8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 6, 2020

THE BRINK’S COMPANY

(Exact name of registrant as specified in its charter)

Virginia	001-09148	54-1317776
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1801 Bayberry Court

P. O. Box 18100

Richmond, VA 23226-8100
(Address and zip code of

principal executive offices)

Registrant’s telephone number, including area code: (804) 289-9600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	BCO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule

405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 6, 2020, The Brink's Company (the "Company") issued a press release regarding its results for the fourth quarter ended December 31, 2019. A copy of this release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

Item 7.01 Regulation FD Disclosure.

On February 6, 2020, the Company provided slides to accompany its earnings presentation. A copy of the slides is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

Item 8.01 Other Events.

On February 5, 2020, the Board of Directors of the Company authorized a share repurchase program providing for the repurchase of up to $250 million of common stock of the Company, par value $1.00 per share, effective immediately, (the “Share Repurchase Program”). The authorization of the Share Repurchase Program expires on December 31, 2021. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Any share repurchase under the Share Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise. The Share Repurchase Program may be suspended or discontinued at any time.

The Company issued a press release announcing the Share Repurchase Program on February 6, 2020 . A copy of this release is furnished as Exhibit 99.3 to this Current Report on Form 8-K and the information with respect to the Share Repurchase Program set forth therein is incorporated herein by reference.

Item 9.01		Financial Statements and Exhibits
(d)	Exhibits
	99.1	Press Release, dated February 6, 2020, issued by The Brink's Company
	99.2	Slide presentation of The Brink's Company
	99.3	Press Release, dated February 6, 2020, issued by The Brink's Company
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE BRINK’S COMPANY (Registrant)
Date: February 6, 2020	By:	/s/ Ronald J. Domanico
		Ronald J. Domanico
		Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

EXHIBIT	DESCRIPTION
99.1	Press Release, dated February 6, 2020, issued by The Brink's Company
99.2	Slide presentation of The Brink's Company
99.3	Press Release, dated February 6, 2020, issued by The Brink's Company
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

EX-99.1

Exhibit 99.1

Contact: Investor Relations
804.289.9709	FORIMMEDIATE RELEASE

Brink’s Reports Strong Growth in Full-Year Earnings

• Full-Year EPS: GAAP $.55 vs ($.65); Non-GAAP $3.89 vs $3.46

• Fourth Quarter EPS: GAAP ($.08) vs $.68; Non-GAAP $1.18 vs $1.05

• Segment Operating Profit Rose 22% in Fourth Quarter, up 17% in Full Year

• Results Include Cash Repatriation Expense ($5M or $.06 per share) and Charge Related to Equity Investment in MoneyGram ($3M or $.05 per share), not in prior guidance

• Strategic Plan Ending 2019 Yielded 3-year Operating Profit CAGR of 9% GAAP and 22% Non-GAAP

• New 3-Year Strategic Plan to be Announced at June Investor Day

• New $250M Share Repurchase Program

RICHMOND, Va., February 6, 2020– The Brink’s Company (NYSE:BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced fourth-quarter and full-year results.

(In millions, except for per share amounts)	Fourth-Quarter 2019
	GAAP			Change	Non-GAAP			Change	Constant Currency Change(b)
Revenue	$	936		3%	$	936		3%	8%
Operating Profit	$	73		(10%)	$	116		11%	34%
Operating Margin	7.8		%	(110) bps	12.4		%	100 bps	270 bps
Net Income / Adjusted EBITDA(a)	$	(3	)	NM	$	153		4%	21%
EPS	$	(0.08	)	NM	$	1.18		12%	42%

(In millions, except for per share amounts)	Full Year 2019
	GAAP			Change	Non-GAAP			Change	Constant Currency Change(b)
Revenue	$	3,683		6%	$	3,680		7%	15%
Operating Profit	$	237		(14%)	$	392		13%	36%
Operating Margin	6.4		%	(150 bps)	10.6		%	50 bps	190 bps
Net Income / Adjusted EBITDA(a)	$	29		NM	$	564		10%	27%
EPS	$	0.55		NM	$	3.89		12%	44%

(a) The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's.

(b) Constant currency represents 2019 results at 2018 exchange rates.

Doug Pertz, president and chief executive officer, said: “Our strong fourth-quarter and full-year results in 2019 set the stage for continued growth in 2020 and marked the successful completion of our initial three-year strategic plan. Over the plan period, we achieved an 81% increase in non-GAAP operating profit, reflecting a compound annual growth rate of 22% that includes a margin rate expansion of 320 basis points to 10.6%. Earnings per share increased 71% over the same timeframe for a compound annual growth rate of 19%. These results were driven by strong organic profit growth

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and the completion of 13 strategic acquisitions, including the acquisition of Dunbar Armored in the U.S., which remains on track to exceed $45 million in cost synergies. Most importantly, we created substantial value for our shareholders. We look forward to achieving similar success over the course of our new three-year strategic plan beginning in 2020, which we will review in detail at our Investor Day on June 1.

Pertz added: "Looking ahead, our full-year non-GAAP guidance for 2020 includes 10% operating profit growth and 13% earnings growth, driven primarily by a continuation and expansion of the Strategy 1.0 organic growth initiatives that we began implementing in 2017. We expect to achieve these targets despite continued currency headwinds, higher cash repatriation expenses and operating expenses related to developing, piloting and commercializing our Strategy 2.0 initiatives. Our current 2020 guidance assumes limited upside from these 2.0 initiatives, which we expect to begin rolling out in the second half of the year."

2020 Non-GAAP Guidance

The company's 2020 non-GAAP guidance includes:

• Revenue: $3.775 billion, up ~3%, organic growth ~5%

• Operating profit: $420 million to $440 million, up ~10%

• Margin rate: 11.4%, up ~80 basis points

• Adjusted EBITDA: $600 million to $620 million, up ~8%

• EPS: $4.30 to $4.50, up ~13%

• Free cash flow before dividends: $230 million, up ~36%

Assumptions include:

• Currency rates as of 12/31/19, except for Argentina

• Argentina negative profit impact vs 2019:

▪ $10 million based on an average peso of 76 per USD

▪ $5 million form expenses related to to cash repatriation

• $20 million of operating expenses for Strategy 2.0 development, pilots and commercial start-up

• Estimated tax rate: 32.0%

• No impact from potential acquisitions included in guidance

Recent Announcements

Equity Investment in MoneyGram International

During the quarter, Brink’s invested $9 million in MoneyGram (NASDAQ: MGI)  common stock through open market purchases equaling approximately 4.95% of its outstanding shares.  Brink’s and MoneyGram are in discussions to develop a long-term strategic partnership agreement that has the potential to yield significant commercial benefits for both companies.  MoneyGram is one of the largest money transfer companies in the world, with 350,000 locations in more than 200 countries.  In the fourth quarter, Brink’s recorded a non-cash charge of $3 million or $.05 per share related to a decrease in the fair market value of its initial investment. 

New $250 Million Share Repurchase Authorization

In a separate announcement, Brink’s announced that its board of directors approved a $250 million share repurchase authorization that expires on December 31, 2021. The authorization replaces the company’s previous share repurchase

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program, which expired December 31, 2019. Under the previous program, Brink’s repurchased 1.3 million shares of its common stock for approximately $94 million, or an average cost of $69.35 per share.

Investor Day Scheduled for June 1

Brink’s will host an Investor Day on June 1, 2020, in New York City. The company will provide an overview of its strategy, markets, operations, financial metrics and long-term goals. For more information, please contact investor relations at investorrelations@brinkscompany.com.

Conference Call

Brink’s will host a conference call on February 6 at 8:30 a.m. ET to review fourth-quarter results.  Interested parties can listen by calling 888-349-0094 (in the U.S.) or 412-902-0124 (international). Participants can pre-register at http://dpregister.com/10138228to receive a direct dial-in number for the call. The call also will be accessible live via webcast on the Brink’s website (www.brinks.com). To access the webcast and related earnings material, click here. A replay of the call will be available through March 6, 2020 at 877-344-7529 (in the U.S.) or 412-317-0088 (international). The conference number is 10138228. An archived version of the webcast will be available online in the Investor Relations section of www.brinks.com or by clicking here.

2020 Guidance (Unaudited)

(In millions except as noted)

	2019 GAAP			2019 Non-GAAP(a)		2020 GAAP Outlook(b)		Reconciling Items(a)		2020 Non-GAAP Outlook(a)
Revenues	$	3,683		3,680		3,775		—		3,775
Operating profit	237			392		365 – 385		55		420 – 440
Nonoperating expense	(143		)	(95	)	(129) – (133)		44		(85) – (89)
Provision for income taxes	(61		)	(93	)	(94) – (101)		~ (12)		(107) – (112)
Noncontrolling interests	(4		)	(4	)	(6	)	—		(6	)
Income from continuing operations attributable to Brink's	28			199		136 – 145		~ 87		222 – 233
EPS from continuing operations attributable to Brink's	$	0.55		3.89		2.61 – 2.81		1.69		4.30 – 4.50
Operating profit margin	6.4		%	10.6	%	9.7% – 10.2%		~ 1.5%		11.1% – 11.7%
Effective income tax rate	65.2		%	31.4	%	40.0	%	(8.0	)%	32.0	%
Free cash flow before dividends				169						230
Adjusted EBITDA				564						600 – 620

Changes from 2019	Revenue Change								Operating Profit Change				EPS Change
	2020 GAAP Outlook(b)		% Change vs. 2019		2020 Non-GAAP Outlook(a)		% Change vs. 2019		2020 GAAP Outlook(b)		2020 Non-GAAP Outlook(a)		2020 Non-GAAP Outlook(a)
Organic	186		5		189		5		141 – 161		80 – 100		1.09 – 1.29
Acquisitions / Dispositions(c)	16		—		16		—		42		3		0.04
Currency	(110	)	(3	)	(110	)	(3	)	(55	)	(55	)	(0.72	)
Total	92		2		95		3		128 – 148		28 – 48		0.41 – 0.61

Amounts may not add due to rounding

(a) The 2019 Non-GAAP amounts are reconciled to the corresponding GAAP items on pages 10-13. The 2020 Non-GAAP outlook amounts exclude certain forecasted Non-GAAP adjusting items, such as intangible asset amortization and U.S. retirement plan costs. We have not forecasted the impact of highly inflationary accounting on our Argentina operations in 2020 or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions. The 2020 Non-GAAP outlook amounts for operating profit, nonoperating expense, provision for income taxes, income from continuing operations, EPS from continuing operations, effective income tax rate, free cash flow before dividends and Adjusted EBITDA cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the impact of highly inflationary accounting on our Argentina operations in 2020 or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions.

(b) The 2020 GAAP outlook excludes any forecasted impact from highly inflationary accounting on our Argentina operations as well as other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions.

(c) Non-GAAP amounts include the impact of prior year comparable period results for acquired and disposed businesses. GAAP results also include the impact of acquisition-related intangible amortization, restructuring and other charges, and disposition related gains/losses.

