0000950170-24-093922 | 10-Q | XBRL Viewer

Basis of Presentation	6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. BASIS OF PRESENTATION The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) specialize in the ownership, leasing and management of secure facilities, processing centers and community reentry centers in the United States, Australia and South Africa. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum security facilities, processing centers, as well as community-based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' platform integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services, and provides academic and vocational classes in life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for individuals as contracted domestically and in the United Kingdom through its joint venture GEOAmey Ltd. (“GEOAmey”). At June 30, 2024, the Company’s worldwide operations include the management and/or ownership of approximately 81,000 beds at 100 facilities, including idle facilities, and also includes the provision of reentry and electronic monitoring and supervision services for thousands of individuals, including an array of technology products including radio frequency, GPS, and alcohol monitoring devices. GEO operated as a real estate investment trust ("REIT") from January 1, 2013 through December 31, 2020. As a REIT, the Company provided services and conducted other business activities through taxable REIT subsidiaries ("TRSs"). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax rates and certain qualification requirements. The Company's use of TRSs permitted GEO to engage in certain business activities in which the REIT could not engage directly, so long as those activities were conducted in entities that elected to be treated as TRSs under the Internal Revenue Code of 1986, as amended (the “Code”), and enabled GEO to, among other things, provide correctional services at facilities it owns and at facilities owned by its government partners. A TRS is not subject to the distribution requirements applicable to REITs so it may retain income generated by its operations for reinvestment. On December 2, 2021, the Company announced that its Board of Directors (the "Board") unanimously approved a plan to terminate the Company's REIT status and become a taxable C Corporation, effective for the year ended December 31, 2021. As a result, the Company is no longer required to operate under REIT rules, including the requirement to distribute at least 90% of REIT taxable income to its stockholders, which provides the Company with greater flexibility to use its free cash flow. Effective January 1, 2021, the Company is subject to federal and state income taxes on its taxable income at applicable tax rates and is no longer entitled to a tax deduction for dividends paid. The Company operated as a REIT for the 2020 tax year, and existing REIT requirements and limitations remained in place until December 31, 2020. The Board also voted unanimously to discontinue the Company's quarterly dividend. The Company's unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the instructions to Form 10-Q and consequently do not include all disclosures required by Form 10-K. The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2024 for the year ended December 31, 2023. The accompanying December 31, 2023 consolidated balance sheet has been derived from those audited financial statements. Additional information may be obtained by referring to the Company’s Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the financial information for the interim periods reported in this Quarterly Report on Form 10-Q have been made. Results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results for the entire year ending December 31, 2024, or for any other future interim or annual periods.

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. BASIS OF PRESENTATION

The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) specialize in the ownership, leasing and management of secure facilities, processing centers and community reentry centers in the United States, Australia and South Africa. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum security facilities, processing centers, as well as community-based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' platform integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services, and provides academic and vocational classes in life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for individuals as contracted domestically and in the United Kingdom through its joint venture GEOAmey Ltd. (“GEOAmey”). At June 30, 2024, the Company’s worldwide operations include the management and/or ownership of approximately 81,000 beds at 100 facilities, including idle facilities, and also includes the provision of reentry and electronic monitoring and supervision services for thousands of individuals, including an array of technology products including radio frequency, GPS, and alcohol monitoring devices.

GEO operated as a real estate investment trust ("REIT") from January 1, 2013 through December 31, 2020. As a REIT, the Company provided services and conducted other business activities through taxable REIT subsidiaries ("TRSs"). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax rates and certain qualification requirements. The Company's use of TRSs permitted GEO to engage in certain business activities in which the REIT could not engage directly, so long as those activities were conducted in entities that elected to be treated as TRSs under the Internal Revenue Code of 1986, as amended (the “Code”), and enabled GEO to, among other things, provide correctional services at facilities it owns and at facilities owned by its government partners. A TRS is not subject to the distribution requirements applicable to REITs so it may retain income generated by its operations for reinvestment.

On December 2, 2021, the Company announced that its Board of Directors (the "Board") unanimously approved a plan to terminate the Company's REIT status and become a taxable C Corporation, effective for the year ended December 31, 2021. As a result, the Company is no longer required to operate under REIT rules, including the requirement to distribute at least 90% of REIT taxable income to its stockholders, which provides the Company with greater flexibility to use its free cash flow. Effective January 1, 2021, the Company is subject to federal and state income taxes on its taxable income at applicable tax rates and is no longer entitled to a tax deduction for dividends paid. The Company operated as a REIT for the 2020 tax year, and existing REIT requirements and limitations remained in place until December 31, 2020. The Board also voted unanimously to discontinue the Company's quarterly dividend.

The Company's unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the instructions to Form 10-Q and consequently do not include all disclosures required by Form 10-K. The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2024 for the year ended December 31, 2023. The accompanying December 31, 2023 consolidated balance sheet has been derived from those audited financial statements. Additional information may be obtained by referring to the Company’s Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the financial information for the interim periods reported in this Quarterly Report on Form 10-Q have been made. Results of operations for the six months ended June 30, 2024 are not necessarily indicative of the results for the entire year ending December 31, 2024, or for any other future interim or annual periods.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

10. DEBT

Debt outstanding as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	June 30, 2024			December 31, 2023
Exchange Credit Agreement
Tranche 1 Loans	$	—		$	791,480
Unamortized premium on tranche 1 loans		—			18,359
Unamortized debt issuance costs on tranche 1 loans		—			(17,707	)
Tranche 2 Loans		—			115,232
Unamortized discount on tranche 2 loans		—			(1,136	)
Unamortized debt issuance costs on tranche 2 loans		—			(2,659	)
Revolver		—			—
Total Exchange Credit Agreement		—			903,569
Credit Agreement
Term Loan		444,375			—
Unamortized discount on term loan		(4,333	)		—
Unamortized debt issuance costs on term loan		(7,111	)		—
Revolver		40,000			—
Total Credit Agreement		472,931			—
8.625% Secured Notes due 2029
Notes Due in 2029		650,000			—
Unamortized debt issuance costs		(12,613	)		—
Total 8.625% Secured Notes due 2029		637,387			—
10.250% Unsecured Notes due 2031
Notes Due in 2031		625,000			—
Unamortized debt issuance costs		(11,619	)		—
Total 10.25% Unsecured Notes due 2031		613,381			—
10.500% Public Second Lien Notes due 2028
Notes Due in 2028		—			286,521
Unamortized discount		—			(13,386	)
Unamortized debt issuance costs		—			(7,237	)
Total 10.500% Public Second Lien Notes due 2028		—			265,898
9.500% Private Second Lien Notes due 2028
Notes Due in 2028		—			239,142
Unamortized discount		—			(19,843	)
Unamortized debt issuance costs		—			(6,236	)
Total 9.500% Private Second Lien Notes due 2028		—			213,063
6.50% Exchangeable Senior Notes:
Notes Due in 2026		600			230,000
Unamortized debt issuance costs		—			(4,595	)
Total 6.50% Exchangeable Senior Notes due 2026		600			225,405
6.00% Senior Notes:
Notes Due in 2026		—			110,858
Unamortized debt issuance costs		—			(557	)
Total 6.00% Senior Notes due 2026		—			110,301
5.875% Senior Notes:
Notes Due in 2024		—			23,253
Unamortized debt issuance costs		—			(44	)
Total 5.875% Senior Notes due 2024		—			23,209
Finance Lease Liabilities		922			1,280
Other debt, net of unamortized debt issuance costs		38,639			39,208
Total debt		1,763,860			1,781,933
Current portion of finance lease liabilities and long-term debt		(24,442	)		(55,882	)
Finance Lease Liabilities, long-term portion		(227	)		(549	)
Long-Term Debt	$	1,739,191		$	1,725,502

Senior Notes Offering

On April 18, 2024, GEO announced the closing of its previously announced private offering of $1.275 billion aggregate principal amount of senior notes (the “Senior Notes Offering”), comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the “Secured Notes”), issued under the Indenture, dated as of April 18, 2024 (the “2029 Indenture”), among GEO, the Guarantors (defined below) and Ankura Trust Company, LLC, as trustee and collateral agent (the “Trustee and Collateral Agent”) and $625.0 million aggregate principal amount of 10.25% senior notes due 2031 (the “Unsecured Notes” and, together with the Secured Notes, the “Notes”), issued under the Indenture, dated as of April 18, 2024 (the “2031 Indenture” and, together with the 2029 Indenture, the “Indentures”), among GEO, the Guarantors and Ankura Trust Company, LLC as Trustee. The Notes are guaranteed (the “Secured Note Guarantees” and the “Unsecured Note Guarantees” and collectively, the “Guarantees”) by GEO’s domestic subsidiaries that are guarantors under a new senior secured credit facility and outstanding senior notes (the “Guarantors”).

GEO used the net proceeds of the Senior Notes Offering, borrowings under the new Term Loan (defined below), and cash on hand to refinance approximately $1.5 billion of existing indebtedness, including to fund the repurchase, redemption or other discharge of the Company’s existing Tranche 1 Term Loan and Tranche 2 Term Loan under its prior senior credit facility, the 9.500% Private Second Lien Notes due 2028, the 10.500% Public Second Lien Notes notes due 2028, and the 6.00% Senior Notes due 2026, to pay related premiums, transaction fees and expenses, and for general corporate purposes of the Company.

The Notes were offered and sold in the United States only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”), and outside the United States only to non-U.S. persons pursuant to Regulation S under the Securities Act. As discussed below, GEO filed a registration statement on Form S-4 and conducted a registered exchange offer under the terms of a Registration Rights Agreement to issue and deliver in exchange for the Notes and Guarantees that were issued on April 18, 2024 an equal aggregate principal amount of Notes and Guarantees that were registered pursuant to the registration statement on Form S-4.

Secured Notes

Certain terms and conditions of the 2029 Indenture and the Secured Notes are as follows;

Maturity. The Secured Notes mature on April 15, 2029.

Interest. The Secured Notes accrue interest at a rate of 8.625% per year. Interest on the Secured Notes is payable semi-annually on each April 15 and October 15, commencing October 15, 2024.

Issue Price. The Secured Notes were issued at par.

Guarantees. The Secured Notes are fully and unconditionally guaranteed by each of the Initial Guarantors (as defined in the 2029 Indenture) and may be guaranteed by additional subsidiaries of the Company when a subsidiary guarantees debt under the credit facilities (other than debt securities) and debt securities in an aggregate principal amount of at least $100.0 million.

Ranking. The Secured Notes and the Secured Note Guarantees are GEO and the Guarantors’ respective senior, secured obligations, and the indebtedness evidenced by the Secured Notes and the Secured Note Guarantees will rank equal in right of payment to all of GEO’s and the Guarantors’ other existing and future senior obligations, including the indebtedness under the Credit Agreement and the guarantees thereof; effectively senior in right of payment to all of GEO’s and the Guarantors’ existing and future unsecured indebtedness, including the Unsecured Notes, the 2026 Exchangeable Senior Notes and, in each case, the guarantees thereof, to the extent of the value of the Collateral (as defined below); senior in right of payment to any of GEO’s and the Guarantors’ future subordinated indebtedness; effectively junior in right of payment to any of GEO’s and the Guarantors’ future secured indebtedness that is secured by a lien on any assets not constituting Collateral, to the extent of the value of such assets; and structurally subordinated to all existing and future indebtedness and other liabilities of Subsidiaries that do not guarantee the Secured Notes and joint ventures, including trade payables.

Security. The Secured Notes and the Secured Note Guarantees are secured on a first-priority basis by the same collateral (the “Collateral”) that secures the obligations under the Credit Agreement in accordance with the terms of the 2029 Indenture and security agreements relating to the Collateral and instruments filed and recorded in appropriate jurisdictions to preserve and protect the liens on the Collateral (including, without limitation, mortgages, deeds of trust or deed to secure debt and financing statements under the Uniform Commercial Code of the relevant states applicable to the Collateral), each for the benefit of the Trustee, Collateral Agent and the holders of the Secured Notes.

Mandatory Redemption. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Secured Notes.

Optional Redemption. On or after April 15, 2026, the Company may redeem all or a part of the Secured Notes (which includes Additional Notes (as defined in the 2029 Indenture), if any), upon not less than 10 nor more than 60 days’ notice, at

the fixed redemption prices expressed as percentages of the principal amount set forth in the 2029 Indenture, plus accrued and unpaid interest, if any, on the Secured Notes redeemed, to, but excluding, the applicable redemption date, subject to the rights of holders of Secured Notes on the relevant record date to receive interest due on the relevant interest payment date if the Secured Notes have not been redeemed prior to such date. In addition, the Company may redeem up to 35% of the aggregate principal amount of the Secured Notes at any time and from time to time before April 15, 2026, with an amount up to the net proceeds of certain equity offerings at a redemption price of 108.625% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the redemption date provided, that (1) at least 65% of the aggregate principal amount of Secured Notes remains outstanding immediately after the occurrence of that redemption and (2) the redemption occurs within 90 days of the date of the closing of the equity offering. The Company may also redeem the Secured Notes, in whole or in part, at any time and from time to time before April 15, 2026, at a redemption price equal to 100% of the principal amount of the Secured Notes (which includes Additional Notes, if any), plus the Applicable Premium (as defined in the 2029 Indenture) as of the applicable redemption date, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, subject to the rights of holders of Secured Notes on the relevant record date to receive interest due on the relevant interest payment date if the Secured Notes have not been redeemed prior to such date. Additionally, during any twelve-month period prior to April 15, 2026, the Company shall be entitled at its option on one or more occasions to redeem the Secured Notes (which includes Additional Notes, if any) in an aggregate principal amount not to exceed 10% of the aggregate principal amount of the outstanding Secured Notes (which includes Additional Notes, if any) at a redemption price (calculated by the Company and expressed as a percentage of principal amount) of 103.000%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Change of Control. If a Change of Control (as defined in the 2029 Indenture) occurs, the Company will offer a payment in cash equal to 101% of the aggregate principal amount of Secured Notes repurchased, plus accrued and unpaid interest, if any, on the Secured Notes repurchased, to (but not including) the date of purchase, subject to the right of holders on the relevant record date to receive interest due on the relevant interest payment date if the Secured Notes have not been redeemed or repurchased prior to such date.

Certain Covenants. The 2029 Indenture contains certain covenants that will limit, among other things, the Company’s and its Restricted Subsidiaries’ (as defined in the 2029 Indenture) ability to: incur additional indebtedness (including guarantees thereof); incur or create liens, other than Permitted Liens (as defined in the 2029 Indenture); make certain Restricted Payments (as defined in the 2029 Indenture); make certain investments; dispose of certain assets; allow to exist certain restrictions on the ability of the Company’s Restricted Subsidiaries to pay any dividend or make any other payment or distribution on account of the Company’s or any Restricted Subsidiary’s Equity Interests (as defined in the 2029 Indenture); engage in certain transactions with affiliates; and engage in any business other than Permitted Businesses (as defined in the 2029 Indenture). These covenants are subject to a number of important limitations and exceptions.

Events of Default. The 2029 Indenture contains customary events of default which could, subject to certain conditions, cause the Secured Notes to become immediately due and payable.

The Secured Notes are also subject to the terms of the First Lien Intercreditor Agreement (the “First Lien Intercreditor Agreement”), dated April 18, 2024, among GEO, GEOCH, the other grantors from time to time party thereto, Citizens Bank, N.A., as Credit Agreement Collateral Agent and Authorized Representative for the Credit Agreement Secured Parties, and Ankura Trust Company, LLC as Initial Additional Collateral Agent and Initial Additional Authorized Representative. The First Lien Intercreditor Agreement sets forth the relative rights and obligations of the holders of First Lien Secured Obligations (which means (i) all obligations as defined in the Credit Agreement, (ii) all obligations under the Secured Notes, the 2029 Indenture, the Secured Note Guarantees and the Security Documents (as defined in the 2029 Indenture), and (iii) any other indebtedness secured on a first lien pari passu basis with such obligations), in each case, with respect to shared Collateral.

Unsecured Notes

Certain terms and conditions of the 2031 Indenture and the Unsecured Notes are as follows:

Maturity. The Unsecured Notes mature on April 15, 2031.

Interest. The Unsecured Notes accrue interest at a rate of 10.250% per year. Interest on the Unsecured Notes is payable semi-annually on each April 15 and October 15, commencing October 15, 2024.

Issue Price. The Unsecured Notes were issued at par.

Guarantees. The Unsecured Notes are fully and unconditionally guaranteed by each of the Initial Guarantors (as defined in the 2031 Indenture) and may be guaranteed by additional subsidiaries of the Company when a subsidiary guarantees debt under the credit facilities (other than debt securities) and debt securities in an aggregate principal amount of at least $100.0 million.

Mandatory Redemption. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Unsecured Notes.

Optional Redemption. On or after April 15, 2027, the Company may redeem all or a part of the Unsecured Notes (which includes Additional Notes (as defined in the 2031 Indenture), if any), upon not less than 10 nor more than 60 days’ notice, at the fixed redemption prices expressed as percentages of the principal amount set forth in the 2031 Indenture, plus accrued and unpaid interest, if any, on the Unsecured Notes redeemed, to, but excluding, the applicable redemption date, subject to the rights of holders of Unsecured Notes on the relevant record date to receive interest due on the relevant interest payment date if the Unsecured Notes have not been redeemed prior to such date. In addition, the Company may redeem up to 35% of the aggregate principal amount of the Unsecured Notes at any time and from time to time before April 15, 2027, with an amount up to the net proceeds of certain equity offerings at a redemption price of 110.250% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the redemption date provided, that (1) at least 65% of the aggregate principal amount of Unsecured Notes remains outstanding immediately after the occurrence of that redemption and (2) the redemption occurs within 90 days of the date of the closing of the equity offering. The Company may also redeem the Unsecured Notes, in whole or in part, at any time and from time to time before April 15, 2027, at a redemption price equal to 100% of the principal amount of the Unsecured Notes (which includes Additional Notes, if any), plus the Applicable Premium (as defined in the 2031 Indenture) as of the applicable redemption date, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, subject to the rights of holders of Unsecured Notes on the relevant record date to receive interest due on the relevant interest payment date if the Unsecured Notes have not been redeemed prior to such date.

Change of Control. If a Change of Control (as defined in the 2031 Indenture) occurs, the Company will offer a payment in cash equal to 101% of the aggregate principal amount of Unsecured Notes repurchased, plus accrued and unpaid interest, if any, on the Unsecured Notes repurchased, to (but not including) the date of purchase, subject to the right of holders on the relevant record date to receive interest due on the relevant interest payment date if the Unsecured Notes have not been redeemed or repurchased prior to such date.

Certain Covenants. The 2031 Indenture contains certain covenants that will limit, among other things, the Company’s and its Restricted Subsidiaries’ (as defined in the 2031 Indenture) ability to: incur additional indebtedness (including guarantees thereof); incur or create liens, other than Permitted Liens (as defined in the 2031 Indenture); make certain Restricted Payments (as defined in the 2031 Indenture); make certain investments; dispose of certain assets; allow to exist certain restrictions on the ability of the Company’s Restricted Subsidiaries to pay any dividend or make any other payment or distribution on account of the Company’s or any Restricted Subsidiary’s Equity Interests (as defined in the 2031 Indenture); engage in certain transactions with affiliates; and engage in any business other than Permitted Businesses (as defined in the 2031 Indenture). These covenants are subject to a number of important limitations and exceptions.

