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Here are 1-3 brief analogies for Brink's (BCO):

• Brink's is like the UPS or FedEx for money and other high-value items.
• It's the world's outsourced, armored cash department for banks and retailers.

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Here are the major services provided by Brink's:

• Cash Logistics and Armored Transportation: Secure transportation and management of cash, valuables, and other high-value assets for financial institutions and businesses.
• ATM Services: Comprehensive management for Automated Teller Machines, including cash replenishment, maintenance, and remote monitoring.
• Smart Safe Solutions: Integrated cash management systems that include secure, intelligent safes for automated cash handling, reconciliation, and deposit.
• Global Secure Logistics: International transportation, storage, and management of high-value goods, including precious metals, diamonds, and fine art.

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Brink's (symbol: BCO) sells its services primarily to other companies, operating on a business-to-business (B2B) model.

Due to the global and diversified nature of its operations and customer base, Brink's typically does not disclose specific major customer names in its public filings (such as 10-K reports). Instead, it serves a vast number of clients across various industries worldwide. The major categories of companies that utilize Brink's services include:

• Financial Institutions: This category includes a wide array of banks, credit unions, and central banks that rely on Brink's for secure cash transportation, ATM services (replenishment, maintenance), cash processing, and vaulting services.
• Retailers: Ranging from large national and international retail chains to independent stores, grocery stores, convenience stores, and restaurants. These businesses use Brink's for cash-in-transit, secure cash management solutions (like Smart Safes), and cash processing services to streamline their operations and enhance security.
• Other Commercial Businesses: This broad category encompasses any businesses that handle significant amounts of cash or valuables, including, but not limited to, government entities, mints, and other organizations requiring secure logistics and cash management solutions.

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Mark Eubanks, President and Chief Executive Officer

Mark Eubanks became President and Chief Executive Officer of Brink's in May 2022, after serving as Executive Vice President and Chief Operating Officer since September 2021. Before joining Brink's, he was President for Europe, Middle East, and Africa at Otis Worldwide Corporation from April 2019 to September 2020. Prior to that, he served as Group President, Electrical Products, at Eaton Corporation plc from 2015 to 2019, and was previously president of Cooper Lighting at Cooper Industries until its acquisition by Eaton in 2015.

Kurt McMaken, Executive Vice President and Chief Financial Officer

Kurt McMaken was appointed Executive Vice President and Chief Financial Officer of Brink's, effective August 24, 2022. He joined Brink's from Eaton Corporation plc, where he held various senior financial and management positions since 2001, including Senior Vice President, Operations Finance and Transformation, and president of the company's operations in Europe, Middle East and Africa. McMaken began his career in Audit & Business Advisory Services at PricewaterhouseCoopers LLP.

Ron Domanico, President, Brink's Capital

Ron Domanico previously served as Executive Vice President and Chief Financial Officer of Brink's from 2016 until August 2022, and currently serves as President of Brink's Capital, LLC, and leads the company's Sustainability Program. He played a key role in the strategic transformation of Brink's from a "cash-in-transit" company to one focused on tech-enabled digital payments, and was instrumental in numerous accretive acquisitions. With over 30 years as a CFO in both public and private sectors, he has a strong track record of strategic transformation and value creation, having driven highly profitable liquidity events, raised debt and equity capital, and chaired audit committees. Domanico was also Senior Vice President and CFO of HD Supply, Inc., from 2010 to 2014, and CFO at Caraustar Industries, Inc., from 2002 to 2009. His career also includes international financial leadership roles at Kraft Inc., Nabisco International (where he also served as President & CEO of Nabisco Asia), and AHL Services, Inc., where he led multibillion mergers and integrations. He has served on public company boards for Books-A-Million, Caraustar Industries, and AHL Services, and private company boards for First Advantage and NanoLumens, where he was instrumental in liquidity events.

Daniel J. Castillo, Executive Vice President and President, North America

Daniel J. Castillo is the Executive Vice President and President of North America for Brink's. No detailed background information was readily available from the provided search results beyond his title.

