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Investor Overview
NYSE: BCO
December 2016
Forward Looking Statements
These materials contain forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target” "project," "predict," "intend," "plan," "believe," "potential," "may,"
"should" and similar expressions may identify forward-looking information. Forward-looking information in these materials includes, but is not limited to: 2016 GAAP and non-GAAP outlook,
including revenue, organic growth, operating profit, earnings per share, currency translation impact, tax rate and capital expenditures; margin rate outlook (including for the U.S. and Mexico
businesses); adjusted EBITDA and multiple; and expectations regarding future cash payments to the primary U.S. pension plan and related to UMWA liabilities. Forward-looking information in
this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or
achievements to differ materially from those that are anticipated.
These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: Our ability to improve profitability in our largest five markets; our ability to
identify and execute further cost and operational improvements and efficiencies in our core businesses; our ability to improve service levels and quality in our core business; continuing
market volatility and commodity price fluctuations and their impact on the demand for our services; our ability to maintain or improve volumes at favorable pricing levels and increase cost and
productivity efficiencies, particularly in the United States and Mexico; investments in information technology and adjacent businesses and their impact on revenue and profit growth; our ability
to develop and implement solutions for our customers and gain market acceptance of those solutions; our ability to maintain an effective IT infrastructure and safeguard confidential
information; risks customarily associated with operating in foreign countries including changing labor and economic conditions, currency restrictions and devaluations, safety and security
issues, political instability, restrictions on, and cost of, repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions; the strength of the
U.S. dollar relative to foreign currencies and foreign currency exchange rates; regulatory and labor issues in many of our global operations, including negotiations with organized labor and the
possibility of work stoppages; our ability to integrate successfully recently acquired companies and improve their operating profit margins; costs related to dispositions and market exits; our
ability to identify evaluate and pursue acquisitions and other strategic opportunities, including those in the home security industry and emerging markets; the willingness of our customers to
absorb fuel surcharges and other future price increases; our ability to obtain necessary information technology and other services at favorable pricing levels from third party service providers;
variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer; our ability to obtain appropriate insurance coverage, positions
taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, and changes in insurance costs; costs associated
with the purchase and implementation of cash processing and security equipment; employee and environmental liabilities in connection with our former coal operations, including black lung
claims incidence; the impact of the Patient Protection and Affordable Care Act on UMWA and black lung liability and the Company's ongoing operations; changes to estimated liabilities and
assets in actuarial assumptions due to payments made, investment returns, interest rates and annual actuarial revaluations, the funding requirements, accounting treatment, investment
performance and costs and expenses of our pension plans, the VEBA and other employee benefits, mandatory or voluntary pension plan contributions; the nature of our hedging
relationships; counterparty risk; changes in estimates and assumptions underlying our critical accounting policies; our ability to realize deferred tax assets; the outcome of pending and future
claims, litigation, and administrative proceedings; public perception of the Company's business and reputation; access to the capital and credit markets; seasonality, pricing and other
competitive industry factors; and the promulgation and adoption of new accounting standards and interpretations, new government regulations and interpretation of existing regulations.
This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward-looking
statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2015, and in our other public filings with the Securities and
Exchange Commission. The forward-looking information discussed today and included in these materials is representative as of October 26, 2016. The Brink's Company undertakes no
obligation to update any information contained in this document.
These materials are copyrighted and may not be used without written permission from Brink's.
Today’s presentation is focused primarily on non-GAAP results. Detailed reconciliations of non-GAAP to GAAP results are included in the third quarter 2016 Earnings Presentation available
in the Investor Relations section of Brink’s website: www.brinks.com.
1
Brink’s – The World’s Premier Provider of Secure Logistics
Notes: As of 12/31/2015 (see form 10-K for all information excluding Adjusted EBITDA)
2
Operations
41 countries
1,100 facilities
12,000 vehicles
59,900 employees
Financial Strength
2015 Revenue $3.0B (75% International)
2015 non-GAAP EPS $1.69
2015 Adjusted EBITDA $291M
2015 Debt/EBITDA <1.0X
Customers in more than 100 countries
Financial institutions
Retailers
Governments (including central banks)
Mints
Jewelers
Services include cash-in-transit, ATM services, transportation of valuables, cash
management and payment services
Proven track record in:
• Leading global route-based logistics companies
• Strategic execution to drive organic growth, margin expansion and ROIC
• Leveraging IT to increase productivity and expand customer offerings
• Executing disciplined, accretive acquisitions
New Leadership…New Focus
Track record of value creation in global businesses
Ron Domanico
CFO
Doug Pertz
CEO
Rohan Pal
CIO
3
Why Brink’s?
