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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 March 31, 2025

☐ 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						54-1317776
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

1801 Bayberry Court, Richmond, Virginia 23226-8100

(Address of principal executive offices) (Zip Code)

(804) 289-9600

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	BCO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of May 7, 2025, 41,999,993 shares of $1 par value common stock were outstanding.

Part I - Financial Information

Item 1. Financial Statements

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)


(In millions, except for per share amounts)	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,226.2	1,395.3
Restricted cash	414.1		445.1
Accounts receivable (net of allowance: 2025 - $21.5; 2024 - $24.5)	772.4		733.5
Prepaid expenses and other	353.1		314.0
Total current assets	2,765.8		2,887.9

Right-of-use assets, net	347.2		354.9
Property and equipment (net of accumulated depreciation and amortization: 2025 - $1,709.2; 2024 - $1,633.2)	1,035.0		982.7
Goodwill	1,469.1		1,434.9
Other intangibles (net of accumulated amortization: 2025 - $342.7; 2024 - $321.3)	415.9		422.3
Deferred tax assets, net	243.5		239.2
Other	307.1		301.2

Total assets	$	6,583.6	6,623.1

LIABILITIES AND EQUITY

Current liabilities:
Short-term borrowings	$	138.3	149.3
Current maturities of long-term debt	146.4		141.7
Accounts payable	267.5		316.6
Accrued liabilities	1,076.6		1,058.1
Restricted cash held for customers	194.1		232.7
Total current liabilities	1,822.9		1,898.4

Long-term debt	3,596.9		3,605.2
Accrued pension costs	128.2		122.5
Retirement benefits other than pensions	109.3		111.5
Lease liabilities	284.7		278.6
Deferred tax liabilities	63.1		62.8
Other	249.5		231.6
Total liabilities	6,254.6		6,310.6

Commitments and contingent liabilities (notes 4, 7 and 13)

Equity:
The Brink's Company ("Brink's") shareholders:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2025 - 42.7; 2024 - 42.9	42.7		42.9
Capital in excess of par value	639.3		660.7
Retained earnings	290.3		285.4
Accumulated other comprehensive income (loss)	(766.5)		(804.1)
Brink’s shareholders	205.8		184.9

Noncontrolling interests	123.2		127.6

Total equity	329.0		312.5

Total liabilities and equity	$	6,583.6	6,623.1

See accompanying notes to condensed consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended March 31,
(In millions, except for per share amounts)		2025		2024

Revenues		$	1,246.7	1,236.1

Costs and expenses:
Cost of revenues		939.5		927.2
Selling, general and administrative expenses		186.3		200.6
Total costs and expenses		1,125.8		1,127.8
Other operating income (expense)		(1.8)		12.6

Operating profit		119.1		120.9

Interest expense		(57.5)		(55.8)
Interest and other nonoperating income (expense)		7.9		13.3
Income from continuing operations before tax		69.5		78.4
Provision for income taxes		15.6		26.2

Income from continuing operations		53.9		52.2

Income (loss) from discontinued operations, net of tax		—		—

Net income		53.9		52.2
Less net income attributable to noncontrolling interests		2.3		2.9

Net income attributable to Brink’s		51.6		49.3

Amounts attributable to Brink’s
Continuing operations		51.6		49.3
Discontinued operations		—		—

Net income attributable to Brink’s		$	51.6	49.3

Income per share attributable to Brink’s common shareholders(a):
Basic:
Continuing operations		$	1.20	1.10
Discontinued operations		—		—
Net income		$	1.20	1.10

Diluted:
Continuing operations		$	1.19	1.09
Discontinued operations		—		—
Net income		$	1.18	1.09

Weighted-average shares
Basic		43.1		44.8
Diluted		43.5		45.3

Cash dividends paid per common share		$	0.2425	0.2200

(a) Amounts may not add due to rounding.

See accompanying notes to condensed consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended March 31,
(In millions)		2025		2024

Net income		$	53.9	52.2

Net benefit plan adjustments:
Net benefit plan actuarial adjustment		—		4.1
Net benefit plan prior service adjustment		(2.5)		(2.8)
Net deferred profit sharing adjustment		0.3		0.1
Total benefit plan adjustments		(2.2)		1.4

Net foreign currency translation adjustment		38.2		(21.5)
Net change on available-for-sale securities		0.6		1.1
Net change on cash flow hedges		(2.6)		10.7
Other comprehensive income (loss) before tax		34.0		(8.3)
Provision (benefit) for income taxes		(4.5)		6.5

Other comprehensive income (loss)		38.5		(14.8)

Comprehensive income		92.4		37.4
Less comprehensive income attributable to noncontrolling interests		3.0		1.1

Comprehensive income attributable to Brink's		$	89.4	36.3

See accompanying notes to condensed consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Equity

(Unaudited)


	Three Months ended March 31, 2025
(In millions)	Shares	Common Stock		Capital in Excess of Par Value	Retained Earnings	AOCI*	Noncontrolling Interests	Total
Balance as of December 31, 2024	42.9	$	42.9	660.7	285.4	(804.1)	127.6	312.5

Net income	—	—		—	51.6	—	2.3	53.9
Other comprehensive income	—	—		—	—	37.8	0.7	38.5

Shares repurchased(a)	(0.5)	(0.5)		(11.0)	(36.2)	—	—	(47.7)
Dividends to:
Brink’s common shareholders ($0.2425 per share)	—	—		—	(10.4)	—	—	(10.4)
Noncontrolling interests	—	—		—	—	—	(0.4)	(0.4)
Share-based compensation:
Stock awards and options:
Compensation expense	—	—		5.7	—	—	—	5.7


Other share-based benefit transactions	0.3	0.3		(16.7)	(0.1)	—	—	(16.5)
Acquisitions of noncontrolling interests(b)	—	—		0.6	—	(0.2)	(7.0)	(6.6)

Balance as of March 31, 2025	42.7	$	42.7	639.3	290.3	(766.5)	123.2	329.0


	Three Months ended March 31, 2024
(In millions)	Shares	Common Stock		Capital in Excess of Par Value	Retained Earnings	AOCI*	Noncontrolling Interests	Total
Balance as of December 31, 2023	44.5	$	44.5	675.9	333.0	(656.0)	122.8	520.2

Net income	—	—		—	49.3	—	2.9	52.2
Other comprehensive loss	—	—		—	—	(13.0)	(1.8)	(14.8)

Shares repurchased(a)	(0.3)	(0.3)		(2.2)	(18.5)	—	—	(21.0)
Dividends to:
Brink’s common shareholders ($0.2200 per share)	—	—		—	(9.8)	—	—	(9.8)

Share-based compensation:
Stock awards and options:
Compensation expense	—	—		9.3	—	—	—	9.3


Other share-based benefit transactions	0.4	0.4		(16.4)	—	—	—	(16.0)
Acquisitions of noncontrolling interests(b)	—	—		0.2	—	—	(0.4)	(0.2)

Balance as of March 31, 2024	44.6	$	44.6	666.8	354.0	(669.0)	123.5	519.9

(a)Amounts do not agree to cash paid to repurchase shares in the condensed consolidated statements of cash flows or Note 11. The difference is due to the timing of the cash settlements for shares repurchased near the balance sheet dates plus the accrual of liabilities to pay excise taxes resulting from share repurchases.

(b)This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions.

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities:
Net income	$	53.9	52.2
Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization	70.7		72.4
Share-based compensation expense	5.7		9.3
Deferred income taxes	0.3		2.5




(Gain) loss on marketable securities, sale of property and equipment and derivatives	(8.6)		(2.2)


Impairment losses	1.6		0.5
Retirement benefit funding more than expense:
Pension	(1.0)		(2.4)
Other than pension	(4.1)		(3.7)
Unrealized foreign currency (gains) losses	15.6		—
Other operating	(5.6)		11.7
Changes in operating assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable and income taxes receivable	(53.1)		(73.6)
Decrease in accounts payable, income taxes payable and accrued liabilities	(91.1)		(44.1)
Increase (decrease) in restricted cash held for customers	(45.0)		57.3
Increase in customer obligations	38.9		24.0
Increase in prepaid and other current assets	(27.5)		(27.2)
Other	(10.9)		(12.8)

Net cash (used in) provided by operating activities	(60.2)		63.9
Cash flows from investing activities:
Capital expenditures	(58.9)		(52.2)
Acquisitions, net of cash acquired	(5.3)		0.7

Marketable securities:
Purchases	(12.7)		(0.3)
Sales	14.3		0.8
Cash proceeds from sale of property and equipment	2.6		3.5


Net change in loans held for investment	1.6		1.8

Other	9.7		(0.1)

Net cash used in investing activities	(48.7)		(45.8)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	(16.5)		5.0

Long-term revolving credit facilities:
Borrowings	3,620.0		2,536.9
Repayments	(3,627.0)		(2,470.8)
Other long-term debt:
Borrowings	8.1		4.3
Repayments	(28.4)		(26.9)
Acquisition of noncontrolling interest	(6.6)		(0.2)

Debt financing costs	(0.8)		—

Repurchase shares of Brink's common stock	(44.8)		(23.0)
Dividends to:
Shareholders of Brink’s	(10.4)		(9.8)
Noncontrolling interests in subsidiaries	(0.4)		—

Tax withholdings associated with share-based compensation	(17.3)		(16.8)

Net cash used in financing activities	(124.1)		(1.3)
Effect of exchange rate changes on cash	32.9		(19.8)
Cash, cash equivalents and restricted cash:
Decrease	(200.1)		(3.0)
Balance at beginning of period	1,840.4		1,683.6
Balance at end of period	$	1,640.3	1,680.6

See accompanying notes to condensed consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Basis of presentation

The Brink’s Company (along with its subsidiaries, “Brink’s”, the “Company”, “we”, “us” or “our”) has four operating segments:

•North America

•Latin America

•Europe

•Rest of World

Our unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2024.