Elizabeth A. Galloway, Executive Vice President and Chief Human Resources Officer

Elizabeth A. Galloway is the Executive Vice President and Chief Human Resources Officer for Brink's. No detailed background information was readily available from the provided search results beyond her title.

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The Brink's Company (BCO), a global leader in secure logistics and security solutions, faces several key risks to its business operations and future profitability.

1. Shift Toward Digital Payment Systems and a Cashless Society: A significant long-term risk for Brink's is the increasing global trend towards digital payments, fintech innovations, and the potential for a cashless society. This shift poses a direct threat to the demand for Brink's traditional cash management and secure logistics services, which are central to its business model. While cash remains prevalent in many regions and for certain types of transactions, the ongoing adoption of electronic payment methods could undermine Brink's growth trajectory and place pressure on future profitability.
2. Security Threats and Robberies: Given Brink's core business of transporting and managing cash and valuables, the company is consistently exposed to security threats, including robberies, theft, and internal fraud. These incidents can occur during transit or at secure storage locations, and criminals are increasingly employing sophisticated methods. Such security losses can significantly impact the company's profitability and reputation. The rise in cash-in-transit vehicle robberies, for instance, has been identified as a factor hindering the growth of the cash logistics market.
3. Economic and Political Instability, Including Currency Exchange Rate Fluctuations: With a substantial portion of its revenue generated from international operations, Brink's is vulnerable to economic and political instability in various regions worldwide. Fluctuations in currency exchange rates, particularly involving currencies like the Mexican Peso, Argentine Peso, and Brazilian Real, can significantly affect the company's reported revenues, operational costs, and overall profitability when translated into U.S. dollars. Geopolitical volatility, trade tensions, and sanctions can also disrupt logistics operations and supply chains.

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The clear emerging threat to Brink's is the accelerated global shift towards digital payments and the potential for a significantly less-cash or cashless society.

As consumers and businesses increasingly adopt electronic payment methods such as credit and debit cards, mobile payment apps, peer-to-peer transfers, and emerging digital currencies (including potential Central Bank Digital Currencies), the demand for physical cash handling, armored transportation, cash processing, and ATM services decreases. This trend, which was significantly accelerated by the COVID-19 pandemic due to hygiene concerns and increased e-commerce, directly impacts Brink's core business model which is predicated on the volume and movement of physical currency and valuables.

While Brink's has diversified into cash management technologies like smart safes, these solutions still ultimately serve an ecosystem reliant on physical cash. A widespread and sustained reduction in cash usage for transactions would diminish the overall market for these services, analogous to how streaming services eroded the market for physical video rentals.

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The Brink's Company (BCO) operates within several significant addressable markets for its main products and services, primarily focused on secure logistics and cash management solutions. For its core **Cash Logistics** services, which include cash-in-transit, cash management, and ATM replenishment, the global market is substantial: * The worldwide cash logistics market size was valued at USD 20.18 billion in 2023 and is projected to reach USD 38.42 billion by 2033, growing at a compound annual growth rate (CAGR) of 6.65% during this period. * Another estimate places the global cash logistics market at USD 27.5 billion in 2024, with an anticipated rise to USD 51.3 billion by 2033, at a CAGR of 8.4%. * Earlier projections indicated the global cash logistics market could reach USD 46.36 billion by 2030, with an 8.2% CAGR from 2022. The cash-in-transit segment specifically is expected to maintain the largest share of this global market. This market is also expected to increase by $20.26 billion between 2022 and 2027, with a CAGR of 10.16%. Key regions contributing to this growth include Asia-Pacific, expected to expand by as much as 35% by 2027. Brink's is also heavily focused on **ATM Managed Services (AMS) and Digital Retail Solutions (DRS)**. While a specific current total market size for these combined services globally isn't explicitly stated, Brink's management anticipates a significant expansion of the addressable market for ATM outsourcing, expecting a "doubling to a tripling of the addressable market size in the future," particularly in less developed nations. This "white space" opportunity is considered much larger, potentially "5x the existing addressable market." Analysts foresee double-digit organic growth for these segments, which are noted for broadening Brink's addressable market. These services, which accounted for 24% of Brink's total revenue last year, are projected to reach 27-28% this year. The expansion potential for AMS/DRS is described as "2-3x addressable market expansion potential." Growth in these areas is expected across various regions, including North America, Europe, Latin America, and the Middle East. Additionally, Brink's operates in the broader **Global Crewed Guarding Services** market, which is estimated to reach over $283.90 billion globally by 2030. Brink's also provides **Global Services (BGS)** for the secure transportation of high-value commodities, operating in over 100 countries.

