Company Quick10K Filing
Quick10K
GEO Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$20.56 121 $2,490
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-12 Enter Agreement, Off-BS Arrangement
8-K 2019-05-07 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-14 Earnings, Exhibits
8-K 2018-12-06 Officers, Exhibits
8-K 2018-11-26 Officers, Amend Bylaw, Exhibits
8-K 2018-11-09 Officers
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-09-10 Officers, Amend Bylaw, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-07-06 Officers, Amend Bylaw, Exhibits
8-K 2018-04-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-02-14 Earnings, Other Events, Exhibits
TOT Total 138,050
MTB M&T Bank 22,690
CREE Cree 6,650
SCS Steelcase 2,040
ADTN Adtran 785
CNSL Consolidated Communications Holdings 358
MRT Medequities Realty Trust 349
MN Manning & Napier 34
ZZHJC Atel Capital Equipment Fund Ix 0
GMTA Gander Mountain 0
GEO 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 d759337dex101.htm
EX-31.1 d759337dex311.htm
EX-31.2 d759337dex312.htm
EX-32.1 d759337dex321.htm
EX-32.2 d759337dex322.htm

GEO Group Earnings 2019-06-30

GEO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_____________________________________________
FORM 10-Q
_____________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 1-14260 
_____________________________________________
The GEO Group, Inc.
(Exact name of registrant as specified in its charter) 
_____________________________________________
Florida
 
 
 
65-0043078
(State or other jurisdiction of
incorporation or organization)
 
 
 
(IRS Employer
Identification No.)
 
 
 
 
 
4955 Technology Way
Boca Raton
Florida
 
33431
(Address of principal executive offices)
 
 
 
(Zip Code)
(561) 893-0101
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year if changed since last report)
_____________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value per share
 
GEO
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

1

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Large accelerated filer
Accelerated filer
¨
 
 
 
 
Non-accelerated filer
¨ 
Smaller reporting company
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  þ

As of July 31, 2019, the registrant had 121,251,948 shares of common stock outstanding.
 

2

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TABLE OF CONTENTS
 
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2019 (UNAUDITED) AND DECEMBER 31, 2018

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2018



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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS



THE GEO GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2019 AND 2018
(In thousands, except per share data)


 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Revenues
$
613,966

 
$
583,509

 
$
1,224,633

 
$
1,148,426

Operating expenses
453,168

 
437,797

 
910,165

 
864,506

Depreciation and amortization
32,352

 
31,313

 
64,821

 
63,239

General and administrative expenses
47,271

 
47,448

 
93,695

 
89,280

Operating income
81,175

 
66,951

 
155,952

 
131,401

Interest income
8,045

 
8,667

 
16,441

 
17,766

Interest expense
(38,932
)
 
(36,345
)
 
(79,212
)
 
(72,214
)
Loss on extinguishment of debt
(5,741
)
 
(574
)
 
(5,741
)
 
(574
)
Income before income taxes and equity in earnings of affiliates
44,547

 
38,699

 
87,440

 
76,379

Provision for income taxes
4,532

 
3,715

 
9,372

 
8,470

Equity in earnings of affiliates, net of income tax provision (benefit) of $357, $(269), $716 and $436, respectively
1,821

 
2,341

 
4,417

 
4,336

Net income
41,836

 
37,325

 
82,485

 
72,245

Net loss attributable to noncontrolling interests
78

 
96

 
134

 
163

Net income attributable to The GEO Group, Inc.
$
41,914

 
$
37,421

 
$
82,619

 
$
72,408

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
Basic
119,168

 
120,274

 
118,972

 
121,017

Diluted
119,544

 
120,659

 
119,517

 
121,461

Net income per common share attributable to The GEO Group, Inc.:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Net income per common share attributable to The GEO Group, Inc. - basic
$
0.35

 
$
0.31

 
$
0.69

 
$
0.60

Diluted:
 
 
 
 
 
 
 
Net income per common share attributable to The GEO Group, Inc. - diluted
$
0.35

 
$
0.31

 
$
0.69

 
$
0.60

Dividends declared per share
$
0.48

 
$
0.47

 
$
0.96

 
$
0.94


The accompanying notes are an integral part of these unaudited consolidated financial statements.

