What changed in this filing

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Item 1. Financial Statements

2025-05-12 compared with 2024-11-06 · 283 added, 513 removed, 777 unchanged (51% of the section changed)

4 unchanged sentences

(In millions, except for per share amounts)

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Current assets:

50 unchanged sentences

Condensed Consolidated Statements of Operations

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions, except for per share amounts) 2025 2024

10 unchanged sentences

Provision for income taxes

27.2 37.3 75.5 81.0

Income from continuing operations 53.9 52.2

Income (loss) from discontinued operations, net of tax

— ( 0.1 ) ( 0.1 ) 0.5

Net income 53.9 52.2

21 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions) 2025 2024

2 unchanged sentences

Net benefit plan actuarial adjustment

1.6 4.2 10.9 7.3

Net benefit plan prior service adjustment

1 unchanged sentence

Net deferred profit sharing adjustment

0.1 ( 0.2 ) — 0.1

Total benefit plan adjustments ( 2.2 ) 1.4

2 unchanged sentences

Net change on available-for-sale securities

( 6.1 ) 7.9 ( 4.4 ) 8.3

Net change on cash flow hedges

( 21.6 ) 6.9 ( 10.0 ) 13.9

Other comprehensive income (loss) before tax 34.0 ( 8.3 )

2 unchanged sentences

Comprehensive income

29.2 18.7 40.5 138.4

Less comprehensive income attributable to noncontrolling interests

10.0 2.3 13.8 5.8

Comprehensive income attributable to Brink's

$ 19.2 16.4 $ 26.7 132.6

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

Condensed Consolidated Statements of Equity

Nine Months ended September 30, 2024

Three Months ended March 31, 2025

(In millions) Shares Common

Capital in Excess of Par Value Retained

AOCI* Noncontrolling

Stock Capital in Excess of Par Value Retained

Earnings AOCI* Noncontrolling

Interests Total

Balance as of December 31, 2024 42.9 $ 42.9 660.7 285.4 ( 804.1 ) 127.6 312.5

Net income — — — 51.6 — 2.3 53.9

Other comprehensive loss

— — — — ( 13.0 ) ( 1.8 ) ( 14.8 )

Shares repurchased

( 0.3 ) ( 0.3 ) ( 2.2 ) ( 18.5 ) — — ( 21.0 )

Dividends to:

Brink’s common shareholders ($ 0.2200 per share)

— — — ( 9.8 ) — — ( 9.8 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 9.3 — — — 9.3

Other share-based benefit transactions 0.4 0.4 ( 16.4 ) — — — ( 16.0 )

Acquisitions of noncontrolling interests — — 0.2 — — ( 0.4 ) ( 0.2 )

Balance as of March 31, 2024 44.6 $ 44.6 666.8 354.0 ( 669.0 ) 123.5 519.9

Net income — — — 46.2 — 3.6 49.8

Other comprehensive loss

Other comprehensive income

— — — — 37.8 0.7 38.5

Shares repurchased

Shares repurchased (a)

( 0.5 ) ( 0.5 ) ( 11.0 ) ( 36.2 ) — — ( 47.7 )

7 unchanged sentences

Other share-based benefit transactions 0.3 0.3 ( 16.7 ) ( 0.1 ) — — ( 16.5 )

Balance as of June 30, 2024 44.2 $ 44.2 666.3 354.0 ( 744.0 ) 126.1 446.6

Net income — — — 28.9 — 3.0 31.9

Other comprehensive income (loss)

— — — — ( 9.7 ) 7.0 ( 2.7 )

Shares repurchased

( 0.6 ) ( 0.6 ) ( 8.3 ) ( 50.1 ) — — ( 59.0 )

Dividends to:

Brink’s common shareholders ($ 0.2425 per share)

Acquisitions of noncontrolling interests (b)

— — 0.6 — ( 0.2 ) ( 7.0 ) ( 6.6 )

Noncontrolling interests — — — — — ( 5.1 ) ( 5.1 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 7.5 — — — 7.5

Other share-based benefit transactions 0.1 0.1 ( 0.5 ) — — — ( 0.4 )

Balance as of September 30, 2024 43.7 $ 43.7 665.0 322.1 ( 753.7 ) 131.0 408.1

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.

Nine Months ended September 30, 2023

Balance as of March 31, 2025 42.7 $ 42.7 639.3 290.3 ( 766.5 ) 123.2 329.0

Three Months ended March 31, 2024

(In millions) Shares Common

Capital in Excess of Par Value Retained

AOCI* Noncontrolling

Stock Capital in Excess of Par Value Retained

Earnings AOCI* Noncontrolling

Interests Total

Balance as of December 31, 2023 44.5 $ 44.5 675.9 333.0 ( 656.0 ) 122.8 520.2

Net income — — — 49.3 — 2.9 52.2

Other comprehensive income — — — — 35.8 0.2 36.0

Shares repurchased ( 0.2 ) ( 0.2 ) ( 3.8 ) ( 12.0 ) — — ( 16.0 )

Dividends to:

Brink’s common shareholders ($ 0.2000 per share)

— — — ( 9.3 ) — — ( 9.3 )

Noncontrolling interests — — — — — ( 0.4 ) ( 0.4 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 10.9 — — — 10.9

Other share-based benefit transactions 0.3 0.3 ( 4.8 ) ( 0.2 ) — — ( 4.7 )

Balance as of March 31, 2023 46.4 $ 46.4 686.4 410.7 ( 664.7 ) 126.2 605.0

Net income — — — 32.1 — 3.0 35.1

Other comprehensive income (loss)

— — — — 33.3 ( 3.0 ) 30.3

Shares repurchased ( 0.1 ) ( 0.1 ) ( 0.3 ) ( 1.1 ) — — ( 1.5 )

Dividends to:

Brink’s common shareholders ($ 0.2200 per share)

— — — ( 10.2 ) — — ( 10.2 )

Noncontrolling interests — — — — — ( 2.4 ) ( 2.4 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 8.3 — — — 8.3

Other share-based benefit transactions 0.1 0.1 0.2 ( 0.1 ) — — 0.2

Acquisitions of noncontrolling interests

— — 0.3 — — ( 0.9 ) ( 0.6 )

Balance as of June 30, 2023 46.4 $ 46.4 694.9 431.4 ( 631.4 ) 122.9 664.2

Net income — — — 45.6 — 3.8 49.4

Other comprehensive loss — — — — ( 13.0 ) ( 1.8 ) ( 14.8 )

4 unchanged sentences

— — — ( 9.8 ) — — ( 9.8 )

Noncontrolling interests — — — — — ( 3.7 ) ( 3.7 )

Share-based compensation:

2 unchanged sentences

Other share-based benefit transactions 0.4 0.4 ( 16.4 ) — — — ( 16.0 )

Balance as of September 30, 2023 45.3 $ 45.3 680.3 397.8 ( 660.6 ) 121.5 584.3

(a) During the third quarter ended September 30, 2023, we repurchased a total of 1,181,106 shares of our common stock for an aggregate of $ 88.2 million in cash.

On the last day of September 2023, our agent broker purchased additional shares of our common stock pursuant to a trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

We were obligated to pay $ 1.8 million to repurchase those shares and, as of September 30, 2023, this obligation was reported as a current liability and a corresponding reduction to equity in our condensed consolidated financial statements.

In addition, for the third quarter ended September 30, 2023, shares repurchased include the 1% excise tax imposed under the Inflation Reduction Act of 2022 of approximately $ 0.8 million.

Acquisitions of noncontrolling interests (b)

— — 0.2 — — ( 0.4 ) ( 0.2 )

Balance as of March 31, 2024 44.6 $ 44.6 666.8 354.0 ( 669.0 ) 123.5 519.9

(a) Amounts do not agree to cash paid to repurchase shares in the condensed consolidated statements of cash flows or Note 11.

The difference is due to the timing of the cash settlements for shares repurchased near the balance sheet dates plus the accrual of liabilities to pay excise taxes resulting from share repurchases.

