Slide 1: Brink's Q2 2023 Investor Presentation
Brink’s Q2 2023 Investor Presentation June 1, 2023 Exhibit 99.1
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: Agenda
3 Agenda Brink’s Company Overview & Recent Highlights Investment Highlights • Shifting To a More Attractive Revenue Mix • Resilient Performance Across Economic Cycles • Strong Free Cash Profile & Capital Allocation Framework 2023 Guidance and 2024 Framework Appendix
Slide 4: Brink's Company Overview & Recent Highlights
Brink’s Company Overview & Recent Highlights
Slide 5: The Brink's Company: History of Security with a Digital Future
5 Acquires Dunbar The Brink’s Company: History of Security with a Digital Future 1859 Brink’s founded in Chicago The Brink’s Company – starts trading on NYSE Acquires G4S Cash1 Expands Digital Retail Solutions (DRS); introduces Brink’s Complete Offering Enters AMS with PAI acquisition Mark Eubanks j
Slide 6: A Leader in Cash & Valuables Management with Growth Opportunities in DRS and AMS
6 Loomis Prosegur Garda Other ~$20B Global Cash Management Industry1 North America Latin America Europe Rest of World TTM Q1 2023 Revenue of $4.6B Brink’s is a leading global provider of cash and valuables management, digital retail solutions (DRS), and ATM managed services (AMS) Cash & Valuables Ma
Slide 7: The Brink's Company: Customer Offerings
7 The Brink’s Company: Customer Offerings Cash and Valuables Management: ~$3.8B TTM Revenue Cash-in-Transit Brink’s Global ServicesATM Replenishment Cash Management ATM Managed Services and Digital Retail Solutions: ~$0.8B TTM Revenue ATM Managed Services Digital Retail Solutions Brink’s serves a di
Slide 8: The Brink's Company Strategy
8 The Brink’s Company Strategy
Slide 9: Performance: Six Consecutive Quarters of Double-Digit Constant Currency Growth
9 Performance: Six Consecutive Quarters of Double-Digit Constant Currency Growth in Revenue and Operating Profit Highest First-Quarter Non-GAAP Adjusted EBITDA and Operating Profit Margins in Recent History in Q1 of 2023 Closed 2022 Global Restructuring Program in Q1 ’23 with Expected $60M in Perman
Slide 10: Investment Highlights
Investment Highlights IIBRINKS
Slide 11: Brink's Investment Highlights
11 Brink’s Investment Highlights Opportunity for superior revenue growth / resiliency, higher profit margins, and lower capital intensity 1. Shifting to a More Attractive Revenue Mix – AMS & DRS 2. Resilient Performance Across Economic Cycles 3. Strong Free Cash Flow Profile & Capital Allocation Fra
Slide 12: Shifting to a More Attractive Revenue Mix
12 1. Shifting to a More Attractive Revenue Mix Expecting ~ 20% of Revenue from AMS/DRS by Year End 2023 • AMS / DRS grew 50% in Q1 2023 • Robust global pipeline of opportunities • Growth Drivers: • Increased Target Market – SMEs • FI Outsourcing/Footprint rationalization • Conversion of existing cu
Slide 13: Shifting to a More Attractive Revenue Mix – ATM Managed Services
13 1. Shifting to a More Attractive Revenue Mix – ATM Managed Services Brink’s is Uniquely Positioned in the AMS Market • Replenishment network infrastructure and cash availability is one of the largest cost components of owning ATMs • Additional ATMs improve density, creates leverage on already exi
Slide 14: Shifting to a More Attractive Revenue Mix – Digital Retail Solutions
14 1. Shifting to a More Attractive Revenue Mix – Digital Retail Solutions Customer Cash AccessSlower Faster Low HighSafety & Security Service FrequencyStatic Dynamic POS IntegrationManual Integrated Accounting & ReconciliationComplex Simple Low HighSubscription-Based / Recurring Revenue $ $ Traditi
Slide 15: Brink's Has a History of Resilience Across Economic Cycles
15 2. Brink’s Has a History of Resilience Across Economic Cycles 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 res
Slide 16: Capital Allocation Framework
16 3. Capital Allocation Framework 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 allocation model expected to allow the flexibility to optimize sh
Slide 17: Strong and Improving Free Cash Flow Profile
17 3. Strong and Improving Free Cash Flow Profile (Non-GAAP, $ millions) Notes: See detailed reconciliations of non-GAAP to GAAP results in the appendix. Over $1 Billion in Free Cash Flow Generated Since 2018 $170 $179 $206 $245 $203 $350 33% 32% 36% 36% 26% 40% 2018 2019 2020 2021 2022 2023 Target