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Table of Contents

THE GEO GROUP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2019 AND 2018
(In thousands)


 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019

June 30, 2018
Net income
$
41,836

 
$
37,325

 
$
82,485

 
$
72,245

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustments
29

 
(5,061
)
 
1,761

 
(4,540
)
Pension liability adjustment, net of tax provision of $11, $491, $22 and $463, respectively
42

 
625

 
(605
)
 
730

Change in fair value of derivative instrument classified as cash flow hedge, net of tax provision of $809, $402, $1,014 and $532, respectively
4,583

 
2,278

 
5,746

 
3,014

Total other comprehensive income (loss), net of tax
4,654

 
(2,158
)
 
6,902

 
(796
)
Total comprehensive income
46,490

 
35,167

 
89,387

 
71,449

Comprehensive loss attributable to noncontrolling interests
73

 
117

 
129

 
176

Comprehensive income attributable to The GEO Group, Inc.
$
46,563

 
$
35,284

 
$
89,516

 
$
71,625


The accompanying notes are an integral part of these unaudited consolidated financial statements.


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Table of Contents


THE GEO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2019 AND DECEMBER 31, 2018
(In thousands, except share data)
 
June 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Current Assets
 
 
 
Cash and cash equivalents
$
21,561

 
$
31,255

        Restricted cash and cash equivalents
56,343

 
51,678

Accounts receivable, less allowance for doubtful accounts of $4,228 and $4,183, respectively
394,720

 
445,526

Contract receivable, current portion
13,944

 
15,535

Prepaid expenses and other current assets
46,316

 
57,768

Total current assets
532,884

 
601,762

Restricted Cash and Investments
27,358

 
22,431

Property and Equipment, Net
2,148,225

 
2,158,610

Assets Held for Sale
4,607

 
2,634

Contract Receivable
365,208

 
368,178

Operating Lease Right-of-Use Assets, Net
132,016

 

Deferred Income Tax Assets
29,924

 
29,924

Goodwill
776,357

 
776,359

Intangible Assets, Net
221,222

 
232,360

Other Non-Current Assets
70,337

 
65,860

Total Assets
$
4,308,138

 
$
4,258,118

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Current Liabilities
 
 
 
Accounts payable
$
91,257

 
$
93,032

Accrued payroll and related taxes
71,369

 
76,009

Accrued expenses and other current liabilities
189,083

 
204,170

Operating lease liabilities, current portion
32,077

 

Current portion of finance lease liabilities, long-term debt and non-recourse debt
25,866

 
332,027

Total current liabilities
409,652

 
705,238

Deferred Income Tax Liabilities
13,681

 
13,681

Other Non-Current Liabilities
81,812

 
82,481

Operating Lease Liabilities
102,844

 

Finance Lease Liabilities
3,779

 
4,570

Long-Term Debt
2,354,526

 
2,397,227

Non-Recourse Debt
320,306

 
15,017

Commitments and Contingencies (Note 12)

 

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, 125,422,811 and 124,794,986 issued and 121,212,557 and 120,584,732 outstanding, respectively
1,254

 
1,248

Additional paid-in capital
1,220,242

 
1,210,916

Distributions in excess of earnings
(87,339
)
 
(52,868
)
Accumulated other comprehensive loss
(16,716
)
 
(23,618
)
Treasury stock, 4,210,254 shares, at cost
(95,175
)
 
(95,175
)
Total shareholders’ equity attributable to The GEO Group, Inc.
1,022,266

 
1,040,503

Noncontrolling interests
(728
)
 
(599
)
Total shareholders’ equity
1,021,538

 
1,039,904

Total Liabilities and Shareholders’ Equity
$
4,308,138

 
$
4,258,118



5

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The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

Table of Contents

THE GEO GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
FOR THE SIX MONTHS ENDED
JUNE 30, 2019 AND 2018
(In thousands)
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
Cash Flow from Operating Activities:
 
 
 
