Page 1

BRINKS Brink's Reports First - Quarter Results April 28 , 2021 Strong Growth in Revenue , Operating Profit , Adjusted EBITDA and Net Income G4S Acquisitions Largely Integrated , Expect to Exceed Synergy Target Management Raises Guidance , Expects Accelerated Growth in Second Half Investor Day Planned in October 1Q Highlights : • Revenue up 12 % as acquisitions more than offset ongoing pandemic headwinds • Operating profit : GAAP up 135 % , non - GAAP up 43 % . Operating margin : GAAP 6.3 % , up 330 bps ; non - GAAP 9.2 % , up 200 bps • GAAP net income $ 13M , up 606 % ; Adjusted EBITDA $ 137M , up 32 % • EPS : GAAP $ .25 vs $ .03 ; non - GAAP $ .82 vs $ .50 • PAI acquisition completed on April 1 , expected to add $ 22M of Adjusted EBITDA in 2021 • $ 400 million USD / EUR cross currency interest rate swap expected to increase 2021 EPS by $ .06 RICHMOND , Va . , April 28 , 2021 ( GLOBE NEWSWIRE ) -- The Brink's Company ( NYSE : BCO ) , the global leader in total cash management , route - based secure logistics and payment solutions , today announced results for the first quarter of 2021 , which are summarized below . ( In millions , except for per share amounts ) Revenue Operating Profit Operating Margin Net Income / Adjusted EBITDA ( a ) EPS First - Quarter 2021 Constant Currency Change ( b ) GAAP Change Non - GAAP Change $ 978 12 % $ 978 12 % 13 % $ 62 fav $ 90 43 % 50 % 6.3 % 330 bps 9.2 % 200 bps 240 bps ᏌᏊ Ꮜ $ 13 fav $ 137 32 % 36 % $ 0.25 fav $ 0.82 64 % 76 % ( a ) The non - GAAP financial metric , adjusted EBITDA , is presented with its corresponding GAAP metric , net income attributable to Brink's . ( b ) Constant currency represents 2021 results at 2020 exchange rates . Doug Pertz , president and chief executive officer , said : " Our strong first - quarter results reflect the highly successful integration of our G4S acquisitions and fixed cost reductions , which more than offset the unexpected impact of extended pandemic - related shutdowns , most notably in Europe . We are encouraged by these results and the fact that organic revenue declined by only 6 % compared to last year , when the pandemic had not yet had a material impact on our business . " We expect organic and inorganic revenue and profit growth to accelerate as we move through 2021 , especially in the second half . Our confidence is based on continued economic recovery from pandemic lows , the realization of full - year benefits from the G4S acquisitions , the sustainability and increased impact of our cost reductions , and normal seasonality . We expect full - year results to be further supplemented by our April 1 acquisition of PAI , which will be additive to the 2021 non - GAAP guidance we provided on February 23. At the midpoints of our increased guidance , we now expect revenue growth of 21 % , operating profit growth of 34 % and EPS growth of 32 % . Adjusted EBITDA is expected to be approximately $ 705 million at the midpoint , an increase of 25 % . " Once again , I want to thank our global team , which continues to demonstrate its ability to execute very effectively under difficult conditions . Cash usage , even during the pandemic , continues to be strong with U.S. cash in circulation up 17 % year - over - year . We are well - positioned to deliver accelerated growth as economies reopen and as we execute on our 3 - year strategic plan , which includes continued Strategy 1.0 organic growth initiatives , potential Strategy 1.5 acquisitions , and Strategy 2.0 digital cash management solutions . We look forward to disclosing more information on these strategies and our financial targets when we host an Investor Day in October . " PAI Acquisition On April 1 , Brink's completed its acquisition of PAI , Inc. , the largest privately - held provider of ATM services in the U.S. , for $ 213 million . On a full - year basis , PAI is expected to generate adjusted EBITDA of approximately $ 30 million annually . Given the acquisition's closing date of April 1 , PAI is expected to add approximately $ 22 million of adjusted EBITDA to the company's 2021 results . Based in Dallas , Texas , PAI employs 225 people across three major U.S. locations and another 12 field locations . The acquisition was financed using available cash and the company's existing credit facility . PAI offers a full range of managed services and tools for ATM owner - operators and PAI - owned ATMs , including its SaaS - based technology platform ( AMP + ) , which maximizes ATM network performance and provides real - time visibility . PAI's field services are built around its VTS ( Vantage Technical