BRINKS CO

The discussion of liquidity and capital resources comparing 2022 versus 2021 can be found in Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations of our 2022 10-K, starting on page 38.

Over the last three years, we used cash generated from our operations and borrowings to

•acquire new business operations ($500 million),

•invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our cash management services operations, armored trucks, DRS devices, and information technology) ($553 million),

•repurchase shares of Brink's common stock ($422 million), and

•pay dividends to Brink’s shareholders ($114 million).

Cash flows from operating activities increased by $222.5 million in 2023 as compared to the prior year primarily due to higher operating profit, working capital changes, lower amounts paid for income taxes, changes in customer obligations related to certain of our secure cash management services operations and an increase in restricted cash held for customers, partially offset by higher amounts paid for interest. Cash used for investing activities decreased by $151.4 million in 2023 due to lower amounts paid for business acquisitions in 2023. Cash also decreased $42.4 million in 2023 as a result of the strengthening of the U.S. dollar in 2023, primarily against the Argentine peso. We financed our liquidity needs in 2023 with cash flows from operations.