Is This Brink’s Company’s Response To Activist Jeff Smith?

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88 Free Cashflow The Brink’s Company and subsidiaries Non-GAAP Reconciliations – Free Cash Flow (Unaudited) (In millions) Free Cash Flow 2012 2013 2014 Net cash provided by operating activities – GAAP $ 250.5 201.5 141.3 Net cash used by investing activities – GAAP (167.3) (123.0) (94.0) Net cash provided (used) by financing activities – GAAP (68.0) (6.0) 3.3 15.2 72.5 50.6 (Increase) decrease in customer obligations (a) (13.9) 9.7 (15.4) (Borrowings) repayments of debt (b) 21.2 (50.8) (33.7) Free cashflow from Venezuela operations (c) (33.0) (46.8) (13.5) Free cashflow – Non-GAAP $ (10.5) (15.4) (12.0) (a) To eliminate 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. (b) To eliminate cash flows from borrowings and repayments of debt. (c) To eliminate free cash flow from Venezuelan operations. Free cashflow 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 the impact of cash received and processed in certain of our Cash Management Services operations, without borrowings and repayments of debt and excluding free cashflow from our Venezuela operations. We believe this measure is helpful in assessing our cash flows, enables period-to-period comparability and is useful in predicting future cash flows. This Non-GAAP measure should not be considered as an alternative to cash flows determined in accordance with GAAP and should be read in conjunction with our consolidated statements of cash flows.
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