Financial Data and Key Metrics Changes - The company reported total organic growth of 6% in Q1, at the top end of previous guidance [6] - Adjusted EBITDA was $215 million with a margin of 17.2%, exceeding the high end of Q1 guidance due to strong execution [7] - Earnings per share (EPS) was $1.62, reflecting benefits from share repurchases and a planned increase in the tax rate [7] - Free cash flow conversion was 40%, highlighting progress on accounts receivable collections [7] Business Line Data and Key Metrics Changes - ATM Managed Services and Digital Retail Solutions (AMS DRS) grew over 20% for the fourth consecutive quarter, now representing a quarter of total business [6][8] - Cash and Valuables Management (CVM) grew 1% organically, with strong performance in Global Services contributing to overall growth [18] - The Global Services business saw elevated precious metal movement, leading to improved year-over-year growth [8] Market Data and Key Metrics Changes - North America experienced constant currency growth of 4% and organic growth of 2%, with DRS growth highlighted by new customer onboarding [13] - Latin America reported 7% organic growth, but this was offset by currency devaluation, particularly in Mexico and Argentina [14] - Europe grew revenue by 5% organically, with AMS DRS mix increasing to 42% of total revenue [15] Company Strategy and Development Direction - The company is focused on maximizing growth potential in AMS DRS, expanding margins, and executing a capital allocation framework [7][10] - The strategy includes increasing network density and improving routing flexibility to support profit margin expansion [25] - The company is exploring accretive M&A opportunities that align with its capital allocation framework [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid economic uncertainty, citing a diversified global footprint and strong customer relationships [24][25] - The outlook for the second quarter includes expectations for continued mid-single-digit organic growth and EBITDA between $200 million and $225 million [10][34] - Management remains cautious about the Global Services business due to slowing growth trends observed in early Q2 [19] Other Important Information - The company repurchased 1.3 million shares at an average price of $87.62, representing about 3% of outstanding shares [9] - A third consecutive annual increase in the quarterly dividend was announced, reflecting a commitment to shareholder returns [9][31] Q&A Session Summary Question: Can you talk about your tariff exposure? - Management indicated no significant direct exposure to tariffs, as most costs and revenues are in the same currency and services are not heavily imported [39][40] Question: Can you discuss pricing trends in Latin America? - Management confirmed that pricing strategies are in place to offset currency devaluations, particularly in highly inflationary markets like Argentina [42][43] Question: What are the drivers for the second quarter margin guidance? - Key drivers include FX impacts, interest income from Argentina, and restructuring actions, with expectations for improved margins in the second half of the year [50][51][55] Question: What is the expected impact of interest income on EBITDA for the full year? - Management expects a headwind of approximately $4 million to $5 million per quarter from reduced interest income [56] Question: What are the growth expectations excluding last year's equipment sales? - Management anticipates continued growth trajectory in DRS AMS, despite a couple of points of headwind from last year's equipment sales [62][63] Question: Why is AMS DRS expected to be more resilient to macro softness? - The larger white space and subscription-based revenue model of AMS DRS provide more consistent revenues compared to traditional CIT business [70][71]

Financial Data and Key Metrics Changes - Brink's reported total organic growth of 6% in Q1, at the top end of previous guidance [6] - Adjusted EBITDA was $215 million with a margin of 17.2%, exceeding the high end of Q1 guidance [7] - Earnings per share (EPS) was $1.62, reflecting benefits from share repurchases and a planned increase in the tax rate [7] - Free cash flow conversion was 40%, highlighting progress on accounts receivable collections [7][11] Business Line Data and Key Metrics Changes - ATM Managed Services and Digital Retail Solutions (AMS DRS) grew over 20% for the fourth consecutive quarter, now representing a quarter of total business [6][8] - Cash and Valuables Management (CVM) grew 1% organically, with strong performance in Global Services [18] - Global Services revenue increased due to elevated precious metal movement, particularly in the Rest of World segment [8][17] Market Data