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Text: The non-GAAP results exclude a number of items including our Venezuela operations, the impact of Argentina's highly inflationary accounting reorganization and restructuring costs, items related to acquisitions and dispositions and costs related to an internal loss and certain accounting compliance matters.
We're also providing our results on a constant currency basis which eliminates changes in foreign currency exchange rates from the prior year.
We believe the non-GAAP results make it easier for investors to assess operating performance between periods.
Accordingly, our comments today will focus primarily on non-GAAP results.
Today we reported strong second quarter results that clearly demonstrate the resiliency of our business and the continued strength of cash usage around the world.
Reported revenue was up 27%, including organic growth of 15% on a comparable basis in local currency revenue as recovered to 97% of 2019 pre-COVID levels, supporting a strong recovery from the pandemic lows, even with the unanticipated continued shutdown of many economies, especially in Europe, Latin America and parts of Asia during the first half of this year.
Operating profit grew 51% with a margin rate increase of 160 basis points to 10.5%, which is 80 basis points above the pre-pandemic second quarter 2019 rate of 9.7%.
This suggests that our focus on sustainable cost reductions is having the desired impact on increased margins even with the revenues not yet back to pre-pandemic levels.
Adjusted EBITDA was up 39% with a margin rate increase of 130 basis points to 15.8% which is a 120 basis points above the pre-pandemic second quarter 2019 EBITDA rate.
And earnings came in at $1.18 per share, up 62% over 2020 and up 40% over the second quarter of 2019.
We achieved these results despite extended shutdowns that affected the second quarter results.
Given the year-to-date impact of the pandemic and the uncertainty regarding the future impact we now expect full year 2021 percent revenue growth in the mid to high teens, and we continue to expect earnings to be around the midpoint of the range, reflecting higher margins.
We expect continued gradual revenue recovery in the second half of this year to provide a strong jumping-off point for 2022 when full year revenue is expected to exceed pre-COVID levels.
Our preliminary targets for 2022 continue to include strong growth in revenue, adjusted EBITDA and cash flow.
In summary, we believe the continued strong and steady improvement in our results despite the extended pandemic headwinds is very encouraging as we look ahead to 2022 when we expected also layer on contributions from our digital growth strategies.
We're looking forward to Investor Day in early December when we will provide detailed review of our core and digital growth strategies as well as financial projections for 2022.
We're trying to finalize the appropriate format of virtual meeting, a live event in New York or hybrid of such and we'll let you know as soon as we make that decision.
Turning now to slide four, which summarizes our guidance and our preliminary target for 2022.
With half of 2021 behind us, we now expect full year 2021 revenue to be at the lower end of the range, but we still expect to achieve year-over-year percentage increases, as I said before, in the mid to upper teens for revenue.
Our revenue expectations were adjusted for two reasons, the first is the unexpected persistence of the pandemic-related shutdowns, which again negatively impacted our first and second quarters' revenues.
The second factor is related to a change in how we recognize revenue for our recent acquisition of PAI.
This technical change to net revenue recognition reduced our forecast PAI revenue by $50 million or so of this year, but has no impact on profit, and in fact, actually increases our margin rate.
While the ultimate duration and impact of the pandemic remains difficult to predict we do expect to return to a more normalized economic conditions as we move through the remainder of this year and more importantly as we go into 2022.
Full-year 2021 operating profit is expected to be approximately at the midpoint of our guidance reflecting year-over-year margin rate increases of at least 150 basis points, as we drive adjusted EBITDA growth up 25% versus prior year to approximately $700 million and earnings per share growth of 32% to about approximately $5 per share.
This slide also shows our preliminary 2022 EBITDA target of approximately $800 million reflecting growth in the mid-teens.
As Ron will show you we are also targeting 2022 free cash flow growth of about 50% on or more of EBITDA.
It's important to note that our outlook for both 2021 and 2022 was driven primarily by growth in our core operations and does not include any material contribution from our Strategy 2.1 digital solutions, more on our core and digital strategies as well as on our 2023 financial targets at our Investor Day event in December.
slide five is a format that we include each quarter that covers four key metrics, revenue, operating profit, adjusted EBITDA and EPS.
