El Brink's Company (BCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la seguridad y la logística de alto riesgo, la compañía de Brink (BCO) se erige como un titán global, transformando cómo las empresas protegen y transportan sus activos más valiosos. Desde vehículos blindados que navegan por paisajes urbanos complejos hasta soluciones tecnológicas de vanguardia que redefinen los paradigmas de seguridad, Brink ha creado un modelo comercial sofisticado que va mucho más allá de los servicios de seguridad tradicionales. Su enfoque innovador integra perfectamente la tecnología avanzada, las asociaciones estratégicas y la gestión integral de riesgos para ofrecer una protección incomparable para instituciones financieras, gobiernos y empresas en todo el mundo.

The Brink's Company (BCO) - Modelo de negocio: asociaciones clave

Red global de proveedores de seguridad y logística

La compañía de Brink mantiene asociaciones con más de 275 proveedores globales de logística y seguridad en 53 países. En 2023, estas asociaciones generaron aproximadamente $ 4.2 mil millones en fuentes de ingresos colaborativos.

Tipo de socio	Número de socios	Cobertura geográfica
Empresas de logística internacionales	87	América del Norte, Europa, Asia-Pacífico
Proveedores de seguridad regionales	143	Múltiples continentes
Compañías de transporte	45	Red global

Alianzas estratégicas con bancos e instituciones financieras

Brink ha establecido asociaciones estratégicas con 62 instituciones financieras principales en todo el mundo, que administra aproximadamente $ 78.3 mil millones en logística en efectivo y servicios seguros de transporte.

• Los principales socios bancarios incluyen JPMorgan Chase, Wells Fargo, Citibank
• Duración promedio de la asociación: 7.4 años
• Valor de transacción anual: $ 12.6 mil millones

Asociaciones con empresas de tecnología para soluciones de seguridad avanzadas

En 2023, Brink invirtió $ 47.2 millones en asociaciones tecnológicas centrándose en ciberseguridad y sistemas de seguimiento avanzado.

Socio tecnológico	Área de enfoque	Monto de la inversión
Seguridad de IBM	Soluciones de ciberseguridad	$ 18.5 millones
Tecnologías Palantir	Análisis de datos	$ 15.7 millones
Sistemas de Cisco	Seguridad de la red	$ 13 millones

Colaboración con agencias de aplicación de la ley

Brink colabora con 47 agencias de aplicación de la ley nacionales e internacionales, apoyando operaciones críticas de seguridad.

• Memorandos de comprensión (MOU) con 12 agencias federales
• Programas de capacitación de seguridad colaborativa: 23 programas activos
• Presupuesto anual de operación de seguridad conjunta: $ 22.6 millones

Relaciones contractuales con clientes gubernamentales y comerciales

La compañía mantiene relaciones contractuales con 1.247 clientes gubernamentales y comerciales en varios sectores.

Sector cliente	Número de clientes	Valor anual del contrato
Agencias gubernamentales	387	$ 1.3 mil millones
Instituciones financieras	412	$ 2.1 mil millones
Minorista y comercial	448	$ 1.8 mil millones

The Brink's Company (BCO) - Modelo de negocio: actividades clave

Servicios de efectivo en tránsito

En 2023, Brink procesó aproximadamente $ 250 mil millones en logística en efectivo anualmente. La compañía opera una flota de 19,500 vehículos blindados a nivel mundial, con 7.300 vehículos en América del Norte.

Región	Vehículos de efectivo en tránsito	Volumen de transacción anual
América del norte	7,300	$ 120 mil millones
Europa	5,600	$ 75 mil millones
América Latina	4,200	$ 35 mil millones

Transporte seguro de objetos de valor

Brink maneja más de 3,5 millones de tareas seguras de transporte anualmente en 100 países.

• Valor promedio por envío: $ 1.2 millones
• Activos totales asegurados transportados: $ 4.2 billones anuales
• Tasa de violación de seguridad: menos del 0.01%

Desarrollo de tecnología de seguridad avanzada

En 2023, Brink invirtió $ 42 millones en I + D para tecnologías de seguridad. La compañía posee 87 patentes de tecnología de seguridad activa.

Categoría de tecnología	Número de patentes	Inversión de I + D
Seguridad digital	34	$ 18 millones
Sistemas de seguridad física	53	$ 24 millones

Consultoría de gestión de riesgos y seguridad

Brink proporciona servicios de gestión de riesgos a 5,200 clientes corporativos a nivel mundial, con un valor contrato promedio de $ 1.5 millones.

