BRINKS CO

Previous wording

Consolidated Revenues Revenues increased $76.5 million due to organic increases in North America ($22.5 million), Europe ($16.1 million), Latin America ($15.3 million), and Rest of World ($5.0 million), favorable impact of currency exchange rates ($12.8 million), and the favorable impact of acquisitions ($4.8 million). The favorable currency exchange rate impact was driven primarily by the euro. Revenues increased 5% on an organic basis primarily due to inflation-based price increases and organic growth in AMS and DRS revenue. See our definition of “organic growth” on page 47.

Current wording

Consolidated Revenues Revenues increased $128.4 million due to the favorable impact of currency exchange rates ($71.1 million), organic increases in North America ($20.4 million), Rest of World ($13.2 million), Latin America ($11.4 million), and Europe ($10.7 million), and the favorable impact of acquisitions ($1.6 million). The favorable currency exchange rate impact was driven primarily by the euro, Mexican peso, and Brazilian real. Revenues increased 4% on an organic basis primarily due to inflation-based price increases, and organic growth in AMS and DRS revenue, as well as BGS revenue. See our definition of “organic growth” on page 40.

Previous wording

Consolidated Costs and Expenses Cost of revenues increased 3% to $2,906.6 million primarily due to the impact of higher revenue partially offset by the impact of currency exchange rates. Selling, general and administrative costs decreased 5% to $569.8 million primarily due to the depreciation adjustment discussed in Note 1, the impact of currency exchange rates, and lower transformation initiative costs.

Current wording

Consolidated Costs and Expenses Cost of revenues increased 9% to $1,019.4 million primarily due to the impact of higher revenue and the impact of currency exchange rates. Selling, general and administrative costs increased 35% to $250.8 million primarily due to costs from NCR Atleos acquisition and transformation initiatives, higher incentive compensation, and the impact of currency exchange rates.

Previous wording

Consolidated Operating Profit and Operating Profit Margin Operating profit margin increased from 8.9% to 11.4%. Operating profit increased $40.8 million due mainly to:

Current wording

Consolidated Operating Profit and Operating Profit Margin Operating profit margin decreased from 9.6% to 8.0%. Operating profit decreased $8.9 million due mainly to:

Previous wording

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 47 and are reconciled to comparable GAAP measures on pages 49-51.

Current wording

Non-GAAP Financial Measures The non-GAAP measures included in the table above and the analysis below present our operating profit, operating profit margin, income from continuing operations and earnings per share without certain income and expense items that do not reflect the regular earnings of the Company's operations. These non-GAAP measures are described in more detail on page 40 and are reconciled to comparable GAAP measures on pages 42-44.

Previous wording

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 13.0%. Non-GAAP operating profit increased $51.1 million due mainly to:

Current wording

Non-GAAP Consolidated Operating Profit and Non-GAAP Operating Profit Margin Non-GAAP operating profit margin increased from 12.1% to 12.2%. Non-GAAP operating profit increased $17.8 million due mainly to:

Previous wording

•the favorable impact of acquisitions in segment results ($2.0 million),

Current wording

•the favorable impact of acquisitions in segment results ($0.3 million),

Previous wording

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $15.1 million to $87.5 million due to the operating profit increase mentioned above and lower noncontrolling interest ($0.4 million), partially offset by the higher income tax expense ($11.8 million), lower interest and other nonoperating income ($9.7 million), and higher interest expense ($0.4 million). Non-GAAP earnings per share from continuing operations was $2.08, up from $1.62 in the third quarter of 2024.

Current wording

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $4.1 million to $74.7 million due to the operating profit increase mentioned above, partially offset by lower interest and other nonoperating income ($6.1 million), and higher interest expense ($6.0 million), and the higher income tax expense ($1.6 million). Non-GAAP earnings per share from continuing operations was $1.80, up from $1.62 in the first quarter of 2025.

Previous wording

Adjusted EBITDA Adjusted EBITDA increased 17% to $253.3 million primarily due to the increase in Non-GAAP operating profit ($36.6 million).

Current wording

Adjusted EBITDA Adjusted EBITDA increased 10% to $237.5 million primarily due to the increase in Non-GAAP operating profit ($17.8 million).