Events of Default. The 2031 Indenture contains customary events of default which could, subject to certain conditions, cause the Unsecured Notes to become immediately due and payable.

Registration Rights Agreement

On May 31, 2024, under the terms of the Registration Rights Agreement, dated as of April 18, 2024, among GEO, the Guarantors and Citizens JMP Securities, LLC, as the representative of the initial purchasers (the “Representative”) of the Notes (the “Registration Rights Agreement”), the Company filed a registration statement on Form S-4, with respect to an offer (the “Registered Exchange Offer”) to issue and deliver, in exchange for the Initial Securities (as defined in the Registration Rights Agreement, which includes the Notes issued on April 18, 2024), an equal aggregate principal amount of debt securities and related guarantees (collectively, the “Exchange Securities”) of the Company and the Guarantors, respectively, issued under the applicable Indenture. The registration statement was declared effective on June 13, 2024 and the Registered Exchange Offer was launched on June 14, 2024 and expired on July 23, 2024, as extended, in compliance with the requirements of the Registration Rights Agreement.

Credit Agreement

GEO and GEOCH, as borrowers (collectively, the “Credit Facility Borrowers”), entered into a Credit Agreement, dated April 18, 2024 (the “Credit Agreement”) to, among other things, evidence and govern a first-lien senior secured revolving credit facility (the “Revolving Credit Facility”; and the commitments thereunder, the “Revolving Credit Facility Commitments”) and a first-lien senior secured term loan facility (the “Term Loan Facility” and, together with the Revolving Credit Facility, the “Credit Facility”). The aggregate principal amount of revolving credit commitments under the Revolving Credit Facility is $310 million (including a $175 million letter of credit subfacility) and the aggregate principal amount of the New Term Loan Facility is $450.0 million.

The loans under the Revolving Credit Facility (the “Revolving Credit Loans”) bear interest at a per annum rate equal to either (i) Alternate Base Rate (as defined below) plus an applicable margin or (ii) Term SOFR (as defined below) (subject to a 0.75% floor)

plus an applicable margin, which applicable margin shall, in either case, vary depending on GEO’s total leverage ratio as of the most recent determination date, and the Credit Facility Borrowers will pay a fee in respect of the unused revolving commitments under the Revolving Credit Facility at a per annum rate ranging from 0.25% to 0.50%, in each case depending on GEO’s total leverage ratio as of the most recent determination date, where “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate for such day plus 1/2 of 1% and (c) Term SOFR (as defined below) for a one-month tenor in effect on such day, plus 1%, and “Term SOFR” means the Term Secured Overnight Financing Rate. The loans under the Term Loan Facility (the “Term Loans”) bear interest at a per annum rate equal to either (i) Alternate Base Rate plus an applicable margin for Alternate Base Rate Loans and (ii) Term SOFR (subject to a 0.75% floor) plus an applicable margin for Term SOFR Loans.

The Term Loans amortize at a rate equal to 1.25% of the original principal amount of such Term Loans per quarter. Mandatory prepayments of loans under the Credit Agreement are required in respect of certain casualty and asset sale proceeds and excess cash flow, subject to certain thresholds and exceptions. Voluntary prepayments of the Revolving Credit Loans may be made by the Credit Facility Borrowers at any time without premium or penalty (subject to reimbursement for customary breakage expenses). Voluntary prepayments of the Term Loans and any prepayments of Term Loans required in connection with any acceleration of the maturity thereof (or in connection with a foreclosure or other disposition of or realization upon any Collateral or other satisfaction or compromise of any obligations thereunder in any insolvency or other similar proceeding) will require payment of a premium equal to (i) 2.00% of the principal amount prepaid or required to be prepaid if made prior to the first anniversary of the effective date of the Term Loan Facility and (ii) 1.00% of the principal amount prepaid or required to be prepaid if made on or after the first anniversary of the effective date of the Term Loan Facility but prior to the second anniversary of the effective date of the Term Loan Facility.

The Revolving Credit Facility Commitments under the Revolving Credit Facility will terminate, and the Revolving Credit Loans will mature, on the earliest of (i) April 15, 2029, (ii) in the event that any Term Loans remain outstanding on the date that is ninety-one days prior to the Term Loan Maturity Date (as defined below), the date that is ninety-one days prior to the Term Loan Maturity Date, (iii) in the event that an aggregate principal amount equal to or greater than $100,000,000 of any Senior Notes remains outstanding on the Senior Notes Springing Maturity Date (as defined below), such Senior Notes Springing Maturity Date, it being understood that Senior Notes shall not be considered to be outstanding for purposes of this clause (iii) to the extent GEO, shall have deposited or caused to be deposited funds into a customary irrevocable escrow in an amount sufficient to pay or redeem such Senior Notes in full on the maturity date thereof (the “Maturity Reserve Condition”), where “Senior Notes” refers to each of the Secured Notes and the Unsecured Notes and any other senior notes issued by GEO or any of its subsidiaries (excluding the 6.50% Exchangeable Senior Notes), and “Senior Notes Springing Maturity Date” means the date that is ninety-one days prior to the stated maturity date of the applicable Senior Notes. The Term Loans will mature on the earliest of (i) April 15, 2029 and (ii) in the event that an aggregate principal amount equal to or greater than $100,000,000 of any series or class of Senior Notes remains outstanding on the Senior Notes Springing Maturity Date, such Senior Notes Springing Maturity Date, unless the Maturity Reserve Condition is satisfied with respect to such Senior Notes (such earliest date, the “Term Loan Maturity Date”).

The Credit Agreement contains certain customary representations and warranties, affirmative covenants and negative covenants, including restrictions on the ability of GEO and its restricted subsidiaries to, among other things, (i) create, incur or assume any indebtedness, (ii) create, incur, assume or permit liens, (iii) make loans and investments, (iv) engage in mergers, acquisitions and asset sales, (v) make certain restricted payments, (vi) engage in transactions with affiliates, (vii) cancel, forgive, make any voluntary or optional payment or prepayment on, or redeem or acquire for value any subordinated indebtedness, except as permitted under applicable subordination terms, (viii) engage in other businesses, except as permitted, and (ix) materially impair the security interests securing the obligations under the Credit Agreement. The Credit Agreement also contains certain financial covenants, including a maximum total leverage ratio covenant, a maximum first lien leverage ratio covenant and a minimum interest coverage ratio covenant. In addition, the Credit Agreement restricts GEO from electing to be taxed as a real estate investment trust under the Internal Revenue Code. The Credit Agreement also contains certain customary events of default.

The Credit Facility guarantors will guarantee the obligations in respect of the commitments and loans under the Credit Agreement. The obligations of the Credit Facility Borrowers and the Credit Facility guarantors in respect of the Credit Agreement will be secured by first-priority liens on substantially all of their assets, including real property interests with respect to which the Credit Agreement requires the execution and delivery of a mortgage. The rights of the holders of the Secured Notes in the Collateral (including the right to exercise remedies) is subject to the First Lien Intercreditor Agreement.

As of June 30, 2024, the Company had $40.0 in borrowings under its revolver, and approximately $74.2 million in letters of credit which left approximately $195.8 million in additional borrowing capacity under the revolver. The weighted average interest rate on outstanding borrowings under the Credit Agreement as of June 30, 2024 was 9.46%.

Loss on Extinguishment of Debt and Debt Issuance Fees

In connection with the above transactions, the Company incurred a loss on extinguishment of debt of approximately $82.4 million which consisted of the write-off of existing deferred financing costs and net discount/premiums and the payment of call premiums. In addition, the Company incurred a total of approximately $34.7 million of debt issuance fees which were allocated to the new Secured Notes, new Unsecured Notes and the new Credit Agreement based on their relative fair values on the date of issuance. These debt issuance fees are being amortized over the terms of the respective agreements using the effective interest method.

6.50% Exchangeable Senior Notes due 2026

On February 24, 2021, the Company’s wholly owned subsidiary, GEOCH, completed a private offering of $230 million aggregate principal amount of Convertible Notes. The Convertible Notes will mature on February 23, 2026, unless earlier repurchased or exchanged. The Convertible Notes bear interest at the rate of 6.50% per year plus an additional amount based on the dividends paid by the Company on its common stock, $0.01 par value per share. Interest on the Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021.

Subject to certain restrictions on share ownership and transfer, holders may exchange the Convertible Notes at their option prior to the close of business on the business day immediately preceding November 25, 2025, but only under the following circumstances: (1) during the five consecutive business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the exchange rate for the Convertible Notes on each such trading day; or (2) upon the occurrence of certain specified corporate events. On or after November 25, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of the Convertible Notes, holders may exchange their Convertible Notes at any time, regardless of the foregoing circumstances. Upon exchange of a Convertible Note, GEO will pay or deliver, as the case may be, cash or a combination of cash and shares of the Company’s common stock.

Upon conversion, the Company will pay or deliver, as the case may be, cash or a combination of cash and shares of common stock. The initial conversion rate is 108.4011 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $9.225 per share of common stock). The conversion rate will be subject to adjustment in certain events. If the Company or GEOCH undergoes a fundamental change, holders may require GEOCH to purchase the Convertible Notes in whole or in part for cash at a fundamental change purchase price equal to 100% of the principal amount of the Convertible Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date.

During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50% Exchangeable Senior Notes as a result of private exchange transactions with an exchange value of approximately $410 million. The consideration consisted of cash of $229.4 million, using a combination of the net proceeds from the Senior Notes Offering and cash on hand, and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company issued 4,209,847 shares that were in treasury.

Other

In August of 2019, the Company entered into two identical notes in the aggregate amount of $38.6 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The terms of the notes are through September 1, 2034 and bear interest at LIBOR plus 200 basis points and are payable in monthly installments plus interest. The Company has entered into interest rate swap agreements to fix the interest rate to 4.22%. Included in the balance at June 30, 2024 is $0.5 million of deferred loan costs incurred in the transaction. Refer to Note 9 - Derivative Financial Instruments for further information.

The Company was in compliance with its debt covenants at June 30, 2024.

Guarantees

Australia

The Company has entered into a guarantee in connection with the operating performance of a facility in Australia. The obligation amounted to approximately AUD53 million, or $35.4 million, based on exchange rates as of June 30, 2024.

As of June 30, 2024, the Company also had five other letters of credit outstanding under separate international facilities relating to performance guarantees of its Australian subsidiary totaling AUD13.3 million, or $8.9 million, based on exchange rates as of June 30, 2024.

Except as discussed above, the Company does not have any off-balance sheet arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Debt (Senior Notes Offering) (Details) - USD ($)			6 Months Ended	12 Months Ended
Debt (Senior Notes Offering) (Details) - USD ($)	Apr. 15, 2026	Apr. 18, 2024	Jun. 30, 2024	Dec. 31, 2023
Secured Notes
Line of Credit Facility [Line Items]
Debt instrument, maturity date			Apr. 15, 2029
Percentage of principal amount redeemed			10.00%
Percentage of redemption price			103.00%
Percentage of cash payment in aggregate principal amount			1.01
Unsecured Notes
Line of Credit Facility [Line Items]
Debt instrument, maturity date			Apr. 15, 2031
Percentage of cash payment in aggregate principal amount			1.01
Minimum \| Secured Notes
Line of Credit Facility [Line Items]
Debt securities, aggregate principal amount			$ 100,000,000
Minimum \| Unsecured Notes
Line of Credit Facility [Line Items]
Debt securities, aggregate principal amount			$ 100,000,000
Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 1,275,000,000
Scenario forecast \| Secured Notes
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed	35.00%
Percentage of redemption price	108.625%
Scenario forecast \| Unsecured Notes
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed	35.00%
Percentage of redemption price	110.25%
After occurrence of redemption \| Scenario forecast \| Secured Notes
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed	65.00%
After occurrence of redemption \| Scenario forecast \| Unsecured Notes
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed	65.00%
Redeemed before April 15, 2026 \| Scenario forecast \| Secured Notes
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed	100.00%
Redemption period	90 days
Redeemed before April 15, 2026 \| Scenario forecast \| Unsecured Notes
Line of Credit Facility [Line Items]
Percentage of principal amount redeemed	100.00%
Redemption period	90 days
8.625% Senior Secured Notes Due 2029
Line of Credit Facility [Line Items]
Stated interest rate			8.625%
8.625% Senior Secured Notes Due 2029 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 650,000,000
Stated interest rate		8.625%
Debt instrument maturity year		2029
8.625% Secured Notes \| Secured Notes
Line of Credit Facility [Line Items]
Stated interest rate			8.625%
Debt instrument, payment terms			Interest on the Secured Notes is payable semi-annually on each April 15 and October 15, commencing October 15, 2024.
Debt instrument, commencement date of first required payment			Oct. 15, 2024
10.250% Unsecured Notes \| Unsecured Notes
Line of Credit Facility [Line Items]
Stated interest rate			10.25%
Debt instrument, payment terms			Interest on the Unsecured Notes is payable semi-annually on each April 15 and October 15, commencing October 15, 2024.
Debt instrument, commencement date of first required payment			Oct. 15, 2024
10.25% Senior Notes Due 2031 \| Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 625,000,000
Stated interest rate		10.25%
Debt instrument maturity year		2031
Credit Agreement
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 450,000,000
Net procceds to refinance		1,500,000,000
Credit Agreement \| Senior Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 310,000,000
Debt instrument, maturity date		Apr. 15, 2029
Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 175,000,000
9.500% Private Second Lien Notes due 2028 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate		9.50%	9.50%	9.50%
Debt instrument maturity year		2028	2028	2028
10.500% Public Second Lien Notes due 2028 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate		10.50%	10.50%	10.50%
Debt instrument maturity year			2028	2028
6.00% Senior Notes due 2026
Line of Credit Facility [Line Items]
Stated interest rate				6.00%
6.00% Senior Notes due 2026 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate		6.00%	6.00%	6.00%
Debt instrument maturity year		2026	2026	2026

Financial Instruments - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Restricted investment:
Rabbi Trusts	$ 54,299	$ 51,247
Marketable equity and fixed income securities	52,524	47,382
Other non-current assets	19,365	18,887
Quoted Prices in Active Markets (Level 1)
Restricted investment:
Rabbi Trusts	9,814	9,547
Marketable equity and fixed income securities	25,836	19,010
Significant Other Observable Inputs (Level 2)
Restricted investment:
Rabbi Trusts	44,485	41,700
Marketable equity and fixed income securities	26,688	28,372
Other non-current assets	19,365	18,887
Interest Rate Swap
Restricted investment:
Interest rate swap derivatives	4,881	3,849
Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Restricted investment:
Interest rate swap derivatives	$ 4,881	$ 3,849

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 607,185	$ 593,891	$ 1,212,857	$ 1,202,100
Operating expenses	443,529	428,128	885,204	861,620
Depreciation and amortization	31,313	31,691	62,678	63,614
General and administrative expenses	52,198	41,692	105,268	91,826
Operating income	80,145	92,380	159,707	185,040
Interest income	1,992	1,297	4,466	2,465
Interest expense	(50,644)	(55,046)	(101,939)	(109,304)
Loss on extinguishment of debt	(82,339)	(1,618)	(82,378)	(1,754)
(Loss) Gain on asset divestitures/impairment	(2,907)	2,175	(2,907)	2,175
Income (Loss) before income taxes and equity in earnings of affiliates	(53,753)	39,188	(23,051)	78,622
(Benefit from) provision for income taxes	(20,379)	11,153	(12,308)	23,515
Equity in earnings of affiliates, net of income tax provision of $186, $334, $314 and $514, respectively	811	1,490	839	2,412
Net income (loss)	(32,563)	29,525	(9,904)	57,519
Net loss attributable to noncontrolling interests	50	46	59	55
Net income (loss) attributable to The GEO Group, Inc.	$ (32,513)	$ 29,571	$ (9,845)	$ 57,574
Weighted-average common shares outstanding:
Basic	130,518	122,045	125,631	121,740
Diluted	130,518	123,278	125,631	123,496
Basic:
Net income (loss) per common share attributable to The GEO Group, Inc.-basic	$ (0.25)	$ 0.2	$ (0.08)	$ 0.39
Diluted:
Net income (loss) per common share attributable to The GEO Group, Inc.-diluted	$ (0.25)	$ 0.2	$ (0.08)	$ 0.39

Benefit Plans - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jul. 01, 2021	Jun. 30, 2024	Dec. 31, 2023
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Age limit for a lump sum payment		55 years
Long-term portion of the pension liability		$ 27.5	$ 27.0
George C. Zoley \| Amended and Restated Executive Retirement Agreement
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Deferred compensation arrangement with individual, cash payment	$ 3.6
Deferred compensation, interest rate on cash payment	5.00%
Deferred compensation arrangement with individual, employer contribution	$ 1.0
Deferred compensation, interest rate on employer contribution	5.00%
Deferred compensation arrangement with individual balance		$ 10.5

Debt (6.50% Exchangeable Senior Notes due 2026) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

^[2]

Apr. 18, 2024

Dec. 31, 2023

Feb. 24, 2021

Debt Instrument [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

Common Stock

Debt Instrument [Line Items]

Cash consideration

$ 229,400,000

Shares issued

4,210,000

^[1]

4,210,000

^[1]

642,000

6.50% Exchangeable Senior Notes due 2026

Debt Instrument [Line Items]

Stated interest rate

6.50%

6.50% Exchangeable Senior Notes due 2026 | Common Stock

Debt Instrument [Line Items]

Shares issued in connection with exchange for a portion of outstanding debt

12,414,455

Shares issued

4,209,847

5.875% Senior Notes due 2024

Debt Instrument [Line Items]

Stated interest rate

5.875%

Convertible Notes | 6.50% Exchangeable Senior Notes due 2026

Debt Instrument [Line Items]

Debt instrument, face amount

$ 229,400,000

$ 230,000,000

Stated interest rate

6.50%

Debt instrument, maturity date

Feb. 23, 2026

Debt instrument, payment terms

Interest on the Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021.

Debt instrument, commencement date of first required payment

Sep. 01, 2021

Debt instrument, frequency of payment

semi-annually

Debt exchange, description

Debt instrument, initial conversion rate per $1,000 principal amount

108.4011

Debt instrument, initial conversion price

$ 9.225

Percentage of principal amount of notes to be purchased

100.00%

Debt instrument converted amount

$ 410,000,000

Convertible Notes | 6.50% Exchangeable Senior Notes due 2026 | Maximum

Debt Instrument [Line Items]

Percentage of trading price per $1,000 principal amount against last reported sale price and exchange rate of notes

98.00%

Senior Notes

Debt Instrument [Line Items]

Debt instrument, face amount

$ 1,275,000,000

Senior Notes | 6.50% Exchangeable Senior Notes due 2026

Debt Instrument [Line Items]

Stated interest rate

6.50%

Senior Notes | 5.875% Senior Notes due 2024

Debt Instrument [Line Items]

Stated interest rate

5.875%

[1]

During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

[2]

The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement

Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.

Business Segments and Geographic Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Business Segments and Geographic Information

12. BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION

Operating and Reporting Segments

The Company conducts its business through four reportable business segments: the U.S. Secure Services segment; the Electronic Monitoring and Supervision Services segment; the Reentry Services segment; and the International Services segment. The Company has identified these four reportable segments to reflect the current view that the Company operates four distinct business lines, each of which constitutes a material part of its overall business.

