The Brink’s Company (NYSE:BCO), the global leader in total cash
management, route-based secure logistics and payment solutions,
today announced fourth-quarter and full-year results.
| (In millions, except for per
share amounts) |
Fourth-Quarter 2019 |
|
|
| |
GAAP |
|
Change |
|
Non-GAAP |
|
Change |
|
ConstantCurrency(b) |
|
Revenue |
$ |
936 |
|
|
3 |
% |
|
$ |
936 |
|
|
3 |
% |
|
8 |
% |
| Operating Profit |
$ |
73 |
|
|
(10 |
%) |
|
$ |
116 |
|
|
11 |
% |
|
34 |
% |
| Operating Margin |
7.8 |
% |
|
(110) bps |
|
12.4 |
% |
|
100 bps |
|
270 bps |
| Net Income / Adjusted
EBITDA(a) |
$ |
(3 |
) |
|
NM |
|
$ |
153 |
|
|
4 |
% |
|
21 |
% |
| EPS |
$ |
(0.08 |
) |
|
NM |
|
$ |
1.18 |
|
|
12 |
% |
|
42 |
% |
| (In millions, except for per
share amounts) |
Full Year 2019 |
|
|
| |
GAAP |
|
Change |
|
Non-GAAP |
|
Change |
|
ConstantCurrency(b) |
|
Revenue |
$ |
3,683 |
|
|
6 |
% |
|
$ |
3,680 |
|
|
7 |
% |
|
15 |
% |
| Operating Profit |
$ |
237 |
|
|
(14 |
%) |
|
$ |
392 |
|
|
13 |
% |
|
36 |
% |
| Operating Margin |
6.4 |
% |
|
(150 bps) |
|
10.6 |
% |
|
50 bps |
|
190 bps |
| Net Income / Adjusted
EBITDA(a) |
$ |
29 |
|
|
NM |
|
$ |
564 |
|
|
10 |
% |
|
27 |
% |
| EPS |
$ |
0.55 |
|
|
NM |
|
$ |
3.89 |
|
|
12 |
% |
|
44 |
% |
(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 2019 results at 2018
exchange rates.
Doug Pertz, president and chief executive officer, said: “Our
strong fourth-quarter and full-year results in 2019 set the stage
for continued growth in 2020 and marked the successful completion
of our initial three-year strategic plan. Over the plan
period, we achieved an 81% increase in non-GAAP operating profit,
reflecting a compound annual growth rate of 22% that includes a
margin rate expansion of 320 basis points to 10.6%. Earnings per
share increased 71% over the same timeframe for a compound annual
growth rate of 19%. These results were driven by strong
organic profit growth and the completion of 13 strategic
acquisitions, including the acquisition of Dunbar Armored in the
U.S., which remains on track to exceed $45 million in cost
synergies. Most importantly, we created substantial value for
our shareholders. We look forward to achieving similar success over
the course of our new three-year strategic plan beginning in 2020,
which we will review in detail at our Investor Day on June 1.
Pertz added: "Looking ahead, our full-year non-GAAP guidance for
2020 includes 10% operating profit growth and 13% earnings growth,
driven primarily by a continuation and expansion of the Strategy
1.0 organic growth initiatives that we began implementing in
2017. We expect to achieve these targets despite continued
currency headwinds, higher cash repatriation expenses and operating
expenses related to developing, piloting and commercializing our
Strategy 2.0 initiatives. Our current 2020 guidance assumes
limited upside from these 2.0 initiatives, which we expect to begin
rolling out in the second half of the year."
2020 Non-GAAP GuidanceThe company's 2020
non-GAAP guidance includes:
- Revenue: $3.8 billion, up ~3%, organic growth ~5%
- Operating profit: $420 million to $440 million, up
~10%
- Margin rate: 11.4%, up ~80 basis points
- Adjusted EBITDA: $600 million to $620 million, up ~8%
- EPS: $4.30 to $4.50, up ~13%
- Free cash flow before dividends: $230 million, up
~36%
- Assumptions include:
- Currency rates as of 12/31/19, except for Argentina
- Argentina negative profit impact vs 2019:
- $10 million based on an average peso of 76 per USD
- $5 million from expenses related to cash repatriation
- $20 million of operating expenses for Strategy 2.0 development,
pilots and commercial start-up
- Estimated tax rate: 32.0%
- No impact from potential acquisitions included in
guidance
Recent Announcements
Equity Investment in MoneyGram
InternationalDuring the quarter, Brink’s invested $9
million in MoneyGram International, Inc. (NASDAQ: MGI) common stock
through open market purchases equaling approximately 4.95% of
its outstanding shares. Brink’s and MoneyGram are in
discussions to develop a long-term strategic partnership agreement
that has the potential to yield significant commercial benefits for
both companies. MoneyGram is one of the largest money
transfer companies in the world, with 350,000 locations in more
than 200 countries. In the fourth quarter, Brink’s recorded a
non-cash charge of $3 million or $.05 per share related to a
decrease in the fair market value of its initial investment.
New $250 Million Share Repurchase
AuthorizationIn a separate announcement, Brink’s announced
that its board of directors approved a $250 million share
repurchase authorization that expires on December 31, 2021.
The authorization replaces the company’s previous share repurchase
program, which expired December 31, 2019. Under the previous
program, Brink’s repurchased 1.3 million shares of its
common stock for approximately $94 million, or an average cost
of $69.35 per share.
Investor Day Scheduled for June 1Brink’s will
host an Investor Day on June 1, 2020, in New York City. The company
will provide an overview of its strategy, markets, operations,
financial metrics and long-term goals. For more information,
please contact investor relations at
investorrelations@brinkscompany.com.
Conference CallBrink’s will host a conference
call on February 6 at 8:30 a.m. ET to review fourth-quarter
results. Interested parties can listen by calling
888-349-0094 (in the U.S.) or 412-902-0124 (international).
Participants can pre-register at
http://dpregister.com/10138228 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). To
access the webcast and related earnings material, click
here. A replay of the call will be available through
March 6, 2020 at 877-344-7529 (in the U.S.) or 412-317-0088
(international). The conference number is 10138228. An
archived version of the webcast will be available online in the
Investor Relations section of www.brinks.com or by clicking
here.
2020 Guidance (Unaudited)(In millions except as
noted)
| |
2019 GAAP |
|
2019 Non-GAAP(a) |
|
2020 GAAP Outlook(b) |
|
ReconcilingItems(a) |
|
2020 Non-GAAP Outlook(a) |
| Revenues |
$ |
3,683 |
|
|
3,680 |
|
|
3,775 |
|
|
— |
|
|
3,775 |
|
| Operating profit |
237 |
|
|
392 |
|
|
365 – 385 |
|
|
55 |
|
|
420 – 440 |
|
| Nonoperating expense |
(143 |
) |
|
(95 |
) |
|
(129) – (133) |
|
|
44 |
|
|
(85) – (89) |
|
| Provision for income taxes |
(61 |
) |
|
(93 |
) |
|
(94) – (101) |
|
|
~ (12) |
|
|
(107) – (112) |
|
| Noncontrolling interests |
(4 |
) |
|
(4 |
) |
|
(6 |
) |
|
— |
|
|
(6 |
) |
| Income from continuing operations attributable to Brink's |
28 |
|
|
199 |
|
|
136 – 145 |
|
|
~ 87 |
|
|
222 – 233 |
|
| EPS from continuing operations attributable to Brink's |
$ |
0.55 |
|
|
3.89 |
|
|
2.61 – 2.81 |
|
|
1.69 |
|
|
4.30 – 4.50 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit margin |
6.4 |
% |
|
10.6 |
% |
|
9.7% – 10.2% |
|
|
~1.5 |
% |
|
11.1% – 11.7% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effective income tax rate |
65.2 |
% |
|
31.4 |
% |
|
40.0 |
% |
|
(8.0 |
)% |
|
32.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Free cash flow before
dividends |
|
|
169 |
|
|
|
|
|
|
230 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
564 |
|
|
|
|
|
|
600 – 620 |
|
| Changes from 2019 |
Revenue Change |
|
Operating Profit Change |
|
EPS Change |
| |
2020 GAAP Outlook(b) |
|
% Change vs. 2019 |
|
2020 Non-GAAP Outlook(a) |
|
% Change vs. 2019 |
|
2020 GAAP Outlook(b) |
|
2020 Non-GAAP Outlook(a) |
|
2020 Non-GAAP Outlook(a) |
|
Organic |
186 |
|
|
5 |
|
|
189 |
|
|
5 |
|
|
141 – 161 |
|
|
80 – 100 |
|
|
1.09 – 1.29 |
|
|
Acquisitions / Dispositions(c) |
16 |
|
|
— |
|
|
16 |
|
|
— |
|
|
42 |
|
|
3 |
|
|
0.04 |
|
|
Currency |
(110 |
) |
|
(3 |
) |
|
(110 |
) |
|
(3 |
) |
|
(55 |
) |
|
(55 |
) |
|
(0.72 |
) |
|
Total |
92 |
|
|
2 |
|
|
95 |
|
|
3 |
|
|
128 – 148 |
|
|
28 – 48 |
|
|
0.41 – 0.61 |
|
Amounts may not add due to rounding
(a) The 2019 Non-GAAP amounts are reconciled to the
corresponding GAAP items on pages 10-13. The 2020 Non-GAAP
outlook amounts exclude certain forecasted Non-GAAP adjusting
items, such as intangible asset amortization and U.S. retirement
plan costs. We have not forecasted the impact of highly
inflationary accounting on our Argentina operations in 2020 or
other potential Non-GAAP adjusting items for which the timing and
amounts are currently under review, such as future restructuring
actions. The 2020 Non-GAAP outlook amounts for operating profit,
nonoperating expense, provision for income taxes, income from
continuing operations, EPS from continuing operations, effective
income tax rate, free cash flow before dividends and Adjusted
EBITDA cannot be reconciled to GAAP without unreasonable effort. We
cannot reconcile these amounts to GAAP because we are unable to
accurately forecast the impact of highly inflationary accounting on
our Argentina operations in 2020 or other potential Non-GAAP
adjusting items for which the timing and amounts are currently
under review, such as future restructuring actions.(b) The
2020 GAAP outlook excludes any forecasted impact from highly
inflationary accounting on our Argentina operations as well as
other potential Non-GAAP adjusting items for which the timing and
amounts are currently under review, such as future restructuring
actions.(c) Non-GAAP amounts include the impact of prior year
comparable period results for acquired and disposed businesses.