Previous wording

Revenues and Operating Profit by Segment: Third Quarter 2025 versus Third Quarter 2024

Current wording

Revenues and Operating Profit by Segment: First Quarter 2026 versus First Quarter 2025

Previous wording

(d)See pages 41-43 for further information, where these items are discussed in more detail.

Current wording

(d)See pages 34-36 for further information, where these items are discussed in more detail.

Previous wording

Analysis of Segment Results: Third Quarter 2025 versus Third Quarter 2024

Current wording

Analysis of Segment Results: First Quarter 2026 versus First Quarter 2025

Previous wording

Revenues increased 5% ($22.2 million) primarily due to a 5% organic increase ($22.5 million). Organic revenue increased primarily due to growth in BGS revenue, as well as AMS and DRS revenue. Operating profit increased 37% ($15.3 million) due to a 37% organic increase ($15.3 million). The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and cost productivity.

Current wording

Revenues increase 5% ($22.0 million) primarily due to a 5% organic increase ($20.4 million). Organic revenue increased primarily due to growth in AMS and DRS, as well as BGS revenue. Operating profit increased 15% ($7.8 million) due to a 15% organic increase ($7.8 million). The organic increase was primarily driven by higher revenue, the net impact of revenue mix, and cost productivity.

Previous wording

Revenues increased 2% ($5.8 million) due to a 5% organic increase ($15.3 million) and the impact of acquisitions ($2.8 million) partially offset by the unfavorable impact of currency exchange rates ($12.3 million) primarily from the Argentine peso. The organic increase was primarily driven by price increases across the segment with a majority of the impact from Argentina, Brazil, and Mexico, as well as growth in AMS and DRS revenue. Operating profit decreased 6% ($4.4 million) primarily due to the unfavorable impact of currency exchange rates ($4.2 million) and a 2% organic decrease ($1.5 million), partially offset by the favorable impact of acquisitions ($1.3 million). The organic decrease was primarily driven by lower volumes and a security loss partially offset by cost productivity.

Current wording

Revenues increased 12% ($36.2 million) due to the favorable impact of currency exchange rates ($24.3 million) primarily from the Mexican peso and a 4% organic increase ($11.4 million). The organic increase was primarily driven by price increases across the segment, as well as growth in AMS and DRS revenue. Operating profit increased 6% ($3.5 million) primarily due to the favorable impact of currency exchange rates ($2.8 million) and a 2% organic increase ($0.9 million). The organic increase was primarily driven by higher revenue and cost productivity.

Previous wording

Revenues increased 12% ($37.6 million) primarily due to favorable impact of currency exchange rates ($19.5 million), a 5% organic increase ($16.1 million), and the favorable impact of acquisitions ($2.0 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 15% ($6.1 million) primarily due to a 7% organic increase ($2.8 million) and the favorable impact of currency exchange rates ($2.6 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue.

Current wording

Revenues increased 15% ($46.9 million) primarily due to favorable impact of currency exchange rates ($35.1 million), a 3% organic increase ($10.7 million), and the favorable impact of acquisitions ($1.1 million). Organic revenue increased primarily due the growth of AMS and DRS revenue. Operating profit increased 42% ($11.8 million) primarily due to a 27% organic increase ($7.6 million) and the favorable impact of currency exchange rates ($3.7 million). The organic increase was driven by the mix benefit of higher AMS and DRS revenue.

Previous wording

Revenues increased 5% ($10.9 million) due to the favorable impact of currency exchange rates ($5.9 million) and a 2% organic increase ($5.0 million). Organic growth in the segment was primarily due to growth in BGS revenue. Operating profit increased 9% ($4.0 million) primarily due to a 7% organic increase ($3.1 million) and the favorable impact of currency exchange rates ($0.9 million). The organic increase was primarily driven by a favorable BGS revenue mix impact.

Current wording

Revenues increased 12% ($23.3 million) due to a 7% organic increase ($13.2 million) and the favorable impact of currency exchange rates ($10.1 million). Organic growth in the segment was primarily due to growth in BGS revenue and pricing discipline across the segment. Operating profit increased 17% ($7.8 million) primarily due to a 13% organic increase ($6.0 million) and the favorable impact of currency exchange rates ($1.8 million). The organic increase was primarily driven by a favorable BGS mix and higher revenue.