3

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Fourth-Quarter 2019 vs. 2018

GAAP				Organic		Acquisitions /						% Change
	4Q'18			Change		Dispositions(a)		Currency(b)		4Q'19		Total		Organic
Revenues:
North America	$	439		12		5		3		459		5		3
South America	223			37		20		(48	)	232		4		16
Rest of World	246			2		—		(3	)	245		—		1
Segment revenues(g)	$	908		51		25		(48	)	936		3		6
Other items not allocated to segments(d)	—			—		—		—		—		—		—
Revenues - GAAP	$	908		51		25		(48	)	936		3		6
Operating profit:
North America	$	50		6		1		1		57		16		13
South America	51			33		5		(19	)	70		37		65
Rest of World	32			2		—		—		34		6		6
Segment operating profit	132			41		6		(19	)	161		22		31
Corporate(c)	(28		)	(12	)	—		(5	)	(45	)	60		43
Operating profit - non-GAAP	$	104		29		6		(23	)	116		11		28
Other items not allocated to segments(d)	(23		)	(12	)	(6	)	(2	)	(42	)	86		53
Operating profit (loss) - GAAP	$	81		17		—		(25	)	73		(10	)	21
GAAP interest expense	(19		)							(22	)	16
GAAP interest and other income (expense)	(10		)							(31	)	unfav
GAAP provision for income taxes	17									24		41
GAAP noncontrolling interests	1									1		(33	)
GAAP income (loss) from continuing operations(f)	35									(4	)	unfav
GAAP EPS(f)	$	0.68								(0.08	)	unfav
GAAP weighted-average diluted shares	51.4									50.4		(2	)

Non-GAAP(e)				Organic	Acquisitions /					% Change
	4Q'18			Change	Dispositions(a)	Currency(b)		4Q'19		Total		Organic
Segment revenues - GAAP/non-GAAP	$	908		51	25	(48	)	936		3		6
Non-GAAP operating profit	104			29	6	(23	)	116		11		28
Non-GAAP interest expense	(18		)					(21	)	13
Non-GAAP interest and other income (expense)	(2		)					(6	)	unfav
Non-GAAP provision for income taxes	29							28		(2	)
Non-GAAP noncontrolling interests	1							1		(22	)
Non-GAAP income from continuing operations(f)	54							61		12
Non-GAAP EPS(f)	$	1.05						1.18		12
Non-GAAP weighted-average diluted shares	51.4							51.4		—

Amounts may not add due to rounding.

(a) Non-GAAP amounts include the impact of prior year comparable period results for acquired and disposed businesses. GAAP results also include the impact of acquisition-related intangible amortization, restructuring and other charges, and disposition related gains/losses.

(b) The amounts in the “Currency” column consist of the effects of Venezuela devaluations, prior to deconsolidation, the effects of Argentina devaluations under highly inflationary accounting and the sum of monthly currency changes. Monthly currency changes represent the accumulation throughout the year of the impact on current period results from changes in foreign currency rates from the prior year period.

(c) Corporate expenses are not allocated to segment results. Corporate expenses include salaries and other costs to manage the global business and to perform activities required of public companies.

(d) See pages 8-9 for more information.

(e) Non-GAAP results are reconciled to applicable GAAP results on pages 10-13.

(f) Attributable to Brink's.

(g) Segment revenues equal our total reported non-GAAP revenues.

4

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Full-Year 2019 vs. 2018

GAAP				Organic		Acquisitions /						% Change
	2018			Change		Dispositions(a)		Currency(b)		2019		Total		Organic
Revenues:
North America	$	1,466		67		253		(4	)	1,783		22		5
South America	927			144		70		(224	)	917		(1	)	16
Rest of World	1,044			10		(35	)	(40	)	980		(6	)	1
Segment revenues(g)	$	3,438		222		288		(268	)	3,680		7		6
Other items not allocated to segments(d)	51			(47	)	(1	)	—		4		(93	)	(92	)
Revenues - GAAP	$	3,489		174		288		(268	)	3,683		6		5
Operating profit:
North America	$	130		39		17		—		186		44		30
South America	199			78		16		(76	)	217		9		39
Rest of World	114			3		1		(3	)	116		1		3
Segment operating profit	443			121		35		(79	)	519		17		27
Corporate(c)	(96		)	(29	)	—		(3	)	(128	)	33		30
Operating profit - non-GAAP	$	347		91		35		(81	)	392		13		26
Other items not allocated to segments(d)	(72		)	(44	)	(48	)	9		(155	)	unfav		61
Operating profit - GAAP	$	275		48		(13	)	(73	)	237		(14	)	17
GAAP interest expense	(67		)							(91	)	36
GAAP loss on deconsolidation of Venezuela operations	(127		)							—		fav
GAAP interest and other income (expense)	(39		)							(53	)	36
GAAP provision for income taxes	70									61		(13	)
GAAP noncontrolling interests	6									4		(28	)
GAAP income (loss) from continuing operations(f)	(33		)							28		fav
GAAP EPS(f)	$	(0.65	)							0.55		fav
GAAP weighted-average diluted shares	50.9									51.1		—

Non-GAAP(e)				Organic	Acquisitions /					% Change
	2018			Change	Dispositions(a)	Currency(b)		2019		Total		Organic
Segment revenues - GAAP/non-GAAP	$	3,438		222	288	(268	)	3,680		7		6
Non-GAAP operating profit	347			91	35	(81	)	392		13		26
Non-GAAP interest expense	(66		)					(85	)	29
Non-GAAP loss on deconsolidation of Venezuela operations	—							—		—
Non-GAAP interest and other income (expense)	2							(10	)	unfav
Non-GAAP provision for income taxes	97							93		(4	)
Non-GAAP noncontrolling interests	7							4		(37	)
Non-GAAP income from continuing operations(f)	179							199		11
Non-GAAP EPS(f)	$	3.46						3.89		12
Non-GAAP weighted-average diluted shares	51.9							51.1		(2	)

Amounts may not add due to rounding.

See page 4 for footnote explanations.

5

The Brink’s Company and subsidiaries

(In millions) (Unaudited)

Selected Items - Condensed Consolidated Balance Sheets

	December 31, 2018		December 31, 2019
Assets
Cash and cash equivalents	$	343.4	311.0
Restricted cash	136.1		158.0
Accounts receivable, net	599.5		635.6
Right-of-use assets, net	—		270.3
Property and equipment, net	699.4		763.3
Goodwill and intangibles	907.5		1,057.1
Deferred income taxes	236.5		273.5
Other	313.6		295.0
Total assets	$	3,236.0	3,763.8
Liabilities and Equity
Accounts payable	174.6		184.5
Debt	1,554.0		1,643.6
Retirement benefits	563.0		576.7
Accrued liabilities	502.1		628.4
Lease liabilities	—		218.4
Other	275.7		304.6
Total liabilities	3,069.4		3,556.2
Equity	166.6		207.6
Total liabilities and equity	$	3,236.0	3,763.8

Selected Items - Condensed Consolidated Statements of Cash Flows

	Twelve Months   Ended December 31,
	2018			2019
Net cash provided by operating activities	364.1			368.6
Net cash used by investing activities	(672.7		)	(333.0	)
Net cash provided (used) by financing activities	93.4			(38.0	)
Effect of exchange rate changes on cash	(32.2		)	(8.1	)
Cash, cash equivalents and restricted cash:
Increase (decrease)	(247.4		)	(10.5	)
Balance at beginning of period	726.9			479.5
Balance at end of period	$	479.5		469.0
Supplemental Cash Flow Information
Capital expenditures	$	(155.1	)	(164.8	)
Acquisitions	(520.9		)	(183.9	)
Payment of acquisition-related obligation	(17.6		)	(20.3	)
Depreciation and amortization	162.3			185.0
Cash paid for income taxes, net	(90.6		)	(23.9	)

6

About The Brink’s Company

The Brink’s Company (NYSE:BCO) is the global leader in total cash management, route-based secure logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 41 countries serves customers in more than 100 countries. For more information, please visit our website at www.Brinks.com or call 804-289-9709.

Forward-Looking Statements

This release contains 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: 2020 GAAP and non-GAAP outlook, including revenue, organic growth, operating profit, operating profit margin, adjusted EBITDA, tax rate, and the expected impact of currency and acquisitions and dispositions; expected profit decline in Argentina and expenses related to Strategy 2.0; and expected costs related to Reorganization and Restructuring activities. 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 and execute further cost and operational improvement and efficiencies in our core businesses; our ability to improve service levels and quality in our core businesses; market volatility and commodity price fluctuations; seasonality, pricing and other competitive industry factors; investment in information technology (“IT”) and its impact on revenue and profit growth; our ability to maintain an effective IT infrastructure and safeguard confidential information; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions, regulatory issues (including the imposition of international sanctions, including by the U.S. government), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company’s financial results as a result of jurisdictions determined to be highly inflationary, and restrictive government actions, including nationalization; labor issues, including negotiations with organized labor and work stoppages; the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and product or market exits; our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; safety and security performance and loss experience; employee and environmental liabilities in connection with former coal operations, including black lung claims; the impact of the Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities and assets in actuarial assumptions; the nature of hedging relationships and counterparty risk; access to the capital and credit markets; our ability to realize deferred tax assets; the outcome of pending and future claims, litigation, and administrative proceedings; public perception of our business, reputation and brand; changes in estimates and assumptions underlying critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and 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, 2018, and in our other public filings with the Securities and Exchange Commission. The forward-looking information included in this document is representative only as of the date of this document and The Brink's Company undertakes no obligation to update any information contained in this document.

7

The Brink’s Company and subsidiaries

Segment Results: 2018 and 2019 (Unaudited)    

(In millions, except for percentages)

	Revenues
	2018											2019
	1Q			2Q		3Q		4Q		Full Year		1Q			2Q		3Q		4Q		Full Year
Revenues:
North America	$	320.1		324.0		383.4		438.8		1,466.3		$	434.5		442.5		446.7		459.1		1,782.8
South America	254.8			233.3		215.5		223.3		926.9		230.3			225.2		229.0		232.0		916.5
Rest of World	278.4			266.8		253.5		245.6		1,044.3		240.2			246.6		248.9		244.7		980.4
Segment revenues - GAAP and Non-GAAP	853.3			824.1		852.4		907.7		3,437.5		905.0			914.3		924.6		935.8		3,679.7
Other items not allocated to segments(a)
Venezuela operations	25.8			25.6		—		—		51.4		—			—		—		—		—
Acquisitions and dispositions	—			—		—		—		—		—			(0.3	)	(0.2	)	—		(0.5	)
Internal loss	—			—		—		—		—		—			—		4.0		—		4.0
GAAP	$	879.1		849.7		852.4		907.7		3,488.9		$	905.0		914.0		928.4		935.8		3,683.2
	Operating Profit
	2018											2019
	1Q			2Q		3Q		4Q		Full Year		1Q			2Q		3Q		4Q		Full Year
Operating profit:
North America	$	20.6		26.1		33.6		49.5		129.8		$	44.0		46.4		38.7		57.3		186.4
South America	55.6			46.1		46.3		50.7		198.7		43.0			45.0		59.4		69.7		217.1
Rest of World	25.6			26.2		30.8		31.8		114.4		23.8			26.2		32.2		33.6		115.8
Corporate	(30.3		)	(22.2	)	(15.4	)	(28.1	)	(96.0	)	(26.0		)	(28.8	)	(27.9	)	(45.0	)	(127.7	)
Non-GAAP	71.5			76.2		95.3		103.9		346.9		84.8			88.8		102.4		115.6		391.6
Other items not allocated to segments(a)
Venezuela operations	3.5			(1.2	)	—		—		2.3		—			—		—		—		—
Reorganization and Restructuring	(3.7		)	(4.5	)	(7.3	)	(5.1	)	(20.6	)	(3.5		)	(10.6	)	(6.4	)	(8.3	)	(28.8	)
Acquisitions and dispositions	(6.5		)	(7.4	)	(10.7	)	(16.8	)	(41.4	)	(17.2		)	(22.6	)	(24.0	)	(24.7	)	(88.5	)
Argentina highly inflationary impact	—			—		(8.3	)	0.3		(8.0	)	(4.3		)	(0.1	)	(7.9	)	(2.2	)	(14.5	)
Internal loss	—			—		—		—		—		—			(2.6	)	(11.3	)	(7.0	)	(20.9	)
Reporting compliance	—			(1.4	)	(2.0	)	(1.1	)	(4.5	)	(1.4		)	(0.3	)	(0.3	)	(0.1	)	(2.1	)
GAAP	$	64.8		61.7		67.0		81.2		274.7		$	58.4		52.6		52.5		73.3		236.8
	Margin
	2018											2019
	1Q			2Q		3Q		4Q		Full Year		1Q			2Q		3Q		4Q		Full Year
Margin:
North America	6.4		%	8.1		8.8		11.3		8.9		10.1		%	10.5		8.7		12.5		10.5
South America	21.8			19.8		21.5		22.7		21.4		18.7			20.0		25.9		30.0		23.7
Rest of World	9.2			9.8		12.1		12.9		11.0		9.9			10.6		12.9		13.7		11.8
Non-GAAP	8.4			9.2		11.2		11.4		10.1		9.4			9.7		11.1		12.4		10.6
Other items not allocated to segments(a)	(1.0		)	(1.9	)	(3.3	)	(2.5	)	(2.2	)	(2.9		)	(3.9	)	(5.4	)	(4.6	)	(4.2	)
GAAP	7.4		%	7.3		7.9		8.9		7.9		6.5		%	5.8		5.7		7.8		6.4

(a) See explanation of items on page 9.

