The GEO Group, Inc. (NYSE: GEO) (“GEO”), a leading
provider of support services for secure facilities, processing
centers, and reentry centers, as well as enhanced in-custody
rehabilitation, post-release support, and electronic monitoring
programs, reported today its financial results for the third
quarter and first nine months of 2022.
Third Quarter 2022 Highlights
- Total revenues of $616.7 million
- Net Income of $38.3 million
- Net Income Attributable to GEO of $0.26 per diluted
share
- Adjusted Net Income of $0.33 per diluted share
- Adjusted EBITDA of $136.2 million, Highest Quarterly Run
Rate in GEO’s History
For the third quarter 2022, we reported net income attributable
to GEO of $38.3 million, compared to net income attributable to GEO
of $34.7 million for the third quarter 2021. We reported total
revenues for the third quarter 2022 of $616.7 million compared to
$557.3 million for the third quarter 2021.
Excluding unusual and/or nonrecurring items, we reported
adjusted net income for the third quarter 2022 of $40.2 million, or
$0.33 per diluted share, compared to $42.2 million, or $0.35 per
diluted share, for the third quarter 2021. We reported third
quarter 2022 Adjusted EBITDA of $136.2 million, compared to $116.0
million for the third quarter 2021.
Third quarter 2022 results reflect higher interest expense as a
result of the completed transactions to address the substantial
majority of our outstanding debt, which closed on August 19,
2022.
George C. Zoley, Executive Chairman of GEO, said, “Our
diversified business units continued to deliver strong financial
results during the third quarter of 2022, allowing us to achieve
one of our highest quarterly run rates for topline revenues and a
new all-time high quarterly run rate for Adjusted EBITDA. Our
robust performance throughout the year strengthened our ability to
successfully complete comprehensive transactions to stagger our
outstanding debt maturities over a longer period of time. These
transactions, along with our recent repayment of our 2024 Term
Loans and the redemption of our 2023 Senior Notes, have allowed us
to reduce our outstanding debt maturing prior to 2026 from
approximately $2 billion to approximately $23 million.
Additionally, our focus on debt reduction has resulted in a
decrease of approximately $400 million in our overall net recourse
debt since the beginning of 2020. We have made substantial progress
towards our goal of reducing our net leverage to below 3.5 times
Adjusted EBITDA by the end of 2023 and to below 3 times Adjusted
EBITDA by the end of 2024, and we expect to explore options to
return value to our shareholders after attaining these stated
goals.”
First Nine Months 2022 Highlights
- Total revenues of $1.76 billion
- Net Income of $130.2 million
- Net Income Attributable to GEO of $0.89 per diluted
share
- Adjusted Net Income of $1.06 per diluted share
- Adjusted EBITDA of $393.7 million
For the first nine months of 2022, we reported net income
attributable to GEO of $130.3 million, compared to net income
attributable to GEO of $127.2 million for the first nine months of
2021. We reported total revenues for the first nine months of 2022
of $1.76 billion compared to $1.70 billion for the first nine
months of 2021.
Excluding unusual and/or nonrecurring items, we reported
adjusted net income for the first nine months of 2022 of $129.4
million, or $1.06 per diluted share, compared to $130.5 million, or
$1.08 per diluted share, for the first nine months of 2021. We
reported Adjusted EBITDA of $393.7 million for the first nine
months of 2022, compared to $342.9 million for the first nine
months of 2021.
Balance Sheet and Liquidity
As of the quarter ended on September 30, 2022, we had
approximately $91.6 million in cash and cash equivalents on our
balance sheet. Accounting for our cash on hand, we have
approximately $2.0 billion in net recourse debt outstanding. On
August 19, 2022, we completed a series of transactions, which
staggered our outstanding debt maturities over a longer period of
time and significantly reduced our near-term debt maturities.
Following the closing of the transactions, we used available cash
on hand to redeem the remaining $125.7 million in outstanding
aggregate principal amount of our 5.125% Senior Notes due April 1,
2023 (CUSIP No. 36159RAG8).
Subsequently, we also completed the sale of our equity
investment interest in the Ravenhall Correctional Centre in
Australia for approximately $84.4 million in gross proceeds,
pre-tax, and we used the proceeds, along with available cash on
hand, to repay the remaining $146.9 million outstanding principal
of our Term Loan B and our Tranche 3 Term Loan, both due March 23,
2024. With the sale of our equity investment interest in the
Ravenhall Correctional Centre, we have now completed sales of
assets and/or businesses totaling approximately $154 million in
proceeds, exceeding our previously articulated goal of between $100
million and $150 million in asset and/or business sale
proceeds.