Use of Estimates

In accordance with GAAP, we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations.

Consolidation

The condensed consolidated financial statements include our controlled subsidiaries. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity.

Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation.

Foreign Currency Translation

Our condensed consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary.

Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income.

Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Other than nonmonetary equity securities and available-for-sale debt securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market values of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. For nonmonetary available-for-sale debt securities traded in highly inflationary economies, the fair market values of these debt securities are remeasured at the current exchange rates, with changes recorded in the gains (losses) on available-for-sale securities component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings when these debt securities are sold. Revenues and expenses are translated at rates of exchange in effect during the year.

Argentina

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together, "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 4% of our consolidated revenues for the first three months of 2025 and 3% of our consolidated revenues for the first three months of 2024.

The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. In the first three months of 2025, the Argentine peso declined approximately 4% (from 1,031.0 to 1,073.1 pesos to the U.S. dollar). For the year ended December 31, 2024, the Argentine peso declined approximately 19% (from 833.3 to 1,031.0 pesos to the U.S. dollar).

Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the first three months of 2025, we recognized a $4.8 million pretax remeasurement loss.

At March 31, 2025, Argentina's economy remained highly inflationary for accounting purposes. At March 31, 2025, we had net monetary assets denominated in Argentine pesos of $127.6 million (including cash of $117.4 million). At March 31, 2025, we had net nonmonetary assets of $144.5 million (including $102.6 million of goodwill and $20.8 million in debt securities denominated in Argentine pesos).

At December 31, 2024, we had net monetary assets denominated in Argentine pesos of $115.9 million (including cash of $104.0 million) and net nonmonetary assets of $147.5 million (including $103.1 million of goodwill and $21.2 million in debt securities denominated in Argentine pesos).

During September 2019, the Argentine government announced currency controls on both companies and individuals. The Argentine central bank issued details as to how the exchange control procedures would operate in practice. Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad.

Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina.

Goodwill

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred. Impairment indicators were reviewed as of March 31, 2025 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

New Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires expanded disclosures about significant segment expenses and information used to assess segment performance. For annual reporting periods, we adopted ASU 2023-07 on January 1, 2024. For interim reporting periods, this ASU was effective for us on January 1, 2025. In accordance with the new guidance, we added disclosures about significant segment expenses in Note 3 of our Annual Report on Form 10-K for the year ended December 31, 2024. Beginning with our first interim reporting period in 2025, we have also included disclosures regarding assets held by segments as well as capital expenditures and depreciation and amortization by segment in Note 3.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S. (federal and state) and foreign jurisdictions. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted. This new guidance will result in increased disclosures in the notes to our financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the adoption of this standard will have on the notes to our consolidated financial statements.

Note 2 - Revenue from Contracts with Customers

Performance Obligations

We provide various services to meet the needs of our customers and we group these service offerings into two broad categories: (1) cash and valuables management ("CVM"); and (2) digital retail solutions ("DRS") and ATM managed services ("AMS").

Cash and Valuables Management

CVM services are provided to customers throughout the world. Cash-in-transit services include the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks. Basic ATM management services include cash replenishment, treasury management and first line maintenance. Our global services business provides secure transport of high-value commodities including diamonds, jewelry, precious metals, luxury goods, securities, banknotes, currency, high-tech devices, electronics and pharmaceuticals. Additional global services include pick-up, packaging, customs clearance, secure vault storage and inventory management. We also offer a variety of cash management services including money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting). Our vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions. We provide other services to some of our customers, such as guarding, commercial security and payment services.

Digital Retail Solutions and ATM Managed Services

DRS and AMS are technology enabled services provided to customers throughout the world. DRS includes services that leverage Brink’s tech-enabled sales and software platforms to simplify cash acceptance, enables merchants to access their cash without visiting a bank and provides customers with enhanced analytics and visibility. DRS includes our patented Brink’s CompleteTM and CompuSafe® services. AMS provides comprehensive services beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services. These services allow financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs. For certain customers, we take ownership of ATM devices as part of our managed services offering.

For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action.

Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer.

Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date.

Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action.

Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue.

Taxes collected from customers and remitted to governmental authorities are not included in revenues in the condensed consolidated statements of operations.

Revenue Disaggregated by Reportable Segment and Type of Service


(In millions)	Cash and Valuables Management		DRS and AMS	Total




























Three months ended March 31, 2025

Reportable Segments:
North America	$	299.0	118.6	417.6
Latin America	251.2		56.4	307.6
Europe	172.7		126.4	299.1
Rest of World	201.1		21.3	222.4
Total reportable segments	$	924.0	322.7	1,246.7






Three months ended March 31, 2024

Reportable Segments:
North America	$	304.6	100.9	405.5
Latin America	282.6		52.1	334.7
Europe	186.2		105.2	291.4
Rest of World	187.9		16.6	204.5
Total reportable segments	$	961.3	274.8	1236.1

Certain of our services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues.

Contract Balances

Contract Assets

Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Certain Brink's affiliates make upfront consideration payments in order to gain customer contracts. The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts. Contract assets expected to be billed or amortized within one year ($6.2 million at March 31, 2025) are included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts not expected to be billed or amortized within one year ($19.1 million at March 31, 2025) are reported in other assets on the condensed consolidated balance sheet.

Contract Liabilities

For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability, which is included in accrued liabilities on the condensed consolidated balance sheet.

The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:


(In millions)	Receivables		Contract Assets	Contract Liabilities

Opening (January 1, 2025)	$	733.5	22.2	15.0
Closing (March 31, 2025)	772.4		25.3	16.7
Increase	$	38.9	3.1	1.7

The amount of revenue recognized in the three months ended March 31, 2025 that was included in the January 1, 2025 contract liabilities balance was $3.7 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the three months ended March 31, 2025 from performance obligations satisfied in the prior year was not significant. This revenue is a result of changes in the transaction price of our contracts with customers.

Contract Costs

Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts. At March 31, 2025, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet. The capitalized amounts at March 31, 2025 and December 31, 2024 were $13.4 million and $12.8 million, respectively.

Practical Expedients

For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog.

We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less.

Note 3 - Segment information

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following:

•Corporate expenses - include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

•Other items not allocated to segments - include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. As such, they have not been allocated to segment or Corporate results.

Our CODM uses segment operating profit to evaluate the performance of each of our reportable segments, comparing profitability to expected results as well as to the other segments, ultimately guiding resource allocation decisions including investment, capital allocation and staffing to optimize overall company profitability.

We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.

We manage our business in the following four segments:

•North America – operations in the U.S. and Canada, including the Brink’s Global Services ("BGS") line of business,

•Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,

•Europe – total operations in European countries that primarily provide services outside of the BGS line of business, and

•Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.


	Three Months Ended March 31, 2025
(In millions)	North America		Latin America	Europe	Rest of World	Total

Revenues	$	417.6	307.6	299.1	222.4	1,246.7
Less:
Cost of revenues:
Labor and fringe benefit costs(a)	153.2		140.7	132.5	58.2
Other cost of revenues segment items(b)	156.7		83.2	104.1	98.9
Total cost of revenues(a)	309.9		223.9	236.6	157.1

Selling, general, and administrative(a)	54.6		29.8	37.3	15.2


Segment operating profit	$	53.1	53.9	25.2	50.1	182.3


	Three Months Ended March 31, 2024
(In millions)	North America		Latin America	Europe	Rest of World	Total

Revenues	$	405.5	334.7	291.4	204.5	1,236.1
Less:
Cost of revenues:
Labor and fringe benefit costs(a)	155.8		147.1	133.9	60.0
Other cost of revenues segment items(b)	146.6		90.9	96.1	87.5
Total cost of revenues(a)	302.4		238.0	230.0	147.5

Selling, general, and administrative(a)	54.7		33.7	35.5	15.9


Segment operating profit	$	48.4	63.0	25.9	41.1	178.4

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the condensed consolidated statements of operations.

(b)Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.


	Three Months Ended March 31,
(In millions)	2025		2024

Segment operating profit	$	182.3	178.4

Reconciling Items:
Corporate expenses:
General, administrative and other expenses	$	(35.0)	(41.2)
Foreign currency transaction gains	3.2		6.3
Reconciliation of segment policies to GAAP(a)	0.1		1.5
Other items not allocated to segments(b):
Reorganization and restructuring	(0.5)		(1.4)
Acquisitions and dispositions	(18.5)		(15.9)
Argentina highly inflationary impact	(6.3)		(1.6)
Transformation initiatives	(5.1)		(4.8)
DOJ/FinCEN investigations	(0.9)		—
Chile antitrust matter	(0.2)		(0.4)



Operating profit	$	119.1	120.9

(a)This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S. GAAP.

(b)See "Other Items not Allocated to Segments" for a description of these items.

Other Items not Allocated to Segments

Reorganization and restructuring Net charges incurred in relation to certain restructuring actions include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit.

Acquisitions and dispositions These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs.

DOJ/FinCEN investigations In 2024, we recorded a charge for a probable loss in connection with U.S. Department of Justice ("DOJ") and U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations. Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. See Note 13 for details.

Chile antitrust matter We have recorded charges for a contingent loss associated with an investigation initiated by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter. See Note 13 for details.


