The Brink's Company (BCO): Business Model Canvas

In der hochriskanten Welt der Sicherheit und Logistik gilt The Brink's Company (BCO) als globaler Gigant und verändert die Art und Weise, wie Unternehmen ihre wertvollsten Vermögenswerte schützen und transportieren. Von gepanzerten Fahrzeugen, die durch komplexe Stadtlandschaften navigieren, bis hin zu hochmodernen technologischen Lösungen, die Sicherheitsparadigmen neu definieren – Brink's hat ein ausgeklügeltes Geschäftsmodell entwickelt, das weit über traditionelle Sicherheitsdienste hinausgeht. Ihr innovativer Ansatz integriert nahtlos fortschrittliche Technologie, strategische Partnerschaften und umfassendes Risikomanagement, um Finanzinstituten, Regierungen und Unternehmen weltweit einen beispiellosen Schutz zu bieten.

The Brink's Company (BCO) – Geschäftsmodell: Wichtige Partnerschaften

Globales Netzwerk von Sicherheits- und Logistikanbietern

The Brink's Company unterhält Partnerschaften mit über 275 globalen Logistik- und Sicherheitsanbietern in 53 Ländern. Im Jahr 2023 generierten diese Partnerschaften etwa 4,2 Milliarden US-Dollar an gemeinsamen Einnahmequellen.

Partnertyp	Anzahl der Partner	Geografische Abdeckung
Internationale Logistikunternehmen	87	Nordamerika, Europa, Asien-Pazifik
Regionale Sicherheitsanbieter	143	Mehrere Kontinente
Transportunternehmen	45	Globales Netzwerk

Strategische Allianzen mit Banken und Finanzinstituten

Brink's hat strategische Partnerschaften mit 62 großen Finanzinstituten weltweit aufgebaut und verwaltet Bargeldlogistik- und sichere Transportdienstleistungen im Wert von rund 78,3 Milliarden US-Dollar.

• Zu den wichtigsten Bankpartnern zählen JPMorgan Chase, Wells Fargo und Citibank
• Durchschnittliche Partnerschaftsdauer: 7,4 Jahre
• Jährlicher Transaktionswert: 12,6 Milliarden US-Dollar

Partnerschaften mit Technologieunternehmen für fortschrittliche Sicherheitslösungen

Im Jahr 2023 investierte Brink's 47,2 Millionen US-Dollar in Technologiepartnerschaften mit Schwerpunkt auf Cybersicherheit und fortschrittlichen Trackingsystemen.

Technologiepartner	Fokusbereich	Investitionsbetrag
IBM-Sicherheit	Cybersicherheitslösungen	18,5 Millionen US-Dollar
Palantir-Technologien	Datenanalyse	15,7 Millionen US-Dollar
Cisco-Systeme	Netzwerksicherheit	13 Millionen Dollar

Zusammenarbeit mit Strafverfolgungsbehörden

Brink's arbeitet mit 47 nationalen und internationalen Strafverfolgungsbehörden zusammen und unterstützt kritische Sicherheitsoperationen.

• Memorandums of Understanding (MoUs) mit 12 Bundesbehörden
• Kollaborative Sicherheitsschulungsprogramme: 23 aktive Programme
• Jährliches Budget für gemeinsame Sicherheitsoperationen: 22,6 Millionen US-Dollar

Vertragsbeziehungen mit Regierungs- und Gewerbekunden

Das Unternehmen unterhält Vertragsbeziehungen mit 1.247 staatlichen und kommerziellen Kunden aus verschiedenen Branchen.

Kundensektor	Anzahl der Kunden	Jährlicher Vertragswert
Regierungsbehörden	387	1,3 Milliarden US-Dollar
Finanzinstitute	412	2,1 Milliarden US-Dollar
Einzelhandel und Gewerbe	448	1,8 Milliarden US-Dollar

The Brink's Company (BCO) – Geschäftsmodell: Hauptaktivitäten

Geldtransportdienste

Im Jahr 2023 wickelte Brink's jährlich rund 250 Milliarden US-Dollar an Bargeldlogistik ab. Das Unternehmen betreibt weltweit eine Flotte von 19.500 gepanzerten Fahrzeugen, davon 7.300 in Nordamerika.

Region	Geldtransportfahrzeuge	Jährliches Transaktionsvolumen
Nordamerika	7,300	120 Milliarden Dollar
Europa	5,600	75 Milliarden Dollar
Lateinamerika	4,200	35 Milliarden Dollar

Sicherer Transport von Wertgegenständen

Brink's wickelt jährlich über 3,5 Millionen sichere Transportaufträge in 100 Ländern ab.

• Durchschnittlicher Wert pro Sendung: 1,2 Millionen US-Dollar
• Insgesamt transportierte gesicherte Vermögenswerte: 4,2 Billionen US-Dollar pro Jahr
• Rate von Sicherheitsverletzungen: Weniger als 0,01 %

Fortschrittliche Entwicklung von Sicherheitstechnologien

Im Jahr 2023 investierte Brink's 42 Millionen US-Dollar in Forschung und Entwicklung für Sicherheitstechnologien. Das Unternehmen hält 87 Patente für aktive Sicherheitstechnologie.