The U.S. Secure Services segment primarily encompasses U.S.-based secure services business. The Electronic Monitoring and Supervision Services segment, which conducts its services in the United States, represents technology and services provided to adults for monitoring services for community-based parolees, probationers, and pretrial defendants. The Reentry Services segment, which conducts its services in the United States, represents evidence-based supervision and treatment programs provided to adults for residential and non-residential treatment, educational and community-based programs, pre-release and half-way house programs. The International Services segment primarily consists of secure services operations in South Africa and Australia. Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated.

The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands):


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Revenues:
U.S. Secure Services	$	402,097		$	372,543		$	803,037		$	738,500
Electronic Monitoring and Supervision Services		84,745			108,029			171,529			240,669
Reentry Services		68,960			67,594			136,790			131,817
International Services		51,383			45,725			101,501			91,114
Total revenues	$	607,185		$	593,891		$	1,212,857		$	1,202,100
Operating income from segments:
U.S. Secure Services	$	79,769		$	67,058		$	159,010		$	131,402
Electronic Monitoring and Supervision Services		38,277			55,121			76,457			119,809
Reentry Services		12,155			10,186			24,897			20,372
International Services		2,142			1,707			4,611			5,283
Operating income from segments	$	132,343		$	134,072		$	264,975		$	276,866
General and Administrative Expenses		(52,198	)		(41,692	)		(105,268	)		(91,826	)
Total Operating Income	$	80,145		$	92,380		$	159,707		$	185,040

Pre-Tax Income Reconciliation of Segments

The following is a reconciliation of the Company’s total operating income from its reportable segments to the Company’s income before income taxes and equity in earnings of affiliates (in thousands):


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Operating income from segments	$	132,343		$	134,072		$	264,975		$	276,866
Unallocated amounts:
General and administrative expenses		(52,198	)		(41,692	)		(105,268	)		(91,826	)
Net interest expense		(48,652	)		(53,749	)		(97,473	)		(106,839	)
Loss on extinguishment of debt		(82,339	)		(1,618	)		(82,378	)		(1,754	)
(Loss) gain on disposition on asset divestitures/impairment		(2,907	)		2,175			(2,907	)		2,175
Income (loss) before income taxes and equity in earnings of affiliates	$	(53,753	)	$	39,188		$	(23,051	)	$	78,622

Equity in Earnings of Affiliates

Equity in earnings of affiliates includes the Company’s 50% owned joint ventures in South African Custodial Services Pty. Limited (“SACS”), located in South Africa, and GEOAmey located in the United Kingdom. The Company's investments in these entities are accounted for under the equity method of accounting. The Company’s investments in these entities are presented as a component of Other Non-Current Assets in the accompanying consolidated balance sheets.

The Company has recorded $0.1 million in losses, net of tax, for SACS operations during the six months ended June 30, 2024, and $1.0 million in earnings, net of tax, for SACS operations during the six months ended June 30, 2023, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of June 30, 2024, and December 31, 2023, the Company’s investment in SACS was $8.1 million and $9.1 million, respectively, and represents its share of cumulative reported earnings.

The Company has recorded $0.9 million in earnings, net of tax, for GEOAmey's operations during the six months ended June 30, 2024, and $1.4 million in earnings, net of tax, for GEOAmey's operations during the six months ended June 30, 2023, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of June 30, 2024, and December 31, 2023, the Company’s investment in GEOAmey was $9.0 million and $11.2 million, respectively, and represents its share of cumulative reported earnings.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Commitments, Contingencies and Other Matters - Summary of Future Minimum Rentals to be Received on Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 7,786
2025	13,293
2026	13,361
2027	13,375
2028	11,911
Thereafter	58,162
Total	$ 117,888

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

2. GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from January 1, 2024 to June 30, 2024 are as follows (in thousands):


	January 1, 2024		Additions [1]		Foreign Currency Translation			June 30, 2024
U.S. Secure Services	$	316,366	$	—	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—		—			289,570
Reentry Services		148,873		—		—			148,873
International Services		390		836		(8	)		1,218
Total Goodwill	$	755,199	$	836	$	(8	)	$	756,027

[1] During the six months ended June 30, 2024, the Company completed an acquisition of an entity that performed health care services located in Australia. The purchase price was approximately AUD6.0 million, or approximately $3.9 million, based on exchange rates on the date of acquisition subject to certain adjustments. The net assets acquired and operations were not material to our results from operations during the quarter ended June 30, 2024.

The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts and trade names and technology, as follows (in thousands):


	June 30, 2024									December 31, 2023
	Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Facility management contracts		16.3	$	223,784	$	(137,776	)	$	86,008	$	223,781	$	(133,095	)	$	90,686
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	268,984	$	(137,776	)	$	131,208	$	268,981	$	(133,095	)	$	135,886

Amortization expense was $4.7 million and $6.7 million for the six months ended June 30, 2024 and 2023, respectively. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred. As of June 30, 2024, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 3.1 years.

Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2024 through 2028 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
Remainder of 2024	$	4,636
2025		8,533
2026		7,166
2027		6,854
2028		6,854
Thereafter		51,965
	$	86,008

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

14. RECENT ACCOUNTING PRONOUNCEMENTS

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM") and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in the Company including the additional required disclosures when adopted. The Company is currently evaluating the provisions of this ASU and expects to adopt them for the year ending December 31, 2024.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the Company's consolidated financial statements, once adopted during the year ended December 31, 2025.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the SEC did not, or are not expected to, have a material effect on the Company's results of operations or financial position.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Commitments, Contingencies and Other Matters - Summary of Idled Facilities and Respective Carrying Values (Parenthetical) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Coleman Hall and Adjoining Facility
Commitments And Contingencies [Line Items]
Total impairment loss	$ 2.3

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 675	$ 606
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	139,551,206	130,297,248
Common stock, shares outstanding (in shares)	139,551,206	126,087,401
Treasury stock, shares (in shares)	0	4,209,847

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ (32,563)	$ 29,525	$ (9,904)	$ 57,519
Net loss attributable to noncontrolling interests	50	46	59	55
Less: Undistributed income allocable to participating securities		(5,016)		(9,787)
Net income (loss) attributable to The GEO Group, Inc. available to common stockholders	$ (32,513)	$ 24,555	$ (9,845)	$ 47,787
Basic earnings (loss) per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding	130,518	122,045	125,631	121,740
Per share amount	$ (0.25)	$ 0.2	$ (0.08)	$ 0.39
Diluted earnings (loss) per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding	130,518	122,045	125,631	121,740
Dilutive effect of equity incentive plans		1,233		1,756
Weighted average shares assuming dilution	130,518	123,278	125,631	123,496
Per share amount	$ (0.25)	$ 0.2	$ (0.08)	$ 0.39

Fair Value of Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

4. FAIR VALUE OF ASSETS AND LIABILITIES

The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at June 30, 2024 and December 31, 2023 (in thousands):


			Estimated Fair Value Measurements at June 30, 2024
	Carrying Value as of June 30, 2024		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	46,299	$	46,299	$	46,299	$	—	$	—
Restricted cash and investments		34,489		34,489		34,489		—		—
Liabilities:
Borrowings under credit agreement	$	484,375	$	493,542	$	—	$	493,542	$	—
8.625% Senior Secured Notes due 2029		650,000		666,439		—		666,439		—
10.250% Senior Notes due 2031		625,000		654,288		—		654,288		—
6.50% Exchangeable Senior Notes due 2026		600		1,035		—		1,035		—


			Estimated Fair Value Measurements at December 31, 2023
	Carrying Value as of December 31, 2023		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	93,971	$	93,971	$	93,971	$	—	$	—
Restricted cash and investments		65,896		65,896		65,896		—		—
Liabilities:
Borrowings under exchange credit facility	$	906,712	$	926,445	$	—	$	926,445	$	—
10.500% Public Second Lien Notes due 2028		286,521		293,049		—		293,049		—
9.500% Private Second Lien Notes due 2028		239,142		231,692		—		231,692		—
5.875% Senior Notes due 2024		23,253		22,946		—		22,946		—
6.00% Senior Notes due 2026		110,858		106,541		—		106,541		—
6.50% Exchangeable Senior Notes due 2026		230,000		319,920		—		319,920		—

The fair values of the Company’s cash and cash equivalents, and restricted cash and investments approximates the carrying values of these assets at June 30, 2024 and December 31, 2023. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds and other funds contractually required to be maintained at the Company's Australian subsidiary. It also includes cash on hand in the Company’s captive insurance subsidiary, Florina. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1).

On April 18, 2024, the Company announced the closing of its previously announced private offering of $1.275 billion aggregate principal amount of senior notes (the “Senior Notes Offering”), comprised of $650.0 million aggregate principal amount of 8.625% senior secured notes due 2029 (the “Secured Notes” or "8.625% Secured Notes Due 2029") and $625.0 million aggregate principal amount of 10.250% senior notes due 2031 (the “Unsecured Notes” or "10.250% Unsecured Notes due 2031"). The Company used the net proceeds of the Senior Notes Offering, borrowings under the new Term Loan (defined below), and cash on hand to refinance approximately $1.5 billion of existing indebtedness, including to fund the repurchase, redemption or other discharge of the Company’s existing Tranche 1 Term Loan and Tranche 2 Term Loan under its prior senior credit facility, the 9.500% senior second lien secured notes due 2028 (the "9.500% Private Second Lien Notes due 2028"), the 10.500% senior second lien secured notes due 2028 (the "10.500% Public Second Lien Notes due 2028"), and the 6.00% senior notes due 2026 (the "6.00% Senior Notes due 2026"), to pay related premiums, transaction fees and expenses, and for general corporate purposes of the Company.

The Company also entered into a Credit Agreement, dated April 18, 2024 (the “Credit Agreement”) to, among other things, evidence and govern a first-lien senior secured revolving credit facility and the commitments thereunder, and a first-lien senior secured term loan facility. The aggregate principal amount of revolving credit commitments under the revolving credit facility is $310 million (including a $175 million letter of credit subfacility) and the aggregate principal amount of the new term loan facility is $450.0 million.

The Company also retired the majority of its 6.50% exchangeable senior notes due 2026 (the "Convertible Notes" or 6.50% Exchangeable Senior Notes") during the second quarter of 2024.

Refer to Note 10 - Debt for further information.

As of June 30, 2024, the recurring fair values of the Company's 8.625% Secured Notes due 2029 and the 10.250% Unsecured Notes due 2028 are based on Level 2 inputs using quotations by major market news services, such as Bloomberg. The fair value of the Company's Credit Agreement was also based on quotations by major market news services and also estimates of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments.

As of December 31, 2023, the recurring fair values of the Company's 10.500% Public Second Lien Notes due 2028 and the 9.500% Private Second Lien Notes due 2028 are based on Level 2 inputs using quotations by major market news services, such as Bloomberg. The fair value of the Company's exchange credit facility was also based on quotations by major market new services and also estimates of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments.

As of December 31, 2023, the fair values of the Company's 5.875% senior unsecured notes due 2024 ("5.875% Senior Notes due 2024"), 6.00% Senior Notes due 2026, and the 6.50% Exchangeable Senior Notes are based on Level 2 inputs by major market news services.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Debt (Loss on Extinguishment of Debt and Debt Issuance Fees) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 82,339	$ 1,618	$ 82,378	$ 1,754
New Secured Notes, New Unsecured Notes And New Credit Agreement
Debt Instrument [Line Items]
Debt issuance fees	$ 34,700		$ 34,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Shareholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,291,768
Current-period other comprehensive income (loss)	(328)	$ (1,663)
Ending balance	1,282,053
Foreign currency translation adjustments, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(19,755)	(20,015)
Current-period other comprehensive income (loss)	(1,167)	(2,416)
Ending balance	(20,922)	(22,431)
Change in fair value of derivatives, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	3,041	3,645
Current-period other comprehensive income (loss)	815	(200)
Ending balance	3,856	3,445
Change in marketable securities, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		(953)
Current-period other comprehensive income (loss)		953
Ending balance		0
Pension adjustments, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	72	404
Current-period other comprehensive income (loss)	24	0
Ending balance	96	404
Total
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(16,642)	(16,919)
Ending balance	$ (16,970)	$ (18,582)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Debt (Other) (Details) $ in Millions	6 Months Ended
Debt (Other) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	4.22%
LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt	$ 38.6
Debt instrument, maturity date	Sep. 01, 2034
Debt issuance costs, net	$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholders' Equity

6. SHAREHOLDERS’ EQUITY

The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three and six months ended June 30, 2024 and 2023 (in thousands):


	Common shares					Additional Paid-In			Retained Earnings			Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount		Capital			(Accumulated Deficit)			Loss			Shares			Amount			Interests			Equity
For the Three Months Ended June 30, 2024
Balance, March 31, 2024		126,457		$	1,307	$	1,297,998		$	125,757		$	(19,815	)		4,210		$	(95,175	)	$	(1,451	)	$	1,308,621
Proceeds from exercise of stock options		74			1		137			—			—			—			—			—			138
Stock-based compensation expense		—			—		3,132			—			—			—			—			—			3,132
Restricted stock granted		625			6		(6	)		—			—			—			—			—			—
Restricted stock canceled		(20	)		—		—			—			—			—			—			—			—
Reissuance of treasury shares [3]		4,210			—		—			(95,175	)		—			(4,210	)		95,175			—			—
Issuance of common shares [3]		8,205			82		(1,695	)		—			—			—			—			—			(1,613	)
Shares withheld for net settlements of share- based awards [1]		(3	)		—		(51	)		—			—			—			—			—			(51	)
Issuance of common stock - ESPP		3			—		43						—			—			—			—			43
Net loss		—			—		—			(32,513	)		—			—			—			(50	)		(32,563	)
Other comprehensive income (loss)		—			—		—			—			2,845			—			—			(15	)		2,830
Balance, June 30, 2024		139,551		$	1,396	$	1,299,558		$	(1,931	)	$	(16,970	)		—		$	—		$	(1,516	)	$	1,280,537


	Common shares						Additional Paid-In					Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings		Loss			Shares		Amount			Interests			Equity
For the Three Months Ended June 30, 2023
Balance, March 31, 2023		125,955		$	1,302		$	1,289,399		$	23,767	$	(18,935	)		4,210	$	(95,175	)	$	(1,309	)	$	1,199,049
Proceeds from exercise of stock options		5			—			32			—		—			—		—			—			32
Stock-based compensation expense		—			—			3,357			—		—			—		—			—			3,357
Restricted stock granted		117			1			(1	)		—		—			—		—			—			-
Restricted stock canceled		(9	)		(1	)		(1	)		—		—			—		—			—			(2	)
Issuance of common stock - ESPP		7			1			40			—		—			—		—			—			41
Net income		—			—			—			29,571		—			—		—			(46	)		29,525
Other comprehensive income		—			—			—			—		353			—		—			16			369
Balance, June 30, 2023		126,075		$	1,303		$	1,292,826		$	53,338	$	(18,582	)		4,210	$	(95,175	)	$	(1,339	)	$	1,232,371


	Common shares						Additional Paid-In			Retained Earnings			Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			(Accumulated Deficit)			Loss			Shares			Amount			Interests			Equity
For the Six Months Ended June 30, 2024
Balance December 31, 2023		126,087		$	1,303		$	1,299,193		$	103,089		$	(16,642	)		4,210		$	(95,175	)	$	(1,454	)	$	1,290,314
Proceeds from exercise of stock options		147			1			666			—			—			—			—			—			667
Stock-based compensation expense		—			—			8,788			—			—			—			—			—			8,788
Restricted stock granted		1,554			16			(16	)		—			—			—			—			—			—
Restricted stock canceled		(40	)		—			—			—			—			—			—			—			—
Reissuance of treasury shares [3]		4,210			—			—			(95,175	)		—			(4,210	)		95,175			—			—
Issuance of common shares [3]		8,205			82			(1,695	)		—			—			—			—			—			(1,613	)
Shares withheld for net settlements of share- based awards [1]		(618	)		(6	)		(7,457	)		—			—			—			—			—			(7,463	)
Issuance of common stock - ESPP		6			—			79			—			—			—			—			—			79
Net loss		—			—			—			(9,845	)		—			—			—			(59	)		(9,904	)
Other comprehensive loss		—			—			—			—			(328	)		—			—			(3	)		(331	)
Balance, June 30, 2024		139,551		$	1,396		$	1,299,558		$	(1,931	)	$	(16,970	)		—		$	-		$	(1,516	)	$	1,280,537


	Common shares						Additional Paid-In						Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings			Loss			Shares			Amount			Interests			Equity
For the Six Months Ended June 30, 2023
Balance, January 1, 2023		124,061		$	1,289		$	1,291,363		$	(4,236	)	$	(16,919	)		4,852		$	(105,099	)	$	(1,310	)	$	1,165,088
Proceeds from exercise of stock options		12			—			81			—			—			—			—			—			81
Stock-based compensation expense		—			—			8,935			—			—			—			—			—			8,935
Restricted stock granted		1,758			17			(17	)		—			—			—			—			—			-
Restricted stock canceled		(26	)		—			—			—			—			—			—			—			-
Shares withheld for net settlements of share- based awards [1]		(383	)		(4	)		(3,441	)		—			—			—			—			—			(3,445	)
Issuance of common stock - ESPP		11			1			79			—			—			—			—			—			80
Sale of treasury shares [2]		642			—			(4,174	)		—			—			(642	)		9,924			—			5,750
Net income		—			—			—			57,574			—			—			—			(55	)		57,519
Other comprehensive income (loss)		—			—			—			—			(1,663	)		—			—			26			(1,637	)
Balance, June 30, 2023		126,075		$	1,303		$	1,292,826		$	53,338		$	(18,582	)		4,210		$	(95,175	)	$	(1,339	)	$	1,232,371

[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares

of restricted stock held by employees.

[2] The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement

Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.

[3] During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

Automatic Shelf Registration on Form S-3

On October 30, 2023, the Company filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”) that enables the Company to offer for sale, from time to time and as the capital markets permit, an unspecified amount of common stock, preferred stock, debt securities, guarantees of debt securities, warrants and units. The shelf registration statement became automatically effective upon filing and is valid for three years.

Prospectus Supplement

On December 28, 2023, in connection with the shelf registration, the Company filed with the SEC a prospectus supplement related to the offer and sale from time to time of our common stock at an aggregate offering price of up to $300 million through sales agents. Sales of shares of GEO's common stock under the prospectus supplement and equity distribution agreements entered into with the sales agents, if any, will be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. There were no shares of common stock sold under this prospectus supplement during the six months ended June 30, 2024.

Comprehensive Income (Loss)

Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income (loss) is comprised of net income (loss) attributable to GEO, net loss attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, marketable securities and pension liability adjustments within shareholders' equity and comprehensive income (loss).

