☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Florida
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65-0043078
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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4955 Technology Way
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Boca Raton
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33431
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Florida
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common Stock, $0.01 Par Value
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GEO
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New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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Item 1.
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Business
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•
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our secure facility management services involve the provision of security, administrative, rehabilitation,
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•
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our community-based services involve supervision of adult parolees and probationers and the provision of temporary
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•
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our youth services include residential, shelter care and community-based services along with rehabilitative
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•
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we provide comprehensive electronic monitoring and supervision services;
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•
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we develop new facilities, using our project development experience to design, construct and finance what we believe
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•
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we provide secure transportation services for offender and detainee populations as contracted; and
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•
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our services are provided at facilities which we either own, lease or are owned by our customers.
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•
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Provide greater transparency for our stakeholders and the general public with respect to our various efforts in all our facilities aimed at respecting human rights.
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•
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Enhance our ability to flag potential issues in all areas of our operations and compress the time it takes to respond with corrective measures.
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•
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Use widely accepted methodologies for evaluating performance and setting objectives for improvements in corporate governance, corporate social policy, environmental impact and energy conservation.
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•
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a one time general revenue appropriation by the governmental agency for the cost of the new facility;
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•
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general obligation bonds that are secured by either a limited or unlimited tax levy by the issuing governmental entity; or
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•
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revenue bonds or certificates of participation secured by an annual lease payment that is subject to annual or bi-annual legislative appropriations.
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•
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funds from equity offerings of our stock;
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•
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cash on hand and/or cash flows from our operations;
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•
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borrowings by us from banks or other institutions (which may or may not be subject to government guarantees in the event of contract termination);
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•
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funds from debt offerings of our notes; or
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•
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lease arrangements with third parties.
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Facilities Under Construction
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Number of Beds
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Estimated
Completion
Date
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Customer
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Financing
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Junee Correctional Centre
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489
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Q1 2020
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New South Wales Corrective Services
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New South Wales Corrective Services
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Fulham Correctional Centre
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137
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Q3 2020
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State of Victoria, Australia
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GEO
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Facility Name &
Location_______
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Capacity(1)
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Primary
Customer
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Facility
Type
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Security
Level
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Commencement
of Current
Contract (2)
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Base
Period
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Renewal
Options
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Managed
Leased/
Owned
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Secure Services — Western Region:
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Adelanto ICE Processing Center, Adelanto, CA (3)
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1,940
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ICE
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Federal
Detention
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Minimum/
Medium
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December 2019
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5 years
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Two, 5 years
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Owned
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Alhambra City Jail, Los Angeles, CA
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71
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City of Alhambra
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City Jail
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All
Levels
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July 2016
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1 year
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Five, One Year
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Managed
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Aurora/CE Processing Center Aurora, CO
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1,532
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ICE / USMS
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Federal
Detention
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All Levels
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September 2011/ October 2012
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2 years /2 years
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Four, Two-year / Four, Two-year
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Owned
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Baldwin Park City Jail, Baldwin Park, CA
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32
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Los Angeles County
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City Jail
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All
Levels
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July 2003
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3 years
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Perpetual, Three-year
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Managed
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Central Arizona Correctional and Rehabilitation Facility Florence, AZ
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1,280
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AZ DOC
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State Sex
Offender
Correctional
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Minimum/
Medium |
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December
2006
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10 years
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Two, Five-year
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Managed
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Central Valley Annex McFarland, CA
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700
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Idle
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Owned
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Desert View Annex Adelanto, CA (6)
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700
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CDCR
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State Correctional Facility
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Medium
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July 2018
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1 year, 8 months
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None
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Owned
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Downey City Jail Los Angeles, CA
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33
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Los Angeles County
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City Jail
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All
Levels
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November 2014
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3 years
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Two, One-year, plus one month, plus One-two month
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Managed
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Facility Name &
Location_______
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Capacity(1)
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Primary
Customer
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Facility
Type
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Security
Level
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Commencement
of Current
Contract (2)
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Base
Period
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Renewal
Options
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Managed
Leased/
Owned
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El Centro Detention Facility, CA
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512
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USMS
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Federal Detention
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Medium
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December 2019
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2 years
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Three, Two-year options, plus one, nine-month
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Managed
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Florence West Correctional and Rehabilitation Florence, AZ
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750
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AZ DOC
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State DUI/
RTC
Correctional
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Minimum
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October
2002
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10 years
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Two, Five-year
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Managed
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Fontana City Jail Los Angeles, CA
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25
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Los Angeles County
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City Jail
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All
Levels
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July 2019
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Perpetual
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None
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Managed
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Garden Grove City Jail Los Angeles, CA
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16
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Los Angeles County
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City Jail
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All
Levels
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July 2015
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3 years
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Unlimited, Perpetual Three-Year
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Managed
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Golden State Annex McFarland, CA (6)
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700
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CDCR
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State
Correctional
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Medium
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July 2018
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1 year, 10 months
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None
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Owned
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Guadalupe County Correctional Facility Santa Rosa, NM (3)
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600
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NMCD - IGA
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Local/State
Correctional
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Medium
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January
1999
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Perpetual
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None
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Owned
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Kingman Correctional and Rehabilitation facility, Kingman, AZ
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3,400
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AZ DOC
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State Correctional Facility
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Minimum/
Medium |
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January 2008
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10 years
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Two, Five-year
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Managed
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Lea County Correctional Facility Hobbs, NM (3)
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1,200
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NMCD - IGA
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Local/State
Correctional
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Medium
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January 1999
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Perpetual
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None
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Owned
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McFarland Female Community Reentry Facility McFarland, CA
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300
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CDCR
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State
Correctional
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Minimum
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July 2018
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5 years
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None
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Owned
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Mesa Verde ICE Processing Center Bakersfield, CA (3)
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400
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ICE
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State Correctional
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Minimum
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December 2019
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5 Years
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Two, Five year
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Owned
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Montebello City Jail Los Angeles, CA
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35
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Los Angeles County
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City Jail
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All
Levels
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July 2014
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2 Years
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One, Two-year, Plus One, Two-year
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Managed
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Northwest ICE Processing Center Tacoma, WA
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1,575
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ICE
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Federal
Detention
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All
Levels
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September 2015
|
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1 Year
|
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Nine, One-Year
|
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Owned
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Ontario City Jail Los Angeles, CA
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44
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Los Angeles County
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City Jail
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Any
Level
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July 2014
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3 Years
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Two, Three-year
|
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Managed
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Phoenix West Correctional and Rehabilitation Phoenix, AZ
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500
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AZ DOC
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State DWI
Correctional
|
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Minimum
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July 2002
|
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10 years
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Two, Five-year
|
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Managed
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Western Region Detention Facility San Diego, CA
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770
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USMS
|
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Federal
Detention
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Maximum
|
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November 2017
|
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1 Year, 10 Months
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Four, Two-year
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Leased
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Facility Name &
Location_______
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Capacity(1)
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Primary
Customer
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Facility
Type
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Security
Level
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Commencement
of Current
Contract (2)
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Base
Period
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Renewal
Options
|
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Managed
Leased/
Owned
|
Secure Services — Central Region:
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Big Spring Correctional Facility Big Spring, TX
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1,732
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|
BOP
|
|
Federal
Correctional
|
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Medium
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|
December
2017
|
|
2 Years
|
|
Eight, One Year
|
|
Owned
|
Flightline Correctional Facility, TX
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1,800
|
|
BOP
|
|
Federal Correctional
|
|
Medium
|
|
December 2017
|
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2 Years
|
|
Eight, One Year
|
|
Owned
|
Brooks County Detention Center, TX (3)
|
652
|
|
USMS - IGA
|
|
Local & Federal Detention
|
|
Medium
|
|
March 2013
|
|
Perpetual
|
|
None
|
|
Owned
|
Central Texas Detention Facility San Antonio, TX (3)
|
688
|
|
USMS - IGA
|
|
Local &
Federal
Detention
|
|
Minimum/
Medium
|
|
October 2016
|
|
Perpetual
|
|
None
|
|
Managed
|
Coastal Bend Detention Center,TX (3)
|
1,176
|
|
USMS - IGA
|
|
Local & Federal Detention
|
|
Medium
|
|
July 2012
|
|
Perpetual
|
|
None
|
|
Owned
|
Eagle Pass Correctional Facility, Eagle Pass, TX
|
661
|
|
ID DOC
|
|
Local & Federal Detention
|
|
Medium
|
|
October 2018
|
|
2 years
|
|
None
|
|
Owned
|
East Hildago Detention Center (3)
|
1,300
|
|
USMS - IGA
|
|
Local & Federal Detention
|
|
Medium
|
|
July 2012
|
|
Perpetual
|
|
None
|
|
Owned
|
Great Plains Correctional Facility Hinton, OK
|
1,940
|
|
BOP
|
|
Federal
Correctional
|
|
Minimum
|
|
June 2015
|
|
5 years
|
|
Five, One-Year Plus One Six-Month Extension
|
|
Owned
|
Joe Corley Processing Center Conroe, TX
|
1,517
|
|
USMS / ICE
|
|
Local
Correctional
|
|
Medium
|
|
July
2008/September 2018
|
|
Perpetual/5 Years
|
|
None/Five-year
|
|
Owned
|
Karnes Detention Facility Karnes City, TX (3)
|
679
|
|
USMS - IGA
|
|
Local &
Federal
Detention
|
|
All
Levels
|
|
February 1998
|
|
Perpetual
|
|
None
|
|
Owned
|
Karnes County Family Residential Center,TX (3)
|
1,158
|
|
ICE - IGA
|
|
Federal
Detention
|
|
All
Levels
|
|
December
2010
|
|
5 years
|
|
One, Five-Year
|
|
Owned
|
Kinney County Detention Center, TX (3)
|
384
|
|
USMS - IGA
|
|
Local &
Federal
Detention
|
|
Medium
|
|
September 2013
|
|
Perpetual
|
|
None
|
|
Managed
|
Lawton Correctional Facility Lawton, OK
|
2,682
|
|
OK DOC
|
|
State
Correctional
|
|
Medium
|
|
July 2018
|
|
1 Year
|
|
Four, Automatic One-year
|
|
Owned
|
Liberty County Jail, TX (3)
|
285
|
|
USMA - IGA
|
|
Local &
Federal
Detention
|
|
Medium
|
|
May 1997
|
|
Perpetual
|
|
None
|
|
Managed
|
Montgomery Processing Center Conroe, TX
|
1,314
|
|
ICE
|
|
Local & Federal Detention
|
|
All levels
|
|
October 2018
|
|
10 months
|
|
Nine, One- year
|
|
Owned
|
Reeves County Detention Center R1/R2, TX
|
1,800
|
|
BOP
|
|
Federal Correctional
|
|
Low
|
|
October 2019
|
|
3 year
|
|
Seven, one-year, plus one, six-month
|
|
Managed
|
Facility Name &
Location_______
|
Capacity(1)
|
|
Primary
Customer
|
|
Facility
Type
|
|
Security
Level
|
|
Commencement
of Current
Contract (2)
|
|
Base
Period
|
|
Renewal
Options
|
|
Managed
Leased/
Owned
|
Reeves County Detention Center R3 Pecos, TX
|
1,356
|
|
BOP
|
|
Federal
Correctional
|
|
Low
|
|
July 2019
|
|
3 years
|
|
Seven, one-year, plus one, six-month
|
|
Managed
|
Rio Grande Processing Center Laredo, TX
|
1,900
|
|
USMS
|
|
Federal
Detention
|
|
Medium
|
|
October
2008
|
|
5 years
|
|
Three, Five-year
|
|
Owned
|
South Texas ICE Processing Center Pearsall, TX
|
1,904
|
|
ICE
|
|
Federal
Detention
|
|
All
Levels
|
|
December
2011
|
|
11 months
|
|
Four, One-year plus One, Six month extension, One Year extension, plus One Six-month extensions, plus One 5- day extension, Plus One 6-month extension
|
|
Owned
|
Val Verde County Detention Facility Del Rio, TX (3)
|
1,407
|
|
USMS - IGA
|
|
Local &
Federal
Detention
|
|
All
Levels
|
|
January
2001
|
|
Perpetual
|
|
None
|
|
Owned
|
Secure Services — Eastern Region:
|
|||||||||||||||
Alexandria Staging Facility Alexandria, LA (3)
|
400
|
|
ICE - IGA
|
|
Federal
Detention
|
|
Minimum/ Medium
|
|
November 2013
|
|
Perpetual
|
|
None
|
|
Owned
|
Bay Correctional and Rehabilitation Facility Panama City, FL
|
985
|
|
FL DMS
|
|
State Correctional
|
|
Minimum/ Medium
|
|
February 2014
|
|
3 years
|
|
Unlimited, Two-year
|
|
Managed
|
Blackwater River Correctional and Rehabilitation Facility Milton, FL
|
2,000
|
|
FL DMS
|
|
State
Correctional
|
|
Medium/
close
|
|
October 2010
|
|
3 years
|
|
Unlimited, Two-year
|
|
Managed
|
Broward Transitional Center Deerfield Beach, FL
|
700
|
|
ICE
|
|
Federal
Detention
|
|
Minimum
|
|
July 2015
|
|
1 year
|
|
Five, One-year plus One, Six-month extension
|
|
Owned
|
Crossroads Reception Center Indianapolis, IN
|
300
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
D. Ray James Correctional Facility Folkston, GA
|
1,900
|
|
BOP
|
|
Federal
Detention
|
|
All
Levels
|
|
October
2010
|
|
4 years
|
|
Three, Two-year
|
|
Owned
|
Folkston ICE Processing Center (3) Folkston, GA
|
1,118
|
|
ICE - IGA
|
|
Federal Detention
|
|
Minimum
|
|
December 2016
|
|
1 year
|
|
Four, One-year
|
|
Owned
|
George W. Hill Correctional Facility, PA
|
1,931
|
|
Delaware County
|
|
State Correctional
|
|
Minimum
|
|
January 2019
|
|
5 years
|
|
Two, Two-year options
|
|
Managed
|
Graceville Correctional and Rehabilitation Facility Jackson, FL
|
1,884
|
|
FL DMS
|
|
State Correctional
|
|
All
Levels
|
|
February 2014
|
|
3 years
|
|
Unlimited, Two year
|
|
Managed
|
Heritage Trail Correctional Facility Plainfield, IN
|
1,066
|
|
IN DOC
|
|
State
Correctional |
|
Minimum
|
|
March
2011 |
|
4 years
|
|
One, Four-year, plus one, one (1) year, four (4) months and two (2) days extension
|
|
Managed
|
JB Evans Correctional Center, LA
|
388
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
LaSalle ICE Processing Center Jena, LA (3)
|
1,160
|
|
ICE - IGA
|
|
Federal
Detention
|
|
Minimum/
Medium
|
|
November 2013
|
|
Perpetual
|
|
None
|
|
Owned
|
Facility Name &
Location_______
|
Capacity(1)
|
|
Primary
Customer
|
|
Facility
Type
|
|
Security
Level
|
|
Commencement
of Current
Contract (2)
|
|
Base
Period
|
|
Renewal
Options
|
|
Managed
Leased/
Owned
|
Lawrenceville Correctional and Rehabilitation Facility Lawrenceville, VA
|
1,536
|
|
VA DOC
|
|
State
Correctional
|
|
Medium
|
|
August 2018
|
|
5 years
|
|
Ten, One-year extensions
|
|
Managed
|
Moshannon Valley Correctional Facility Philipsburg, PA
|
1,878
|
|
BOP
|
|
Federal
Correctional |
|
Medium
|
|
April 2016
|
|
5 years
|
|
Five, One-year plus One Six-month extension
|
|
Owned
|
Moore Haven Correctional and Rehabilitation Facility Moore Haven, FL
|
985
|
|
FL DMS
|
|
State Correctional
|
|
Minimum/ Medium
|
|
February 2014
|
|
3 years
|
|
Unlimited, Two-year
|
|
Managed
|
New Castle Correctional Facility New Castle, IN
|
3,196
|
|
IN DOC
|
|
State
Correctional
|
|
All
Levels
|
|
January
2006
|
|
4 years
|
|
Two, Five-year plus One Six-Month
|
|
Managed
|
North Lake Correctional Facility Baldwin, MI
|
1,748
|
|
BOP
|
|
Federal
Correctional |
|
Medium/Maximum
|
|
October 2019
|
|
3 years
|
|
Seven, one-year, plus One Six-Month
|
|
Owned
|
Perry County Correctional Facility, AL
|
690
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
Pine Prairie ICE Processing Center, LA (3)
|
1,094
|
|
ICE-IGA
|
|
State Correctional
|
|
Medium
|
|
June 2015
|
|
5 years
|
|
None
|
|
Owned
|
Queens Detention Facility Jamaica, NY
|
222
|
|
USMS
|
|
Federal
Detention
|
|
Minimum/
Medium
|
|
April 2019
|
|
1 year
|
|
Nine, One year options, One Six-month extension plus Three-month, plus Three Two-months
|
|
Owned
|
Riverbend Correctional and Rehabilitation Facility Milledgeville, GA
|
1,500
|
|
GA DOC
|
|
State
Correctional
|
|
Medium
|
|
July 2010
|
|
1 year
|
|
Forty, One-year
|
|
Owned
|
Rivers Correctional Facility Winton, NC
|
1,450
|
|
BOP
|
|
Federal
Correctional
|
|
Low
|
|
April 2011
|
|
4 years
|
|
Three, Two-year
|
|
Owned
|
Robert A. Deyton Detention Facility Lovejoy, GA
|
768
|
|
USMS
|
|
Federal
Detention
|
|
Medium
|
|
February
2008
|
|
5 years
|
|
Three, Five year
|
|
Leased
|
South Bay Correctional and Rehabilitation Facility South Bay, FL
|
1,948
|
|
FL DMS
|
|
State
Correctional |
|
Medium/
Close
|
|
July 2009
|
|
3 years
|
|
Unlimited, Two-year
|
|
Managed
|
South Louisiana Correctional Center, LA(3)
|
1,000
|
|
ICE-IGA
|
|
State
Correctional |
|
Medium
|
|
June 2015
|
|
5 years
|
|
None
|
|
Owned
|
Secure Services — Australia:
|
|||||||||||||||
Arthur Gorrie Correctional Centre Queensland, Australia (7)
|
890
|
|
QLD
DCS
|
|
State
Remand
Prison
|
|
High/
Maximum
|
|
January
2008
|
|
5 years
|
|
One, Five-year, Plus Five, Six-month extensions
|
|
Managed
|
Fulham Correctional Centre & Nalu Challenge Community Victoria, Australia
|
922
|
|
VIC DOJ
|
|
State Prison
|
|
Minimum/
Medium
|
|
July 2012
|
|
4 years
|
|
19 years, Four months
|
|
Managed
|
Junee Correctional Centre New South Wales, Australia
|
1,279
|
|
NSW
|
|
State Prison
|
|
Minimum/
Medium
|
|
March 2014
|
|
5 years
|
|
Two, Five year
|
|
Managed
|
Ravenhall Correctional Centre Melbourne, Australia
|
1,300
|
|
VIC DOJ
|
|
State Prison
|
|
Medium
|
|
November 2017
|
|
24 years plus 5 months
|
|
None
|
|
Managed
|
Facility Name &
Location_______
|
Capacity(1)
|
|
Primary
Customer
|
|
Facility
Type
|
|
Security
Level
|
|
Commencement
of Current
Contract (2)
|
|
Base
Period
|
|
Renewal
Options
|
|
Managed
Leased/
Owned
|
Secure Services — United Kingdom:
|
|||||||||||||||
Dungavel House Immigration Removal Centre, South Lanarkshire, UK
|
249
|
|
UKBA
|
|
Detention
Centre
|
|
Minimum
|
|
September
2011
|
|
5 years
|
|
Three, One year, Plus two-year
|
|
Managed
|
Secure Services — South Africa:
|
|||||||||||||||
Kutama-Sinthumule Correctional Centre Limpopo Province, Republic of South Africa
|
3,024
|
|
RSA DCS
|
|
National
Prison
|
|
Maximum
|
|
February
2002
|
|
25 years
|
|
None
|
|
Managed
|
Corrections & Detention — Canada:
|
|||||||||||||||
New Brunswick Youth Centre Mirimachi, Canada(4)
|
N/A
|
|
PNB
|
|
Provincial
Juvenile
Facility
|
|
All Levels
|
|
October
1997
|
|
25 years
|
|
One,
Ten-year
|
|
Managed
|
GEO Care — Community Based Services:
|
|||||||||||||||
ADAPPT, PA
|
64
|
|
PA DOC
|
|
Community
Corrections |
|
Community
|
|
February 2019
|
|
1 year
|
|
Four, one year options
|
|
Owned
|
Alabama Therapeutic Education Facility, AL
|
724
|
|
AL DOC
|
|
Community
Corrections |
|
Community
|
|
August 2019
|
|
1 year
|
|
None
|
|
Owned
|
Albert "Bo" Robinson Assessment & Treatment Center, NJ
|
900
|
|
NJ DOC/NJ State Parole Board
|
|
Community
Corrections |
|
Community
|
|
January 2020/July 2014
|
|
2 years/3 years
|
|
One, One year/Three, One year
|
|
Owned
|
Alle Kiski Pavillion, PA
|
104
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
Arapahoe County Residential Center, CO
|
240
|
|
Arapahoe County
|
|
Community
Corrections |
|
Community
|
|
July 2019
|
|
1 year
|
|
None
|
|
Owned
|
Beaumont Transitional Treatment Center Beaumont, TX
|
180
|
|
TDCJ
|
|
Community
Corrections |
|
Community
|
|
September
2003
|
|
2 years
|
|
Five, Two year plus Five, One year
|
|
Owned
|
Bronx Community reentry Center Bronx, NY
|
196
|
|
BOP
|
|
Community
Corrections
|
|
Community
|
|
August 2014
|
|
1 year
|
|
One, One-year, Plus One, One-year and three months, Plus Two, One year Options, plus One One-month extension, plus One two-month extension
|
|
Leased
|
Casper Reentry Center, WY
|
342
|
|
BOP/Natrona
|
|
Community Corrections
|
|
Community
|
|
July 20019/January 2017
|
|
1 year/2 years
|
|
Four, One year/None
|
|
Owned
|
Facility Name &
Location_______
|
Capacity(1)
|
|
Primary
Customer
|
|
Facility
Type
|
|
Security
Level
|
|
Commencement
of Current
Contract (2)
|
|
Base
Period
|
|
Renewal
Options
|
|
Managed
Leased/
Owned
|
Chester County, PA
|
149
|
|
PA DOC
|
|
Community Corrections
|
|
Community
|
|
February 2019
|
|
1 year
|
|
Four, one year options
|
|
Owned
|
Cheyenne Mountain Recovery Center, CO
|
750
|
|
CO DOC
|
|
Community Corrections
|
|
Community
|
|
September 2019
|
|
5 months, 1 week, 3 days
|
|
None
|
|
Owned
|
Coleman Hall, PA
|
350
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
Community Alternatives of El Paso County, CO
|
240
|
|
El Paso County
|
|
Community Corrections
|
|
Community
|
|
July 2019
|
|
1 year
|
|
None
|
|
Owned
|
Correctional Alternative Placement Services, CO
|
45
|
|
14th Judicial District Community Corrections Board
|
|
Community Corrections
|
|
Community
|
|
July 2019
|
|
1 year
|
|
None
|
|
Owned
|
Community Alternatives of the Black Hills, SD
|
68
|
|
BOP
|
|
Community Corrections
|
|
Community
|
|
October 2016
|
|
1 year
|
|
Nine/Four, One-year plus 6 months
|
|
Owned
|
Cordova Center Anchorage, AK
|
296
|
|
BOP / AK DOC
|
|
Community
Corrections |
|
Community
|
|
June 2019/July 2019
|
|
1 year/1 year
|
|
Nine, One-year renewals/Four, One-year renewals
|
|
Owned
|
Delaney Hall, NJ
|
1,200
|
|
Union County/Essex County/NJ State Parole Board
|
|
Community
Corrections |
|
Community
|
|
January 2020/January 2017/July 2014
|
|
2 years/5 years/3 years
|
|
Two, One year/None/Three, One year
|
|
Owned
|
El Monte Center El Monte, CA
|
70
|
|
BOP
|
|
Community
Corrections
|
|
Community
|
|
October 2019
|
|
1 year
|
|
Nine, One-year options
|
|
Leased
|
Grossman Center Leavenworth, KS
|
150
|
|
BOP
|
|
Community
Corrections |
|
Community
|
|
July 2019
|
|
1 year
|
|
Nine, One-year options
|
|
Owned
|
Las Vegas Community Correctional Center Las Vegas, NV
|
124
|
|
BOP
|
|
Community
Corrections
|
|
Community
|
|
February 2016
|
|
1 year
|
|
Four, One-year extensions
|
|
Owned
|
Leidel Comprehensive Sanction Center Houston, TX
|
190
|
|
BOP
|
|
Community
Corrections |
|
Community
|
|
January
2016
|
|
1 year
|
|
Four, One year
|
|
Owned
|
Facility Name &
Location_______
|
Capacity(1)
|
|
Primary
Customer
|
|
Facility
Type
|
|
Security
Level
|
|
Commencement
of Current
Contract (2)
|
|
Base
Period
|
|
Renewal
Options
|
|
Managed
Leased/
Owned
|
Logan Hall, NJ
|
442
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Leased
|
Long Beach Community Reentry Center, CA
|
112
|
|
CDCR
|
|
Community
Corrections |
|
Community
|
|
November 2019
|
|
4 years, 7 months, 4 weeks, 1 day
|
|
None
|
|
Leased
|
Marvin Gardens Center Los Angeles, CA
|
60
|
|
BOP
|
|
Community
Corrections
|
|
Community
|
|
December 2018
|
|
1 year
|
|
Four, One-year
|
|
Leased
|
McCabe Center Austin, TX
|
113
|
|
Third Party Tenant
|
|
Community
Corrections
|
|
Community
|
|
N/A
|
|
N/A
|
|
N/A
|
|
Owned
|
Mid Valley House Edinburg, TX
|
128
|
|
BOP
|
|
Community
Corrections
|
|
Community
|
|
July 2014
|
|
1 year
|
|
One, One-year, Plus One-year and three months, Plus Two, One year options, Plus, Two one-month extensions, Plus One, nine-month extension
|
|
Owned
|
Midtown Center Anchorage, AK
|
32
|
|
AK DOC
|
|
Community
Corrections |
|
Community
Corrections |
|
June 2019
|
|
1 year
|
|
Four, One-year renewals
|
|
Owned
|
New Mexico Mens Recovery Academy, NM
|
174
|
|
NM DOC
|
|
Community
Corrections |
|
Community
Corrections |
|
July 2019
|
|
4 years
|
|
None
|
|
Managed
|
New Mexico Womens Recovery Academy, NM
|
60
|
|
NM DOC
|
|
Community
Corrections |
|
Community
Corrections |
|
July 2019
|
|
4 years
|
|
None
|
|
Managed
|
Northstar Center Fairbanks, AK
|
143
|
|
AK DOC
|
|
Community
Corrections
|
|
Community
|
|
September 2016
|
|
10 months
|
|
Three-One year, plus one seven month extension
|
|
Leased
|
Oakland Center Oakland, CA
|
69
|
|
BOP
|
|
Community
Corrections |
|
Community
|
|
November
2008
|
|
3 years
|
|
Seven, One year, plus One, Six month extension, plus Three, Three-month extensions
|
|
Owned
|
Parkview Center Anchorage, AK
|
112
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
Philadelphia Residential Reentry Center
|
400
|
|
BOP
|
|
Community Corrections
|
|
Community
|
|
April 2019
|
|
1 year
|
|
Four, one year
|
|
Owned
|
Reality House Brownsville, TX
|
94
|
|
BOP
|
|
Community
Corrections
|
|
Community
|
|
July 2019
|
|
1 year
|
|
Four, One year
|
|
Owned
|
Facility Name &
Location_______
|
Capacity(1)
|
|
Primary
Customer
|
|
Facility
Type
|
|
Security
Level
|
|
Commencement
of Current
Contract (2)
|
|
Base
Period
|
|
Renewal
Options
|
|
Managed
Leased/
Owned
|
Abraxas Academy Morgantown, PA
|
214
|
|
Various
|
|
Youth
Residential
|
|
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Owned
|
Abraxas I Marienville, PA
|
204
|
|
Various
|
|
Youth
Residential
|
|
Staff
Secure
|
|
May 2005
|
|
None
|
|
None
|
|
Owned
|
Abraxas Ohio Shelby, OH
|
100
|
|
Various
|
|
Youth
Residential
|
|
Staff
Secure |
|
June 2005
|
|
None
|
|
None
|
|
Owned
|
Abraxas Youth Center South Mountain, PA
|
72
|
|
PA Dept of Public Welfare
|
|
Youth
Residential |
|
Secure/
Staff
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Leased
|
Camp Aspen, SC
|
36
|
|
SC Dept. of Juvenile Justice
|
|
Youth
Residential |
|
Staff
Secure |
|
August 2014
|
|
1 year
|
|
Three, two-year extensions
|
|
Managed
|
DuPage Interventions Hinsdale, IL
|
36
|
|
Idle
|
|
|
|
|
|
|
|
|
|
|
|
Owned
|
Hector Garza Center San Antonio, TX
|
139
|
|
TYC
|
|
Youth
Residential
|
|
Staff
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Owned
|
Leadership Development Program South Mountain, PA
|
128
|
|
Various
|
|
Youth
Residential
|
|
Staff
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Leased
|
Southern Peaks Regional Treatment Center Canon City, CO
|
136
|
|
Various
|
|
Youth
Residential
|
|
Staff
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Owned
|
Southwood Interventions Chicago, IL
|
80
|
|
IL DASA,
City of
Chicago,
Medicaid
|
|
Youth
Residential
|
|
Staff
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Owned
|
Woodridge Interventions Woodridge, IL
|
90
|
|
IL DASA,
Medicaid
|
|
Youth
Residential
|
|
Staff
Secure
|
|
June 2005
|
|
None
|
|
None
|
|
Owned
|
DRC Location
|
Number of
reporting
centers
|
|
Type of
Customers
|
|
Commencement
of current
contract(s)
|
|
Base
period
|
|
Renewal
options
|
|
Manage only/
lease
|
|
Colorado (5)
|
5
|
|
|
State, County
|
|
Various,
2015 – 2018
|
|
1 year
|
|
Varies
|
|
Lease
|
California
|
29
|
|
|
State, County
|
|
2017
|
|
3 years
|
|
One, One year
|
|
Lease or Manage only
|
New Jersey
|
5
|
|
|
State, County
|
|
2015
|
|
4 years
|
|
One, One year
|
|
Lease
|
Pennsylvania
|
10
|
|
|
State, County
|
|
Various,
2006 – 2018
|
|
3 to 5 years
|
|
Varies
|
|
Lease
|
Illinois
|
8
|
|
|
State, County
|
|
2018
|
|
5 years
|
|
One, Five
year
|
|
Lease or Manage
only
|
Kansas
|
1
|
|
|
County
|
|
2016
|
|
1 year
|
|
Four, One
year
|
|
Lease
|
Louisiana
|
6
|
|
|
State
|
|
2018
|
|
3 years
|
|
None
|
|
Lease
|
Kentucky
|
1
|
|
|
County
|
|
2015
|
|
1 year
|
|
Four, One year
|
|
Lease
|
Abbreviation
|
|
Customer
|
AL DOC
|
|
Alabama Department of Corrections
|
AK DOC
|
|
Alaska Department of Corrections
|
AZ DOC
|
|
Arizona Department of Corrections
|
BOP
|
|
Federal Bureau of Prisons
|
CDCR
|
|
California Department of Corrections & Rehabilitation
|
CO DOC
|
|
Colorado Department of Corrections
|
FL DOC
|
|
Florida Department of Corrections
|
FL DMS
|
|
Florida Department of Management Services
|
GA DOC
|
|
Georgia Department of Corrections
|
ICE
|
|
U.S. Immigration & Customs Enforcement
|
ID DOC
|
|
Idaho Department of Corrections
|
IN DOC
|
|
Indiana Department of Correction
|
IGA
|
|
Inter-governmental Agreement
|
IL DASA
|
|
Illinois Department of Alcoholism and Substance Abuse
|
LA DOC
|
|
Louisiana Department of Corrections
|
NJ DOC
|
|
New Jersey Department of Corrections
|
NM DOC
|
|
New Mexico Department of Corrections
|
NSW
|
|
Commissioner of Corrective Services for New South Wales, Australia
|
OK DOC
|
|
Oklahoma Department of Corrections
|
PA DOC
|
|
Pennsylvania Department of Corrections
|
PNB
|
|
Province of New Brunswick
|
QLD DCS
|
|
Department of Corrective Services of the State of Queensland, Australia
|
RSA DCS
|
|
Republic of South Africa Department of Correctional Services
|
SC Dept of Juvenile Justice
|
|
South Carolina Department of Juvenile Justice
|
SD DOC
|
|
South Dakota Department of Corrections
|
TDCJ
|
|
Texas Department of Criminal Justice
|
TYC
|
|
Texas Youth Commission
|
UKBA
|
|
United Kingdom Border Agency
|
USMS
|
|
United States Marshals Service
|
VA DOC
|
|
Virginia Department of Corrections
|
VIC DOJ
|
|
Department of Justice of the State of Victoria, Australia
|
VT DOC
|
|
Vermont Department of Corrections
|
WA DOC
|
|
Washington Department of Corrections
|
(1)
|
Capacity as used in the table refers to operational capacity consisting of total beds for all facilities except for the seven Non-residential service centers under Youth Services for which we have provided service capacity which represents the number of juveniles that can be serviced daily.