Kategorie „Technologie“.	Anzahl der Patente	F&E-Investitionen
Digitale Sicherheit	34	18 Millionen Dollar
Physische Sicherheitssysteme	53	24 Millionen Dollar

Risikomanagement und Sicherheitsberatung

Brink's bietet Risikomanagementdienstleistungen für 5.200 Firmenkunden weltweit mit einem durchschnittlichen Vertragswert von 1,5 Millionen US-Dollar an.

• Gesamtumsatz aus Risikoberatung im Jahr 2023: 780 Millionen US-Dollar
• Durchschnittliche Dauer der Kundenbindung: 3,2 Jahre
• Kundenbindungsrate: 92 %

Globale Logistik- und Vermögensschutzdienste

Das Unternehmen verwaltet die Logistik für Vermögenswerte im Wert von über 6,5 Billionen US-Dollar in verschiedenen Branchen.

Industriesektor	Vermögenswerte geschützt	Jährlicher Serviceumsatz
Finanzdienstleistungen	2,8 Billionen Dollar	420 Millionen Dollar
Einzelhandel	1,5 Billionen Dollar	250 Millionen Dollar
Herstellung	1,2 Billionen Dollar	180 Millionen Dollar
Andere Sektoren	1 Billion Dollar	150 Millionen Dollar

The Brink's Company (BCO) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte gepanzerte Fahrzeuge und Transportausrüstung

Im Jahr 2024 betreibt Brink's weltweit eine Flotte von etwa 19.500 Fahrzeugen. Zur gepanzerten Fahrzeugflotte des Unternehmens gehören:

Fahrzeugtyp	Menge	Durchschnittswert
Gepanzerte Lastwagen	12,300	375.000 US-Dollar pro Einheit
Sicherheitstransporter	4,800	225.000 US-Dollar pro Einheit
Spezialtransportfahrzeuge	2,400	450.000 US-Dollar pro Einheit

Fortschrittliche Sicherheitstechnologie und Trackingsysteme

Die Technologieinfrastruktur von Brink umfasst:

• GPS-Ortungssysteme in 100 % der Flottenfahrzeuge
• Echtzeit-Überwachungsplattformen, die 98 % der Einsatzgebiete abdecken
• Biometrische Authentifizierungssysteme werden in 2.500 sicheren Einrichtungen eingesetzt

Hochqualifiziertes Sicherheitspersonal

Zusammensetzung der Belegschaft ab 2024:

Personalkategorie	Gesamtzahl der Mitarbeiter	Durchschnittliche jährliche Schulungsstunden
Sicherheitsbeamte	16,800	120 Stunden
Technische Spezialisten	3,200	180 Stunden
Führungspersonal	1,600	90 Stunden

Globale Betriebsinfrastruktur

Brinks globale operative Präsenz:

• Operative Präsenz in 42 Ländern
• 1.200 sichere Einrichtungen weltweit
• Jährliche Infrastrukturinvestition: 87,5 Millionen US-Dollar

Proprietäre Sicherheitssoftware und Überwachungsplattformen

Details zu Technologieinvestitionen:

Softwarekategorie	Jährliche F&E-Investitionen	Proprietäre Systeme
Sicherheitsüberwachung	42,3 Millionen US-Dollar	7 einzigartige Plattformen
Risikomanagement	28,6 Millionen US-Dollar	4 spezialisierte Systeme
Logistikoptimierung	21,9 Millionen US-Dollar	3 integrierte Lösungen

The Brink's Company (BCO) – Geschäftsmodell: Wertversprechen

Umfassende Sicherheitslösungen für Finanzinstitute

Im Jahr 2023 meldete Brink's einen Gesamtumsatz von 4,3 Milliarden US-Dollar, wobei die Sicherheitsdienste von Finanzinstituten einen erheblichen Beitrag leisteten. Das Unternehmen bietet End-to-End-Sicherheitslösungen mit den folgenden Hauptangeboten:

Servicekategorie	Jährlicher Umsatzbeitrag	Marktabdeckung
Cash-Management-Dienstleistungen	1,2 Milliarden US-Dollar	87 Länder
Auffüllen von Geldautomaten	612 Millionen Dollar	45 Länder
Sicherheit von Bankfilialen	385 Millionen Dollar	32 Länder

Zuverlässiger und sicherer Transport hochwertiger Vermögenswerte

Brink's betreibt eine globale Flotte von 12.500 spezialisierten Sicherheitsfahrzeugen und verwaltet die folgenden Asset-Volumina:

• Bargeld im Transport: 186 Milliarden US-Dollar pro Jahr
• Edelmetalle: 2.300 Tonnen pro Jahr
• Hochwertiger Schmuck: 425 Millionen US-Dollar an gesichertem Transport

Modernste technologische Sicherheitsinnovationen

Technologieinvestitionen im Jahr 2023:

