Brink's reported its second quarter 2016 earnings results. Some of the key highlights include:
- Revenue of $717 million, up 5% organically but down 7% overall due to negative currency impacts.
- Operating profit of $38 million, up 53% organically but down 33% reported due to currency impacts.
- Operating margin of 5.3%, up 120 basis points from the prior year.
- Full year 2016 guidance for revenue of $2.9 billion with organic growth of 5%, but negative currency impacts. Operating margin expected between 6.4-6.9%, up 110-160 basis points, and EPS of $1.95-$2.10.
Brinks q1 2016 earnings slides final 20160502 (1)investorsbrinks
Brink's reported first quarter 2016 earnings. Revenue declined 9% from negative currency impact, while operating profit also declined due to currency. However, Brink's reaffirmed 2016 guidance of $2.00-2.20 EPS and raised revenue outlook to $2.9 billion due to more favorable currency. Brink's expects organic profit growth in the US, Mexico, payments, and rest of world to drive profit towards the $190-210 million operating profit outlook range.
The document provides an earnings call summary for Brink's fourth quarter 2015 results. It discusses financial results including revenue declines due to currency impacts but operating profit growth on a constant currency basis. Brink's outlook for 2016 anticipates continued margin expansion driven by operational improvements in key markets despite some currency headwinds. Segment results showed challenges in the US segment in the second half of 2015 from staffing issues and security costs while money processing volumes grew.
- The document provides an investor overview of Brink's (NYSE: BCO) as of September 2016, including forward-looking statements and risks.
- Brink's has a global footprint and is a leader in secure logistics and cash management services. The company sees opportunities to accelerate growth organically and through acquisitions while improving margins.
- Brink's expects continued improvement in 2016, targeting 5% revenue growth, an operating profit margin of 6.4-6.9%, adjusted EBITDA of $305-330 million, and EPS of $1.95-2.10.
The third quarter 2016 earnings call presentation provided an overview of Secure Logistics' financial results and strategic plans. Key points include:
- Non-GAAP EPS increased 60% to $0.64 compared to $0.40 in third quarter 2015 due to organic revenue growth and profit growth in Brazil.
- 2016 non-GAAP guidance was affirmed at EPS of $1.95-$2.10 with 5% organic revenue growth and adjusted EBITDA of $305-$330 million.
- A strategic review found strong global operations but identified opportunities to improve margins in the US, Canada, and Mexico through initiatives like sales/marketing, branch standardization, and technology investments.
- The company plans to achieve
The document provides an investor overview of Brink's (NYSE: BCO) as of December 2016. It discusses Brink's leadership, global operations serving over 100 countries, financial strength and debt profile, strategic plan to accelerate profitable growth and close profit margins gaps, and outlook for continued improvement in 2016 and beyond. The overview highlights Brink's opportunities to grow through organic revenue growth, acquisitions, improving operational efficiency, and introducing differentiated high-value services.
- Fourth quarter 2016 non-GAAP earnings per share increased 33% to $2.24 compared to $1.69 in the prior year period driven by 6% organic revenue growth and operating profit growth of 32%.
- For full-year 2016, non-GAAP earnings per share increased to $2.24 from $1.69 in 2015 on 6% organic revenue growth and operating profit growth of 43%.
- The company provided 2017 non-GAAP guidance expecting 6% organic revenue growth, operating profit between $230-240 million, an operating margin of 7.7-8.0%, and earnings per share of $2.45-2.55.
Sysco reported strong third quarter fiscal year 2016 results with sales increasing 2.2% and adjusted operating income growing 16%. However, the company continues to face mixed industry and economic trends, with restaurant traffic growth slowing while unemployment rates remain low. Sysco is making progress on its three-year plan through local case volume growth, gross margin expansion, supply chain cost reductions, and administrative cost cuts. The company remains focused on executing its strategy to improve return on invested capital and achieve its financial targets.
This document provides a non-GAAP reconciliation of Sysco's fiscal 2015 financial results to adjust for certain items including multiemployer withdrawal charges, severance charges, integration planning costs related to the proposed merger with US Foods, litigation and termination costs also related to the proposed merger, charges from facility closures, and US Foods related financing costs. Management believes adjusting for these items provides useful perspective on underlying business trends. The adjustments increase fiscal 2015 operating income by $562 million, reduce operating expenses as a percentage of sales from 15.0% to 13.9%, and increase net earnings by $331 million.
Brinks q1 2016 earnings slides final 20160502 (1)investorsbrinks
Brink's reported first quarter 2016 earnings. Revenue declined 9% from negative currency impact, while operating profit also declined due to currency. However, Brink's reaffirmed 2016 guidance of $2.00-2.20 EPS and raised revenue outlook to $2.9 billion due to more favorable currency. Brink's expects organic profit growth in the US, Mexico, payments, and rest of world to drive profit towards the $190-210 million operating profit outlook range.
The document provides an earnings call summary for Brink's fourth quarter 2015 results. It discusses financial results including revenue declines due to currency impacts but operating profit growth on a constant currency basis. Brink's outlook for 2016 anticipates continued margin expansion driven by operational improvements in key markets despite some currency headwinds. Segment results showed challenges in the US segment in the second half of 2015 from staffing issues and security costs while money processing volumes grew.
- The document provides an investor overview of Brink's (NYSE: BCO) as of September 2016, including forward-looking statements and risks.
- Brink's has a global footprint and is a leader in secure logistics and cash management services. The company sees opportunities to accelerate growth organically and through acquisitions while improving margins.
- Brink's expects continued improvement in 2016, targeting 5% revenue growth, an operating profit margin of 6.4-6.9%, adjusted EBITDA of $305-330 million, and EPS of $1.95-2.10.
The third quarter 2016 earnings call presentation provided an overview of Secure Logistics' financial results and strategic plans. Key points include:
- Non-GAAP EPS increased 60% to $0.64 compared to $0.40 in third quarter 2015 due to organic revenue growth and profit growth in Brazil.
- 2016 non-GAAP guidance was affirmed at EPS of $1.95-$2.10 with 5% organic revenue growth and adjusted EBITDA of $305-$330 million.
- A strategic review found strong global operations but identified opportunities to improve margins in the US, Canada, and Mexico through initiatives like sales/marketing, branch standardization, and technology investments.
- The company plans to achieve
The document provides an investor overview of Brink's (NYSE: BCO) as of December 2016. It discusses Brink's leadership, global operations serving over 100 countries, financial strength and debt profile, strategic plan to accelerate profitable growth and close profit margins gaps, and outlook for continued improvement in 2016 and beyond. The overview highlights Brink's opportunities to grow through organic revenue growth, acquisitions, improving operational efficiency, and introducing differentiated high-value services.
- Fourth quarter 2016 non-GAAP earnings per share increased 33% to $2.24 compared to $1.69 in the prior year period driven by 6% organic revenue growth and operating profit growth of 32%.
- For full-year 2016, non-GAAP earnings per share increased to $2.24 from $1.69 in 2015 on 6% organic revenue growth and operating profit growth of 43%.
- The company provided 2017 non-GAAP guidance expecting 6% organic revenue growth, operating profit between $230-240 million, an operating margin of 7.7-8.0%, and earnings per share of $2.45-2.55.
Sysco reported strong third quarter fiscal year 2016 results with sales increasing 2.2% and adjusted operating income growing 16%. However, the company continues to face mixed industry and economic trends, with restaurant traffic growth slowing while unemployment rates remain low. Sysco is making progress on its three-year plan through local case volume growth, gross margin expansion, supply chain cost reductions, and administrative cost cuts. The company remains focused on executing its strategy to improve return on invested capital and achieve its financial targets.
This document provides a non-GAAP reconciliation of Sysco's fiscal 2015 financial results to adjust for certain items including multiemployer withdrawal charges, severance charges, integration planning costs related to the proposed merger with US Foods, litigation and termination costs also related to the proposed merger, charges from facility closures, and US Foods related financing costs. Management believes adjusting for these items provides useful perspective on underlying business trends. The adjustments increase fiscal 2015 operating income by $562 million, reduce operating expenses as a percentage of sales from 15.0% to 13.9%, and increase net earnings by $331 million.
Brink's 3 q 2017 earnings slides final 10242017investorsbrinks
The document provides an overview of Brink's third quarter 2017 results and strategic plan. Some key points:
- Revenue increased 13% to $829 million in Q3 2017 driven by 6% organic growth and acquisitions.
- Operating profit increased 21% to $76 million and adjusted EBITDA increased 22% to $112 million in Q3 2017.
- The company expects full year 2017 revenue of $3.18 billion, operating profit of $280-290 million, adjusted EBITDA of $425-435 million, and EPS of $3.00-3.10.
20150915 investor day presentation v_f_webcast versionSysco_Investors
Sysco Corporation held an investor day presentation on September 15, 2015 to provide an overview of its strategic plan for 2016-2018. The presentation included forward-looking statements about Sysco's financial targets and growth initiatives over this period. It noted risks and uncertainties that could impact whether these targets are achieved, such as economic conditions, inflation, competition, and challenges executing strategic initiatives. The presentation also acknowledged that Trian Partners recently acquired a 7% stake in Sysco and placed two representatives on its board of directors.