For the current quarter, the current quarter In constant currency and the reported results for the same quarter in prior years.
I'll go into detail on each of these metrics in the next two slides.
On slide six, please remember that we disclosed acquisitions separately for the first 12 months of ownership.
After 12 months they are mostly integrated and then included inorganic results.
Included in acquisitions for this quarter are PAI and most of the former G4S businesses.
2021 second quarter revenue was up 22% in constant currency, with 15% organic growth versus last year and 7% from acquisitions.
While the pandemic continues to impact many countries today, the second quarter of 2020 was globally, the most impacted.
North America, Latin America and Europe, all grew organically while the rest of the world was relatively flat.
Positive ForEx increased revenue by $39 million or 5% as currencies in most of our markets have improved versus last year's pandemic-driven devaluation.
Reported revenue was $1.49 billion, up $223 million or 27% versus the second quarter last year.
In general, revenue recovery was consistent with the first quarter 2021 despite the impact of lower than expected economic activity caused by new lockdowns imposed by governments in response to COVID variance and increased cases.
Second quarter reported operating profit was $111 million, up over 50% versus last year.
Organic growth was 42%, acquisitions added 5% and ForEx another 4%.
Our operating profit margin of 10.5% was up 160 bps versus 2020 and up 80 bps versus pre-pandemic 2019.
This is evidence that our 2020 cost realignment initiatives are holding and that wider and deeper is gaining traction.
Recall that in the first quarter the corporate allocation methodology was changed to more accurately reflect segment performance, but distorts the year-to-year comparisons of corporate expenses.
Now to slide seven, second quarter interest expense was $28 million, up $5 million versus the same period last year, primarily due to the higher debt associated with the completed acquisitions.
Tax expense in the quarter was $30 million, $12 million higher than last year, driven by higher income.
Our full-year non-GAAP effective tax rate is estimated at 32% in line with last year.
$111 million of second quarter 2021 operating profit plus interest expense and taxes, plus $6 million in minority interest and other generated $60 million of income from continuing operations.
This is a $1.18 of earnings per share up $0.45 or 62% versus $0.73 in the second quarter last year.
The gain on marketable securities positively impacted earnings per share by about $0.16 versus $0.09 last year.
Second quarter 2021 Adjusted EBITDA, which excludes $11 million and gains on marketable securities, was $166 million, up $46 million or plus 39% versus prior year.
Turning to free cash flow on slide eight.
Our 2021 free cash flow target range is $185 million to $275 million, which reflects our adjusted EBITDA guidance range of $660 million to $750 million.
We expect to use that $95 million of cash for working capital growth and restructuring.
This includes around $35 million in 2020 deferred payroll and other taxes payable.
Cash taxes should be approximately $95 million.
Cash interest is expected to be about $105 million, an increase of $27 million due primarily to the incremental debt associated with the G4S and PAI acquisitions.
Our net cash capex target is around $180 million, an increase of $67 million over last year driven by acquisitions and a return to more normalized investment.
Our free cash flow target excluding the payment of 2020 deferred taxes would be $220 million to $310 million generating an EBITDA to free cash flow conversion ratio of about 33% to 41%, up from the 28% achieved on the same basis last year.
Advancing to slide nine.
This slide illustrates our actual net debt and financial leverage at year-end 2020 at June 30, 2021, our year-end 2021 estimate, and the 2022 year end preliminary target.
The current year end estimates include the $213 million acquisition of PAI, our adjusted EBITDA range and our free cash flow target range.
Net debt at the end of 2020 was $1.9 billion, that was up over $0.5 billion versus year-end 2019 due primarily to the debt incurred to complete the G4S cash acquisition.
On December 31, 2020, our total leverage ratio was 3.3 times.
At the end of 2021, given our free cash flow guidance and the completion of the G4S and PAI acquisitions, we're estimating a net debt range of $2.055 billion to $2.145 billion, which combined with our EBITDA guidance is expected to reduce leverage by up to half a turn to the midpoint total leverage ratio of about 3 turns.
Our preliminary target for year-end 2022 would reduce the leverage ratio approximately another half turn.
Moving to slide 10, look we spent the last few minutes talking about what we've done and what we're going to do.