|
(2)
|
For Youth Services Non-Residential Service Centers, the contract commencement date represents either the program start date or the date that the facility operations were acquired by our subsidiary. The service agreements under these arrangements provide for services on an as-contracted basis and there are no guaranteed minimum populations or management contracts with specified renewal dates. These arrangements are more perpetual in nature. For acquired operations, the commencement date is the original date of contract.
|
(3)
|
GEO provides services at these facilities through various Inter-Governmental Agreements, or IGAs, through the various counties and other jurisdictions.
|
(4)
|
The contract for this facility only requires GEO to provide maintenance services.
|
(5)
|
The Colorado Day Reporting Centers provide many of the same services as the full service Day Reporting Centers, but rather than providing these services through comprehensive treatment plans dictated by the governing authority, these services are provided on a fee for service basis. Such services may be connected to government agency contracts and would be reimbursed by those agencies. Other services are offered directly to offenders allowing them to meet court-ordered requirements and are paid by the offender as the service is provided.
|
(6)
|
These facilities are being discontinued by the CDCR but are being transitioned to new contracts with ICE.
|
(7)
|
The Arthur Gorrie Correctional Centre will be transitioned to government operation by the end of the first quarter of 2020.
|
Year
|
Re-bid
|
|
Total Number of Beds up for Re-bid
|
||
2020
|
38
|
|
|
12,259
|
|
2021
|
23
|
|
|
12,952
|
|
2022
|
12
|
|
|
3,172
|
|
2023
|
7
|
|
|
4,100
|
|
2024
|
16
|
|
|
1,112
|
|
Thereafter
|
37
|
|
|
38,353
|
|
Total
|
133
|
|
|
71,948
|
|
Customer
|
2019
|
|
2018
|
|
2017
|
|||
Various agencies of the U.S. Federal Government:
|
53
|
%
|
|
50
|
%
|
|
48
|
%
|
Item 1A.
|
Risk Factors
|
•
|
make it more difficult for us to satisfy our obligations with respect to our senior notes and our other debt and liabilities;
|
•
|
require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, and other general corporate purposes including to make distributions on our common stock as currently contemplated or necessary to maintain our qualification as a REIT;
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
|
•
|
increase our vulnerability to adverse economic and industry conditions;
|
•
|
place us at a competitive disadvantage compared to competitors that may be less leveraged;
|
•
|
restrict us from pursuing strategic acquisitions or exploiting certain business opportunities; and
|
•
|
limit our ability to borrow additional funds or refinance existing indebtedness on favorable terms.
|
•
|
incur additional indebtedness;
|
•
|
pay dividends and or distributions on our capital stock, repurchase, redeem or retire our capital stock, prepay subordinated indebtedness, make investments;
|
•
|
issue preferred stock of subsidiaries;
|
•
|
guarantee other indebtedness;
|
•
|
create liens on our assets;
|
•
|
transfer and sell assets;
|
•
|
make capital expenditures above certain limits;
|
•
|
create or permit restrictions on the ability of our restricted subsidiaries to pay dividends or make other distributions to us;
|
•
|
enter into sale/leaseback transactions;
|
•
|
enter into transactions with affiliates; and
|
•
|
merge or consolidate with another company or sell all or substantially all of our assets.
|
•
|
cease selling or using any products that incorporate the asserted intellectual property, which would adversely affect our revenue;
|
•
|
pay substantial damages for past use of the asserted intellectual property;
|
•
|
obtain a license from the holder of the asserted intellectual property, which license may not be available on reasonable terms, if at all; or
|
•
|
redesign or rename, in the case of trademark claims, our products to avoid infringing the intellectual property rights of third parties, which may not be possible and could be costly and time-consuming if it is possible to do.
|
Item 1B.
|
Unresolved Staff Comments
|
Item 2.
|
Properties
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
*
|
Total return assumes reinvestment of dividends.
|
Item 6.
|
Selected Financial Data
|
Year Ended:
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Results of Continuing Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
2,477,922
|
|
|
$
|
2,331,386
|
|
|
$
|
2,263,420
|
|
|
$
|
2,179,490
|
|
|
$
|
1,843,307
|
|
Operating income
|
300,413
|
|
|
264,665
|
|
|
248,285
|
|
|
265,584
|
|
|
235,729
|
|
|||||
Net income
|
$
|
166,412
|
|
|
$
|
144,827
|
|
|
$
|
146,024
|
|
|
$
|
148,498
|
|
|
$
|
139,315
|
|
Income per common share attributable to The GEO Group, Inc.:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic:
|
$
|
1.40
|
|
|
$
|
1.21
|
|
|
$
|
1.22
|
|
|
$
|
1.34
|
|
|
$
|
1.26
|
|
Diluted:
|
$
|
1.40
|
|
|
$
|
1.20
|
|
|
$
|
1.21
|
|
|
$
|
1.33
|
|
|
$
|
1.25
|
|
Weighted Average Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
119,097
|
|
|
120,241
|
|
|
120,095
|
|
|
111,065
|
|
|
110,544
|
|
|||||
Diluted
|
119,311
|
|
|
120,747
|
|
|
120,814
|
|
|
111,485
|
|
|
110,993
|
|
|||||
Cash Dividends per Common Share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Dividends
|
$
|
1.92
|
|
|
$
|
1.88
|
|
|
$
|
1.88
|
|
|
$
|
1.73
|
|
|
$
|
1.67
|
|
Financial Condition:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
$
|
547,778
|
|
|
$
|
601,762
|
|
|
$
|
579,709
|
|
|
$
|
697,669
|
|
|
$
|
438,346
|
|
Current liabilities
|
395,928
|
|
|
705,238
|
|
|
369,563
|
|
|
504,058
|
|
|
278,624
|
|
|||||
Total assets
|
4,317,534
|
|
|
4,258,118
|
|
|
4,226,908
|
|
|
3,749,409
|
|
|
3,462,227
|
|
|||||
Long-term debt, including current portion (excluding non-recourse debt and capital leases and unamortized debt issuance costs)
|
2,436,039
|
|
|
2,429,312
|
|
|
2,217,287
|
|
|
1,957,530
|
|
|
1,878,870
|
|
|||||
Total Shareholders’ equity
|
$
|
996,048
|
|
|
$
|
1,039,904
|
|
|
$
|
1,198,919
|
|
|
$
|
974,957
|
|
|
$
|
1,006,837
|
|
Operational Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Facilities in operation
|
129
|
|
|
135
|
|
|
141
|
|
|
104
|
|
|
104
|
|
|||||
Operational capacity of contracts (1)
|
92,156
|
|
|
88,567
|
|
|
88,272
|
|
|
83,599
|
|
|
83,878
|
|
|||||
Compensated mandays (2)
|
28,757,412
|
|
|
28,350,591
|
|
|
27,321,685
|
|
|
24,843,516
|
|
|
23,841,256
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
|
|
|
|
|
Ordinary Dividends
|
|
|
|
||||||||||||
Declaration Date
|
|
Payment Date
|
|
Record Date
|
|
Distribution Per Share
|
|
Qualified (1)
|
|
Non-Qualified
|
|
Nondividend Distributions (2)
|
Aggregate Payment Amount (millions)
|
||||||||||
February 5, 2018
|
|
February 27, 2018
|
|
February 16, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
58.3
|
|
April 11, 2018
|
|
May 3, 2018
|
|
April 23, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
57.4
|
|
July 10, 2018
|
|
July 27, 2018
|
|
July 20, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
57.2
|
|
October 15, 2018
|
|
November 2, 2018
|
|
October 26, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
57.2
|
|
February 4, 2019
|
|
February 22, 2019
|
|
February 15, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
57.9
|
|
April 3, 2019
|
|
April 22, 2019
|
|
April 15, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
58.2
|
|
July 9, 2019
|
|
July 26, 2019
|
|
July 19, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
58.2
|
|
October 14, 2019
|
|
November 1, 2019
|
|
October 25, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
58.2
|
|
|
2019
|
|
% of Revenue
|
|
2018
|
|
% of Revenue
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
U.S. Secure Services
|
$
|
1,601,679
|
|
|
64.6
|
%
|
|
$
|
1,492,973
|
|
|
64.0
|
%
|
|
$
|
108,706
|
|
|
7.3
|
%
|
GEO Care
|
614,249
|
|
|
24.8
|
%
|
|
580,313
|
|
|
24.9
|
%
|
|
33,936
|
|
|
5.8
|
%
|
|||
International Services
|
232,016
|
|
|
9.4
|
%
|
|
253,874
|
|
|
10.9
|
%
|
|
(21,858
|
)
|
|
(8.6
|
)%
|
|||
Facility Construction & Design
|
29,978
|
|
|
1.2
|
%
|
|
4,226
|
|
|
0.2
|
%
|
|
25,752
|
|
|
100.0
|
%
|
|||
Total
|
$
|
2,477,922
|
|
|
100.0
|
%
|
|
$
|
2,331,386
|
|
|
100.0
|
%
|
|
$
|
146,536
|
|
|
6.3
|
%
|
|
2019
|
|
% of Segment
Revenues
|
|
2018
|
|
% of Segment
Revenues
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
U.S. Secure Services
|
$
|
1,200,199
|
|
|
64.5
|
%
|
|
$
|
1,118,719
|
|
|
63.7
|
%
|
|
$
|
81,480
|
|
|
7.3
|
%
|
GEO Care
|
417,432
|
|
|
22.4
|
%
|
|
393,856
|
|
|
22.4
|
%
|
|
23,576
|
|
|
6.0
|
%
|
|||
International Services
|
213,223
|
|
|
11.5
|
%
|
|
238,971
|
|
|
13.6
|
%
|
|
(25,748
|
)
|
|
(10.8
|
)%
|
|||
Facility Construction & Design
|
29,904
|
|
|
1.6
|
%
|
|
4,226
|
|
|
0.2
|
%
|
|
25,678
|
|
|
100.0
|
%
|
|||
Total
|
$
|
1,860,758
|
|
|
100.0
|
%
|
|
$
|
1,755,772
|
|
|
100.0
|
%
|
|
$
|
104,986
|
|
|
6.0
|
%
|
|
2019
|
|
% of Segment
Revenue
|
|
2018
|
|
% of Segment
Revenue
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
U.S. Secure Services
|
$
|
78,974
|
|
|
4.9
|
%
|
|
$
|
76,801
|
|
|
5.1
|
%
|
|
$
|
2,173
|
|
|
2.8
|
%
|
GEO Care
|
49,781
|
|
|
8.1
|
%
|
|
47,546
|
|
|
8.2
|
%
|
|
2,235
|
|
|
4.7
|
%
|
|||
International Services
|
2,070
|
|
|
0.9
|
%
|
|
2,087
|
|
|
0.8
|
%
|
|
(17
|
)
|
|
(0.8
|
)%
|
|||
Total
|
$
|
130,825
|
|
|
5.3
|
%
|
|
$
|
126,434
|
|
|
5.4
|
%
|
|
$
|
4,391
|
|
|
3.5
|
%
|
|
2019
|
|
% of Revenue
|
|
2018
|
|
% of Revenue
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
General and Administrative Expenses
|
$
|
185,926
|
|
|
7.5
|
%
|
|
$
|
184,515
|
|
|
8.2
|
%
|
|
$
|
1,411
|
|
|
0.8
|
%
|
|
2019
|
|
% of Revenue
|
|
2018
|
|
% of Revenue
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Interest Income
|
$
|
28,934
|
|
|
1.2
|
%
|
|
$
|
34,755
|
|
|
1.5
|
%
|
|
$
|
(5,821
|
)
|
|
(16.7
|
)%
|
Interest Expense
|
$
|
151,024
|
|
|
6.1
|
%
|
|
$
|
150,103
|
|
|
6.4
|
%
|
|
$
|
921
|
|
|
0.6
|
%
|
|
2019
|
|
% of
Revenue |
|
2018
|
|
% of
Revenue |
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Loss on Extinguishment of Debt
|
$
|
4,795
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
4,795
|
|
|
100.0
|
%
|
|
2019
|
|
Effective Rate
|
|
2018
|
|
Effective Rate
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|
|
|
|
|||||||||||||||
Provision for Income Taxes
|
$
|
16,648
|
|
|
9.6
|
%
|
|
$
|
14,117
|
|
|
9.5
|
%
|
|
$
|
2,531
|
|
|
17.9
|
%
|
|
2019
|
|
% of Revenue
|
|
2018
|
|
% of Revenue
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Equity in Earnings of Affiliates
|
$
|
9,532
|
|
|
0.4
|
%
|
|
$
|
9,627
|
|
|
0.4
|
%
|
|
$
|
(95
|
)
|
|
(1.0
|
)%
|
|
Payments Due by Period
|
|||||||||||||||||||
Contractual Obligations
|
Total
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
|||||||||||
|
(In thousands)
|
|||||||||||||||||||
Long-Term Debt
|
$
|
1,138,081
|
|
|
$
|
1,026
|
|
|
$
|
196,146
|
|
|
$
|
552,374
|
|
|
$
|
388,535
|
|
|
Term Loan
|
778,000
|
|
|
8,000
|
|
|
16,000
|
|
|
754,000
|
|
|
—
|
|
||||||
Revolver
|
520,671
|
|
|
—
|
|
|
—
|
|
|
520,671
|
|
|
—
|
|
||||||
Finance Lease Obligations (includes imputed interest)
|
5,103
|
|
|
1,934
|
|
|
3,169
|
|
|
—
|
|
|
—
|
|
||||||
Operating Lease Obligations (includes imputed interest)
|
148,480
|
|
|
31,378
|
|
|
45,879
|
|
|
29,571
|
|
|
41,652
|
|
||||||
Non-Recourse Debt
|
328,178
|
|
|
13,901
|
|
|
22,502
|
|
|
16,906
|
|
|
274,869
|
|
||||||
Estimated interest payments on debt (a)
|
711,705
|
|
|
127,789
|
|
|
252,594
|
|
|
170,701
|
|
|
160,621
|
|
||||||
Estimated funding of pension and other post retirement benefits
|
37,551
|
|
|
9,465
|
|
|
1,728
|
|
|
1,789
|
|
|
24,569
|
|
||||||
Estimated construction commitments
|
33,000
|
|
142,431
|
|
33,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
3,700,769
|
|
|
$
|
226,493
|
|
|
$
|
538,018
|
|
|
$
|
2,046,012
|
|
|
$
|
890,246
|
|
(a)
|
Due to the uncertainties of future LIBOR rates, the variable interest payments on our Senior Credit Facility were calculated using an average LIBOR rate of 1.54% based on projected interest rates through 2025.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Funds From Operations
|
|
|
|
|
||||
Net income attributable to The GEO Group, Inc.
|
|
$
|
166,603
|
|
|
$
|
145,089
|
|
Real estate related depreciation and amortization
|
|
72,191
|
|
|
70,592
|
|
||
Gain on sale of real estate assets, net of tax
|
|
2,693
|
|
|
4,347
|
|
||
NAREIT Defined FFO
|
|
$
|
241,487
|
|
|
$
|
220,028
|
|
Net Tax Cuts and Jobs Act Impact
|
|
—
|
|
|
304
|
|
||
Start-up expenses, pre-tax
|
|
8,959
|
|
|
6,299
|
|
||
Loss on extinguishment of debt
|
|
4,795
|
|
|
574
|
|
||
Legal related expenses, pre-tax
|
|
2,000
|
|
|
7,147
|
|
||
Escrow releases, pre-tax
|
|
—
|
|
|
(2,273
|
)
|
||
Close-out expenses, pre-tax
|
|
4,578
|
|
|
4,245
|
|
||
Tax effect of adjustments to funds from operations *
|
|
(1,078
|
)
|
|
(2,031
|
)
|
||
Normalized Funds from Operations
|
|
$
|
260,741
|
|
|
$
|
234,293
|
|
Non-real estate related depreciation and amortization
|
|
58,634
|
|
|
55,842
|
|
||
Consolidated maintenance capital expenditures
|
|
(21,899
|
)
|
|
(22,638
|
)
|
||
Stock-based compensation expenses
|
|
22,344
|
|
|
22,050
|
|
||
Amortization of debt issuance costs, discount and/or premium and other non-cash interest
|
|
8,609
|
|
|
8,282
|
|
||
Adjusted Funds from Operations
|
|
$
|
328,429
|
|
|
$
|
297,829
|
|
•
|
our ability to timely build and/or open facilities as planned, profitably manage such facilities and successfully integrate such facilities into our operations without substantial additional costs;
|
•
|
our ability to fulfill our debt service obligations and its impact on our liquidity;
|
•
|
our ability to activate the inactive beds at our idle facilities;
|
•
|
our ability to maintain or increase occupancy rates at our facilities;
|
•
|
an increase in unreimbursed labor rates;
|
•
|
our ability to expand, diversify and grow our secure, processing, mental health, residential treatment, reentry, community-based services, youth services, monitoring services, evidence-based supervision and treatment programs and secure transportation services businesses;
|
•
|
our ability to win management contracts for which we have submitted proposals, retain existing management contracts and meet any performance standards required by such management contracts;
|
•
|
our ability to control operating costs associated with contract start-ups;
|
•
|
our ability to raise new project development capital given the often short-term nature of the customers’ commitment to use newly developed facilities;
|
•
|
our ability to estimate the government’s level of dependency on public-private partnership secure services;
|
•
|
our ability to accurately project the size and growth of the U.S. and international public-private partnership secure services industry;
|
•
|
the impact of public resistance to the use of public-private partnerships for secure facilities, processing centers and community reentry centers;
|
•
|
the impact of adopted or proposed legislation aimed at limiting public-private partnerships for secure facilities, processing centers and community reentry centers or limiting or restricting the business and operations of financial institutions or others who do business with us;
|
•
|
our ability to successfully respond to delays encountered by states utilizing public-private partnership secure services and cost savings initiatives implemented by a number of states;
|
•
|
our ability to develop long-term earnings visibility;
|
•
|
our ability to identify suitable acquisitions and to successfully complete and integrate such acquisitions on satisfactory terms, and estimate the synergies to be achieved as a result of such acquisitions;
|
•
|
our exposure to the impairment of goodwill and other intangible assets as a result of our acquisitions;
|
•
|
our ability to successfully conduct our operations through joint ventures and consortiums;
|
•
|
our ability to obtain future financing on satisfactory terms or at all, including our ability to secure the funding we need to complete ongoing capital projects;
|
•
|
the impact of the decision by several financial institutions, including some of our lenders, that they will not be renewing existing agreements or entering into new agreements with companies that operate secure services facilities and centers pursuant to public-private partnerships;
|
•
|
the impact of the anticipated LIBOR transition in 2021;
|
•
|
our exposure to political and economic instability and other risks impacting our international operations;
|
•
|
the instability of foreign exchange rates, exposing us to currency risks in Australia, the United Kingdom, and South Africa, or other countries in which we may choose to conduct our business;
|
•
|
our exposure to risks impacting our information systems, including those that may cause an interruption, delay or failure in the provision of our services;
|
•
|
our exposure to rising general insurance costs;
|
•
|
our ability to remain qualified for taxation as a REIT;
|
•
|
our exposure to state and federal income tax law changes internationally and domestically, including the recently enacted Tax Cuts and Jobs Act, and our exposure as a result of federal and international examinations of our tax returns or tax positions;
|
•
|
the impact of natural disasters, pandemic outbreaks, global political events and other serious catastrophic events on our business and financial condition;
|
•
|
our exposure to claims for which we are uninsured;
|
•
|
our exposure to rising employee and inmate medical costs;
|
•
|
our ability to manage costs and expenses relating to ongoing litigation arising from our operations;
|
•
|
our ability to accurately estimate on an annual basis, loss reserves related to general liability, workers’ compensation and automobile liability claims;
|
•
|
the ability of our government customers to secure budgetary appropriations to fund their payment obligations to us and to continue to operate under our existing agreements and/or renew our existing agreements;
|
•
|
our ability to pay quarterly dividends consistent with our expectations;
|
•
|
our ability to comply with government regulations and applicable contractual requirements;
|
•
|
our ability to acquire, protect or maintain our intellectual property; and
|
•
|
other factors contained in our filings with the Securities and Exchange Commission, or the SEC, including, but not limited to, those detailed in this Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC.
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
•
|
We tested the design and operating effectiveness of key controls relating to self-insurance, including, but not limited to, controls that (1) validate that claims were reported and submitted accurately and timely, and (2) validate that internal claims data were reconciled to claims data maintained by the third party administrator and submitted to the Company’s actuary.
|
•
|
We utilized a specialist in evaluating management’s methods and assumptions, including selected loss development factors.
|
•
|
We performed a retrospective review of prior projections to current projections to evaluate the reasonableness of changes in estimated ultimate losses.
|
•
|
We reconciled claims data to the actuarial information and tested a sample of underlying claims through review of accident reports, insurance claims and legal records to evaluate whether information utilized by management in developing the accrual for self-insurance was complete and accurate.
|
•
|
We tested the design and operating effectiveness of key controls relating to the allocation of expenses between the REIT and TRS entities, including, but not limited to, controls that (1) validate the significant inputs used in the transfer pricing analysis, (2) validate the application of the transfer pricing to recorded transactions, and (3) validate inputs and assumptions used to allocate general and administrative expenses.
|
•
|
We utilized a specialist in evaluating the reasonableness of management’s methods and assumptions for determining the transfer pricing markup on services provided between the REIT and TRS entities.
|
•
|
We tested significant inputs used in management’s transfer pricing analysis, tested the application of the transfer pricing to recorded transactions, and tested management’s process and estimates used to allocate general and administrative expenses to assess the allocation of transactions between the REIT and TRS entities.
