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Dec 31, 2021
Brinks Q4 2021 Earnings Report
Brink's reported record revenue and operating profit, with revenue up 7% and GAAP net income up 97%.
Key Takeaways
Brink's Q4 2021 earnings report showcased record revenue and operating profit, demonstrating the resilience of the business and the strength of cash usage globally. The company's 2022 guidance reflects strong growth rates and margin improvement targets.
Revenue increased by 7%, reflecting continued organic growth; up 11% in constant currency.
GAAP operating profit rose by 30% to $146 million, while non-GAAP operating profit increased by 6% to $154 million; up 15% in constant currency.
GAAP net income grew by 97% to $50 million, and Adjusted EBITDA increased by 8% to $210 million; up 15% in constant currency.
GAAP EPS increased by 94% to $0.97, and non-GAAP EPS increased by 2% to $1.68; up 13% in constant currency.
Brinks
Brinks
Brinks Revenue by Geographic Location
Revenue by Geographic Location
North America Revenue
CapyFin.comLatin America Revenue
CapyFin.comEurope Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Brink's anticipates continued strong growth in 2022, with revenue expected to return to pre-pandemic levels. The company projects revenue growth of 8% to 11% and operating profit growth of 16% to 23%.
Positive Outlook
- Continued recovery in retail markets
- Higher than historical price increases
- Accelerating contributions from Strategy 2.0 digital solutions
- Continued execution of productivity and efficiency initiatives
- Core business revenue at 2019 levels or higher, plus approximately $900 million of revenue from completed acquisitions
Challenges Ahead
- Impact of new foreign tax credit regulations on 2022 income tax expense is currently under review and is not included in the 2022 guidance.
- The 2022 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.
- 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 2022 or other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions.
- We are also unable to forecast changes in cash held for customer obligations or proceeds from the sale of property, equipment and investments in 2022.
- The impact of new foreign tax credit regulations on 2022 income tax expense is currently under review and is not included in the 2022 guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income