Company Quick10K Filing
Brinks
Price83.92 EPS1
Shares51 P/E61
MCap4,288 P/FCF28
Net Debt1,324 EBIT185
TEV5,612 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
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
8-K 2020-07-29 Earnings, Regulation FD
8-K 2020-07-06 M&A, Exhibits
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

BCO 10Q Quarterly Report

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 - Credit Losses
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits
EX-10.1 ex101q22020.htm
EX-31.1 ex311q22020.htm
EX-31.2 ex312q22020.htm
EX-32.1 ex321q22020.htm
EX-32.2 ex322q22020.htm

Brinks Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.83.02.31.50.80.02012201420172020
Assets, Equity
1.10.80.60.30.1-0.22012201420172020
Rev, G Profit, Net Income
0.40.20.0-0.2-0.4-0.62012201420172020
Ops, Inv, Fin

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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 June 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 July 24, 2020, 50,520,662 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)
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
531.3

 
311.0

Restricted cash
171.5

 
158.0

Accounts receivable, net
695.0

 
635.6

Prepaid expenses and other
277.3

 
128.0

Total current assets
1,675.1

 
1,232.6

 
 
 
 
Right-of-use assets, net
329.8

 
270.3

Property and equipment, net
813.6

 
763.3

Goodwill
1,114.0

 
784.6

Other intangibles
406.7

 
272.5

Deferred income taxes
244.1

 
273.5

Other
187.9

 
167.0

 
 
 
 
Total assets
$
4,771.2

 
3,763.8

 
 
 
 
LIABILITIES AND EQUITY
 

 
 

 
 
 
 
Current liabilities:
 

 
 

Short-term borrowings
$
12.1

 
14.3

Current maturities of long-term debt
108.7

 
74.5

Accounts payable
174.4

 
184.5

Accrued liabilities
690.1

 
628.4

Restricted cash held for customers
87.4

 
100.3

Total current liabilities
1,072.7

 
1,002.0

 
 
 
 
Long-term debt
2,362.6

 
1,554.8

Accrued pension costs
259.7

 
228.9

Retirement benefits other than pensions
339.8

 
347.8

Lease liabilities
268.9

 
218.4

Deferred income taxes
44.8

 
21.2

Other
231.8

 
183.1

Total liabilities
4,580.3

 
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 - 50.5; 2019 - 50.1
50.5

 
50.1

Capital in excess of par value
667.4

 
663.3

Retained earnings
455.2

 
457.4

Accumulated other comprehensive loss
(1,061.8
)
 
(979.0
)
Brink’s shareholders
111.3

 
191.8

 
 
 
 
Noncontrolling interests
79.6

 
15.8

 
 
 
 
Total equity
190.9

 
207.6

 
 
 
 
Total liabilities and equity
$
4,771.2

 
3,763.8

See accompanying notes to condensed consolidated financial statements.

2



THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months 
 Ended June 30,
 
Six Months 
 Ended June 30,
(In millions, except for per share amounts)
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Revenues
$
826.0

 
914.0

 
$
1,698.8

 
1,819.0

 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
Cost of revenues
683.9

 
708.5

 
1,377.3

 
1,411.2

Selling, general and administrative expenses
139.6

 
154.6

 
287.7

 
296.3

Total costs and expenses
823.5

 
863.1

 
1,665.0

 
1,707.5

Other operating income (expense)
(3.5
)
 
1.7

 
(8.6
)
 
(0.5
)
 
 
 
 
 
 
 
 
Operating profit (loss)
(1.0
)
 
52.6

 
25.2

 
111.0

 
 
 
 
 
 
 
 
Interest expense
(23.2
)
 
(22.7
)
 
(43.2
)
 
(45.7
)
Interest and other nonoperating income (expense)
(3.0
)
 
(3.1
)
 
(18.6
)
 
(14.3
)
Income (loss) from continuing operations before tax
(27.2
)
 
26.8

 
(36.6
)
 
