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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Shareholders' Equity | 6. SHAREHOLDERS’ EQUITY The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three and nine months ended September 30, 2024 and 2023 (in thousands):
|  | Common shares |  |  | Additional Paid-In |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Accumulated Deficit) |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, July 1, 2024 |  |  | 139,551 |  |  | $ | 1,396 |  |  | $ | 1,299,558 |  |  | $ | (1,931 | ) |  | $ | (16,970 | ) |  |  | — |  |  | $ | — |  |  | $ | (1,516 | ) |  | $ | 1,280,537 |
Proceeds from exercise of stock options |  |  | 16 |  |  |  | — |  |  |  | 118 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 118 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,534 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,534 |
Restricted stock granted |  |  | 158 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common shares [3] |  |  | 16 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Shares withheld for net settlements of share- based awards [1] |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Issuance of common stock - ESPP |  |  | 3 |  |  |  | — |  |  |  | 36 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,320 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31 | ) |  |  | 26,289 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,054 |  |  |  | — |  |  |  | — |  |  |  | (28 | ) |  |  | 4,026 |
Balance, September 30, 2024 |  |  | 139,722 |  |  | $ | 1,397 |  |  | $ | 1,303,243 |  |  | $ | 24,389 |  |  | $ | (12,916 | ) |  |  | — |  |  | $ | — |  |  | $ | (1,575 | ) |  | $ | 1,314,538 |
|  | Common shares |  |  | Additional Paid-In |  |  |  |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Retained Earnings |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, July 1, 2023 |  |  | 126,075 |  |  | $ | 1,303 |  |  | $ | 1,292,826 |  |  | $ | 53,338 |  |  | $ | (18,582 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,339 | ) |  | $ | 1,232,371 |
Proceeds from exercise of stock options |  |  | 1 |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,116 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,116 |
Restricted stock granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (10 | ) |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Issuance of common stock - ESPP |  |  | 5 |  |  |  | — |  |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,519 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 24,503 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,483 | ) |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | (1,482 | )
Balance, September 30, 2023 |  |  | 126,071 |  |  | $ | 1,303 |  |  | $ | 1,295,983 |  |  | $ | 77,857 |  |  | $ | (20,065 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,354 | ) |  | $ | 1,258,549 |
|  | Common shares |  |  | Additional Paid-In |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Accumulated Deficit) |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2024 |  |  | 126,087 |  |  | $ | 1,303 |  |  | $ | 1,299,193 |  |  | $ | 103,089 |  |  | $ | (16,642 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,454 | ) |  | $ | 1,290,314 |
Proceeds from exercise of stock options |  |  | 163 |  |  |  | 2 |  |  |  | 783 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 785 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 12,322 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,322 |
Restricted stock granted |  |  | 1,712 |  |  |  | 17 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (61 | ) |  |  | (1 | ) |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reissuance of treasury shares [3] |  |  | 4,210 |  |  |  | — |  |  |  | — |  |  |  | (95,175 | ) |  |  | — |  |  |  | (4,210 | ) |  |  | 95,175 |  |  |  | — |  |  |  | — |
Issuance of common shares [3] |  |  | 8,220 |  |  |  | 82 |  |  |  | (1,696 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,614 | )
Shares withheld for net settlements of share- based awards [1] |  |  | (618 | ) |  |  | (6 | ) |  |  | (7,458 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,464 | )
Issuance of common stock - ESPP |  |  | 9 |  |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 115 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,475 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (90 | ) |  |  | 16,385 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,726 |  |  |  | — |  |  |  | — |  |  |  | (31 | ) |  |  | 3,695 |
Balance, September 30, 2024 |  |  | 139,722 |  |  | $ | 1,397 |  |  | $ | 1,303,243 |  |  | $ | 24,389 |  |  | $ | (12,916 | ) |  |  | — |  |  | $ | - |  |  | $ | (1,575 | ) |  | $ | 1,314,538 |
