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The GEO Group, Inc. reports developments in contracted government support services for secure facilities, processing centers, community reentry centers, and electronic monitoring programs. Company news commonly covers quarterly results and guidance, new and expanded government contracts, credit-facility and share-repurchase related capital actions, and operating updates across U.S. Secure Services, Electronic Monitoring and Supervision Services, Reentry Services, and International Services.
GEO's updates also address management changes and service capabilities such as GEO Continuum of Care®, post-release support, secure transportation, community-based programs, correctional health and mental health care, and BI Incorporated skip tracing services for government customers.
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The GEO Group (NYSE: GEO) reported its first quarter 2023 financial results, highlighting total revenues of $608.2 million, up from $551.2 million in the same quarter of 2022. Net income decreased to $28.0 million or $0.19 per diluted share, down from $38.2 million year-over-year. Adjusted EBITDA rose to $130.9 million. The company reduced net debt by approximately $70 million in the quarter. Looking ahead, GEO updated its 2023 net income guidance to between $105 million and $125 million and expects revenues between $2.38 billion and $2.46 billion. The lease agreement for the Great Plains Correctional Facility is expected to generate about $8.5 million annually. GEO aims to decrease net leverage below 3.5 times Adjusted EBITDA by end of 2023.