What changed in this filing

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Item 1. Business

2025-02-26 compared with 2024-02-29 · 63 added, 75 removed, 127 unchanged (52% of the section changed)

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The Brink’s Company, along with its subsidiaries, is referred to as “we,” “our,”, “us,” “Brink’s,” or “the Company” throughout this Annual Report on Form 10-K for the period ended December 31, 2024 ("this Form 10-K").

Our strategy is to grow Brink’s by providing a superior customer experience and driving continuous improvement.

We will achieve this by delivering on four strategic pillars :

Growth and Customer Loyalty, Innovation, Operational Excellence, and Talent.

This framework considers our global footprint and values-driven culture:

Our strategy continues to focus on growing Brink’s by providing a superior customer experience and driving continuous improvement.

Our strategic focus areas remain the same, but in 2024, we renamed them to provide clarity for our team on what is most important.

Our four strategic pillars are now:

(1) Partner for Customer Success, (2) Innovate to Grow, (3) Run the Business Better and (4) Win as Team Brink’s.

In 2024, we also refreshed our organizational purpose to inspire, energize and align our Brink’s team members around the world.

Our new purpose is “Together, we build partnerships to secure commerce.” This purpose and strategic framework considers our global footprint and values-driven culture and aligns our organizational focus on:

• Placing customers at the center of everything we do and understanding their current and future needs to better define our value proposition;

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• Sharing infrastructure and best practices across our operations to increase scale and profitability;

• Establishing a workplace and employer brand that attracts, develops, and empowers diverse talent to ensure we have the best people and perspectives to achieve our goals.

We will prioritize Growth and Customer Loyalty by creating a consistent and exceptional experience across all service lines and deploying sales fundamentals & standardized processes.

We will pursue Innovation by using tech-enabled solutions to introduce new value propositions and optimize operations, challenging convention to differentiate our services and reshape our business.

We will achieve Operational Excellence by leveraging the Brink's Business System to drive a continuous improvement culture focused on customer experience and by building scale by sharing activities, infrastructure and knowledge.

We will develop our Talent by attracting, developing, and empowering the best people, by strengthening core competencies across the company and by fostering an inclusive culture that inspires excellence.

To execute our objectives, we manage the business with multi-year plans.

In our current strategic plan, we are focusing on the implementation of the strategic pillars across our service lines:

• Establishing a workplace and employer brand that attracts, develops, and empowers the talent needed to ensure we have the best people and perspectives to achieve our goals.

We will prioritize Partnering for Customer Success by creating a consistent and exceptional experience across all service lines and deploying sales fundamentals and standardized processes.

We will Innovate to Grow by using tech-enabled solutions to introduce new value propositions and optimize operations, challenging convention to differentiate our services and reshape our business.

We will achieve operational excellence as we Run the Business Better by leveraging the Brink's Business System to drive a continuous improvement culture focused on customer experience and by building scale by sharing activities, infrastructure and knowledge.

We will Win as Team Brink's by unleashing the power of our people through attracting, developing, and empowering the best people, strengthening core competencies across the company and fostering a culture that inspires excellence.

We are focusing on the implementation of the strategic pillars across our service lines:

Cash and Valuables Management, Digital Retail Solutions and ATM Managed Services.

We remain focused on how we will accelerate revenue growth, margin improvement and cash flows and position Brink’s to win across the evolving payments ecosystem.

We design customized services to meet the cash and valuables supply chain needs of our customers.

We design customized services to meet the needs of our customers.

We enter into contracts with our customers to establish pricing and other terms.

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Following are descriptions of our service offerings:

Cash and Valuables Management (79% of total revenues in 2023)

Cash and valuables management services are provided to customers throughout the world.

Cash and Valuables Management ("CVS") (76% of total revenues in 2024)

CVS services are provided to customers throughout the world.

Revenues are affected by the level of economic activity in various markets as well as the volume of business for specific customers.

Cash management includes the secure transportation, handling and storage of currency for retail and financial institution customers.

Valuables management includes the transportation and storage of banknotes, precious metals and other valuables across the world.

These services may be impacted by global economic conditions, interest rates as well as regional demand for precious metals and luxury goods.

Cash and valuables management services generated approximately $3.9 billion of revenues in 2023 ($3.8 billion in 2022 and $3.7 billion in 2021).

CVS services generated approximately $3.8 billion of revenues in 2024 ($3.9 billion in 2023 and $3.8 billion in 2022).