and Key Metrics Changes - North America saw constant currency growth of 4% and organic growth of 2%, with DRS growth highlighted by new customer onboarding [14] - Latin America experienced 7% organic growth, but was negatively impacted by currency devaluation, particularly in Mexico and Argentina [15] - Europe grew revenue by 5% organically, with AMS DRS mix increasing to 42% of total revenue [16] Company Strategy and Development Direction - The company continues to focus on maximizing growth potential in AMS DRS, expanding margins, and executing a focused capital allocation framework [7][11] - Share repurchases and dividend increases are part of the capital allocation strategy, with remaining repurchase capacity of over $180 million [10][32] - The company is well-positioned to capture elevated demand and is exploring accretive M&A opportunities [9][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertain macroeconomic conditions, citing a diversified global footprint and strong customer relationships [25][26] - The outlook for the second quarter includes expectations for continued mid-single-digit organic growth and EBITDA between $200 million and $225 million [11][37] - Management remains cautious about the Global Services business due to slowing growth in early Q2 but is optimistic about capturing future opportunities [20][38] Other Important Information - The company repurchased 1.3 million shares at an average price of $87.62, representing about 3% of outstanding shares at year-end 2024 [9][10] - Adjusted EBITDA margins were down 50 basis points year-over-year, impacted by regional revenue mix and less interest income from Argentina [28] Q&A Session Summary Question: Can you talk about your tariff exposure? - Management indicated minimal direct exposure to tariffs, as most costs and revenues are in the same currency and services are not heavily imported [41][42] Question: Can you discuss pricing trends in Latin America? - Management confirmed that pricing strategies are in place to offset currency devaluations, particularly in highly inflationary markets like Argentina [44][45] Question: What are the drivers for the second quarter margin guidance? - Key drivers include FX impacts, Argentina interest income, and restructuring actions, with expectations for improved margins in the second half of the year [51][52][56] Question: How do you expect AMS DRS growth to perform in a softer macro environment? - Management noted that the larger addressable market and subscription-based revenue model of AMS DRS provide resilience against economic downturns [70][72] Question: What trends are observed in the BGS segment post-Q1? - Management reported a slowdown in shipment volumes in April compared to Q1, with expectations for mid-single-digit organic growth moving forward [75][76]

First-Quarter 2025 Performance - Revenue increased by 1% to $1,247 million, with organic growth of 6%[11] - Adjusted EBITDA decreased by 1% to $215 million, representing a margin of 17.2%[11] - Earnings per share (EPS) decreased by 2% to $1.62, but increased by 13% in constant currency[11] - Trailing-twelve-month Free Cash Flow was $360 million, reflecting a conversion rate of 40%[9, 11] Segment Performance - North America revenue increased by 3% to $418 million, with adjusted EBITDA up 6% to $73 million[15] - Latin America revenue decreased by 8% to $308 million, with adjusted EBITDA down 14% to $67 million[15] - Europe revenue increased by 3% to $299 million, with adjusted EBITDA remaining flat at $40 million[15] - Rest of World revenue increased by 9% to $222 million, with adjusted EBITDA up 20% to $57 million[15] Strategic Growth & Outlook - AMS/DRS organic growth exceeded 20%, now representing 25% of total revenue[9] - The company repurchased over 1.3 million shares year-to-date[9] - Second quarter guidance includes revenue between $1,250 million and $1,300 million, with organic growth between 3% and 6%[9]

Financial Performance - Consolidated revenues for Q1 2025 were $1,246.7 million, a 1% increase from $1,236.1 million in Q1 2024, with organic growth contributing 6%[162][163] - Operating profit decreased by $1.8 million to $119.1 million, resulting in an operating profit margin of 9.6%, down from 9.8%[165][172] - Non-GAAP operating profit increased by $5.6 million to $150.6 million, with a non-GAAP operating profit margin of 12.1%, up from 11.7%[169][170] - Income from continuing operations attributable to Brink's shareholders increased by $2.3 million to $51.6 million, with diluted EPS rising to $1.19 from $1.09[165][169] - Adjusted EBITDA decreased by 1% to $215.0 million, primarily due to lower interest and other nonoperating income[170] - Non-GAAP operating profit for Q1 2025 was $150.6 