investors.geogroup.com<\/a>.\n<\/p>\nNote to Reconciliation Tables and Supplemental Disclosure \u2013
\n
<\/b>Important Information on GEO’s Non-GAAP Financial Measures<\/b><\/p>\n
\nAdjusted 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.\n<\/p>\n
\nWhile 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.\n<\/p>\n
\nEBITDA 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.\n<\/p>\n
\nGiven 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.\n<\/p>\n
\nWe 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.\n<\/p>\n
\nThe 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.\n<\/p>\n
\nAdjusted 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\u2019s 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.\n<\/p>\n
\nAFFO 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\u2019s 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.\n<\/p>\n
Safe-Harbor Statement<\/b><\/p>\n
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\u2019s financial guidance for the full year and fourth quarter of 2022 and GEO\u2019s 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 \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201cestimate,\u201d or \u201ccontinue\u201d 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\u2019s ability to meet its financial guidance for 2022 given the various risks to which its business is exposed; (2) GEO\u2019s 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\u2019s 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\u2019s 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\u2019s 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\u2019s ability to address inflationary pressures related to labor related expenses and other operating costs; (12) GEO\u2019s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO\u2019s operations without substantial costs; (13) GEO\u2019s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (14) risks associated with GEO\u2019s ability to control operating costs associated with contract start-ups; (15) GEO\u2019s ability to successfully pursue growth and continue to create shareholder value; (16) GEO\u2019s 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\u2019s 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\u2019s control.<\/i><\/p>\n\n\n| \u00a0<\/td>\n<\/tr>\n |
\n| \n Third quarter and first nine months of 2022 financial tables to follow:<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Condensed Consolidated Balance Sheets<\/span>*<\/b><\/p>\n\n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\n As of<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n As of<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n September 30, 2022<\/b><\/i><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n December 31, 2021<\/b><\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n (unaudited)<\/i><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n (unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| ASSETS<\/b><\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Cash and cash equivalents<\/td>\n | | \n$<\/td>\n | 91,645<\/td>\n | | \n$<\/td>\n | 506,491<\/td>\n<\/tr>\n | \n| Restricted cash and cash equivalents<\/td>\n | | \n | \n–<\/td>\n | | \n | \n20,161<\/td>\n<\/tr>\n | \n| Accounts receivable, less allowance for doubtful accounts<\/td>\n | | \n | \n383,694<\/td>\n | | \n | \n365,573<\/td>\n<\/tr>\n | \n| Contract receivable, current portion<\/td>\n | | \n | \n–<\/td>\n | | \n | \n6,507<\/td>\n<\/tr>\n | \n| Prepaid expenses and other current assets<\/td>\n | | \n | \n40,388<\/td>\n | | \n | \n45,176<\/td>\n<\/tr>\n | \n| Total current assets<\/b><\/td>\n | | \n$<\/td>\n | 515,727<\/b><\/td>\n | | \n$<\/b><\/td>\n | 943,908<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Restricted Cash and Investments<\/b><\/i><\/td>\n | | \n | \n89,760<\/td>\n | | \n | \n76,158<\/td>\n<\/tr>\n | \n| Property and Equipment, Net<\/b><\/i><\/td>\n | | \n | \n2,012,679<\/td>\n | | \n | \n2,037,845<\/td>\n<\/tr>\n | \n| Contract Receivable<\/b><\/i><\/td>\n | | \n | \n–<\/td>\n | | \n | \n367,071<\/td>\n<\/tr>\n | \n| Operating Lease Right-of-Use Assets, Net<\/b><\/i><\/td>\n | | \n | \n95,119<\/td>\n | | \n | \n112,187<\/td>\n<\/tr>\n | \n| Assets Held for Sale<\/b><\/i><\/td>\n | | \n | \n480<\/td>\n | | \n | \n7,877<\/td>\n<\/tr>\n | \n| Intangible Assets, Net (including goodwill)<\/b><\/i><\/td>\n | | \n | \n906,451<\/td>\n | | \n | \n921,349<\/td>\n<\/tr>\n | \n| Other Non-Current Assets<\/b><\/i><\/td>\n | | \n | \n84,292<\/td>\n | | \n | \n71,013<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Total Assets<\/b><\/td>\n | | \n$<\/b><\/td>\n | 3,704,508<\/b><\/td>\n | | \n$<\/b><\/td>\n | 4,537,408<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b><\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Accounts payable<\/td>\n | | \n$<\/td>\n | 71,408<\/td>\n | | \n$<\/td>\n | 64,073<\/td>\n<\/tr>\n | \n| Accrued payroll and related taxes<\/td>\n | | \n | \n68,777<\/td>\n | | \n | \n67,210<\/td>\n<\/tr>\n | \n| Accrued expenses and other current liabilities<\/td>\n | | \n | \n218,628<\/td>\n | | \n | \n200,712<\/td>\n<\/tr>\n | \n| Operating lease liabilities, current portion<\/td>\n | | \n | \n23,910<\/td>\n | | \n | \n28,279<\/td>\n<\/tr>\n | \n| Current portion of finance lease obligations, long-term debt, and non-recourse debt<\/td>\n | | \n44,702<\/td>\n | | \n | \n18,568<\/td>\n<\/tr>\n | \n| Total current liabilities<\/b><\/td>\n | | \n$<\/td>\n | 427,425<\/b><\/td>\n | | \n$<\/b><\/td>\n | 378,842<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Deferred Income Tax Liabilities<\/b><\/i><\/td>\n | | \n | \n45,074<\/td>\n | | \n | \n80,768<\/td>\n<\/tr>\n | \n| Other Non-Current Liabilities<\/b><\/i><\/td>\n | | \n | \n81,593<\/td>\n | | \n | \n87,073<\/td>\n<\/tr>\n | \n| Operating Lease Liabilities<\/b><\/i><\/td>\n | | \n | \n76,977<\/td>\n | | \n | \n89,917<\/td>\n<\/tr>\n | \n| Finance Lease Liabilities<\/b><\/i><\/td>\n | | \n | \n1,457<\/td>\n | | \n | \n1,977<\/td>\n<\/tr>\n | \n| Long-Term Debt<\/b><\/i><\/td>\n | | \n | \n1,961,402<\/td>\n | | \n | \n2,625,959<\/td>\n<\/tr>\n | \n| Non-Recourse Debt<\/b><\/i><\/td>\n | | \n | \n–<\/td>\n | | \n | \n297,856<\/td>\n<\/tr>\n | \n| Total Shareholders’ Equity<\/b><\/i><\/td>\n | | \n | \n1,110,580<\/td>\n | | \n | \n975,016<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Total Liabilities and Shareholders’ Equity<\/b><\/td>\n | | \n$<\/b><\/td>\n | 3,704,508<\/b><\/td>\n | | \n$<\/b><\/td>\n | 4,537,408<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| * all figures in ‘000s<\/td>\n | | \n | \n | \n | <\/tr>\n<\/table>\n\n\n| \n Condensed Consolidated Statements of Operations<\/span>*<\/b><\/p>\n\n(Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nQ3 2022<\/b><\/i><\/td>\n | | \n | \nQ3 2021<\/b><\/i><\/td>\n | | \n | \nYTD 2022<\/b><\/i><\/td>\n | | \n | \nYTD 2021<\/b><\/i><\/td>\n<\/tr>\n\n | \n | \n(unaudited)<\/i><\/td>\n | | \n | \n(unaudited)<\/i><\/td>\n | | \n | \n(unaudited)<\/i><\/td>\n | | \n | \n(unaudited)<\/i><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Revenues<\/b><\/td>\n | $<\/td>\n | \n \n616,683\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n557,277\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1,756,045\n<\/p>\n<\/td>\n | | \n | \n$<\/td>\n | \n \n1,699,073\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Operating expenses<\/b><\/td>\n | | \n\n \n436,210\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n399,900\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n1,233,162\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n1,233,060\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/b><\/td>\n | | \n\n \n32,330\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n32,883\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n100,284\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n100,306\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative expenses<\/b><\/td>\n | | \n\n \n50,022\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n50,475\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n147,878\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n153,642\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Operating income<\/b><\/i><\/td>\n | | \n\n 98,121<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 74,019<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 274,721<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 212,065<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Interest income<\/b><\/td>\n | | \n\n \n5,111\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n5,990\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n16,301\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n18,177\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/b><\/td>\n | | \n\n \n(46,537\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(32,525\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(111,383\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(96,422\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (Loss) Gain on extinguishment of debt<\/b><\/td>\n | | \n\n \n(37,487\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(37,487\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n4,693\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Gain (Loss) on asset divestitures<\/b><\/td>\n | | \n\n \n29,279\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(6,088\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n32,332\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n4,291\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Income before income taxes and equity in earnings of affiliates<\/b><\/i><\/td>\n | \n 48,487<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 41,396<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 174,484<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 142,804<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Provision for income taxes<\/b><\/td>\n | | \n\n \n11,246\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n8,395\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n48,106\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n21,394\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Equity in earnings of affiliates, net of income tax provision<\/b><\/td>\n | \n \n1,071\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n1,640\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n3,786\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n5,647\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income<\/b><\/i><\/td>\n | | \n\n 38,312<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 34,641<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 130,164<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 127,057<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Less: Net loss attributable to noncontrolling interests<\/b><\/td>\n | | \n\n \n25\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n69\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n119\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n157\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income attributable to The GEO Group, Inc.<\/b><\/i><\/td>\n | $<\/td>\n | \n 38,337<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 34,710<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 130,283<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 127,214<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nWeighted Average Common Shares Outstanding:<\/b><\/i><\/td>\n<\/tr>\n\n| Basic<\/td>\n | | \n\n \n121,154\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,525\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,998\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,326\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted **<\/td>\n | | \n\n \n122,426\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,872\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n121,907\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,583\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nNet income per Common Share Attributable to The GEO Group, Inc. **:<\/b><\/i><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Basic:<\/b><\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Net income per share \u2014 basic<\/td>\n | $<\/td>\n | \n 0.26<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 0.24<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 0.89<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 0.94<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Diluted:<\/b><\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Net income per share \u2014 diluted<\/td>\n | $<\/td>\n | \n 0.26<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 0.24<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 0.89<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 0.94<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| * All figures in ‘000s, except per share data<\/td>\n<\/tr>\n | \n| ** 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.