The Brink’s Company (NYSE:BCO), a leading global provider of cash
and valuables management, digital retail solutions (DRS), and ATM
managed services (AMS), today announced second-quarter results.
Mark Eubanks, president and CEO, said: “Our strong
second-quarter was highlighted by continued progress on our
strategic objectives to grow AMS and DRS revenue, expand profit
margins, and return excess cash to shareholders. Organic growth in
AMS and DRS accelerated sequentially and was up 26% year-over-year
as we continue to penetrate underserved end-markets across the
world. Second quarter adjusted EBITDA margins expanded 200
basis-points, including 360 basis-points in the key North America
segment, as we continue to progress our LEAN maturity with the
Brink's Business System. We also continue to execute against our
capital allocation framework, returning $86 million of cash to our
shareholders so far this year, more than double the prior
year.”
“I am confident we remain on the right strategic path and am
encouraged by the pace in which we are transforming our business
for future success. Central bank policies and current year election
cycles, including here in the U.S., continue to be dynamic. The
recent trends of the strengthening U.S. dollar impacted our results
in the second quarter and remain fluid in the back half of the
year. Considering these market dynamics, our strong results in the
first half are that much more impressive - thanks to the dedication
and performance of our over 68 thousand worldwide employees.”
Second-quarter results are summarized
in the following table:
(In
millions, except for per share amounts) |
Second-Quarter 2024 (vs. 2023) |
|
GAAP |
|
Change |
|
Non-GAAP |
|
Change |
|
Constant Currency Change(b) |
Revenue |
$1,253 |
|
3% |
|
$1,253 |
|
3% |
|
14% |
Operating Profit |
$116 |
|
10% |
|
$156 |
|
18% |
|
51% |
Operating Margin |
9.3% |
|
60 bps |
|
12.4% |
|
160 bps |
|
350 bps |
Net
Income / Adjusted EBITDA(a) |
$46 |
|
44% |
|
$226 |
|
16% |
|
39% |
EPS |
$1.03 |
|
51% |
|
$1.67 |
|
31% |
|
87% |
(a) The non-GAAP financial metric, adjusted EBITDA, is presented
with its corresponding GAAP metric, net income attributable to
Brink's.(b) Constant currency represents 2024 Non-GAAP results at
2023 exchange rates.
2024 Guidance (Unaudited)(In millions, except
for percentages and per share amounts)
The 2024 Non-GAAP outlook amounts cannot be reconciled to GAAP
without unreasonable effort, as we are unable to accurately
forecast certain amounts that are necessary for reconciliation,
including the impact of highly inflationary accounting on our
Argentina operations in 2024 or other potential Non-GAAP adjusting
items for which the timing and amounts are currently under review,
such as future restructuring actions and the impact of possible
future acquisitions. We are also unable to forecast changes in cash
held for customer obligations or proceeds from the sale of
property, equipment and investments in 2024. The 2024 Non-GAAP
outlook reflects management's current assumptions regarding
variables that are difficult to accurately forecast, including
those discussed in the Risk Factors set forth in the Company's
filings with the United States Securities and Exchange Commission.
The 2024 outlook assumes the continuation of current economic
trends and does not contemplate a significant economic downturn for
the balance of the year.
|
2024 Non-GAAP Outlook |
Revenues |
$ |
5,075 - 5,225 |
|
|
|
Adjusted EBITDA |
$ |
935 - 985 |
|
|
|
Adjusted EBITDA margin |
|
18.4% - 18.9% |
|
|
|
Free cash flow before dividends |
$ |
415 - 465 |
|
|
|
EPS
from continuing operations attributable to Brink's |
$ |
7.30 - 8.00 |
Conference CallBrink’s will host a conference
call on August 7 at 9:00 a.m. ET to review second-quarter
results. Interested parties can listen by calling 888-349-0094 (in
the U.S.) or 412-902-0124 (international). Participants can
preregister at https://dpregister.com/sreg/10190749/fd059fe916 to
receive a direct dial-in number for the call. The call also will be
accessible live via webcast on the Brink’s website
(www.brinks.com). A replay of the call will be available through
August 15, 2024 at 877-344-7529 (in the U.S.) or 412-317-0088
(international). The access code is 9507974. An archived version of
the webcast will be available online in the Investor Relations
section of http://investors.brinks.com.
The Brink’s Company and subsidiaries (In
millions, except for per share amounts) (Unaudited)
Condensed Consolidated Balance Sheets |
|
December 31, 2023 |
|
June 30, 2024 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
1,176.6 |
|
|
1,189.2 |
|
Restricted cash |
|
507.0 |
|
|
428.8 |
|
Accounts receivable, net |
|
779.0 |
|
|
843.3 |
|
Prepaid expenses and other |
|
325.7 |
|
|
357.6 |
|
Total current assets |
|
2,788.3 |
|
|
2,818.9 |
|
|
|
|
|
Right-of-use assets, net |
|
337.7 |
|
|
333.9 |
|
Property and equipment, net |
|
1,013.3 |
|
|
975.2 |
|
Goodwill |
|
1,473.8 |
|
|
1,453.8 |
|
Other intangibles, net |
|
488.3 |
|
|
456.4 |
|
Deferred tax assets, net |
|
231.8 |
|
|
225.7 |
|
Other |
|
268.6 |
|
|
297.7 |
|
|
|
|
|
Total assets |
$ |
6,601.8 |
|
|
6,561.6 |
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Short-term borrowings |
|
151.7 |
|
|
138.6 |
|
Current maturities of long-term debt |
|
117.1 |
|
|
133.1 |
|
Accounts payable |
|
249.7 |
|
|
229.7 |
|
Accrued liabilities |
|
1,126.9 |
|
|
1,077.1 |
|
Restricted cash held for customers |
|
298.7 |
|
|
214.9 |
|
Total current liabilities |
|
1,944.1 |
|
|
1,793.4 |
|
|
|
|
|
Long-term debt |
|
3,262.5 |
|
|
3,475.4 |
|
Accrued pension costs |
|
148.5 |
|
|
136.7 |
|
Retirement benefits other than pensions |
|
159.6 |
|
|
163.3 |
|
Lease liabilities |
|
265.8 |
|
|
259.8 |
|
Deferred tax liabilities |
|
56.5 |
|
|
59.3 |
|
Other |
|
244.6 |
|
|
227.1 |
|
Total liabilities |
|
6,081.6 |
|
|
6,115.0 |
|
|
|
|
|
Equity: |
|
|
|
The Brink's Company ("Brink's") shareholders: |
|
|
|
Common stock, par value $1 per share: |
|
|
|
Shares authorized: 100.0 |
|
|
|
Shares issued and outstanding: 2024 - 44.2; 2023 - 44.5 |
|
44.5 |
|
|
44.2 |
|
Capital in excess of par value |
|
675.9 |
|
|
666.3 |
|
Retained earnings |
|
333.0 |
|
|
354.0 |
|
Accumulated other comprehensive income (loss) |
|
(656.0 |
) |
|
(744.0 |
) |
Brink's shareholders |
|
397.4 |
|
|
320.5 |
|
|
|
|
|
Noncontrolling interests |
|
122.8 |
|
|
126.1 |
|
|
|
|
|
Total equity |
|
520.2 |
|
|
446.6 |
|
|
|
|
|
Total liabilities and equity |
$ |
6,601.8 |
|
|
6,561.6 |
|
The Brink’s Company and subsidiaries (In
millions) (Unaudited)
Condensed Consolidated Statements of Cash
Flows |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2024 |
Cash flows from operating activities: |
|
|
|
Net income |
$ |
53.4 |
|
|
