Brinks Earnings 2019-09-30
BCO 10Q Quarterly Report
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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bco:participant
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.
Part I - Financial Information
Item 1. Financial Statements
THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
Copy History
(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.
THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Copy History
Three Months
Nine Months
(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)
See accompanying notes to condensed consolidated financial statements.
THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Copy History
Three Months
Nine Months
(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.
THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Statements of Equity
(Unaudited)
Copy History
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.
Copy History
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