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 third-quarter results.
Mark Eubanks, president and CEO, said: “We delivered another
strong quarter of revenue, profit and free cash flow growth as we
continue to build momentum and consistency in our business. Our
higher growth AMS and DRS offerings grew a combined 18% organically
in the third quarter and now exceed 20% of our total trailing
twelve-month revenue. Record operating profit and operating
profit margins reflect our disciplined cost productivity
initiatives, including the restructuring actions late last year,
and the margin benefits of price realization and improved revenue
mix from DRS and AMS. Free cash flow of $216 million year-to-date
reflects the flow through of higher operating profits and better
working capital management. Consistent with our stated capital
allocation priorities, we have returned nearly two-thirds of our
free cash flow to shareholders through our share repurchase plan
and quarterly dividend. Given the strength of our performance and
positive cash flow outlook for the business, our board has
authorized a new $500 million share repurchase plan."
“I am encouraged by the work of our team as we develop a
consistent business model under the Brink's Business System. Our
strong DRS and AMS pipeline and our operating efficiency
initiatives will serve us well as we manage through changing
economic environments. As we look forward, we remain well
positioned to deliver on our commitments and continue to create
value for our shareholders.”
Third-quarter results are summarized in
the following table:
(In millions, except for per
share amounts) |
Third-Quarter 2023 (vs. 2022) |
|
GAAP |
|
Change |
|
Non-GAAP |
|
Change |
|
ConstantCurrencyChange(b) |
Revenue |
$ |
1,227 |
|
|
8% |
|
$ |
1,227 |
|
|
8% |
|
9% |
Operating Profit |
$ |
138 |
|
|
131% |
|
$ |
166 |
|
|
31% |
|
43% |
Operating Margin |
|
11.2 |
% |
|
600 bps |
|
|
13.5 |
% |
|
230 bps |
|
340 bps |
Net Income / Adjusted
EBITDA(a) |
$ |
46 |
|
|
138% |
|
$ |
231 |
|
|
22% |
|
29% |
EPS |
$ |
0.97 |
|
|
137% |
|
$ |
1.92 |
|
|
39% |
|
56% |
(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 2023
Non-GAAP results at 2022 exchange rates. |
2023 Guidance (Unaudited)(In millions, except
for percentages and per share amounts)
The 2023 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 2023 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 2023. The 2023 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 2023 outlook assumes the continuation of current economic
trends and does not contemplate a significant economic downturn for
the balance of the year.
|
|
2023 Non-GAAPOutlook |
|
|
Revenues |
$ |
4,800 - 4,950 |
|
|
|
|
|
|
|
Operating profit |
$ |
625 - 675 |
|
|
|
|
|
|
|
Operating profit margin |
|
12.6% - 14.0% |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
865 - 915 |
|
|
|
|
|
|
|
Adjusted EBITDA margin |
|
17.5% - 19.0% |
|
|
|
|
|
|
|
Free cash flow before
dividends |
$ |
350 - 375 |
|
|
|
|
|
|
|
EPS from continuing operations
attributable to Brink's |
$ |
6.45 - 7.15 |
|
Conference CallBrink’s will host a
conference call on November 7 at 8:30 a.m. ET to review
third-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/10183609/fac5bb7b04 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 November 14, 2023 at
877-344-7529 (in the U.S.) or 412-317-0088 (international). The
conference number is 6674113. 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, 2022 |
|
September 30, 2023 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
972.0 |
|
|
933.5 |
|
Restricted cash |
|
438.5 |
|
|
387.0 |
|
Accounts receivable, net |
|
862.2 |
|
|
801.3 |
|
Prepaid expenses and other |
|
324.7 |
|
|
340.6 |
|
Total current assets |
|
2,597.4 |
|
|
2,462.4 |
|
|
|
|
|
Right-of-use assets, net |
|
314.5 |
|
|
338.7 |
|
Property and equipment,
net |
|
935.3 |
|
|
965.5 |
|
Goodwill |
|
1,450.9 |
|
|
1,448.1 |
|
Other intangibles |
|
535.5 |
|
|
492.4 |
|
Deferred tax assets, net |
|
246.2 |
|
|
241.9 |
|
Other |
|
286.2 |
|
|
315.8 |
|
|
|
|
|
Total assets |
$ |
6,366.0 |
|
|
6,264.8 |
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Short-term borrowings |
|
47.2 |
|
|
124.9 |
|
Current maturities of long-term debt |
|
82.4 |
|
|
92.0 |
|
Accounts payable |
|
296.5 |
|
|
206.7 |
|
Accrued liabilities |
|
1,019.4 |
|
|
1,016.7 |
|
Restricted cash held for customers |
|
229.3 |
|
|
184.3 |
|
Total current liabilities |
|
1,674.8 |
|
|
1,624.6 |
|
|
|
|
|
Long-term debt |
|
3,273.2 |
|
|
3,202.2 |
|
Accrued pension costs |
|
131.0 |
|
|
127.6 |
|
Retirement benefits other than
pensions |
|
174.5 |
|
|
170.0 |
|
Lease liabilities |
|
249.9 |
|
|
269.7 |
|
Deferred tax liabilities |
|
67.8 |
|
|
59.6 |
|
Other |
|
224.6 |
|
|
226.8 |
|
Total liabilities |
|
5,795.8 |
|
|
5,680.5 |
|
|
|
|
|
Equity: |
|
|
|
The Brink's Company ("Brink's") shareholders: |
|
|
|
Common stock, par value $1 per share: |
|
|
|
Shares authorized: 100.0 |
|
|
|
Shares issued and outstanding: 2023 - 45.3; 2022 - 46.3 |
|
46.3 |
|
|
45.3 |
|
Capital in excess of par value |
|
684.1 |
|
|
680.3 |
|
Retained earnings |
|
417.2 |
|
|
397.8 |
|
Accumulated other comprehensive income (loss) |
|
(700.5 |
) |
|
(660.6 |
) |
Brink's shareholders |
|
447.1 |
|
|
462.8 |
|
|
|
|
|
Noncontrolling interests |
|
123.1 |
|
|
121.5 |
|
|
|
|
|
Total equity |
|
570.2 |
|
|
584.3 |
|
|
|
|
|
Total liabilities and equity |
$ |
6,366.0 |
|
|
6,264.8 |
|
The Brink’s Company and
subsidiaries(In millions) (Unaudited)
Condensed Consolidated Statements of Cash
Flows
|
Nine Months Ended September 30, |
|
2022 |
|
2023 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
134.9 |
|
|
102.8 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
(Gain) loss from discontinued operations, net of tax |
|
0.2 |
|
|
(0.5 |
) |
Depreciation and amortization |
|
179.9 |
|
|
206.3 |
|
Share-based compensation expense |
|
36.3 |
|
|
25.6 |
|
Deferred income taxes |
|
(57.3 |
) |
|
3.7 |
|
(Gain) loss on sale of property, equipment and marketable
securities |
|
0.8 |
|
|
2.2 |
|
Impairment losses |
|
7.9 |
|
|
8.2 |
|
Retirement benefit funding (more) less than expense: |
|
|
|
Pension |
|
(4.7 |
) |
|
(6.9 |
) |
Other than pension |
|
2.8 |
|
|
(6.0 |
) |