(b) This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions.

* Accumulated other comprehensive income (loss)

3 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Ended September 30,

Ended March 31,

(In millions)

Cash flows from operating activities:

$ 133.9 102.8

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

(Income) loss from discontinued operations, net of tax

Depreciation and amortization

2 unchanged sentences

(Gain) loss on marketable securities, sale of property and equipment and derivatives

( 8.6 ) ( 2.2 )

Impairment losses

4 unchanged sentences

Unrealized foreign currency (gains) losses

( 36.4 ) 23.9

Other operating

Changes in operating assets and liabilities, net of effects of acquisitions:

(Increase) decrease in accounts receivable and income taxes receivable

Increase in accounts receivable and income taxes receivable

( 53.1 ) ( 73.6 )

(Increase) decrease in accounts payable, income taxes payable and accrued liabilities

Decrease in accounts payable, income taxes payable and accrued liabilities

( 91.1 ) ( 44.1 )

Decrease in restricted cash held for customers

Increase (decrease) in restricted cash held for customers

( 45.0 ) 57.3

Decrease in customer obligations

Increase in customer obligations

Increase in prepaid and other current assets

( 27.5 ) ( 27.2 )

(Increase) decrease in prepaid and other current assets

Decrease in other noncurrent assets and liabilities

( 10.9 ) ( 12.8 )

Net cash provided by operating activities

Net cash (used in) provided by operating activities

( 60.2 ) 63.9

Cash flows from investing activities:

2 unchanged sentences

Acquisitions, net of cash acquired ( 5.3 ) 0.7

Dispositions, net of cash disposed — 1.1

Marketable securities:

4 unchanged sentences

Other 9.7 ( 0.1 )

Discontinued operations — 0.9

Net cash used in investing activities ( 48.7 ) ( 45.8 )

9 unchanged sentences

Acquisition of noncontrolling interest ( 6.6 ) ( 0.2 )

Cash paid for acquisition related settlements and obligations ( 0.8 ) ( 10.5 )

Debt financing costs ( 0.8 ) —

4 unchanged sentences

Tax withholdings associated with share-based compensation ( 17.3 ) ( 16.8 )

Net cash provided by (used in) financing activities 99.5 ( 207.4 )

Net cash used in financing activities ( 124.1 ) ( 1.3 )

Effect of exchange rate changes on cash 32.9 ( 19.8 )

52 unchanged sentences

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together, "Brink's Argentina").

Revenues from Brink's Argentina represented approximately 4 % of our consolidated revenues for the first nine months of 2024 and 4 % of our consolidated revenues for the first nine months of 2023.

Revenues from Brink's Argentina represented approximately 4 % of our consolidated revenues for the first three months of 2025 and 3 % of our consolidated revenues for the first three months of 2024.

The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation.

In the first nine months of 2024 and 2023, the Argentine peso declined approximately 14 % (from 833.3 to 968.7 pesos to the U.S.

dollar) and 48 % (from 178.6 to 344.8 pesos to the U.S.

dollar), respectively.

In the first three months of 2025, the Argentine peso declined approximately 4 % (from 1,031.0 to 1,073.1 pesos to the U.S.

For the year ended December 31, 2024, the Argentine peso declined approximately 19 % (from 833.3 to 1,031.0 pesos to the U.S.

2 unchanged sentences

Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

In the first nine months of 2024, we recognized an $ 11.9 million pretax remeasurement loss.

In the first nine months of 2023, we recognized a $ 23.9 million pretax remeasurement loss.

At September 30, 2024, Argentina's economy remains highly inflationary for accounting purposes.

At September 30, 2024, we had net monetary assets denominated in Argentine pesos of $ 96.9 million (including cash of $ 83.0 million).

At September 30, 2024, we had net nonmonetary assets of $ 150.6 million (including $ 99.8 million of goodwill, $ 1.3 million in equity securities denominated in Argentine pesos and $ 23.5 million in debt securities denominated in Argentine pesos).

At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $ 72.1 million (including cash of $ 62.5 million) and net nonmonetary assets of $ 141.9 million (including $ 99.8 million of goodwill, $ 1.1 million in equity securities denominated in Argentine pesos and $ 5.6 million in debt securities denominated in Argentine pesos).

In the first three months of 2025, we recognized a $ 4.8 million pretax remeasurement loss.

At March 31, 2025, Argentina's economy remained highly inflationary for accounting purposes.

At March 31, 2025, we had net monetary assets denominated in Argentine pesos of $ 127.6 million (including cash of $ 117.4 million).

At March 31, 2025, we had net nonmonetary assets of $ 144.5 million (including $ 102.6 million of goodwill and $ 20.8 million in debt securities denominated in Argentine pesos).

At December 31, 2024, we had net monetary assets denominated in Argentine pesos of $ 115.9 million (including cash of $ 104.0 million) and net nonmonetary assets of $ 147.5 million (including $ 103.1 million of goodwill and $ 21.2 million in debt securities denominated in Argentine pesos).

During September 2019, the Argentine government announced currency controls on both companies and individuals.

1 unchanged sentence

Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad.

We have previously elected to use other market mechanisms to convert Argentine pesos into U.S.

Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina.

We did not have any such conversions or related conversion losses in the nine months ended September 30, 2024 or September 30, 2023.

Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina.

We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina.

Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela.

Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries.

As a result of these conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we report the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero.

Prior to the imposition of the U.S.

government sanctions in 2019, we provided immaterial amounts of financial support to our Venezuela operations.

We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S.

government targeting Venezuela.

Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired.

We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred.

Impairment indicators were reviewed as of September 30, 2024 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

Impairment indicators were reviewed as of March 31, 2025 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

2 unchanged sentences

Improvements to Reportable Segment Disclosures , which requires expanded disclosures about significant segment expenses and information used to assess segment performance.

ASU 2023-07 will be effective for us on January 1, 2024 for annual reporting periods.

For interim reporting periods, it will be effective for us on January 1, 2025.

This new guidance will result in increased disclosures in the notes to our financial statements.

For annual reporting periods, we adopted ASU 2023-07 on January 1, 2024.

For interim reporting periods, this ASU was effective for us on January 1, 2025.

In accordance with the new guidance, we added disclosures about significant segment expenses in Note 3 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Beginning with our first interim reporting period in 2025, we have also included disclosures regarding assets held by segments as well as capital expenditures and depreciation and amortization by segment in Note 3.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

3 unchanged sentences

This new guidance will result in increased disclosures in the notes to our financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) , which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.

This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

We are currently evaluating the impact that the adoption of this standard will have on the notes to our consolidated financial statements.

Note 2 - Revenue from Contracts with Customers

1 unchanged sentence

We provide various services to meet the needs of our customers and we group these service offerings into two broad categories:

cash and valuables management;

(1) cash and valuables management ("CVM");

and (2) digital retail solutions ("DRS") and ATM managed services ("AMS").

Cash and Valuables Management

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

CVM services are provided to customers throughout the world.

Cash-in-transit services include the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks.

31 unchanged sentences

Cash and Valuables Management DRS and AMS Total

Three months ended September 30, 2024

Reportable Segments:

North America $ 298.2 114.4 412.6

Latin America 266.3 54.7 321.0

Europe 193.4 122.1 315.5

Rest of World 190.3 19.1 209.4

Total reportable segments $ 948.2 310.3 1,258.5

Three months ended September 30, 2023

Reportable Segments:

North America $ 301.3 96.8 398.1

Latin America 291.8 47.8 339.6

Europe 189.0 98.8 287.8

Rest of World 188.8 13.1 201.9

Total reportable segments $ 970.9 256.5 1,227.4

Nine months ended September 30, 2024

Three months ended March 31, 2025

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 924.0 322.7 1,246.7

Nine months ended September 30, 2023

Three months ended March 31, 2024

Reportable Segments:

17 unchanged sentences

The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts.

Contract assets expected to be collected or amortized within one year ($ 3.7 million at September 30, 2024) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 17.5 million at September 30, 2024) are reported in other assets on the condensed consolidated balance sheet.

