$GEO
GEO GROUP INC

2023 Q2 Form 10-Q Financial Statement

#000095017023017144 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $593.9M $608.2M $551.2M
YoY Change 0.97% 10.35% -4.37%
Cost Of Revenue $428.1M $433.5M $385.2M
YoY Change 3.97% 12.55% -10.05%
Gross Profit $165.8M $174.7M $166.0M
YoY Change -6.02% 5.24% 12.03%
Gross Profit Margin 27.91% 28.73% 30.12%
Selling, General & Admin $41.69M $50.13M $48.56M
YoY Change -15.43% 3.24% 0.12%
% of Gross Profit 25.15% 28.69% 29.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.69M $31.92M $35.94M
YoY Change -1.02% -11.17% 5.34%
% of Gross Profit 19.12% 18.27% 21.65%
Operating Expenses $73.38M $82.06M $84.50M
YoY Change -9.75% -2.89% 2.42%
Operating Profit $92.38M $92.66M $81.53M
YoY Change -2.83% 13.66% 24.22%
Interest Expense $55.05M -$53.09M -$25.99M
YoY Change 65.68% 104.25% 1.54%
% of Operating Profit 59.59% -57.3% -31.88%
Other Income/Expense, Net
YoY Change
Pretax Income $39.19M $39.43M $54.91M
YoY Change -44.88% -28.18% -2.57%
Income Tax $11.15M $12.36M $17.96M
% Of Pretax Income 28.46% 31.35% 32.71%
Net Earnings $29.57M $28.00M $38.18M
YoY Change -44.96% -26.65% -24.46%
Net Earnings / Revenue 4.98% 4.6% 6.93%
Basic Earnings Per Share $0.20 $0.19 $0.26
Diluted Earnings Per Share $0.20 $0.22 $0.26
COMMON SHARES
Basic Shares Outstanding 126.0M 124.1M 120.7M
Diluted Shares Outstanding 123.3M 125.1M 121.4M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.72M $110.9M $598.5M
YoY Change -91.71% -81.47% 106.81%
Cash & Equivalents $48.72M $110.9M $598.5M
Short-Term Investments
Other Short-Term Assets $52.30M $41.00M $58.79M
YoY Change -7.36% -30.27% 0.67%
Inventory
Prepaid Expenses
Receivables $351.0M $349.3M $358.6M
Other Receivables $0.00 $0.00 $6.866M
Total Short-Term Assets $452.0M $501.2M $1.023B
YoY Change -55.84% -50.99% 45.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.964B $2.058B $2.123B
YoY Change -2.18% -3.05% 0.42%
Goodwill $755.2M $755.2M $755.2M
YoY Change 0.0% -0.01% 0.0%
Intangibles $141.0M $144.2M $158.7M
YoY Change -9.04% -9.11% -13.03%
Long-Term Investments $9.300M $10.10M $11.10M
YoY Change -6.06% -9.01% 5.71%
Other Assets $92.28M $243.1M $161.3M
YoY Change 15.34% 50.72% 111.53%
Total Long-Term Assets $3.220B $3.201B $3.586B
YoY Change -8.83% -10.75% -3.77%
TOTAL ASSETS
Total Short-Term Assets $452.0M $501.2M $1.023B
Total Long-Term Assets $3.220B $3.201B $3.586B
Total Assets $3.672B $3.702B $4.609B
YoY Change -19.39% -19.68% 4.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.08M $78.85M $80.31M
YoY Change -8.16% -1.82% -4.92%
Accrued Expenses $174.8M $272.5M $309.4M
YoY Change -11.21% -11.93% 58.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $29.38M $44.74M $18.62M
YoY Change 66.55% 140.3% -31.3%
Total Short-Term Liabilities $347.2M $396.1M $408.4M
YoY Change -10.79% -3.01% -3.47%
LONG-TERM LIABILITIES
Long-Term Debt $1.846B $1.885B $2.626B
YoY Change -28.3% -28.23% 5.27%
Other Long-Term Liabilities $79.76M $145.9M $165.9M
YoY Change 2.34% -12.04% 44.87%
Total Long-Term Liabilities $1.925B $2.031B $2.626B
YoY Change -27.4% -22.67% 0.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $347.2M $396.1M $408.4M
Total Long-Term Liabilities $1.925B $2.031B $2.626B
Total Liabilities $2.273B $2.503B $3.587B
YoY Change -25.27% -30.22% 18.28%
SHAREHOLDERS EQUITY
Retained Earnings $53.34M $23.77M
YoY Change -163.42%
Common Stock $1.303M $1.302M
YoY Change 1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $95.18M $95.18M
YoY Change -9.44%
Treasury Stock Shares $4.210M
Shareholders Equity $1.234B $1.199B $1.022B
YoY Change
Total Liabilities & Shareholders Equity $3.672B $3.702B $4.609B
YoY Change -19.39% -19.68% 4.1%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $29.57M $28.00M $38.18M
YoY Change -44.96% -26.65% -24.46%
Depreciation, Depletion And Amortization $31.69M $31.92M $35.94M
YoY Change -1.02% -11.17% 5.34%
Cash From Operating Activities $18.21M $94.74M $122.0M
YoY Change -63.6% -22.32% -2.37%
INVESTING ACTIVITIES
Capital Expenditures $17.85M $13.77M $13.77M
YoY Change -180.08% -0.04% -49.51%
Acquisitions
YoY Change
Other Investing Activities $683.0K -$1.395M -$4.068M
YoY Change -96.72% -65.71% -129.06%
Cash From Investing Activities -$17.16M -$15.16M -$17.84M
YoY Change 1063.66% -15.02% 34.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.75M -45.88M -6.451M
YoY Change 8.13% 611.18% -93.68%
NET CHANGE
Cash From Operating Activities 18.21M 94.74M 122.0M
Cash From Investing Activities -17.16M -15.16M -17.84M
Cash From Financing Activities -57.75M -45.88M -6.451M
Net Change In Cash -56.70M 32.41M 100.3M
YoY Change 1066.51% -67.67% 1034.4%
FREE CASH FLOW
Cash From Operating Activities $18.21M $94.74M $122.0M
Capital Expenditures $17.85M $13.77M $13.77M
Free Cash Flow $363.0K $80.97M $108.2M
YoY Change -99.5% -25.15% 10.8%