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Revenues
|
$
|
2,477,922
|
|
|
$
|
2,331,386
|
|
|
$
|
2,263,420
|
|
Operating Expenses (excluding depreciation and amortization)
|
1,860,758
|
|
|
1,755,772
|
|
|
1,700,495
|
|
|||
Depreciation and Amortization
|
130,825
|
|
|
126,434
|
|
|
124,297
|
|
|||
General and Administrative Expenses
|
185,926
|
|
|
184,515
|
|
|
190,343
|
|
|||
Operating Income
|
300,413
|
|
|
264,665
|
|
|
248,285
|
|
|||
Interest Income
|
28,934
|
|
|
34,755
|
|
|
51,676
|
|
|||
Interest Expense
|
(151,024
|
)
|
|
(150,103
|
)
|
|
(148,024
|
)
|
|||
Loss on Extinguishment of Debt
|
(4,795
|
)
|
|
—
|
|
|
—
|
|
|||
Income Before Income Taxes and Equity in Earnings of Affiliates
|
173,528
|
|
|
149,317
|
|
|
151,937
|
|
|||
Provision for Income Taxes
|
16,648
|
|
|
14,117
|
|
|
17,958
|
|
|||
Equity in Earnings of Affiliates, net of income tax (benefit) provision of $1,769, $888 and $(3,699)
|
9,532
|
|
|
9,627
|
|
|
12,045
|
|
|||
Net Income
|
166,412
|
|
|
144,827
|
|
|
146,024
|
|
|||
Loss Attributable to Noncontrolling Interests
|
191
|
|
|
262
|
|
|
217
|
|
|||
Net Income Attributable to The GEO Group, Inc.
|
$
|
166,603
|
|
|
$
|
145,089
|
|
|
$
|
146,241
|
|
|
|
|
|
|
|
||||||
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
||||||
Basic
|
119,097
|
|
|
120,241
|
|
|
120,095
|
|
|||
Diluted
|
119,311
|
|
|
120,747
|
|
|
120,814
|
|
|||
Income per Common Share Attributable to The GEO Group, Inc.:
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Net income per share — basic
|
$
|
1.40
|
|
|
$
|
1.21
|
|
|
$
|
1.22
|
|
Diluted:
|
|
|
|
|
|
||||||
Net income per share — diluted
|
$
|
1.40
|
|
|
$
|
1.20
|
|
|
$
|
1.21
|
|
Dividends declared per share
|
$
|
1.92
|
|
|
$
|
1.88
|
|
|
$
|
1.88
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands)
|
||||||||||
Net Income
|
$
|
166,412
|
|
|
$
|
144,827
|
|
|
$
|
146,024
|
|
Foreign currency translation adjustments
|
2,267
|
|
|
(7,118
|
)
|
|
3,808
|
|
|||
Pension liability adjustment, net of income tax provision (benefit) of $(681), $913 and $(764), respectively
|
(3,247
|
)
|
|
1,785
|
|
|
(1,420
|
)
|
|||
Change in fair value of derivative instrument classified as cash flow hedge, net of income tax provision (benefit) of $622, $1,085 and $703, respectively
|
4,271
|
|
|
6,146
|
|
|
3,985
|
|
|||
Total other comprehensive income, net of tax
|
3,291
|
|
|
813
|
|
|
6,373
|
|
|||
Total comprehensive income
|
169,703
|
|
|
145,640
|
|
|
152,397
|
|
|||
Comprehensive loss attributable to noncontrolling interests
|
183
|
|
|
277
|
|
|
211
|
|
|||
Comprehensive income attributable to The GEO Group, Inc.
|
$
|
169,886
|
|
|
$
|
145,917
|
|
|
$
|
152,608
|
|
|
2019
|
|
2018
|
||||
|
(In thousands, except
share data)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
32,463
|
|
|
$
|
31,255
|
|
Restricted cash and investments
|
32,418
|
|
|
51,678
|
|
||
Accounts receivable, less allowance for doubtful accounts of $3,195 and $4,183, respectively
|
430,982
|
|
|
445,526
|
|
||
Contract receivable, current portion
|
11,199
|
|
|
15,535
|
|
||
Prepaid expenses and other current assets
|
40,716
|
|
|
57,768
|
|
||
Total current assets
|
547,778
|
|
|
601,762
|
|
||
Restricted Cash and Investments
|
30,923
|
|
|
22,431
|
|
||
Property and Equipment, Net
|
2,144,722
|
|
|
2,158,610
|
|
||
Contract Receivable
|
360,647
|
|
|
368,178
|
|
||
Operating Lease Right-of-Use Assets, Net
|
121,527
|
|
|
—
|
|
||
Assets Held for Sale
|
6,059
|
|
|
2,634
|
|
||
Deferred Income Tax Assets
|
36,278
|
|
|
29,924
|
|
||
Goodwill
|
776,356
|
|
|
776,359
|
|
||
Intangible Assets, Net
|
210,070
|
|
|
232,360
|
|
||
Other Non-Current Assets
|
83,174
|
|
|
65,860
|
|
||
Total Assets
|
$
|
4,317,534
|
|
|
$
|
4,258,118
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
99,232
|
|
|
$
|
93,032
|
|
Accrued payroll and related taxes
|
54,672
|
|
|
76,009
|
|
||
Accrued expenses and other current liabilities
|
191,608
|
|
|
204,170
|
|
||
Operating lease liabilities, current portion
|
26,208
|
|
|
—
|
|
||
Current portion of finance lease liabilities, long-term debt and non-recourse debt
|
24,208
|
|
|
332,027
|
|
||
Total current liabilities
|
395,928
|
|
|
705,238
|
|
||
Deferred Income Tax Liabilities
|
19,254
|
|
|
13,681
|
|
||
Other Non-Current Liabilities
|
88,526
|
|
|
82,481
|
|
||
Operating Lease Liabilities
|
97,291
|
|
|
—
|
|
||
Finance Lease Obligations
|
2,954
|
|
|
4,570
|
|
||
Long-Term Debt
|
2,408,297
|
|
|
2,397,227
|
|
||
Non-Recourse Debt
|
309,236
|
|
|
15,017
|
|
||
Commitments and Contingencies (Note 18)
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
||||
Preferred stock, $0.01 par value, 30,000,000 shares authorized, none issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 187,500,000 shares authorized, 125,435,573 and 124,794,986 issued and 121,225,319 and 120,584,732 outstanding, respectively
|
1,254
|
|
|
1,248
|
|
||
Additional paid-in capital
|
1,230,865
|
|
|
1,210,916
|
|
||
Distributions in excess of earnings
|
(119,779
|
)
|
|
(52,868
|
)
|
||
Accumulated other comprehensive loss
|
(20,335
|
)
|
|
(23,618
|
)
|
||
Treasury stock, 4,210,254 and 4,210,254 shares, at cost, respectively
|
(95,175
|
)
|
|
(95,175
|
)
|
||
Total shareholders’ equity attributable to The GEO Group, Inc.
|
996,830
|
|
|
1,040,503
|
|
||
Noncontrolling interests
|
(782
|
)
|
|
(599
|
)
|
||
Total shareholders’ equity
|
996,048
|
|
|
1,039,904
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
4,317,534
|
|
|
$
|
4,258,118
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands)
|
||||||||||
Cash Flow from Operating Activities:
|
|
|
|
|
|
||||||
Net Income
|
$
|
166,412
|
|
|
$
|
144,827
|
|
|
$
|
146,024
|
|
Net loss attributable to noncontrolling interests
|
191
|
|
|
262
|
|
|
217
|
|
|||
Net income attributable to The GEO Group, Inc.
|
166,603
|
|
|
145,089
|
|
|
146,241
|
|
|||
Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization expense
|
130,825
|
|
|
126,434
|
|
|
124,297
|
|
|||
Deferred tax provision (benefit)
|
(588
|
)
|
|
1,230
|
|
|
12,238
|
|
|||
Amortization of debt issuance costs, discount and/or premium and other non-cash interest
|
8,609
|
|
|
8,856
|
|
|
16,540
|
|
|||
Stock-based compensation
|
22,344
|
|
|
22,049
|
|
|
19,844
|
|
|||
Loss on extinguishment of debt
|
4,795
|
|
|
—
|
|
|
—
|
|
|||
Provision for doubtful accounts
|
190
|
|
|
823
|
|
|
2,456
|
|
|||
Equity in earnings of affiliates, net of tax
|
(9,532
|
)
|
|
(9,627
|
)
|
|
(12,045
|
)
|
|||
Loss on sale/disposal of property and equipment
|
5,576
|
|
|
4,236
|
|
|
1,520
|
|
|||
Loss on assets held for sale
|
1,083
|
|
|
—
|
|
|
—
|
|
|||
Dividends received from unconsolidated joint ventures
|
10,312
|
|
|
11,846
|
|
|
6,132
|
|
|||
Changes in assets and liabilities, net of acquisition:
|
|
|
|
|
|
||||||
Changes in accounts receivable, prepaid expenses and other assets
|
(8,391
|
)
|
|
(66,101
|
)
|
|
20,938
|
|
|||
Changes in contract receivable
|
(4,355
|
)
|
|
(2,049
|
)
|
|
40,515
|
|
|||
Changes in accounts payable, accrued expenses and other liabilities
|
10,672
|
|
|
31,689
|
|
|
2,366
|
|
|||
Net cash provided by operating activities
|
338,143
|
|
|
274,475
|
|
|
381,042
|
|
|||
Cash Flow from Investing Activities:
|
|
|
|
|
|
||||||
Acquisition of CEC, cash consideration, net of cash acquired
|
—
|
|
|
—
|
|
|
(353,556
|
)
|
|||
Proceeds from sale of property and equipment
|
414
|
|
|
2,077
|
|
|
3,460
|
|
|||
Insurance proceeds - damaged property
|
19,310
|
|
|
1,438
|
|
|
2,754
|
|
|||
Proceeds from sale of assets held for sale
|
823
|
|
|
3,797
|
|
|
—
|
|
|||
Change in restricted cash and investments
|
(7,440
|
)
|
|
(129
|
)
|
|
(4,507
|
)
|
|||
Capital expenditures
|
(117,244
|
)
|
|
(195,666
|
)
|
|
(148,406
|
)
|
|||
Net cash used in investing activities
|
(104,137
|
)
|
|
(188,483
|
)
|
|
(500,255
|
)
|
|||
Cash Flow from Financing Activities:
|
|
|
|
|
|
||||||
Payments on long-term debt
|
(513,219
|
)
|
|
(282,358
|
)
|
|
(1,140,788
|
)
|
|||
Proceeds from long term debt
|
521,370
|
|
|
502,998
|
|
|
1,389,084
|
|
|||
Payments on non-recourse debt
|
(335,116
|
)
|
|
(18,544
|
)
|
|
(307,414
|
)
|
|||
Proceeds from non-recourse debt
|
321,102
|
|
|
—
|
|
|
181,658
|
|
|||
Taxes paid related to net share settlements of equity awards
|
(4,179
|
)
|
|
(3,820
|
)
|
|
(4,142
|
)
|
|||
Debt issuance costs
|
(9,856
|
)
|
|
(990
|
)
|
|
(9,542
|
)
|
|||
Payments for purchase of treasury shares
|
—
|
|
|
(95,175
|
)
|
|
—
|
|
|||
Proceeds from stock options exercised
|
1,258
|
|
|
1,887
|
|
|
6,962
|
|
|||
Proceeds from issuance of common stock in connection with ESPP
|
532
|
|
|
534
|
|
|
497
|
|
|||
Issuance of common stock in connection with public offering
|
—
|
|
|
—
|
|
|
275,867
|
|
|||
Dividends paid
|
(232,546
|
)
|
|
(229,498
|
)
|
|
(227,463
|
)
|
|||
Net cash (used in) provided by financing activities
|
(250,654
|
)
|
|
(124,966
|
)
|
|
164,719
|
|
|||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
|
(352
|
)
|
|
(10,099
|
)
|
|
(2,318
|
)
|
|||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
|
(17,000
|
)
|
|
(49,073
|
)
|
|
43,188
|
|
|||
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period
|
84,472
|
|
|
133,545
|
|
|
90,357
|
|
|||
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period
|
$
|
67,472
|
|
|
$
|
84,472
|
|
|
$
|
133,545
|
|
Supplemental Disclosures
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Income taxes
|
$
|
11,160
|
|
|
$
|
8,035
|
|
|
$
|
13,809
|
|
Interest
|
$
|
135,579
|
|
|
$
|
133,566
|
|
|
$
|
115,354
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Right-of-use assets obtained from operating lease liabilities upon adoption of new lease standard - Refer to 14 - Leases
|
$
|
147,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Right-of-use assets obtained from operating lease liabilities (subsequent to initial adoption)
|
$
|
12,223
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Capital expenditures in accounts payable and accrued expenses
|
$
|
11,049
|
|
|
$
|
15,253
|
|
|
$
|
13,039
|
|
|
GEO Group Inc. Shareholders
|
|
Noncontrolling
Interest
|
|
Total
Shareholders’
Equity
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury Stock
|
|
|
||||||||||||||||||||||
|
Number
of Shares
|
|
Amount
|
|
Additional
Paid-In
Capital
|
|
(Distributions in Excess of Earnings/Earnings in Excess of Distributions
|
|
Number of Shares
|
|
Amount
|
|
|
||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||
Balance, January 1, 2017
|
112,548
|
|
|
$
|
1,125
|
|
|
$
|
891,993
|
|
|
$
|
112,763
|
|
|
$
|
(30,825
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(99
|
)
|
|
$
|
974,957
|
|
Proceeds from stock options exercised
|
358
|
|
|
4
|
|
|
6,958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,962
|
|
|||||||
Tax benefit related to equity compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
19,844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,844
|
|
|||||||
Shares withheld for net settlements of share-based awards [2]
|
(136
|
)
|
|
(1
|
)
|
|
(4,141
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,142
|
)
|
|||||||
Restricted stock granted
|
933
|
|
|
9
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Restricted stock canceled
|
(65
|
)
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Dividends - paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(227,463
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(227,463
|
)
|
|||||||
Issuance of common stock under prospectus supplement
|
10,350
|
|
|
104
|
|
|
275,763
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
275,867
|
|
|||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of common stock (ESPP)
|
20
|
|
|
—
|
|
|
497
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
497
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
146,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(217
|
)
|
|
146,024
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,379
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
6,373
|
|
|||||||
Balance, December 31, 2017
|
124,008
|
|
|
$
|
1,240
|
|
|
$
|
1,190,906
|
|
|
$
|
31,541
|
|
|
$
|
(24,446
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(322
|
)
|
|
$
|
1,198,919
|
|
Proceeds from stock options exercised
|
103
|
|
|
1
|
|
|
1,886
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,887
|
|
|||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
22,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,049
|
|
|||||||
Shares withheld for net settlements of share-based awards [2]
|
(173
|
)
|
|
(2
|
)
|
|
(3,818
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,820
|
)
|
|||||||
Restricted stock granted
|
906
|
|
|
9
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Restricted stock canceled
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(229,498
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229,498
|
)
|
Purchase of treasury shares
|
(4,210
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,210
|
|
|
(95,175
|
)
|
|
—
|
|
|
(95,175
|
)
|
|||||||
Issuance of common stock (ESPP)
|
24
|
|
|
—
|
|
|
534
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
534
|
|
|||||||
Other adjustments to Additional Paid-In-Capital [1]
|
—
|
|
|
—
|
|
|
(632
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(632
|
)
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
145,089
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(262
|
)
|
|
144,827
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
828
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
813
|
|
|||||||
Balance, December 31, 2018
|
120,585
|
|
|
$
|
1,248
|
|
|
$
|
1,210,916
|
|
|
$
|
(52,868
|
)
|
|
$
|
(23,618
|
)
|
|
4,210
|
|
|
$
|
(95,175
|
)
|
|
$
|
(599
|
)
|
|
$
|
1,039,904
|
|
Proceeds from stock options exercised
|
78
|
|
|
—
|
|
|
1,258
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,258
|
|
|||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
22,344
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,344
|
|
|||||||
Shares withheld for net settlements of share-based awards [2]
|
(198
|
)
|
|
(2
|
)
|
|
(4,177
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,179
|
)
|
|||||||
Restricted stock granted
|
788
|
|
|
8
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Restricted stock canceled
|
(58
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(232,546
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(232,546
|
)
|
|||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Issuance of common stock (ESPP)
|
30
|
|
|
—
|
|
|
532
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
532
|
|
|||||||
Transition adjustment for accounting standard adoption [3]
|
—
|
|
|
—
|
|
|
—
|
|
|
(968
|
)
|
|
968
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
166,603
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(191
|
)
|
|
166,412
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,315
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
2,323
|
|
|||||||
Balance, December 31, 2019
|
121,225
|
|
|
$
|
1,254
|
|
|
$
|
1,230,865
|
|
|
$
|
(119,779
|
)
|
|
$
|
(20,335
|
)
|
|
4,210
|
|
|
$
|
(95,175
|
)
|
|
$
|
(782
|
)
|
|
$
|
996,048
|
|
1.
|
Summary of Business Organization, Operations and Significant Accounting Policies
|
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||
Cash and Cash Equivalents
|
$
|
32,463
|
|
|
$
|
31,255
|
|
|
$
|
81,377
|
|
Restricted cash and cash equivalents - current
|
32,418
|
|
|
51,678
|
|
|
44,932
|
|
|||
Restricted cash and investments - non-current
|
30,923
|
|
|
22,431
|
|
|
27,999
|
|
|||
Less Restricted investments - non-current
|
(28,332
|
)
|
|
(20,892
|
)
|
|
(20,763
|
)
|
|||
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows
|
$
|
67,472
|
|
|
$
|
84,472
|
|
|
$
|
133,545
|
|
|
Year Ended December 31, 2019 (in thousands)
|
|
|
||||||||||||||||
|
U.S. Secure Services
|
|
GEO Care
|
|
International
|
|
Facility Construction and Design
|
|
Total
|
||||||||||
Owned and Leased: Secure Services
|
$
|
1,228,299
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,228,299
|
|
Owned and Leased: Community-based
|
—
|
|
|
176,001
|
|
|
—
|
|
|
—
|
|
|
176,001
|
|
|||||
Owned and Leased: Youth Services
|
—
|
|
|
87,189
|
|
|
—
|
|
|
—
|
|
|
87,189
|
|
|||||
Managed Only
|
373,380
|
|
|
5,523
|
|
|
232,016
|
|
|
—
|
|
|
610,919
|
|
|||||
Facility Construction and Design
|
—
|
|
|
—
|
|
|
—
|
|
|
29,978
|
|
|
29,978
|
|
|||||
Non-residential Services and Other
|
—
|
|
|
345,536
|
|
|
—
|
|
|
—
|
|
|
345,536
|
|
|||||
Total Revenues
|
$
|
1,601,679
|
|
|
$
|
614,249
|
|
|
$
|
232,016
|
|
|
$
|
29,978
|
|
|
$
|
2,477,922
|
|
|
Year Ended December 31, 2018 (in thousands)
|
|
|
||||||||||||||||
|
U.S. Secure Services
|
|
GEO Care
|
|
International
|
|
Facility Construction and Design
|
|
Total
|
||||||||||
Owned and Leased - Secure Services
|
$
|
1,110,749
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,110,749
|
|
Owned and Leased - Community-based
|
—
|
|
|
170,805
|
|
|
—
|
|
|
—
|
|
|
170,805
|
|
|||||
Owned and Leased - Youth Services
|
—
|
|
|
91,824
|
|
|
—
|
|
|
—
|
|
|
91,824
|
|
|||||
Managed Only
|
382,224
|
|
|
4,981
|
|
|
253,874
|
|
|
—
|
|
|
641,079
|
|
|||||
Facility Construction and Design
|
—
|
|
|
—
|
|
|
—
|
|
|
4,226
|
|
|
4,226
|
|
|||||
Non-residential Services and Other
|
—
|
|
|
312,703
|
|
|
—
|
|
|
—
|
|
|
312,703
|
|
|||||
Total Revenues
|
$
|
1,492,973
|
|
|
$
|
580,313
|
|
|
$
|
253,874
|
|
|
$
|
4,226
|
|
|
$
|
2,331,386
|
|
|
Year Ended December 31, 2017 (in thousands)
|
|
|
||||||||||||||||
|
U.S Secure Services
|
|
GEO Care
|
|
International
|
|
Facility Construction and Design
|
|
Total
|
||||||||||
Owned and Leased - Secure Services
|
$
|
1,055,254
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,055,254
|
|
Owned and Leased - Community-based
|
—
|
|
|
149,619
|
|
|
—
|
|
|
—
|
|
|
149,619
|
|
|||||
Owned and Leased - Youth Services
|
—
|
|
|
88,184
|
|
|
—
|
|
|
—
|
|
|
88,184
|
|
|||||
Managed Only
|
382,790
|
|
|
3,495
|
|
|
195,806
|
|
|
—
|
|
|
582,091
|
|
|||||
Facility Construction and Design
|
—
|
|
|
—
|
|
|
—
|
|
|
115,404
|
|
|
115,404
|
|
|||||
Non-residential services and Other
|
—
|
|
|
272,868
|
|
|
—
|
|
|
—
|
|
|
272,868
|
|
|||||
Total Revenues
|
$
|
1,438,044
|
|
|
$
|
514,166
|
|
|
$
|
195,806
|
|
|
$
|
115,404
|
|
|
$
|
2,263,420
|
|
|
|
Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1]
|
|
|
Unrealized loss on derivatives, net of tax [2]
|
|
|
Pension adjustments, net of tax
|
|
|
Total
|
|
||||
Balance, January 1, 2019
|
|
$
|
(14,573
|
)
|
|
$
|
(5,746
|
)
|
|
$
|
(3,299
|
)
|
|
$
|
(23,618
|
)
|
Current-period other comprehensive income (loss) before reclassifications
|
|
2,259
|
|
|
419
|
|
|
(3,246
|
)
|
|
(568
|
)
|
||||
Amounts reclassified from other comprehensive income into earnings
|
|
—
|
|
|
3,851
|
|
|
—
|
|
|
3,851
|
|
||||
Net current-period comprehensive income (loss)
|
|
2,259
|
|
|
4,270
|
|
|
(3,246
|
)
|
|
3,283
|
|
||||
Balance, December 31, 2019
|
|
$
|
(12,314
|
)
|
|
$
|
(1,476
|
)
|
|
$
|
(6,545
|
)
|
|
$
|
(20,335
|
)
|
|
|
Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1]
|
|
|
Unrealized loss on derivatives, net of tax
|
|
|
Pension adjustments, net of tax
|
|
|
Total
|
|
||||
Balance, January 1, 2018
|
|
$
|
(7,470
|
)
|
|
$
|
(11,892
|
)
|
|
$
|
(5,084
|
)
|
|
$
|
(24,446
|
)
|
Current-period other comprehensive income (loss)
|
|
(7,103
|
)
|
|
6,146
|
|
|
1,785
|
|
|
828
|
|
||||
Balance, December 31, 2018
|
|
$
|
(14,573
|
)
|
|
$
|
(5,746
|
)
|
|
$
|
(3,299
|
)
|
|
$
|
(23,618
|
)
|
|
|
2019
|
|
2018
|
|
2017
|
|
Risk free interest rates
|
|
2.44%
|
|
2.84%
|
|
1.53
|
%
|
Expected term
|
|
4-5 years
|
|
4-5 years
|
|
4-5 years
|
|
Expected volatility
|
|
41%
|
|
40%
|
|
36
|
%
|
Expected dividend rate
|
|
8.47%
|
|
8.70%
|
|
5.79
|
%
|
|
2019
|
2018
|
2017
|
|||
Expected volatility
|
43.7
|
%
|
44.5
|
%
|
42.2
|
%
|
Beta
|
1.00
|
|
1.05
|
|
1.11
|
|
Risk free interest rate
|
2.53
|
%
|
2.58
|
%
|
1.46
|
%
|
2.
|
Business Combinations
|
|
Acquisition Date Estimated Fair Value as of December 31, 2017
|
|
Measurement Period Adjustments
|
|
Final Acquisition Date Fair Value as of March 31, 2018
|
||||||
Accounts Receivable
|
$
|
32,869
|
|
|
$
|
—
|
|
|
$
|
32,869
|
|
Prepaid and other current assets
|
4,397
|
|
|
—
|
|
|
4,397
|
|
|||
Property and equipment
|
126,510
|
|
|
—
|
|
|
126,510
|
|
|||
Intangible assets
|
76,000
|
|
|
—
|
|
|
76,000
|
|
|||
Favorable lease assets
|
3,110
|
|
|
—
|
|
|
3,110
|
|
|||
Deferred income tax assets
|
4,116
|
|
|
44
|
|
|
4,160
|
|
|||
Other non-current assets
|
4,327
|
|
|
—
|
|
|
4,327
|
|
|||
Total assets acquired
|
$
|
251,329
|
|
|
$
|
44
|
|
|
$
|
251,373
|
|
Accounts payable and accrued expenses
|
51,651
|
|
|
(1,339
|
)
|
|
50,312
|
|
|||
Unfavorable lease liabilities
|
1,299
|
|
|
—
|
|
|
1,299
|
|
|||
Other non-current liabilities
|
10,479
|
|
|
(1,166
|
)
|
|
9,313
|
|
|||
Total liabilities assumed
|
$
|
63,429
|
|
|
$
|
(2,505
|
)
|
|
$
|
60,924
|
|
Total identifiable net assets
|
187,900
|
|
|
2,549
|
|
|
190,449
|
|
|||
Goodwill
|
165,656
|
|
|
(2,549
|
)
|
|
163,107
|
|
|||
Total consideration paid, net of cash acquired
|
$
|
353,556
|
|
|
$
|
—
|
|
|
$
|
353,556
|
|
|
Weighted Average Useful Life (years)
|
|
Fair Value as of April 5, 2017
|
||
Facility management contracts
|
18
|
|
$
|
75,300
|
|
Covenants not to compete
|
1
|
|
700
|
|
|
Total acquired intangible assets
|
|
|
$
|
76,000
|
|
|
Year Ended (unaudited)
|
|||
|
December 31, 2017
|
|
||
Pro forma revenues
|
$
|
2,300,000
|
|
|
Pro forma net income attributable to the GEO Group, Inc.
|
$
|
160,000
|
|
|
3.
|
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
Ordinary Dividends
|
|
|
|
||||||||||||
Declaration Date
|
|
Payment Date
|
|
Record Date
|
|
Distribution Per Share
|
|
Qualified (1)
|
|
Non-Qualified
|
|
Nondividend Distributions (2)
|
Aggregate Payment Amount (millions)
|
||||||||||
February 6, 2017
|
|
February 27, 2017
|
|
February 17, 2017
|
|
0.47
|
|
|
$
|
0.0175622
|
|
|
$
|
0.2468402
|
|
|
$
|
0.2025975
|
|
$
|
52.5
|
|
|
April 25, 2017
|
|
May 19, 2017
|
|
May 9, 2017
|
|
$
|
0.47
|
|
|
$
|
0.0176751
|
|
|
$
|
0.2484259
|
|
|
$
|
0.2038990
|
|
$
|
58.4
|
|
July 10, 2017
|
|
July 28, 2017
|
|
July 21, 2017
|
|
0.47
|
|
|
$
|
0.0176751
|
|
|
$
|
0.2484259
|
|
|
$
|
0.2038990
|
|
$
|
58.3
|
|
|
October 12, 2017
|
|
October 30, 2017
|
|
October 23, 2017
|
|
$
|
0.47
|
|
|
$
|
0.0176751
|
|
|
$
|
0.2484259
|
|
|
$
|
0.2038990
|
|
$
|
58.3
|
|
February 5, 2018
|
|
February 27, 2018
|
|
February 16, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
58.3
|
|
April 11, 2018
|
|
May 3, 2018
|
|
April 23, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
57.4
|
|
July 10, 2018
|
|
July 27, 2018
|
|
July 20, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
57.2
|
|
October 15, 2018
|
|
November 2, 2018
|
|
October 26, 2018
|
|
$
|
0.47
|
|
|
$
|
0.0461171
|
|
|
$
|
0.2090220
|
|
|
$
|
0.2148609
|
|
$
|
57.2
|
|
February 4, 2019
|
|
February 22, 2019
|
|
February 15, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
57.9
|
|
April 3, 2019
|
|
April 22, 2019
|
|
April 15, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
58.2
|
|
July 9, 2019
|
|
July 26, 2019
|
|
July 19, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
58.2
|
|
October 14, 2019
|
|
November 1, 2019
|
|
October 25, 2019
|
|
$
|
0.48
|
|
|
$
|
—
|
|
|
$
|
0.2759699
|
|
|
$
|
0.2040301
|
|
$
|
58.2
|
|
4.
|
Equity Incentive Plans
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Stock option plan expense
|
|
$
|
1,085
|
|
|
$
|
996
|
|
|
$
|
1,305
|
|
Restricted stock expense
|
|
$
|
21,260
|
|
|
$
|
21,053
|
|
|
$
|
18,539
|
|
|
|
Shares
|
|
Wtd. Avg.