The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:


	Six Months Ended June 30, 2024
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax		Pension adjustments, net of tax		Total
Balance, January 1, 2024	$	(19,755	)	$	3,041	$	72	$	(16,642	)
Current-period other comprehensive income (loss)		(1,167	)		815		24		(328	)
Balance, June 30, 2024	$	(20,922	)	$	3,856	$	96	$	(16,970	)


	Six Months Ended June 30, 2023
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Change in marketable securities, net of tax			Pension adjustments, net of tax		Total
Balance, January 1, 2023	$	(20,015	)	$	3,645		$	(953	)	$	404	$	(16,919	)
Current-period other comprehensive income (loss)		(2,416	)		(200	)		953			—		(1,663	)
Balance, June 30, 2023	$	(22,431	)	$	3,445		$	—		$	404	$	(18,582	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at June 30, 2024 or 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	The GEO Group, Inc.
Entity Central Index Key	0000923796
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		139,630,024
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	1-14260
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0043078
Entity Address, Address Line One	4955 Technology Way
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	561
Local Phone Number	893-0101
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	GEO
Security Exchange Name	NYSE

Shareholders' Equity - Changes in Shareholders' Equity (Details) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

$ 1,308,621

$ 1,199,049

$ 1,290,314

$ 1,165,088

Proceeds from exercise of stock options

138

$ 667

Proceeds from exercise of stock options (shares)

147

Stock-based compensation expense

3,132

3,357

$ 8,788

8,935

Restricted stock canceled

(2)

Issuance of common shares

^[1]

(1,613)

Shares withheld for net settlements of share - based awards

^[2]

(51)

(7,463)

(3,445)

Reissuance of treasury shares / Sale of treasury share

^[3]

5,750

Issuance of common stock - ESPP

Net income (loss)

(32,563)

29,525

(9,904)

57,519

Other comprehensive income (loss)

2,830

369

(331)

(1,637)

Ending Balance

1,280,537

1,232,371

1,280,537

1,232,371

Common shares

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

$ 1,307

$ 1,302

$ 1,303

$ 1,289

Beginning Balance (shares)

126,457

125,955

126,087

124,061

Proceeds from exercise of stock options

$ 1

Proceeds from exercise of stock options (shares)

147

Restricted stock granted

$ 6

$ 1

$ 16

$ 17

Restricted stock granted (shares)

625

117

1,554

1,758

Restricted stock canceled

$ (1)

Restricted stock canceled (shares)

(20)

(9)

(40)

(26)

Issuance of common shares

^[1]

$ 82

Issuance of common shares (in shares)

^[1]

8,205

Shares withheld for net settlements of share - based awards

^[2]

$ (6)

$ (4)

Shares withheld for net settlements of share-based awards (shares)

^[2]

(3)

(618)

(383)

Reissuance of treasury shares / Sale of treasury share (shares)

4,210

^[1]

4,210

^[1]

642

^[3]

Issuance of common stock - ESPP

$ 1

Issuance of common stock - ESPP (in shares)

Ending Balance

$ 1,396

$ 1,303

$ 1,396

$ 1,303

Ending Balance (shares)

139,551

126,075

139,551

126,075

Additional Paid-In Capital

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

$ 1,297,998

$ 1,289,399

$ 1,299,193

$ 1,291,363

Proceeds from exercise of stock options

137

666

Stock-based compensation expense

3,132

3,357

8,788

8,935

Restricted stock granted

(6)

(1)

(16)

(17)

Restricted stock canceled

(1)

Issuance of common shares

^[1]

(1,695)

Shares withheld for net settlements of share - based awards

^[2]

(51)

(7,457)

(3,441)

Reissuance of treasury shares / Sale of treasury share

^[3]

(4,174)

Issuance of common stock - ESPP

Ending Balance

1,299,558

1,292,826

1,299,558

1,292,826

Retained Earnings (Accumulated Deficit)

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

125,757

23,767

103,089

(4,236)

Reissuance of treasury shares / Sale of treasury share

^[1]

(95,175)

Net income (loss)

(32,513)

29,571

(9,845)

57,574

Ending Balance

(1,931)

53,338

(1,931)

53,338

Accumulated Other Comprehensive Loss

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

(19,815)

(18,935)

(16,642)

(16,919)

Other comprehensive income (loss)

2,845

353

(328)

(1,663)

Ending Balance

(16,970)

(18,582)

(16,970)

(18,582)

Treasury shares

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

$ (95,175)

$ (105,099)

Beginning Balance (shares)

4,210

4,852

Reissuance of treasury shares / Sale of treasury share

$ 95,175

^[1]

$ 95,175

^[1]

$ 9,924

^[3]

Reissuance of treasury shares / Sale of treasury share (shares)

(4,210)

^[1]

(4,210)

^[1]

(642)

^[3]

Ending Balance

$ (95,175)

Ending Balance (shares)

4,210

Noncontrolling Interests

Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests

Beginning Balance

$ (1,451)

$ (1,309)

$ (1,454)

$ (1,310)

Net income (loss)

(50)

(46)

(59)

(55)

Other comprehensive income (loss)

(15)

(3)

Ending Balance

$ (1,516)

$ (1,339)

$ (1,516)

$ (1,339)

[1]

During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

[2]

The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares

of restricted stock held by employees.

[3]

The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement

Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.

Equity Incentive Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock Award shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Summary of the activity of restricted stock
Restricted stock outstanding shares, Beginning Balance (in shares) \| shares	3,999
Granted (in shares) \| shares	1,554
Vested (in shares) \| shares	(1,903)
Forfeited/canceled (in shares) \| shares	(40)
Restricted stock outstanding shares, Ending Balance (in shares) \| shares	3,610
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Beginning Balance (in dollars per share) \| $ / shares	$ 7.78
Granted Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	13.41
Vested Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	7.79
Forfeited/Canceled Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	8.03
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 9.43

Business Segments and Geographic Information - Schedule of Operating and Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 607,185	$ 593,891	$ 1,212,857	$ 1,202,100
Operating income from segments:
Operating income from segments	132,343	134,072	264,975	276,866
General and Administrative Expenses	(52,198)	(41,692)	(105,268)	(91,826)
Operating income	80,145	92,380	159,707	185,040
Operating Segments
Revenues:
Revenues	607,185	593,891	1,212,857	1,202,100
Operating income from segments:
Operating income from segments	132,343	134,072	264,975	276,866
Operating Segments \| U.S. Secure Services
Revenues:
Revenues	402,097	372,543	803,037	738,500
Operating income from segments:
Operating income from segments	79,769	67,058	159,010	131,402
Operating Segments \| Electronic Monitoring and Supervision Services
Revenues:
Revenues	84,745	108,029	171,529	240,669
Operating income from segments:
Operating income from segments	38,277	55,121	76,457	119,809
Operating Segments \| Reentry Services
Revenues:
Revenues	12,155	10,186	24,897	20,372
Operating income from segments:
Operating income from segments	68,960	67,594	136,790	131,817
Operating Segments \| International Services
Revenues:
Revenues	2,142	1,707	4,611	5,283
Operating income from segments:
Operating income from segments	51,383	45,725	101,501	91,114
Segment Reconciling Items
Operating income from segments:
General and Administrative Expenses	$ (52,198)	$ (41,692)	$ (105,268)	$ (91,826)

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Change in marketable securities, net of tax provision (benefit)	$ 0	$ 147	$ 0	$ 253
Tax provision on pension liability adjustment	3	0	6	0
Tax provision on loss on derivative instrument classified as a cash flow hedge	$ 31	$ 220	$ 217	$ (53)

Commitments, Contingencies and Other Matters - Summary of Idled Facilities and Respective Carrying Values (Details) - Property and Equipment, Net $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Bed
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 283,527
Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	10,486
Net Carrying Value	$ 263,040
Reentry Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	789
Net Carrying Value	$ 20,487
D. Ray James Correctional Facility
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 49,020
D. Ray James Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	1,900
Year Idled	2021
Net Carrying Value	$ 49,020
North Lake Correctional Facility
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 72,679
North Lake Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	1,800
Year Idled	2022
Net Carrying Value	$ 72,679
Rivers Correctional Facility
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 35,396
Rivers Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	1,450
Year Idled	2021
Net Carrying Value	$ 35,396
Big Spring Correctional Facility
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 28,807
Big Spring Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	1,732
Year Idled	2021
Net Carrying Value	$ 28,807
Flightline Correctional Facility
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 32,825
Flightline Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	1,800
Year Idled	2021
Net Carrying Value	$ 32,825
McFarland Female Community Reentry Facility
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 10,095
McFarland Female Community Reentry Facility \| Reentry Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	300
Year Idled	2020
Net Carrying Value	$ 10,095
Hector Garza Center
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 4,312
Hector Garza Center \| Reentry Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	139
Year Idled	2020
Net Carrying Value	$ 4,312
Cheyenne Mountain Recovery Center
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 17,182
Cheyenne Mountain Recovery Center \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	750
Year Idled	2020
Net Carrying Value	$ 17,182
Delaney Hall
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 27,131
Delaney Hall \| Secure Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	1,054
Year Idled	2023
Net Carrying Value	$ 27,131
Coleman Hall
Commitments and Contingencies [Line Items]
Net Carrying Value	$ 6,080
Coleman Hall \| Reentry Services
Commitments and Contingencies [Line Items]
Design Capacity (beds) \| Bed	350
Year Idled	2017
Net Carrying Value	$ 6,080

Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments

The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at June 30, 2024 and December 31, 2023 (in thousands):


			Estimated Fair Value Measurements at June 30, 2024
	Carrying Value as of June 30, 2024		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	46,299	$	46,299	$	46,299	$	—	$	—
Restricted cash and investments		34,489		34,489		34,489		—		—
Liabilities:
Borrowings under credit agreement	$	484,375	$	493,542	$	—	$	493,542	$	—
8.625% Senior Secured Notes due 2029		650,000		666,439		—		666,439		—
10.250% Senior Notes due 2031		625,000		654,288		—		654,288		—
6.50% Exchangeable Senior Notes due 2026		600		1,035		—		1,035		—


			Estimated Fair Value Measurements at December 31, 2023
	Carrying Value as of December 31, 2023		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	93,971	$	93,971	$	93,971	$	—	$	—
Restricted cash and investments		65,896		65,896		65,896		—		—
Liabilities:
Borrowings under exchange credit facility	$	906,712	$	926,445	$	—	$	926,445	$	—
10.500% Public Second Lien Notes due 2028		286,521		293,049		—		293,049		—
9.500% Private Second Lien Notes due 2028		239,142		231,692		—		231,692		—
5.875% Senior Notes due 2024		23,253		22,946		—		22,946		—
6.00% Senior Notes due 2026		110,858		106,541		—		106,541		—
6.50% Exchangeable Senior Notes due 2026		230,000		319,920		—		319,920		—

Commitments, Contingencies and Other Matters

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Other Matters

11. COMMITMENTS, CONTINGENCIES AND OTHER MATTERS

Appointment of Mark Suchinski as Chief Financial Officer

On June 4, 2024, the Board approved the appointment of Mark J. Suchinski as Senior Vice President and Chief Financial Officer, effective July 8, 2024.

In connection with his appointment, Mr. Suchinski and the Company entered into an Executive Employment Agreement (the “Employment Agreement”) to provide that Mr. Suchinski will be employed by the Company for a two-year term beginning July 8, 2024. Unless the Employment Agreement is sooner terminated, or not renewed, it will automatically extend upon the end of its initial term for a rolling two-year term. Pursuant to the terms of the Employment Agreement, Mr. Suchinski will serve as Senior Vice President and Chief Financial Officer and report directly to the Chief Executive Officer. Either Mr. Suchinski or the Company may terminate Mr. Suchinski’s employment under the Employment Agreement for any reason upon not less than thirty (30) days written notice.

Under the terms of the Employment Agreement, Mr. Suchinski will be paid an annual base salary of $700,000, subject to the review and potential increase in the sole discretion of the Compensation Committee. Mr. Suchinski will also be entitled to receive a target annual performance award of 100% of Mr. Suchinski’s base salary in accordance with the terms of any plan governing the senior management performance awards then in effect.

Mr. Suchinski will be entitled to receive an annual equity incentive award of restricted stock with a grant date fair value equal to at least 80% of his base salary that will vest upon the attainment of certain performance goals in accordance with the terms of the Company’s equity compensation plan. Mr. Suchinski will receive an initial grant of 50,000 shares of restricted stock that will vest upon the attainment of certain performance goals. In connection with the beginning of Mr. Suchinski’s employment, Mr. Suchinski shall be entitled to receive $150,000 to offset expenses in connection with his relocation, above and beyond the customary relocation benefits offered to employees, which shall be deducted from Mr. Suchinski’s annual performance award paid in 2025.

The Employment Agreement provides that upon the separation of employment by Mr. Suchinski for good reason, by the Company without cause or upon the death or disability of Mr. Suchinski, he will be entitled to receive a separation payment equal to two (2) times the sum of his annual base salary payable over a period of twenty-four (24) months. The Company will also continue to provide Mr. Suchinski and any covered dependents with the Executive Benefits as defined in the Employment Agreement for a period of eighteen (18) months after the date of separation. In the event of Mr. Suchinski’s death within such eighteen (18) month period, the Company will continue to provide the Executive Benefits to Mr. Suchinski’s covered dependents, and, if applicable to Mr. Suchinski’s estate. In addition, the Employment Agreement provides that upon such separation, GEO will transfer all of its interest in any automobile used by Mr. Suchinski pursuant to its Executive Automobile Policy (the “Executive Automobile Policy”) and pay the balance of any outstanding loans or leases on such automobile so that Mr. Suchinski owns the automobile outright. In the event such automobile is leased, GEO will pay the residual cost of the lease. Lastly, all of the outstanding and unvested stock options and restricted stock granted to Mr. Suchinski prior to separation will fully vest immediately upon separation; provided, however that any restricted stock that is subject to performance-based vesting shall only vest when and to the extent the Compensation Committee certifies that the performance goals are actually met. Upon a separation of employment by GEO for cause or by Mr. Suchinski without good reason, Mr. Suchinski will be entitled to only the amount of compensation that is due through the effective date of the separation. If Mr. Suchinski’s separation of employment is due to his retirement in accordance with the Company’s then current Senior Officer retirement plan, all of the outstanding and unvested stock options and restricted stock granted to Mr. Suchinski prior to separation will fully vest immediately upon separation; provided, however that any restricted stock that is subject to performance-based vesting shall only vest when and to the extent the Compensation Committee certifies that the performance goals are actually met, and provided further that Mr. Suchinski remains in full compliance with the restrictive covenants set forth in the Employment Agreement.

Litigation, Claims and Assessments

Shareholder and Derivative Litigation

On July 7, 2020, a putative shareholder class action lawsuit was filed against the Company and its officers George C. Zoley and Brian R. Evans in the U.S. District Court for the Southern District of Florida. The parties resolved this matter following mediation for a payment to a settlement class of $3 million paid by the Company's insurance carrier. On November 17, 2023, the court entered a Final Judgment and Order of Dismissal with Prejudice approving the settlement. After the putative shareholder class action lawsuit was filed, three related putative shareholder derivative actions were also filed. These cases generally allege breaches of fiduciary duties premised on alleged materially false and misleading statements and/or omissions related to pending litigation, as alleged in the shareholder class action. First, on July 1, 2021, a putative shareholder derivative complaint was filed by Anning Fang, a purported stockholder, in Palm Beach County, Florida Circuit Court against the Company, as well as current and former Company directors and officers George C. Zoley, Jose Gordo, Brian R. Evans, Ann M. Schlarb, Richard H. Glanton, Anne N. Foreman, Christopher C. Wheeler, Julie M. Wood, Guido van Hauwermeiren, Scott M. Kernan, and Duane Helkowski (collectively, the “State-Court Defendants”). Second, on November 12, 2021, a putative shareholder derivative complaint was filed by Rui Zhang, a purported stockholder, in the U.S. District Court for the Southern District of Florida against the Company, the State-Court Defendants, as well as then current and former Company officers David Venturella and J. David Donahue (collectively, the “Derivative Defendants”). Third, on August 24, 2022, a putative stockholder derivative complaint was filed by Gerardo Maldonado Jr., a purported stockholder, in the U.S. District Court for the Southern District of Florida against the Company and the Derivative Defendants. The state-court Fang complaint alleges breach of fiduciary duty and unjust enrichment claims against the State-Court Defendants relating to purported healthcare and quality of care deficiencies, an allegedly inadequate response to the COVID-19 pandemic, alleged forced labor by detainees, and alleged exposure to pending litigation, which purportedly led to damage to GEO. The Zhang and Maldonado federal-court complaints make similar allegations of breach of fiduciary duty as to the Derivative Defendants, assert claims for unjust enrichment and waste of corporate assets, and also allege that the Derivative Defendants violated Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder and that Mr. Zoley contributed to alleged violations of Sections 10(b) and 21D of the Exchange Act. The three putative shareholder derivative cases are currently stayed. Following mediation, the Zhang parties reached an agreement to resolve all derivative claims with the Company agreeing to adopt certain corporate governance policies. On April 16, 2024, the Zhang court entered an order preliminarily approving the settlement.

Immigration Detainee Litigation

Civil immigration detainees at the Aurora ICE Processing Center filed a class action lawsuit on October 22, 2014, against the Company in the U.S. District Court for the District of Colorado. The complaint alleges that the Company was in violation of the Colorado Minimum Wage Act ("CMWA") and the Federal Trafficking Victims Protection Act (“TVPA”). The complaint also claims that the Company was unjustly enriched based on the level of payment the detainees received for work performed in a Voluntary Work Program ("VWP") the Company is required to implement at the facility under the terms of its contract with the federal government. On July 6, 2015, the court found that detainees were not employees under the CMWA and dismissed this claim. On February 27, 2017, the court granted the plaintiffs' motion for class certification on the TVPA and unjust enrichment claims. The plaintiffs' class seeks actual damages, compensatory damages, exemplary damages, punitive damages, restitution, attorneys’ fees and costs, and such other relief as the court may deem proper. On October 18, 2022, the court issued an order granting plaintiffs’ motion for summary judgment on the Company’s affirmative defenses, denying the Company’s motion for summary judgment, motion to dismiss, and motion for decertification of the class, narrowing the class period for plaintiffs’ TVPA claims, and otherwise ruling against the Company’s motions for relief. All trial dates are currently stayed by court order pending appeal of certain of GEO's defenses to the 10th Circuit Court of Appeal. Oral argument before the 10th Circuit was held on September 18, 2023.

Since the Colorado suit was initially filed, four similar lawsuits have been filed - two in the State of Washington and two in California.