Technologiebereich	Investition	Patentanmeldungen
Digitale Sicherheitssysteme	78 Millionen Dollar	23 neue Patente
Cybersicherheitslösungen	52 Millionen Dollar	16 neue Patente

Dienstleistungen zur Risikominderung und zum Schutz von Vermögenswerten

Risikomanagementstatistik für 2023:

• Gesamtes versichertes Vermögen: 672 Milliarden US-Dollar
• Reklamationen gelöst: 99,7 % Erfolgsquote
• Durchschnittlicher Anspruchswert: 3,2 Millionen US-Dollar

Maßgeschneiderte Sicherheitsstrategien für verschiedene Branchen

Branchenspezifische Aufschlüsselung der Sicherheitsdienste:

Industriesektor	Jahresumsatz	Serviceabdeckung
Einzelhandel	612 Millionen Dollar	28 Länder
Herstellung	435 Millionen Dollar	22 Länder
Gesundheitswesen	276 Millionen Dollar	15 Länder

The Brink's Company (BCO) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

The Brink's Company unterhält weltweit mehr als 4.500 langfristige Sicherheits- und Bargeldlogistikverträge. Die durchschnittliche Vertragslaufzeit bei Unternehmenskunden beträgt 5,2 Jahre. Der Gesamtauftragswert erreichte im Jahr 2023 1,87 Milliarden US-Dollar.

Vertragstyp	Anzahl der Verträge	Durchschnittlicher Jahreswert
Cash-Management	1,850	$425,000
Sicherer Transport	1,675	$375,000
Geldautomatendienste	975	$285,000

Dedizierte Kontoverwaltung

Brink's beschäftigt 672 engagierte Account Manager, die Unternehmenskunden betreuen. Die durchschnittliche Kundenbindungsrate beträgt 93,4 %. Ein typischer Account Manager betreut 12–15 Unternehmenskunden gleichzeitig.

Kundendienst rund um die Uhr

Die Kundensupport-Infrastruktur umfasst:

• 3 globale Supportzentren
• 247 Hilfspersonal
• Durchschnittliche Antwortzeit: 12 Minuten
• Funktionen zur Unterstützung mehrerer Sprachen

Personalisierte Sicherheitsberatung

Brink's bietet maßgeschneiderte Sicherheitsberatung mit 285 spezialisierten Sicherheitsberatern. Beratungsdienstleistungen generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 62,4 Millionen US-Dollar.

Beratungstyp	Stundensatz	Durchschnittliches Kundenengagement
Grundlegende Sicherheitsbewertung	450 $/Stunde	8-12 Stunden
Erweiterte Risikoanalyse	750 $/Stunde	20-40 Stunden

Kontinuierliche technologische Upgrades und Serviceverbesserungen

Jährliche Technologieinvestition: 124,6 Millionen US-Dollar. Das Forschungs- und Entwicklungsteam besteht aus 218 Ingenieuren und Technologiespezialisten. Technologie-Upgrade-Zyklus: 18–24 Monate.

• Verbesserungen der GPS-Verfolgung
• Fortschrittliche Verschlüsselungstechnologien
• KI-gesteuerte Tools zur Risikobewertung
• Verbesserung der Cybersicherheit

The Brink's Company (BCO) – Geschäftsmodell: Kanäle

Direktvertriebsteam

The Brink's Company unterhält ein globales Direktvertriebsteam mit rund 62.000 Mitarbeitern in über 100 Ländern. Im Jahr 2022 erwirtschaftete ihr Direktvertriebsteam einen Umsatz von 4,3 Milliarden US-Dollar.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Jährliches Verkaufsvolumen
Nordamerika	22,500	1,6 Milliarden US-Dollar
Lateinamerika	12,000	780 Millionen Dollar
Europa	15,000	1,1 Milliarden US-Dollar
Asien-Pazifik	12,500	820 Millionen Dollar

Online-Plattformen und digitale Kommunikation

Zu den digitalen Kanälen von Brink gehören:

• Unternehmenswebsite: brinksinc.com
• Digitales Kundenportal mit 24/7-Tracking
• Mobile Anwendung zur Logistiküberwachung in Echtzeit

Branchenkonferenzen und Messen

Brink's nimmt jährlich an 35 bis 40 internationalen Sicherheits- und Logistikkonferenzen teil, wobei die Marketinginvestitionen auf 2,5 Millionen US-Dollar geschätzt werden.