million, compared to $145.0 million in Q1 2024, reflecting a year-over-year increase of 3.9%[224] - GAAP income from continuing operations attributable to Brink's for Q1 2025 was $51.6 million, up from $49.3 million in Q1 2024, representing a growth of 4.6%[224] - Non-GAAP diluted EPS for Q1 2025 was $1.62, slightly down from $1.65 in Q1 2024, indicating a decrease of 1.8%[225] Revenue by Region - Revenues in North America increased by 3% ($12.1 million), driven by a 2% organic increase and acquisitions, despite a $2.1 million negative currency impact[176] - Latin America experienced an 8% revenue decrease ($27.1 million) primarily due to unfavorable currency impacts of $54.4 million, offset by a 7% organic increase[178] - Europe saw a 3% revenue increase ($7.7 million) due to a 5% organic growth, although currency exchange rates negatively impacted revenues by $8.2 million[180] - The Rest of World segment reported a 9% revenue increase ($17.9 million) driven entirely by organic growth, with operating profit up 22% ($9.0 million)[182] Expenses and Costs - Selling, general and administrative expenses decreased by 7% to $186.3 million, attributed to lower net compensation costs and professional fees[164] - Corporate expenses for Q1 2025 decreased by $1.7 million to $31.7 million, primarily due to lower net compensation costs of $4.1 million and lower professional fees of $3.0 million[187] - Total other items not allocated to segments increased by 31% to $31.5 million in Q1 2025, driven by a 16% rise in acquisitions and dispositions costs to $18.5 million and a significant increase in Argentina's highly inflationary impact to $6.3 million[189] - Interest expense rose by 3% to $57.5 million in Q1 2025, attributed to higher interest rates on corporate debt and increased borrowing levels[207] - The company incurred $5.1 million in transformation initiative expenses in Q1 2025, aimed at accelerating growth and driving margin expansion[195] - Amortization expense for acquisition-related intangible assets was $14.4 million in Q1 2025, with additional restructuring costs related to acquisitions amounting to $2.0 million[198] Tax and Income - The effective tax rate for Q1 2025 was 22.4%, down from 33.4% in Q1 2024, with a provision for income taxes of $15.6 million[209] - Foreign currency transaction gains in Q1 2025 were $10.9 million, a favorable change compared to a loss of $5.5 million in Q1 2024[206] - Net income attributable to noncontrolling interests decreased by 21% to $2.3 million in Q1 2025, reflecting lower operating results from certain subsidiaries[210] - The company recognized $6.3 million in pre-tax charges related to highly inflationary accounting in Argentina during Q1 2025, including currency remeasurement losses of $4.8 million[194] Cash Flow and Investments - Cash flows from operating activities decreased by $124.1 million in Q1 2025 compared to Q1 2024, highlighting a significant decline in operational cash generation[228] - Free cash flow before dividends decreased by $40.3 million in Q1 2025, attributed to changes in working capital and higher capital expenditures of $58.9 million compared to $52.2 million in Q1 2024[231] - Cash used for investing activities increased by $2.9 million in Q1 2025 compared to Q1 2024, suggesting a slight uptick in investment spending[228] - Total capital expenditures for Q1 2025 were $58.9 million, with significant investments in cash devices, information technology, and armored vehicles[236] - Cash used in financing activities increased by $122.8 million year-over-year, with net cash used of $124.1 million in Q1 2025 compared to $1.3 million in Q1 2024[238] Shareholder Returns - The company repurchased 514,795 shares for $44.8 million at an average price of $86.97 per share during Q1 2025, with $252 million remaining under the share repurchase program[248] - Dividends paid to shareholders increased to $10.4 million in Q1 2025 from $9.8 million in Q1 2024, reflecting a dividend of $0.2425 per share[239] Debt and Liquidity - As of March 31, 2025, total debt was $3,881.6 million, with net debt increasing to $2,776.5 million compared to $2,582.2 million at the end of 2024[240][241] - The company had $531 million available under its Revolving Credit Facility as of March 31, 2025, indicating strong liquidity to meet operational needs[243] Pension and Retirement Plans - The primary U.S. pension plan's beginning funded status for 2024 was $(10.9) million, projected to improve to $49.0 million by 2029[250] - The net periodic pension credit for the primary U.S. pension plan is estimated at $16.0 million for 2024, decreasing to $9.6 million by 2029[250] - UMWA plans had a beginning funded status of $(77.9) million in 2024, with no expected contributions