GAAP results also include the impact of acquisition-related
intangible amortization, restructuring and other charges, and
disposition related gains/losses.
The Brink’s Company and subsidiaries(In
millions) (Unaudited)
Fourth-Quarter 2019 vs. 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
|
4Q'18 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
4Q'19 |
|
Total |
|
Organic |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
439 |
|
|
12 |
|
|
5 |
|
|
3 |
|
|
459 |
|
|
5 |
|
|
3 |
|
|
|
South America |
223 |
|
|
37 |
|
|
20 |
|
|
(48 |
) |
|
232 |
|
|
4 |
|
|
16 |
|
|
|
Rest of World |
246 |
|
|
2 |
|
|
— |
|
|
(3 |
) |
|
245 |
|
|
— |
|
|
1 |
|
|
|
Segment revenues(g) |
$ |
908 |
|
|
51 |
|
|
25 |
|
|
(48 |
) |
|
936 |
|
|
3 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(d) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Revenues - GAAP |
$ |
908 |
|
|
51 |
|
|
25 |
|
|
(48 |
) |
|
936 |
|
|
3 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
50 |
|
|
6 |
|
|
1 |
|
|
1 |
|
|
57 |
|
|
16 |
|
|
13 |
|
|
|
South America |
51 |
|
|
33 |
|
|
5 |
|
|
(19 |
) |
|
70 |
|
|
37 |
|
|
65 |
|
|
|
Rest of World |
32 |
|
|
2 |
|
|
— |
|
|
— |
|
|
34 |
|
|
6 |
|
|
6 |
|
|
|
Segment operating profit |
132 |
|
|
41 |
|
|
6 |
|
|
(19 |
) |
|
161 |
|
|
22 |
|
|
31 |
|
|
|
Corporate(c) |
(28 |
) |
|
(12 |
) |
|
— |
|
|
(5 |
) |
|
(45 |
) |
|
60 |
|
|
43 |
|
|
|
Operating profit - non-GAAP |
$ |
104 |
|
|
29 |
|
|
6 |
|
|
(23 |
) |
|
116 |
|
|
11 |
|
|
28 |
|
|
|
Other items not allocated to segments(d) |
(23 |
) |
|
(12 |
) |
|
(6 |
) |
|
(2 |
) |
|
(42 |
) |
|
86 |
|
|
53 |
|
|
|
Operating profit (loss) - GAAP |
$ |
81 |
|
|
17 |
|
|
— |
|
|
(25 |
) |
|
73 |
|
|
(10 |
) |
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
interest expense |
(19 |
) |
|
|
|
|
|
|
|
(22 |
) |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
interest and other income (expense) |
(10 |
) |
|
|
|
|
|
|
|
(31 |
) |
|
unfav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
provision for income taxes |
17 |
|
|
|
|
|
|
|
|
24 |
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
noncontrolling interests |
1 |
|
|
|
|
|
|
|
|
1 |
|
|
(33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
income (loss) from continuing operations(f) |
35 |
|
|
|
|
|
|
|
|
(4 |
) |
|
unfav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
EPS(f) |
$ |
0.68 |
|
|
|
|
|
|
|
|
(0.08 |
) |
|
unfav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
weighted-average diluted shares |
51.4 |
|
|
|
|
|
|
|
|
50.4 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP(e) |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
|
4Q'18 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
4Q'19 |
|
Total |
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment
revenues - GAAP/non-GAAP |
$ |
908 |
|
|
51 |
|
|
25 |
|
|
(48 |
) |
|
936 |
|
|
3 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
operating profit |
104 |
|
|
29 |
|
|
6 |
|
|
(23 |
) |
|
116 |
|
|
11 |
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
interest expense |
(18 |
) |
|
|
|
|
|
|
|
(21 |
) |
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
interest and other income (expense) |
(2 |
) |
|
|
|
|
|
|
|
(6 |
) |
|
unfav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
provision for income taxes |
29 |
|
|
|
|
|
|
|
|
28 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
noncontrolling interests |
1 |
|
|
|
|
|
|
|
|
1 |
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
income from continuing operations(f) |
54 |
|
|
|
|
|
|
|
|
61 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
EPS(f) |
$ |
1.05 |
|
|
|
|
|
|
|
|
1.18 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
weighted-average diluted shares |
51.4 |
|
|
|
|
|
|
|
|
51.4 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding.
(a) Non-GAAP amounts include the impact of prior year
comparable period results for acquired and disposed businesses.
GAAP results also include the impact of acquisition-related
intangible amortization, restructuring and other charges, and
disposition related gains/losses.(b) The amounts in the
“Currency” column consist of the effects of Venezuela devaluations,
prior to deconsolidation, the effects of Argentina devaluations
under highly inflationary accounting and the sum of monthly
currency changes. Monthly currency changes represent the
accumulation throughout the year of the impact on current period
results from changes in foreign currency rates from the prior year
period.(c) Corporate expenses are not allocated to segment
results. Corporate expenses include salaries and other costs
to manage the global business and to perform activities required of
public companies.(d) See pages 8-9 for more
information.(e) Non-GAAP results are reconciled to applicable
GAAP results on pages 10-13.(f) Attributable to
Brink's.(g) Segment revenues equal our total reported
non-GAAP revenues.