Konferenztyp	Jährliche Teilnahme	Durchschnittliche Veranstaltungskosten
Konferenzen der Sicherheitsbranche	22	$75,000
Ausstellungen für Logistiktechnologie	13	$50,000

Strategische Geschäftsentwicklungsnetzwerke

Brink's unterhält strategische Partnerschaften mit:

• 42 globale Logistikpartner
• 18 Unternehmen für Technologieintegration
• 7 große Netzwerke von Finanzinstituten

Regionalbüros und globale Servicezentren

Brink's betreibt:

• 87 regionale Servicezentren
• 12 wichtigste globale Logistikzentren
• Netzwerk mit Niederlassungen in über 100 Ländern

Region	Anzahl der Servicezentren	Jährlicher regionaler Umsatz
Nordamerika	28	1,8 Milliarden US-Dollar
Europa	24	1,2 Milliarden US-Dollar
Lateinamerika	15	650 Millionen Dollar
Asien-Pazifik	20	900 Millionen Dollar

The Brink's Company (BCO) – Geschäftsmodell: Kundensegmente

Banken und Finanzinstitute

Im Jahr 2023 betreute Brink's rund 1.500 Finanzinstitute weltweit. Der Jahresumsatz mit Kunden aus dem Bankensektor belief sich auf 427 Millionen US-Dollar.

Kundentyp	Anzahl der Kunden	Jahresumsatz
Große Nationalbanken	52	186 Millionen Dollar
Regionalbanken	287	142 Millionen Dollar
Kreditgenossenschaften	1,161	99 Millionen Dollar

Einzelhandels- und Gewerbebetriebe

Brink's betreut über 5.000 Privat- und Gewerbekunden in 35 Ländern. Das Einzelhandelssegment erwirtschaftete im Jahr 2023 612 Millionen US-Dollar.

• Einzelhandelsketten: 423 Kunden
• Einkaufszentren: 210 Kunden
• Große Einzelhandelsunternehmen: 89 Kunden

Regierungsbehörden

Regierungsaufträge stellten im Jahr 2023 einen Umsatz von 215 Millionen US-Dollar dar, mit 67 aktiven Kunden von Regierungsbehörden.

Regierungsebene	Anzahl der Kunden	Vertragswert
Bundesbehörden	22	127 Millionen Dollar
Staatliche Behörden	35	58 Millionen Dollar
Kommunale Behörden	10	30 Millionen Dollar

Bergbau- und Edelmetallindustrie

Brink's sicherte sich im Jahr 2023 183 Millionen US-Dollar aus dem Bergbau- und Edelmetallsektor und betreute 94 Kunden.

• Goldminenunternehmen: 42 Kunden
• Silberbergbauunternehmen: 31 Kunden
• Edelmetallraffinerien: 21 Kunden

Groß angelegte Unternehmenssicherheits-Clients

Das Segment Unternehmenssicherheit erwirtschaftete im Jahr 2023 275 Millionen US-Dollar mit 156 hochwertigen Firmenkunden.

Unternehmenssegment	Anzahl der Kunden	Jahresumsatz
Technologieunternehmen	37	86 Millionen Dollar
Produktionsunternehmen	62	112 Millionen Dollar
Multinationale Konglomerate	57	77 Millionen Dollar

The Brink's Company (BCO) – Geschäftsmodell: Kostenstruktur

Personalschulung und Gehälter

Im Jahr 2024 meldete Brink's Company Personalaufwendungen in Höhe von insgesamt 1,45 Milliarden US-Dollar, mit folgender Aufschlüsselung:

Personalkostenkategorie	Jährliche Ausgaben
Grundgehälter	892 Millionen US-Dollar
Schulung und Entwicklung	68 Millionen Dollar
Leistungen an Arbeitnehmer	340 Millionen Dollar
Leistungsprämien	140 Millionen Dollar

Wartung von Fahrzeugen und Geräten

Jährliche Wartungskosten für Fahrzeug und Ausrüstung:

• Wartung gepanzerter Fahrzeuge: 127 Millionen US-Dollar
• Unterhalt der Sicherheitsausrüstung: 54 Millionen US-Dollar
• Reparaturen der Transportflotte: 93 Millionen US-Dollar
• Spezialausrüstungswartung: 41 Millionen US-Dollar

Investitionen in die Technologieinfrastruktur

Technologiebezogene Ausgaben für 2024:

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Cybersicherheitssysteme	62 Millionen Dollar
Digitale Tracking-Technologien	48 Millionen Dollar
IT-Infrastruktur	75 Millionen Dollar
Software und digitale Lösungen	53 Millionen Dollar

Versicherungs- und Risikomanagementkosten

Risikomanagement- und Versicherungskosten für 2024:

• Allgemeine Haftpflichtversicherung: 38 Millionen US-Dollar
• Fracht- und Transportversicherung: 92 Millionen US-Dollar
• Berufshaftpflichtversicherung: 27 Millionen US-Dollar
• Arbeiterunfallversicherung: 41 Millionen US-Dollar

Globale operative Logistik

Globale Logistik- und Betriebskosten:

Logistikkostenkategorie	Jährliche Ausgaben
Internationaler Transport	215 Millionen Dollar
Lagerbetrieb	87 Millionen Dollar
Treibstoff- und Energiekosten	64 Millionen Dollar
Globale Netzwerkwartung	53 Millionen Dollar

The Brink's Company (BCO) – Geschäftsmodell: Einnahmequellen

Gebühren für den Bargeldtransport

Im Jahr 2023 meldete Brink einen Gesamtumsatz von 4,83 Milliarden US-Dollar. Geldtransportdienste erwirtschafteten einen Jahresumsatz von rund 1,2 Milliarden US-Dollar.

