Adjusted EPS of $0.19 came in line with the consensus.

Adjusted EBITDA fell to $118.7 million from $136.2 million a year ago.

In Q3, the company reduced total net debt by $109 million, ending the quarter with approximately $1.8 billion in total net debt.

As of September 30, 2023, cash and cash equivalents stood at $141.0 million.

Guidance: GEO lowered its Q4 revenue outlook to $590 million-$600 million from $595 million-$610 million vs. $606.8 million consensus.

For FY23, the company now anticipates net income of $100 million-$105 million (vs. $95 million-$110 million prior) and revenues of around $2.4 billion (consensus $2.4 billion). 

GEO revised its Adjusted EBITDA outlook to $495 million-$500 million (from $490 million-$520 million prior) for FY23.

The company revised the guidance to reflect its updated expectations regarding the U.S. Department of Homeland Security's Intensive Supervision and Appearance Program.

Price Action: GEO shares are trading higher by 4.13% at $9.32 on the last check Tuesday.