These services include:

Cash-in-transit services – Serving customers since 1859, our success in cash-in-transit ("CIT") is driven by a combination of rigorous security practices, high-quality customer service, risk management and logistics expertise.

Cash-in-transit services include the secure transportation of cash between retail businesses and financial institutions, such as banks and credit unions;

CIT services include the secure transportation of cash between retail businesses and financial institutions, such as banks and credit unions;

cash, securities and other valuables between commercial banks, central banks and investment banking and brokerage firms;

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Basic ATM services – We provide customers who own and operate ATMs a variety of service options.

Basic ATM management services include cash replenishment, treasury management and first line maintenance.

Brink's Global Services ("BGS") – Serving customers in more than 100 countries, BGS is the leading global provider of secure transport of high-value commodities including diamonds, jewelry, luxury goods, precious metals, securities, banknotes, currency, high-tech devices, electronics, pharmaceuticals and fine art.

Basic ATM services include cash replenishment, treasury management and first line maintenance.

Brink's Global Services ("BGS") – Serving customers in more than 100 countries, BGS is a leading global provider of secure transport of high-value commodities and goods, including diamonds, jewelry, luxury goods, precious metals, securities, banknotes, currency, high-tech devices, electronics, pharmaceuticals and fine art.

Additional BGS services include pick-up, packaging, customs clearance, secure storage and inventory management.

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These include money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging services and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting).

Vaulting services – Vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities.

Vaulting services – Vaulting services combine CIT services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities.

In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions.

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DRS and AMS services generated approximately $1.2 billion of revenues in 2024 ($1.0 billion in 2023 and $0.7 billion in 2022).

Digital Retail Solutions – DRS includes services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled sales and software platforms and enable enhanced customer analytics and visibility.

DRS offers businesses of all sizes a cost-effective solution that simplifies cash acceptance and enables merchants to access their cash without visiting a bank.

In addition, DRS allows more small and mid-size retailers to safely and affordably accept and receive cash quickly.

Digital Retail Solutions – Our DRS offerings are a combination of smart devices, software, analytics, and services to offer customers of all sizes an integrated and flawless solution to their cash management needs.

They typically provide customers with a convenient solution offering more transparency, faster access to working capital, and integration into their unique operating systems.

DRS includes our patented Brink’s Complete TM and CompuSafe® services.

ATM Managed Services – We provide comprehensive services for ATM management beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services.

ATM Managed Services – We provide comprehensive services for ATM management, including cash forecasting, cash optimization, remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services.

AMS provides an economical solution for financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs.

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Premiums fluctuate depending on market conditions.

The security loss experience of Brink’s and, to a limited extent, other armored carriers affects our premium rates.

The security loss experience of Brink’s and, to a limited extent, other armored carriers affect our premium rates.

Service Mark and Patents

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Various federal, state and local agencies in the U.S.

and other countries in which we operate regulate certain current aspects of our business, including commercial lending, safety of operations, equipment and financial responsibility.

and other countries in which we operate regulate certain current aspects of our business, in areas such as commercial lending, safety of operations, equipment and financial responsibility.

Movement of valuable shipments are generally subject to import/export regulations.

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and other countries in which we operate.

Our permits and licensing requirements vary by jurisdictions based on the scope of business conducted and applicable laws and regulations.

Our permits and licensing requirements vary by jurisdiction based on the scope of business conducted and applicable laws and regulations.

In addition, in the U.S., Brink’s Capital LLC has federally registered as a Money Services Business in anticipation of offering money transmission and payment services to customers.

Human Capital Management

Culture and Values

At Brink’s, the following values underpin our company culture:

Safety, Integrity, Engagement, Continuous Improvement, Customer Focus and Diversity and Inclusion.

Our values guide the way we work and are the cornerstone of our culture.

Our values ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, continually find new ways to improve the way we work, and foster a diverse and inclusive workplace.

Purpose and Values

As described above, in 2024, we renewed our purpose and updated the values underpinning our company culture to be more impactful, modern and reflective of our future.

Our new purpose is:

Together, we build partnerships to secure commerce.

Our new values are:

We Drive Customer Success, We Strive for Excellence, We Protect, We Work Together, and We Do What’s Right.

Our new purpose and values are more action-oriented and relevant to our current business, emphasize our collective effort, and continue to ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, and continually find new ways to improve the way we work.

With our new purpose and values in mind, we also launched "Team Brink’s – Better Together," a Company-wide roadmap for our future that embraces an enterprise-first mindset and better reflects our aspirations to be a global team working together to inspire trust, create value and achieve excellence.

