GEO - The GEO Group (GEO) - 1Q22 Results Above Expectations

1Q22 Results. The GEO Group's 1Q22 results were above expectations, with revenue for the quarter of $551.2 million, adjusted EBITDA of $125.2 million, AFFO of $0.64 per diluted share, EPS of $0.26, and adjusted net income of $0.31 per share. We had forecast $550 million, $98.5 million, $0.50, $0.20, and $0.21, respectively. GEO's results highlight the resiliency of the business model, in our opinion.BI Building. GEO's BI monitoring subsidiary remains strong. BI now monitors over 200,000 people under the ISAP program, up from about 90,000 18 months ago. As we mentioned in a previous report, ICE is preparing for up to 600,000 enrollees in its ATD programs by year-end, up from 215,000 enrolled today. As the largest purveyor of ATD solutions to the government, such a surge should benefit GEO, in our view. Read More >>