Financial Data and Key Metrics Changes - In 2024, the company achieved a double-digit adjusted EBITDA increase, with a 3% growth in global volumes [6][7] - Adjusted EBITDA for Q4 2024 grew by 11% year-over-year to $164 million, driven by higher sales volumes and production in Europe [8][26] - The company ended the year with nearly $1 billion in liquidity and a reduced net leverage ratio of 4.9 times net debt to adjusted EBITDA [7][21] Business Line Data and Key Metrics Changes - In Europe, revenue increased by 27% to $552 million, with shipments growing by 8% in Q4 [12][14] - Adjusted EBITDA in Europe increased by 81% to $56 million, supported by positive volume growth and stronger input cost recovery [14] - In the Americas, revenue decreased by 7% to $653 million, with adjusted EBITDA decreasing by 1% to $108 million due to lower volumes [15][16] Market Data and Key Metrics Changes - The beverage can continues to gain market share in customers' packaging mix, with expectations for industry shipment growth into 2025 [9][10] - In Brazil, Q4 beverage can shipments decreased by 15% due to a customer mix issue, but excluding this customer, shipments grew by 7% [18][19] - The North American market is expected to see low single-digit percentage growth in shipments in 2025, driven by recovery in the energy category and growth in carbonated soft drinks [17][20] Company Strategy and Development Direction - The company is focused on sustainability, having made significant progress towards renewable electricity targets and reducing greenhouse gas emissions [10][11] - The company anticipates continued growth in adjusted EBITDA in 2025 through increased shipments and operational improvements [9][28] - The company expects to maintain a capital allocation policy consistent with previous years, including a quarterly dividend of $0.10 per share [25][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market outlook, projecting global shipment growth of 2% to 3% for 2025 and adjusted EBITDA in the range of $675 million to $695 million [28][29] - Management noted that inflationary pressures and currency headwinds in Europe are expected to partially offset growth [28] - The company remains optimistic about the North American beverage can market, citing strong demand in carbonated soft drinks and alcoholic cocktails [42][72] Other Important Information - The company signed agreements for solar projects in Germany and a virtual power purchase agreement in Portugal, advancing its sustainability agenda [10] - The company recorded a reduction in overall total recordable incident rates and accident severity rates in 2024 [11] Q&A Session Summary Question: Impact of tariffs on demand - Management indicated that the impact on retail prices is minimal, with costs being passed on to consumers, and they expect less impact in 2025 due to hedging [32][34] Question: Performance in the Americas - Management noted improvements in Brazil's volumes and recovery in the energy category in North America, expressing optimism for 2025 [36][38] Question: Growth forecast specifics - Management confirmed expectations for low single-digit growth in North America, driven by strength in carbonated soft drinks and alcoholic cocktails [42][72] Question: Glass to metal substitution trends - Management highlighted a long-term trend of glass to metal substitution in Europe, driven by energy costs and sustainability advantages [60][62] Question: Free cash flow outlook - Management provided guidance on expected cash flow items for 2025, indicating a slight reduction in free cash flow compared to 2024 [74][79] Question: Earnings outlook and volume growth - Management explained that headwinds from aluminum conversion costs and PPI in Europe would affect the translation of volume growth into EBITDA [102][104]

Financial Data and Key Metrics Changes - The Brink's Company reported total organic growth of 11% in Q4 and 12% for the full year 2024, with EBITDA of $912 million and an EBITDA margin expansion of 40 basis points to 18.2% [7][10][17] - EPS for the year was $7.17, reflecting a 4% reduction in share count year over year due to share repurchase programs [10][17] - Free cash flow for the full year was $400 million, with over $300 million generated in Q4 alone, driven by working capital efficiencies [11][45] Business Line Data and Key Metrics Changes - ATM managed services and digital retail solutions (AMS DRS) grew 23% organically in both Q4 and the full year, now representing 24% of total revenue [7][12][28] - Cash and valuables management (CVM) grew organically by 7% in Q4 and 9% for the full year, while global services showed signs of recovery late in the quarter [8][29] - North America experienced 2% organic growth for the full year, with adjusted EBITDA up 60 basis points [18] Market Data and Key Metrics Changes - Latin America saw a decline of 2% in total revenue due to volatile foreign exchange conditions, but AMS DRS grew double digits organically [19] - Europe achieved 7% organic growth in 2024, with adjusted EBITDA growing slightly faster at 9% [22] Company Strategy and Development Direction - The company is focused on improving revenue mix, streamlining operations, and compounding free cash flow for shareholder returns [12][14] - Plans for 2025 include mid-single-digit organic revenue growth and mid to high teens growth in AMS DRS, with a target of converting 40% to 45% of EBITDA into free cash flow [15][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth outlook, particularly in AMS DRS and the recovery of global services, despite currency headwinds [7][36] - The company anticipates