Exercise
Price
|
|
Wtd. Avg.
Remaining
Contractual Term (years)
|
|
Aggregate
Intrinsic
Value
|
|||||
|
|
(In thousands)
|
|
|
|
|
|
(In thousands)
|
|||||
Options outstanding at January 1, 2019
|
|
1,462
|
|
|
$
|
24.30
|
|
|
7.20
|
|
$
|
924
|
|
Granted
|
|
391
|
|
|
22.68
|
|
|
|
|
|
|||
Exercised
|
|
(78
|
)
|
|
16.03
|
|
|
|
|
|
|||
Forfeited/Canceled
|
|
(185
|
)
|
|
24.60
|
|
|
|
|
|
|||
Options outstanding at December 31, 2019
|
|
1,590
|
|
|
$
|
24.29
|
|
|
6.90
|
|
$
|
232
|
|
Options vested and expected to vest at December 31, 2019
|
|
1,521
|
|
|
$
|
24.34
|
|
|
6.82
|
|
$
|
232
|
|
Options exercisable at December 31, 2019
|
|
809
|
|
|
$
|
24.84
|
|
|
5.53
|
|
$
|
232
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Intrinsic value of options exercised
|
|
$
|
433
|
|
|
$
|
519
|
|
|
$
|
4,126
|
|
Fair value of shares vested
|
|
$
|
971
|
|
|
$
|
794
|
|
|
$
|
373
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||
Exercise Prices ($)
|
|
Number
Outstanding
|
|
Wtd. Avg.
Remaining
Contractual
Life
|
|
Wtd. Avg.
Exercise
Price
|
|
Number
Exercisable
|
|
Wtd. Avg.
Remaining
Contractual
Life
|
|
Wtd. Avg.
Exercise
Price
|
||||||
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||
0-18.23
|
|
112
|
|
|
1.73
|
|
$
|
14.54
|
|
|
112
|
|
|
1.73
|
|
$
|
14.54
|
|
18.24-22.26
|
|
618
|
|
|
7.16
|
|
$
|
21.00
|
|
|
287
|
|
|
6.25
|
|
$
|
20.71
|
|
22.27-29.39
|
|
519
|
|
|
7.61
|
|
$
|
25.07
|
|
|
203
|
|
|
5.17
|
|
$
|
28.77
|
|
29.40-50.00
|
|
341
|
|
|
7.04
|
|
$
|
32.31
|
|
|
207
|
|
|
6.95
|
|
$
|
32.31
|
|
Total
|
|
1,590
|
|
|
6.90
|
|
$
|
24.29
|
|
|
809
|
|
|
5.53
|
|
$
|
24.84
|
|
|
|
Number of Shares
|
|
Wtd. Avg. Grant
Date Fair Value
|
|||
|
|
(In thousands)
|
|
|
|||
Options non-vested at January 1, 2019
|
|
816
|
|
|
$
|
3.86
|
|
Granted
|
|
391
|
|
|
3.96
|
|
|
Vested
|
|
(241
|
)
|
|
3.55
|
|
|
Forfeited
|
|
(185
|
)
|
|
4.04
|
|
|
Options non-vested at December 31, 2019
|
|
781
|
|
|
$
|
3.99
|
|
|
|
Shares
|
|
Wtd. Avg.
Grant date
Fair value
|
|||
|
|
(In thousands)
|
|
|
|||
Restricted stock outstanding at January 1, 2019
|
|
2,018
|
|
|
$
|
27.62
|
|
Granted
|
|
788
|
|
|
23.79
|
|
|
Vested
|
|
(701
|
)
|
|
24.09
|
|
|
Forfeited/Canceled
|
|
(58
|
)
|
|
23.99
|
|
|
Restricted stock outstanding at December 31, 2019
|
|
2,047
|
|
|
$
|
27.33
|
|
5.
|
Earnings Per Share
|
Fiscal Year
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Net Income
|
$
|
166,412
|
|
|
$
|
144,827
|
|
|
$
|
146,024
|
|
Loss attributable to noncontrolling interests
|
191
|
|
|
262
|
|
|
217
|
|
|||
Net income attributable to The GEO Group, Inc.
|
$
|
166,603
|
|
|
$
|
145,089
|
|
|
$
|
146,241
|
|
Basic earnings per share attributable to The GEO Group, Inc.:
|
|
|
|
|
|
||||||
Weighted average shares outstanding
|
119,097
|
|
|
120,241
|
|
|
120,095
|
|
|||
Per share amount
|
$
|
1.40
|
|
|
$
|
1.21
|
|
|
$
|
1.22
|
|
Diluted earnings per share attributable to The GEO Group, Inc.:
|
|
|
|
|
|
||||||
Weighted average shares outstanding
|
119,097
|
|
|
120,241
|
|
|
120,095
|
|
|||
Dilutive effect of equity incentive plans
|
214
|
|
|
506
|
|
|
719
|
|
|||
Weighted average shares assuming dilution
|
119,311
|
|
|
120,747
|
|
|
120,814
|
|
|||
Per share amount - diluted
|
$
|
1.40
|
|
|
$
|
1.20
|
|
|
$
|
1.21
|
|
6.
|
Property and Equipment
|
|
|
Useful
Life
|
|
2019
|
|
2018
|
|||||
|
|
(Years)
|
|
(In thousands)
|
|||||||
Land
|
|
—
|
|
|
$
|
128,874
|
|
|
$
|
131,377
|
|
Buildings and improvements
|
|
2 to 50
|
|
|
2,229,956
|
|
|
2,144,414
|
|
||
Leasehold improvements
|
|
1 to 29
|
|
|
291,511
|
|
|
303,348
|
|
||
Equipment
|
|
3 to 10
|
|
|
216,604
|
|
|
206,191
|
|
||
Furniture, fixtures and computer software
|
|
1 to 7
|
|
|
64,828
|
|
|
60,159
|
|
||
Facility construction in progress
|
|
—
|
|
|
31,979
|
|
|
65,282
|
|
||
Total
|
|
|
|
$
|
2,963,752
|
|
|
$
|
2,910,771
|
|
|
Less accumulated depreciation and amortization
|
|
|
|
(819,030
|
)
|
|
(752,161
|
)
|
|||
Property and equipment, net
|
|
|
|
$
|
2,144,722
|
|
|
$
|
2,158,610
|
|
7.
|
Contract Receivable
|
8.
|
Derivative Financial Instruments
|
9.
|
Goodwill and Other Intangible Assets, Net
|
|
|
12/31/2018
|
|
|
Foreign
currency
translation
|
|
12/31/2019
|
||||||
U.S. Secure Services
|
|
$
|
316,366
|
|
|
|
$
|
—
|
|
|
$
|
316,366
|
|
GEO Care
|
|
459,589
|
|
|
|
—
|
|
|
459,589
|
|
|||
International Services
|
|
404
|
|
|
|
(3
|
)
|
|
401
|
|
|||
Total Goodwill
|
|
$
|
776,359
|
|
|
|
$
|
(3
|
)
|
|
$
|
776,356
|
|
|
|
12/31/2017
|
|
Acquisitions (net of dispositions)
|
Foreign
currency translation |
|
12/31/2018
|
||||||||
U.S. Secure Services
|
|
$
|
317,005
|
|
|
$
|
(639
|
)
|
$
|
—
|
|
|
$
|
316,366
|
|
GEO Care
|
|
461,499
|
|
|
(1,910
|
)
|
—
|
|
|
459,589
|
|
||||
International Services
|
|
447
|
|
|
—
|
|
(43
|
)
|
|
404
|
|
||||
Total Goodwill
|
|
$
|
778,951
|
|
|
$
|
(2,549
|
)
|
$
|
(43
|
)
|
|
$
|
776,359
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
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
|
$
|
308,432
|
|
|
$
|
(148,171
|
)
|
|
$
|
160,261
|
|
|
$
|
308,419
|
|
|
$
|
(127,481
|
)
|
|
$
|
180,938
|
|
Covenants not to compete
|
1
|
—
|
|
|
—
|
|
|
—
|
|
|
700
|
|
|
(700
|
)
|
|
—
|
|
||||||
Technology
|
7.3
|
33,700
|
|
|
(29,091
|
)
|
|
4,609
|
|
|
33,700
|
|
|
(27,478
|
)
|
|
6,222
|
|
||||||
Trade names
|
Indefinite
|
45,200
|
|
|
—
|
|
|
45,200
|
|
|
45,200
|
|
|
—
|
|
|
45,200
|
|
||||||
Total acquired intangible assets
|
|
$
|
387,332
|
|
|
$
|
(177,262
|
)
|
|
$
|
210,070
|
|
|
$
|
388,019
|
|
|
$
|
(155,659
|
)
|
|
$
|
232,360
|
|
Fiscal Year
|
Total Amortization Expense
|
||
2020
|
$
|
22,288
|
|
2021
|
19,782
|
|
|
2022
|
18,138
|
|
|
2023
|
13,494
|
|
|
2024
|
9,761
|
|
|
Thereafter
|
81,407
|
|
|
|
|
||
|
$
|
164,870
|
|
|
|
10.
|
Financial Instruments
|
|
|
|
|
Fair Value Measurements at December 31, 2019
|
||||||||||||
|
|
Carrying Value at December 31, 2019
|
|
Quoted Prices in
Active Markets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs (Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Restricted investments:
|
|
|
|
|
|
|
|
|
||||||||
Rabbi Trust
|
|
$
|
28,332
|
|
|
$
|
—
|
|
|
$
|
28,332
|
|
|
$
|
—
|
|
Fixed income securities
|
|
1,892
|
|
|
—
|
|
|
1,892
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap derivatives
|
|
$
|
1,869
|
|
|
$
|
—
|
|
|
$
|
1,869
|
|
|
$
|
—
|
|
|
|
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||
|
|
Carrying Value at December 31, 2018
|
|
Quoted Prices in
Active Markets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs (Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Restricted investments:
|
|
|
|
|
|
|
|
|
||||||||
Rabbi Trust
|
|
$
|
20,892
|
|
|
$
|
—
|
|
|
$
|
20,892
|
|
|
$
|
—
|
|
Fixed income securities
|
|
1,801
|
|
|
—
|
|
|
1,801
|
|
|
—
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap derivatives
|
|
$
|
8,638
|
|
|
$
|
—
|
|
|
$
|
8,638
|
|
|
$
|
—
|
|
11.
|
Fair Value of Assets and Liabilities
|
|
Estimated Fair Value Measurements at December 31, 2019
|
||||||||||||||||||
|
Carrying Value as of December 31, 2019
|
|
Total Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
32,463
|
|
|
$
|
32,463
|
|
|
$
|
32,463
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash and investments
|
35,010
|
|
|
35,010
|
|
|
35,010
|
|
|
—
|
|
|
—
|
|
|||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings under Senior Credit Facility
|
$
|
1,298,671
|
|
|
$
|
1,218,861
|
|
|
$
|
—
|
|
|
$
|
1,218,861
|
|
|
$
|
—
|
|
5.875% Senior Notes due 2022
|
193,958
|
|
|
194,239
|
|
|
—
|
|
|
194,239
|
|
|
—
|
|
|||||
5.125% Senior Notes
|
300,000
|
|
|
287,982
|
|
|
—
|
|
|
287,982
|
|
|
—
|
|
|||||
5.875% Senior Notes due 2024
|
250,000
|
|
|
228,493
|
|
|
—
|
|
|
228,493
|
|
|
—
|
|
|||||
6.00% Senior Notes
|
350,000
|
|
|
314,052
|
|
|
—
|
|
|
314,052
|
|
|
—
|
|
|||||
Non-recourse debt
|
328,178
|
|
|
327,792
|
|
|
—
|
|
|
327,792
|
|
|
—
|
|
|
Estimated Fair Value Measurements at December 31, 2018
|
||||||||||||||||||
|
Carrying Value as of December 31, 2018
|
|
Total Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
31,255
|
|
|
$
|
31,255
|
|
|
$
|
31,255
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash and investments
|
53,217
|
|
|
53,217
|
|
|
50,499
|
|
|
2,718
|
|
|
—
|
|
|||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings under Senior Credit Facility
|
$
|
1,273,965
|
|
|
$
|
1,188,196
|
|
|
$
|
—
|
|
|
$
|
1,188,196
|
|
|
$
|
—
|
|
5.875% Senior Notes due 2022
|
250,000
|
|
|
244,550
|
|
|
—
|
|
|
244,550
|
|
|
—
|
|
|||||
5.125% Senior Notes
|
300,000
|
|
|
271,992
|
|
|
—
|
|
|
271,992
|
|
|
—
|
|
|||||
5.875% Senior Notes due 2024
|
250,000
|
|
|
224,590
|
|
|
—
|
|
|
224,590
|
|
|
—
|
|
|||||
6.00% Senior Notes
|
350,000
|
|
|
310,177
|
|
|
—
|
|
|
310,177
|
|
|
—
|
|
|||||
Non-recourse debt
|
340,910
|
|
|
348,274
|
|
|
—
|
|
|
348,274
|
|
|
—
|
|
12.
|
Accrued Expenses and other current liabilities
|
|
|
2019
|
|
2018
|
||||
Accrued interest
|
|
$
|
17,850
|
|
|
$
|
19,554
|
|
Accrued bonus
|
|
16,914
|
|
|
15,047
|
|
||
Accrued insurance
|
|
73,192
|
|
|
71,524
|
|
||
Accrued repair obligations for damaged property
|
|
4,343
|
|
|
19,067
|
|
||
Accrued property and other taxes
|
|
35,192
|
|
|
26,828
|
|
||
Construction retainage
|
|
1,097
|
|
|
1,913
|
|
||
Other
|
|
43,020
|
|
|
50,237
|
|
||
Total
|
|
$
|
191,608
|
|
|
$
|
204,170
|
|
13.
|
Debt
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Senior Credit Facility:
|
|
|
|
|
||||
Term loan
|
|
$
|
778,000
|
|
|
$
|
786,000
|
|
Unamortized debt issuance costs on term loan
|
|
(5,410
|
)
|
|
(6,826
|
)
|
||
Unamortized discount on term loan
|
|
(2,281
|
)
|
|
(2,878
|
)
|
||
Revolver
|
|
520,671
|
|
|
490,843
|
|
||
Total Senior Credit Facility
|
|
$
|
1,290,980
|
|
|
$
|
1,267,139
|
|
6.00% Senior Notes:
|
|
|
|
|
||||
Notes Due in 2026
|
|
$
|
350,000
|
|
|
$
|
350,000
|
|
Unamortized debt issuance costs
|
|
(4,282
|
)
|
|
(4,820
|
)
|
||
Total 6.00% Senior Notes Due in 2026
|
|
$
|
345,718
|
|
|
$
|
345,180
|
|
5.875% Senior Notes:
|
|
|
|
|
||||
Notes Due in 2024
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Unamortized debt issuance costs
|
|
(2,532
|
)
|
|
(2,971
|
)
|
||
Total 5.875% Senior Notes Due in 2024
|
|
$
|
247,468
|
|
|
$
|
247,029
|
|
5.125% Senior Notes:
|
|
|
|
|
||||
Notes Due in 2023
|
|
$
|
300,000
|
|
|
$
|
300,000
|
|
Unamortized debt issuance costs
|
|
(2,876
|
)
|
|
(3,548
|
)
|
||
Total 5.125% Senior Notes Due in 2023
|
|
$
|
297,124
|
|
|
$
|
296,452
|
|
5.875% Senior Notes:
|
|
|
|
|
||||
Notes Due in 2022
|
|
$
|
193,958
|
|
|
$
|
250,000
|
|
Unamortized debt issuance costs
|
|
(1,351
|
)
|
|
(2,514
|
)
|
||
Total 5.875% Senior Notes Due in 2022
|
|
$
|
192,607
|
|
|
$
|
247,486
|
|
Non-Recourse Debt:
|
|
|
|
|
||||
Non-Recourse Debt
|
|
$
|
328,178
|
|
|
$
|
341,074
|
|
Unamortized debt issuance costs on non-recourse debt
|
|
(5,279
|
)
|
|
(3,883
|
)
|
||
Discount on Non-Recourse Debt
|
|
(81
|
)
|
|
(164
|
)
|
||
Total Non-Recourse Debt
|
|
$
|
322,818
|
|
|
$
|
337,027
|
|
Finance Lease Obligations
|
|
4,570
|
|
|
6,059
|
|
||
Other debt
|
|
43,410
|
|
|
2,469
|
|
||
Total debt
|
|
$
|
2,744,695
|
|
|
$
|
2,748,841
|
|
Current portion of finance lease obligations, long-term debt and non-recourse debt [1]
|
|
(24,208
|
)
|
|
(332,027
|
)
|
||
Finance Lease Obligations, long-term portion
|
|
(2,954
|
)
|
|
(4,570
|
)
|
||
Non-Recourse Debt, long-term portion
|
|
(309,236
|
)
|
|
(15,017
|
)
|
||
Long-Term Debt
|
|
$
|
2,408,297
|
|
|
$
|
2,397,227
|
|
|
|
|
Year
|
|
Percentage
|
2021
|
|
103.000%
|
2022
|
|
102.000%
|
2023
|
|
101.000%
|
2024 and thereafter
|
|
100.000%
|
|
|
|
Year
|
|
Percentage
|
2020
|
|
101.958%
|
2021
|
|
100.979%
|
2022 and thereafter
|
|
100.000%
|
Year
|
Percentage
|
|
2020
|
100.854
|
%
|
2021 and thereafter
|
100.000
|
%
|
Year
|
Percentage
|
|
2020 and thereafter
|
100.000
|
%
|
Fiscal Year
|
Finance
Leases
|
|
Long-Term
Debt
|
|
Non-
Recourse
Debt
|
|
Revolver
|
|
Term
Loans
|
|
Total
Annual
Repayment
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
2020
|
$
|
1,934
|
|
|
$
|
1,026
|
|
|
$
|
13,901
|
|
|
$
|
—
|
|
|
$
|
8,000
|
|
|
$
|
24,861
|
|
2021
|
1,936
|
|
|
1,071
|
|
|
14,780
|
|
|
—
|
|
|
8,000
|
|
|
25,787
|
|
||||||
2022
|
1,233
|
|
|
195,075
|
|
|
7,722
|
|
|
—
|
|
|
8,000
|
|
|
212,030
|
|
||||||
2023
|
—
|
|
|
301,166
|
|
|
8,218
|
|
|
—
|
|
|
8,000
|
|
|
317,384
|
|
||||||
2024
|
—
|
|
|
251,208
|
|
|
8,688
|
|
|
520,671
|
|
|
746,000
|
|
|
1,526,567
|
|
||||||
Thereafter
|
—
|
|
|
388,535
|
|
|
274,869
|
|
|
—
|
|
|
—
|
|
|
663,404
|
|
||||||
|
5,103
|
|
|
1,138,081
|
|
|
328,178
|
|
|
520,671
|
|
|
778,000
|
|
|
2,770,033
|
|
||||||
Interest imputed on Capital Leases
|
(533
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(533
|
)
|
||||||
Original issue discount
|
—
|
|
|
—
|
|
|
(81
|
)
|
|
—
|
|
|
(2,281
|
)
|
|
(2,362
|
)
|
||||||
Current portion
|
(1,616
|
)
|
|
(1,026
|
)
|
|
(13,901
|
)
|
|
—
|
|
|
(8,000
|
)
|
|
(24,543
|
)
|
||||||
Non-current portion
|
$
|
2,954
|
|
|
$
|
1,137,055
|
|
|
$
|
314,196
|
|
|
$
|
520,671
|
|
|
$
|
767,719
|
|
|
$
|
2,742,595
|
|
14.
|
Leases
|
|
|
Classification on the Balance Sheet
|
|
December 31, 2019
|
||
Assets
|
|
|
|
|
||
Operating lease assets
|
|
Operating Lease Right-of-Use Assets, Net
|
|
$
|
121,527
|
|
Finance lease assets
|
|
Property and Equipment, Net
|
|
2,880
|
|
|
Total lease assets
|
|
|
|
$
|
124,407
|
|
|
|
|
|
|
||
Liabilities
|
|
|
|
|
||
Current
|
|
|
|
|
||
Operating
|
|
Operating lease liabilities, current portion
|
|
$
|
26,208
|
|
Finance [1]
|
|
Current portion of finance liabilities, long-term debt and non-recourse debt
|
|
1,616
|
|
|
Noncurrent
|
|
|
|
|
||
Operating
|
|
Operating Lease Liabilities
|
|
97,291
|
|
|
Finance [1]
|
|
Finance Lease Liabilities
|
|
2,954
|
|
|
Total lease liabilities
|
|
|
|
$
|
128,069
|
|
|
|
|
Year Ended December 31, 2019
|
||
Operating lease cost
|
|
|
$
|
46,934
|
|
Finance lease cost:
|
|
|
|
||
Amortization of right-of-use assets
|
|
|
1,023
|
|
|
Interest on lease liabilities
|
|
|
354
|
|
|
Total finance lease cost
|
|
|
1,377
|
|
|
Short-term lease cost
|
|
|
1,953
|
|
|
Total lease cost
|
|
|
$
|
50,264
|
|
|
|
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
||
Operating cash flows for operating leases
|
|
|
$
|
48,833
|
|
Operating cash flows for finance leases
|
|
|
$
|
323
|
|
Financing activities for finance leases
|
|
|
$
|
1,610
|
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
|
|
$
|
12,223
|
|
|
|
|
|
||
Weighted average remaining lease term:
|
|
|
|
||
Operating leases
|
|
|
7.3 years
|
||
Finance leases
|
|
|
2.7 years
|
||
Weighted average discount rate:
|
|
|
|
||
Operating leases
|
|
|
4.75
|
%
|
|
Finance leases
|
|
|
8.27
|
%
|
|
|
Operating Leases
|
|
Finance Leases
|
||||
2020
|
|
$
|
31,378
|
|
|
$
|
1,934
|
|
2021
|
|
26,188
|
|
|
1,936
|
|
||
2022
|
|
19,691
|
|
|
1,233
|
|
||
2023
|
|
16,044
|
|
|
—
|
|
||
2024
|
|
13,527
|
|
|
—
|
|
||
Thereafter
|
|
41,652
|
|
|
—
|
|
||
Total minimum lease payments
|
|
148,480
|
|
|
5,103
|
|
||
Less: amount of lease payment representing interest
|
|
(24,981
|
)
|
|
(533
|
)
|
||
Present value of future minimum lease payments
|
|
123,499
|
|
|
4,570
|
|
||
Less: current obligations under leases
|
|
(26,208
|
)
|
|
(1,616
|
)
|
||
Long-term lease obligations
|
|
$
|
97,291
|
|
|
$
|
2,954
|
|
15.
|
Benefit Plans
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Accumulated Benefit Obligation, End of Year
|
$
|
30,139
|
|
|
$
|
25,777
|
|
|
|
|
|
||||
Change in Projected Benefit Obligation
|
|
|
|
||||
Projected Benefit Obligation, Beginning of Year
|
$
|
32,474
|
|
|
$
|
32,820
|
|
Service Cost
|
998
|
|
|
1,200
|
|
||
Interest Cost
|
1,393
|
|
|
1,242
|
|
||
Actuarial (Gain) Loss
|
3,449
|
|
|
(2,166
|
)
|
||
Benefits Paid
|
(763
|
)
|
|
(622
|
)
|
||
Projected Benefit Obligation, End of Year
|
$
|
37,551
|
|
|
$
|
32,474
|
|
Change in Plan Assets
|
|
|
|
||||
Plan Assets at Fair Value, Beginning of Year
|
$
|
—
|
|
|
$
|
—
|
|
Company Contributions
|
763
|
|
|
622
|
|
||
Benefits Paid
|
(763
|
)
|
|
(622
|
)
|
||
Plan Assets at Fair Value, End of Year
|
$
|
—
|
|
|
$
|
—
|
|
Unfunded Status of the Plan
|
$
|
(37,551
|
)
|
|
$
|
(32,474
|
)
|
Amounts Recognized in Accumulated Other Comprehensive Income
|
|
|
|
||||
Net Loss
|
8,285
|
|
|
5,047
|
|
||
Total Pension Cost
|
$
|
8,285
|
|
|
$
|
5,047
|
|
|
2019
|
|
2018
|
||||
Components of Net Periodic Benefit Cost
|
|
|
|
||||
Service Cost
|
$
|
998
|
|
|
$
|
1,200
|
|
Interest Cost
|
1,393
|
|
|
1,242
|
|
||
Amortization of:
|
|
|
|
||||
Net Loss
|
210
|
|
|
532
|
|
||
Net Periodic Pension Cost
|
$
|
2,601
|
|
|
$
|
2,974
|
|
Weighted Average Assumptions for Expense
|
|
|
|
||||
Discount Rate
|
3.40
|
%
|
|
4.50
|
%
|
||
Expected Return on Plan Assets
|
N/A
|
|
|
N/A
|
|
||
Rate of Compensation Increase
|
4.40
|
%
|
|
4.40
|
%
|
Fiscal Year
|
Pension
Benefits
|
||
|
(In thousands)
|
||
2020
|
$
|
9,465
|
|
2021
|
868
|
|
|
2022
|
860
|
|
|
2023
|
850
|
|
|
2024
|
939
|
|
|
Thereafter
|
24,569
|
|
|
|
|
||
|
$
|
37,551
|
|
|
|
16.