Servicekategorie	Jahresumsatz	Marktanteil
Cash-Management-Dienstleistungen	687 Millionen US-Dollar	14.2%
Bargeldtransport	513 Millionen Dollar	10.6%

Sicherheitsberatungsverträge

Sicherheitsberatungsdienste trugen im Jahr 2023 345 Millionen US-Dollar zum Jahresumsatz von Brink bei.

• Globale Unternehmenssicherheitsberatung: 215 Millionen US-Dollar
• Spezialisierte Risikobewertungsdienste: 130 Millionen US-Dollar

Lizenzierung von Technologielösungen

Die Technologielizenzierung generierte im Jahr 2023 einen Umsatz von 276 Millionen US-Dollar.

Technologietyp	Lizenzeinnahmen
Sicherheitssoftware	156 Millionen Dollar
Trackingsysteme	120 Millionen Dollar

Gebühren für Risikomanagement-Services

Auf Risikomanagementdienstleistungen entfielen im Jahr 2023 Einnahmen in Höhe von 412 Millionen US-Dollar.

• Unternehmensrisikobewertung: 237 Millionen US-Dollar
• Bedrohungsanalysedienste: 175 Millionen US-Dollar

Vermögensschutz und Logistikdienstleistungen

Vermögensschutz und Logistik erwirtschafteten im Jahr 2023 einen Umsatz von 589 Millionen US-Dollar.

Servicesegment	Jahresumsatz
Logistiksicherheit	389 Millionen US-Dollar
Asset-Tracking	200 Millionen Dollar

The Brink's Company (BCO) - Canvas Business Model: Value Propositions

End-to-end, high-security management of cash and valuables

The Brink's Company provides services that underpin commerce security, with Q3 2025 total revenue reported at $1.34 billion. The trailing twelve months (TTM) revenue reached $5.15B, showing a 3.07% year-over-year increase. The company's Q3 2025 Adjusted EBITDA was $253.3 million. Operating profit for Q3 2025 climbed 24% year-over-year to $188 million.

Higher-margin, recurring revenue from subscription-based AMS/DRS

The strategic shift to ATM Managed Services (AMS) and Digital Retail Solutions (DRS) is a core value driver. As of late 2025, AMS/DRS represented 27% of trailing-twelve-month revenue. This segment saw organic growth of 19% in the third quarter of 2025. The 2025 target for this segment's revenue mix was set between 25-27%. In the first quarter of 2025, AMS and DRS grew over 20%.

Metric	2020 AMS/DRS Revenue Mix	2024 AMS/DRS Revenue Mix	Q3 2025 AMS/DRS Revenue Mix (TTM)	Q1 2025 AMS/DRS Organic Growth
Percentage of Total Revenue	10%	24%	27%	Over 20%

Digitizing cash transactions for retailers, reducing their risk and cost

The Digital Retail Solutions (DRS) offering digitizes cash acceptance at the point of sale. This process allows a retailer's bank account to be credited digitally after cash is deposited into a DRS device. For retailers, the cost for this service is often less than the typical 2% to 4% associated with credit card fees.

Global secure logistics for cross-border valuables movement

The Brink's Company operates across multiple international regions, driving organic growth in Q3 2025. North America saw organic growth of 5% in Q2 2025, its fastest rate in the last 9 quarters. Growth in Q3 2025 was driven by increases of $22.5 million in North America, $16.1 million in Europe, and $15.3 million in Latin America.

Improved capital efficiency for customers through cash cycle shortening

The company focuses on improving working capital metrics for itself and its clients. The trailing 12-month Days Sales Outstanding (DSO) showed an improvement of 6 days. In the second quarter, DSO improved by five days. The company's own Free Cash Flow conversion improved to 48% of Adjusted EBITDA on a trailing 12-month basis. Full-year 2025 guidance targets a Free Cash Flow conversion rate between 40% and 45%. Free Cash Flow is projected to reach $408 million in 2025.

• Full-year 2025 guidance targets 30-50 basis points of annual margin expansion.
• The company expects to allocate at least 50% of free cash flow to shareholder returns in 2025.
• The Brink's Company has maintained dividend payments for 37 consecutive years.

The Brink's Company (BCO) - Canvas Business Model: Customer Relationships

You're looking at how The Brink's Company maintains its relationships with customers as it pivots toward technology-enabled services. Honestly, the core of their relationship with many clients remains built on decades of trust, especially where physical assets are concerned.

Long-term, high-trust contracts for traditional Cash & Valuables Management (CVM)

For the traditional Cash & Valuables Management business, the relationship is cemented by long-term contracts. This is high-stakes work; you don't switch providers for armored transport lightly. While the traditional CVM segment faces challenges, particularly in North America and Latin America, it still forms the bulk of the business. For instance, in Q1 2025, the Cash and Valuables Management segment alone generated \$924 million in revenue. The relationship here is characterized by service level agreements (SLAs) that demand near-perfect execution, making trust the primary currency.

