XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.25.1

Business Segments and Geographic Information | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Business Segments and Geographic Information | 12. BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION Operating and Reporting Segments The Company's segments are determined as those operations whose results are reviewed regularly by the chief operating decision maker ("CODM"), who is the Company's Chief Executive Officer, in deciding how to allocate recourses and assess performance. The Company conducts its business through four reportable business segments: the U.S. Secure Services segment; the Electronic Monitoring and Supervision Services segment; the Reentry Services segment; and the International Services segment. The Company has identified these four reportable segments to reflect the current view that the Company operates four distinct business lines, each of which constitutes a material part of its overall business. The U.S. Secure Services segment primarily encompasses U.S.-based secure services business. The Electronic Monitoring and Supervision Services segment, which conducts its services in the United States, represents services provided to adults for monitoring services and evidence-based supervision and treatment programs for community-based parolees, probationers, and pretrial defendants. The Reentry Services segment, which conducts its services in the United States represents services provided to adults for residential and non-residential treatment, educational and community-based programs, pre-release and half-way house programs. The International Services segment primarily consists of secure services operations in South Africa and Australia. Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Revenue and operating income for each segment are used by the CODM to assess the performance of each segment in a financial period. The performance of the operating segments is evaluated based on segment operating income, which is defined as income before income taxes before the following: unallocated corporate general and administrative expenses, interest expense, net, and loss on extinguishment of debt not allocated to the operating segments. The CODM uses segment operating income as the measure to make resource (including financial or capital resources) allocation decisions for each segment, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis when evaluating performance for each segment and making decisions about capital allocation. Summarized financial information for the Company's segments is shown in the following tables including a reconciliation of the Company’s total operating income from its reportable segments to the Company’s income before income taxes and equity in earnings of affiliates, in each case, during the three months ended March 31, 2025 and 2024, respectively.
Three Months Ended March 31, 2025 |  | U.S. Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International Services |  |  | Total |
Revenues |  | $ | 405,716 |  |  | $ | 77,713 |  |  | $ | 70,376 |  |  | $ | 50,842 |  |  | $ | 604,647 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Labor and Related Taxes [1] |  |  | 230,397 |  |  |  | 23,387 |  |  |  | 31,755 |  |  |  | 28,689 |  |  |  | 314,228 |
Medical Services and Supplies [1] |  |  | 14,406 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,406 |
Other Segment Items [2] |  |  | 91,682 |  |  |  | 24,337 |  |  |  | 23,519 |  |  |  | 17,742 |  |  |  | 157,280 |
Operating Income from Segments |  | $ | 69,231 |  |  | $ | 29,989 |  |  | $ | 15,102 |  |  | $ | 4,411 |  |  | $ | 118,733 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (57,749 | )
Net interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (40,444 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Net loss on asset divestitures/impairment |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Income before income taxes and equity in earnings of affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,540 |
Capital Expenditures |  | $ | 19,313 |  |  | $ | 9,976 |  |  | $ | 977 |  |  | $ | 505 |  |  | $ | 30,771 |
Depreciation and amortization |  | $ | 22,275 |  |  | $ | 5,862 |  |  | $ | 3,442 |  |  | $ | 557 |  |  | $ | 32,136 |
Three Months Ended March 31, 2024 |  | U.S. Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International Services |  |  | Total |
Revenues |  | $ | 400,940 |  |  | $ | 86,784 |  |  | $ | 67,830 |  |  | $ | 50,118 |  |  | $ | 605,672 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Labor and Related Taxes [1] |  |  | 219,009 |  |  |  | 22,457 |  |  |  | 31,552 |  |  |  | 29,302 |  |  |  | 302,320 |
Medical Services and Supplies [1] |  |  | 18,721 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,721 |
Other Segment Items [2] |  |  | 83,969 |  |  |  | 26,147 |  |  |  | 23,536 |  |  |  | 18,347 |  |  |  | 151,999 |
Operating Income from Segments |  | $ | 79,241 |  |  | $ | 38,180 |  |  | $ | 12,742 |  |  | $ | 2,469 |  |  | $ | 132,632 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (53,070 | )
Net interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (48,821 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (39 | )
Income before income taxes and equity in earnings of affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 30,702 |
Capital Expenditures |  | $ | 5,773 |  |  | $ | 6,729 |  |  | $ | 1,641 |  |  | $ | 625 |  |  | $ | 14,768 |
Depreciation and amortization |  | $ | 20,567 |  |  | $ | 6,517 |  |  | $ | 3,636 |  |  | $ | 645 |  |  | $ | 31,365 |
[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included in the amounts shown. [2] Other segment items include: U.S. Secure Services - depreciation and amortization, food services and supplies, utilities, repairs and maintenance, rent and lease expense and certain other overhead expenses. Electronic Monitoring and Supervision Services - depreciation and amortization, cost of goods sold, rent and lease expense and certain other overhead expenses. Reentry Services - depreciation and amortization, medical services and supplies, food services and supplies, rent and lease expense, utilities and certain other overhead expenses. International Services - medical services and supplies, food services and supplies, utilities, repairs and maintenance and certain other overhead expenses. Segment Assets
|  | March 31, 2025 |  |  | December 31, 2024 |  |
|  | (In thousands) |  |
Segment assets: |  |  |  |  |  |  |
U.S. Secure Services |  | $ | 2,367,272 |  |  | $ | 2,356,105 |  |
Electronic Monitoring and Supervision Services |  |  | 507,221 |  |  |  | 504,782 |  |
Reentry Services |  |  | 459,611 |  |  |  | 465,014 |  |
International Services |  |  | 71,588 |  |  |  | 71,610 |  |
Total segment assets |  | $ | 3,405,692 |  |  | $ | 3,397,511 |  |
Asset Reconciliation The following is a reconciliation of the Company's reportable segment assets to the Company's total assets as of March 31, 2025 and December 31, 2024, respectively.
