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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, 2022

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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareBCONew 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 October 21, 2022, 46,449,606 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, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$1,019.0 710.3 
Restricted cash329.9 376.4 
Accounts receivable, net787.7 701.8 
Prepaid expenses and other310.1 211.0 
Total current assets2,446.7 1,999.5 
Right-of-use assets, net293.4 299.1 
Property and equipment, net844.8 865.6 
Goodwill1,342.2 1,411.7 
Other intangibles447.3 491.2 
Deferred tax assets, net276.5 239.4 
Other282.5 260.2 
Total assets$5,933.4 5,566.7 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term borrowings$20.7 9.8 
Current maturities of long-term debt81.8 115.2 
Accounts payable193.5 211.2 
Accrued liabilities888.3 877.3 
Restricted cash held for customers163.6 215.5 
Total current liabilities1,347.9 1,429.0 
Long-term debt3,269.2 2,841.7 
Accrued pension costs187.7 219.3 
Retirement benefits other than pensions315.6 322.2 
Lease liabilities240.1 241.8 
Deferred tax liabilities47.6 49.2 
Other206.1 210.9 
Total liabilities5,614.2 5,314.1 
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: 2022 - 46.7; 2021 - 47.4
46.7 47.4 
Capital in excess of par value677.4 670.6 
Retained earnings399.2 312.9 
Accumulated other comprehensive loss(920.6)(907.9)
Brink’s shareholders202.7 123.0 
Noncontrolling interests116.5 129.6 
Total equity319.2 252.6 
Total liabilities and equity$5,933.4 5,566.7 
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)2022202120222021
Revenues$1,136.7 1,075.5 $3,344.6 3,102.0 
Costs and expenses:  
Cost of revenues880.7 837.6 2,587.9 2,415.6 
Selling, general and administrative expenses180.8 161.9 519.9 472.0 
Total costs and expenses1,061.5 999.5 3,107.8 2,887.6 
Other operating income (expense)(15.7)(1.8)(18.4)(5.2)
Operating profit59.5 74.2 218.4 209.2 
Interest expense(34.7)(27.6)(95.0)(83.0)
Interest and other nonoperating income (expense)6.3 (0.7)8.4 (1.6)
Income from continuing operations before tax31.1 45.9 131.8 124.6 
Provision (benefit) for income taxes8.5 22.9 (3.3)59.2 
Income from continuing operations22.6 23.0 135.1 65.4 
Loss from discontinued operations, net of tax  (0.2)(0.1)
Net income22.6 23.0 134.9 65.3 
Less net income attributable to noncontrolling interests3.4 4.0 9.3 9.7 
Net income attributable to Brink’s19.2 19.0 125.6 55.6 
Amounts attributable to Brink’s  
Continuing operations19.2 19.0 125.8 55.7 
Discontinued operations  (0.2)(0.1)
Net income attributable to Brink’s$19.2 19.0 $125.6 55.6 
Income per share attributable to Brink’s common shareholders(a):
  
Basic:  
Continuing operations$0.41 0.38 $2.65 1.12 
Net income$0.41 0.38 $2.64 1.12 
Diluted:  
Continuing operations$0.41 0.38 $2.63 1.11 
Net income$0.40 0.38 $2.62 1.10 
Weighted-average shares  
Basic47.4 49.8 47.5 49.9 
Diluted47.5 50.3 47.9 50.4 
Cash dividends paid per common share$0.20 0.20 $0.60 0.55 
(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)2022202120222021
Net income$22.6 23.0 $134.9 65.3 
Benefit plan adjustments:  
Benefit plan actuarial gains10.1 23.0 33.3 37.4 
Benefit plan prior service costs(1.3)(1.2)(3.8)(3.0)
Deferred profit sharing (0.5) (0.5)
Total benefit plan adjustments8.8 21.3 29.5 33.9 
Foreign currency translation adjustments(42.2)(41.2)(72.7)(49.3)
Unrealized net gain on available-for-sale securities0.7    
Gains on cash flow hedges12.2 2.9 37.4 12.8 
Other comprehensive loss before tax(20.5)(17.0)(5.8)(2.6)
Provision for income taxes12.6 7.4 17.5 15.1 
Other comprehensive loss(33.1)(24.4)(23.3)(17.7)
Comprehensive income (loss)(10.5)(1.4)111.6 47.6 
Less comprehensive income (loss) attributable to noncontrolling interests(0.6)2.7 (1.2)6.6 
Comprehensive income (loss) attributable to Brink's$(9.9)(4.1)$112.8 41.0 
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, 2022
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 202147.4 $47.4 670.6 312.9 (907.9)129.6 252.6 
Net income— — — 71.3 — 2.9 74.2 
Other comprehensive income (loss)— — — — 50.9 (1.5)49.4 
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.5)— — (9.5)
Noncontrolling interests— — — — — (1.2)(1.2)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 7.1 — — — 7.1 
Other share-based benefit transactions0.2 0.2 (3.0)— — — (2.8)
Balance as of March 31, 202247.6 $47.6 674.7 374.7 (857.0)129.8 369.8 
Net income— — — 35.1 — 3.0 38.1 
Other comprehensive loss— — — — (34.6)(5.0)(39.6)
Shares repurchased(0.5)(0.5)(8.0)8.5 — —  
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.4)— — (9.4)
Noncontrolling interests— — — — — (1.6)(1.6)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 14.9 — — — 14.9 
Other share-based benefit transactions0.1 0.1 (5.5)(0.1)— — (5.5)
Balance as of June 30, 202247.2 $47.2 676.1 408.8 (891.6)126.2 366.7 
Net income— — — 19.2 — 3.4 22.6 
Other comprehensive loss— — — — (29.1)(4.0)(33.1)
Shares repurchased(a)
(0.5)(0.5)(10.7)(19.3)— — (30.5)
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.4)— — (9.4)
Noncontrolling interests— — — — — (4.1)(4.1)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 14.3 — — — 14.3 
Other share-based benefit transactions  0.4 (0.1)— — 0.3 
Capital contributions from noncontrolling interest— — — — — 0.1 0.1 
Acquisitions of noncontrolling interests— — (2.7)— 0.1 (5.2)(7.8)
Acquisitions with noncontrolling interests— — — — — 0.1 0.1 
Balance as of September 30, 202246.7 $46.7 677.4 399.2 (920.6)116.5 319.2 