102.0 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities: |
|
|
|
(Income) loss from discontinued operations, net of tax |
|
(0.6 |
) |
|
0.1 |
|
Depreciation and amortization |
|
137.2 |
|
|
145.5 |
|
Share-based compensation expense |
|
19.2 |
|
|
16.6 |
|
Deferred income taxes |
|
7.1 |
|
|
0.1 |
|
(Gain) loss on marketable securities and sale of property and
equipment |
|
1.6 |
|
|
(2.8 |
) |
Impairment losses |
|
5.2 |
|
|
1.9 |
|
Retirement benefit funding more than expense: |
|
|
|
Pension |
|
(4.5 |
) |
|
(3.3 |
) |
Other than pension |
|
(3.2 |
) |
|
(3.9 |
) |
Unrealized foreign currency (gains) losses |
|
18.2 |
|
|
(3.5 |
) |
Other operating |
|
7.8 |
|
|
5.1 |
|
Changes in operating assets and liabilities, net of effects of
acquisitions: |
|
|
|
(Increase) decrease in accounts receivable and income taxes
receivable |
|
5.8 |
|
|
(89.8 |
) |
Decrease in accounts payable, income taxes payable and accrued
liabilities |
|
(89.0 |
) |
|
(62.2 |
) |
Decrease in restricted cash held for customers |
|
(16.2 |
) |
|
(67.2 |
) |
Increase (decrease) in customer obligations |
|
(32.4 |
) |
|
4.6 |
|
Decrease in prepaid and other current assets |
|
(3.3 |
) |
|
(21.8 |
) |
Decrease in other noncurrent assets and liabilities |
|
(1.0 |
) |
|
(23.6 |
) |
Net cash provided by (used in) operating activities |
|
105.3 |
|
|
(2.2 |
) |
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
|
(89.4 |
) |
|
(108.9 |
) |
Acquisitions, net of cash acquired |
|
— |
|
|
(14.4 |
) |
Dispositions, net of cash disposed |
|
1.1 |
|
|
— |
|
Marketable securities: |
|
|
|
Purchases |
|
(44.5 |
) |
|
(1.4 |
) |
Sales |
|
0.9 |
|
|
1.2 |
|
Cash proceeds from sale of property, equipment and investments |
|
1.0 |
|
|
4.5 |
|
Net
change in loans held for investment |
|
(14.2 |
) |
|
3.5 |
|
Other |
|
(0.4 |
) |
|
(0.9 |
) |
Discontinued operations |
|
0.9 |
|
|
— |
|
Net cash used in investing activities |
|
(144.6 |
) |
|
(116.4 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Borrowings (repayments) of debt: |
|
|
|
Short-term borrowings |
|
76.2 |
|
|
(7.0 |
) |
Long-term revolving credit facilities: |
|
|
|
Borrowings |
|
4,256.4 |
|
|
5,508.5 |
|
Repayments |
|
(4,299.0 |
) |
|
(6,043.4 |
) |
Other long-term debt: |
|
|
|
Borrowings |
|
14.3 |
|
|
807.8 |
|
Repayments |
|
(47.5 |
) |
|
(53.4 |
) |
Acquisition of noncontrolling interest |
|
(0.6 |
) |
|
(0.2 |
) |
Cash paid for acquisition related settlements and obligations |
|
(9.7 |
) |
|
— |
|
Debt financing costs |
|
— |
|
|
(9.6 |
) |
Repurchase shares of Brink's common stock |
|
(17.5 |
) |
|
(65.7 |
) |
Dividends to: |
|
|
|
Shareholders of Brink’s |
|
(19.5 |
) |
|
(20.6 |
) |
Noncontrolling interests in subsidiaries |
|
(2.8 |
) |
|
(0.1 |
) |
Tax
withholdings associated with share-based compensation |
|
(6.9 |
) |
|
(17.2 |
) |
Other |
|
2.3 |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
(54.3 |
) |
|
99.1 |
|
|
|
|
|
Effect of exchange rate changes on cash |
|
6.7 |
|
|
(46.1 |
) |
Cash, cash equivalents and restricted cash: |
|
|
|
Decrease |
|
(86.9 |
) |
|
(65.6 |
) |
Balance at beginning of period |
|
1,410.5 |
|
|
1,683.6 |
|
Balance at end of period |
$ |
1,323.6 |
|
|
1,618.0 |
|
Supplemental Cash Flow Information |
Six Months Ended June 30, |
|
|
2023 |
|
|
2024 |
Cash paid for income taxes, net |
$ |
(54.7 |
) |
|
(68.5 |
) |
The Brink’s Company and subsidiaries(In
millions, except for per share amounts) (Unaudited)
Second-Quarter
2024 vs.
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
2Q'23 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2Q'24 |
|
Total |
|
Organic |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
397 |
|
|
10 |
|
|
5 |
|
|
(1 |
) |
|
412 |
|
|
4 |
|
|
3 |
|
|
Latin America |
|
334 |
|
|
127 |
|
|
— |
|
|
(129 |
) |
|
332 |
|
|
(1 |
) |
|
38 |
|
|
Europe |
|
286 |
|
|
26 |
|
|
2 |
|
|
(4 |
) |
|
310 |
|
|
8 |
|
|
9 |
|
|
Rest of World |
|
199 |
|
|
4 |
|
|
— |
|
|
(3 |
) |
|
200 |
|
|
— |
|
|
2 |
|
|
Segment revenues(c) |
$ |
1,216 |
|
|
167 |
|
|
7 |
|
|
(137 |
) |
|
1,253 |
|
|
3 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues - GAAP |
$ |
1,216 |
|
|
167 |
|
|
7 |
|
|
(137 |
) |
|
1,253 |
|
|
3 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
38 |
|
|
14 |
|
|
1 |
|
|
— |
|
|
52 |
|
|
38 |
|
|
37 |
|
|
Latin America |
|
66 |
|
|
38 |
|
|
— |
|
|
(41 |
) |
|
63 |
|
|
(4 |
) |
|
58 |
|
|
Europe |
|
29 |
|
|
3 |
|
|
— |
|
|
— |
|
|
32 |
|
|
10 |
|
|
11 |
|
|
Rest of World |
|
41 |
|
|
(2 |
) |
|
— |
|
|
(1 |
) |
|
39 |
|
|
(6 |
) |
|
(4 |
) |
|
Segment operating profit |
|
174 |
|
|
53 |
|
|
1 |
|
|
(42 |
) |
|
186 |
|
|
7 |
|
|
31 |
|
|
Corporate(d) |
|
(42 |
) |
|
13 |
|
|
— |
|
|
(2 |
) |
|
(31 |
) |
|
(28 |
) |
|
(32 |
) |
|
Operating profit - non-GAAP |
$ |
132 |
|
|
67 |
|
|
1 |
|
|
(44 |
) |
|
156 |
|
|
18 |
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(e) |
|
(26 |
) |
|
(12 |
) |
|
(2 |
) |
|
— |
|
|
(40 |
) |
|
51 |
|
|
45 |
|
|
Operating profit - GAAP |
$ |
106 |
|
|
55 |
|
|
(1 |
) |
|
(44 |
) |
|
116 |
|
|
10 |
|
|
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest expense |
|
(51 |
) |
|
|
|
|
|
|
|
(57 |
) |
|
11 |
|
|
|
|
GAAP interest and other income (expense) |
|
4 |
|
|
|
|
|
|
|
|
13 |
|
|
fav |
|
|
|
GAAP provision (benefit) for income taxes |
|
23 |
|
|
|
|
|
|
|
|
22 |
|
|
(6 |
) |
|
|
|
GAAP noncontrolling interests |
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
20 |
|
|
|
|
GAAP income from continuing operations(f) |
|
32 |
|
|
|
|
|
|
|
|
46 |
|
|
44 |
|
|
|
|
GAAP EPS(f) |
$ |
0.68 |
|
|
|
|
|
|
|
|
1.03 |
|
|
51 |
|
|
|
|
GAAP weighted-average diluted shares |
|
47.3 |
|
|
|
|
|
|
|
|
45.1 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP(g) |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
2Q'23 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2Q'24 |
|
Total |
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenues - GAAP/non-GAAP |
$ |
1,216 |
|
|
167 |
|
7 |
|
(137 |
) |
|
1,253 |
|
|
3 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating profit |
|
132 |
|
|
67 |
|
1 |
|
(44 |
) |
|
156 |
|
|
18 |
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP interest expense |
|
(51 |
) |
|
|
|
|
|
|
|
(57 |
) |
|
11 |
|
|
|
|
Non-GAAP interest and other income (expense) |
|
3 |
|
|
|
|
|
|
|
|
11 |
|
|
fav |
|
|
|
Non-GAAP provision for income taxes |
|
21 |
|
|
|
|
|
|
|
|
31 |
|
|
48 |
|
|
|
|
Non-GAAP noncontrolling interests |
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
20 |
|
|
|
|
Non-GAAP income from continuing operations(f) |
|
60 |
|
|
|
|
|
|
|
|
75 |
|
|
25 |
|
|
|
|
Non-GAAP EPS(f) |
$ |
1.27 |
|
|
|
|
|
|
|
|
1.67 |
|
|
31 |
|
|
|
|
Non-GAAP weighted-average diluted shares |
|
47.3 |
|
|
|
|
|
|
|
|
45.1 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding.
