Slide 1: First-Quarter 2024 Earnings
First-Quarter 2024 Earnings May 8, 2024 Exhibit 99.2
Slide 2: Forward-looking information
2 These materials contain forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target” "project," “model”, "predict," "intend," "plan," "believe," "potential," "may," "should" and similar expressions may identify forward-looking information. Forward-looking infor
Slide 3: Record First-Quarter 2024 results: Key Messages
3 Record First-Quarter 2024 results • Reported revenue - up 4% with organic growth of 12% – AMS/DRS organic growth of +18% and CVM organic growth of +11% • Adjusted EBITDA +15% to $218M, margin 17.7% up 160bps • EPS +20% to $1.52 • Trailing-twelve-month free cash flow up 61% to $363M…41% conversion
Slide 4: Record First-Quarter 2024 Results Strong Performance Across All Metrics
4 Record First-Quarter 2024 Results Strong Performance Across All Metrics (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the First Quarter 2024 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See
Slide 5: First-Quarter 2024 Revenue & Adjusted EBITDA by Segment
5 First-Quarter 2024 Revenue & Adjusted EBITDA by Segment ($ millions) Notes: See detailed reconciliation of non-GAAP to GAAP Adjusted EBITDA results in the Appendix. Constant currency represents 2024 results at 2023 exchange rates. $402 $406 2023 2024 $57 $69 2023 2024 14.1% Margin 16.9% Margin $31
Slide 6: Organic Growth Acceleration in Both CVM and AMS/DRS
6 $359 $530 $743 $1,012 10% 13% 16% 21% 22-23% 2020 2021 2022 2023 2024 AMS/DRS Cash & Valuables Mgmt AMS/DRS Percent of Total AMS/DRS Delivering Growth and Margin Improvement • Q1 organic growth of 11% • Strategic pricing initiatives • Stabilization in commodities movement and storage markets • Bri
Slide 7: First-Quarter Revenue and Adjusted EBITDA vs 2023
7 First-Quarter Revenue and Adjusted EBITDA vs 2023 (non-GAAP, $ millions) Revenue $1,185 $103 $43 $2 $1,333 ( $97 ) $1,236 2023 Revenue Organic Cash & Valuables Mgmt. Organic DRS & AMS Acq / Disp* 2024 Constant Currency Revenue FX 2024 Revenue Notes: Amounts may not add due to rounding. See detaile
Slide 8: First-Quarter Adjusted EBITDA and EPS vs 2023
8 $145 ( $56 ) ( $29 ) $9 $69 $56 $56 $29 $9 $218 Op Profit Interest Expense Taxes Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA First-Quarter Adjusted EBITDA and EPS vs 2023 (non-GAAP, $ millions, except EPS) 45.3 million 47.4 million 17.7% Margin +15% D
Slide 9: Capital Allocation Framework
9 Capital Allocation Framework Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Capital allocation priorities not shown in priority
Slide 10: 2024 Guidance Affirmed
10 2024 Guidance Affirmed (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP 2023 results included in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. The 2024 Non-GAAP outlook amounts ca
Slide 11: Appendix
Appendix
Slide 12: Our Strategic Pillars
Our Strategic Pillars GROWING BRINK’S BY PROVIDING A SUPERIOR CUSTOMER EXPERIENCE AND DRIVING CONTINUOUS IMPROVEMENT OUR STRATEGIC PILLARS e | GROWTH & OPERATIONAL CUSTOMER LOYALTY INNOVATION EXCELLENCE TALENT Put customers Find new ways to Run the business Position our first create value better tea
Slide 13: First-Quarter 2024 Revenue & Operating Profit by Segment
13 First-Quarter 2024 Revenue & Operating Profit by Segment ($ millions) Note: Constant currency represents 2024 results at 2023 exchange rates. $402 $406 2023 2024 $39 $48 2023 2024 9.6% Margin 11.9% Margin $316 $335 2023 2024 $67 $63 2023 2024 21.1% Margin 18.8% Margin $199 $205 2023 2024 $37 $41
Slide 14: Net Debt and Leverage
14 Net Debt and Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the First Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. 1. Net of unamortized debt issuance costs of $6 million as
Slide 15: 2022 Non-GAAP Results Reconciled to GAAP (1 of 3)
15 Q1 Revenues: GAAP 1,074.0$ Non-GAAP 1,074.0$ Operating profit (loss): GAAP 62.4$ Reorganization and Restructuring(a) 11.7 Acquisitions and dispositions(a) 15.2 Argentina highly inflationary impact(a) 6.1 Change in allowance estimate(a) 16.7 Non-GAAP 112.1$ Interest expense: GAAP (27.9)$ Acquisiti
Slide 16: 2022 Non-GAAP Results Reconciled to GAAP (2 of 3)
16 Q1 Income (loss) from continuing operations attributable to Brink's: GAAP 71.4$ Retirement plans(c) 2.4 Reorganization and Restructuring(a) 10.5 Acquisitions and dispositions(a) 13.8 Argentina highly inflationary impact(a) 6.9 Change in allow ance estimate(a) 12.7 Valuation allow ance on tax cred
Slide 17: Adjusted EBITDA Reconciliation (3 of 3)
17 Q1 Full Year Q1 Full Year Adjusted EBITDA(d): Net income attributable to Brink's - GAAP 12.7$ 105.2 71.3$ 170.6 Interest expense - GAAP 27.2 112.2 27.9 138.8 Income tax provision - GAAP 13.6 120.3 (41.1) 41.4 Depreciation and amortization - GAAP 54.8 239.5 61.0 245.8 EBITDA 108.3$ 577.2 119.1$ 59
Slide 18: Non-GAAP Reconciliation – Other
18 Non-GAAP Reconciliation – Other The Brink’s Company and subsidiaries Other 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
Slide 19: Non-GAAP Reconciliation – Other
19 Non-GAAP Reconciliation – Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) (In millions) 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
Slide 20: Non-GAAP Reconciliation – Cash Flows
20 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) Q1 Full Year Q1 Full Year 2021 2021 2022 2022 Free cash flow before dividends Cash flows from operating activities Operating activities - GAAP (1.5)$ 478.0$ (76.3)$ 479.9$ (Increase) d
Slide 21: Non-GAAP Reconciliation – Net Debt
21 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) December 31, March 31, (In millions) 2023 2024 Debt: Short-term borrowings 151.7$ 155.0$ Long-term debt 3,379.6 3,434.9 Total Debt 3,531.3 3,589.9 Less: Cash and cash equivalents 1,176.6
Slide 22: Non-GAAP Reconciliation – Segment Adjusted EBITDA
22 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: GAAP amounts Add back: Depreciation and amortization Segment Adjusted EBITDA GAAP amounts Add back: Depreciation and amortization Segment Adjusted EBITDA Operating Profit:
Slide 23: Adjusted EBITDA Reconciliation
23 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) 2023 2024 Q1 Q1 North America 56.5$ 68.5$ Latin America 79.4 77.1 Europe 35.1 39.9 Rest of World 43.2 47.5 Total segment adjusted EBITDA(a) 214.2$ 233.0$ Corporate expenses (37.1) (33.4) Corporate depreciation and a