8

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. See below for a summary of the other items not allocated to segments.

Venezuela operations Prior to the deconsolidation of our Venezuelan subsidiaries effective June 30, 2018, we excluded from our segment results all of our Venezuela operating results, due to the Venezuelan government's restrictions that have prevented us from repatriating funds.  As a result, the Chief Executive Officer, the Company's Chief Operating Decision maker ("CODM"), has assessed segment performance and has made resource decisions by segment excluding Venezuela operating results. 

Reorganization and Restructuring

2016 Restructuring

In the fourth quarter of 2016, management implemented restructuring actions across our global business operations and our corporate functions. As a result of these actions, we recognized charges of $18.1 million in 2016, an additional $17.3 million in 2017 and $13.0 million in 2018. The actions under this program were substantially completed in 2018, with cumulative pretax charges of approximately $48 million.

Other Restructurings

Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized charges of $4.6 million in 2017, $7.6 million in 2018 and $28.8 million in 2019, primarily severance costs. For the current restructuring actions, we expect to incur additional costs between $1 million and $3 million in future periods.

Due to the unique circumstances around these charges, these management-directed items have not been allocated to segment results and are excluded from non-GAAP results.

Acquisitions and dispositions Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from non-GAAP results. These items are described below:

2019 Acquisitions and Dispositions

• We incurred $43.1 million in integration costs related to Dunbar, Rodoban, COMEF and TVS in 2019.

• Amortization expense for acquisition-related intangible assets was $27.8 million in 2019.

• Restructuring costs related to acquisitions, primarily Rodoban and Dunbar, were $5.6 million in 2019.

• Transaction costs related to business acquisitions were $7.9 million in 2019.

• Compensation expense related to the retention of key Dunbar employees was $1.5 million in 2019.

• In 2019, we recognized $2.2 million in net charges, primarily asset impairment and severance costs, related to the exit from our top-up prepaid mobile phone business in Brazil.

2018 Acquisitions and Dispositions

• Amortization expense for acquisition-related intangible assets was $17.7 million in 2018.

• Integration costs in 2018 related to acquisitions in France and the U.S. were $8.1 million.

• 2018 transaction costs related to business acquisitions were $6.7 million.

• We incurred 2018 severance charges related to our acquisitions in Argentina, France, U.S. and Brazil of $5.0 million.

• Compensation expense related to the retention of key Dunbar employees was $4.1 million in 2018.

• We recognized a net gain in 2018 ($2.6 million, net of statutory employee benefit) on the sale of real estate in Mexico.

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 second half of 2018, we recognized $8.0 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $6.2 million. In 2019, we recognized $14.5 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $11.3 million. These amounts are excluded from non-GAAP results.

Internal loss A former non-management employee in our U.S. global services operations embezzled funds from Brink's in prior years. Except for a small deductible amount, the amount of the internal loss related to the embezzlement was covered by our insurance. In an effort to cover up the embezzlement, the former employee intentionally misstated the underlying accounts receivable subledger data. In 2019, we incurred $4.5 million in costs (primarily third party expenses) to reconstruct the accounts receivables subledger. In the third quarter of 2019, we were able to identify $4.0 million of revenues billed and collected in prior periods which had never been recorded in the general ledger. We also identified and recorded $0.3 million in bank fees, which had been incurred in prior periods. The rebuild of the subledger was completed during the third quarter of 2019. Based on the reconstructed subledger, we were able to analyze and quantify the uncollected receivables from prior periods. Although we plan to attempt to collect these receivables, we estimated an increase to bad debt expense of $13.7 million in the third quarter of 2019. The estimate of the allowance for doubtful accounts was adjusted in the fourth quarter of 2019 for an additional $6.4 million and will be adjusted in future periods, if needed, as assumptions related to the collectability of these accounts receivable change.  Out of the total $20.1 million in bad debt expense recorded in the second half of 2019, $19.2 million represented an allowance on $34.0 million of accounts receivable or 56%. Due to the unusual nature of this internal loss and the related errors in the subledger data, along with the fact that management has excluded these amounts when evaluating internal performance, we have excluded these net charges from segment and non-GAAP results.

Reporting compliance Certain compliance costs (primarily third party expenses) are excluded from non-GAAP results. These costs relate to the implementation and January 1, 2019 adoption of the new lease accounting standard ($2.7 million in 2018 and $1.8 million in 2019) and the mitigation of material weaknesses ($1.8 million in 2018 and $0.3 million in 2019).

9

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for percentages and per share amounts)

Non-GAAP results described in this press release are financial measures that are not required by or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The purpose of the Non-GAAP results is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations. The specific items excluded have not been allocated to segments, are described on page 9 and in more detail in our Form 10-K, and are reconciled to comparable GAAP measures below. In addition, we refer to non-GAAP constant currency amounts, which represent current period results and forecasts at prior period exchange rates.

Non-GAAP results adjust the quarterly Non-GAAP tax rates so that the Non-GAAP tax rate in each of the quarters is equal to the full-year estimated Non-GAAP tax rate. The full-year Non-GAAP tax rate in both years excludes certain pretax and income tax amounts. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented.

The 2020 Non-GAAP outlook amounts for provision for income taxes, income (loss) from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the impact of highly inflationary accounting on our Argentina operations or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions. The impact of highly inflationary accounting and other potential Non-GAAP adjusting items could be significant to our GAAP results.

The Non-GAAP financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance. Additionally, non-GAAP results are utilized as performance measures in certain management incentive compensation plans.

Non-GAAP Results Reconciled to GAAP

	2018						2019
	Pre-tax		Tax		Effective tax rate		Pre-tax			Tax		Effective tax rate
Effective Income Tax Rate
GAAP	$	42.5	70.0		164.7	%	$	93.5		61.0		65.2	%
Retirement plans(c)	33.2		7.9				47.3			11.1
Venezuela operations(a)(j)	1.2		(3.9	)			0.9			—
Reorganization and Restructuring(a)	20.6		6.7				28.8			7.1
Acquisitions and dispositions(a)	47.0		13.8				93.6			5.1
Tax reform(d)	—		2.1				—			—
Tax on accelerated income(e)	—		—				—			7.3
Argentina highly inflationary impact(a)	7.3		—				14.5			(1.4	)
Internal loss(a)	—		—				20.9			4.0
Reporting compliance(a)	4.5		0.1				2.1			0.1
Gain on lease termination(k)	—		—				(5.2		)	(1.2	)
Loss on deconsolidation of Venezuela operations(f)	126.7		0.1				—			—
Non-GAAP	$	283.0	96.8		34.2	%	$	296.4		93.1		31.4	%

Amounts may not add due to rounding.

(a) See “Other Items Not Allocated To Segments” on pages 8-9 for details. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance.

(b) 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 was 31.4% for 2019 and 34.2% for 2018.

(c) Our U.S. retirement plans are frozen and costs related to these plans are excluded from non-GAAP results. Certain non-U.S. operations also have retirement plans. Settlement charges related to these non-U.S. plans are also excluded from non-GAAP results.

(d) Represents the estimated impact of tax legislation enacted into law in the fourth quarter of 2017.  This primarily relates to the U.S. Tax Reform expense from the remeasurement of our net deferred tax assets. The 2018 amount represents a benefit associated with reversing a portion of the 2017 estimated impact as a result of guidance issued by U.S. authorities.

(e) The non-GAAP tax rate excludes the 2019 foreign tax benefits that resulted from a transaction that accelerated U.S. tax in 2015.

(f) Effective June 30, 2018, we deconsolidated our investment in Venezuelan subsidiaries and recognized a pretax charge of $126.7 million.

(g) Due to reorganization and restructuring activities, there was a $7.7 million non-GAAP adjustment to share-based compensation in 2019 and $0.1 million in the fourth quarter and full-year of 2018. There is no difference between GAAP and non-GAAP share-based compensation amounts for the other periods presented.

(h) Adjusted EBITDA is defined as non-GAAP income from continuing operations excluding the impact of non-GAAP interest expense, non-GAAP income tax provision, non-GAAP depreciation and amortization and non-GAAP share-based compensation.

(i) Because we reported a loss from continuing operations on a GAAP basis in the second quarter of 2018, full year 2018 and the fourth quarter of 2019, GAAP EPS was calculated using basic shares. However, as we reported income from continuing operations on a non-GAAP basis in the second quarter of 2018, full year 2018 and fourth quarter of 2019, non-GAAP EPS was calculated using diluted shares.

(j) Post-deconsolidation funding of ongoing costs related to our Venezuelan operations was $0.9 million in 2019 ($0.6 million in the second half of 2018) and was expensed as incurred and reported in interest and other nonoperating income (expense). We do not expect any future funding of the Venezuela business, as long as current U.S. sanctions remain in effect.

(k) Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases.

10

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for percentages and per share amounts)

	2018											2019
	1Q			2Q		3Q		4Q		Full Year		1Q			2Q		3Q		4Q		Full Year
Revenues:
GAAP	$	879.1		849.7		852.4		907.7		3,488.9		$	905.0		914.0		928.4		935.8		3,683.2
Venezuela operations(a)	(25.8		)	(25.6	)	—		—		(51.4	)	—			—		—		—		—
Acquisitions and dispositions(a)	—			—		—		—		—		—			0.3		0.2		—		0.5
Internal loss(a)	—			—		—		—		—		—			—		(4.0	)	—		(4.0	)
Non-GAAP	$	853.3		824.1		852.4		907.7		3,437.5		$	905.0		914.3		924.6		935.8		3,679.7
Operating profit (loss):
GAAP	$	64.8		61.7		67.0		81.2		274.7		$	58.4		52.6		52.5		73.3		236.8
Venezuela operations(a)	(3.5		)	1.2		—		—		(2.3	)	—			—		—		—		—
Reorganization and Restructuring(a)	3.7			4.5		7.3		5.1		20.6		3.5			10.6		6.4		8.3		28.8
Acquisitions and dispositions(a)	6.5			7.4		10.7		16.8		41.4		17.2			22.6		24.0		24.7		88.5
Argentina highly inflationary impact(a)	—			—		8.3		(0.3	)	8.0		4.3			0.1		7.9		2.2		14.5
Internal loss(a)	—			—		—		—		—		—			2.6		11.3		7.0		20.9
Reporting compliance(a)	—			1.4		2.0		1.1		4.5		1.4			0.3		0.3		0.1		2.1
Non-GAAP	$	71.5		76.2		95.3		103.9		346.9		$	84.8		88.8		102.4		115.6		391.6
Operating margin:
GAAP margin	7.4		%	7.3	%	7.9	%	8.9	%	7.9	%	6.5		%	5.8	%	5.7	%	7.8	%	6.4	%
Non-GAAP margin	8.4		%	9.2	%	11.2	%	11.4	%	10.1	%	9.4		%	9.7	%	11.1	%	12.4	%	10.6	%
Interest expense:
GAAP	$	(15.0	)	(15.8	)	(17.0	)	(18.9	)	(66.7	)	$	(23.0	)	(22.7	)	(22.9	)	(22.0	)	(90.6	)
Venezuela operations(a)	—			0.1		—		—		0.1		—			—		—		—		—
Acquisitions and dispositions(a)	0.2			0.2		0.1		0.7		1.2		1.5			1.5		1.5		1.3		5.8
Argentina highly inflationary impact(a)	—			—		—		(0.2	)	(0.2	)	—			—		—		—		—
Non-GAAP	$	(14.8	)	(15.5	)	(16.9	)	(18.4	)	(65.6	)	$	(21.5	)	(21.2	)	(21.4	)	(20.7	)	(84.8	)
Loss on deconsolidation of Venezuela operations:
GAAP	$	—		(126.7	)	—		—		(126.7	)	$	—		—		—		—		—
Loss on deconsolidation of Venezuela operations(f)	—			126.7		—		—		126.7		—			—		—		—		—
Non-GAAP	$	—		—		—		—		—		$	—		—		—		—		—
Interest and other income (expense):
GAAP	$	(13.1	)	(8.1	)	(8.1	)	(9.5	)	(38.8	)	$	(11.2	)	(3.1	)	(7.8	)	(30.6	)	(52.7	)
Retirement plans(c)	8.8			8.1		8.1		8.2		33.2		8.4			6.5		6.6		25.8		47.3
Venezuela operations(a)(j)	1.9			0.9		0.3		0.3		3.4		0.5			0.4		—		—		0.9
Acquisitions and dispositions(a)	2.9			2.4		0.2		(1.1	)	4.4		—			—		0.2		(0.9	)	(0.7	)
Argentina highly inflationary impact(a)	—			—		(0.5	)	—		(0.5	)	—			—		—		—		—
Gain on lease termination(k)	—			—		—		—		—		—			(5.2	)	—		—		(5.2	)
Non-GAAP	$	0.5		3.3		—		(2.1	)	1.7		$	(2.3	)	(1.4	)	(1.0	)	(5.7	)	(10.4	)

Amounts may not add due to rounding.

