Slide 1: Second-Quarter 2024 Earnings
Second-Quarter 2024 Earnings August 7, 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 Second-Quarter 2024 Revenue, EBITDA and EPS
3 Record Second-Quarter 2024 Revenue, EBITDA and EPS • Accelerating organic growth of 14% – AMS/DRS organic growth of +26% and CVM organic growth of +10% • Adjusted EBITDA +16% to $226M, margin 18.0% expansion of 200bps • EPS +31% to $1.67 • Continued strong free cash flow conversion, supported by p
Slide 4: Second-Quarter 2024 Results
4 Second-Quarter 2024 Results Record Revenue, EBITDA, and EPS - Executing on Profitable Growth Strategy (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2024 Earnings Release available in the Results section of the Brin
Slide 5: Improving Margins in North America
5 $129 $168 $154 $217 $228 $259 $288 11.7% 12.3% 12.2% 15.4% 14.4% 16.2% 17.8% 2018 2019 2020 2021 2022 2023 2Q '24 TTM Meaningful Progress Improving Margins in North America North America EBITDA and EBITDA Margins North America EBITDA +123% with EBITDA Margins +610bps Since 2018 Performance Drivers
Slide 6: AMS/DRS Delivering Growth and Margin Improvement
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 • Q2 organic growth of 10% • Focus on pricing initiatives • Softness in global commodities movement and storage • Brink’s Bu
Slide 7: Brink's is Well Positioned to Deliver During Market Uncertainties
7 Brink’s is Well Positioned to Deliver During Market Uncertainties 7% -0.5% 4% 7% 6% 4% 5% 3% 6% 6% 7% 6% -7% 5% 12% 9% ~12-15% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 PandemicRecession Organic Revenue Growth1 Notes: See detailed reconciliations of non-G
Slide 8: Second-Quarter Revenue and Adjusted EBITDA vs 2023
8 Second-Quarter Revenue and Adjusted EBITDA vs 2023 (non-GAAP, $ millions) Revenue $1,216 $100 $67 $7 $1,390 ( $137 ) $1,253 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 detai
Slide 9: Second-Quarter Adjusted EBITDA and EPS vs 2023
9 $156 ( $57 ) ( $31 ) $7 $75 $56 $57 $31 $7 $226 Op Profit Interest Expense Taxes Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA Second-Quarter Adjusted EBITDA and EPS vs 2023 (non-GAAP, $ millions, except EPS) 45.1 million 47.3 million 18.0% Margin +16%
Slide 10: Successfully Refinanced 2025 Bonds
10 Successfully Refinanced 2025 Bonds Improved Credit Rating, Extended and Diversified Maturities, Increased Liquidity Increased Balance Sheet Flexibility by Diversifying Maturities 1 Reflects the Corporate Family Credit Rating 2 Q1 '24 presented proforma for the planned retirement of 2025 bonds. Th
Slide 11: Capital Allocation Framework
11 Capital Allocation Framework Notes: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Second Quarter 2024 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. Capital allocation priorities not shown in priori
Slide 12: 2024 Guidance Affirmed
12 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 13: Appendix
Appendix IIBRINKS
Slide 14: Our Strategic Pillars
14 Strong Foundation For Success • Improved customer experience and evolved sales and marketing approach are driving growth and loyalty • Innovation through enhanced DRS platform and new AMS capabilities • Brink’s Business System is unlocking savings and driving operational excellence through standa
Slide 15: Second-Quarter 2024 Revenue & Adjusted EBITDA by Segment
15 Second-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. $397 $412 2023 2024 $55 $72 2023 2024 13.9% Margin 17.5% Margin $
Slide 16: Six-Months 2024 Results
16 Six-Months 2024 Results (non-GAAP, $ millions, except EPS) Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Second Quarter 2024 Earnings Release available in the Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP
Slide 17: Six-Months Revenue and Adjusted EBITDA vs 2023
17 Six-Months Revenue and Adjusted EBITDA vs 2023 (non-GAAP, $ millions) Revenue $2,402 $203 $109 $9 $2,723 ( $233 ) $2,489 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 18: Six-Months Adjusted EBITDA and EPS vs 2023
18 $301 ( $112 ) ( $59 ) $16 $145 $112 $112 $59 $16 $444 Op Profit Interest Expense Taxes Other Income from Continuing Ops D&A Interest Expense Taxes Stock Comp & Other Adj. EBITDA Six-Months Adjusted EBITDA and EPS vs 2023 (non-GAAP, $ millions, except EPS) 45.2 million 47.4 million 17.8% Margin +1