	Three Months Ended March 31,
(In millions)	2025		2024

Capital Expenditures by Reportable Segment
North America	$	24.0	13.6
Latin America	6.0		12.2
Europe	13.6		17.4
Rest of World	14.9		8.2
Total reportable segments	58.5		51.4
Corporate items	0.4		0.8

Total	$	58.9	52.2

Depreciation and Amortization by Reportable Segment
Depreciation and amortization of property and equipment:
North America	$	19.4	20.1
Latin America	12.7		14.1
Europe	14.7		14.0
Rest of World	6.7		6.4
Total reportable segments	53.5		54.6
Corporate items	0.7		1.0
Argentina highly inflationary impact	2.1		2.3


Depreciation and amortization of property and equipment	56.3		57.9

Amortization of intangible assets(a)	14.4		14.5
Total	$	70.7	72.4

(a)Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.


(In millions)	March 31, 2025		December 31, 2024

Assets held by Reportable Segment
North America	$	1,920.3	2,089.8
Latin America	1,233.8		1,171.7
Europe	1,995.3		1,894.9
Rest of World	1,125.9		1,084.9
Total reportable segments	6,275.3		6,241.3
Corporate items	308.3		381.8
Total	$	6,583.6	6,623.1

Note 4 - Retirement benefits

Defined-benefit Pension Plans

We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005.

The components of net periodic pension cost (credit) for our pension plans were as follows:


	U.S. Plans			Non-U.S. Plans		Total
(In millions)	2025		2024	2025	2024	2025	2024

















Three months ended March 31,

Service cost	$	—	—	2.0	2.2	2.0	2.2
Interest cost on projected benefit obligation	7.9		7.7	4.2	4.5	12.1	12.2
Return on assets – expected	(11.1)		(11.6)	(2.7)	(2.9)	(13.8)	(14.5)
Amortization of losses	1.3		1.5	0.6	0.6	1.9	2.1
Amortization of prior service cost	—		—	0.1	—	0.1	—

Settlement loss	—		—	0.3	0.3	0.3	0.3
Net periodic pension cost (credit)	$	(1.9)	(2.4)	4.5	4.7	2.6	2.3

The components of net periodic pension cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

We did not make cash contributions to the primary U.S. pension plan in 2024 or the first three months of 2025. Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2024, we do not expect to make contributions to the primary U.S. pension plan until 2027.

Retirement benefits other than pensions

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

The components of net periodic postretirement cost (credit) related to retirement benefits other than pensions were as follows:


	UMWA Plans			Black Lung and Other Plans		Total
(In millions)	2025		2024	2025	2024	2025	2024










Three months ended March 31,

Service cost	$	—	—	—	0.1	—	0.1
Interest cost on accumulated postretirement benefit obligations	2.3		2.6	1.1	1.3	3.4	3.9
Return on assets – expected	(2.4)		(2.5)	—	—	(2.4)	(2.5)
Amortization of losses	0.3		1.3	0.9	1.1	1.2	2.4
Amortization of prior service cost (credit)	(2.6)		(2.8)	—	—	(2.6)	(2.8)
Net periodic postretirement cost (credit)	$	(2.4)	(1.4)	2.0	2.5	(0.4)	1.1

The components of net periodic postretirement cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

Note 5 - Income taxes


	Three Months Ended March 31,
(In millions, except for effective tax rate)		2025			2024
Continuing operations
Provision for income taxes		$	15.6		26.2
Effective tax rate		22.4		%	33.4	%

2025 Effective Income Tax Rate Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2025 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations.

2024 Effective Income Tax Rate Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2024 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations.

Note 6 - Accumulated other comprehensive income (loss)

Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings, was as follows:


	Amounts Arising During the Current Period			Amounts Reclassified to Net Income (Loss)
(In millions)	Pretax		Income Tax	Pretax	Income Tax	Total Other Comprehensive Income (Loss)
Three months ended March 31, 2025

Amounts attributable to Brink's:
Benefit plan adjustments	$	(3.4)	0.9	1.2	(0.3)	(1.6)
Foreign currency translation adjustments(b)	38.7		2.9	(1.2)	0.3	40.7
Gains (losses) on available-for-sale securities	0.4		(0.1)	0.2	0.2	0.7
Gains (losses) on cash flow hedges	(0.1)		—	(2.5)	0.6	(2.0)
	35.6		3.7	(2.3)	0.8	37.8

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments	0.7		—	—	—	0.7
	0.7		—	—	—	0.7

Total
Benefit plan adjustments(a)	(3.4)		0.9	1.2	(0.3)	(1.6)
Foreign currency translation adjustments(b)	39.4		2.9	(1.2)	0.3	41.4
Gains (losses) on available-for-sale securities(c)	0.4		(0.1)	0.2	0.2	0.7
Gains (losses) on cash flow hedges(d)	(0.1)		—	(2.5)	0.6	(2.0)
	$	36.3	3.7	(2.3)	0.8	38.5

Three months ended March 31, 2024

Amounts attributable to Brink's:
Benefit plan adjustments	$	(0.7)	0.1	2.1	(0.5)	1.0
Foreign currency translation adjustments(b)	(18.6)		(2.2)	(1.1)	0.3	(21.6)
Gains (losses) on available-for-sale securities	1.1		(1.9)	—	—	(0.8)
Gains (losses) on cash flow hedges	15.7		(3.5)	(5.0)	1.2	8.4
	(2.5)		(7.5)	(4.0)	1.0	(13.0)

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments	(1.8)		—	—	—	(1.8)
	(1.8)		—	—	—	(1.8)

Total
Benefit plan adjustments(a)	(0.7)		0.1	2.1	(0.5)	1.0
Foreign currency translation adjustments(b)	(20.4)		(2.2)	(1.1)	0.3	(23.4)
Gains (losses) on available-for-sale securities(c)	1.1		(1.9)	—	—	(0.8)
Gains (losses) on cash flow hedges(d)	15.7		(3.5)	(5.0)	1.2	8.4
	$	(4.3)	(7.5)	(4.0)	1.0	(14.8)

(a)The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlements. Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:


	Three Months Ended March 31,
(In millions)		2025		2024
Total net periodic retirement benefit cost included in:
Cost of revenues		$	1.6	1.7
Selling, general and administrative expenses		0.5		0.6
Interest and other nonoperating expense		0.1		1.1

(b)2025 foreign currency translation adjustment amounts arising during the three months ended March 31, 2025 reflect primarily the appreciation of the euro, the Mexican peso, and the Brazilian real. 2024 foreign currency translation adjustment amounts arising during the three months ended March 31, 2024 reflect primarily the devaluation of the Chilean peso, the Brazilian real, and the euro, partially offset by the appreciation of the Mexican peso.

(c)Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss). When sold, gains and losses are then realized and reclassified to the condensed consolidated statements of operations in the same period. Pretax amounts are classified in the condensed consolidated statements of operations as interest and other income (expense).

(d)Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as interest expense ($2.5 million reduction to expense in the three months ended March 31, 2025 and $5.0 million reduction to expense in the three months ended March 31, 2024.

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:


(In millions)	Benefit Plan Adjustments		Foreign Currency Translation Adjustments	Gains (Losses) on Available-for-Sale Securities	Gains (Losses) on Cash Flow Hedges	Total

Balance as of December 31, 2024	$	(260.4)	(556.7)	(3.3)	16.3	(804.1)
Other comprehensive income (loss) before reclassifications	(2.5)		41.6	0.3	(0.1)	39.3
Amounts reclassified from accumulated other comprehensive loss to net income	0.9		(0.9)	0.4	(1.9)	(1.5)
Other comprehensive loss attributable to Brink's	(1.6)		40.7	0.7	(2.0)	37.8

Acquisitions of noncontrolling interests	—		(0.2)	—	—	(0.2)
Balance as of March 31, 2025	$	(262.0)	(516.2)	(2.6)	14.3	(766.5)

Note 7 - Fair value of financial instruments

Investments in Marketable Securities

We have investments in mutual funds, equity securities and available-for-sale debt securities that are carried at fair value in the condensed financial statements and are included in other assets on the condensed consolidated balance sheet. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation.

Fixed-Rate Debt

The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:


(In millions)	March 31, 2025		December 31, 2024





2027 Senior Unsecured Notes
Carrying value	$	600.0	600.0
Fair value	560.2		558.7

2029 Senior Unsecured Notes
Carrying value	$	400.0	400.0
Fair value	401.7		399.0

2032 Senior Unsecured Notes
Carrying value	$	400.0	400.0
Fair value	398.9		397.2

Pricing inputs for nonpublic debt are often not observable. The fair value estimates of our senior notes reflect unobservable estimates and assumptions, which we have categorized as a Level 3 valuation. Our fair value estimates were based on the present value of future cash flows, discounted at rates for public debt at the measurement date. The rates for public debt were additionally adjusted for a factor which represented the change in the interest spreads between the inception rates and the public debt rates at the measurement date.

Forward and Swap Contracts

The fair values of our forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs

related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data,

which we have categorized as a Level 2 valuation.

Economic Hedges

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. At March 31, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $772 million, with average maturities of approximately one month. These foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound, and the Mexican peso and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings.

Cash flows related to economic hedges are reported in the condensed consolidated statements of cash flows based on the nature of the underlying items being hedged. For the periods presented, such cash flows are reported in operating activities or investing activities.

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:


(In millions)	March 31, 2025		December 31, 2024

Prepaid expenses and other	$	0.9	19.0
Accrued liabilities	(18.1)		(10.1)
Net asset (liability)	$	(17.2)	8.9

Amounts under these contracts were recognized in other operating income (expense) as follows:


	Three Months Ended March 31,
(in millions)		2025		2024

Derivative instrument gains (losses) included in other operating income (expense)(a)		$	(12.6)	13.4

(a)Derivative instrument losses in the three months ended March 31, 2025, as compared to gains in the prior year period is primarily due to the impact of hedging currency exposures on intercompany loans denominated in the Mexican peso, the Euro, and the British pound.