(a) Amounts include the impact of prior year comparable period
results for acquired and disposed businesses. GAAP results also
include the impact of acquisition-related intangible amortization,
restructuring and other charges, and disposition related
gains/losses.(b) The amounts in the “Currency” column consist of
the effects of Argentina devaluations under highly inflationary
accounting and the sum of monthly currency changes. Monthly
currency changes represent the accumulation throughout the year of
the impact on current period results from changes in foreign
currency rates from the prior year period.(c) Segment revenues
equal our total reported non-GAAP revenues.(d) Corporate expenses
are not allocated to segment results. Corporate expenses include
salaries and other costs to manage the global business and to
perform activities required of public companies.(e) See pages 8-10
for more information.(f) Attributable to Brink's.(g) Non-GAAP
results are reconciled to applicable GAAP results on pages
11-14.
The Brink’s Company and subsidiaries(In
millions, except for per share amounts) (Unaudited)
Six Months Ended June 30,
2024 vs.
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
|
2023 |
|
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2024 |
|
|
Total |
|
Organic |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
799 |
|
|
14 |
|
|
5 |
|
(1 |
) |
|
818 |
|
|
2 |
|
|
2 |
|
|
Latin America |
|
649 |
|
|
244 |
|
|
— |
|
(227 |
) |
|
666 |
|
|
3 |
|
|
38 |
|
|
Europe |
|
555 |
|
|
43 |
|
|
4 |
|
— |
|
|
601 |
|
|
8 |
|
|
8 |
|
|
Rest of World |
|
398 |
|
|
12 |
|
|
— |
|
(6 |
) |
|
404 |
|
|
1 |
|
|
3 |
|
|
Segment revenues(c) |
$ |
2,402 |
|
|
312 |
|
|
9 |
|
(233 |
) |
|
2,489 |
|
|
4 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues - GAAP |
$ |
2,402 |
|
|
312 |
|
|
9 |
|
(233 |
) |
|
2,489 |
|
|
4 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
76 |
|
|
24 |
|
|
1 |
|
— |
|
|
100 |
|
|
32 |
|
|
31 |
|
|
Latin America |
|
133 |
|
|
66 |
|
|
— |
|
(72 |
) |
|
126 |
|
|
(5 |
) |
|
50 |
|
|
Europe |
|
51 |
|
|
7 |
|
|
— |
|
— |
|
|
58 |
|
|
13 |
|
|
13 |
|
|
Rest of World |
|
79 |
|
|
3 |
|
|
— |
|
(1 |
) |
|
80 |
|
|
2 |
|
|
4 |
|
|
Segment operating profit |
|
339 |
|
|
99 |
|
|
1 |
|
(73 |
) |
|
365 |
|
|
8 |
|
|
29 |
|
|
Corporate(d) |
|
(79 |
) |
|
16 |
|
|
— |
|
— |
|
|
(64 |
) |
|
(19 |
) |
|
(20 |
) |
|
Operating profit - non-GAAP |
$ |
259 |
|
|
115 |
|
|
1 |
|
(74 |
) |
|
301 |
|
|
16 |
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(e) |
|
(74 |
) |
|
(6 |
) |
|
7 |
|
10 |
|
|
(64 |
) |
|
(14 |
) |
|
9 |
|
|
Operating profit - GAAP |
$ |
185 |
|
|
108 |
|
|
7 |
|
(64 |
) |
|
237 |
|
|
28 |
|
|
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest expense |
|
(98 |
) |
|
|
|
|
|
|
|
(112 |
) |
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and other income (expense) |
|
9 |
|
|
|
|
|
|
|
|
26 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision (benefit) for income taxes |
|
44 |
|
|
|
|
|
|
|
|
48 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP noncontrolling interests |
|
6 |
|
|
|
|
|
|
|
|
7 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from continuing operations(f) |
|
47 |
|
|
|
|
|
|
|
|
96 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EPS(f) |
$ |
0.98 |
|
|
|
|
|
|
|
|
2.12 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted-average diluted shares |
|
47.4 |
|
|
|
|
|
|
|
|
45.2 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP(g) |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
|
2023 |
|
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2024 |
|
|
Total |
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenues - GAAP/non-GAAP |
$ |
2,402 |
|
|
312 |
|
9 |
|
(233 |
) |
|
2,489 |
|
|
4 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating profit |
|
259 |
|
|
115 |
|
1 |
|
(74 |
) |
|
301 |
|
|
16 |
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP interest expense |
|
(97 |
) |
|
|
|
|
|
|
|
(112 |
) |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP interest and other income (expense) |
|
6 |
|
|
|
|
|
|
|
|
22 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP provision for income taxes |
|
42 |
|
|
|
|
|
|
|
|
59 |
|
|
42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP noncontrolling interests |
|
6 |
|
|
|
|
|
|
|
|
6 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from continuing operations(f) |
|
120 |
|
|
|
|
|
|
|
|
145 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP EPS(f) |
$ |
2.54 |
|
|
|
|
|
|
|
|
3.21 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted-average diluted shares |
|
47.4 |
|
|
|
|
|
|
|
|
45.2 |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding.
See page 5 for footnote explanations.
About The Brink’s CompanyThe Brink’s Company
(NYSE:BCO) is a leading global provider of cash and valuables
management, digital retail solutions, and ATM managed services. Our
customers include financial institutions, retailers, government
agencies, mints, jewelers and other commercial operations. Our
network of operations in 52 countries serves customers in more than
100 countries. For more information, please visit our website at
www.brinks.com or call 804-289-9709.
Forward-Looking StatementsThis release contains
forward-looking information. Words such as "anticipate," "assume,"
"estimate," "expect," “target” "project," "predict," "intend,"
"plan," "believe," "potential," "may," "should" and similar
expressions may identify forward-looking information.
Forward-looking information in these materials includes, but is not
limited to: 2024 outlook, including revenue, adjusted EBITDA,
adjusted EBITDA margin, earnings per share, and free cash flow
before dividends (and drivers thereof), capital allocation
priorities, the impact of U.S. and global macroeconomic trends,
including the strength of the U.S. dollar, the impact of the global
restructuring plan, expected impact from deployment of
technology-enabled solutions, including digital retail solutions
and ATM managed services, and strategic priorities and initiatives,
including the Brink's Business System.
Forward-looking information in this document is subject to known
and unknown risks, uncertainties and contingencies, which are
difficult to predict or quantify, and which could cause actual
results, performance or achievements to differ materially from
those that are anticipated. These risks, uncertainties and
contingencies, many of which are beyond our control, include, but
are not limited to: our ability to improve profitability and
execute further cost and operational improvement and efficiencies
in our core businesses; our ability to improve service levels and
quality in our core businesses; market volatility and commodity
price fluctuations; general economic issues, including supply chain
disruptions, fuel price increases, changes in interest rates, and
interest rate increases; seasonality, pricing and other competitive
industry factors; investment in information technology (“IT”) and
its impact on revenue and profit growth; our ability to maintain an
effective IT infrastructure and safeguard confidential information,
including from a cybersecurity incident; our ability to effectively
develop and implement solutions for our customers; risks associated
with operating in foreign countries, including changing political,
labor and economic conditions (including political conflict or
unrest), regulatory issues (including the imposition of
international sanctions, including by the U.S. government),
military conflicts (including but not limited to the conflict in
Israel and surrounding areas, as well as the possible expansion of
such conflicts and potential geopolitical consequences), currency
restrictions and devaluations, restrictions on and cost of
repatriating earnings and capital, impact on the Company’s
financial results as a result of jurisdictions determined to be
highly inflationary, and restrictive government actions, including
nationalization; labor issues, including labor shortages
negotiations with organized labor and work stoppages; pandemics ,
acts of terrorism, strikes or other extraordinary events that
negatively affect global or regional cash commerce; the strength of
the U.S. dollar relative to foreign currencies and foreign currency
exchange rates; our ability to identify, evaluate and complete
acquisitions and other strategic transactions and to successfully
integrate acquired companies; costs related to dispositions and
product or market exits; our ability to obtain appropriate
insurance coverage, positions taken by insurers relative to claims
and the financial condition of insurers; safety and security
performance and loss experience; employee and environmental
liabilities in connection with former coal operations, including
black lung claims; the impact of the American Rescue Plan Act and
Patient Protection and Affordable Care Act on legacy liabilities
and ongoing operations; funding requirements, accounting treatment,
and investment performance of our pension plans, the VEBA and other
employee benefits; changes to estimated liabilities and assets in
actuarial assumptions; the nature of hedging relationships and
counterparty risk; access to the capital and credit markets; our
ability to realize deferred tax assets; the outcome of pending and
future claims, litigation, and administrative proceedings; public
perception of our business, reputation and brand; changes in
estimates and assumptions underlying critical accounting policies;
the promulgation and adoption of new accounting standards, new
government regulations and interpretation of existing standards and
regulations.
