The Brink's Company (NYSE:BCO) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

Jesse Jenkins – Vice President-Investor Relations

Mark Eubanks – Chief Executive Officer

Kurt McMaken – Chief Financial Officer

Conference Call Participants

George Tong – Goldman Sachs

Jack Wilson – Truist

Operator

Hello, and welcome to the Brink's Company's Third Quarter 2023 Earnings Call. This morning, Brink's issued a press release detailing its third quarter 2023 results. The company also filed an 8-K that includes the release and slides that will be used in today's call. The release and slides are available on 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 call 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 CEO, Mark Eubanks and CFO, Kurt McMaken. This morning, Brink's reported third 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 all, and thanks for joining us. Starting on Slide 3. I'm pleased to report another quarter of strong growth in revenue, profit margin and free cash flow as we execute on our strategy. Total revenue was up 8%, including organic growth of 6%. Our cash and valuables management business grew organically 4% and the ATM managed services and digital retail solutions customer offerings were up 18% organically. Operating profit of $166 million was up 38% organically, with margins expanding 230 basis points to 13.5%. Adjusted EBITDA was up 22% with margins expanding 220 basis points to 18.8%.