Record First Quarter Revenue Reflecting 4% Growth and 12% Organic GrowthGAAP net income up 229% to $49M and record adjusted EBITDA up 15% to $218MGAAP EPS up 263% to $1.09 and non-GAAP EPS up 20% to $1.52TTM GAAP Net Cash from Operations up 56% to $800M: non-GAAP Free Cash Flow up 61% to $363M RICHMOND, Va., May 08, 2024 (GLOBE NEWSWIRE) -- The Brink's Company (NYSE:BCO), a leading global provider of cash and valuables management, digital retail solutions (DRS), and ATM managed services (AMS), today announced first-quarter results. Mark Eubanks, president and CEO, said: "In the first quarter we delivered robust organic revenue growth across all segments and customer offerings. Organic growth in AMS and DRS accelerated sequentially and was up 18% year-over-year as customer demand continues to build for our value-added solutions. First quarter adjusted EBITDA margins expanded 160 basis-points, representing the highest first quarter margins since we first reported the metric. This was enabled by improving AMS and DRS mix and productivity gains from the early developments of the Brink's Business System. Earnings per share growth of 20% was driven by strong margin expansion and a four percent reduction in outstanding share count year-over-year." "I remain encouraged by the accelerating pace in our business transformation initiatives. With growing demand for our DRS and AMS offerings, and expanding profit margins, we are well positioned to deliver our 2024 commitments. With another strong quarter behind us, I am confident that continued execution of our strategy will create additional value for our shareholders for years to come." First-quarter results are summarized in the following table: (In millions, except for per share amounts) First-Quarter 2024 (vs. 2023)   GAAP   Change   Non-GAAP   Change   Constant Currency Change(b) Revenue $ 1,236   4%   $ 1,236   4%   12% Operating Profit $ 121   52%   $ 145   14%   37% Operating Margin   9.8%   310 bps     11.7%   100 bps   240 bps Net Income / Adjusted EBITDA(a) $ 49   229%   $ 218   15%   30% EPS $ 1.09   263%   $ 1.52   20%   57% (a)   The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's. (b)   Constant currency represents 2024 Non-GAAP results at 2023 exchange rates.   2024 Guidance (Unaudited)(In millions, except for percentages and per share amounts) The 2024 Non-GAAP outlook amounts cannot be reconciled to GAAP without unreasonable effort, as we are unable to accurately forecast certain amounts that are necessary for reconciliation, including the impact of highly inflationary accounting on our Argentina operations in 2024 or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions and the impact of possible future acquisitions. We are also unable to forecast changes in cash held for customer obligations or proceeds from the sale of property, equipment and investments in 2024. The 2024 Non-GAAP outlook reflects management's current assumptions regarding variables that are difficult to accurately forecast, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission. The 2024 outlook assumes the continuation of current economic trends and does not contemplate a significant economic downturn for the balance of the year.     2024 Non-GAAP Outlook     Revenues $ 5,075 - 5,225     Adjusted EBITDA $ 935 - 985     Adjusted EBITDA margin   18.4% - 18.9%     Free cash flow before dividends $ 415 - 465     EPS from continuing operations attributable to Brink's $ 7.30 - 8.00             Conference CallBrink's will host a conference call on May 8 at 8:30 a.m. ET to review first-quarter results.  Interested parties can listen by calling 888-349-0094 (in the U.S.) or 412-902-0124 (international). Participants can preregister at https://dpregister.com/sreg/10188083/fc2d7fb8f2 to receive a direct dial-in number for the call. The call also will be accessible live via webcast on the Brink's website (www.brinks.com). A replay of the call will be available through May 15, 2024 at 877-344-7529 (in the U.S.) or 412-317-0088 (international). The access code is 2724238. An archived version of the webcast will be available online in the Investor Relations section of http://investors.brinks.com. The Brink's Company and subsidiaries (In millions, except for per share amounts) (Unaudited) Condensed Consolidated Balance Sheets     December 31, 2023   March 31, 2024 Assets       Current assets:       Cash and cash equivalents $ 1,176.6     1,122.7   Restricted cash   507.0     557.9   Accounts receivable, net   779.0     857.0   Prepaid expenses and other   325.7     367.5   Total current assets   2,788.3     2,905.1           Right-of-use assets, net   337.7     334.5   Property and equipment, net   1,013.3     1,003.3   Goodwill   1,473.8     1,457.7   Other intangibles, net   488.3     469.4   Deferred tax assets, net   231.8     226.3   Other   268.6     283.0           Total assets $ 6,601.8     6,679.3           Liabilities and Equity               Current liabilities:       Short-term borrowings   151.7     155.0   Current maturities of long-term debt   117.1     125.6   Accounts payable   249.7     265.1   Accrued liabilities   1,126.9     1,105.2   Restricted cash held for customers   298.7     340.6   Total current liabilities   1,944.1     1,991.5           Long-term debt   3,262.5     3,309.3   Accrued pension costs   148.5     145.3   Retirement benefits other than pensions   159.6     155.8   Lease liabilities   265.8     262.8   Deferred tax liabilities   56.5     57.9   Other   244.6     236.8   Total liabilities   6,081.6     6,159.4           Equity:       The Brink's Company ("Brink's") shareholders:       Common stock, par value $1 per share:       Shares authorized: 100.0       Shares issued and outstanding: 2024 - 44.6; 2023 - 44.5   44.5     44.6   Capital in excess of par value   