See page 10 for footnote explanations.

11

	2018											2019
	1Q			2Q		3Q		4Q		Full Year		1Q			2Q		3Q		4Q		Full Year
Taxes:
GAAP	$	11.4		18.6		23.0		17.0		70.0		$	9.7		12.7		14.7		23.9		61.0
Retirement plans(c)	1.9			2.0		2.0		2.0		7.9		1.9			1.6		1.6		6.0		11.1
Venezuela operations(a)	(1.5		)	(2.4	)	—		—		(3.9	)	—			—		—		—		—
Reorganization and Restructuring(a)	1.2			1.5		2.4		1.6		6.7		1.0			2.6		2.0		1.5		7.1
Acquisitions and dispositions(a)	3.1			6.2		2.8		1.7		13.8		1.7			1.1		0.9		1.4		5.1
Tax reform(d)	—			—		—		2.1		2.1		—			—		—		—		—
Tax on accelerated income(e)	0.5			(0.2	)	—		(0.3	)	—		—			—		—		7.3		7.3
Argentina highly inflationary impact(a)	—			—		0.6		(0.6	)	—		—			—		(1.4	)	—		(1.4	)
Internal loss(a)	—			—		—		—		—		—			0.1		2.4		1.5		4.0
Reporting compliance(a)	—			0.3		0.5		(0.7	)	0.1		—			—		—		0.1		0.1
Gain on lease termination(k)	—			—		—		—		—		—			—		(1.2	)	—		(1.2	)
Loss on deconsolidation of Venezuela operations(f)	—			—		0.1		—		0.1		—			—		—		—		—
Income tax rate adjustment(b)	3.0			(4.1	)	(4.6	)	5.7		—		4.9			2.7		6.1		(13.7	)	—
Non-GAAP	$	19.6		21.9		26.8		28.5		96.8		$	19.2		20.8		25.1		28.0		93.1
Noncontrolling interests:
GAAP	$	3.2		0.3		1.4		0.9		5.8		$	0.8		1.5		1.3		0.6		4.2
Venezuela operations(a)	(0.6		)	1.6		—		—		1.0		—			—		—		—		—
Reorganization and Restructuring(a)	—			(0.1	)	—		0.1		—		—			—		—		—		—
Acquisitions and dispositions(a)	—			—		—		—		—		—			—		—		0.1		0.1
Income tax rate adjustment(b)	(0.4		)	(0.1	)	0.6		(0.1	)	—		—			—		—		—		—
Non-GAAP	$	2.2		1.7		2.0		0.9		6.8		$	0.8		1.5		1.3		0.7		4.3
Income (loss) from continuing operations attributable to Brink's:
GAAP	$	22.1		(107.8	)	17.5		34.9		(33.3	)	$	13.7		12.6		5.8		(3.8	)	28.3
Retirement plans(c)	6.9			6.1		6.1		6.2		25.3		6.5			4.9		5.0		19.8		36.2
Venezuela operations(a)(j)	0.5			3.0		0.3		0.3		4.1		0.5			0.4		—		—		0.9
Reorganization and Restructuring(a)	2.5			3.1		4.9		3.4		13.9		2.5			8.0		4.4		6.8		21.7
Acquisitions and dispositions(a)	6.5			3.8		8.2		14.7		33.2		17.0			23.0		24.8		23.6		88.4
Tax reform(d)	—			—		—		(2.1	)	(2.1	)	—			—		—		—		—
Tax on accelerated income(e)	(0.5		)	0.2		—		0.3		—		—			—		—		(7.3	)	(7.3	)
Argentina highly inflationary impact(a)	—			—		7.2		0.1		7.3		4.3			0.1		9.3		2.2		15.9
Internal loss(a)	—			—		—		—		—		—			2.5		8.9		5.5		16.9
Reporting compliance(a)	—			1.1		1.5		1.8		4.4		1.4			0.3		0.3		—		2.0
Gain on lease termination(k)	—			—		—		—		—		—			(5.2	)	1.2		—		(4.0	)
Loss on deconsolidation of Venezuela operations(f)	—			126.7		(0.1	)	—		126.6		—			—		—		—		—
Income tax rate adjustment(b)	(2.6		)	4.2		4.0		(5.6	)	—		(4.9		)	(2.7	)	(6.1	)	13.7		—
Non-GAAP	$	35.4		40.4		49.6		54.0		179.4		$	41.0		43.9		53.6		60.5		199.0

Amounts may not add due to rounding.

See page 10 for footnote explanations.

12

	2018											2019
	1Q			2Q		3Q		4Q		Full Year		1Q			2Q		3Q		4Q		Full Year
Adjusted EBITDA(h):
Net income (loss) attributable to Brink's - GAAP	$	22.3		(107.9	)	17.4		34.9		(33.3	)	$	13.7		12.5		5.4		(2.6	)	29.0
Interest expense - GAAP	15.0			15.8		17.0		18.9		66.7		23.0			22.7		22.9		22.0		90.6
Income tax provision - GAAP	11.4			18.6		23.0		17.0		70.0		9.7			12.7		14.7		23.9		61.0
Depreciation and amortization - GAAP	38.8			39.1		41.6		42.8		162.3		47.9			48.7		42.9		45.5		185.0
EBITDA	$	87.5		(34.4	)	99.0		113.6		265.7		$	94.3		96.6		85.9		88.8		365.6
Discontinued operations - GAAP	(0.2		)	0.1		0.1		—		—		—			0.1		0.4		(1.2	)	(0.7	)
Retirement plans(c)	8.8			8.1		8.1		8.2		33.2		8.4			6.5		6.6		25.8		47.3
Venezuela operations(a)(j)	(1.5		)	(0.1	)	0.3		0.3		(1.0	)	0.5			0.4		—		—		0.9
Reorganization and Restructuring(a)	2.5			4.4		6.9		4.9		18.7		3.4			10.6		6.4		8.2		28.6
Acquisitions and dispositions(a)	5.6			6.4		6.4		9.7		28.1		10.8			12.2		17.2		16.6		56.8
Argentina highly inflationary impact(a)	—			—		7.8		(0.3	)	7.5		4.1			(0.2	)	7.6		1.2		12.7
Internal loss(a)	—			—		—		—		—		—			2.6		11.3		7.0		20.9
Reporting compliance(a)	—			1.4		2.0		1.1		4.5		1.4			0.3		0.3		0.1		2.1
Gain on lease termination(k)	—			—		—		—		—		—			(5.2	)	—		—		(5.2	)
Loss on deconsolidation of Venezuela operations(f)	—			126.7		—		—		126.7		—			—		—		—		—
Income tax rate adjustment(b)	0.4			0.1		(0.6	)	0.1		—		—			—		—		—		—
Share-based compensation(g)	6.8			5.7		6.3		9.5		28.3		8.9			9.7		9.5		6.9		35.0
Adjusted EBITDA	$	109.9		118.4		136.3		147.1		511.7		$	131.8		133.6		145.2		153.4		564.0
EPS:
GAAP	$	0.42		(2.11	)	0.34		0.68		(0.65	)	$	0.27		0.25		0.11		(0.08	)	0.55
Retirement plans(c)	0.13			0.12		0.12		0.12		0.49		0.13			0.10		0.10		0.39		0.71
Venezuela operations(a)(j)	0.01			0.06		0.01		0.01		0.08		0.01			0.01		—		—		0.02
Reorganization and Restructuring costs(a)	0.05			0.06		0.09		0.07		0.27		0.05			0.16		0.09		0.13		0.43
Acquisitions and dispositions(a)	0.12			0.07		0.16		0.29		0.64		0.33			0.45		0.49		0.46		1.73
Tax reform(d)	—			—		—		(0.04	)	(0.04	)	—			—		—		—		—
Tax on accelerated income(e)	(0.01		)	—		—		0.01		—		—			—		—		(0.14	)	(0.14	)
Argentina highly inflationary impact(a)	—			—		0.14		—		0.14		0.09			—		0.18		0.04		0.31
Internal loss(a)	—			—		—		—		—		—			0.05		0.17		0.11		0.33
Reporting compliance(a)	—			0.02		0.03		0.04		0.09		0.03			0.01		0.01		—		0.04
Gain on lease termination(k)	—			—		—		—		—		—			(0.10	)	0.02		—		(0.08	)
Loss on deconsolidation of Venezuela operations(f)	—			2.43		—		—		2.44		—			—		—		—		—
Income tax rate adjustment(b)	(0.05		)	0.08		0.08		(0.11	)	—		(0.10		)	(0.05	)	(0.12	)	0.27		—
Share adjustment(i)	—			0.04		—		—		0.01		—			—		—		—		—
Non-GAAP	$	0.68		0.78		0.95		1.05		3.46		$	0.81		0.86		1.05		1.18		3.89
Depreciation and Amortization:
GAAP	$	38.8		39.1		41.6		42.8		162.3		$	47.9		48.7		42.9		45.5		185.0
Venezuela operations(a)	(0.5		)	(0.6	)	—		—		(1.1	)	—			—		—		—		—
Reorganization and Restructuring(a)	(1.2		)	(0.2	)	(0.4	)	(0.1	)	(1.9	)	(0.1		)	—		—		(0.1	)	(0.2	)
Acquisitions and dispositions(a)	(3.8		)	(3.4	)	(4.5	)	(6.0	)	(17.7	)	(6.4		)	(10.4	)	(7.0	)	(7.1	)	(30.9	)
Argentina highly inflationary impact(a)	—			—		—		—		—		(0.2		)	(0.3	)	(0.3	)	(1.0	)	(1.8	)
Non-GAAP	$	33.3		34.9		36.7		36.7		141.6		$	41.2		38.0		35.6		37.3		152.1

Amounts may not add due to rounding.

See page 10 for footnote explanations.