The first of the two State of Washington lawsuits was filed on September 26, 2017, by immigration detainees against the Company in the U.S. District Court for the Western District of Washington. The second lawsuit was filed on September 20, 2017, by the State Attorney General against the Company in the Superior Court of the State of Washington for Pierce County, which the Company removed to the U.S. District Court for the Western District of Washington on October 9, 2017. The plaintiffs claimed that State of Washington minimum wage laws should be enforced with respect to detainees who volunteer to participate in a VWP administered by GEO at the Northwest ICE Processing Center (the "Center") as required by the U.S. Department of Homeland Security under the terms of GEO’s contract. The Center houses persons in the custody of federal immigration authorities while the federal government is determining their immigration status. In October 2021, an unfavorable jury verdict and court judgment resulting in a combined $23.2

million judgment entered against the Company in the retrial of the two cases, which judgment amounts were subsequently increased by a further award against the Company of attorney’s fees, costs, and pre-judgment interest in the amount of $14.4 million. Post-judgment interest is accruing on these judgments in accordance with Washington law. The trial court has waived the necessity to post a supersedeas bond for the combined judgments and has stayed enforcement of the verdict and judgments while GEO’s appeal to the U.S. Court of Appeals for the Ninth Circuit is pending. Oral argument before the Ninth Circuit was held on October 6, 2022. On March 7, 2023, the Ninth Circuit certified certain state law questions to the Washington Supreme Court. Oral argument before the Washington Supreme Court was held on October 17, 2023. On December 21, 2023, the Washington Supreme Court issued an opinion answering the questions certified by the Ninth Circuit. Under the Ninth Circuit’s March 7, 2023 order certifying the above questions to the Washington Supreme Court, the Ninth Circuit has resumed control and jurisdiction over the State of Washington lawsuits. On February 21, 2024, the United States Department of Justice filed its Brief for the United States as Amicus Curiae in Support of GEO, arguing that the State of Washington judgments should be reversed because the Supremacy Clause precludes application of the Washington Minimum Wage Statute to work programs for federal detainees. In its Brief, the Department of Justice asserts that application of the Washington law independently contravenes intergovernmental immunity because it would make federal detainees subject to provisions that do not apply, and never have applied, to persons in state custody, singling out a contractor with the federal government for obligations Washington does not itself bear. The Department of Justice also contends that the immigration statutory structure approved by Congress does not contemplate a role for states or state law in governing the VWP for federal detainees.

In California, a class action lawsuit was filed on December 19, 2017, by immigration detainees against the Company in the U.S. District Court, Eastern Division of the Central District of California. The California lawsuit alleges violations of the state’s minimum wage laws, violations of the TVPA and California's equivalent state statute, unjust enrichment, unfair competition and retaliation. The California court has certified a class of individuals who have been civilly detained at the Company's Adelanto Facility from December 19, 2014, until the date of final judgment. On March 31, 2022, the court entered a stay until the Ninth Circuit rules on the State of Washington lawsuits.

Current and former detainees of the Mesa Verde ICE Processing Center and the Golden State Annex ICE Processing Center filed a class action lawsuit on July 13, 2022, against the Company in the U.S. District Court for the Eastern District of California, Fresno Division. This lawsuit is similar to the cases in Colorado, State of Washington, and California discussed above. The complaint alleges that federal detainees who volunteer to participate in the VWP at GEO’s Mesa Verde and Golden State Annex ICE facilities are employees of GEO and entitled to the state’s minimum wage. Plaintiffs also make claims for unfair competition, unjust enrichment, human trafficking, forced labor, California's Private Attorneys General Act and retaliation. GEO filed both a motion to stay the action pending the Ninth Circuit's decision in the State of Washington lawsuits and a motion to dismiss the action in its entirety. On July 10, 2023, the court entered a stay until the Ninth Circuit rules on the State of Washington lawsuits.

GEO believes it operates the VWP in full compliance with its contract with ICE and all applicable laws, regulations, and standards. GEO strongly disputes the claims made in these lawsuits, and intends to take all necessary steps to vigorously defend itself from these lawsuits. GEO has not recorded any accruals relating to these lawsuits at this time as losses are not considered probable.

Challenges to State Legislation that Conflict with Federal Contracts

On July 13, 2023, the Company filed a lawsuit in the U.S. District Court for the Western District of Washington against the State of Washington for declaratory and injunctive relief challenging the State of Washington’s newly enacted law – House Bill 1470. House Bill 1470 purports to empower state agencies with new rule making, inspection, investigation, and testing powers over the Northwest ICE Processing Center. House Bill 1470 also creates a statutory regime of civil penalties applicable to private detention facilities for violations of House Bill 1470 detention standards, and purports to create a private right of action for detainees aggrieved by violations of the statute. On March 8, 2024, the U.S. District Court for the Western District of Washington entered an order preliminarily enjoining the enforcement of House Bill 1470 against GEO as the operator of the Northwest ICE Processing Center. On April 29, 2024, the State of Washington filed a Notice of Appeal of the order preliminarily enjoining the enforcement of House Bill 1470.

On April 15, 2024, the Company filed a lawsuit in the U.S. District Court for the District of New Jersey against the State of New Jersey for declaratory and injunctive relief challenging the State of New Jersey’s Assembly Bill 5207 – that purports to prohibit the operation of "private detention facilities" in the state, which would prevent the United States from using privately contracted detention facilities to house detainees in the custody of ICE. On April 25, 2024, the U.S. District Court for the District of New Jersey entered an order preliminarily enjoining the State of New Jersey from enforcing Assembly Bill 5207 against a private detention facility-including any owned by Plaintiff GEO until a further Order of the Court.

Other Litigation

The nature of the Company's business also exposes it to various other legal claims or litigation, including, but not limited to, civil rights claims relating to conditions of confinement and/or mistreatment, sexual misconduct claims brought by individuals in its care,

medical malpractice claims, claims related to deaths in custody, product liability claims, intellectual property infringement claims, claims relating to employment matters (including, but not limited to, employment discrimination claims, union grievances and wage and hour claims), property loss claims, environmental claims, automobile liability claims, indemnification claims by its customers and other third-parties, contractual claims and claims for personal injury or other damages resulting from contact with the Company's facilities, programs, electronic monitoring products, personnel or detainees, including damages arising from the escape of an individual in its care or from a disturbance or riot at a facility. Legal proceedings with respect to our facilities are unpredictable and, where material, can cause adverse effects, such as prompting modification or even termination of the underlying facility management contracts.

Other Assessment

A state non-income tax audit completed in 2016 included tax periods for which the state tax authority had previously processed a substantial tax refund. At the completion of the audit fieldwork, the Company received a notice of audit findings disallowing deductions that were previously claimed by the Company that was approved by the state tax authority and served as the basis for the approved refund claim. In early January 2017, the Company received a formal Notice of Assessment of Taxes and Demand for Payment from the taxing authority disallowing the deductions. The total tax, penalty and interest related to the assessment is approximately $21.6 million. The Company appealed the administrative ruling. In February 2024, the Company received notice that the New Mexico Court of Appeals had ruled against its appeal. The Company appealed this ruling to the New Mexico Supreme Court by timely filing a Petition for Writ of Certiorari on April 19, 2024. On July 8, 2024, the New Mexico Supreme Court denied the Company's Petition for Writ of Certiorari. The Company established an estimated liability (inclusive of both the audit period and the post-audit period) based on its estimate of the most probable loss based on the facts and circumstances known to date and the advice of outside counsel in connection with this matter. Subsequent to June 30, 2024, the Company made a payment of approximately $18.9 million towards the estimated liability related to the assessment for the tax periods audited.

Accruals for Legal Proceedings

The Company establishes accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the results of these claims or proceedings cannot be predicted with certainty, and an unfavorable resolution of one or more of these claims or proceedings could have a material adverse effect on the Company's financial condition, results of operations or cash flows, including the modification or loss of one or more facility management contracts, or could result in a material impairment of the Company’s assets. The Company's accruals for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. The Company generally does not accrue for anticipated legal fees and costs but expenses those items as incurred.

Commitments

The Company currently has contractual commitments for a number of projects using Company financing. The Company’s management estimates that the cost of these existing active capital projects will be approximately $59.7 million of which $34.8 million was spent through the first six months of 2024. The Company estimates the remaining capital requirements related to these capital projects will be $24.9 million which will be spent through the remainder of 2024.

Inventories

Inventory, which consists primarily of component parts related to electronic monitoring equipment, is stated at the lower of average cost or net realizable value and is approximately $32.5 million and $25.1 million at June 30, 2024 and December 31, 2023, respectively. Inventory is included in Other Non-Current Assets in the accompanying consolidated balance sheets.

Uncertain Tax Positions

A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation, based on the technical merits of the position. As of June 30, 2024, the Company has a total of approximately $40.7 million of unrecognized tax benefits for uncertain tax positions. Approximately $38.9 million of this total was generated in the three months ending June 30, 2024, and relates to interest deduction for GEO shares issued to the holders of our 6.5% Exchangeable Senior Notes due 2026. Approximately all of the unrecognized tax benefits, if recognized, would impact our effective tax rate. The Company does not believe it has any existing tax positions for which it is reasonably possible that it will be required to record significant amounts of unrecognized tax benefits within the next twelve months.

Idle Facilities

As of June 30, 2024, the Company was marketing ten of its idle facilities to potential customers. One of the facilities, Cheyenne Mountain Recovery Center, is under a contract which has yet to be activated. The carrying values of these idle facilities are included in Property and Equipment in the accompanying consolidated balance sheets. The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that can be easily transferred for use at other facilities. There was no indication of impairment related to the Company's idle facilities as of June 30, 2024 other than discussed below.


						Secure Services		Reentry Services		Total
		Secure Services		Reentry Services		Net Carrying Value		Net Carrying Value		Net Carrying Value
Facility	Year Idled	Design Capacity (beds)		Design Capacity (beds)		June 30, 2024		June 30, 2024		June 30, 2024
D. Ray James Correctional Facility	2021		1,900		—	$	49,020	$	—	$	49,020
Northlake Correctional Facility	2022		1,800		—		72,679		—		72,679
Rivers Correctional Facility	2021		1,450		—		35,396		—		35,396
Big Spring Correctional Facility	2021		1,732		—		28,807		—		28,807
Flightline Correctional Facility	2021		1,800		—		32,825		—		32,825
McFarland Female Community Reentry Facility	2020		—		300		—		10,095		10,095
Hector Garza Center	2020		—		139		—		4,312		4,312
Cheyenne Mountain Recovery Center	2020		750		—		17,182		—		17,182
Delaney Hall	2023		1,054		—		27,131		—		27,131
Coleman Hall [1]	2017		—		350		—		6,080		6,080
Total			10,486		789	$	263,040	$	20,487	$	283,527

[1] The Company entered into a purchase and sale agreement in July 2024 for this facility and another adjoining facility that was active as of June 30, 2024 which is expected to close towards the end of 2024 or beginning of 2025. As the sale price was less than the net carrying values at June 30, 2024, the Company recorded a total impairment loss for both facilities of approximately $2.3 million during the second quarter of 2024 which is included in (loss) gain on asset divestitures/impairment in the accompanying consolidated statements of operations. This facility has been classified as assets held for sale at June 30, 2024 within the accompanying consolidated balance sheets.

Lease Revenue

The Company leases nine of its owned facilities to unrelated parties. Six of which have a month to month term through June 2024. The carrying value of these leased facilities as of June 30, 2024 is $ 46.1 million, net of accumulated depreciation of $25.1 million. For the additional three leased facilities, one facility has a term that expires in February 2025. The carrying value of this leased facility as of June 30, 2024 was $2.3 million, net of accumulated depreciation of $0.8 million. One facility has a term of sixty-six months with one-year renewal options which base term expires in October 2028. The carrying value of this leased facility as of June 30, 2024 was $74.1 million, net of accumulated depreciation of $34.8 million. The remaining facility has a term of twenty years with renewals and expires in October 2041. The carrying value of this leased facility as of June 30, 2024 was $21.2 million, net of accumulated depreciation of $17.7 million. Rental income, included in Revenues, for leased facilities for the six months ended June 30, 2024 and 2023, was approximately $7.7 million and $7.1 million, respectively. As of June 30, 2024, future minimum rentals to be received on these leases are as follows:


	Annual Rental
Year	(in thousands)
Remainder of 2024	$	7,786
2025		13,293
2026		13,361
2027		13,375
2028		11,911
Thereafter		58,162
Total	$	117,888

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share were calculated for the three and six months ended June 30, 2024 and 2023 as follows (in thousands, except per share data):


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net income (loss)	$	(32,563	)	$	29,525		$	(9,904	)	$	57,519
Net loss attributable to noncontrolling interests		50			46			59			55
Less: Undistributed income allocable to participating securities		-			(5,016	)		-			(9,787	)
Net income (loss) attributable to The GEO Group, Inc. available to common stockholders		(32,513	)		24,555			(9,845	)		47,787
Basic earnings (loss) per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		130,518			122,045			125,631			121,740
Per share amount	$	(0.25	)	$	0.20		$	(0.08	)	$	0.39
Diluted earnings (loss) per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		130,518			122,045			125,631			121,740
Dilutive effect of equity incentive plans		—			1,233			—			1,756
Weighted average shares assuming dilution		130,518			123,278			125,631			123,496
Per share amount	$	(0.25	)	$	0.20		$	(0.08	)	$	0.39

Business Segments and Geographic Information - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Equity Method Investments [Line Items]
Number of reportable business segments \| Segment			4
Equity in earnings (losses) of affiliates, net of income tax provision	$ 811	$ 1,490	$ 839	$ 2,412
SACS
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in entity			50.00%
Equity in earnings (losses) of affiliates, net of income tax provision			$ 100	1,000
Investment in joint venture	8,100		$ 8,100		$ 9,100
GEO Amey
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in entity			50.00%
Equity in earnings (losses) of affiliates, net of income tax provision			$ 900	$ 1,400
Advances to affiliate	$ 9,000		$ 9,000		$ 11,200

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Restricted Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:


	June 30, 2024			June 30, 2023
Cash and cash equivalents	$	46,299		$	48,716
Restricted cash and cash equivalents - current		6,240			—
Restricted cash and investments - non-current		141,312			136,497
Less Restricted investments - non-current		(71,173	)		(66,424	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	122,678		$	118,789

Goodwill and Other Intangible Assets - Goodwill (Parenthetical) (Details) - 6 months ended Jun. 30, 2024 $ in Millions, $ in Millions	AUD ($)	USD ($)
Health Care Services in Australia
Goodwill [Line Items]
Goodwill purchase price	$ 6.0	$ 3.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Schedule of intangible assets
Intangible assets, gross carrying amount	$ 268,984	$ 268,981
Accumulated Amortization	(137,776)	(133,095)
Total acquired intangible assets, Net carrying amount	131,208	135,886
Net Carrying Amount	86,008
Trade names
Schedule of intangible assets
Indefinite lived intangible assets	45,200	45,200
Facility management contracts
Schedule of intangible assets
Gross Carrying Amount	223,784	223,781
Accumulated Amortization	(137,776)	(133,095)
Net Carrying Amount	$ 86,008	$ 90,686
Amortization period	16 years 3 months 18 days

Commitments, Contingencies and Other Matters (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Idled Facilities and Respective Carrying Values

The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that can be easily transferred for use at other facilities. There was no indication of impairment related to the Company's idle facilities as of June 30, 2024 other than discussed below.


						Secure Services		Reentry Services		Total
		Secure Services		Reentry Services		Net Carrying Value		Net Carrying Value		Net Carrying Value
Facility	Year Idled	Design Capacity (beds)		Design Capacity (beds)		June 30, 2024		June 30, 2024		June 30, 2024
D. Ray James Correctional Facility	2021		1,900		—	$	49,020	$	—	$	49,020
Northlake Correctional Facility	2022		1,800		—		72,679		—		72,679
Rivers Correctional Facility	2021		1,450		—		35,396		—		35,396
Big Spring Correctional Facility	2021		1,732		—		28,807		—		28,807
Flightline Correctional Facility	2021		1,800		—		32,825		—		32,825
McFarland Female Community Reentry Facility	2020		—		300		—		10,095		10,095
Hector Garza Center	2020		—		139		—		4,312		4,312
Cheyenne Mountain Recovery Center	2020		750		—		17,182		—		17,182
Delaney Hall	2023		1,054		—		27,131		—		27,131
Coleman Hall [1]	2017		—		350		—		6,080		6,080
Total			10,486		789	$	263,040	$	20,487	$	283,527

Summary of Future Minimum Rentals to be Received on Leases

future minimum rentals to be received on these leases are as follows:


	Annual Rental
Year	(in thousands)
Remainder of 2024	$	7,786
2025		13,293
2026		13,361
2027		13,375
2028		11,911
Thereafter		58,162
Total	$	117,888

Business Segments and Geographic Information - Schedule of Pre-Tax Income Reconciliation of Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pre-Tax Income Reconciliation of Segments
Operating income from segments	$ 132,343	$ 134,072	$ 264,975	$ 276,866
Unallocated amounts:
General and Administrative Expenses	(52,198)	(41,692)	(105,268)	(91,826)
Net interest expense	(48,652)	(53,749)	(97,473)	(106,839)
Loss on extinguishment of debt	(82,339)	(1,618)	(82,378)	(1,754)
(Loss) Gain on asset divestitures/impairment	(2,907)	2,175	(2,907)	2,175
Income (Loss) before income taxes and equity in earnings of affiliates	$ (53,753)	$ 39,188	$ (23,051)	$ 78,622

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

8. EARNINGS PER SHARE

Basic earnings (loss) per share of common stock is computed by dividing the net income (loss) attributable to The GEO Group, Inc. available to common stockholders by the weighted-average number of common shares outstanding for the period. Net income (loss) attributable to The GEO Group, Inc. available to common stockholders represents net income attributable to The GEO Group reduced by an allocation of earnings to participating securities. The 6.50% Exchangeable Senior Notes, which contain non-forfeitable rights to dividends declared and paid on the shares of common stock, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Diluted EPS (as defined below) is calculated under the if-converted method and the two-class method for each class of shareholders using the weighted average number of shares attributable to each class. The calculation that results in the lowest diluted earnings per share amount for common stock is reported in the Company’s financial statements. The if-converted method includes the dilutive effect of potential common shares related to the 6.50% Exchangeable Senior Notes, if any. Basic and diluted earnings (loss) per share were calculated for the three and six months ended June 30, 2024 and 2023 as follows (in thousands, except per share data):


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Net income (loss)	$	(32,563	)	$	29,525		$	(9,904	)	$	57,519
Net loss attributable to noncontrolling interests		50			46			59			55
Less: Undistributed income allocable to participating securities		-			(5,016	)		-			(9,787	)
Net income (loss) attributable to The GEO Group, Inc. available to common stockholders		(32,513	)		24,555			(9,845	)		47,787
Basic earnings (loss) per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		130,518			122,045			125,631			121,740
Per share amount	$	(0.25	)	$	0.20		$	(0.08	)	$	0.39
Diluted earnings (loss) per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		130,518			122,045			125,631			121,740
Dilutive effect of equity incentive plans		—			1,233			—			1,756
Weighted average shares assuming dilution		130,518			123,278			125,631			123,496
Per share amount	$	(0.25	)	$	0.20		$	(0.08	)	$	0.39

For the three months ended June 30, 2024, as the Company experienced a net loss, no potential common shares were included in the computation of diluted earnings per share as they would be antidilutive. There were 1,603,169 weighted average shares of common stock underlying options that were excluded from the computation of diluted earnings per share ("EPS") because the effect would be anti-dilutive. There were 1,930,248 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the three months ended June 30, 2023, 1,908,737 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 1,459,879 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the six months ended June 30, 2024, as the Company experienced a net loss, no potential common shares were included in the computation of diluted earnings per share as they would be antidilutive. 1,587,479 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 2,320,286 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the six months ended June 30, 2023, 1,539,815 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 271,545 common stock equivalents from restricted shares that were anti-dilutive for the period.

