Exhibit 99.1
| Original Press Release |
Updated | |||||||
| As of December 31, 2023 |
As of December 31, 2023 |
|||||||
| (unaudited) | (unaudited) | |||||||
| ASSETS | ||||||||
| Cash and cash equivalents |
$ | 93,971 | $ | 93,971 | ||||
| Accounts receivable, less allowance for doubtful accounts |
390,023 | 390,023 | ||||||
| Prepaid expenses and other current assets |
44,511 | 44,511 | ||||||
|
|
|
|
|
|||||
| Total current assets |
$ | 528,505 | $ | 528,505 | ||||
| Restricted Cash and Investments |
135,968 | 135,968 | ||||||
| Property and Equipment, Net |
1,944,278 | 1,944,278 | ||||||
| Operating Lease Right-of-Use Assets, Net |
102,204 | 102,204 | ||||||
| Assets Held for Sale |
| | ||||||
| Deferred Income Tax Assets |
8,551 | 8,551 | ||||||
| Intangible Assets, Net (including goodwill) |
891,085 | 891,085 | ||||||
| Other Non-Current Assets |
85,815 | 85,815 | ||||||
|
|
|
|
|
|||||
| Total Assets |
$ | 3,696,406 | $ | 3,696,406 | ||||
|
|
|
|
|
|||||
| LIABILITIES AND SHAREHOLDERS EQUITY | ||||||||
| Accounts payable |
$ | 64,447 | $ | 64,447 | ||||
| Accrued payroll and related taxes |
64,436 | 64,436 | ||||||
| Accrued expenses and other current liabilities |
219,159 | 228,059 | ||||||
| Operating lease liabilities, current portion |
24,640 | 24,640 | ||||||
| Current portion of finance lease obligations, and long-term debt |
55,882 | 55,882 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
$ | 428,564 | $ | 437,464 | ||||
| Deferred Income Tax Liabilities |
79,607 | 77,369 | ||||||
| Other Non-Current Liabilities |
83,643 | 83,643 | ||||||
| Operating Lease Liabilities |
82,114 | 82,114 | ||||||
| Long-Term Debt |
1,725,502 | 1,725,502 | ||||||
| Total Shareholders Equity |
1,296,976 | 1,290,314 | ||||||
|
|
|
|
|
|||||
| Total Liabilities and Shareholders Equity |
$ | 3,696,406 | $ | 3,696,406 | ||||
|
|
|
|
|
|||||
| * | all figures in 000s |
| Original Press Release |
Updated | Original Press Release |
Updated | |||||||||||||
| Q4 2023 | Q4 2023 | FY 2023 | FY 2023 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Revenues |
$ | 608,283 | $ | 608,283 | $ | 2,413,167 | $ | 2,413,167 | ||||||||
| Operating expenses |
433,042 | 441,942 | 1,735,328 | 1,744,228 | ||||||||||||
| Depreciation and amortization |
30,996 | 30,996 | 125,784 | 125,784 | ||||||||||||
| General and administrative expenses |
51,584 | 51,584 | 190,766 | 190,766 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
92,661 | 83,761 | 361,289 | 352,389 | ||||||||||||
| Interest income |
4,006 | 4,006 | 7,792 | 7,792 | ||||||||||||
| Interest expense |
(53,211 | ) | (53,211 | ) | (218,292 | ) | (218,292 | ) | ||||||||
| Loss on extinguishment of debt |
(6,687 | ) | (6,687 | ) | (8,532 | ) | (8,532 | ) | ||||||||
| Gain on asset divestitures |
1,243 | 1,243 | 4,691 | 4,691 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes and equity in earnings of affiliates |
38,012 | 29,112 | 146,948 | 138,048 | ||||||||||||
| Provision for income taxes |
7,601 | 5,363 | 37,637 | 35,399 | ||||||||||||
| Equity in earnings of affiliates, net of income tax provision |
1,413 | 1,413 | 4,534 | 4,534 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
31,824 | 25,162 | 113,845 | 107,183 | ||||||||||||
| Less: Net loss attributable to noncontrolling interests |
70 | 70 | 142 | 142 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to The GEO Group, Inc. |
$ | 31,894 | $ | 25,232 | $ | 113,987 | $ | 107,325 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted Average Common Shares Outstanding: |
||||||||||||||||
| Basic |
122,081 | 122,081 | 121,908 | 121,908 | ||||||||||||
| Diluted |