The Brink’s Company and subsidiaries(In
millions) (Unaudited)
Full-Year 2019 vs. 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
|
2018 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2019 |
|
Total |
|
Organic |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
1,466 |
|
|
67 |
|
|
253 |
|
|
(4 |
) |
|
1,783 |
|
|
22 |
|
|
5 |
|
|
|
South America |
927 |
|
|
144 |
|
|
70 |
|
|
(224 |
) |
|
917 |
|
|
(1 |
) |
|
16 |
|
|
|
Rest of World |
1,044 |
|
|
10 |
|
|
(35 |
) |
|
(40 |
) |
|
980 |
|
|
(6 |
) |
|
1 |
|
|
|
Segment revenues(g) |
$ |
3,438 |
|
|
222 |
|
|
288 |
|
|
(268 |
) |
|
3,680 |
|
|
7 |
|
|
6 |
|
|
|
Other items not allocated to segments(d) |
51 |
|
|
(47 |
) |
|
(1 |
) |
|
— |
|
|
4 |
|
|
(93 |
) |
|
(92 |
) |
|
|
Revenues - GAAP |
$ |
3,489 |
|
|
174 |
|
|
288 |
|
|
(268 |
) |
|
3,683 |
|
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
130 |
|
|
39 |
|
|
17 |
|
|
— |
|
|
186 |
|
|
44 |
|
|
30 |
|
|
|
South America |
199 |
|
|
78 |
|
|
16 |
|
|
(76 |
) |
|
217 |
|
|
9 |
|
|
39 |
|
|
|
Rest of World |
114 |
|
|
3 |
|
|
1 |
|
|
(3 |
) |
|
116 |
|
|
1 |
|
|
3 |
|
|
|
Segment operating profit |
443 |
|
|
121 |
|
|
35 |
|
|
(79 |
) |
|
519 |
|
|
17 |
|
|
27 |
|
|
|
Corporate(c) |
(96 |
) |
|
(29 |
) |
|
— |
|
|
(3 |
) |
|
(128 |
) |
|
33 |
|
|
30 |
|
|
|
Operating profit - non-GAAP |
$ |
347 |
|
|
91 |
|
|
35 |
|
|
(81 |
) |
|
392 |
|
|
13 |
|
|
26 |
|
|
|
Other items not allocated to segments(d) |
(72 |
) |
|
(44 |
) |
|
(48 |
) |
|
9 |
|
|
(155 |
) |
|
unfav |
|
|
61 |
|
|
|
Operating profit - GAAP |
$ |
275 |
|
|
48 |
|
|
(13 |
) |
|
(73 |
) |
|
237 |
|
|
(14 |
) |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
interest expense |
(67 |
) |
|
|
|
|
|
|
|
(91 |
) |
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP loss
on deconsolidation of Venezuela operations |
(127 |
) |
|
|
|
|
|
|
|
— |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
interest and other income (expense) |
(39 |
) |
|
|
|
|
|
|
|
(53 |
) |
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
provision for income taxes |
70 |
|
|
|
|
|
|
|
|
61 |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
noncontrolling interests |
6 |
|
|
|
|
|
|
|
|
4 |
|
|
(28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
income (loss) from continuing operations(f) |
(33 |
) |
|
|
|
|
|
|
|
28 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
EPS(f) |
$ |
(0.65 |
) |
|
|
|
|
|
|
|
0.55 |
|
|
fav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP
weighted-average diluted shares |
50.9 |
|
|
|
|
|
|
|
51.1 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP(e) |
|
|
Organic |
|
Acquisitions / |
|
|
|
|
|
% Change |
|
|
|
2018 |
|
Change |
|
Dispositions(a) |
|
Currency(b) |
|
2019 |
|
Total |
|
Organic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Segment
revenues - GAAP/non-GAAP |
$ |
3,438 |
|
|
222 |
|
|
288 |
|
|
(268 |
) |
|
3,680 |
|
|
7 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
operating profit |
347 |
|
|
91 |
|
|
35 |
|
|
(81 |
) |
|
392 |
|
|
13 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
interest expense |
(66 |
) |
|
|
|
|
|
|
|
(85 |
) |
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
loss on deconsolidation of Venezuela operations |
— |
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
interest and other income (expense) |
2 |
|
|
|
|
|
|
|
|
(10 |
) |
|
unfav |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
provision for income taxes |
97 |
|
|
|
|
|
|
|
|
93 |
|
|
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
noncontrolling interests |
7 |
|
|
|
|
|
|
|
|
4 |
|
|
(37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
income from continuing operations(f) |
179 |
|
|
|
|
|
|
|
|
199 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
EPS(f) |
$ |
3.46 |
|
|
|
|
|
|
|
|
3.89 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
weighted-average diluted shares |
51.9 |
|
|
|
|
|
|
|
51.1 |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not add due to rounding.See page 4 for footnote
explanations.
The Brink’s Company and subsidiaries(In
millions) (Unaudited)
Selected Items - Condensed Consolidated
Balance Sheets
| |
December 31, 2018 |
|
December 31, 2019 |
|
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
343.4 |
|
|
311.0 |
|
| Restricted cash |
136.1 |
|
|
158.0 |
|
| Accounts receivable, net |
599.5 |
|
|
635.6 |
|
| Right-of-use assets, net |
— |
|
|
270.3 |
|
| Property and equipment,
net |
699.4 |
|
|
763.3 |
|
| Goodwill and intangibles |
907.5 |
|
|
1,057.1 |
|
| Deferred income taxes |
236.5 |
|
|
273.5 |
|
| Other |
313.6 |
|
|
295.0 |
|
| |
|
|
|
|
Total assets |
$ |
3,236.0 |
|
|
3,763.8 |
|
| |
|
|
|
|
Liabilities and Equity |
|
|
|
| |
|
|
|
| Accounts payable |
174.6 |
|
|
184.5 |
|
| Debt |
1,554.0 |
|
|
1,643.6 |
|
| Retirement benefits |
563.0 |
|
|
576.7 |
|
| Accrued liabilities |
502.1 |
|
|
628.4 |
|
| Lease liabilities |
— |
|
|
218.4 |
|
| Other |
275.7 |
|
|
304.6 |
|
|
Total liabilities |
3,069.4 |
|
|
3,556.2 |
|
| |
|
|
|
| Equity |
166.6 |
|
|
207.6 |
|
| |
|
|
|
|
Total liabilities and equity |
$ |
3,236.0 |
|
|
3,763.8 |
|
Selected Items - Condensed Consolidated
Statements of Cash Flows
| |
Twelve Months Ended December 31, |
| |
2018 |
|
2019 |
| Net cash provided by operating
activities |
364.1 |
|
|
368.6 |
|
| Net cash used by investing
activities |
(672.7 |
) |
|
(333.0 |
) |
| Net cash provided (used) by
financing activities |
93.4 |
|
|
(38.0 |
) |
| |
|
|
|
| Effect of exchange rate
changes on cash |
(32.2 |
) |
|
(8.1 |
) |
| Cash, cash equivalents and
restricted cash: |
|
|
|
|
Increase (decrease) |
(247.4 |
) |
|
(10.5 |
) |
|
Balance at beginning of period |
726.9 |
|
|
479.5 |
|
|
Balance at end of period |
$ |
479.5 |
|
|
469.0 |
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
(155.1 |
) |
|
(164.8 |
) |
|
Acquisitions |
(520.9 |
) |
|
(183.9 |
) |
|
Payment of acquisition-related obligation |
(17.6 |
) |
|
(20.3 |
) |
|
Depreciation and amortization |
162.3 |
|
|
185.0 |
|
|
Cash paid for income taxes, net |
(90.6 |
) |
|
(23.9 |
) |
About The Brink’s CompanyThe Brink’s Company
(NYSE:BCO) is the global leader in total cash management,
route-based secure logistics and payment solutions including
cash-in-transit, ATM services, cash management services (including
vault outsourcing, money processing and intelligent safe services),
and international transportation of valuables. Our customers
include financial institutions, retailers, government agencies,
mints, jewelers and other commercial operations. Our global
network of operations in 41 countries serves customers in more than
100 countries. For more information, please visit our website
at www.Brinks.com or call 804-289-9709.
Forward-Looking Statements This release
contains forward-looking information. Words such as "anticipate,"
"assume," "estimate," "expect," “target” "project," "predict,"
"intend," "plan," "believe," "potential," "may," "should" and
similar expressions may identify forward-looking information.
Forward-looking information in these materials includes, but is not
limited to: 2020 GAAP and non-GAAP outlook, including revenue,
organic growth, operating profit, operating profit margin, adjusted
EBITDA, tax rate, and the expected impact of currency and
acquisitions and dispositions; expected profit decline in Argentina
and expenses related to Strategy 2.0; and expected costs related to
Reorganization and Restructuring activities. Forward-looking
information in this document is subject to known and unknown risks,
uncertainties and contingencies, which are difficult to predict or
quantify, and which could cause actual results, performance or
achievements to differ materially from those that are
anticipated.