continued margin expansion and is focused on capital efficiency and operational excellence [14][50] Other Important Information - The company reduced net leverage to 2.8 times EBITDA and returned approximately $250 million to shareholders through repurchases and dividends [14][51] - The introduction of additional guidance for the first quarter aims to provide clarity on the impact of foreign currency fluctuations [56] Q&A Session Summary Question: Growth in cash and valuables management business - Management noted that volumes are improving, particularly due to inflation moderation in Argentina, which aligns with long-term growth trends [62][64] Question: Investments to improve margins in North America - Management highlighted ongoing investments in route optimization technology and cloud migration to enhance scalability and flexibility [68][70] Question: Organic growth assumptions for CIT and VGS businesses - Management indicated that CVM is expected to grow in low single digits, while BGS is anticipated to show positive growth after previous softness [76][79] Question: Impact of FX headwinds on free cash flow - Management acknowledged that FX headwinds could impact margins but expects improvements in free cash flow conversion due to operational efficiencies [90][92] Question: Growth in AMS DRS from legacy conversions versus new business - Management clarified that most growth in DRS comes from new business rather than legacy conversions, with a focus on competitive acquisitions [98][102] Question: Impact of tariffs and economic slowdowns - Management stated that while tariffs have affected global markets, they have not seen significant direct impacts on their business [104][110] Question: Discontinuation of the penny - Management indicated that the potential discontinuation of the penny would not have a meaningful impact on their business operations [112][114]

Financial Data and Key Metrics Changes - The company reported record quarterly net sales, adjusted net income, and adjusted EBITDA for Q4 2024, with adjusted EBITDA of $47.9 million, a 47% increase year-over-year [8][13][26] - Full year net sales were relatively flat at $1.3 billion, with adjusted EBITDA for the year at $111.8 million, a 1.6% increase [11][13][27] - Adjusted EBITDA margin increased by 360 basis points to 13.3% in Q4, while full year adjusted EBITDA margins increased by 40 basis points to 8.6% [13][27] Business Line Data and Key Metrics Changes - The Infrastructure Solutions segment saw strong net sales driven by capital equipment and aftermarket parts, with a 4.6% increase in net sales for the year [28] - The Material Solutions segment faced challenges with lower capital equipment sales due to high interest rates and dealer destocking, although aftermarket parts sales remained stable [9][30] - Adjusted EBITDA margins for the Infrastructure Solutions segment reached a record 21.3% in Q4, while the Material Solutions segment's performance was negatively impacted by lower sales volumes [28][30] Market Data and Key Metrics Changes - Domestic funding for infrastructure projects remains strong, with states committing over $180 billion in highway and bridge formula funds for new projects [20] - The total value of state and local government highway and bridge contract awards increased to nearly $121 billion in 2024, up from $114.6 billion in 2023 [20] - The company sees international markets as opportunities for growth, with strong brand recognition but modest market share [22][23] Company Strategy and Development Direction - The company is focused on operational excellence, procurement efforts, and exploring inorganic growth opportunities as part of its capital allocation priorities [14][33] - New product launches and advanced digital integrations are planned for 2025, with a strong emphasis on customer engagement and satisfaction [18][36] - The company aims to leverage its strong balance sheet to fund growth and capitalize on multiyear federal and state funding for infrastructure [38] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding customer expectations for 2025, with expectations of second-half tailwinds [36] - Concerns over interest rate reductions persist, but there are positive signs of inventory reductions and order intake in early 2025 [37][50] - The company anticipates adjusted EBITDA in the range of $105 million to $125 million for 2025, with a seasonal distribution of earnings expected [33] Other Important Information - The company generated positive free cash flow of $32.1 million in Q4 due to profitable sales and effective working capital management [32] - Approximately 80% of net sales are domestic, with less than 15% of purchases sourced from China, mitigating some tariff risks [15] Q&A Session Summary Question: Progress on manufacturing inefficiencies - Management noted steady improvement in manufacturing efficiencies, with Q4 showing one of the lowest inefficiencies in recent times [44][46] Question: Normalized backlog levels for Infrastructure Solutions - Management indicated strong order intake for asphalt and concrete plant equipment, expressing confidence in the Infrastructure Solutions segment [51][52] Question: Importance of bonus depreciation for orders and backlog - Management acknowledged that reinstating bonus depreciation would significantly benefit smaller customers and potentially improve order and backlog levels [56] Question: Impact of interest rates on the mobile market - Management highlighted that while elevated interest rates have posed challenges, there are signs that customers are adapting and beginning to replace aging equipment [59][60]