13

EX-99.2

Fourth Quarter & Full Year 2019 February 6, 2020

Safe Harbor Statements and Non-GAAP Results 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 information regarding: 2020 non-GAAP outlook, including revenue, operating profit, margin rate, earnings per share and adjusted EBITDA; outlook for specific businesses and drivers of results, margin rate targets for the U.S. business and expected results from acquisitions; expected future payments to fund retirement plans; expected impact of currency translation, Argentina devaluation recovery, and expenses related to repatriation; 2020 cash flow, capex, net debt and leverage outlook; and planned investment related to Strategy 2.0. These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: our ability to improve profitability and execute further cost and operational improvement and efficiencies in our core businesses; our ability to improve service levels and quality in our core businesses; market volatility and commodity price fluctuations; seasonality, pricing and other competitive industry factors; investment in information technology (“IT”) and its impact on revenue and profit growth; our ability to maintain an effective IT infrastructure and safeguard confidential information; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions, regulatory issues (including the imposition of international sanctions, including by the U.S. government), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company’s financial results as a result of jurisdictions determined to be highly inflationary, and restrictive government actions, including nationalization; labor issues, including negotiations with organized labor and work stoppages; the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and product or market exits; our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; safety and security performance and loss experience; employee and environmental liabilities in connection with former coal operations, including black lung claims; the impact of the Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities and assets in actuarial assumptions; the nature of hedging relationships and counterparty risk; access to the capital and credit markets; our ability to realize deferred tax assets; the outcome of pending and future claims, litigation, and administrative proceedings; public perception of our business, reputation and brand; changes in estimates and assumptions underlying critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and 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, 2018, and in our other public filings with the Securities and Exchange Commission. Unless otherwise noted, the forward-looking information discussed today and included in these materials is representative as of today only and 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 appendix and in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website: www.brinks.com. | 2

Highlights (Non-GAAP, $ Millions, except EPS) • 12% EPS growth in 4Q ($1.18) and full year ($3.89) • Reduced by: • Argentina cash repatriation expense ($.06) • Non-cash charge related to equity investment in MoneyGram ($.05) • Segment operating profit up 22% in 4Q, 17% in full year • 3-year Strategic Plan 1 (SP1) completed; exceeded operating profit target; 22% CAGR • New 3-year Strategic Plan 2 (SP2) and targets to be disclosed on June 1 Investor Day • 2020 guidance • 10% operating profit growth (24% constant currency); 13% EPS growth (32% constant currency) • Assumes continued FX-related expenses and operating expense investments in Strategy 2.0 • MoneyGram equity investment supports Strategic Plan 2 and potential commercial opportunities • New $250 million share repurchase authorization Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website | 3 www.brinks.com.

Full-Year 2019 Non-GAAP Results Strong Revenue and Profit Growth Despite Currency Headwinds (Non-GAAP, $ Millions, except EPS) Revenue +7% Op Profit +13% Adj. EBITDA +10% EPS +12% Constant currency +15% Constant currency +36% Constant currency +27% Constant currency +44% Organic +6% Organic +26% Acq +8% Acq +10% FX (8%) FX (23%) 2019 Op Profit includes $5M 2019 EBITDA and EPS include $5M ($.06 EPS) of cash repatriation charge from cash repatriation expense and $3M ($.05 EPS) from an equity investment charge $3,948 $3,680 $473 $651 $4.98 $3,438 $3,193 $564 $392 $512 $3.89 $347 12.8% Margin $425 $3.46 $281 $3.03 8.8% 10.1% 10.6% 12.0% 13.3% 14.9% 15.3% 16.5% Margin Margin Margin Margin Margin Margin Margin Margin 2017 2018 2019 Const. 2017 2018 2019 Const. 2017 2018 2019 Const. 2017 2018 2019 Const. Curr. Curr. Curr. Curr. Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP 2017 results in the Appendix. | 4 Constant currency represents 2019 results at 2018 exchange rates.

Strategic Plan 1 (SP1) Targets Exceeded Substantial Value Created for Shareholders (Non-GAAP, $ Millions, except EPS) Revenue +27% Op Profit +81% Adj. EBITDA +65% EPS +71% CAGR +8% CAGR +22% CAGR +18% CAGR +19% Avg. Organic Growth +7% $3,680 $564 $392 $3,275 $3.89 $475 $2,908 $325 $3.50 $342 $216 $2.28 7.4% ~10% 10.6% 11.8% ~15% 15.3% Margin Margin Margin Margin Margin Margin 2016 SP1 2019 2016 SP1 2019 2016 SP1 2019 2016 SP1 2019 Actual Target Actual Actual Target Actual Actual Target Actual Actual Target Actual Operating Profit CAGR 22% Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP 2016 results in the Appendix. | 5 SP1 Target as of 3/2/2017 Investor Day

Fourth-Quarter Revenue and Operating Profit vs 2018 (Non-GAAP, $ Millions) Revenue Op Profit % Change 6% 3% 8% (5%) 3% % Change 28% 6% 34% (22%) 11% Constant Constant Currency Currency $25 $984 ( $48 ) $51 $936 $6 $139 ( $23 ) $908 $29 $116 $104 12.4% Margin 11.4% Margin 2018 Organic Acq / Disp* 2019 FX 2019 2018 Organic Acq / Disp* 2019 FX 2019 Revenue Revenue Revenue Op Profit Op Profit Op Profit Before FX Before FX Note: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. *Acq/Disp amounts include the impact of prior year trailing twelve-month results for acquired and disposed businesses. | 6 Constant currency represents 2019 results at 2018 exchange rates.

Full-Year Revenue and Operating Profit vs 2018 (Non-GAAP, $ Millions) Revenue Op Profit % Change 6% 8% 15% (8%) 7% % Change 26% 10% 36% (23%) 13% Constant Constant Currency Currency $288 $3,948 ( $268 ) $3,680 $222 $35 $473 ( $81 ) $3,438 $91 $392 $347 10.6% Margin 10.1% Margin 2018 Organic Acq / Disp* 2019 FX 2019 2018 Organic Acq / Disp* 2019 FX 2019 Revenue Revenue Revenue Op Profit Op Profit Op Profit Before FX Before FX Note: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. *Acq/Disp amounts include the impact of prior year trailing twelve-month results for acquired and disposed businesses. | 7 Constant currency represents 2019 results at 2018 exchange rates.

Full-Year Adjusted EBITDA & EPS vs 2018 (Non-GAAP, $ Millions, except EPS) 2019 EPS: $3.89 (+12% vs PY) Adj. EBITDA 2018 EPS: $3.46 +10% vs PY $35 $564 $178 $392 ( $95 ) $152 ( $93 ) ( $4 ) $199 Op Profit Net Interest Taxes Non-controlling Income from D&A Interest Exp Other Adjusted Interest Continuing Ops & Taxes EBITDA vs $45 ($31) $4$3 $20 $11 $16 $7 $52 2018 Note: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section | 8 of the Brink’s website www.brinks.com.

North America ($ Millions) Revenue +22% Op Profit +44% Constant currency +22% Constant currency +43% Full-Year Highlights Organic +5% Organic +30% U.S. Acq +17% Acq +13% FX - FX - • Revenue up 29%; operating profit up 52% • Organic revenue growth for 4Q and full-year of 2% reflects expected customer losses related to Dunbar $1,783 $186 acquisition; improved organic growth expected in 2020 10.5% Margin • 4Q margin 10%; Full year 8% $1,466 • Higher labor, integration and systems implementation costs; expect improvement in 2020 8.1% $130 Margin • Dunbar integration on track 8.8% • $24 million in cost synergies in 2019 Margin8.9% Margin • Expect to exceed $45 million in total cost synergies 5.4% • Targeting 10%+ full-year margin rate in 2020 Margin • 13% by the end of 2021 5.9% Margin • Achieved our CompuSafe® target with 4,100 new orders Mexico 10.5% • Continued double-digit growth in organic revenue and Margin profit, easily surpassing 3-yr margin target of 15% 8.9% • Continued growth expected to be driven by further cost Margin reduction initiatives and penetration of the retail market 2018 2019 2018 2019 | 9 Notes: Amounts may not add due to rounding. Constant currency represents 2019 results at 2018 exchange rates. U.S. amounts include payment services and Balance Innovations.

South America ($ Millions) Revenue (1%) Op Profit +9% Constant currency +23% Constant currency +47% Full-Year Highlights Organic +16% Organic +39% • Strong organic revenue and profit growth driven by Acq +8% Acq +8% FX (24%) FX (38%) Argentina and Brazil; segment margin up 230 bps to ~24% • Negative FX translation - $224 million on revenue, $76 million on operating profit, primarily in $927 $917 $217 Argentina $199 23.7% • Underlying operations strong Margin 21.4% 8.1% Margin Margin • Inflation-based price increases and volume growth 8.8% Margin in Argentina offsetting devaluation impact to profit • Rodoban integration on track 5.4% Margin 5.9% Margin 10.5% Margin 8.9% Margin 2018 2019 2018 2019 | 10 Notes: Amounts may not add due to rounding. Constant currency represents 2019 results at 2018 exchange rates.

Argentina Revenue 2019-2020 by Quarter & Contribution Argentina Revenue 2019 Actual YoY 2020 Estimate YoY 2020 Guidance Devaluation: 42% Devaluation: 36% 2% (4%) (9%) (9%) (9%) (9%) QoQ (13%) $3,775 Devaluation (26%) $6101 95% USD ex. Argentina Revenue 88% 5% 12% Argentina 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 FY20 FY20 Actual Actual Actual Actual Estimate Estimate Estimate Estimate Revenue Adj. EBITDA Recovery from Prior Year Significant Devaluation • Local currency growth has exceeded inflation over time due to price, ad • Argentina represents ~5% valorem and volume of revenue and ~12% of • Union-negotiated salary increases drive pricing adjusted EBITDA in 2020 • Ad-valorem revenue driven by higher volumes and value guidance transported or processed • Argentina adjusted EBITDA as a percent of • Strong operating leverage on price increases total has decreased • USD recovery following a major devaluation historically took three to six significantly over the last quarters. three years | 11 1. $610 represents the mid-point of the guidance range

Rest of World ($ Millions) Revenue (6%) Op Profit +1% Constant currency (2%) Constant currency +4% Full-Year Highlights Organic +1% Organic +3% • Decrease in revenue reflects sale of French Acq/Disp (3%) Acq/Disp +1% FX (4%) FX (3%) guarding business in June 2018 • France profit up +12%, margin up 170 bps from $1,044 improved operations, pricing and Temis synergies France $980 Disposition • Transportation strike impacted results $1,009 • Rest of Europe performing well $114 $116 8.1% 11.0% 11.8%Margin Margin8.8% Margin Margin 5.4% Margin 5.9% Margin 10.5% Margin 8.9% Margin 2018 2019 2018 2019 | 12 Notes: Amounts may not add due to rounding. Constant currency represents 2019 results at 2018 exchange rates.

CapEx Expected to Return to ~4.5% of Revenue in 2021 Capital Expenditures 2016-20201 (Non-GAAP, $ Millions) Higher CapEx reflects investment in strategic initiatives $198 High $185 $182 Return $190 ~0.5% High High Growth Completed Return Return CapEx Acquisitions Growth Growth CapEx CapEx ~4.5% $124 Rest of ~4.5% of Revenue Business Facility Equipment / Other IT Armored Vehicles 2016 Actual 2017 Actual 2018 Actual 2019 Actual 2020 Target % Revenue 4.2% 5.8% 5.3% 5.4% ~5.0% D&A1 $112 $119 $126 $136 Reinvestment Ratio 1.1 1.6 1.4 1.5 1. Excludes Cash Devices | 13 Note: See detailed reconciliations of non-GAAP to GAAP in the Appendix.

Free Cash Flow (incl. completed acquisitions) (Non-GAAP, $ Millions) $610 Adjusted EBITDA $564 $55 Working Capital: Revenue growth offset by DSO, DPO improvement Cash Restructuring: Primarily acquisition related $512 $85 Cash Taxes: 2019 included significant refunds $36 $127 $425 Cash Interest: Lower debt in 2020 $91 $24 $75 $86 $80 $64 Cash Capital Expenditures: $165 Maintenance and growth: ~4.5% of Revenue $84 Incremental: Strategic initiatives and acquisitions $27 $155 $165 $170 $230 Free Cash Flow before Dividends $166 $169 $58 2017 2018 2019 2020 Actual Actual Actual Target 37% 92% 85% ~100% FCF Conversion as % of Income1 14% 32% 30% ~38% FCF Conversion as % of Adjusted EBITDA2 2020 Free Cash Flow expected to quadruple since 2017 Note: Amounts may not add due to rounding. Non-GAAP Free Cash Flow excludes the impact of Venezuela operations. See detailed reconciliations of cash flows in the Appendix. 1. FCF Conversion – Income is defined as Free Cash Flow before Dividends divided by Non-GAAP Income (loss) from continuing operations attributable to Brink’s. | 14 2. FCF Conversion – Adjusted EBITDA is defined as Free Cash Flow before Dividends divided by Adjusted EBITDA.

