BRINKS CO

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

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FY2024 · Filed Feb 26, 2025

BCO$116.60+1.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Years Ended December 31,
(In millions)	2024	2023	2022
Cash flows from operating activities:
Net income	$174.7	98.3	181.9
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax	(1.1)	(1.7)	2.9
Depreciation and amortization	293.3	275.8	245.8
Share-based compensation expense	36.5	32.1	48.6
Deferred income taxes	(18.0)	22.7	(62.3)
(Gain) loss on marketable securities, sale of property and equipment and derivatives	(15.5)	10.9	0.7
Impairment losses	4.8	10.3	9.0
Retirement benefit funding (more) less than expense:
Pension	(6.1)	(10.2)	(3.7)
Other than pension	(8.1)	(5.5)	7.9
Unrealized foreign currency (gains) losses	(41.8)	79.1	37.6
Other operating	16.0	26.1	23.6
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in accounts receivable and income taxes receivable	15.6	69.0	(180.9)
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities	122.4	(36.3)	139.2
Increase (decrease) in restricted cash held for customers	(42.9)	59.5	50.0
Increase (decrease) in customer obligations	(77.7)	66.0	50.0
(Increase) decrease in prepaid and other current assets	(15.5)	24.6	(56.7)
Other	(10.6)	(18.3)	(13.7)
Net cash provided by operating activities	426.0	702.4	479.9
Cash flows from investing activities:
Capital expenditures	(222.5)	(202.7)	(182.6)
Acquisitions, net of cash acquired	(19.1)	(1.5)	(173.9)
Dispositions, net of cash disposed	—	1.1	—
Marketable securities:
Purchases	(71.8)	(134.7)	(30.3)
Sales	57.2	150.4	11.7
Cash proceeds from sale of property and equipment	29.2	18.4	5.7
Cash proceeds from settlement of cross currency swap	—	—	64.3
Net change in loans held for investment	7.1	(11.1)	(25.9)
Other	3.7	(0.6)	(0.2)
Discontinued operations	—	0.9	—
Net cash used in investing activities	(216.2)	(179.8)	(331.2)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	12.9	98.6	37.7
Long-term revolving credit facilities:
Borrowings	12,857.3	9,265.7	7,058.7
Repayments	(12,865.0)	(9,273.8)	(6,832.7)
Other long-term debt:
Borrowings	847.4	25.4	189.9
Repayments	(527.4)	(97.1)	(87.0)
Acquisition of noncontrolling interests	(0.2)	(0.6)	(7.8)
Cash paid for acquisition related settlements and obligations	(0.8)	(11.1)	(2.8)
Debt financing costs	(10.6)	—	(5.6)
Repurchase shares of Brink's common stock	(203.6)	(169.9)	(52.2)
Dividends to:
Shareholders of Brink’s	(41.8)	(39.6)	(37.6)
Noncontrolling interests in subsidiaries	(6.1)	(7.7)	(7.1)
Tax withholdings associated with share-based compensation	(18.6)	(8.0)	(12.2)
Other	(1.3)	11.0	3.9
Net cash provided by (used in) financing activities	42.2	(207.1)	245.2
Effect of exchange rate changes on cash	(95.2)	(42.4)	(70.1)
Cash, cash equivalents and restricted cash:
Increase	156.8	273.1	323.8
Balance at beginning of period	1,683.6	1,410.5	1,086.7
Balance at end of period	$1,840.4	1,683.6	1,410.5

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