On February 24, 2021, the Company’s wholly owned subsidiary, GEO Corrections Holdings, Inc. (“GEOCH”), completed a private offering of $230 million aggregate principal amount of 6.50% Exchangeable Senior Notes. During the second quarter of 2024, the Company issued 12,414,455 shares of GEO common stock in connection with private exchange transactions involving approximately $229.4 million in aggregate principal amount of its outstanding 6.50% Exchangeable Senior Notes. Refer to Note 10 - Debt for further information.

Derivative Financial Instruments - Additional Information (Details) - Interest Rate Swap $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Instrument
Derivative [Line Items]
Derivative, number of instruments held \| Instrument	2
Notional amount	$ 44.3
Derivative, fixed interest rate	4.22%
Change in fair value of derivative instrument classified as cash flow hedge	$ 0.8
Fair value of swap assets	$ 4.9

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

Fair Value of Assets and Liabilities - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 18, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 1,275,000,000
5.875% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				5.875%
5.875% Senior Notes due 2024 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		5.875%	5.875%	5.875%
Debt instrument maturity year			2024	2024
5.875% Senior Notes due 2024 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				5.875%
6.00% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				6.00%
6.00% Senior Notes due 2026 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.00%	6.00%	6.00%	6.00%
Debt instrument maturity year	2026		2026	2026
6.00% Senior Notes due 2026 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				6.00%
6.50% Exchangeable Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		6.50%	6.50%	6.50%
Debt instrument maturity year		2026
6.50% Exchangeable Senior Notes due 2026 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		6.50%	6.50%
10.500% Public Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				10.50%
10.500% Public Second Lien Notes due 2028 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.50%
Debt instrument maturity year	2028
10.500% Public Second Lien Notes due 2028 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				10.50%
9.500% Private Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				9.50%
9.500% Private Second Lien Notes due 2028 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				9.50%
8.625% Senior Secured Notes Due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		8.625%	8.625%
8.625% Senior Secured Notes Due 2029 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	8.625%
Debt instrument, face amount	$ 650,000,000
Debt instrument maturity year	2029
8.625% Senior Secured Notes Due 2029 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		8.625%	8.625%
8.625% Secured Notes Due 2029 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	8.625%
Debt instrument maturity year	2029
10.25% Senior Notes Due 2031 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.25%
Debt instrument, face amount	$ 625,000,000
Debt instrument maturity year	2031
10.250% Senior Notes Due 2031 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.25%
Debt instrument maturity year	2031
10.250% Unsecured Notes due 2031 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.25%
Debt instrument maturity year	2031
10.250% Senior Notes Due 2028 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		10.25%	10.25%
9.500% Senior Second Lien Secured Notes Due 2028 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	9.50%
Debt instrument maturity year	2028
9.500% Private Second Lien Notes due 2028 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	9.50%	9.50%	9.50%	9.50%
Debt instrument maturity year	2028		2028	2028
10.500% Senior Second Lien Secured Notes Due 2028 \| Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.50%
Debt instrument maturity year	2028
6.50% Exchangeable Senior Notes \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate				6.50%
Credit Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 450,000,000
Net procceds to refinance	1,500,000,000
Credit Agreement \| Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, face amount	310,000,000
Credit Agreement \| Letter of Credit
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument, face amount	$ 175,000,000

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Components of Net Periodic Benefit Cost
Service cost	$ 163	$ 186	$ 326	$ 373	$ 745
Interest cost	$ 341	$ 336	$ 682	$ 673	$ 1,345
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Net loss	$ 15		$ 30
Net periodic benefit cost	$ 519	$ 522	$ 1,038	$ 1,046

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Company's Goodwill Balances

Changes in the Company's goodwill balances from January 1, 2024 to June 30, 2024 are as follows (in thousands):


	January 1, 2024		Additions [1]		Foreign Currency Translation			June 30, 2024
U.S. Secure Services	$	316,366	$	—	$	—		$	316,366
Electronic Monitoring and Supervision Services		289,570		—		—			289,570
Reentry Services		148,873		—		—			148,873
International Services		390		836		(8	)		1,218
Total Goodwill	$	755,199	$	836	$	(8	)	$	756,027

Schedule of Intangible Assets

The Company's intangible assets include facility management contracts and trade names and technology, as follows (in thousands):


	June 30, 2024									December 31, 2023
	Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Facility management contracts		16.3	$	223,784	$	(137,776	)	$	86,008	$	223,781	$	(133,095	)	$	90,686
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	268,984	$	(137,776	)	$	131,208	$	268,981	$	(133,095	)	$	135,886

Estimated Amortization Expense for the Remainder

Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2024 through 2028 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
Remainder of 2024	$	4,636
2025		8,533
2026		7,166
2027		6,854
2028		6,854
Thereafter		51,965
	$	86,008

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Finance Lease Liabilities	$ 922	$ 1,280
Other debt, net of unamortized debt issuance costs	38,639	39,208
Total debt	1,763,860	1,781,933
Current portion of finance lease liabilities and long-term debt	(24,442)	(55,882)
Finance Lease Liabilities, long-term portion	(227)	(549)
Long-Term Debt	1,739,191	1,725,502
Exchange Credit Agreement
Line Of Credit Facility [Line Items]
Revolver		0
Long-term debt		903,569
Credit Agreement
Line Of Credit Facility [Line Items]
Term loan	444,375
Unamortized debt issuance costs on term loans	(4,333)
Unamortized debt issuance costs	(7,111)
Revolver	40,000
Long-term debt	472,931
Senior Notes \| 8.625% Secured Notes due 2029
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(12,613)
Long-term debt, gross	650,000
Long-term debt	637,387
Senior Notes \| 10.250% Unsecured Notes due 2031
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(11,619)
Long-term debt, gross	625,000
Long-term debt	613,381
Senior Notes \| 10.500% Public Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs on term loans		(13,386)
Unamortized debt issuance costs		(7,237)
Long-term debt, gross		286,521
Long-term debt		265,898
Senior Notes \| 9.500% Private Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs on term loans		(19,843)
Unamortized debt issuance costs		(6,236)
Long-term debt, gross		239,142
Long-term debt		213,063
Senior Notes \| 6.50% Exchangeable Senior Notes
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs		(4,595)
Long-term debt, gross	600	230,000
Long-term debt	600	225,405
Senior Notes \| 6.00% Senior Notes
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs		(557)
Long-term debt, gross		110,858
Long-term debt		110,301
Senior Notes \| 5.875% Senior Notes
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs		(44)
Long-term debt, gross		23,253
Long-term debt	$ 0	23,209
Tranche 1 loans \| Exchange Credit Agreement
Line Of Credit Facility [Line Items]
Term loan		791,480
Unamortized premium		18,359
Unamortized debt issuance costs		(17,707)
Tranche 2 loans \| Exchange Credit Agreement
Line Of Credit Facility [Line Items]
Term loan		115,232
Unamortized debt issuance costs on term loans		(1,136)
Unamortized debt issuance costs		$ (2,659)

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 4.7	$ 6.7
Facility management contracts
Finite Lived Intangible Assets [Line Items]
Weighted average period before renewal or extension	3 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restricted Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Restricted Cash and Cash Equivalents

5. RESTRICTED CASH AND CASH EQUIVALENTS


	June 30, 2024			June 30, 2023
Cash and cash equivalents	$	46,299		$	48,716
Restricted cash and cash equivalents - current		6,240			—
Restricted cash and investments - non-current		141,312			136,497
Less Restricted investments - non-current		(71,173	)		(66,424	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	122,678		$	118,789

Amounts included in restricted cash and cash equivalents are attributable to certain contractual cash restriction requirements at the Company's wholly owned Australian subsidiary, asset replacement funds contractually required to be maintained and other guarantees and cash on hand in the Company’s captive insurance subsidiary, Florina. Restricted investments - non-current (included in Restricted Cash and Investments in the accompanying consolidated balance sheets) consists of the Company's rabbi trust established for an employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan, its rabbi trust established for its Executive Chairman's retirement account held in a money market fund, investments in equity and fixed income mutual funds and money market funds held in the Company’s captive insurance subsidiary, Florina, and certain contractual cash requirements at the Company’s wholly owned Australian subsidiary related to certain performance guarantees at its Ravenhall facility. The investments held in the rabbi trust related to The GEO Group, Inc. Non-Qualified Deferred Compensation Plan and the investments in equity and fixed income mutual funds held in Florina are restricted investments that are not considered to be restricted cash and cash equivalents in the accompanying consolidated statements of cash flows. Refer to Note 3 - Financial Instruments.

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Changes in the Company's goodwill balances
Beginning balance	$ 755,199
Additions	836
Foreign Currency Translation	(8)
Ending balance	756,027
U.S. Secure Services
Changes in the Company's goodwill balances
Beginning balance	316,366
Ending balance	316,366
Electronic Monitoring and Supervision Services
Changes in the Company's goodwill balances
Beginning balance	289,570
Ending balance	289,570
Reentry Services
Changes in the Company's goodwill balances
Beginning balance	148,873
Ending balance	148,873
International Services
Changes in the Company's goodwill balances
Beginning balance	390
Additions	836
Foreign Currency Translation	(8)
Ending balance	$ 1,218

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Benefit Plans - Components of Company Plan Benefit Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of period			$ 27,790	$ 26,207	$ 26,207
Service cost	$ 163	$ 186	326	373	745
Interest cost	341	$ 336	682	$ 673	1,345
Actuarial gain					421
Benefits paid			(502)		(928)
Projected benefit obligation, end of period	28,296		28,296		27,790
Change in Plan Assets
Company contributions			502		928
Benefits paid			(502)		(928)
Unfunded Status of the Plan	$ 28,296		$ 28,296		$ 27,790

Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Bed Facility
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds \| Bed	81,000
Correctional, detention and residential treatment facilities including projects under development \| Facility	100
Taxable income to its stockholders equity	90.00%

Shareholders' Equity - Changes in Shareholders' Equity - Parenthetical (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

^[2]

Dec. 31, 2023

Feb. 24, 2021

6.50% Exchangeable Senior Notes due 2026

Class of Stock [Line Items]

Stated interest rate

6.50%

6.50% Exchangeable Senior Notes due 2026 | Convertible Notes

Class of Stock [Line Items]

Stated interest rate

6.50%

Debt instrument, face amount

$ 229,400,000

$ 230,000,000

Debt instrument converted amount

410,000,000

Common shares

Class of Stock [Line Items]

Cash consideration

$ 229,400,000

Shares issued

4,210,000

^[1]

4,210,000

^[1]

642,000

Common shares | 6.50% Exchangeable Senior Notes due 2026

Class of Stock [Line Items]

Shares issued in connection with exchange for a portion of outstanding debt

12,414,455

Shares issued

4,209,847

Shares issued

4,209,847

[1]

During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

[2]

The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement

Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Income tax provision on equity in earnings of affiliates	$ 186	$ 334	$ 314	$ 514

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 46,299	$ 93,971
Restricted cash and cash equivalents	6,240
Accounts receivable, net of credit loss reserve of $677 and $606, respectively	384,072	390,023
Prepaid expenses and other current assets	53,802	44,511
Total current assets	490,413	528,505
Restricted Cash and Investments	141,312	135,968
Property and Equipment, Net	1,919,541	1,944,278
Assets Held for Sale	6,080
Operating Lease Right-of-Use Assets, Net	95,365	102,204
Deferred Income Tax Assets	8,551	8,551
Goodwill	756,027	755,199
Intangible Assets, Net	131,208	135,886
Other Non-Current Assets	95,491	85,815
Total Assets	3,643,988	3,696,406
Current Liabilities
Accounts payable	76,287	64,447
Accrued payroll and related taxes	64,940	64,436
Accrued expenses and other current liabilities	198,626	228,059
Operating lease liabilities, current portion	24,568	24,640
Current portion of finance lease liabilities and long-term debt	24,442	55,882
Total current liabilities	388,863	437,464
Deferred Income Tax Liabilities	72,604	77,369
Other Non-Current Liabilities	87,869	83,643
Operating Lease Liabilities	74,924	82,114
Long-Term Debt, Net	1,739,191	1,725,502
Commitments, Contingencies and Other Matters (Note 11)
Shareholders’ Equity
Preferred stock, $0.01 par value, 30,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 225,000,000 shares authorized,139,551,206 and 130,297,248 issued and 139,551,206 and 126,087,401 outstanding, respectively	1,396	1,303
Additional paid-in capital	1,299,558	1,299,193
Retained earnings (accumulated deficit)	(1,931)	103,089
Accumulated other comprehensive loss	(16,970)	(16,642)
Treasury stock, 0 and 4,209,847 shares, at cost, respectively		(95,175)
Total shareholders’ equity attributable to The GEO Group, Inc.	1,282,053	1,291,768
Noncontrolling interests	(1,516)	(1,454)
Total shareholders’ equity	1,280,537	1,290,314
Total Liabilities and Shareholders’ Equity	$ 3,643,988	$ 3,696,406

Financial Instruments

6 Months Ended

Jun. 30, 2024

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Financial Instruments

3. FINANCIAL INSTRUMENTS

The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):


			Fair Value Measurements at June 30, 2024
	Carrying Value at June 30, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment:
Rabbi Trusts	$	54,299	$	9,814	$	44,485	$	—
Marketable equity and fixed income securities		52,524		25,836		26,688		—
Other non-current assets		19,365		—		19,365		—
Interest rate swap derivatives		4,881		—		4,881		—


			Fair Value Measurements at December 31, 2023
	Carrying Value at December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	51,247	$	9,547	$	41,700	$	—
Marketable equity and fixed income securities		47,382		19,010		28,372		—
Other non-current assets		18,887		—		18,887		—
Interest rate swap derivatives		3,849		—		3,849		—

The Company’s Level 2 financial instruments included in the tables above as of June 30, 2024 and December 31, 2023 consist of interest rate swap derivative assets/liabilities held by GEO, investments in equity and fixed income mutual funds held in the Company’s captive insurance subsidiary, Florina Insurance Company, Inc. ("Florina"), the Company's rabbi trust established for employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and other non-current assets which include the cash surrender value of company-owned life insurance policies. The Company's Level 1 financial instruments included in the table above as of June 30, 2024 consist of money market funds held in Florina and money market funds held in the Company's rabbi trust established for its Executive Chairman's retirement account.

The interest rate swap derivative assets are valued using a discounted cash flow model based on projected borrowing rates. The Company's restricted investment in the rabbi trust for The GEO Group, Inc. Non-qualified Deferred Compensation Plan is invested in Company-owned life insurance policies which are recorded at their cash surrender values. These investments are valued based on the underlying investments held in the policies' separate accounts. The underlying assets are equity and fixed income pooled funds. The marketable equity and fixed income securities are valued using quoted rates. The company-owned life insurance policies included in other non-current assets are valued at their cash surrender values.

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis


			Fair Value Measurements at June 30, 2024
	Carrying Value at June 30, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment:
Rabbi Trusts	$	54,299	$	9,814	$	44,485	$	—
Marketable equity and fixed income securities		52,524		25,836		26,688		—
Other non-current assets		19,365		—		19,365		—
Interest rate swap derivatives		4,881		—		4,881		—


			Fair Value Measurements at December 31, 2023
	Carrying Value at December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	51,247	$	9,547	$	41,700	$	—
Marketable equity and fixed income securities		47,382		19,010		28,372		—
Other non-current assets		18,887		—		18,887		—
Interest rate swap derivatives		3,849		—		3,849		—

Business Segments and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Operating and Reporting Segments

The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands):


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Revenues:
U.S. Secure Services	$	402,097		$	372,543		$	803,037		$	738,500
Electronic Monitoring and Supervision Services		84,745			108,029			171,529			240,669
Reentry Services		68,960			67,594			136,790			131,817
International Services		51,383			45,725			101,501			91,114
Total revenues	$	607,185		$	593,891		$	1,212,857		$	1,202,100
Operating income from segments:
U.S. Secure Services	$	79,769		$	67,058		$	159,010		$	131,402
Electronic Monitoring and Supervision Services		38,277			55,121			76,457			119,809
Reentry Services		12,155			10,186			24,897			20,372
International Services		2,142			1,707			4,611			5,283
Operating income from segments	$	132,343		$	134,072		$	264,975		$	276,866
General and Administrative Expenses		(52,198	)		(41,692	)		(105,268	)		(91,826	)
Total Operating Income	$	80,145		$	92,380		$	159,707		$	185,040

Schedule of Pre-Tax Income Reconciliation of Segments

Pre-Tax Income Reconciliation of Segments


	Three Months Ended						Six Months Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Operating income from segments	$	132,343		$	134,072		$	264,975		$	276,866
Unallocated amounts:
General and administrative expenses		(52,198	)		(41,692	)		(105,268	)		(91,826	)
Net interest expense		(48,652	)		(53,749	)		(97,473	)		(106,839	)
Loss on extinguishment of debt		(82,339	)		(1,618	)		(82,378	)		(1,754	)
(Loss) gain on disposition on asset divestitures/impairment		(2,907	)		2,175			(2,907	)		2,175
Income (loss) before income taxes and equity in earnings of affiliates	$	(53,753	)	$	39,188		$	(23,051	)	$	78,622

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets:
Cash and cash equivalents	$ 46,299	$ 93,971	$ 48,716
Carrying Value
Assets:
Cash and cash equivalents	46,299	93,971
Restricted cash and investments	34,489	65,896
Liabilities:
Borrowings under exchange and senior credit facility	484,375	906,712
Fair Value
Assets:
Cash and cash equivalents	46,299	93,971
Restricted cash and investments	34,489	65,896
Liabilities:
Borrowings under exchange and senior credit facility	493,542	926,445
Level 1 \| Fair Value
Assets:
Cash and cash equivalents	46,299	93,971
Restricted cash and investments	34,489	65,896
Level 2 \| Fair Value
Liabilities:
Borrowings under exchange and senior credit facility	493,542	926,445
5.875% Senior Notes due 2024 \| Carrying Value
Liabilities:
Senior notes, fair value		23,253
5.875% Senior Notes due 2024 \| Fair Value
Liabilities:
Senior notes, fair value		22,946
5.875% Senior Notes due 2024 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value		22,946
10.500% Public Second Lien Notes due 2028 \| Carrying Value
Liabilities:
Senior notes, fair value		286,521
10.500% Public Second Lien Notes due 2028 \| Fair Value
Liabilities:
Senior notes, fair value		293,049
10.500% Public Second Lien Notes due 2028 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value		293,049
10.250% Senior Notes due 2031 \| Carrying Value
Liabilities:
Senior notes, fair value	625,000
10.250% Senior Notes due 2031 \| Fair Value
Liabilities:
Senior notes, fair value	654,288
10.250% Senior Notes due 2031 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	654,288
9.500% Private Second Lien Notes due 2028 \| Carrying Value
Liabilities:
Senior notes, fair value		239,142
9.500% Private Second Lien Notes due 2028 \| Fair Value
Liabilities:
Senior notes, fair value		231,692
9.500% Private Second Lien Notes due 2028 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value		231,692
6.00% Senior Notes due 2026 \| Carrying Value
Liabilities:
Senior notes, fair value		110,858
6.00% Senior Notes due 2026 \| Fair Value
Liabilities:
Senior notes, fair value		106,541
6.00% Senior Notes due 2026 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value		106,541
8.625% Senior Secured Notes Due 2029 \| Carrying Value
Liabilities:
Senior notes, fair value	650,000
8.625% Senior Secured Notes Due 2029 \| Fair Value
Liabilities:
Senior notes, fair value	666,439
8.625% Senior Secured Notes Due 2029 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	666,439
6.50% Exchangeable Senior Notes due 2026 \| Carrying Value
Liabilities:
Senior notes, fair value	600	230,000
6.50% Exchangeable Senior Notes due 2026 \| Fair Value
Liabilities:
Senior notes, fair value	1,035	319,920
6.50% Exchangeable Senior Notes due 2026 \| Level 2 \| Fair Value
Liabilities:
Senior notes, fair value	$ 1,035	$ 319,920

Equity Incentive Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

7. EQUITY INCENTIVE PLANS

The Board adopted The GEO Group, Inc. Second Amended and Restated 2018 Stock Incentive Plan (the “Amended 2018 Plan”), which was approved by the Company's shareholders and became effective on May 3, 2024. The Amended 2018 Plan supersedes the previous 2018 Stock Incentive Plan. As of the date the Amended 2018 Plan was approved by the Company’s shareholders, it provided for a reserve of an additional 12,400,000 shares of common stock that may be issued pursuant to awards granted under the Amended 2018 Plan. The Company filed a Form S-8 registration statement related to the Amended 2018 Plan on May 7, 2024.

