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- **Revenue Growth**: Q3 organic growth 5%, AMS/DRS accelerates to 19% QoQ (28% of total revenue). Full-year EBITDA margin expansion 30-50bps.
- **Margin Expansion**: Record 19% EBITDA margin (180bps YoY), North America at 37.1% (320bps YoY). Target 20%+ EBITDA margin in North America.
- **Cash Flow Strength**: $175M free cash flow (30% YoY), 50%+ FCF return to shareholders via buybacks.
- **Strategic Moves**: 1,000+ employees incentivized for AMS/DRS growth, 2x-3x TAM expansion in unvended retail. Q4 EPS guidance $2.28-2.68.
- **Operational Efficiency**: DSO down 5 days, vehicle count reduction, safety TRIR down 33% since 2023.

**【CEO Summary Section】**
- **Organic Growth Acceleration**: Total company organic revenue grew 5%, with AMS/DRS accelerating to 19% QoQ (vs. 16% in Q2). AMS/DRS now accounts for 28% of total revenue, up from 27% in Q2.
- **Record Margins**: EBITDA margins expanded 180bps YoY to 19%, driven by AMS/DRS mix (320bps in North America) and productivity initiatives. North America EBITDA margin reached 37.1%, up 320bps YoY.
- **Cash Flow Strength**: Free cash flow of $175M (30% YoY growth), with DSO improving 5 days to 42 days. Full-year free cash flow conversion target: 40-45%.
- **Share Repurchases**: $154M spent on buybacks (1.7M shares at $89 avg price), reducing net debt-to-EBITDA to 2.9x (target 2-3x).
- **Long-Term Outlook**: Targeting 20%+ EBITDA margin in North America over midterm, with 2x-3x TAM expansion in AMS/DRS.

**【CFO Financial Commentary】**
- **Q3 Results**: Revenue $1.3B (+6%), EBITDA $253M (+17%), EPS $2.08 (+28%). Adjusted EBITDA margin 19%, above guidance midpoint.
- **Currency Impact**: 1% FX tailwind (euro, pound strength), 7.5% FX flow-through to EBITDA. Full-year organic growth maintained at mid-single digits.
- **Cash Allocation**: 50%+ of FCF returned to shareholders (buybacks/dividends). 2025 M&A pipeline focused on AMS/DRS expansion.
- **Q4 Guidance**: Revenue $1.355B (midpoint), EBITDA $267-287M, EPS $2.28-2.68. Full-year EBITDA margin expansion 30-50bps.

**【Q&A Highlights】**
- **AMS/DRS Growth Drivers**: 1/3 of DRS signings from CIT conversions, 2x-3x TAM expansion in unvended retail. Incentive plans for 1,000+ employees tied to AMS/DRS growth.
- **CVM Slowdown**: 2-3pts organic headwind from AMS/DRS conversions. Global Services growth stable at mid-single digits.
- **North America Margin Potential**: Incremental margins 20-30%, targeting 20%+ EBITDA margin. Operational improvements (safety TRIR down 33% since 2023) driving efficiency.
- **Cash Conversion**: DSO improvement (5 days YoY) from AMS/DRS mix shift and collections focus. CapEx efficiency (vehicle count reduction) supporting decapitalization.
- **Geographic Growth**: Balanced organic growth across regions, with Rest of World (LATAM/Middle East) lagging but improving. No material FX impact expected in 2026.
- **Bank Consolidation Impact**: AMS solutions position Brink's to benefit from cost synergies in consolidating banks. Potential short-term CVM headwinds offset by long-term AMS opportunities.

The Brink's Company (BCO) Q3 2025 Earnings Call Transcript

- **Revenue Growth Acceleration**: AMS/DRS up 16% Q2, FY25 guidance raised to high end of framework. Free cash flow conversion 48% of EBITDA, trailing 12M $140M.
- **Margin Expansion**: Operating margins 12.6%, EBITDA margins 17.8%. Target 30-50bps margin expansion in H2.
- **Shareholder Returns**: $130M repurchased YTD, 50%+ of FCF allocated to buybacks. Tax rate 28% stable forward.
- **Strategic Investments**: $102M Q2 free cash flow, $166M buyback capacity. KAL partnership expands ATM software capabilities.
- **Market Expansion**: Total addressable market 2x-3x current size, targeting unvended retail and outsourced ATM networks.