This list of risks, uncertainties and contingencies is not
intended to be exhaustive. Additional factors that could cause our
results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in
Item 1A of our Annual Report on Form 10-K for the period ended
December 31, 2023, and in related disclosures in our other public
filings with the Securities and Exchange Commission. The
forward-looking information included in this document is
representative only as of the date of this document and The Brink's
Company undertakes no obligation to update any information
contained in this document.
The Brink’s Company and
subsidiariesSegment Results:
2023 and 2024
(Unaudited)(In millions, except for
percentages)
|
Revenues |
|
|
2023 |
|
|
|
2024 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
Six Months |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
401.9 |
|
|
397.4 |
|
|
398.1 |
|
|
403.7 |
|
|
1,601.1 |
|
|
$ |
405.5 |
|
|
412.0 |
|
|
817.5 |
|
Latin America |
|
315.5 |
|
|
333.9 |
|
|
339.6 |
|
|
343.3 |
|
|
1,332.3 |
|
|
|
334.7 |
|
|
331.7 |
|
|
666.4 |
|
Europe |
|
268.7 |
|
|
285.9 |
|
|
287.8 |
|
|
294.4 |
|
|
1,136.8 |
|
|
|
291.4 |
|
|
309.7 |
|
|
601.1 |
|
Rest of World |
|
199.3 |
|
|
199.0 |
|
|
201.9 |
|
|
204.2 |
|
|
804.4 |
|
|
|
204.5 |
|
|
199.7 |
|
|
404.2 |
|
Segment revenues - GAAP and Non-GAAP |
$ |
1,185.4 |
|
|
1,216.2 |
|
|
1,227.4 |
|
|
1,245.6 |
|
|
4,874.6 |
|
|
$ |
1,236.1 |
|
|
1,253.1 |
|
|
2,489.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit |
|
|
2023 |
|
|
|
2024 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
Six Months |
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
38.6 |
|
|
37.5 |
|
|
47.5 |
|
|
61.6 |
|
|
185.2 |
|
|
$ |
48.4 |
|
|
51.7 |
|
|
100.1 |
|
Latin America |
|
66.6 |
|
|
65.9 |
|
|
68.1 |
|
|
79.7 |
|
|
280.3 |
|
|
|
63.0 |
|
|
63.2 |
|
|
126.2 |
|
Europe |
|
22.0 |
|
|
29.3 |
|
|
35.8 |
|
|
37.9 |
|
|
125.0 |
|
|
|
25.9 |
|
|
32.2 |
|
|
58.1 |
|
Rest of World |
|
37.3 |
|
|
41.3 |
|
|
42.6 |
|
|
42.9 |
|
|
164.1 |
|
|
|
41.1 |
|
|
39.0 |
|
|
80.1 |
|
Corporate |
|
(37.1 |
) |
|
(42.2 |
) |
|
(27.7 |
) |
|
(32.6 |
) |
|
(139.6 |
) |
|
|
(33.4 |
) |
|
(30.5 |
) |
|
(63.9 |
) |
Non-GAAP |
|
127.4 |
|
|
131.8 |
|
|
166.3 |
|
|
189.5 |
|
|
615.0 |
|
|
|
145.0 |
|
|
155.6 |
|
|
300.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reorganization and Restructuring |
|
(14.2 |
) |
|
— |
|
|
(0.4 |
) |
|
(3.0 |
) |
|
(17.6 |
) |
|
|
(1.4 |
) |
|
(0.1 |
) |
|
(1.5 |
) |
Acquisitions and dispositions |
|
(22.0 |
) |
|
(15.0 |
) |
|
(19.4 |
) |
|
(14.2 |
) |
|
(70.6 |
) |
|
|
(15.9 |
) |
|
(14.8 |
) |
|
(30.7 |
) |
Argentina highly inflationary impact |
|
(11.2 |
) |
|
(11.0 |
) |
|
(8.1 |
) |
|
(56.5 |
) |
|
(86.8 |
) |
|
|
(1.6 |
) |
|
(11.4 |
) |
|
(13.0 |
) |
Transformation initiatives |
|
— |
|
|
— |
|
|
— |
|
|
(5.5 |
) |
|
(5.5 |
) |
|
|
(4.8 |
) |
|
(7.2 |
) |
|
(12.0 |
) |
Non-routine auto loss matter |
|
— |
|
|
— |
|
|
— |
|
|
(8.0 |
) |
|
(8.0 |
) |
|
|
— |
|
|
— |
|
|
— |
|
Department of Justice investigation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
(6.0 |
) |
|
(6.0 |
) |
Chile antitrust matter |
|
(0.2 |
) |
|
(0.2 |
) |
|
— |
|
|
(0.1 |
) |
|
(0.5 |
) |
|
|
(0.4 |
) |
|
(0.1 |
) |
|
(0.5 |
) |
Reporting compliance |
|
— |
|
|
— |
|
|
(0.7 |
) |
|
(0.1 |
) |
|
(0.8 |
) |
|
|
— |
|
|
— |
|
|
— |
|
GAAP |
$ |
79.8 |
|
|
105.6 |
|
|
137.7 |
|
|
102.1 |
|
|
425.2 |
|
|
$ |
120.9 |
|
|
116.0 |
|
|
236.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin Percentage |
|
|
2023 |
|
|
|
2024 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
Six Months |
Operating margin percentage: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
9.6 |
|
|
9.4 |
|
|
11.9 |
|
|
15.3 |
|
|
11.6 |
|
|
|
11.9 |
|
|
12.5 |
|
|
12.2 |
|
Latin America |
|
21.1 |
|
|
19.7 |
|
|
20.1 |
|
|
23.2 |
|
|
21.0 |
|
|
|
18.8 |
|
|
19.1 |
|
|
18.9 |
|
Europe |
|
8.2 |
|
|
10.2 |
|
|
12.4 |
|
|
12.9 |
|
|
11.0 |
|
|
|
8.9 |
|
|
10.4 |
|
|
9.7 |
|
Rest of World |
|
18.7 |
|
|
20.8 |
|
|
21.1 |
|
|
21.0 |
|
|
20.4 |
|
|
|
20.1 |
|
|
19.5 |
|
|
19.8 |
|
Non-GAAP |
|
10.7 |
|
|
10.8 |
|
|
13.5 |
|
|
15.2 |
|
|
12.6 |
|
|
|
11.7 |
|
|
12.4 |
|
|
12.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
|
(4.0 |
) |
|
(2.1 |
) |
|
(2.3 |
) |
|
(7.0 |
) |
|
(3.9 |
) |
|
|
(1.9 |
) |
|
(3.1 |
) |
|
(2.6 |
) |
GAAP |
|
6.7 |
|
|
8.7 |
|
|
11.2 |
|
|
8.2 |
|
|
8.7 |
|
|
|
9.8 |
|
|
9.3 |
|
|
9.5 |
|
(a) See explanation of items on page 9-10.
The Brink’s Company and
subsidiariesOther Items Not Allocated To Segments
(Unaudited)(In millions)
Brink’s measures its segment results before income and expenses
for corporate activities and for certain other items. See below for
a summary of the other items not allocated to segments.
Reorganization and Restructuring 2022 Global
Restructuring PlanIn the first quarter of 2023, management
completed the review and approval of the previously announced
restructuring plan across our global business operations. The
actions were taken to enable growth, reduce costs and related
infrastructure, and to mitigate the potential impact of external
economic conditions. In total, we have recognized $34.0 million in
charges under this program, including $0.8 million in the first six
months of 2024. We expect total expenses from this program to be
between $36 million and $38 million. When completed, the current
restructuring actions are expected to reduce our workforce by 3,200
to 3,400 positions and result in annualized cost savings of
approximately $60 million.
