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Brinks

Financials

Price	83.92	EPS	1
Shares	51	P/E	61
MCap	4,288	P/FCF	28
Net Debt	1,324	EBIT	185
TEV	5,612	TEV/EBIT	30
TTM 2019-09-30, in MM, except price, ratios

Filings

10-Q	2020-09-30	Filed 2020-10-29
10-Q	2020-06-30	Filed 2020-07-29
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-02-28
10-Q	2019-09-30	Filed 2019-10-23
10-Q	2019-06-30	Filed 2019-07-24
10-Q	2019-03-31	Filed 2019-04-24
10-K	2018-12-31	Filed 2019-02-26
10-Q	2018-09-30	Filed 2018-10-24
10-Q	2018-06-30	Filed 2018-07-25
10-Q	2018-03-31	Filed 2018-04-25
10-K	2017-12-31	Filed 2018-03-01
10-Q	2017-09-30	Filed 2017-10-25
10-Q	2017-06-30	Filed 2017-07-26
10-Q	2017-03-31	Filed 2017-04-26
10-K	2016-12-31	Filed 2017-02-24
10-Q	2016-09-30	Filed 2016-10-26
10-Q	2016-06-30	Filed 2016-07-28
10-Q	2016-03-31	Filed 2016-05-03
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-10-30
10-Q	2015-06-30	Filed 2015-07-31
10-Q	2015-03-31	Filed 2015-05-01
10-K	2014-12-31	Filed 2015-03-05
10-Q	2014-09-30	Filed 2014-10-31
10-Q	2014-06-30	Filed 2014-07-28
10-Q	2014-03-31	Filed 2014-04-29
10-K	2013-12-31	Filed 2014-02-28
10-Q	2013-09-30	Filed 2013-10-25
10-Q	2013-06-30	Filed 2013-07-26
10-Q	2013-03-31	Filed 2013-04-26
10-K	2012-12-31	Filed 2013-02-28
10-Q	2012-09-30	Filed 2012-10-25
10-Q	2012-06-30	Filed 2012-07-26
10-Q	2012-03-31	Filed 2012-04-27
10-K	2011-12-31	Filed 2012-02-28
10-Q	2011-09-30	Filed 2011-10-28
10-Q	2011-06-30	Filed 2011-07-29
10-Q	2011-03-31	Filed 2011-04-29
10-K	2010-12-31	Filed 2011-02-28
10-Q	2010-09-30	Filed 2010-10-29
10-Q	2010-06-30	Filed 2010-08-03
10-Q	2010-03-31	Filed 2010-04-30
10-K	2009-12-31	Filed 2010-02-25

Reports

8-K	2020-10-30
8-K	2020-10-29
8-K	2020-09-14
8-K	2020-08-26
8-K	2020-07-29
8-K	2020-07-06
8-K	2020-06-18
8-K	2020-06-16
8-K	2020-06-09
8-K	2020-06-08
8-K	2020-06-02
8-K	2020-05-08
8-K	2020-05-05
8-K	2020-04-28
8-K	2020-04-20
8-K	2020-04-20
8-K	2020-04-14
8-K	2020-04-10
8-K	2020-04-06
8-K	2020-04-06
8-K	2020-04-01
8-K	2020-03-27
8-K	2020-03-17
8-K	2020-03-06
8-K	2020-03-03
8-K	2020-02-26
8-K	2020-02-26
8-K	2020-02-06
8-K	2020-02-06
8-K	2019-10-23
8-K	2019-08-26
8-K	2019-08-08
8-K	2019-07-26
8-K	2019-07-24
8-K	2019-06-03
8-K	2019-05-02
8-K	2019-04-24
8-K	2019-02-25
8-K	2019-02-21
8-K	2019-02-08
8-K	2019-02-06
8-K	2019-01-07
8-K	2019-01-07
8-K	2018-12-11
8-K	2018-12-07
8-K	2018-10-24
8-K	2018-08-13
8-K	2018-08-07
8-K	2018-07-25
8-K	2018-06-05
8-K	2018-05-31
8-K	2018-05-08
8-K	2018-04-25
8-K	2018-03-15
8-K	2018-02-26
8-K	2018-02-07
8-K	2018-01-10