Net Investment Hedges

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies. We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges for accounting purposes. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps.

In 2023, we entered into a zero cost foreign exchange collar contract with a $215 million notional amount and a May 2026 expiration date. We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $215 million notional cross currency swaps. Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $215 million notional cross currency swaps and re-designated the combined $215 million notional cross currency swaps and zero cost collar into a new hedging instrument. At re-designation, the existing $215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps. The off-market value is being ratably amortized into earnings through May 2026. The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:


(In millions)	March 31, 2025		December 31, 2024

Euro net investment hedge(a)
Prepaid expenses and other	$	5.6	5.7
Other noncurrent liabilities	(34.8)		(21.7)

Zero cost collar
Other noncurrent asset	$	0.7	3.1

Hong Kong dollar net investment hedge(b)
Prepaid expenses and other	$	0.2	0.1

Net asset (liability)	$	(28.3)	$	(12.8)

(a)At March 31, 2025, swaps with a total notional value of $215 million will terminate in May 2026 and have a weighted average maturity of 1.0 year. Swaps with a total notional value of $185 million will terminate in April 2031 and have a weighted average maturity of 5.2 years.

(b)At March 31, 2025, the total notional value was $55 million with a weighted average maturity of 0.6 years.

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:


	Three Months Ended March 31,
(In millions)		2025		2024

Cross currency swaps designated as net investment hedges		$	(1.2)	(1.1)

Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities. Cash flows from the termination and final settlement of net investment hedges are reported in investing activities. All other cash flows from net investment hedges are reported in operating activities.

Interest Rate Swaps - Cash Flow Hedges

We have periodically entered into interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and we have designated the interest rate swaps as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In the fourth quarter of 2024, we elected to early terminate interest rate swaps with an aggregate notional value of $775 million and we received approximately $19 million in cash proceeds upon termination. The cash proceeds for terminating the swaps were reported as cash flows from operating activities.

In the first quarter of 2025, we entered into interest rate swaps with a notional value of $100 million with a maturity date of June 2027.

The fair values of our interest rate swaps were recognized in the condensed consolidated balance sheet as follows:


(In millions)	March 31, 2025		December 31, 2024
















$100 million notional - June 2027 maturity (a)
Prepaid expenses and other	$	0.2	$	—
Other noncurrent liabilities	(0.3)		—

Net asset (liability)	$	(0.1)	$	—

(a)At March 31, 2025, swaps with a total notional value of $100 million will terminate in June 2027 and have a weighted average maturity of 1.2 years.

Amounts under our interest rate swap contracts were recognized in interest expense as follows:


	Three Months Ended March 31,
(In millions)	2025		2024

Impact to interest expense - (benefit) cost	$	(2.5)	(5.0)

Cash flows related to interest rate swaps are reported as operating activities.

Contingent Consideration

In the second quarter of 2020, we acquired cash management operations in Malaysia from U.K.-based G4S Plc ("G4S") and have recorded a payable for contingent consideration. The contingent consideration will be paid when minimum dividend distributions are received by Brink's relating to cash on the balance sheets of the Malaysia subsidiaries as of the acquisition date. We used a probability-weighted approach to estimate the fair value of the contingent consideration. The fair value of the contingent consideration is the full $23 million that remains potentially payable as of March 31, 2025 as we believe it is unlikely that the contingent consideration payments will be reduced.

Other Financial Instruments

Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2025.

Note 8 - Debt


	March 31,		December 31,
(In millions)	2025		2024
Debt:




Short-term borrowings	$	138.3	149.3
Total short-term borrowings	$	138.3	149.3

Long-term debt
Bank credit facilities:
Term loans(a)	$	1,275.2	1,292.2
Senior unsecured notes(b)	1,388.2		1,387.8
Revolving Credit Facility	468.6		399.7
Other facilities(c)	366.0		432.1
Financing leases	245.3		235.1
Total long-term debt	$	3,743.3	3,746.9

Total debt	$	3,881.6	3,896.2

Included in:
Current liabilities	$	284.7	291.0
Noncurrent liabilities	3,596.9		3,605.2
Total debt	$	3,881.6	3,896.2

(a)Amounts outstanding are net of unamortized debt costs of $2.3 million as of March 31, 2025 and $2.8 million as of December 31, 2024.

(b)Amounts outstanding are net of unamortized debt costs of $11.8 million as of March 31, 2025 and $12.2 million as of December 31, 2024.

(c)Includes Other Revolving Credit Facilities of $282 million at March 31, 2025 and $359 million at December 31, 2024.

Long-Term Debt

Senior Secured Credit Facility

In June 2022, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A. as administrative agent. After the amendment, the Senior Secured Credit Facility consisted of a $1 billion revolving credit facility (the "Revolving Credit Facility") and $1.4 billion of term loans (the "Term Loans").

All loans under the Revolving Credit Facility and the Term Loans mature on June 23, 2027. Principal payments for the Term Loans are due quarterly in an amount equal to 0.625% of the initial loan amount for the first eight quarterly installment payments and 1.25% for subsequent payments with a final lump sum payment due on June 23, 2027. Interest rates for the Senior Secured Credit Facility are based on the Secured Overnight Financing Rate ("SOFR") plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of March 31, 2025, $531 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility.

The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio. The margin on SOFR borrowings, which can range from 1.25% to 1.75%, was 1.50% at March 31, 2025. The margin on alternate base rate borrowings, which can range from 0.25% to 0.75%, was 0.50% as of March 31, 2025. We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio. The commitment fee, which can range from 0.15% to 0.28%, was 0.23% as of March 31, 2025.

Senior Unsecured Notes

In June 2024, we issued at par five-year senior unsecured notes (the "2029 Senior Unsecured Notes") in the aggregate principal amount of $400 million. The 2029 Senior Unsecured Notes will mature on June 15, 2029, and bear an annual interest rate of 6.5%. The 2029 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

In June 2024, we issued at par eight-year senior unsecured notes (the "2032 Senior Unsecured Notes") in the aggregate principal amount of $400 million. The 2032 Senior Unsecured Notes will mature on June 15, 2032, and bear an annual interest rate of 6.75%. The 2032 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

In June 2020, we issued at par five-year senior unsecured notes (the "2025 Senior Unsecured Notes") in the aggregate principal amount of $400 million. The 2025 Senior Unsecured Notes were set to mature on July 15, 2025 and had an annual interest rate of 5.5%. The 2025 Senior Unsecured Notes were general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility. On August 7, 2024, we issued a notice of redemption to holders to redeem all of the outstanding aggregate principal amount of the 2025 Senior Unsecured Notes in accordance with the terms of the notes and the indenture. The notes were redeemed on September 13, 2024.

In October 2017, we issued at par ten-year senior unsecured notes (the "2027 Senior Unsecured Notes" and together with the 2025 Senior Unsecured Notes, 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes, the "Senior Unsecured Notes") in the aggregate principal amount of $600 million. The 2027 Senior Unsecured Notes will mature on October 15, 2027, bearing an annual interest rate of 4.625%. The 2027 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

The Senior Unsecured Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

The aggregate proceeds from the Senior Secured Credit Facility and the 2027 Senior Unsecured Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions. Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes. The aggregate proceeds from the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes were used to redeem the $400 million outstanding principal amount of the 2025 Senior Unsecured Notes prior to maturity and to repay a portion of the outstanding indebtedness under our Revolving Credit Facility. Before applying a portion of the net proceeds from this offering to redeem or repurchase the 2025 Senior Unsecured Notes as described above, we used such portion of the net proceeds for general corporate purposes and to temporarily repay additional amounts outstanding under our Revolving Credit Facility.

Other Facilities

Other Facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities"). On an aggregate basis, borrowings under these facilities total $382 million with an additional $423 million available as of March 31, 2025, including $100 million in Short-term borrowings and $282 million in Other long-term debt. Maturity dates of the long-term facilities range from February 2027 to January 2028 and interest rates range from 5.30% to 5.70%. Borrowings under these facilities are secured by cash and certain receivables held by Brink's. In July 2024, we increased the capacity of the largest of these credit facilities from $250 million to $500 million.

The Senior Secured Credit Facility, Senior Unsecured Notes, Other Revolving Credit Facilities, and other debt facilities contain various financial and other covenants. The covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all of these covenants at March 31, 2025.

Note 9 - Credit losses

We are exposed to credit losses primarily through sales of our cash and valuable management services and DRS and AMS services to customers with operations in the U.S. as well as customers in more than 100 countries outside the U.S. We typically invoice our customers on a monthly basis and payment terms are generally between 30 and 60 days.

We assess currently expected credit losses in our financial assets on a pool basis by aggregating financial assets with similar risk characteristics. We have pooled financial assets by geographic location because of the similarities within each location such as customers, payment terms, and services offered. Loss experience is monitored for each pool and we determine historical loss rates for each pool. These historical loss rates are the main assumption used in estimating expected credit losses over the life of the financial assets. We also considered current and expected economic conditions in determining an appropriate allowance.

We monitor the aging of accounts receivables by country and write off any accounts that are deemed uncollectible. We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2025.

Allowance for doubtful accounts:


(In millions)

December 31, 2024	$	24.5

Provision for uncollectible accounts receivable	1.0

Write-offs and recoveries	(4.4)
Foreign currency exchange effects	0.4
March 31, 2025	$	21.5

Note 10 - Share-based compensation plans

We have share-based compensation plans to attract and retain employees and non-employee directors and to more closely align their interests with those of our shareholders.