Net income
$
82,485

 
$
72,245

Net loss attributable to noncontrolling interests
134

 
163

Net income attributable to The GEO Group, Inc.
82,619

 
72,408

Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by operating activities:
 
 
 
Depreciation and amortization expense
64,821

 
63,239

Stock-based compensation
12,180

 
10,787

Loss on extinguishment of debt
5,741

 
574

Amortization of debt issuance costs, discount and/or premium and other non-cash interest
5,023

 
3,992

Provision for doubtful accounts
259

 
525

Equity in earnings of affiliates, net of tax
(4,417
)
 
(4,336
)
Dividends received from unconsolidated joint venture
3,088

 
3,957

Loss (gain) on sale/disposal of property and equipment, net
1,972

 
(1,001
)
Loss on assets held for sale
1,083

 

Changes in assets and liabilities, net of effects of acquisitions:
 
 
 
Changes in accounts receivable, prepaid expenses and other assets
38,866

 
19,838

Changes in contract receivable
3,151

 
(4,919
)
Changes in accounts payable, accrued expenses and other liabilities
2,681

 
15,189

Net cash provided by operating activities
217,067

 
180,253

Cash Flow from Investing Activities:
 
 
 
Insurance proceeds - damaged property
10,761

 
4,036

Proceeds from sale of property and equipment
304

 
1,717

Proceeds from sale of assets held for sale

 
3,797

Change in restricted investments
(4,816
)
 
(1,490
)
Capital expenditures
(55,410
)
 
(107,064
)
       Net cash used in investing activities
(49,161
)
 
(99,004
)
Cash Flow from Financing Activities:
 
 
 
Proceeds from long-term debt
170,000

 
245,000

Payments on long-term debt
(213,926
)
 
(134,000
)
Payments on non-recourse debt
(326,942
)
 
(7,490
)
Proceeds from non-recourse debt
326,127

 

Taxes paid related to net share settlements of equity awards
(4,177
)
 
(4,391
)
Proceeds from issuance of common stock in connection with ESPP
252

 
264

Payment for repurchases of common stock

 
(70,446
)
Debt issuance costs
(9,937
)
 
(990
)
Proceeds from the exercise of stock options
1,077

 
1,372

Cash dividends paid
(116,122
)
 
(115,017
)
Net cash used in financing activities
(173,648
)
 
(85,698
)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
824

 
(1,881
)
Net Decrease in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents
(4,918
)
 
(6,330
)
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period
84,472

 
133,545

Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period
$
79,554

 
$
127,215

Supplemental Disclosures:
 
 
 
Non-cash Investing and Financing activities:
 
 
 
Right-of-use assets obtained from operating lease liabilities upon adoption of new lease standard (Refer to Note 2 - Leases)
$
147,000

 
$

Capital expenditures in accounts payable and accrued expenses
$
6,442

 
$
5,408



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The accompanying notes are an integral part of these unaudited consolidated financial statements.

8

Table of Contents

THE GEO GROUP, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION

The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) is a fully-integrated real estate investment trust (“REIT”) specializing in the design, financing, development and operation of correctional facilities, processing centers and community reentry centers in the United States, Australia, South Africa and the United Kingdom. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum security facilities, processing centers, as well as community-based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' program integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services, and provides academic and vocational classes in life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for individuals as contracted domestically and in the United Kingdom through its joint venture GEO Amey PECS Ltd. (“GEOAmey”). At June 30, 2019, the Company’s worldwide operations include the management and/or ownership of approximately 97,000 beds at 133 facilities, including idle facilities, projects under development and recently awarded contracts, and also include the provision of community supervision services for more than 210,000 individuals, including approximately 100,000 through an array of technology products including radio frequency, GPS, and alcohol monitoring devices.

The Company's unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States and the instructions to Form 10-Q and consequently do not include all disclosures required by Form 10-K. The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2019 for the year ended December 31, 2018. The accompanying December 31, 2018 consolidated balance sheet has been derived from those audited financial statements. Additional information may be obtained by referring to the Company’s Form 10-K for the year ended December 31, 2018. Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported financial position, results of operations or cash flows. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the financial information for the interim periods reported in this Quarterly Report on Form 10-Q have been made. Results of operations for the six months ended June 30, 2019 are not necessarily indicative of the results for the entire year ending December 31, 2019, or for any other future interim or annual periods.