|
Business Segments and Geographic Information
|
Fiscal Year
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
U.S. Secure Services
|
|
$
|
1,601,679
|
|
|
$
|
1,492,973
|
|
|
$
|
1,438,044
|
|
GEO Care
|
|
614,249
|
|
|
580,313
|
|
|
514,166
|
|
|||
International Services
|
|
232,016
|
|
|
253,874
|
|
|
195,806
|
|
|||
Facility Construction and Design [1] [2]
|
|
29,978
|
|
|
4,226
|
|
|
115,404
|
|
|||
Total revenues
|
|
$
|
2,477,922
|
|
|
$
|
2,331,386
|
|
|
$
|
2,263,420
|
|
Capital Expenditures:
|
|
|
|
|
|
|
||||||
U.S. Secure Services
|
|
$
|
69,074
|
|
|
$
|
163,208
|
|
|
$
|
117,186
|
|
GEO Care
|
|
45,000
|
|
|
30,136
|
|
|
24,263
|
|
|||
International Services
|
|
1,468
|
|
|
2,322
|
|
|
6,957
|
|
|||
Total capital expenditures [1]
|
|
$
|
115,542
|
|
|
$
|
195,666
|
|
|
$
|
148,406
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
||||||
U.S. Secure Services
|
|
$
|
78,974
|
|
|
$
|
76,801
|
|
|
$
|
75,276
|
|
GEO Care
|
|
49,781
|
|
|
47,546
|
|
|
47,103
|
|
|||
International Services
|
|
2,070
|
|
|
2,087
|
|
|
1,918
|
|
|||
Total depreciation and amortization [1]
|
|
$
|
130,825
|
|
|
$
|
126,434
|
|
|
$
|
124,297
|
|
Operating Income:
|
|
|
|
|
|
|
||||||
U.S. Secure Services
|
|
$
|
322,506
|
|
|
$
|
297,453
|
|
|
$
|
302,488
|
|
GEO Care
|
|
147,036
|
|
|
138,911
|
|
|
123,525
|
|
|||
International Services
|
|
16,723
|
|
|
12,816
|
|
|
14,235
|
|
|||
Facility Construction & Design [1] [2]
|
|
74
|
|
|
—
|
|
|
(1,620
|
)
|
|||
Operating income from segments
|
|
$
|
486,339
|
|
|
$
|
449,180
|
|
|
$
|
438,628
|
|
General and Administrative Expenses
|
|
(185,926
|
)
|
|
(184,515
|
)
|
|
(190,343
|
)
|
|||
Total operating income
|
|
$
|
300,413
|
|
|
$
|
264,665
|
|
|
$
|
248,285
|
|
Fiscal Year Ended
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands)
|
||||||||||
Operating income from segments
|
$
|
486,339
|
|
|
$
|
449,180
|
|
|
$
|
438,628
|
|
Unallocated amounts:
|
|
|
|
|
|
||||||
General and administrative expense
|
(185,926
|
)
|
|
(184,515
|
)
|
|
(190,343
|
)
|
|||
Net interest expense
|
(122,090
|
)
|
|
(115,348
|
)
|
|
(96,348
|
)
|
|||
Loss on extinguishment of debt
|
(4,795
|
)
|
|
—
|
|
|
—
|
|
|||
Income before income taxes and equity in earnings of affiliates
|
$
|
173,528
|
|
|
$
|
149,317
|
|
|
$
|
151,937
|
|
|
|
2019
|
|
2018
|
2017
|
||||||
|
|
(In thousands)
|
|
||||||||
Segment assets:
|
|
|
|
||||||||
U.S. Secure Services
|
|
$
|
2,618,629
|
|
|
$
|
2,590,722
|
|
$
|
2,385,069
|
|
GEO Care
|
|
1,112,880
|
|
|
1,063,484
|
|
1,121,792
|
|
|||
International Services
|
|
82,097
|
|
|
84,911
|
|
40,056
|
|
|||
Facility Construction & Design
|
|
371,846
|
|
|
383,713
|
|
499,406
|
|
|||
Total segment assets
|
|
$
|
4,185,452
|
|
|
$
|
4,122,830
|
|
$
|
4,046,323
|
|
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Reportable segment assets
|
$
|
4,185,452
|
|
|
$
|
4,122,830
|
|
Cash
|
32,463
|
|
|
31,255
|
|
||
Deferred income tax assets
|
36,278
|
|
|
29,924
|
|
||
Restricted cash and investments, current and non-current
|
63,341
|
|
|
74,109
|
|
||
Total assets
|
$
|
4,317,534
|
|
|
$
|
4,258,118
|
|
Fiscal Year
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
U.S. operations
|
$
|
2,216,401
|
|
|
$
|
2,073,286
|
|
|
$
|
1,952,210
|
|
Australia operations
|
235,462
|
|
|
231,164
|
|
|
285,702
|
|
|||
South African operations
|
18,779
|
|
|
19,806
|
|
|
18,251
|
|
|||
United Kingdom operations
|
7,280
|
|
|
7,130
|
|
|
7,257
|
|
|||
Total revenues
|
$
|
2,477,922
|
|
|
$
|
2,331,386
|
|
|
$
|
2,263,420
|
|
Property and Equipment, net:
|
|
|
|
|
|
||||||
U.S. operations
|
$
|
2,131,877
|
|
|
$
|
2,145,197
|
|
|
$
|
2,061,711
|
|
Australia operations
|
12,215
|
|
|
13,006
|
|
|
16,281
|
|
|||
South African operations
|
182
|
|
|
88
|
|
|
131
|
|
|||
United Kingdom operations
|
448
|
|
|
319
|
|
|
—
|
|
|||
Total Property and Equipment, net
|
$
|
2,144,722
|
|
|
$
|
2,158,610
|
|
|
$
|
2,078,123
|
|
Fiscal Year
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(In thousands)
|
||||||||||
Revenues:
|
|
|
|
|
|
|
||||||
Secure Services
|
|
$
|
1,833,695
|
|
|
$
|
1,746,847
|
|
|
$
|
1,633,850
|
|
GEO Care
|
|
614,249
|
|
|
580,313
|
|
|
514,166
|
|
|||
Facility Construction and Design
|
|
29,978
|
|
|
4,226
|
|
|
115,404
|
|
|||
Total revenues
|
|
$
|
2,477,922
|
|
|
$
|
2,331,386
|
|
|
$
|
2,263,420
|
|
Customer
|
|
2019
|
|
2018
|
|
2017
|
|||
Various agencies of the U.S Federal Government:
|
|
53
|
%
|
|
50
|
%
|
|
48
|
%
|
17.
|
Income Taxes
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(In thousands)
|
||||||||||
Income before income taxes and equity in earnings in affiliates
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
155,844
|
|
|
$
|
131,261
|
|
|
$
|
130,205
|
|
Foreign
|
|
17,684
|
|
|
18,056
|
|
|
21,732
|
|
|||
Income before income taxes and equity in earnings in affiliates
|
|
$
|
173,528
|
|
|
$
|
149,317
|
|
|
$
|
151,937
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(In thousands)
|
||||||||||
Federal income taxes:
|
|
|
|
|
|
|
||||||
Current
|
|
$
|
13,018
|
|
|
$
|
9,340
|
|
|
$
|
13,928
|
|
Deferred
|
|
(7,028
|
)
|
|
(2,195
|
)
|
|
(3,803
|
)
|
|||
|
|
5,990
|
|
|
7,145
|
|
|
10,125
|
|
|||
State income taxes:
|
|
|
|
|
|
|
||||||
Current
|
|
5,093
|
|
|
3,050
|
|
|
3,337
|
|
|||
Deferred
|
|
(383
|
)
|
|
(1,889
|
)
|
|
(2,269
|
)
|
|||
|
|
4,710
|
|
|
1,161
|
|
|
1,068
|
|
|||
Foreign income taxes:
|
|
|
|
|
|
|
||||||
Current
|
|
(875
|
)
|
|
497
|
|
|
(11,545
|
)
|
|||
Deferred
|
|
6,823
|
|
|
5,314
|
|
|
18,310
|
|
|||
|
|
5,948
|
|
|
5,811
|
|
|
6,765
|
|
|||
Total U.S. and foreign provision for income taxes
|
|
$
|
16,648
|
|
|
$
|
14,117
|
|
|
$
|
17,958
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(In thousands)
|
||||||||||
Provisions using statutory federal income tax rate
|
|
$
|
36,476
|
|
|
$
|
31,340
|
|
|
$
|
53,175
|
|
State income taxes (benefit), net of federal tax benefit
|
|
2,421
|
|
|
1,915
|
|
|
(776
|
)
|
|||
REIT benefit
|
|
(22,395
|
)
|
|
(19,992
|
)
|
|
(43,554
|
)
|
|||
Change in valuation allowance
|
|
1,456
|
|
|
(1,245
|
)
|
|
2,055
|
|
|||
Federal tax credits
|
|
(2,118
|
)
|
|
(1,904
|
)
|
|
(2,016
|
)
|
|||
Tax Cut and Jobs Act impact
|
|
—
|
|
|
(301
|
)
|
|
9,584
|
|
|||
Foreign income taxes (benefit)
|
|
1,934
|
|
|
1,479
|
|
|
(1,830
|
)
|
|||
Other, net
|
|
(1,126
|
)
|
|
2,825
|
|
|
1,320
|
|
|||
Total provision for income taxes
|
|
$
|
16,648
|
|
|
$
|
14,117
|
|
|
$
|
17,958
|
|
|
|
2019
|
|
2018
|
||||
|
|
(In thousands)
|
||||||
Deferred tax assets - non current
|
|
$
|
36,278
|
|
|
$
|
29,924
|
|
Deferred tax liabilities - non current
|
|
(19,254
|
)
|
|
(13,681
|
)
|
||
Total net deferred tax assets
|
|
$
|
17,024
|
|
|
$
|
16,243
|
|
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
(In thousands)
|
||||||
Net operating losses
|
|
$
|
32,394
|
|
|
$
|
35,924
|
|
Accrued liabilities
|
|
24,452
|
|
|
23,719
|
|
||
Deferred compensation
|
|
15,052
|
|
|
12,031
|
|
||
Accrued compensation
|
|
7,239
|
|
|
7,735
|
|
||
Deferred revenue
|
|
13,219
|
|
|
8,458
|
|
||
Tax credits
|
|
5,223
|
|
|
6,850
|
|
||
Equity awards
|
|
4,894
|
|
|
4,419
|
|
||
Depreciation
|
|
15,424
|
|
|
9,960
|
|
||
Operating lease liability
|
|
13,140
|
|
|
—
|
|
||
Other, net
|
|
1,817
|
|
|
—
|
|
||
Valuation allowance
|
|
(22,786
|
)
|
|
(21,333
|
)
|
||
Total deferred tax assets
|
|
$
|
110,068
|
|
|
$
|
87,763
|
|
Deferred tax liabilities:
|
|
|
|
|
||||
Intangible assets
|
|
$
|
(24,097
|
)
|
|
$
|
(26,543
|
)
|
Capitalized transaction costs
|
|
(16,797
|
)
|
|
(16,643
|
)
|
||
Accounting method change
|
|
(7,019
|
)
|
|
—
|
|
||
Prepaid expenses and other
|
|
(32,493
|
)
|
|
(28,214
|
)
|
||
Lease right-of-use assets
|
|
(12,638
|
)
|
|
—
|
|
||
Other, net
|
|
—
|
|
|
(120
|
)
|
||
Total deferred tax liabilities
|
|
$
|
(93,044
|
)
|
|
$
|
(71,520
|
)
|
|
|
|
|
|
||||
Total net deferred tax assets
|
|
$
|
17,024
|
|
|
$
|
16,243
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
(In thousands)
|
||||||||||
Balance at Beginning of Period
|
|
$
|
4,584
|
|
|
$
|
4,461
|
|
|
$
|
1,640
|
|
Additions based on tax positions related to the current year
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additions for tax positions of prior years
|
|
994
|
|
|
298
|
|
|
—
|
|
|||
Additions from current year acquisitions
|
|
—
|
|
|
—
|
|
|
4,121
|
|
|||
Reductions for tax positions of prior years
|
|
—
|
|
|
—
|
|
|
(1,290
|
)
|
|||
Reductions as a result of a lapse of applicable statutes of limitations
|
|
(109
|
)
|
|
(175
|
)
|
|
(10
|
)
|
|||
Balance at End of Period
|
|
$
|
5,469
|
|
|
$
|
4,584
|
|
|
$
|
4,461
|
|
18.
|
Commitments and Contingencies
|
19.
|
Selected Quarterly Financial Data (Unaudited)
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
610,667
|
|
|
$
|
613,966
|
|
|
$
|
631,579
|
|
|
$
|
621,710
|
|
Operating income
|
74,777
|
|
|
81,175
|
|
|
78,159
|
|
|
66,302
|
|
||||
Net Income
|
40,649
|
|
|
41,836
|
|
|
45,885
|
|
|
38,042
|
|
||||
Net Income Attributable to The GEO Group, Inc.
|
40,705
|
|
|
41,914
|
|
|
45,932
|
|
|
38,052
|
|
||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income per share
|
$
|
0.34
|
|
|
$
|
0.35
|
|
|
$
|
0.39
|
|
|
$
|
0.32
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income per share *
|
$
|
0.34
|
|
|
$
|
0.35
|
|
|
$
|
0.39
|
|
|
$
|
0.32
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
2018
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
564,917
|
|
|
$
|
583,509
|
|
|
$
|
583,530
|
|
|
$
|
599,430
|
|
Operating income
|
64,450
|
|
|
66,951
|
|
|
69,780
|
|
|
63,484
|
|
||||
Net Income
|
34,920
|
|
|
37,325
|
|
|
39,229
|
|
|
33,353
|
|
||||
Net Income Attributable to The GEO Group, Inc.
|
34,987
|
|
|
37,421
|
|
|
39,289
|
|
|
33,392
|
|
||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income per share
|
$
|
0.29
|
|
|
$
|
0.31
|
|
|
$
|
0.33
|
|
|
$
|
0.28
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income per share *
|
$
|
0.29
|
|
|
$
|
0.31
|
|
|
$
|
0.33
|
|
|
$
|
0.28
|
|
20.
|
Condensed Consolidating Financial Information
|
|
For the Year Ended December 31, 2019
|
||||||||||||||||||
|
The GEO
Group, Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
941,117
|
|
|
$
|
2,010,561
|
|
|
$
|
272,613
|
|
|
$
|
(746,369
|
)
|
|
$
|
2,477,922
|
|
Operating expenses
|
755,443
|
|
|
1,628,470
|
|
|
223,214
|
|
|
(746,369
|
)
|
|
1,860,758
|
|
|||||
Depreciation and amortization
|
29,688
|
|
|
97,259
|
|
|
3,878
|
|
|
—
|
|
|
130,825
|
|
|||||
General and administrative expenses
|
69,969
|
|
|
95,689
|
|
|
20,268
|
|
|
—
|
|
|
185,926
|
|
|||||
Operating income
|
86,017
|
|
|
189,143
|
|
|
25,253
|
|
|
—
|
|
|
300,413
|
|
|||||
Interest income
|
13,956
|
|
|
7,293
|
|
|
27,270
|
|
|
(19,585
|
)
|
|
28,934
|
|
|||||
Interest expense
|
(90,127
|
)
|
|
(57,005
|
)
|
|
(23,477
|
)
|
|
19,585
|
|
|
(151,024
|
)
|
|||||
Loss on extinguishment of debt
|
(486
|
)
|
|
155
|
|
|
(4,464
|
)
|
|
—
|
|
|
(4,795
|
)
|
|||||
Income before income taxes and equity in earnings of affiliates
|
9,360
|
|
|
139,586
|
|
|
24,582
|
|
|
—
|
|
|
173,528
|
|
|||||
Provision for income taxes
|
1,472
|
|
|
9,595
|
|
|
5,581
|
|
|
—
|
|
|
16,648
|
|
|||||
Equity in earnings of affiliates, net of income tax provision
|
—
|
|
|
—
|
|
|
9,532
|
|
|
—
|
|
|
9,532
|
|
|||||
Income from operations before equity in income of consolidated subsidiaries
|
7,888
|
|
|
129,991
|
|
|
28,533
|
|
|
—
|
|
|
166,412
|
|
|||||
Income from consolidated subsidiaries, net of income tax provision
|
158,524
|
|
|
—
|
|
|
—
|
|
|
(158,524
|
)
|
|
—
|
|
|||||
Net income
|
166,412
|
|
|
129,991
|
|
|
28,533
|
|
|
(158,524
|
)
|
|
166,412
|
|
|||||
Loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|
191
|
|
|||||
Net income attributable to The GEO Group, Inc.
|
$
|
166,412
|
|
|
$
|
129,991
|
|
|
$
|
28,724
|
|
|
$
|
(158,524
|
)
|
|
$
|
166,603
|
|
Net income
|
$
|
166,412
|
|
|
$
|
129,991
|
|
|
$
|
28,533
|
|
|
$
|
(158,524
|
)
|
|
$
|
166,412
|
|
Other comprehensive income (loss), net of tax
|
(1,476
|
)
|
|
(3,247
|
)
|
|
8,014
|
|
|
—
|
|
|
3,291
|
|
|||||
Total comprehensive income
|
$
|
164,936
|
|
|
$
|
126,744
|
|
|
$
|
36,547
|
|
|
$
|
(158,524
|
)
|
|
$
|
169,703
|
|
Comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
183
|
|
|
—
|
|
|
183
|
|
|||||
Comprehensive income attributable to The GEO Group, Inc.
|
$
|
164,936
|
|
|
$
|
126,744
|
|
|
$
|
36,730
|
|
|
$
|
(158,524
|
)
|
|
$
|
169,886
|
|
|
For the Year Ended December 31, 2018
|
||||||||||||||||||
|
The GEO
Group, Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
827,473
|
|
|
$
|
1,905,243
|
|
|
$
|
268,723
|
|
|
$
|
(670,053
|
)
|
|
$
|
2,331,386
|
|
Operating expenses
|
664,354
|
|
|
1,539,343
|
|
|
222,128
|
|
|
(670,053
|
)
|
|
1,755,772
|
|
|||||
Depreciation and amortization
|
27,036
|
|
|
95,504
|
|
|
3,894
|
|
|
—
|
|
|
126,434
|
|
|||||
General and administrative expenses
|
64,852
|
|
|
98,601
|
|
|
21,062
|
|
|
—
|
|
|
184,515
|
|
|||||
Operating income
|
71,231
|
|
|
171,795
|
|
|
21,639
|
|
|
—
|
|
|
264,665
|
|
|||||
Interest income
|
14,702
|
|
|
5,494
|
|
|
35,501
|
|
|
(20,942
|
)
|
|
34,755
|
|
|||||
Interest expense
|
(81,456
|
)
|
|
(56,194
|
)
|
|
(33,395
|
)
|
|
20,942
|
|
|
(150,103
|
)
|
|||||
Income before income taxes and equity in earnings of affiliates
|
4,477
|
|
|
121,095
|
|
|
23,745
|
|
|
—
|
|
|
149,317
|
|
|||||
Provision for income taxes
|
972
|
|
|
7,424
|
|
|
5,721
|
|
|
—
|
|
|
14,117
|
|
|||||
Equity in earnings of affiliates, net of income tax benefit
|
—
|
|
|
—
|
|
|
9,627
|
|
|
—
|
|
|
9,627
|
|
|||||
Income from operations before equity in income of consolidated subsidiaries
|
3,505
|
|
|
113,671
|
|
|
27,651
|
|
|
—
|
|
|
144,827
|
|
|||||
Income from consolidated subsidiaries, net of income tax provision
|
141,322
|
|
|
—
|
|
|
—
|
|
|
(141,322
|
)
|
|
—
|
|
|||||
Net income
|
144,827
|
|
|
113,671
|
|
|
27,651
|
|
|
(141,322
|
)
|
|
144,827
|
|
|||||
Loss attributable to noncontrolling interests
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
262
|
|
|
$
|
—
|
|
|
$
|
262
|
|
Net income attributable to The GEO Group, Inc.
|
$
|
144,827
|
|
|
$
|
113,671
|
|
|
$
|
27,913
|
|
|
$
|
(141,322
|
)
|
|
$
|
145,089
|
|
Net income
|
$
|
144,827
|
|
|
$
|
113,671
|
|
|
$
|
27,651
|
|
|
$
|
(141,322
|
)
|
|
$
|
144,827
|
|
Other comprehensive income (loss), net of tax
|
—
|
|
|
1,785
|
|
|
(972
|
)
|
|
—
|
|
|
813
|
|
|||||
Total comprehensive income
|
$
|
144,827
|
|
|
$
|
115,456
|
|
|
$
|
26,679
|
|
|
$
|
(141,322
|
)
|
|
$
|
145,640
|
|
Comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
277
|
|
|
—
|
|
|
277
|
|
|||||
Comprehensive income attributable to The GEO Group, Inc.
|
$
|
144,827
|
|
|
$
|
115,456
|
|
|
$
|
26,956
|
|
|
$
|
(141,322
|
)
|
|
$
|
145,917
|
|
|
For the Year ended December 31, 2017
|
||||||||||||||||||
|
The GEO
Group, Inc.
|
|
Combined
Subsidiary Guarantors |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
711,013
|
|
|
$
|
1,810,262
|
|
|
$
|
321,612
|
|
|
$
|
(579,467
|
)
|
|
$
|
2,263,420
|
|
Operating expenses
|
568,061
|
|
|
1,441,884
|
|
|
270,017
|
|
|
(579,467
|
)
|
|
1,700,495
|
|
|||||
Depreciation and amortization
|
24,580
|
|
|
96,051
|
|
|
3,666
|
|
|
—
|
|
|
124,297
|
|
|||||
General and administrative expenses
|
59,194
|
|
|
104,373
|
|
|
26,776
|
|
|
—
|
|
|
190,343
|
|
|||||
Operating income
|
59,178
|
|
|
167,954
|
|
|
21,153
|
|
|
—
|
|
|
248,285
|
|
|||||
Interest income
|
16,200
|
|
|
4,294
|
|
|
52,069
|
|
|
(20,887
|
)
|
|
51,676
|
|
|||||
Interest expense
|
(69,969
|
)
|
|
(55,080
|
)
|
|
(43,862
|
)
|
|
20,887
|
|
|
(148,024
|
)
|
|||||
Income before income taxes and equity in earnings of affiliates
|
5,409
|
|
|
117,168
|
|
|
29,360
|
|
|
—
|
|
|
151,937
|
|
|||||
Provision for income taxes
|
1,103
|
|
|
9,608
|
|
|
7,247
|
|
|
—
|
|
|
17,958
|
|
|||||
Equity in earnings of affiliates, net of income tax provision
|
—
|
|
|
—
|
|
|
12,045
|
|
|
—
|
|
|
12,045
|
|
|||||
Income from operations before equity in income of consolidated subsidiaries
|
4,306
|
|
|
107,560
|
|
|
34,158
|
|
|
—
|
|
|
146,024
|
|
|||||
Income from consolidated subsidiaries, net of income tax provision
|
141,718
|
|
|
—
|
|
|
—
|
|
|
(141,718
|
)
|
|
—
|
|
|||||
Net income
|
146,024
|
|
|
107,560
|
|
|
34,158
|
|
|
(141,718
|
)
|
|
146,024
|
|
|||||
Loss attributable to noncontrolling interests
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
—
|
|
|
$
|
217
|
|
Net income attributable to The GEO Group, Inc.
|
$
|
146,024
|
|
|
$
|
107,560
|
|
|
$
|
34,375
|
|
|
$
|
(141,718
|
)
|
|
$
|
146,241
|
|
Net income
|
$
|
146,024
|
|
|
$
|
107,560
|
|
|
$
|
34,158
|
|
|
$
|
(141,718
|
)
|
|
$
|
146,024
|
|
Other comprehensive income (loss), net of tax
|
—
|
|
|
(1,420
|
)
|
|
7,793
|
|
|
—
|
|
|
6,373
|
|
|||||
Total comprehensive income
|
$
|
146,024
|
|
|
$
|
106,140
|
|
|
$
|
41,951
|
|
|
$
|
(141,718
|
)
|
|
$
|
152,397
|
|
Comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
211
|
|
|
—
|
|
|
211
|
|
|||||
Comprehensive income attributable to The GEO Group, Inc.
|
$
|
146,024
|
|
|
$
|
106,140
|
|
|
$
|
42,162
|
|
|
$
|
(141,718
|
)
|
|
$
|
152,608
|
|
|
As of December 31, 2019
|
||||||||||||||||||
|
The GEO
Group, Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Cash and cash equivalents
|
$
|
9,840
|
|
|
$
|
—
|
|
|
$
|
22,623
|
|
|
$
|
—
|
|
|
$
|
32,463
|
|
Restricted cash and investments
|
—
|
|
|
—
|
|
|
32,418
|
|
|
—
|
|
|
32,418
|
|
|||||
Accounts receivable, less allowance for doubtful accounts
|
167,769
|
|
|
218,920
|
|
|
41,175
|
|
|
3,118
|
|
|
430,982
|
|
|||||
Contract receivable, current portion
|
|
|
|
—
|
|
|
11,199
|
|
|
—
|
|
|
11,199
|
|
|||||
Prepaid expenses and other current assets
|
1,273
|
|
|
32,187
|
|
|
9,315
|
|
|
(2,059
|
)
|
|
40,716
|
|
|||||
Total current assets
|
178,882
|
|
|
251,107
|
|
|
116,730
|
|
|
1,059
|
|
|
547,778
|
|
|||||
Restricted Cash and Investments
|
—
|
|
|
28,648
|
|
|
2,275
|
|
|
—
|
|
|
30,923
|
|
|||||
Property and Equipment, Net
|
846,297
|
|
|
1,214,697
|
|
|
83,728
|
|
|
—
|
|
|
2,144,722
|
|
|||||
Right-of-Use Assets Operating Leases
|
21,995
|
|
|
98,654
|
|
|
878
|
|
|
—
|
|
|
121,527
|
|
|||||
Contract Receivable
|
—
|
|
|
—
|
|
|
360,647
|
|
|
—
|
|
|
360,647
|
|
|||||
Assets Held for Sale
|
705
|
|
|
5,354
|
|
|
—
|
|
|
—
|
|
|
6,059
|
|
|||||
Intercompany Receivable
|
978,337
|
|
|
238,680
|
|
|
17,050
|
|
|
(1,234,067
|
)
|
|
—
|
|
|||||
Deferred Income Tax Assets
|
—
|
|
|
35,584
|
|
|
694
|
|
|
—
|
|
|
36,278
|
|
|||||
Goodwill
|
—
|
|
|
775,953
|
|
|
403
|
|
|
—
|
|
|
776,356
|
|
|||||
Intangible Assets, Net
|
—
|
|
|
209,554
|
|
|
516
|
|
|
—
|
|
|
210,070
|
|
|||||
Investment in Subsidiaries
|
1,484,930
|
|
|
573,816
|
|
|
2,189
|
|
|
(2,060,935
|
)
|
|
—
|
|
|||||
Other Non-Current Assets
|
18,329
|
|
|
123,797
|
|
|
18,853
|
|
|
(77,805
|
)
|
|
83,174
|
|
|||||
Total Assets
|
$
|
3,529,475
|
|
|
$
|
3,555,844
|
|
|
$
|
603,963
|
|
|
$
|
(3,371,748
|
)
|
|
$
|
4,317,534
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||||||
Accounts payable
|
$
|
16,690
|
|
|
$
|
76,631
|
|
|
$
|
5,911
|
|
|
$
|
—
|
|
|
$
|
99,232
|
|
Accrued payroll and related taxes
|
—
|
|
|
38,243
|
|
|
16,429
|
|
|
—
|
|
|
54,672
|
|
|||||
Accrued expenses and other current liabilities
|
32,175
|
|
|
131,031
|
|
|
28,765
|
|
|
(363
|
)
|
|
191,608
|
|
|||||
Operating lease liabilities, current portion
|
5,232
|
|
|
20,777
|
|
|
199
|
|
|
—
|
|
|
26,208
|
|
|||||
Current portion of finance lease obligations, long-term debt and non-recourse debt
|
8,000
|
|
|
2,626
|
|
|
13,582
|
|
|
—
|
|
|
24,208
|
|
|||||
Total current liabilities
|
62,097
|
|
|
269,308
|
|
|
64,886
|
|
|
(363
|
)
|
|
395,928
|
|
|||||
Deferred Income Tax Liabilities
|
—
|
|
|
—
|
|
|
19,254
|
|
|
—
|
|
|
19,254
|
|
|||||
Intercompany Payable
|
106,029
|
|
|
1,100,299
|
|
|
26,316
|
|
|
(1,232,644
|
)
|
|
—
|
|
|||||
Other Non-Current Liabilities
|
3,572
|
|
|
162,026
|
|
|
733
|
|
|
(77,805
|
)
|
|
88,526
|
|
|||||
Operating Lease Liabilities
|
17,321
|
|
|
79,290
|
|
|
680
|
|
|
—
|
|
|
97,291
|
|
|||||
Finance Lease Obligations
|
—
|
|
|
2,954
|
|
|
—
|
|
|
—
|
|
|
2,954
|
|
|||||
Long-Term Debt
|
2,343,626
|
|
|
—
|
|
|
64,671
|
|
|
—
|
|
|
2,408,297
|
|
|||||
Non-Recourse Debt
|
—
|
|
|
—
|
|
|
309,236
|
|
|
—
|
|
|
309,236
|
|
|||||
Commitments & Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders’ equity attributable to The GEO Group, Inc.