These risks, uncertainties and contingencies, many of which are
beyond our control, include, but are not limited to: our ability to
improve profitability and execute further cost and operational
improvement and efficiencies in our core businesses; our ability to
improve service levels and quality in our core businesses; market
volatility and commodity price fluctuations; seasonality, pricing
and other competitive industry factors; investment in information
technology (“IT”) and its impact on revenue and profit growth; our
ability to maintain an effective IT infrastructure and safeguard
confidential information; our ability to effectively develop and
implement solutions for our customers; risks associated with
operating in foreign countries, including changing political, labor
and economic conditions, regulatory issues (including the
imposition of international sanctions, including by the U.S.
government), currency restrictions and devaluations, restrictions
on and cost of repatriating earnings and capital, impact on the
Company’s financial results as a result of jurisdictions determined
to be highly inflationary, and restrictive government actions,
including nationalization; labor issues, including negotiations
with organized labor and work stoppages; the strength of the U.S.
dollar relative to foreign currencies and foreign currency exchange
rates; our ability to identify, evaluate and complete acquisitions
and other strategic transactions and to successfully integrate
acquired companies; costs related to dispositions and product or
market exits; our ability to obtain appropriate insurance coverage,
positions taken by insurers relative to claims and the financial
condition of insurers; safety and security performance and loss
experience; employee and environmental liabilities in connection
with former coal operations, including black lung claims; the
impact of the Patient Protection and Affordable Care Act on legacy
liabilities and ongoing operations; funding requirements,
accounting treatment, and investment performance of our pension
plans, the VEBA and other employee benefits; changes to estimated
liabilities and assets in actuarial assumptions; the nature of
hedging relationships and counterparty risk; access to the capital
and credit markets; our ability to realize deferred tax assets; the
outcome of pending and future claims, litigation, and
administrative proceedings; public perception of our business,
reputation and brand; changes in estimates and assumptions
underlying critical accounting policies; the promulgation and
adoption of new accounting standards, new government regulations
and interpretation of existing standards and regulations.
This list of risks, uncertainties and contingencies is not
intended to be exhaustive. Additional factors that could cause our
results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in
Item 1A of our Annual Report on Form 10-K for the period ended
December 31, 2018, and in our other public filings with the
Securities and Exchange Commission. The forward-looking information
included in this document is representative only as of the date of
this document and The Brink's Company undertakes no obligation to
update any information contained in this document.
The Brink’s Company and
subsidiariesSegment Results: 2018 and 2019
(Unaudited)
(In millions, except for percentages)
| |
Revenues |
| |
2018 |
|
2019 |
| |
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
320.1 |
|
|
324.0 |
|
|
383.4 |
|
|
438.8 |
|
|
1,466.3 |
|
|
$ |
434.5 |
|
|
442.5 |
|
|
446.7 |
|
|
459.1 |
|
|
1,782.8 |
|
|
South America |
254.8 |
|
|
233.3 |
|
|
215.5 |
|
|
223.3 |
|
|
926.9 |
|
|
230.3 |
|
|
225.2 |
|
|
229.0 |
|
|
232.0 |
|
|
916.5 |
|
|
Rest of World |
278.4 |
|
|
266.8 |
|
|
253.5 |
|
|
245.6 |
|
|
1,044.3 |
|
|
240.2 |
|
|
246.6 |
|
|
248.9 |
|
|
244.7 |
|
|
980.4 |
|
|
Segment revenues - GAAP and Non-GAAP |
853.3 |
|
|
824.1 |
|
|
852.4 |
|
|
907.7 |
|
|
3,437.5 |
|
|
905.0 |
|
|
914.3 |
|
|
924.6 |
|
|
935.8 |
|
|
3,679.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venezuela operations |
25.8 |
|
|
25.6 |
|
|
— |
|
|
— |
|
|
51.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Acquisitions and dispositions |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.3 |
) |
|
(0.2 |
) |
|
— |
|
|
(0.5 |
) |
|
Internal loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4.0 |
|
|
— |
|
|
4.0 |
|
|
GAAP |
$ |
879.1 |
|
|
849.7 |
|
|
852.4 |
|
|
907.7 |
|
|
3,488.9 |
|
|
$ |
905.0 |
|
|
914.0 |
|
|
928.4 |
|
|
935.8 |
|
|
3,683.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Profit |
| |
2018 |
|
2019 |
| |
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
| Operating
profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
$ |
20.6 |
|
|
26.1 |
|
|
33.6 |
|
|
49.5 |
|
|
129.8 |
|
|
$ |
44.0 |
|
|
46.4 |
|
|
38.7 |
|
|
57.3 |
|
|
186.4 |
|
|
South America |
55.6 |
|
|
46.1 |
|
|
46.3 |
|
|
50.7 |
|
|
198.7 |
|
|
43.0 |
|
|
45.0 |
|
|
59.4 |
|
|
69.7 |
|
|
217.1 |
|
|
Rest of World |
25.6 |
|
|
26.2 |
|
|
30.8 |
|
|
31.8 |
|
|
114.4 |
|
|
23.8 |
|
|
26.2 |
|
|
32.2 |
|
|
33.6 |
|
|
115.8 |
|
|
Corporate |
(30.3 |
) |
|
(22.2 |
) |
|
(15.4 |
) |
|
(28.1 |
) |
|
(96.0 |
) |
|
(26.0 |
) |
|
(28.8 |
) |
|
(27.9 |
) |
|
(45.0 |
) |
|
(127.7 |
) |
|
Non-GAAP |
71.5 |
|
|
76.2 |
|
|
95.3 |
|
|
103.9 |
|
|
346.9 |
|
|
84.8 |
|
|
88.8 |
|
|
102.4 |
|
|
115.6 |
|
|
391.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venezuela operations |
3.5 |
|
|
(1.2 |
) |
|
— |
|
|
— |
|
|
2.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Reorganization and Restructuring |
(3.7 |
) |
|
(4.5 |
) |
|
(7.3 |
) |
|
(5.1 |
) |
|
(20.6 |
) |
|
(3.5 |
) |
|
(10.6 |
) |
|
(6.4 |
) |
|
(8.3 |
) |
|
(28.8 |
) |
|
Acquisitions and dispositions |
(6.5 |
) |
|
(7.4 |
) |
|
(10.7 |
) |
|
(16.8 |
) |
|
(41.4 |
) |
|
(17.2 |
) |
|
(22.6 |
) |
|
(24.0 |
) |
|
(24.7 |
) |
|
(88.5 |
) |
|
Argentina highly inflationary impact |
— |
|
|
— |
|
|
(8.3 |
) |
|
0.3 |
|
|
(8.0 |
) |
|
(4.3 |
) |
|
(0.1 |
) |
|
(7.9 |
) |
|
(2.2 |
) |
|
(14.5 |
) |
|
Internal loss |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(2.6 |
) |
|
(11.3 |
) |
|
(7.0 |
) |
|
(20.9 |
) |
|
Reporting compliance |
— |
|
|
(1.4 |
) |
|
(2.0 |
) |
|
(1.1 |
) |
|
(4.5 |
) |
|
(1.4 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
|
(0.1 |
) |
|
(2.1 |
) |
|
GAAP |
$ |
64.8 |
|
|
61.7 |
|
|
67.0 |
|
|
81.2 |
|
|
274.7 |
|
|
$ |
58.4 |
|
|
52.6 |
|
|
52.5 |
|
|
73.3 |
|
|
236.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Margin |
| |
2018 |
|
2019 |
| |
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
| Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
6.4 |
% |
|
8.1 |
|
|
8.8 |
|
|
11.3 |
|
|
8.9 |
|
|
10.1 |
% |
|
10.5 |
|
|
8.7 |
|
|
12.5 |
|
|
10.5 |
|
|
South America |
21.8 |
|
|
19.8 |
|
|
21.5 |
|
|
22.7 |
|
|
21.4 |
|
|
18.7 |
|
|
20.0 |
|
|
25.9 |
|
|
30.0 |
|
|
23.7 |
|
|
Rest of World |
9.2 |
|
|
9.8 |
|
|
12.1 |
|
|
12.9 |
|
|
11.0 |
|
|
9.9 |
|
|
10.6 |
|
|
12.9 |
|
|
13.7 |
|
|
11.8 |
|
|
Non-GAAP |
8.4 |
|
|
9.2 |
|
|
11.2 |
|
|
11.4 |
|
|
10.1 |
|
|
9.4 |
|
|
9.7 |
|
|
11.1 |
|
|
12.4 |
|
|
10.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items not allocated to segments(a) |
(1.0 |
) |
|
(1.9 |
) |
|
(3.3 |
) |
|
(2.5 |
) |
|
(2.2 |
) |
|
(2.9 |
) |
|
(3.9 |
) |
|
(5.4 |
) |
|
(4.6 |
) |
|
(4.2 |
) |
|
GAAP |
7.4 |
% |
|
7.3 |
|
|
7.9 |
|
|
8.9 |
|
|
7.9 |
|
|
6.5 |
% |
|
5.8 |
|
|
5.7 |
|
|
7.8 |
|
|
6.4 |
|
(a) See explanation of items on page 9.
The Brink’s Company and
subsidiariesOther 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 allocated to segments.
Venezuela operations Prior to the
deconsolidation of our Venezuelan subsidiaries effective June 30,
2018, we excluded from our segment results all of our Venezuela
operating results, due to the Venezuelan government's restrictions
that have prevented us from repatriating funds. As a result,
the Chief Executive Officer, the Company's Chief Operating Decision
maker ("CODM"), has assessed segment performance and has made
resource decisions by segment excluding Venezuela operating
results.