2. LEASES

On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2016-02, "Leases" (Topic 842) which requires that entities record lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The Company implemented the new standard using the transition method that provided for adoption on the adoption date and recognizing a cumulative-effect adjustment to retained earnings, if any, upon adoption. Therefore, the consolidated financial statements for the three and six months ended June 30, 2019 are presented under the new standard, while comparative years presented are not adjusted and continue to be reported in accordance with the Company's historical accounting policy. Refer to Note 15 - Recent Accounting Pronouncements for further information.

The Company has operating and finance leases for facilities, ground leases, office space, computers, copier equipment and transportation vehicles that have remaining lease terms of one year to seventy-seven years, some of which include options to extend the lease for up to ten years. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of the lease payments over the term of the lease. Many of GEO's leases include rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. Only renewal or termination options that are reasonably certain to be exercised by the Company are included in the lease term which is used in the calculation of lease liabilities and right-of-use assets. GEO does not typically enter into lease agreements that contain a residual guarantee or that provide for variable lease payments.


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When available, GEO uses the rate implicit in the lease to discount lease payments to present value, however, most of GEO's lease agreements do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Lease related assets and liabilities are recorded on the balance sheet as follows (in thousands):

 
 
Classification on the Balance Sheet
 
June 30, 2019
Assets
 
 
 
 
  Operating lease assets
 
Operating Lease Right-of-Use Assets, Net
 
$
132,016

  Finance lease assets
 
Property and Equipment, Net
 
3,391

Total lease assets
 
 
 
$
135,407

 
 
 
 
 
Liabilities
 
 
 
 
Current
 
 
 
 
   Operating
 
Operating lease liabilities, current portion
 
$
32,077

   Finance [1]
 
Current portion of finance liabilities, long-term debt and non-recourse debt
 
1,550

Noncurrent
 
 
 
 
   Operating
 
Operating Lease Liabilities
 
102,844

   Finance [1]
 
Finance Lease Liabilities
 
3,779

Total lease liabilities
 
 
 
$
140,250


[1] Also refer to Note 11 - Debt.
































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Certain information related to the lease costs for finance and operating leases is presented as follows (in thousands):
 
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
Operating lease cost
 
$
11,738

 
$
24,230

Finance lease cost:
 
 
 
 
    Amortization of right-of-use assets
 
256

 
512

    Interest on lease liabilities
 
68

 
181

    Total finance lease cost
 
324

 
693

Short-term lease cost
 
1,640

 
3,555

Total Lease Cost
 
$
13,702

 
$
28,478

 
 
 
 
 
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
 
    Operating cash flows for operating leases
 
$
12,400

 
$
25,016

    Operating cash flows for finance leases
 
$
68

 
$
181

    Financing activities for finance leases
 
$
396

 
$
790

Right-of-use assets obtained in exchange for new operating lease liabilties
 
$
3,154

 
$
6,318

 
 
 
 
 
Weighted average remaining lease term:
 
 
 
 
    Operating leases
 
7.3 years

 
 
    Finance leases
 
3.4 years

 
 
Weighted average discount rate:
 
 
 
 
    Operating leases
 
4.74
%
 
 
    Finance leases
 
8.27
%
 
 



Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities and finance lease liabilities recorded on the balance sheet as of June 30, 2019 (in thousands).