Sysco reported strong top-line results for 2Q18, with sales increasing 7% driven by solid case growth. Adjusted operating income grew 4% and adjusted EPS grew 35% to $0.782 per share. The fundamentals of Sysco's business remain strong, and the company remains confident in delivering its financial objectives for fiscal year 2018. Sysco experienced mixed results across its international business, with growth in Europe, Canada, and Latin America offset by costs associated with a new large customer in Mexico.
Sysco announced a proposed merger with US Foods to create a world-class foodservice company with combined annual sales of $65 billion. The merger is expected to generate at least $600 million in annual synergies within 3-4 years by leveraging complementary strengths and achieving efficiencies. The transaction is valued at $8.2 billion and will be financed with $3 billion in Sysco equity, $0.5 billion in cash, and the assumption of US Foods' $4.7 billion net debt. The merger is anticipated to be immediately accretive to earnings and generate substantial cash flow and shareholder value over the long term.
Cardinal Health Q4 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported Q4 FY2016 revenue of $31.4 billion, a 14% increase over Q4 FY2015. Operating earnings increased 11% to $620 million.
- For FY2016, Cardinal Health reported record revenue of $121.5 billion, a 19% increase over FY2015. Operating earnings increased 14% to $2.5 billion.
- For FY2017, Cardinal Health expects revenue to increase in the high-single digit percentage range compared to FY2016. Non-GAAP diluted EPS is expected to be between $5.48 to $5.73.
Visa inc. q1 2016 financial results conference call presentationvisainc
Visa reported financial results for its fiscal first quarter of 2016, with the following key highlights:
- Net operating revenues increased 5% year-over-year to $3.6 billion.
- Net income was $1.9 billion, with adjusted net income of $1.7 billion.
- Payments volume grew 4% nominally to $1.3 trillion.
- The company repurchased $2 billion of stock and expects full year revenue growth in the high single to low double digits range.
Sysco provided a forward-looking statement regarding risks and uncertainties in its business, including risks related to the economy, inflation, deflation, currency fluctuations, international expansion, acquisitions, capital expenditures, and estimates for future periods. The statement notes that actual results may differ materially from forecasts due to general risks associated with the business, economic conditions, and factors beyond management's control.
The document summarizes DuPont's third quarter 2016 earnings conference call. Key points include:
- Revenue increased 1% to $4.9 billion due to 3% volume growth, offset by a 2% decline in local price and product mix.
- Operating earnings increased 162% to $0.34 per share, excluding significant items and non-operating pension costs.
- Segment operating earnings increased 40% to $607 million, driven by cost savings and volume growth across most segments.
- For full-year 2016, DuPont expects GAAP EPS of around $2.71, up 30%, and operating EPS of $3.25, up 17% from prior guidance.
3M reported financial results for the fourth quarter of 2015. GAAP EPS was $1.66, down 8.3% year-over-year. Excluding restructuring charges, EPS was $1.80, down 0.6% year-over-year. Sales were $7.3 billion, down 5.4% in dollar terms and 1.1% in organic local currency. Operating margins were 20.5%, down 100 basis points year-over-year but up 60 basis points excluding restructuring. The company returned $1.8 billion to shareholders through dividends and share repurchases.
Principal Financial Group reported second quarter 2017 earnings results. Some key highlights included:
- Record quarterly operating earnings of $384 million and record quarterly operating earnings per share of $1.31.
- Assets under management reached a record high of $629 billion, despite negative net cash flows in the second quarter.
- Over 80% of investment options performed in the top two Morningstar quartiles over three and five-year periods, demonstrating strong investment performance.
- The company continued to deploy capital through dividends, share repurchases, and increased ownership in a PGI boutique, while announcing a 15% increase to the third quarter dividend.
Sysco reported strong financial results for 4Q18 and FY18, exceeding the targets of its initial three-year plan. Total sales grew 6.1% to $58.7 billion for FY18, driven by local customer growth, new national customers, and acquisitions. Gross profit grew 5.0% for the year due to execution of strategic initiatives like increasing local case volume and expanding assortments. Adjusted operating income increased 8.4% to $2.5 billion for FY18 through top-line growth and managing expenses. The company remains confident in achieving the financial targets of its new three-year plan through fiscal 2020.
- Franklin Resources reported third quarter results, with Chairman and CEO Greg Johnson and CFO Ken Lewis presenting.
- Relative investment performance improved across major categories over the past year. Equity and hybrid product performance also improved over 1, 3, 5, and 10 year periods.
- Redemptions continued to slow and long-term net outflows broadly improved over the last four quarters.
Bill Delaney, President and CEO of Sysco, presented at the 2015 CAGNY Conference on February 19, 2015. Sysco is the global leader in foodservice distribution, with annualized sales approaching $50 billion. Sysco serves over 425,000 customers with over 400,000 products through its operating companies across North America and expanding internationally. Sysco's strategy focuses on partnering with customers, improving productivity, expanding product offerings, and developing its people.
- Oshkosh Corporation reported lower first quarter earnings compared to the previous year, with EPS of $0.19 versus $0.41, largely due to lower sales and results in the access equipment segment.
- For the full fiscal year, the company updated EPS guidance to a range of $2.20 to $2.60, reflecting timing delays of large international orders and lower expectations for the access equipment segment.
- Segment results were mixed, with improved performance in fire & emergency and defense offset by weakness in access equipment and caution in the commercial segment.
Sysco reported second quarter fiscal 2016 earnings results. Key points include:
- Sales increased 0.6% while gross profits grew 3.4% and gross margin increased 50 basis points.
- Adjusted operating income increased 10.2% reflecting strong execution across the business.
- Total broadline case growth was 3.4% and local case growth was 2.9%, showing progress against Sysco's three-year financial plan targets.
- Deflation accelerated during the quarter, driven by proteins and dairy, and is expected to continue for the remainder of the fiscal year.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
Aon plc reported first quarter 2015 results with the following highlights:
- Organic revenue growth of 3% in Risk Solutions and 4% in HR Solutions.
- Operating margins decreased in both segments due to foreign exchange impacts, though underlying operational improvements were achieved.
- EPS grew 7% to $1.37 despite a $0.15 unfavorable foreign exchange impact.
- Free cash flow improved significantly to $74 million compared to negative $66 million in Q1 2014.
The document summarizes DuPont's first quarter 2016 earnings conference call. Some key points:
- Operating earnings per share were flat at $1.26 compared to the previous year, but were up 8% excluding currency impacts. GAAP earnings per share grew 25%.
- Segment operating earnings declined 5% due to negative currency impacts of -4% and lower volumes of -2%.
- Lower corporate expenses and shares outstanding offset lower segment results and a higher tax rate to keep operating EPS flat.
- Segment results were negatively impacted by $0.10 per share from currency translation.
Brink's First Quarter 2016 Earnings Presentationinvestorsbrinks
Brink's reported first quarter 2016 earnings. Revenue declined 9% from negative currency impact, while operating profit also declined due to currency. However, Brink's reaffirmed 2016 guidance of $2.00-2.20 EPS and raised revenue outlook to $2.9 billion due to more favorable currency. Brink's expects organic profit growth in the US, Mexico, payments, and rest of world to drive profit towards the $190-210 million operating profit outlook range.
- Brink's reported fourth quarter 2015 non-GAAP EPS of $0.55, down from $0.58 in the prior year period. Revenue declined 14% to $733 million due to negative currency impacts.
- For the full year 2015, non-GAAP EPS was $1.69, up from $1.01 in 2014. Revenue declined 11% to $2,977 million, though organic revenue growth was 3%. Currency impacts reduced EPS by $0.64 and revenue by $467 million.
- The company expects 2016 non-GAAP EPS of $2.00-$2.20, driven by continued operating improvements, though currency is expected to reduce EPS by $0.
- Brink's reported fourth quarter 2015 non-GAAP EPS of $0.55, down from $0.58 in fourth quarter 2014 due to negative currency impacts offsetting operating improvements. Full year 2015 non-GAAP EPS was $1.69, up from $1.01 in 2014.
- The company provided 2016 non-GAAP EPS guidance of $2.00-$2.20, representing continued strong operating profit growth despite unfavorable currency impacts.
- Key initiatives in the U.S. segment include de-layering operations, fleet modernization, and continuous process improvement to drive margin expansion from 2.1% in 2015 to a targeted 4-5% range in 2016.
Brink's june 25 2018 investor presentation final 06222018investorsbrinks
The document is an investor presentation by Brink's, a global security company. It provides an overview of Brink's business and strategy. Some key points:
- Brink's operates in over 100 countries with over $3 billion in annual revenue and is the global leader in cash logistics.
- The strategy focuses on accelerating profitable growth through expanding higher-margin services, pursuing acquisitions, and introducing new technologies.
- Financial results for 2017 and Q1 2018 show strong growth in revenue, operating profit, margins, and earnings per share due to organic growth and acquisitions.
- The three-year strategic plan aims to increase organic adjusted EBITDA through initiatives to improve operations
Brink's 3 q 2017 earnings slides final 10242017investorsbrinks
The document provides an overview of Brink's third quarter 2017 results and strategic plan. Some key points:
- Revenue increased 13% to $829 million in Q3 2017 driven by 6% organic growth and acquisitions.