The company's operational footprint supports this global relationship structure, operating in 51 countries and serving customers in over 100 countries. This scale is necessary to support the complex logistics required by their diverse customer base, which includes financial institutions, retailers, government agencies, and jewelers.

Subscription model for AMS/DRS, driving recurring revenue

The shift in customer relationship is most visible in the growth of ATM Managed Services (AMS) and Digital Retail Solutions (DRS). These are moving away from transactional service fees toward a subscription model, which you know locks in more predictable, recurring revenue. This faster-growing, higher-margin business now represents 25% of total revenue as of Q1 2025, up from 24% in 2024. Management has a 2025 target to push this recurring revenue mix to 25-27% of total revenue. The organic growth for AMS/DRS in 2025 is guided to be in the mid to high teens, a significant contrast to the overall mid-single-digit organic growth target for the entire company. In Q1 2025, AMS and DRS contributed a combined \$322.70 million to the total revenue of \$1.25 billion.

Here's a quick math on the revenue mix shift:

Metric	Traditional CVM (Approximate)	Recurring Revenue (AMS/DRS)
Q1 2025 Revenue Contribution	$\sim \mathbf{75\%}$	$\mathbf{25\%}$
Q1 2025 Dollar Amount	$\mathbf{\$924 \text{ million}}$	$\mathbf{\$322.70 \text{ million}}$ (Combined)
2024 Revenue Contribution	$\sim \mathbf{76\%}$	$\mathbf{24\%}$
2025 Organic Growth Guidance	Implied Slower Growth	Mid to High Teens

Dedicated sales and service teams for complex, integrated solutions

Servicing the AMS/DRS contracts requires a different type of relationship management. You're not just dropping off cash; you're managing technology deployment and ongoing software support. This necessitates dedicated teams focused on integration. The company is aggressively expanding these areas, which represent a significant strategic pivot. The focus is on converting existing CVM customers to these new offerings, which is reflected in the CVM growth including the impact of AMS and DRS customer conversions.

High-touch, consultative approach for large financial institutions

For large financial institutions, the relationship is definitely high-touch. The complexity of outsourcing ATM management or integrating advanced cash-handling solutions demands consultative selling and deep partnership. While specific data on the number of large financial institutions under contract isn't public, the strategy is clear: The Brink's Company is positioning itself as a partner securing commerce across physical and digital channels. This consultative approach is key to expanding their addressable market, which they estimate has grown by 2-3 times through these new service offerings. Even with digital payment trends, the need for physical cash management remains relevant, with 83% of U.S. consumers using cash in the last 30 days as of the Q2 2025 presentation.

• Customer base spans 51 countries of operation.
• Focus on expanding addressable market by 2-3 times via AMS/DRS.
• Customer relationships are evolving to support technology-enabled solutions.
• Shareholder returns are a focus, with a plan to allocate at least 50% of Free Cash Flow (FCF) to shareholder returns in 2025.

Finance: draft the 13-week cash view by Friday.

The Brink's Company (BCO) - Canvas Business Model: Channels

You're looking at how The Brink's Company (BCO) gets its services to market as of late 2025. It's a blend of heavy physical assets and increasingly sophisticated digital services. Honestly, the sheer scale of their physical footprint is a massive barrier to entry for competitors.

Physical armored vehicle fleet and secure logistics network

The core channel relies on a vast, coordinated physical network. The company has 68,100 total employees supporting these operations globally. This network spans over 100 countries to move high-value items securely. The logistics channel is supported by a network of over 1,100 facilities and vaults as of the third quarter of 2025. The company allocated $25 million in fiscal year 2024 specifically to enhance vehicle security and facility surveillance, which supports service reliability.

Global network of secure facilities and vaults

The secure facilities act as critical nodes in the logistics chain. The Brink's Company manages a network of over 1,100 facilities across its operating regions. This physical infrastructure underpins the secure handling of valuables. The operational efficiency here directly impacts profitability; for instance, Q2 2025 saw an operating profit of $165 Million, partly due to minimizing losses through secure operations.

Direct sales force for large enterprise and financial accounts

The sales channel targets specific, high-value customer groups through direct engagement. These segments include:

• ATM Services for Financial Institutions
• Branch Services for Financial Institutions
• Enterprise Retailers
• Entertainment and Restaurant sectors

This direct approach is necessary to secure large, complex contracts for services like vault outsourcing and ATM Managed Services (AMS).

Digital platforms providing real-time cash visibility and reporting

The modern channel mix heavily features digital solutions, primarily through its ATM Managed Services and Digital Retail Solutions (AMS/DRS) segments. These platforms provide real-time data, which is the backbone for smarter retail decisions. The strategic pivot is clear in the revenue mix:

• AMS/DRS accounted for 25% of total business in Q1 2025.
• The target for AMS/DRS by the end of 2025 is 25-27% of total revenue.
• The AMS/DRS segment delivered an impressive 19% organic growth rate in Q3 2025.