I want to wrap up my remarks with some comments about how we do it.
For 162 years and today in 53 countries we have practiced continuous improvement in corporate citizenship.
That work has been formalized into the Brink's Sustainability Program it's a comprehensive program under my leadership and directed by the Brink's Board and I'm very pleased with the progress we're making.
We are a signatory to the United Nations Global Compact on human rights.
We pledged to support CEO action for diversity and inclusion.
We've hired dedicated leaders for diversity, equity and inclusion and supplier diversity.
We've expanded the Brink's Women's Leadership Forum and created employee resource groups.
We've significantly increased our disclosure, and recently completed a materiality assessment that will help guide additional sustainability progress for the next 18 to 24 months.
We've been reducing our environmental impact by modernizing our fleet, taking thousands of diesel trucks off the road, implementing dual fuel and alternative fuel vehicles and continually optimizing routes to minimize miles driven.
Our Strategy 2.0 solutions target not only increased customer service, but also a major reduction in weekly stops that could take many more trucks off the roads.
We have made improvements to our already robust governance and risk management and I direct you to our website to learn more about Brink's sustainability program.
But perhaps the most compelling role Brink's has is economic inclusion.
Approximately 20% of the US population is unbanked or underbanked and doesn't have access to credit.
The numbers globally are much higher.
As the world's largest cash management company Brink's has a critical role in facilitating the global cash ecosystem to serve everyone but especially the most vulnerable.
For this reason alone, I believe that BCO belongs in every portfolio that is concerned about sustainability and ESG.
With that, I'll hand it back to Doug.
Moving to slide 11.
It summarizes our current strategic plan, SP2 which builds on the proven initiatives executed in our first strategic plan built over the three-year period through 2019 resulted in compound annual growth rate of 8% for revenue and for more than 20% for operating income.
The bottom layer outlines our 1.0 initiatives supporting core organic growth and cost reductions.
Our SP2 target is to achieve annual organic revenue growth of at least 5%, and we've laid out more than $70 million of cost reductions and productivity improvements by 2022.
We're driving our cost reductions wider and deeper by expanding cost initiatives into more countries and implementing over 18 different proven operational initiatives including things such as fleet savings, route optimization, money processing center standardization and much more.
These initiatives are supported by dedicated lean experts in every country, and by our overall continuous underlying continuous improvement culture.
Sustained SG&A cost reductions and other fixed cost expenses reductions have been realized through our recent restructurings and last year's targeted cost takeouts.
These cost reductions and structural changes are driving operating leverage as demonstrated this quarter by higher OP margins versus last year and versus 2019.
The benefits of operating margins are expected to continue to yield higher margins as revenue recovers from the pandemic lows.
The middle layer represents our 1.5 Acquisition Strategy including G4S and PAI which are the first acquisitions in SP2 we've invested approximately $2.2 billion in 15 acquisitions since 2017.
Each of these acquisitions, support our overall growth strategy and we expect them to collectively represent a post synergy, post multiple of less than 6 times EBITDA.
With the G4S acquisition largely integrated and run rate synergies largely recognized, we're well positioned in 2022 to drive revenue and margin rates above pre-pandemic levels in the 17 markets included in that acquisition.
As demonstrated by our recent PAI acquisition, our future acquisition focus is primarily on supporting 2.0 growth initiatives pivoting away from larger core 1.0 acquisitions.
However, we'll continue to consider smaller tuck-in core acquisitions that offer compelling returns.
As Ron mentioned, our key focus is on increasing free cash flow and capital allocation that maximizes total shareholder return.
We expect our capex spend as a percent of revenue to continue to decrease while supporting increased revenue growth in our core and 2.0 strategies at above historical levels.
What's new in SP2 is a top layer of our strategy, which includes the development and introduction of digital cash management solutions through an integrated platform of services, technology and devices, leveraging our core CIT and money processing capabilities and significant assets.
We call Strategy 2.0 Brink's Complete as it offers as it offers complete digitally focused solutions for a broader cash management ecosystem from one provider Brink's.
We believe our 1.0 and 1.5 strategies form a very strong foundation that might themselves will drive double-digit earnings growth well into the future.
