Geo Group sees FY23 revenue $2.4B, consensus $2.43B

Sees FY23 GAAP net Income $95M-$110M. Sees FY23 Adjusted EBITDA $490M-$520M. Sees FY23 effective tax rate 29%, exclusive of any discrete items. The company siad, “We updated our guidance for the FY23 to reflect our updated expectations regarding the timing of participant levels under the U.S. Department of Homeland Security’s Intensive Supervision and Appearance Program, or ISAP. Our previously issued guidance for 2023 assumed that the number of ISAP participants would stabilize at the mid-point of 2023 and then moderately increase during the Q3 and the Q4. Although the number of ISAP participants continued to decline throughout the month of July and in early August, which was longer than we previously estimated, we continue to believe that the ISAP participant count is likely to stabilize and then begin to increase moderately.”