Remeasurement losses due to Argentina currency devaluations |
|
24.4 |
|
|
23.9 |
|
Other operating |
|
29.7 |
|
|
17.1 |
|
Changes in operating assets and liabilities, net of effects of
acquisitions: |
|
|
|
(Increase) decrease in accounts receivable and income taxes
receivable |
|
(175.7 |
) |
|
30.8 |
|
Increase (decrease) in accounts payable, income taxes payable and
accrued liabilities |
|
108.7 |
|
|
(61.0 |
) |
Increase (decrease) in restricted cash held for customers |
|
(4.4 |
) |
|
(44.9 |
) |
Increase (decrease) in customer obligations |
|
4.0 |
|
|
(5.5 |
) |
Increase in prepaid and other current assets |
|
(79.8 |
) |
|
5.1 |
|
Other |
|
(7.2 |
) |
|
(7.9 |
) |
Net cash provided by operating activities |
|
200.5 |
|
|
293.0 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital expenditures |
|
(131.5 |
) |
|
(133.1 |
) |
Acquisitions, net of cash
acquired |
|
(14.2 |
) |
|
— |
|
Dispositions, net of cash
disposed |
|
— |
|
|
1.1 |
|
Marketable securities: |
|
|
|
Purchases |
|
(18.3 |
) |
|
(58.3 |
) |
Sales |
|
7.7 |
|
|
48.7 |
|
Cash proceeds from sale of
property and equipment |
|
3.3 |
|
|
5.7 |
|
Cash proceeds from settlement
of cross currency swap |
|
64.3 |
|
|
— |
|
Net change in loans held for
investment |
|
(23.3 |
) |
|
(12.3 |
) |
Other |
|
(0.1 |
) |
|
(0.6 |
) |
Discontinued operations |
|
— |
|
|
0.9 |
|
Net cash used by investing activities |
|
(112.1 |
) |
|
(147.9 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Borrowings (repayments) of
debt: |
|
|
|
Short-term borrowings |
|
11.5 |
|
|
76.6 |
|
Long-term revolving credit facilities: |
|
|
|
Borrowings |
|
5,036.1 |
|
|
6,640.5 |
|
Repayments |
|
(4,819.1 |
) |
|
(6,713.1 |
) |
Other long-term debt: |
|
|
|
Borrowings |
|
213.2 |
|
|
16.4 |
|
Repayments |
|
(63.7 |
) |
|
(71.1 |
) |
Acquisition of noncontrolling
interest |
|
(7.8 |
) |
|
(0.6 |
) |
Cash paid for acquisition
related settlements and obligations |
|
(2.8 |
) |
|
(10.5 |
) |
Debt financing costs |
|
(5.5 |
) |
|
— |
|
Repurchase shares of Brink's
common stock |
|
(27.3 |
) |
|
(105.7 |
) |
Dividends to: |
|
|
|
Shareholders of Brink’s |
|
(28.3 |
) |
|
(29.7 |
) |
Noncontrolling interests in subsidiaries |
|
(6.9 |
) |
|
(6.5 |
) |
Tax withholdings associated
with share-based compensation |
|
(10.2 |
) |
|
(7.6 |
) |
Other |
|
2.7 |
|
|
3.9 |
|
Net cash provided (used) by financing activities |
|
291.9 |
|
|
(207.4 |
) |
|
|
|
|
Effect of exchange rate
changes on cash |
|
(118.1 |
) |
|
(27.7 |
) |
Cash, cash equivalents and
restricted cash: |
|
|
|
Increase (decrease) |
|
262.2 |
|
|
(90.0 |
) |
Balance at beginning of period |
|
1,086.7 |
|
|
1,410.5 |
|
Balance at end of period |
$ |
1,348.9 |
|
|
1,320.5 |
|
Supplemental Cash Flow Information |
Nine Months Ended September 30, |
|
2022 |
|
2023 |
Cash paid for income taxes, net |
$ |
(101.6 |
) |
|
(74.5 |
) |
The Brink’s Company and subsidiaries(In
millions, except for per share amounts) (Unaudited)
Third-Quarter
2023 vs.
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
3Q'22 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
3Q'23 |
|
Total |
|
Organic |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
401 |
|
|
(3 |
) |
|
1 |
|
|
(1 |
) |
|
398 |
|
|
(1 |
) |
|
(1 |
) |
Latin America |
|
301 |
|
|
71 |
|
|
1 |
|
|
(33 |
) |
|
340 |
|
|
13 |
|
|
24 |
|
Europe |
|
220 |
|
|
12 |
|
|
35 |
|
|
21 |
|
|
288 |
|
|
31 |
|
|
6 |
|
Rest of World |
|
215 |
|
|
(9 |
) |
|
(2 |
) |
|
(2 |
) |
|
202 |
|
|
(6 |
) |
|
(4 |
) |
Segment revenues(c) |
$ |
1,137 |
|
|
72 |
|
|
35 |
|
|
(15 |
) |
|
1,227 |
|
|
8 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues - GAAP |
$ |
1,137 |
|
|
72 |
|
|
35 |
|
|
(15 |
) |
|
1,227 |
|
|
8 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
38 |
|
|
9 |
|
|
— |
|
|
— |
|
|
48 |
|
|
24 |
|
|
23 |
|
Latin America |
|
67 |
|
|
20 |
|
|
— |
|
|
(19 |
) |
|
68 |
|
|
2 |
|
|
31 |
|
Europe |
|
26 |
|
|
2 |
|
|
5 |
|
|
3 |
|
|
36 |
|
|
38 |
|
|
7 |
|
Rest of World |
|
48 |
|
|
(5 |
) |
|
— |
|
|
(1 |
) |
|
43 |
|
|
(12 |
) |
|
(11 |
) |
Segment operating profit |
|
179 |
|
|
26 |
|
|
6 |
|
|
(17 |
) |
|
194 |
|
|
8 |
|
|
14 |
|
Corporate(d) |
|
(52 |
) |
|
23 |
|
|
— |
|
|
2 |
|
|
(28 |
) |
|
(47 |
) |
|
(44 |
) |
Operating profit - non-GAAP |
$ |
127 |
|
|
49 |
|
|
6 |
|
|
(15 |
) |
|
166 |
|
|
31 |
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(e) |
|
(67 |
) |
|
18 |
|
|
17 |
|
|
4 |
|
|
(29 |
) |
|
(58 |
) |
|
(27 |
) |
Operating profit - GAAP |
$ |
60 |
|
|
67 |
|
|
23 |
|
|
(12 |
) |
|
138 |
|
|
fav |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
interest expense |
|
(35 |
) |
|
|
|
|
|
|
|
(54 |
) |
|
55 |
|
|
|
GAAP
interest and other income (expense) |
|
6 |
|
|
|
|
|
|
|
|
3 |
|
|
(54 |
) |
|
|
GAAP
provision (benefit) for income taxes |
|
9 |
|
|
|
|
|
|
|
|
37 |
|
|
unfav |
|
|
|
GAAP
noncontrolling interests |
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
12 |
|
|
|
GAAP
income from continuing operations(f) |
|
19 |
|
|
|
|
|
|
|
|
46 |
|
|
fav |
|
|
|
GAAP
EPS(f) |
$ |
0.41 |
|
|
|
|
|
|
|
|
0.97 |
|
|
fav |
|
|
|
GAAP
weighted-average diluted shares |
|
47.5 |
|
|
|
|
|
|
|
|
47.1 |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP(g) |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
3Q'22 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
3Q'23 |
|
Total |
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenues - GAAP/non-GAAP |
$ |
1,137 |
|
|
72 |
|
35 |
|
(15 |
) |
|
1,227 |
|
|
8 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating profit |
|
127 |
|
|
49 |
|
6 |
|
(15 |
) |
|
166 |
|
|
31 |
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
interest expense |
|
(34 |
) |
|
|
|
|
|
|
|
(54 |
) |
|
56 |
|
|
|
Non-GAAP
interest and other income (expense) |
|
7 |
|
|
|
|
|
|
|
|
23 |
|
|
fav |
|
|
|
Non-GAAP
provision for income taxes |
|
30 |
|
|
|
|
|
|
|
|
41 |
|
|
35 |
|
|
|
Non-GAAP
noncontrolling interests |
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
24 |
|
|
|
Non-GAAP
income from continuing operations(f) |
|
66 |
|
|
|
|
|
|
|
|
91 |
|
|
38 |
|
|
|
Non-GAAP
EPS(f) |
$ |
1.38 |
|
|
|
|
|
|
|
|
1.92 |
|
|
39 |
|
|
|
Non-GAAP
weighted-average diluted shares |
|
47.5 |
|
|
|
|
|
|
|
|
47.1 |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding.