until 2040[254] - The Black Lung plans had a beginning funded status of $(74.4) million in 2024, with projected payments from Brink's increasing from $8.0 million in 2024 to $6.4 million by 2029[259] - Total projected expenses related to U.S. retirement liabilities are expected to be $(11.0) million in 2024, improving to $5.2 million by 2029[257] - Payments from U.S. plans to participants totaled $73.1 million in 2024, projected to decrease to $68.1 million by 2029[259] - The company does not expect to make contributions to the primary U.S. pension plan until 2027[253] - Approximately 10,300 beneficiaries are enrolled in the primary U.S. pension plan, with 2,200 in the UMWA plans and 700 in the Black Lung plans as of December 31, 2024[252][254][255] Risk Management - The company has not experienced any material changes in market risk exposures as of March 31, 2025[262] - The company’s risk management program aims to mitigate the adverse effects of market volatility on operating results[262]

Revenue and Growth - Revenue for Q1 2025 was $1,247 million, reflecting a 1% increase year-over-year, with 6% organic growth[2] - ATM managed services and digital retail solutions experienced over 20% organic growth[1] - For Q2 2025, revenue guidance is set between $1,250 million and $1,300 million, with adjusted EBITDA expected to be between $205 million and $225 million[6] - The company anticipates mid-single digits organic revenue growth for 2025, with mid to high teens growth in AMS and DRS[6] - Revenues for Q1 2025 totaled $1,247 million, a slight increase of 1% compared to Q1 2024, with North America contributing $418 million, up 3%[17] - Latin America experienced a revenue decline of 8% to $308 million in Q1 2025, primarily due to a $54 million impact from dispositions[17] - The Rest of World segment saw a revenue increase of 9% to $222 million in Q1 2025, with operating profit rising 22% to $50 million[17] Profitability and Margins - Operating profit margin was 9.6%, a decrease of 20 basis points compared to the previous year, while adjusted EBITDA margin was 12.1%, an increase of 40 basis points[2] - Operating profit for Q1 2025 was $119 million, a slight decrease of 1% compared to the previous year[2] - The operating margin percentage for Q1 2025 was 9.6%, compared to 9.8% in Q1 2024, reflecting slight margin compression[22] - Non-GAAP operating profit for the three months ended March 31, 2025, was $101.0 million, with a non-GAAP effective income tax rate of 27.8%[48] - GAAP operating profit for Q1 2025 is $119.1 million, compared to $120.9 million in Q1 2024, reflecting a slight decrease[49] - Adjusted EBITDA for Q1 2025 is $215.0 million, compared to $218.2 million in Q1 2024, showing a decrease of 1.0%[49] Shareholder Returns and Cash Flow - The company repurchased over 1.3 million shares year-to-date, nearly three times the amount from the prior year[1] - Free cash flow conversion is projected to be between 40% and 45%, with over 50% of free cash flow expected to be returned to shareholders[6] - Free cash flow before dividends for Q1 2025 is $(102.3) million, a significant decline from $399.9 million in Q1 2024[54] - The company reported a cash flow from operating activities of $(60.2) million for Q1 2025, down from $63.9 million in Q1 2024[54] Income and Expenses - Net income for Q1 2025 was $53.9 million, a 3.3% increase from $52.2 million in Q1 2024[13] - Corporate expenses for Q1 2025 were reported at $(32) million, a decrease of 5% compared to $(33) million in Q1 2024[17] - Amortization expense for acquisition-related intangible assets was $14.4 million in Q1 2025, with additional restructuring costs of $2.0 million related to acquisitions[31] - The company recognized $34.2 million in charges under the 2022 Global Restructuring Plan, with actions substantially completed in 2024[27] Taxation and Regulatory Matters - The full-year non-GAAP effective tax rate is estimated at 27.8% for 2025, compared to 23.2% for 2024, indicating an increase in tax burden[52] - In 2024, the company accrued $45.7 million in connection with DOJ and FinCEN investigations, with an additional $0.9 million accrued in the first quarter of 2025[34] - The company recognized an estimated loss of $9.5 million related to a Chilean antitrust investigation, with additional amounts recognized in subsequent years due to currency rate changes[35] Transformation and Strategic Initiatives - The company initiated a multi-year transformation program in 2023, incurring $28.4 million in expenses in 2024 and an additional $5.1 million in the first three months of 2025[33] - The transformation initiatives are aimed at standardizing commercial and operational systems to drive margin expansion and operational excellence[33] - The company has excluded nonrecurring charges from its internal performance evaluations, indicating a focus on core operating results[40] Global Presence and Economic Impact - The company operates in 51 countries, serving customers in over 100 countries, indicating a strong global presence[18] - The impact of currency devaluations in Argentina is reflected in the financial results, with adjustments made for non-GAAP reporting[42] - The impact of Argentina's highly inflationary accounting resulted in a non-GAAP adjustment of $1.0 million for losses in Q1 2025[53]