As a result of all these steps, we have reduced our outstanding
debt maturing prior to 2026 from approximately $2 billion to
approximately $23 million, and since the beginning of 2020, we have
reduced our overall net recourse debt by approximately $400
million. We expect to continue to focus on reducing net recourse
debt in the future. Assuming consistent financial performance
across our business units, over the next two years, we would expect
to be able to reduce net recourse debt by at least $200 million
annually. Based on this level of debt reduction, our goal would be
to decrease net leverage to below 3.5 times Adjusted EBITDA by the
end of 2023 and to below 3 times Adjusted EBITDA by the end of
2024.
2022 Financial Guidance
Today, we also updated our financial guidance for the fourth
quarter and the full year 2022. We expect our fourth quarter 2022
Net Income Attributable to GEO to be in a range of $30 million to
$32 million on quarterly revenues of $600 million to $605 million,
and we increased our fourth quarter 2022 Adjusted EBITDA guidance
to a range of $133 million to $140 million.
Our fourth quarter 2022 guidance reflects the previously
announced non-renewal of our contract with the Federal Bureau of
Prisons for our company-owned, 1,800-bed North Lake Facility in
Michigan, effective September 30, 2022, and higher interest expense
as a result of our completed debt restructuring.
We expect full year 2022 Net Income Attributable to GEO to be
between $160 million and $162 million on annual revenues of
approximately $2.36 billion. Excluding unusual and/or nonrecurring
items, we expect full year 2022 Adjusted Net Income to be in a
range of $1.30 to $1.32 per diluted share, and we increased our
full year 2022 Adjusted EBITDA guidance to a range of $527 million
to $533.5 million. We expect our effective tax rate for the
full-year 2022 to be approximately 28 percent, exclusive of any
discrete items.
COVID-19 Information
As the COVID-19 pandemic has impacted communities across the
United States and around the world, our employees and facilities
have also been impacted by the spread of COVID-19. Ensuring the
health and safety of our employees and all those in our care has
always been our number one priority. From the beginning of the
pandemic, we have implemented mitigation initiatives to address the
risks of COVID-19, consistent with the guidance issued for
correctional and detention facilities by the Centers for Disease
Control and Prevention (“CDC”).
We will continue to evaluate and refine the steps we take as
appropriate and necessary based on updated guidance by the CDC and
best practices. We are grateful for our frontline employees who
continue to make daily sacrifices to care for all those in our
facilities. Additional information on the COVID-19 mitigation
initiatives implemented by GEO can be found at
www.geogroup.com/COVID19.
Conference Call Information
We have scheduled a conference call and simultaneous webcast for
today at 11:00 AM (Eastern Time) to discuss our third quarter 2022
financial results as well as our outlook. The call-in number for
the U.S. is 1-877-250-1553 and the international call-in number is
1-412-542-4145. In addition, a live audio webcast of the conference
call may be accessed on the Webcasts section under the News, Events
and Reports tab of GEO’s investor relations webpage at
investors.geogroup.com. A replay of the webcast will be available
on the website for one year. A telephonic replay of the conference
call will be available until November 10, 2022, at 1-877-344-7529
(U.S.) and 1-412-317-0088 (International). The participant passcode
for the telephonic replay is 6931114.
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified
government service provider, specializing in design, financing,
development, and support services for secure facilities, processing
centers, and community reentry centers in the United States,
Australia, South Africa, and the United Kingdom. GEO’s diversified
services include enhanced in-custody rehabilitation and
post-release support through the award-winning GEO Continuum of
Care®, secure transportation, electronic monitoring,
community-based programs, and correctional health and mental health
care. GEO’s worldwide operations include the ownership and/or
delivery of support services for 102 facilities totaling
approximately 82,000 beds, including idle facilities and projects
under development, with a workforce of up to approximately 18,000
employees.
Reconciliation Tables and Supplemental Information
GEO has made available Supplemental Information which contains
reconciliation tables of Net Income Attributable to GEO to Adjusted
Net Income, Net Income to EBITDA and Adjusted EBITDA, and Net
Income Attributable to GEO to Adjusted Funds From Operations
(“AFFO”), along with supplemental financial and operational
information on GEO’s business and other important operating
metrics. The reconciliation tables are also presented herein.