(a) |
Non-GAAP 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)
Nine Months Ended September 30,
2023 vs.
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
2022 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2023 |
|
Total |
|
Organic |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
1,171 |
|
|
28 |
|
|
3 |
|
|
(4 |
) |
|
1,197 |
|
|
2 |
|
|
2 |
|
Latin America |
|
899 |
|
|
191 |
|
|
2 |
|
|
(103 |
) |
|
989 |
|
|
10 |
|
|
21 |
|
Europe |
|
669 |
|
|
54 |
|
|
107 |
|
|
12 |
|
|
842 |
|
|
26 |
|
|
8 |
|
Rest of World |
|
606 |
|
|
20 |
|
|
(5 |
) |
|
(20 |
) |
|
600 |
|
|
(1 |
) |
|
3 |
|
Segment revenues(c) |
$ |
3,345 |
|
|
293 |
|
|
107 |
|
|
(115 |
) |
|
3,629 |
|
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues - GAAP |
$ |
3,345 |
|
|
293 |
|
|
107 |
|
|
(115 |
) |
|
3,629 |
|
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
97 |
|
|
26 |
|
|
1 |
|
|
— |
|
|
124 |
|
|
28 |
|
|
27 |
|
Latin America |
|
194 |
|
|
52 |
|
|
1 |
|
|
(46 |
) |
|
201 |
|
|
3 |
|
|
27 |
|
Europe |
|
63 |
|
|
8 |
|
|
14 |
|
|
2 |
|
|
87 |
|
|
38 |
|
|
13 |
|
Rest of World |
|
121 |
|
|
3 |
|
|
1 |
|
|
(4 |
) |
|
121 |
|
|
— |
|
|
3 |
|
Segment operating profit |
|
475 |
|
|
90 |
|
|
16 |
|
|
(48 |
) |
|
533 |
|
|
12 |
|
|
19 |
|
Corporate(d) |
|
(112 |
) |
|
(1 |
) |
|
— |
|
|
6 |
|
|
(107 |
) |
|
(4 |
) |
|
1 |
|
Operating profit - non-GAAP |
$ |
363 |
|
|
89 |
|
|
16 |
|
|
(42 |
) |
|
426 |
|
|
17 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(e) |
|
(145 |
) |
|
35 |
|
|
10 |
|
|
(2 |
) |
|
(102 |
) |
|
(29 |
) |
|
(24 |
) |
Operating profit - GAAP |
$ |
218 |
|
|
123 |
|
|
25 |
|
|
(44 |
) |
|
323 |
|
|
48 |
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
interest expense |
|
(95 |
) |
|
|
|
|
|
|
|
(152 |
) |
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
interest and other income (expense) |
|
8 |
|
|
|
|
|
|
|
|
12 |
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
provision (benefit) for income taxes |
|
(3 |
) |
|
|
|
|
|
|
|
81 |
|
|
unfav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
noncontrolling interests |
|
9 |
|
|
|
|
|
|
|
|
10 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
income from continuing operations(f) |
|
126 |
|
|
|
|
|
|
|
|
92 |
|
|
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
EPS(f) |
$ |
2.63 |
|
|
|
|
|
|
|
|
1.95 |
|
|
(26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
weighted-average diluted shares |
|
47.9 |
|
|
|
|
|
|
|
|
47.3 |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP(g) |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
2022 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2023 |
|
Total |
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenues - GAAP/non-GAAP |
$ |
3,345 |
|
|
293 |
|
107 |
|
(115 |
) |
|
3,629 |
|
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating profit |
|
363 |
|
|
89 |
|
16 |
|
(42 |
) |
|
426 |
|
|
17 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
interest expense |
|
(94 |
) |
|
|
|
|
|
|
|
(151 |
) |
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
interest and other income (expense) |
|
13 |
|
|
|
|
|
|
|
|
29 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
provision for income taxes |
|
85 |
|
|
|
|
|
|
|
|
91 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
noncontrolling interests |
|
9 |
|
|
|
|
|
|
|
|
10 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
income from continuing operations(f) |
|
187 |
|
|
|
|
|
|
|
|
202 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
EPS(f) |
$ |
3.90 |
|
|
|
|
|
|
|
|
4.27 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted-average diluted shares |
|
47.9 |
|
|
|
|
|
|
|
|
47.3 |
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: 2023 outlook, including revenue, operating profit,
adjusted EBITDA, earnings per share, and free cash flow (and
drivers thereof), the impact of the global restructuring plan,
expected impact from deployment of technology-enabled services,
including digital retail solutions and ATM managed services,
strategic priorities and initiatives, including the Brink's
Business System, and expected share repurchase activity.