Slide 18: 2023 Guidance and 2024 Framework
2023 Guidance and 2024 Framework
Slide 19: 2023 Guidance and 2024 Framework
19 2022 Actual 2023 Guidance Growth Revenue $4,536 $4,800 - 4,950 ~7% Operating Profit $550 $625 – 675 ~18% Margin 12.1% ~13.3% Adjusted EBITDA $788 $865 – 915 ~13% Margin 17.4% ~18.3% Free Cash Flow $203 $325 – 375 ~72% FCF / EBITDA 26% ~40% EPS $5.99 $6.45 – 7.15 ~14% 2023 Guidance and 2024 Framew
Slide 20: Appendix
Appendix IIBRINKS
Slide 21: First-Quarter 2023 Results
21 First-Quarter 2023 Results Fourth Consecutive Quarter of Double-digit Organic Revenue and Op Profit Growth (non-GAAP, $ millions, except EPS) Revenue +10% Organic +13% Acq +3% FX (6%) EPS (3%)Adj. EBITDA +15%Op Profit +14% Organic +22% Acq +3% FX (11%) $978 $1,074 $1,185 2021 2022 2023 Constant C
Slide 22: Full-Year 2023 Free Cash Flow Outlook
22 $625 - $675 ~ $240 $865 - $915 ( $55 ) ( $130 ) ( $175 ) ( $180 ) $325 - $375 Adj. EBITDA WC, Cash Restructuring & Deferred Payments Cash Taxes Cash Interest Cash CapEx Free Cash Flow before Dividends Meaningful 1Q Progress Toward Free Cash Flow Target Notes: Amounts may not add due to rounding.
Slide 23: Net Debt and Leverage
23 $788 $813 $815 3 $831 3 2022 Actual Q1 2023 TTM Actual Net Debt and Leverage Note: See detailed reconciliations of non-GAAP to GAAP results in the Appendix. 1. Net of unamortized debt issuance costs of $8 million as of 12/31/2022 and $7 million as of 3/31/2023. 2. Net Debt divided by Adjusted EBI
Slide 24: Non-GAAP Reconciliation
24 Q1 Full Year Q1 Full Year Q1 Revenues: GAAP 977.7$ 4,200.2 1,074.0$ 4,535.5 1,185.4$ Non-GAAP 977.7$ 4,200.2 1,074.0$ 4,535.5 1,185.4$ Operating profit (loss): GAAP 61.7$ 354.7 62.4$ 361.3 79.8$ Reorganization and Restructuring(a) 6.6 43.6 11.7 38.8 14.2 Acquisitions and dispositions(a) 18.7 71.9
Slide 25: Non-GAAP Reconciliation
25 Q1 Full Year Q1 Full Year Q1 Income (loss) from continuing operations attributable to Brink's: GAAP 12.7$ 103.1 71.4$ 173.5 14.3$ Retirement plans(c) 4.5 22.1 2.4 8.1 (1.6) Reorganization and Restructuring(a) 4.9 31.4 10.5 30.5 11.5 Acquisitions and dispositions(a) 18.2 65.4 13.8 63.5 20.1 Argent
Slide 26: Adjusted EBITDA Reconciliation
26 2018 2019 2020 Full Year Full Year Full Year Q1 Full Year Q1 Full Year Q1 Adjusted EBITDA(f): Net income attributable to Brink's - GAAP (33.3)$ 29.0$ 16.0$ 12.7$ 105.2 71.3$ 170.6 15.0$ Interest expense - GAAP 66.7 90.6 96.5 27.2 112.2 27.9 138.8 46.6 Income tax provision - GAAP 70.0 61.0 56.6 13
Slide 27: 2014-2020 Non-GAAP Results Reconciled to GAAP
27 2014-2020 Non-GAAP Results Reconciled to GAAP Amounts may not add due to rounding. The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2014 2015 2016 2017 2018 2019 2020 Full Year Full Year Full Year Full Year Full Year Full Year Full Year Revenues: GAAP 3,562.3$ 3,061.4 3
Slide 28: Non-GAAP Reconciliation – Other
28 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 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) Acquisitions and dispositions Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in na
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) 2019 Acquisitions and Dispositions • We incurred $43.1 million in integration costs related to Dunbar, Rodoban, COMEF and TVS in 2019. • Amortization expense for ac
Slide 31: Non-GAAP Reconciliation – Other
31 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 32: Non-GAAP Reconciliation – Other
32 Non-GAAP Reconciliation – Other The Brink’s Company and subsidiaries Other Items Not Allocated to Segments (Unaudited) (In millions) Internal loss A former non-management employee in our U.S. global services operations embezzled funds from Brink's in prior years. Except for a small deductible amo
Slide 33: Non-GAAP Reconciliation – Cash Flows
33 Non-GAAP Reconciliation – Cash Flows a) To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure Cash Management Services operations. The title to this cash transfers to us for a short period of time. The cash is generally cre
Slide 34: Non-GAAP Reconciliation – Net Debt
34 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