Please see the section below titled “Note to Reconciliation
Tables and Supplemental Disclosure - Important Information on GEO’s
Non-GAAP Financial Measures” for information on how GEO defines
these supplemental Non-GAAP financial measures and reconciles them
to the most directly comparable GAAP measures. GEO’s Reconciliation
Tables can be found herein and in GEO’s Supplemental Information
available on GEO’s investor webpage at investors.geogroup.com.
Note to Reconciliation Tables and Supplemental Disclosure
– Important Information on GEO's Non-GAAP Financial
Measures
Adjusted Net Income, EBITDA, Adjusted EBITDA, and AFFO are
non-GAAP financial measures that are presented as supplemental
disclosures. GEO has presented herein certain forward-looking
statements about GEO's future financial performance that include
non-GAAP financial measures, including Adjusted Net Income,
Adjusted EBITDA, and AFFO. The determination of the amounts that
are included or excluded from these non-GAAP financial measures is
a matter of management judgment and depends upon, among other
factors, the nature of the underlying expense or income amounts
recognized in a given period.
While we have provided a high level reconciliation for the
guidance ranges for full year 2022, we are unable to present a more
detailed quantitative reconciliation of the forward-looking
non-GAAP financial measures to their most directly comparable
forward-looking GAAP financial measures because management cannot
reliably predict all of the necessary components of such GAAP
measures. The quantitative reconciliation of the forward-looking
non-GAAP financial measures will be provided for completed annual
and quarterly periods, as applicable, calculated in a consistent
manner with the quantitative reconciliation of non-GAAP financial
measures previously reported for completed annual and quarterly
periods.
EBITDA is defined as net income adjusted by adding provisions
for income tax, interest expense, net of interest income, and
depreciation and amortization. Adjusted EBITDA is defined as EBITDA
adjusted for (gain)/loss on asset divestitures, pre-tax, net loss
attributable to non-controlling interests, stock-based compensation
expenses, pre-tax, other non-cash revenue and expenses, pre-tax,
and certain other adjustments as defined from time to time,
including for the periods presented transaction related expenses,
pre-tax and one-time employee restructuring expenses, pre-tax.
Given the nature of our business as a real estate owner and
operator, we believe that EBITDA and Adjusted EBITDA are helpful to
investors as measures of our operational performance because they
provide an indication of our ability to incur and service debt, to
satisfy general operating expenses, to make capital expenditures,
and to fund other cash needs or reinvest cash into our
business.
We believe that by removing the impact of our asset base
(primarily depreciation and amortization) and excluding certain
non-cash charges, amounts spent on interest and taxes, and certain
other charges that are highly variable from year to year, EBITDA
and Adjusted EBITDA provide our investors with performance measures
that reflect the impact to operations from trends in occupancy
rates, per diem rates and operating costs, providing a perspective
not immediately apparent from net income.
The adjustments we make to derive the non-GAAP measures of
EBITDA and Adjusted EBITDA exclude items which may cause short-term
fluctuations in income from continuing operations and which we do
not consider to be the fundamental attributes or primary drivers of
our business plan and they do not affect our overall long-term
operating performance. EBITDA and Adjusted EBITDA provide
disclosure on the same basis as that used by our management and
provide consistency in our financial reporting, facilitate internal
and external comparisons of our historical operating performance
and our business units and provide continuity to investors for
comparability purposes.
Adjusted Net Income is defined as net income attributable to GEO
adjusted for certain items which by their nature are not comparable
from period to period or that tend to obscure GEO’s actual
operating performance, including for the periods presented
gain/loss on asset divestitures, pre-tax, gain/loss on the
extinguishment of debt, pre-tax, transaction related expenses,
pre-tax, one-time employee restructuring expenses, pre-tax, and tax
effect of adjustments to net income attributable to GEO.
AFFO is defined as net income attributable to GEO adjusted by
adding depreciation and amortization, stock based compensation
expense, the amortization of debt issuance costs, discount and/or
premium and other non-cash interest, (gain)/loss on asset
divestitures, pre-tax, and by subtracting facility maintenance
capital expenditures and other non-cash revenue and expenses. From
time to time, AFFO is also adjusted for certain items which by
their nature are not comparable from period to period or that tend
to obscure GEO’s actual operating performance, including for the
periods presented gain/loss on the extinguishment of debt, pre-tax,
transaction related expenses, pre-tax, one-time employee
restructuring expenses, pre-tax, and tax effect of adjustments to
net income attributable to GEO.
