The Brink’s Company (NYSE:BCO) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET

Company Participants

Jesse Jenkins – Vice President of Investor Relations

Mark Eubanks – Chief Executive Officer

Kurt McMaken – Chief Financial Officer

Conference Call Participants

George Tong – Goldman Sachs

Tobey Sommer – Truist Securities

Operator

Good day, and welcome to the Brink’s Company’s Fourth Quarter and Full Year 2023 Earnings Call. This morning, Brink’s issued a press release detailing its fourth quarter and full year 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 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 CEO, Mark Eubanks and CFO, Kurt McMaken. This morning, Brink’s reported full year 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, and thanks for joining us. Starting with the fourth quarter on Slide 3, we delivered total growth of 5% with organic growth of 9%. The organic growth was driven by strong pricing discipline and 17% growth in AMS and DRS revenue. Profit margins were impacted by geopolitical and economic pressures in certain markets and lower than expected growth in high margin services in North America.