51.0

Provision (benefit) for income taxes
(43.2
)
 
12.7

 
(55.4
)
 
22.4

 
 
 
 
 
 
 
 
Income from continuing operations
16.0

 
14.1

 
18.8

 
28.6

 
 
 
 
 
 
 
 
Loss from discontinued operations, net of tax
(0.8
)
 
(0.1
)
 
(0.8
)
 
(0.1
)
 
 
 
 
 
 
 
 
Net income
15.2

 
14.0

 
18.0

 
28.5

Less net income attributable to noncontrolling interests
2.3

 
1.5

 
3.3

 
2.3

 
 
 
 
 
 
 
 
Net income attributable to Brink’s
12.9

 
12.5

 
14.7

 
26.2

 
 
 
 
 
 
 
 
Amounts attributable to Brink’s
 
 
 
 
 
 
 
Continuing operations
13.7

 
12.6

 
15.5

 
26.3

Discontinued operations
(0.8
)
 
(0.1
)
 
(0.8
)
 
(0.1
)
 
 
 
 
 
 
 
 
Net income attributable to Brink’s
$
12.9

 
12.5

 
$
14.7

 
26.2

 
 
 
 
 
 
 
 
Income (loss) per share attributable to Brink’s common shareholders(a):
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.27

 
0.25

 
$
0.31

 
0.53

Discontinued operations
(0.02
)
 

 
(0.02
)
 

Net income
$
0.25

 
0.25

 
$
0.29

 
0.52

 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.27

 
0.25

 
$
0.30

 
0.52

Discontinued operations
(0.01
)
 

 
(0.02
)
 

Net income
$
0.25

 
0.25

 
$
0.29

 
0.51

 
 
 
 
 
 
 
 
Weighted-average shares
 
 
 
 
 
 
 
Basic
50.8

 
50.2

 
50.7

 
50.1

Diluted
51.0

 
50.9

 
51.2

 
50.9

 
 
 
 
 
 
 
 
Cash dividends paid per common share
$
0.15

 
0.15

 
$
0.30

 
0.30

(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 June 30,
 
Six Months 
 Ended June 30,
(In millions)
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net income
$
15.2

 
14.0

 
$
18.0

 
28.5

 
 
 
 
 
 
 
 
Benefit plan adjustments:
 

 
 

 
 
 
 
Benefit plan actuarial gains
13.2

 
9.0

 
31.8

 
20.3

Benefit plan prior service costs
(1.3
)
 
(1.2
)
 
(2.4
)
 
(2.5
)
Deferred profit sharing

 
0.1

 

 
0.1

Total benefit plan adjustments
11.9

 
7.9

 
29.4

 
17.9

 
 
 
 
 
 
 
 
Foreign currency translation adjustments
28.2

 
9.1

 
(92.1
)
 
9.7

Losses on cash flow hedges
(2.6
)
 
(10.6
)
 
(17.3
)
 
(18.5
)
Other comprehensive income (loss) before tax
37.5

 
6.4

 
(80.0
)
 
9.1

Provision (benefit) for income taxes
2.3

 
(0.7
)
 
2.2

 
(0.2
)
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
35.2

 
7.1

 
(82.2
)
 
9.3

 
 
 
 
 
 
 
 
Comprehensive income (loss)
50.4

 
21.1

 
(64.2
)
 
37.8

Less comprehensive income attributable to noncontrolling interests
3.3

 
1.6

 
3.9

 
2.7

 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Brink's
$
47.1

 
19.5

 
$
(68.1
)
 
35.1

See accompanying notes to condensed consolidated financial statements.


4



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

 
Six Months ended June 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


(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.


5



 
Six Months ended June 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 (loss)

 

 

 
12.5

 

 
1.5

 
14.0

Other comprehensive loss

 

 

 

 
7.0

 
0.1

 
7.1

Dividends to:
 

 
 

 
 

 
 

 
 

 
 

 
 

Brink’s common shareholders ($0.15 per share)

 

 

 
(7.5
)
 

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