**【CEO Summary Section】**
- Organic revenue growth of 5% year-over-year, driven by 16% growth in AMS/DRS segments. North America AMS/DRS growth outperformed expectations with new customer onboarding (e.g., Sainsbury's Bank, convenience store chains).
- Record Q2 EBITDA of $232M, operating margins at 12.6%, up 20bps YoY. Free cash flow of $102M, trailing 12-month conversion rate 48% of EBITDA.
- Share repurchase program reduced diluted share count by 6%, with $166M remaining under buyback authorization. 50%+ of free cash flow allocated to shareholder returns.
- Guidance updated for FY25: Revenue +$75M, EBITDA +$20M, margin expansion 30-50bps, free cash flow conversion 40-45%.

**【CFO Financial Commentary】**
- Q2 revenue $1.3B (+4% YoY), adjusted EBITDA $232M (+3% YoY). Operating profit $165M, EPS $1.79 (flat YoY due to higher tax rate and interest expense).
- Organic growth $60M, 80% from AMS/DRS. CVM growth 1% YoY, impacted by AMS/DRS conversions. FX tailwind $17M offset by Latin America headwinds.
- Tax rate 28% (vs. 23% prior year due to lapping one-time benefits). Interest expense $61M stable QoQ. D&A $58M, modest increase expected for AMS/DRS equipment.

**【Q&A Highlights】**
- **Organic Growth Drivers**: AMS/DRS acceleration in H2, with Q2 growth 16% vs. Q1 20%. Pipeline visibility supports high-end of FY25 framework. Productivity gains in routing and money processing centers.
- **FX Impact**: Q2 EBITDA benefited $17M from euro/sterling strength, offset by Latin America devaluation. FY25 guidance includes $75M FX tailwind.
- **Global Services (BGS)**: Mid-single-digit growth expected, volatile with geopolitical tensions. FY25 outlook unchanged despite Q2 moderation.
- **DRS Strategy**: Focus on unvended retail locations with low entry cost. Record installations in North America, pipeline growth in Latin America.
- **Share Repurchases**: $130M spent YTD, remaining capacity $166M. Opportunistic buying to maximize shareholder returns.


The Brink's Company, Inc. (BCO) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 organic growth of 6%, with AMS/DRS up 20%+; 25% of revenue now from higher-margin recurring services.
- **Financial Outperformance**: Adjusted EBITDA $215M (17.2% margin), EPS $1.62, exceeding high-end guidance.
- **Strategic Momentum**: New customer wins in AMS/DRS, including Southeast Asia and North America convenience stores.
- **Margin Expansion**: Full-year target of 30-50 bps expansion, driven by H2 AMS/DRS acceleration and productivity.
- **Resilience**: 70% of EBITDA from subscriptions; diversified global footprint mitigates macro risks.

**【CEO Summary Section】**
- **Organic Growth Momentum**: Total organic growth of 6% in Q1, with AMS and DRS growing over 20% for the fourth consecutive quarter. These higher-margin businesses now represent 25% of total revenue.
- **Financial Highlights**: Adjusted EBITDA of $215 million (17.2% margin), EPS of $1.62, and free cash flow conversion of 40%. Q1 results exceeded high-end guidance due to strong execution and expense timing.
- **Strategic Focus**: Expansion of AMS and DRS, with new customer onboarding in North America, Europe, and Southeast Asia. Global Services benefited from elevated precious metal movement, contributing to Rest of World segment growth of 9%.
- **Guidance**: Full-year organic growth of mid-single digits, 30-50 bps EBITDA margin expansion, and free cash flow conversion of 40-45%. Q2 EBITDA expected between $205M-$225M, reflecting FX headwinds and restructuring actions.

