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 | ||||||
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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 | ||||||
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Total Assets | $ | 3,696,406 | $ | 3,696,406 | ||||
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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 | ||||||
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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 | ||||||
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Total Liabilities and Shareholders’ Equity | $ | 3,696,406 | $ | 3,696,406 | ||||
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* | 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 | ||||||||||||
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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 | ||||||||||||
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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 | ||||||||||||
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Net income | 31,824 | 25,162 | 113,845 | 107,183 | ||||||||||||
Less: Net loss attributable to noncontrolling interests | 70 | 70 | 142 | 142 | ||||||||||||
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Net income attributable to The GEO Group, Inc. | $ | 31,894 | $ | 25,232 | $ | 113,987 | $ | 107,325 | ||||||||
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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.** : |
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Basic: | ||||||||||||||||
Net income per share — basic | $ | 0.22 | $ | 0.17 | $ | 0.78 | $ | 0.73 | ||||||||
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Diluted: | ||||||||||||||||
Net income per share — diluted | $ | 0.21 | $ | 0.17 | $ | 0.77 | $ | 0.72 | ||||||||
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* | 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 | ||||||||||||
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EBITDA | $ | 126,601 | $ | 117,701 | $ | 497,166 | $ | 488,266 | ||||||||
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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 | ) | ||||||||
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Adjusted EBITDA | $ | 128,954 | $ | 128,954 | $ | 507,177 | $ | 507,177 | ||||||||
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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 | ) | ||||||||
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Adjusted Net Income | $ | 36,578 | $ | 36,578 | $ | 117,471 | $ | 117,471 | ||||||||
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Weighted average common shares outstanding - Diluted | 125,224 | 125,224 | 123,698 | 123,698 | ||||||||||||
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Adjusted Net Income per Diluted share | 0.29 | 0.29 | 0.95 | 0.95 | ||||||||||||
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* | 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. |