Company: BCO
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000078890-25-000059
Chunk: 237

Company: BRINKS CO
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 237
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) in accounts payable, income taxes payable, and accrued liabilities” as well as continued improvements in trade accounts receivable (amounts decreased $40.2 million in 2024 and decreased $56.0 million in 2023) included in the consolidated statements of cash flows line “(Increase) decrease in accounts receivable and income taxes receivable”. Our efforts to improve working capital continue in 2025 as we work to formalize extended terms for more vendors and manage more of our spend in a centralized, global manner. Future working capital performance contemplates a continuation of these efforts. 

40

Free cash flow before dividends - non-GAAP

Free cash flow before dividends was relatively flat compared to 2023, down $0.2 million. Higher amounts paid for income taxes, higher amounts paid for interest, and higher amounts paid for capital expenditures (we had $222.5 million in capital expenditures in 2024 compared to $202.7 million in 2023) were mostly offset by higher proceeds from lessor debt financing (we received $46.6 million in proceeds in 2024 compared to $7.5 million in 2023), and working capital changes discussed above.

In 2024, as noted above, we took actions focused on working capital improvements. We also increased our use of leases to finance the acquisition of assets used in the business in order to better align cash inflows and outflows.

Investing Activities

Years Ended December 31,$ change(In millions)20242023202220242023Cash flows from investing activitiesCapital expenditures$(222.5)(202.7)(182.6)$(19.8)(20.1)Acquisitions, net of cash acquired(19.1)(1.5)(173.9)(17.6)172.4 Dispositions, net of cash disposed— 1.1 — (1.1)1.1 Marketable securities: Purchases(71.8)(134.7)(30.3)62.9 (104.4)Sales57.2 150.4 11.7 (93.2)138.7 Proceeds from sale of property and equipment29.2 18.4 5.7 10.8 12.7 Proceeds from settlement of cross currency swap— — 64.3 — (64.3)Net change in loans held for investment7.1 (11.1)(25.