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40
YEARS
2023 ANNUAL REPORT
2023 A NNUAL R EPOR T
Fi n a n c i al Highlights
Business Unit
Total Revenues
% of Revenues
$ In Millions
GEO Care
28%
$2,413.2
$2,500
$2,256.6
10% Reentry Services
GEO Secure
Services
72%
$2,376.7
$2,000
$1,500
46% Federal
18% Electronic
Monitoring &
Supervision
Services
$1,000
$500
2021
2022
2023
8% International
18% State
Net Income
$ In Millions
$200
$171.7
$150
9% Other
Non-Residential
$107.2
1% South Africa
$100
1% Virginia
$50
2021
2022
% of Revenues
3% Various
Others
1% Texas
$77.2
Customer
43% ICE1
1% Georgia
1% New Jersey
2023
1% New Mexico
2% Oklahoma
2% Indiana
Adjusted EBITDA*
4% Florida
$ In Millions
5% Arizona
$600
$540.0
$507.2
7% Australia
$500
3% BOP
$467.0
16% U.S. Marshals
$400
1
$300
2021
2022
2023
Includes ICE Alternatives to Detention/ISAP Contract
*This annual report contains certain Non-GAAP measures. Please refer to GEO   s Fourth
Quarter and Full Year 2023 Supplemental Disclosure as amended on February 29, 2024
for a description of such Non-GAAP measures and a reconciliation of such Non-GAAP
measures to their most comparable GAAP measure.
1
2 0 2 3 AN N U AL R EP O RT
Le tte r To The Shareholde rs
In 2023, our company   s diversified business units
continued to deliver strong financial and operational
performance. The important milestones we achieve
every year are underpinned by the dedication
and professionalism of our approximately 18,000
employees worldwide and by our steadfast
commitment to pursuing operational excellence
across all our service lines.
OPERATIONAL MILESTONES
Throughout 2023, our employees, facilities, and
programs delivered high quality services on a daily
basis. Our GEO Secure Services business unit served
over 387,000 individuals, while providing secure
residential services to an average daily population of
approximately 42,000 persons in our facilities in the
United States.
Our secure services facilities successfully underwent
209 audits, including internal audits, government
reviews, third-party accreditations, and Prison Rape
Elimination Act (PREA) certifications. Twelve of our
secure services facilities received accreditation from
the American Correctional Association (ACA) with
an average accreditation score of 99.3 percent, and
another 14 secure services facilities received PREA
certifications.
During the year, we renewed 15 secure services
contracts, including ten contracts at the federal level
with U.S. Immigration and Customs Enforcement
(ICE) and the U.S. Marshals Service. Additionally,
in May of 2023, we reactivated our previously idle
company-owned 1,940-bed Great Plains Correctional
Facility under a new lease agreement with the State
of Oklahoma, which is expected to generate annual
straight-line revenue of approximately $8.5 million.
Our transportation division, GEO Transport, Inc. (GTI),
along with our joint venture in the United Kingdom,
GEOAmey, safely transported more than 783,000
passengers while driving more than 18 million miles
in the U.S. and internationally. GTI also activated
a new contract during the second half of 2023 to
provide air operations support on behalf of ICE. This
new contract is expected to generate approximately
$25 million in annualized revenues.
Internationally, our GEO Australia subsidiary activated
a contract in July of 2023 for the delivery of primary
health services across 13 public prisons in the State of
Victoria. This new contract is expected to generate
approximately $33 million in incremental annualized
revenue for GEO.
2
Our GEO Care division served more than 840,000
individuals in 2023, while managing an average
daily census of more than 323,000 participants in
our community reentry and electronic monitoring
programs. During the year, we renewed 32 Residential
Reentry Center contracts, including 16 contracts with
the Federal Bureau of Prisons. We also renewed 52
contracts for our Non-Residential and Day Reporting
Center programs.
Our GEO Care facilities and program sites successfully
underwent a combined total of 338 audits, including
internal audits, government reviews, third-party
accreditations, and PREA certifications. Eleven of
our residential reentry centers received accreditation
from the ACA with an average accreditation score
of 99.9 percent, and eight of our residential reentry
centers received PREA certifications.
