分组1 - Brink's reported quarterly earnings of $1.79 per share, exceeding the Zacks Consensus Estimate of $1.43 per share, and showing an increase from $1.67 per share a year ago, resulting in an earnings surprise of +25.17% [1] - The company achieved revenues of $1.3 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.16% and increasing from $1.25 billion year-over-year [2] - Over the last four quarters, Brink's has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 4.4% since the beginning of the year, while the S&P 500 has gained 7.1% [3] - The current consensus EPS estimate for the coming quarter is $1.92 on revenues of $1.3 billion, and for the current fiscal year, it is $7.35 on revenues of $5.14 billion [7] - The Zacks Industry Rank indicates that the Outsourcing industry is currently in the bottom 33% of over 250 Zacks industries, which may impact Brink's stock performance [8]

Financial Performance & Growth Strategy - Brink's aims to grow organically by expanding ATM Managed Services (AMS) and Digital Retail Solutions (DRS) subscription-based recurring revenue[10] - The company is targeting mid-to-high teens organic growth in AMS/DRS over the mid-term[27, 28] - Brink's expects to expand profit margins by shifting revenue to AMS/DRS and driving cost productivity[10] - The company is focused on improving free cash flow conversion by expanding profit margins, reducing capital intensity, and shortening the cash cycle[10] - Brink's aims to maximize shareholder value through accretive capital allocation, targeting at least 50% of free cash flow to shareholder returns[11, 38] AMS/DRS Expansion & Market Opportunity - AMS/DRS expands Brink's addressable market by 2-3x, targeting retailers with over $5,000 cash per month and the remaining bank ATMs to be outsourced[17] - The company's network optimization with conversion to AMS/DRS results in reduced miles driven and process efficiency[22] - AMS/DRS is delivering growth and margin improvement, with AMS/DRS projected to be 24% of total revenue in 2025, up from 10% in 2020[24] 2025 Outlook - For the second quarter of 2025, Brink's projects total revenue between $1.25 billion and $1.3 billion, with organic growth of 3%-6%[47] - The adjusted EBITDA for Q2 2025 is expected to be between $205 million and $225 million, with a margin of approximately 16.9%[47] - The company anticipates earnings per share (EPS) for Q2 2025 to be in the range of $1.25 to $1.65[47]