Contract assets expected to be billed or amortized within one year ($ 6.2 million at March 31, 2025) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 19.1 million at March 31, 2025) are reported in other assets on the condensed consolidated balance sheet.

Contract Liabilities

5 unchanged sentences

Opening (January 1, 2025) $ 733.5 22.2 15.0

Closing (September 30, 2024) 849.4 21.2 12.4

Increase (decrease) $ 70.4 5.8 ( 9.0 )

The amount of revenue recognized in the nine months ended September 30, 2024 that was included in the January 1, 2024 contract liabilities balance was $ 17.9 million.

Closing (March 31, 2025) 772.4 25.3 16.7

$ 38.9 3.1 1.7

The amount of revenue recognized in the three months ended March 31, 2025 that was included in the January 1, 2025 contract liabilities balance was $ 3.7 million.

This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the nine months ended September 30, 2024 from performance obligations satisfied in the prior year was not significant.

Revenue recognized in the three months ended March 31, 2025 from performance obligations satisfied in the prior year was not significant.

This revenue is a result of changes in the transaction price of our contracts with customers.

1 unchanged sentence

Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts.

At September 30, 2024, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at September 30, 2024 and December 31, 2023 were $ 4.7 million and $ 3.7 million, respectively.

The amortization expense in the first nine months of 2024 and 2023 was $ 1.1 million and $ 1.5 million, respectively.

At March 31, 2025, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at March 31, 2025 and December 31, 2024 were $ 13.4 million and $ 12.8 million, respectively.

Practical Expedients

17 unchanged sentences

As such, they have not been allocated to segment or Corporate results.

Our CODM uses segment operating profit to evaluate the performance of each of our reportable segments, comparing profitability to expected results as well as to the other segments, ultimately guiding resource allocation decisions including investment, capital allocation and staffing to optimize overall company profitability.

We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.

We manage our business in the following four segments:

5 unchanged sentences

This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.

The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:

Operating Profit

Three Months Ended September 30, Three Months Ended September 30,

Three Months Ended March 31, 2025

(In millions)

2024 2023 2024 2023

Reportable Segments:

North America

$ 412.6 398.1 41.5 47.5

Latin America

321.0 339.6 70.3 68.1

Europe 315.5 287.8 40.1 35.8

Rest of World

209.4 201.9 43.8 42.6

Total reportable segments

1,258.5 1,227.4 195.7 194.0

Reconciling Items:

Corporate expenses:

General, administrative and other expenses

— — ( 48.2 ) ( 32.4 )

Foreign currency transaction gains

Reconciliation of segment policies to GAAP (a)

— — 1.8 ( 0.7 )

Other items not allocated to segments (b) :

Reorganization and restructuring

— — ( 0.4 ) ( 0.4 )

Acquisitions and dispositions

— — ( 16.5 ) ( 19.4 )

Argentina highly inflationary impact

— — ( 10.8 ) ( 8.1 )

Transformation initiatives

— — ( 9.5 ) —

Department of Justice investigation

North America Latin America Europe Rest of World Total

Revenues $ 417.6 307.6 299.1 222.4 1,246.7

Cost of revenues:

Labor and fringe benefit costs (a)

153.2 140.7 132.5 58.2

Chile antitrust matter

Other cost of revenues segment items (b)

156.7 83.2 104.1 98.9

Non-routine auto loss matter

Total cost of revenues (a)

309.9 223.9 236.6 157.1

Reporting compliance — — — ( 0.7 )

Selling, general, and administrative (a)

54.6 29.8 37.3 15.2

Operating Profit

Nine Months Ended September 30, Nine Months Ended September 30,

Segment operating profit $ 53.1 53.9 25.2 50.1 182.3

Three Months Ended March 31, 2024

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 405.5 334.7 291.4 204.5 1,236.1

Cost of revenues:

Labor and fringe benefit costs (a)

155.8 147.1 133.9 60.0

Reportable Segments:

North America

Other cost of revenues segment items (b)

146.6 90.9 96.1 87.5

Latin America

Total cost of revenues (a)

302.4 238.0 230.0 147.5

Europe 916.6 842.4 98.2 87.1

Rest of World

Selling, general, and administrative (a)

54.7 33.7 35.5 15.9

Total reportable segments

Segment operating profit $ 48.4 63.0 25.9 41.1 178.4

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the condensed consolidated statements of operations.

(b) Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.

Three Months Ended March 31,

(In millions)

Segment operating profit

$ 182.3 178.4

4 unchanged sentences

Foreign currency transaction gains

— — 11.7 15.3

Reconciliation of segment policies to GAAP (a)

8 unchanged sentences

( 5.1 ) ( 4.8 )

Department of Justice investigation

— — ( 7.7 ) —

DOJ/FinCEN investigations ( 0.9 ) —

Chile antitrust matter

( 0.2 ) ( 0.4 )

Non-routine auto loss matter

— — ( 0.5 ) —

Reporting compliance

— — — ( 0.7 )

Operating profit

$ 119.1 120.9

3 unchanged sentences

Reorganization and restructuring Net charges incurred in relation to certain restructuring actions include primarily severance charges and asset impairment losses.

The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.

The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.

Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit.

4 unchanged sentences

The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed.

Transformation Initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model in the U.S., with expectations to then leverage the transformation changes and learnings globally.

Transformation initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model.

The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence.

1 unchanged sentence

These costs relate to a discrete program.

Department of Justice Investigation In the second quarter of 2024, we recorded a charge for a probable loss in connection with a U.S.

Department of Justice investigation.

Additionally, we have incurred third-party costs, primarily legal costs in the current quarter, associated with this matter.

DOJ/FinCEN investigations In 2024, we recorded a charge for a probable loss in connection with U.S.

Department of Justice ("DOJ") and U.S.

Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") investigations.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN.

See Note 13 for details.

1 unchanged sentence

The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile.

Additionally, we have incurred third-party costs, primarily legal costs in the current quarter, associated with this matter.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

See Note 13 for details.

Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and.

In connection with the ensuing litigation, Brink’s recognized a charge.

Additionally, we have incurred third-party costs, primarily legal costs in the current quarter, associated with this matter.

Reporting compliance We incurred certain third-party compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting.

Three Months Ended March 31,

(In millions) 2025 2024

Capital Expenditures by Reportable Segment

North America $ 24.0 13.6

Latin America 6.0 12.2

Europe 13.6 17.4

Rest of World 14.9 8.2

Total reportable segments 58.5 51.4

Corporate items 0.4 0.8

Total $ 58.9 52.2

Depreciation and Amortization by Reportable Segment

Depreciation and amortization of property and equipment:

North America $ 19.4 20.1

Latin America 12.7 14.1

Europe 14.7 14.0

Rest of World 6.7 6.4

Total reportable segments 53.5 54.6

Corporate items 0.7 1.0

Argentina highly inflationary impact 2.1 2.3

Depreciation and amortization of property and equipment 56.3 57.9

Amortization of intangible assets (a)

Total $ 70.7 72.4

(a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.

(In millions)

March 31, 2025 December 31, 2024

Assets held by Reportable Segment

North America $ 1,920.3 2,089.8

Latin America 1,233.8 1,171.7

Europe 1,995.3 1,894.9

Rest of World 1,125.9 1,084.9

Total reportable segments 6,275.3 6,241.3

Corporate items 308.3 381.8

Total $ 6,583.6 6,623.1

Note 4 - Retirement benefits

Pension plans

Defined-benefit Pension Plans

We have various defined-benefit pension plans covering eligible current and former employees.

Benefits under most plans are based on salary and years of service.

There are limits to the amount of benefits which can be paid to participants from a U.S.

qualified pension plan.

We maintain a nonqualified U.S.

plan to pay benefits for those eligible current and former employees in the U.S.

whose benefits exceed the regulatory limits.

Pension benefits provided to eligible U.S.

employees were frozen on December 31, 2005.