 
 
Operating Leases
 
Finance Leases
2019
 
$
20,548

 
$
965

2020
 
31,861

 
1,934

2021
 
24,100

 
1,936

2022
 
17,521

 
1,234

2023
 
14,189

 

Thereafter
 
53,661

 

Total minimum lease payments
 
161,880

 
6,069

Less: amount of lease payment representing interest
 
(26,959
)
 
(740
)
Present value of future minimum lease payments
 
134,921

 
5,329

Less: current obligations under leases
 
(32,077
)
 
(1,550
)
Long-term lease obligations
 
$
102,844

 
$
3,779





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3. GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from January 1, 2019 to June 30, 2019 are as follows (in thousands):

 
January 1, 2019
 
Foreign Currency Translation
 
June 30, 2019
GEO Secure Services
$
316,366

 
$

 
$
316,366

GEO Care
459,589

 

 
459,589

International Services
404

 
(2
)
 
402

Total Goodwill
$
776,359

 
$
(2
)
 
$
776,357




The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands):
 
 
 
June 30, 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
 
$
308,515

 
$
(137,909
)
 
$
170,606

 
$
308,419

 
$
(127,481
)
 
$
180,938

Covenants not to compete
1
 

 

 

 
700

 
(700
)
 

Technology
7.3
 
33,700

 
(28,284
)
 
5,416

 
33,700

 
(27,478
)
 
6,222

Trade names (Indefinite lived)
Indefinite
 
45,200

 

 
45,200

 
45,200

 

 
45,200

Total acquired intangible assets
 
 
$
387,415

 
$
(166,193
)
 
$
221,222

 
$
388,019

 
$
(155,659
)
 
$
232,360



Amortization expense was $11.2 million and $11.7 million for the six months ended June 30, 2019 and 2018, respectively. Amortization expense was primarily related to the GEO Secure Services (formerly known as U.S. Corrections & Detention) and GEO Care segments' amortization of acquired facility management contracts. As of June 30, 2019, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 1.5 years. Although the facility management contracts acquired have renewal and extension terms in the near term, the Company has historically maintained these relationships beyond the current contractual periods.
Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2019 through 2023 and thereafter is as follows (in thousands):
Fiscal Year
 
 
Total Amortization Expense
Remainder of 2019
 
$
11,171

2020
 
22,306

2021
 
19,782

2022
 
18,273

2023
 
13,632

Thereafter
 
90,858

 
 
$
176,022



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4. FINANCIAL INSTRUMENTS
The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of June 30, 2019 and December 31, 2018 (in thousands):
 
 
 
 
Fair Value Measurements at June 30, 2019
 
Carrying Value at June 30, 2019
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Assets:
 
 
 
 
 
 
 
Restricted investment:
 
 
 
 
 
 
 
    Rabbi Trust
$
25,708

 
$

 
$
25,708

 
$

Fixed income securities
1,881

 

 
1,881

 

 
 
 
 
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

 
$


The Company’s Level 2 financial instruments included in the tables above as of June 30, 2019 and December 31, 2018 consist of interest rate swap derivative liabilities held by the Company's Australian subsidiary, the Company's rabbi trust established for GEO employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and an investment in Canadian dollar denominated fixed income securities. On May 22, 2019, the Company terminated the interest rate swap derivative liabilities in connection with a debt refinancing transaction by our Australian subsidiary. Refer to Note 10 - Derivative Financial Instruments and Note 11 - Debt for additional information.
The Australian subsidiary’s interest rate swap derivative liabilities were valued using a discounted cash flow model based on projected Australian borrowing rates. The Company's restricted investment in the rabbi trust is invested in Company-owned life insurance policies which are recorded at their cash surrender values. These investments are valued based on the underlying investments held in the policies' separate account. The underlying assets are equity and fixed income pooled funds that are comprised of Level 1 and Level 2 securities. The Canadian dollar denominated securities, not actively traded, are valued using quoted rates for these and similar securities.
During the six months ended June 30, 2019, the Company transferred certain accounts receivable balances that had a carrying value of approximately $3.0 million to an unrelated third party. The transfer was accounted for as a sale and the Company has no continuing involvement with the transferred assets. The Company received cash proceeds in connection with the sale of approximately $3.0 million, and as such, there was no gain or loss in connection with the transaction.