Previous wording

Corporate expenses for the first nine months of 2025 decreased $14.3 million versus the prior year period. This was primarily driven by lower net compensation costs ($8.6 million), lower charges related to insurance and security losses ($4.9 million), and lower professional fees ($4.6 million), partially offset by a reduction in currency transaction gains ($4.1 million).

Current wording

Corporate expenses for the first three months of 2026 increased $13.1 million versus the prior year period. This was primarily driven by higher net compensation costs ($6.7 million), higher global management costs not allocated to segments ($3.5 million), higher net technology costs ($2.9 million) and a reduction in currency transaction gains ($1.6 million), partially offset by lower charges related to insurance and security losses ($3.6 million).

Previous wording

Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results. These items include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit. Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Current wording

Costs associated with certain reorganization and restructuring actions were excluded from reported non-GAAP results. These items included primarily severance charges and asset impairment losses. These costs related to global restructuring initiatives, completed in prior years, mainly to mitigate the impact of external economic conditions in light of the COVID-19 pandemic. Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

•Restructuring costs related to acquisitions were $10.3 million in the first nine months of 2025.

Current wording

•Restructuring costs related to acquisitions were $2.0 million in the first three months of 2025.

Previous wording

•Net charges of $2.2 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

Current wording

•Net charges of $0.9 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions.

Previous wording

•We incurred $2.7 million in integration costs in the first nine months of 2025.

Current wording

•We incurred $0.4 million in integration costs in the first three months of 2025.

Previous wording

•Transaction costs related to business acquisitions were $2.5 million in the first nine months of 2025.

Current wording

•Transaction costs related to business acquisitions were $0.5 million in the first three months of 2025.

Previous wording

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In the first nine months of 2025, we recognized $9.1 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $16.2 million. In the first nine months of 2024, we recognized $23.8 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement losses of $11.9 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Current wording

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In the first three months of 2026, we recognized a net $0.5 million pretax gain in operating profit related to highly inflationary accounting, including currency remeasurement gains of $1.4 million. In the first three months of 2025, we recognized $6.3 million in pretax charges in operating profit related to highly inflationary accounting, including currency remeasurement loss of $4.8 million. Highly inflationary adjustments also impact gains and losses on marketable securities due to the change in exchange rates. These non-cash charges are not part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

Transformation initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model. The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence. Accordingly, we incurred $21.5 million of expense in the first nine months of 2024 and $18.6 million in the first nine months of 2025. The transformation costs primarily include project management charges and third-party professional services. Because these expenses are associated with a discrete transformation initiative, they are not reflective of our ongoing operating cost structure, and are not indicative of our core operating expenses or normal activities. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Current wording

Accordingly, we incurred $5.1 million of expense in the first three months of 2025, which primarily included third-party professional services. During the first three months of 2026, we incurred $38.9 million of related costs, including fees to attorneys, accountants and other professional advisors related to the NCR Atleos acquisition as well as severance costs and third-party professional services. Because these expenses are associated with discrete transformation initiatives, they are not reflective of our ongoing operating cost structure and are not indicative of our core operating expenses or normal activities. Accordingly, management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

DOJ/FinCEN investigations During the first nine months of 2025, we accrued $5.5 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters, including upfront expenses that are directly attributable to establishing compliance programs. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years.

Current wording

DOJ/FinCEN investigations During the first three months of 2026, we accrued $1.2 million in connection with the DOJ and FinCEN investigations, which represents third-party legal costs associated with these matters. In the first quarter of 2025, we reached resolutions with both the DOJ and FinCEN. These costs are not considered part of the Company's operations and revenue generating activities. Additionally, the nature of these amounts and the underlying investigations are such that they are not reasonably likely to recur within two years, nor were there similar charges within the prior two years. Management has excluded these amounts when evaluating internal performance. Therefore, these amounts have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

Previous wording

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies. As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps. See Note 7 for more details regarding these contracts.