**【CFO Financial Commentary】**
- **Revenue Performance**: Organic revenue grew $69M (80% from AMS/DRS), with FX headwinds of $66M. Adjusted EBITDA increased $14M (6%), driven by margin benefits from recurring revenue mix.
- **Profitability**: Operating profit of $151M (12.1% margin), up 4% YoY. Tax rate rose to 27.8% due to lapping one-time Argentina benefits. Interest income declined $5M YoY as Argentine inflation moderates.
- **Capital Allocation**: $110M in share repurchases YTD, with $180M remaining under current authorization. Dividend increased for the third consecutive year. CapEx targeted at 3.5% of revenue, focused on AMS/DRS.
- **Liquidity**: Leverage at 3.06x, expected to return to target range by year-end. Free cash flow conversion of 40% on a trailing 12-month basis.

**【Q&A Key Highlights】**
- **Tariff Exposure**: Minimal direct impact; business model insulated by local sourcing and service-based revenue. Global Services benefited from Q1 precious metal movement but expects normalization in Q2.
- **Latin America Pricing**: Maintaining pricing discipline in hyperinflationary markets (e.g., Argentina). FX headwinds from Mexican peso and Brazilian real expected to moderate in H2.
- **Margin Guidance**: First-half margin compression due to FX, lower Argentina interest income, and restructuring. Second-half margin expansion driven by AMS/DRS growth, productivity initiatives, and FX tailwind.
- **Growth Drivers**: AMS pipeline win rate improving, with onboarding of large convenience store chains. DRS device installations at record levels, with 5% YoY increase in North America.
- **Resilience**: Diversified global footprint (100+ countries) and recurring revenue model (70% of EBITDA from subscriptions) provide stability in uncertain macro conditions.

The Brink's Company (BCO)-12 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 12% full-year organic growth, AMS/DRS up 23% annually.
- **Margin Expansion**: EBITDA margin +40bps to 18.2%, targeting 30-50bps in 2025.
- **Cash Flow Strength**: $400M free cash flow, 44% conversion from EBITDA.
- **Strategic Momentum**: AMS/DRS now 24% of revenue, 2025 targets 25-27%.
- **FX Risks**: 2025 expects 5% FX headwind, mitigated by operational efficiency.
- **Leadership Action**: 3 new executives driving global services and Latin America restructuring.


**【CEO Summary Section】**
- **Organic Growth**: Total organic growth of 11% in Q4 and 12% for the full year. AMS/DRS grew 23% organically in both Q4 and the full year, with a 12-quarter streak of double-digit growth.
- **CVM Performance**: Cash and valuables management (CVM) grew 7% in Q4 and 9% annually, driven by global services recovery in precious metals markets.
- **Financial Highlights**: EBITDA of $912 million with 40bps margin expansion to 18.2%. EPS of $7.17, reduced by 4% due to share buybacks. Free cash flow of $400 million annually, $300 million in Q4.
- **Strategic Focus**: Enhancing revenue mix (AMS/DRS now 24% of revenue), operational efficiency, and free cash flow conversion (40-45% of EBITDA to shareholders).
- **Leadership Updates**: Added three executives from blue-chip companies to lead global services, continuous improvement, and Latin America.
- **2025 Outlook**: Mid-single-digit organic growth, 30-50bps margin expansion, and $250 million+ shareholder returns.

**【CFO Financial Commentary】**
- **Q4 Results**: Organic revenue growth of $133 million (46% from AMS/DRS). Adjusted EBITDA up $28 million (11%), despite $123 million FX headwinds.
- **Currency Impact**: 10% headwind in 2024, primarily Latin America. 2025 expects 5% FX headwind.
- **Cash Flow Management**: DSO reduced by 7 days. Capital efficiency: 300+ vehicles removed, 60+ facilities closed. CapEx at 2.9% of revenue, below 3.5% target.
- **Shareholder Returns**: $204 million in buybacks (20% increase), 2.1 million shares repurchased. Dividend growth continued.