Reorganization and Restructuring2016
RestructuringIn the fourth quarter of 2016, management implemented
restructuring actions across our global business operations and our
corporate functions. As a result of these actions, we recognized
charges of $18.1 million in 2016, an additional $17.3 million in
2017 and $13.0 million in 2018. The actions under this
program were substantially completed in 2018, with cumulative
pretax charges of approximately $48 million.
Other RestructuringsManagement periodically implements
restructuring actions in targeted sections of our business.
As a result of these actions, we recognized charges of $4.6 million
in 2017, $7.6 million in 2018 and $28.8 million in 2019, primarily
severance costs. For the current restructuring actions, we
expect to incur additional costs between $1 million and $3 million
in future periods.
Due to the unique circumstances around these charges, these
management-directed items have not been allocated to segment
results and are excluded from non-GAAP results.
Acquisitions and dispositions Certain
acquisition and disposition items that are not considered part of
the ongoing activities of the business and are special in nature
are consistently excluded from non-GAAP results. These items are
described below:
2019 Acquisitions and Dispositions
- We incurred $43.1 million in integration costs related to
Dunbar, Rodoban, COMEF and TVS in 2019.
- Amortization expense for acquisition-related intangible assets
was $27.8 million in 2019.
- Restructuring costs related to acquisitions, primarily Rodoban
and Dunbar, were $5.6 million in 2019.
- Transaction costs related to business acquisitions were $7.9
million in 2019.
- Compensation expense related to the retention of key Dunbar
employees was $1.5 million in 2019.
- In 2019, we recognized $2.2 million in net charges, primarily
asset impairment and severance costs, related to the exit from our
top-up prepaid mobile phone business in Brazil.
2018 Acquisitions and Dispositions
- Amortization expense for acquisition-related intangible assets
was $17.7 million in 2018.
- Integration costs in 2018 related to acquisitions in France and
the U.S. were $8.1 million.
- 2018 transaction costs related to business acquisitions were
$6.7 million.
- We incurred 2018 severance charges related to our acquisitions
in Argentina, France, U.S. and Brazil of $5.0 million.
- Compensation expense related to the retention of key Dunbar
employees was $4.1 million in 2018.
- We recognized a net gain in 2018 ($2.6 million, net of
statutory employee benefit) on the sale of real estate in
Mexico.
Argentina highly inflationary impact Beginning
in the third quarter of 2018, we designated Argentina's economy as
highly inflationary for accounting purposes. As a result, Argentine
peso-denominated monetary assets and liabilities are now remeasured
at each balance sheet date to the currency exchange rate then in
effect, with currency remeasurement gains and losses recognized in
earnings. In addition, nonmonetary assets retain a higher
historical basis when the currency is devalued. The higher
historical basis results in incremental expense being recognized
when the nonmonetary assets are consumed. In the second half of
2018, we recognized $8.0 million in pretax charges related to
highly inflationary accounting, including currency remeasurement
losses of $6.2 million. In 2019, we recognized $14.5 million
in pretax charges related to highly inflationary accounting,
including currency remeasurement losses of $11.3 million. These
amounts are excluded from non-GAAP results.
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 amount, the amount of
the internal loss related to the embezzlement was covered by our
insurance. In an effort to cover up the embezzlement, the former
employee intentionally misstated the underlying accounts receivable
subledger data. In 2019, we incurred $4.5 million in costs
(primarily third party expenses) to reconstruct the accounts
receivables subledger. In the third quarter of 2019, we were
able to identify $4.0 million of revenues billed and collected in
prior periods which had never been recorded in the general ledger.
We also identified and recorded $0.3 million in bank fees, which
had been incurred in prior periods. The rebuild of the subledger
was completed during the third quarter of 2019. Based on the
reconstructed subledger, we were able to analyze and quantify the
uncollected receivables from prior periods. Although we plan to
attempt to collect these receivables, we estimated an increase to
bad debt expense of $13.7 million in the third quarter of 2019. The
estimate of the allowance for doubtful accounts was adjusted in the
fourth quarter of 2019 for an additional $6.4 million and will be
adjusted in future periods, if needed, as assumptions related to
the collectability of these accounts receivable change. Out
of the total $20.1 million in bad debt expense recorded in the
second half of 2019, $19.2 million represented an allowance on
$34.0 million of accounts receivable or 56%. Due to the unusual
nature of this internal loss and the related errors in the
subledger data, along with the fact that management has excluded
these amounts when evaluating internal performance, we have
excluded these net charges from segment and non-GAAP results.
Reporting compliance Certain compliance costs
(primarily third party expenses) are excluded from non-GAAP
results. These costs relate to the implementation and January
1, 2019 adoption of the new lease accounting standard ($2.7 million
in 2018 and $1.8 million in 2019) and the mitigation of material
weaknesses ($1.8 million in 2018 and $0.3 million in 2019).
The Brink’s Company and
subsidiariesNon-GAAP Results Reconciled to GAAP
(Unaudited) (In millions, except for percentages and
per share amounts)
Non-GAAP results described in this press release are financial
measures that are not required by or presented in accordance with
U.S. generally accepted accounting principles (“GAAP”). The
purpose of the Non-GAAP results is to report financial information
from the primary operations of our business by excluding the
effects of certain income and expenses that do not reflect the
ordinary earnings of our operations. The specific items
excluded have not been allocated to segments, are described on page
9 and in more detail in our Form 10-K, and are reconciled to
comparable GAAP measures below. In addition, we refer to
non-GAAP constant currency amounts, which represent current period
results and forecasts at prior period exchange rates.
Non-GAAP results adjust the quarterly Non-GAAP tax rates so that
the Non-GAAP tax rate in each of the quarters is equal to the
full-year estimated Non-GAAP tax rate. The full-year Non-GAAP
tax rate in both years excludes certain pretax and income tax
amounts. Amounts reported for prior periods have been updated
in this report to present information consistently for all periods
presented.
The 2020 Non-GAAP outlook amounts for provision for income
taxes, income (loss) from continuing operations, EPS from
continuing operations, effective income tax rate and Adjusted
EBITDA cannot be reconciled to GAAP without unreasonable effort. We
cannot reconcile these amounts to GAAP because we are unable to
accurately forecast the impact of highly inflationary accounting on
our Argentina operations or other potential Non-GAAP adjusting
items for which the timing and amounts are currently under review,
such as future restructuring actions. The impact of highly
inflationary accounting and other potential Non-GAAP adjusting
items could be significant to our GAAP results.
The Non-GAAP financial measures are intended to provide
investors with a supplemental comparison of our operating results
and trends for the periods presented. Our management believes these
measures are also useful to investors as such measures allow
investors to evaluate our performance using the same metrics that
our management uses to evaluate past performance and prospects for
future performance. We do not consider these items to be
reflective of our core operating performance due to the variability
of such items from period-to-period in terms of size, nature and
significance. Additionally, non-GAAP results are utilized as
performance measures in certain management incentive compensation
plans.
Non-GAAP Results Reconciled to GAAP
| |
2018 |
|
2019 |
| |
Pre-tax |
|
Tax |
|
Effective tax rate |
|
Pre-tax |
|
Tax |
|
Effective tax rate |
| Effective Income Tax
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
42.5 |
|
|
70.0 |
|
|
164.7 |
% |
|
$ |
93.5 |
|
|
61.0 |
|
|
65.2 |
% |
|
Retirement plans(c) |
33.2 |
|
|
7.9 |
|
|
|
|
|
47.3 |
|
|
11.1 |
|
|
|
|
|
Venezuela operations(a)(j) |
1.2 |
|
|
(3.9 |
) |
|
|
|
|
0.9 |
|
|
— |
|
|
|
|
|
Reorganization and Restructuring(a) |
20.6 |
|
|
6.7 |
|
|
|
|
|
28.8 |
|
|
7.1 |
|
|
|
|
|
Acquisitions and dispositions(a) |
47.0 |
|
|
13.8 |
|
|
|
|
|
93.6 |
|
|
5.1 |
|
|
|
|
|
Tax reform(d) |
— |
|
|
2.1 |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
|
Tax on accelerated income(e) |
— |
|
|
— |
|
|
|
|
|
— |
|
|
7.3 |
|
|
|
|
|
Argentina highly inflationary impact(a) |
7.3 |
|
|
— |
|
|
|
|
|
14.5 |
|
|
(1.4 |
) |
|
|
|
|
Internal loss(a) |
— |
|
|
— |
|
|
|
|
|
20.9 |
|
|
4.0 |
|
|
|
|
|
Reporting compliance(a) |
4.5 |
|
|
0.1 |
|
|
|
|
|
2.1 |
|
|
0.1 |
|
|
|
|
|
Gain on lease termination(k) |
— |
|
|
— |
|
|
|
|
|
(5.2 |
) |
|
(1.2 |
) |
|
|
|
|
Loss on deconsolidation of Venezuela operations(f) |
126.7 |
|
|
0.1 |
|
|
|
|
|
— |
|
|
— |
|
|
|
|
| Non-GAAP |
$ |
283.0 |
|
|
96.8 |
|
|
34.2 |
% |
|
$ |
296.4 |
|
|
93.1 |
|
|
31.4 |
% |
Amounts may not add due to rounding.
