Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 47

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 47
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Operating Activities

                                                                                      Three Months                                     $  
                                                                                   Ended March 31,                                        
  (In millions)                                                                               2025                     2024       change  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash flows provided from (used in) operating activities - GAAP                                 $       (60.2)        63.9      (124.1)  
  Decrease (increase) in restricted cash held for customers (see Note 12) (a)                 45.0                   (57.3)        102.3  
  Increase in customer obligations (a)                                                      (38.9)                   (24.0)       (14.9)  
  Capital expenditures                                                                      (58.9)                   (52.2)        (6.7)  
  Cash proceeds from sale of property and equipment                                            2.6                      3.5        (0.9)  
  Proceeds from lessor debt financing (see Note 12)                                            8.1                      4.1          4.0  
  Free cash flow before dividends (a)                                                            $      (102.3)      (62.0)       (40.3)  

(a) Free cash flow before dividends is a supplemental financial measure that is not required by, or presented in accordance with, GAAP. See page 40 41

Cash flows from operating activities - GAAP

Cash flows from operating activities decreased $124.1 million in the first three months of 2025 compared to the same period in 2024. The decrease was primarily ($102.3 million) attributed to restricted cash held for customers (restricted cash held for customers decreased by $45.0 million in 2025 compared to an increase of $57.3 million in 2024) as well as changes in working capital excluding taxes and interes t (working capital decreased by $176.0 million in 2025 compared to a decrease of $137.6 million in 2024), partially offset by changes in custom er obligations related to certain of our secure cash management services operations (certain customer obligations increased by $38.9 million in 2025 compared to an increase of $24.0 million in 2024) and lower amounts paid for interest (we had $52.9 million in cash payments for interest in 2025 as compared to $68.0 million in 2024).

Free cash