Company Quick10K Filing
Brinks
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 51 $4,051
10-Q 2019-10-23 Quarter: 2019-09-30
10-Q 2019-07-24 Quarter: 2019-06-30
10-Q 2019-04-24 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-10-24 Quarter: 2018-09-30
10-Q 2018-07-25 Quarter: 2018-06-30
10-Q 2018-04-25 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-10-25 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-04-26 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-26 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-05-03 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-05-01 Quarter: 2015-03-31
10-K 2015-03-05 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-07-28 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-28 Annual: 2013-12-31
10-Q 2013-10-25 Quarter: 2013-09-30
10-Q 2013-07-26 Quarter: 2013-06-30
10-Q 2013-04-26 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-06-30
10-Q 2012-04-27 Quarter: 2012-03-31
10-K 2012-02-28 Annual: 2011-12-31
10-Q 2011-10-28 Quarter: 2011-09-30
10-Q 2011-07-29 Quarter: 2011-06-30
10-Q 2011-04-29 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-10-29 Quarter: 2010-09-30
10-Q 2010-08-03 Quarter: 2010-06-30
10-Q 2010-04-30 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-08-26 Regulation FD, Exhibits
8-K 2019-08-08 Officers, Amend Bylaw, Regulation FD
8-K 2019-07-26 Regulation FD, Exhibits
8-K 2019-07-24 Earnings, Regulation FD
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-02 Officers, Shareholder Vote, Exhibits
8-K 2019-04-24 Earnings, Regulation FD
8-K 2019-02-25 Regulation FD, Exhibits
8-K 2019-02-21 Officers
8-K 2019-02-08 Enter Agreement, Off-BS Arrangement
8-K 2019-02-06 Earnings, Regulation FD
8-K 2019-01-07
8-K 2019-01-07 Regulation FD, Exhibits
8-K 2018-12-11 Regulation FD, Other Events
8-K 2018-12-07 Regulation FD, Exhibits
8-K 2018-10-24 Earnings, Regulation FD
8-K 2018-08-13 M&A, Regulation FD, Exhibits
8-K 2018-08-07 Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Regulation FD
8-K 2018-06-05 Regulation FD, Exhibits
8-K 2018-05-31 Enter Agreement, Regulation FD, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-04-25 Earnings, Regulation FD
8-K 2018-03-15 Regulation FD, Exhibits
8-K 2018-02-26 Officers
8-K 2018-02-07 Earnings, Regulation FD
8-K 2018-01-10 Regulation FD
BCO 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue From Contracts with Customers
Note 3 - Segment Information
Note 4 - Retirement Benefits
Note 5 - Income Taxes
Note 6 - Acquisitions and Dispositions
Note 7 - Accumulated Other Comprehensive Income (Loss)
Note 8 - Fair Value of Financial Instruments
Note 9 - Debt
Note 10 - Leases
Note 11 - Share-Based Compensation Plans
Note 12 - Capital Stock
Note 13 - Supplemental Cash Flow Information
Note 14 - Contingent Matters
Note 15 - Reorganization and Restructuring
Note 16 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits
EX-10.1 ex101q32019.htm
EX-31.1 ex311q32019.htm
EX-31.2 ex312q32019.htm
EX-32.1 ex321q32019.htm
EX-32.2 ex322q32019.htm

Brinks Earnings 2019-09-30

BCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BCO 4,051 3,732 3,523 3,579 825 82 424 5,399 23% 12.7 2%
MIC 3,412 7,783 4,745 1,809 307 102 510 5,882 17% 11.5 1%
INT 2,265 5,751 3,936 38,556 1,049 143 381 2,730 3% 7.2 2%
FWRD 1,634 937 387 1,355 368 91 163 1,677 27% 10.3 10%
HUBG 1,414 1,930 898 3,806 514 217 321 1,562 13% 4.9 11%
ECHO 633 848 472 2,320 199 25 74 771 9% 10.4 3%
CYRX 604 133 24 26 13 -9 -7 509 51% -69.9 -7%
RLGT 337 268 140 891 230 17 41 369 26% 9.0 6%
RRTS 337 843 622 1,524 0 -269 -173 514 0% -3.0 -32%
AE 142 302 152 1,840 0 3 18 10 0% 0.5 1%

Document
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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 September 30, 2019

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.
(Check one):  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 October 21, 2019, 50,024,922 shares of $1 par value common stock were outstanding.