Other RestructuringsManagement periodically implements
restructuring actions in targeted sections of our business. As a
result of these actions, we recognized $6.6 million in net costs in
2023. We recognized $0.7 million in net costs in the first six
months of 2024. The majority of the costs in both the 2024 and 2023
periods result from the exit of a line of business in a specific
geography with most of the remaining costs due to management
initiatives to address the COVID-19 pandemic.
Due to the unique circumstances around these charges, these
management-directed items have not been allocated to segment
results and are excluded from non-GAAP results.
Acquisitions and dispositions Certain
acquisition and disposition items that are not considered part of
the ongoing activities of the business and are special in nature
are consistently excluded from non-GAAP results. These items are
described below:
2024 Acquisitions and Dispositions
- Amortization expense for acquisition-related intangible assets
was $29.1 million in the first six months of 2024.
- Net charges of $1.2 million were incurred for post-acquisition
adjustments to indemnification assets related to previous business
acquisitions.
- We recognized $0.5 million in charges in Argentina in the
first six months of 2024 for an inflation-adjusted labor increase
to expected payments to union workers of the Maco Transportadora
and Maco Litoral businesses (together "Maco"). Although the Maco
operations were acquired in 2017, formal antitrust approval was
obtained in 2021, which triggered negotiation and approval of the
expected payments in 2022.
- We incurred $0.4 million in integration costs in the first
six months of 2024.
- Transaction costs related to business acquisitions were
$0.3 million in the first six months of 2024.
- A net credit of $1.3 million related to the reversal of
retention liability for key PAI employees was recorded in the first
six months of 2024.
2023 Acquisitions and Dispositions
- Amortization expense for acquisition-related intangible assets
was $57.8 million in 2023.
- A net gain of $4.8 million was recognized upon derecognition of
a contingent consideration liability related to the NoteMachine
business acquisition. A net gain of $1.4 million was also
recognized upon derecognition of a contingent consideration
liability related to the Touchpoint 21 business acquisition.
- We recognized $4.9 million in charges in Argentina in 2023
for expected payments to union workers of the Maco businesses.
- Net charges of $3.4 million were incurred for post-acquisition
adjustments to indemnification assets related to previous business
acquisitions.
- We incurred $2.2 million in integration costs, primarily
related to PAI, in 2023.
- Transaction costs related to business acquisitions were
$4.2 million in 2023.
- We recognized a $2.0 million loss on the disposition of
Russia-based operations in 2023.
- Compensation expense related to the retention of key PAI
employees was $1.6 million in 2023.
Argentina highly inflationary impact Beginning
in the third quarter of 2018, we designated Argentina's economy as
highly inflationary for accounting purposes. As a result, Argentine
peso-denominated monetary assets and liabilities are now remeasured
at each balance sheet date to the currency exchange rate then in
effect, with currency remeasurement gains and losses recognized in
earnings. In addition, nonmonetary assets retain a higher
historical basis when the currency is devalued. The higher
historical basis results in incremental expense being recognized
when the nonmonetary assets are consumed. In December 2023, the
administration of the newly inaugurated President of Argentina
allowed the peso to devalue by more than 50%. In total, in 2023,
the Argentine peso declined approximately 79%. In the first six
months of 2024, we recognized $13.0 million in pretax charges
related to highly inflationary accounting, including currency
remeasurement losses of $6.4 million. In 2023, we recognized
$86.8 million in pretax charges related to highly inflationary
accounting, including currency remeasurement losses of $79.1
million. These amounts are excluded from non-GAAP results.
Transformation initiatives During 2023, we
initiated a multi-year program intended to accelerate growth and
drive margin expansion through transformation of our business model
in the U.S., with expectations to then leverage the transformation
changes and learnings globally. The program is designed to help us
standardize our commercial and operational systems and processes,
drive continuous improvement and achieve operational excellence.
Accordingly, we incurred $12.0 million in the first six months of
2024 and $5.5 million of expense in 2023. The transformation costs
primarily include third party professional services and project
management charges and are excluded from segment and non-GAAP
results.
Non-routine auto loss matter In 2023, a Brink’s
employee was involved in a motor vehicle accident with unique
circumstances that resulted in the death of a third party and, in
connection with ensuing litigation, Brink’s recognized an $8.0
million charge. Due to the unusual nature of the contingency, we
have excluded this charge from segment and non-GAAP results.
Department of Justice investigation During the
second quarter of 2024, we accrued $6.0 million in connection
with a U.S. Department of Justice investigation. Due to the special
nature of this matter, this charge has not been allocated to
segment results and is excluded from non-GAAP results. See Note 14
in our Form 10-Q for details.
Chile antitrust matter We recognized an
estimated loss of $9.5 million in the third quarter of 2021 related
to a potential fine. In 2023, we recognized an additional $0.5
million adjustment to our estimated loss. In the first six months
of 2024, we recognized an additional $0.5 million adjustment
to our estimated loss. The adjustments resulted primarily from
changes in currency rates. Due to its special nature, this charge
has not been allocated to segment results and is excluded from
non-GAAP results. See Note 14 in our Form 10-Q for details.
Reporting compliance Certain compliance costs
(primarily third party expenses) are excluded from segment and
non-GAAP results. In 2023, we incurred $0.8 million in costs
related to mitigation of the material weakness. We did not incur
any such costs in the first six months of 2024.
The Brink’s Company and
subsidiariesNon-GAAP Results Reconciled to GAAP
(Unaudited) (In millions, except for percentages and per
share amounts)
Non-GAAP results described in this press release are financial
measures that are not required by or presented in accordance with
U.S. generally accepted accounting principles (“GAAP”). The purpose
of the Non-GAAP results is to report financial information from the
primary operations of our business by excluding the effects of
certain income and expenses that do not reflect the ordinary
earnings of our operations. The specific items excluded have not
been allocated to segments, are described on pages 9 and 10 and in
more detail in our Form 10-Q, and are reconciled to comparable GAAP
measures below. In addition, we refer to non-GAAP constant currency
amounts, which represent current period results and forecasts at
prior period exchange rates.
Non-GAAP results adjust the quarterly Non-GAAP tax rates so that
the Non-GAAP tax rate in each of the quarters is equal to the
full-year estimated Non-GAAP tax rate. The full-year Non-GAAP tax
rate in both years excludes certain pretax and income tax amounts.
Amounts reported for prior periods have been updated in this report
to present information consistently for all periods presented.
The 2024 Non-GAAP outlook amounts for EPS from continuing
operations, free cash flow before dividends, Adjusted EBITDA and
EPS from continuing operations attributable to Brink's cannot be
reconciled to GAAP without unreasonable effort. We cannot reconcile
these amounts to GAAP because we are unable to accurately forecast
the impact of highly inflationary accounting on our Argentina
operations or other potential Non-GAAP adjusting items for which
the timing and amounts are currently under review, such as future
restructuring actions and the impact of possible future
acquisitions. We are also unable to forecast changes in cash held
for customer obligations or proceeds from the sale of property,
equipment and investments in 2024. The impact of highly
inflationary accounting and other potential Non-GAAP adjusting
items could be significant to our GAAP results.
The Non-GAAP financial measures are intended to provide
investors with a supplemental comparison of our operating results
and trends for the periods presented. Our management believes these
measures are also useful to investors as such measures allow
investors to evaluate our performance using the same metrics that
our management uses to evaluate past performance and prospects for
future performance. We do not consider these items to be reflective
of our operating performance as they result from events and
circumstances that are not a part of our core business.
Additionally, non-GAAP results are utilized as performance measures
in certain management incentive compensation plans. Non-GAAP
results should not be considered as an alternative to revenue, net
income, earnings per share or cash flows from operating activities
amounts determined in accordance with GAAP and should be read in
conjunction with their GAAP counterparts. Non-GAAP financial
measures may not be comparable to Non-GAAP financial measures
presented by other companies.
Non-GAAP Results Reconciled to GAAP
|
YTD '23 |
|
YTD '24 |
|
Pre-tax income |
|
Income taxes |
|
Effective tax rate |
|
Pre-tax income |
|
Income taxes |
|
Effective tax rate |
Effective Income Tax Rate |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
96.5 |
|
|
43.7 |
|
|
45.3 |
% |
|
$ |
150.4 |
|
|
48.3 |
|
|
32.1 |
% |
Retirement plans(c) |
|
(4.1 |
) |
|
(0.7 |
) |
|
|
|
|
(3.4 |
) |
|
(0.7 |
) |
|
|
Reorganization and Restructuring(a) |
|
14.2 |
|
|
2.6 |
|
|
|
|
|
1.5 |
|
|
0.3 |
|
|
|
Acquisitions and dispositions(a) |
|
38.6 |
|
|
4.4 |
|
|
|
|
|
30.5 |
|
|
2.3 |
|
|
|
Argentina highly inflationary impact(a) |
|
22.8 |
|
|
(0.7 |
) |
|
|
|
|
13.2 |
|
|
0.1 |
|
|
|
Transformation initiatives(a) |
|
— |
|
|
— |
|
|
|
|
|
12.0 |
|
|
0.3 |
|
|
|
Valuation allowance on tax credits(f) |
|
— |
|
|
(6.7 |
) |
|
|
|
|
— |
|
|
— |
|
|
|
Department of Justice investigation(a) |
|
— |
|
|
— |
|
|
|
|
|
6.0 |
|
|
— |
|
|
|
Chile antitrust matter(a) |
|
0.4 |
|
|
0.1 |
|
|
|
|
|
0.5 |
|
|
0.1 |
|
|
|
Income tax rate adjustment(b) |
|
— |
|
|
(0.9 |
) |
|
|
|
|
— |
|
|
8.5 |
|
|
|
Non-GAAP |
$ |
168.4 |
|
|
41.8 |
|
|
24.8 |
% |
|
$ |
210.7 |
|
|
59.2 |
|
|
28.1 |
% |
Amounts may not add due to rounding. (a) See “Other Items Not
Allocated To Segments” on pages 8-10 for details. We do not
consider these items to be reflective of our operating performance
as they result from events and circumstances that are not a part of
our core business.(b) Non-GAAP income from continuing operations
and non-GAAP EPS have been adjusted to reflect an effective income
tax rate in each interim period equal to the full-year non-GAAP
effective income tax rate. The full-year non-GAAP effective tax
rate is estimated at 28.1% for 2024 and was 24.8% for 2023.(c) Our
U.S. retirement plans are frozen and costs related to these plans
are excluded from non-GAAP results. Certain non-U.S. operations
also have retirement plans. Settlement charges and curtailment
gains related to these non-U.S. plans and costs related to our
frozen non-U.S. retirement plans are also excluded from non-GAAP
results.(d) Due to reorganization and restructuring activities,
there was a $0.9 million non-GAAP adjustment to share-based
compensation in the first quarter of 2023. There is no difference
between GAAP and non-GAAP share-based compensation amounts for the
other periods presented.(e) Due to the impact of Argentina highly
inflationary accounting, there was a $0.3 million non-GAAP
adjustment for a loss in the first quarter of 2023, a $0.3 million
non-GAAP adjustment for a loss in the second quarter of 2023, a
$22.7 million non-GAAP adjustment for a loss in the third quarter
of 2023, and a $31.9 million non-GAAP adjustment for a loss in the
fourth quarter of 2023. There is no difference between GAAP and
non-GAAP share-based compensation amounts for the other periods
presented.(f) In 2023, we recorded a portion of our valuation
allowance on certain U.S. deferred tax assets primarily related to
foreign tax credit carryforward attributes. The valuation allowance
increase was due to new foreign tax credit Notices published by the
U.S. Internal Revenue Service in 2023, which provided taxpayers
relief from the 2022 foreign tax credit regulations until
additional guidance is issued and effective date of such guidance
is provided.(g) Adjusted EBITDA is defined as non-GAAP income from
continuing operations excluding the impact of non-GAAP interest
expense, non-GAAP income tax provision, non-GAAP depreciation and
amortization, non-GAAP share-based compensation and non-GAAP
marketable securities (gain) loss.The Brink’s Company and
subsidiariesNon-GAAP Results Reconciled to GAAP
(Unaudited) - continued (In millions, except for
percentages and per share amounts)
|
|
2023 |
|
|
|
2024 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
1,185.4 |
|
|
1,216.2 |
|
|
1,227.4 |
|
|
1,245.6 |
|
|
4,874.6 |
|
|
$ |
1,236.1 |
|
|
1,253.1 |
|
|
2,489.2 |
|
Non-GAAP |
$ |
1,185.4 |
|
|
1,216.2 |
|
|
1,227.4 |
|
|
1,245.6 |
|
|
4,874.6 |
|
|
$ |
1,236.1 |
|
|
1,253.1 |
|
|
2,489.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
79.8 |
|
|
105.6 |
|
|
137.7 |
|
|
102.1 |
|
|
425.2 |
|
|
$ |
120.9 |
|
|
116.0 |
|
|
236.9 |
|
Reorganization and Restructuring(a) |
|
14.2 |
|
|
— |
|
|
0.4 |
|
|
3.0 |
|
|
17.6 |
|
|
|
1.4 |
|
|
0.1 |
|
|
1.5 |
|
Acquisitions and dispositions(a) |
|
22.0 |
|
|
15.0 |
|
|
19.4 |
|
|
14.2 |
|
|
70.6 |
|
|
|
15.9 |
|
|
14.8 |
|
|
30.7 |
|
Argentina highly inflationary impact(a) |
|
11.2 |
|
|
11.0 |
|
|
8.1 |
|
|
56.5 |
|
|
86.8 |
|
|
|
1.6 |
|
|
11.4 |
|
|
13.0 |
|
Transformation initiatives(a) |
|
— |
|
|
— |
|
|
— |
|
|
5.5 |
|
|
5.5 |
|
|
|
4.8 |
|
|
7.2 |
|
|
12.0 |
|
Non-routine auto loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
8.0 |
|
|
8.0 |
|
|
|
— |
|
|
— |
|
|
— |
|
Department of Justice investigation(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
6.0 |
|
|
6.0 |
|
Chile antitrust matter(a) |
|
0.2 |
|
|
0.2 |
|
|
— |
|
|
0.1 |
|
|
0.5 |
|
|
|
0.4 |
|
|
0.1 |
|
|
0.5 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
0.7 |
|
|
0.1 |
|
|
0.8 |
|
|
|
— |
|
|
— |
|
|
— |
|
Non-GAAP |
$ |
127.4 |
|
|
131.8 |
|
|
166.3 |
|
|
189.5 |
|
|
615.0 |
|
|
$ |
145.0 |
|
|
155.6 |
|
|
300.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP margin |
|
6.7 |
% |
|
8.7 |
% |
|
11.2 |
% |
|
8.2 |
% |
|
8.7 |
% |
|
|
9.8 |
% |
|
9.3 |
% |
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP margin |
|
10.7 |
% |
|
10.8 |
% |
|
13.5 |
% |
|
15.2 |
% |
|
12.6 |
% |
|
|
11.7 |
% |
|
12.4 |
% |
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
(46.6 |
) |
|
(51.1 |
) |
|
(53.8 |
) |
|
(52.3 |
) |
|
(203.8 |
) |
|
$ |
(55.8 |
) |
|
(56.5 |
) |
|
(112.3 |
) |
Acquisitions and dispositions(a) |
|
0.2 |
|
|
0.3 |
|
|
0.2 |
|
|
0.1 |
|
|
0.8 |
|
|
|
— |
|
|
— |
|
|
— |
|
Non-GAAP |
$ |
(46.4 |
) |
|
(50.8 |
) |
|
(53.6 |
) |
|
(52.2 |
) |
|
(203.0 |
) |
|
$ |
(55.8 |
) |
|
(56.5 |
) |
|
(112.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
4.7 |
|
|
4.1 |
|
|
2.9 |
|
|
2.7 |
|
|
14.4 |
|
|
$ |
13.3 |
|
|
12.5 |
|
|
25.8 |
|
Retirement plans(c) |
|
(2.2 |
) |
|
(1.9 |
) |
|
(2.1 |
) |
|
(2.8 |
) |
|
(9.0 |
) |
|
|
(1.5 |
) |
|
(1.9 |
) |
|
(3.4 |
) |
Acquisitions and dispositions(a) |
|
0.5 |