Slide 19: Six-Months 2024 Revenue & Adjusted EBITDA by Segment
19 Six-Months 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. $799 $818 2023 2024 $112 $141 2023 2024 14.0% Margin 17.2% Margin $64
Slide 20: Net Debt and Leverage
20 Net Debt and Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix and included in the Second 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 $6 million a
Slide 21: 2022 Non-GAAP Results Reconciled to GAAP (1 of 3)
21 Q2 Six Months Operating profit (loss): GAAP 96.5$ 158.9 Reorganization and Restructuring(a) 2.7 14.4 Acquisitions and dispositions(a) 15.4 30.6 Argentina highly inflationary impact(a) 9.0 15.1 Change in allowance estimate(a) (0.4) 16.3 Chile antitrust matter(a) 0.8 0.8 Non-GAAP 124.0$ 236.1 Inter
Slide 22: 2022 Non-GAAP Results Reconciled to GAAP (2 of 3)
22 Q2 Six Months Income (loss) from continuing operations attributable to Brink's: GAAP 35.2$ 106.6 Retirement plans(c) 1.0 3.4 Reorganization and Restructuring(a) 1.6 12.1 Acquisitions and dispositions(a) 12.8 26.6 Argentina highly inf lationary impact(a) 10.2 17.1 Change in allow ance estimate(a)
Slide 23: Non-GAAP Results Reconciled to GAAP
23 2016 2017 2018 2019 2020 Full Year Full Year Full Year Full Year Full Year Six Months Full Year Q2 Six Months Full Year Revenues: GAAP 3,020.6$ 3,347.0$ 3,488.9$ 3,683.2$ 3,690.9$ 2,026.5$ 4,200.2 1,133.9$ 2,207.9 4,535.5 Venezuela operations(a) (109.4) (154.1) (51.4) - - - - - - - Acquisitions a
Slide 24: Non-GAAP Reconciliation – Other
24 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 25: Non-GAAP Reconciliation – Other
25 Non-GAAP Reconciliation – Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) (In millions) 2021 Acquisitions and Dispositions • Amortization expense for acquisition-related intangible assets was $47.7 million in 2021. • We incurred $10.5 million in integr
Slide 26: Non-GAAP Reconciliation – Other
26 Non-GAAP Reconciliation – Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) (In millions) Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a
Slide 27: Non-GAAP Reconciliation – Segment Adjusted EBITDA
27 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA is defined as Segment Operating Profit excluding the impact of Segment depreciation and amortization. Amounts may not add due to rounding. Segment Adjusted EBITDA: GAAP amo
Slide 28: Adjusted EBITDA Reconciliation
28 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) Q2 Six Months Full Year Q2 Six Months North America 55.4$ 111.9 259.1 72.0$ 140.5$ Latin America 79.3 158.7 333.9 77.2 154.3 Europe 44.0 79.1 179.2 46.6 86.5 Rest of World 47.1 90.3 188.5 45.3 92.8 Total segment adj
Slide 29: Non-GAAP Reconciliation – Segment Adjusted EBITDA
29 Non-GAAP Reconciliation – Segment Adjusted EBITDA The Brink’s Company and subsidiaries (In millions) Segment Adjusted EBITDA is defined as Segment Operating Profit excluding the impact of Segment depreciation and amortization. Amounts may not add due to rounding. Segment Adjusted EBITDA: GAAP amo
Slide 30: Adjusted EBITDA Reconciliation
30 Adjusted EBITDA Reconciliation The Brink’s Company and subsidiaries (In millions) 2018 2019 2020 2021 2022 Full Year Full Year Full Year Full Year Full Year North America 129.1$ 168.3$ 154.0$ 217.1$ 228.2$ Latin America 295.1 341.7 277.6 303.5 326.8 Europe 63.2 63.9 83.4 131.2 138.0 Rest of World
Slide 31: 2018-2022 Non-GAAP Results Reconciled to GAAP
31 2018-2022 Non-GAAP Results Reconciled to GAAP The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) (a) 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. Settlemen
Slide 32: Non-GAAP Reconciliation – Cash Flows
32 Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) Six Months Full Year Six Months Full Year 2021 2021 2022 2022 Free cash flow before dividends Cash flows from operating activities Operating activities - GAAP 81.0$ 478.0$ 41.1$ 479.9$
Slide 33: Non-GAAP Reconciliation – Net Debt
33 Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) December 31, June 30, (In millions) 2023 2024 Debt: Short-term borrowings 151.7$ 138.6$ Long-term debt 3,379.6 3,608.5 Total Debt 3,531.3 3,747.1 Less: Cash and cash equivalents 1,176.6