Net Debt and Leverage (Non-GAAP, $ Millions) Net Debt Adjusted EBITDA and Financial Leverage Significant capacity for acquisitions Leverage Ratio1 1.4 2.4 2.4 ~2.0 ~2.9 ~ $2,250 Adjusted EBITDA + Synergized Acquisitions ~ $765 $1,349 ~ $610 ~ $1,250 $1,214 $564 $512 $425 $612 ~ $610 Dec 2017 Dec 2018 2019 2020 2020 Actual Actual Actual Target Target 2017 2018 2019 2020 2020 + $1B in Acq.2 Actual Actual Actual Target Target + $1B in Acq.2 Existing Leverage Capacity to Execute Additional Acquisitions 1. Net Debt divided by Adjusted EBITDA 2. Includes assumption of $1 billion in acquisitions with a 6.5x post-integration multiple | 15 Note: See detailed reconciliations of non-GAAP to GAAP results in the appendix

Strategic Plan 1: Strategy 1.0 + 1.5 (2017-2019) Organic Growth + Acquisitions 2019 Adjusted EBITDA $564 Million – 3-yr CAGR ~18% Strategy 1.5 Acquisitions • Focus on “core-core” & “core-adjacent” • Capture synergies & improve density13.3% Adj. EBITDA +$115 • 13 Acquisitions closed to date Margin Op Profit +$100 Adj. EBITDA +$160 • $1.1B invested in closed acquisitions to date (fully synergized) Strategy 1.0 • Close the Gap Core Organic Growth • Accelerate Profitable Growth Adj. EBITDA +$107 Op Profit +$ 76 • Introduce Differentiated Services – technology-driven 20172018 2019 Organic Growth + Acquisitions = Increased Value for Shareholders | 16 Note: See detailed reconciliations of non-GAAP to GAAP results included in the appendix.

Strategic Plan Operating Profit (2017 – 2019) (Non-GAAP, $ Millions) Three-Year Strategic Plan Operating Profit CAGR 22% OP OP Margin Margin 7.4% 10.6% $477 $100 $392 1.5 $377 $325 $100 Operating Acquisitions Profit 2019 Target March 2017 Investor Day $292 $216 1.0 + 2.0 Investment = Organic = Closed Acquisitions = Share-based Comp 2016 North South Rest of Corporate 2019 Actual FX 2.0 + IT 2019 Actual Actual America America World Constant Currency Investment before 2.0 Investment Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP 2016 results in the Appendix. Constant Currency represents 2019 Actual at 2019 Target exchange rates as of Investor Day March 2, 2017. | 17 FX is the impact of foreign currency translation for the base business (excluding acquisitions).

SP2: Further Expansion into the Total Cash Ecosystem (2020 – 2022) 1.0 WD +1.5 +2.0 = Accelerated Value Creation Expand high-margin, high-value, cost-effective offerings: Strategy 2.0 • Add new unvended and underserved customers Expand Services with attractively-priced, high-value services & Customer Base • Increase share with existing customers via a broader array of high-value services Strategy 1.5 • $1.1B invested in 13 SP1 acquisitions Acquisitions • Pursue additional “core-core” & “core-adjacent” accretive acquisitions • Identify, evaluate and pursue new platform acquisitions to support 2.0 Strategy 1.0 Wider Deeper • Global roll-out of BreakThru initiatives to Close the Gap (WD) • Accelerate Profitable Growth Core Organic • Introduce Differentiated Services Growth 11.4% 11.0% Margin Margin 20172018 2019 2020 2021 2022 | 18

2020 Guidance (Non-GAAP, $ Millions, except EPS) Revenue +3% Op Profit +10% Adj. EBITDA EPS Constant currency +6% Constant currency +24% Constant currency +18% Constant currency +32% Organic +5% Organic +23% +8% +13% Acq/Disp 0% Acq/Disp +1% FX (3%) FX (14%) $600- $4.30- $420- $620 $4.50 $440 ~$3,775 $3,680 $564 15.8% - $392 ~15.7% $3.89 $3,438 16.3% Margin $512 Margin $3,193 $347 11.2%-xx% $3.46 15.9% 11.7%Margin Margin ~10.9%Margin $425 $3.03 Margin $281 ~14.5% 13.5% Margin 8.8% 10.1% 10.6% ~11.4% 13.3% 14.9% 15.3% ~16.2% Margin Margin Margin Margin10.1% Margin Margin Margin Margin Margin 9.9%- Margin 10.4% 13.3% Margin 12.7% Margin 8.8% Margin Margin8.8% 11.8% Margin Margin 7.4% Margin7.4% Margin 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 Guidance Guidance Guidance Guidance See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP 2017 results in the appendix. | 19 2020 growth rates calculated based on mid-point of range provided vs 2019.

2020 Guidance - Operating Profit and Adjusted EBITDA (Non-GAAP, $ Millions, except EPS) OP % Change vs. 2019 ~23% ~1% 24% (14%) ~10% $657 - $677 Adjusted $600 - $620** EBITDA $564 ~$182 $90 $3 ($55)** ~$180 D&A/Other $172 $475 - $495 $420 - $440 Operating $392 Profit 10.6% ~11.4% Margin Margin 2019 Actual Organic Acq / Disp* 2020 Guidance FX 2020 Guidance Constant Currency EPS $3.89 $1.19 $0.04 $5.02 - $5.22 ($0.72) $4.30 – $4.50 Note: Amounts may not add due to rounding. Constant currency represents 2020 guidance at 2019 exchange rates See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. * Acq/Disp amounts include the impact of prior year trailing twelve-month results for acquired and disposed businesses | 20 ** Assumes currency rates as of December 31, 2019 for all currencies (except the Argentine peso, for which the company is using an estimated 2020 rate of 76 pesos to the U.S. dollar)

Continued Improvement Expected in 2020 and Beyond (Non-GAAP, $ Millions, except EPS) Operating Profit & Adj. EBITDA 2020 Guidance 5% ~16.2% Revenue $3,775 (organic ) 15.3% Adj. EBITDA Op Profit $420 - $440 +10% Margin - Margin ~11.4% Adj. EBITDA $600 - $620 +8% - Margin ~16.2% ~11.4% Op Profit 10.6% Margin EPS $4.30 - $4.50 +13% $600 - $620 SP2 2020 - 2022 $564 ~ $180 • Continue Strategy 1.0 WD organic growth and profit improvement to drive 2020 results Adj. $172 EBITDA • Strategy 1.5 acquisitions are key components, but not in 2020 guidance D&A/Other $420- • Strategy 2.0 adds new layer of growth to drive $392 $440 additional value, beginning in 2H 2020 Op Profit • SP2 targets to be announced on June 1 Investor Day in NYC 2019 2020 Target | 21 Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com.

Appendix

Fourth-Quarter 2019 Non-GAAP Results Continued Revenue and Profit Growth (Non-GAAP, $ Millions, except EPS) Revenue +3% Op Profit +11% Adj. EBITDA +4% EPS +12% Constant currency +8% Constant currency +34% Constant currency +21% Constant currency +42% Organic +6% Organic +28% Acq +3% Acq +6% FX (5%) FX (22%) Op Profit includes $5 charge EBITDA and EPS include $5M ($.06 EPS) of cash repatriation expense from cash repatriation and $3M ($0.05 EPS) from equity investment charge $984 $936 $139 $177 $908 $1.49 $864 $153 $147 $116 $104 $130 $1.18 12.8% $91 Margin $1.05 $0.95 10.5% 11.4% 12.4% 14.1% 15.1% 16.2% 16.4% 18.0% Margin Margin Margin Margin Margin Margin Margin Margin 2017 2018 2019 Const. 2017 2018 2019 Const. 2017 2018 2019 Const. 2017 2018 2019 Const. Curr. Curr. Curr. Curr. Notes: See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section of the Brink’s website www.brinks.com. See detailed reconciliations of non-GAAP to GAAP 2017 results in the Appendix. | 23 Constant currency represents 2019 results at 2018 exchange rates.

Fourth-Quarter Adjusted EBITDA & EPS vs 2018 (Non-GAAP, $ Millions, except EPS) 4Q19 EPS: $1.18 (+12% vs PY) Adj. EBITDA 4018 EPS: $1.05 +4% vs PY $7 $153 $49 $116 ( $26 ) $37 ( $28 ) ( $1 ) $61 Op Profit Net Interest Taxes Non-controlling Income from D&A Interest Exp Other Adjusted Interest Continuing Ops & Taxes EBITDA vs $12 ($6) $1- $7 $1 $2 ($3) $6 2018 Note: Amounts may not add due to rounding. See detailed reconciliations of non-GAAP to GAAP results included in the Fourth Quarter 2019 Earnings Release available in the Quarterly Results section | 24 of the Brink’s website www.brinks.com.

Strategy 1.5 – Core Acquisitions Synergistic, Accretive Acquisitions in Our Core Markets Core Acquisitions-to-Date • 2017: 6 completed, including Maco • 2018: 3 completed, including Dunbar France U.S. (Temis) (AATI) • 2019: 4 completed U.S. U.S. (Dunbar) (Balance • Rodoban (Brazil), COMEF (Brazil), Innovations) Balance Innovations (U.S.), TVS Colombia Brazil (Minority Partner COMEF (Colombia) Buyout) PagFacil Colombia • Closed acquisitions generated Adjusted (TVS) Rodoban EBITDA of $115 million in 2019 Chile (LGS) • Strong pipeline of additional opportunities Argentina Note: Worldbridge (Cambodia) not shown (Maco) | 25 Note: See detailed reconciliations of non-GAAP to GAAP results included in the appendix.

Credit Facility and Debt Structure ($ Millions, except where noted) Debt Balance Credit Facility ~$2.5 B • Interest floats based on LIBOR plus a margin that is a minimum ~$2.2 B Available of 25 bps lower than previous Committed financing Available Capacity of Committed • Interest rate swap locking ~$0.9B Capacity of $400 million at fixed rate ~$0.7B • Weighted average interest rate: $115 Revolver ~3.85% (as of 12/31/19) $340 1 $593 • Matures February 2024; Term Senior Notes Loan A amortizes at 5% per year 1 $592 1 Term Loan A $767 Senior Notes 1 $467 • 4.625% fixed interest rate Financing Leases & Other $145 $159 • Matures October 2027 12/31/2018 12/31/2019 Additional ~$225 Million of Capacity to Execute Strategy with Improved Terms | 26 1. Net of unamortized issuance costs of $8.0 million on Senior Notes and $1.8 million on Term Loan A as of 12/31/18 and $7.1 million on Senior Notes and $3.0 million on Term Loan A as of 12/31/19.

