The following is a summary of the The GEO Group, Inc. (GEO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• GEO reported Q1 2024 revenues of $606 million and a GAAP net income of $23 million.

• The company recorded an adjusted EBITDA of $118 million.

• Revenues for GEO's owned and leased secure facilities and managed-only segments increased by 7% and 14% respectively.

• GEO's non-residential reentry services segment saw a revenue increase of 19% from the previous year.

• The company has refinanced substantially all of its debt, reducing the overall cost and providing more flexibility for potential capital returns.

Business Progress:

• The company's ICE facilities experienced a population increase with an average utilization of approximately 13,000 beds.

• Federal funding for ICE detention has increased from 34,000 to 41,500 beds.

• GEO has renewed three residential reentry center contracts with the Federal Bureau of Prisons and increased federal funding for alternative detention programs by 7%.

• The company has achieved significant success in rehabilitation programming with various program completions.

• GEO strategically aims to continue providing high-quality services for DHS and ICE, and plans to sell idle or underutilized residential reentry centers.

• They are also exploring new technologies to support their electronic monitoring and supervision services.

More details: The GEO Group Inc IR

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