Stock Options

The Company uses a Black-Scholes option valuation model to estimate the fair value of each time-based or performance-based option awarded. A summary of the activity of stock option awards issued and outstanding under Company plans was as follows for the six months ended June 30, 2024:


	Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands)							(in thousands)
Options outstanding at January 1, 2024		2,038		$	16.94		5.48	$	2,558
Options granted		387			13.08
Options exercised		(147	)		7.51
Options forfeited/canceled/expired		(101	)		19.04
Options outstanding at June 30, 2024		2,177		$	16.76		5.83	$	4,721
Options vested and expected to vest at June 30, 2024		2,079		$	17.03		5.67	$	4,391
Options exercisable at June 30, 2024		1,386		$	20.43		4.07	$	1,540

During the six months ended June 30, 2024, the Company granted approximately 387,000 options to certain employees which had a grant date fair value of $6.64. For the six months ended June 30, 2024 and 2023, the amount of stock-based compensation expense related to stock options was $0.4 million and $0.3 million, respectively. As of June 30, 2024, the Company had $3.6 million of unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of 3.3 years.

Restricted Stock

Compensation expense for nonvested stock awards is recorded over the vesting period based on the fair value at the date of grant. Generally, the restricted stock awards vest in equal increments generally over either a three- or four-year period. The fair value of restricted stock awards, which do not contain a market-based vesting condition, is determined using the closing price of the Company's common stock on the date of grant. The Company has historically issued share-based awards with service-based, performance-based and market-based vesting criteria.

A summary of the activity of restricted stock outstanding is as follows for the six months ended June 30, 2024:


	Shares			Wtd. Avg. Grant Date Fair Value
	(in thousands)
Restricted stock outstanding at January 1, 2024		3,999		$	7.78
Granted		1,554			13.41
Vested		(1,903	)		7.79
Forfeited/canceled		(40	)		8.03
Restricted stock outstanding at June 30, 2024		3,610		$	9.43

During the six months ended June 30, 2024, the Company granted 1,554,000 shares of restricted stock to certain employees and executive officers. Of these awards, 318,807 are market and performance-based awards which will be forfeited if the Company does not achieve certain annual metrics during 2024, 2025 and 2026. On July 8, 2024, the Company granted 50,000 shares of restricted stock to its newly appointed Chief Financial Officer which are also market and performance-based awards which will be forfeited if the Company does not achieve certain annual metrics during 2024, 2025 and 2026.

The vesting of these performance-based restricted stock grants are subject to the achievement by GEO of two annual performance metrics as follows: (i) up to 50% of the shares of restricted stock ("TSR Target Award") can vest at the end of a three year performance period if GEO meets certain total shareholder return ("TSR") performance targets, as compared to the total shareholder return of a peer group of companies, over a three year period from January 1, 2024 to December 31, 2026 and (ii) up to 50% of the shares of restricted stock ("ROCE Target Award") can vest at the end of a three year period if GEO meets certain return on capital employed ("ROCE") performance targets over a three year period from January 1, 2024 to December 31, 2026. These market and performance awards can vest at between 0% and 200% of the target awards for both metrics. The number of shares shown for the performance-based awards is based on the target awards for both metrics.

The metric related to ROCE is considered to be a performance condition. For share-based awards that contain a performance condition, the achievement of the targets must be probable before any share-based compensation expense is recorded. The Company reviews the likelihood of which target in the range will be achieved and if deemed probable, compensation expense is recorded at that time. If subsequent to initial measurement there is a change in the estimate of the probability of meeting the performance condition, the effect of the change in the estimated quantity of awards expected to vest is recognized by cumulatively adjusting compensation expense. If ultimately the performance targets are not met, for any awards where vesting was previously deemed probable, previously recognized compensation expense will be reversed in the period in which vesting is no longer deemed probable. The fair value of these awards was determined based on the closing price of the Company's common stock on the date of grant.

The metric related to TSR is considered to be a market condition. For share-based awards that contain a market condition, the probability of satisfying the market condition must be considered in the estimate of grant-date fair value and previously recorded compensation expense is not reversed if the market condition is never met. The fair value of these awards was determined based on a Monte Carlo simulation, which calculates a range of possible outcomes and the probabilities that they will occur, using the following weighted average key assumptions: (i) volatility of 53.2%; (ii) beta of 0.96; and (iii) risk free rate of 4.28%.

For the six months ended June 30, 2024 and 2023, the Company recognized $8.4 million and $8.9 million, respectively, of compensation expense related to its restricted stock awards. As of June 30, 2024, the Company had $25.4 million of unrecognized compensation costs related to non-vested restricted stock awards, including non-vested restricted stock awards with performance-based and market-based vesting, that are expected to be recognized over a weighted average period of 2.7 years.

Employee Stock Purchase Plan

The Company previously adopted The GEO Group Inc. 2011 Employee Stock Purchase Plan (the “Plan" or "ESPP”) effective July 9, 2011. The Company has since amended and restated the Plan (the “Amended ESPP”) which was approved by the Company’s shareholders on April 28, 2021 and became effective on July 9, 2021. The purpose of the Amended ESPP, which is qualified under Section 423 of the Code, is to encourage stock ownership through payroll deductions by the employees of GEO and designated subsidiaries of GEO in order to increase their identification with the Company’s goals and secure a proprietary interest in the Company’s success. These deductions are used to purchase shares of the Company’s common stock at a 5% discount from the then current market price. The maximum number of shares of common stock reserved for issuance over the term of the Amended ESPP on the amended effective date shall not exceed 506,023 shares.

The Amended ESPP is considered to be non-compensatory. As such, there is no compensation expense required to be recognized. Share purchases under the Amended ESPP are made on the last day of each month. During the six months ended June 30, 2024 and 2023, 6,162 and 11,117 shares, respectively, of the Company's common stock were issued in connection with the Amended ESPP.

Debt (Parenthetical) (Details)		3 Months Ended	6 Months Ended	12 Months Ended
Debt (Parenthetical) (Details)	Apr. 18, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
6.50% Exchangeable Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate		6.50%	6.50%	6.50%
Debt instrument maturity year		2026
6.00% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate				6.00%
5.875% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate				5.875%
Senior Notes \| 8.625% Secured Notes due 2029
Line Of Credit Facility [Line Items]
Stated interest rate		8.625%	8.625%	8.625%
Debt instrument maturity year			2029	2029
Senior Notes \| 10.250% Unsecured Notes due 2031
Line Of Credit Facility [Line Items]
Stated interest rate		10.25%	10.25%	10.25%
Debt instrument maturity year			2031	2031
Senior Notes \| 10.500% Public Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Stated interest rate	10.50%	10.50%	10.50%	10.50%
Debt instrument maturity year			2028	2028
Senior Notes \| 9.500% Private Second Lien Notes due 2028
Line Of Credit Facility [Line Items]
Stated interest rate	9.50%	9.50%	9.50%	9.50%
Debt instrument maturity year	2028		2028	2028
Senior Notes \| 6.50% Exchangeable Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate		6.50%	6.50%
Senior Notes \| 6.00% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate	6.00%	6.00%	6.00%	6.00%
Debt instrument maturity year	2026		2026	2026
Senior Notes \| 5.875% Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate		5.875%	5.875%	5.875%
Debt instrument maturity year			2024	2024
Convertible Notes \| 6.50% Exchangeable Senior Notes
Line Of Credit Facility [Line Items]
Stated interest rate		6.50%	6.50%	6.50%
Debt instrument maturity year			2026	2026

Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans

13. BENEFIT PLANS

The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):


	Six Months Ended June 30, 2024			Year Ended December 31, 2023
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of period	$	27,790		$	26,207
Service cost		326			745
Interest cost		682			1,345
Actuarial gain		—			421
Benefits paid		(502	)		(928	)
Projected benefit obligation, end of period	$	28,296		$	27,790
Change in Plan Assets
Plan assets at fair value, beginning of period	$	—		$	—
Company contributions		502			928
Benefits paid		(502	)		(928	)
Plan assets at fair value, end of period	$	—		$	—
Unfunded Status of the Plan	$	28,296		$	27,790


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Components of Net Periodic Benefit Cost
Service cost	$	163	$	186	$	326	$	373
Interest cost		341		336		682		673
Net loss		15		-		30		-
Net periodic benefit cost	$	519	$	522	$	1,038	$	1,046

The service cost and other components of net periodic benefit cost are included in General and Administrative Expenses in the accompanying consolidated statements of operations.

The long-term portion of the pension liability as of June 30, 2024 and December 31, 2023 was $27.5 million and $27.0 million, respectively, and is included in Other Non-Current Liabilities in the accompanying consolidated balance sheets.

Amended and Restated Executive Retirement Agreement

The Company also has a non-qualified deferred compensation agreement with its former CEO. The agreement provides for a lump sum cash payment upon retirement, no sooner than age 55. As of June 30, 2024, the former CEO had reached age 55 and was eligible to receive the payment upon retirement.

On May 27, 2021, the Company and its former CEO entered into an Amended and Restated Executive Retirement Agreement which replaced the former CEO’s previous agreement, effective July 1, 2021. Pursuant to the terms of the Amended and Restated Executive Retirement Agreement, upon the date that the former CEO ceases to provide services to the Company, the Company will pay to the former CEO an amount equal to $3.6 million which shall be paid in cash. The payment shall be credited with interest at a rate of 5% compounded quarterly. Additionally, at the end of each calendar year provided that the former CEO is still providing services to GEO pursuant to the Executive Chairman Agreement, GEO will credit an amount equal to $1.0 million at the end of each calendar year (the “Employment Contributions Account”). The Employment Contributions Account will be credited with interest at the rate of 5% compounded quarterly. The balance of the Amended and Restated Executive Retirement Agreement was approximately $10.5 million at June 30, 2024 and is included in Other Non-Current Liabilities in the accompanying consolidated balance sheets.

The Company has established several trusts for the purpose of paying the retirement benefit pursuant to the Amended and Restated Executive Retirement Agreement. The trusts are revocable “rabbi trusts” and the assets of the trusts are subject to the claims of the Company’s creditors in the event of the Company’s insolvency.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Equity Incentive Plans - Summary of Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Summary of the activity of stock option awards, shares
Options outstanding, Beginning Balance (in Shares) \| shares	2,038
Options granted (in shares) \| shares	387
Options exercised (in Shares) \| shares	(147)
Options forfeited/canceled/expired (in shares) \| shares	(101)
Options outstanding, Ending Balance (in Shares) \| shares	2,177	2,038
Options vested and expected to vest (in Shares) \| shares	2,079
Options exercisable (in Shares) \| shares	1,386
Summary of the activity of stock option awards, weighted average exercise price
Options outstanding, Beginning Balance, Wtd. Avg. Exercise Price (in dollars per share) \| $ / shares	$ 16.94
Options granted, Wtd. Avg. Exercise Price (in dollars per share) \| $ / shares	13.08
Options exercised, Wtd. Avg. Exercise Price (in dollars per share) \| $ / shares	7.51
Options forfeited/canceled/expired, Wtd. Avg. Exercise Price (in dollars per share) \| $ / shares	19.04
Options outstanding, Ending Balance, Wtd. Avg. Exercise Price (in dollars per share) \| $ / shares	16.76	$ 16.94
Options vested and expected to vest, Wtd. Average Exercise Price (in dollars per share) \| $ / shares	17.03
Options exercisable, Wtd. Avg. Exercise Price (in dollars per share) \| $ / shares	$ 20.43
Options outstanding, Ending Balance, Wtd. Avg. Remaining Contractual Term	5 years 9 months 29 days	5 years 5 months 23 days
Options vested and expected to vest, Wtd. Avg Remaining Contractual Term	5 years 8 months 1 day
Options exercisable, Wtd. Avg. Remaining Contractual Term	4 years 25 days
Options outstanding, Ending Balance, Average Intrinsic Value \| $	$ 4,721	$ 2,558
Options vested and expected to vest at March 31, 2024 \| $	4,391
Options exercisable at March 31, 2024 \| $	$ 1,540

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

Debt outstanding as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	June 30, 2024			December 31, 2023
Exchange Credit Agreement
Tranche 1 Loans	$	—		$	791,480
Unamortized premium on tranche 1 loans		—			18,359
Unamortized debt issuance costs on tranche 1 loans		—			(17,707	)
Tranche 2 Loans		—			115,232
Unamortized discount on tranche 2 loans		—			(1,136	)
Unamortized debt issuance costs on tranche 2 loans		—			(2,659	)
Revolver		—			—
Total Exchange Credit Agreement		—			903,569
Credit Agreement
Term Loan		444,375			—
Unamortized discount on term loan		(4,333	)		—
Unamortized debt issuance costs on term loan		(7,111	)		—
Revolver		40,000			—
Total Credit Agreement		472,931			—
8.625% Secured Notes due 2029
Notes Due in 2029		650,000			—
Unamortized debt issuance costs		(12,613	)		—
Total 8.625% Secured Notes due 2029		637,387			—
10.250% Unsecured Notes due 2031
Notes Due in 2031		625,000			—
Unamortized debt issuance costs		(11,619	)		—
Total 10.25% Unsecured Notes due 2031		613,381			—
10.500% Public Second Lien Notes due 2028
Notes Due in 2028		—			286,521
Unamortized discount		—			(13,386	)
Unamortized debt issuance costs		—			(7,237	)
Total 10.500% Public Second Lien Notes due 2028		—			265,898
9.500% Private Second Lien Notes due 2028
Notes Due in 2028		—			239,142
Unamortized discount		—			(19,843	)
Unamortized debt issuance costs		—			(6,236	)
Total 9.500% Private Second Lien Notes due 2028		—			213,063
6.50% Exchangeable Senior Notes:
Notes Due in 2026		600			230,000
Unamortized debt issuance costs		—			(4,595	)
Total 6.50% Exchangeable Senior Notes due 2026		600			225,405
6.00% Senior Notes:
Notes Due in 2026		—			110,858
Unamortized debt issuance costs		—			(557	)
Total 6.00% Senior Notes due 2026		—			110,301
5.875% Senior Notes:
Notes Due in 2024		—			23,253
Unamortized debt issuance costs		—			(44	)
Total 5.875% Senior Notes due 2024		—			23,209
Finance Lease Liabilities		922			1,280
Other debt, net of unamortized debt issuance costs		38,639			39,208
Total debt		1,763,860			1,781,933
Current portion of finance lease liabilities and long-term debt		(24,442	)		(55,882	)
Finance Lease Liabilities, long-term portion		(227	)		(549	)
Long-Term Debt	$	1,739,191		$	1,725,502

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Parenthetical) (Details)	Jun. 30, 2024	Dec. 31, 2023
10.500% Public Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		10.50%
10.250% Senior Notes due 2031
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	10.25%
9.500% Private Second Lien Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		9.50%
5.875% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		5.875%
6.00% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate		6.00%
8.625% Senior Secured Notes Due 2029
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	8.625%
6.50% Exchangeable Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.50%	6.50%

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Options Activity

A summary of the activity of stock option awards issued and outstanding under Company plans was as follows for the six months ended June 30, 2024:


	Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands)							(in thousands)
Options outstanding at January 1, 2024		2,038		$	16.94		5.48	$	2,558
Options granted		387			13.08
Options exercised		(147	)		7.51
Options forfeited/canceled/expired		(101	)		19.04
Options outstanding at June 30, 2024		2,177		$	16.76		5.83	$	4,721
Options vested and expected to vest at June 30, 2024		2,079		$	17.03		5.67	$	4,391
Options exercisable at June 30, 2024		1,386		$	20.43		4.07	$	1,540

Summary of Restricted Stock Activity

A summary of the activity of restricted stock outstanding is as follows for the six months ended June 30, 2024:


	Shares			Wtd. Avg. Grant Date Fair Value
	(in thousands)
Restricted stock outstanding at January 1, 2024		3,999		$	7.78
Granted		1,554			13.41
Vested		(1,903	)		7.79
Forfeited/canceled		(40	)		8.03
Restricted stock outstanding at June 30, 2024		3,610		$	9.43

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flow from Operating Activities:
Net income (loss)	$ (9,904)	$ 57,519
Net loss attributable to noncontrolling interests	59	55
Net income (loss) attributable to The GEO Group, Inc.	(9,845)	57,574
Adjustments to reconcile net income (loss) attributable to The GEO Group, Inc. to net cash provided by operating activities:
Depreciation and amortization expense	62,678	63,614
Stock-based compensation	8,788	8,935
Loss on extinguishment of debt	82,378	1,754
Amortization of debt issuance costs, discount and/or premium and other non-cash interest	4,929	5,805
Equity in earnings of affiliates, net of tax	(839)	(2,412)
Dividends received from unconsolidated joint ventures	4,069	1,807
Realized/unrealized gain on investments	(3,279)	(3,503)
Loss on sale/disposal of property and equipment, net	948	1,701
Loss (gain) on asset divestitures/impairment	2,907	(2,175)
Changes in assets and liabilities, net of effects of acquisitions:
Changes in accounts receivable, prepaid expenses and other assets	(16,758)	32,365
Changes in accounts payable, accrued expenses and other liabilities	(21,456)	(56,018)
Net cash provided by operating activities	114,520	109,447
Cash Flow from Investing Activities:
Proceeds from sale of assets held for sale		2,791
Purchases of marketable securities	(7,221)
Proceeds from sale of marketable securities	9,399
Capital expenditures	(39,174)	(31,614)
Net cash used in investing activities	(36,996)	(28,823)
Cash Flow from Financing Activities:
Payments on long-term debt	(1,802,106)	(106,094)
Proceeds issuance of long-term debt	1,720,500
Proceeds from borrowings on revolver	40,000
Payments for call premiums	(34,258)
Proceeds from sale of treasury shares		5,750
Taxes paid related to net share settlements of equity awards	(7,463)	(3,445)
Proceeds from issuance of common stock in connection with ESPP	79	80
Debt issuance costs	(30,621)
Proceeds from the exercise of stock options	667	81
Net cash used in financing activities	(113,202)	(103,628)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	(1,511)	(2,050)
Net Decrease in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	(37,189)	(25,054)
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period	159,867	143,843
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period	122,678	118,789
Non-cash Investing and Financing activities:
Right-of-use assets obtained from operating lease liabilities	3,479	31,289
Debt issuance costs in accrued expenses	4,115	3,850
Capital expenditures in accounts payable and accrued expenses	$ 719	$ 2,552

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Components of Company Plan Benefit Expense

The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):


	Six Months Ended June 30, 2024			Year Ended December 31, 2023
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of period	$	27,790		$	26,207
Service cost		326			745
Interest cost		682			1,345
Actuarial gain		—			421
Benefits paid		(502	)		(928	)
Projected benefit obligation, end of period	$	28,296		$	27,790
Change in Plan Assets
Plan assets at fair value, beginning of period	$	—		$	—
Company contributions		502			928
Benefits paid		(502	)		(928	)
Plan assets at fair value, end of period	$	—		$	—
Unfunded Status of the Plan	$	28,296		$	27,790

Components of Net Periodic Benefit Cost


	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Components of Net Periodic Benefit Cost
Service cost	$	163	$	186	$	326	$	373
Interest cost		341		336		682		673
Net loss		15		-		30		-
Net periodic benefit cost	$	519	$	522	$	1,038	$	1,046

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

9. DERIVATIVE FINANCIAL INSTRUMENTS

The Company’s primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in interest rates. The Company measures its derivative financial instruments at fair value.