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Brink's (BCO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of ATM Managed Services (AMS) and Digital Retail Solutions (DRS): Brink's is strategically focusing on expanding its high-margin, subscription-based AMS and DRS offerings. These segments have shown significant organic growth, with AMS/DRS organic growth accelerating to 19% in Q3 2025 and contributing 28% of total revenue in the quarter. The company aims to continue increasing the proportion of its revenue from these digital solutions, which accounted for just 10% of overall revenue in 2020 and are targeted to reach 27-28% of sales in 2025. This growth is fueled by strong customer adoption and record global installations.
2. Organic Growth and Operational Excellence in Core Cash & Valuables Management (CVM): While transitioning to digital services, Brink's continues to pursue organic growth within its traditional cash and valuables management businesses. This involves implementing productivity initiatives, streamlining operations through the "Brink's Business System," and focusing on operational efficiency to improve margins and maintain revenue in these core areas. The company has demonstrated strong pricing discipline in its CVM segment.
3. Geographic Expansion in Underpenetrated and Emerging Markets: Brink's is actively pursuing growth by expanding its AMS/DRS offerings into underpenetrated and emerging markets, with significant opportunities identified in regions such as Latin America and the Middle East. The company has also seen robust organic expansion across North America, Europe, and Latin America for its services.
4. Disciplined Pricing Strategies: Brink's emphasizes disciplined pricing across its services to contribute to revenue growth and enhance profitability. This approach has been highlighted as a factor in achieving record profit margins and strong organic growth in various segments.

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Share Repurchases

• Brink's authorized a new $500 million share repurchase program in November 2023, set to expire on December 31, 2025. This program was in addition to an existing authorization which had $180 million remaining as of June 30, 2023.
• In the nine months ended September 30, 2025, the company repurchased $153.6 million of common stock, following $125.3 million in repurchases for the same period in 2024.
• As of year-to-date November 5, 2025, Brink's had repurchased approximately 1.7 million shares, deploying $154 million at an average price of about $89 per share, and aims to allocate at least 50% of its free cash flow towards shareholder returns.

Share Issuance

• The number of shares issued and outstanding decreased from 42.9 million in 2024 to 41.6 million as of September 30, 2025, reflecting a net reduction primarily due to ongoing share repurchase programs.

Outbound Investments

• In April 2021, Brink's acquired PAI, Inc., the largest privately-held provider of ATM services in the U.S., for $213 million to expand its ATM service capabilities and strengthen its "Strategy 2.3" platform in North America.
• During the first six months of 2024, Brink's acquired two business operations within its North America and Europe segments, with an aggregate purchase consideration of approximately $20 million.
• In June 2025, Brink's announced a strategic investment in KAL ATM Software, a leader in ATM software, as part of its efforts to offer comprehensive and innovative solutions that connect cash management to the digital economy.

Capital Expenditures

• Brink's maintains a capital allocation framework where high-return organic investments, particularly those driving ATM Managed Services (AMS) and Digital Retail Solutions (DRS) growth, are the first call for capital.
• The company has demonstrated "lowered capex intensity" and "CapEx efficiency" through ongoing vehicle count reductions, supported by the business mix shifting towards AMS and DRS.