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
(including the ongoing Covid-19 pandemic and related impact to and
restrictions on the actions of businesses and consumers, including
suppliers and customers), 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, 2022, 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:
2022 and 2023
(Unaudited)(In millions, except for
percentages)
|
Revenues |
|
|
2022 |
|
|
|
2023 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
NineMonths |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
368.8 |
|
|
401.6 |
|
|
400.6 |
|
|
413.1 |
|
|
1,584.1 |
|
|
$ |
401.9 |
|
|
397.4 |
|
|
398.1 |
|
|
1,197.4 |
|
Latin America |
|
291.3 |
|
|
306.3 |
|
|
301.1 |
|
|
311.9 |
|
|
1,210.6 |
|
|
|
315.5 |
|
|
333.9 |
|
|
339.6 |
|
|
989.0 |
|
Europe |
|
222.1 |
|
|
226.7 |
|
|
220.0 |
|
|
262.6 |
|
|
931.4 |
|
|
|
268.7 |
|
|
285.9 |
|
|
287.8 |
|
|
842.4 |
|
Rest of World |
|
191.8 |
|
|
199.3 |
|
|
215.0 |
|
|
203.3 |
|
|
809.4 |
|
|
|
199.3 |
|
|
199.0 |
|
|
201.9 |
|
|
600.2 |
|
Segment revenues - GAAP and Non-GAAP |
$ |
1,074.0 |
|
|
1,133.9 |
|
|
1,136.7 |
|
|
1,190.9 |
|
|
4,535.5 |
|
|
$ |
1,185.4 |
|
|
1,216.2 |
|
|
1,227.4 |
|
|
3,629.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit |
|
|
2022 |
|
|
|
2023 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
NineMonths |
Operating
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
24.4 |
|
|
34.1 |
|
|
38.2 |
|
|
62.4 |
|
|
159.1 |
|
|
$ |
38.6 |
|
|
37.5 |
|
|
47.5 |
|
|
123.6 |
|
Latin America |
|
63.0 |
|
|
64.7 |
|
|
66.5 |
|
|
83.5 |
|
|
277.7 |
|
|
|
66.6 |
|
|
65.9 |
|
|
68.1 |
|
|
200.6 |
|
Europe |
|
14.8 |
|
|
22.4 |
|
|
25.9 |
|
|
35.3 |
|
|
98.4 |
|
|
|
22.0 |
|
|
29.3 |
|
|
35.8 |
|
|
87.1 |
|
Rest of World |
|
33.1 |
|
|
39.5 |
|
|
48.3 |
|
|
43.0 |
|
|
163.9 |
|
|
|
37.3 |
|
|
41.3 |
|
|
42.6 |
|
|
121.2 |
|
Corporate |
|
(23.2 |
) |
|
(36.7 |
) |
|
(52.1 |
) |
|
(36.8 |
) |
|
(148.8 |
) |
|
|
(37.1 |
) |
|
(42.2 |
) |
|
(27.7 |
) |
|
(107.0 |
) |
Non-GAAP |
|
112.1 |
|
|
124.0 |
|
|
126.8 |
|
|
187.4 |
|
|
550.3 |
|
|
|
127.4 |
|
|
131.8 |
|
|
166.3 |
|
|
425.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reorganization and Restructuring |
|
(11.7 |
) |
|
(2.7 |
) |
|
(19.6 |
) |
|
(4.8 |
) |
|
(38.8 |
) |
|
|
(14.2 |
) |
|
— |
|
|
(0.4 |
) |
|
(14.6 |
) |
Acquisitions and dispositions |
|
(15.2 |
) |
|
(15.4 |
) |
|
(35.7 |
) |
|
(20.3 |
) |
|
(86.6 |
) |
|
|
(22.0 |
) |
|
(15.0 |
) |
|
(19.4 |
) |
|
(56.4 |
) |
Argentina highly inflationary impact |
|
(6.1 |
) |
|
(9.0 |
) |
|
(12.0 |
) |
|
(14.6 |
) |
|
(41.7 |
) |
|
|
(11.2 |
) |
|
(11.0 |
) |
|
(8.1 |
) |
|
(30.3 |
) |
Change in allowance estimate |
|
(16.7 |
) |
|
0.4 |
|
|
0.3 |
|
|
0.4 |
|
|
(15.6 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Ship loss matter |
|
— |
|
|
— |
|
|
— |
|
|
(4.9 |
) |
|
(4.9 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter |
|
— |
|
|
(0.8 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
|
(1.4 |
) |
|
|
(0.2 |
) |
|
(0.2 |
) |
|
— |
|
|
(0.4 |
) |
Reporting compliance |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(0.7 |
) |
|
(0.7 |
) |
GAAP |
$ |
62.4 |
|
|
96.5 |
|
|
59.5 |
|
|
142.9 |
|
|
361.3 |
|
|
$ |
79.8 |
|
|
105.6 |
|
|
137.7 |
|
|
323.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin |
|
|
2022 |
|
|
|
2023 |
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
NineMonths |
Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
6.6 |
% |
|
8.5 |
|
|
9.5 |
|
|
15.1 |
|
|
10.0 |
|
|
|
9.6 |
% |
|
9.4 |
|
|
11.9 |
|
|
10.3 |
|
Latin America |
|
21.6 |
|
|
21.1 |
|
|
22.1 |
|
|
26.8 |
|
|
22.9 |
|
|
|
21.1 |
|
|
19.7 |
|
|
20.1 |
|
|
20.3 |
|
Europe |
|
6.7 |
|
|
9.9 |
|
|
11.8 |
|
|
13.4 |
|
|
10.6 |
|
|
|
8.2 |
|
|
10.2 |
|
|
12.4 |
|
|
10.3 |
|
Rest of World |
|
17.3 |
|
|
19.8 |
|
|
22.5 |
|
|
21.2 |
|
|
20.2 |
|
|
|
18.7 |
|
|
20.8 |
|
|
21.1 |
|
|
20.2 |
|
Non-GAAP |
|
10.4 |
|
|
10.9 |
|
|
11.2 |
|
|
15.7 |
|
|
12.1 |
|
|
|
10.7 |
|
|
10.8 |
|
|
13.5 |
|
|
11.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
|
(4.6 |
) |
|
(2.4 |
) |
|
(6.0 |
) |
|
(3.7 |
) |
|
(4.1 |
) |
|
|
(4.0 |
) |
|
(2.1 |
) |
|
(2.3 |
) |
|
(2.8 |
) |
GAAP |
|
5.8 |
% |
|
8.5 |
|
|
5.2 |
|
|
12.0 |
|
|
8.0 |
|
|
|
6.7 |
% |
|
8.7 |
|
|
11.2 |
|
|
8.9 |
|
(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 $32.2 million in
charges under this program, including $10.0 million in the first
nine months of 2023. We expect total expenses from this program to
be between $42 million and $48 million. When completed, the current
restructuring actions are expected to reduce our workforce by 3,300
to 3,500 positions and result in annualized cost savings of at
least $60 million.
Other RestructuringsManagement periodically implements
restructuring actions in targeted sections of our business. As a
result of these actions, we recognized $16.6 million in net costs
in 2022, primarily severance costs. We recognized $4.6 million in
net costs in the first nine months of 2023, primarily severance
costs. The majority of the costs in both the 2023 and 2022 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:
2023 Acquisitions and Dispositions
- Amortization expense for acquisition-related intangible assets
was $43.2 million in the first nine months of 2023.