Safe-Harbor Statement
This press release contains forward-looking statements regarding
future events and future performance of GEO that involve risks and
uncertainties that could materially and adversely affect actual
results, including statements regarding GEO’s financial guidance
for the full year and fourth quarter of 2022 and GEO’s expected
targets for net recourse debt reductions and net leverage
decreases. Forward-looking statements generally can be identified
by the use of forward-looking terminology such as “may,” “will,”
“expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,”
“estimate,” or “continue” or the negative of such words and similar
expressions. Risks and uncertainties that could cause actual
results to vary from current expectations and forward-looking
statements contained in this press release include, but are not
limited to: (1) GEO’s ability to meet its financial guidance for
2022 given the various risks to which its business is exposed; (2)
GEO’s ability to deleverage and repay, refinance or otherwise
address its debt maturities in an amount and on terms commercially
acceptable to GEO, and on the timeline it expects or at all; (3)
GEO’s ability to identify and successfully complete any potential
sales of additional company-owned assets and businesses on
commercially advantageous terms on a timely basis, or at all; (4)
changes in federal and state government policy, orders, directives,
legislation and regulations that affect public-private partnerships
with respect to secure, correctional and detention facilities,
processing centers and reentry centers, including the timing and
scope of implementation of President Biden's Executive Order
directing the U.S. Attorney General not to renew the U.S.
Department of Justice contracts with privately operated criminal
detention facilities; (5) changes in federal immigration policy;
(6) public and political opposition to the use of public-private
partnerships with respect to secure correctional and detention
facilities, processing centers and reentry centers; (7) the
magnitude, severity, and duration of the current COVID-19 global
pandemic, its impact on GEO, GEO's ability to mitigate the risks
associated with COVID-19, and the efficacy and distribution of
COVID-19 vaccines; (8) GEO’s ability to sustain or improve
company-wide occupancy rates at its facilities in light of the
COVID-19 global pandemic and policy and contract announcements
impacting GEO’s federal facilities in the United States; (9)
fluctuations in our operating results, including as a result of
contract terminations, contract renegotiations, changes in
occupancy levels and increases in our operating costs; (10) general
economic and market conditions, including changes to governmental
budgets and its impact on new contract terms, contract renewals,
renegotiations, per diem rates, fixed payment provisions, and
occupancy levels; (11) GEO’s ability to address inflationary
pressures related to labor related expenses and other operating
costs; (12) GEO’s ability to timely open facilities as planned,
profitably manage such facilities and successfully integrate such
facilities into GEO’s operations without substantial costs; (13)
GEO’s ability to win management contracts for which it has
submitted proposals and to retain existing management contracts;
(14) risks associated with GEO’s ability to control operating costs
associated with contract start-ups; (15) GEO’s ability to
successfully pursue growth and continue to create shareholder
value; (16) GEO’s ability to obtain financing or access the capital
markets in the future on acceptable terms or at all; and (17) other
factors contained in GEO’s Securities and Exchange Commission
periodic filings, including its Form 10-K, 10-Q and 8-K reports,
many of which are difficult to predict and outside of GEO’s
control.