- Operating profit increased 21% to $76 million and adjusted EBITDA increased 22% to $112 million in Q3 2017.
- The company expects full year 2017 revenue of $3.18 billion, operating profit of $280-290 million, adjusted EBITDA of $425-435 million, and EPS of $3.00-3.10.
20150915 investor day presentation v_f_webcast versionSysco_Investors
Sysco Corporation held an investor day presentation on September 15, 2015 to provide an overview of its strategic plan for 2016-2018. The presentation included forward-looking statements about Sysco's financial targets and growth initiatives over this period. It noted risks and uncertainties that could impact whether these targets are achieved, such as economic conditions, inflation, competition, and challenges executing strategic initiatives. The presentation also acknowledged that Trian Partners recently acquired a 7% stake in Sysco and placed two representatives on its board of directors.
Sysco reported strong top-line results for 2Q18, with sales increasing 7% driven by solid case growth. Adjusted operating income grew 4% and adjusted EPS grew 35% to $0.782 per share. The fundamentals of Sysco's business remain strong, and the company remains confident in delivering its financial objectives for fiscal year 2018. Sysco experienced mixed results across its international business, with growth in Europe, Canada, and Latin America offset by costs associated with a new large customer in Mexico.
Sysco announced a proposed merger with US Foods to create a world-class foodservice company with combined annual sales of $65 billion. The merger is expected to generate at least $600 million in annual synergies within 3-4 years by leveraging complementary strengths and achieving efficiencies. The transaction is valued at $8.2 billion and will be financed with $3 billion in Sysco equity, $0.5 billion in cash, and the assumption of US Foods' $4.7 billion net debt. The merger is anticipated to be immediately accretive to earnings and generate substantial cash flow and shareholder value over the long term.
Cardinal Health Q4 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported Q4 FY2016 revenue of $31.4 billion, a 14% increase over Q4 FY2015. Operating earnings increased 11% to $620 million.
- For FY2016, Cardinal Health reported record revenue of $121.5 billion, a 19% increase over FY2015. Operating earnings increased 14% to $2.5 billion.
- For FY2017, Cardinal Health expects revenue to increase in the high-single digit percentage range compared to FY2016. Non-GAAP diluted EPS is expected to be between $5.48 to $5.73.
Visa inc. q1 2016 financial results conference call presentationvisainc
Visa reported financial results for its fiscal first quarter of 2016, with the following key highlights:
- Net operating revenues increased 5% year-over-year to $3.6 billion.
- Net income was $1.9 billion, with adjusted net income of $1.7 billion.
- Payments volume grew 4% nominally to $1.3 trillion.
- The company repurchased $2 billion of stock and expects full year revenue growth in the high single to low double digits range.
Sysco provided a forward-looking statement regarding risks and uncertainties in its business, including risks related to the economy, inflation, deflation, currency fluctuations, international expansion, acquisitions, capital expenditures, and estimates for future periods. The statement notes that actual results may differ materially from forecasts due to general risks associated with the business, economic conditions, and factors beyond management's control.
The document summarizes DuPont's third quarter 2016 earnings conference call. Key points include:
- Revenue increased 1% to $4.9 billion due to 3% volume growth, offset by a 2% decline in local price and product mix.
- Operating earnings increased 162% to $0.34 per share, excluding significant items and non-operating pension costs.
- Segment operating earnings increased 40% to $607 million, driven by cost savings and volume growth across most segments.
- For full-year 2016, DuPont expects GAAP EPS of around $2.71, up 30%, and operating EPS of $3.25, up 17% from prior guidance.
3M reported financial results for the fourth quarter of 2015. GAAP EPS was $1.66, down 8.3% year-over-year. Excluding restructuring charges, EPS was $1.80, down 0.6% year-over-year. Sales were $7.3 billion, down 5.4% in dollar terms and 1.1% in organic local currency. Operating margins were 20.5%, down 100 basis points year-over-year but up 60 basis points excluding restructuring. The company returned $1.8 billion to shareholders through dividends and share repurchases.
Principal Financial Group reported second quarter 2017 earnings results. Some key highlights included:
- Record quarterly operating earnings of $384 million and record quarterly operating earnings per share of $1.31.
- Assets under management reached a record high of $629 billion, despite negative net cash flows in the second quarter.
- Over 80% of investment options performed in the top two Morningstar quartiles over three and five-year periods, demonstrating strong investment performance.
- The company continued to deploy capital through dividends, share repurchases, and increased ownership in a PGI boutique, while announcing a 15% increase to the third quarter dividend.
Sysco reported strong financial results for 4Q18 and FY18, exceeding the targets of its initial three-year plan. Total sales grew 6.1% to $58.7 billion for FY18, driven by local customer growth, new national customers, and acquisitions. Gross profit grew 5.0% for the year due to execution of strategic initiatives like increasing local case volume and expanding assortments. Adjusted operating income increased 8.4% to $2.5 billion for FY18 through top-line growth and managing expenses. The company remains confident in achieving the financial targets of its new three-year plan through fiscal 2020.
- Franklin Resources reported third quarter results, with Chairman and CEO Greg Johnson and CFO Ken Lewis presenting.
- Relative investment performance improved across major categories over the past year. Equity and hybrid product performance also improved over 1, 3, 5, and 10 year periods.
- Redemptions continued to slow and long-term net outflows broadly improved over the last four quarters.
Bill Delaney, President and CEO of Sysco, presented at the 2015 CAGNY Conference on February 19, 2015. Sysco is the global leader in foodservice distribution, with annualized sales approaching $50 billion. Sysco serves over 425,000 customers with over 400,000 products through its operating companies across North America and expanding internationally. Sysco's strategy focuses on partnering with customers, improving productivity, expanding product offerings, and developing its people.
- Oshkosh Corporation reported lower first quarter earnings compared to the previous year, with EPS of $0.19 versus $0.41, largely due to lower sales and results in the access equipment segment.
- For the full fiscal year, the company updated EPS guidance to a range of $2.20 to $2.60, reflecting timing delays of large international orders and lower expectations for the access equipment segment.
- Segment results were mixed, with improved performance in fire & emergency and defense offset by weakness in access equipment and caution in the commercial segment.
Sysco reported second quarter fiscal 2016 earnings results. Key points include:
- Sales increased 0.6% while gross profits grew 3.4% and gross margin increased 50 basis points.
- Adjusted operating income increased 10.2% reflecting strong execution across the business.
- Total broadline case growth was 3.4% and local case growth was 2.9%, showing progress against Sysco's three-year financial plan targets.
- Deflation accelerated during the quarter, driven by proteins and dairy, and is expected to continue for the remainder of the fiscal year.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
Aon plc reported first quarter 2015 results with the following highlights:
- Organic revenue growth of 3% in Risk Solutions and 4% in HR Solutions.
- Operating margins decreased in both segments due to foreign exchange impacts, though underlying operational improvements were achieved.
- EPS grew 7% to $1.37 despite a $0.15 unfavorable foreign exchange impact.
- Free cash flow improved significantly to $74 million compared to negative $66 million in Q1 2014.
The document summarizes DuPont's first quarter 2016 earnings conference call. Some key points:
- Operating earnings per share were flat at $1.26 compared to the previous year, but were up 8% excluding currency impacts. GAAP earnings per share grew 25%.
- Segment operating earnings declined 5% due to negative currency impacts of -4% and lower volumes of -2%.
- Lower corporate expenses and shares outstanding offset lower segment results and a higher tax rate to keep operating EPS flat.
- Segment results were negatively impacted by $0.10 per share from currency translation.
Brink's First Quarter 2016 Earnings Presentationinvestorsbrinks
Brink's reported first quarter 2016 earnings. Revenue declined 9% from negative currency impact, while operating profit also declined due to currency. However, Brink's reaffirmed 2016 guidance of $2.00-2.20 EPS and raised revenue outlook to $2.9 billion due to more favorable currency. Brink's expects organic profit growth in the US, Mexico, payments, and rest of world to drive profit towards the $190-210 million operating profit outlook range.
- Brink's reported fourth quarter 2015 non-GAAP EPS of $0.55, down from $0.58 in the prior year period. Revenue declined 14% to $733 million due to negative currency impacts.
- For the full year 2015, non-GAAP EPS was $1.69, up from $1.01 in 2014. Revenue declined 11% to $2,977 million, though organic revenue growth was 3%. Currency impacts reduced EPS by $0.64 and revenue by $467 million.
- The company expects 2016 non-GAAP EPS of $2.00-$2.20, driven by continued operating improvements, though currency is expected to reduce EPS by $0.
- Brink's reported fourth quarter 2015 non-GAAP EPS of $0.55, down from $0.58 in fourth quarter 2014 due to negative currency impacts offsetting operating improvements. Full year 2015 non-GAAP EPS was $1.69, up from $1.01 in 2014.
- The company provided 2016 non-GAAP EPS guidance of $2.00-$2.20, representing continued strong operating profit growth despite unfavorable currency impacts.
