Brinks Company (the) · NYSE:BCO
Brinks Company (the) — Q1 2025 Earnings Presentation
26 slides from Brinks Company (the)'s earnings presentation, May 12, 2025
Slide 1: First-Quarter 2025 Earnings
First-Quarter 2025 Earnings May 12, 2025 CONFIDENTIAL. FOR INTERNAL USE ONLY – DO NOT DUPLICATE OR DISTRIBUTE. 1
Slide 2: Safe Harbor Statements and Non-GAAP Results
Safe Harbor Statements and Non-GAAP Results 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-
Slide 3: Key Messages
Key Messages (non-GAAP, $ millions, except EPS) First-Quarter Results Summary • Organic revenue growth of 6%, the top end of our previous guidance – AMS/DRS organic growth greater than 20% – Strong growth in Rest of World segment included increased precious metals movement • Operating profit margin
Slide 4: First-Quarter 2025 Results
First-Quarter 2025 Results (non-GAAP, $ millions, except EPS) Revenue +1% Adj. EBITDA (1%) EPS (2%) TTM Free Cash Flow (2%) Constant Currency +6% Constant Currency 6% Constant Currency 13% Conversion of 40%2 Organic +6% +7% vQ1’24 reported1 Acq +1% FX (5%) $1,236 $1,247 $1,185 $374 $360 $1.65 $218 $
Slide 5: First-Quarter 2025 Revenue & Adjusted EBITDA by Segment
First-Quarter 2025 Revenue & Adjusted EBITDA by Segment ($ millions) North America Latin America Europe Rest of World Revenue +3% Adj. EBITDA +6% Revenue (8%) Adj. EBITDA (14%) Revenue +3% Adj. EBITDA -- Revenue +9% Adj EBITDA +20% Constant currency +4% +6% Constant currency 8% +2% Constant currency
Slide 6: AMS/DRS Delivering Growth and Margin Improvement
AMS/DRS Delivering Growth and Margin Improvement ($ millions) Customer Offerings Brink’s Revenue Mix Cash & Valuables Management • Organic growth in line with expectations - impacted by Argentina inflation moderation • Global services growth from increased precious metal movement 25-27% • Added new
Slide 7: Consistent Performance Across Market Cycles
Consistent Performance Across Market Cycles (non-GAAP) Organic Revenue Growth 1 Resilient Performance Through All Cycles Growing recurring revenue with AMS/DRS Great Pandemic Diverse customer base – financial institutions and retail Recession Historical global services strength in market downt
Slide 8: First-Quarter Revenue and Adjusted EBITDA vs 2024
First-Quarter Revenue and Adjusted EBITDA vs 2024 (non-GAAP, $ millions) Revenue Adjusted EBITDA % Change 6% 1% 6% (5%) 1% % Change 6% 1% 6% (8%) (1%) Organic +$69 $56 $7 $1,313 ( $66 ) $1,236 $13 $1,247 $1 $13 $232 ( $17 ) $218 $215 +20% +1% 17.7% 17.7% 17.2% Margin Margin Margin 2024 Organic Organ
Slide 9: First-Quarter Adjusted EBITDA vs 2024
First-Quarter Adjusted EBITDA vs 2024 (non-GAAP, $ millions, except EPS) (1%) $28 $5 $215 4% $58 $151 ( $58 ) $54 17.2% 12.1% Margin Margin ( $28 ) $11 ( $6 ) $70 Op Profit Interest Taxes Interest Income Other Income from D&A Interest Taxes Stock Comp Adj. EBITDA Expense Continuing Ops Expense & Oth
Slide 10: Capital Allocation Framework
Capital Allocation Framework Organic • Strategic investments driving growth and profit margins Investments • Less Capex intensity with AMS / DRS business model 2x - 3x Net • Remain on track to be within target range at year-end Debt Target 2025 Free Cash Flow Conversion of 40% - 45% • Over 1.3M alre
Slide 11: Second Quarter 2025 Guidance and Full Year 2025 Framework
Second Quarter 2025 Guidance and Full Year 2025 Framework (non-GAAP, $ millions, except EPS) Full Year 2025 Framework Organic Growth Mid-Single Digits • Full-year outlook affirmed AMS/DRS Organic Growth Mid to High Teens • Strong organic growth across all regions • Outsized growth in AMS/DRS Adjuste
Slide 12: Appendix
Appendix 12
Slide 13: Our Strategic Pillars
Our Strategic Pillars Partner for Win as Customer Success Team Brink’s Deliver secure Unleash the power commerce solutions of our people Innovate Run the to Grow Business Better Drive Operate with innovation that excellence and creates value efficiency CONFIDENTIAL. FOR INTERNAL USE ONLY – DO NOT DU
Slide 14: First-Quarter 2025 Revenue & Operating Profit by Segment