Comparison to Route-Based Industrial Services Peers1 Peers Brink’s Specialized fleet  Focus on route density and optimization  Strong recurring revenue  High customer retention  Ability to leverage physical infrastructure  Accretive/high-synergy M&A  Technology-enhanced logistics  Organic growth ~4% ~6% Adj. EBITDA margin ~23% ~16% 3-yr Adj. EBITDA CAGR ~6% ~13% EV/FY20E Adj. EBITDA multiple ~14x - 16x ~9x Industrial Services/Route-Based peers include Cintas Corporation (CTAS), Iron Mountain, Inc. (IRM), Rollins, Inc. (ROL), ServiceMaster Global Holdings, Inc. (SERV), Stericycle, Inc. (SRCL), UniFirst Corporation (UNF) and Waste Management, Inc. (WM). See page 28 of the appendix for additional metrics. See detailed reconciliations of non-GAAP to GAAP results in the appendix. 1. Financial metrics and calculations based on 2017-2020 fiscal year-end non-GAAP actuals and estimates, BCO guidance, FactSet data and broker consensus estimates, publically available information, and internal estimates as of January 31, 2020. Components of the calculation may differ between companies. BCO EV/Adj. EBITDA calculation excludes retirement and postemployment benefit obligations. | 27

Industrial Services/Route-Based Peer Comparisons1 Business Overview 2020E Financial Metrics Growth Valuation 3-Year Adj. Adj. EBITDA Capex EBITDA Company Description OP Margin Margin (% of Rev) CAGR EV / Adj. EBITDA Cash 2 The Brink's Company (BCO) Management ~11% ~16% ~4% ~13% ~9x Uniform rental and Cintas Corporation (CTAS) ~18% ~22% ~4% ~16% ~20x cleaning services Information Iron Mountain, Inc. (IRM) protection and ~20% ~35% ~14% ~7% ~11x storage Rollins, Inc. (ROL) Pest control ~17% ~21% ~1% ~8% ~28x ServiceMaster Global 3 Pest control ~15% ~20% ~2% ~11% ~14x Holdings, Inc. (SERV) Medical waste Stericycle, Inc. (SRCL) ~12% ~19% ~6% ~(9%) ~14x management Uniform rental and UniFirst Corporation (UNF) ~10% ~16% ~7% ~5% ~11x cleaning services Non-hazardous Waste Management, Inc. waste ~18% ~29% ~11% ~6% ~13x (WM) management 4 Peer Average ex. BCO ~16% ~23% ~6% ~6% ~16x Average ex. ROL ~14x 1. Financial metrics and calculations based on 2017-2020 fiscal year-end non-GAAP actuals and estimates, BCO guidance, Factset data and broker consensus estimates, publically available information, and internal estimates as of January 31, 2020. Components of the calculation may differ between companies. BCO EV/Adj. EBITDA calculation excludes retirement and postemployment benefit obligations. See detailed reconciliations of non-GAAP to GAAP results in the appendix. 2. Cash CapEx including CompuSafe®. Excludes financing leases. 3. Adjusted to account for the disposition of American Home Shield in the fourth quarter of 2018. 28 4. Including Prosegur Cash SA (BME:CASH) and Loomis (OMX:LOOMB), the peer average is reduced from ~16x to ~14x. |

Debt Maturity Profile ($ Millions) Maturity Schedule for Credit Facility and Senior Notes $1,000 Revolver Senior Notes $610 Term Loan A $600 $40 $40 $40 $40 2020 2021 2022 2023 2024 2025 2026 2027 | 29

Legacy Liabilities - Underfunding ($ Millions) Frozen Primary U.S. Pension UMWA Assets $ 721 729 777 687 699 Assets $ 227 217 219 182 178 Obligations $ (835) (837) (879) (794) (817) Obligations $ (433) (444) (513) (479) (425) Primary U.S. Pension UMWA 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ($108) ($102) ($107) ($114) ($118) ($206) ($227) ($247) ($294) ($297) | 30 Note: 2019 amounts based on actuarial assumptions at December 31, 2019

Estimated Cash Payments for Legacy Liabilities ($ Millions) Payments to Primary U.S. Pension Payments to UMWA $310 $14 $18 $16 $25 $24 $10 $2 $0 $16 2019 2020 2021 2022 2023 2024 2025 2026 2019 2028 2029 2030 After 2030 Primary US Pension • Based on actuarial assumptions (as of 12/31/19), no additional cash contributions expected until 2022 • Remeasurement occurs every year-end: disclosed in 10K • Derisking: annuitized $54 million of U.S. Pension liabilities with $53 million of plan assets in October 2019 • Outplaced 20% of plan participants • Reduced administration • Reduced PBGC premiums • ~$19 million non-cash GAAP settlement charge recognized in 4Q 2019 UMWA • Based on actuarial assumptions (as of 12/31/19), no cash payments expected until 2028 | 31 Note: Above amounts based on actuarial assumptions at December 31, 2019

International Pension Plans ($ Millions) Underfunding Estimated Future Benefit Payments from Plan Assets Assets $ 165 173 203 180 215 $15 Obligations $ (263) (267) (302) (264) (318) $14 $13 $12 $12 2015 2016 2017 2018 2019 ($84) ($94) ($98) ($99) ($103) 2020 2021 2022 2023 2024 | 32 Note: 2019 amounts based on actuarial assumptions at December 31, 2019

2016-2017 Non-GAAP Results Reconciled to GAAP (1 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2016 2017 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Revenues: GAAP $ 721.8 739.5 755.8 803.5 3,020.6 $ 788.4 805.9 849.5 903.2 3,347.0 Venezuela operations(a) (32.1) (21.5) (20.4) (35.4) (109.4) (48.1) (46.3) (20.8) (38.9) (154.1) Acquisitions and dispositions(a) (0.8) (1.5) (0.5) - (2.8) - - - - - Non-GAAP $ 688.9 716.5 734.9 768.1 2,908.4 $ 740.3 759.6 828.7 864.3 3,192.9 Operating profit (loss): GAAP $ 23.5 32.2 59.7 69.1 184.5 $ 70.9 48.3 66.4 88.3 273.9 Venezuela operations(a) (2.7) (1.6) (2.2) (12.0) (18.5) (21.1) 4.5 (2.5) (1.3) (20.4) Reorganization and Restructuring(a) 6.0 2.1 2.3 19.9 30.3 4.1 5.6 6.4 6.5 22.6 Acquisitions and dispositions(a) 6.8 7.4 3.2 2.1 19.5 (0.4) 2.4 6.1 (2.8) 5.3 Non-GAAP $ 33.6 40.1 63.0 79.1 215.8 $ 53.5 60.8 76.4 90.7 281.4 Interest expense: GAAP $ (4.9) (4.9) (5.1) (5.5) (20.4) $ (4.8) (6.0) (7.7) (13.7) (32.2) Venezuela operations(a) 0.1 - - - 0.1 - - - 0.1 0.1 Acquisitions and dispositions(a) - - - - - - - 0.8 0.3 1.1 Non-GAAP $ (4.8) (4.9) (5.1) (5.5) (20.3) $ (4.8) (6.0) (6.9) (13.3) (31.0) Taxes: GAAP $ 9.4 14.5 19.5 35.1 78.5 $ 14.4 17.3 16.4 109.6 157.7 Retirement plans(c) 2.6 2.9 2.9 2.9 11.3 2.7 3.1 3.2 3.6 12.6 Venezuela operations(a) (2.5) (4.7) (2.4) (4.5) (14.1) (4.9) (3.8) (3.1) (0.9) (12.7) Reorganization and Restructuring(a) 1.9 0.6 0.7 4.2 7.4 1.4 1.9 2.2 2.1 7.6 Acquisitions and dispositions(a) 0.3 0.9 0.2 0.4 1.8 0.2 0.3 2.5 1.5 4.5 Deferred tax valuation allowance(b) - - - (14.7) (14.7) - - - - - Prepayment penalties(d) - - - - - - - 2.4 (2.2) 0.2 Interest on Brazil tax claim(e) - - - - - - - 1.4 (0.9) 0.5 Tax reform(f) - - - - - - - - (86.0) (86.0) Tax on accelerated income(g) - - - - - - - - 0.4 0.4 Income tax rate adjustment(h) (1.7) (1.5) 0.1 3.1 - 2.5 (0.3) (1.5) (0.7) - Non-GAAP $ 10.0 12.7 21.0 26.5 70.2 $ 16.3 18.5 23.5 26.5 84.8 Amounts may not add due to rounding. | 33 See slide 35 for footnote explanations.

2016-2017 Non-GAAP Results Reconciled to GAAP (2 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2016 2017 Full Full Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Income (loss) from continuing operations attributable to Brink's: GAAP $ (3.1) 0.3 24.5 14.5 36.2 $ 34.7 14.3 19.9 (52.0) 16.9 Retirement plans(c) 4.7 5.2 5.0 5.3 20.2 4.6 5.5 5.8 6.4 22.3 Venezuela operations(a) 1.7 5.0 0.4 (4.5) 2.6 (8.4) 8.3 0.9 - 0.8 Reorganization and Restructuring(a) 4.1 1.5 1.7 16.4 23.7 2.4 3.6 4.0 4.2 14.2 Acquisitions and dispositions(a) 6.5 6.5 2.9 2.3 18.2 (0.6) 2.1 4.4 2.3 8.2 Deferred tax valuation allowance(b) - - - 14.7 14.7 - - - - - Prepayment penalties(d) - - - - - - - 4.1 4.0 8.1 Interest on Brazil tax claim(e) - - - - - - - 2.7 (1.6) 1.1 Tax reform(f) - - - - - - - - 86.0 86.0 Tax on accelerated income(g) ----- ---(0.4)(0.4) Income tax rate adjustment(h) 2.1 1.8 (0.2) (3.7) - (2.7) 0.3 1.7 0.7 - Non-GAAP $ 16.0 20.3 34.3 45.0 115.6 $ 30.0 34.1 43.5 49.6 157.2 EPS: GAAP $ (0.06) 0.01 0.48 0.28 0.72 $ 0.67 0.28 0.38 (1.02) 0.33 Retirement plans(c) 0.09 0.10 0.10 0.10 0.39 0.09 0.11 0.11 0.12 0.43 Venezuela operations(a) 0.04 0.09 0.01 (0.09) 0.05 (0.16) 0.15 0.02 - 0.02 Reorganization and Restructuring(a) 0.08 0.03 0.04 0.33 0.47 0.04 0.07 0.08 0.08 0.27 Acquisitions and dispositions(a) 0.13 0.13 0.06 0.04 0.37 (0.01) 0.04 0.09 0.05 0.16 Deferred tax valuation allowance(b) - - - 0.29 0.29 - - - - - Prepayment penalties(d) - - - - - - - 0.08 0.08 0.16 Interest on Brazil tax claim(e) - - - - - - - 0.05 (0.03) 0.02 Tax reform(f) - - - - - - - - 1.65 1.66 Tax on accelerated income(g) ----- ---(0.01)(0.01) Income tax rate adjustment(h) 0.04 0.04 (0.01) (0.07) - (0.05) 0.01 0.03 0.01 - Share adjustment(k) ----- ---0.02 - Non-GAAP $ 0.32 0.40 0.68 0.88 2.28 $ 0.58 0.66 0.84 0.95 3.03 Depreciation and Amortization: GAAP $ 32.2 32.9 32.4 34.1 131.6 $ 33.9 34.6 37.9 40.2 146.6 Venezuela operations(a) (0.1) (0.2) (0.1) (0.3) (0.7) (0.4) (0.4) (0.4) (0.5) (1.7) Reorganization and Restructuring(a) - - - (0.8) (0.8) (0.9) (0.6) (0.5) (0.2) (2.2) Acquisitions and dispositions(a) (0.9) (0.9) (0.9) (0.9) (3.6) (0.6) (1.1) (2.7) (4.0) (8.4) Non-GAAP $ 31.2 31.8 31.4 32.1 126.5 $ 32.0 32.5 34.3 35.5 134.3 Amounts may not add due to rounding. | 34 See slide 35 for footnote explanations.