(a) See “Other Items Not Allocated To Segments” on pages
8-9 for details. We do not consider these items to be
reflective of our core operating performance due to the variability
of such items from period-to-period in terms of size, nature and
significance.(b) Non-GAAP income from continuing operations
and non-GAAP EPS have been adjusted to reflect an effective income
tax rate in each interim period equal to the full-year non-GAAP
effective income tax rate. The full-year non-GAAP effective tax
rate was 31.4% for 2019 and 34.2% for 2018.(c) Our U.S.
retirement plans are frozen and costs related to these plans are
excluded from non-GAAP results. Certain non-U.S. operations also
have retirement plans. Settlement charges related to these non-U.S.
plans are also excluded from non-GAAP results.(d) Represents
the estimated impact of tax legislation enacted into law in the
fourth quarter of 2017. This primarily relates to the U.S.
Tax Reform expense from the remeasurement of our net deferred tax
assets. The 2018 amount represents a benefit associated with
reversing a portion of the 2017 estimated impact as a result of
guidance issued by U.S. authorities.(e) The non-GAAP tax rate
excludes the 2019 foreign tax benefits that resulted from a
transaction that accelerated U.S. tax in 2015.(f) Effective
June 30, 2018, we deconsolidated our investment in Venezuelan
subsidiaries and recognized a pretax charge of $126.7
million.(g) Due to reorganization and restructuring
activities, there was a $7.7 million non-GAAP adjustment to
share-based compensation in 2019 and $0.1 million in the fourth
quarter and full-year of 2018. There is no difference between GAAP
and non-GAAP share-based compensation amounts for the other periods
presented.(h) Adjusted EBITDA is defined as non-GAAP income
from continuing operations excluding the impact of non-GAAP
interest expense, non-GAAP income tax provision, non-GAAP
depreciation and amortization and non-GAAP share-based
compensation.(i) Because we reported a loss from continuing
operations on a GAAP basis in the second quarter of 2018, full year
2018 and the fourth quarter of 2019, GAAP EPS was calculated using
basic shares. However, as we reported income from continuing
operations on a non-GAAP basis in the second quarter of 2018, full
year 2018 and fourth quarter of 2019, non-GAAP EPS was calculated
using diluted shares.(j) Post-deconsolidation funding of
ongoing costs related to our Venezuelan operations was $0.9 million
in 2019 ($0.6 million in the second half of 2018) and was expensed
as incurred and reported in interest and other nonoperating income
(expense). We do not expect any future funding of the Venezuela
business, as long as current U.S. sanctions remain in
effect.(k) Gain on termination of a mining lease obligation
related to former coal operations. We have no remaining mining
leases.
The Brink’s Company and
subsidiariesNon-GAAP Results Reconciled to GAAP
(Unaudited) (In millions, except for percentages and
per share amounts)
| |
2018 |
|
2019 |
| |
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
879.1 |
|
|
849.7 |
|
|
852.4 |
|
|
907.7 |
|
|
3,488.9 |
|
|
$ |
905.0 |
|
|
914.0 |
|
|
928.4 |
|
|
935.8 |
|
|
3,683.2 |
|
|
Venezuela operations(a) |
(25.8 |
) |
|
(25.6 |
) |
|
— |
|
|
— |
|
|
(51.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Acquisitions and dispositions(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
0.2 |
|
|
— |
|
|
0.5 |
|
|
Internal loss(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4.0 |
) |
|
— |
|
|
(4.0 |
) |
| Non-GAAP |
$ |
853.3 |
|
|
824.1 |
|
|
852.4 |
|
|
907.7 |
|
|
3,437.5 |
|
|
$ |
905.0 |
|
|
914.3 |
|
|
924.6 |
|
|
935.8 |
|
|
3,679.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating profit
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
64.8 |
|
|
61.7 |
|
|
67.0 |
|
|
81.2 |
|
|
274.7 |
|
|
$ |
58.4 |
|
|
52.6 |
|
|
52.5 |
|
|
73.3 |
|
|
236.8 |
|
|
Venezuela operations(a) |
(3.5 |
) |
|
1.2 |
|
|
— |
|
|
— |
|
|
(2.3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Reorganization and Restructuring(a) |
3.7 |
|
|
4.5 |
|
|
7.3 |
|
|
5.1 |
|
|
20.6 |
|
|
3.5 |
|
|
10.6 |
|
|
6.4 |
|
|
8.3 |
|
|
28.8 |
|
|
Acquisitions and dispositions(a) |
6.5 |
|
|
7.4 |
|
|
10.7 |
|
|
16.8 |
|
|
41.4 |
|
|
17.2 |
|
|
22.6 |
|
|
24.0 |
|
|
24.7 |
|
|
88.5 |
|
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
8.3 |
|
|
(0.3 |
) |
|
8.0 |
|
|
4.3 |
|
|
0.1 |
|
|
7.9 |
|
|
2.2 |
|
|
14.5 |
|
|
Internal loss(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2.6 |
|
|
11.3 |
|
|
7.0 |
|
|
20.9 |
|
|
Reporting compliance(a) |
— |
|
|
1.4 |
|
|
2.0 |
|
|
1.1 |
|
|
4.5 |
|
|
1.4 |
|
|
0.3 |
|
|
0.3 |
|
|
0.1 |
|
|
2.1 |
|
| Non-GAAP |
$ |
71.5 |
|
|
76.2 |
|
|
95.3 |
|
|
103.9 |
|
|
346.9 |
|
|
$ |
84.8 |
|
|
88.8 |
|
|
102.4 |
|
|
115.6 |
|
|
391.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP margin |
7.4 |
% |
|
7.3 |
% |
|
7.9 |
% |
|
8.9 |
% |
|
7.9 |
% |
|
6.5 |
% |
|
5.8 |
% |
|
5.7 |
% |
|
7.8 |
% |
|
6.4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP margin |
8.4 |
% |
|
9.2 |
% |
|
11.2 |
% |
|
11.4 |
% |
|
10.1 |
% |
|
9.4 |
% |
|
9.7 |
% |
|
11.1 |
% |
|
12.4 |
% |
|
10.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
(15.0 |
) |
|
(15.8 |
) |
|
(17.0 |
) |
|
(18.9 |
) |
|
(66.7 |
) |
|
$ |
(23.0 |
) |
|
(22.7 |
) |
|
(22.9 |
) |
|
(22.0 |
) |
|
(90.6 |
) |
|
Venezuela operations(a) |
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Acquisitions and dispositions(a) |
0.2 |
|
|
0.2 |
|
|
0.1 |
|
|
0.7 |
|
|
1.2 |
|
|
1.5 |
|
|
1.5 |
|
|
1.5 |
|
|
1.3 |
|
|
5.8 |
|
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Non-GAAP |
$ |
(14.8 |
) |
|
(15.5 |
) |
|
(16.9 |
) |
|
(18.4 |
) |
|
(65.6 |
) |
|
$ |
(21.5 |
) |
|
(21.2 |
) |
|
(21.4 |
) |
|
(20.7 |
) |
|
(84.8 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss on
deconsolidation of Venezuela operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
— |
|
|
(126.7 |
) |
|
— |
|
|
— |
|
|
(126.7 |
) |
|
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Loss on deconsolidation of Venezuela operations(f) |
— |
|
|
126.7 |
|
|
— |
|
|
— |
|
|
126.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Non-GAAP |
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$ |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest and other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
(13.1 |
) |
|
(8.1 |
) |
|
(8.1 |
) |
|
(9.5 |
) |
|
(38.8 |
) |
|
$ |
(11.2 |
) |
|
(3.1 |
) |
|
(7.8 |
) |
|
(30.6 |
) |
|
(52.7 |
) |
|
Retirement plans(c) |
8.8 |
|
|
8.1 |
|
|
8.1 |
|
|
8.2 |
|
|
33.2 |
|
|
8.4 |
|
|
6.5 |
|
|
6.6 |
|
|
25.8 |
|
|
47.3 |
|
|
Venezuela operations(a)(j) |
1.9 |
|
|
0.9 |
|
|
0.3 |
|
|
0.3 |
|
|
3.4 |
|
|
0.5 |
|
|
0.4 |
|
|
— |
|
|
— |
|
|
0.9 |
|
|
Acquisitions and dispositions(a) |
2.9 |
|
|
2.4 |
|
|
0.2 |
|
|
(1.1 |
) |
|
4.4 |
|
|
— |
|
|
— |
|
|
0.2 |
|
|
(0.9 |
) |
|
(0.7 |
) |
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Gain on lease termination(k) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5.2 |
) |
|
— |
|
|
— |
|
|
(5.2 |
) |
| Non-GAAP |
$ |
0.5 |
|
|
3.3 |
|
|
— |
|
|
(2.1 |
) |
|
1.7 |
|
|
$ |
(2.3 |
) |
|
(1.4 |
) |
|
(1.0 |
) |
|
(5.7 |
) |
|
(10.4 |
) |
Amounts may not add due to rounding. See page 10 for footnote
explanations.
