Slide 1: Fourth-Quarter and Full-Year 2022 Earnings
Fourth-Quarter and Full-Year 2022 Earnings February 22, 2023 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: Key Messages (non-GAAP)
3 Key Messages (non-GAAP) Delivered full-year 2022 results in line with guidance • Revenue, operating profit, adjusted EBITDA and EPS all within original 2022 guidance range despite currency headwinds • Revenue +8% (+12% organic), highest organic growth rate in over a decade1 • Operating profit +17%
Slide 4: Full-Year 2022 Results
4 $566 $683 $788 2020 2021 2022 Full-Year 2022 Results (non-GAAP, $ millions, except EPS) Revenue +8% Organic +12% Acq +2% FX (6%) EPS +26%Adj. EBITDA +15%Op Profit +17% Organic +23% Acq +3% FX (10%) $381 $471 $550 2020 2021 2022 12.1% Margin 11.2% Margin 10.3% Margin Constant Currency +14% Constant
Slide 5: Strong 2022 Performance Establishes a Foundation for 2023
5 Strong 2022 Performance Establishes a Foundation for 2023 7% -0.5% 4% 7% 6% 4% 5% 3% 6% 6% 7% 6% -7% 5% 12% ~9% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 PandemicRecession Organic Revenue Growth1 Notes: See detailed reconciliations of non-GAAP to GAAP 2022 res
Slide 6: Brink's Financial Model
6 Brink’s Financial Model • Improve customer satisfaction • Leverage strong brand and market presence • Drive additional efficiencies in operations and infrastructure Cash & Valuables Management • Drive further expansion globally • Offer enhanced features though innovation and tech enablement • Deli
Slide 7: Fourth-Quarter 2022 Results
7 Fourth-Quarter 2022 Results Continued Double-digit Organic Growth and Margin Expansion, Offsetting FX Impact (non-GAAP, $ millions, except EPS) Revenue +8% Organic +12% Acq +4% FX (7%) EPS +25%Adj. EBITDA +18%Op Profit +22% Organic +30% Acq +4% FX (12%) $1,022 $1,098 $1,191 2020 2021 2022 Constant
Slide 8: Fourth-Quarter Revenue and Operating Profit vs 2021
8 $154 $46 $7 $206 ( $19 ) $187 2021 Op Profit Organic Acq / Disp* 2022 Before FX Op Profit FX 2022 Op Profit Fourth-Quarter Revenue and Operating Profit vs 2021 (non-GAAP, $ millions) % Change (7%)12% 4% 8%16% Constant Currency Constant Currency Revenue Operating Profit $1,098 $129 $44 $1,271 ( $80
Slide 9: Fourth-Quarter Adjusted EBITDA and EPS vs 2021
9 Fourth-Quarter Adjusted EBITDA and EPS vs 2021 (non-GAAP, $ millions, except EPS) $187 ( $44 ) ( $45 ) $0 $100 $50 $88 $12 ( $2 ) $247 Op Profit Interest Expense Taxes Other Income from Continuing Ops D&A Interest Exp & Taxes Stock Comp Marketable Securities Adj. EBITDA 47.5 million 49.1 million V
Slide 10: Free Cash Flow
10 $550 $238 $788 ( $164 ) ( $128 ) ( $116 ) ( $177 ) $203 Adj. EBITDA WC, Cash Restructuring & Deferred Payments Cash Taxes Cash Interest Cash CapEx Free Cash Flow before Dividends Free Cash Flow Notes: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results in
Slide 11: Capital Allocation Priorities
11 Capital Allocation Priorities Note: Capital allocation priorities not shown in priority order. 1. At midpoint of guidance range. 2. Opex inv estments included in Adjusted EBITDA guidance. 3. Based on mid-point of FCF and Adjusted EBITDA guidance and scheduled debt payments. Disciplined capital al
Slide 12: 2023 Guidance
12 2022 Actual 2023 Guidance Growth Revenue $4,536 $4,800 - 4,950 ~7% Operating Profit $550 $615 – 665 ~16% Margin 12.1% ~13.1% Adjusted EBITDA $788 $855 – 905 ~12% Margin 17.4% ~18.1% Free Cash Flow $203 $325 – 375 ~72% FCF / EBITDA 26% ~40% EPS $5.99 $6.30 – 7.00 ~11% 2023 Guidance | Strong 2022 P
Slide 13: Closing and Q&A
Closing and Q&A GROWING BRINK’S BY PROVIDING A SUPERIOR CUSTOMER EXPERIENCE AND DRIVING CONTINUOUS IMPROVEMENT OUR STRATEGIC PILLARS e e GROWTH & OPERATIONAL CUSTOMER LOYALTY INNOVATION EXCELLENCE TALENT Put customers. Find new ways to Run the business Position our first create value better team to
Slide 14: Appendix
Appendix
Slide 15: Sustainability Spotlight: Hong Kong
15 Sustainability Spotlight: Hong Kong Brink’s Hong Kong recently won two sustainability awards from the Hong Kong Quality Assurance Agency Brink’s Hong Kong was named A Pioneering Organization in ESG Disclosure Enhancement The awards recognized enhanced ESG disclosures including the Brink’s focus o
Slide 16: Fourth-Quarter 2022 Results by Segment
16 Fourth-Quarter 2022 Results by Segment ($ millions) $373 $413 2021 2022 $50 $62 2021 2022 13.4% Margin 15.1% Margin $294 $312 2021 2022 $77 $84 2021 2022 26.1% Margin 26.8% Margin $197 $203 2021 2022 $37 $43 2021 2022 18.9% Margin 21.2% Margin Latin America Revenue +6% Op Profit +9% Constant curr
Slide 17: Full-Year 2022 Results by Segment
