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v3.25.1

Business Segments and Geographic Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Total Operating Income from its Reportable Segments to Income Before Income Taxes and Equity in Earnings | 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.
Geographical Information |
|  | 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 |  |
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 |  |
Asset Reconciliation of Segments | 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 |
Sources of Revenue |
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.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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