The components of net periodic pension cost (credit) for our pension plans were as follows:

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(In millions) 2025 2024 2025 2024 2025 2024

Three months ended September 30,

Service cost $ — — 2.1 1.9 2.1 1.9

Interest cost on projected benefit obligation 7.7 8.1 4.4 4.6 12.1 12.7

Return on assets – expected ( 11.6 ) ( 11.8 ) ( 2.9 ) ( 2.8 ) ( 14.5 ) ( 14.6 )

Amortization of losses 1.2 0.3 0.6 0.5 1.8 0.8

Amortization of prior service credit — — 0.1 0.1 0.1 0.1

Settlement loss — — 0.6 0.1 0.6 0.1

Net periodic pension cost (credit)

$ ( 2.7 ) ( 3.4 ) 4.9 4.4 2.2 1.0

Nine months ended September 30,

Three months ended March 31,

Service cost $ — — 2.0 2.2 2.0 2.2

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We did not make cash contributions to the primary U.S.

pension plan in 2023 or the first nine months of 2024.

pension plan in 2024 or the first three months of 2025.

Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2024, we do not expect to make contributions to the primary U.S.

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(In millions) 2025 2024 2025 2024 2025 2024

Three months ended September 30,

Interest cost on accumulated postretirement benefit obligations $ 2.2 2.7 1.1 1.4 3.3 4.1

Return on assets – expected ( 2.6 ) ( 2.6 ) — — ( 2.6 ) ( 2.6 )

Amortization of losses 0.1 1.1 1.2 1.3 1.3 2.4

Amortization of prior service cost (credit)

( 2.4 ) ( 2.7 ) ( 0.1 ) ( 0.1 ) ( 2.5 ) ( 2.8 )

Net periodic postretirement cost (credit)

$ ( 2.7 ) ( 1.5 ) 2.2 2.6 ( 0.5 ) 1.1

Nine months ended September 30,

Three months ended March 31,

Service cost $ — — — 0.1 — 0.1

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Note 5 - Income taxes

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions, except for effective tax rate)

2024 2023 2024 2023

Continuing operations

Provision for income taxes

$ 27.2 37.3 $ 75.5 81.0

Effective tax rate 22.4 % 33.4 %

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Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2024 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first three months of 2025 was greater than the 21% U.S.

statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S.

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Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2023 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first three months of 2024 was greater than the 21% U.S.

taxable income and credit limitations, the increase of valuation allowances on U.S.

tax credits, and the characterization of a French business tax as an income tax.

Note 6 - Acquisitions and Dispositions

We account for business combinations using the acquisition method.

Under the acquisition method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition.

The condensed consolidated statements of operations include the results of operations for each acquired entity from the date of acquisition.

In the first nine months of 2024, we acquired two business operations in the North America and Europe segments.

The aggregate purchase consideration for these two acquisitions was approximately $ 21 million.

Argentina Union Payments

In the third quarter of 2017, we acquired 100 % of the shares of Maco Transportadora de Caudales S.A.

("Maco Transportadora") and Maco Litoral, S.A.

("Maco Litoral" and, together with Maco Transportadora, "Maco").

Maco Transportadora is a CIT and money processing business and Maco Litoral provides CIT and ATM services.

Both businesses operate in Argentina.

Although the Maco operations were acquired by Brink's Argentina in 2017, the National Antitrust Authority did not formally approve the business acquisitions until 2021.

The approval was issued conditioned on the divestiture of certain armored vehicles and relocation of other armored vehicles.

These actions were completed in 2022.

Upon the acquisition approval by the National Antitrust Authority, the national teamster unions demanded that Maco employees be paid severance benefits as if the employees had been terminated in 2022 and then immediately rehired by Brink's Argentina without their seniority.

Brink's Argentina management finalized negotiations with the Maco unions and agreed to pay amounts to the union members in monthly installments, which were completed in June 2024.

We recognized $ 12.5 million in related costs in 2022.

In the first nine months of 2023, we recognized a $ 4.7 million charge for an inflation-adjusted labor increase to the expected payments.

In the first nine months of 2024, we recognized a $ 0.5 million charge for an inflation-adjusted labor increase to the expected payments.

Changes in the liability as a result of currency-related remeasurement are reflected in our operating results as described in Note 1.

Changes in the liability as a result of labor rate increases are reflected as acquisition-related costs.

Due to the fact that management has excluded these Argentina amounts when evaluating internal performance, we have excluded the amounts from segment results.

taxable income and credit limitations.

Note 6 - Accumulated other comprehensive income (loss)

Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:

Amounts Arising During

the Current Period Amounts Reclassified to

Net Income (Loss)

(In millions) Pretax Income

Tax Pretax Income

Tax Total Other

Comprehensive

Income (Loss)

Three months ended September 30, 2024

Amounts attributable to Brink's:

Benefit plan adjustments $ ( 2.1 ) 0.6 1.5 ( 0.4 ) ( 0.4 )

Foreign currency translation adjustments (b)

9.2 3.2 ( 1.1 ) 0.3 11.6

Gains (losses) on available-for-sale securities

( 1.6 ) 1.8 ( 4.5 ) — ( 4.3 )

Gains (losses) on cash flow hedges ( 17.0 ) 4.0 ( 4.6 ) 1.0 ( 16.6 )

( 11.5 ) 9.6 ( 8.7 ) 0.9 ( 9.7 )

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments 7.0 — — — 7.0

7.0 — — — 7.0

Benefit plan adjustments (a)

( 2.1 ) 0.6 1.5 ( 0.4 ) ( 0.4 )

Foreign currency translation adjustments (b)

16.2 3.2 ( 1.1 ) 0.3 18.6

Gains (losses) on available-for-sale securities (c)

( 1.6 ) 1.8 ( 4.5 ) — ( 4.3 )

Gains (losses) on cash flow hedges (d)

( 17.0 ) 4.0 ( 4.6 ) 1.0 ( 16.6 )

$ ( 4.5 ) 9.6 ( 8.7 ) 0.9 ( 2.7 )

Three months ended September 30, 2023

Amounts attributable to Brink's:

Benefit plan adjustments $ 0.7 0.2 0.5 ( 0.1 ) 1.3

Foreign currency translation adjustments (b)

( 38.3 ) ( 2.7 ) ( 1.2 ) 0.3 ( 41.9 )

Gains (losses) on available-for-sale securities

( 0.7 ) 0.2 8.6 ( 3.0 ) 5.1

Gains (losses) on cash flow hedges 11.5 ( 1.6 ) ( 4.6 ) 1.0 6.3

( 26.8 ) ( 3.9 ) 3.3 ( 1.8 ) ( 29.2 )

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments ( 1.5 ) — — — ( 1.5 )

( 1.5 ) — — — ( 1.5 )

Benefit plan adjustments (a)

0.7 0.2 0.5 ( 0.1 ) 1.3

Foreign currency translation adjustments (b)

( 39.8 ) ( 2.7 ) ( 1.2 ) 0.3 ( 43.4 )

Gains (losses) on available-for-sale securities (c)

( 0.7 ) 0.2 8.6 ( 3.0 ) 5.1

Gains (losses) on cash flow hedges (d)

11.5 ( 1.6 ) ( 4.6 ) 1.0 6.3

$ ( 28.3 ) ( 3.9 ) 3.3 ( 1.8 ) ( 30.7 )

Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings, was as follows:

Amounts Arising During

6 unchanged sentences

Income (Loss)

Nine months ended September 30, 2024

Three months ended March 31, 2025

Amounts attributable to Brink's:

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$ 36.3 3.7 ( 2.3 ) 0.8 38.5

Nine months ended September 30, 2023

Three months ended March 31, 2024

Amounts attributable to Brink's:

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(a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income.

Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses.

Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlements.

Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(In millions) 2025 2024

3 unchanged sentences

Interest and other nonoperating expense 0.1 1.1

(b) 2024 foreign currency translation adjustment amounts arising during the three months ended September 30, 2024 reflect primarily the appreciation of the euro and the Malaysian ringgit, partially offset by the devaluation of the Mexican peso.