- We derecognized a contingent consideration liability related to
the NoteMachine business acquisition and recognized a gain of
$4.8 million.
- We recognized $4.7 million in charges in Argentina in the
first nine months of 2023 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.
- Net charges of $3.4 million were incurred for
post-acquisition adjustments to indemnification assets related to
previous business acquisitions.
- We incurred $2.0 million in integration costs, primarily
related to PAI, in the first nine months of 2023.
- Transaction costs related to business acquisitions were
$3.6 million in the first nine months of 2023.
- We recognized a $2.0 million loss on the disposition of
Russia-based operations in the first nine months of 2023.
- Compensation expense related to the retention of key PAI
employees was $1.3 million in the first nine months of
2023.
2022 Acquisitions and Dispositions
- Amortization expense for acquisition-related intangible assets
was $52.0 million in 2022.
- We recognized $12.5 million in charges in Argentina in
2022 for expected payments to union workers of the Maco
businesses.
- Net charges of $7.8 million were incurred for post-acquisition
adjustments to indemnification assets related to previous business
acquisitions.
- We incurred $4.8 million in integration costs, primarily
related to PAI and G4S, in 2022.
- Transaction costs related to business acquisitions were
$5.6 million in 2022.
- Restructuring costs related to acquisitions were
$0.2 million in 2022.
- Compensation expense related to the retention of key PAI
employees was $3.5 million in 2022.
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 the first nine months
of 2023, we recognized $30.3 million in pretax charges related
to highly inflationary accounting, including currency remeasurement
losses of $23.9 million. In 2022, we recognized $41.7 million
in pretax charges related to highly inflationary accounting,
including currency remeasurement losses of $37.6 million. These
amounts are excluded from non-GAAP results.
Change in allowance estimate In the first
quarter of 2022, we refined our global methodology of estimating
the allowance for doubtful accounts. Our previous method to
estimate currently expected credit losses in receivables (the
allowance) was weighted significantly to a review of historical
loss rates and specific identification of higher risk customer
accounts. It also considered current and expected economic
conditions, particularly the effects of the coronavirus (COVID-19)
pandemic, in determining an appropriate allowance. As many of our
regions begin to recover from the pandemic, we have re-assessed
those earlier assumptions and estimates. Our updated method now
also includes an estimated allowance for accounts receivable
significantly past due in order to adjust for at-risk receivables
not captured in our previous method. As part of the analysis under
the updated estimation methodology, we noted an increase in
accounts receivable significantly past due, particularly in the
U.S., and we recorded an additional allowance of $15.6 million in
2022. There was no impact in the first nine months of 2023. Due to
the fact that management has excluded these amounts when evaluating
internal performance, we have excluded this charge from segment and
non-GAAP results.
Ship loss matter In 2015, Brink’s placed cargo
containing customer valuables on a ship which suffered damages and
losses. Brink’s cargo did not suffer any damage. The ship owner
declared a general average claim to recover losses to the ship and
cargo from customers with undamaged cargo, including Brink’s, based
on the pro rata value of ship cargo. In the fourth quarter of 2022,
we recognized a $4.9 million charge for our estimate of the
probable loss. Due to the unusual nature of the contingency and the
fact that management has excluded these amounts when evaluating
internal performance, we have excluded this charge from segment and
non-GAAP results.
Chile antitrust matter In October 2021, the
Chilean antitrust agency filed a complaint alleging that Brink’s
Chile (as well as competitor companies) engaged in collusion in
2017 and 2018 and requested that the court approve a fine of $30.5
million. The Company filed its response to the complaint in
November 2022, which signaled the beginning of the evidentiary
phase. Based on available information to date, we recorded a charge
of $9.5 million in the third quarter of 2021 in connection with
this matter. In 2022, we recognized an additional $1.4 million
adjustment to our estimated loss as a result of a change in
currency rates. In the first nine months of 2023, we recognized an
additional $0.4 million adjustment to our estimated loss as a
result of a change in currency rates. Due to its special nature,
this charge has not been allocated to segment results and is
excluded from non-GAAP results.
Reporting compliance Certain compliance costs
(primarily third party expenses) are excluded from segment and
non-GAAP results. In the first nine months of 2023, we incurred
$0.7 million in costs related to mitigation of the material
weakness. We did not incur any such costs in 2022.
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 2023 Non-GAAP outlook amounts for operating profit, EPS from
continuing operations, free cash flow before dividends and Adjusted
EBITDA 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 2023. 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,
income or earnings per share 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 '22 |
|
YTD '23 |
|
Pre-taxincome |
|
Incometaxes |
|
Effectivetax rate |
|
Pre-taxincome |
|
Incometaxes |
|
Effectivetax rate |
Effective Income Tax
Rate |
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
131.8 |
|
(3.3 |
) |
|
(2.5 |
)% |
|
$ |
183.3 |
|
|
81.0 |
|
|
44.2 |
% |
Retirement plans(c) |
|
6.5 |
|
2.1 |
|
|
|
|
|
(6.2 |
) |
|
(1.3 |
) |
|
|
Reorganization and Restructuring(a) |
|
34.0 |
|
6.1 |
|
|
|
|
|
14.6 |
|
|
2.7 |
|
|
|
Acquisitions and dispositions(a) |
|
63.1 |
|
14.5 |
|
|
|
|
|
57.3 |
|
|
7.7 |
|
|
|
Argentina highly inflationary impact(a) |
|
29.0 |
|
(0.5 |
) |
|
|
|
|
53.6 |
|
|
(1.6 |
) |
|
|
Change in allowance estimate(a) |
|
16.0 |
|
3.8 |
|
|
|
|
|
— |
|
|
— |
|
|
|
Valuation allowance on tax credits(f) |
|
— |
|
52.8 |
|
|
|
|
|
— |
|
|
(6.7 |
) |
|
|
Chile antitrust matter(a) |
|
1.1 |
|
0.3 |
|
|
|
|
|
0.4 |
|
|
0.1 |
|
|
|
Reporting compliance(a) |
|
— |
|
— |
|
|
|
|
|
0.7 |
|
|
— |
|
|
|