1



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)
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
337.0

 
343.4

Restricted cash
89.2

 
136.1

Accounts receivable, net
653.1

 
599.5

Prepaid expenses and other
166.8

 
127.5

Total current assets
1,246.1

 
1,206.5

 
 
 
 
Right-of-use assets, net
269.3

 

Property and equipment, net
718.1

 
699.4

Goodwill
776.0

 
678.6

Other intangibles
273.2

 
228.9

Deferred income taxes
236.3

 
236.5

Other
183.6

 
186.1

 
 
 
 
Total assets
$
3,702.6

 
3,236.0

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

 
 
 
 
Current liabilities:
 

 
 

Short-term borrowings
$
15.4

 
28.9

Current maturities of long-term debt
73.7

 
53.5

Accounts payable
169.0

 
174.6

Accrued liabilities
592.0

 
502.1

Restricted cash held for customers
38.5

 
90.3

Total current liabilities
888.6

 
849.4

 
 
 
 
Long-term debt
1,660.8

 
1,471.6

Accrued pension costs
184.5

 
196.9

Retirement benefits other than pensions
365.5

 
366.1

Lease liabilities
217.9

 

Deferred income taxes
15.2

 
16.7

Other
184.9

 
168.7

Total liabilities
3,517.4

 
3,069.4

 
 
 
 
Commitments and contingent liabilities (notes 4, 8 and 14)


 


 
 
 
 
Equity:
 

 
 

The Brink's Company ("Brink's") shareholders:
 

 
 

Common stock, par value $1 per share:
 
 
 
Shares authorized: 100.0
 
 
 
Shares issued and outstanding: 2019 - 50.0; 2018 - 49.7
50.0

 
49.7

Capital in excess of par value
656.6

 
628.2

Retained earnings
467.5

 
429.1

Accumulated other comprehensive loss
(1,004.9
)
 
(953.3
)
Brink’s shareholders
169.2

 
153.7

 
 
 
 
Noncontrolling interests
16.0

 
12.9

 
 
 
 
Total equity
185.2

 
166.6

 
 
 
 
Total liabilities and equity
$
3,702.6

 
3,236.0

See accompanying notes to condensed consolidated financial statements.

2



THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months 
 Ended September 30,
 
Nine Months 
 Ended September 30,
(In millions, except for per share amounts)
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Revenues
$
928.4

 
852.4

 
$
2,747.4

 
2,581.2

 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
Cost of revenues
714.4

 
652.6

 
2,125.6

 
2,013.0

Selling, general and administrative expenses
155.0

 
125.4

 
451.3

 
368.4

Total costs and expenses
869.4

 
778.0

 
2,576.9

 
2,381.4

Other operating income (expense)
(6.5
)
 
(7.4
)
 
(7.0
)
 
(6.3
)
 
 
 
 
 
 
 
 
Operating profit
52.5

 
67.0

 
163.5

 
193.5

 
 
 
 
 
 
 
 
Interest expense
(22.9
)
 
(17.0
)
 
(68.6
)
 
(47.8
)
Loss on deconsolidation of Venezuela operations

 

 

 
(126.7
)
Interest and other nonoperating income (expense)
(7.8
)
 
(8.1
)
 
(22.1
)
 
(29.3
)
Income (loss) from continuing operations before tax
21.8

 
41.9

 
72.8

 
(10.3
)
Provision for income taxes
14.7

 
23.0

 
37.1

 
53.0

 
 
 
 
 
 
 
 
Income (loss) from continuing operations
7.1

 
18.9

 
35.7

 
(63.3
)
 
 
 
 
 
 
 
 
Loss from discontinued operations, net of tax
(0.4
)
 
(0.1
)
 
(0.5
)
 

 
 
 
 
 
 
 
 
Net income (loss)
6.7

 
18.8

 
35.2

 
(63.3
)
Less net income attributable to noncontrolling interests
1.3

 
1.4

 
3.6

 
4.9

 
 
 
 
 
 
 
 
Net income (loss) attributable to Brink’s
5.4

 
17.4

 
31.6

 
(68.2
)
 
 
 
 
 
 
 
 
Amounts attributable to Brink’s
 
 
 
 
 
 
 
Continuing operations
5.8

 
17.5

 
32.1

 
(68.2
)
Discontinued operations
(0.4
)
 
(0.1
)
 
(0.5
)
 

 
 
 
 
 
 