2023 foreign currency translation adjustment amounts arising during the three months ended September 30, 2023 reflect primarily the devaluation of the Brazilian real, the Mexican peso, the Chilean peso, and the euro.

2024 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2024 reflect primarily the devaluation of the Mexican peso and the Brazilian real, partially offset by the appreciation of the Malaysian ringgit and the euro.

2023 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2023 reflect primarily the appreciation of the Mexican peso, and the Brazilian real, partially offset by the devaluation of the euro.

(c) Gains and losses on sales of available-for-sale debt securities are reclassified from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations when the gains or losses are realized.

Pretax amounts are classified in the condensed consolidated statements of operations as interest and other nonoperating income (expense).

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as:

• ot her operating income (expense) ( no gains or losses in the three months ended September 30, 2024 and $ 0.5 million loss in the three months ended September 30, 2023;

as well as no gains or losses in the nine months ended September 30, 2024 and $ 7.7 million loss in the nine months ended September 30, 2023).

• interest expense ( $ 4.6 million reduction to expense in the three months ended September 30, 2024 and $ 5.2 million reduction to expense in the three months ended September 30, 2023;

as well as $ 14.3 million reduction to expense in the nine months ended September 30, 2024 and $ 13.7 million reduction to expense in the nine months ended September 30, 2023).

(b) 2025 foreign currency translation adjustment amounts arising during the three months ended March 31, 2025 reflect primarily the appreciation of the euro, the Mexican peso, and the Brazilian real.

2024 foreign currency translation adjustment amounts arising during the three months ended March 31, 2024 reflect primarily the devaluation of the Chilean peso, the Brazilian real, and the euro, partially offset by the appreciation of the Mexican peso.

(c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss).

When sold, gains and losses are then realized and reclassified to the condensed consolidated statements of operations in the same period.

Pretax amounts are classified in the condensed consolidated statements of operations as interest and other income (expense).

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 2.5 million reduction to expense in the three months ended March 31, 2025 and $ 5.0 million reduction to expense in the three months ended March 31, 2024.

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

7 unchanged sentences

( 1.6 ) 40.7 0.7 ( 2.0 ) 37.8

Balance as of September 30, 2024 $ ( 305.9 ) ( 449.8 ) ( 6.7 ) 8.7 ( 753.7 )

Acquisitions of noncontrolling interests — ( 0.2 ) — — ( 0.2 )

Balance as of March 31, 2025 $ ( 262.0 ) ( 516.2 ) ( 2.6 ) 14.3 ( 766.5 )

Note 7 - Fair value of financial instruments

Investments in Marketable Securities

We have investments in mutual funds, equity securities and available for sale debt securities that are carried at fair value in the condensed financial statements.

We have investments in mutual funds, equity securities and available-for-sale debt securities that are carried at fair value in the condensed financial statements and are included in other assets on the condensed consolidated balance sheet.

For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation.

2 unchanged sentences

(In millions)

September 30, 2024 December 31, 2023

2025 Senior Unsecured Notes

Carrying value (a)

Fair value — 382.0

March 31, 2025 December 31, 2024

2027 Senior Unsecured Notes

7 unchanged sentences

Fair value 398.9 397.2

(a) The 2025 Senior Unsecured Notes were redeemed in the third quarter of 2024 (see Note 9).

Pricing inputs for nonpublic debt are often not observable.

3 unchanged sentences

Forward and Swap Contracts

The fair values of our forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs

related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data,

which we have categorized as a Level 2 valuation.

Economic Hedges

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

At September 30, 2024, the notional value of our outstanding foreign currency forward and swap contracts was $ 1,001 million, with average maturities of approximately one month .

At March 31, 2025, the notional value of our outstanding foreign currency forward and swap contracts was $ 772 million, with average maturities of approximately one month .

These foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound, and the Mexican peso and are not designated as hedges for accounting purposes.

Accordingly, changes in their fair value are recorded immediately in earnings.

At September 30, 2024, the fair value of our short term foreign currency contracts was a net liability of approximately $ 13.2 million, of which $ 2.6 million was included in prepaid expenses and other and $ 15.8 million was included in accrued liabilities on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these foreign currency contracts was a net liability of approximately $ 1.1 million, of which $ 8.7 million was included in prepaid expenses and other and $ 9.8 million was included in accrued liabilities on the condensed consolidated balance sheet.

Cash flows related to economic hedges are reported in the condensed consolidated statements of cash flows based on the nature of the underlying items being hedged.

For the periods presented, such cash flows are reported in operating activities or investing activities.

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:

(In millions) March 31, 2025 December 31, 2024

Prepaid expenses and other

Accrued liabilities

( 18.1 ) ( 10.1 )

Net asset (liability)

$ ( 17.2 ) 8.9

Amounts under these contracts were recognized in other operating income (expense) as follows:

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(in millions) 2025 2024

1 unchanged sentence

$ ( 12.6 ) 13.4

(a) Derivative instrument losses in the three months ended September 30, 2024, were higher than in the three months ended September 30, 2023, due primarily to the impact of forward currency contracts to hedge exposures to the Mexican peso-denominated intercompany loans.

Cross Currency Swap - Cash Flow Hedge

In the first quarter of 2019, we entered into a long term cross currency swap contract to hedge exposure in Brazilian real.

This cross currency swap contract matured and was fully settled in the fourth quarter of 2023.

The swap contract was designated as a cash flow hedge for accounting purposes and changes in the fair value of the cash flow hedge were initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We immediately reclassified from accumulated other comprehensive income (loss) to earnings an amount to offset the remeasurement recognized in earnings associated with the respective intercompany loan.

Additionally, we reclassified amounts from accumulated other comprehensive income (loss) to interest expense that were associated with the interest rate differential between a U.S.

dollar denominated intercompany loan and a Brazilian real denominated intercompany loan.

In the first nine months of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

Ended September 30, Nine Months

Ended September 30,

(In millions) 2024 2023 2024 2023

Derivative instrument losses included in other operating income (expense) $ — ( 0.5 ) $ — ( 7.7 )

Offsetting transaction gains — 0.5 — 7.7

Derivative instrument losses included in interest expense — ( 0.2 ) — ( 0.7 )

Net derivative instrument losses — ( 0.7 ) — ( 8.4 )

Interest Rate Swaps - Cash Flow Hedges

In the first quarter of 2019, we entered into ten interest rate swaps that matured in January 2024.

These interest rate swaps hedged cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges were initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassified amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affected earnings.

At December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 1.1 million, which was included in prepaid expenses and other on the condensed consolidated balance sheet.

In the first quarter of 2022, we entered into four forward-starting interest rate swaps that hedge cash flow risk associated with changes in variable interest rates and that were designated as cash flow hedges for accounting purposes.

The forward-starting interest rate swaps had a maturity date in July 2030 and had a mandatory settlement scheduled to occur in July 2022.

In July 2022, an amendment was executed to terminate the four forward-starting interest rates swaps and concurrently enter into three forward-starting interest rate swaps with an amended maturity in June 2027.

We designated these interest rates swaps as cash flow hedges for accounting purposes.

Accordingly, the changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

As of the July 2022 termination date of the four previous interest rate swaps, a cumulative net gain of $ 9.2 million was recorded in accumulated other comprehensive income (loss).

This amount is reclassified to earnings as forecasted interest payments occur through the original maturity date in July 2030.

The three new interest rate swaps had an inception date fair value equal to a $ 9.2 million asset, approximating the settlement value of the four previous interest rate swaps.

Instead of receiving cash upon termination of the previous swaps, we elected to negotiate a lower off-market fixed rate for the three new interest rate swaps.

This inception date fair value is amortized to earnings on a ratable and systematic basis through the maturity date of the new interest rate swaps in June 2027.

At September 30, 2024, the notional value of these contracts was $ 200 million with a remaining weighted-average maturity of 1.4 years.