|
996,830
|
|
|
1,941,967
|
|
|
118,969
|
|
|
(2,060,936
|
)
|
|
996,830
|
|
|||||
Noncontrolling Interests
|
—
|
|
|
—
|
|
|
(782
|
)
|
|
—
|
|
|
(782
|
)
|
|||||
Total Shareholders’ Equity
|
996,830
|
|
|
1,941,967
|
|
|
118,187
|
|
|
(2,060,936
|
)
|
|
996,048
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
3,529,475
|
|
|
$
|
3,555,844
|
|
|
$
|
603,963
|
|
|
$
|
(3,371,748
|
)
|
|
$
|
4,317,534
|
|
|
As of December 31, 2018
|
||||||||||||||||||
|
The GEO
Group, Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Cash and cash equivalents
|
$
|
4,468
|
|
|
$
|
7,873
|
|
|
$
|
18,914
|
|
|
$
|
—
|
|
|
$
|
31,255
|
|
Restricted cash and investments
|
2,854
|
|
|
—
|
|
|
48,824
|
|
|
—
|
|
|
51,678
|
|
|||||
Accounts receivable, less allowance for doubtful accounts
|
190,594
|
|
|
221,957
|
|
|
44,377
|
|
|
(11,402
|
)
|
|
445,526
|
|
|||||
Contract receivable, current portion
|
—
|
|
|
—
|
|
|
15,535
|
|
|
—
|
|
|
15,535
|
|
|||||
Prepaid expenses and other current assets
|
2,011
|
|
|
50,482
|
|
|
7,114
|
|
|
(1,839
|
)
|
|
57,768
|
|
|||||
Total current assets
|
199,927
|
|
|
280,312
|
|
|
134,764
|
|
|
(13,241
|
)
|
|
601,762
|
|
|||||
Restricted Cash and Investments
|
—
|
|
|
21,009
|
|
|
1,422
|
|
|
—
|
|
|
22,431
|
|
|||||
Property and Equipment, Net
|
845,291
|
|
|
1,227,223
|
|
|
86,096
|
|
|
—
|
|
|
2,158,610
|
|
|||||
Contract Receivable
|
—
|
|
|
—
|
|
|
368,178
|
|
|
—
|
|
|
368,178
|
|
|||||
Assets Held for Sale
|
705
|
|
|
1,929
|
|
|
—
|
|
|
—
|
|
|
2,634
|
|
|||||
Intercompany Receivable
|
990,365
|
|
|
150,710
|
|
|
22,407
|
|
|
(1,163,482
|
)
|
|
—
|
|
|||||
Deferred Income Tax Assets
|
798
|
|
|
27,928
|
|
|
1,198
|
|
|
—
|
|
|
29,924
|
|
|||||
Goodwill
|
—
|
|
|
775,955
|
|
|
404
|
|
|
—
|
|
|
776,359
|
|
|||||
Intangible Assets, Net
|
—
|
|
|
231,787
|
|
|
573
|
|
|
—
|
|
|
232,360
|
|
|||||
Investment in Subsidiaries
|
1,503,841
|
|
|
458,229
|
|
|
2,190
|
|
|
(1,964,260
|
)
|
|
—
|
|
|||||
Other Non-Current Assets
|
9,541
|
|
|
115,695
|
|
|
19,334
|
|
|
(78,710
|
)
|
|
65,860
|
|
|||||
Total Assets
|
$
|
3,550,468
|
|
|
$
|
3,290,777
|
|
|
$
|
636,566
|
|
|
$
|
(3,219,693
|
)
|
|
$
|
4,258,118
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|||||||||||||||||||
Accounts payable
|
$
|
13,566
|
|
|
$
|
72,128
|
|
|
$
|
7,338
|
|
|
$
|
—
|
|
|
$
|
93,032
|
|
Accrued payroll and related taxes
|
—
|
|
|
56,543
|
|
|
19,466
|
|
|
—
|
|
|
76,009
|
|
|||||
Accrued expenses and other current liabilities
|
23,565
|
|
|
168,231
|
|
|
25,615
|
|
|
(13,241
|
)
|
|
204,170
|
|
|||||
Current portion of finance lease obligations, long-term debt and non-recourse debt
|
8,000
|
|
|
2,017
|
|
|
322,010
|
|
|
—
|
|
|
332,027
|
|
|||||
Total current liabilities
|
45,131
|
|
|
298,919
|
|
|
374,429
|
|
|
(13,241
|
)
|
|
705,238
|
|
|||||
Deferred Income Tax Liabilities
|
—
|
|
|
—
|
|
|
13,681
|
|
|
—
|
|
|
13,681
|
|
|||||
Intercompany Payable
|
142,055
|
|
|
989,856
|
|
|
31,571
|
|
|
(1,163,482
|
)
|
|
—
|
|
|||||
Other Non-Current Liabilities
|
1,395
|
|
|
152,815
|
|
|
6,981
|
|
|
(78,710
|
)
|
|
82,481
|
|
|||||
Finance Lease Obligations
|
—
|
|
|
4,570
|
|
|
—
|
|
|
—
|
|
|
4,570
|
|
|||||
Long-Term Debt
|
2,321,384
|
|
|
—
|
|
|
75,843
|
|
|
—
|
|
|
2,397,227
|
|
|||||
Non-Recourse Debt
|
—
|
|
|
—
|
|
|
15,017
|
|
|
—
|
|
|
15,017
|
|
|||||
Commitments & Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders’ equity attributable to The GEO Group, Inc.
|
1,040,503
|
|
|
1,844,617
|
|
|
119,643
|
|
|
(1,964,260
|
)
|
|
1,040,503
|
|
|||||
Noncontrolling Interests
|
—
|
|
|
—
|
|
|
(599
|
)
|
|
—
|
|
|
(599
|
)
|
|||||
Total Shareholders’ Equity
|
1,040,503
|
|
|
1,844,617
|
|
|
119,044
|
|
|
(1,964,260
|
)
|
|
1,039,904
|
|
|||||
Total Liabilities and Shareholders' Equity
|
$
|
3,550,468
|
|
|
$
|
3,290,777
|
|
|
$
|
636,566
|
|
|
$
|
(3,219,693
|
)
|
|
$
|
4,258,118
|
|
|
For the Year Ended December 31, 2019
|
||||||||||||||
|
The GEO
Group, Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Consolidated
|
||||||||
Cash Flow from Operating Activities:
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities
|
$
|
275,126
|
|
|
$
|
58,530
|
|
|
$
|
4,487
|
|
|
$
|
338,143
|
|
Cash Flow from Investing Activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from sale of property and equipment
|
—
|
|
|
414
|
|
|
—
|
|
|
414
|
|
||||
Insurance proceeds - damaged property
|
—
|
|
|
19,310
|
|
|
—
|
|
|
19,310
|
|
||||
Proceeds from sale of assets held for sale
|
—
|
|
|
823
|
|
|
—
|
|
|
823
|
|
||||
Change in restricted investments
|
—
|
|
|
(7,440
|
)
|
|
—
|
|
|
(7,440
|
)
|
||||
Capital expenditures
|
(35,968
|
)
|
|
(79,627
|
)
|
|
(1,649
|
)
|
|
(117,244
|
)
|
||||
Net cash used in investing activities
|
(35,968
|
)
|
|
(66,520
|
)
|
|
(1,649
|
)
|
|
(104,137
|
)
|
||||
Cash Flow from Financing Activities:
|
|
|
|
|
|
|
|
||||||||
Payments on long-term debt
|
(513,219
|
)
|
|
—
|
|
|
—
|
|
|
(513,219
|
)
|
||||
Proceeds from long-term debt
|
521,370
|
|
|
—
|
|
|
—
|
|
|
521,370
|
|
||||
Payments on non-recourse debt
|
—
|
|
|
—
|
|
|
(335,116
|
)
|
|
(335,116
|
)
|
||||
Proceeds from non-recourse debt
|
—
|
|
|
—
|
|
|
321,102
|
|
|
321,102
|
|
||||
Taxes paid related to net share settlements of equity awards
|
(4,179
|
)
|
|
—
|
|
|
—
|
|
|
(4,179
|
)
|
||||
Debt issuance costs
|
(9,856
|
)
|
|
—
|
|
|
—
|
|
|
(9,856
|
)
|
||||
Proceeds from stock options exercised
|
1,258
|
|
|
—
|
|
|
—
|
|
|
1,258
|
|
||||
Dividends paid
|
(232,546
|
)
|
|
—
|
|
|
—
|
|
|
(232,546
|
)
|
||||
Proceeds from issuance of common stock in connection with ESPP
|
532
|
|
|
—
|
|
|
—
|
|
|
532
|
|
||||
Net cash used in financing activities
|
(236,640
|
)
|
|
—
|
|
|
(14,014
|
)
|
|
(250,654
|
)
|
||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
|
—
|
|
|
—
|
|
|
(352
|
)
|
|
(352
|
)
|
||||
Net (Decrease) Increase in Cash. Cash Equivalents and Restricted Cash and Cash Equivalents
|
2,518
|
|
|
(7,990
|
)
|
|
(11,528
|
)
|
|
(17,000
|
)
|
||||
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period
|
7,322
|
|
|
7,990
|
|
|
69,160
|
|
|
84,472
|
|
||||
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period
|
$
|
9,840
|
|
|
$
|
—
|
|
|
$
|
57,632
|
|
|
$
|
67,472
|
|
|
For the Year Ended December 31, 2018
|
||||||||||||||
|
The GEO
Group Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Consolidated
|
||||||||
Cash Flow from Operating Activities:
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities
|
$
|
156,754
|
|
|
$
|
86,974
|
|
|
$
|
30,747
|
|
|
$
|
274,475
|
|
Cash Flow from Investing Activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from sale of property and equipment
|
—
|
|
|
268
|
|
|
1,809
|
|
|
2,077
|
|
||||
Insurance proceeds - damaged property
|
—
|
|
|
1,438
|
|
|
—
|
|
|
1,438
|
|
||||
Proceeds from assets held for sale
|
—
|
|
|
3,797
|
|
|
|
|
|
3,797
|
|
||||
Change in restricted cash and investments
|
—
|
|
|
(129
|
)
|
|
—
|
|
|
(129
|
)
|
||||
Capital expenditures
|
(104,034
|
)
|
|
(89,310
|
)
|
|
(2,322
|
)
|
|
(195,666
|
)
|
||||
Net cash used in investing activities
|
(104,034
|
)
|
|
(83,936
|
)
|
|
(513
|
)
|
|
(188,483
|
)
|
||||
Cash Flow from Financing Activities:
|
|
|
|
|
|
|
|
||||||||
Payments on long-term debt
|
(276,000
|
)
|
|
—
|
|
|
(6,358
|
)
|
|
(282,358
|
)
|
||||
Proceeds from long-term debt
|
502,998
|
|
|
—
|
|
|
—
|
|
|
502,998
|
|
||||
Payments on non-recourse debt
|
—
|
|
|
—
|
|
|
(18,544
|
)
|
|
(18,544
|
)
|
||||
Taxes paid related to net share settlements of equity awards
|
(3,820
|
)
|
|
—
|
|
|
—
|
|
|
(3,820
|
)
|
||||
Payments for repurchases of common stock
|
(95,175
|
)
|
|
—
|
|
|
—
|
|
|
(95,175
|
)
|
||||
Debt issuance costs
|
(990
|
)
|
|
—
|
|
|
—
|
|
|
(990
|
)
|
||||
Proceeds from stock options exercised
|
1,887
|
|
|
—
|
|
|
—
|
|
|
1,887
|
|
||||
Dividends paid
|
(229,498
|
)
|
|
—
|
|
|
—
|
|
|
(229,498
|
)
|
||||
Proceeds from issuance of common stock in connection with ESPP
|
534
|
|
|
|
|
—
|
|
|
534
|
|
|||||
Net cash used in financing activities
|
(100,064
|
)
|
|
—
|
|
|
(24,902
|
)
|
|
(124,966
|
)
|
||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
|
—
|
|
|
—
|
|
|
(10,099
|
)
|
|
(10,099
|
)
|
||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
|
(47,344
|
)
|
|
3,038
|
|
|
(4,767
|
)
|
|
(49,073
|
)
|
||||
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period
|
54,666
|
|
|
4,952
|
|
|
73,927
|
|
|
133,545
|
|
||||
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period
|
$
|
7,322
|
|
|
$
|
7,990
|
|
|
$
|
69,160
|
|
|
$
|
84,472
|
|
|
For the Year Ended December 31, 2017
|
||||||||||||||
|
The GEO
Group Inc.
|
|
Combined
Subsidiary
Guarantors
|
|
Combined
Non-Guarantor
Subsidiaries
|
|
Consolidated
|
||||||||
Cash Flow from Operating Activities:
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities
|
118,018
|
|
|
91,174
|
|
|
171,850
|
|
|
381,042
|
|
||||
Cash Flow from Investing Activities:
|
|
|
|
|
|
|
|
||||||||
Acquisition of CEC, net of cash acquired
|
(353,556
|
)
|
|
—
|
|
|
—
|
|
|
(353,556
|
)
|
||||
Proceeds from sale of property and equipment
|
3,436
|
|
|
—
|
|
|
24
|
|
|
3,460
|
|
||||
Insurance proceeds - damaged property
|
2,754
|
|
|
—
|
|
|
—
|
|
|
2,754
|
|
||||
Change in restricted cash and investments
|
—
|
|
|
(4,507
|
)
|
|
—
|
|
|
(4,507
|
)
|
||||
Capital expenditures
|
(53,030
|
)
|
|
(86,336
|
)
|
|
(9,040
|
)
|
|
(148,406
|
)
|
||||
Net cash used in investing activities
|
(400,396
|
)
|
|
(90,843
|
)
|
|
(9,016
|
)
|
|
(500,255
|
)
|
||||
Cash Flow from Financing Activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from long-term debt
|
1,389,084
|
|
|
—
|
|
|
—
|
|
|
1,389,084
|
|
||||
Payments on long-term debt
|
(1,140,788
|
)
|
|
|
|
—
|
|
|
(1,140,788
|
)
|
|||||
Payments on non-recourse debt
|
—
|
|
|
—
|
|
|
(307,414
|
)
|
|
(307,414
|
)
|
||||
Proceeds from non-recourse debt
|
—
|
|
|
—
|
|
|
181,658
|
|
|
181,658
|
|
||||
Taxes paid related to net share settlements of equity awards
|
(4,142
|
)
|
|
—
|
|
|
—
|
|
|
(4,142
|
)
|
||||
Debt issuance costs
|
(8,701
|
)
|
|
—
|
|
|
(841
|
)
|
|
(9,542
|
)
|
||||
Proceeds from stock options exercised
|
6,962
|
|
|
—
|
|
|
—
|
|
|
6,962
|
|
||||
Dividends paid
|
(227,463
|
)
|
|
—
|
|
|
—
|
|
|
(227,463
|
)
|
||||
Proceeds from issuance of common stock in connection with public offering
|
275,867
|
|
|
—
|
|
|
—
|
|
|
275,867
|
|
||||
Proceeds from issuance of common stock in connection with ESPP
|
497
|
|
|
—
|
|
|
—
|
|
|
497
|
|
||||
Net cash provided by (used in) financing activities
|
291,316
|
|
|
—
|
|
|
(126,597
|
)
|
|
164,719
|
|
||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
—
|
|
|
—
|
|
|
(2,318
|
)
|
|
(2,318
|
)
|
||||
Net Increase in Cash and Cash Equivalents
|
8,938
|
|
|
331
|
|
|
33,919
|
|
|
43,188
|
|
||||
Cash and Cash Equivalents, beginning of period
|
45,728
|
|
|
4,621
|
|
|
40,008
|
|
|
90,357
|
|
||||
Cash and Cash Equivalents, end of period
|
$
|
54,666
|
|
|
$
|
4,952
|
|
|
$
|
73,927
|
|
|
$
|
133,545
|
|
21.
|
Subsequent Events
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
3.1
|
|
Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s report on Form 8-K, filed on June 30, 2014).
|
|
|
|
|
|
3.2
|
|
Articles of Merger, effective as of June 27, 2014 (incorporated by reference to Exhibit 3.2 to the Company’s report on Form 8-K, filed on June 30, 2014).
|
|
|
|
|
|
3.3
|
|
Articles of Amendment to the Amended and Restated Articles of Incorporation of The GEO Group, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s report on Form 8-K, filed on April 26, 2017).
|
|
|
|
|
|
3.4
|
|
Second Amended and Restated Bylaws of The GEO Group, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s report on Form 8-K, filed on April 17, 2017).
|
|
|
|
|
|
3.5
|
|
Amendment to Second Amended and Restated Bylaws Adopted on July 6, 2018 (incorporated by reference to Exhibit 3.1 to the Company’s report on Form 8-K filed on July 11, 2018).
|
|
|
|
|
|
3.6
|
|
Amendment to Second Amended and Restated Bylaws Adopted on September 10, 2018 (incorporated by reference to Exhibit 3.1 to the Company’s report on Form 8-K filed on September 13, 2018).
|
|
|
|
|
|
3.7
|
|
Amendment to Second Amended and Restated Bylaws Adopted on November 29, 2018 (incorporated by reference to Exhibit 3.1 to the Company’s report on Form 8-K filed on November 30, 2018).
|
|
|
|
|
|
3.8
|
|
Amendment to the Second Amended and Restated Bylaws of The GEO Group, Inc., effective October 9, 2019 (incorporated by reference to Exhibit 3.1 to the Company's report on Form 8-K filed on October 16, 2019).
|
|
|
|
|
4.1
|
|
Indenture, dated as of March 19, 2013, by and among the Company, the Guarantors party thereto, and Wells Fargo Bank, National Association as Trustee relating to the 5.125% Senior Notes due 2023 (incorporated by reference to Exhibit 4.1 to the Company’s report on Form 8-K, filed on March 25, 2013).
|
|
|
|
|
|
4.2
|
|
Form of 5.125% Senior Note due 2023 (included in Exhibit 4.1).
|
|
|
|
|
|
4.3
|
|
Indenture, dated as of October 3, 2013, by and among the Company, the Guarantors party thereto, and Wells Fargo Bank, National Association as Trustee relating to the 5 7/8% Senior Notes due 2022 (incorporated by reference to Exhibit 4.1 to the Company’s report on Form 8-K, filed on October 9, 2013).
|
|
|
|
|
|
4.4
|
|
Form of 5 7/8% Senior Note due 2022 (included in Exhibit 4.3).
|
|
|
|
|
|
4.5
|
|
Supplemental Indenture dated as of June 27, 2014, to Indenture dated as of March 19, 2013, with respect to the Predecessor Registrant’s 5.125% Senior Notes, between the Company and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to the Company’s report on Form 8-K, filed on June 30, 2014).
|
|
|
|
|
|
4.6
|
|
Supplemental Indenture dated as of June 27, 2014, to Indenture dated as of October 3, 2013, with respect to the Predecessor Registrant’s 5 7/8% Senior Notes, between the Company and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to the Company’s report on Form 8-K, filed on June 30, 2014).
|
|
|
|
|
|
4.7
|
|
Indenture, dated as of September 25, 2014, by and between GEO and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s report on Form 8-K, filed on October 1, 2014).
|
|
|
|
|
|
4.8
|
|
First Supplemental Indenture, dated as of September 25, 2014, by and among GEO, certain subsidiary guarantors and Wells Fargo Bank, National Association, as Trustee with respect to the 5.875% Senior Notes due 2024 (incorporated by reference to Exhibit 4.2 to the Company’s report on Form 8-K, filed on October 1, 2014).
|
|
|
|
|
|
4.9
|
|
Form of 5.875% Senior Note due 2024 (included in Exhibit 4.8).
|
|
|
|
|
|
4.10
|
|
Second Supplemental Indenture, dated as of April 18, 2016, by and among The GEO Group, Inc., the subsidiary guarantors named therein and Wells Fargo Bank, National Association, as Trustee with respect to the 6.00% Senior Notes due 2026 (incorporated by reference to Exhibit 4.1 to the Company’s report on Form 8-K, filed on April 18, 2016).
|
|
|
|
|
|
4.11
|
|
Form of 6.00% Senior Notes due 2026 (included in Exhibit 4.10).
|
|
|
|
|
|
4.12
|
|
Form of Indenture for Senior Debt Securities (incorporated by reference to Exhibit 4.1 to the Company’s registration statement on Form S-3ASR, filed on October 20, 2017).
|
|
|
|
|
|
4.13
|
|
Form of Indenture for Subordinated Debt Securities (incorporated by reference to Exhibit 4.2 to the Company’s registration statement on Form S-3ASR, filed on October 20, 2017).
|
|
|
|
|
|
4.14
|
|
|
|
10.1
|
|
Form of Indemnification Agreement between the Company and its Officers and Directors (incorporated herein by reference to Exhibit 10.3 to the Company’s registration statement on Form S-1, filed on May 24, 1994)†
|
|
|
|
|
|
10.2
|
|
The GEO Group, Inc. Senior Management Performance Award Plan, as Amended and Restated (incorporated by reference to Exhibit 10.3 to the Company's report on Form 10-K, filed on February 26, 2019) †
|
|
|
|
|
|
10.3
|
|
Amended and Restated The GEO Group, Inc. Senior Officer Retirement Plan, effective December 31, 2008 (incorporated by reference to Exhibit 10.8 to the Company’s report on Form 8-K January 7, 2009)†
|
|
|
|
|
|
10.4
|
|
Senior Officer Employment Agreement, dated August 3, 2009, by and between the Company and Brian Evans (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 10-Q, filed on August 3, 2009)†
|
|
|
|
|
|
10.5
|
|
Senior Officer Employment Agreement, dated February 1, 2016, by and between the Company and J. David Donahue (incorporated herein by reference to Exhibit 10.7 to the Company's report on Form 10-K, filed on February 25, 2019) †
|
|
|
|
|
|
10.6
|
|
First Amendment to Senior Officer Employment Agreement, effective March 1, 2011, by and between the Company and Brian R. Evans (incorporated by reference to Exhibit 10.28 to the Company’s report on Form 10-K, filed on March 2, 2011)†
|
|
|
|
|
|
10.7
|
|
Amended and Restated The GEO Group, Inc. Executive Retirement Plan (effective January 1, 2008) (incorporated by reference to Exhibit 10.36 to the Company’s report on Form 10-K, filed on March 1, 2012)†
|
|
|
|
|
|
10.8
|
|
Amendment to The GEO Group, Inc. Executive Retirement Plan (incorporated by reference to Exhibit 10.37 to the Company’s report on Form 10-K, filed on March 1, 2012)†
|
|
|
|
|
10.9
|
|
The GEO Group, Inc. Deferred Compensation Plan (as amended and restated effective January 1, 2008) (incorporated by reference to Exhibit 10.38 to the Company’s report on Form 10-K, filed on March 1, 2012)†
|
|
|
|
|
|
10.10
|
|
Amendment to The GEO Group, Inc. Deferred Compensation Plan (incorporated by reference to Exhibit 10.39 to the Company’s report on Form 10-K, filed on March 1, 2012)†
|
|
|
|
|
|
10.11
|
|
Amendment to The GEO Group, Inc. Deferred Compensation Plan (incorporated by reference to Exhibit 10.40 to the Company’s report on Form 10-K, filed on March 1, 2012)†
|
|
|
|
|
|
10.12
|
|
The GEO Group, Inc. 2011 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.41 to the Company’s Registration Statement on Form S-8, filed on May 4, 2012 (File No. 333-181175))†
|
|
|
|
|
|
10.13
|
|
Third Amended and Restated Executive Employment Agreement, dated August 22, 2012, by and between The GEO Group, Inc. and George C. Zoley (incorporated by reference to Exhibit 10.42 to the Company’s report on Form 8-K, filed on August 28, 2012)†
|
|
|
|
|
|
10.14
|
|
Amended and Restated Executive Retirement Agreement, dated August 22, 2012, by and between The GEO Group, Inc. and George C. Zoley (incorporated by reference to Exhibit 10.43 to the Company’s report on Form 8-K, filed on August 28, 2012)†
|
|
|
|
|
|
10.15
|
|
First Amendment to Third Amended and Restated Executive Employment Agreement, dated April 29, 2013, by and between The GEO Group, Inc. and George C. Zoley (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K, filed on April 30, 2013) †.
|
|
|
|
|
|
10.16
|
|
Second Amendment to Third Amended and Restated Executive Employment Agreement, dated May 29, 2013, by and between The GEO Group, Inc. and George C. Zoley (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K, filed on June 4, 2013) †.
|
|
|
|
|
|
10.17
|
|
The GEO Group, Inc. 2014 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K, filed on May 5, 2014). †
|
|
|
|
|
|
10.18
|
|
Letter of Offer, dated August 18, 2016, between The GEO Group, Inc. and HSBC Bank Australia Limited (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K, filed on August 24, 2016).
|
|
|
|
|
|
10.19
|
|
Third Amended and Restated Credit Agreement, dated as of March 23, 2017, among The GEO Group, Inc., GEO Corrections Holdings, Inc., as the Borrowers, the Australian Borrowers party thereto, the Lenders party thereto and BNP Paribas, as administrative agent. (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K, filed on March 29, 2017. Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.)
|
|
|
|
|
|
10.20
|
|
The GEO Group, Inc. 2018 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K filed on April 30, 2018).
|
|
|
|
|
|
10.21
|
|
Amendment No. 1 to the Third Amended and Restated Credit Agreement, dated as of April 30, 2018, by and among The GEO Group, Inc., GEO Corrections Holdings, Inc., BNP Paribas, as administrative agent for the lenders, the refinancing lenders party thereto and each other lender party thereto (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K filed on May 4, 2018).
|
|
|
|
|
|
10.22
|
|
Consultant Agreement, effective January 1, 2019, by and between the Company and John Bulfin (incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K filed on December 12, 2018).
|
|
|
|
|
|
10.23
|
|
Senior Officer Employment Agreement, dated July 21, 2014, by and between the Company and Ann Schlarb (incorporated by reference to Exhibit 10.1 to the Company's report on Form 10-Q, filed on May 6, 2019)†
|
|
|
|
|
|
10.24
|
|
Amendment No. 2 to Third Amended and Restated Credit Agreement, dated June 12, 2019, by and among The GEO Group, Inc. and GEO Corrections Holdings, Inc., as the Borrowers, GEO Australasia Holdings PTY LTD, GEO Australasia Finance Holdings PTY LTD, as trustee of the GEO Australasia Finance Holding Trust, BNP Paribas, as administrative agent, and the lenders party thereto (portions of this exhibit have been omitted) (incorporated by reference to Exhibit 10.1 to the Company's report on Form 10-Q, filed on August 2, 2019)
|
|
|
|
|
|
21.1
|
|
|
|
|
|
|
|
23.1
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
|
|
|
|
101*
|
|
The following financial information from the Company's Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders' Equity, and (vi) the Notes to the Consolidated Financial Statements. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
104 *
|
|
Cover Page Interactive Data Title - the cover page XBRL tags are embedded within the Inline XBRL document.
|
|
*
|
Filed herewith.
|
†
|
Management contract or compensatory plan, contract or agreement as defined in Item 402 (a)(3) of Regulation S-K.
|
THE GEO GROUP, INC.