| |
2018 |
|
2019 |
| |
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
$ |
11.4 |
|
|
18.6 |
|
|
23.0 |
|
|
17.0 |
|
|
70.0 |
|
|
$ |
9.7 |
|
|
12.7 |
|
|
14.7 |
|
|
23.9 |
|
|
61.0 |
|
|
Retirement plans(c) |
1.9 |
|
|
2.0 |
|
|
2.0 |
|
|
2.0 |
|
|
7.9 |
|
|
1.9 |
|
|
1.6 |
|
|
1.6 |
|
|
6.0 |
|
|
11.1 |
|
|
Venezuela operations(a) |
(1.5 |
) |
|
(2.4 |
) |
|
— |
|
|
— |
|
|
(3.9 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Reorganization and Restructuring(a) |
1.2 |
|
|
1.5 |
|
|
2.4 |
|
|
1.6 |
|
|
6.7 |
|
|
1.0 |
|
|
2.6 |
|
|
2.0 |
|
|
1.5 |
|
|
7.1 |
|
|
Acquisitions and dispositions(a) |
3.1 |
|
|
6.2 |
|
|
2.8 |
|
|
1.7 |
|
|
13.8 |
|
|
1.7 |
|
|
1.1 |
|
|
0.9 |
|
|
1.4 |
|
|
5.1 |
|
|
Tax reform(d) |
— |
|
|
— |
|
|
— |
|
|
2.1 |
|
|
2.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Tax on accelerated income(e) |
0.5 |
|
|
(0.2 |
) |
|
— |
|
|
(0.3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7.3 |
|
|
7.3 |
|
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
0.6 |
|
|
(0.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1.4 |
) |
|
— |
|
|
(1.4 |
) |
|
Internal loss(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
2.4 |
|
|
1.5 |
|
|
4.0 |
|
|
Reporting compliance(a) |
— |
|
|
0.3 |
|
|
0.5 |
|
|
(0.7 |
) |
|
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
Gain on lease termination(k) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.2 |
) |
|
— |
|
|
(1.2 |
) |
|
Loss on deconsolidation of Venezuela operations(f) |
— |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Income tax rate adjustment(b) |
3.0 |
|
|
(4.1 |
) |
|
(4.6 |
) |
|
5.7 |
|
|
— |
|
|
4.9 |
|
|
2.7 |
|
|
6.1 |
|
|
(13.7 |
) |
|
— |
|
| Non-GAAP |
$ |
19.6 |
|
|
21.9 |
|
|
26.8 |
|
|
28.5 |
|
|
96.8 |
|
|
$ |
19.2 |
|
|
20.8 |
|
|
25.1 |
|
|
28.0 |
|
|
93.1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noncontrolling
interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
3.2 |
|
|
0.3 |
|
|
1.4 |
|
|
0.9 |
|
|
5.8 |
|
|
$ |
0.8 |
|
|
1.5 |
|
|
1.3 |
|
|
0.6 |
|
|
4.2 |
|
|
Venezuela operations(a) |
(0.6 |
) |
|
1.6 |
|
|
— |
|
|
— |
|
|
1.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Reorganization and Restructuring(a) |
— |
|
|
(0.1 |
) |
|
— |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Acquisitions and dispositions(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.1 |
|
|
Income tax rate adjustment(b) |
(0.4 |
) |
|
(0.1 |
) |
|
0.6 |
|
|
(0.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Non-GAAP |
$ |
2.2 |
|
|
1.7 |
|
|
2.0 |
|
|
0.9 |
|
|
6.8 |
|
|
$ |
0.8 |
|
|
1.5 |
|
|
1.3 |
|
|
0.7 |
|
|
4.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from
continuing operations attributable to Brink's: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
22.1 |
|
|
(107.8 |
) |
|
17.5 |
|
|
34.9 |
|
|
(33.3 |
) |
|
$ |
13.7 |
|
|
12.6 |
|
|
5.8 |
|
|
(3.8 |
) |
|
28.3 |
|
|
Retirement plans(c) |
6.9 |
|
|
6.1 |
|
|
6.1 |
|
|
6.2 |
|
|
25.3 |
|
|
6.5 |
|
|
4.9 |
|
|
5.0 |
|
|
19.8 |
|
|
36.2 |
|
|
Venezuela operations(a)(j) |
0.5 |
|
|
3.0 |
|
|
0.3 |
|
|
0.3 |
|
|
4.1 |
|
|
0.5 |
|
|
0.4 |
|
|
— |
|
|
— |
|
|
0.9 |
|
|
Reorganization and Restructuring(a) |
2.5 |
|
|
3.1 |
|
|
4.9 |
|
|
3.4 |
|
|
13.9 |
|
|
2.5 |
|
|
8.0 |
|
|
4.4 |
|
|
6.8 |
|
|
21.7 |
|
|
Acquisitions and dispositions(a) |
6.5 |
|
|
3.8 |
|
|
8.2 |
|
|
14.7 |
|
|
33.2 |
|
|
17.0 |
|
|
23.0 |
|
|
24.8 |
|
|
23.6 |
|
|
88.4 |
|
|
Tax reform(d) |
— |
|
|
— |
|
|
— |
|
|
(2.1 |
) |
|
(2.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Tax on accelerated income(e) |
(0.5 |
) |
|
0.2 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(7.3 |
) |
|
(7.3 |
) |
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
7.2 |
|
|
0.1 |
|
|
7.3 |
|
|
4.3 |
|
|
0.1 |
|
|
9.3 |
|
|
2.2 |
|
|
15.9 |
|
|
Internal loss(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2.5 |
|
|
8.9 |
|
|
5.5 |
|
|
16.9 |
|
|
Reporting compliance(a) |
— |
|
|
1.1 |
|
|
1.5 |
|
|
1.8 |
|
|
4.4 |
|
|
1.4 |
|
|
0.3 |
|
|
0.3 |
|
|
— |
|
|
2.0 |
|
|
Gain on lease termination(k) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5.2 |
) |
|
1.2 |
|
|
— |
|
|
(4.0 |
) |
|
Loss on deconsolidation of Venezuela operations(f) |
— |
|
|
126.7 |
|
|
(0.1 |
) |
|
— |
|
|
126.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Income tax rate adjustment(b) |
(2.6 |
) |
|
4.2 |
|
|
4.0 |
|
|
(5.6 |
) |
|
— |
|
|
(4.9 |
) |
|
(2.7 |
) |
|
(6.1 |
) |
|
13.7 |
|
|
— |
|
| Non-GAAP |
$ |
35.4 |
|
|
40.4 |
|
|
49.6 |
|
|
54.0 |
|
|
179.4 |
|
|
$ |
41.0 |
|
|
43.9 |
|
|
53.6 |
|
|
60.5 |
|
|
199.0 |
|
Amounts may not add due to rounding. See page 10 for footnote
explanations.
