GEO takes $8.9M charge after NM Court of Appeals tax ruling; cuts Q4/FY2023 EPS

GEO GROUP INC

New Mexico Court of Appeals ruled against GEO in tax dispute; total assessment ~$21.1M including penalty/interest.
Company recorded a one-time non-cash accrual of $8.9M in Q4/FY2023; FY2023 net income reduced $6.6M to $107.2M.
Diluted EPS reduced $0.04 for Q4 to $0.17 and $0.05 for FY2023 to $0.72.
GEO plans to appeal ruling to State Supreme Court; disputes assessment and intends to defend position.
2024 and Q1 2024 financial guidance unchanged; operating expenses rose $8.9M to $1.74B for FY2023.

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 fourth quarter and full year ended December 31, 2023 results: revenue $608,283, net income $25.2 million, EPS $.17 per share.

Period: fourth quarter and full year ended December 31, 2023
Revenue: $608,283
Net income: $25.2 million
EPS: $.17 per share
Result: reported results

Exact text from the filing

* 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

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Source: SEC EDGAR

accession 0001193125-24-053685

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