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31923000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
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CY2022Q1 us-gaap Increase Decrease In Contract With Customer Asset
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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ProceedsFromSaleOfPropertyPlantAndEquipment
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CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023Q1 geo Correctional Detention And Residential Treatment Facilities Including Projects Under Development
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CY2023Q1 geo Provisionof Monitoring Services Tracking Offenders Using Technology Products
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023Q1 geo Dilutive Effect Of Exchangeable Notes
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 geo Long Term Debt Non Recourse Debt And Capital Lease Obligation Including Current Portion Net Of Discount
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CY2022Q4 geo Long Term Debt Non Recourse Debt And Capital Lease Obligation Including Current Portion Net Of Discount
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CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2023Q1 geo Cost Already Spent On Existing Active Capital Projects
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24600000
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16800000
CY2023Q1 geo Number Of Marketed Idle Facilities
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OperatingIncomeLoss
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CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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142794000
CY2022Q1 geo Segment Reporting Information Operating Income
SegmentReportingInformationOperatingIncome
130086000
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
50134000
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
48560000
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-53090000
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-25993000
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-136000
CY2022Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-627000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
39434000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
54906000
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
26207000
CY2021Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
31830000
CY2023Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
186000
CY2022 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1118000
CY2023Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
336000
CY2022 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
962000
CY2022 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-6710000
CY2023Q1 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
213000
CY2022 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
993000
CY2023Q1 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
26516000
CY2022Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
26207000
CY2023Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
213000
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
993000
CY2023Q1 us-gaap Defined Benefit Plan Plan Assets Benefits Paid
DefinedBenefitPlanPlanAssetsBenefitsPaid
213000
CY2022 us-gaap Defined Benefit Plan Plan Assets Benefits Paid
DefinedBenefitPlanPlanAssetsBenefitsPaid
993000
CY2023Q1 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
-26516000
CY2022Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
-26207000
CY2023Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
186000
CY2022Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
280000
CY2023Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
336000
CY2022Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
240000
CY2023Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
0
CY2022Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-108000
CY2023Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
522000
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
628000
CY2023Q1 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
25700000
CY2022Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
25400000
CY2023Q1 geo Minimum Ageto Be Eligibleto Receive Lump Sum Payment Upon Benefit
MinimumAgetoBeEligibletoReceiveLumpSumPaymentUponBenefit
P55Y

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