At September 30, 2024, the fair value of these interest rate swaps was a net asset of $ 8.1 million, of which $ 4.0 million was included in prepaid expenses and other and $ 4.1 million was included in other assets on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 12.2 million, of which $ 5.8 million was included in prepaid expenses and other and $ 6.4 million was included in other assets on the condensed consolidated balance sheet.

In the fourth quarter of 2022, we entered into two interest rate swaps with a maturity date in June 2027.

These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

At September 30, 2024, the notional value of these contracts was $ 175 million with a remaining weighted-average maturity of 1.4 years.

At September 30, 2024, the fair value of these interest rate swaps was a net liability of $ 1.3 million, of which $ 0.4 million was included in

prepaid expenses and other and $ 1.7 million was included in other liabilities on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 0.1 million, of which $ 1.9 million was included in prepaid expenses and other and $ 1.8 million was included in other liabilities on the condensed consolidated balance sheet.

In the second quarter of 2023, we entered into eight forward-starting interest rate swaps that became effective in January 2024.

The forward-starting interest rate swaps have a maturity date in June 2027.

These swaps replaced the $ 400 million interest rate swaps that matured on the same date in January 2024 that the forward-starting swaps became effective.

These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

At September 30, 2024, the notional value of these contracts was $ 400 million with a remaining weighted-average maturity of 1.4 years.

At September 30, 2024, the fair value of these interest rate swaps was a net asset of $ 1.9 million, of which $ 2.7 million was included in prepaid expenses and other and $ 0.8 million was included in other liabilities on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 5.7 million, of which $ 5.4 million was included in prepaid expenses and other and $ 0.3 million was included in other assets on the condensed consolidated balance sheet.

Cash flows related to interest rate swaps are reported as operating activities.

In October 2024, we terminated all of our outstanding interest rate swap contracts, which had an aggregate notional value of $ 775 million.

We received approximately $ 19 million in cash proceeds as a result of terminating these contracts.

(a) Derivative instrument losses in the three months ended March 31, 2025, as compared to gains in the prior year period is primarily due to the impact of hedging currency exposures on intercompany loans denominated in the Mexican peso, the Euro, and the British pound.

Net Investment Hedges

In the second quarter of 2021, we entered into ten cross currency swaps to hedge a portion of our net investments in certain of our subsidiaries with euro functional currencies.

As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges.

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies.

We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges for accounting purposes.

Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated.

We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of these cross currency swaps.

In the third quarter of 2022, we terminated these cross currency swap contracts and received $ 67 million in cash for the fair value of the derivative assets at the settlement date.

We subsequently entered into a total of nine cross currency swaps with a total notional value of $ 400 million to hedge a portion of our net investment in certain of our subsidiaries with euro functional currencies.

Swaps with a total notional value of $ 215 million will terminate in May 2026 and swaps with a total notional value of $ 185 million will terminate in April 2031.

We have designated these swaps as net investment hedges for accounting purposes.

In the third quarter of 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date.

In 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date.

We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $ 215 million notional cross currency swaps.

3 unchanged sentences

The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.

At September 30, 2024, the total notional value of these cross currency swap contracts was $ 400 million with a remaining weighted average maturity of 1.5 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 5.7 years for the cross currency swaps maturing in April 2031.

At September 30, 2024, the fair value of these cross currency swaps was a net liability of $ 38.2 million, of which $ 5.6 million was included in prepaid expenses and other and $ 43.8 million was included in other liabilities on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of these cross currency swaps was a net liability of $ 34.6 million, of which $ 5.6 million was included in prepaid expenses and other and $ 40.2 million was included in other liabilities on the condensed consolidated balance sheet.

At September 30, 2024, the fair value of the zero cost collar was an asset of $ 0.4 million, which was included in other assets on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of the zero cost collar was an asset of $ 0.1 million, which was included in other assets on the condensed consolidated balance sheet.

In the fourth quarter of 2023, we entered into a foreign exchange forward swap contract to hedge a portion of our net investments in certain of our subsidiaries with Hong Kong dollar functional currencies.

As the contract is designated as a net investment hedge for accounting purposes, we will use the spot method to assess effectiveness of this derivative contract.

We will record changes in fair value attributable to changes in the Hong Kong dollar undiscounted spot rates in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) with amounts remaining in accumulated comprehensive income (loss) until the hedged net investments are sold or substantially liquidated.

At September 30, 2024, the notional value of this foreign exchange forward swap contract was $ 55 million with a remaining weighted average maturity of 0.1 years.

At September 30, 2024, the fair value of this derivative contract was an asset of $ 0.1 million, which was included in prepaid expenses and other on the condensed consolidated balance sheet.

At December 31, 2023, the fair value of this derivative contract was an asset of $ 0.1 million, which was included in prepaid expenses and other on the condensed consolidated balance sheet.

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:

(In millions) March 31, 2025 December 31, 2024

Euro net investment hedge (a)

Prepaid expenses and other

Other noncurrent liabilities

( 34.8 ) ( 21.7 )

Zero cost collar

Other noncurrent asset

Hong Kong dollar net investment hedge (b)

Prepaid expenses and other

Net asset (liability)

$ ( 28.3 ) $ ( 12.8 )

(a) At March 31, 2025, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 1.0 year.

Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 5.2 years.

(b) At March 31, 2025, the total notional value was $ 55 million with a weighted average maturity of 0.6 years.

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Ended March 31,

(In millions) 2025 2024

Cross currency swaps designated as net investment hedges

$ ( 1.2 ) ( 1.1 )

Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities.

Cash flows from the termination and final settlement of net investment hedges are reported in investing activities.

All other cash flow from net investment hedges are reported as operating activities.

The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:

Ended September 30, Nine Months

Ended September 30,

All other cash flows from net investment hedges are reported in operating activities.

Interest Rate Swaps - Cash Flow Hedges

We have periodically entered into interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and we have designated the interest rate swaps as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In the fourth quarter of 2024, we elected to early terminate interest rate swaps with an aggregate notional value of $ 775 million and we received approximately $ 19 million in cash proceeds upon termination.

The cash proceeds for terminating the swaps were reported as cash flows from operating activities.

In the first quarter of 2025, we entered into interest rate swaps with a notional value of $ 100 million with a maturity date of June 2027.

The fair values of our interest rate swaps were recognized in the condensed consolidated balance sheet as follows:

(In millions) March 31, 2025 December 31, 2024

$100 million notional - June 2027 maturity (a)

Prepaid expenses and other

Other noncurrent liabilities

Net asset (liability) $ ( 0.1 ) $ —

(a) At March 31, 2025, swaps with a total notional value of $ 100 million will terminate in June 2027 and have a weighted average maturity of 1.2 years.

Amounts under our interest rate swap contracts were recognized in interest expense as follows:

Ended March 31,

(In millions) 2025 2024

Interest rate swaps designated as cash flow hedges $ ( 4.6 ) ( 5.4 ) ( 14.3 ) ( 14.4 )

Cross currency swaps designated as net investment hedges ( 1.2 ) ( 1.2 ) ( 3.5 ) ( 4.1 )

Net derivative instrument gains included in interest expense $ ( 5.8 ) ( 6.6 ) ( 17.8 ) ( 18.5 )

The fair values of these forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data, which we have categorized as a Level 2 valuation.

The majority of cash flows associated with our forward and swap contracts are included as changes in other operating activities in the condensed consolidated statements of cash flows.

If a contract has a significant financing element, cash flows are included within the financing activities section of the condensed consolidated statements of cash flows.

Impact to interest expense - (benefit) cost

$ ( 2.5 ) ( 5.0 )

Cash flows related to interest rate swaps are reported as operating activities.

Contingent Consideration

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We used a probability-weighted approach to estimate the fair value of the contingent consideration.

The fair value of the contingent consideration is the full $ 24 million that remains potentially payable as of September 30, 2024 as we believe it is unlikely that the contingent consideration payments will be reduced.

The fair value of the contingent consideration is the full $ 23 million that remains potentially payable as of March 31, 2025 as we believe it is unlikely that the contingent consideration payments will be reduced.

Other Financial Instruments

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The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first nine months of 2024.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2025.