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5. FAIR VALUE OF ASSETS AND LIABILITIES
The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at June 30, 2019 and December 31, 2018 (in thousands):

 
 
 
Estimated Fair Value Measurements at June 30, 2019
 
Carrying Value as of June 30, 2019
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
21,561

 
$
21,561

 
$
21,561

 
$

 
$

Restricted cash and investments
57,993

 
57,993

 
57,993

 

 

Liabilities:
 
 
 
 
 
 
 
 
 
Borrowings under senior credit facility
$
1,231,322

 
$
1,206,589

 
$

 
$
1,206,589

 
$

 5.875% Senior Notes due 2022
250,000

 
247,275

 

 
247,275

 

 5.125% Senior Notes due 2023
300,000

 
269,220

 

 
269,220

 

5.875% Senior Notes due 2024
250,000

 
221,240

 

 
221,240

 

        6.00% Senior Notes due 2026
350,000

 
305,620

 

 
305,620

 

Non-recourse debt
342,233

 
339,188

 

 
339,188

 

 
 
 
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 due 2023
300,000

 
271,992

 

 
271,992

 

5.875% Senior Notes due 2024
250,000

 
224,590

 

 
224,590

 

        6.00% Senior Notes due 2026
350,000

 
310,177

 

 
310,177

 

Non-recourse debt
340,910

 
348,274

 

 
348,274

 


The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at June 30, 2019 and December 31, 2018. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds and other funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1) and the fair value of commercial paper and time deposits is based on market prices for similar instruments (Level 2).
The fair values of the Company's 5.875% senior unsecured notes due 2022 ("5.875% Senior Notes due 2022"), 5.875% senior unsecured notes due 2024 ("5.875% Senior Notes due 2024"), 6.00% senior unsecured notes due 2026 (“6.00% Senior Notes”), and the 5.125% senior unsecured notes due 2023 ("5.125% Senior Notes"), although not actively traded, are based on published financial data for these instruments. The fair values of the Company's non-recourse debt related to the Washington Economic Development Finance Authority ("WEDFA") and the Company’s Australian subsidiary are estimated based on market prices of similar instruments. The fair value of borrowings under the senior credit facility is based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.

6. RESTRICTED CASH AND CASH EQUIVALENTS


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


 
June 30, 2019
 
June 30, 2018
Cash and Cash Equivalents
$
21,561

 
$
65,451

Restricted cash and cash equivalents - current
56,343

 
58,720

Restricted cash and investments - non-current
27,358

 
25,297

Less Restricted investments - non-current
(25,708
)
 
(22,253
)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows
$
79,554

 
$
127,215



Amounts included in restricted cash and cash equivalents are attributable to certain contractual cash restriction requirements at the Company's wholly owned Australian subsidiary related to non-recourse debt and asset replacement funds contractually required to be maintained and other guarantees. Restricted investments - non-current (included in Restricted Cash and Investments in the accompanying consolidated balance sheets) consists of the Company's rabbi trust established for employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and is not considered to be a restricted cash equivalent. Refer to Note 4 - Financial Instruments.


7. SHAREHOLDERS’ EQUITY

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The following table presents the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three and six months ended June 30, 2019 and 2018 (in thousands):
 
Common shares
 
Additional
Paid-In
 
 Distributions in Excess of
 
Accumulated
Other
Comprehensive
 
Treasury shares
 
Noncontrolling
 
Total
Shareholders'
 
Shares
 
Amount
 
Capital
 
Earnings
 
Loss
 
Shares
 
Amount
 
Interests
 
Equity
Balance, January 1, 2019
120,585

 
$
1,248

 
$
1,210,916

 
$
(52,868
)
 
$
(23,618
)
 
4,210

 
$
(95,175
)
 
$
(599
)
 
$
1,039,904

Proceeds from exercise of stock options
22

 

 
333

 

 

 

 

 

 
333

Stock-based compensation expense

 

 
6,727

 

 

 

 

 

 
6,727

Restricted stock granted
778

 
8

 
(8
)
 

 

 
 
 

 

 

Restricted stock canceled
(6
)
 

 

 

 

 

 

 

 

Dividends paid

 

 

 
(57,945
)
 

 

 

 

 
(57,945
)
Shares withheld for net settlements of share-based awards [1]
(198
)
 
(2
)
 
(4,170
)
 

 

 

 

 

 
(4,172
)
Issuance of common stock - ESPP
6

 

 
124