- Key initiatives in the U.S. segment include de-layering operations, fleet modernization, and continuous process improvement to drive margin expansion from 2.1% in 2015 to a targeted 4-5% range in 2016.
Brink's june 25 2018 investor presentation final 06222018investorsbrinks
The document is an investor presentation by Brink's, a global security company. It provides an overview of Brink's business and strategy. Some key points:
- Brink's operates in over 100 countries with over $3 billion in annual revenue and is the global leader in cash logistics.
- The strategy focuses on accelerating profitable growth through expanding higher-margin services, pursuing acquisitions, and introducing new technologies.
- Financial results for 2017 and Q1 2018 show strong growth in revenue, operating profit, margins, and earnings per share due to organic growth and acquisitions.
- The three-year strategic plan aims to increase organic adjusted EBITDA through initiatives to improve operations
Brink's june 5 2018 investor presentation final 06042018investorsbrinks
The document is an investor presentation by Brink's, a global security company. It provides an overview of Brink's business and strategy. Some key points:
- Brink's operates in over 100 countries and is the global leader in cash management services. It provides core cash services as well as high-value services like money processing and vault outsourcing.
- Brink's three-year strategic plan aims to accelerate profitable growth through organic growth initiatives and acquisitions. The plan targets adjusted EBITDA of $685 million by 2019 through both organic growth and synergistic acquisitions.
- Acquisitions are a key part of the strategy to expand in core markets. Recent and planned acqu
- Brink's is the world's largest cash management company, operating in 117 countries with $3.2 billion in revenue.
- The presentation outlines Brink's 3-year strategic plan to accelerate profitable growth through organic initiatives and acquisitions.
- Brink's achieved strong results in 2017, with revenue growth of 10% and adjusted EBITDA growth of 24%, and expects continued growth in 2018 and 2019.
Brink's september 2018 investor presentation v5 09062018investorsbrinks
The document is an investor presentation for Brink's Company that provides forward-looking information and non-GAAP financial results. It summarizes that Brink's anticipates revenue growth of 5% and adjusted EBITDA growth of 15-20% in 2018. It also outlines Brink's strategy to accelerate profitable growth through initiatives like growing high-value services, improving operational excellence, and introducing new technology-enabled services. Brink's provides a three-year strategic plan targeting 2019 adjusted EBITDA of $535 million through organic growth initiatives.
Aon reported its second quarter 2016 results, with the following highlights:
- Organic revenue grew 3% in Risk Solutions and 1% in HR Solutions. Retail Brokerage delivered strong 4% organic revenue growth, with 6% growth internationally.
- Risk Solutions operating margin increased 70 basis points due to organic revenue growth, favorable foreign exchange, and investments in data/analytics. HR Solutions margin declined 40 basis points due to expenses for future growth and divestitures.
- Earnings per share improved 6%, reflecting operational improvements and capital management.
- Year-to-date free cash flow increased 51% to $660 million, driven by higher operating cash flow and lower capital expenditures.
The document is an investor day presentation for Brink's, a global logistics and security company. It includes an agenda for presentations on the company's strategy, operations in various regions, technology initiatives, and financial review. The presentation outlines Brink's leadership, global footprint and market strength. It discusses the large cash market and Brink's leading position. The strategy focuses on accelerating profitable growth, introducing differentiated services, and achieving operational excellence to close gaps with competitors. Recent results show revenue declines due to currency and dispositions, but margin expansion.
- Aon plc reported third quarter 2014 results with key metrics showing continued progress including 3% organic revenue growth, stable 17.6% operating margin year-over-year, and 14% earnings per share growth to $1.29.
- Risk Solutions grew 1% organically while HR Solutions grew 7% organically, driven by strong 14% growth in HR Consulting.
- Operating margins were impacted by $27 million of unfavorable items in Risk Solutions but increased 110 bps in HR Solutions.
- Double-digit earnings growth was achieved through underlying performance despite currency headwinds.
Aon plc reported first quarter 2016 results with the following highlights:
- Organic revenue growth of 3% in both Risk Solutions and HR Solutions segments.
- Risk Solutions operating margin increased 100 basis points to 24.2% due to organic revenue growth and investments in data and analytics.
- HR Solutions operating margin decreased 140 basis points to 11.8% due to $20 million in transaction and portfolio repositioning costs.
- EPS of $1.35 was down 1% year-over-year due to unfavorable foreign exchange rates.
Aon plc reported third quarter 2018 results that showed continued positive performance across key metrics. Organic revenue growth was 6% in Q3 and 4% year-to-date, an acceleration from the prior year. Operating margin expanded 190 basis points to 18.5% in Q3 and 210 basis points year-to-date. Earnings per share grew 34% in Q3 and 29% year-to-date. The company is well positioned for long-term value creation through mid-single digit organic revenue growth, continued operating margin expansion, and double-digit free cash flow growth.
This document provides a summary of Barnes Group Inc.'s earnings for the first quarter of 2015. Key points include:
- Sales were $301 million, down 4% due to negative foreign exchange impacts offsetting 3% organic sales growth.
- Adjusted operating income was $44.7 million, up 5%, and adjusted operating margin was 14.9%, up 120 basis points.
- Adjusted earnings per share were $0.53, up 6% from the previous year.
- Backlog was flat at $728 million overall but up 4% in aerospace.
- Full year 2015 guidance forecasts 1-3% sales growth and increases in operating margin, earnings per share, and cash conversion.
Aon reported its second quarter 2018 results, with continued momentum across key metrics. Organic revenue grew 5% overall in Q2, driven by strong growth in Commercial Risk, Reinsurance, and Health solutions. Operating margin expanded 130 basis points in Q2, and earnings per share grew 31% year-over-year. Adjusted free cash flow grew 17% year-to-date, excluding impacts from restructuring initiatives. Aon is investing in innovation and a single operating model to drive further long-term growth and unlock significant shareholder value through increasing free cash flow and reducing shares outstanding.
1) Masonite reported strong growth in 1Q16 with net sales increasing 13% to $489.3 million and adjusted EBITDA growing 54% to $58.2 million.
2) All three of Masonite's reporting segments - North American Residential, Europe, and Architectural - experienced adjusted EBITDA growth in 1Q16 and double digit increases in net sales.
3) The improved results were driven by a stronger housing market in North America and solid execution across Masonite's business segments.
- Aon plc reported third quarter 2016 results with solid organic revenue growth and free cash flow.
- Risk Solutions organic revenue grew 3% and HR Solutions grew 4%, with 5% growth in both Americas Retail Brokerage and Outsourcing.
- Operating margin for Risk Solutions increased slightly due to revenue growth and foreign exchange impact, while HR Solutions margin declined due to legacy contract costs and portfolio repositioning.
- Earnings per share improved 4% through effective capital management and operational improvements. Year-to-date free cash flow increased 24% on strong cash flow from operations and lower capital expenditures.
- Aon reported its first quarter 2018 results on May 4, 2018.
- Organic revenue growth was 4% in both 2017 and 2016, up from 3% in 2015 and 2014, showing accelerating growth.
- The divestiture of outsourcing businesses provided $3 billion in capital to invest in high-growth, high-margin areas and further aligns the portfolio around clients' priorities.
- Aon reported 2% organic revenue growth in Q2 2015 for both its Risk Solutions and HR Solutions segments.
- Risk Solutions saw 4% organic growth in the Americas and solid growth in Asia, while HR Solutions saw 3% growth in both Consulting and Outsourcing.
- Operating margins increased 150 bps for Risk Solutions due to organic revenue growth and investments in data/analytics, while HR Solutions margins were flat as growth offset continued investments.
- EPS grew 11% excluding currency impacts, driven by operational improvements and share repurchases totaling $300 million.
Brink's 4 q&fy 2017 earnings slides final 02062018investorsbrinks
The document discusses Brink's financial results for the fourth quarter and full year of 2017 as well as its outlook for 2018 and 2019. Some key points:
- Revenue grew 13% in Q4 2017 and 10% for the full year, driven by 5% organic growth.
- Operating profit increased 15% in Q4 and 24% for the full year.
- 2018 guidance forecasts further growth with 8% revenue increase and operating profit rising 30-37%.
- The 2019 adjusted EBITDA target is $625 million, up from the initial 2019 target of $475 million set in 2017.
- Growth will come from organic initiatives in the U.S. and acquisitions, with a focus on
Aon plc reported third quarter 2015 results with the following highlights:
- Solid organic revenue growth of 1% in Risk Solutions and 5% in HR Solutions despite macroeconomic challenges.
- Operating margin increased 50 basis points in Risk Solutions and 90 basis points in HR Solutions.
- EPS grew 9% excluding impacts of foreign exchange and a one-time gain in prior year, driven by operational improvements.
- Year-to-date free cash flow grew 22% from improved working capital and lower pension/restructuring payments, partly offset by higher capital expenditures.
Similar to Brink's 2 q 2016 earnings slides final 07272016 (20)
Brink's third quarter 2018 results presentationinvestorsbrinks
Third quarter 2018 results saw revenue increase 3% to $852 million driven by 7% organic growth and 6% from acquisitions, offset by a 10% currency headwind. Operating profit grew 25% to $95 million and adjusted EBITDA increased 21% to $136 million. The company updated 2018 guidance with revenue expected to be around $3.45 billion, operating profit between $340-360 million, adjusted EBITDA of $500-520 million, and EPS of $3.20-3.40. Preliminary 2019 guidance anticipates continued strong growth across all metrics.