We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan") and under the 2024 Equity Incentive Plan (the "2024 Plan"). The 2017 Plan and the 2024 Plan each permit grants of restricted stock, restricted stock units, performance stock, performance stock units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2017 Plan and the 2024 Plan also permit cash awards to eligible employees. The 2017 Plan became effective May 2017. The 2024 Plan became effective May 2024. No further grants of awards will be made under the 2017 Plan.

We have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

Outstanding awards at March 31, 2025 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method. For all share-based awards outstanding at March 31, 2025, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement eligible conditions. We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.

Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:


	Compensation Expense
	Three Months Ended March 31,
(In millions)		2025		2024

Performance stock units		$	3.0	6.4

Restricted stock units		2.3		2.5
Deferred stock units and fees paid in stock		0.4		0.4


Cash based awards		0.3		0.7
Share-based payment expense		6.0		10.0
Income tax benefit		(1.4)		(2.3)
Share-based payment expense, net of tax		$	4.6	7.7

Time-Based Stock Options

In 2020, we granted time-based stock options to certain senior executives. We measure the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model. When vested, options entitle the holder to purchase a specified number of shares of Brink's stock at a price set at the date the options were granted. Options granted to employees have a maximum term of six years.

The following table summarizes time-based stock option activity during the first three months of 2025:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2024	22.5	$	20.98


Exercised	—	—
Outstanding balance as of March 31, 2025	22.5	$	20.98

Restricted Stock Units (“RSUs”)

We granted RSUs which contain only a service condition as part of our compensation program. RSUs are paid out in shares of Brink's stock when the awards vest. For RSUs granted during the last three years, the units generally vest in three equal annual installments following the grant date. We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first three months of 2025:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2024	290.4	$	74.24
Granted	137.5	86.70
Forfeited	(14.7)	83.04

Vested	(111.0)	70.33
Nonvested balance as of March 31, 2025	302.2	$	80.91

Performance Stock Units ("PSUs”)

Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs") as part of our compensation program.

The majority of outstanding IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. For IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service requirement after 2022. For IM PSUs granted in 2022, the performance period was from January 1, 2022 to December 31, 2024. For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025. For IM PSUs granted in 2024, the performance period is from January 1, 2024 to December 31, 2026. For IM PSUs granted in 2025, the performance period is from January 1, 2025 to December 31, 2027. In 2023, 2024 and 2025, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition. We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model. IM PSUs are paid out in shares of Brink's stock when the awards vest. For IM PSUs granted in 2023, 2024 and 2025, the number of shares paid out ranges from 0% to 200% of an employee's award, depending on the achievement of pre-established financial goals over the performance period. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

Before 2023, we granted TSR PSUs containing a market condition as well as a service condition. We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model. For TSR PSUs granted in 2022, the service period was from January 1, 2022 to December 31, 2024.

The following table summarizes all PSU activity during the first three months of 2025:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2024	639.1	$	72.64
Granted	215.3	89.74
Forfeited or expired	(43.8)	78.77

Vested(a)	(235.0)	67.17
Nonvested balance as of March 31, 2025	575.6	$	80.81

(a)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2024 were 440.2 thousand, compared to target shares of 235.0 thousand.

Deferred Stock Units ("DSUs")

We granted DSUs to our non-employee directors as part of our compensation program. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period.

DSUs granted after 2014 will be paid out in shares of Brink's stock approximately one year after the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.

The following table summarizes all DSU activity during the first three months of 2025:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2024	13.6	$	87.93
Granted	—	—

Vested	—	—
Nonvested balance as of March 31, 2025	13.6	$	87.93

Note 11 - Capital Stock

Common Stock

At March 31, 2025, we had 100 million shares of common stock authorized and 42.7 million shares issued and outstanding.

Dividends

We paid regular quarterly dividends on our common stock during the last two years. On January 16, 2025, the Board declared a regular quarterly dividend of 24.25 cents per share payable on March 3, 2025 to shareholders of record on February 3, 2025. On May 7, 2025, the Board declared a regular quarterly dividend of 25.50 cents per share payable on June 2, 2025 to shareholders of record on May 19, 2025. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At March 31, 2025, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share, and no shares were issued and outstanding.

Share Repurchase Program

In November 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the "2023 Repurchase Program").

Under the 2023 Share Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

During the three months ended March 31, 2025, we repurchased a total of 514,795 shares of our common stock for an aggregate of $44.8 million and an average price of $86.97 per share. These shares were retired upon repurchase. At March 31, 2025, $252 million remained available under the 2023 Repurchase Program.

Shares Used to Calculate Earnings per Share


	Three Months Ended March 31,
(In millions)		2025	2024

Weighted-average shares:
Basic(a)		43.1	44.8
Effect of dilutive stock awards and options		0.4	0.5
Diluted		43.5	45.3

Antidilutive stock awards and options excluded from denominator		—	0.1

(a)We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic shares include weighted-average units of 0.2 million in the three months ended March 31, 2025, and 0.2 million in the three months ended March 31, 2024.

Note 12 - Supplemental cash flow information


	Three Months Ended March 31,
(In millions)	2025		2024
Cash paid for:
Interest	$	52.9	68.0
Income taxes, net	28.3		28.2

Non-cash Investing and Financing Activities

We acquired $13.9 million in armored vehicles and other equipment under financing lease arrangements in the first three months of 2025 compared to $19.5 million in armored vehicles and other equipment acquired under financing lease arrangements in the first three months of 2024.

Loans Held for Investment

In France, as part of an ATM managed services contract for a large customer, we purchase the ATMs at the beginning of the contract. However, since these ATMs are specifically for the benefit of the customer and transfer back to the customer at the end of the contract, this is recorded as a financing transaction. As a result, the loan to the customer, net of payments received, is treated as investing cash flows.

Restricted Cash (Cash Supply Chain Services)

In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.

In Malaysia, we offer ATM replenishment services to certain of our financial institution customers. Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.

In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $44.2 million ($44.0 million at December 31, 2024) and, due to this contractual restriction, we have classified these amounts as restricted cash.

At March 31, 2025, we held $414.1 million of restricted cash ($194.1 million represented restricted cash held for customers and $173.9 million represented accrued liabilities). At December 31, 2024, we held $445.1 million of restricted cash ($232.7 million represented restricted cash held for customers and $166.5 million represented accrued liabilities).

Lessor Debt Financing

In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities. Cash inflows related to these transactions totaled $8.1 million in the first three months of 2025 compared to $4.1 million in the first three months of 2024 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


	March 31,		December 31,
(In millions)	2025		2024
Cash and cash equivalents	$	1,226.2	1,395.3
Restricted cash	414.1		445.1
Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows	$	1,640.3	1,840.4

Note 13 - Contingent matters

In August 2020, the Company received a subpoena issued in connection with an investigation being conducted by the U.S. Department of Justice (the “DOJ”), primarily related to cross-border shipments of cash and things of value and anti-money laundering (“AML”) compliance. Subsequently, in March 2024, as is commonly the case with this type of matter, the Company received a Notice of Investigation from the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) related to Bank Secrecy Act/AML compliance that involves substantially the same conduct that was the subject to the DOJ’s investigation.

On January 31, 2025, Brink’s Global Services USA, a subsidiary of the Company, entered into a Consent Order Imposing Civil Money Penalty with FinCEN and a Non-Prosecution Agreement (the “NPA”) with the DOJ, to fully resolve these matters. As part of these resolutions, the Company agreed to pay $42 million to these agencies over three years, beginning in January 2025, and accrued $42 million for the settlement amounts in the fourth quarter of 2024. The Company agreed to pay FinCEN $17 million (which represents the amount due after crediting $20 million to the Company’s payment to the DOJ from the total $37 million penalty assessed by FinCEN). The Company agreed to pay $25 million to the DOJ (which represents the amount due after crediting $5 million for the Company’s swift resolution and acceptance of responsibility as well as $20 million that will be forgiven at the end of the two-year term of the NPA so long as the Company has not breached the NPA).

At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. In October 2021, the FNE filed a complaint before the Chilean antitrust court alleging that Brink’s Chile (as well as competitor companies) engaged in collusion in 2017 and 2018 and requested that the court approve a fine of $30.5 million. The Company filed its response to the complaint in November 2022, which signaled the beginning of the evidentiary phase. The Company intends to vigorously defend itself against the FNE's complaint. Based on available information to date, the Company recorded a charge of $9.5 million in the third quarter of 2021 in connection with this matter. After the third quarter of 2021, all adjustments to the contingent liability have resulted primarily from changes in currency rates.

In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that it is reasonably possible the ultimate disposition of any of the legal matters currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations.

THE BRINK’S COMPANY

and subsidiaries

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Brink’s Company (along with its subsidiaries, “Brink’s”, the “Company”, “we”, “us” or “our”) is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world. These services include:

Cash and Valuables Management ("CVM")

•Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin

•Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs")

•Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods

•Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting

•Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks

•Other Services – guarding, commercial security, and payment services

Digital Retail Solutions ("DRS"), and ATM Managed Services ("AMS")

•DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility

•AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements, and installation services

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on an operating profit or loss measure, excluding corporate expenses and other items not allocated to segments.

