Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 49

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 49
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  Short-term borrowings                                                   $                138.3             149.3               
  Long-term debt                                                                         3,743.3                        3,746.9  
  Total Debt                                                              $              3,881.6                        3,896.2  
  Less:                                                                                                                          
  Cash and cash equivalents                                               $              1,226.2                        1,395.3  
  Amounts held by Cash Management Services operations (a)                 (121.1)                           (81.3)               
  Cash and cash equivalents available for general corporate purposes      $              1,105.1                        1,314.0  
  Net Debt (a)                                                            $              2,776.5                        2,582.2  

(a) Net Debt is a supplemental non-GAAP financial measure that is not required by or presented in accordance with GAAP. See page 40 41

Net Debt as of March 31, 2025 increased versus the prior year end to provide funding for general corporate purposes and other working capital needs.

Liquidity Needs

Our liquidity needs include not only the working capital requirements of our operations but also investments in our operations, business development activities, payments on outstanding debt, dividend payments and share repurchases.

Our operating liquidity needs are typically financed by cash from operations, short-term borrowings and the available borrowing capacity under our Revolving Credit Facility (our debt facilities are described in more detail in Note 8 to the condensed consolidated financial statements, including certain limitations and considerations related to the cash and borrowing capacity). As of March 31, 2025, $531 million was available under the Revolving Credit Facility. Based on our current cash on hand, cash generated from operations, and amounts available under our credit facilities and our ability to access capital from financial markets, we believe that we will be able to meet our liquidity needs for the next 12 months and thereafter the foreseeable future.

Limitations on dividends from foreign subsidiaries. A significant portion of our operations are outside the U. S. which may make it difficult to or costly to repatriate additional cash for use in the U. S. See “ Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2024, for more information on the risks associated with having businesses outside the U. S.

Our conclusion that we will be able to fund our cash requirements for the next 12 months by using existing