Core Insights - The Brink's Company reported strong first-quarter results with revenue at the upper end of guidance, achieving a total growth of 1% and organic growth of 6% [1][2] - Significant organic growth was noted in ATM managed services (AMS) and digital retail solutions (DRS), exceeding 20% [1][2] - The company has repurchased over 1.3 million shares year-to-date, nearly three times the amount from the previous year [1][2] Financial Performance - First-quarter revenue reached $1,247 million, reflecting a 1% increase year-over-year, with a 6% increase in constant currency [3][14] - Operating profit was reported at $119 million, a decrease of 1% compared to the previous year, while adjusted EBITDA was $215 million, a slight decrease of 1% [3][14] - Earnings per share (EPS) increased by 9% to $1.19, while non-GAAP EPS decreased by 2% to $1.62 [3][14] Segment Performance - North America revenue increased by 3% to $418 million, while Latin America saw a decline of 8% to $308 million [14] - Europe reported a 3% increase in revenue to $299 million, and the Rest of World segment grew by 9% to $222 million [14] - Operating profit in North America increased by 10% to $53 million, while Latin America experienced a decline of 14% to $54 million [14] Guidance and Strategic Outlook - The company affirmed its 2025 framework and introduced second-quarter 2025 guidance, projecting revenue between $1,250 million and $1,300 million [4][5] - Management anticipates mid-single-digit organic revenue growth for 2025, with AMS and DRS expected to grow in the mid to high teens [5] - The adjusted EBITDA margin is expected to expand by 30-50 basis points, with free cash flow conversion projected at 40-45% [5] Shareholder Returns - The company has accelerated share repurchases, totaling over $110 million year-to-date, and plans to return over 50% of free cash flow to shareholders [2][5] - The focus remains on improving profitability through growth in AMS and DRS, streamlining operations, and adhering to capital allocation priorities [2][5]

Group 1 - The Brink's Company declared a regular quarterly dividend of $0.255 per share, marking a 5% increase [1] - The dividend is scheduled to be paid on June 2, 2025, to shareholders of record on May 19, 2025 [1] Group 2 - The Brink's Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services [2] - The company's customer base includes financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations [2] - Brink's operates in 51 countries and serves customers in over 100 countries [2]

Financial Performance - Revenues for 2024 increased by $137.3 million to $5,011.9 million, representing a 3% growth compared to 2023, driven by organic increases in Latin America, Europe, North America, and Rest of World segments [159]. - Operating profit for 2024 rose to $453.0 million, a 7% increase from $425.2 million in 2023, with an operating profit margin improving from 8.7% to 9.0% [159]. - Non-GAAP operating profit increased by $14.4 million to $629.4 million, maintaining a non-GAAP operating profit margin of 12.6% [167]. - Income from continuing operations attributable to Brink's shareholders increased by $75.8 million to $161.8 million, with diluted EPS from continuing operations rising to $3.61, up from $1.83 in 2023 [163]. - Adjusted EBITDA for 2024 increased by 5% to $911.9 million, primarily due to the increase in non-GAAP operating profit [168]. - Non-GAAP operating profit for 2024 was $629.4 million, up from $615.0 million in 2023, reflecting a year-over-year increase of 2.3% [230]. - Non-GAAP diluted earnings per share (EPS) from continuing operations attributable to Brink's common shareholders for 2024 was $321.4 million, compared to $344.6 million in 2023, indicating a decrease of 6.3% [233]. - Adjusted EBITDA for 2024 reached $911.9 million, an increase from $867.2 million in 2023, representing a growth of 5.2% [233]. - GAAP pre-tax income for 2024 was $266.3 million, with an effective income tax rate of 34.8% [230]. Revenue Breakdown - Revenues in Latin America saw a significant organic increase of $461.8 million, while the unfavorable impact of currency exchange rates was $487.8 million, primarily