GEO Group Q1 2023 revenue $608.2M, net income $28M, adjusted EBITDA $130.9M; cuts net debt $70M

GEO GROUP INC

2023-Q1 EPS reported $0.19 revenue$608,209,000

Q1 revenue $608.2M (up from $551.2M YoY); net income $28.0M ($0.19 diluted EPS); adjusted EPS $0.22.
Adjusted EBITDA $130.9M versus $125.2M in Q1 2022; interest expense rose $22.6M YoY due to debt restructuring.
Reduced net debt by ~$70M in Q1; target net leverage below 3.5x by end of 2023 and below 3x by end of 2024.
New lease with Oklahoma for 1,900-bed Great Plains facility, 5.5-year term from May 2023, expected annual lease revenue ~$8.5M.
FY2023 guidance: revenue $2.38B-$2.46B, net income $105M-$125M, adjusted EBITDA $507M-$537M; Q2 guidance also provided.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GEO GROUP INC reported second quarter 2023 results: revenue $585 million to $590 million, net income $24 million and $26 million. Guidance initiated.

Period: second quarter 2023
Revenue: $585 million to $590 million
Net income: $24 million and $26 million
Guidance: initiated
Result: guidance update

Exact text from the filing

For the second quarter of 2023, we expect Net Income to be between $24 million and $26 million on quarterly revenues of $585 million to $590 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GEO GROUP INC reported first quarter ended March 31, 2023 results: revenue $608.2 million, net income $28.0 million, EPS $0.19 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $608.2 million
Net income: $28.0 million
EPS: $0.19 per diluted share
Result: reported results

Exact text from the filing

post-release support, and electronic monitoring programs, reported today its financial results for the first quarter 2023. First Quarter 2023 Highlights • Total revenues of $608.2 million • Net Income of $28.0 million • Net Income Attributable to GEO of $0.19 per diluted share • Adjusted Net Income of $0.22 per diluted share • Adjusted EBITDA of $130.9 million •

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GEO GROUP INC reported full year 2023 results: revenue $2.38 billion and $2.46 billion, net income $105 million and $125 million.

Period: full year 2023
Revenue: $2.38 billion and $2.46 billion
Net income: $105 million and $125 million
Result: guidance update

Exact text from the filing

We updated our financial guidance for 2023. We expect full year 2023 Net Income to be between $105 million and $125 million on annual revenues of between $2.38 billion and $2.46 billion.

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Source: SEC EDGAR

accession 0001193125-23-130595

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