[Part I - Financial Information](index=2&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and internal controls for the reporting period [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and accompanying notes for the quarterly period ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities increased as of June 30, 2025, with total equity also showing growth compared to year-end 2024 Balance Sheet Summary (in millions) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $3,072.5 | $2,887.9 | | **Total Assets** | **$7,086.0** | **$6,623.1** | | **Total Current Liabilities** | $2,035.1 | $1,898.4 | | **Total Liabilities** | **$6,700.9** | **$6,310.6** | | **Total Equity** | **$385.1** | **$312.5** | [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues and operating profit increased year-over-year, while net income attributable to Brink's slightly decreased Q2 Financial Performance (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $1,300.5 | $1,253.1 | | Operating Profit | $133.9 | $116.0 | | Net Income attributable to Brink's | $43.7 | $46.2 | | Diluted EPS | $1.03 | $1.02 | Six-Month Financial Performance (in millions, except EPS) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenues | $2,547.2 | $2,489.2 | | Operating Profit | $253.0 | $236.9 | | Net Income attributable to Brink's | $95.3 | $95.5 | | Diluted EPS | $2.22 | $2.11 | - Cash dividends paid per common share increased to **$0.2550** in Q2 2025 from $0.2425 in Q2 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly improved in H1 2025, while cash used in investing and financing activities increased Six-Month Cash Flow Summary (in millions) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $143.8 | $(2.2) | | Net Cash used in Investing Activities | $(157.6) | $(116.4) | | Net Cash (used in) from Financing Activities | $(38.1) | $99.1 | - The company repurchased **$130.0 million** of its common stock in the first six months of 2025, nearly double the $65.7 million repurchased in the same period of 2024[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of accounting policies, financial data, and significant disclosures, including operations in Argentina - The company operates in four segments: North America, Latin America, Europe, and Rest of World[24](index=24&type=chunk)[31](index=31&type=chunk) - Argentina's economy was designated as highly inflationary, resulting in a **$14.1 million** pretax remeasurement loss in the first six months of 2025[34](index=34&type=chunk) - A prior period overstatement of depreciation related to Brink's Argentina was corrected, leading to a **$13.6 million** increase to Q2 2025 net income[37](index=37&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the company's financial performance, condition, liquidity, and capital resources, including consolidated and segment-level results [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q2 2025 consolidated revenues increased by 4% year-over-year, with operating profit rising 15% and margin expanding to 10.3% Q2 2025 vs Q2 2024 Consolidated Performance | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **GAAP Revenues** | $1,300.5M | $1,253.1M | 4% | | **GAAP Operating Profit** | $133.9M | $116.0M | 15% | | **GAAP Operating Margin** | 10.3% | 9.3% | 11% | | **Non-GAAP Operating Profit** | $164.5M | $155.6M | 6% | | **Adjusted EBITDA** | $232.0M | $225.9M | 3% | - Q2 2025 organic revenue growth of **5%** was primarily due to inflation-based price increases and growth in AMS and DRS revenue[170](index=170&type=chunk) Q2 2025 Operating Profit Change by Segment (in millions) | Segment | Q2 2024 Profit | Organic Change | Currency Effect | Q2 2025 Profit | | :--- | :--- | :--- | :--- | :--- | | North America | $51.7 | +$10.6 | $0.0 | $62.3 | | Latin America | $63.2 | -$2.6 | -$7.6 | $55.0 | | Europe | $32.2 | +$5.7 | +$2.1 | $39.5 | | Rest of World | $39.0 | +$1.3 | +$0.9 | $41.2 | [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by improved operating cash flow, while net debt increased to fund corporate purposes and working capital - Free cash flow before dividends (non-GAAP) improved to a use of **$0.4 million** in H1 2025 from a use of $36.8 million in H1 2024[253](index=253&type=chunk)[255](index=255&type=chunk) Net Debt Reconciliation (in millions) | Component | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Debt | $4,123.1 | $3,896.2 | | Less: Cash & equivalents available | $1,265.6 | $1,314.0 | | **Net Debt** | **$2,857.5** | **$2,582.2** | - As of June 30, 2025, **$373 million** was available under the Revolving Credit Facility[267](index=267&type=chunk) - Under the 2023 Share Repurchase Program, **$166 million** remained available as of June 30, 2025[272](index=272&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rates, foreign currency, and commodity prices, reporting no material changes in H1 2025 - The company reports no material change in its market risk exposures, which include interest rates, foreign currency, and commodity prices, in the six months ended June 30, 2025[287](index=287&type=chunk) [Item 4. Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[288](index=288&type=chunk) - No material changes to the internal control over financial reporting were identified during the quarter ended June 30, 2025[289](index=289&type=chunk) [Part II - Other Information](index=64&type=section&id=Part%20II%20-%20Other%20Information) This section provides additional information on legal proceedings, risk factors, and equity security sales and use of proceeds [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 13 for details on legal proceedings, including an ongoing antitrust investigation in Chile - For details on legal proceedings, the report refers to Note 13, which discusses the Chilean antitrust matter[294](index=294&type=chunk)[163](index=163&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - There have been no material changes in risk factors from those disclosed in the 2024 Form 10-K[295](index=295&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details common stock repurchases during Q2 2025, part of a $500 million program authorized in November 2023 Share Repurchases for Q2 2025 | Period | Shares Purchased | Average Price Paid | | :--- | :--- | :--- | | April 2025 | 607,650 | $87.11 | | May 2025 | 266,136 | $90.00 | | June 2025 | 96,781 | $85.70 | - The repurchases were made under a **$500 million** share repurchase program approved in November 2023, set to expire on December 31, 2025[296](index=296&type=chunk)

BRINK'S CORPORATE The Brink's Company 1801 Bayberry Court Richmond, VA 23226-8100 USA Contact: Investor Relations 804.289.9709 Brink's Delivers Strong Second-Quarter Results Exceeding Top End of Guidance for Revenue, Operating Profit, and EBITDA Record Second-Quarter Operating Profit Margin as AMS/DRS Continue to Gain Momentum Increasing Full-Year 2025 Revenue and EBITDA Expectations RICHMOND, Va., August 6, 2025 – The Brink's Company (NYSE:BCO), a leading global provider of cash and valuables management, d ...

Core Viewpoint - The Brink's Company will host a conference call on August 6, 2025, to discuss its second-quarter financial results, which will be released earlier that morning [1]. Group 1: Conference Call Details - The conference call can be accessed by calling 888-349-0094 (U.S.) or 412-902-0124 (international) [2]. - Participants are encouraged to join at least five minutes prior to the start of the call and can pre-register for a direct dial-in number [2]. - A replay of the call will be available until August 13, 2025, with specific numbers provided for U.S. and international listeners [3]. Group 2: Company Overview - The Brink's Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services [4]. - The company serves a diverse customer base, including financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations [4]. - Brink's operates in 51 countries and serves customers in over 100 countries [4].