Premier Global Brand
• Symbol of security, service, trust
• Largest global provider, #1 or #2 in key markets
New Leadership
• Track record of value creation
• Focused on EBITDA growth and multiple expansion
• Driving cultural change
Value Creation Opportunity
• Accelerate Profitable Growth (APG)
• Organic growth
• Accretive acquisitions
• Close the Gap (CTG)
• Achieve operational excellence, exceed customer service metrics
• Expand margins: improve mix, optimize cost
• Introduce Differentiated Services (IDS)
• End-to-end cash solutions
• Leverage common global technology base to deliver best-in-class logistics, customer-
facing technology (customer portal) and value-added services
Building Value and Credibility with Stakeholders
4
Global Review: What We’ve Learned
• Reviewed operations in U.S., LatAm, Canada, Europe
• Comprehensive assessment of management, markets, customers, assets, equipment, labor
relations, etc.
• Competitive environment, acquisition opportunities
• Strong global operations and leadership
• No structural differences with
competitors
• Powerful brand
• Dedicated employees, positive culture
• Strong customer base and relationships
• Opportunities for accretive acquisitions
Positives
• U.S. - culture, service levels, sales and
marketing
• Canada and Mexico – addressing
competitive disadvantages related to labor
• IT systems
Challenges
Global Operational Assessment
5
High-Value Services
Core Services
53%
$1.6B
High Value Services
39%
$1.2B
Guarding
8%
$.2B
2015 Non-GAAP Revenue $3.0B
Lines of Business
• Brink’s Global
Services (BGS)
• Money processing
• Vault outsourcing
• CompuSafe® and
retails services
• Payments
• Cash-in-transit (CIT)
• ATM services
Core Services
75% of Revenue Outside of U.S.
6
High-Value Services…A Key Growth Driver
Brink’s Global Services (BGS) Money Processing and Vault Outsourcing
CompuSafe® and retail services Payments
Diamonds Jewelry
Banknotes Precious Metals
7
Global Operations Serving Customers in More Than 100 Countries*
*Operations in 41 countries (marked in blue)
ARGENTINA
CHILE
BOLIVIA
PANAMA
COLOMBIA
U.K. ITALY
LUXEMBOURG
SWITZERLAND
POLAND
TURKEY
GERMANY GREECERUSSIA
S. AFRICA
BELGIUM
BOTSWANAMOROCCOISRAELU.A.E.
IRELAND
JAPANSINGAPORE VIETNAMCHINA KOREA AUSTRALIA INDIA
U.S. FRANCE MEXICO CANADABRAZIL
8
VENEZUELA
KENYA
MADAGASCAR
MAURITIUS
REUNION
HONG KONG
TAIWAN
GSI
Other
Loomis
Garda
Other
Strong Position in Our Largest Markets
Notes: 2015 non-GAAP reported revenue
Internal estimates reflect market share of CIT/ATM market. These markets represent
~65% of Brink’s 2015 revenue
Estimated Market Share in Top Five Countries
Loomis
Prosegur
Other
Prosegur
Protégé
Other
Other
Garda
FRANCE
BRAZIL CANADA
MEXICOU.S.
9
$730
$270
$432
$333
$154
($ Millions)
Current Margin Fleet One-Person Vehicles Optimize Network Sales & New Business Branch Standardization
Lean
Technology Investments Other Target Margin
Current
Margin
A Clear Path to Value Creation*
Our Strategy
Accelerate Profitable Growth…Close the Margin Gap…Introduce Differentiated Services
Incremental Improvements
Breakthrough Initiatives
* For illustrative purposes only
Sales &
New Business
Branch
Standardization
Lean
Technology
Investments
OtherFleet One-Person
Vehicles
Optimize
Network
Strategic Plan
Margin
10
Current U.S. Mexico and
/Canada
Rest of
World
Total Acq Target
A World of Opportunities
* For illustrative purposes only
11
• Improve customer experience
• Grow CompuSafe® and retail services
• Outsourced cash processing
• Optimize cost structure
• New markets for BGS
• Accretive acquisitions
• Customer-facing IT solutions Current
Margin
Mexico/
Canada
ROW Total Acq. Strategic Plan
Margin
U.S.