2016-2017 Non-GAAP Results Reconciled to GAAP (3 of 3) The Brink’s Company and subsidiaries Non-GAAP Reconciliations (In millions) 2016 2017 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Adjusted EBITDA(j): Net income (loss) attributable to Brink's - GAAP $ (3.1) 0.3 24.5 12.8 34.5 $ 34.7 14.2 19.9 (52.1) 16.7 Interest expense - GAAP 4.9 4.9 5.1 5.5 20.4 4.8 6.0 7.7 13.7 32.2 Income tax provision - GAAP 9.4 14.5 19.5 35.1 78.5 14.4 17.3 16.4 109.6 157.7 Depreciation and amortization - GAAP 32.2 32.9 32.4 34.1 131.6 33.9 34.6 37.9 40.2 146.6 EBITDA $ 43.4 52.6 81.5 87.5 265.0 $ 87.8 72.1 81.9 111.4 353.2 Discontinued operations - GAAP - - - 1.7 1.7 - 0.1 - 0.1 0.2 Retirement plans(c) 7.3 8.1 7.9 8.2 31.5 7.3 8.6 9.0 10.0 34.9 Venezuela operations(a) (1.0) 0.1 (2.1) (9.3) (12.3) (13.7) 4.1 (2.6) (1.5) (13.7) Reorganization and Restructuring(a) 6.0 2.1 2.4 19.8 30.3 2.9 4.9 5.7 6.1 19.6 Acquisitions and dispositions(a) 5.9 6.5 2.2 1.8 16.4 (1.0) 1.3 3.4 (0.5) 3.2 Prepayment penalties(d) - - - - - - - 6.5 1.8 8.3 Interest on Brazil tax claim(e) - - - - - - - 4.1 (2.5) 1.6 Income tax rate adjustment(h) 0.4 0.3 (0.1) (0.6) - (0.2) - 0.2 - - Share-based compensation(i) 2.8 2.1 1.8 2.8 9.5 4.5 4.0 4.0 5.2 17.7 Adjusted EBITDA $ 64.8 71.8 93.6 111.9 342.1 $ 87.6 95.1 112.2 130.1 425.0 The outlook for 2020 Non-GAAP Adjusted EBITDA, 2020 Non-GAAP revenues, 2020 Non-GAAP operating profit, 2020 non-GAAP EPS, and 2020 free cash flows before dividends cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the impact of highly inflationary accounting on our Argentina operations and other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions. The impact of highly inflationary accounting on our Argentina operations and other potential Non-GAAP adjusting items could be significant to our GAAP results and cash flows. The Non- GAAP outlook for 2020 capital expenditures excludes forecasted capital leases and CompuSafe additions for those years. The Non-GAAP outlook for year-end 2020 Net Debt does not include any forecasted changes to the 2019 balance of restricted cash borrowings or certain cash amounts held by Cash Management Services operations. However, it does include forecasted utilization of debt capacity for announced and potential business acquisitions as well as forecasted cash flow impact from closed, announced and potential business acquisitions. (a) See “Other Items Not Allocated To Segments” on slide 36 for details. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance. (b) There was a change in judgment resulting in a valuation allowance against certain tax attributes with a limited statutory carryforward period that are no longer more-likely-than-not to be realized due to lower than expected U.S. operating results, certain non-GAAP pre-tax items, and the timing of tax deductions related to executive leadership transition. (c) Our U.S. retirement plans are frozen and costs related to these plans are excluded from non-GAAP results. Certain non-U.S. operations also have retirement plans. Settlement charges related to these non-U.S. plans are also excluded from non- GAAP results. (d) Penalties upon prepayment of Private Placement notes in September 2017 and a term loan in October 2017. (e) Related to an unfavorable court ruling in the third quarter of 2017 on a non-income tax claim in Brazil. The court ruled that Brink's must pay interest accruing from the initial claim filing in 1994 to the current date. The principal amount of the claim was approximately $1 million and was recognized in selling, general and administrative expenses in the third quarter of 2017. (f) Represents the estimated impact of tax legislation enacted into law in the fourth quarter of 2017. This primarily relates to the U.S. Tax Reform expense from the remeasurement of our net deferred tax assets. (g) The non-GAAP tax rate excludes the 2017 foreign tax benefits that resulted from the transaction that accelerated U.S. tax in 2015. (h) 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 was 34.2% for 2017 and 36.8% for 2016. (i) There is no difference between GAAP and non-GAAP share-based compensation amounts for the periods presented. (j) Adjusted EBITDA is defined as non-GAAP income from continuing operations excluding the impact of non-GAAP interest expense, non-GAAP income tax provision, non-GAAP depreciation and amortization and non-GAAP share-based (k) Because we reported a loss from continuing operations on a GAAP basis in the fourth quarter of 2017, GAAP EPS was calculated using basic shares. However, as we reported income from continuing operations on a non-GAAP basis in the fourth quarter of 2017, non-GAAP EPS was calculated using diluted shares. compensation. | 35 Amounts may not add due to rounding

Non-GAAP Reconciliation - Other 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. See below for a summary of the other items not allocated to segments. Venezuela operations Prior to the deconsolidation of our Venezuelan subsidiaries effective June 30, 2018, we excluded from our segment results all of our Venezuela operating results, due to the Venezuelan government's restrictions that have prevented us from repatriating funds. As a result, the Chief Executive Officer, the Company's Chief Operating Decision maker ("CODM"), has assessed segment performance and has made resource decisions by segment excluding Venezuela operating results. Reorganization and Restructuring 2016 Restructuring In the fourth quarter of 2016, management implemented restructuring actions across our global business operations and our corporate functions. As a result of these actions, we recognized charges of $18.1 million in 2016, and an additional $17.3 million in 2017. Executive Leadership and Board of Directors In 2015, we recognized $1.8 million in charges related to Executive Leadership and Board of Directors restructuring actions, which were announced in January 2016. We recognized $4.3 million in charges in 2016 related to the Executive Leadership and Board of Directors restructuring actions. 2015 Restructuring Brink's initiated a restructuring of its business in the third quarter of 2015. We recognized $11.6 million in related 2015 costs and an additional $6.5 million in 2016 related to this restructuring. The actions under this program were substantially completed by the end of 2016, with cumulative pretax charges of approximately $18 million. Other Restructurings Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized charges of $4.6 million in 2017, primarily severance costs. Due to the unique circumstances around these charges, they have not been allocated to segment results and are excluded from non-GAAP results. Acquisitions and dispositions Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from non-GAAP results. These items are described below: 2017 Acquisitions and Dispositions - Amortization expense for acquisition-related intangible assets was $8.4 million in 2017. - Fourth quarter 2017 gain of $7.8 million related to the sale of real estate in Mexico. - Severance costs of $4.0 million related to our 2017 acquisitions in Argentina and Brazil. - Transaction costs of $2.6 million related to acquisitions of new businesses in 2017. - Currency transaction gains of $1.8 million related to acquisition activity. 2016 Acquisitions and Dispositions - Due to management's decision in the first quarter of 2016 to exit the Republic of Ireland, the prospective impacts of shutting down this operation were included in items not allocated to segments and were excluded from the operating segments effective March 1, 2016. This activity is also excluded from the consolidated non-GAAP results. Beginning May 1, 2016, due to management's decision to also exit Northern Ireland, the results of shutting down these operations were treated similarly to the Republic of Ireland. - Amortization expense for acquisition-related intangible assets was $3.6 million in 2016. - Brink's recognized a $2.0 million loss related to the sale of corporate assets in the second quarter of 2016. | 36

Non-GAAP Reconciliation - Other The Brink’s Company and subsidiaries Non-GAAP Reconciliations — Other Amounts (Unaudited) (In millions) Property and Equipment Acquired During the Period Full-Year Full-Year Full-Year Full-Year 2016 2017 2018 2019 Capital Expenditures - GAAP 112.2 174.5 155.1 164.8 Capital leases - GAAP 29.4 51.7 51.9 59.7 Total property and equipment acquired 141.6 226.2 207.0 224.5 Venezuela property and equipment acquired (5.0) (4.2) - - Cash Devices (13.1) (37.5) (25.1) (26.4) Total property and equipment acquired, excluding Venezuela and Cash Devices 123.5 184.5 181.9 198.1 Depreciation Depreciation and amortization - GAAP 131.6 146.6 162.3 185.0 Amortization of intangible assets (3.6) (8.4) (17.7) (27.8) Acquisitions and dispositions - - - (3.1) Venezuela depreciation (0.7) (1.7) (1.1) - Argentina highly inflationary impact - - - (1.8) Reorganization and restructuring (0.8) (2.2) (1.9) (0.2) Cash Devices (14.9) (15.6) (15.9) (16.0) Depreciation and amortization – Non-GAAP (excluding Cash Devices) 111.6 118.7 125.7 136.1 Reinvestment ratio 1.1 1.6 1.4 1.5 | 37

Non-GAAP Reconciliation – Cash Flows The Brink’s Company and subsidiaries (In millions) Full Year Full Year Full Year 2017 2018 2019 Cash flows from operating activities Operating activities - GAAP $ 296.4 $ 364.1 $ 368.6 Venezuela operations (17.3) (0.4) - (Increase) decrease in restricted cash held for customers (44.3) (44.4) (23.7) (Increase) decrease in certain customer obligations(a) (6.1) 1.7 (11.4) Operating activities - non-GAAP $ 228.7 $ 321.0 $ 333.5 Capital expenditures – GAAP (174.5) (155.1) (164.8) Venezuela property and equipment acquired 4.2 -- Free cash flow before dividends $ 58.4 $ 165.9 $ 168.7 Full Year Full Year Full Year 2017 2018 2019 Cash paid for interest 27.1 63.7 84.2 Cross currency swap contract (b) (0.1) (0.0) (4.2) Cash interest $ 27.0 $ 63.7 $ 80.0 (a) To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure Cash Management Services operations. The title to this cash transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. (b) Interest payments for the cross currency swap contract are included in cash flows from financing activities on the consolidated statements of cash flows. Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with GAAP. The purpose of this non-GAAP measure is to report financial information excluding cash flows from Venezuela operations, the impact of cash received and processed in certain of our Cash Management Services operations and capital expenditures, adjusted for Venezuela property and equipment acquired. We believe this measure is helpful in assessing cash flows from operations, enables period-to-period comparability and is useful in predicting future cash flows. This non-GAAP measure should not be considered as an alternative to cash flows from operating activities determined in accordance with GAAP and should be read in conjunction with our consolidated statements of cash flows. | 38

Non-GAAP Reconciliation – Net Debt The Brink’s Company and subsidiaries Non-GAAP Reconciliations - Net Debt (Unaudited) (In millions) December 31, December 31, December 31, (In millions) 2017 2018 2019 Debt: Short-term borrowings $ 45.2 $ 28.9 $ 14.3 Long-term debt 1,191.5 1,525.1 1,629.3 Total Debt 1,236.7 1,554.0 1,643.6 Restricted cash borrowings(a) (27.0) (10.5) (10.3) Total Debt without restricted cash borrowings 1,209.7 1,543.5 1,633.3 Less: Cash and cash equivalents 614.3 343.4 311.0 Amounts held by Cash Management Services operations(b) (16.1) (14.1) (26.3) Cash and cash equivalents available for general corporate purposes 598.2 329.3 284.7 Net Debt $ 611.5 $ 1,214.2 $ 1,348.6 a) Restricted cash borrowings are related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. b) Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources and in our computation of Net Debt. Net Debt is a supplemental non-GAAP financial measure that is not required by, or presented in accordance with GAAP. We use Net Debt as a measure of our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt should not be considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in conjunction with our consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP, as of December 31, 2017, December 31, 2018 and December 31, 2019. | 39

EX-99.3

Exhibit 99.3

The Brink’s Company

1801 Bayberry Court

P.O. Box 18100

Richmond, VA 23226-8100 USA

Tel. 804.289.9600

Fax 804.289.9770

Contact:        FORIMMEDIATE RELEASE

Investor Relations

804.289.9709

Brink’s Announces $250 Million Share Repurchase Authorization

RICHMOND, Va., February 6, 2020 – The Brink’s Company (NYSE:BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced that its board of directors authorized a $250 million share repurchase authorization that expires on December 31, 2021. The authorization replaces the company’s previous share repurchase program, which expired December 31, 2019. Under the previous program, Brink’s repurchased 1.3 million shares of its common stock for approximately $94 million, or an average cost of $69.35 per share.

The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Any share repurchase under this program may be made in the open market, in privately negotiated transactions, or otherwise. The share repurchase program may be suspended or discontinued at any time.

About The Brink’s Company

The Brink’s Company (NYSE:BCO) is the global leader in total cash management, route-based secure logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 41 countries serves customers in more than 100 countries. For more information, please visit our website at www.brinks.com or call 804-289-9709.

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XML

Cover	Feb. 06, 2020
Cover page.
Document Type	8-K
Document Period End Date	Feb. 06, 2020
Entity Registrant Name	BRINKS CO
Entity Incorporation, State or Country Code	VA
Entity File Number	001-09148
Entity Tax Identification Number	54-1317776
Entity Address, Address Line One	1801 Bayberry Court
Entity Address, Address Line Two	P. O. Box 18100
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23226
City Area Code	804
Local Phone Number	289-9600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	BCO
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000078890
Amendment Flag	false