Page 1

BRINKS Brink's Reports Third - Quarter Results October 27 , 2021 3Q Highlights : • Revenue up 11 % reflecting 6 % organic growth • Operating profit : GAAP down 3 % to $ 74M ; non - GAAP up 16 % to $ 116M Strong Growth in Revenue , Net Income , Adjusted EBITDA and EPS Company Announces $ 150 Million Accelerated Share Repurchase Plan Virtual Investor Day Planned on December 15 • Operating margin : GAAP 6.9 % , down 100 bps ; non - GAAP up 50 bps to 10.8 % • GAAP net income $ 19M , up from a loss of $ 24M ; Adjusted EBITDA up 15 % to $ 170M • EPS : GAAP $ .38 , up from a loss of ( $ .47 ) ; non - GAAP up 28 % to $ 1.14 RICHMOND , Va . , Oct. 27 , 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 third quarter of 2021 , which are summarized below . ( In millions , except for per share amounts ) Third - Quarter 2021 Revenue Operating Profit Operating Margin Net Income / Adjusted EBITDA ( a ) EPS $ $ $ $ GAAP 1,076 74 6.9 % 19 0.38 Change ( b ) 11 % ( 3 % ) ( 100 bps ) fav fav $ $ $ $ Non - GAAP 1,076 116 10.8 % 170 1.14 Change 11 % 16 % 50 bps 15 % 28 % Constant Currency Change ( c ) 10 % 9 % ( 10 bps ) 10 % 18 % ( a ) The non - GAAP financial metric , adjusted EBITDA , is presented with its corresponding GAAP metric , net income attributable to Brink's . ( b ) The " fav " represents a change greater than 100 % in a direction favorable to the company or a change from a negative amount in the prior period to a positive amount in the current period . The " unfav " represents a change greater than 100 % in a direction unfavorable to the company or a change from a positive amount in the prior period to negative amount in the current period . ( c ) Constant currency represents 2021 Non - GAAP results at 2020 exchange rates . Doug Pertz , president and chief executive officer , said : " Our third - quarter non - GAAP results include double - digit growth in revenue and profits , demonstrating our continued recovery from the pandemic and our improved cost structure . Despite the pandemic's ongoing impact on organic growth , third - quarter revenue recovered to 98 % of 2019 pre - Covid levels on a comparable local currency basis . While our results in the U.S. continue to be affected by labor shortages and inflationary wage pressures , we expect these conditions to improve as we approach year - end , and expect wage inflation to be fully offset by price increases as we enter next year . On a global basis , we see encouraging trends indicating that revenue is recovering to pre - pandemic levels , though the rate of the recovery may continue to be uneven . " Our full - year guidance remains unchanged , with revenue in a range between $ 4.1 billion and $ 4.2 billion , non - GAAP operating profit of approximately $ 465 million , and adjusted EBITDA of approximately $ 660 million . Our preliminary 2022 adjusted EBITDA target of $ 785 million to $ 825 million also remains unchanged . We anticipate revenue in 2022 will exceed the pre - Covid adjusted level of $ 4.55 billion . As a reference point , at 100 % of adjusted pre - Covid revenue , we would expect 2022 adjusted EBITDA to be approximately $ 755 million with continued earnings leverage as revenue continues to grow . " Based on our currently projected earnings and cash flow for this year and 2022 , we believe repurchasing shares is an excellent investment for our shareholders . Today we announced a planned $ 150 million accelerated share repurchase that would represent the repurchase of approximately 5 % of the company's outstanding shares at the current share price . " We look forward to presenting our new three - year strategic plan , including detailed financial targets through 2024 , in our Investor Day presentation on December 15. " Share Repurchase Brink's today announced that it intends to enter into an accelerated share repurchase ( " ASR " ) agreement to acquire $ 150 million of the company's common stock . The company expects the ASR will be substantially completed by early November . On October 27 , 2021 , the Brink's board of directors also approved an additional $ 250 million share repurchase authorization , which expires December 31 , 2023 . Conference Call Brink's will host a conference call on October 27 at 8:30 a.m. ET to review third - quarter results . Interested parties can listen by calling 888-349-0094 ( in the U.S. ) or 412-902-0124 ( international ) . Participants can preregister at https://dpregister.com/sreg/10161279/eed4b69c2b to receive a direct dial - in number for the call . The call also will be accessible live via webcast on the Brink's website ( www.brinks.com ) . A replay of the call will be available through November 26 , 2021 at 877-344-7529 ( in the U.S. ) or 412-317-0088 ( international ) . The conference number is 10161279. An