Our new purpose and values unite our team members around behaviors that guide our work across the organization and with our partners.

Workforce Demographics

We have a culturally and geographically diverse workforce that serves customers in more than 100 countries.

We have a culturally and geographically varied workforce that serves customers in more than 100 countries.

Based upon business demand, we have a need for a flexible workforce.

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During 2024, we continued to take steps to develop a deep talent pool to meet the ever-changing needs of our business.

Specifically, we maintained focus on enhancing workforce planning, talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital, inclusive and growing.

Specifically, we maintained focus on enhancing talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital and growing.

We also continued to evaluate, and sought to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.

We continue to use employee opinion surveys to take the pulse of our employees on a global basis.

In 2023, we conducted a global engagement survey and achieved our goal for employee participation.

The results of this survey have helped us to better understand the thoughts and perspectives of our employees around the world, validate our existing strengths, and gain valuable insights for continuous improvement.

We believe meaningful actions based on employee feedback gleaned in the survey will result in ongoing high engagement with our employees.

Globally, we are sharing our vision of a winning culture with our leadership through country communication plans and using global leadership training and performance assessments to reinforce our values and critical success factors throughout the organization.

In 2023, we continued our focus on onboarding and other training programs for employees which are designed to represent our culture and values, focus on retention, increase employee engagement, reduce employee turnover and ensure that employees act in accordance with applicable law and industry best practices.

Our commitment to actively engage with our employees is a key component of our culture.

In 2023, we launched a global employee engagement survey with the goal of better understanding the thoughts and perspectives of our employees and what they need to be more successful.

The survey covered workplace culture, management style, employee satisfaction and other topics and provided valuable feedback that we are currently leveraging to implement Company-wide action plans.

Globally, we are sharing our vision of a winning culture with our leadership and using global leadership capability building training (#PowerYourTalent) and streamlined performance reviews to reinforce our new Brink’s values throughout the organization.

We offer a range of programs to develop our managers’ capabilities and enhance our leadership across the Company.

In 2024, we continued our focus on onboarding and other training programs for employees, which are designed to represent our culture and values, focus on retention, increase employee engagement and ensure that employees act in accordance with applicable law and industry best practices.

Our efforts are aimed at increasing organizational talent and capabilities and identifying and developing potential successors for key leadership positions.

Employee Safety and Wellness

Employee safety is of paramount importance as we strive to bring every employee home safely every night.

In this respect, we maintain our commitment to providing a safe workplace that protects against and limits personal injury and other types of harm for our employees and the communities in which we operate.

We maintain our commitment to providing a safe workplace that protects against and limits personal injury and other types of harm for our employees and the communities in which we operate.

We also follow international standards and regulations for employee safety and evaluate risks using both government-required procedures and best practices to ensure that we understand residual risk and appropriately protect our employees.

We believe in supporting our employees’ health and well-being.

We continue to maintain a flexible work program that allows certain employees to work remotely as approved by their managers.

For instance, in the U.S., we recently implemented a hybrid return to work policy referred to as “Flex and Connect,” which is intended to help our corporate employees maintain a reasonable professional/personal life balance as we continue to invest in and protect our strong Company culture and foster in-person creativity, collaboration, connection, and celebration.

We also offer our employees a wide array of market-competitive benefits specific to the markets in which we operate, including life and health (medical, dental and vision) insurance, mental and emotional health resources, paid time off, retirement benefits, family leave and family care resources.

Diversity and Inclusion

We are committed to providing a diverse and inclusive workplace and culture.

Accordingly, we continue to identify opportunities to execute on our commitment to diversity and inclusion (“D&I”).

For instance, we continue to improve upon our aspiration to increase the representation of women in leadership, regularly reporting our progress to senior leadership and the Board.

We have a Diversity and Inclusion Council in each of the U.S., Europe, Asia and Latin America, made up of the Company’s senior leaders in various functions, and the executive sponsors and chairs of our employee resource groups (“ERGs”) (generally known as "affinity groups" outside of the U.S.) to promote a diverse and inclusive workplace and culture.

In the United States, we have dedicated ERGs for women, Black, Asian Pacific Islander and Latinx employees, as well as military veterans.

In Brazil, Argentina, and Europe, we have affinity groups focusing on women, LGBTQ+ employees, and individuals with disabilities.

Brazil specifically has a dedicated affinity group for Black employees.

In Canada, Mexico, and Chile, affinity groups are in place to support women.