<\/td>\n<\/tr>\n | \n | <\/tr>\n<\/table>\n\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n Reconciliation of Net Income to EBITDA and Adjusted EBITDA,<\/i><\/span><\/b><\/p>\nand Net Income Attributable to GEO to Adjusted Net Income<\/i><\/span>*<\/i><\/b><\/p>\n(Unaudited)<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nQ3 2022<\/b><\/i><\/td>\n | | \n | \nQ3 2021<\/b><\/i><\/td>\n | | \n | \nYTD 2022<\/b><\/i><\/td>\n | | \n | \nYTD 2021<\/b><\/i><\/td>\n<\/tr>\n\n | \n | \n(unaudited)<\/i><\/td>\n | | \n | \n(unaudited)<\/i><\/td>\n | | \n | \n(unaudited)<\/i><\/td>\n | | \n | \n(unaudited)<\/i><\/td>\n<\/tr>\n\n| Net Income<\/b><\/td>\n | $<\/td>\n | \n 38,312<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 34,641<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 130,164<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 127,057<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Add:<\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Income tax provision **<\/td>\n | | \n\n \n11,435\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n8,612\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n48,570\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n22,242\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, net of interest income ***<\/td>\n | | \n\n \n78,913\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n26,535\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n132,569\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n73,552\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | | \n\n \n32,330\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n32,883\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n100,284\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n100,306\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| EBITDA<\/b><\/td>\n | $<\/b><\/td>\n | \n 160,990<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 102,671<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 411,587<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 323,157<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Add (Subtract):<\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| (Gain)\/Loss on asset divestitures, pre-tax<\/td>\n | | \n\n \n(29,279\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n6,088\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(32,332\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(4,291\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Net loss attributable to noncontrolling interests<\/td>\n | | \n\n \n25\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n69\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n119\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n157\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Stock based compensation expenses, pre-tax<\/td>\n | | \n\n \n3,141\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n4,329\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n13,010\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n15,755\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Transaction related expenses, pre-tax<\/td>\n | | \n\n \n1,322\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n3,977\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n1,322\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n3,977\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| One-time employee restructuring expenses, pre-tax<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n7,459\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| Other non-cash revenue & expenses, pre-tax<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(1,102\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(3,306\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA<\/b><\/td>\n | $<\/b><\/td>\n | \n 136,199<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 116,032<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 393,706<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 342,908<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net Income attributable to GEO<\/b><\/td>\n | $<\/td>\n | \n 38,337<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 34,710<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 130,283<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/td>\n | \n 127,214<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Add (Subtract):<\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| (Gain)\/Loss on asset divestitures, pre-tax<\/td>\n | | \n\n \n(29,279\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n6,088\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(32,958\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(4,291\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| (Gain)\/Loss on extinguishment of debt, pre-tax<\/td>\n | | \n\n \n37,487\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n37,487\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n(4,693\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n<\/tr>\n | \n| Transaction related expenses, pre-tax<\/td>\n | | \n\n \n1,322\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n3,977\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n1,322\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n3,977\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| One-time employee restructuring expenses, pre-tax<\/td>\n | | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n–\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n7,459\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \nTax effect of adjustments to net income attributable to GEO (1)<\/sup><\/td>\n| \n \n(7,697\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(2,531\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n(6,772\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n853\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted Net Income<\/b><\/td>\n | $<\/b><\/td>\n | \n 40,170<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 42,244<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 129,362<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 130,519<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted average common shares outstanding – Diluted<\/td>\n | | \n\n \n122,426\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,872\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n121,907\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n120,583\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted Net Income per Diluted share<\/b><\/td>\n | | \n\n 0.33<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 0.35<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 1.06<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n 1.08<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| * all figures in ‘000s, except per share data<\/td>\n<\/tr>\n | \n| ** including income tax provision on equity in earnings of affiliates<\/td>\n<\/tr>\n | \n| *** includes (gain)\/loss on extinguishment of debt<\/td>\n<\/tr>\n | \n| (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\u2019s 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.<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | |
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20221026006129\/en\/1615824\/3\/01-GEO-Corp.jpg\")
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