We manage our business in the following four segments:

•North America – operations in the U.S. and Canada, including the BGS line of business,

•Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,

•Europe – total operations in European countries that primarily provide services outside of the BGS line of business, and

RESULTS OF OPERATIONS

Consolidated Review


	Three Months Ended March 31,				%
(In millions, except for percentages and per share amounts)		2025			2024		Change
GAAP
Revenues		$	1,246.7		1,236.1		1
Cost of revenues		939.5			927.2		1
Selling, general and administrative expenses		186.3			200.6		(7)
Operating profit		119.1			120.9		(1)
Operating profit margin		9.6		%	9.8	%	(2)
Income from continuing operations(a)		51.6			49.3		5
Diluted EPS from continuing operations(a)		1.19			1.09		9

Non-GAAP(b)
Non-GAAP operating profit		$	150.6		145.0		4
Non-GAAP operating profit margin		12.1		%	11.7	%	3
Non-GAAP income from continuing operations(a)		70.3			74.6		(6)
Adjusted EBITDA		215.0			218.2		(1)

Non-GAAP diluted EPS from continuing operations(a)		1.62			1.65		(2)

(a)Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests.

(b)These measures are supplemental financial measures that are not required by, or presented in accordance with, GAAP. See page 40 for further information on these non-GAAP measures and reconciliations to the applicable GAAP measures

GAAP Basis

Analysis of Consolidated Results: First Quarter 2025 versus First Quarter 2024

Consolidated Revenues Revenues increased $10.6 million due to organic increases in Latin America ($24.8 million), Rest of World ($19.0 million), Europe ($15.5 million), and North America ($9.9 million), and the favorable impact of acquisitions ($7.2 million), partially offset by the unfavorable impact of currency exchange rates ($65.8 million). The unfavorable currency impact was driven primarily by the Mexican peso, Argentine peso, and Brazilian real. Revenues increased 6% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue. See our definition of “organic growth” on page 40.

Consolidated Costs and Expenses Cost of revenues increased 1% to $939.5 million primarily due to the impact of higher revenue partially offset by the impact of exchange rates. Selling, general and administrative costs decreased 7% to $186.3 million primarily due the impact of currency exchange rates and lower net compensation costs, professional fees, and administrative expenses.

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.8% to 9.6%. Operating profit decreased $1.8 million due mainly to:

•unfavorable changes in currency exchange rates ($19.2 million), driven by the Mexican peso, Argentine peso, and Brazilian real and

•the unfavorable impact of acquisitions ($2.8 million),

partially offset by:

•organic increases in Rest of World ($9.4 million), North America ($4.5 million), Latin America ($1.4 million), and Europe ($0.3 million) and

•lower corporate expenses on an organic basis ($4.9 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $2.3 million to $51.6 million due to lower income tax expense ($10.6 million) and lower noncontrolling interest ($0.6 million), partially offset by lower interest and other nonoperating income ($5.4 million), the decrease in operating profit mentioned above, and higher interest expense ($1.7 million). Earnings per share from continuing operations was $1.19, up from $1.09 in the first quarter of 2024.

Non-GAAP Basis

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 40 and are reconciled to comparable GAAP measures on pages 42-44.

Analysis of Consolidated Results: First Quarter 2025 versus First Quarter 2024

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 11.7% to 12.1%. Non-GAAP operating profit increased $5.6 million due mainly to:

•organic increases in Rest of World ($9.4 million), North America ($4.5 million), Latin America ($1.4 million), and Europe ($0.3 million) and

•lower corporate expenses on an organic basis ($4.9 million),

partially offset by:

•unfavorable changes in currency exchange rates ($14.8 million), driven primarily by the Mexican peso, Argentine peso, and Brazilian real.

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $4.3 million to $70.3 million due to higher income tax expense ($4.7 million), lower interest and other nonoperating income ($3.7 million), and higher interest expense ($1.7 million), partially offset by the operating profit increase mentioned above, and lower noncontrolling interest ($0.2 million). Earnings per share from continuing operations was $1.62, down from $1.65 in the first quarter of 2024.

Adjusted EBITDA Adjusted EBITDA decreased 1% to $215.0 million primarily due to lower interest and other nonoperating income, primarily driven by lower interest income.

Revenues and Operating Profit by Segment: First Quarter 2025 versus First Quarter 2024


			Organic Change(a)	Impact of Acquisitions / Dispositions(b)	Currency Effect(c)		% Change
(In millions, except for percentages)	1Q'24					1Q'25	Total	Organic Growth(a)
Revenues:
North America	$	405.5	9.9	4.3	(2.1)	417.6	3	2
Latin America	334.7		24.8	2.5	(54.4)	307.6	(8)	7
Europe	291.4		15.5	0.4	(8.2)	299.1	3	5
Rest of World	204.5		19.0	—	(1.1)	222.4	9	9
Segment revenues	1,236.1		69.2	7.2	(65.8)	1,246.7	1	6


Revenues	$	1,236.1	69.2	7.2	(65.8)	1,246.7	1	6

Operating profit:
North America	$	48.4	4.5	0.2	—	53.1	10	9
Latin America	63.0		1.4	(0.1)	(10.4)	53.9	(14)	2
Europe	25.9		0.3	(0.2)	(0.8)	25.2	(3)	1
Rest of World	41.1		9.4	—	(0.4)	50.1	22	23
Segment operating profit	178.4		15.6	(0.1)	(11.6)	182.3	2	9
Corporate expenses(d)	(33.4)		4.9	—	(3.2)	(31.7)	(5)	(15)
Other items not allocated to segments(d)	(24.1)		(0.3)	(2.7)	(4.4)	(31.5)	31	1

Operating profit	$	120.9	20.2	(2.8)	(19.2)	119.1	(1)	17

Amounts may not add due to rounding.

(a)Organic change and organic growth are supplemental financial measures that are not required by, or presented in accordance with, GAAP, and are described in more detail on page 40.

(b)Amounts include the impact of prior year comparable period results for acquired and disposed businesses. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 40.

(c)The amounts in the “Currency” column consist of the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. This measure is not required by, or presented in accordance with, GAAP and is described in more detail on page 40.

(d)See pages 35-36 for further information, where these items are discussed in more detail.

Analysis of Segment Results: First Quarter 2025 versus First Quarter 2024

North America

Revenues increased 3% ($12.1 million) due to a 2% organic increase ($9.9 million) and the impact of acquisitions ($4.3 million), partially offset by the unfavorable impact of currency exchange rates ($2.1 million). Organic revenue increased primarily due to price increases and growth in AMS and DRS, as well as BGS revenue. Operating profit increased 10% ($4.7 million) due to a 9% organic increase ($4.5 million). The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and due to productivity initiatives.

Latin America

Revenues decreased 8% ($27.1 million) due to the unfavorable impact of currency exchange rates ($54.4 million) primarily from the Mexican peso, Argentine peso, and Brazilian real, partially offset by a 7% organic increase ($24.8 million) and the impact of acquisitions ($2.5 million). The organic increase was primarily driven by inflation-based price increases across the segment with a majority of the impact from Argentina, as well as growth in AMS and DRS revenue. Operating profit decreased 14% ($9.1 million) primarily due to the unfavorable impact of currency exchange rates ($10.4 million), partially offset by a 2% organic increase ($1.4 million). The organic increase was driven by inflation-based price increases which outpaced the impact of labor and other cost increases.

Europe

Revenues increased 3% ($7.7 million) primarily due to an 5% organic increase ($15.5 million) partially offset by the unfavorable impact of currency exchange rates ($8.2 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit decreased 3% ($0.7 million) primarily due to the unfavorable impact of currency exchange rates ($0.8 million) and the impact of acquisitions ($0.2 million), partially offset by a 1% organic increase ($0.3 million) driven by higher revenue outpacing the impact of labor and other cost increases across the segment and the mix benefit of higher AMS and DRS revenue.

Rest of World

Revenues increased 9% ($17.9 million) due to a 9% organic increase ($19.0 million), partially offset by the unfavorable impact of currency exchange rates ($1.1 million). Organic growth in the segment was primarily due to growth in BGS revenue. Operating profit increased 22% ($9.0 million) primarily due to a 23% organic increase ($9.4 million). The organic increase was driven by higher revenue.

Analysis of Income and Expense Not Allocated to Segments

Income and expenses not allocated to segments are reported either as “Corporate Expenses” or “Other Items not Allocated to Segments.”

Corporate Expenses include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the chief operating decision maker ("CODM") evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

Other Items not Allocated to Segments include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. Each of the items in the “Other Items Not Allocated to Segments” table is excluded from non-GAAP operating profit.

Corporate Expenses


	Three Months Ended March 31,			%
(In millions, except for percentages)		2025		2024	change
General, administrative and other expenses		$	(35.0)	(41.2)	(15)
Foreign currency transaction gains		3.2		6.3	(49)
Reconciliation of segment policies to GAAP		0.1		1.5	(93)
Corporate expenses		$	(31.7)	(33.4)	(5)

Corporate expenses for the first three months of 2025 decreased $1.7 million versus the prior year period. This was primarily driven by lower net compensation costs ($4.1 million) and lower professional and audit fees ($3.0 million), partially offset by a reduction in currency transaction gains ($3.1 million) and higher charges related to insurance and security losses ($2.7 million).

Other Items Not Allocated to Segments


	Three Months Ended March 31,			%
(In millions, except for percentages)		2025		2024	change

Reorganization and restructuring		$	(0.5)	(1.4)	(64)
Acquisitions and dispositions		(18.5)		(15.9)	16
Argentina highly inflationary impact		(6.3)		(1.6)	unfav
Transformation initiatives		(5.1)		(4.8)	6
DOJ/FinCEN investigations		(0.9)		—	unfav
Chile antitrust matter		(0.2)		(0.4)	(50)


Total Other items not allocated to segments		$	(31.5)	(24.1)	31

Reorganization and Restructuring

Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results. These items include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit. Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

2022 Global Restructuring Plan

In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously announced restructuring program across our global business operations. In total, we have recognized $34.2 million in charges under this program, including $0.2 million in the first three months of 2025. The actions under this program were substantially completed in 2024. Severance actions from this restructuring plan reduced our global workforce by approximately 3,200 positions.