Note 8 - Debt

September 30, December 31,

March 31, December 31,

(In millions) 2025 2024

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Bank credit facilities:

Term loan A (a)

Term loans (a)

$ 1,275.2 1,292.2

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Revolving Credit Facility 468.6 399.7

Other facilities (c)

Financing leases 245.3 235.1

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Total debt $ 3,881.6 3,896.2

(a) Amounts outstanding are net of unamortized debt costs of $ 3.1 million as of September 30, 2024 and $ 4.0 million as of December 31, 2023.

(b) Amounts outstanding are net of unamortized debt costs of $ 12.9 million as of September 30, 2024 and $ 5.6 million as of December 31, 2023.

(c) Includes Other Revolving Credit Facilities of $ 233 million at September 30, 2024 and $ 226 million at December 31, 2023.

(a) Amounts outstanding are net of unamortized debt costs of $ 2.3 million as of March 31, 2025 and $ 2.8 million as of December 31, 2024.

(b) Amounts outstanding are net of unamortized debt costs of $ 11.8 million as of March 31, 2025 and $ 12.2 million as of December 31, 2024.

(c) Includes Other Revolving Credit Facilities of $ 282 million at March 31, 2025 and $ 359 million at December 31, 2024.

Long-Term Debt

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The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility.

As of September 30, 2024, $ 499 million was available under the Revolving Credit Facility.

As of March 31, 2025, $ 531 million was available under the Revolving Credit Facility.

The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries.

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The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at September 30, 2024.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of September 30, 2024.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at March 31, 2025.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of March 31, 2025.

We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of September 30, 2024.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of March 31, 2025.

Senior Unsecured Notes

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In June 2020, we issued at par five-year senior unsecured notes (the "2025 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million.

The 2025 Senior Unsecured Notes had a maturity date of July 15, 2025 and an annual interest rate of 5.5 %.

The 2025 Senior Unsecured Notes were set to mature on July 15, 2025 and had an annual interest rate of 5.5 %.

The 2025 Senior Unsecured Notes were general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

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Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

The aggregate proceeds from the 2025 Senior Unsecured Notes were used in part to repay certain existing indebtedness incurred in connection with the G4S acquisition, finance the remaining G4S acquisition transactions and pay certain fees and expenses related to the transactions.

Remaining net proceeds from the 2025 Senior Unsecured Notes were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

The aggregate proceeds from the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes were used to redeem the $ 400 million outstanding principal amount of the 2025 Senior Unsecured Notes prior to maturity and to repay a portion of the outstanding indebtedness under our Revolving Credit Facility.

Before applying a portion of the net proceeds from this offering to redeem or repurchase the 2025 Senior Unsecured Notes as described above, we used such portion of the net proceeds for general corporate purposes and to temporarily repay additional amounts outstanding under our Revolving Credit Facility.

Other Revolving Credit Facilities

We also have revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities").

On an aggregate basis, borrowings under these facilities total $ 359 million with an additional $ 353 million available as of September 30, 2024, including $ 126 million in Short-term borrowings and $ 233 million in Other long-term debt.

Maturity dates of the long-term facilities range from February 2027 to July 2027 and interest rates range from 6.35 % to 7.00 %.

Borrowings under these facilities are secured by cash held by Brink's.

Other Facilities

Other Facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities").

On an aggregate basis, borrowings under these facilities total $ 382 million with an additional $ 423 million available as of March 31, 2025, including $ 100 million in Short-term borrowings and $ 282 million in Other long-term debt.

Maturity dates of the long-term facilities range from February 2027 to January 2028 and interest rates range from 5.30 % to 5.70 %.

Borrowings under these facilities are secured by cash and certain receivables held by Brink's.

In July 2024, we increased the capacity of the largest of these credit facilities from $ 250 million to $ 500 million.

Other Debt Facilities

The Senior Secured Credit Facility, Senior Unsecured Notes, Other Revolving Credit Facilities, and other debt facilities contain various financial and other covenants.

The financial covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs.

The covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs.

If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn.

An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements.

We were in compliance with all covenants at September 30, 2024.

We were in compliance with all of these covenants at March 31, 2025.

Note 9 - Credit losses

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We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.

The following table is a rollforward of the allowance for doubtful accounts for the nine month period ended September 30, 2024.

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2025.

Allowance for doubtful accounts:

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Foreign currency exchange effects 0.4

September 30, 2024 $ 28.8

March 31, 2025 $ 21.5

Note 10 - Share-based compensation plans

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The 2024 Plan became effective May 2024.

During the quarter ended March 31, 2023, the remaining outstanding awards granted under the 2013 Equity Incentive Plan (the "2013 Plan") were fully exercised.

No further grants of awards will be made under the 2013 Plan or the 2017 Plan.

We have outstanding deferred stock units granted to directors under the 2017 Plan and 2024 Plan.

No further grants of awards will be made under the 2017 Plan.

We have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan.

Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

Outstanding awards at September 30, 2024 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Outstanding awards at March 31, 2025 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method.

Prior to 2020, for employee and director awards considered equity grants, compensation expense is recognized from the award or grant date to the earlier of the retirement-eligible date or the vesting date.

In 2020, the retirement eligibility provisions for many employee awards were changed on a go-forward basis to require a six month notification period prior to actual retirement.

For the 2020 awards, we recognized expense from the grant date to six months after the participant's retirement eligible date.

In 2021, the retirement eligibility provisions were changed to require a minimum of a one year service period in order to meet the retirement eligible conditions.

For the 2022, 2023 and 2024 awards, we recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For all share-based awards outstanding at March 31, 2025, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement eligible conditions.

We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.

1 unchanged sentence

Compensation expenses for the share-based awards were as follows:

Compensation Expense Compensation Expense

Three Months Ended September 30, Nine Months Ended September 30,

Compensation Expense

Three Months Ended March 31,

(In millions)

2024 2023 2024 2023

Performance stock units

$ 4.7 3.7 $ 15.5 16.6

Restricted stock units 2.3 2.5

4 unchanged sentences

Share-based payment expense, net of tax $ 4.6 7.7

Performance-Based Stock Options

Prior to 2019, we granted primarily performance-based stock options to select senior executives.

These performance-based awards have a service condition as well as a market condition.

We measured the fair value of these performance-based options at the grant date using a Monte Carlo simulation model.

No performance-based options were granted after 2018.

The following table summarizes performance-based stock option activity during the first nine months of 2024:

(in thousands)

Weighted-Average Grant-Date Fair Value

Outstanding balance as of December 31, 2023 174.4 $ 17.92

Exercised ( 174.4 ) 17.92

Outstanding balance as of September 30, 2024

Time-Based Stock Options

In 2020 and 2019, we granted time-based stock options to certain senior executives.

In 2020, we granted time-based stock options to certain senior executives.

We measure the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model.

The following table summarizes time-based stock option activity during the first nine months of 2024:

When vested, options entitle the holder to purchase a specified number of shares of Brink's stock at a price set at the date the options were granted.

Options granted to employees have a maximum term of six years.

The following table summarizes time-based stock option activity during the first three months of 2025:

(in thousands)

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Exercised — —

Outstanding balance as of September 30, 2024

Outstanding balance as of March 31, 2025

Restricted Stock Units (“RSUs”)

We granted RSUs that contain only a service condition as part of our compensation program.

We granted RSUs which contain only a service condition as part of our compensation program.

RSUs are paid out in shares of Brink's stock when the awards vest.

For RSUs granted during the last three years, the units generally vest in three equal annual installments following the grant date.

We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first nine months of 2024:

The following table summarizes RSU activity during the first three months of 2025:

(in thousands)

1 unchanged sentence

Nonvested balance as of December 31, 2024

290.4 $ 74.24

Granted 137.5 86.70

1 unchanged sentence

Vested ( 111.0 ) 70.33

Nonvested balance as of September 30, 2024

Nonvested balance as of March 31, 2025

302.2 $ 80.91

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For IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service requirement after 2022.