In August of 2019, the Company entered into two interest rate swap agreements in the aggregate notional amount of $44.3 million to fix the interest rate on certain of its variable rate debt to 4.22%. The Company has designated these interest rate swaps as hedges against changes in the cash flows of two identical promissory notes (the "Notes") which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has determined that the swaps have payment, expiration dates, and provisions that coincide with the terms of the Notes and are therefore considered to be effective cash flow hedges. Accordingly, the Company records the change in fair value of the interest rate swaps as accumulated other comprehensive income (loss), net of applicable taxes. Total unrealized gain recorded in other comprehensive income (loss), net of tax, related to these cash flow hedges was $0.8 million during the six months ended June 30, 2024. The total fair value of the swap assets as of June 30, 2024 was $4.9 million and is recorded as a component of Other Non-Current assets within the accompanying consolidated balance sheets. There was no material ineffectiveness for the period presented. The Company does not expect to enter into any transactions during the next twelve months which would result in reclassification into earnings or losses associated with these swaps currently reported in accumulated other comprehensive income (loss). Refer to Note 10 - Debt for additional information.

Commitments, Contingencies and Other Matters - Additional Information (Details)			3 Months Ended	6 Months Ended
	Jul. 08, 2024 USD ($)	Jun. 04, 2024 USD ($) shares	Jun. 30, 2024 USD ($) Facility	Jun. 30, 2024 USD ($) Facility	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments and Contingencies [Line Items]
Payment to a settlement class				$ 3,000,000
Loss contingency, judgement value				23,200,000
Attorneys fees costs and interest amount				14,400,000
Estimate of possible loss				21,600,000
Estimated construction existing active capital projects cost				59,700,000
Cost already spent on existing active capital projects				34,800,000
Remaining capital required for existing active capital projects				24,900,000
Inventory, net			$ 32,500,000	$ 32,500,000		$ 25,100,000
Number of lease facilities \| Facility			9	9
Rental income				$ 7,700,000	$ 7,100,000
Unrecognized tax benefits for uncertain tax positions			$ 40,700,000	40,700,000
Unrecognized Tax Benefits Period Increase Decrease			38,900,000
Assets Held for Sale			$ 6,080,000	$ 6,080,000
Subsequent Event
Commitments and Contingencies [Line Items]
Payment of estimated liability	$ 18,900,000
6.50% Exchangeable Senior Notes due 2026
Commitments and Contingencies [Line Items]
Stated interest rate			6.50%	6.50%		6.50%
Month to Month Term
Commitments and Contingencies [Line Items]
Number of lease facilities \| Facility			6	6
Lessor operating lease expiration period				2024-06
Carrying value of leased facilities			$ 46,100,000	$ 46,100,000
Leased facilities accumulated depreciation			$ 25,100,000	$ 25,100,000
Term of Contract
Commitments and Contingencies [Line Items]
Number of lease facilities \| Facility			1	1
Lessor operating lease expiration period				2025-02
Carrying value of leased facilities			$ 2,300,000	$ 2,300,000
Leased facilities accumulated depreciation			$ 800,000	$ 800,000
Sixty-Six Months Term of Contract
Commitments and Contingencies [Line Items]
Number of lease facilities \| Facility			1	1
Lessor operating lease expiration period				2028-10
Carrying value of leased facilities			$ 74,100,000	$ 74,100,000
Leased facilities accumulated depreciation			$ 34,800,000	$ 34,800,000
Lessor, operating lease, term of contract			66 months	66 months
Lessor operating lease renewal period			1 year	1 year
Twenty Years Term of Contract
Commitments and Contingencies [Line Items]
Lessor operating lease expiration period				2041-10
Carrying value of leased facilities			$ 21,200,000	$ 21,200,000
Leased facilities accumulated depreciation			$ 17,700,000	$ 17,700,000
Lessor, operating lease, term of contract			20 years	20 years
Mark J. Suchinski
Commitments and Contingencies [Line Items]
Agreement effective date		Jul. 08, 2024
Mark J. Suchinski \| Executive Employment Agreement
Commitments and Contingencies [Line Items]
Agreement effective date		Jul. 08, 2024
Agreement term		2 years
Annual base salary payable		$ 700,000
Percentage of annual performance award entitled		100.00%
Offset expenses		$ 150,000
Mark J. Suchinski \| Executive Employment Agreement \| Restricted stock units
Commitments and Contingencies [Line Items]
Percentage of annual performance award entitled		80.00%
Initial grant of shares \| shares		50,000

Debt (Credit Agreement) (Details) - USD ($)		6 Months Ended
Debt (Credit Agreement) (Details) - USD ($)	Apr. 18, 2024	Jun. 30, 2024	Dec. 31, 2023
Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,275,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Long-term debt		$ 74,200,000
Credit Agreement
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 450,000,000
Revolver		40,000,000
Long-term debt		$ 472,931,000
Credit Agreement \| Term Loan Facility
Line of Credit Facility [Line Items]
Debt instrument, amortization rate	1.25%
Percentage of debt principal amount required to be prepaid before first anniversary	2.00%
Percentage of debt principal amount required to be prepaid before second anniversary	1.00%
Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 310,000,000
Debt instrument, interest rate terms		(i) Alternate Base Rate (as defined below) plus an applicable margin or (ii) Term SOFR (as defined below) (subject to a 0.75% floor) plus an applicable margin, which applicable margin shall, in either case, vary depending on GEO’s total leverage ratio as of the most recent determination date, and the Credit Facility Borrowers will pay a fee in respect of the unused revolving commitments under the Revolving Credit Facility at a per annum rate ranging from 0.25% to 0.50%, in each case depending on GEO’s total leverage ratio as of the most recent determination date, where “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate for such day plus 1/2 of 1% and (c) Term SOFR (as defined below) for a one-month tenor in effect on such day, plus 1%, and “Term SOFR” means the Term Secured Overnight Financing Rate. The loans under the Term Loan Facility (the “Term Loans”) bear interest at a per annum rate equal to either (i) Alternate Base Rate plus an applicable margin for Alternate Base Rate Loans and (ii) Term SOFR (subject to a 0.75% floor) plus an applicable margin for Term SOFR Loans.
Debt instrument basis spread on variable rate	0.50%
Debt instrument, maturity date	Apr. 15, 2029
Number of days prior to stated maturity days for springing maturity date	91 days
Maximum value of principal amount outstanding on maturity date	$ 100,000,000
Credit Agreement \| Revolving Credit Facility \| Senior Notes
Line of Credit Facility [Line Items]
Number of days prior to stated maturity days for springing maturity date	91 days
Maximum value of principal amount outstanding on maturity date	$ 100,000,000
Credit Agreement \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused revolving commitments fee, percentage	0.25%
Credit Agreement \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused revolving commitments fee, percentage	0.50%
Credit Agreement \| Revolving Credit Facility \| SOFR
Line of Credit Facility [Line Items]
Variable rate, floor	0.75%
Debt instrument basis spread on variable rate	1.00%
Credit Agreement \| Letter of Credit
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 175,000,000
Revolver
Line of Credit Facility [Line Items]
Revolver		$ 40,000,000
Additional Revolver
Line of Credit Facility [Line Items]
Borrowing capacity remaining		$ 195,800,000
Exchange Credit Agreement
Line of Credit Facility [Line Items]
Revolver			$ 0
Long-term debt			$ 903,569,000
Exchange Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average interest rates on outstanding borrowings		9.46%
6.50% Exchangeable Senior Notes due 2026
Line of Credit Facility [Line Items]
Stated interest rate		6.50%	6.50%
6.50% Exchangeable Senior Notes due 2026 \| Senior Notes
Line of Credit Facility [Line Items]
Stated interest rate		6.50%
Long-term debt		$ 600,000	$ 225,405,000

Shareholders' Equity - Additional Information (Details) - Prospectus Supplement - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 28, 2023
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 300
Sale of stock, number of shares issued in transaction	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-03(i)(2))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 4,636
2025	8,533
2026	7,166
2027	6,854
2028	6,854
Thereafter	51,965
Net Carrying Amount	$ 86,008

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Changes in Shareholders' Equity that are Attributable to the Company's Shareholders and to Noncontrolling Interests


	Common shares					Additional Paid-In			Retained Earnings			Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount		Capital			(Accumulated Deficit)			Loss			Shares			Amount			Interests			Equity
For the Three Months Ended June 30, 2024
Balance, March 31, 2024		126,457		$	1,307	$	1,297,998		$	125,757		$	(19,815	)		4,210		$	(95,175	)	$	(1,451	)	$	1,308,621
Proceeds from exercise of stock options		74			1		137			—			—			—			—			—			138
Stock-based compensation expense		—			—		3,132			—			—			—			—			—			3,132
Restricted stock granted		625			6		(6	)		—			—			—			—			—			—
Restricted stock canceled		(20	)		—		—			—			—			—			—			—			—
Reissuance of treasury shares [3]		4,210			—		—			(95,175	)		—			(4,210	)		95,175			—			—
Issuance of common shares [3]		8,205			82		(1,695	)		—			—			—			—			—			(1,613	)
Shares withheld for net settlements of share- based awards [1]		(3	)		—		(51	)		—			—			—			—			—			(51	)
Issuance of common stock - ESPP		3			—		43						—			—			—			—			43
Net loss		—			—		—			(32,513	)		—			—			—			(50	)		(32,563	)
Other comprehensive income (loss)		—			—		—			—			2,845			—			—			(15	)		2,830
Balance, June 30, 2024		139,551		$	1,396	$	1,299,558		$	(1,931	)	$	(16,970	)		—		$	—		$	(1,516	)	$	1,280,537


	Common shares						Additional Paid-In					Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings		Loss			Shares		Amount			Interests			Equity
For the Three Months Ended June 30, 2023
Balance, March 31, 2023		125,955		$	1,302		$	1,289,399		$	23,767	$	(18,935	)		4,210	$	(95,175	)	$	(1,309	)	$	1,199,049
Proceeds from exercise of stock options		5			—			32			—		—			—		—			—			32
Stock-based compensation expense		—			—			3,357			—		—			—		—			—			3,357
Restricted stock granted		117			1			(1	)		—		—			—		—			—			-
Restricted stock canceled		(9	)		(1	)		(1	)		—		—			—		—			—			(2	)
Issuance of common stock - ESPP		7			1			40			—		—			—		—			—			41
Net income		—			—			—			29,571		—			—		—			(46	)		29,525
Other comprehensive income		—			—			—			—		353			—		—			16			369
Balance, June 30, 2023		126,075		$	1,303		$	1,292,826		$	53,338	$	(18,582	)		4,210	$	(95,175	)	$	(1,339	)	$	1,232,371


	Common shares						Additional Paid-In			Retained Earnings			Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			(Accumulated Deficit)			Loss			Shares			Amount			Interests			Equity
For the Six Months Ended June 30, 2024
Balance December 31, 2023		126,087		$	1,303		$	1,299,193		$	103,089		$	(16,642	)		4,210		$	(95,175	)	$	(1,454	)	$	1,290,314
Proceeds from exercise of stock options		147			1			666			—			—			—			—			—			667
Stock-based compensation expense		—			—			8,788			—			—			—			—			—			8,788
Restricted stock granted		1,554			16			(16	)		—			—			—			—			—			—
Restricted stock canceled		(40	)		—			—			—			—			—			—			—			—
Reissuance of treasury shares [3]		4,210			—			—			(95,175	)		—			(4,210	)		95,175			—			—
Issuance of common shares [3]		8,205			82			(1,695	)		—			—			—			—			—			(1,613	)
Shares withheld for net settlements of share- based awards [1]		(618	)		(6	)		(7,457	)		—			—			—			—			—			(7,463	)
Issuance of common stock - ESPP		6			—			79			—			—			—			—			—			79
Net loss		—			—			—			(9,845	)		—			—			—			(59	)		(9,904	)
Other comprehensive loss		—			—			—			—			(328	)		—			—			(3	)		(331	)
Balance, June 30, 2024		139,551		$	1,396		$	1,299,558		$	(1,931	)	$	(16,970	)		—		$	-		$	(1,516	)	$	1,280,537


	Common shares						Additional Paid-In						Accumulated Other Comprehensive			Treasury shares						Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings			Loss			Shares			Amount			Interests			Equity
For the Six Months Ended June 30, 2023
Balance, January 1, 2023		124,061		$	1,289		$	1,291,363		$	(4,236	)	$	(16,919	)		4,852		$	(105,099	)	$	(1,310	)	$	1,165,088
Proceeds from exercise of stock options		12			—			81			—			—			—			—			—			81
Stock-based compensation expense		—			—			8,935			—			—			—			—			—			8,935
Restricted stock granted		1,758			17			(17	)		—			—			—			—			—			-
Restricted stock canceled		(26	)		—			—			—			—			—			—			—			-
Shares withheld for net settlements of share- based awards [1]		(383	)		(4	)		(3,441	)		—			—			—			—			—			(3,445	)
Issuance of common stock - ESPP		11			1			79			—			—			—			—			—			80
Sale of treasury shares [2]		642			—			(4,174	)		—			—			(642	)		9,924			—			5,750
Net income		—			—			—			57,574			—			—			—			(55	)		57,519
Other comprehensive income (loss)		—			—			—			—			(1,663	)		—			—			26			(1,637	)
Balance, June 30, 2023		126,075		$	1,303		$	1,292,826		$	53,338		$	(18,582	)		4,210		$	(95,175	)	$	(1,339	)	$	1,232,371

[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares

of restricted stock held by employees.

[2] The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement

Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information.

[3] During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:


	Six Months Ended June 30, 2024
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax		Pension adjustments, net of tax		Total
Balance, January 1, 2024	$	(19,755	)	$	3,041	$	72	$	(16,642	)
Current-period other comprehensive income (loss)		(1,167	)		815		24		(328	)
Balance, June 30, 2024	$	(20,922	)	$	3,856	$	96	$	(16,970	)


	Six Months Ended June 30, 2023
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Change in marketable securities, net of tax			Pension adjustments, net of tax		Total
Balance, January 1, 2023	$	(20,015	)	$	3,645		$	(953	)	$	404	$	(16,919	)
Current-period other comprehensive income (loss)		(2,416	)		(200	)		953			—		(1,663	)
Balance, June 30, 2023	$	(22,431	)	$	3,445		$	—		$	404	$	(18,582	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at June 30, 2024 or 2023.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (32,563)	$ 29,525	$ (9,904)	$ 57,519
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	2,702	(1,011)	(1,170)	(2,390)
Change in marketable securities, net of tax provision of $0, $147, $0 and $253, respectively		553		953
Pension liability adjustment, net of tax provision of $3, $0, $6 and $0, respectively	12		24
Change in fair value of derivative instrument classified as cash flow hedge, net of tax provision (benefit) of $31, $220, $217 and $(53), respectively	116	827	815	(200)
Total other comprehensive income (loss), net of tax	2,830	369	(331)	(1,637)
Total comprehensive income (loss)	(29,733)	29,894	(10,235)	55,882
Comprehensive loss attributable to noncontrolling interests	65	30	62	29
Comprehensive income (loss) attributable to The GEO Group, Inc.	$ (29,668)	$ 29,924	$ (10,173)	$ 55,911

Restricted Cash and Cash Equivalents - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 46,299	$ 93,971	$ 48,716
Restricted cash and cash equivalents	6,240
Restricted cash and investments - non-current	141,312	135,968	136,497
Less Restricted investments - non-current	(71,173)		(66,424)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$ 122,678	$ 159,867	$ 118,789	$ 143,843

Debt - Guarantees (Details) - Ravenhall	Jun. 30, 2024 AUD ($) Guarantee	Jun. 30, 2024 USD ($) Guarantee
Debt Instrument [Line Items]
Number of letters of guarantee outstanding under separate international facilities relating to performance guarantees	5	5
Letters of credit outstanding relating to performance guarantees	$ 13,300,000	$ 8,900,000
Letter of Credit \| Revolver
Debt Instrument [Line Items]
Maximum exposure, undiscounted	$ 53,000,000	$ 35,400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 24, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,603,169	1,908,737	1,587,479	1,539,815
Restricted Stock Award
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,930,248	1,459,879	2,320,286	271,545
6.50% Exchangeable Senior Notes \| Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares issued in connection with exchange for a portion of outstanding debt	12,414,455
Convertible Notes \| 6.50% Exchangeable Senior Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stated interest rate	6.50%		6.50%		6.50%
Debt instrument, face amount	$ 229,400,000		$ 229,400,000		$ 230,000,000

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Jul. 08, 2024 shares	Jun. 30, 2024 USD ($) Metric $ / shares shares	Jun. 30, 2023 USD ($) shares
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense \| $		$ 0.4	$ 0.3
Options granted		387,000
Grant date fair value of options \| $ / shares		$ 6.64
Unrecognized compensation costs related to awards \| $		$ 3.6
Expected weighted average period to recognize expense		3 years 3 months 18 days
Restricted Stock Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate		53.20%
Risk free interest rate		4.28%
Share based compensation expense \| $		$ 8.4	$ 8.9
Unrecognized compensation costs related to awards \| $		$ 25.4
Expected weighted average period to recognize expense		2 years 8 months 12 days
Granted (in shares)		1,554,000
Performance measurement \| Metric		2
Beta		0.96
Restricted Stock Award \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)		50.00%
Performance period		3 years
Restricted Stock Award \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)		50.00%
Performance period		3 years
Restricted Stock Award \| Certain Employees and Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		1,554,000
Restricted Stock Award \| Chief Financial Officer \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	50,000
Restricted Stock Award \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		3 years
Award vesting rights (as percent)		0.00%
Restricted Stock Award \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		4 years
Award vesting rights (as percent)		200.00%
Market and Performance Shares \| Certain Employees and Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)		318,807
Market and Performance Shares \| Chief Financial Officer \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	50,000
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount on purchase of Common Stock for employee from the current market price		5.00%
Capital shares reserved for future issuance		506,023
Issuance of common stock - ESPP (in shares)		6,162	11,117
2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares authorized		12,400,000