Third quarter and first nine months of
2022 financial tables to follow:
Condensed
Consolidated Balance Sheets*
(Unaudited)
As of
As of
September 30, 2022
December 31, 2021
(unaudited)
(unaudited)
ASSETS Cash and cash equivalents $ 91,645 $ 506,491
Restricted cash and cash equivalents - 20,161 Accounts receivable,
less allowance for doubtful accounts 383,694 365,573 Contract
receivable, current portion - 6,507 Prepaid expenses and other
current assets 40,388 45,176
Total current assets $
515,727 $ 943,908 Restricted Cash
and Investments 89,760 76,158
Property and Equipment,
Net 2,012,679 2,037,845
Contract Receivable - 367,071
Operating Lease Right-of-Use Assets, Net 95,119 112,187
Assets Held for Sale 480 7,877
Intangible Assets, Net
(including goodwill) 906,451 921,349
Other Non-Current
Assets 84,292 71,013
Total Assets $
3,704,508 $ 4,537,408
LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable
$ 71,408 $ 64,073 Accrued payroll and related taxes 68,777 67,210
Accrued expenses and other current liabilities 218,628 200,712
Operating lease liabilities, current portion 23,910 28,279 Current
portion of finance lease obligations, long-term debt, and
non-recourse debt 44,702 18,568
Total current liabilities $
427,425 $ 378,842 Deferred Income
Tax Liabilities 45,074 80,768
Other Non-Current
Liabilities 81,593 87,073
Operating Lease Liabilities
76,977 89,917
Finance Lease Liabilities 1,457 1,977
Long-Term Debt 1,961,402 2,625,959
Non-Recourse Debt
- 297,856
Total Shareholders' Equity 1,110,580 975,016
Total Liabilities and Shareholders' Equity $
3,704,508 $ 4,537,408 * all
figures in '000s
Condensed
Consolidated Statements of Operations*
(Unaudited)
Q3 2022 Q3 2021 YTD 2022 YTD
2021 (unaudited) (unaudited) (unaudited) (unaudited)
Revenues $
616,683
$
557,277
$
1,756,045
$
1,699,073
Operating expenses
436,210
399,900
1,233,162
1,233,060
Depreciation and amortization
32,330
32,883
100,284
100,306
General and administrative expenses
50,022
50,475
147,878
153,642
Operating income
98,121
74,019
274,721
212,065
Interest income
5,111
5,990
16,301
18,177
Interest expense
(46,537
)
(32,525
)
(111,383
)
(96,422
)
(Loss) Gain on extinguishment of debt
(37,487
)
-
(37,487
)
4,693
Gain (Loss) on asset divestitures
29,279
(6,088
)
32,332
4,291
Income before income taxes and equity in earnings of
affiliates
48,487
41,396
174,484
142,804
Provision for income taxes
11,246
8,395
48,106
21,394
Equity in earnings of affiliates, net of income tax
provision
1,071
1,640
3,786
5,647
Net income
38,312
34,641
130,164
127,057
Less: Net loss attributable to noncontrolling
interests
25
69
119
157
Net income attributable to The GEO Group, Inc. $
38,337
$
34,710
$
130,283
$
127,214
Weighted Average Common Shares Outstanding:
Basic
121,154
120,525
120,998
120,326
Diluted **
122,426
120,872
121,907
120,583
Net income per Common Share Attributable to The GEO
Group, Inc. **: Basic: Net income per share —
basic $
0.26
$
0.24
$
0.89
$
0.94
Diluted: Net income per share — diluted $
0.26
$
0.24
$
0.89
$
0.94
* 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.
Reconciliation of
Net Income to EBITDA and Adjusted EBITDA,
and Net Income
Attributable to GEO to Adjusted Net Income*
(Unaudited)
Q3 2022 Q3 2021 YTD 2022 YTD
2021 (unaudited) (unaudited) (unaudited) (unaudited)
Net
Income $
38,312
$
34,641
$
130,164
$
127,057
Add: Income tax provision **
11,435
8,612
48,570
22,242
Interest expense, net of interest income ***
78,913
26,535
132,569
73,552
Depreciation and amortization
32,330
32,883
100,284
100,306
EBITDA $
160,990
$
102,671
$
411,587
$
323,157
Add (Subtract): (Gain)/Loss on asset divestitures, pre-tax
(29,279
)
6,088
(32,332
)
(4,291
)
Net loss attributable to noncontrolling interests
25
69
119
157
Stock based compensation expenses, pre-tax
3,141
4,329
13,010
15,755
Transaction related expenses, pre-tax
1,322
3,977
1,322
3,977
One-time employee restructuring expenses, pre-tax
-
-
-
7,459
Other non-cash revenue & expenses, pre-tax
-
(1,102
)
-
(3,306
)
Adjusted EBITDA $
136,199
$
116,032
$
393,706
$
342,908
Net Income attributable to GEO $
38,337
$
34,710
$
130,283
$
127,214
Add (Subtract): (Gain)/Loss on asset divestitures, pre-tax
(29,279
)
6,088
(32,958
)
(4,291
)
(Gain)/Loss on extinguishment of debt, pre-tax
37,487
-
37,487
(4,693
)
Transaction related expenses, pre-tax
1,322
3,977
1,322
3,977
One-time employee restructuring expenses, pre-tax
-
-
-
7,459
Tax effect of adjustments to net income attributable to GEO (1)
(7,697
)
(2,531
)
(6,772
)
853
Adjusted Net Income $
40,170
$
42,244
$
129,362
$
130,519
Weighted average common shares outstanding - Diluted
122,426
120,872
121,907
120,583
Adjusted Net Income per Diluted share
0.33
0.35
1.06
1.08
* 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 adjustments
related to gain/loss on asset divestitures, gain/loss on
extinguishment of debt, transaction related expenses, and one-time
employee restructuring expenses. In connection with the termination
of the Company’s REIT status effective for the year ended December
31, 2021, the tax effect of adjustments to net income attributable
to GEO have been presented for third quarter and year to date 2021
to reflect the applicable effective tax rates that GEO would have
been subject to as a taxable C Corporation.