675.9     666.8   Retained earnings   333.0     354.0   Accumulated other comprehensive income (loss)   (656.0 )   (669.0 ) Brink's shareholders   397.4     396.4           Noncontrolling interests   122.8     123.5           Total equity   520.2     519.9           Total liabilities and equity $ 6,601.8     6,679.3     The Brink's Company and subsidiaries (In millions) (Unaudited) Condensed Consolidated Statements of Cash Flows     Three Months Ended March 31,     2023     2024   Cash flows from operating activities:       Net income $ 18.3     52.2   Adjustments to reconcile net income to net cash provided by operating activities:       (Income) loss from discontinued operations, net of tax   (0.7 )   —   Depreciation and amortization   67.6     72.4   Share-based compensation expense   10.9     9.3   Deferred income taxes   (0.2 )   2.5   (Gain) loss on marketable securities and sale of property and equipment   0.1     (2.2 ) Loss on business dispositions   2.0     —   Impairment losses   3.7     0.5   Retirement benefit funding (more) less than expense:       Pension   (2.3 )   (2.4 ) Other than pension   (5.6 )   (3.7 ) Remeasurement losses due to Argentina currency devaluations   9.8     —   Other operating   9.0     11.7   Changes in operating assets and liabilities, net of effects of acquisitions:       (Increase) decrease in accounts receivable and income taxes receivable   (4.6 )   (73.6 ) Increase (decrease) in accounts payable, income taxes payable and accrued liabilities   (81.1 )   (44.1 ) Increase (decrease) in restricted cash held for customers   (43.7 )   57.3   Increase (decrease) in customer obligations   (9.6 )   24.0   Increase (decrease) in prepaid and other current assets   (21.8 )   (27.2 ) Other   3.1     (12.8 ) Net cash (used in) provided by operating activities   (45.1 )   63.9           Cash flows from investing activities:       Capital expenditures   (45.2 )   (52.2 ) Acquisitions, net of cash acquired   —     0.7   Dispositions, net of cash disposed   1.1     —   Marketable securities:       Purchases   (3.2 )   (0.3 ) Sales   0.3     0.8   Cash proceeds from sale of property, equipment and investments   0.3     3.5   Net change in loans held for investment   (10.5 )   1.8   Other   (0.4 )   (0.1 ) Net cash used in investing activities   (57.6 )   (45.8 )         Cash flows from financing activities:       Borrowings (repayments) of debt:       Short-term borrowings   44.7     5.0   Long-term revolving credit facilities:       Borrowings   1,961.1     2,536.9   Repayments   (2,044.1 )   (2,470.8 ) Other long-term debt:       Borrowings   0.3     4.3   Repayments   (22.8 )   (26.9 ) Acquisition of noncontrolling interest   —     (0.2 ) Cash paid for acquisition related settlements and obligations   (5.1 )   —   Repurchase shares of Brink's common stock   (16.0 )   (23.0 ) Dividends to:       Shareholders of Brink's   (9.3 )   (9.8 ) Noncontrolling interests in subsidiaries   (0.4 )   —   Tax withholdings associated with share-based compensation   (6.6 )   (16.8 ) Other   1.1     —   Net cash used in financing activities   (97.1 )   (1.3 )         Effect of exchange rate changes on cash   7.7     (19.8 ) Cash, cash equivalents and restricted cash:       Decrease   (192.1 )   (3.0 ) Balance at beginning of period   1,410.5     1,683.6   Balance at end of period $ 1,218.4     1,680.6     Supplemental Cash Flow Information Three Months Ended March 31,     2023     2024   Cash paid for income taxes, net $ (23.3 )   (28.2 )     The Brink's Company and subsidiaries(In millions, except for per share amounts) (Unaudited) First-Quarter 2024 vs. 2023   GAAP     Organic   Acquisitions /           % Change     1Q'23   Change   Dispositions(a)   Currency(b)   1Q'24   Total   Organic   Revenues:                             North America $ 402     4   —   —     406     1     1     Latin America   316     117   —   (98 )   335     6     37     Europe   269     17   2   4     291     8     6     Rest of World   199     8   —   (3 )   205     3     4     Segment revenues(c) $ 1,185     146   2   (97 )   1,236     4     12                                   Revenues - GAAP $ 1,185     146   2   (97 )   1,236     4     12                                   Operating profit:                             North America $ 39     10   —   —     48     25     25     Latin America   67     28   —   (31 )   63     (5 )   41     Europe   22     3   —   —     26     18     15     Rest of World   37     5   —   (1 )   41     10     13     Segment operating profit   165     45   —   (31 )   178     8     28     Corporate(d)   (37 )   2   —   1     (33 )   (10 )   (6 )   Operating profit - non-GAAP $ 127     48   —   (30 )   145     14     38                                   Other items not allocated to segments(e)   (48 )   5   8   10     (24 )   (49 )   (11 )   Operating profit - GAAP $ 80     53   8   (20 )   121     52     67                                   GAAP interest expense   (47 )               (56 )   20         GAAP interest and other income (expense)   5                 13     fav       GAAP provision (benefit) for income taxes   20                 26     29         GAAP noncontrolling interests   3                 3     (12 )       GAAP income from continuing operations(f)   14                 49     fav       GAAP EPS(f) $ 0.30                 1.09     fav       GAAP weighted-average diluted shares   47.4                 45.3     (4 )                                                                   Non-GAAP(g)     Organic   Acquisitions /           % Change     1Q'23   Change   Dispositions(a)   Currency(b)   1Q'24   Total   Organic                                 Segment revenues - GAAP/non-GAAP $ 1,185     146   2   (97 )   1,236     4     12                                 Non-GAAP operating profit   127     48   —