Brink's second quarter 2018 results presentation 07252018investorsbrinks
The document provides an overview of Brink's second quarter 2018 financial results. Some key points:
- Revenue increased 8% to $824 million, with 8% organic growth. Operating profit grew 25% to $76 million.
- North America operating profit increased 55% due to strong growth in the U.S. and Mexico. Margin expanded to 8.1%.
- South America saw 27% operating profit growth as organic revenue increased 20%, offsetting currency impacts.
- The Rest of World saw modest profit growth of 3% due to pricing pressures in France, offset by growth elsewhere.
- Full year 2018 guidance is revised to reflect currency impacts, with operating profit now expected to increase 25-
Brink's to acquire dunbar investor presentation final 05302018investorsbrinks
This document discusses Brink's acquisition of Dunbar Armored for $520 million to strengthen its U.S. operations. The acquisition combines the #2 and #4 largest U.S. cash management companies. Dunbar has $390 million in LTM revenue and $43 million in LTM adjusted EBITDA. Brink's expects to achieve $40-45 million in cost synergies. The acquisition is expected to be accretive in year 1 and add approximately $0.90 to non-GAAP EPS in year 2. The acquisition and other initiatives are expected to reduce Brink's effective tax rate beginning in 2019.
Brinks q1 2018 earnings slides final 04242018investorsbrinks
The document provides a summary of Brink's first quarter 2018 results. Key points include:
- Revenue increased 15% to $853 million, with 6% organic growth and 7% from acquisitions.
- Operating profit increased 34% to $72 million, with a margin of 8.4%.
- Adjusted EBITDA increased 25% to $110 million, with a margin of 12.9%.
- EPS increased 12% to $0.65.
- The company is on track to meet 2018 guidance and has set a 2019 adjusted EBITDA target of $625 million.
This document provides an overview of Brink's investor meeting held on March 15, 2018 in Dallas, Texas. It includes a safe harbor statement, CEO comments on Brink's leadership in secure logistics worldwide, and financial results for 2017. Brink's guidance for 2018 shows expected revenue growth of 8% and adjusted EBITDA growth of 30-37%. The company's strategic plan through 2019 aims to increase adjusted EBITDA to $625 million through organic growth and acquisitions.
Brink's investor presentation february 2018 final 02252018investorsbrinks
The document summarizes Brink's presentation at a conference on its global secure logistics business. It discusses Brink's 2017 financial results, three-year strategic plan to accelerate profitable growth through both organic initiatives and acquisitions, and recent acquisitions that expand its core markets. It also reviews Brink's capital structure and debt capacity to fund its acquisition strategy through 2022.
Brink's equity investor presentation december 2017 finalinvestorsbrinks
This document provides an investor presentation for Brink's, a global security and logistics company. It summarizes Brink's key investment highlights, including its leadership position in the cash management industry, strong new leadership, demonstrated results, global footprint, and growth strategy. Brink's strategic plan focuses on accelerating profitable growth through initiatives to improve operational excellence, introduce differentiated services, and pursue core and adjacent acquisitions to capture synergies and improve density. Financial targets through 2019 project increased adjusted EBITDA and decreasing leverage. Recent acquisitions are expected to contribute to growth.
The document summarizes Brink's presentation at a November 2017 leveraged finance conference. Some key points:
- Brink's is the global leader in secure logistics providing cash-in-transit, ATM services, and high-value services like vault outsourcing and money processing in over 100 countries.
- The company's strategy focuses on accelerating profitable growth through acquisitions and organic initiatives, introducing differentiated services, and achieving operational excellence.
- Brink's provided targets for 2019, including an operating margin over 11% and adjusted EBITDA over $475 million through organic growth and acquisitions completed through 2017.
The document provides an overview of Brink's, a global secure logistics company, ahead of investor meetings in August 2017. It discusses Brink's leadership position in the cash management market, growth strategy focused on profitable growth, operational excellence and introducing differentiated services, and strategic execution through organic initiatives and acquisitions. Brink's targets revenue of $3.3 billion and operating profit margin of 12.5% by 2019 through this strategy. Recent acquisitions are expected to contribute $175 million in additional revenue and $45 million in operating profit to the 2019 targets.
Brink's Second Quarter 2017 Earnings Presentationinvestorsbrinks
- The document provides an overview of Brink's financial results for the second quarter of 2017, highlighting strong improvement in revenue, operating profit, earnings and cash flow.
- Brink's raised its 2017 non-GAAP EPS guidance to $2.95 - $3.05 per share, including $0.09 from completed acquisitions, and raised its 2019 non-GAAP adjusted EBITDA target to $560 million, including $60 million from completed acquisitions.
- Brink's completed 4 acquisitions year-to-date through July 26th and expects the acquisition of Temis in France to close in the fourth quarter, with all acquisitions expected to be accret
Brink's is hosting investor meetings in June 2017. The document provides a safe harbor statement and discusses non-GAAP results. It then summarizes Brink's strategy to accelerate profitable growth through initiatives like growing high-value services, introducing differentiated services by leveraging technology, and achieving operational excellence. Financial targets for 2019 include 5% annual revenue growth to $3.275 billion, operating profit margin of around 10% ($330 million), and adjusted EBITDA margin of around 15% ($475 million). Segment contributions to the 2019 targets are also outlined.
The Brink's Company First Quarter 2017 Results Presentationinvestorsbrinks
The document provides an overview of Brink's first quarter 2017 financial results and outlook for 2017 and 2019. Some key points:
- Revenue increased 7% to $740 million in Q1 2017 driven by 7% organic growth.
- Operating profit increased 62% to $53 million in Q1 2017 with margins expanding from 4.7% to 7.1%.
- Full-year 2017 guidance raises revenue to $3 billion, operating profit to $235-245 million, and EPS to $2.55-2.65.
- Three-year strategic plan targets 2019 revenue of $3.3 billion, operating profit of $325 million, and EPS of $3.50, representing continued margin expansion
The document provides an overview of Brink's first quarter 2017 financial results and outlook. Some key points:
- Revenue increased 7% to $740 million in Q1 2017 driven by 7% organic growth.
- Operating profit increased 62% to $53 million and margins expanded from 4.7% to 7.1% in Q1 2017.
- EPS increased 84% to $0.57 in Q1 2017.
- The company raised its full-year 2017 EPS guidance to a range of $2.55 to $2.65, representing 17% growth at the midpoint.
- Brink's outlined targets for 2019 including revenue of $3.3 billion, operating profit of $325 million
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Bienestar Financiero al servicio de su jubilación anticipada
Pago de su 🏡
Estudio de sus hijos
Directamente a tu cuenta bancaria
Con Tesorería Auditoria Jurídica comercial
Administración de carteras
Apalancamiento Financiero
Desarrollo de tu marca personal
Acceso a Desarrollo de varias industrias
Cuentas bancarias
Estructuras Físicas en USA y en América Central
Avalado por Bolcomer
Puesto de Bolsa Comercial
Turismo
Y mucho más
Link de registro
https://business.myinfinity.global/maurod8/
https://therusnetwork.com/
Contacto:
https://goo.su/pzm1fja
2. 2
Safe Harbor Statement & Non-GAAP Results
These materials contain forward-looking information. Words such as "anticipate," "assume," "estimate," "expect," “target” "project," "predict," "intend," "plan," "believe," "potential,"
"may," "should" and similar expressions may identify forward-looking information. Forward-looking information in these materials includes, but is not limited to: 2016 GAAP and non-
GAAP outlook, including revenue, organic growth, operating profit, earnings per share, currency translation impact, tax rate and capital expenditures; margin rate outlook (including
for the U.S. and Mexico businesses); adjusted EBITDA and multiple; expected 2016 results and drivers (including in specific markets); and expectations regarding future cash
payments to the primary U.S. pension plan and related to UMWA liabilities; expected costs related to the company’s Ireland operations, and expected cost savings from
reorganization and restructuring activities. Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to
predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated. These risks, uncertainties and
contingencies, many of which are beyond our control, include, but are not limited to:
Our ability to improve profitability in our largest five markets; our ability to identify and execute further cost and operational improvements and efficiencies in our core businesses; our
ability to improve service levels and quality in our core business; continuing market volatility and commodity price fluctuations and their impact on the demand for our services; our
ability to maintain or improve volumes at favorable pricing levels and increase cost and productivity efficiencies, particularly in the United States and Mexico; investments in
information technology and adjacent businesses and their impact on revenue and profit growth; our ability to develop and implement solutions for our customers and gain market
acceptance of those solutions; our ability to maintain an effective IT infrastructure and safeguard confidential information; risks customarily associated with operating in foreign
countries including changing labor and economic conditions, currency restrictions and devaluations, safety and security issues, political instability, restrictions on, and cost of,
repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions; the strength of the U.S. dollar relative to foreign currencies and
foreign currency exchange rates; regulatory and labor issues in many of our global operations, including negotiations with organized labor and the possibility of work stoppages; our
ability to integrate successfully recently acquired companies and improve their operating profit margins; costs related to dispositions and market exits; our ability to identify evaluate
and pursue acquisitions and other strategic opportunities, including those in the home security industry and emerging markets; the willingness of our customers to absorb fuel
surcharges and other future price increases; our ability to obtain necessary information technology and other services at favorable pricing levels from third party service providers;
variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer; our ability to obtain appropriate insurance coverage,
positions taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, and changes in insurance costs;
costs associated with the purchase and implementation of cash processing and security equipment; employee and environmental liabilities in connection with our former coal
operations, including black lung claims incidence; the impact of the Patient Protection and Affordable Care Act on UMWA and black lung liability and the Company's ongoing
operations; changes to estimated liabilities and assets in actuarial assumptions due to payments made, investment returns, interest rates and annual actuarial revaluations, the
funding requirements, accounting treatment, investment performance and costs and expenses of our pension plans, the VEBA and other employee benefits, mandatory or voluntary
pension plan contributions; the nature of our hedging relationships; counterparty risk; changes in estimates and assumptions underlying our critical accounting policies; our ability to
realize deferred tax assets; the outcome of pending and future claims, litigation, and administrative proceedings; public perception of the Company's business and reputation; access
to the capital and credit markets; seasonality, pricing and other competitive industry factors; and the promulgation and adoption of new accounting standards and interpretations, new
government regulations and interpretation of existing regulations.