Income tax rate adjustment(b) |
|
— |
|
9.5 |
|
|
|
|
|
— |
|
|
9.2 |
|
|
|
Non-GAAP |
$ |
281.5 |
|
85.3 |
|
|
30.3 |
% |
|
$ |
303.7 |
|
|
91.1 |
|
|
30.0 |
% |
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 30.0% for 2023 and was
30.3% for 2022. |
(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 periods presented. |
(e) |
Due to the impact of Argentina
highly inflationary accounting, there was a $0.6 million non-GAAP
adjustment for a loss in the first quarter of 2022, a $0.9 million
non-GAAP adjustment for a loss in the second quarter of 2022, a
$0.5 million non-GAAP adjustment for a loss in the third quarter of
2022, a $2.0 million non-GAAP adjustment for a loss in the fourth
quarter of 2022, 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, and a $22.7 million non-GAAP
adjustment for a loss in the third quarter of 2023. |
(f) |
In 2022, we released a portion of
our valuation allowance on certain U.S. deferred tax assets
primarily related to foreign tax credit carryforward attributes
with such amount being further adjusted in the first nine months of
2023. The valuation allowance release was due to new foreign tax
credit regulations published by the U.S. Treasury in January
2022. |
(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)
|
2022 |
|
2023 |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
NineMonths |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
1,074.0 |
|
|
1,133.9 |
|
|
1,136.7 |
|
|
1,190.9 |
|
|
4,535.5 |
|
|
$ |
1,185.4 |
|
|
1,216.2 |
|
|
1,227.4 |
|
|
3,629.0 |
|
Non-GAAP |
$ |
1,074.0 |
|
|
1,133.9 |
|
|
1,136.7 |
|
|
1,190.9 |
|
|
4,535.5 |
|
|
$ |
1,185.4 |
|
|
1,216.2 |
|
|
1,227.4 |
|
|
3,629.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
62.4 |
|
|
96.5 |
|
|
59.5 |
|
|
142.9 |
|
|
361.3 |
|
|
$ |
79.8 |
|
|
105.6 |
|
|
137.7 |
|
|
323.1 |
|
Reorganization and Restructuring(a) |
|
11.7 |
|
|
2.7 |
|
|
19.6 |
|
|
4.8 |
|
|
38.8 |
|
|
|
14.2 |
|
|
— |
|
|
0.4 |
|
|
14.6 |
|
Acquisitions and dispositions(a) |
|
15.2 |
|
|
15.4 |
|
|
35.7 |
|
|
20.3 |
|
|
86.6 |
|
|
|
22.0 |
|
|
15.0 |
|
|
19.4 |
|
|
56.4 |
|
Argentina highly inflationary impact(a) |
|
6.1 |
|
|
9.0 |
|
|
12.0 |
|
|
14.6 |
|
|
41.7 |
|
|
|
11.2 |
|
|
11.0 |
|
|
8.1 |
|
|
30.3 |
|
Change in allowance estimate(a) |
|
16.7 |
|
|
(0.4 |
) |
|
(0.3 |
) |
|
(0.4 |
) |
|
15.6 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Ship loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
4.9 |
|
|
4.9 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter(a) |
|
— |
|
|
0.8 |
|
|
0.3 |
|
|
0.3 |
|
|
1.4 |
|
|
|
0.2 |
|
|
0.2 |
|
|
— |
|
|
0.4 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.7 |
|
|
0.7 |
|
Non-GAAP |
$ |
112.1 |
|
|
124.0 |
|
|
126.8 |
|
|
187.4 |
|
|
550.3 |
|
|
$ |
127.4 |
|
|
131.8 |
|
|
166.3 |
|
|
425.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP margin |
|
5.8 |
% |
|
8.5 |
% |
|
5.2 |
% |
|
12.0 |
% |
|
8.0 |
% |
|
|
6.7 |
% |
|
8.7 |
% |
|
11.2 |
% |
|
8.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP margin |
|
10.4 |
% |
|
10.9 |
% |
|
11.2 |
% |
|
15.7 |
% |
|
12.1 |
% |
|
|
10.7 |
% |
|
10.8 |
% |
|
13.5 |
% |
|
11.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
(27.9 |
) |
|
(32.4 |
) |
|
(34.7 |
) |
|
(43.8 |
) |
|
(138.8 |
) |
|
$ |
(46.6 |
) |
|
(51.1 |
) |
|
(53.8 |
) |
|
(151.5 |
) |
Acquisitions and dispositions(a) |
|
0.4 |
|
|
0.3 |
|
|
0.3 |
|
|
0.2 |
|
|
1.2 |
|
|
|
0.2 |
|
|
0.3 |
|
|
0.2 |
|
|
0.7 |
|
Non-GAAP |
$ |
(27.5 |
) |
|
(32.1 |
) |
|
(34.4 |
) |
|
(43.6 |
) |
|
(137.6 |
) |
|
$ |
(46.4 |
) |
|
(50.8 |
) |
|
(53.6 |
) |
|
(150.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
(1.3 |
) |
|
3.4 |
|
|
6.3 |
|
|
(4.7 |
) |
|
3.7 |
|
|
$ |
4.7 |
|
|
4.1 |
|
|
2.9 |
|
|
11.7 |
|
Retirement plans(c) |
|
3.1 |
|
|
1.8 |
|
|
1.6 |
|
|
4.6 |
|
|
11.1 |
|
|
|
(2.2 |
) |
|
(1.9 |
) |
|
(2.1 |
) |
|
(6.2 |
) |
Acquisitions and dispositions(a) |
|
(0.7 |
) |
|
(1.7 |
) |
|
(1.8 |
) |
|
1.6 |
|
|
(2.6 |
) |
|
|
0.5 |
|
|
0.6 |
|
|
(0.9 |
) |
|
0.2 |
|
Argentina highly inflationary impact(a) |
|
0.6 |
|
|
0.9 |
|
|
0.4 |
|
|
2.0 |
|
|
3.9 |
|
|
|
0.3 |
|
|
0.3 |
|
|
22.7 |
|
|
23.3 |
|
Non-GAAP |
$ |
1.7 |
|
|
4.4 |
|
|
6.5 |
|
|
3.5 |
|
|
16.1 |
|
|
$ |
3.3 |
|
|
3.1 |
|
|
22.6 |
|
|
29.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
(41.1 |
) |
|
29.3 |
|
|
8.5 |
|
|
44.7 |
|
|
41.4 |
|
|
$ |
20.3 |
|
|
23.4 |
|
|
37.3 |
|
|
81.0 |
|
Retirement plans(c) |
|
0.7 |
|
|
0.7 |
|
|
0.7 |
|
|
0.8 |
|
|
2.9 |
|
|
|
(0.6 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
|
(1.3 |
) |
Reorganization and Restructuring(a) |
|
1.2 |
|
|
1.1 |
|
|
3.8 |
|
|
2.1 |
|
|
8.2 |
|
|
|
2.7 |
|
|
(0.1 |
) |
|
0.1 |
|
|
2.7 |
|
Acquisitions and dispositions(a) |
|
0.8 |
|
|
1.0 |
|
|
12.7 |
|
|
6.2 |
|
|
20.7 |
|
|
|
2.4 |
|
|
2.0 |
|
|
3.3 |
|
|
7.7 |
|
Argentina highly inflationary impact(a) |
|
(0.2 |
) |
|
(0.3 |
) |
|
— |
|
|
(1.5 |
) |
|
(2.0 |
) |
|
|
(0.5 |
) |
|
(0.2 |
) |
|
(0.9 |
) |
|
(1.6 |
) |
Change in allowance estimate(a) |
|
4.0 |
|
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
3.7 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Valuation allowance on tax credits(f) |
|
58.3 |
|
|
(3.3 |
) |
|
(2.2 |
) |
|
0.4 |
|
|
53.2 |
|
|
|
(2.6 |
) |
|
(4.1 |
) |
|
— |
|
|
(6.7 |
) |
Ship loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
1.3 |
|
|
1.3 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter(a) |
|
— |
|
|
0.2 |
|
|
0.1 |
|
|
0.2 |
|
|
0.5 |
|
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Income tax rate adjustment(b) |
|
2.4 |
|
|
0.6 |
|
|
6.5 |
|
|
(9.5 |
) |
|
— |
|
|
|
3.6 |
|
|
4.2 |
|
|
1.4 |
|
|
9.2 |
|
Non-GAAP |
$ |
26.1 |
|
|
29.2 |
|
|
30.0 |
|
|
44.6 |
|
|
129.9 |
|
|
$ |
25.3 |
|
|
25.2 |
|
|
40.6 |
|
|
91.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
2.9 |
|
|
3.0 |
|
|
3.4 |
|
|
2.0 |
|
|
11.3 |
|
|
$ |
3.3 |
|
|
3.0 |
|
|
3.8 |
|
|
10.1 |
|
Retirement plans(c) |
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Reorganization and Restructuring(a) |
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Acquisitions and dispositions(a) |
|
0.3 |
|
|
0.2 |
|
|
0.3 |
|
|
0.2 |
|
|
1.0 |
|
|
|
0.2 |
|
|
0.3 |
|
|
0.3 |
|
|
0.8 |
|
Income tax rate adjustment(b) |
|
(0.4 |
) |
|
(0.1 |
) |
|
(0.3 |
) |
|
0.8 |
|
|
— |
|
|
|
(0.3 |
) |
|
(0.3 |
) |
|
0.1 |
|
|
(0.5 |
) |
Non-GAAP |
$ |
2.8 |
|
|
3.2 |
|
|
3.4 |
|
|
3.1 |
|
|
12.5 |
|
|
$ |
3.2 |
|
|
3.0 |
|
|
4.2 |
|
|
10.4 |
|
Amounts may not add due to rounding. See page 11
for footnote explanations.
