 EPS: GAAP .27 vs. .25; non-GAAP .67 vs .86 Strong revenue recovery excl. G4S acquisition from 29 decline at April low point to 14 decline in June; organic decline of 21 in April versus 7 decline in June Reported revenue down 10 vs 2019, down 17 organically, flat in constant currency Negative currency translation impact of 86 million 9 on revenue; operating profit impact: GAAP 13 million 25, non-GAAP 18 million 20 Operating profit: GAAP 1 million, .1 margin; non-GAAP 73 million, margin 8.9, 10 constant currency GAAP net income 13 million; Adjusted EBITDA 125 million 15.2 margin Variable and fixed cost reductions greater than expected G4S acquired businesses performing well, synergies on track Management provides 2020 and 2021 adjusted EBITDA sensitivity models based on revenue recovery rangesRICHMOND, Va., July 29, 2020 GLOBE NEWSWIRE -- The Brinks Company NYSE:BCO, the global leader in total cash management, route-based secure logistics and payment solutions, today announced results for the second quarter of 2020. Highlights include:In millions, except for per share amountsSecond-Quarter 2020 GAAP Change Non-GAAP Change Constant Currency Changeb Revenue826 10 826 10 0 Operating Profit1 unfav 73 18 3 Operating Margin0.1 590 bps 8.9 80 bps 30 bps Net Income Adjusted EBITDAa13 3 125 6 10 EPS0.27 8 0.67 22 3 aThe non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brinks. bConstant currency represents 2020 results at 2019 exchange rates. Doug Pertz, president and chief executive officer, said: Given the challenges of the ongoing Covid-19 pandemic, second-quarter results were much stronger than expected due to aggressive and timely cost reductions and the resilience of our retail customer base. On a sequential basis, from the first quarter to the second quarter, we delivered improved non-GAAP operating profit, adjusted EBITDA and EPS. We achieved these results despite the negative impact of currency translation, which reduced revenue by 86 million and non-GAAP operating profit by 18 million. This negative FX impact was more than offset by the positive impact of variable cost reductions and a strong initial contribution from the G4S acquisition.After a difficult start to the quarter in April and early May due to government-mandated Covid-19 shutdowns, our retail customers rebounded quickly and to higher levels than expected. In the U.S., our largest market, revenue was down 24 at the low point in April, but recovered to an 11 decline in June. This revenue improvement reflects a corresponding April decline of 32 in stops that recovered to a 17 decline at the end of the quarter. Importantly, customers that closed and later re-opened had no material changes in frequency of service. In addition, none of these re-opened customers changed policies on cash usage-- all continue to accept cash. Looking ahead, we are cautiously optimistic that we will continue to deliver sequential profit growth in the second half of 2020 and accelerated revenue growth and margin improvement in 2021, when we will have the full-year benefit of our cost realignment and the G4S acquisition. Our global team has made great progress in a short period of time, and we believe Brinks is well-positioned for a solid finish in 2020, and a strong and sustainable revenue and profit recovery in 2021. Predicting the future impact of the pandemic is very difficult, and we acknowledge concerns about a resurgence of the virus in the U.S and other markets. Given this uncertainty, and the need for transparency, we have provided a range of potential revenue and adjusted EBITDA levels for 2020 and 2021 based on recent trends and customer data. The 2020 model includes an adjusted EBITDA range between 465 million and 515 million. The 2021 model includes an adjusted EBITDA range between 615 million and 805 million. See table on page 3. In summary, our plan is to ensure that Brinks emerges from this crisis as a stronger company with substantial growth opportunities for revenue, earnings, margins, and cash flow. Our confidence is supported by a compelling strategic plan, a strong balance sheet, ample liquidity and, most importantly, a realigned cost structure. As demonstrated in the second quarter, aggressive cost reductions focused on variable costs have already been achieved. Additional cost realignment, focused on sustainable fixed cost reductions, are also being implemented. The G4S acquisition is already contributing to profits and provides an expanded geographic footprint for accelerated growth. We are also moving quickly to introduce our new Strategy 2.0 tech-enabled cash management solutions that offer enhanced safety, ease-of-use and lower costs for our customers-- attributes that we believe will be highly valued in the post-pandemic economy. Finally, I want to express my sincere gratitude to all of our employees-- especially those on the front line who continue to ensure that the essential services that Brinks provides remain available to our customers around the world.G4S Acquisition Update On February 26, Brinks announced the planned acquisition, in multiple phases, of G4S cash operations in 17 markets and G4Si, a global provider of secure logistics and storage services. To date, the company has completed the acquisition of G4Si and G4S cash operations in 11 markets including the Netherlands, Belgium, Ireland, Hong Kong, Cyprus, Romania, the Czech Republic, Malaysia, the Dominican Republic, the Philippines and Indonesia. In 2019, the G4S businesses being acquired generated combined pro forma revenue of approximately 800 million and adjusted EBITDA of approximately 115 million. The integration of the G4S businesses is expected to generate annualized cost synergies of approximately 20 million by the end of 2020.Effective Tax Rate The full-year estimated effective tax rate ETR is based on pandemic-related assumptions that fluctuate widely. Our pre-pandemic guidance was a non-GAAP 2020 ETR of 32. In the first quarter, the estimated full-year non-GAAP ETR was 49.8, and in the second quarter the estimated full-year non-GAAP ETR was 37.5. As a result, reported first-quarter non-GAAP EPS of .36 has been adjusted upward to .46. The ETR volatility is due to changes in assumptions about the companys ability to utilize tax attributes at varying projected income levels.Conference Call Brinks will host a conference call on July 29 at 8:30 a.m. ET to review second-quarter results. Interested parties can listen by calling 888-349-0094 in the U.S. or 412-902-0124 international. Participants can pre-register at to receive a direct dial-in number for the call. The call also will be accessible live via webcast on the Brinks website A replay of the call will be available through August 29, 2020 at 877-344-7529 in the U.S. or 412-317-0088 international. The conference number is 10138230. An archived version of the webcast will be available online in the Investor Relations section of Adjusted EBITDA Sensitivity Model Unaudited Non-GAAP, in millions, except for percentages and where notedBenchmark of 2019 Second-Half Revenue85 100 Potential Revenues3.3B 3.6B Adjusted EBITDAa465 515 Adjusted EBITDA margin14.0 14.5 Operating profit to Adjusted EBITDA adjustments180 2021 Adjusted EBITDA Sensitivity Model Unaudited Non-GAAP, in millions, except for percentages and where notedBenchmark of 2019 Full-Year Revenueb90 100 110 Potential Revenues4.0B 4.5B 4.9B Adjusted EBITDAa615 705 805 Adjusted EBITDA margin15.3 15.8 16.3 Operating profit to Adjusted EBITDA adjustments190 aThe 2020 and 2021 potential Non-GAAP Adjusted EBITDA and Non-GAAP operating profit amounts cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the impact of highly inflationary accounting on our Argentina operations and other potential Non-GAAP adjusting items for which the timing and amounts are currently under review, such as future restructuring actions. The impact of highly inflationary accounting on our Argentina operations and other potential Non-GAAP adjusting items could be significant to our GAAP results. b Pro-forma 2019 Revenue including 800 million from the G4S acquisition. The Brinks Company and subsidiaries In millions, except for per share amounts UnauditedSecond-Quarter 2020 vs. 