due to the Argentine peso [162]. - North America segment revenues increased by 3% to $1,649.7 million, while Latin America segment revenues decreased by 2% to $1,311.0 million due to currency impacts [170]. - Revenues in North America increased by 3% ($48.6 million), driven by a 2% organic increase ($36.6 million) and acquisitions contributing $13.9 million, despite a $1.9 million negative impact from currency exchange rates [174]. - Latin America experienced a revenue decrease of 2% ($21.3 million), primarily due to unfavorable currency exchange rates ($485.3 million), offset by a significant 35% organic increase ($461.8 million) [176]. - Europe saw an 8% revenue increase ($90.6 million), with a 7% organic increase ($82.3 million) and acquisitions adding $7.6 million, mainly due to price increases and growth in AMS and DRS revenue [178]. - The Rest of World segment reported a 2% revenue increase ($19.4 million), attributed to a 3% organic increase ($20.7 million) driven by AMS and DRS growth [180]. Expenses and Costs - Selling, general and administrative expenses rose by 21.3% to $834.5 million, mainly due to organic increases in labor and administrative costs [162]. - The corporate expenses increased by 3% to $(143.4) million, reflecting higher costs on an organic basis [170]. - Corporate expenses rose by $3.8 million in 2024, primarily due to higher net compensation costs, including share-based compensation and bonus accruals [184]. - The company recognized $35.0 million in pretax charges related to Argentina's highly inflationary accounting in 2024, including currency remeasurement losses of $18.4 million [195]. - Transformation initiatives incurred $28.4 million in expenses in 2024, aimed at accelerating growth and driving margin expansion through business model transformation [196]. - The company accrued $45.7 million in connection with DOJ and FinCEN investigations in 2024, primarily related to compliance issues [197]. Cash Flow and Capital Expenditures - Cash flows from operating activities decreased by $276.4 million in 2024, totaling $426.0 million, primarily due to changes in customer obligations and higher tax and interest payments [247][249]. - Capital expenditures increased to $222.5 million in 2024 from $202.7 million in 2023, reflecting ongoing investments in business infrastructure [251]. - The company reported a free cash flow before dividends of $399.9 million in 2024, which was relatively flat compared to $400.1 million in 2023 [251]. - Cash used in investing activities increased by $36.4 million in 2024, totaling $216.2 million, primarily due to higher capital expenditures and acquisitions [253]. - Cash flows from financing activities improved by $249.3 million in 2024, resulting in net cash provided of $42.2 million compared to net cash used of $207.1 million in 2023 [260]. Debt and Financing - Total debt as of December 31, 2024, was $3,896.2 million, an increase of $364.9 million from $3,531.3 million in 2023 [265]. - Debt as a percentage of capitalization rose to 93% in 2024, up from 87% in 2023 [263]. - The company had $600 million available under its Revolving Credit Facility as of December 31, 2024 [270]. - The company financed its liquidity needs in 2024 through debt and cash flows from operations, highlighting a reliance on external financing [247]. Shareholder Returns - The company repurchased $203.6 million in common stock in 2024, an increase of $33.7 million from $169.9 million in 2023 [260]. - Dividends paid to shareholders increased to $41.8 million in 2024, up from $39.6 million in 2023, reflecting a dividend of $0.9475 per share [261]. - The company authorized a $500 million share repurchase program in November 2023, set to expire on December 31, 2025 [276]. Tax and Compliance - The effective income tax rate on continuing operations in 2024 was 34.8%, significantly higher than the U.S. statutory rate of 21% due to geographical earnings mix and nondeductible expenses [211]. - Non-GAAP effective income tax rate for 2024 was 23.2%, down from 24.8% in 2023 [230]. - The company agreed to pay a total of $42 million to resolve investigations related to anti-money laundering compliance, with payments starting in January 2025 [295]. Pension and Employee Benefits - The primary U.S. pension plan's ending funded status is projected to improve from $(10.9) million in 2024 to $49.0 million by 2029 [282]. - The company does not expect to make contributions to the primary U.S. pension plan until 2027, based on current assumptions [284]. - The expected-return-on-assets assumption for the primary U.S. pension plan is set at 7.00% for both actual 2024 and projected 2025 expenses, while the UMWA retiree medical plans are set at 8.00% for the same periods [333].