|
2022 |
|
2023 |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
NineMonths |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations attributable to Brink's: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
71.4 |
|
|
35.2 |
|
|
19.2 |
|
|
47.7 |
|
|
173.5 |
|
|
$ |
14.3 |
|
|
32.2 |
|
|
45.7 |
|
|
92.2 |
|
Retirement plans(c) |
|
2.4 |
|
|
1.0 |
|
|
0.9 |
|
|
3.8 |
|
|
8.1 |
|
|
|
(1.6 |
) |
|
(1.8 |
) |
|
(1.5 |
) |
|
(4.9 |
) |
Reorganization and Restructuring(a) |
|
10.5 |
|
|
1.6 |
|
|
15.8 |
|
|
2.6 |
|
|
30.5 |
|
|
|
11.5 |
|
|
0.1 |
|
|
0.3 |
|
|
11.9 |
|
Acquisitions and dispositions(a) |
|
13.8 |
|
|
12.8 |
|
|
21.2 |
|
|
15.7 |
|
|
63.5 |
|
|
|
20.1 |
|
|
13.6 |
|
|
15.1 |
|
|
48.8 |
|
Argentina highly inflationary impact(a) |
|
6.9 |
|
|
10.2 |
|
|
12.4 |
|
|
18.1 |
|
|
47.6 |
|
|
|
12.0 |
|
|
11.5 |
|
|
31.7 |
|
|
55.2 |
|
Change in allowance estimate(a) |
|
12.7 |
|
|
(0.3 |
) |
|
(0.2 |
) |
|
(0.3 |
) |
|
11.9 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Valuation allowance on tax credits(f) |
|
(58.3 |
) |
|
3.3 |
|
|
2.2 |
|
|
(0.4 |
) |
|
(53.2 |
) |
|
|
2.6 |
|
|
4.1 |
|
|
— |
|
|
6.7 |
|
Ship loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
3.6 |
|
|
3.6 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter(a) |
|
— |
|
|
0.6 |
|
|
0.2 |
|
|
0.1 |
|
|
0.9 |
|
|
|
0.2 |
|
|
0.1 |
|
|
— |
|
|
0.3 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.7 |
|
|
0.7 |
|
Income tax rate adjustment(b) |
|
(2.0 |
) |
|
(0.5 |
) |
|
(6.2 |
) |
|
8.7 |
|
|
— |
|
|
|
(3.3 |
) |
|
(3.9 |
) |
|
(1.5 |
) |
|
(8.7 |
) |
Non-GAAP |
$ |
57.4 |
|
|
63.9 |
|
|
65.5 |
|
|
99.6 |
|
|
286.4 |
|
|
$ |
55.8 |
|
|
55.9 |
|
|
90.5 |
|
|
202.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(g): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Brink's - GAAP |
$ |
71.3 |
|
|
35.1 |
|
|
19.2 |
|
|
45.0 |
|
|
170.6 |
|
|
$ |
15.0 |
|
|
32.1 |
|
|
45.6 |
|
|
92.7 |
|
Interest expense - GAAP |
|
27.9 |
|
|
32.4 |
|
|
34.7 |
|
|
43.8 |
|
|
138.8 |
|
|
|
46.6 |
|
|
51.1 |
|
|
53.8 |
|
|
151.5 |
|
Income tax provision - GAAP |
|
(41.1 |
) |
|
29.3 |
|
|
8.5 |
|
|
44.7 |
|
|
41.4 |
|
|
|
20.3 |
|
|
23.4 |
|
|
37.3 |
|
|
81.0 |
|
Depreciation and amortization - GAAP |
|
61.0 |
|
|
60.3 |
|
|
58.6 |
|
|
65.9 |
|
|
245.8 |
|
|
|
67.6 |
|
|
69.6 |
|
|
69.1 |
|
|
206.3 |
|
EBITDA |
$ |
119.1 |
|
|
157.1 |
|
|
121.0 |
|
|
199.4 |
|
|
596.6 |
|
|
$ |
149.5 |
|
|
176.2 |
|
|
205.8 |
|
|
531.5 |
|
Discontinued operations - GAAP |
|
0.1 |
|
|
0.1 |
|
|
— |
|
|
2.7 |
|
|
2.9 |
|
|
|
(0.7 |
) |
|
0.1 |
|
|
0.1 |
|
|
(0.5 |
) |
Retirement plans(c) |
|
3.1 |
|
|
1.7 |
|
|
1.6 |
|
|
4.6 |
|
|
11.0 |
|
|
|
(2.2 |
) |
|
(1.9 |
) |
|
(2.1 |
) |
|
(6.2 |
) |
Reorganization and Restructuring(a) |
|
11.7 |
|
|
2.7 |
|
|
19.5 |
|
|
3.8 |
|
|
37.7 |
|
|
|
13.1 |
|
|
(0.1 |
) |
|
0.4 |
|
|
13.4 |
|
Acquisitions and dispositions(a) |
|
1.5 |
|
|
1.0 |
|
|
21.4 |
|
|
7.0 |
|
|
30.9 |
|
|
|
8.3 |
|
|
0.7 |
|
|
3.6 |
|
|
12.6 |
|
Argentina highly inflationary impact(a) |
|
6.0 |
|
|
9.3 |
|
|
11.6 |
|
|
15.8 |
|
|
42.7 |
|
|
|
10.4 |
|
|
10.0 |
|
|
29.4 |
|
|
49.8 |
|
Change in allowance estimate(a) |
|
16.7 |
|
|
(0.4 |
) |
|
(0.3 |
) |
|
(0.4 |
) |
|
15.6 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Ship loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
4.9 |
|
|
4.9 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter(a) |
|
— |
|
|
0.8 |
|
|
0.3 |
|
|
0.3 |
|
|
1.4 |
|
|
|
0.2 |
|
|
0.2 |
|
|
— |
|
|
0.4 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.7 |
|
|
0.7 |
|
Income tax rate adjustment(b) |
|
0.4 |
|
|
0.1 |
|
|
0.3 |
|
|
(0.8 |
) |
|
— |
|
|
|
0.3 |
|
|
0.3 |
|
|
(0.1 |
) |
|
0.5 |
|
Share-based compensation(d) |
|
7.1 |
|
|
14.9 |
|
|
14.3 |
|
|
12.3 |
|
|
48.6 |
|
|
|
11.8 |
|
|
8.3 |
|
|
6.4 |
