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Record 2024 revenue with growth of 3% with organic growth of 12%
Continued robust organic growth of 23% in AMS/DRS and 9% in CVM
Strong 2024 cash generation with cash from operations of $426M and free cash flow of $400M
Reduced net leverage while returning $245M in cash to shareholders
RICHMOND, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) -- The Brink's Company (NYSE:BCO), a leading global provider of cash and valuables management, digital retail solutions (DRS), and ATM managed services (AMS), today announced fourth-quarter and full-year 2024 results.
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Mark Eubanks, president and CEO, said: "2024 completes another year of strategic progress as we continue to transform Brink's into a faster growing, more profitable and higher cash flow generating business. Over the year, we accelerated organic growth in AMS and DRS, expanded our EBITDA margins and generated $400 million of free cash flow, returning more than 60% to our shareholders. We remain steadfast in our strategy to improve our revenue mix, drive waste out of our operations through the Brink's Business System, consistently improve cash conversion and return excess capital to our shareholders. I'm proud of the progress we made this year and am encouraged with the pace and trajectory of our transformation.
"Looking towards 2025, our strategy and value creation framework remain unchanged. We have considerable top-line momentum in AMS and DRS and have seen positive developments early in the quarter in our global services business. I am excited about our future and encouraged by the value creation opportunities in front of us as we execute our strategy.”
Full-year and fourth-quarter results are summarized in the following tables:
| (In millions, except for per share amounts) | Full Year 2024 (vs. 2023) | |||||||||||||
| GAAP | Change | Non-GAAP | Change | Constant Currency Change(b) | ||||||||||
| Revenue | $ | 5,012 | 3% | $ | 5,012 | 3% | 13% | |||||||
| Operating Profit | $ | 453 | 7% | $ | 629 | 2% | 27% | |||||||
| Operating Margin | 9.0 | % | 30 bps | 12.6 | % | - | 160 bps | |||||||
| Net Income / Adjusted EBITDA(a) | $ | 163 | 86% | $ | 912 | 5% | 23% | |||||||
| EPS | $ | 3.61 | 97% | $ | 7.17 | (2%) | 32% | |||||||
| (In millions, except for per share amounts) | Fourth-Quarter 2024 (vs. 2023) | ||||||||||||
| GAAP | Change | Non-GAAP | Change | Constant Currency Change(b) | |||||||||
| Revenue | $ | 1,264 | 1% | $ | 1,264 | 1% | 11% | ||||||
| Operating Profit | $ | 105 | 2% | $ | 177 | (6%) | 8% | ||||||
| Operating Margin | 8.3 | % | 10 bps | 14.0 | % | (120 bps) | (50 bps) | ||||||
| Net Income / Adjusted EBITDA(a) | $ | 39 | (870%) | $ | 251 | - | 11% | ||||||
| EPS | $ | 0.84 | (746%) | $ | 2.12 | (23%) | (6%) | ||||||
| (a) | The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's. |
| (b) | Constant currency represents 2024 Non-GAAP results at 2023 exchange rates. |
Resolutions with DOJ and FinCEN
On February 6, 2025 the company announced that its subsidiary, Brink's Global Services USA, reached agreements with the Department of Justice (DOJ) and the U.S. Treasury's Financial Crimes Enforcement Networks (FinCEN) to fully resolve previously disclosed investigations related to historical cross-border currency shipments and compliance with federal money-transmitting laws. The resolutions are based on certain currency shipments that occurred from 2018 through 2020 and did not involve the movement of funds on behalf of the Federal Reserve or any federally regulated financial institutions. Upon learning of the investigation in 2020, Brink's has strengthened its global Ethics & Compliance program, including expanding the global Ethics and Compliance team and enhancing its engagement and compliance training program. We believe these compliance programs uniquely position Brink's within the industry to better protect customers and improve its global cash and valuables management services.
In connection with the resolutions, Brink's recorded a charge of $38 million in the fourth quarter of 2024, and total charges, inclusive of legal and other third-party fees, of $45.7 million in the full year of 2024. These charges reduced EPS by $0.86 in the fourth quarter and $1.02 for the full year. Because of the unique nature of these charges, Brink's has excluded these charges from its non-GAAP results.
2025 Non-GAAP Framework and Q1 2025 Non-GAAP Guidance (Unaudited)
(In millions, except for percentages and per share amounts)
In 2025, management has included additional guidance to better help investors understand currency impacts on our results. Management believes organic growth, margin expansion and free cash flow conversion performance, provided in our 2025 framework, gives investors better visibility into the performance of our business. In addition to our full-year 2025 framework, we have added quarterly guidance for revenue, adjusted EBITDA and EPS in 2025 to clarify the expected impact of near-term currency impact on those results. When, and if, currency volatility lessens, management may return to the previous annual guidance methodology. Revenues are presented in accordance with GAAP.
