BRINKS CO
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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Investing Activities
| Years Ended December 31, · $ change | |||||
|---|---|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 | 2024 | 2023 |
| Cash flows from investing activities | |||||
| Capital expenditures | $(222.5) | (202.7) | (182.6) | $(19.8) | (20.1) |
| Acquisitions, net of cash acquired | (19.1) | (1.5) | (173.9) | (17.6) | 172.4 |
| Dispositions, net of cash disposed | — | 1.1 | — | (1.1) | 1.1 |
| Marketable securities: | |||||
| Purchases | (71.8) | (134.7) | (30.3) | 62.9 | (104.4) |
| Sales | 57.2 | 150.4 | 11.7 | (93.2) | 138.7 |
| Proceeds from sale of property and equipment | 29.2 | 18.4 | 5.7 | 10.8 | 12.7 |
| Proceeds from settlement of cross currency swap | — | — | 64.3 | — | (64.3) |
| Net change in loans held for investment | 7.1 | (11.1) | (25.9) | 18.2 | 14.8 |
| Other | 3.7 | (0.6) | (0.2) | 4.3 | (0.4) |
| Discontinued operations | — | 0.9 | — | (0.9) | 0.9 |
| Investing activities | $(216.2) | (179.8) | (331.2) | $(36.4) | 151.4 |
Cash used by investing activities increased by $36.4 million in 2024 as compared to 2023. The increase was primarily due to increases in cash paid for the net purchases and sales of marketable securities (we had $14.6 million in net cash paid in 2024 compared to $15.7 million in net cash received in 2023), increases in cash paid for capital expenditures and increases in cash paid for acquisitions 2024. This was partially offset by a decrease in cash received for loans held for investment (we received $7.1 million for loans held for investment in 2024 compared to payments of $11.1 million in 2023), as discussed in Note 20.
Capital expenditures and depreciation and amortization were as follows:
| Years Ended December 31, · $ change | |||||
|---|---|---|---|---|---|
| (In millions) | 2024 | 2023 | 2022 | 2024 | 2023 |
| Property and Equipment Acquired during the year | |||||
| Capital expenditures(a): | |||||
| North America | $62.6 | 43.8 | 41.4 | $18.8 | 2.4 |
| Latin America | 33.0 | 48.8 | 50.1 | (15.8) | (1.3) |
| Europe | 76.9 | 72.1 | 50.5 | 4.8 | 21.6 |
| Rest of World | 45.6 | 30.6 | 34.4 | 15.0 | (3.8) |
| Corporate | 4.4 | 7.4 | 6.2 | (3.0) | 1.2 |
| Capital expenditures | $222.5 | 202.7 | 182.6 | $19.8 | 20.1 |
| Financing leases: | |||||
| North America | $38.4 | 59.4 | 46.3 | $(21.0) | 13.1 |
| Latin America | 21.4 | 11.0 | 10.9 | 10.4 | 0.1 |
| Europe | 13.4 | 21.4 | 8.1 | (8.0) | 13.3 |
| Rest of World | 1.9 | 0.2 | 0.4 | 1.7 | (0.2) |
| Financing leases | $75.1 | 92.0 | 65.7 | $(16.9) | 26.3 |
| Total: | |||||
| North America | $101.0 | 103.2 | 87.7 | $(2.2) | 15.5 |
| Latin America | 54.4 | 59.8 | 61.0 | (5.4) | (1.2) |
| Europe | 90.3 | 93.5 | 58.6 | (3.2) | 34.9 |
| Rest of World | 47.5 | 30.8 | 34.8 | 16.7 | (4.0) |
| Corporate | 4.4 | 7.4 | 6.2 | (3.0) | 1.2 |
| Total property and equipment acquired | $297.6 | 294.7 | 248.3 | $2.9 | 46.4 |
| Depreciation and amortization(a) | |||||
| North America | $82.4 | 73.9 | 69.1 | $8.5 | 4.8 |
| Latin America | 53.9 | 53.6 | 49.1 | 0.3 | 4.5 |
| Europe | 57.0 | 54.2 | 39.6 | 2.8 | 14.6 |
| Rest of World | 26.2 | 24.4 | 23.6 | 1.8 | 0.8 |
| Total reportable segments | 219.5 | 206.1 | 181.4 | 13.4 | 24.7 |
| Corporate | 3.5 | 5.3 | 8.4 | (1.8) | (3.1) |
| Argentina highly inflationary impact | 12.0 | 5.4 | 2.9 | 6.6 | 2.5 |
| Reorganization and restructuring | — | 1.2 | 1.0 | (1.2) | 0.2 |
| Acquisitions and dispositions | — | — | 0.1 | — | (0.1) |
| Depreciation and amortization of property and equipment | $235.0 | 218.0 | 193.8 | $17.0 | 24.2 |
| Amortization of intangible assets(a) | 58.3 | 57.8 | 52.0 | 0.5 | 5.8 |
| Total depreciation and amortization | $293.3 | 275.8 | 245.8 | $17.5 | 30.0 |
(a)Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.
Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the year divided by the annual amount of depreciation, was 1.3 in 2024, 1.4 in 2023, and 1.3 in 2022.
Capital expenditures in 2024 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment. Capital expenditures in 2024 were $19.8 million higher compared to 2023. Total property and equipment acquired in 2024 was $2.9 million higher than the prior year. This increase was primarily due to an increase in investments in armored vehicles and DRS devices.
Corporate capital expenditures in the last three years were primarily for IT investments.
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