The Brink’s Company (NYSE:BCO) Q1 2024 Earnings Call Transcript

Jack Wilson: Okay, that makes sense. Then is it possible maybe to quantify how much of the existing book has been migrated over?

Mark Eubanks: I don’t – I wouldn’t have that, Jack, but I can tell you it’s, we’re still early innings in my view, we’ve got a lot left to go, not only in the whitespace, which is probably the bigger unit volume and location count, but, in fact, our existing CIT customers are also prime targets for our value proposition. In fact, in some regions, this is really the only offering or the primary offering that we’re delivering to customers as opposed to traditional CIT.

Jack Wilson: Okay, that’s helpful. Thank you. Maybe on the AMS front, can you speak to sort of how you see your position from a sort of competitive landscape and how you see your market share in specific geographies or just as a whole?

Mark Eubanks: Sure. So I say that the ATM Managed Services as a market is still pretty nascent. And if you look at industry reports or our competitors’ discussions, particularly from the equipment manufacturers on the ATM side, the market is big and likely expanding by multiples as banks continue to evaluate and execute outsourcing agreements. And so I’d say right now it’s still a pretty nascent market to try and quantify specifically. We feel like from a competitive position, though, and we’ve seen this in discussions both in open competitive environments, sort of RFPs or even direct one-on-one negotiations with financial institutions, that our value proposition of being able to offer not only a hardware, software solution that comes from many of the traditional suppliers, but integrated that into our network allows us to optimize the full value stream to a higher level.

And as we’ve talked about before, that’s really based on the fact that the amount of cost in the full – in the current traditional value stream is really under our control. And so, as we’re able to optimize that, we’re able to not only provide an accretive solution for Brink’s, but also provide a nice value proposition, both lower cost and an equal or better reliability of their network.

Jack Wilson: Okay, thank you very much.

Operator: Thank you. Seeing no further questions, I would like to hand the call back to Mark Eubanks for closing remarks.

Mark Eubanks: Great. Thanks, everyone. We appreciate your interest and look forward to talking to you next quarter.

Operator: The conference has now concluded. Thank you for your participation. You may now disconnect your lines.