First-Quarter 2025 Revenue & Operating Profit by Segment ($ millions) North America Latin America Europe Rest of World Revenue +3% Operating Profit 10% Revenue (8%) Operating Profit (14%) Revenue +3% Operating Profit (3%) Revenue +9% Operating Profit 22% Constant currency +4% 10% Constant currency +
Slide 15: Net Debt and Leverage
Net Debt and Leverage Leverage Within Targeted Range (Non-GAAP, $ millions) Net Debt Adjusted EBITDA and Financial Leverage $2,777 2 Leverage Ratio 2.83 3.06 $2,582 $1,388 $912 $909 $1,194 Secured Net Debt Adjusted EBITDA Unsecured $1,388 $1,388 Senior Notes1 12/31/2024 3/31/2025 Q4 2024 TTM Q1 2025
Slide 16: 2023 Non-GAAP Results Reconciled to GAAP
2023 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions, except for per share amounts) 2023 Q1 EPS: GAAP $ 0.30 Reorganization and Restructuring(a) 0.24 Acquisitions and dispositions(a) 0.42 Argentina highly inflationary impact(a) 0.26 Retirement plans(b) (0.03) Va
Slide 17: Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA)
Non-GAAP Results Reconciled to GAAP (2023 Adj EBITDA) The Brink’s Company and subsidiaries (In millions, except for per share amounts) 2023 Q1 Adjusted EBITDA: Net income (loss) attributable to Brink's $ 15.0 Interest expense 46.6 Income tax provision 20.3 Depreciation and amortization 67.6 EBITDA $
Slide 18: Other Items Not Allocated to Segments
Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (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. Reorganizat
Slide 19: Other Items Not Allocated to Segments
Other Items Not Allocated to Segments (Unaudited) The Brink’s Company and subsidiaries (In millions) 2023 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $14.0 million in the first three months of 2023. • We recognized $3.3 million in charges in Arg
Slide 20: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures Non-GAAP measures described below and included in this filing are financial measures that are not required by or presented in accordance with GAAP. The purpose of the disclosure of these non-GAAP measures is to report financial information from
Slide 21: Non-GAAP Measures and Reconciliations to GAAP Measures
Non-GAAP Measures and Reconciliations to GAAP Measures In addition to the rationale described above, we believe the following non-GAAP metrics are helpful in assessing cash flow and financial leverage consistent with how our management evaluates performance: • Free Cash Flow before Dividends: This n
Slide 22: Non-GAAP Reconciliation – Segment Adjusted EBITDA
Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA: 2024 2025 Q1 Full Year Q1 Add back: Add back: Add back: Depreciation Segment Depreciation Segment Depreciation Segment GAAP and Adjusted GAAP and Adjusted GAAP and Adjusted a
Slide 23: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) 2024 2025 Q1 Full Year Q1 North America $ 68.5 276.4 $ 72.5 Latin America 77.1 326.2 66.6 Europe 39.9 194.9 39.9 Rest of World 47.5 194.8 56.8 (a) Total segment adjusted EBITDA $ 233.0 992.3 $ 235.8 Corporate expenses
Slide 24: 2024-2025 Non-GAAP Results Reconciled to GAAP
2024-2025 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries (In millions) 2024 2025 Q1 Full Year Q1 Interest and other nonoperating income (expense): GAAP $ 13.3 48.7 $ 7.9 Acquisitions and dispositions(a) (0.2) (0.4) 0.7 Argentina highly inflationary impact(a) - 1.3 1.0 Retir
Slide 25: 2024-2025 Non-GAAP Reconciliation – Cash Flows
2024-2025 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries (In millions) Q1 Full Year Q1 Full Year Q1 Full Year Q1 2022 2022 2023 2023 2024 2024 2025 Cash flows provided from (used in) operating activities - GAAP $ (76.3) $ 479.9 $ (45.1) $ 702.4 $ 63.9 $ 426.0 $ (60.2) (Inc
Slide 26: 2024-2025 Non-GAAP Reconciliation – Net Debt
2024-2025 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries (In millions) December 31, March 31, 2024 2025 Debt: Short-term borrowings $ 149.3 $ 138.3 Long-term debt 3,746.9 3,743.3 Total Debt 3,896.2 3,881.6 Less: Cash and cash equivalents 1,395.3 1,226.2 Amounts held by Cash