**【Q&A Highlights】**
- **CVM Growth**: 50-50 split between volume and price, with Argentina inflation moderation reducing growth drag.
- **North America Investments**: Route optimization tech to be fully implemented by mid-2025, targeting 20% EBITDA margin.
- **2025 Growth Assumptions**: AMS/DRS mid-high teens growth, CVM low single digits. Global services rebound driven by precious metals volatility.
- **FX Risks**: 2025 Latin America FX headwinds, offset by AMS/DRS margin resilience. Free cash flow conversion to remain stable.
- **Tariffs Impact**: Minimal direct impact; benefits from precious metals volatility in global services.
- **Coin Business**: Penny discontinuation negligible; coin logistics remain stable.


The Brink's Company (BCO) Q4 2024 Earnings Call Transcript

The Brink's Company (BCO)-6 Nov 24-2024 Q3 Earnings call transcript

Brink`s (BCO)-7 Aug 24-2024 Q2 Earnings call transcript

Brink`s (BCO)-8 May 24-2024 Q1 Earnings call transcript

- **Revenue Growth**: 9% organic growth in 2023, with 40% from AMS/DRS. 2024 guidance for mid-single-digit revenue growth, 50%+ of organic growth from higher-margin services.
- **Profitability**: 17.8% EBITDA margin in 2023, targeting 80bp expansion in 2024. Free cash flow nearly doubled to $393 million, with 2024 target of $415-$465 million.
- **Strategic Focus**: 21% of revenue from AMS/DRS, up from 14% in 2021. 2024 pipeline for DRS installations at record highs, with 50% YoY growth in sales pipeline.
- **Financial Flexibility**: Leverage reduced to 2.9x, enabling $200 million+ annual buybacks. 2024 share repurchase program of $500 million reflects confidence in valuation.

**【CEO Summary Section】**
- **Q4 2023 Performance**: Total revenue growth of 5% (9% organic), driven by 17% growth in AMS/DRS. Operating profit was $190 million (15.2% margin), with EPS up 31% to $2.76. Full-year free cash flow reached $393 million, nearly doubling year-over-year.
- **Full-Year 2023 Highlights**: Organic revenue growth of 9%, adjusted EBITDA of $867 million (17.8% margin). Free cash flow conversion improved to 45%, with $200 million returned to shareholders via buybacks and a 10% dividend increase.
- **2024 Guidance**: Mid-single-digit revenue growth, adjusted EBITDA of $935-$985 million (80bp margin expansion), and free cash flow of $415-$465 million. Focus on double-digit growth in AMS/DRS and margin expansion through cost productivity.

**【CFO Financial Commentary】**
- **Q4 Financials**: GAAP net income of $127 million, Non-GAAP EPS of $2.76 (31% YoY). Free cash flow of $177 million (70% conversion). FX headwinds in Argentina reduced revenue by $46 million.
- **2024 Outlook**: EBITDA growth of ~$90 million, driven by AMS/DRS expansion and cost savings. Free cash flow conversion expected at 46% (midpoint). Interest expense to rise due to higher rates, but leverage maintained at 2.9x (target 2x-3x).

**【Q&A Highlights】**
- **Pricing Sustainability**: 50-50 split between price and volume growth in Cash and Valuables Management. Pricing exceeds inflation, with pipeline up 50% YoY across regions.
- **AMS/DRS Growth**: 21% of total revenue in 2023, targeting double-digit organic growth in 2024. DRS pipeline in North America up 50% YoY, with record installations in Q1 2024.
- **Free Cash Flow Conversion**: 2023 conversion of 45%, 2024 target of 46%. Working capital improvements and reduced CapEx intensity support cash flow growth.
- **Market Trends**: DRS adoption driven by digital retail integration; AMS gaining traction in Europe and Latin America through pilot programs and network expansion.

Brink`s (BCO)-29 Feb 24-2023 Q4 Earnings call transcript

Brink`s (BCO)-7 Nov 23-2023 Q3 Earnings call transcript

Brink`s (BCO)-9 Aug 23-2023 Q2 Earnings call transcript

Brink`s (BCO)-22 Feb 23-2022 Q4 Earnings call transcript

Brink`s (BCO)-26 Oct 22-2022 Q3 Earnings call transcript

Brink`s (BCO)-5 Aug 22-2022 Q2 Earnings call transcript

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