This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2015, and in our other public filings
with the Securities and Exchange Commission. The forward-looking information discussed today and included in these materials is representative as of today only and The Brink's
Company undertakes no obligation to update any information contained in this document.
These materials are copyrighted and may not be used without written permission from Brink's.
Today’s presentation is focused primarily on non-GAAP results. Detailed reconciliations of non-GAAP to GAAP results are provided in the appendix.
4. 4
• Doug Pertz
• Track record of value creation in multiple global businesses
• Experience in route-based global logistics businesses serving financial institutions
• Successful investments in IT to drive internal productivity and expand customer offerings
• Objective: Restore credibility and confidence among all stakeholders
• Investors – Deliver performance…grow cash flows and valuation multiples
• Customers – Add value beyond price through operational improvement, service offerings and technology
• Employees – Close the gap with competitors, drive operational excellence, restore pride in the iconic Brink’s
brand
• Management Changes
• CEO leads U.S.
• New CFO, CIO
• Organizational structure and management changes to sharpen focus and accelerate improvement throughout
global markets
CEO Introduction
5. 5
Second-Quarter 2016 Non-GAAP Results (vs. 2015)
• 5% organic revenue growth
• 5.3% operating margin, up 120 bps; (6.0% excluding currency)
• Trailing 12 months Adjusted EBITDA $284 million; 9.9% EBITDA margin, up 80 bps
• EPS $.38 vs $.30, up 27%
• Negative currency impact: $56 million on revenue; $9 million on operating profit; $.10 on EPS
2016 Guidance
• 5% organic revenue growth to $2.9 billion, offset by negative currency and dispositions
• Margin 6.4% - 6.9%, up 110 - 160 bps from 5.3% in 2015
• Adjusted EBITDA $305 - $330 million, up 5% - 13% from 2015
• EPS $1.95 - $2.10, up 15% - 24% from $1.69 in 2015
• Negative currency impact: $182 million on revenue; $20 million on operating profit; $.24 on EPS
Summary of Results and Outlook
Note: See reconciliation to GAAP results in Appendix
7. 7
U.S. & Mexico: 2Q16 Results
($ Millions, except %)
2Q16
• Higher fleet costs
• Lower volume/revenue
Full-year outlook
• Operating profit $5 - $15
• 2H16 vs 1H16
• Lower fleet costs, increased new solutions revenue,
revenue capture improvement
• Labor efficiencies fund staffing increases to improve
service and execute process improvements
2Q16
• Revenue growth in retail and Global Services
• Volume offset by new business costs
Full-year outlook
• Retail revenue growth
• Full-year operating margin rate ~7%
$183
Revenue Op Profit
Organic
Growth (1)% Margin (0.8)%
$77
$3
Revenue Op Profit
Organic
Growth 7% Margin 4.0%
($2)
U.S. Mexico
Revenue Op Profit
8. 8
France, Brazil & Canada: 2Q16 Results
$108
$10
Revenue Op Profit
France Brazil Canada
$67
$3
Revenue Op Profit
$38
$1
Revenue Op Profit
Organic
Growth (1)% Margin 9.4%
Organic
Growth 13% Margin 3.7%
Organic
Growth 1% Margin 3.7%
($ Millions, except %)
• Slight revenue decline in
guarding activities
• Profit growth from cash
management line of business
• Expect solid full-year profit
growth on flat revenue
• Solid volumes as price covers
inflation
• Strong productivity from cost
actions and process
improvements
• Expect full-year margin similar
to 2015
• Expect strong second-half
volume and profit growth from
commercial wins
9. 9
• Revenue decline from Ireland
disposition and Global
Services volume
• Strong margin rate
improvement from disposition
of Ireland
Global Markets: 2Q16 Results
$96
$10
Revenue Op Profit
$85
$21
Revenue Op Profit
$42
$7
Revenue Op Profit
Organic
Growth (3)% Margin 10.3%
Organic
Growth 23% Margin 24.5%
Organic
Growth 9% Margin 16.9%
EMEA Latin America Asia
($ Millions, except %)
• Organic revenue growth from
Argentina and Chile
• Argentina and Chile organic
profit growth significantly
offset by currency
• Continued margin expansion
in Chile
• Maintained strong margins on
strong revenue growth
10. 10
Non-GAAP Cash Flow, Capital Investment and Net Debt
$37
$14
$343
$323
6/30/2015 6/30/2016
Net DebtCFOA (Excluding Venezuela)
Note: See reconciliation to GAAP results in Appendix.
$41
$55
YTD 2015 YTD 2016
Capital Expenditures &
Capital Leases
($ Millions)
1H15 1H16 1H15 1H16
11. 11
Adjusted EBITDA and Valuation Multiple
Adjusted 2014 2015 2016 Outlook
EBITDA $272 $291 $305 - 330
EBITDA % 8.1% 9.8% 10.5% - 11.4%
7.5*
8.8*
9.4*
Peer A Peer B Peer C
5.6 5.7
6.1
Dec 2014 Dec 2015 Jun 2016
Adjusted EBITDA Multiple
Trailing 12 Months
* Trailing 12 months as of 3/31/16 or 12/31/15
Brink’s
Adjusted EBITDA Multiple
($ Millions)
Source: Publicly available peer financial information
Peers
12. 12
124
157
185 - 200
3.7%
5.3%
6.4% - 6.9%
2014 2015 2016 Outlook
-20
-15
-10
-5
0
5
10
-25
25
75
125
175
225
275
2014 2015 2016 Outlook
Note: See reconciliation to GAAP results in Appendix
Continued Improvement Expected in 2016
Non-GAAP Operating Profit
Margin
2016 Non-GAAP Outlook
• Revenue $2.9 billion
• EPS $1.95 - $2.10
• Margin 6.4% - 6.9%
• Adjusted EBITDA $305 to $330 million
• Argentina, Chile and Payments drive organic profit growth
• Unfavorable currency impact on operating profit of ~$20
primarily from Argentina
($ Millions, except % and per share amounts)
Changes from 2016 Prior Guidance
• Operating profit of $185 - $200 (vs. $190 - $210)
• U.S. operating profit $5 - $15 (vs $15 - $25)....4Q
approaching 5% margin rate
• Mexico margin rate ~7% (vs ~10%)
• Rest of world better by $10 to $15
• Currency uncertainty could negatively impact
• EPS $1.95 - $2.10 (vs. $2.00 - $2.20)
13. 13
• Brink’s is a great opportunity
• Immediate focus…
• See operations, meet people, meet customers, learn
• Develop “the right vision, right strategy, right team”
• Develop plan, process and metrics to drive shareholder value
• Communicate long-range plan and targets
• Execute
CEO Summary
19. 19
Legacy Liabilities – Underfunding at December 31
($ Millions)
Primary U.S. Pension UMWA
$(113)
$(108)
$(114)
2013 2014 2015
Primary U.S. Pension
$(142)
$(197)
$(206)
2013 2014 2015
UMWA
20. 20
Estimated Cash Payments: $0 to Primary U.S. Pension until 2020
$0 to UMWA until 2027
($ Millions)
Payments to Primary U.S. Pension Payments to UMWA
• Prepaid 2015 and 2016 pension payments in 3Q14
− Accelerated de-risking of invested asset allocation
− Reduced PBGC premiums (current borrowing costs are lower than PBGC premiums)
− No cash payments expected until 2020 based on actuarial assumptions at 12/31/2015
− Remeasurement occurs every year-end with 10K filing
• No cash payments to UMWA expected until 2027
$0
$9
$21
$17
$5
2015 2020 2021 2022 2023
$0
$3
2015 2027
22. 22
Other Items Not Allocated to Segments
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)
(In millions)
Brink’s measures its segment results before income and expenses for corporate activities and for certain other items. A summary of the
other items not allocated to segment results is below.