Current wording

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and other functional currencies. As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps. See Note 7 for more details regarding these contracts.

Previous wording

Interest expense was higher for the three and nine months ended September 30, 2025, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels. Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.

Current wording

Interest expense was higher for the three months ended March 31, 2026, compared to the same prior year periods due to higher interest rates on corporate debt and overall higher borrowing levels. Borrowings were primarily used to fund growth in our DRS business and other general corporate initiatives.

Previous wording

The decrease in the net income attributable to noncontrolling interest in the three months ended September 30, 2025, in comparison to the three months ended September 30, 2024, is primarily attributable to lower 2025 operating results reported by certain subsidiaries that are not wholly-owned. The decrease in the net income attributable to noncontrolling interests in the first nine months ended September 30, 2025, in comparison to the first nine months ended September 30, 2024, is primarily attributable to lower 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Current wording

The increase in the net income attributable to noncontrolling interests in the first three months ended March 31, 2026, in comparison to the first three months ended March 31, 2025, is primarily attributable to higher 2025 operating results reported by certain subsidiaries that are not wholly-owned.

Previous wording

•Non-GAAP income from continuing operations attributable to Brink's: This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances.

Current wording

•Non-GAAP income from continuing operations attributable to Brink's: This measure equals GAAP income from continuing operations attributable to Brink's excluding Other Items not Allocated to Segments as well as certain retirement plan expenses/gains.

Previous wording

•Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization. Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, unusual adjustments to deferred tax asset valuation allowances, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.

Current wording

•Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA: EBITDA is calculated by starting with net income attributable to Brink's and adding back the amounts for interest expense, income taxes, depreciation and amortization. Adjusted EBITDA equals EBITDA excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains, income tax rate adjustments, share-based compensation and marketable securities (gain) loss.

Previous wording

•Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate: Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains and unusual adjustments to deferred tax asset valuation allowances. Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income.

Current wording

•Non-GAAP pre-tax income, Non-GAAP income tax and Non-GAAP effective income tax rate: Non-GAAP pre-tax income and non-GAAP income tax equal their GAAP counterparts excluding the applicable impacts of Other Items not Allocated to Segments as well as certain retirement plan expenses/gains. Non-GAAP effective income tax rate equals non-GAAP income tax divided by non-GAAP pre-tax income.

Previous wording

•Free Cash Flow before Dividends: This non-GAAP measure reflects management’s calculation of cash flows that are available for capital or investing activities such as paying dividends, share repurchases, debt, acquisitions and other investments. The measure is calculated as net cash flows from operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations. The resulting amount is further adjusted to include the impact of cash flows related to equipment used to operate our business, including capital expenditures, cash proceeds from sale of property and equipment, as well as proceeds from lessor debt financing. The latter item, which is part of cash flows from financing activities and relates to the subsequent financings of certain capital expenditures, was added to our calculation in the second quarter of 2024 as we believe such cash flows are similar in nature to transactions reported in Investing Activities, which have historically been included in our calculation. Prior amounts were recast to reflect this change.

Current wording

•Free cash flow before dividends: Free cash flow before dividends is a non-GAAP financial measure that represents management’s calculation of cash flows that are available for capital and investing activities such as paying dividends, share repurchases, debt, acquisition and other investments. We define free cash flow before dividends as net cash provided by (used in) operating activities, adjusted to exclude certain operating activities related to cash that is not available for corporate purposes, including the impact of cash flows from restricted cash held for customers, as well as cash received and processed in certain of our secure cash management services operations. The resulting amount is further adjusted to include the impact of cash flows related to property and equipment used to operate our business, including capital expenditures, cash proceeds from the sale of property and equipment, as well as lessor debt financing. Free cash flow before dividends also excludes the cash impact of transaction costs related to the NCR Atleos acquisition.

Previous wording

Non-GAAP measures are reconciled to comparable GAAP measures either in the tables below or in “Liquidity and Capital Resources” section. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 41–43. Additional reconciling items include the following:

Current wording

Non-GAAP measures are reconciled to comparable GAAP measures either in the tables below or in “Liquidity and Capital Resources” section. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented. Most of the reconciling adjustments are described in Other Items Not Allocated to Segments above on pages 34–36. Additional reconciling items include the following:

Previous wording

(c)See “Other Items Not Allocated To Segments” on pages 41-43 for details.