|  | Common shares |  |  | Additional Paid-In |  |  |  |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Retained Earnings |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2023 |  |  | 124,061 |  |  | $ | 1,289 |  |  | $ | 1,291,363 |  |  | $ | (4,236 | ) |  | $ | (16,919 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,310 | ) |  | $ | 1,165,088 |
Proceeds from exercise of stock options |  |  | 13 |  |  |  | — |  |  |  | 85 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 12,052 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,052 |
Restricted stock granted |  |  | 1,758 |  |  |  | 17 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (36 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Shares withheld for net settlements of share- based awards [1] |  |  | (383 | ) |  |  | (4 | ) |  |  | (3,442 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,446 | )
Issuance of common stock - ESPP |  |  | 16 |  |  |  | 1 |  |  |  | 116 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 117 |
Sale of treasury shares [2] |  |  | 642 |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | 9,924 |  |  |  | — |  |  |  | 5,750 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 82,093 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (71 | ) |  |  | 82,022 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,146 | ) |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | (3,119 | )
Balance, September 30, 2023 |  |  | 126,071 |  |  | $ | 1,303 |  |  | $ | 1,295,983 |  |  | $ | 77,857 |  |  | $ | (20,065 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,354 | ) |  | $ | 1,258,549 |
[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares of restricted stock held by employees. [2] The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information. [3] During the second and third quarters of 2024, the Company retired $229.7 million in aggregate principal amount of its outstanding 6.50% Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration consisted of cash of $229.7 million and 12,430,285 shares of GEO common stock. Of the total amount of shares issued, the Company issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information. Automatic Shelf Registration on Form S-3 On October 30, 2023, the Company filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”) that enables the Company to offer for sale, from time to time and as the capital markets permit, an unspecified amount of common stock, preferred stock, debt securities, guarantees of debt securities, warrants and units. The shelf registration statement became automatically effective upon filing and is valid for three years. Prospectus Supplement On December 28, 2023, in connection with the shelf registration, the Company filed with the SEC a prospectus supplement related to the offer and sale from time to time of our common stock at an aggregate offering price of up to $300 million through sales agents. Sales of shares of GEO's common stock under the prospectus supplement and equity distribution agreements entered into with the sales agents, if any, will be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. There were no shares of common stock sold under this prospectus supplement during the nine months ended September 30, 2024. Comprehensive Income (Loss) Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income (loss) is comprised of net income (loss) attributable to GEO, net loss attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, marketable securities and pension liability adjustments within shareholders' equity and comprehensive income (loss). The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:
|  | Nine Months Ended September 30, 2024 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (1) |  |  | Change in fair value of derivatives, net of tax |  |  | Change in marketable securities, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2024 |  | $ | (19,755 | ) |  | $ | 3,041 |  |  | $ | — |  |  | $ | 72 |  |  | $ | (16,642 | )
Current-period other comprehensive income (loss) |  |  | 3,784 |  |  |  | (589 | ) |  |  | 495 |  |  |  | 36 |  |  |  | 3,726 |
Balance, September 30, 2024 |  | $ | (15,971 | ) |  | $ | 2,452 |  |  | $ | 495 |  |  | $ | 108 |  |  | $ | (12,916 | )
|  | Nine Months Ended September 30, 2023 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (1) |  |  | Change in fair value of derivatives, net of tax |  |  | Change in marketable securities, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2023 |  | $ | (20,015 | ) |  | $ | 3,645 |  |  | $ | (953 | ) |  | $ | 404 |  |  | $ | (16,919 | )
Current-period other comprehensive income (loss) |  |  | (5,269 | ) |  |  | 1,170 |  |  |  | 953 |  |  |  | — |  |  |  | (3,146 | )
Balance, September 30, 2023 |  | $ | (25,284 | ) |  | $ | 4,815 |  |  | $ | — |  |  | $ | 404 |  |  | $ | (20,065 | )
(1) The foreign currency translation related to noncontrolling interests was not significant at September 30, 2024 or 2023.

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