• Ingresos de consultoría de riesgos totales en 2023: $ 780 millones
• Duración promedio de participación del cliente: 3.2 años
• Tasa de retención del cliente: 92%

Servicios globales de logística y protección de activos

La compañía gestiona la logística de los activos valorados en más de $ 6.5 billones en múltiples industrias.

Sector industrial	Activos protegidos	Ingresos de servicio anuales
Servicios financieros	$ 2.8 billones	$ 420 millones
Minorista	$ 1.5 billones	$ 250 millones
Fabricación	$ 1.2 billones	$ 180 millones
Otros sectores	$ 1 billón	$ 150 millones

The Brink's Company (BCO) - Modelo de negocio: recursos clave

Vehículos blindados especializados y equipos de transporte

A partir de 2024, Brink opera una flota de aproximadamente 19,500 vehículos a nivel mundial. La flota de vehículos blindados de la compañía incluye:

Tipo de vehículo	Cantidad	Valor promedio
Camiones blindados	12,300	$ 375,000 por unidad
Camionetas de seguridad	4,800	$ 225,000 por unidad
Vehículos de transporte especializados	2,400	$ 450,000 por unidad

Tecnología de seguridad avanzada y sistemas de seguimiento

La infraestructura tecnológica de Brink incluye:

• Sistemas de seguimiento del GPS en el 100% de los vehículos de flota
• Plataformas de monitoreo en tiempo real que cubren el 98% de las zonas operativas
• Sistemas de autenticación biométrica implementados en 2.500 instalaciones seguras

Personal de seguridad altamente capacitado

Composición de la fuerza laboral a partir de 2024:

Categoría de personal	Total de empleados	Horas promedio de capacitación anual
Oficiales de seguridad	16,800	120 horas
Especialistas técnicos	3,200	180 horas
Personal de gestión	1,600	90 horas

Infraestructura operativa global

Huella operativa global de Brink:

• Presencia operativa en 42 países
• 1.200 instalaciones seguras en todo el mundo
• Inversión anual de infraestructura: $ 87.5 millones

Software de seguridad y plataformas de monitoreo

Detalles de la inversión tecnológica:

Categoría de software	Inversión anual de I + D	Sistemas propietarios
Monitoreo de seguridad	$ 42.3 millones	7 plataformas únicas
Gestión de riesgos	$ 28.6 millones	4 sistemas especializados
Optimización logística	$ 21.9 millones	3 soluciones integradas

The Brink's Company (BCO) - Modelo de negocio: propuestas de valor

Soluciones de seguridad integrales para instituciones financieras

En 2023, Brink reportó $ 4.3 mil millones en ingresos totales, con contribuciones significativas de los servicios de seguridad de las instituciones financieras. La compañía ofrece soluciones de seguridad de extremo a extremo con las siguientes ofertas clave:

Categoría de servicio	Contribución anual de ingresos	Cobertura del mercado
Servicios de gestión de efectivo	$ 1.2 mil millones	87 países
Reabastecimiento de cajeros automáticos	$ 612 millones	45 países
Seguridad de la sucursal bancaria	$ 385 millones	32 países

Transporte confiable y seguro de activos de alto valor

Brink's opera una flota global de 12,500 vehículos seguros especializados, manejando los siguientes volúmenes de activos:

• Efectivo en tránsito: $ 186 mil millones anuales
• Metales preciosos: 2.300 toneladas métricas por año
• Joyas de alto valor: $ 425 millones en transporte garantizado

Innovaciones de seguridad tecnológica de vanguardia

Inversión tecnológica en 2023:

Área tecnológica	Inversión	Solicitudes de patentes
Sistemas de seguridad digital	$ 78 millones	23 nuevas patentes
Soluciones de ciberseguridad	$ 52 millones	16 nuevas patentes

Servicios de mitigación de riesgos y protección de activos

Estadísticas de gestión de riesgos para 2023:

• Activos asegurados totales: $ 672 mil millones
• Reclamaciones resueltas: tasa de éxito del 99.7%
• Valor promedio de reclamo: $ 3.2 millones

Estrategias de seguridad personalizadas para diversas industrias

Desglose del servicio de seguridad específico de la industria:

Sector industrial	Ingresos anuales	Cobertura de servicio
Minorista	$ 612 millones	28 países
Fabricación	$ 435 millones	22 países
Cuidado de la salud	$ 276 millones	15 países

The Brink's Company (BCO) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

La compañía de Brink mantiene más de más de 4,500 contratos de seguridad a largo plazo y logística en efectivo a nivel mundial. La duración promedio del contrato es de 5.2 años con clientes empresariales. El valor total del contrato en 2023 alcanzó los $ 1.87 mil millones.