Revenue and Growth - Brink's reported record revenue of $5,012 million for 2024, representing a 3% increase year-over-year, with organic growth of 12%[1] - Total revenues for 2024 are expected to reach $5,012 million, a 2.8% increase from $4,875 million in 2023[22] - In 2023, total revenues reached $4,874.6 million, with a projected increase to $5,011.9 million in 2024, representing a growth of approximately 2.8%[31] - North America segment revenue increased by 3% to $1,650 million in 2024, while Latin America saw a decrease of 2% to $1,311 million[22] - Latin America revenues decreased from $1,332.3 million in 2023 to a projected $1,311.0 million in 2024, a decline of about 1.6%[31] - Europe revenues are expected to grow from $1,136.8 million in 2023 to $1,227.4 million in 2024, indicating an increase of approximately 8.0%[31] Profitability - Operating profit for the full year was $453 million, a 7% increase, with an operating margin of 9.0%[3] - Operating profit for the full year 2024 is projected at $453 million, a 6.6% increase from $425 million in 2023[22] - Brink's achieved a net income of $163 million for the full year, an 86% increase, and an adjusted EBITDA of $912 million, a 5% increase[3] - Net income for the twelve months ended December 31, 2024, is projected to be $174.7 million, up from $98.3 million in 2023, representing a 77.5% increase[18] - The adjusted EBITDA for 2023 reached $706.5 million, with a notable increase to $784.3 million in 2024, representing a growth of approximately 11%[58] Cash Flow and Investments - The company generated strong cash flow, with cash from operations of $426 million and free cash flow of $400 million in 2024[1] - Operating cash flow decreased to $426.0 million in 2024 from $702.4 million in 2023, a decline of 39.2%[18] - The company reported a net cash used in investing activities of $216.2 million for 2024, compared to $179.8 million in 2023, indicating increased investment activity[18] - Share repurchases are projected to increase from $169.9 million in 2023 to $203.6 million in 2024, reflecting a commitment to returning value to shareholders[18] Future Outlook - For 2025, Brink's expects organic revenue growth in the mid-single digits and mid to high teens for AMS/DRS[12] - The company anticipates adjusted EBITDA margin expansion of 30-50 basis points and free cash flow conversion of 40-45% in 2025[12] Charges and Compliance - Brink's recorded a charge of $38 million in Q4 2024 related to resolutions with DOJ and FinCEN, impacting EPS by $0.86[8] - The company accrued $45.7 million in connection with DOJ and FinCEN investigations in 2024, primarily related to compliance issues[43] - The company recognized $86.8 million in pretax charges related to highly inflationary accounting in Argentina for 2023, with a decrease to $35.0 million in 2024[41] Capital Expenditures - Capital expenditures are expected to rise from $202.7 million in 2023 to $222.5 million in 2024, an increase of 9%[18] - Capital expenditures for 2023 amounted to $202.7 million, with an increase expected to $222.5 million in 2024, reflecting ongoing investment in growth initiatives[63] Non-GAAP and GAAP Results - Non-GAAP operating profit for 2023 was $473.8 million, with a non-GAAP operating profit margin of 24.8%[56] - The non-GAAP results for 2024 are projected to be $435.2 million in operating profit, with a margin of 23.2%[56] - The company reported a full-year GAAP income from continuing operations of $86.0 million for 2023, while non-GAAP income was $344.6 million, indicating a significant improvement[58] - The effective non-GAAP tax rate was 24.8% for 2023 and is projected to be 23.2% for 2024, indicating a favorable tax environment for the company[60] Strategic Initiatives - The company plans to continue expanding its technology-enabled services, including Digital Retail Solutions (DRS) and ATM Managed Services (AMS)[28] - The company plans to continue its transformation initiatives, which contributed $28.4 million to adjusted EBITDA in 2023, highlighting ongoing strategic efforts[58] - The company is focused on market expansion and acquisitions, with a total of $70.6 million in non-GAAP adjustments related to acquisitions and dispositions in 2023[58]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-09148 THE BRINK'S COMPANY (Exact name of registrant as specified in its charter) Virginia (Stateorotherjurisdictionof ...