 
 
Net income (loss) attributable to Brink’s
$
5.4

 
17.4

 
$
31.6

 
(68.2
)
 
 
 
 
 
 
 
 
Income (loss) per share attributable to Brink’s common shareholders(a):
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.11

 
0.34

 
$
0.64

 
(1.34
)
Discontinued operations
(0.01
)
 

 
(0.01
)
 

Net income (loss)
$
0.11

 
0.34

 
$
0.63

 
(1.34
)
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.11

 
0.34

 
$
0.63

 
(1.34
)
Discontinued operations
(0.01
)
 

 
(0.01
)
 

Net income (loss)
$
0.10

 
0.34

 
$
0.62

 
(1.34
)
 
 
 
 
 
 
 
 
Weighted-average shares
 
 
 
 
 
 
 
Basic
50.3

 
51.1

 
50.2

 
51.0

Diluted
51.1

 
52.0

 
51.0

 
51.0

 
 
 
 
 
 
 
 
Cash dividends paid per common share
$
0.15

 
0.15

 
$
0.45

 
0.45

(a)   Amounts may not add due to rounding.
See accompanying notes to condensed consolidated financial statements.


3



THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 
Three Months 
 Ended September 30,
 
Nine Months 
 Ended September 30,
(In millions)
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income (loss)
$
6.7

 
18.8

 
$
35.2

 
(63.3
)
 
 
 
 
 
 
 
 
Benefit plan adjustments:
 

 
 

 
 
 
 
Benefit plan actuarial gains
9.2

 
13.5

 
29.5

 
51.2

Benefit plan prior service costs
(1.2
)
 
(0.9
)
 
(3.7
)
 
(0.6
)
Deferred profit sharing
0.1

 
0.1

 
0.2

 
0.1

Total benefit plan adjustments
8.1

 
12.7

 
26.0

 
50.7

 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(34.9
)
 
(0.6
)
 
(25.2
)
 
(31.4
)
Gains (losses) on cash flow hedges
(3.9
)
 

 
(22.4
)
 
0.6

Other comprehensive income (loss) before tax
(30.7
)
 
12.1

 
(21.6
)
 
19.9

Provision for income taxes
0.7

 
3.1

 
0.5

 
10.1

 
 
 
 
 
 
 
 
Other comprehensive income (loss)
(31.4
)
 
9.0

 
(22.1
)
 
9.8

 
 
 
 
 
 
 
 
Comprehensive income (loss)
(24.7
)
 
27.8

 
13.1

 
(53.5
)
Less comprehensive income attributable to noncontrolling interests
1.6

 
1.4

 
4.3

 
5.0

 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Brink's
$
(26.3
)
 
26.4

 
$
8.8

 
(58.5
)
See accompanying notes to condensed consolidated financial statements.


4



THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Equity
(Unaudited)

 
Nine Months ended September 30, 2019
(In millions)
Shares
 
Common
Stock
 
Capital in Excess of Par Value
 
Retained
Earnings
 
AOCI*
 
Noncontrolling
Interests
 
Total
Balance as of December 31, 2018
49.7

 
$
49.7

 
628.2

 
429.1

 
(953.3
)
 
12.9

 
166.6

Cumulative effect of change in accounting principle(a)

 

 

 
28.8

 
(28.8
)
 

 

Net income

 

 

 
13.7

 

 
0.8

 
14.5

Other comprehensive income

 

 

 

 
1.9

 
0.3

 
2.2

Shares repurchased

 

 
(0.5
)
 
0.5

 

 

 

Dividends to:
 

 
 

 
 

 
 

 
 

 
 

 
 

Brink’s common shareholders ($0.15 per share)

 

 

 
(7.4
)
 

 

 
(7.4
)
Share-based compensation:
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock awards and options:
 

 
 

 
 

 
 

 
 

 
 

 
 

Compensation expense

 

 
9.4

 

 

 

 
9.4

Other share-based benefit transactions
0.2

 
0.2

 
(6.2
)
 

 

 

 
(6.0
)
Balance as of March 31, 2019
49.9

 
$
49.9

 
630.9

 
464.7

 
(980.2
)
 
14.0

 
179.3

Net income

 

 

 
12.5

 

 
1.5

 
14.0

Other comprehensive income

 

 

 

 
7.0

 
0.1

 
7.1

Dividends to:
 

 
 

 
 

 
 

 
 

 
 