17 Full-Year 2022 Results by Segment ($ millions) Note: Constant currency represents 2022 results at 2021 exchange rates. $148 $159 2021 2022 10.5% Margin 10.0% Margin $1,126 $1,211 2021 2022 $257 $278 2021 2022 22.9% Margin 22.9% Margin $132 $164 2021 2022 17.5% Margin 20.2% Margin Organic +10% +2%
Slide 18: Full-Year Revenue and Operating Profit vs 2021
18 $471 $110 $15 $595 ( $45 ) $550 2021 Op Profit Organic Acq / Disp* 2022 Before FX Op Profit FX 2022 Op Profit Full-Year Revenue and Operating Profit vs 2021 (non-GAAP, $ millions) % Change (6%)12% 2% 8%14% Constant Currency Constant Currency % Change 23% 3% 26% Revenue Operating Profit $4,200 $49
Slide 19: Full-Year Adjusted EBITDA and EPS vs 2021
19 Full-Year Adjusted EBITDA and EPS vs 2021 (non-GAAP, $ millions, except EPS) $550 ( $138 ) ( $130 ) $4 $286 $190 $268 $49 ( $4 ) $788 Op Profit Interest Expense Taxes Other Income from Continuing Ops D&A Interest Exp & Taxes Stock Comp Marketable Securities Adj. EBITDA 47.8 million 50.1 million V
Slide 20: Net Debt and Leverage
20 $788 $683 $815 3 2021 Actual 2022 Actual Net Debt and Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Fourth Quarter 2022 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. 1. Net of unamor
Slide 21: Cash and Debt Capacity
21 $206 $257 $386 $1,000 $1,000 $1,000 $1,298 $1,228 $1,383 $495 $647 $602 $676 $887 12/31/2020 12/31/2021 12/31/2022 Cash and Debt Capacity Credit Facility Amend and Extend Closed June 2022 • Term Loan A expanded from $1.2 billion to $1.4 billion • Maturity extended from February 2024 to June 2027
Slide 22: Debt Maturity Profile
22 Debt Maturity Profile $35 $53 $400 $70 $600 $1,155 $70 $1,000 2023 2024 2025 2026 2027 Term Loan A Amortization Revolver Term Loan A Amortization Term Loan A Amortization Term Loan A Senior NotesSenior Notes Maturity Schedule for Credit Facility and Senior Notes ($ millions)
Slide 23: Estimated Cash Payments for Legacy Liabilities
23 Primary US Pension • Based on actuarial assumptions (as of 12/31/22). • Remeasurement occurs every year-end: to be disclosed in the 2022 annual report on Form 10-K. United Mine Workers of America (“UMWA”) • Based on actuarial assumptions (as of 12/31/22). • Remeasurement occurs every year-end: to
Slide 24: 2020 Non-GAAP Results Reconciled to GAAP (1 of 3)
24 2020 Non-GAAP Results Reconciled to GAAP (1 of 3) Amounts may not add due to rounding. See slide 26 f or f ootnote explanations. The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) Q4 Full Year Revenues: GAAP 1,021.6$ 3,690.9 Non-GAAP 1,021.6$ 3,690.9 Operating profit (los
Slide 25: 2020 Non-GAAP Results Reconciled to GAAP (2 of 3)
25 2020 Non-GAAP Results Reconciled to GAAP (2 of 3) Amounts may not add due to rounding. See slide 26 f or f ootnote explanations. The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions, except for per share amounts) Q4 Full Year Income (loss) from continuing operations attribut
Slide 26: 2020 Non-GAAP Results Reconciled to GAAP (3 of 3)
26 2020 Non-GAAP Results Reconciled to GAAP (3 of 3) Amounts may not add due to rounding. The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) The 2023 Non-GAAP outlook amounts exclude certain forecasted Non-GAAP adjusting items, such as intangible asset amortization, U.S. ret
Slide 27: Non-GAAP Reconciliation – Other
27 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 28: 2014-2019 Non-GAAP Results Reconciled to GAAP
28 2014-2019 Non-GAAP Results Reconciled to GAAP Amounts may not add due to rounding. The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) a) See “Other Items Not Allocated To Segments” on slides 29-30 for details. We do not consider these items to be reflective of our operati
Slide 29: Non-GAAP Reconciliation – Other
29 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 30: Non-GAAP Reconciliation – Other
30 Non-GAAP Reconciliation – Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) (In millions) 2017 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $8.4 million in 2017. • A net gain of $7.8 million was recog
Slide 31: Non-GAAP Reconciliation – Net Debt
31 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries Non-GAAP Reconciliations - Net Debt (Unaudited) (In millions) a) Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. The cash is genera
Slide 32: Description of 2023 Focus Areas
32 Description of 2023 Focus Areas The Brink’s Company and subsidiaries Cash and Valuables Management Cash and valuables management services include cash-in-transit services, basic ATM services, Brink’s Global Services (“BGS”), cash management services and vaulting services. Digital Retail Solutions