|
|
/s/ BRIAN R. EVANS
|
Brian R. Evans
|
Senior Vice President and Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ George C. Zoley
|
|
Chairman of the Board and Chief
|
|
February 26, 2020
|
George C. Zoley
|
|
Executive Officer
(principal executive officer)
|
|
|
|
|
|
||
/s/ Brian R. Evans
|
|
Senior Vice President and
|
|
February 26, 2020
|
Brian R. Evans
|
|
Chief Financial Officer
(principal financial officer)
|
|
|
|
|
|
||
/s/ Ronald A. Brack
|
|
Executive Vice President, Chief Accounting Officer
|
|
February 26, 2020
|
Ronald A. Brack
|
|
and Controller
(principal accounting officer)
|
|
|
|
|
|
||
/s/ Scott M. Kernan
|
|
Director
|
|
February 26, 2020
|
Scott M. Kernan
|
|
|
|
|
|
|
|
||
/s/ Julie M. Wood
|
|
Director
|
|
February 26, 2020
|
Julie M. Wood
|
|
|
|
|
|
|
|
||
/s/ Anne N. Foreman
|
|
Director
|
|
February 26, 2020
|
Anne N. Foreman
|
|
|
|
|
|
|
|
||
/s/ Richard H. Glanton
|
|
Director
|
|
February 26, 2020
|
Richard H. Glanton
|
|
|
|
|
|
|
|
||
/s/ Christopher C. Wheeler
|
|
Director
|
|
February 26, 2020
|
Christopher C. Wheeler
|
|
|
|
|
|
|
|
|
|
/s/ Guido M. Van Hauwermeiren
|
|
Director
|
|
February 26, 2020
|
Guido M. Van Hauwermeiren
|
|
|
|
|
|
|
|
|
|
/s/ Jose Gordo
|
|
Director
|
|
February 26, 2020
|
Jose Gordo
|
|
|
|
|
Description
|
Balance at
Beginning
of Period
|
|
Charged to
Cost and
Expenses
|
|
Charged
to Other
Accounts
|
|
Deductions,
Actual
Charge-Offs
|
|
Balance at
End of
Period
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
YEAR ENDED DECEMBER 31, 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
4,183
|
|
|
$
|
190
|
|
|
$
|
—
|
|
|
$
|
(1,178
|
)
|
|
$
|
3,195
|
|
YEAR ENDED DECEMBER 31, 2018:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
4,574
|
|
|
$
|
823
|
|
|
$
|
—
|
|
|
$
|
(1,214
|
)
|
|
$
|
4,183
|
|
YEAR ENDED DECEMBER 31, 2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for doubtful accounts
|
$
|
3,664
|
|
|
$
|
2,456
|
|
|
$
|
—
|
|
|
$
|
(1,546
|
)
|
|
$
|
4,574
|
|
|
|
|
Original
|
|
Gross Cost at December 31, 2019
|
|
|
|
|
||||||||||||||||||||||||
Property Name (1)
|
Type
|
Location
|
Land
|
Building and Improvements
|
Costs Capitalized Subsequent to Acquisition (2)
|
Land and Improvements
|
Building and Improvements
|
Land Held for Development
|
Development and Construction in Progress
|
Total
|
Accumulated Depreciation
|
Year(s) Built/ Renovated
|
Book Value of Mortgaged Properties
|
||||||||||||||||||||
Secure Services - Owned and Leased
|
|
||||||||||||||||||||||||||||||||
Broward Transitional Center
|
Secure Services Facility
|
Deerfield Beach, FL
|
$
|
4,085
|
|
$
|
15,441
|
|
$
|
18,988
|
|
$
|
4,209
|
|
$
|
34,305
|
|
$
|
—
|
|
$
|
—
|
|
$
|
38,514
|
|
$
|
9,991
|
|
1998, 2004, 2010/2011, 2013/2014
|
$
|
28,523
|
|
D. Ray James Correctional Facility
|
Secure Services Facility
|
Folkston, GA
|
$
|
1,229
|
|
$
|
55,961
|
|
$
|
13,757
|
|
$
|
1,764
|
|
$
|
68,901
|
|
$
|
243
|
|
$
|
39
|
|
$
|
70,947
|
|
$
|
15,624
|
|
1998/1999, 2008/2009, 2011/2012
|
$
|
55,323
|
|
Folkston ICE Processing Center
|
Secure Services Facility
|
Folkston, GA
|
$
|
291
|
|
$
|
30,399
|
|
$
|
8,727
|
|
$
|
291
|
|
$
|
38,580
|
|
$
|
—
|
|
$
|
546
|
|
$
|
39,417
|
|
$
|
7,250
|
|
2005, 2008, 2013, 2017
|
$
|
32,167
|
|
LaSalle ICE Processing Center
|
Secure Services Facility
|
Jena, LA
|
$
|
856
|
|
$
|
51,623
|
|
$
|
6,735
|
|
$
|
1,166
|
|
$
|
57,475
|
|
$
|
514
|
|
$
|
59
|
|
$
|
59,214
|
|
$
|
16,827
|
|
1998, 2008, 2010/2011, 2017
|
$
|
42,387
|
|
Alexandria Staging Facility (3)
|
Secure Services Facility
|
Alexandria, LA
|
$
|
—
|
|
$
|
17,283
|
|
$
|
54
|
|
$
|
—
|
|
$
|
17,337
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17,337
|
|
$
|
1,902
|
|
2014
|
$
|
—
|
|
Moshannon Valley Correctional and Rehabilitation Facility
|
Secure Services Facility
|
Philipsburg, PA
|
$
|
1,107
|
|
$
|
65,160
|
|
$
|
8,907
|
|
$
|
1,723
|
|
$
|
73,324
|
|
$
|
87
|
|
$
|
40
|
|
$
|
75,174
|
|
$
|
16,536
|
|
2005/2006, 2013
|
$
|
58,638
|
|
North Lake Correctional Facility
|
Secure Services Facility
|
Baldwin, MI
|
$
|
66
|
|
$
|
36,727
|
|
$
|
53,637
|
|
$
|
1,709
|
|
$
|
88,674
|
|
$
|
—
|
|
$
|
47
|
|
$
|
90,430
|
|
$
|
15,655
|
|
1998/1999, 2002, 2011, 2019
|
$
|
74,775
|
|
Queens Detention Facility
|
Secure Services Facility
|
Jamaica, NY
|
$
|
2,237
|
|
$
|
19,847
|
|
$
|
5,478
|
|
$
|
2,237
|
|
$
|
25,308
|
|
$
|
—
|
|
$
|
17
|
|
$
|
27,562
|
|
$
|
10,454
|
|
1971, 1996/1997, 2004, 2019
|
$
|
—
|
|
Riverbend Correctional and Rehabilitation Facility (3)
|
Secure Services Facility
|
Milledgeville, GA
|
$
|
—
|
|
$
|
72,932
|
|
$
|
652
|
|
$
|
157
|
|
$
|
73,427
|
|
$
|
—
|
|
$
|
—
|
|
$
|
73,584
|
|
$
|
15,887
|
|
2011
|
$
|
57,697
|
|
Rivers Correctional Facility
|
Secure Services Facility
|
Winton, NC
|
$
|
875
|
|
$
|
60,328
|
|
$
|
5,964
|
|
$
|
1,256
|
|
$
|
65,703
|
|
$
|
149
|
|
$
|
59
|
|
$
|
67,167
|
|
$
|
24,924
|
|
2000/2001, 2017
|
$
|
42,243
|
|
Robert A. Deyton Detention Facility
|
Secure Services Facility
|
Lovejoy, GA
|
$
|
—
|
|
$
|
8,163
|
|
$
|
10,812
|
|
$
|
15
|
|
$
|
18,960
|
|
$
|
—
|
|
$
|
—
|
|
$
|
18,975
|
|
$
|
10,892
|
|
1984-1986, 2008/2009
|
$
|
—
|
|
Big Spring Correctional Facility (3)
|
Secure Services Facility
|
Big Spring, TX
|
$
|
480
|
|
$
|
82,180
|
|
$
|
32,077
|
|
$
|
2,281
|
|
$
|
112,456
|
|
$
|
—
|
|
$
|
—
|
|
$
|
114,737
|
|
$
|
33,373
|
|
1940, 1960, 1982, 1991, 1994, 1996, 2001, 2009-2012, 2016, 2018
|
$
|
—
|
|
Great Plains Correctional Facility
|
Secure Services Facility
|
Hinton, OK
|
$
|
463
|
|
$
|
76,580
|
|
$
|
18,470
|
|
$
|
2,396
|
|
$
|
90,161
|
|
$
|
—
|
|
$
|
2,956
|
|
$
|
95,513
|
|
$
|
19,697
|
|
1990-1992, 1995, 2008, 2011, 2013, 2015, 2018, CIP
|
$
|
75,816
|
|
Joe Corley Processing Center
|
Secure Services Facility
|
Conroe, TX
|
$
|
470
|
|
$
|
64,813
|
|
$
|
12,233
|
|
$
|
604
|
|
$
|
72,076
|
|
$
|
—
|
|
$
|
4,836
|
|
$
|
77,516
|
|
$
|
11,324
|
|
2008, 2017, 2018, CIP
|
$
|
66,192
|
|
Karnes County Detention Facility
|
Secure Services Facility
|
Karnes City, TX
|
$
|
937
|
|
$
|
24,825
|
|
$
|
6,513
|
|
$
|
912
|
|
$
|
27,034
|
|
$
|
176
|
|
$
|
4,153
|
|
$
|
32,275
|
|
$
|
8,456
|
|
1995, CIP
|
$
|
23,819
|
|
Karnes County Family Residential Center
|
Secure Services Facility
|
Karnes City, TX
|
$
|
—
|
|
$
|
29,052
|
|
$
|
30,346
|
|
$
|
47
|
|
$
|
59,317
|
|
$
|
—
|
|
$
|
34
|
|
$
|
59,398
|
|
$
|
8,101
|
|
2011/2012, 2014, 2015
|
$
|
—
|
|
Lawton Correctional Facility
|
Secure Services Facility
|
Lawton, OK
|
$
|
1,012
|
|
$
|
96,637
|
|
$
|
15,212
|
|
$
|
1,073
|
|
$
|
108,035
|
|
$
|
—
|
|
$
|
3,753
|
|
$
|
112,861
|
|
$
|
28,226
|
|
1998/1999, 2005/2006, 2015, CIP
|
$
|
84,635
|
|
Rio Grande Processing Center
|
Secure Services Facility
|
Laredo, TX
|
$
|
8,365
|
|
$
|
81,178
|
|
$
|
1,910
|
|
$
|
6,266
|
|
$
|
83,088
|
|
$
|
2,099
|
|
$
|
—
|
|
$
|
91,453
|
|
$
|
19,146
|
|
2007, 2008
|
$
|
72,307
|
|
South Texas ICE Processing Center
|
Secure Services Facility
|
Pearsall, TX
|
$
|
437
|
|
$
|
31,405
|
|
$
|
6,131
|
|
$
|
437
|
|
$
|
37,502
|
|
$
|
—
|
|
$
|
34
|
|
$
|
37,973
|
|
$
|
11,421
|
|
2004/2005, 2012
|
$
|
—
|
|
Marvin Gardens Center
|
Community Based Services Facility
|
Los Angeles, CA
|
$
|
—
|
|
$
|
50
|
|
$
|
2,584
|
|
$
|
241
|
|
$
|
2,393
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,634
|
|
$
|
523
|
|
1962/1965, 1990, 2017
|
$
|
—
|
|
McCabe Center
|
Community Based Services Facility
|
Austin, TX
|
$
|
350
|
|
$
|
510
|
|
$
|
537
|
|
$
|
350
|
|
$
|
1,047
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1,397
|
|
$
|
730
|
|
1962, 2012
|
$
|
—
|
|
Mid Valley House
|
Community Based Services Facility
|
Edinburg, TX
|
$
|
694
|
|
$
|
3,608
|
|
$
|
244
|
|
$
|
722
|
|
$
|
3,824
|
|
$
|
—
|
|
$
|
—
|
|
$
|
4,546
|
|
$
|
553
|
|
1985, 2001, 2014
|
$
|
—
|
|
Midtown Center
|
Community Based Services Facility
|
Anchorage, AK
|
$
|
130
|
|
$
|
220
|
|
$
|
153
|
|
$
|
130
|
|
$
|
373
|
|
$
|
—
|
|
$
|
—
|
|
$
|
503
|
|
$
|
182
|
|
Early 1950s, 1972, 1998
|
$
|
—
|
|
Northstar Center
|
Community Based Services Facility
|
Fairbanks, AK
|
$
|
—
|
|
$
|
12
|
|
$
|
288
|
|
$
|
—
|
|
$
|
300
|
|
$
|
—
|
|
$
|
—
|
|
$
|
300
|
|
$
|
290
|
|
1970/1975, 1995
|
$
|
—
|
|
Oakland Street Center
|
Community Based Services Facility
|
Oakland, CA
|
$
|
970
|
|
$
|
250
|
|
$
|
109
|
|
$
|
970
|
|
$
|
359
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1,329
|
|
$
|
174
|
|
1904-1911, 2000s
|
$
|
—
|
|
Parkview Center
|
Community Based Services Facility
|
Anchorage, AK
|
$
|
160
|
|
$
|
1,480
|
|
$
|
307
|
|
$
|
160
|
|
$
|
1,787
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1,947
|
|
$
|
917
|
|
1971, 1976
|
$
|
—
|
|
Reality House
|
Community Based Services Facility
|
Brownsville, TX
|
$
|
487
|
|
$
|
2,771
|
|
$
|
612
|
|
$
|
494
|
|
$
|
2,982
|
|
$
|
—
|
|
$
|
394
|
|
$
|
3,870
|
|
$
|
610
|
|
1983, 2011
|
$
|
—
|
|
Southeast Texas Transitional Center
|
Community Based Services Facility
|
Houston, TX
|
$
|
910
|
|
$
|
3,210
|
|
$
|
3,489
|
|
$
|
1,052
|
|
$
|
6,557
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7,609
|
|
$
|
1,650
|
|
1960, 1967, 1970, 1984, 1997/1998, 2008, 2012, 2018
|
$
|
—
|
|
Salt Lake City Center
|
Community Based Services Facility
|
Salt Lake City, UT
|
$
|
751
|
|
$
|
1,505
|
|
$
|
152
|
|
$
|
751
|
|
$
|
1,657
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,408
|
|
$
|
308
|
|
1970, 1977, 2004
|
$
|
—
|
|
Seaside Center
|
Community Based Services Facility
|
Nome, AK
|
$
|
67
|
|
$
|
732
|
|
$
|
3,938
|
|
$
|
67
|
|
$
|
4,670
|
|
$
|
—
|
|
$
|
—
|
|
$
|
4,737
|
|
$
|
472
|
|
1999, 2015/2016
|
$
|
—
|
|
Taylor Street Center
|
Community Based Services Facility
|
San Francisco, CA
|
$
|
3,230
|
|
$
|
900
|
|
$
|
3,162
|
|
$
|
3,230
|
|
$
|
4,062
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7,292
|
|
$
|
1,402
|
|
1907, 2010/2011
|
$
|
—
|
|
Tundra Center
|
Community Based Services Facility
|
Bethel, AK
|
$
|
20
|
|
$
|
1,190
|
|
$
|
1,421
|
|
$
|
79
|
|
$
|
2,552
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,631
|
|
$
|
1,575
|
|
1960/1970
|
$
|
—
|
|
Alabama Therapeutic Education Facility
|
Community Based Services Facility
|
Columbiana, AL
|
$
|
760
|
|
$
|
17,118
|
|
$
|
481
|
|
$
|
760
|
|
$
|
17,591
|
|
$
|
—
|
|
$
|
8
|
|
$
|
18,359
|
|
$
|
1,312
|
|
1962, 2008
|
$
|
—
|
|
Casper Reentry Center
|
Community Based Services Facility
|
Casper, WY
|
$
|
600
|
|
$
|
6,046
|
|
$
|
886
|
|
$
|
768
|
|
$
|
6,764
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7,532
|
|
$
|
774
|
|
1984, 1994, 2004/2005, 2007
|
$
|
—
|
|
Toler Hall
|
Community Based Services Facility
|
Newark, NJ
|
$
|
—
|
|
$
|
88
|
|
$
|
—
|
|
$
|
—
|
|
$
|
88
|
|
$
|
—
|
|
$
|
—
|
|
$
|
88
|
|
$
|
32
|
|
1929, 2004
|
$
|
—
|
|
Logan Hall
|
Community Based Services Facility
|
Newark, NJ
|
$
|
—
|
|
$
|
6,888
|
|
$
|
16
|
|
$
|
—
|
|
$
|
6,904
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,904
|
|
$
|
2,501
|
|
1929, 2004
|
$
|
—
|
|
Long Beach Community Reentry Center
|
Community Based Services Facility
|
Long Beach, CA
|
$
|
—
|
|
$
|
513
|
|
$
|
139
|
|
$
|
—
|
|
$
|
652
|
|
$
|
—
|
|
$
|
—
|
|
$
|
652
|
|
$
|
516
|
|
1997
|
$
|
—
|
|
Arapahoe County Residential Center
|
Community Based Services Facility
|
Littleton, CO
|
$
|
2,100
|
|
$
|
2,485
|
|
$
|
68
|
|
$
|
2,100
|
|
$
|
2,553
|
|
$
|
—
|
|
$
|
—
|
|
$
|
4,653
|
|
$
|
363
|
|
2006
|
$
|
—
|
|
Cheyenne Mountain Reentry Center
|
Community Based Services Facility
|
Colarado Springs, CO
|
$
|
270
|
|
$
|
18,853
|
|
$
|
614
|
|
$
|
270
|
|
$
|
19,467
|
|
$
|
—
|
|
$
|
—
|
|
$
|
19,737
|
|
$
|
1,481
|
|
2005
|
$
|
—
|
|
Community Alternative of El Paso County
|
Community Based Services Facility
|
Colorado Springs, CO
|
$
|
560
|
|
$
|
1,553
|
|
$
|
397
|
|
$
|
510
|
|
$
|
1,635
|
|
$
|
50
|
|
$
|
315
|
|
$
|
2,510
|
|
$
|
238
|
|
1991, 1998, 2000
|
$
|
—
|
|
Correctional Alternative Placement Services
|
Community Based Services Facility
|
Craig, CO
|
$
|
126
|
|
$
|
289
|
|
$
|
47
|
|
$
|
126
|
|
$
|
336
|
|
$
|
—
|
|
$
|
—
|
|
$
|
462
|
|
$
|
89
|
|
1919-1924, 1990
|
$
|
—
|
|
Albert "Bo" Robinson Assessment & Treatment Center
|
Community Based Services Facility
|
Trenton, NJ
|
$
|
380
|
|
$
|
16,578
|
|
$
|
337
|
|
$
|
380
|
|
$
|
16,913
|
|
$
|
—
|
|
$
|
2
|
|
$
|
17,295
|
|
$
|
1,677
|
|
1963, 1997, 2009
|
$
|
—
|
|
Talbot Hall
|
Community Based Services Facility
|
Kearney, NJ
|
$
|
—
|
|
$
|
2,854
|
|
$
|
206
|
|
$
|
—
|
|
$
|
3,060
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,060
|
|
$
|
1,656
|
|
1919, 1998
|
$
|
—
|
|
The Harbor
|
Community Based Services Facility
|
Newark, NJ
|
$
|
—
|
|
$
|
93
|
|
$
|
29
|
|
$
|
—
|
|
$
|
122
|
|
$
|
—
|
|
$
|
—
|
|
$
|
122
|
|
$
|
44
|
|
1929, 1999, 2008
|
$
|
—
|
|
Tully House
|
Community Based Services Facility
|
Newark, NJ
|
$
|
1,150
|
|
$
|
5,313
|
|
$
|
48
|
|
$
|
1,150
|
|
$
|
5,361
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,511
|
|
$
|
565
|
|
1929, 1999
|
$
|
—
|
|
ADAPPT Outpatient
|
Community Based Services Facility
|
Reading, PA
|
$
|
110
|
|
$
|
2,460
|
|
$
|
379
|
|
$
|
118
|
|
$
|
2,765
|
|
$
|
—
|
|
$
|
66
|
|
$
|
2,949
|
|
$
|
383
|
|
1909, 1919, 1929, 1986, 1989
|
$
|
—
|
|
Alle Kiski Pavilion
|
Community Based Services Facility
|
Arnold, PA
|
$
|
30
|
|
$
|
1,345
|
|
$
|
87
|
|
$
|
30
|
|
$
|
1,416
|
|
$
|
—
|
|
$
|
16
|
|
$
|
1,462
|
|
$
|
202
|
|
1901, 1990
|
$
|
—
|
|
Chester County
|
Community Based Services Facility
|
Chester, PA
|
$
|
—
|
|
$
|
54
|
|
$
|
3,680
|
|
$
|
301
|
|
$
|
3,433
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,734
|
|
$
|
170
|
|
1923, 1996, 2003
|
$
|
—
|
|
Coleman Hall
|
Community Based Services Facility
|
Philadelphia, PA
|
$
|
182
|
|
$
|
8,943
|
|
$
|
882
|
|
$
|
182
|
|
$
|
9,744
|
|
$
|
—
|
|
$
|
81
|
|
$
|
10,007
|
|
$
|
1,006
|
|
1919, 2001
|
$
|
—
|
|
Philadelphia Residential Reentry Center
|
Community Based Services Facility
|
Philadelphia, PA
|
$
|
208
|
|
$
|
10,103
|
|
$
|
396
|
|
$
|
214
|
|
$
|
10,493
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10,707
|
|
$
|
1,074
|
|
2008
|
$
|
—
|
|
Community Alternative of the Black Hills
|
Community Based Services Facility
|
Rapid City, SD
|
$
|
7
|
|
$
|
2,719
|
|
$
|
6
|
|
$
|
7
|
|
$
|
2,725
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,732
|
|
$
|
354
|
|
1989, 1998, 2007
|
$
|
—
|
|
Youth Services - Owned/Leased
|
|
||||||||||||||||||||||||||||||||
Abraxas Academy
|
Youth Facility
|
Morgantown, PA
|
$
|
4,220
|
|
$
|
14,120
|
|
$
|
1,693
|
|
$
|
4,020
|
|
$
|
15,861
|
|
$
|
—
|
|
$
|
152
|
|
$
|
20,033
|
|
$
|
3,855
|
|
1999/2000
|
$
|
—
|
|
Abraxas I
|
Youth Facility
|
Marienville, PA
|
$
|
990
|
|
$
|
7,600
|
|
$
|
1,782
|
|
$
|
1,028
|
|
$
|
9,344
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10,372
|
|
$
|
3,029
|
|
1930s, 1960, 1982, 1985-1987, 1989-1999, 2003
|
$
|
—
|
|
Abraxas Ohio
|
Youth Facility
|
Shelby, OH
|
$
|
1,160
|
|
$
|
2,900
|
|
$
|
1,112
|
|
$
|
1,197
|
|
$
|
3,975
|
|
$
|
—
|
|
$
|
—
|
|
$
|
5,172
|
|
$
|
1,390
|
|
1900, 1935, 1965, 1992
|
$
|
—
|
|
Abraxas Youth Center
|
Youth Facility
|
South Mountain, PA
|
$
|
—
|
|
$
|
36
|
|
$
|
439
|
|
$
|
—
|
|
$
|
475
|
|
$
|
—
|
|
$
|
—
|
|
$
|
475
|
|
$
|
424
|
|
1938, 1948, 2001
|
$
|
—
|
|
Hector Garza Center
|
Youth Facility
|
San Antonio, TX
|
$
|
1,590
|
|
$
|
3,540
|
|
$
|
1,461
|
|
$
|
1,704
|
|
$
|
4,454
|
|
$
|
—
|
|
$
|
433
|
|
$
|
6,591
|
|
$
|
1,465
|
|
1986/1987, 2006
|
$
|
—
|
|
Leadership Development Program
|
Youth Facility
|
South Mountain, PA
|
$
|
—
|
|
$
|
25
|
|
$
|
758
|
|
$
|
—
|
|
$
|
783
|
|
$
|
—
|
|
$
|
—
|
|
$
|
783
|
|
$
|
685
|
|
1920, 1938, 2000, 2005
|
$
|
—
|
|
Southern Peaks Regional Treatment Center
|
Youth Facility
|
Canon City, CO
|
$
|
2,850
|
|
$
|
11,350
|
|
$
|
827
|
|
$
|
3,057
|
|
$
|
11,970
|
|
$
|
—
|
|
$
|
—
|
|
$
|
15,027
|
|
$
|
3,280
|
|
2003-2004
|
$
|
—
|
|
Southwood Interventions
|
Youth Facility
|
Chicago, IL
|
$
|
870
|
|
$
|
6,310
|
|
$
|
1,690
|
|
$
|
898
|
|
$
|
7,652
|
|
$
|
—
|
|
$
|
320
|
|
$
|
8,870
|
|
$
|
2,885
|
|
1925, 1950, 1975, 2008
|
$
|
—
|
|
Woodridge Interventions
|
Youth Facility
|
Woodridge, IL
|
$
|
5,160
|
|
$
|
4,330
|
|
$
|
1,115
|
|
$
|
5,304
|
|
$
|
5,159
|
|
$
|
—
|
|
$
|
142
|
|
$
|
10,605
|
|
$
|
1,805
|
|
1982/1986
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electronic & Location Monitoring Centers - Managed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
El Centro DRC
|
Day Reporting Center
|
El Centro, CA
|
$
|
—
|
|
$
|
11
|
|
$
|
—
|
|
$
|
—
|
|
$
|
11
|
|
$
|
—
|
|
$
|
—
|
|
$
|
11
|
|
$
|
11
|
|
1976
|
$
|
—
|
|
Charleston, SC ISAP
|
Intensive Supervision Appearance Program
|
Charleston, SC
|
$
|
—
|
|
$
|
39
|
|
$
|
—
|
|
$
|
—
|
|
$
|
39
|
|
$
|
—
|
|
$
|
—
|
|
$
|
39
|
|
$
|
39
|
|
2015
|
$
|
—
|
|
Chicago ISAP
|
Intensive Supervision Appearance Program
|
Chicago, IL
|
$
|
—
|
|
$
|
25
|
|
$
|
—
|
|
$
|
—
|
|
$
|
25
|
|
$
|
—
|
|
$
|
—
|
|
$
|
25
|
|
$
|
25
|
|
2009, 2013
|
$
|
—
|
|
Detroit ISAP
|
Intensive Supervision Appearance Program
|
Detroit, MI
|
$
|
—
|
|
$
|
18
|
|
$
|
174
|
|
$
|
—
|
|
$
|
192
|
|
$
|
—
|
|
$
|
—
|
|
$
|
192
|
|
$
|
43
|
|
2009, 2018
|
$
|
—
|
|
Denver ISAP
|
Intensive Supervision Appearance Program
|
Centennial, CO
|
$
|
—
|
|
$
|
173
|
|
$
|
(6
|
)
|
$
|
—
|
|
$
|
167
|
|
$
|
—
|
|
$
|
—
|
|
$
|
167
|
|
$
|
167
|
|
2015
|
$
|
—
|
|
St Louis MO ISAP
|
Intensive Supervision Appearance Program
|
St. Louis, MO
|
$
|
—
|
|
$
|
50
|
|
$
|
—
|
|
$
|
—
|
|
$
|
50
|
|
$
|
—
|
|
$
|
—
|
|
$
|
50
|
|
$
|
50
|
|
2015
|
$
|
—
|
|
Louisville, KY ISAP
|
Intensive Supervision Appearance Program
|
Louisville, KY
|
$
|
—
|
|
$
|
17
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17
|
|
$
|
—
|
|
$
|
—
|
|
$
|
17
|
|
$
|
5
|
|
2015
|
$
|
—
|
|
Indianapolis, IN ISAP
|
Intensive Supervision Appearance Program
|
Indianapolis, IN
|
$
|
—
|
|
$
|
35
|
|
$
|
—
|
|
$
|
—
|
|
$
|
35
|
|
$
|
—
|
|
$
|
—
|
|
$
|
35
|
|
$
|
32
|
|
2016
|
$
|
—
|
|
San Francisco ISAP
|
Intensive Supervision Appearance Program
|
San Francisco, CA
|
$
|
—
|
|
$
|
272
|
|
$
|
(92
|
)
|
$
|
—
|
|
$
|
180
|
|
$
|
—
|
|
$
|
—
|
|
$
|
180
|
|
$
|
180
|
|
2004, 2009, 2015
|
$
|
—
|
|
Salt Lake City ISAP
|
Intensive Supervision Appearance Program
|
Murray, UT
|
$
|
—
|
|
$
|
7
|
|
$
|
20
|
|
$
|
—
|
|
$
|
27
|
|
$
|
—
|
|
$
|
—
|
|
$
|
27
|
|
$
|
25
|
|
2009, 2015
|
$
|
—
|
|
Seattle ISAP
|
Intensive Supervision Appearance Program
|
Tukwila, WA
|
$
|
—
|
|
$
|
40
|
|
$
|
15
|
|
$
|
—
|
|
$
|
55
|
|
$
|
—
|
|
$
|
—
|
|
$
|
55
|
|
$
|
55
|
|
2009, 2014
|
$
|
—
|
|
Sacramento, CA
|
Intensive Supervision Appearance Program
|
Sacracmento, CA
|
$
|
—
|
|
$
|
28
|
|
$
|
—
|
|
$
|
—
|
|
$
|
28
|
|
$
|
—
|
|
$
|
—
|
|
$
|
28
|
|
$
|
28
|
|
2015
|
$
|
—
|
|
Las Vegas, NV ISAP
|
Intensive Supervision Appearance Program
|
Las Vegas, NV
|
$
|
—
|
|
$
|
32
|
|
$
|
—
|
|
$
|
—
|
|
$
|
32
|
|
$
|
—
|
|
$
|
—
|
|
$
|
32
|
|
$
|
15
|
|
2015
|
$
|
—
|
|
Bronx ISAP
|
Intensive Supervision Appearance Program
|
Bronx, NY
|
$
|
—
|
|
$
|
31
|
|
$
|
40
|
|
$
|
—
|
|
$
|
71
|
|
$
|
—
|
|
$
|
—
|
|
$
|
71
|
|
$
|
71
|
|
2010, 2015
|
$
|
—
|
|
Manhattan ISAP
|
Intensive Supervision Appearance Program
|
New York, NY
|
$
|
—
|
|
$
|
10
|
|
$
|
10
|
|
$
|
—
|
|
$
|
20
|
|
$
|
—
|
|
$
|
—
|
|
$
|
20
|
|
$
|
20
|
|
2010
|
$
|
—
|
|
Queens ISAP
|
Intensive Supervision Appearance Program
|
Jamaica, NY
|
$
|
—
|
|
$
|
125
|
|
$
|
6
|
|
$
|
—
|
|
$
|
131
|
|
$
|
—
|
|
$
|
—
|
|
$
|
131
|
|
$
|
131
|
|
2014, 2015
|
$
|
—
|
|
Boston ISAP
|
Intensive Supervision Appearance Program
|
Burlington, MA
|
$
|
—
|
|
$
|
80
|
|
$
|
5
|
|
$
|
—
|
|
$
|
85
|
|
$
|
—
|
|
$
|
—
|
|
$
|
85
|
|
$
|
85
|
|
2014, 2015
|
$
|
—
|
|
Hartford ISAP
|
Intensive Supervision Appearance Program
|
Hartford, CT
|
$
|
—
|
|
$
|
23
|
|
$
|
10
|
|
$
|
—
|
|
$
|
33
|
|
$
|
—
|
|
$
|
—
|
|
$
|
33
|
|
$
|
33
|
|
2009, 2014, 2015
|
$
|
—
|
|
Newark ISAP
|
Intensive Supervision Appearance Program
|
Newark, NJ
|
$
|
—
|
|
$
|
29
|
|
$
|
7
|
|
$
|
—
|
|
$
|
36
|
|
$
|
—
|
|
$
|
—
|
|
$
|
36
|
|
$
|
36
|
|
2009, 2014, 2019
|
$
|
—
|
|
Marlton ISAP
|
Intensive Supervision Appearance Program
|
Marlton, NJ
|
$
|
—
|
|
$
|
2
|
|
$
|
18
|
|
$
|
—
|
|
$
|
20
|
|
$
|
—
|
|
$
|
—
|
|
$
|
20
|
|
$
|
14
|
|
2013, 2015, 2019
|
$
|
—
|
|
Corporate Headquarters
|
Office
|
Boca Raton, FL
|
$
|
10,019
|
|
$
|
49,994
|
|
$
|
2,317
|
|
$
|
10,019
|
|
$
|
50,811
|
|
$
|
—
|
|
$
|
1,500
|
|
$
|
62,330
|
|
$
|
953
|
|
2019
|
$
|
61,377
|
|
Central Regional Office
|
Office
|
San Antonio, TX
|
$
|
—
|
|
$
|
—
|
|
$
|
88
|
|
$
|
—
|
|
$
|
88
|
|
$
|
—
|
|
$
|
—
|
|
$
|
88
|
|
$
|
66
|
|
1985, 2003/2004, 2010
|
$
|
—
|
|
Eastern Regional Office
|
Office
|
Charlotte, NC
|
$
|
—
|
|
$
|
—
|
|
$
|
35
|
|
$
|
—
|
|
$
|
35
|
|
$
|
—
|
|
$
|
—
|
|
$
|
35
|
|
$
|
22
|
|
1998, 2013
|
$
|
—
|
|
Western Regional Office
|
Office
|
Los Angeles, CA
|
$
|
—
|
|
$
|
22
|
|
$
|
134
|
|
$
|
—
|
|
$
|
156
|
|
$
|
—
|
|
$
|
—
|
|
$
|
156
|
|
$
|
129
|
|
2002, 2010, 2014
|
$
|
—
|
|
Anderson, IN Call Center
|
Office
|
Anderson, IN
|
$
|
114
|
|
$
|
5,260
|
|
$
|
—
|
|
$
|
114
|
|
$
|
5,260
|
|
$
|
—
|
|
$
|
—
|
|
$
|
5,374
|
|
$
|
355
|
|
2016
|
$
|
—
|
|
Boulder, CO Point II
|
Office
|
Boulder CO
|
$
|
—
|
|
$
|
3,032
|
|
$
|
38
|
|
$
|
—
|
|
$
|
3,070
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,070
|
|
$
|
952
|
|
1969, 2015, 2017
|
$
|
—
|
|
Protocol
|
Office
|
Aurora, IL
|
$
|
—
|
|
$
|
4
|
|
$
|
229
|
|
$
|
—
|
|
$
|
233
|
|
$
|
—
|
|
$
|
—
|
|
$
|
233
|
|
$
|
175
|
|
2014, 2015
|
$
|
—
|
|
Sydney Office
|
Office
|
Sydney, AUS
|
$
|
—
|
|
$
|
—
|
|
$
|
9,400
|
|
$
|
—
|
|
$
|
9,400
|
|
$
|
—
|
|
$
|
—
|
|
$
|
9,400
|
|
$
|
1,462
|
|
1980
|
$
|
—
|
|
Miscellaneous Investments
|
|
||||||||||||||||||||||||||||||||
Compton, CA Office Building
|
Owned Office Property
|
Compton, CA
|
$
|
974
|
|
$
|
1,546
|
|
$
|
8
|
|
$
|
974
|
|
$
|
1,554
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,528
|
|
$
|
250
|
|
1961/1965
|
$
|
—
|
|
Miscellaneous Investments
|
Various
|
Various
|
$
|
18,406
|
|
$
|
6,147
|
|
$
|
2,294
|
|
$
|
1,260
|
|
$
|
6,113
|
|
$
|
18,403
|
|
$
|
1,161
|
|
$
|
26,937
|
|
$
|
2,372
|
|
Various
|
$
|
—
|
|
|
|
Total
|
$
|
132,927
|
|
$
|
1,904,458
|
|
$
|
642,262
|
|
$
|
125,362
|
|
$
|
2,493,219
|
|
$
|
31,762
|
|
$
|
29,394
|
|
$
|
2,679,737
|
|
$
|
616,175
|
|
|
$
|
1,121,185
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Real Estate:
|
|
|
|
|
|
|
||||||
Balance at the beginning of the year
|
|
$
|
2,643,065
|
|
|
$
|
2,501,844
|
|
|
$
|
2,255,260
|
|
Additions to/improvements of real estate
|
|
57,611
|
|
|
153,163
|
|
|
255,527
|
|
|||
Assets sold/written-off
|
|
(20,939
|
)
|
|
(11,942
|
)
|
|
(8,943
|
)
|
|||
Balance at the end of the year
|
|
$
|
2,679,737
|
|
|
$
|
2,643,065
|
|
|
$
|
2,501,844
|
|
Accumulated Depreciation
|
|
|
|
|
|
|
||||||
Balance at the beginning of the year
|
|
$
|
558,657
|
|
|
$
|
492,582
|
|
|
$
|
429,814
|
|
Depreciation expense
|
|
72,191
|
|
|
70,592
|
|
|
65,723
|
|
|||
Assets sold/written-off
|
|
(14,673
|
)
|
|
(4,517
|
)
|
|
(2,955
|
)
|
|||
Balance at the end of the year
|
|
$
|
616,175
|
|
|
$
|
558,657
|
|
|
$
|
492,582
|
|
Exhibit 4.14
DESCRIPTION OF THE REGISTRANTS SECURITIES
REGISTERED PURSUANT TO SECTION 12
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
As of December 31, 2019, The GEO Group, Inc. (the Company, GEO, we, us, or our) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.
The following is a description of the material terms of our common stock and undesignated preferred stock as set forth in our Amended and Restated Articles of Incorporation, as amended (the Amended Articles) and our Second Amended and Restated Bylaws, as amended (the Amended Bylaws), which govern the rights of our common stock. This description is only a summary. You should read it together with the Amended Articles and Amended Bylaws, which are included as exhibits to the Companys Annual Report on Form 10-K for the year ended December 31, 2019 and incorporated by reference herein.
Authorized Capital
The Amended Articles authorize GEO to issue up to 217,500,000 shares of capital stock, consisting of 187,500,000 shares of common stock, par value $0.01 per share, and 30,000,000 shares of preferred stock, par value $0.01 per share.