2015 2016
1Q 2Q 3Q 4Q Full Year 1Q 2Q First Half
Revenues:
Venezuela operations $ 20.5 12.2 19.3 32.5 84.5 $ 32.1 21.5 53.6
Acquisitions and dispositions - - - - - 0.8 1.5 2.3
Revenues $ 20.5 12.2 19.3 32.5 84.5 $ 32.9 23.0 55.9
Operating profit:
Venezuela operations $ (17.9) (39.1) (0.8) 10.1 (47.7) $ 1.8 0.9 2.7
Reorganization and
Restructuring (1.5) 1.2 (2.9) (12.1) (15.3) (6.0) (2.1) (8.1)
U.S. and Mexican retirement
plans (8.3) (7.6) (8.0) (7.3) (31.2) (7.3) (8.1) (15.4)
Acquisitions and dispositions - 0.3 - (6.3) (6.0) (5.8) (6.5) (12.3)
Operating profit $ (27.7) (45.2) (11.7) (15.6) (100.2) $ (17.3) (15.8) (33.1)
23. 23
Other Items Not Allocated to Segments
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)
Venezuela operations We have excluded from our segment results all of our Venezuela operating results, including expenses related to currency
devaluations of $7.4 million and $26.6 million in the first half of 2016 and 2015, respectively, due to management’s inability to allocate, generate or
redeploy resources in-country or globally. In light of these unique circumstances, our operations in Venezuela are largely independent of the rest
of our global operations. As a result, the Chief Executive Officer, the Company's Chief Operating Decision Maker ("CODM"), assesses segment
performance and makes resource decisions by segment excluding Venezuela operating results. Additionally, management believes excluding
Venezuela from segment results makes it possible to more effectively evaluate the company’s performance between periods.
Factors considered by management in excluding Venezuela results include:
• Continued inability to repatriate cash to redeploy to other operations or dividend to shareholders
• Highly inflationary environment
• Fixed exchange rate policy
• Continued currency devaluations and
• Difficulty raising prices and controlling costs
Reorganization and Restructuring Brink’s reorganized and restructured its business in December 2014, eliminating the management roles and
structures in its former Latin America and EMEA regions and implementing a plan to reduce the cost structure of various country operations by
eliminating approximately 1,700 positions across its global workforce. Severance costs of $21.8 million associated with these actions were
recognized in 2014. An additional $0.3 million was recognized in the first half of 2015 related to the 2014 restructuring. The restructuring saved
annual direct costs of approximately $50 million in 2015 compared to 2014, excluding charges for severance, lease termination and accelerated
depreciation. Brink's initiated an additional restructuring of its business in the third quarter of 2015. We recognized $4.4 million of costs in the first
six months of 2016 related to employee severance, contract terminations and lease terminations associated with the 2015 restructuring, which is
expected to reduce the global workforce by approximately 1,000 positions and is projected to result in $20 to $25 million in 2016 cost savings. In
the fourth quarter of 2015, we recognized $1.8 million in charges related to Executive Leadership and Board of Directors restructuring actions,
which were announced in January 2016. We recognized $3.8 million in charges in the first six months of 2016 related to these restructuring
actions. All expenses related to the Executive Leadership and Board of Directors restructuring actions have been paid in cash as of June 30,
2016.
U.S. and Mexican retirement plans Because our U.S. retirement plans are frozen, costs related to these plans have not been allocated to
segment results. Mexico is the only operating segment in which employee termination benefits are accounted for as retirement benefits under
FASB ASC Topic 715, Compensation — Retirement Benefits. As a result, settlement charges related to these termination benefits have not been
allocated to segment results.
24. 24
Other Items Not Allocated to Segments
The Brink’s Company and subsidiaries
Other Items Not Allocated to Segments (Unaudited)
Acquisitions and dispositions Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and
are special in nature are consistently excluded from non-GAAP results. Due to management's decision in the first quarter of 2016 to exit the
Republic of Ireland, the prospective impacts of shutting down this operation are included in items not allocated to segments and are excluded from
the operating segments effective March 1, 2016. This activity is also excluded from the consolidated non-GAAP results. Beginning May 1, 2016,
due to management's decision to also exit Northern Ireland, the results of shutting down these operations are treated similarly to the Republic of
Ireland. Revenues from both Ireland operations to be shut down in 2016 were approximately $20 million in 2015. Charges included in our GAAP
results include $4.6 million in severance costs, $1.8 million in property impairment charges and an additional $4.0 million in operating and other
exit costs. These costs have been excluded from our segment and our consolidated non-GAAP results. Brink's expects it could recognize
additional operating and disposition-related costs of up to approximately $5 million later this year. International shipments to and from Ireland will
continue to be provided through Brink’s Global Services. We also recognized a $2.0 million loss related to the sale of corporate assets in the
second quarter of 2016.
25. 25
Non-GAAP Reconciled to GAAP
The Brink’s Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for percentages and per share amounts)
Amounts may not add due to rounding. See [slide 24] for footnote explanations.
2015 2016
1Q 2Q 3Q 4Q Full Year 1Q 2Q First Half
Revenues:
Non-GAAP $755.6 748.1 739.9 733.3 2,976.9 $688.9 716.5 1,405.4
Other items not allocated to segments(a) 20.5 12.2 19.3 32.5 84.5 32.9 23.0 55.9
GAAP $776.1 760.3 759.2 765.8 3,061.4 $721.8 739.5 1,461.3
Operating profit (loss):
Non-GAAP $40.6 30.6 37.0 48.6 156.8 $31.1 37.9 69.0
Other items not allocated to segments(a) (27.7) (45.2) (11.7) (15.6) (100.2) (17.3) (15.8) (33.1)
GAAP $12.9 (14.6) 25.3 33.0 56.6 $13.8 22.1 35.9
Taxes:
Non-GAAP $13.4 9.7 12.2 17.0 52.3 $10.2 13.1 23.3
Other items not allocated to segments(a) (3.9) - (1.5) 19.6 14.2 (2.0) 0.6 (1.4)
Income tax rate adjustment(b) 6.0 (2.1) 3.4 (7.3) - 1.2 0.8 2.0
GAAP $15.5 7.6 14.1 29.3 66.5 $9.4 14.5 23.9
Noncontrolling interests:
Non-GAAP $0.8 1.8 0.8 1.5 4.9 $1.1 1.6 2.7
Other items not allocated to segments(a) (6.2) (16.5) (1.4) 2.9 (21.2) 1.1 1.2 2.3
Income tax rate adjustment(b) (1.1) 1.2 0.2 (0.3) - 0.4 0.3 0.7
GAAP $(6.5) (13.5) (0.4) 4.1 (16.3) $2.6 3.1 5.7
Non-GAAP Margin 5.4% 4.1% 5.0% 6.6% 5.3% 4.5% 5.3% 4.9%
26. 26
Non-GAAP Reconciled to GAAP
The Brink’s Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for percentages and per share amounts)
a) See “Other Items Not Allocated To Segments” on slides 22-24 for pretax amounts and details. Other Items Not Allocated To Segments for noncontrolling interests, income from
continuing operations attributable to Brink's and EPS are the effects of the same items at their respective line items of the consolidated statements of operations.
b) Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-
GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 39.0% for 2016 and was 37.0% for 2015.
c) For non-GAAP EPS on a constant currency basis, EPS is calculated for the most recent period at the prior period's foreign currency rates to eliminate the currency impact on EPS.
Amounts may not add due to rounding. See slide 24 for footnote explanations.
2015 2016
Income from continuing operations attributable to Brink's: 1Q 2Q 3Q 4Q Full Year 1Q 2Q First Half
Non-GAAP $ 21.9 14.8 20.1 27.4 84.2 $ 14.9 19.0 33.9
Other items not allocated to segments(a) (17.6) (28.7) (8.8) (38.2) (93.3) (16.4) (17.6) (34.0)
Income tax rate adjustment(b) (4.9) 0.9 (3.6) 7.6 - (1.6) (1.1) (2.7)
GAAP (0.6) (13.0) 7.7 (3.2) (9.1) (3.1) 0.3 (2.8)
Reconciliation to net income (loss):
Discontinued operations (2.4) 0.1 (0.1) (0.4) (2.8) - - -
Net income (loss) attributable to Brink's $ (3.0) (12.9) 7.6 (3.6) (11.9) $ (3.1) 0.3 (2.8)
EPS:
Non-GAAP $ 0.44 0.30 0.40 0.55 1.69 $ 0.30 0.38 0.68
Other items not allocated to segments(a) (0.36) (0.58) (0.18) (0.77) (1.87) (0.33) (0.34) (0.68)
Income tax rate adjustment(b) (0.10) 0.02 (0.07) 0.15 - (0.03) (0.02) (0.05)
GAAP $ (0.01) (0.26) 0.16 (0.07) (0.19) $ (0.06) 0.01 (0.06)
27. 27
Non-GAAP Reconciled to GAAP
The Brink’s Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for percentages and per share amounts)
Amounts may not add due to rounding. See slide 24 for footnote explanations.
