1,794,931 | ) |  | 1,198,919 |
Total Liabilities and Shareholders' Equity | $ | 3,443,871 |  |  | $ | 3,205,526 |  |  | $ | 698,778 |  |  | $ | (3,121,267 | ) |  | $ | 4,226,908 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
| For the Six Months Ended June 30, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 118,354 |  |  | $ | 37,087 |  |  | $ | 24,812 |  |  | $ | 180,253 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Insurance proceeds - damaged property | — |  |  | 4,036 |  |  | — |  |  | 4,036 |
Proceeds from sale of property and equipment | — |  |  | — |  |  | 1,717 |  |  | 1,717 |
Proceeds from sale of assets held for sale | — |  |  | 3,797 |  |  | — |  |  | 3,797 |
Change in restricted investments | — |  |  | (1,490 | ) |  | — |  |  | (1,490 | )
Capital expenditures | (68,607 | ) |  | (36,998 | ) |  | (1,459 | ) |  | (107,064 | )
Net cash (used in) provided by investing activities | (68,607 | ) |  | (30,655 | ) |  | 258 |  |  | (99,004 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 245,000 |  |  | — |  |  | — |  |  | 245,000 |
Payments on long-term debt | (134,000 | ) |  | — |  |  | — |  |  | (134,000 | )
Payments on non-recourse debt | — |  |  | — |  |  | (7,490 | ) |  | (7,490 | )
Taxes paid related to net share settlements of equity awards | (4,391 | ) |  | — |  |  | — |  |  | (4,391 | )
Proceeds from issuance of common stock in connection with ESPP | 264 |  |  | — |  |  | — |  |  | 264 |
Payment for repurchases of common stock | (70,446 | ) |  | — |  |  | — |  |  | (70,446 | )
Debt issuance costs | (990 | ) |  | — |  |  | — |  |  | (990 | )
Proceeds from stock options exercised | 1,372 |  |  | — |  |  | — |  |  | 1,372 |
Dividends paid | (115,017 | ) |  | — |  |  | — |  |  | (115,017 | )
Net cash used in financing activities | (78,208 | ) |  | — |  |  | (7,490 | ) |  | (85,698 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | — |  |  | — |  |  | (1,881 | ) |  | (1,881 | )
Net (Decrease) Increase in Cash. Cash Equivalents and Restricted Cash and Cash Equivalents | (28,461 | ) |  | 6,432 |  |  | 15,699 |  |  | (6,330 | )
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 54,666 |  |  | 4,952 |  |  | 73,927 |  |  | 133,545 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | $ | 26,205 |  |  | $ | 11,384 |  |  | $ | 89,626 |  |  | $ | 127,215 |
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 investments | — |  |  | (2,963 | ) |  | — |  |  | (2,963 | )
Capital expenditures | (9,709 | ) |  | (53,629 | ) |  | (4,170 | ) |  | (67,508 | )
Cash used in by investing activities | (363,527 | ) |  | (56,592 | ) |  | (4,170 | ) |  | (424,289 | )
Net cash used in investing activities |  |  |  |  |  |  |
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 | )
Issuance of common stock under prospectus supplement | 275,867 |  |  | — |  |  | — |  |  | 275,867 |
Proceeds from issuance of common stock in connection with ESPP | — |  |  | — |  |  | 242 |  |  | 242 |
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 provided by financing activities | 346,148 |  |  | — |  |  | 22,838 |  |  | 368,986 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | — |  |  | — |  |  | 1,907 |  |  | 1,907 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | (14,990 | ) |  | 5,967 |  |  | 6,341 |  |  | (2,682 | )
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 45,736 |  |  | 4,922 |  |  | 39,699 |  |  | 90,357 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | $ | 30,746 |  |  | $ | 10,889 |  |  | $ | 46,040 |  |  | $ | 87,675 |

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