Brinks Co. Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Brinks Co. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and business operations.</b>

AI Summary

BRINKS CO (BCO) filed a Annual Report (10-K) with the SEC on February 29, 2024. Brinks Co. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Arrangement of Transportation of Freight & Cargo. Brinks Co. was formerly known as Pittston Co. until July 3, 1992. The company is incorporated in Virginia (VA).

Why It Matters

For investors and stakeholders tracking BRINKS CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Brinks Co.'s financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the details within this filing allows stakeholders to evaluate Brinks Co.'s position within the transportation and cargo arrangement industry and identify potential risks and opportunities.

Risk Assessment

Risk Level: medium — BRINKS CO shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific financial data and management discussion.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Brinks Co.'s revenue, profitability, debt levels, and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 1992-07-03 — Name Change Date (Date of name change from Pittston Co.)

Key Players & Entities

• BRINKS CO (company) — Filer name
• BCO (company) — Ticker symbol
• 10-K (filing) — Form type
• 2023-12-31 (date) — Conformed period of report
• 2024-02-29 (date) — Filed as of date
• 4731 (industry_code) — Standard Industrial Classification
• PITTSTON CO (company) — Former company name
• VA (location) — State of incorporation

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K report was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past fiscal year.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the report.)

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share BCO New York Stock Exchange
• $3.9 billion — gement services generated approximately $3.9 billion of revenues in 2023 ($3.8 billion in 20
• $3.8 billion — ately $3.9 billion of revenues in 2023 ($3.8 billion in 2022 and $3.7 billion in 2021). Ca
• $3.7 billion — enues in 2023 ($3.8 billion in 2022 and $3.7 billion in 2021). Cash-in-transit services –
• $1.0 billion — nd AMS services generated approximately $1.0 billion of revenues in 2023 ($0.7 billion in 20
• $0.7 billion — ately $1.0 billion of revenues in 2023 ($0.7 billion in 2022 and $0.5 billion in 2021). Di
• $0.5 billion — enues in 2023 ($0.7 billion in 2022 and $0.5 billion in 2021). Digital Retail Solutions –
• $2.0 million — sed operations in 2023 and recognized a $2.0 million loss on disposal. Business Acquisitio
• $194 million — stock of NoteMachine for approximately $194 million. NoteMachine is based in the United Kin
• $150 million — Ms. NoteMachine generated approximately $150 million in revenues in the twelve month period
• $216 million — collectively, "PAI"), for approximately $216 million. PAI was the largest privately-held pro
• $94 million — in the U.S. and generated approximately $94 million in revenues in 2020. See Note 7 to th
• $33.2 million — onditions. In total, we have recognized $33.2 million in charges under the program, including
• $11.0 million — in charges under the program, including $11.0 million in 2023. We expect total expenses from
• $38 million — expenses from the program to be between $38 million and $42 million, primarily severance co

Filing Documents

• bco-20231231.htm (10-K) — 4972KB
• a2023q4subsidiarylist.htm (EX-21) — 142KB
• a202310-kexhibit23.htm (EX-23) — 2KB
• a202310-kexhibit311.htm (EX-31.1) — 10KB
• a202310-kexhibit312.htm (EX-31.2) — 9KB
• a202310-kexhibit321.htm (EX-32.1) — 6KB
• a202310-kexhibit322.htm (EX-32.2) — 6KB
• a202310-kexhibit971.htm (EX-97.1) — 41KB
• bco-20231231_g1.jpg (GRAPHIC) — 62KB
• brinkslogo.jpg (GRAPHIC) — 38KB
• 0000078890-24-000054.txt (&nbsp;) — 25063KB
• bco-20231231.xsd (EX-101.SCH) — 98KB
• bco-20231231_cal.xml (EX-101.CAL) — 210KB
• bco-20231231_def.xml (EX-101.DEF) — 692KB
• bco-20231231_lab.xml (EX-101.LAB) — 1558KB
• bco-20231231_pre.xml (EX-101.PRE) — 1101KB
• bco-20231231_htm.xml (XML) — 5390KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 15 I te m 1C. C ybersec urity 15 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 124 Item 9A.

Controls and Procedures

Controls and Procedures 124 Item 9B. Other Information 126

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 126 PART III Item 10. Directors, Executive Officers and Corporate Governance 127 Item 11.

Executive Compensation

Executive Compensation 127 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 127 Item 13. Certain Relationships and Related Transactions, and Director Independence 127 Item 14. Principal Accountant Fees and Services 127 PART IV Item 15. Exhibits and Financial Statement Schedules 128

Form 10-K Summary

Item 16. Form 10-K Summary 128 PART I

BUSINESS

ITEM 1. BUSINESS Overview The Brink's Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Our global network serves customers in more than 100 countries. We have controlling ownership interests in companies in 52 countries and agency relationships with companies in additional countries. We employ approximately 68,200 people and our operations include approximately 1,300 facilities and 16,400 vehicles. We manage our business in the following four segments: North America – operations in the U.S. and Canada, including the Brink's Global Services ("BGS") line of business, Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business, Europe – total operations in European countries that primarily provide services outside of the BGS line of business, and Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest. Brink's was founded in 1859 and The Brink's Company was first incorporated in 1930 under the laws of the State of Delaware (at that time, the Company was named The Pittston Company). It succeeded to the business of a Virginia corporation in 1986 and was renamed The Brink's Company in 2003. Our headquarters are located in Richmond, Virginia. The Brink's Company, along with its subsidiaries, is referred to as "we," "our,", "us," "Brink's," or "the Company" throughout this Annual Report on Form 10-K for the period ended December 31, 2023 ("this Form 10-K"). 1 Strategy Our strategy is to grow Brink's by providing a superior customer experience and driving continuous improvement. We w

RISK FACTORS

ITEM 1A. RISK FACTORS Business Risks Our strategy may not be successful. Our strategy is

View Full Filing

View this 10-K filing on SEC EDGAR