For IM PSUs granted in 2022, the performance period was from January 1, 2022 to December 31, 2024.

For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025.

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For IM PSUs granted in 2025, the performance period is from January 1, 2025 to December 31, 2027.

In 2023 and in 2024, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier) , a performance condition, and a service condition.

In 2023, 2024 and 2025, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition.

We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model.

IM PSUs are paid out in shares of Brink's stock when the awards vest.

For IM PSUs granted in 2023, 2024 and 2025, the number of shares paid out ranges from 0% to 200% of an employee's award, depending on the achievement of pre-established financial goals over the performance period.

Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

Before 2023, we granted TSR PSUs containing a market condition as well as a service condition.

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For TSR PSUs granted in 2022, the service period was from January 1, 2022 to December 31, 2024.

For TSR PSUs granted in 2022, the service period is from January 1, 2022 to December 31, 2024.

The following table summarizes all PSU activity during the first nine months of 2024:

The following table summarizes all PSU activity during the first three months of 2025:

(in thousands)

1 unchanged sentence

Nonvested balance as of December 31, 2024

639.1 $ 72.64

Granted 215.3 89.74

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( 235.0 ) 67.17

Nonvested balance as of September 30, 2024

Nonvested balance as of March 31, 2025

575.6 $ 80.81

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DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.

The following table summarizes all DSU activity during the first nine months of 2024:

The following table summarizes all DSU activity during the first three months of 2025:

(in thousands)

1 unchanged sentence

Nonvested balance as of December 31, 2024

Granted 13.6 87.93

Vested ( 19.2 ) 62.43

Nonvested balance as of September 30, 2024

Nonvested balance as of March 31, 2025

Note 11 - Capital Stock

At September 30, 2024, we had 100 million shares of common stock authorized and 43.7 million shares issued and outstanding.

At March 31, 2025, we had 100 million shares of common stock authorized and 42.7 million shares issued and outstanding.

We paid regular quarterly dividends on our common stock during the last two years.

On July 11, 2024, the Board declared a regular quarterly dividend of 24.25 cents per share payable on September 3, 2024 to shareholders of record on July 29, 2024.

On September 19, 2024, the Board declared a regular quarterly dividend of 24.25 cents per share payable on December 2, 2024 to shareholders of record on November 4, 2024 The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

On January 16, 2025, the Board declared a regular quarterly dividend of 24.25 cents per share payable on March 3, 2025 to shareholders of record on February 3, 2025.

On May 7, 2025, the Board declared a regular quarterly dividend of 25.50 cents per share payable on June 2, 2025 to shareholders of record on May 19, 2025.

The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At September 30, 2024, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share.

At March 31, 2025, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

Share Repurchase Program

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Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

During the nine months ended September 30, 2024, we repurchased a total of 1,291,224 shares of our common stock for an aggregate of $ 125.3 million and an average price of $ 97.04 per share.

These shares were retired upon repurchase.

At September 30, 2024, $ 375 million remained available under the 2023 Repurchase Program.

In October 2021, we announced that our Board of Directors authorized a $ 250 million share repurchase program (the "2021 Repurchase Program").

Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $ 169.9 million and an average price of $ 73.92 per share.

During the three months ended March 31, 2025, we repurchased a total of 514,795 shares of our common stock for an aggregate of $ 44.8 million and an average price of $ 86.97 per share.

These shares were retired upon repurchase.

The 2021 Repurchase Program expired on December 31, 2023 with approximately $ 28 million remaining available.

At March 31, 2025, $ 252 million remained available under the 2023 Repurchase Program.

Shares Used to Calculate Earnings per Share

Ended September 30, Nine Months

Ended September 30,

Ended March 31,

(In millions) 2025 2024

Weighted-average shares:

44.2 46.5 44.5 46.6

Effect of dilutive stock awards and options 0.4 0.5

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Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed.

Accordingly, included in basic shares are 0.2 million in the three months and 0.2 million in the nine months ended September 30, 2024, and 0.3 million in the three months and 0.3 million in the nine months ended September 30, 2023.

Accordingly, basic shares include weighted-average units of 0.2 million in the three months ended March 31, 2025, and 0.2 million in the three months ended March 31, 2024.

Note 12 - Supplemental cash flow information

Ended September 30,

Ended March 31,

(In millions) 2025 2024

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Non-cash Investing and Financing Activities

We acquired $ 44.2 million in armored vehicles and other equipment under financing lease arrangements in the first nine months of 2024 compared to $ 61.5 million in armored vehicles and other equipment acquired under financing lease arrangements in the first nine months of 2023.

We acquired $ 13.9 million in armored vehicles and other equipment under financing lease arrangements in the first three months of 2025 compared to $ 19.5 million in armored vehicles and other equipment acquired under financing lease arrangements in the first three months of 2024.

Loans Held for Investment

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In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $ 44.2 million ($ 44.0 million at December 31, 2024) and, due to this contractual restriction, we have classified these amounts as restricted cash.

At September 30, 2024, we held $ 412.5 million of restricted cash ($ 191.2 million represented restricted cash held for customers and $ 178.2 million represented accrued liabilities).

At March 31, 2025, we held $ 414.1 million of restricted cash ($ 194.1 million represented restricted cash held for customers and $ 173.9 million represented accrued liabilities).

At December 31, 2024, we held $ 445.1 million of restricted cash ($ 232.7 million represented restricted cash held for customers and $ 166.5 million represented accrued liabilities).

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In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities.

Cash inflows related to these transactions totaled $ 19.4 million in the first nine months of 2024 compared to $ 19.8 million in the first nine months of 2023 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

Cash inflows related to these transactions totaled $ 8.1 million in the first three months of 2025 compared to $ 4.1 million in the first three months of 2024 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

September 30, December 31,

March 31, December 31,

(In millions) 2025 2024

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Subsequently, in March 2024, as is commonly the case with this type of matter, the Company received a Notice of Investigation from the U.S.

Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) related to Bank Secrecy Act/AML compliance that involves substantially the same conduct that is subject to the DOJ’s investigation.

We are cooperating and engaging with the DOJ and FinCEN.

We are in discussions with the DOJ regarding a potential resolution and, in connection with these discussions, we recorded a charge in the second quarter of 2024 related to the DOJ investigation for an amount that is not material to the Company.

Based on the information available to date, the Company believes that the high end of the range of reasonably possible loss with respect to the DOJ investigation is $50 million.

We remain in the early stages of engagement with FinCEN and, therefore, no accrual has been made with respect to the FinCEN investigation.

The Company cannot predict the outcome of either investigation or the timing of the ultimate resolution of these matters.

We cannot provide assurances that any efforts to reach a settlement with the DOJ or FinCEN will be successful or, if they are, what the timing or terms of any such settlement would be.

We expect any settlement would include one or more settlement payments to the government, which could be material to the Company, and it may also include non-monetary obligations, which may require the Company to incur future costs, which could be material to the Company.

Treasury’s Financial Crimes Enforcement Network (“FinCEN”) related to Bank Secrecy Act/AML compliance that involves substantially the same conduct that was the subject to the DOJ’s investigation.

On January 31, 2025, Brink’s Global Services USA, a subsidiary of the Company, entered into a Consent Order Imposing Civil Money Penalty with FinCEN and a Non-Prosecution Agreement (the “NPA”) with the DOJ, to fully resolve these matters.

As part of these resolutions, the Company agreed to pay $ 42 million to these agencies over three years, beginning in January 2025, and accrued $ 42 million for the settlement amounts in the fourth quarter of 2024.

The Company agreed to pay FinCEN $ 17 million (which represents the amount due after crediting $ 20 million to the Company’s payment to the DOJ from the total $ 37 million penalty assessed by FinCEN).

The Company agreed to pay $ 25 million to the DOJ (which represents the amount due after crediting $ 5 million for the Company’s swift resolution and acceptance of responsibility as well as $ 20 million that will be forgiven at the end of the two-year term of the NPA so long as the Company has not breached the NPA).

At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile.

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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-Q

Item 1. Financial Statements