Other Restructurings

As a result of other restructuring actions, we recognized net costs of $0.4 million in the first three months of 2024, primarily severance costs. We recognized $0.3 million in net costs in the first three months of 2025. The actions were substantially completed in 2024.

Acquisitions and dispositions

Certain acquisition and disposition items are not part of the Company's operations and revenue generating activities. These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs. All of the items are significantly impacted by the timing and nature of our acquisitions and dispositions, and many are inconsistent in amount and frequency. Management has excluded these amounts when evaluating internal performance. Therefore, we have not allocated these amounts to segment or Corporate results and have excluded these amounts from non-GAAP results.

These items are described below:

2025 Acquisitions and Dispositions

•Amortization expense for acquisition-related intangible assets was $14.4 million in the first three months of 2025.

•Restructuring costs related to acquisitions were $2.0 million in the first three months of 2025.

•Net charges of $0.9 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

•We incurred $0.4 million in integration costs in the first three months of 2025.

•Transaction costs related to business acquisitions were $0.5 million in the first three months of 2025.

2024 Acquisitions and Dispositions

•Amortization expense for acquisition-related intangible assets was $14.5 million in the first three months of 2024.

•We incurred $0.3 million in integration costs in the first three months of 2024.

•Compensation expense related to the retention of key PAI employees was $0.1 million in the first three months of 2024.

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 first three months of 2025, we recognized $6.3 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $4.8 million. In the first three months of 2024, we recognized $1.6 million in pretax charges in operating profit related to highly inflationary accounting. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Transformation initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model. The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence. Accordingly, we incurred $4.8 million of expense in the first three months of 2024 and an additional $5.1 million in the first three months of 2025. The transformation costs primarily include third party professional services and project management charges. These costs relate to a discrete program and are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities. Additionally, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

DOJ/FinCEN investigations During the first three months of 2025, we accrued $0.9 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with this matter. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigation are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results. See Note 13 for details.

Chile antitrust matter We recognized an estimated loss of $9.5 million in 2021 and recognized additional amounts in

subsequent years (which were primarily related to changes in currency rates). Overall, these charges related to a potential fine associated with an investigation by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts, including the estimated loss and associated third-party costs, is such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years of the underlying event. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results. See Note 13 for details.

Foreign Operations

We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.

We are subject to risks customarily associated with doing business in foreign countries, including labor and economic conditions, the imposition of international sanctions, including by the U.S. government, political instability, controls on repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive action by local governments. Changes in the political or economic environments in the countries in which we operate could have a material adverse effect on our business, financial condition and results of operations. The future effects, if any, of these risks are unknown. In April 2019, the U.S. government sanctioned the Venezuela central bank and, as a result, the Company has ceased support of the Venezuela business.

At March 31, 2025, Argentina's economy remained highly inflationary for accounting purposes. See Note 1 for more details about our Argentina operations including a description of how we account for currency remeasurement for our Argentine subsidiaries and the potential impacts of converting local currency into U.S. dollars.

Our international operations conduct a majority of their business in local currencies. Because our financial results are reported in U.S. dollars, they are affected by changes in the value of various local currencies in relation to the U.S. dollar. Future fluctuations in exchange rates could have either a positive or negative impact on our financial results.

Changes in exchange rates may also affect transactions that are denominated in currencies other than the functional currency. From time to time, we use short term foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. These short term foreign currency forward and swap contracts primarily offset exposures in the euro, the Mexican peso, and the British pound and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings. See Note 7 for more details regarding our economic hedges.

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies. As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps. See Note 7 for more details regarding these contracts.

Other Operating Income and Expense

Other operating income (expense) includes amounts included in segment results as well as income and expense not allocated to segments.


	Three Months Ended March 31,			%
(In millions, except for percentages)		2025		2024	change
Foreign currency items:
Transaction gains (losses)		$	10.9	(5.5)	fav
Derivative instrument gains (losses)		(12.6)		13.4	unfav
Gains (losses) on sale of property and other assets		—		0.8	(100)

Impairment losses		(1.6)		(0.5)	unfav
Indemnification asset adjustments		(0.9)		—	unfav
Share in earnings of equity affiliates		0.8		0.8	—
Royalty income		1.9		2.1	(10)

Other gains (losses)		(0.3)		1.5	unfav
Other operating income (expense)		$	(1.8)	12.6	unfav

Nonoperating Income and Expense

Interest expense


	Three Months Ended March 31,			%
(In millions, except for percentages)		2025			2024	change
Interest expense		$	57.5		55.8	3

Interest expense was higher in the first three months of 2025 compared to the first three months of 2024 due to higher interest rates on corporate debt and overall higher borrowing levels. Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.

Interest and other nonoperating income (expense)


	Three Months Ended March 31,			%
(In millions, except for percentages)		2025		2024	change
Interest income		$	10.9	15.6	(30)
Gain (loss) on equity and debt securities		(0.2)		0.5	unfav
Foreign currency transaction gains (losses)		(0.7)		0.1	unfav

Retirement benefit cost other than service cost		(0.2)		(1.1)	(82)

Argentina turnover tax		(0.7)		(1.1)	(36)

Non-income taxes on intercompany billings(a)		(0.2)		(0.4)	(50)



Other		(1.0)		(0.3)	unfav
Interest and other nonoperating income (expense)		$	7.9	13.3	(41)

(a)Certain of our Latin American subsidiaries incur non-income taxes related to the billing of intercompany charges. These intercompany charges do not impact the Latin America segment results and are eliminated in our consolidation.

Income Taxes


	Three Months Ended March 31,
(In millions, except for effective tax rate)		2025			2024
Continuing operations
Provision for income taxes		$	15.6		26.2
Effective tax rate		22.4		%	33.4	%

Effective Income Tax Rate

Our effective tax rate may fluctuate materially from these estimates due to changes in pre-tax earnings, permanent book-tax differences, changes in the expected amount and geographical mix of earnings, changes in current or deferred taxes due to legislative changes, changes in valuation allowances or accruals for contingencies, changes in distributions of share-based payments, changes in U.S. taxable income, and other factors.

Noncontrolling Interests


	Three Months Ended March 31,			%
(In millions, except for percentages)		2025		2024	change
Net income attributable to noncontrolling interests		$	2.3	2.9	(21)

The decrease in the net income attributable to noncontrolling interests in the three months ended March 31, 2025, in comparison to the three months ended March 31, 2024, is primarily attributable to lower first quarter 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Non-GAAP Measures and Reconciliations to GAAP Measures

Non-GAAP measures described below and included in this filing are financial measures that are not required by or presented in accordance with GAAP. The purpose of the disclosure of these non-GAAP measures 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.

These 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. The reconciliations in the tables below include adjustments that we do not consider reflective of our operating performance as they result from events and circumstances that are not a part of our core business. Additionally, certain non-GAAP results, including non-GAAP operating profit and free cash flow before dividends, are utilized as performance measures in certain management incentive compensation plans.

Non-GAAP results should not be considered as an alternative to results determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts. Non-GAAP financial measures may not be comparable to non-GAAP financial measures presented by other companies.

The items excluded from non-GAAP measures are considered by us to be nonrecurring, infrequent or unusual costs and gains as well as other items not considered part of our operations and revenue generating activities. Non-recurring and infrequent items are items that are not reasonably expected to recur in the following two years.

In addition to the rationale described above, we believe the following non-GAAP metrics are helpful to investors in assessing results of operations consistent with how our management evaluates performance:

•Non-GAAP operating profit and Non-GAAP operating profit margin: Non-GAAP operating profit equals GAAP operating profit excluding Other Items not Allocated to Segments. Non-GAAP operating margin equals non-GAAP operating profit divided by revenues.

•Non-GAAP income from continuing operations attributable to Brink's: This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances.

•Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization. Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.

•Non-GAAP diluted EPS from continuing operations attributable to Brink's common shareholders: This measure equals non-GAAP income from continuing operations attributable to Brink's divided by diluted shares.

•Organic change and organic growth: Organic change represents the change in revenues or operating profit between the current and prior period excluding the effect of acquisitions and dispositions for one year after the transaction and changes in currency exchange rates. Organic growth is the percentage change of organic growth versus the prior year amount.

•Impact of Acquisitions/Dispositions: This measure represents the impact of acquisitions or dispositions without a full year of reported results in either comparable period.

•Currency Effect: This measure consists of 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 of changes in foreign currency rates from the prior year period.

•Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate: Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances. Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income.

In addition to the rationale described above, we believe the following non-GAAP metrics are helpful in assessing cash flow and financial leverage consistent with how our management evaluates performance:

•Free Cash Flow before Dividends: This non-GAAP measure reflects management’s calculation of cash flows that are available for capital or investing activities such as paying dividends, share repurchases, debt, acquisitions and other investments. The measure is calculated as net cash flows from operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations. The resulting amount is further adjusted to include the impact of cash flows related to equipment used to operate our business, including capital expenditures, cash proceeds from sale of property and equipment, as well as proceeds from lessor debt financing. The latter item, which is part of cash flows from financing activities and relates to the subsequent financings of certain capital expenditures, was added to our calculation in the second quarter of 2024 as we believe such cash flows are similar in nature to transactions reported in Investing Activities, which have historically been included in our calculation. Prior amounts were recast to reflect this change.

•Net Debt: Net Debt equals total debt less cash and cash equivalents available for general corporate purposes. We exclude from cash and cash equivalents amounts held by our cash management services operations, as such amounts are not considered available for general corporate purposes. See page 49 for more details.