This digital channel is key to the company's financial outlook, with projected full-year 2025 Adjusted EBITDA around $953 million.

Here is a quick view of the key financial and operational scale supporting these channels as of late 2025:

Metric	Value (As of Late 2025 Data)
Trailing Twelve Month Revenue (TTM)	$5.15 Billion
Projected Full-Year 2025 Revenue Range	$5,212 Million to $5,262 Million
Projected Full-Year 2025 Adjusted EBITDA	$953 Million
Projected Full-Year 2025 Free Cash Flow	$408 Million
Global Operating Footprint (Countries)	Over 100
Secure Facility Network Size	Over 1,100

Finance: draft 13-week cash view by Friday.

The Brink's Company (BCO) - Canvas Business Model: Customer Segments

You're looking at the core client base for The Brink's Company as of late 2025, which is clearly segmenting its focus toward higher-margin, recurring revenue streams.

Large financial institutions and banks outsourcing ATM networks are a primary target, especially through the ATM Managed Services (AMS) offering. The company is actively reinforcing this with strategic technology investments, such as the investment in KAL ATM Software announced in June 2025, to ensure hardware-independent solutions across diverse financial institution ATM fleets. The industry context shows that cash management can account for up to 10% of banks' operating costs, making outsourcing an attractive proposition for savings. The company's trailing twelve-month (TTM) revenue as of Q3 2025 stood at $5.15 billion.

Major national and international retail chains are served through both traditional Cash & Valuables Management (CVM) and the Digital Retail Solutions (DRS) segment. The strategic pivot towards these subscription-based services is significant; AMS and DRS grew organically by over 20% in Q1 2025 and are targeted to represent 25-27% of total revenue for the full year 2025. For example, a major partnership with Sainsbury's in the UK, expected to complete onboarding by May 2025, brought approximately 1,370 ATMs under NoteMachine, a Brink's Company, management.

Small to mid-sized retailers adopting DRS devices are a key growth driver, as they heavily rely on cash transactions. Data suggests that 70% of cash of bank deposits originate from Small to Mid-sized Businesses (SMBs). The company's DRS segment is capturing this market by offering solutions that provide 24/7 access and instant credit for funds, a clear improvement over traditional branch experiences.

The following table breaks down the revenue contribution based on the latest reported figures, showing the increasing importance of the higher-margin services:

Segment Focus Area	Associated Service Line	Reported/Targeted 2025 Metric	Value/Percentage
Core Cash Logistics (CVM)	Cash & Valuables Management	Q1 2025 Revenue Contribution	$924 million
Digital/ATM Outsourcing	AMS and DRS Combined	Q1 2025 Revenue Contribution	$322.70 million
Digital/ATM Outsourcing	AMS and DRS	Target Full Year 2025 Revenue Share	25-27%
Digital/ATM Outsourcing	AMS and DRS	Q1 2025 Organic Growth Rate	Over 20%
Total Company Scale	Global Operations	Total Employees	68,100

Governments and central banks for currency services remain a customer type, alongside mints and jewelers, as part of the broader secure logistics portfolio. The company's global footprint supports this, operating in over 100 countries.

Precious metals dealers and high-value cargo shippers are served under the Brink's Global Services (BGS) line of business, which is part of the North America, Latin America, Europe, and Rest of World segments. For context on the geographic spread supporting these high-value services, Europe accounted for 26% of Q3 2025 revenue ($338 million), and Latin America accounted for 24.5% ($319 million).

• The company's total TTM revenue as of Q3 2025 was $5.15 billion.
• The company projects a full-year 2025 Adjusted EBITDA of nearly $953 million.
• Projected Free Cash Flow for the full year 2025 is $408 million.
• The global deployment of cash-recycling ATMs is projected to surpass 1.2 million by 2026.

The Brink's Company (BCO) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep The Brink's Company's secure logistics engine running. Honestly, for a business built on moving high-value assets, the cost structure is dominated by assets that don't move much-the trucks and the buildings.

High Fixed Costs: Fleet and Facility Infrastructure

The Brink's Company's business model requires significant fixed costs tied to its physical network. This includes maintaining a vast fleet of armored vehicles and the secure branches that serve as operational hubs. You can see the scale of this commitment from their 2023 figures, which show 1,304 branches and 16,385 vehicles across more than 100 countries. These assets demand consistent, non-negotiable spending.

To put the vehicle cost into perspective, using 2025 industry benchmarks for service fleets, the annual Total Cost of Ownership (TCO) sits around $9,584 per vehicle. This TCO bundles depreciation, fuel, maintenance, and insurance, which are all major fixed or semi-fixed drains.

Cost Component	Metric/Benchmark (2025 or Latest Available)	Value
Armored Fleet Size (2023)	Number of Vehicles	16,385
Secure Facility Footprint (2023)	Number of Branches	1,304
Vehicle TCO Benchmark (2025)	Annual Total Cost of Ownership per Service Vehicle	$9,584
Benchmark Maintenance Cost	Cost Per Mile (CPM) for Maintenance Portion	$0.06 per mile

Significant Labor Costs

The people driving and securing the assets are another massive cost center. As of 2023, The Brink's Company employed approximately 66,000 people globally. You have to factor in the cost of highly trained security personnel and drivers, which is subject to regional wage inflation.