 
 

Brink’s common shareholders ($0.15 per share)

 

 

 
(7.5
)
 

 

 
(7.5
)
Noncontrolling interests

 

 

 

 

 
(0.2
)
 
(0.2
)
Share-based compensation:
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock awards and options:
 

 
 

 
 

 
 

 
 

 
 

 
 

Compensation expense

 

 
16.7

 

 

 

 
16.7

Other share-based benefit transactions
0.1

 
0.1

 
0.1

 

 

 

 
0.2

Capital contributions from noncontrolling interest

 

 

 

 

 
0.1

 
0.1

Balance as of June 30, 2019
50.0

 
$
50.0

 
647.7

 
469.7

 
(973.2
)
 
15.5

 
209.7

Net income

 

 

 
5.4

 

 
1.3

 
6.7

Other comprehensive income

 

 

 

 
(31.7
)
 
0.3

 
(31.4
)
Dividends to:
 

 
 

 
 

 
 

 
 

 
 

 
 

Brink’s common shareholders ($0.15 per share)

 

 

 
(7.5
)
 

 

 
(7.5
)
Noncontrolling interests

 

 

 

 

 
(1.2
)
 
(1.2
)
Share-based compensation:
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock awards and options:
 

 
 

 
 

 
 

 
 

 
 

 
 

Compensation expense

 

 
9.8

 

 

 

 
9.8

Other share-based benefit transactions

 

 
(0.9
)
 
(0.1
)
 

 

 
(1.0
)
Capital contributions from noncontrolling interest

 

 

 

 

 
0.1

 
0.1

Balance as of September 30, 2019
50.0

 
$
50.0

 
656.6

 
467.5

 
(1,004.9
)
 
16.0

 
185.2



(a)
Effective January 1, 2019, we adopted the provisions of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. We recognized a cumulative effect adjustment to January 1, 2019 retained earnings as a result of adopting this standard. See Note 1 for further details.

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.
 


5



 
Nine Months ended September 30, 2018
(In millions)
Shares
 
Common
Stock
 
Capital in Excess of Par Value
 
Retained
Earnings
 
AOCI*
 
Noncontrolling
Interests
 
Total
Balance as of December 31, 2017
50.5

 
$
50.5

 
628.6

 
564.9

 
(926.6
)
 
20.8

 
338.2

Cumulative effect of change in accounting principle(a)

 

 

 
3.3

 
(1.1
)
 

 
2.2

Net income

 

 

 
22.3

 

 
3.2

 
25.5

Other comprehensive income

 

 

 

 
11.1

 
1.1

 
12.2

Dividends to:
 

 
 

 
 

 
 

 
 

 
 

 
 

Brink’s common shareholders ($0.15 per share)

 

 

 
(7.6
)
 

 

 
(7.6
)
Noncontrolling interests

 

 

 

 

 
(0.7
)
 
(0.7
)
Share-based compensation:
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock awards and options:
 

 
 

 
 

 
 

 
 

 
 

 
 

Compensation expense

 

 
6.8

 

 

 

 
6.8

Other share-based benefit transactions
0.4

 
0.4

 
(10.5
)
 

 

 

 
(10.1
)
Balance as of March 31, 2018
50.9

 
$
50.9

 
624.9

 
582.9

 
(916.6
)
 
24.4

 
366.5

Net income (loss)

 

 

 
(107.9
)
 

 
0.3

 
(107.6
)
Other comprehensive loss

 

 

 

 
(10.4
)
 
(1.0
)
 
(11.4
)
Dividends to:
 

 
 

 
 

 
 

 
 

 
 

 
 

Brink’s common shareholders ($0.15 per share)

 

 

 
(7.6
)
 

 

 
(7.6
)
Noncontrolling interests

 

 

 

 

 
(1.2
)
 
(1.2
)
Share-based compensation:
 

 
 

 
 

 
 

 
 

 
 

 
 

Stock awards and options:
 

 
 

 
 

 
 

 
 

 
 

 
 

Compensation expense

 

 
5.7

 

 

 

 
5.7

Consideration from exercise of stock options

 

 
0.8

 

 

 

 
0.8

Other share-based benefit transactions
0.1

 
0.1

 
0.2

 

 

 

 
0.3

Dispositions of noncontrolling interests

 

 

 

 

 
(0.4
)
 
(0.4
)
Balance as of June 30, 2018
51.0

 
$
51.0