Global Margin Enhancement Opportunities
Financial Strength to Pursue Growth
Strong Balance Sheet
• Investment grade credit rating
• $296 million net debt*
• Ample additional debt capacity
• Minimal cash outflow expected for legacy liabilities
• No U.S. pension payments before 2020
• No payments to UMWA until 2027
Cash Flow Supports Strategy, With Strong Returns
• Investing in fleet and cost reduction assets
• Operational and customer-facing IT
• Accretive acquisitions
*Net debt as of 9/30/2016 12
Capex Spend(a)
($ Millions, except ratio)
($)
a) Excluding Venezuela
b) As of October 26, 2016
$176
$169
$143
$116
$130 - $140
1.3
1.1
1.0
0.9
~1.0
0.00. 10.02. 30.04. 50.06
. 70.08. 90.10. 10.12. 3
0.14. 50.16. 70.18. 90.20
. 10.22. 30.24. 50.26. 7
0.28. 90.30. 10.32. 30.34
. 50.36. 70.38. 90.40. 1
0.42. 30.44. 50.46. 70.48
. 90.50. 10.52. 30.54. 5
0.56. 70.58. 90.60. 10.62
. 30.64. 50.66. 70.68. 9
0.70. 10.72. 30.74. 50.76
. 70.78. 90.80. 10.82. 3
0.84. 50.86. 70.88. 90.90
. 10.92. 30.94. 50.96. 7
0.98. 91.00. 11.02. 31.04
. 51.06. 71.08. 91.10. 1
1.12. 31.14. 51.16. 71.18
. 91.20. 11.22. 31.24. 5
1.26. 71.28. 91.30. 11.32
. 31.34. 51.36. 71.38. 9
1.40. 11.42. 31.44. 51.46
. 71.48. 91.50. 11.52. 3
1.54. 51.56. 71.58. 91.60
. 11.62. 31.64. 51.66. 7
1.68. 91.70
100
150
200
250
300
2012 2013 2014 2015 2016 Outlook
Depreciation (a) $150$134 $147 $132 $125 - $135
(b)
Reinvestment Ratio
13
Summary of 3Q16 Non-GAAP Results
$37
3Q15 3Q16
$740
3Q15 3Q16
$0.40
3Q15 3Q16
EPSRevenue
Organic Growth 5%
Currency (4)%
Operating Profit
Margin 5.0% 8.3%
($ Millions, except % and per share amounts)
Organic Growth 63%
Currency (3)%
$61 Reported
$ 0.64 Reported
$ 735 Reported
$ 764 Constant Currency
(29) Currency
$ 62 Constant Currency
(1) Currency
$ 0.65 Constant Currency
(0.01) Currency
14
Increase Cash Flow and Trading Multiple to Create Value
Adjusted 2014 2015 2016 Outlook*
EBITDA $272 $291 $305 - 330
EBITDA % 8.1% 9.8% 10.5% - 11.4%
Adjusted EBITDA Multiple
Trailing 12 Months
Adjusted EBITDA Multiple
($ Millions)
Source: Publicly available peer financial information
* As of November 30, 2016
5.6 5.7
7.6**
Dec-14 Dec-15 Sep-16
* As of 10/26/2016
**Updated to reflect closing share price and shares outstanding as of
November 30, 2016
EBITDA % 17.6 %* 11.1%*7.7%*
8.0*
10.3* 10.1*
Peer A Peer B Peer C
Brink’s Peers
15
Continued Improvement Expected in 2016 & Beyond
124
157
185 - 200
3.7%
5.3%
6.4% - 6.9%
2014 2015 2016 Outlook
-20
-15
-10
-5
0
5
10
-25
25
75
125
175
225
275
2014 2015 2016 Outlook
Non-GAAP Operating Profit
Margin
2016 Non-GAAP Outlook (as of October 26, 2016)
• 5% organic revenue growth to $2.9 billion
• EPS $1.95 - $2.10
• Operating profit $185 - $200; margin 6.4% - 6.9%
• Adjusted EBITDA $305 to $330 million
• Unfavorable currency impact on operating profit of ~$21
($ Millions, except % and per share amounts)
As of October 26, 2016
16
Next Steps
• Achieve 2016 targets
• Complete strategic review and assessment
• Develop 3-year strategic plan with performance
targets and metrics
• Communicate plan at Investor Day
• Build investor confidence
• Execute and drive value
Create Value
17
Why Brink’s?