| |
2018 |
|
2019 |
| |
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full Year |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA(h): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Brink's - GAAP |
$ |
22.3 |
|
|
(107.9 |
) |
|
17.4 |
|
|
34.9 |
|
|
(33.3 |
) |
|
$ |
13.7 |
|
|
12.5 |
|
|
5.4 |
|
|
(2.6 |
) |
|
29.0 |
|
|
Interest expense - GAAP |
15.0 |
|
|
15.8 |
|
|
17.0 |
|
|
18.9 |
|
|
66.7 |
|
|
23.0 |
|
|
22.7 |
|
|
22.9 |
|
|
22.0 |
|
|
90.6 |
|
|
Income tax provision - GAAP |
11.4 |
|
|
18.6 |
|
|
23.0 |
|
|
17.0 |
|
|
70.0 |
|
|
9.7 |
|
|
12.7 |
|
|
14.7 |
|
|
23.9 |
|
|
61.0 |
|
|
Depreciation and amortization - GAAP |
38.8 |
|
|
39.1 |
|
|
41.6 |
|
|
42.8 |
|
|
162.3 |
|
|
47.9 |
|
|
48.7 |
|
|
42.9 |
|
|
45.5 |
|
|
185.0 |
|
|
EBITDA |
$ |
87.5 |
|
|
(34.4 |
) |
|
99.0 |
|
|
113.6 |
|
|
265.7 |
|
|
$ |
94.3 |
|
|
96.6 |
|
|
85.9 |
|
|
88.8 |
|
|
365.6 |
|
|
Discontinued operations - GAAP |
(0.2 |
) |
|
0.1 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
|
0.4 |
|
|
(1.2 |
) |
|
(0.7 |
) |
|
Retirement plans(c) |
8.8 |
|
|
8.1 |
|
|
8.1 |
|
|
8.2 |
|
|
33.2 |
|
|
8.4 |
|
|
6.5 |
|
|
6.6 |
|
|
25.8 |
|
|
47.3 |
|
|
Venezuela operations(a)(j) |
(1.5 |
) |
|
(0.1 |
) |
|
0.3 |
|
|
0.3 |
|
|
(1.0 |
) |
|
0.5 |
|
|
0.4 |
|
|
— |
|
|
— |
|
|
0.9 |
|
|
Reorganization and Restructuring(a) |
2.5 |
|
|
4.4 |
|
|
6.9 |
|
|
4.9 |
|
|
18.7 |
|
|
3.4 |
|
|
10.6 |
|
|
6.4 |
|
|
8.2 |
|
|
28.6 |
|
|
Acquisitions and dispositions(a) |
5.6 |
|
|
6.4 |
|
|
6.4 |
|
|
9.7 |
|
|
28.1 |
|
|
10.8 |
|
|
12.2 |
|
|
17.2 |
|
|
16.6 |
|
|
56.8 |
|
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
7.8 |
|
|
(0.3 |
) |
|
7.5 |
|
|
4.1 |
|
|
(0.2 |
) |
|
7.6 |
|
|
1.2 |
|
|
12.7 |
|
|
Internal loss(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2.6 |
|
|
11.3 |
|
|
7.0 |
|
|
20.9 |
|
|
Reporting compliance(a) |
— |
|
|
1.4 |
|
|
2.0 |
|
|
1.1 |
|
|
4.5 |
|
|
1.4 |
|
|
0.3 |
|
|
0.3 |
|
|
0.1 |
|
|
2.1 |
|
|
Gain on lease termination(k) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5.2 |
) |
|
— |
|
|
— |
|
|
(5.2 |
) |
|
Loss on deconsolidation of Venezuela operations(f) |
— |
|
|
126.7 |
|
|
— |
|
|
— |
|
|
126.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Income tax rate adjustment(b) |
0.4 |
|
|
0.1 |
|
|
(0.6 |
) |
|
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Share-based compensation(g) |
6.8 |
|
|
5.7 |
|
|
6.3 |
|
|
9.5 |
|
|
28.3 |
|
|
8.9 |
|
|
9.7 |
|
|
9.5 |
|
|
6.9 |
|
|
35.0 |
|
|
Adjusted EBITDA |
$ |
109.9 |
|
|
118.4 |
|
|
136.3 |
|
|
147.1 |
|
|
511.7 |
|
|
$ |
131.8 |
|
|
133.6 |
|
|
145.2 |
|
|
153.4 |
|
|
564.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EPS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
0.42 |
|
|
(2.11 |
) |
|
0.34 |
|
|
0.68 |
|
|
(0.65 |
) |
|
$ |
0.27 |
|
|
0.25 |
|
|
0.11 |
|
|
(0.08 |
) |
|
0.55 |
|
|
Retirement plans(c) |
0.13 |
|
|
0.12 |
|
|
0.12 |
|
|
0.12 |
|
|
0.49 |
|
|
0.13 |
|
|
0.10 |
|
|
0.10 |
|
|
0.39 |
|
|
0.71 |
|
|
Venezuela operations(a)(j) |
0.01 |
|
|
0.06 |
|
|
0.01 |
|
|
0.01 |
|
|
0.08 |
|
|
0.01 |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
0.02 |
|
|
Reorganization and Restructuring costs(a) |
0.05 |
|
|
0.06 |
|
|
0.09 |
|
|
0.07 |
|
|
0.27 |
|
|
0.05 |
|
|
0.16 |
|
|
0.09 |
|
|
0.13 |
|
|
0.43 |
|
|
Acquisitions and dispositions(a) |
0.12 |
|
|
0.07 |
|
|
0.16 |
|
|
0.29 |
|
|
0.64 |
|
|
0.33 |
|
|
0.45 |
|
|
0.49 |
|
|
0.46 |
|
|
1.73 |
|
|
Tax reform(d) |
— |
|
|
— |
|
|
— |
|
|
(0.04 |
) |
|
(0.04 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Tax on accelerated income(e) |
(0.01 |
) |
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.14 |
) |
|
(0.14 |
) |
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
0.14 |
|
|
— |
|
|
0.14 |
|
|
0.09 |
|
|
— |
|
|
0.18 |
|
|
0.04 |
|
|
0.31 |
|
|
Internal loss(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.05 |
|
|
0.17 |
|
|
0.11 |
|
|
0.33 |
|
|
Reporting compliance(a) |
— |
|
|
0.02 |
|
|
0.03 |
|
|
0.04 |
|
|
0.09 |
|
|
0.03 |
|
|
0.01 |
|
|
0.01 |
|
|
— |
|
|
0.04 |
|
|
Gain on lease termination(k) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.10 |
) |
|
0.02 |
|
|
— |
|
|
(0.08 |
) |
|
Loss on deconsolidation of Venezuela operations(f) |
— |
|
|
2.43 |
|
|
— |
|
|
— |
|
|
2.44 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Income tax rate adjustment(b) |
(0.05 |
) |
|
0.08 |
|
|
0.08 |
|
|
(0.11 |
) |
|
— |
|
|
(0.10 |
) |
|
(0.05 |
) |
|
(0.12 |
) |
|
0.27 |
|
|
— |
|
|
Share adjustment(i) |
— |
|
|
0.04 |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Non-GAAP |
$ |
0.68 |
|
|
0.78 |
|
|
0.95 |
|
|
1.05 |
|
|
3.46 |
|
|
$ |
0.81 |
|
|
0.86 |
|
|
1.05 |
|
|
1.18 |
|
|
3.89 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
$ |
38.8 |
|
|
39.1 |
|
|
41.6 |
|
|
42.8 |
|
|
162.3 |
|
|
$ |
47.9 |
|
|
48.7 |
|
|
42.9 |
|
|
45.5 |
|
|
185.0 |
|
|
Venezuela operations(a) |
(0.5 |
) |
|
(0.6 |
) |
|
— |
|
|
— |
|
|
(1.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Reorganization and Restructuring(a) |
(1.2 |
) |
|
(0.2 |
) |
|
(0.4 |
) |
|
(0.1 |
) |
|
(1.9 |
) |
|
(0.1 |
) |
|
— |
|
|
— |
|
|
(0.1 |
) |
|
(0.2 |
) |
|
Acquisitions and dispositions(a) |
(3.8 |
) |
|
(3.4 |
) |
|
(4.5 |
) |
|
(6.0 |
) |
|
(17.7 |
) |
|
(6.4 |
) |
|
(10.4 |
) |
|
(7.0 |
) |
|
(7.1 |
) |
|
(30.9 |
) |
|
Argentina highly inflationary impact(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
|
(1.0 |
) |
|
(1.8 |
) |
| Non-GAAP |
$ |
33.3 |
|
|
34.9 |
|
|
36.7 |
|
|
36.7 |
|
|
141.6 |
|
|
$ |
41.2 |
|
|
38.0 |
|
|
35.6 |
|
|
37.3 |
|
|
152.1 |
|
Amounts may not add due to rounding. See page 10 for footnote
explanations.
| |
| Contact: Investor
Relations |
| 804.289.9709 |
Brinks (NYSE:BCO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Brinks (NYSE:BCO)
Historical Stock Chart
From Apr 2023 to Apr 2024
