Total Revenue

+2.6% (from $1,227.4M to $1,258.5M)

Modest revenue growth was achieved despite mixed segment performance. While the strong performance of the DRS and AMS segment helped, weakness in the Cash and Valuables Management segment kept the overall revenue increase limited. " "

DRS and AMS Segment

+21% (from $256.5M to $310.3M)

Strong growth in DRS and AMS drove the segment upward, reflecting robust customer demand and successful execution of technology-enabled service contracts. This segment’s impressive performance contrasts with the previous period’s lower figures, highlighting enhanced market positioning. " "

Cash and Valuables Management

-2.3% (from $970.9M to $948.2M)

The decline in the Cash and Valuables Management segment suggests a market shift as customers move toward higher-margin solutions. The performance was slightly weaker compared to the previous period, likely due to lower volumes and increased conversion to digital services. " "

Europe

+9.6% (from $287.8M to $315.5M)

European operations delivered robust performance, benefiting from pricing enhancements and new deployments. This growth contrasts with subdued performance in other regions and underscores the region’s strong market fundamentals compared to the previous period. " "

Latin America

-5.5% (from $339.6M to $321.0M)

The decline in Latin America reflects ongoing challenges such as unfavorable foreign exchange headwinds and possible market saturation. Despite previous strong performance driven by inflation-based pricing, the region saw reduced revenues this period. " "

Operating Income

-14% (from $137.7M to $111.6M)

Operating income fell significantly, partly due to lower margins resulting from cost pressures and a mix shift across segments. Even with strong organic growth in high-margin segments, factors such as increased operating costs and unfavorable currency effects contributed to the decline. " "

Net Income

-35% (from $49.4M to $31.9M)

Net income was squeezed sharply by a combination of declining operating income and rising expenses. Increased interest expense and margin compression, compared to the prior period, had a pronounced negative impact on bottom-line profitability. " "

Basic EPS

-33% (from $0.98 to $0.66)

The decline in Basic EPS reflects the lower net income in conjunction with a higher weighted-average share count effect. Despite strong segment performance in DRS and AMS, the overall profitability was impacted by higher costs and a softer result in legacy segments. " "

Interest Expense

+17% (from $53.8M to $63.0M)

Interest expense increased notably due to a combination of higher interest rates and increased borrowing to support corporate growth initiatives, particularly in the DRS business. This escalation compared to the previous period added further pressure on net earnings. " "

Revenue growth

FY 2024

mid‑single digits "

3% total revenue growth " "

lowered

Adjusted EBITDA

FY 2024

$935 million–$985 million "

$900 million–$920 million "

lowered

Free Cash Flow

FY 2024

$415 million–$465 million "

$320 million–$360 million "

lowered

Tax Rate

FY 2024

approximately 28% "

in line or slightly better than 28% "

no change

Organic Growth

FY 2024

Full‑Year Organic Growth in the low‑ to mid‑teens "

Total organic growth “into the double digits” "

no change

Interest Expense

FY 2024

no prior guidance

$235 million–$240 million "

no prior guidance

AMS and DRS Growth

Q4 2023, Q1 and Q2 2024 calls consistently highlighted double‐digit organic growth (e.g. 21%–26%), increased revenue share and a strong global pipeline. " " " "

Q3 2024 reaffirmed robust performance with 26% organic growth, a higher organic growth outlook, an expanded backlog and significant new customer opportunities. " "

Consistently strong and bullish momentum continues.

Operational Efficiency Initiatives

Earlier periods (Q4, Q1, Q2) emphasized lean productivity measures, improved DSOs, and global improvements via the Brink's Business System and targeted technology investments. " " " "

Q3 2024 stressed new technology investments like a North American routing system and a centralized control tower, although delays in realizing productivity were noted. " "

Steady focus maintained; slight delays noted but overall positive execution.

Margin Expansion and Pricing Power

Q4 2023, Q1 and Q2 2024 consistently discussed margin improvements via disciplined pricing and cost productivity. Clear progress in EBITDA margin expansion and higher-margin revenue mix was highlighted. " " " "

In Q3 2024, while similar initiatives remain in place, there is growing commentary on sustainability concerns (e.g. the expectation of pricing normalization as inflation subsides) alongside margin gains. " " "

Continued emphasis but with emerging caution about the sustainability of pricing power.

Free Cash Flow Conversion Targets

Across Q4, Q1 and Q2 2024, the company communicated conversion targets around 46% with confidence in hitting free cash flow targets; structural drivers such as EBITDA growth and CapEx management were frequently noted. " " " "

Q3 2024 mentioned the long-term goal of near 50% conversion, coupled with an acknowledgment that no specific timetable is set, reflecting uncertainties around timing. "

Steady focus with minor added uncertainty regarding the timing of achieving targets.

Currency Headwinds and Geopolitical Risks

Q4 2023, Q1 and Q2 2024 provided detailed discussion on FX impacts and regional geopolitical risks affecting markets in Latin America, Argentina and Brazil, with substantial impacts noted on revenue and margins. " " " "

Q3 2024 again stressed the challenges, notably with severe FX headwinds from the Mexican peso devaluation (resulting in a $100 million guidance impact) and ongoing geopolitical risks affecting high‐margin markets. " "

A persistent and significant challenge that continues to impact financial guidance.

Sales Cycle and Deal Conversion

Q1 and Q4 2023 explicitly discussed the longer cycle for AMS deals (ranging from one to two years) and noted restructuring of the sales teams to improve deal conversion. " " "

Q3 2024 did not provide specific commentary on sales cycle challenges or conversion metrics for AMS, suggesting reduced emphasis on this topic in the current period.

Previously noted challenges are not emphasized in Q3, indicating a potential shift in focus or execution improvement.

Restructuring Activities

Q1 2024 and Q2 2024 detailed restructuring initiatives in Latin America and Europe aimed at right-sizing operations, which impacted margins but were viewed as strategic investments; Q4 2023 also touched on regional impacts. " " " "

Q3 2024 contains no significant mention of restructuring activities, indicating a departure from earlier detailed discussions in this area.

Topic appears to have receded in focus in Q3 relative to prior periods.

Recurring Challenges and Leadership in Global Services

Not mentioned in Q4 2023, Q1 or Q2 2024 earnings calls.

Q3 2024 introduced recurring challenges in the Global Services business—citing currency fluctuations and market softness—and marked the appointment of new leadership (Nader Antar) to address these issues. " "

New topic emerging in Q3 with potential to significantly impact the future outlook of the division.

Risk Management Issues in Latin America

Not previously mentioned in earlier earnings calls.

Q3 2024 noted a new risk management issue following a $10 million loss from a security incident in Latin America, underlining an area for enhanced focus and mitigation. "

Emerging risk that could prompt greater scrutiny and operational adjustments going forward.

Shareholder Returns

Q4, Q1 and Q2 2024 frequently highlighted robust shareholder returns via share repurchases and dividend increases, with sizable capital allocated to returns. " " " " " "

Q3 2024 maintained the commitment with noted share repurchases and dividends, and no indications of reduced emphasis were observed. " "

Consistent and strong focus remains on delivering shareholder returns.