Core Insights - The Brink's Company is featured in CBS News' Economy 4.0 documentary, highlighting its innovative approach in blending traditional cash handling with digital solutions [1][2][3] - Brink's has a 166-year legacy of trust and resilience, continuously adapting to the evolving financial landscape and redefining secure commerce [2][3][5] Company Overview - Brink's is a leading global provider of cash and valuables management, digital retail solutions (DRS), and ATM managed services (AMS), serving customers in over 100 countries [1][7] - The company has a history of innovation, from pioneering armored transport to developing smart safes and real-time cash visibility tools [3][5] Digital Solutions - Brink's Digital Retail Solutions (DRS) address critical challenges for retailers, including theft risk and cash visibility, by digitizing cash flow and enhancing operational efficiency [8] - The ATM Managed Services (AMS) provide comprehensive support for ATM operations, reducing downtime and operational costs for financial institutions [8] Leadership and Vision - The company's leadership emphasizes the importance of trust and security in commerce, ensuring reliable solutions for both cash and digital payments [4][5] - Brink's aims to redefine secure commerce in the digital age, delivering adaptable solutions that empower businesses and shape the future of transactions globally [5]

Core Insights - The Brink's Company has made a strategic investment in KAL ATM Software, enhancing its ATM managed services (AMS) strategy and commitment to providing top-tier solutions to financial institutions globally [1][4]. Group 1: Investment and Strategy - The investment in KAL ATM Software is a significant step in Brink's AMS strategy, aimed at delivering best-in-class solutions [1]. - Brink's AMS solution allows customers to select the most suitable hardware and software, accommodating the diverse ATM fleets of financial institutions [2]. - The partnership with KAL is seen as a natural extension of Brink's AMS strategy, focusing on customer choice and value [3]. Group 2: Technology and Innovation - KAL's ATM software is recognized as the most advanced hardware-independent solution, ensuring seamless operation across various ATM hardware manufacturers [2]. - The collaboration aims to transform the ATM landscape by combining Brink's operational excellence with KAL's software innovation, creating a future-proof solution for financial institutions and retailers [4]. - Successful deployments of the joint solution in regions such as Asia, the UK, and the Middle East have validated the partnership's strength [3]. Group 3: Company Background - The Brink's Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services, operating in 51 countries and serving customers in over 100 countries [5]. - KAL ATM Software, established in 1989, specializes in software solutions for ATM networks, helping banks control costs and enhance functionality [6].

Core Insights - Brink's (BCO) international operations are crucial for understanding its financial strength and growth potential, especially given its extensive global presence [1][2] - The company's reliance on international markets can provide insights into its earnings sustainability and growth trajectory [2][10] Revenue Performance - Brink's total revenue for the quarter ending March 2025 was $1.25 billion, reflecting a 0.9% increase from the previous year [4] - Europe contributed $299.1 million, or 23.99% of total revenue, exceeding the consensus estimate of $287 million by 4.22% [5] - Latin America generated $417.6 million, accounting for 33.50% of total revenue, representing a significant surprise of 37.1% over the expected $304.6 million [6] - The Rest of World segment brought in $222.4 million, making up 17.84% of total revenue, also surpassing projections by 12.1% [7] Future Revenue Forecasts - Analysts project total revenue for the current fiscal quarter to reach $1.27 billion, a 1.6% increase from the same quarter last year [8] - Expected contributions from international markets include Europe at $319.1 million (25.1%), Latin America at $320.2 million (25.1%), and Rest of World at $209.5 million (16.5%) [8] - For the full year, total revenue is anticipated to be $5.14 billion, marking a 2.6% increase compared to last year, with specific contributions from Europe ($1.27 billion), Latin America ($1.29 billion), and Rest of World ($869 million) [9] Market Trends and Stock Performance - The company's stock has gained 0.4% over the past month, underperforming the S&P 500's 13.1% increase [13] - Over the last three months, Brink's shares have declined by 4.1%, while the S&P 500 has seen a 2.3% decline [13]

Core Viewpoint - The Brink's Co. (NYSE: BCO) is expected to experience growth acceleration, with no fundamental changes to the business model [1] Group 1: Investment Outlook - The previous investment stance on The Brink's Co. was a buy rating, reflecting a bullish growth outlook [1] - The investment strategy focuses on long-term investments while also considering short-term opportunities to uncover alpha [1] - The analysis emphasizes a bottom-up approach, assessing the fundamental strengths and weaknesses of individual companies [1] Group 2: Investment Duration and Goals - The investment duration is medium to long-term, aiming to identify companies with solid fundamentals and sustainable competitive advantages [1] - The goal is to find companies that exhibit growth potential, which aligns with the positive outlook for The Brink's Co. [1]

Group 1 - The Brink's Company reported mixed Q1 2025 results, indicating a need for faster growth in sales and margin improvements [1] - The company is expected to focus on a balanced portfolio strategy that includes growth, value, and dividend-paying stocks [1] Group 2 - The analysis suggests that the company must demonstrate its ability to enhance performance metrics significantly [1] - There is an emphasis on the importance of long-term investment horizons, typically ranging from 5 to 10 years [1]