Reconciliations of Non-GAAP to GAAP Measures

Non-GAAP measures are reconciled to comparable GAAP measures either in the tables below or in “Liquidity and Capital Resources” section. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 35–36. Additional reconciling items include the following:

Retirement plans We incur costs, such as interest expense and amortization of actuarial gains and losses, associated with certain retirement plans that have been frozen to new entrants. Furthermore, we also incur non-cash settlement charges and curtailment gains related to all of our retirement plans. These costs and gains are not considered to be part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. Therefore, they are excluded from non-GAAP results.

Change in restricted cash held for customers Restricted cash held for customers is not available for general corporate purposes such as payroll, vendor invoice payments, debt repayment, or capital expenditures. Because the cash is not available to support the Company's operations and revenue generating activities, management excludes the changes in the restricted cash held for customers balance when assessing cash flows from operations. We believe that the exclusion of the change in restricted cash held for customers from our non-GAAP operating cash flows measure is helpful to users of the financial statements as it presents this financial measure consistent with how management assesses this liquidity measure.

Change in certain customer obligations The title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and is thus not available for general corporate purposes. Because the cash is not available to support our operations and revenue generating activities, management excludes the changes in this specific cash balance when assessing cash flows from operations. We believe that the exclusion of the change in this cash balance from our non-GAAP operating cash flows measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure.

Amounts held by cash management services operations As described above, cash held in certain of our secure cash management services operations is not available to support our operations and revenue generating activities. Therefore, management excludes this specific cash balance when assessing our liquidity and capital resources, and in our computation of Net Debt. We believe that the exclusion of this cash balance from our non-GAAP Net Debt measure is helpful to the users of our financial statements as it presents this financial measure consistent with how our management assesses this liquidity measure.

Non-GAAP reconciled to GAAP


	Three months ended March 31, 2025					Three months ended March 31, 2024
(In millions, except for percentages)	Pre-tax income(a)		Income tax	Effective income tax rate(a)		Pre-tax income(a)		Income tax	Effective income tax rate(a)

GAAP	$	69.5	15.6	22.4	%	$	78.4	26.2	33.4	%
Reorganization and restructuring(c)	0.5		0.1			1.4		0.4
Acquisitions and dispositions(c)	19.2		1.4			15.7		1.3
Argentina highly inflationary impact(c)	7.3		0.1			1.6		(0.1)
Transformation initiatives(c)	5.1		0.1			4.8		0.1
DOJ/FinCEN investigations(c)	0.9		—			—		—
Chile antitrust matter(c)	0.2		—			0.4		—


Retirement plans(b)	(1.7)		(0.5)			(1.5)		(0.3)

Income tax rate adjustment(d)	—		11.3			—		(4.2)
Non-GAAP	$	101.0	28.1	27.8	%	$	100.8	23.4	23.2	%

Amounts may not add due to rounding.

(a)From continuing operations.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 41 for details.

(c)See “Other Items Not Allocated To Segments” on pages 35-36 for details.

(d)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 is estimated at 27.8% for 2025 and was 23.2% for 2024.


	Three Months Ended March 31,
(In millions, except for per share amounts)		2025		2024

Operating profit:
GAAP		$	119.1	120.9
Reorganization and restructuring(a)		0.5		1.4
Acquisitions and dispositions(a)		18.5		15.9
Argentina highly inflationary impact(a)		6.3		1.6
Transformation initiatives(a)		5.1		4.8
DOJ/FinCEN investigations(a)		0.9		—
Chile antitrust matter(a)		0.2		0.4


Non-GAAP		$	150.6	145.0

Income (loss) from continuing operations attributable to Brink's:
GAAP		$	51.6	49.3
Reorganization and restructuring(a)		0.4		1.0
Acquisitions and dispositions(a)		17.5		14.2
Argentina highly inflationary impact(a)		7.2		1.7
Transformation initiatives(a)		5.0		4.7
DOJ/FinCEN investigations(a)		0.9		—
Chile antitrust matter(a)		0.2		0.4


Retirement plans(b)		(1.2)		(1.2)

Income tax rate adjustment(c)		(11.3)		4.5
Non-GAAP		$	70.3	74.6

Adjusted EBITDA:
Net income (loss) attributable to Brink's		$	51.6	49.3
Interest expense		57.5		55.8
Income tax provision		15.6		26.2
Depreciation and amortization		70.7		72.4
EBITDA		$	195.4	203.7

Reorganization and restructuring(a)		0.5		1.4
Acquisitions and dispositions(a)		4.5		1.0
Argentina highly inflationary impact(a)		5.2		(0.7)
Transformation initiatives(a)		5.1		4.8
DOJ/FinCEN investigations(a)		0.9		—
Chile antitrust matter(a)		0.2		0.4


Retirement plans(b)		(1.7)		(1.5)

Income tax rate adjustment(c)		—		0.3
Share-based compensation(d)		5.7		9.3
Marketable securities (gain) loss(e)		(0.8)		(0.5)
Adjusted EBITDA		$	215.0	218.2


	Three Months Ended March 31,
(In millions, except for per share amounts)		2025		2024
Diluted EPS:
GAAP		$	1.19	1.09
Reorganization and restructuring(a)		0.01		0.02
Acquisitions and dispositions(a)		0.40		0.31
Argentina highly inflationary impact(a)		0.17		0.04
Transformation initiatives(a)		0.11		0.10
DOJ/FinCEN investigations(a)		0.02		—
Chile antitrust matter(a)		—		0.01


Retirement plans(b)		(0.02)		(0.02)

Income tax rate adjustment(c)		(0.26)		0.10
Non-GAAP		$	1.62	1.65

Amounts may not add due to rounding.

(a)See “Other Items Not Allocated To Segments” on pages 35-36 for details.

(b)See "Reconciliations of Non-GAAP to GAAP Measures" on page 41 for details.

(c)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 is estimated at 27.8% for 2025 and was 23.2% for 2024.

(d)There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented.

(e)Due to the impact of Argentina highly inflationary accounting, there was no non-GAAP adjustment for a loss in the three months ended March 31, 2024. There was a $1.0 million non-GAAP adjustment for a loss in the three months ended March 31, 2025.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 as compared to the first three months of 2024. Cash used for investing activities increased by $2.9 million in the first three months of 2025 compared to the first three months of 2024. We financed our liquidity needs in the first three months of 2025 with existing cash from operations.

Operating Activities


	Three Months Ended March 31,			$
(In millions)	2025		2024	change

Cash flows provided from (used in) operating activities - GAAP	$	(60.2)	63.9	(124.1)

Decrease (increase) in restricted cash held for customers (see Note 12)(a)	45.0		(57.3)	102.3
Increase in customer obligations(a)	(38.9)		(24.0)	(14.9)
Capital expenditures	(58.9)		(52.2)	(6.7)
Cash proceeds from sale of property and equipment	2.6		3.5	(0.9)
Proceeds from lessor debt financing (see Note 12)	8.1		4.1	4.0
Free cash flow before dividends(a)	$	(102.3)	(62.0)	(40.3)

(a)Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 40 for further information on this non-GAAP measure, and see page 41 for descriptions of the adjustments.

Cash flows from operating activities - GAAP

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 compared to the same period in 2024. The decrease was primarily ($102.3 million) attributed to restricted cash held for customers (restricted cash held for customers decreased by $45.0 million in 2025 compared to an increase of $57.3 million in 2024) as well as changes in working capital excluding taxes and interest (working capital decreased by $176.0 million in 2025 compared to a decrease of $137.6 million in 2024), partially offset by changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $38.9 million in 2025 compared to an increase of $24.0 million in 2024) and lower amounts paid for interest (we had $52.9 million in cash payments for interest in 2025 as compared to $68.0 million in 2024).

Free cash flow before dividends - non-GAAP

Free cash flow before dividends decreased $40.3 million in the first three months of 2025 as compared to the same period in 2024. The decrease was mostly attributed to changes in working capital, and higher amounts paid for capital expenditures (we had $58.9 million in capital expenditures in 2025 compared to $52.2 million in 2024), partially offset by lower amounts paid for interest.

Investing Activities


	Three Months Ended March 31,			$
(In millions)	2025		2024	change
Cash flows from investing activities
Capital expenditures	$	(58.9)	(52.2)	(6.7)
Acquisitions, net of cash acquired	(5.3)		0.7	(6.0)

Marketable securities:
Purchases	(12.7)		(0.3)	(12.4)
Sales	14.3		0.8	13.5
Proceeds from sale of property and equipment	2.6		3.5	(0.9)


Net change in loans held for investment	1.6		1.8	(0.2)
Other	9.7		(0.1)	9.8

Investing activities	$	(48.7)	(45.8)	(2.9)

Cash used by investing activities increased by $2.9 million in the first three months of 2025 versus the first three months of 2024. The increase was primarily due to increases in cash paid for capital expenditures and increases in cash paid for acquisitions in Europe in 2025, partially offset by cash flows received related to economic hedge contracts, as discussed in Note 7.

Capital expenditures and depreciation and amortization were as follows:


	Three Months Ended March 31,			$	Full Year
(In millions)	2025		2024	change	2024
Property and equipment acquired during the period
Capital expenditures:
North America	$	24.0	13.6	10.4	62.6
Latin America	6.0		12.2	(6.2)	33.0
Europe	13.6		17.4	(3.8)	76.9
Rest of World	14.9		8.2	6.7	45.6
Corporate	0.4		0.8	(0.4)	4.4
Capital expenditures	$	58.9	52.2	6.7	222.5

Financing leases:
North America	$	5.9	13.7	(7.8)	38.4
Latin America	3.3		2.7	0.6	21.4
Europe	4.7		3.1	1.6	13.4

BRINKS CO 10-Q