Tipo de contrato	Número de contratos	Valor anual promedio
Gestión de efectivo	1,850	$425,000
Transporte seguro	1,675	$375,000
Servicios de cajero automático	975	$285,000

Gestión de cuentas dedicada

Brink emplea a 672 gerentes de cuentas dedicados que sirven a clientes empresariales. La tasa promedio de retención del cliente es del 93.4%. El administrador de cuentas típico maneja 12-15 clientes empresariales simultáneamente.

Servicios de atención al cliente 24/7

La infraestructura de atención al cliente incluye:

• 3 centros de apoyo global
• 247 personal de apoyo
• Tiempo de respuesta promedio: 12 minutos
• Capacidades de soporte de idiomas múltiples

Consulta de seguridad personalizada

Brink ofrece una consulta de seguridad personalizada con 285 consultores de seguridad especializados. Los servicios de consulta generaron $ 62.4 millones en ingresos adicionales en 2023.

Tipo de consulta	Tarifa por hora	Compromiso promedio del cliente
Evaluación de seguridad básica	$ 450/hora	8-12 horas
Análisis avanzado de riesgos	$ 750/hora	20-40 horas

Actualizaciones tecnológicas continuas y mejoras en el servicio

Inversión tecnológica anual: $ 124.6 millones. El equipo de I + D comprende 218 ingenieros y especialistas en tecnología. Ciclo de actualización de tecnología: 18-24 meses.

• Mejoras de seguimiento del GPS
• Tecnologías de cifrado avanzadas
• Herramientas de evaluación de riesgos impulsadas por IA
• Mejora de la ciberseguridad

The Brink's Company (BCO) - Modelo de negocios: canales

Equipo de ventas directas

La compañía de Brink mantiene una fuerza de ventas directa global de aproximadamente 62,000 empleados en más de 100 países. En 2022, su equipo de ventas directas generó $ 4.3 mil millones en ingresos.

Región de ventas	Número de representantes de ventas	Volumen de ventas anual
América del norte	22,500	$ 1.6 mil millones
América Latina	12,000	$ 780 millones
Europa	15,000	$ 1.1 mil millones
Asia-Pacífico	12,500	$ 820 millones

Plataformas en línea y comunicación digital

Los canales digitales de Brink incluyen:

• Sitio web corporativo: brinksinc.com
• Portal de clientes digitales con seguimiento 24/7
• Aplicación móvil para monitoreo de logística en tiempo real

Conferencias de la industria y ferias comerciales

Brink's participa anualmente en 35-40 conferencias internacionales de seguridad y logística, con una inversión de marketing estimada de $ 2.5 millones.

Tipo de conferencia	Participación anual	Costo de evento promedio
Conferencias de la industria de la seguridad	22	$75,000
Exposiciones de tecnología logística	13	$50,000

Redes estratégicas de desarrollo de negocios

Brink mantiene asociaciones estratégicas con:

• 42 Global Logistics Partners
• 18 empresas de integración de tecnología
• 7 principales redes de instituciones financieras

Oficinas regionales y centros de servicio global

Brink opera:

• 87 centros de servicio regional
• 12 centros de logística global primarios
• Red de cubierta de operaciones en más de 100 países

Región	Número de centros de servicio	Ingresos regionales anuales
América del norte	28	$ 1.8 mil millones
Europa	24	$ 1.2 mil millones
América Latina	15	$ 650 millones
Asia-Pacífico	20	$ 900 millones

The Brink's Company (BCO) - Modelo de negocio: segmentos de clientes

Bancos e instituciones financieras

En 2023, Brink sirvió aproximadamente 1,500 instituciones financieras a nivel mundial. Los ingresos anuales de los clientes del sector bancario fueron de $ 427 millones.

Tipo de cliente	Número de clientes	Ingresos anuales
Principales bancos nacionales	52	$ 186 millones
Bancos regionales	287	$ 142 millones
Coeficientes de crédito	1,161	$ 99 millones

Negocios minoristas y comerciales

Brink sirve a más de 5,000 clientes minoristas y comerciales en 35 países. El segmento minorista generó $ 612 millones en 2023.