Throughout the year, our BI Electronic Monitoring and
Supervision Services subsidiary continued to provide
a full suite of monitoring and supervision solutions,
products, and technologies on behalf of federal,
state, and local agencies across the country. As part
of our ongoing pursuit of innovation, BI launched
a new wrist-worn GPS tracking device in 2023. The
BI VeriWatch    provides government agencies with
additional means of achieving compliance with their
established policies and objectives.
AWARD-WINNING GEO CONTINUUM OF CARE  
In 2023, our GEO Continuum of Care   programs
completed approximately 4.6 million hours of
enhanced in-custody rehabilitation programming.
Our academic programs awarded more than 3,100
high school equivalency degrees, and our vocational
courses awarded close to 9,200 vocational training
certifications. Our substance abuse treatment
programs awarded more than 8,100 program
completions, and we achieved over 46,000 behavioral
program completions and more than 36,000
individual cognitive behavioral sessions.
We also provided post-release support services
to more than 3,100 individuals returning to their
communities, with over 700 post-release participants
attaining employment. Since 2016, GEO has funded
approximately $9.6 million towards post-release
support grants for released individuals to assist them
with essential community needs, including housing,
food, transportation, clothing, treatment, and
employment and education assistance.
2023 A NNUAL R EPOR T
Our award-winning GEO Continuum of Care  
program is part of our company   s contribution
to criminal justice reform, and we believe that it
provides a proven successful model on how the 2.2
million people in the U.S. criminal justice system can
be better served in changing how they live their lives.
HUMAN RIGHTS AND ESG REPORT
We are proud of the work we have done to further
our commitment to Environmental, Social, and
Governance (ESG) principles. In 2023, we published
our fifth annual Human Rights and ESG report,
which highlights our long-standing commitment to
respecting the human rights and improving the lives
of those entrusted to our care.
To reinforce this important commitment, we have
recently restructured our Board to include four new
standing committees to oversee: Healthcare Services,
Criminal Justice and Rehabilitation, Human Rights,
and Cyber Security and Environmental matters.
FINANCIAL PERFORMANCE
The achievement of our operational and corporate
milestones supported our company   s continued
financial success, helping us deliver strong results
in 2023. For the full year 2023, we reported total
revenues of $2.41 billion, Net Income of $107.2
million, and Adjusted EBITDA of $507.2 million,
which marks the second highest annual Adjusted
EBITDA in our company   s history.
This transaction was an important step in our efforts
to refinance portions of our debt to reduce our
overall cost of capital, achieve annual interest cost
savings, and gain more flexibility to explore options
to return capital to our shareholders in the future.
With our strong financial performance and the
substantial reduction in our net debt, we believe that
the current market valuation of our company offers
an attractive opportunity for investors.
CELEBRATING 40 YEARS OF
OPERATIONAL EXCELLENCE
Since our founding four decades ago, we have
strived to be at the forefront of innovation and have
successfully created a leading platform of diversified
private-sector solutions and services that help our
government agency partners address public-sector
challenges.
As we look back at our collective success during the
past year, we also take great pride in celebrating
40 years of operational excellence and industry
leadership. We are proud to have developed highquality partnerships with government agencies
around the world, becoming a leading provider
of diversified support services for secure facilities,
processing centers, community reentry centers,
enhanced rehabilitation programs, and electronic
monitoring services.
Our strong financial performance has allowed us
to make substantial progress towards our goal of
deleveraging our balance sheet. Over the past three
years, we have focused our allocation of capital
to reduce debt, which along with growth in our
earnings and cash flows, has significantly decreased
our company   s net leverage. In 2023, we reduced
our net debt by approximately $197 million, ending
the year with less than $1.8 billion in total net debt.
Going forward, we expect to continue to focus on
our goal of allocating $175 million to $200 million
annually towards paying down debt.
During the year, we also completed the refinancing
of our Revolving Credit Facility, which provided for
approximately $265 million in refinanced revolving
credit commitments, maturing in March of 2027.
