secwatch.observer — SEC 8-K summary
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Issuer:     GEO GROUP INC (GEO)
CIK:        0000923796
Form:       8-K
Filed at:   2023-05-01T23:59:59+00:00
Accession:  0001193125-23-130595
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/0001193125-23-130595-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/d475612d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-130595

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