For budgeting in 2025, general market trends suggest that labor rates have been increasing by 8-15% annually in many operational areas. This pressure on personnel costs directly impacts the operating margin, especially in the traditional cash-in-transit business lines.

Financing Costs: Interest Expense

Debt servicing is a clear, quantifiable cost. For the first quarter of 2025, the reported interest expense was $58 million. This figure reflects the cost of borrowings used for general corporate purposes and funding growth initiatives, such as the expansion of Digital Retail Solutions (DRS). The company has been managing its capital structure, targeting a net debt ratio of 2-3x by year-end 2025, with a leverage ratio reported at 3.1x as of Q2 2025.

Technology Investment and R&D for AMS/DRS Platforms

The shift toward higher-margin services like ATM Managed Services (AMS) and Digital Retail Solutions (DRS) requires continuous investment in IT and R&D. This spending is strategic, aimed at improving profitability and delivering tech-enabled services, but it's a definite cost.

The growth in these segments is a key focus, with a 2025 target for AMS/DRS revenue to reach 25-27% of total revenue. The company also made a specific strategic investment in KAL ATM Software in June 2025 to expand capabilities across the ATM value chain. The risks associated with this area include the need to maintain effective IT infrastructure and safeguard against increasingly sophisticated cyber attacks.

• AMS/DRS Organic Growth (Q2 2025): 16%
• Strategic Investment Announced: KAL ATM Software (June 2025)
• Cost Driver: Investment in information technology (IT) for revenue and profit growth.

Insurance and Liability Costs

Securing high-value assets inherently means carrying substantial insurance and liability coverage. While a specific dollar amount for insurance and liability for 2025 isn't broken out separately in the immediate results, it is a non-negotiable component embedded within the fixed costs. For instance, the benchmark TCO for a service vehicle, which is a proxy for a portion of The Brink's Company's fleet costs, includes insurance. Managing these risks is critical, as the business operates in industries subject to significant competition and pricing pressures.

Finance: draft 13-week cash view by Friday.

The Brink's Company (BCO) - Canvas Business Model: Revenue Streams

You're looking at how The Brink's Company brings in its money as of late 2025, focusing on the shift toward higher-margin, recurring revenue streams.

The foundation of The Brink's Company revenue still rests on its Traditional CVM services (Cash-in-Transit, money processing). However, the growth in this core area is now intrinsically linked to the success of its transformation efforts. For instance, in Q3 2025, we estimate that customer conversions from CVM to the higher-margin services contributed roughly two to three points of growth within the CVM segment itself. This shows how the traditional business is being optimized by the shift in service mix.

The real story here is the acceleration of the High-growth, subscription revenue from AMS/DRS (ATM Managed Services/Digital Retail Solutions). This segment is the engine for margin expansion. As of the Q3 2025 report, AMS/DRS was already accounting for 28% of total revenue for the quarter, up from 10% in 2020. Management is expecting this mix shift to land right in the target range of 27-28% of total revenue by year-end 2025. The organic growth rate for AMS/DRS in Q3 2025 was a very strong 19%, which is what is driving the overall profitability improvements.

The company's international footprint contributes significantly through Global Services revenue from international shipping of valuables. While this segment is vital, it faced some headwinds recently. For the third quarter, growth in this area was partially offset by the strengthening US dollar and cyclical market challenges in those global operations.

To put this into perspective, here is a snapshot of the scale and the key financial targets for the full year 2025, based on the latest guidance:

Metric	Value/Range (As of Late 2025)
Total Trailing Twelve-Month Revenue (TTM as of Q3 2025)	$5.15 billion
Full-Year 2025 Adjusted EBITDA Projection (Guidance Range)	$967 million to $987 million
Midpoint Full-Year 2025 Adjusted EBITDA Estimate	Approximately $977.3 million
AMS/DRS Revenue Share (Q3 2025)	28%
Projected AMS/DRS Revenue Share (Year-End 2025 Target)	27-28%

The strategic focus is clear: drive the mix toward the subscription-based model. This focus is also reflected in capital allocation priorities, where the company remains committed to lowering its net debt-to-EBITDA leverage below three times and reducing its outstanding share count by 5% year-to-date in 2025.

You can see the revenue quality improvement by looking at the segment performance drivers:

• AMS/DRS organic growth: 19% in Q3 2025.
• Total organic revenue growth (Q3 2025): 5%.
• Q3 2025 Total Revenue: $1.335 billion.
• Free cash flow conversion (TTM): Reached 50% of adjusted EBITDA.

The business is actively transforming its revenue base, which is why the market is paying attention to the margin expansion rather than just top-line volume in the traditional CVM space. Finance: draft 13-week cash view by Friday.