| 2025 Non-GAAP Framework | ||||
| Organic Revenue Growth | Mid-Single Digits | |||
| AMS/DRS Organic Revenue Growth | Mid to High Teens | |||
| Adjusted EBITDA Margin Expansion | 30-50bps | |||
| Free Cash Flow Conversion | 40-45% | |||
| Free Cash Flow Returned to Shareholders | +50% | |||
| Q1 2025 Guidance | |||
| Revenue | $1,200 - $1,250 | ||
| Non-GAAP Adjusted EBITDA | $190 - $210 | ||
| Non-GAAP EPS | $1.10 - $1.40 | ||
The Q1 2025 non-GAAP Guidance cannot be reconciled to GAAP without unreasonable effort, as we are unable to accurately forecast certain amounts that are necessary for reconciliation, including the impact of highly inflationary accounting on our Argentina operations, expenses relating to M&A transactions that may or may not occur in the quarter, and other potential Non-GAAP adjusting items for which the timing and amounts are uncertain. The Q1 2025 Non-GAAP Guidance assumes the continuation of current economic trends and reflects management's current assumptions regarding variables that are difficult to accurately forecast, including those discussed in the Risk Factors set forth in the Company's filings with the United States Securities and Exchange Commission.
Conference Call
Brink's will host a conference call on February 26 at 9:00 a.m. ET to review fourth-quarter and full-year 2024 results. Interested parties can listen by calling 888-349-0094 (in the U.S.) or 412-902-0124 (international). Participants can preregister at https://dpregister.com/sreg/10195127/fe1f75f050 to receive a direct dial-in number for the call. The call also will be accessible live via webcast on the Brink's investor website (http://investors.brinks.com). A replay of the call will be available through March 5, 2025 at 877-344-7529 (in the U.S.) or 412-317-0088 (international). The conference number is 2378316. An archived version of the webcast will be available online in the events section of the Investor Relations website (http://investors.brinks.com).
The Brink's Company and subsidiaries
(In millions, except for per share amounts) (Unaudited)
| Condensed Consolidated Balance Sheets | ||||||
| December 31, 2023 | December 31, 2024 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 1,176.6 | 1,395.3 | |||
| Restricted cash | 507.0 | 445.1 | ||||
| Accounts receivable, net | 779.0 | 733.5 | ||||
| Prepaid expenses and other | 325.7 | 314.0 | ||||
| Total current assets | 2,788.3 | 2,887.9 | ||||
| Right-of-use assets, net | 337.7 | 354.9 | ||||
| Property and equipment, net | 1,013.3 | 982.7 | ||||
| Goodwill | 1,473.8 | 1,434.9 | ||||
| Other intangibles | 488.3 | 422.3 | ||||
| Deferred tax assets, net | 231.8 | 239.2 | ||||
| Other | 268.6 | 301.2 | ||||
| Total assets | $ | 6,601.8 | 6,623.1 | |||
| Liabilities and Equity | ||||||
| Current liabilities: | ||||||
| Short-term borrowings | 151.7 | 149.3 | ||||
| Current maturities of long-term debt | 117.1 | 141.7 | ||||
| Accounts payable | 249.7 | 316.6 | ||||
| Accrued liabilities | 1,126.9 | 1,058.1 | ||||
| Restricted cash held for customers | 298.7 | 232.7 | ||||
| Total current liabilities | 1,944.1 | 1,898.4 | ||||
| Long-term debt | 3,262.5 | 3,605.2 | ||||
| Accrued pension costs | 148.5 | 122.5 | ||||
| Retirement benefits other than pensions | 159.6 | 111.5 | ||||
| Lease liabilities | 265.8 | 278.6 | ||||
| Deferred tax liabilities | 56.5 | 62.8 | ||||
| Other | 244.6 | 231.6 | ||||
| Total liabilities | 6,081.6 | 6,310.6 | ||||
| Equity: | ||||||
| The Brink's Company ("Brink's") shareholders: | ||||||
| Common stock, par value $1 per share: | ||||||
| Shares authorized: 100.0 | ||||||
| Shares issued and outstanding: 2024 - 42.9; 2023 - 44.5 | 44.5 | 42.9 | ||||
| Capital in excess of par value | 675.9 | 660.7 | ||||
| Retained earnings | 333.0 | 285.4 | ||||
| Accumulated other comprehensive income (loss) | (656.0 | ) | (804.1 | ) | ||
| Brink's shareholders | 397.4 | 184.9 | ||||
| Noncontrolling interests | 122.8 | 127.6 | ||||
| Total equity | 520.2 | 312.5 | ||||
| Total liabilities and equity | $ | 6,601.8 | 6,623.1 | |||
The Brink's Company and subsidiaries
(In millions) (Unaudited)
| Condensed Consolidated Statements of Cash Flows | ||||||
| Twelve Months Ended December 31, | ||||||
| 2023 | 2024 | |||||
| Cash flows from operating activities: | ||||||
| Net income | $ | 98.3 | 174.7 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| (Income) loss from discontinued operations, net of tax | (1.7 | ) | (1.1 | ) | ||
| Depreciation and amortization |
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