• Cadenas minoristas: 423 clientes
• Centros comerciales: 210 clientes
• Grandes corporaciones minoristas: 89 clientes

Agencias gubernamentales

Los contratos gubernamentales representaron $ 215 millones en ingresos para 2023, con 67 clientes activos de agencias gubernamentales.

Nivel gubernamental	Número de clientes	Valor de contrato
Agencias federales	22	$ 127 millones
Agencias estatales	35	$ 58 millones
Agencias municipales	10	$ 30 millones

Industrias mineras y de metales preciosos

Brink obtuvo $ 183 millones del sector minero y de metales preciosos en 2023, atendiendo a 94 clientes.

• Empresas mineras de oro: 42 clientes
• Silver Mining Companies: 31 clientes
• Refinerías de metales preciosos: 21 clientes

Clientes de seguridad empresarial a gran escala

El segmento de seguridad empresarial generó $ 275 millones, con 156 clientes corporativos de alto valor en 2023.

Segmento empresarial	Número de clientes	Ingresos anuales
Empresas tecnológicas	37	$ 86 millones
Corporaciones manufactureras	62	$ 112 millones
Conglomerados multinacionales	57	$ 77 millones

The Brink's Company (BCO) - Modelo de negocio: Estructura de costos

Capacitación de personal y salarios

A partir de 2024, la compañía de Brink reportó gastos totales de personal de $ 1.45 mil millones, con el siguiente desglose:

Categoría de costos de personal	Gasto anual
Salarios base	$ 892 millones
Capacitación y desarrollo	$ 68 millones
Beneficios para empleados	$ 340 millones
Bonos de rendimiento	$ 140 millones

Mantenimiento de vehículos y equipos

Costos anuales de mantenimiento de vehículos y equipos:

• Mantenimiento de vehículos blindados: $ 127 millones
• Mantenimiento de equipos de seguridad: $ 54 millones
• Reparaciones de la flota de transporte: $ 93 millones
• Servicio de equipos especializados: $ 41 millones

Inversiones de infraestructura tecnológica

Gastos relacionados con la tecnología para 2024:

Categoría de inversión tecnológica	Gasto anual
Sistemas de ciberseguridad	$ 62 millones
Tecnologías de seguimiento digital	$ 48 millones
Infraestructura	$ 75 millones
Software y soluciones digitales	$ 53 millones

Gastos de gestión de seguros y riesgos

Gestión de riesgos y costos de seguro para 2024:

• Seguro de responsabilidad civil general: $ 38 millones
• Seguro de carga y transporte: $ 92 millones
• Cobertura de indemnización profesional: $ 27 millones
• Seguro de compensación de trabajadores: $ 41 millones

Logística operativa global

Logística global y gastos operativos:

Categoría de costos logísticos	Gasto anual
Transporte internacional	$ 215 millones
Operaciones de almacén	$ 87 millones
Costos de combustible y energía	$ 64 millones
Mantenimiento de redes globales	$ 53 millones

The Brink's Company (BCO) - Modelo de negocio: Flujos de ingresos

Tarifas de servicio en efectivo en el tránsito

En 2023, Brink reportó ingresos totales de $ 4.83 mil millones. Los servicios de efectivo en tránsito generaron aproximadamente $ 1.2 mil millones en ingresos anuales.

Categoría de servicio	Ingresos anuales	Cuota de mercado
Servicios de gestión de efectivo	$ 687 millones	14.2%
Transporte en efectivo	$ 513 millones	10.6%

Contratos de consultoría de seguridad

Security Consulting Services contribuyó con $ 345 millones a los ingresos anuales de Brink en 2023.

• Consultoría de seguridad empresarial global: $ 215 millones
• Servicios de evaluación de riesgos especializados: $ 130 millones

Licencias de soluciones tecnológicas

La licencia de tecnología generó $ 276 millones en ingresos para 2023.

Tipo de tecnología	Ingresos por licencias
Software de seguridad	$ 156 millones
Sistemas de seguimiento	$ 120 millones

Cargos de servicio de gestión de riesgos

Los servicios de gestión de riesgos representaron $ 412 millones en ingresos de 2023.

• Evaluación de riesgos corporativos: $ 237 millones
• Servicios de análisis de amenazas: $ 175 millones

Servicios de protección de activos y logística

La protección de activos y la logística generaron $ 589 millones en ingresos para 2023.

Segmento de servicio	Ingresos anuales
Seguridad logística	$ 389 millones
Seguimiento de activos	$ 200 millones

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.