In 2023, we expanded our affinity groups further by introducing two new affinity groups in Asia—one dedicated to India's women and another for Asia Diversity.

In Latin America, a new ERG was formed in Chile focusing on cultural transformation.

We firmly believe that ERGs and affinity groups play a pivotal role in cultivating an inclusive culture within Brink's and providing crucial support.

We remain steadfast in our commitment to supporting the formation and success of ERGs and affinity groups and continuing to champion D&I across our global enterprise.

We offer our employees a wide array of market-competitive benefits specific to the markets in which we operate, including life and health coverage, as well as mental health resources.

Effective in 2025, we introduced fertility benefits for our U.S.

employees to support their paths to parenthood.

To maintain a competitive workforce, we continually evolve and enhance how we train, identify and promote key talent.

We also regularly evaluate and improve our employee review process – encouraging regular performance reviews and feedback that set clear expectations, motivate employees and reinforce the connection between pay and performance.

We are committed to accelerating the development of our leaders through various programs such as our “Future Leaders” program, which is designed to build capable and confident leaders that can lead and inspire a diverse workforce in an ever-changing environment.

We are committed to accelerating the development of our leaders through various programs such as our “Future Leaders” program, which is designed to build capable and confident leaders who can lead and inspire our workforce in an ever-changing environment.

Future Leaders is an intense and immersive 12-month leadership development program for our emerging leaders.

In 2024, we will have a cohort of leaders in our Europe, Middle East, Africa and Asia regions as well as in the Americas.

In 2024, this program was expanded to include the Americas.

Labor Relations

As of December 31, 2024, approximately 30,400 of our employees in various countries in which we operate, or approximately 45% of our total workforce, were represented by trade union organizations and/or covered by collective bargaining agreements, which have various expiration dates from 2025 to 2028.

We are an equal opportunity employer and prohibit discrimination in employment decisions based upon any category protected by applicable federal, state, or local law.

It is also our policy to provide employment opportunities without regard to race, color, age, sex, sexual orientation, religious creed, national origin or any other status protected by law.

We believe our employee relations are satisfactory.

For more information on our Sustainability Program, including our environmental, social and governance priorities, please refer to the 2022 Sustainability Report, which can be found on our Sustainability page on our website.

Business Divestitures

We exited our Russia-based operations in 2023 and recognized a $2.0 million loss on disposal.

Sustainability Program

For more information on our Sustainability Program, including our environmental, social and governance priorities, please refer to our most recent Sustainability Report, which can be found on our Sustainability page on our website.

Business acquisitions

In 2024, we acquired three business operations in the North America, Latin America and Europe segments.

The aggregate purchase consideration for these three acquisitions was approximately $27 million.

On October 3, 2022, we acquired 100% of the capital stock of NoteMachine for approximately $194 million.

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NoteMachine generated approximately $150 million in revenues in the twelve month period prior to the acquisition.

On April 1, 2021, we acquired 100% of the capital stock of PAI Midco, Inc., which directly or indirectly owns 100% of the ownership interests in four additional entities (collectively, "PAI"), for approximately $216 million.

PAI was the largest privately-held provider of ATM services in the U.S.

and generated approximately $94 million in revenues in 2020.

See Note 7 to the consolidated financial statements for more detailed information on the acquired assets and liabilities from these acquisitions.

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2022 Global Restructuring Plan

In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously disclosed restructuring plan across our global business operations.

The actions were taken to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions.

In total, we have recognized $33.2 million in charges under the program, including $11.0 million in 2023.

We expect total expenses from the program to be between $38 million and $42 million, primarily severance costs.

In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously disclosed restructuring program across our global business operations.

In total, we have recognized $34.0 million in charges under this program, including $0.8 million in 2024.

The actions under this program were substantially completed in 2024.

Other Restructurings

Management periodically implements restructuring actions in targeted sections of our business.

As a result of these actions, we recognized $43.6 million net costs in 2021, primarily severance costs.

We recognized $16.6 million net costs in 2022, primarily severance costs.

We recognized $6.6 million net costs in 2023.

The majority of the costs in both the 2023 and 2022 periods result from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic.

As a result of other restructuring actions, we recognized $16.6 million of net costs in 2022, primarily severance costs.

We recognized $6.6 million of net costs in 2023.

We recognized $0.7 million of net costs in 2024.

The actions were substantially completed in 2024.

See Note 24 to the consolidated financial statements for more detailed information on reorganization and restructuring activities.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business