YTD'15 YTD'16
Pre-tax Tax
Effective tax
rate Pre-tax Tax
Effective tax
rate
Effective Income Tax Rate
Non-GAAP $ 62.4 23.1 37.0% $ 59.9 23.3 38.9%
Other items not allocated to segments(a) (72.9) (3.9) (33.1) (1.4)
Income tax rate adjustment(b) - 3.9 - 2.0
GAAP $ (10.5) 23.1 (220.0%) $ 26.8 23.9 89.2%
2016
2Q
EPS:
Constant currency basis - Non-GAAP $ 0.48
Effect of changes in currency exchange rates(c) (0.10)
Non-GAAP 0.38
Other items not allocated to segments(a) (0.34)
Income tax rate adjustment(b) (0.02)
GAAP $ 0.01
28. 28
Non-GAAP Reconciliation – Outlook
The Brink’s Company and subsidiaries
Reconciliation of Non-GAAP to GAAP 2016 Outlook (Unaudited)
(In millions)
Amounts may not add due to rounding.
a) Non-GAAP outlook excludes the impacts of Venezuela operations and acquisitions and dispositions.
b) Non-GAAP outlook excludes the impacts of Venezuela operations, reorganization and restructuring, U.S. and Mexican retirement plans, and acquisitions and dispositions.
c) Non-GAAP outlook excludes the impacts of Venezuela operations.
d) The 2016 Non-GAAP outlook amounts for provision for income taxes, income (loss) from continuing operations, EPS from continuing operations, the effective income tax rate and Adjusted EBITDA
cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the
related exchange rates used to measure those operations. The impact of Venezuela operations and related exchange rates during the remainder of 2016 could be significant to our full-year GAAP
provision for income taxes, and, therefore, to income (loss) from continuing operations, EPS from continuing operations, the effective income tax rate and Adjusted EBITDA.
2016 Non-GAAP
Outlook(d)
Other Items Not
Allocated to
Segments
2016 GAAP
Outlook
Revenues(a) ~2,900 50 ~2,950
Operating profit (loss)(b) 185 – 200 (50) 135 – 150
Nonoperating expense(a) (17) — (17)
Provision for income taxes(b) (66) – (71) — —
Noncontrolling interests(c) (5) – (7) (3) (8) – (10)
Income (loss) from continuing operations(b) 97– 107 — —
EPS from continuing operations(b) 1.95 – 2.10 — —
Operating profit margin(b) 6.4% – 6.9% (1.8)% 4.6% – 5.1%
Effective income tax rate(b) 39.0% — —
Fixed asset acquired
Capital expenditures(c) 95 – 105 5 100 – 110
Capital leases 35 — 35
Total 130 – 140 5 135 – 145
Depreciation and amortization of fixed assets 125 – 135 — 125 – 135
Adjusted EBITDA 305– 330 — —
29. 29
Non-GAAP Reconciliation – Cash Flows
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations –Cash Flow (Unaudited)
(In millions)
a) To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure Cash Management Services
operations. The title to this cash transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not
consider it as available for general corporate purposes in the management of our liquidity and capital resources.
Non-GAAP cash flows from operating activities is a supplemental financial measure that is not required by, or presented in accordance with GAAP. The purpose of this
Non-GAAP measure is to report financial information excluding cash flows from Venezuela operations, the impact of cash received and processed in certain of our
Cash Management Services operations and without cash flows from discontinued operations. We believe this measure is helpful in assessing cash flows from
operations, enables period-to-period comparability and is useful in predicting future operating cash flows. This Non-GAAP measure should not be considered as an
alternative to cash flows from operating activities determined in accordance with GAAP and should be read in conjunction with our consolidated statements of cash
flows.
2016 2015
Cash flows from operating activities - GAAP 13.4$ 42.6
Cash (inflows) outflows from Venezuela operations (14.0) (0.7)
Decrease (increase) in certain customer obligations(a)
14.7 (6.7)
Cash outflows related to discontinued operations - 2.0
Cash flows from operating activities - Non-GAAP basis 14.1$ 37.2
Six Months
30. 30
Non-GAAP Reconciliation – Net Debt
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations – Net Debt (Unaudited)
(In millions)
a) Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. The cash is generally
credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital
resources and in our computation of Net Debt.
Net Debt is a supplemental non-GAAP financial measure that is not required by, or presented in accordance with GAAP. We use Net Debt as a measure of our financial
leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt should not be considered as an alternative to Debt
determined in accordance with GAAP and should be reviewed in conjunction with our consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-
GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP.
Net Debt excluding cash and debt in Venezuelan operations was $330 million at June 30, 2016, and $348 million at June 30, 2015. Net Debt decreased by $21 million
primarily due to positive cash flows over the last 12 months to fund investing activities and pay down long-term debt.
June 30, June 30,
(In millions) 2016 2015
Debt:
Short-term debt 77.2$ 40.5
Long-term debt 405.3 449.6
Total Debt 482.5 490.1
Less:
Cash and cash equivalents 169.6 173.2
Amounts held by Cash Management Services operations(a)
(9.6) (26.4)
Cash and cash equivalents available for general corporate purposes 160.0 146.8
Net Debt 322.5$ 343.3
31. 31
Non-GAAP Reconciliation – Items Impacting Adjusted
EBITDA
The Brink’s Company and subsidiaries
Adjusted EBITDA (Unaudited)
(In millions)
a) Non-GAAP amounts exclude the impact of "Other Items Not Allocated to Segments" on the respective line items on the consolidated statements of operations.
b) See slides 25-26 for reconciliation of 2015 and 2016 non-GAAP revenue and non-GAAP income from continuing operations to GAAP revenue and GAAP net income (loss).
See slide 32 for reconciliation of 2014 non-GAAP revenue and non-GAAP income from continuing operations to GAAP revenue and GAAP net income (loss).
2014 2015 2016
1Q 2Q 3Q 4Q Full Year 1Q 2Q 3Q 4Q Full Year 1Q 2Q First Half
Adjusted EBITDA
Income from continuing operations - Non-GAAP(a)(b) $7.3 8.1 5.7 28.3 49.4 $21.9 14.8 20.1 27.4 84.2 $14.9 19.0 33.9
Interest expense - Non-GAAP(a) 5.7 5.9 6.6 5.1 23.3 4.9 4.7 4.8 4.5 18.9 4.8 4.9 9.7
Income tax provision - Non-GAAP(a) 6.9 8.5 6.7 24.8 46.9 13.4 9.7 12.2 17.0 52.3 10.2 13.1 23.3
Depreciation and amortization - Non-GAAP(a) 38.9 38.9 37.5 37.1 152.4 34.9 34.5 33.1 33.5 136.0 32.1 32.7 64.8
Adjusted EBITDA $58.8 61.4 56.5 95.3 272.0 $75.1 63.7 70.2 82.4 291.4 $62.0 69.7 131.7
32. 32
Non-GAAP Reconciliation – Items Impacting Adjusted
EBITDA
The Brink’s Company and subsidiaries
Non-GAAP Results Reconciled to GAAP - Other (Unaudited)
(In millions)
a) Refer to the 2015 Fourth Quarter press release exhibit 99.1 on Form 8-K filed February 4, 2016 for details
b) Non-GAAP income from continuing operations has been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax
rate. The full-year non-GAAP effective tax rate was 45.7% for 2014.
2014
1Q 2Q 3Q 4Q Full Year
Revenues:
Non-GAAP $ 818.3 836.7 847.4 848.1 3,350.5
Other items not allocated to segments(a) 131.3 22.3 25.1 33.1 211.8
GAAP $ 949.6 859.0 872.5 881.2 3,562.3
Income from continuing operations attributable to Brink's:
Non-GAAP $ 7.3 8.1 5.7 28.3 49.4
Other items not allocated to segments(a) (59.9) (10.3) 20.5 (54.5) (104.2)
Income tax rate adjustment(b) (6.4) 3.1 2.6 0.7 -
GAAP (59.0) 0.9 28.8 (25.5) (54.8)
Reconciliation to net income (loss):
Discontinued operations 0.5 0.7 (8.6) (21.7) (29.1)
Net income (loss) attributable to Brink's $ (58.5) 1.6 20.2 (47.2) (83.9)
33. 33
Non-GAAP Reconciliation – Other
The Brink’s Company and subsidiaries
Non-GAAP Reconciliations – Other Amounts (Unaudited)
(In millions)
Fixed Assets Acquired
2012 2013 2014 2015 2015 2016
Capital expenditures - GAAP 170.8 172.9 136.1 101.1 35.2 45.0
Assets aquired under capital lease - GAAP 18.2 5.4 12.1 18.9 6.2 12.7
Fixed assets acquired - GAAP 189.0 178.3 148.2 120.0 41.4 57.7
Venezuela fixed assets acquired (12.6) (9.0) (5.4) (4.3) (0.9) (2.5)
Fixed assets acquired - Non-GAAP 176.4 169.3 142.8 115.7 40.5 55.2
Depreciation
Depreciation - GAAP 141.2 159.4 156.4 135.7
Venezuela depreciation (7.6) (9.0) (9.5) (3.9)
Depreciation - Non-GAAP 133.6 150.4 146.9 131.8
Reinvestment Ratio 1.3 1.1 1.0 0.9
Full Year Six Months