Common Stock
As of December 31, 2019, 121,225,319 shares of common stock were issued and outstanding..
Voting Rights. With respect to all matters upon which shareholders are entitled to vote, the holders of common stock are entitled to one vote in person or by proxy for each share of common stock outstanding in the name of such shareholders on the record of shareholders. Generally, all matters to be voted on by shareholders must be approved by a majority (or by a plurality in the case of election of directors where the number of candidates nominated for election exceeds the number of directors to be elected) of the votes entitled to be cast by all shares of common stock present in person or by proxy.
Dividends. Subject to applicable law and rights, if any, of the holders of any outstanding series of preferred stock or any class or series of stock having a preference over common stock with respect to the payment of dividends, dividends may be declared and paid on the common stock from time to time and in amounts as the board of directors may determine. We commenced declaring regular quarterly distributions beginning the first quarter of 2013. The amount, timing and frequency of dividends, however will be at the sole discretion of the board of directors based upon various factors.
1
Liquidation Rights. Upon the liquidation, dissolution or winding up of GEO, whether voluntary or involuntary, the holders of common stock will be entitled to share ratably in all assets available for distribution after payment in full to creditors and payment in full to holders of preferred stock then outstanding of any amount required to be paid to them. Neither the merger, consolidation or business combination of GEO with or into any other entity in which our shareholders receive capital stock and/or other securities (including debt securities) of the surviving entity (or the direct or indirect parent entity thereof), nor the sale, lease or transfer by us of any part of our business and assets, nor the reduction of our capital stock, will be deemed to be a voluntary or involuntary liquidation, dissolution or winding up.
Other Provisions. The holders of common stock have no preemptive, subscription or redemption rights and are not entitled to the benefit of any sinking fund.
GEO is not permitted to subdivide, combine, or pay or declare any stock dividend on, the outstanding shares of common stock unless all outstanding shares of common stock are subdivided or combined or the holders of common stock receive a proportionate dividend.
Preferred Stock
Pursuant to the Amended Articles, the board of directors is empowered, without any approval of our shareholders, to issue shares of preferred stock in one or more series, to establish the number of shares in each series, and to fix the relative rights, preferences, powers, qualifications, limitations and restrictions of each such series. The specific matters that may be determined by the board of directors include:
|
whether the shares of the series are redeemable, and if so, the prices at which, and the terms and conditions on which, the shares may be redeemed, including the date or dates upon or after which the shares shall be redeemable and the amount per share payable in case of redemption; |
|
whether shares of the series will be entitled to receive distributions and, if so, the distribution rate on the shares, any restriction, limitation or condition upon the payment of the distributions, whether distributions will be cumulative, and the dates on which distributions are payable; |
|
any preferential amount payable upon shares of the series in the event of voluntary or involuntary liquidation, dissolution or winding up of GEO; |
|
whether the shares of the series are convertible, or exchangeable for, shares of any other class or classes of stock or of any other series of stock, or any other securities of GEO, and if so, the terms and conditions of such conversion or exchange, including price or rates of conversion at which, and the terms and conditions on which, the shares of the series may be converted or exchanged into other securities; |
|
terms and conditions of retirement or sinking fund provisions, if any, for the purchase or redemption of shares of the series; |
|
the distinctive designation of each series and the number of shares that will constitute the series; |
|
the voting power, if any, of shares of the series; and |
|
any other relative rights, preferences or limitations. |
2
Currently, there are no shares of preferred stock issued and outstanding.
Because the board of directors will have the power to establish the preferences and rights of each series of preferred stock, it may afford the shareholders of any series of preferred stock preferences, powers and rights senior to the rights of holders of shares of common stock which could have the effect of delaying, deferring or preventing a change in control of GEO.
Restrictions on Ownership and Transfer
To facilitate compliance with the real estate investment trust (REIT) rules in the Internal Revenue Code of 1986, as amended (the Code), the Amended Articles contain standard REIT restrictions on stock ownership and stock transfers.
All certificates representing shares of capital stock, if any, will bear legends describing the ownership and transfer restrictions. Further, these ownership and transfer restrictions could delay, defer or prevent a transaction or a change in control that might involve a premium price for the common stock or otherwise be in the best interest of the shareholders.
For us to qualify as a REIT under the Code, GEO stock must be beneficially owned by 100 or more persons during at least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year (other than the first year for which an election to be a REIT has been made). Also, not more than 50% of the value of the outstanding shares of GEO stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities such as private foundations) during the last half of a taxable year (other than the first taxable year for which an election to be a REIT has been made). To satisfy these ownership requirements and other requirements for continued qualification as a REIT and to otherwise protect us from the consequences of a concentration of ownership among GEOs shareholders, the Amended Articles contain provisions restricting the ownership or transfer of shares of GEO stock.
The relevant sections of the Amended Articles provide that, subject to the exceptions and the constructive ownership rules described below, no person (as defined in the Amended Articles) may beneficially or constructively own more than 9.8% in value of the aggregate of GEOs outstanding shares of stock, including GEOs common stock and preferred stock, or more than 9.8% in value or in number of shares (whichever is more restrictive) of any class or series of outstanding GEO stock. We refer to these restrictions as the ownership limits.
The applicable constructive ownership rules under the Code are complex and may cause stock owned actually or constructively by a group of related individuals and/or entities to be treated as owned by one individual or entity. As a result, the acquisition of less than 9.8% in value or number of shares of GEOs outstanding stock or any class or series of GEO capital stock (including through the acquisition of an interest in an entity that owns, actually or constructively, any class or series of GEO stock) by an individual or entity could nevertheless cause that individual or entity, or another individual or entity, to own, constructively or beneficially, in excess of 9.8% in value or number of shares of GEOs outstanding stock or any class or series of GEO capital stock.
3
In addition to the ownership limits, the Amended Articles prohibit any person from actually or constructively owning shares of GEO stock to the extent that such ownership would cause any of our income that would otherwise qualify as rents from real property for purposes of Section 856(d) of the Code to fail to qualify as such.
GEOs board of directors may, in its sole discretion, exempt a person from the ownership limits and certain other limits on ownership and transfer of GEO stock described above, and may establish a different limit on ownership for any such person. However, the board of directors may not exempt any person whose ownership of outstanding stock in violation of these limits would result in our failing to qualify as a REIT. In order to be considered by the board of directors for exemption or a different limit on ownership, a person must make such representations and undertakings as are reasonably necessary to ascertain that such persons beneficial or constructive ownership of GEO stock will not now or in the future jeopardize our ability to qualify as a REIT under the Code and must agree that any violation or attempted violation of such representations or undertakings (or other action that is contrary to the ownership limits and certain other REIT limits on ownership and transfer of GEO stock described above) will result in the shares of stock being automatically transferred to a trust as described below. As a condition of its waiver, the board of directors may require an opinion of counsel or Internal Revenue Service (IRS) ruling satisfactory to the board of directors with respect to our qualification as a REIT and may impose such other conditions as it deems appropriate in connection with the granting of the exemption or a different limit on ownership.
In connection with the waiver of the ownership limits or at any other time, the board of directors may from time to time increase the ownership limits for one or more persons and decrease the ownership limits for all other persons; provided that the new ownership limits may not, after giving effect to such increase and under certain assumptions stated in the Amended Articles, result in us being closely held within the meaning of Section 856(h) of the Code (without regard to whether the ownership interests are held during the last half of a taxable year). Reduced ownership limits will not apply to any person whose percentage ownership of GEOs total shares of stock or of the shares of a class or series of GEO stock, as applicable, is in excess of such decreased ownership limits until such time as such persons percentage of total shares of stock or of the shares of a class or series of stock, as applicable, equals or falls below the decreased ownership limits, but any further acquisition of GEOs shares of stock or of the shares of a class or series of GEO stock, as applicable, in excess of such percentage ownership of shares of stock or of a class or series of stock will be in violation of the ownership limits.
The Amended Articles further prohibit:
|
any person from transferring shares of GEO stock if such transfer would result in shares of GEO stock being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution); and |
|
any person from beneficially or constructively owning shares of GEO stock if such ownership would result in our failing to qualify as a REIT. |
4
The foregoing provisions on transferability and ownership will not apply if the board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT.
Any person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of GEO stock that will or may violate the foregoing restrictions on transferability and ownership will be required to give notice to us immediately (or, in the case of a proposed or attempted transaction, at least 15 days prior to such transaction) and provide us with such other information as we may request in order to determine the effect, if any, of such transfer on our qualification as a REIT.
Pursuant to the Amended Articles, if there is any purported transfer of GEO stock or other event or change of circumstances that, if effective or otherwise, would violate any of the restrictions described above, then the number of shares causing the violation (rounded up to the nearest whole share) will be automatically transferred to a trust for the exclusive benefit of a designated charitable beneficiary, except that any transfer that results in the violation of the restriction relating to GEO stock being beneficially owned by fewer than 100 persons will be automatically void and of no force or effect. The automatic transfer will be effective as of the close of business on the business day prior to the date of the purported transfer or other event or change of circumstances that requires the transfer to the trust. We refer below to the person that would have owned the shares if they had not been transferred to the trust as the purported transferee. Any ordinary dividend paid to the purported transferee, prior to our discovery that the shares had been automatically transferred to a trust as described above, must be repaid to the trustee upon demand. The Amended Articles also provide for adjustments to the entitlement to receive extraordinary dividends and other distributions as between the purported transferee and the trust. If the transfer to the trust as described above is not automatically effective, for any reason, to prevent violation of the applicable restriction contained in the Amended Articles, then the transfer of the excess shares will be automatically void and of no force or effect.
Shares of GEO stock transferred to the trustee are deemed to be offered for sale to us or our designee at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in such transfer to the trust or, if the purported transferee did not give value for the shares in connection with the event causing the shares to be held in trust (e.g., in the case of a gift, devise or other such transaction), the market price at the time of such event and (ii) the market price on the date we accept, or our designee accepts, such offer. We have the right to accept such offer until the trustee has sold the shares of GEO stock held in the trust pursuant to the clauses discussed below. Upon a sale to us, the interest of the charitable beneficiary in the shares sold terminates and the trustee must distribute the net proceeds of the sale to the purported transferee, except that the trustee may reduce the amount payable to the purported transferee by the amount of any ordinary dividends that we paid to the purported transferee prior to our discovery that the shares had been transferred to the trust and that is owed by the purported transferee to the trustee as described above. Any net sales proceeds in excess of the amount payable to the purported transferee shall be immediately paid to the charitable beneficiary, and any ordinary dividends held by the trustee with respect to such stock will be paid to the charitable beneficiary.
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If we do not buy the shares, the trustee must, as soon as reasonably practicable (and, if the shares are listed on a national securities exchange, within 20 days) after receiving notice from us of the transfer of shares to the trust, sell the shares to a person or entity who could own the shares without violating the restrictions described above. Upon such a sale, the trustee must distribute to the purported transferee an amount equal to the lesser of (i) the price paid by the purported transferee for the shares or, if the purported transferee did not give value for the shares in connection with the event causing the shares to be held in trust (e.g., in the case of a gift, devise or other such transaction), the market price of the shares on the day of the event causing the shares to be held in the trust, and (ii) the sales proceeds (net of commissions and other expenses of sale) received by the trustee for the shares. The trustee may reduce the amount payable to the purported transferee by the amount of any ordinary dividends that we paid to the purported transferee before our discovery that the shares had been transferred to the trust and that is owed by the purported transferee to the trustee as described above. Any net sales proceeds in excess of the amount payable to the purported transferee will be immediately paid to the charitable beneficiary, together with any ordinary dividends held by the trustee with respect to such stock. In addition, if prior to discovery by us that shares of common stock have been transferred to a trust, such shares of stock are sold by a purported transferee, then such shares will be deemed to have been sold on behalf of the trust and, to the extent that the purported transferee received an amount for or in respect of such shares that exceeds the amount that such purported transferee was entitled to receive as described above, such excess amount shall be paid to the trustee upon demand. The purported transferee has no rights in the shares held by the trustee.
The trustee will be indemnified by us or from the proceeds of sales of stock in the trust for its costs and expenses reasonably incurred in connection with conducting its duties and satisfying its obligations under the Amended Articles. The trustee will also be entitled to reasonable compensation for services provided as determined by agreement between the trustee and the board of directors, which compensation may be funded by us or the trust. If we pay any such indemnification or compensation, we are entitled on a first priority basis (subject to the trustees indemnification and compensation rights) to be reimbursed from the trust. To the extent the trust funds any such indemnification and compensation, the amounts available for payment to a purported transferee (or the charitable beneficiary) would be reduced.
The trustee will be designated by us and must be unaffiliated with us and with any purported transferee. Prior to the sale of any shares by the trust, the trustee will receive, in trust for the beneficiary, all distributions paid by us with respect to the shares, and may also exercise all voting rights with respect to the shares.
Subject to the Florida Business Corporation Act, effective as of the date that the shares have been transferred to the trust, the trustee will have the authority, at the trustees sole discretion:
|
to rescind as void any vote cast by a purported transferee prior to our discovery that the shares have been transferred to the trust; and |
6
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to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable beneficiary of the trust. |
However, if we have already taken corporate action, then the trustee may not rescind and recast the vote.
In addition, if the board of directors determines that a proposed or purported transfer would violate the restrictions on ownership and transfer of GEO stock set forth in the Amended Articles, the board of directors may take such action as it deems advisable to refuse to give effect to or to prevent such violation, including but not limited to, causing us to repurchase shares of GEO stock, refusing to give effect to the transfer on our books or instituting proceedings to enjoin the transfer.
Within 30 days after the end of each REIT taxable year, every owner of 5% or more (or such lower percentage as required by the Code or the Treasury regulations thereunder) of the outstanding shares of any class or series of GEO stock, must, upon request, provide us written notice of the persons name and address, the number of shares of each class and series of GEO stock that the person beneficially owns and a description of the manner in which the shares are held. Each such owner must also provide us with such additional information as we may request in order to determine the effect, if any, of such owners beneficial ownership on our qualification as a REIT and to ensure compliance with the ownership limits. In addition, each beneficial owner or constructive owner of GEO stock, and any person (including the shareholder of record) who is holding shares of GEO stock for a beneficial owner or constructive owner will, upon demand, be required to provide us with such information as we may request in good faith in order to determine our qualification as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.
Proxy Access
Our Amended Bylaws permit a shareholder, or a group of up to twenty (20) shareholders, owning three percent (3%) or more of the Companys outstanding common stock continuously for at least three (3) years, to nominate twenty percent (20%) of the number of directors then in office (rounding down to the nearest whole number) provided that the shareholder or group and each nominee satisfy the eligibility, procedural and disclosure requirements for proxy access as specified in the Bylaws, including that the Company receive notice of such nominations between 90 and 120 days prior to the anniversary date of the previous years annual meeting of shareholders. The notice must contain certain information specified in the Amended Bylaws.
Listing
Our common stock is listed on the NYSE under the trading symbol GEO.
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Transfer Agent and Registrar
The transfer agent and registrar for GEOs common stock is Computershare Trust Company, N.A., whose principal executive office is located at 250 Royall Street, Canton, MA 02021.
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Exhibit 21.1
The GEO Group, Inc. Subsidiaries
The following is a list of the Companys subsidiaries as of December 31, 2019 (except for certain subsidiaries that, in the aggregate, would not be a significant subsidiary as defined in Rule 1-02 (w) of Regulation S-X). Unless otherwise stated, the Company holds directly or indirectly 100% of the subsidiaries listed below.
B.I. Incorporated (CO)
Cornell Companies, Inc. (DE)
Correctional Services Corporation, LLC (DE)
CPT Operating Partnership L.P. (DE)
GEO Corrections Holdings, Inc. (FL)
GEO Secure Services, LLC (FL)
WBP Leasing, LLC (DE)
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our reports dated February 26, 2020, with respect to the consolidated financial statements and internal control over financial reporting included in the Annual Report of The GEO Group, Inc. on Form 10-K for the year ended December 31, 2019. We consent to the incorporation by reference of said reports in the Registration Statements of The GEO Group, Inc. on Form S-3 (File No. 333-221055) and on Forms S-8 (File No. 333-224871, File No. 333-196504, File No. 333-181175, File No. 333-169198, and File No. 333-142589.
/s/ GRANT THORNTON LLP
Miami, Florida
February 26, 2020
EXHIBIT 31.1
THE GEO GROUP, INC.
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, George C. Zoley, certify that:
1. |
I have reviewed this Annual Report on Form 10-K of The GEO Group, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. |
The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: February 26, 2020 | /s/ George C. Zoley | |||||
George C. Zoley | ||||||
Chief Executive Officer |
EXHIBIT 31.2
THE GEO GROUP, INC.
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Brian R. Evans, certify that:
1. |
I have reviewed this Annual Report on Form 10-K of The GEO Group, Inc.; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: February 26, 2020 | /s/ Brian R. Evans | |||||
Brian R. Evans | ||||||
Chief Financial Officer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of The GEO Group, Inc. (the Company) for the period ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, George C. Zoley, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:
(1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ George C. Zoley |
George C. Zoley |
Chief Executive Officer |
Date: February 26, 2020
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 10-K of The GEO Group, Inc. (the Company) for the period ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Brian R. Evans, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:
(1) |
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) |
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Brian R. Evans |
Brian R. Evans |
Chief Financial Officer |
Date: February 26, 2020