Premier Global Brand
• Symbol of security, service, trust
• Largest global provider, #1 or #2 in key markets
New Leadership
• Track record of value creation
• Focused on EBITDA growth and multiple expansion
• Driving cultural change
Value Creation Opportunity
• Accelerate Profitable Growth (APG)
• Organic growth
• Accretive acquisitions
• Close the Gap (CTG)
• Achieve operational excellence, exceed customer service metrics
• Expand margins: improve mix and optimize cost
• Introduce Differentiated Services (IDS)
• End-to-end cash solutions
• Leverage common global technology base to deliver best-in-class logistics, customer-
facing technology (customer portal) and value-added services
Building Value and Credibility with Stakeholders
18
Appendix
Page
Executive Bios 21
Non-GAAP Outlook 22
Brink’s Historical Non-GAAP Results 23-24
Legacy Liabilities & Estimated Cash Payments 25
Other Items Not Allocated to Segments 26
Index
20
Executive Bios
Doug Pertz
President and Chief Executive Officer
Douglas A. Pertz is the President and Chief Executive Officer and a director of The Brink’s Company and has served in these roles since June 2016. He has led
several global companies as CEO over the past 20 years and throughout his career has guided multinational organizations operating in complex environments.
Most recently, he was President and Chief Executive Officer of Recall Holdings Limited (a global provider of digital and physical information management and
security services), having led the company from its initial public offering in 2013 through the successful negotiation of its sale to Iron Mountain in 2016.
Prior to joining Recall, Doug served from 2011 to 2013 as a partner with Bolder Capital, LLC (a private equity firm specializing in acquisitions and investments in
middle market companies). He also served as CEO at IMC Global (the predecessor company to The Mosaic Company), Culligan Water Technologies and Clipper
Windpower, and as Group Executive and Corporate Vice President at Danaher Corporation. In these roles, Doug honed his operational expertise in branch-based,
route-based logistics and in the areas of secure storage and business-to-business services. He holds a degree in mechanical engineering from Purdue University,
Indiana.
Ron Domanico
Executive Vice President and Chief Financial Officer
Ronald J. Domanico is Executive Vice President and Chief Financial Officer of Brink’s. Ron also is responsible for global procurement functions. Prior to joining
Brink’s, Ron was the SVP Strategic Initiatives & Capital Markets at Recall Holdings Limited from April 2014 to May 2016. From 2010 to 2014, Ron served as
Senior Vice President and Chief Financial Officer of HD Supply, Inc. He joined HD Supply in 2010 from Caraustar Industries, Inc., where he served as its Chief
Financial Officer from 2002 to 2009 and Senior Vice President from 2005 to 2009. Before that, Ron held various international financial leadership positions at AHL
Services, Inc., Nabisco, Inc. and Kraft Inc. Ron serves on the Board of Directors for First Advantage, NanoLumens, Ltd. and multiple non-profit organizations. He
holds an M.B.A. and a Bachelor of Science from the University of Illinois in Urbana-Champaign.