(a)During the third quarter ended September 30, 2022, we repurchased a total of 501,560 shares of our common stock for an aggregate of $27.3 million in cash. On the last two days of September 2022, our agent broker purchased additional shares of our common stock in the open market. We are obligated to pay $3.2 million to repurchase those shares and, as of September 30, 2022, this obligation has been reported as a current liability and a corresponding reduction to equity in our condensed consolidated financial statements. See Note 12 for further details.

* Accumulated other comprehensive income (loss)










5


Condensed Consolidated Statements of Equity, continued
(Unaudited)

Nine Months ended September 30, 2021
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 202049.5 $49.5 671.8 407.5 (1,000.0)73.7 202.5 
Cumulative effect of change in accounting principle(a)
— — — 0.5 — — 0.5 
Net income— — — 12.7 — 2.7 15.4 
Other comprehensive loss— — — — (40.7)(2.1)(42.8)
Dividends to:       
Brink’s common shareholders ($0.15 per share)
— — — (7.4)— — (7.4)
Noncontrolling interests— — — — — (0.4)(0.4)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 7.6 — — — 7.6 
Consideration from exercise of stock options— — 2.3 — — — 2.3 
Other share-based benefit transactions0.2 0.2 (4.2)— — — (4.0)
Acquisitions with noncontrolling interests— — — — — 51.4 51.4 
Balance as of March 31, 202149.7 $49.7 677.5 413.3 (1,040.7)125.3 225.1 
Net income— — — 23.9 — 3.0 26.9 
Other comprehensive income— — — — 49.2 0.3 49.5 
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (10.0)— — (10.0)
Noncontrolling interests— — — — — (1.1)(1.1)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 11.1 — — — 11.1 
Other share-based benefit transactions0.1 0.1 (0.1)— — —  
Acquisitions with noncontrolling interests— — — — — 1.1 1.1 
Balance as of June 30, 202149.8 $49.8 688.5 427.2 (991.5)128.6 302.6 
Net income— — — 19.0 — 4.0 23.0 
Other comprehensive loss— — — — (23.1)(1.3)(24.4)
Shares repurchased(0.7)(0.7)(9.3)(40.0)— — (50.0)
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.9)— — (9.9)
Noncontrolling interests— — — — — (3.5)(3.5)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 9.2 — — — 9.2 
Other share-based benefit transactions— — 2.3 (0.1)— — 2.2 
Capital contributions from noncontrolling interest— — — — — 0.1 0.1 
Acquisitions with noncontrolling interests— — — — — (0.3)(0.3)
Balance as of September 30, 202149.1 $49.1 690.7 396.2 (1,014.6)127.6 249.0 

(a)Effective January 1, 2021, we adopted the provisions of ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. We recognized a cumulative effect adjustment to January 1, 2021 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.
6


THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months
Ended September 30,
(In millions)
20222021
Cash flows from operating activities:
 
 
Net income
$134.9 65.3 
Adjustments to reconcile net income to net cash used by operating activities:
Loss from discontinued operations, net of tax
0.2 0.1 
Depreciation and amortization
179.9 178.1 
Share-based compensation expense
36.3 27.9 
Deferred income taxes
(57.3)(6.2)
(Gain) loss on sale of property, equipment and marketable securities0.8 (16.3)
Impairment losses
7.9 7.5 
Retirement benefit funding (more) less than expense:
Pension
(4.7)7.9 
Other than pension
2.8 9.9 
Remeasurement losses due to Argentina currency devaluations
24.4 6.6 
Other operating
29.7 (4.4)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and income taxes receivable
(175.7)(52.0)
Accounts payable, income taxes payable and accrued liabilities
108.7 50.6 
Restricted cash held for customers(4.4)12.7 
Customer obligations
4.0 10.0 
Prepaid and other current assets
(79.8)(13.5)
Other
(7.2)(10.6)
Net cash provided by operating activities
200.5 273.6 
Cash flows from investing activities:
 
 
Capital expenditures
(131.5)(113.7)
Acquisitions, net of cash acquired(14.2)(313.6)
Marketable securities:
Purchases(18.3)(2.7)
Sales7.7 34.8 
Cash proceeds from sale of property and equipment3.3 5.7 
Cash proceeds from settlement of cross currency swap64.3 — 
Net change in loans held for investment(23.3) 
Acquisition of customer contracts (0.8)
Other(0.1)— 
Net cash used by investing activities(112.1)(390.3)
Cash flows from financing activities:  
Borrowings (repayments) of debt:  
Short-term borrowings11.5 (5.9)
Long-term revolving credit facilities: