Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock trades on the New York Stock Exchange under the symbol “BCO.” As of February 22, 2022, there were 1,165 shareholders of record of common stock. The number of record holders does not include beneficial owners of our securities whose shares are held in the names of various security brokers, dealers and registered clearing agencies.
Share Repurchase Program
On October 27, 2021, we announced that the Board authorized a $250 million share repurchase program that expires on December 31, 2023 (the "2021 Repurchase Program"). This authorization replaces our previous $250 million repurchase program, authorized by the Board in February 2020 (the "2020 Repurchase Program"), which expired on December 31, 2021, with no amount remaining available.
Under the 2021 Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise. At December 31, 2021, $250 million remains available under the 2021 Repurchase Program.
Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements (each, an "ASR") with a financial institution. In each case, in exchange for an upfront payment at the beginning of each purchase period, the financial institution delivered to us shares of our common stock. The shares received were retired in the period they were delivered to us, and the upfront payment was accounted for as a reduction to shareholders' equity in the consolidated balance sheet. For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock. Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument.
Below is a summary of each ASR entered into under the 2020 Repurchase Program:
Upfront Payment Shares Received Average Repurchase Price
August 2020 $ 50,000,000 849,978 $ 58.83
September 2020 — 246,676 —
$ 50,000,000 1,096,654 $ 45.59
August 2021 $ 50,000,000 524,315 $ 95.36
September 2021 — 131,384 —
$ 50,000,000 655,699 $ 76.25
November 2021 $ 150,000,000 1,742,160 $ 86.10
(a) — — —
$ 150,000,000 1,742,160 $ 86.10
$ 250,000,000 3,494,513 $ 71.54
(a) We received 1,742,160 shares in November 2021. Under this ASR, the purchase period has a scheduled termination date of June 1, 2022, although the financial institution is eligible to early terminate the ASR after January 31, 2022. At termination, either additional shares will be delivered to us or we will need to issue new shares of our common stock to the financial institution.
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The following table provides information about common stock repurchases by the Company during the quarter then ended December 31, 2021.
Period (a) Total Number of Shares Purchased (1)
(b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs
October 1 through
October 31, 2021 — $ — — $ 400,000,000
November 1 through
November 30, 2021 1,742,160 86.10 1,742,160 250,000,000
December 1 through
December 31, 2021 — — — 250,000,000
(1) On February 6, 2020, the Board authorized the Company to repurchase up to $250 million of common stock from time to time as market conditions warrant and as covenants under existing agreements permit. On October 27, 2021, we announced that the Board authorized a $250 million share repurchase program that expires on December 31, 2023. The program does not require the Company to acquire any specific numbers of shares and may be modified or discontinued at any time. This authorization replaces our previous $250 million repurchase program, which expired on December 31, 2021, with no amount remaining available.
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The following graph compares the cumulative 5-year total return provided to shareholders of The Brink’s Company’s common stock compared to the cumulative total returns of the S&P Midcap 400 index and the common stocks of a selected peer group of companies. Given our unique service offerings, we do not believe that any single published industry index is appropriate for comparing shareholder return. Therefore, the peer group used in the performance graph combines publicly traded companies in the logistics services industry that have similar operational characteristics, such as route-based delivery of services. The companies included in the new peer group are Cintas Corporation, Iron Mountain, Inc., Euronet Worldwide, Inc., Stericycle, Inc., UniFirst Corporation and Waste Management, Inc.
The graph tracks the performance of a $100 investment in our common stock and in each index from December 31, 2016, through December 31, 2021. The performance of The Brink’s Company’s common stock assumes that the shareholder reinvested all dividends received during the period.
*$100 invested on 12/31/16 in stock or index, including reinvestment of dividends
Fiscal Year ending December 31.
Source: Zacks Investment Research, Inc.
Comparison of Five-Year Cumulative Total Return (a)
Years Ended December 31,
2016 2017 2018 2019 2020 2021
The Brink's Company $ 100.00 192.47 159.40 225.19 181.10 166.60
S&P MidCap 400 Index 100.00 116.24 103.36 130.44 148.26 184.97
New Peer Group 100.00 122.01 122.76 170.16 189.67 251.34
Old Peer Group 100.00 123.41 123.49 167.11 190.83 254.38
(a) For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2016. The cumulative return for each index is measured on an annual basis for the periods from December 31, 2016, through December 31, 2021, with the value of each index set to $100 on December 31, 2016. Total return assumes reinvestment of dividends. In 2021, we removed ServiceMaster Global Holdings, Inc. from our custom peer group because it privatized in late 2020, and we replaced it with Euronet Worldwide, Inc. We chose the S&P Midcap 400 Index and our new custom peer group as we are included in the S&P Midcap 400 Index and we believe the custom peer group has more similar characteristics to our company for the factors noted above.
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