Brinks Company (the) · NYSE:BCO
Brinks Company (the) — Merger or Acquisition (May 2018)
17 slides from Brinks Company (the)'s merger presentation, May 31, 2018
Slide 1: Dunbar Acquisition Strengthening Our U.S. Operations
Exhibit 99.2 Dunbar Acquisition Strengthening Our U.S. Operations MAY 31, 2018
Slide 2: Safe Harbor Statement and Non-GAAP Results
Safe Harbor Statement and Non-GAAP Results These materials contain 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 in
Slide 3: Dunbar Acquisition Overview
Dunbar Acquisition Overview Core Acquisition in Core Market Strong Returns • Combines #2 and #4 largest U.S. cash • $390M LTM revenue management companies • $43M LTM adjusted EBITDA • $520M purchase price • Funded from available cash • $40 - $45M of expected cost synergies • Expected additional Cape
Slide 4: Dunbar Business Overview
Dunbar Business Overview Operations Customers Other • Strong management team Financial • National footprint Institutions • Complementary customer base includes small-to-medium sized retailers and financial institutions • 78 branch facilities Retail • 5,400 employees • 1,600 vehicles 4
Slide 5: Accelerate Profitable Growth in U.S. - Dunbar Contribution
Accelerate Profitable Growth in U.S. - Dunbar Contribution • Transition to lower cost vehicles Fleet Investments • Reduce operating costs • Optimize routes to reduce operating costs Route Density • Expanded customer base Sales/CompuSafe® • Retail customer base expands CompuSafe opportunities Service
Slide 6: Income Tax Evolution
Non-GAAP Income Tax Evolution 2018 2019 ETR ETR Changes Initiatives • Dunbar acquisition incl. Statutory tax rates1 338(h)(10) election 2018 ETR 37% Argentina 35% • Favorable impact from Brazil 34% other M&A initiatives Chile 26% Dunbar acquisition Colombia 40% (year 1) • U.S. Foreign Tax Credit/ Fr
Slide 7: Net Debt and Leverage
Net Debt and Leverage Assumes $685 in acquisitions in 2018 and $115 in 2019 (Non-GAAP, $ Millions) Net Debt Adjusted EBITDA and Financial Leverage Significant capacity for acquisitions Leverage Ratio per financial covenants1 ~ $1,200 0.9 0.7 1.4 ~1.3 ~1.9 ~1.5 ~ $1,100 $735-$765 $50 – Pro-forma $80
Slide 8: Strategy 1.0 + 1.5 = Core Organic Growth + Acquisitions
Strategy 1.0 + 1.5 = Core Organic Growth + Acquisitions (Non-GAAP, $ Millions) 2019 Adjusted EBITDA Target = $685 Million EBITDA 11.8% ~15% ~16% Margin OP 7.4% 3.7% 2% 0.4% (2.5%) ~11% ~12% Margin $150 $685 Adjusted EBITDA $535 $510 Op Profit $390 $342 Adjusted EBITDA $216 Op Profit 2016 Actual Nort
Slide 9: Year Strategic Plan – 2019 EBITDA Target Increased 45%
3 Year Strategic Plan – 2019 EBITDA Target Increased 45% (Non-GAAP, $ Millions) Operating Profit & Adj. EBITDA Expected Benefits • Deploys ~85% of $800 million acquisition target ~16% through 2019 ~15% • Core – Core accretive acquisitions at less 13.3% ~12% than 6.5x post synergy Adjusted EBITDA mul
Slide 10: Appendix
Appendix
Slide 11: Strong Leadership Demonstrating Results
Strong Leadership Demonstrating Results • 20+ years of diverse senior level experience in guiding multinational organizations through both DOUG PERTZ operational turnaround and growth acceleration President & CEO • Prior Experience: President and CEO of Recall Holdings Limited; CEO of IMC Global (no
Slide 12: Reconciliation — Outlook 2019 Guidance
Non-GAAP Reconciliation — Outlook The Brink’s Company and subsidiaries 2019 Guidance (Unaudited) (In millions, except as noted) 2019 2019 GAAP Reconciling Non-GAAP Outlook Items(a) Outlook(a) Operating profit Not provided Not provided $ 510 Adjusted EBITDA Not provided Not provided ~ 685 (a) The 201
Slide 13: Results Reconciled to GAAP (1 of 3)
Non-GAAP Results Reconciled to GAAP (1 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2015 Full Year Revenues: GAAP 3,061.4 Venezuela operations(a) (84.5) Non-GAAP 2,976.9 Operating profit (loss): GAAP 96.4 Venezuela operations(a) 45.6 Reorganization and Restructur
Slide 14: Results Reconciled to GAAP (2 of 3)
Non-GAAP Results Reconciled to GAAP (2 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2015 Full Year Income (loss) from continuing operations attributable to Brink's: GAAP (9.1) Retirement plans(c) 20.4 Venezuela operations(a) 32.1 Reorganization and Restructuring(
Slide 15: Results Reconciled to GAAP (3 of 3)
Non-GAAP Results Reconciled to GAAP (3 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2015 Full Year Adjusted EBITDA(e): Net income (loss) attributable to Brink's - GAAP (11.9) Interest expense - GAAP 18.9 Income tax provision - GAAP 66.5 Depreciation and amortizat
Slide 16: Reconciliation — Other
Non-GAAP Reconciliation — Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. A summary of the other items not allocated to segment results i
Slide 17: Reconciliation — Net Debt
Non-GAAP Reconciliation — Net Debt The Brink’s Company and subsidiaries Non-GAAP Reconciliations — Net Debt (Unaudited) (In millions) December 31, 2015 Debt: Short-term borrowings $ 32.6 Long-term debt 397.9 Total Debt 430.5 Restricted cash borrowings(a) (3.5) Total Debt without restricted cash borr