Reconciliation of
Net Income Attributable to GEO to AFFO*
(Unaudited)
Q3 2022 Q3 2021 YTD 2022 YTD
2021 (unaudited) (unaudited) (unaudited) (unaudited)
Net Income attributable to GEO $
38,337
$
34,710
$
130,283
$
127,214
Add (Subtract): Depreciation and amortization
32,330
32,883
100,284
100,306
Facility maintenance capital expenditures
(4,211
)
(2,229
)
(13,217
)
(7,795
)
Stock based compensation expenses
3,141
4,329
13,010
15,755
Other non-cash revenue & expenses
-
(1,102
)
-
(3,306
)
Amortization of debt issuance costs, discount and/or premium and
other non-cash interest
2,456
1,974
6,211
5,559
(Gain)/Loss on asset divestitures, pre-tax
(29,279
)
6,088
(32,332
)
(4,291
)
Other Adjustments: Add (Subtract): (Gain)/Loss on
extinguishment of debt, pre-tax
37,487
-
37,487
(4,693
)
Transaction related expenses, pre-tax
1,322
3,977
1,322
3,977
One-time employee restructuring expenses, pre-tax
-
-
-
7,459
Tax effect of adjustments to net income attributable to GEO **
(7,697
)
(2,254
)
(6,930
)
1,685
Equals: AFFO $
73,886
$
78,376
$
236,118
$
241,870
Weighted average common shares outstanding - Diluted
122,426
120,872
121,907
120,583
AFFO per Diluted Share
0.60
0.65
1.94
2.01
* All figures in '000s, except per share data ** Tax
adjustments related to gain/loss on asset divestitures, gain/loss
on extinguishment of debt, transaction related expenses, and
one-time employee restructuring expenses. In connection with the
termination of the Company’s REIT status effective for the year
ended December 31, 2021, the tax effect of adjustments to net
income attributable to GEO have been presented for third quarter
and year to date 2021 to reflect the applicable effective tax rates
that GEO would have been subject to as a taxable C Corporation.
2022
Outlook/Reconciliation
(In thousands, except per share data)
(Unaudited)
FY 2022
Net Income Attributable to GEO
$
160,000
to
$
162,000
Depreciation and Amortization
136,000
136,500
(Gain)/Loss on Asset Divestitures, pre-tax
(32,500
)
(32,500
)
Facility Maintenance Capex
(20,000
)
(20,000
)
Transaction Related Expenses, pre-tax
1,300
1,300
Non-Cash Stock Based Compensation
16,500
16,500
Non-Cash Interest Expense
9,000
9,000
Loss on Extinguishment of Debt, pre-tax
37,500
37,500
Tax effect of Adjustments
(7,000
)
(7,000
)
Adjusted Funds From Operations (AFFO)
$
300,800
to
$
303,300
Net Interest Expense
148,000
150,000
Non-Cash Interest Expense
(9,000
)
(9,000
)
Facility Maintenance Capex
20,000
20,000
Tax effect of Adjustments
7,000
7,000
Income Taxes (including income tax provision on equity in
earnings of affiliates)
60,200
62,200
Adjusted EBITDA
$
527,000
to
$
533,500
Net Income Attributable to GEO Per Diluted Share
$
1.31
to
$
1.33
Adjusted Net Income Per Diluted Share
$
1.30
$
1.32
AFFO Per Diluted Share
$
2.47
to
$
2.49
Weighted Average Common Shares Outstanding-Diluted
121,900
to
121,900
CAPEX
Growth
37,000
to
39,000
Technology
39,000
to
41,000
Facility Maintenance
20,000
to
20,000
Capital Expenditures
96,000
to
100,000
Total Debt, Net
$
1,975,000
$
2,000,000
Total Leverage, Net
3.72
3.77
In accordance with 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221026006129/en/
Pablo E. Paez (866) 301 4436 Executive Vice President, Corporate
Relations
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