Brinks Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

bco-20200930

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, 2020

☐ 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 26, 2020, 49,433,095 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)	September 30, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	592.4	311.0
Restricted cash	203.0		158.0
Accounts receivable, net	708.0		635.6
Prepaid expenses and other	201.5		128.0

Total current assets	1,704.9		1,232.6

Right-of-use assets, net	325.9		270.3
Property and equipment, net	812.1		763.3
Goodwill	1,184.4		784.6
Other intangibles	419.8		272.5
Deferred income taxes	271.1		273.5
Other	184.9		167.0

Total assets	$	4,903.1	3,763.8

LIABILITIES AND EQUITY

Current liabilities:
Short-term borrowings	$	13.3	14.3
Current maturities of long-term debt	107.3		74.5
Accounts payable	173.8		184.5
Accrued liabilities	778.7		628.4
Restricted cash held for customers	93.3		100.3
Total current liabilities	1,166.4		1,002.0

Long-term debt	2,407.0		1,554.8
Accrued pension costs	264.6		228.9
Retirement benefits other than pensions	332.6		347.8
Lease liabilities	269.1		218.4
Deferred income taxes	45.9		21.2
Other	245.6		183.1
Total liabilities	4,731.2		3,556.2

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: 2020 - 49.4; 2019 - 50.1	49.4		50.1
Capital in excess of par value	660.0		663.3
Retained earnings	389.7		457.4
Accumulated other comprehensive loss	(1,009.1)		(979.0)
Brink’s shareholders	90.0		191.8

Noncontrolling interests	81.9		15.8

Total equity	171.9		207.6

Total liabilities and equity	$	4,903.1	3,763.8

See accompanying notes to condensed consolidated financial statements.

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)	2020		2019	2020		2019

Revenues	$	970.5	928.4	$	2,669.3	2,747.4

Costs and expenses:
Cost of revenues	742.9		714.4	2,120.2		2,125.6
Selling, general and administrative expenses	141.4		155.0	429.1		451.3
Total costs and expenses	884.3		869.4	2,549.3		2,576.9
Other operating income (expense)	(9.8)		(6.5)	(18.4)		(7.0)

Operating profit	76.4		52.5	101.6		163.5

Interest expense	(27.1)		(22.9)	(70.3)		(68.6)
Interest and other nonoperating income (expense)	(12.8)		(7.8)	(31.4)		(22.1)
Income (loss) from continuing operations before tax	36.5		21.8	(0.1)		72.8
Provision for income taxes	58.9		14.7	3.5		37.1

Income (loss) from continuing operations	(22.4)		7.1	(3.6)		35.7

Loss from discontinued operations, net of tax	(0.1)		(0.4)	(0.9)		(0.5)

Net income (loss)	(22.5)		6.7	(4.5)		35.2
Less net income attributable to noncontrolling interests	1.4		1.3	4.7		3.6

Net income (loss) attributable to Brink’s	(23.9)		5.4	(9.2)		31.6

Amounts attributable to Brink’s
Continuing operations	(23.8)		5.8	(8.3)		32.1
Discontinued operations	(0.1)		(0.4)	(0.9)		(0.5)

Net income (loss) attributable to Brink’s	$	(23.9)	5.4	$	(9.2)	31.6

Income (loss) per share attributable to Brink’s common shareholders(a):
Basic:
Continuing operations	$	(0.47)	0.11	$	(0.17)	0.64
Discontinued operations	—		(0.01)	(0.02)		(0.01)
Net income (loss)	$	(0.48)	0.11	$	(0.18)	0.63

Diluted:
Continuing operations	$	(0.47)	0.11	$	(0.17)	0.63
Discontinued operations	—		(0.01)	(0.02)		(0.01)
Net income (loss)	$	(0.48)	0.10	$	(0.18)	0.62

Weighted-average shares
Basic	50.4		50.3	50.6		50.2
Diluted	50.4		51.1	50.6		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.