George C. Zoley
Brian R. Evans
Executive Chairman
Chief Executive Officer
3
2 0 2 3 AN N U AL R EP O RT
Bo a r d o f Direct ors
GEORGE C. ZOLEY | EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Zoley is GEO   s Executive Chairman of the Board. He served as
Chairman, CEO and Founder until July 1, 2021. Mr. Zoley founded GEO
in 1984 and continues to be a major factor in GEO   s development of
new business opportunities in the areas of correctional and detention
support services, community reentry, offender rehabilitation, and other
diversified government services. For seven years, Mr. Zoley served as a
member of the Board of Trustees of Florida Atlantic University in Boca
Raton, Florida, and previously served as Chairman of the Board of
Trustees. Mr. Zoley was born in Florina, Greece and was the recipient of
the Ellis Island Medal of Honor in 2002. As GEO   s founder, Mr. Zoley   s
knowledge, experience, and leadership are invaluable to the operation
and development of the company.
Areas of Expertise:     Company Founder     Strategic Leadership   
    Business Development     Government Contracting
TERRY MAYOTTE | LEAD INDEPENDENT DIRECTOR*
CHAIR, AUDIT AND FINANCE COMMITTEE
CHAIR, COMPENSATION COMMITTEE
CHAIR, INDEPENDENT COMMITTEE
CHAIR, NOMINATING AND CORPORATE GOVERNANCE COMMITTEE
Mr. Mayotte has served on GEO   s Board of Directors since July 2021. He
has over 35 years of experience in corporate leadership and financial
management. Since December 2018, Mr. Mayotte has served as Strategic
Advisor for PEO and Acquisitions, as well as President of Paychex Insurance
Agency for Paychex, Inc. Prior to this role, Mr. Mayotte held the position of
Executive Vice President and Chief Financial Officer at Oasis Outsourcing,
where he founded the organization in 1996 and was a principal architect
of the company   s business model and strategic direction. Mr. Mayotte has
extensive expertise in creating insurance strategies and building financial
systems and controls, technology platforms and negotiating key supplier
relationships.
Areas of Expertise:     Insurance     Finance     Business Management   
    Mergers and Acquisitions
4
* Applying NYSE Director Independence Standards
 • shareholder letter icon 3/22/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/17/2023 GEO Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon GEO Benford's Law Stock Score = 79


GEO Shareholder/Stockholder Letter Transcript:

40
YEARS
2023 ANNUAL REPORT

2023 A NNUAL R EPOR T
Fi n a n c i al Highlights
Business Unit
Total Revenues
% of Revenues
$ In Millions
GEO Care
28%
$2,413.2
$2,500
$2,256.6
10% Reentry Services
GEO Secure
Services
72%
$2,376.7
$2,000
$1,500
46% Federal
18% Electronic
Monitoring &
Supervision
Services
$1,000
$500
2021
2022
2023
8% International
18% State
Net Income
$ In Millions
$200
$171.7
$150
9% Other
Non-Residential
$107.2
1% South Africa
$100
1% Virginia
$50
2021
2022
% of Revenues
3% Various
Others
1% Texas
$77.2
Customer
43% ICE1
1% Georgia
1% New Jersey
2023
1% New Mexico
2% Oklahoma
2% Indiana
Adjusted EBITDA*
4% Florida
$ In Millions
5% Arizona
$600
$540.0
$507.2
7% Australia
$500
3% BOP
$467.0
16% U.S. Marshals
$400
1
$300
2021
2022
2023
Includes ICE Alternatives to Detention/ISAP Contract
*This annual report contains certain Non-GAAP measures. Please refer to GEO   s Fourth
Quarter and Full Year 2023 Supplemental Disclosure as amended on February 29, 2024
for a description of such Non-GAAP measures and a reconciliation of such Non-GAAP
measures to their most comparable GAAP measure.
1

2 0 2 3 AN N U AL R EP O RT
Le tte r To The Shareholde rs
In 2023, our company   s diversified business units
continued to deliver strong financial and operational
performance. The important milestones we achieve
every year are underpinned by the dedication
and professionalism of our approximately 18,000
employees worldwide and by our steadfast
commitment to pursuing operational excellence
across all our service lines.
OPERATIONAL MILESTONES
Throughout 2023, our employees, facilities, and
programs delivered high quality services on a daily
basis. Our GEO Secure Services business unit served
over 387,000 individuals, while providing secure
residential services to an average daily population of
approximately 42,000 persons in our facilities in the
United States.
Our secure services facilities successfully underwent
209 audits, including internal audits, government
reviews, third-party accreditations, and Prison Rape
Elimination Act (PREA) certifications. Twelve of our
secure services facilities received accreditation from
the American Correctional Association (ACA) with
an average accreditation score of 99.3 percent, and
another 14 secure services facilities received PREA
certifications.
During the year, we renewed 15 secure services
contracts, including ten contracts at the federal level
with U.S. Immigration and Customs Enforcement
(ICE) and the U.S. Marshals Service. Additionally,
in May of 2023, we reactivated our previously idle
company-owned 1,940-bed Great Plains Correctional
Facility under a new lease agreement with the State
of Oklahoma, which is expected to generate annual
straight-line revenue of approximately $8.5 million.
Our transportation division, GEO Transport, Inc. (GTI),
along with our joint venture in the United Kingdom,
GEOAmey, safely transported more than 783,000
passengers while driving more than 18 million miles
in the U.S. and internationally. GTI also activated
a new contract during the second half of 2023 to
provide air operations support on behalf of ICE. This
new contract is expected to generate approximately
$25 million in annualized revenues.
Internationally, our GEO Australia subsidiary activated
a contract in July of 2023 for the delivery of primary
health services across 13 public prisons in the State of
Victoria. This new contract is expected to generate
approximately $33 million in incremental annualized
revenue for GEO.
2
Our GEO Care division served more than 840,000
individuals in 2023, while managing an average
daily census of more than 323,000 participants in
our community reentry and electronic monitoring
programs. During the year, we renewed 32 Residential
Reentry Center contracts, including 16 contracts with
the Federal Bureau of Prisons. We also renewed 52
contracts for our Non-Residential and Day Reporting
Center programs.
Our GEO Care facilities and program sites successfully
underwent a combined total of 338 audits, including
internal audits, government reviews, third-party
accreditations, and PREA certifications. Eleven of
our residential reentry centers received accreditation
from the ACA with an average accreditation score
of 99.9 percent, and eight of our residential reentry
centers received PREA certifications.
Throughout the year, our BI Electronic Monitoring and
Supervision Services subsidiary continued to provide
a full suite of monitoring and supervision solutions,
products, and technologies on behalf of federal,
state, and local agencies across the country. As part
of our ongoing pursuit of innovation, BI launched
a new wrist-worn GPS tracking device in 2023. The
BI VeriWatch    provides government agencies with
additional means of achieving compliance with their
established policies and objectives.
AWARD-WINNING GEO CONTINUUM OF CARE  
In 2023, our GEO Continuum of Care   programs
completed approximately 4.6 million hours of
enhanced in-custody rehabilitation programming.
Our academic programs awarded more than 3,100
high school equivalency degrees, and our vocational
courses awarded close to 9,200 vocational training
certifications. Our substance abuse treatment
programs awarded more than 8,100 program
completions, and we achieved over 46,000 behavioral
program completions and more than 36,000
individual cognitive behavioral sessions.
We also provided post-release support services
to more than 3,100 individuals returning to their
communities, with over 700 post-release participants
attaining employment. Since 2016, GEO has funded
approximately $9.6 million towards post-release
support grants for released individuals to assist them
with essential community needs, including housing,
food, transportation, clothing, treatment, and
employment and education assistance.

2023 A NNUAL R EPOR T
Our award-winning GEO Continuum of Care  
program is part of our company   s contribution
to criminal justice reform, and we believe that it
provides a proven successful model on how the 2.2
million people in the U.S. criminal justice system can
be better served in changing how they live their lives.
HUMAN RIGHTS AND ESG REPORT
We are proud of the work we have done to further
our commitment to Environmental, Social, and
Governance (ESG) principles. In 2023, we published
our fifth annual Human Rights and ESG report,
which highlights our long-standing commitment to
respecting the human rights and improving the lives
of those entrusted to our care.
To reinforce this important commitment, we have
recently restructured our Board to include four new
standing committees to oversee: Healthcare Services,
Criminal Justice and Rehabilitation, Human Rights,
and Cyber Security and Environmental matters.
FINANCIAL PERFORMANCE
The achievement of our operational and corporate
milestones supported our company   s continued
financial success, helping us deliver strong results
in 2023. For the full year 2023, we reported total
revenues of $2.41 billion, Net Income of $107.2
million, and Adjusted EBITDA of $507.2 million,
which marks the second highest annual Adjusted
EBITDA in our company   s history.
This transaction was an important step in our efforts
to refinance portions of our debt to reduce our
overall cost of capital, achieve annual interest cost
savings, and gain more flexibility to explore options
to return capital to our shareholders in the future.
With our strong financial performance and the
substantial reduction in our net debt, we believe that
the current market valuation of our company offers
an attractive opportunity for investors.
CELEBRATING 40 YEARS OF
OPERATIONAL EXCELLENCE
Since our founding four decades ago, we have
strived to be at the forefront of innovation and have
successfully created a leading platform of diversified
private-sector solutions and services that help our
government agency partners address public-sector
challenges.
As we look back at our collective success during the
past year, we also take great pride in celebrating
40 years of operational excellence and industry
leadership. We are proud to have developed highquality partnerships with government agencies
around the world, becoming a leading provider
of diversified support services for secure facilities,
processing centers, community reentry centers,
enhanced rehabilitation programs, and electronic
monitoring services.
Our strong financial performance has allowed us
to make substantial progress towards our goal of
deleveraging our balance sheet. Over the past three
years, we have focused our allocation of capital
to reduce debt, which along with growth in our
earnings and cash flows, has significantly decreased
our company   s net leverage. In 2023, we reduced
our net debt by approximately $197 million, ending
the year with less than $1.8 billion in total net debt.
Going forward, we expect to continue to focus on
our goal of allocating $175 million to $200 million
annually towards paying down debt.
During the year, we also completed the refinancing
of our Revolving Credit Facility, which provided for
approximately $265 million in refinanced revolving
credit commitments, maturing in March of 2027.
George C. Zoley
Brian R. Evans
Executive Chairman
Chief Executive Officer
3

2 0 2 3 AN N U AL R EP O RT
Bo a r d o f Direct ors
GEORGE C. ZOLEY | EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Zoley is GEO   s Executive Chairman of the Board. He served as
Chairman, CEO and Founder until July 1, 2021. Mr. Zoley founded GEO
in 1984 and continues to be a major factor in GEO   s development of
new business opportunities in the areas of correctional and detention
support services, community reentry, offender rehabilitation, and other
diversified government services. For seven years, Mr. Zoley served as a
member of the Board of Trustees of Florida Atlantic University in Boca
Raton, Florida, and previously served as Chairman of the Board of
Trustees. Mr. Zoley was born in Florina, Greece and was the recipient of
the Ellis Island Medal of Honor in 2002. As GEO   s founder, Mr. Zoley   s
knowledge, experience, and leadership are invaluable to the operation
and development of the company.
Areas of Expertise:     Company Founder     Strategic Leadership   
    Business Development     Government Contracting
TERRY MAYOTTE | LEAD INDEPENDENT DIRECTOR*
CHAIR, AUDIT AND FINANCE COMMITTEE
CHAIR, COMPENSATION COMMITTEE
CHAIR, INDEPENDENT COMMITTEE
CHAIR, NOMINATING AND CORPORATE GOVERNANCE COMMITTEE
Mr. Mayotte has served on GEO   s Board of Directors since July 2021. He
has over 35 years of experience in corporate leadership and financial
management. Since December 2018, Mr. Mayotte has served as Strategic
Advisor for PEO and Acquisitions, as well as President of Paychex Insurance
Agency for Paychex, Inc. Prior to this role, Mr. Mayotte held the position of
Executive Vice President and Chief Financial Officer at Oasis Outsourcing,
where he founded the organization in 1996 and was a principal architect
of the company   s business model and strategic direction. Mr. Mayotte has
extensive expertise in creating insurance strategies and building financial
systems and controls, technology platforms and negotiating key supplier
relationships.
Areas of Expertise:     Insurance     Finance     Business Management   
    Mergers and Acquisitions
4
* Applying NYSE Director Independence Standards



shareholder letter icon 3/22/2024 Letter Continued (Full PDF)
 

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