|
|
0.6 |
|
|
(0.9 |
) |
|
1.0 |
|
|
1.2 |
|
|
|
(0.2 |
) |
|
— |
|
|
(0.2 |
) |
Argentina highly inflationary impact(a) |
|
0.3 |
|
|
0.3 |
|
|
22.7 |
|
|
31.9 |
|
|
55.2 |
|
|
|
— |
|
|
0.2 |
|
|
0.2 |
|
Non-GAAP |
$ |
3.3 |
|
|
3.1 |
|
|
22.6 |
|
|
32.8 |
|
|
61.8 |
|
|
$ |
11.6 |
|
|
10.8 |
|
|
22.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
20.3 |
|
|
23.4 |
|
|
37.3 |
|
|
58.2 |
|
|
139.2 |
|
|
$ |
26.2 |
|
|
22.1 |
|
|
48.3 |
|
Retirement plans(c) |
|
(0.6 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
|
(0.7 |
) |
|
(2.0 |
) |
|
|
(0.3 |
) |
|
(0.4 |
) |
|
(0.7 |
) |
Reorganization and Restructuring(a) |
|
2.7 |
|
|
(0.1 |
) |
|
0.1 |
|
|
0.7 |
|
|
3.4 |
|
|
|
0.4 |
|
|
(0.1 |
) |
|
0.3 |
|
Acquisitions and dispositions(a) |
|
2.4 |
|
|
2.0 |
|
|
3.3 |
|
|
1.2 |
|
|
8.9 |
|
|
|
1.3 |
|
|
1.0 |
|
|
2.3 |
|
Argentina highly inflationary impact(a) |
|
(0.5 |
) |
|
(0.2 |
) |
|
(0.9 |
) |
|
(2.9 |
) |
|
(4.5 |
) |
|
|
(0.1 |
) |
|
0.2 |
|
|
0.1 |
|
Transformation initiatives(a) |
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
|
0.1 |
|
|
0.2 |
|
|
0.3 |
|
Non-routine auto loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
0.2 |
|
|
0.2 |
|
|
|
— |
|
|
— |
|
|
— |
|
Valuation allowance on tax credits(f) |
|
(2.6 |
) |
|
(4.1 |
) |
|
— |
|
|
(21.1 |
) |
|
(27.8 |
) |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter(a) |
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
Income tax rate adjustment(b) |
|
(0.8 |
) |
|
(0.1 |
) |
|
(5.6 |
) |
|
6.5 |
|
|
— |
|
|
|
0.7 |
|
|
7.8 |
|
|
8.5 |
|
Non-GAAP |
$ |
20.9 |
|
|
20.9 |
|
|
33.6 |
|
|
42.2 |
|
|
117.6 |
|
|
$ |
28.3 |
|
|
30.9 |
|
|
59.2 |
|
Amounts may not add due to rounding.
See page 11 for footnote explanations.
|
|
2023 |
|
|
|
2024 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
3.3 |
|
|
3.0 |
|
|
3.8 |
|
|
0.5 |
|
|
10.6 |
|
|
$ |
2.9 |
|
|
3.6 |
|
|
6.5 |
|
Acquisitions and dispositions(a) |
|
0.2 |
|
|
0.3 |
|
|
0.3 |
|
|
0.2 |
|
|
1.0 |
|
|
|
0.2 |
|
|
0.3 |
|
|
0.5 |
|
Income tax rate adjustment(b) |
|
(0.3 |
) |
|
(0.3 |
) |
|
0.1 |
|
|
0.5 |
|
|
— |
|
|
|
(0.3 |
) |
|
(0.3 |
) |
|
(0.6 |
) |
Non-GAAP |
$ |
3.2 |
|
|
3.0 |
|
|
4.2 |
|
|
1.2 |
|
|
11.6 |
|
|
$ |
2.8 |
|
|
3.6 |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to
Brink's: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
14.3 |
|
|
32.2 |
|
|
45.7 |
|
|
(6.2 |
) |
|
86.0 |
|
|
$ |
49.3 |
|
|
46.3 |
|
|
95.6 |
|
Retirement plans(c) |
|
(1.6 |
) |
|
(1.8 |
) |
|
(1.5 |
) |
|
(2.1 |
) |
|
(7.0 |
) |
|
|
(1.2 |
) |
|
(1.5 |
) |
|
(2.7 |
) |
Reorganization and Restructuring(a) |
|
11.5 |
|
|
0.1 |
|
|
0.3 |
|
|
2.3 |
|
|
14.2 |
|
|
|
1.0 |
|
|
0.2 |
|
|
1.2 |
|
Acquisitions and dispositions(a) |
|
20.1 |
|
|
13.6 |
|
|
15.1 |
|
|
13.9 |
|
|
62.7 |
|
|
|
14.2 |
|
|
13.5 |
|
|
27.7 |
|
Argentina highly inflationary impact(a) |
|
12.0 |
|
|
11.5 |
|
|
31.7 |
|
|
91.3 |
|
|
146.5 |
|
|
|
1.7 |
|
|
11.4 |
|
|
13.1 |
|
Transformation initiatives(a) |
|
— |
|
|
— |
|
|
— |
|
|
5.4 |
|
|
5.4 |
|
|
|
4.7 |
|
|
7.0 |
|
|
11.7 |
|
Non-routine auto loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
7.8 |
|
|
7.8 |
|
|
|
— |
|
|
— |
|
|
— |
|
Valuation allowance on tax credits(f) |
|
2.6 |
|
|
4.1 |
|
|
— |
|
|
21.1 |
|
|
27.8 |
|
|
|
— |
|
|
— |
|
|
— |
|
Department of Justice investigation(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
6.0 |
|
|
6.0 |
|
Chile antitrust matter(a) |
|
0.2 |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
|
0.4 |
|
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
0.7 |
|
|
0.1 |
|
|
0.8 |
|
|
|
— |
|
|
— |
|
|
— |
|
Income tax rate adjustment(b) |
|
1.1 |
|
|
0.4 |
|
|
5.5 |
|
|
(7.0 |
) |
|
— |
|
|
|
(0.4 |
) |
|
(7.5 |
) |
|
(7.9 |
) |
Non-GAAP |
$ |
60.2 |
|
|
60.2 |
|
|
97.5 |
|
|
126.7 |
|
|
344.6 |
|
|
$ |
69.7 |
|
|
75.4 |
|
|
145.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(g): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Brink's - GAAP |
$ |
15.0 |
|
|
32.1 |
|
|
45.6 |
|
|
(5.0 |
) |
|
87.7 |
|
|
$ |
49.3 |
|
|
46.2 |
|
|
95.5 |
|
Interest expense - GAAP |
|
46.6 |
|
|
51.1 |
|
|
53.8 |
|
|
52.3 |
|
|
203.8 |
|
|
|
55.8 |
|
|
56.5 |
|
|
112.3 |
|
Income tax provision - GAAP |
|
20.3 |
|
|
23.4 |
|
|
37.3 |
|
|
58.2 |
|
|
139.2 |
|
|
|
26.2 |
|
|
22.1 |
|
|
48.3 |
|
Depreciation and amortization - GAAP |
|
67.6 |
|
|
69.6 |
|
|
69.1 |
|
|
69.5 |
|
|
275.8 |
|
|
|
72.4 |
|
|
73.1 |
|
|
145.5 |
|
EBITDA |
$ |
149.5 |
|
|
176.2 |
|
|
205.8 |
|
|
175.0 |
|
|
706.5 |
|
|
$ |
203.7 |
|
|
197.9 |
|
|
401.6 |
|
Discontinued operations - GAAP |
|
(0.7 |
) |
|
0.1 |
|
|
0.1 |
|
|
(1.2 |
) |
|
(1.7 |
) |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
Retirement plans(c) |
|
(2.2 |
) |
|
(1.9 |
) |
|
(2.1 |
) |
|
(2.8 |
) |
|
(9.0 |
) |
|
|
(1.5 |
) |
|
(1.9 |
) |
|
(3.4 |
) |
Reorganization and Restructuring(a) |
|
13.1 |
|
|
(0.1 |
) |
|
0.4 |
|
|
3.0 |
|
|
16.4 |
|
|
|
1.4 |
|
|
0.1 |
|
|
1.5 |
|
Acquisitions and dispositions(a) |
|
8.3 |
|
|
0.7 |
|
|
3.6 |
|
|
0.4 |
|
|
13.0 |
|
|
|
1.0 |
|
|
(0.1 |
) |
|
0.9 |
|
Argentina highly inflationary impact(a) |
|
10.4 |
|
|
10.0 |
|
|
29.4 |
|
|
86.8 |
|
|
136.6 |
|
|
|
(0.7 |
) |
|
9.0 |
|
|
8.3 |
|
Transformation initiatives(a) |
|
— |
|
|
— |
|
|
— |
|
|
5.5 |
|
|
5.5 |
|
|
|
4.8 |
|
|
7.2 |
|
|
12.0 |
|
Non-routine auto loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
8.0 |
|
|
8.0 |
|
|
|
— |
|
|
— |
|
|
— |
|
Department of Justice investigation(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
6.0 |
|
|
6.0 |
|
Chile antitrust matter(a) |
|
0.2 |
|
|
0.2 |
|
|
— |
|
|
0.1 |
|
|
0.5 |
|
|
|
0.4 |
|
|
0.1 |
|
|
0.5 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
0.7 |
|
|
0.1 |
|
|
0.8 |
|
|
|
— |
|
|
— |
|
|
— |
|
Income tax rate adjustment(b) |
|
0.3 |
|
|
0.3 |
|
|
(0.1 |
) |
|
(0.5 |
) |
|
— |
|
|
|
0.3 |
|
|
0.3 |
|
|
0.6 |
|
Share-based compensation(d) |
|
11.8 |
|
|
8.3 |
|
|
6.4 |
|
|
6.5 |
|
|
33.0 |
|
|
|
9.3 |
|
|
7.3 |
|
|
16.6 |
|
Marketable securities (gain) loss(e) |
|
(0.2 |
) |
|
0.5 |
|
|
(13.7 |
) |
|
(29.0 |
) |
|
(42.4 |
) |
|
|
(0.5 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
Adjusted EBITDA |
$ |
190.5 |
|
|
194.3 |
|
|
230.5 |
|
|
251.9 |
|
|
867.2 |
|
|
$ |
218.2 |
|
|
225.9 |
|
|
444.1 |
|
Amounts may not add due to rounding.