125,224 | 125,224 | 123,698 | 123,698 | ||||||||||||
| Net income per Common Share Attributable to The GEO Group, Inc.** : |
|
|||||||||||||||
| Basic: |
||||||||||||||||
| Net income per share basic |
$ | 0.22 | $ | 0.17 | $ | 0.78 | $ | 0.73 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted: |
||||||||||||||||
| Net income per share diluted |
$ | 0.21 | $ | 0.17 | $ | 0.77 | $ | 0.72 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | All figures in 000s, except per share data |
| ** | In accordance with U.S. GAAP, diluted earnings per share attributable to GEO available to common stockholders is calculated under the if-converted method or the two-class method, whichever calculation results in the lowest diluted earnings per share amount, which may be lower than Adjusted Net Income Per Diluted Share. |
| Original Press Release |
Updated | Original Press Release |
Updated | |||||||||||||
| Q4 2023 | Q4 2023 | FY 2023 | FY 2023 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
| Net Income |
$ | 31,824 | $ | 25,162 | $ | 113,845 | $ | 107,183 | ||||||||
| Add: |
||||||||||||||||
| Income tax provision ** |
7,889 | 5,651 | 38,505 | 36,267 | ||||||||||||
| Interest expense, net of interest income *** |
55,892 | 55,892 | 219,032 | 219,032 | ||||||||||||
| Depreciation and amortization |
30,996 | 30,996 | 125,784 | 125,784 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
$ | 126,601 | $ | 117,701 | $ | 497,166 | $ | 488,266 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Add (Subtract): |
||||||||||||||||
| Gain on asset divestitures, pre-tax |
(1,243 | ) | (1,243 | ) | (4,691 | ) | (4,691 | ) | ||||||||
| Net loss attributable to noncontrolling interests |
70 | 70 | 142 | 142 | ||||||||||||
| Stock based compensation expenses, pre-tax |
3,013 | 3,013 | 15,065 | 15,065 | ||||||||||||
| Litigation costs and settlements, pre-tax |
| 8,900 | | 8,900 | ||||||||||||
| One-time employee restructuring expenses, pre-tax |
814 | 814 | 814 | 814 | ||||||||||||
| Other non-cash revenue & expenses, pre-tax |
(301 | ) | (301 | ) | (1,319 | ) | (1,319 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 128,954 | $ | 128,954 | $ | 507,177 | $ | 507,177 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Income attributable to GEO |
$ | 31,894 | $ | 25,232 | $ | 113,987 | $ | 107,325 | ||||||||
| Add (Subtract): |
||||||||||||||||
| Gain on asset divestitures, pre-tax |
(1,243 | ) | (1,243 | ) | (4,691 | ) | (4,691 | ) | ||||||||
| Loss on extinguishment of debt, pre-tax |
6,687 | 6,687 | 8,532 | 8,532 | ||||||||||||
| Litigation costs and settlements, pre-tax |
| 8,900 | | 8,900 | ||||||||||||
| One-time employee restructuring expenses, pre-tax |
814 | 814 | 814 | 814 | ||||||||||||
| Tax effect of adjustment to net income attributable to GEO (1) |
(1,574 | ) | (3,812 | ) | (1,171 | ) | (3,409 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Net Income |
$ | 36,578 | $ | 36,578 | $ | 117,471 | $ | 117,471 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average common shares outstanding - Diluted |
125,224 | 125,224 | 123,698 | 123,698 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Net Income per Diluted share |
0.29 | 0.29 | 0.95 | 0.95 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | all figures in 000s, except per share data |
| ** | including income tax provision on equity in earnings of affiliates |
| *** | includes (gain)/loss on extinguishment of debt |
| (1) | Tax adjustment related to gain on asset divestitures, one-time employee restructuring expenses, litigation costs and settlements and loss on extinguishment of debt. |