Rohan Pal
Senior Vice President, Chief Information Officer and Chief Digital Officer
Rohan Pal is Senior Vice President, Chief Information Officer and Chief Digital Officer of Brink’s. Prior to joining Brink’s, Rohan was the Global Senior Vice
President, Chief Information Officer and Chief Technology Officer at Recall Holdings Limited from June 2013 to May 2016. From 2009 to 2013, he held Chief
Information Officer and Chief Operating Officer roles within the Fire Products segment of Tyco International, and from 2008 to 2009 served as Vice President –
Global Information Technology/Operations Excellence & Integration for Tyco Fire Protection. Rohan joined Tyco in 2008 from HD Supply, Inc., where he served as
Vice President – Financial Systems, Operations and Multisourcing. Before that, he served in U.S. and international management roles at Home Depot from 2004
to 2007. He holds an M.S. in Supply Chain Strategy from the Georgia Institute of Technology, an M.B.A. from The Tuck School of Business at Dartmouth, an M.S.
in Computer Engineering from St. Mary’s University and a B.S. in Computer Science from Trinity University.
21
Non-GAAP 2016 Outlook (as of October 26, 2016)
(a) Attributable to Brink’s
($ Millions, except as noted)
20152014
2016
Outlook
Revenue $3,351 $2,977 ~$2,900
Op profit 124 157 185 – 200
Interest/Other
Income (22) (15) (17)
Taxes (47) (52) (66– 71)
Noncontrolling
interests (6) (5) (5 -7)
Income from
continuing ops (a) 49 84 97– 107
EPS Range $1.01 $1.69 $1.95 – $2.10
2015
2016
Outlook2014
Key Metrics
Revenue change
Organic $85 3% $142 5%
Acq./Disp. 9 - (34) (1)%
Currency (467) (14)% (185) (6)%
Total $(374) (11)% $(77) (3)%
Margin 3.7% 5.3% 6.4% - 6.9%
Tax rate 45.7% 37.0% ~39%
U.S. margin 3.1% 2.1% 0.7% - 2%
Mexico margin 2.5% 7.3% ~6%
Adjusted EBITDA $272 $291 $305 - $330
Adjusted ETBITDA % 8.1% 9.8% 10.5% - 11.4%
22
Revenue
Historical Non-GAAP Revenue
($ Millions)
$818
$837 $847 $848
$756 $748 $740 $733
$689
$717
$735
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
23
Historical Non-GAAP Operating Profit and EPS
($ Millions, except per share amounts)
Operating Profit EPS
24
$21
$24
$21
$59
$41
$31
$37
$49
$31
$38
$61
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
$0.15 $0.16
$0.12
$0.58
$0.44
$0.30
$0.40
$0.55
$0.30
$0.38
$0.64
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
Legacy Liability Estimated Cash Payments:
($ Millions)
Payments to Primary U.S. Pension Payments to UMWA
$0
$9
$21
$17
$5
2015 2020 2021 2022 2023
$0
$3
2015 2027
25Note: Projections based on actuarial assumptions as of 12/31/2015
• In 2014 (3Q) prepaid 2015 and 2016 pension payments
− Accelerated de-risking of invested asset allocation
− Reduced PBGC premiums (current borrowing costs are lower than PBGC premiums)
− Based on actuarial assumptions at 12/31/2015
− Re-measurement occurs every year-end with 10K filing
No cash payments estimated for pension until 2020, for UMWA until 2027
Other Items Not Allocated to Segments
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)
(In millions)
Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. A summary of the
other items not allocated to segment results is below.
2015 2016
1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q
Nine
Months
Revenues:
Venezuela operations $ 20.5 12.2 19.3 32.5 84.5 $ 32.1 21.5 20.4 74.0
Acquisitions and dispositions - - - - - 0.8 1.5 0.5 2.8
Revenues $ 20.5 12.2 19.3 32.5 84.5 $ 32.9 23.0 20.9 76.8
Operating profit:
Venezuela operations $ (17.9) (39.1) (0.8) 10.1 (47.7) $ 1.8 0.9 1.7 4.4
Reorganization and Restructuring (1.5) 1.2 (2.9) (12.1) (15.3) (6.0) (2.1) (2.3) (10.4)
U.S. and Mexican retirement plans (8.3) (7.6) (8.0) (7.3) (31.2) (7.3) (8.1) (7.9) (23.3)
Acquisitions and dispositions - 0.3 - (6.3) (6.0) (5.8) (6.5) (2.2) (14.5)
Operating profit $ (27.7) (45.2) (11.7) (15.6) (100.2) $ (17.3) (15.8) (10.7) (43.8)
26