See page 11 for footnote explanations.
|
|
2023 |
|
|
|
2024 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
Six Months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
0.30 |
|
|
0.68 |
|
|
0.97 |
|
|
(0.13 |
) |
|
1.83 |
|
|
$ |
1.09 |
|
|
1.03 |
|
|
2.12 |
|
Retirement plans(c) |
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.05 |
) |
|
(0.15 |
) |
|
|
(0.02 |
) |
|
(0.04 |
) |
|
(0.06 |
) |
Reorganization and Restructuring costs(a) |
|
0.24 |
|
|
0.01 |
|
|
0.01 |
|
|
0.05 |
|
|
0.30 |
|
|
|
0.02 |
|
|
0.01 |
|
|
0.02 |
|
Acquisitions and dispositions(a) |
|
0.42 |
|
|
0.27 |
|
|
0.31 |
|
|
0.30 |
|
|
1.33 |
|
|
|
0.31 |
|
|
0.30 |
|
|
0.62 |
|
Argentina highly inflationary impact(a) |
|
0.26 |
|
|
0.24 |
|
|
0.67 |
|
|
1.99 |
|
|
3.13 |
|
|
|
0.04 |
|
|
0.25 |
|
|
0.29 |
|
Transformation initiatives(a) |
|
— |
|
|
— |
|
|
— |
|
|
0.12 |
|
|
0.12 |
|
|
|
0.10 |
|
|
0.16 |
|
|
0.26 |
|
Non-routine auto loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
0.17 |
|
|
0.17 |
|
|
|
— |
|
|
— |
|
|
— |
|
Valuation allowance on tax credits(f) |
|
0.05 |
|
|
0.09 |
|
|
— |
|
|
0.46 |
|
|
0.59 |
|
|
|
— |
|
|
— |
|
|
— |
|
Department of Justice investigation(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
0.13 |
|
|
0.13 |
|
Chile antitrust matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
0.02 |
|
|
|
— |
|
|
— |
|
|
— |
|
Income tax rate adjustment(b) |
|
0.02 |
|
|
0.01 |
|
|
0.12 |
|
|
(0.15 |
) |
|
— |
|
|
|
(0.01 |
) |
|
(0.17 |
) |
|
(0.17 |
) |
Non-GAAP |
$ |
1.27 |
|
|
1.27 |
|
|
2.07 |
|
|
2.76 |
|
|
7.35 |
|
|
$ |
1.54 |
|
|
1.67 |
|
|
3.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
67.6 |
|
|
69.6 |
|
|
69.1 |
|
|
69.5 |
|
|
275.8 |
|
|
$ |
72.4 |
|
|
73.1 |
|
|
145.5 |
|
Reorganization and Restructuring costs(a) |
|
(1.1 |
) |
|
(0.1 |
) |
|
— |
|
|
— |
|
|
(1.2 |
) |
|
|
— |
|
|
— |
|
|
— |
|
Acquisitions and dispositions(a) |
|
(14.0 |
) |
|
(14.6 |
) |
|
(14.6 |
) |
|
(14.6 |
) |
|
(57.8 |
) |
|
|
(14.5 |
) |
|
(14.6 |
) |
|
(29.1 |
) |
Argentina highly inflationary impact(a) |
|
(1.1 |
) |
|
(1.3 |
) |
|
(1.4 |
) |
|
(1.6 |
) |
|
(5.4 |
) |
|
|
(2.3 |
) |
|
(2.6 |
) |
|
(4.9 |
) |
Non-GAAP |
$ |
51.4 |
|
|
53.6 |
|
|
53.1 |
|
|
53.3 |
|
|
211.4 |
|
|
$ |
55.6 |
|
|
55.9 |
|
|
111.5 |
|
Amounts may not add due to rounding.
See page 11 for footnote explanations.
|
Full Year |
|
Six MonthsEnded June 30, |
|
|
2023 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
|
|
|
|
Free cash flow before dividends: |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Operating activities - GAAP |
$ |
702.4 |
|
|
$ |
105.3 |
|
|
$ |
(2.2 |
) |
(Increase) decrease in restricted cash held for customers |
|
(59.5 |
) |
|
|
16.2 |
|
|
|
67.2 |
|
(Increase) decrease in certain customer obligations(a) |
|
(66.0 |
) |
|
|
32.4 |
|
|
|
(4.6 |
) |
Operating activities - non-GAAP |
$ |
576.9 |
|
|
$ |
153.9 |
|
|
$ |
60.4 |
|
Capital expenditures - GAAP |
|
(202.7 |
) |
|
|
(89.4 |
) |
|
|
(108.9 |
) |
Proceeds from sale of property, equipment and investments |
|
18.4 |
|
|
|
1.0 |
|
|
|
4.5 |
|
Proceeds from lessor debt financing |
|
7.5 |
|
|
|
1.4 |
|
|
|
7.2 |
|
Free cash flow before dividends - non-GAAP |
$ |
400.1 |
|
|
$ |
66.9 |
|
|
$ |
(36.8 |
) |
(a) To adjust for the change in the balance of customer
obligations related to cash received and processed in certain of
our secure Cash Management Services operations. The title to this
cash transfers to us for a short period of time. The cash is
generally credited to customers’ accounts the following day and we
do not consider it as available for general corporate purposes in
the management of our liquidity and capital resources.Free cash
flow before dividends is a supplemental financial measure that is
not required by, or presented in accordance with GAAP. The purpose
of this non-GAAP measure is to report financial information
excluding the change in restricted cash held for customers, the
impact of cash received and processed in certain of our secure cash
management services operations, capital expenditures, and to
include proceeds from the sale of property, equipment and
investments and proceeds from lessor debt financing. In the second
quarter of 2024, we changed the definition of free cash flow before
dividends to include proceeds from lessor debt financing. We
believe this measure is helpful in assessing cash flows from
operations, enables period-to-period comparability and is useful in
predicting future cash flows. This non-GAAP measure should not be
considered as an alternative to cash flows from operating
activities determined in accordance with GAAP and should be read in
conjunction with our condensed consolidated statements of cash
flows.
Brinks (NYSE:BCO)
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