Current wording

(c)See “Other Items Not Allocated To Segments” on pages 34-36 for details.

Previous wording

(d)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.7% for 2025 and was 23.2% for 2024.

Current wording

(d)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.6% for 2026 and was 27.5% for 2025.

Previous wording

(a)See “Other Items Not Allocated To Segments” on pages 41-43 for details.

Current wording

(a)See “Other Items Not Allocated To Segments” on pages 34-36 for details.

Previous wording

(c)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.7% for 2025 and was 23.2% for 2024.

Current wording

(c)Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 27.6% for 2026 and was 27.5% for 2025.

Previous wording

(e)Due to the impact of Argentina highly inflationary accounting, there was a $0.7 million and a $0.9 million non-GAAP adjustment for a loss in the three and nine months ended September 30, 2024. There was a $0.9 million and a $5.6 million non-GAAP adjustment for a loss in the three and nine months ended September 30, 2025, respectively.

Current wording

(e)Due to the impact of Argentina highly inflationary accounting, there was a $1.0 million non-GAAP adjustment for a loss in the three months ended March 31, 2025. There was a $1.6 million non-GAAP adjustment for a loss in the three months ended March 31, 2026.

Previous wording

Cash flows from operating activities increased $209.7 million in the first nine months of 2025 as compared to the first nine months of 2024. Cash used for investing activities increased by $18.2 million in the first nine months of 2025 compared to the first nine months of 2024. We financed our liquidity needs in the first nine months of 2025 with existing cash from operations.

Current wording

Cash flows from operating activities increased $88.9 million in the first three months of 2026 as compared to the first three months of 2025. Cash used for investing activities decreased by $12.5 million in the first three months of 2026 compared to the first three months of 2025. We financed our liquidity needs in the first three months of 2026 with existing cash from operations.

Previous wording

Cash flows from operating activities increased $209.7 million in the first nine months of 2025 compared to the same period in 2024. The increase was primarily attributed to restricted cash held for customers (restricted cash held for customers decreased by $31.9 million in 2025 compared to a decrease of $100.6 million in 2024) and changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $11.8 million in 2025 compared to a decrease of $69.7 million in 2024) as well as higher operating profit, partially offset by changes in working capital excluding taxes and interest (working capital decreased by $111 million in 2025 compared to a decrease of $92.7 million in 2024).

Current wording

Cash flows from operating activities increased $88.9 million in the first three months of 2026 compared to the same period in 2025. The increase was primarily attributed to restricted cash held for customers (restricted cash held for customers increased by $3.2 million in 2026 compared to a decrease of $45.0 million in 2025) and changes in working capital excluding taxes and interest (working capital decreased by $115.2 million in 2026 compared to a decrease of $176.0 million in 2025), partially offset by changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $30.0 million in 2026 compared to an increase of $38.9 million in 2025) and lower operating profit.

Previous wording

Free cash flow before dividends increased $76.3 million in the first nine months of 2025 as compared to the same period in 2024. The increase was mostly attributed to higher operating profit, lower amounts paid for capital expenditures (we had $155.4 million in cash paid for capital expenditures in 2025 compared to $159.9 million in 2024), higher amounts of cash proceeds from sale of property and equipment (we had $21.8 million in cash proceeds in 2025 compared to $12.0 million in 2024) and cash proceeds from lessor debt financing (we had $21.9 million in cash proceeds in 2025 compared to $19.4 million in 2024), partially offset by changes in working capital excluding taxes and interest.

Current wording

Free cash flow before dividends increased $66.3 million in the first three months of 2026 as compared to the same period in 2025. The increase was mostly attributed to changes in working capital excluding taxes and interest and lower amounts paid for capital expenditures (we had $40.1 million in cash paid for capital expenditures in 2026 compared to $58.9 million in 2025), partially offset by lower operating profit and lower cash proceeds from lessor debt financing (we had $3.2 million in cash proceeds in 2026 compared to $8.1 million in 2025).