|
|
26.5 |
|
Marketable securities (gain) loss(e) |
|
(0.3 |
) |
|
(0.8 |
) |
|
(0.7 |
) |
|
(2.2 |
) |
|
(4.0 |
) |
|
|
(0.2 |
) |
|
0.5 |
|
|
(13.7 |
) |
|
(13.4 |
) |
Adjusted EBITDA |
$ |
165.4 |
|
|
186.5 |
|
|
189.0 |
|
|
247.4 |
|
|
788.3 |
|
|
$ |
190.5 |
|
|
194.3 |
|
|
230.5 |
|
|
615.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
1.48 |
|
|
0.73 |
|
|
0.41 |
|
|
1.01 |
|
|
3.63 |
|
|
$ |
0.30 |
|
|
0.68 |
|
|
0.97 |
|
|
1.95 |
|
Retirement plans(c) |
|
0.05 |
|
|
0.02 |
|
|
0.02 |
|
|
0.08 |
|
|
0.17 |
|
|
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.03 |
) |
|
(0.11 |
) |
Reorganization and Restructuring costs(a) |
|
0.22 |
|
|
0.03 |
|
|
0.33 |
|
|
0.06 |
|
|
0.64 |
|
|
|
0.24 |
|
|
0.01 |
|
|
0.01 |
|
|
0.25 |
|
Acquisitions and dispositions(a) |
|
0.29 |
|
|
0.27 |
|
|
0.45 |
|
|
0.33 |
|
|
1.33 |
|
|
|
0.42 |
|
|
0.27 |
|
|
0.31 |
|
|
1.02 |
|
Argentina highly inflationary impact(a) |
|
0.14 |
|
|
0.21 |
|
|
0.26 |
|
|
0.38 |
|
|
1.00 |
|
|
|
0.26 |
|
|
0.24 |
|
|
0.67 |
|
|
1.17 |
|
Change in allowance estimate(a) |
|
0.26 |
|
|
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
0.25 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Valuation allowance on tax credits(f) |
|
(1.21 |
) |
|
0.07 |
|
|
0.05 |
|
|
(0.01 |
) |
|
(1.11 |
) |
|
|
0.05 |
|
|
0.09 |
|
|
— |
|
|
0.14 |
|
Ship loss matter(a) |
|
— |
|
|
— |
|
|
— |
|
|
0.08 |
|
|
0.08 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Chile antitrust matter(a) |
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
0.02 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
Reporting compliance(a) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
0.02 |
|
|
0.02 |
|
Income tax rate adjustment(b) |
|
(0.04 |
) |
|
(0.01 |
) |
|
(0.13 |
) |
|
0.18 |
|
|
— |
|
|
|
(0.07 |
) |
|
(0.08 |
) |
|
(0.03 |
) |
|
(0.18 |
) |
Non-GAAP |
$ |
1.19 |
|
|
1.34 |
|
|
1.38 |
|
|
2.10 |
|
|
5.99 |
|
|
$ |
1.18 |
|
|
1.18 |
|
|
1.92 |
|
|
4.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
61.0 |
|
|
60.3 |
|
|
58.6 |
|
|
65.9 |
|
|
245.8 |
|
|
$ |
67.6 |
|
|
69.6 |
|
|
69.1 |
|
|
206.3 |
|
Reorganization and Restructuring costs(a) |
|
— |
|
|
— |
|
|
(0.1 |
) |
|
(0.9 |
) |
|
(1.0 |
) |
|
|
(1.1 |
) |
|
(0.1 |
) |
|
— |
|
|
(1.2 |
) |
Acquisitions and dispositions(a) |
|
(12.7 |
) |
|
(12.5 |
) |
|
(12.2 |
) |
|
(14.7 |
) |
|
(52.1 |
) |
|
|
(14.0 |
) |
|
(14.6 |
) |
|
(14.6 |
) |
|
(43.2 |
) |
Argentina highly inflationary impact(a) |
|
(0.7 |
) |
|
(0.6 |
) |
|
(0.8 |
) |
|
(0.8 |
) |
|
(2.9 |
) |
|
|
(1.1 |
) |
|
(1.3 |
) |
|
(1.4 |
) |
|
(3.8 |
) |
Non-GAAP |
$ |
47.6 |
|
|
47.2 |
|
|
45.5 |
|
|
49.5 |
|
|
189.8 |
|
|
$ |
51.4 |
|
|
53.6 |
|
|
53.1 |
|
|
158.1 |
|
Amounts may not add due to rounding. See page 11
for footnote explanations.
|
Full Year |
|
Nine MonthsEnded September
30, |
|
|
2022 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
|
|
|
|
Free cash flow before
dividends: |
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Operating activities - GAAP |
$ |
479.9 |
|
|
$ |
200.5 |
|
|
$ |
293.0 |
|
(Increase) decrease in restricted cash held for customers |
|
(50.0 |
) |
|
|
4.4 |
|
|
|
44.9 |
|
(Increase) decrease in certain customer obligations(a) |
|
(50.0 |
) |
|
|
(4.0 |
) |
|
|
5.5 |
|
Operating activities - non-GAAP |
$ |
379.9 |
|
|
$ |
200.9 |
|
|
$ |
343.4 |
|
Capital expenditures - GAAP |
|
(182.6 |
) |
|
|
(131.5 |
) |
|
|
(133.1 |
) |
Proceeds from sale of property, equipment and investments |
|
5.7 |
|
|
|
3.3 |
|
|
|
5.7 |
|
Free cash flow before dividends |
$ |
203.0 |
|
|
$ |
72.7 |
|
|
$ |
216.0 |
|
(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. 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.
Contact:
Investor Relations804.289.9709
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