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)	2020		2019	2020		2019

Net income (loss)	$	(22.5)	6.7	$	(4.5)	35.2

Benefit plan adjustments:
Benefit plan actuarial gains	12.4		9.2	44.2		29.5
Benefit plan prior service costs	(1.3)		(1.2)	(3.7)		(3.7)
Deferred profit sharing	—		0.1	—		0.2
Total benefit plan adjustments	11.1		8.1	40.5		26.0

Foreign currency translation adjustments	43.6		(34.9)	(48.5)		(25.2)

Gains (losses) on cash flow hedges	4.1		(3.9)	(13.2)		(22.4)
Other comprehensive income (loss) before tax	58.8		(30.7)	(21.2)		(21.6)
Provision for income taxes	4.1		0.7	6.3		0.5

Other comprehensive income (loss)	54.7		(31.4)	(27.5)		(22.1)

Comprehensive income (loss)	32.2		(24.7)	(32.0)		13.1
Less comprehensive income attributable to noncontrolling interests	3.4		1.6	7.3		4.3

Comprehensive income (loss) attributable to Brink's	$	28.8	(26.3)	$	(39.3)	8.8

See accompanying notes to condensed consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Equity

(Unaudited)


	Nine Months ended September 30, 2020
(In millions)	Shares	Common Stock		Capital in Excess of Par Value	Retained Earnings	AOCI*	Noncontrolling Interests	Total
Balance as of December 31, 2019	50.1	$	50.1	663.3	457.4	(979.0)	15.8	207.6
Cumulative effect of change in accounting principle(a)	—	—		—	(1.7)	—	—	(1.7)
Net income	—	—		—	1.8	—	1.0	2.8
Other comprehensive loss	—	—		—	—	(117.0)	(0.4)	(117.4)


Dividends to:
Brink’s common shareholders ($0.15 per share)	—	—		—	(7.5)	—	—	(7.5)
Noncontrolling interests	—	—		—	—	—	(0.7)	(0.7)
Share-based compensation:
Stock awards and options:
Compensation expense	—	—		7.2	—	—	—	7.2


Other share-based benefit transactions	0.4	0.4		(8.6)	(0.1)	—	—	(8.3)

Balance as of March 31, 2020	50.5	$	50.5	661.9	449.9	(1,096.0)	15.7	82.0
Net income	—	—		—	12.9	—	2.3	15.2
Other comprehensive income	—	—		—	—	34.2	1.0	35.2


Dividends to:
Brink’s common shareholders ($0.15 per share)	—	—		—	(7.6)	—	—	(7.6)
Noncontrolling interests	—	—		—	—	—	(7.2)	(7.2)
Share-based compensation:
Stock awards and options:
Compensation expense	—	—		5.4	—	—	—	5.4


Other share-based benefit transactions	—	—		0.1	—	—	—	0.1

Acquisitions with noncontrolling interests	—	—		—	—	—	67.8	67.8
Balance as of June 30, 2020	50.5	$	50.5	667.4	455.2	(1,061.8)	79.6	190.9
Net income (loss)	—	—		—	(23.9)	—	1.4	(22.5)
Other comprehensive income	—	—		—	—	52.7	2.0	54.7

Shares repurchased	(1.1)	(1.1)		(14.9)	(34.0)	—	—	(50.0)
Dividends to:
Brink’s common shareholders ($0.15 per share)	—	—		—	(7.6)	—	—	(7.6)
Noncontrolling interests	—	—		—	—	—	(1.0)	(1.0)
Share-based compensation:
Stock awards and options:
Compensation expense	—	—		8.3	—	—	—	8.3


Other share-based benefit transactions	—	—		(0.8)	—	—	—	(0.8)
Acquisitions with noncontrolling interests	—	—		—	—	—	(0.1)	(0.1)
Balance as of September 30, 2020	49.4	$	49.4	660.0	389.7	(1,009.1)	81.9	171.9

(a)Effective January 1, 2020, we adopted the provisions of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. We recognized a cumulative effect adjustment to January 1, 2020 retained earnings as a result of adopting this standard. See Note 1 for further details.


	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	—	—	—

EX-10.1	ex101q32020.htm
EX-31.1	ex311q32020.htm
EX-31.2	ex312q32020.htm
EX-32.1	ex321q32020.htm
EX-32.2	ex322q32020.htm

BCO 10Q Quarterly Report

Brinks Earnings 2020-09-30