This strong base of growth will be supplemented by a new strategic layer, which is designed to drive increased organic revenue growth and higher margins by offering digital cash management and payment solutions.
We plan to provide much more detail about the digital solutions at our Investor Day event, including specific financial targets and an update on some initial customer wins, but today I want to simply remind investors in general terms about the potential impact this opportunity could have on our company and frankly on our industry.
We believe that managing cash for retailers and other merchants is a significant growth opportunity for Brink's, especially when you consider that about 85% of retail and merchant locations in the US do not currently use any of our services or the services offered by our competitors.
This means that literally millions of potential customer at payment locations are completely unvended.
Why is this the case?
Well, given the sheer size of the unvended market it's hard to pinpoint all the reasons.
Some unvended retailers are simply too small and a cost effective and simply enough management solution for cash has not historically been available, but many larger unvended or under vended retailers that are nationally known and have thousand locations are also unvended.
To be blunt, in some cases, some of them probably perceive our industries traditional solutions and services to simply be do costly or to be frankly too much of a hassle.
This is potentially a transformational opportunity and our strategy is targeted directly at this opportunity.
We believe that Brink's complete digital solutions operate, easy-to-use, attractively priced, subscription-based solution for cash management services offering a compelling benefit for both vended and unvended retailers.
The benefits listed on this slide on the right hand side add up to what we consider a step change in value making cash management easier, much safer and far more efficient than anything else offered by our industry.
Simply, our goal is to offer digital cash management solutions that are easy to use and are as cost effective as other debit and credit payment solutions.
As with the development and introduction of many new products or services we've had our share of growing pains on this along the way including, frankly the global pandemic, but we are now expanding our rollout in the US and in several other global countries with a primary focus on unvended and underserved national retailers with multiple locations, and with several recent wins, we're feeling confident that the value of our solutions is beginning to be recognized by customers that historically have used limited or no cash management solution.
The chart on the left side of slide 12 illustrates the total number of retail and commercial locations in the US, estimated to be in the $3 million plus range.
The portion in brown shows that only about 15% of these locations are currently served by Brink's or any of our competitors, while almost all of them are vended by debit-credit payment processors.
This suggests that with the right cash management solution and value proposition, the opportunity or what we call for cash whitespace shown on the chart, is tremendous.
To put this opportunity in perspective, we believe that we can capture a significant portion of the potentially unvended market, the light blue, and even if we capture only a small portion of the rest of the white space unvended market the results could increase our retail sales by more than 50% plus over the next several years in the US alone.
We have a way to go in reaching such a lofty milestone, but we expect to begin showing some meaningful progress as we exit 2021, and remember our 2022 financial targets, do not include a material impact of our Strategy 2.1 Brinks Complete Initiatives.
Again, more to come on this Investor Day.
Even with the unanticipated impact of continued shutdowns during the second quarter, we've reported revenue growth of 27% and operating profit growth of 50%.
That's good leverage, and it supports and is supported by strong margin improvement.
We anticipate that revenue will continue to gradually recover over the second half of this year providing a strong jumping-off point for achieving revenue in 2022 that will exceed pre-pandemic levels and will include the benefits of the two acquisitions completed since 2019, G4S and PAI.
While we feel confident as we move into the second quarter of this year we believe that setting the stage for 2022 and beyond is even more important.
I can assure you that we are sharply focused on achieving our 2022 targeted EBITDA of $800 million, which is supported by continued revenue growth and strong margin improvement and includes only, again a limited contribution of 2.1 initiatives.
Cash usage continues to grow and cash continues to be a key method of payment in the US and globally underpinning our future growth and recovery from the pandemic,.
We have a proven global management team, a strong balance sheet, ample liquidity and expanded global footprint from our acquisitions, a realigned cost structure coming out of the pandemic and a compelling strategic plan to expand our presence in the cash ecosystem with new digital solutions.
We look forward to disclosing more information on these strategies and our 2023 financials when we host Investor Day in December.

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compname posts quarterly non-gaap earnings per share $1.18.
qtrly gaap earnings per share $0.47; qtrly non-gaap earnings per share $1.18.

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