The Brink's Company (NYSE:BCO) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET

Company Participants

Jesse Jenkins - VP, IR

Mark Eubanks - CEO

Kurt McMaken - CFO

Conference Call Participants

George Tong - Goldman Sachs

Jasper Bibb - Truist Securities

Operator

Welcome to the Brink's Company's First Quarter 2023 Earnings Call. This morning, Brink's issued a press release detailing its first quarter 2023 results. The company also filed an 8-K that includes the release and the slides that will be used in today's call. The release and slides are available in the Investor Relations' section of the company's website at investors.brinks.com.

At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded and will be available for replay.

This call and the Q&A session will contain forward-looking statements. Actual results could differ materially from projected or estimated results. Information regarding factors that could cause such differences are available in the footnotes of today's press release and in the company's most recent SEC filings. Information presented and discussed on this call is representative of today only. Brink's assumes no obligation to update any forward-looking statements. The call is copyrighted and may not be used without written permission from Brink's.

I will now turn the call over to your host, Jesse Jenkins, Vice President of Investor Relations, Mr. Jenkins you may begin.

Jesse Jenkins

Thanks and good morning. Joining me today are Brinks CEO, Mark Eubanks, and CFO, Kurt McMaken. This morning, we reported first quarter 2023 results on a GAAP, non-GAAP and constant-currency basis. Most of our comments today will be focused on our non-GAAP results, because we believe these results make it easier for investors to assess operating performance between periods. Reconciliations of non-GAAP results to their most comparable GAAP results are provided in the press release, the appendix of the presentation, and in this morning's 8-K filing.

I'll now turn the call over to Brink's CEO, Mark Eubanks.

Mark Eubanks

Thanks, Jesse. Good morning, everyone, and thanks for joining us. As you can see at the top of Slide 3, our 2023 is off to a strong start. Revenue was up 10%, including 13% organic growth. This includes about 30% organic growth in the focal areas of ATM Managed Services and Digital Retail Solutions. Productivity enhancements, improved revenue mix and continued strong pricing discipline drove 30 basis points of operating profit margin expansion and 70 basis points of adjusted EBITDA margin expansion.