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | (In thousands) |
Reportable segment assets |  | $ | 3,405,692 |  |  | $ | 3,397,511 |
Cash |  |  | 64,822 |  |  |  | 76,896 |
Deferred income tax assets |  |  | 9,522 |  |  |  | 9,522 |
Restricted cash and investments, current and non-current |  |  | 152,429 |  |  |  | 148,151 |
Total assets |  | $ | 3,632,465 |  |  | $ | 3,632,080 |
Geographic Information During each of the three months ended March 31, 2025 and 2024, the Company’s international operations were conducted through (i) the Company’s wholly owned Australian subsidiary, The GEO Group Australia Pty. Ltd., through which the Company has management contracts for three correctional facilities and a contract to provide health services for several public prisons, and (ii) the Company’s wholly-owned subsidiary in South Africa, SACM, through which the Company manages one correctional facility.
Three Months Ended March, 31, |  | March 31, 2025 |  |  | March 31, 2024 |  |
|  | (In thousands)
Revenues: |  |  |  |  |  |  |
U.S. operations |  | $ | 553,804 |  |  | $ | 555,588 |  |
Australia operations |  |  | 46,120 |  |  |  | 46,379 |  |
South African operations |  |  | 4,723 |  |  |  | 3,705 |  |
Total revenues |  | $ | 604,647 |  |  | $ | 605,672 |  |
As of, |  | March 31, 2025 |  |  | December 31, 2024 |  |
|  | (In thousands)
Property and Equipment, net: |  |  |  |  |  |  |
U.S. operations |  | $ | 1,891,453 |  |  | $ | 1,890,662 |  |
Australia operations |  |  | 8,932 |  |  |  | 8,944 |  |
South African operations |  |  | 140 |  |  |  | 84 |  |
Total Property and Equipment, net |  | $ | 1,900,525 |  |  | $ | 1,899,690 |  |
Sources of Revenue The Company derives most of its revenue from the management of secure facilities through public-private partnerships. The Company also derives revenue from the provision of reentry services and electronic monitoring and evidence-based supervision and treatment programs in the United States, and expansion of new and existing secure facilities, processing centers and reentry centers.
Fiscal Year |  | 2025 |  |  | 2024 |  |
|  | (In thousands)
Revenues: |  |  |  |  |  |  |
Secure Services [1] |  | $ | 456,558 |  |  | $ | 451,058 |  |
Electronic Monitoring and Supervision Services |  |  | 77,713 |  |  |  | 86,784 |  |
Reentry Services |  |  | 70,376 |  |  |  | 67,830 |  |
Total revenues |  | $ | 604,647 |  |  | $ | 605,672 |  |
[1] Includes international secured services. Equity in Earnings of Affiliates Equity in earnings of affiliates includes the Company’s 50% owned joint ventures in South African Custodial Services Pty. Limited (“SACS”), located in South Africa, and GEOAmey located in the United Kingdom. The Company's investments in these entities are accounted for under the equity method of accounting. The Company’s investments in these entities are presented as a component of Other Non-Current Assets in the accompanying consolidated balance sheets. The Company has recorded $0.1 million in earnings, net of tax, for SACS operations during the three months ended March 31, 2025, and $0.4 million in losses, net of tax, for SACS operations during the three months ended March 31, 2024, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of March 31, 2025 and December 31, 2024, the Company’s investment in SACS was $7.1 million and $7.2 million, respectively, and represents its share of cumulative reported earnings. The Company has recorded $0.7 million in earnings, net of tax, for GEOAmey's operations during the three months ended March 31, 2025, and $0.4 million in earnings, net of tax, for GEOAmey's operations during the three months ended March 31, 2024, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of March 31, 2025 and December 31, 2024, the Company’s investment in GEOAmey was $8.1 million and $10.3 million, respectively, and represents its share of cumulative reported earnings.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration