ADT Inc (ADT) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the ADT third quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。此時此刻，我謹代表 ADT 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Now I would like to turn the call over to Elizabeth Landers, Vice President, Investor Relations. Please go ahead.

現在我將把電話交給投資者關係副總裁伊麗莎白·蘭德斯。請繼續。

Good morning, and thank you for joining us to discuss ADT's third quarter 2025 results. Today's speakers are Jim DeVries, ADT's Chairman, President and CEO; and Jeff Likosar, our CFO. After their prepared remarks, we'll open the call for analyst questions. This morning, we issued a press release and presentation summarizing our financial results.

早安，感謝各位參加本次會議，共同探討 ADT 2025 年第三季業績。今天的演講嘉賓是 ADT 董事長、總裁兼執行長 Jim DeVries 和財務長 Jeff Likosar。在他們發言結束後，我們將開放分析師提問環節。今天上午，我們發布了一份新聞稿和演示文稿，總結了我們的財務表現。

Those are available at investor.adt.com. We'll reference our non-GAAP financial measures today. Reconciliations to the most comparable GAAP measures are included in the earnings presentation on our website. Unless noted otherwise, all financials and metrics discussed reflect continuing operations. Non-GAAP cash flow measures include amounts related to our former solar business through 2Q 2024.

這些資訊可在 investor.adt.com 上查看。我們今天將參考我們的非GAAP財務指標。與最可比較的 GAAP 指標的調整表已包含在我們網站的獲利報告中。除非另有說明，所有討論的財務數據和指標均反映持續經營情況。非GAAP現金流指標包括截至2024年第二季與我們先前的太陽能業務相關的金額。

Forward-looking statements included in today's remarks are subject to risks and uncertainties. Actual results may differ materially. Please refer to our SEC filings for more details.

今天講話中包含的前瞻性陳述存在風險和不確定性。實際結果可能與實際情況有重大差異。更多詳情請參閱我們向美國證券交易委員會提交的文件。

And now I'm happy to turn it over to Jim.

現在我很高興把它交給吉姆了。

Thank you, Elizabeth, and good morning, everyone. I'm very pleased to report that ADT delivered another quarter of solid revenue growth, robust cash flow and very strong earnings per share. Collectively reflecting the resilience of our business model and our team's continued execution of our 2025 strategy. Let me start with a few key financial highlights. Total revenue grew 4% to $1.3 billion.

謝謝你，伊莉莎白，大家早安。我很高興地報告，ADT 又一個季度實現了穩健的營收成長、強勁的現金流和非常強勁的每股盈餘。這充分體現了我們商業模式的韌性以及我們團隊對2025年策略的持續執行。讓我先介紹幾個關鍵的財務亮點。總營收成長4%，達到13億美元。

Adjusted EBITDA grew 3% to $676 million with adjusted earnings per diluted share of $0.23, up a strong 15% year-over-year. Cash flow continues to be a highlight with adjusted free cash flow, including interest rate swaps reaching $709 million year-to-date. Additionally, year-to-date, we have returned $746 million to ADT shareholders through share repurchases and dividends.

經調整的 EBITDA 成長 3% 至 6.76 億美元，經調整的每股攤薄收益為 0.23 美元，較去年同期成長 15%。現金流仍是亮點，經調整後的自由現金流（包括利率互換）今年迄今已達 7.09 億美元。此外，今年迄今為止，我們已透過股票回購和分紅向 ADT 股東返還了 7.46 億美元。

We ended the third quarter with a recurring monthly revenue balance of $362 million, up 1% year-over-year. Turning to attrition. Earlier this year, ADT achieved record levels, and this quarter, we ticked up to 13%. While above our budget, our teams are focused on plans to continue improving customer retention and those actions are underway.

第三季末，我們每月經常性收入餘額為 3.62 億美元，年增 1%。轉而採取消耗戰。今年早些時候，ADT 達到了創紀錄的水平，而本季度，我們小幅上升至 13%。雖然超出了我們的預算，但我們的團隊正專注於繼續提高客戶留存率的計劃，這些行動正在進行中。

As we've executed in prior quarters, during Q3, we completed a small bulk account purchase of 15,000 accounts for $24 million. Overall, consumer sentiment remains cautious, and relocations continue at low levels. We have remained disciplined in our SAC spending which resulted in lower new subscriber and RMR adds. Jeff will provide more specific details about our results and full year outlook later in our call.

正如我們在前幾個季度所執行的那樣，在第三季度，我們完成了一筆小批量帳戶收購，收購了 15,000 個帳戶，金額為 2400 萬美元。整體而言，消費者情緒依然謹慎，搬遷活動持續處於低點。我們在銷售、廣告和廣告支出方面一直保持嚴格控制，導致新增用戶和經常性收入增加較少。Jeff 將在稍後的電話會議中提供關於我們業績和全年展望的更具體細節。

I'd like to spend the next few minutes updating you on ADT's 2025 progress and strategic focus areas, which continue to build on the priorities we've shared throughout this year. ADT's commitment remains unchanged, delivering safety and peace of mind to our residential and small business customers. Our strategy is anchored in three core pillars unrivaled safety, innovative offerings and a premium best-in-class customer experience.

接下來幾分鐘，我想向大家介紹 ADT 2025 年的進展和策略重點領域，這些進展和重點領域都建立在我們今年以來一直強調的優先事項之上。ADT 的承諾始終不變，即為我們的住宅和小型企業客戶提供安全和安心體驗。我們的策略以三大核心支柱為基礎：無與倫比的安全性、創新的產品和服務以及一流的優質客戶體驗。

Unrivaled safety is at the heart of everything we do at ADT. As it has been throughout our entire 150-year history. We are constantly strengthening the ways we protect ADT customers and provide them with confidence in their security delivering peace of mind. As we execute on our near-term financial goals, we're also investing in our product and experience ecosystem, expanding and enhancing our differentiated offerings. These efforts give customers even more reasons to choose ADT and to remain loyal to our brand.

在 ADT，我們一切工作的核心都是提供無與倫比的安全保障。正如我們150年的歷史一直以來。我們不斷加強對 ADT 客戶的保護，讓他們對自己的安全充滿信心，從而獲得安心保障。在實現近期財務目標的同時，我們也投資於產品和體驗生態系統，擴展和增強我們的差異化產品和服務。這些措施讓顧客更有理由選擇 ADT 並維持對我們品牌的忠誠度。

Our ADT+ platform continues to gain traction, enhancing the safety, convenience and experience we deliver to our customers. Our product and engineering teams are firing on all cylinders, in coordination with our strategic partners, to drive a continued pipeline of innovative releases. Our product road map is robust, and we expect to continue expanding our suite of unrivaled offering every quarter to continue to gain share within the smart home.

我們的 ADT+ 平台持續獲得認可，提升了我們為客戶提供的安全、便利和體驗。我們的產品和工程團隊正全力以赴，與我們的策略合作夥伴協調合作，推動創新產品的持續發布。我們的產品路線圖穩健可靠，我們預計每季都會繼續擴展我們無與倫比的產品組合，以繼續在智慧家庭領域獲得市場份額。

An increasing percentage of our new customers are now enjoying ADT+, and many of these customers are opting for larger, more comprehensive ADT systems, leading to increased installation revenue, and we anticipate contributing to even stronger retention over time. During 2025, approximately 25% of our new customer additions have been installed with the ADT+ platform, and we are continuing to expand to more categories of customers and channels.

現在，越來越多的新客戶正在享受 ADT+ 服務，其中許多客戶選擇更大、更全面的 ADT 系統，從而增加了安裝收入，我們預計隨著時間的推移，這將有助於提高客戶留存率。2025 年，我們新增客戶中約有 25% 安裝了 ADT+ 平台，我們將繼續向更多類別的客戶和管道擴展該平台。

This quarter, we launched the ADT+ Alarm Range Extender further enhancing the capabilities, performance and dependability of the ADT+ platform. This device expands coverage between the ADT+ base and other connected devices in larger or more complex homes with a 24-hour battery backup and tamper alerts. We also introduced new automation and AI-driven testing capabilities to streamline app development, reduce the need for manual testing and deliver faster, high-quality releases.

本季度，我們推出了 ADT+ 警報範圍擴展器，進一步增強了 ADT+ 平台的功能、效能和可靠性。該設備可擴展 ADT+ 基地台與其他連接設備在較大或較複雜的住宅中的覆蓋範圍，並具有 24 小時電池備用電源和防篡改警報功能。我們還引入了新的自動化和人工智慧驅動的測試功能，以簡化應用程式開發，減少手動測試的需求，並更快地交付高品質的版本。

These innovations help ensure a smoother, more reliable experience for our ADT+ customers. We are actively evaluating new features, use cases and economic models and we'll continue to share additional information as these come to market. I also have a few updates regarding our efforts to optimize our hardware portfolio.

這些創新有助於確保我們的 ADT+ 客戶獲得更流暢、更可靠的體驗。我們正在積極評估新功能、用例和經濟模式，並將隨著這些功能的推出繼續分享更多資訊。我還有一些關於我們優化硬體產品組合工作的最新進展。

While we don't expect hardware savings to be material in 2025, we view this as a meaningful source of savings going into 2026. Beginning October 15, ADT refreshed our smart home security portfolio, and we now offer five new Google Nest camera models, reflecting the continued expansion of our partnership with Google. And we are working closely with our suppliers to mitigate our tariff exposure, which we do not expect to be material during 2025.

雖然我們預計 2025 年硬體方面的節省不會很大，但我們認為這將是 2026 年一項重要的節省來源。從 10 月 15 日起，ADT 更新了我們的智慧家庭安全產品組合，我們現在提供五款新的 Google Nest 相機型號，這反映了我們與 Google 的合作關係的不斷擴大。我們正與供應商密切合作，以減輕關稅風險，我們預計在 2025 年關稅風險不會很大。

On the customer service front, we remain pleased with our progress with ADT's remote assistance program, which has eliminated approximately half of our in-home service calls reducing truck rolls and field service costs. Our current AI efforts remain focused on our customer care operations with an emphasis on improving the customer service experience for both our customers and our employee agents while also improving overall efficiency.

在客戶服務方面，我們對 ADT 的遠端協助計畫取得的進展感到滿意，該計畫已減少了我們大約一半的上門服務電話，從而減少了上門服務和現場服務成本。我們目前在人工智慧方面的努力仍集中在客戶服務營運方面，重點是改善客戶和員工的客戶服務體驗，同時提高整體效率。

These AI initiatives continued to deliver positive results with an increasing number of customer service chats processed by AI agents, with nearly half of those successfully resolved without live agent intervention. We're also continuing to expand the rollout of AI agents for voice calls and early results are promising for both customer satisfaction and cost efficiency.

這些人工智慧措施持續取得正面成果，越來越多的客戶服務聊天由人工智慧代理處理，其中近一半無需人工客服幹預即可成功解決。我們也持續擴大人工智慧語音通話代理的部署，初步結果顯示，無論在客戶滿意度或成本效益方面，人工智慧代理都能帶來可觀的提升。

AI-driven cost savings are beginning to materialize, particularly in our call center operations and we expect to provide more quantitative detail as these benefits scale. Turning for a moment to State Farm. As mentioned during our last call, we have pivoted away from the past selling program, and we're exploring new opportunities for a digital relocation focused approach to jointly pursue new customers.

人工智慧帶來的成本節約正開始顯現，尤其是在我們的呼叫中心營運方面，隨著這些效益的擴大，我們預計會提供更多量化細節。讓我們暫時把目光轉向州立農場保險公司。正如我們在上次通話中提到的，我們已經放棄了過去的銷售計劃，正在探索以數位化搬遷為中心的新機遇，共同爭取新客戶。

Despite some ongoing macroeconomic uncertainty, including tariff pressures and elevated interest rates, ADT's business model remains resilient and very well positioned for the future. In closing, we remain focused on execution, operational excellence and positioning ADT for long-term value creation. I remain confident in ADT's outlook and our ability to deliver on our commitments for 2025.

儘管宏觀經濟仍存在一些不確定性，包括關稅壓力和高利率，但 ADT 的商業模式仍然具有韌性，並為未來發展做好了充分準備。最後，我們將繼續專注於執行、卓越營運以及為 ADT 創造長期價值做好準備。我對 ADT 的前景以及我們履行 2025 年承諾的能力仍然充滿信心。

I want to thank our employees, partners and customers for their dedication and trust in ADT. I'm proud of our team's performance and excited for the opportunities ahead.

我要感謝我們的員工、合作夥伴和客戶對 ADT 的奉獻和信任。我為我們團隊的表現感到自豪，並對未來的機會感到興奮。

With that, I'll turn the call over to Jeff.

接下來，我會把電話交給傑夫。

Thanks, Jim, and good morning, everyone. I will take the next few minutes to share some additional details on our third quarter and year-to-date results and our outlook for the rest of the year. As Jim mentioned, cash flow remains a significant highlight. In the third quarter, we generated $208 million of adjusted free cash flow, including swaps, up 32%, and we have generated $709 million year-to-date, up 36%.

謝謝你，吉姆，大家早安。接下來幾分鐘，我將分享一些關於我們第三季和年初至今業績的更多細節，以及我們對今年剩餘時間的展望。正如吉姆所說，現金流仍然是一大亮點。第三季度，我們產生了 2.08 億美元的調整後自由現金流（包括互換），成長了 32%；今年迄今為止，我們已產生了 7.09 億美元的自由現金流，成長了 36%。

Adjusted net income for the quarter was also very strong at $187 million or $0.23 per share. Year-to-date, we have generated adjusted earnings per share of $0.67, up 20%. Adjusted EBITDA for the quarter was $676 million, up 3% in the quarter and up 4% on a year-to-date basis. This strong performance is driven by revenue growth, the associated margins and our overall efficiency, enabling continued investments for the future while delivering these results.

本季調整後淨利潤也非常強勁，達到 1.87 億美元，即每股 0.23 美元。今年迄今為止，我們已實現調整後每股收益 0.67 美元，成長 20%。本季調整後 EBITDA 為 6.76 億美元，季增 3%，年初至今成長 4%。這一強勁的業績得益於收入成長、相關的利潤率以及我們的整體效率，這使得我們能夠在取得這些成果的同時，繼續為未來進行投資。

Adjusted earnings per share also benefited from our repurchases enabled by our strong cash generation and our efficient capital structure. On the topline, we delivered total revenue of $1.3 billion in the quarter, up 4%. Monitoring and services revenue was up 2% with an ending RMR balance of $362 million. Installation revenue was $200 million, up 21% and reflecting our continued mix shift to outright sales at higher average prices as more customers choose our ADT+ offerings.

調整後的每股盈餘也受惠於我們的回購，這得益於我們強勁的現金流和高效的資本結構。本季總營收為 13 億美元，成長 4%。監控和服務收入成長 2%，期末 RMR 餘額為 3.62 億美元。安裝收入達 2 億美元，成長 21%，反映出隨著越來越多的客戶選擇我們的 ADT+ 產品，我們持續轉向平均價格更高的直接銷售模式。

Gross subscriber additions were $210,000 in the quarter, adding $12.5 million in RMR. Our adds were down year-over-year, driven mainly by fewer bulk account purchases, approximately 49,000 accounts last year versus approximately 15,000 this year. I will note that our third quarter results still include the multifamily business, which we divested on October 1.

本季新增用戶總額為 21 萬美元，RMR 增加了 1,250 萬美元。我們的廣告投放量較去年同期下降，主要原因是大量帳戶購買量減少，去年約有 49,000 個帳戶，而今年約有 15,000 個帳戶。需要指出的是，我們第三季的業績仍然包括我們在 10 月 1 日剝離的多戶住宅業務。

This business is comprised of customers who own or operate residential rental housing facilities such as apartment complexes. Its characteristics are akin to the commercial business we divested late 2023, generating meaningfully lower EBITDA and cash flow margins than our core residential subscriber base. We are consequently pleased with the $56 million sale price for this relatively small portfolio of approximately 200,000 subscribers and $2.6 million in RMR.

該業務由擁有或經營住宅租賃住房設施（例如公寓大樓）的客戶組成。它的特點類似於我們在 2023 年底剝離的商業業務，其 EBITDA 和現金流利潤率遠低於我們的核心住宅用戶群。因此，我們對這個相對較小的投資組合以 5,600 萬美元的價格售出感到滿意，該投資組合擁有約 20 萬訂閱用戶和 260 萬美元的 RMR。

We have also continued to return significant capital to shareholders while strengthening our balance sheet. As Jim mentioned, we have returned $746 million so far this year from the repurchase of 78 million shares and our quarterly dividend distribution. We remain very comfortable with our leverage at 2.8 times adjusted EBITDA with net debt of $7.5 billion at the end of the third quarter.

我們持續向股東返還大量資金，同時不斷加強資產負債表。正如吉姆所提到的，今年到目前為止，我們透過回購 7,800 萬股股票和季度股息分配，已經返還了 7.46 億美元。截至第三季末，我們的槓桿率為調整後 EBITDA 的 2.8 倍，淨債務為 75 億美元，我們對此感到非常滿意。

In October, we closed on a new eight-year $1 billion bond and a $300 million add-on to our 2032 term loan B. We used the proceeds to fully repay our $1.3 billion 2025 Second Lien Notes, which was our most expensive debt. We also closed on a new $325 million term loan A last week with those proceeds designated to repay some of our 2030 term loan B and our April 2026 notes.

10 月，我們完成了一筆新的 8 年期 10 億美元債券的發行，並向我們 2032 年到期的 B 類定期貸款追加了 3 億美元。我們用所得款項全額償還了 2025 年到期的 13 億美元第二留置權票據，這是我們成本最高的債務。上週，我們也完成了一筆新的 3.25 億美元定期貸款 A 的融資，所得款項指定用於償還我們 2030 年到期的定期貸款 B 和 2026 年 4 月到期的票據。

In all cases, we were able to price the new facilities below the rates of the debt they replaced. Together with transactions from earlier in the year, we have extended almost $2.5 billion of upcoming maturities and lowered our borrowing cost to 4.3%. We also enjoy a continued strong liquidity position with an undrawn $800 million revolving facility and $63 million of cash on hand at the end of the quarter.

在所有情況下，我們都能夠將新融資方案的價格定在低於其所取代債務利率的水平。加上今年稍早的交易，我們已將近 25 億美元的即將到期債務延期，並將借貸成本降低至 4.3%。截至季末，我們仍保持著強勁的流動性，擁有 8 億美元的未提取循環信貸額度和 6,300 萬美元的現金儲備。

I'll close with a couple of comments on our outlook. With two-months to go, we remain on track to deliver results consistent with the guidance we shared early this year. Reflecting this confidence, we have tightened and adjusted our guidance ranges, largely maintaining prior midpoint. We now expect total revenue of between $5,075 billion and $5,175 billion, with the midpoint consistent with our original guidance.

最後，我想就我們的展望發表幾點看法。距離年底還有兩個月，我們仍有望實現與今年年初公佈的業績預期一致的目標。出於這種信心，我們收緊並調整了業績指引範圍，基本上維持了先前的中點。我們現在預計總收入將在 50750 億美元至 51750 億美元之間，其中數值與我們最初的預期一致。

Our refreshed ranges include slightly higher adjusted EPS mid-point with an offset to the adjusted EBITDA mid-point. This is in consideration of the mix between expense and capitalized SAC and other factors, including a delayed planned legal recovery. We now expect adjusted EPS in the range of $0.85 to $0.89, and we expect adjusted EBITDA to be in the range of $2,665 billion to $2,715 billion.

我們更新後的預期範圍包括略微提高的調整後每股盈餘中點，同時對調整後 EBITDA 中點進行相應調整。這是考慮到費用和資本化的 SAC 以及其他因素，包括延遲的計劃法律追償。我們現在預計調整後每股收益在 0.85 美元至 0.89 美元之間，調整後 EBITDA 在 26650 億美元至 27150 億美元之間。

Finally, we are maintaining our $800 million to $900 million range for adjusted free cash flow, including swaps, as we evaluate a handful of fourth quarter opportunities, including bulk account purchases. In summary, we are very pleased with our progress during the first three quarters of 2025. As we look towards the remainder of the year, we are confident in our ability to deliver on our commitments. We remain focused on driving operational efficiency, investing in innovation and generating long-term value for our stakeholders.

最後，我們維持調整後自由現金流（包括互換）8億至9億美元的預期範圍，同時我們正在評估一些第四季的機會，包括大宗帳戶收購。總而言之，我們對2025年前三個季度的進展感到非常滿意。展望今年剩餘時間，我們有信心履行我們的承諾。我們將繼續專注於提高營運效率、投資創新並為我們的利害關係人創造長期價值。

Thank you for your continued support. Operator, please open the line for questions.

感謝您一直以來的支持。接線員，請開通提問線。

(Operator Instructions) Peter Christiansen, Citigroup.

（操作說明）Peter Christiansen，花旗集團。

Great to see free cash flow growth really materialize this year, pretty impressive. Jeff, really one question for me, Jeff. I was just wondering, we obviously know next year, a full cash taxpayer, but on the other hand, you've been able to lower the borrowing cost for the company. So I mean, those are pretty important key inputs as we think about 2026 free cash flow. Are there any other areas that we should think about when -- in our modeling, as we look to 2026, any components to free cash flow growth that stand out in your view?

很高興看到今年的自由現金流成長真正實現，非常令人印象深刻。傑夫，我其實只有一個問題想問你，傑夫。我只是在想，我們當然知道明年公司將全額繳納現金稅，但另一方面，你們已經降低了公司的借貸成本。所以我的意思是，這些都是我們在考慮 2026 年自由現金流時非常重要的關鍵輸入資料。在我們對 2026 年進行建模時，還有哪些方面需要考慮？您認為自由現金流成長的哪些組成部分比較突出？

Yes, you hit on the ones that have some dynamics that could cause them to change. So we've had some success managing our cash taxes will end up a little bit better on cash taxes, a couple of benefits from the recent legislation. We've done a really good job with a series of debt transactions, reducing our borrowing cost which makes that less of a challenge next year compared to what we once thought it would be.

是的，你指出了那些具有某些可能導致它們變化的動態因素的因素。因此，我們在管理現金稅方面取得了一些成功，最終現金稅的狀況會好一些，這得益於最近的立法帶來的一些好處。我們在一系列債務交易中做得非常出色，降低了我們的借貸成本，這使得明年面臨的挑戰比我們之前預想的要小得多。

So we feel really good about our progress. In 2025, you're on track to achieve our original guidance because of our improvements, we have a lot more flexibility in capital deployment. So while we're not sharing any specific guidance beyond '25 today. This is, of course, the time of the year where we're working on strategic planning and budgeting for next year, ongoing conversation.

所以我們對自己的進展感到非常滿意。到 2025 年，由於我們的改進，我們有望實現最初的預期目標，我們在資本部署方面擁有更大的靈活性。所以，雖然我們今天不會分享2025年之後的任何具體指導。當然，每年的這個時候，我們都會進行策略規劃和明年的預算編制工作，這也是我們持續討論的議題。

With our Board evaluating several really interesting initiatives and opportunities for long-term growth. We continue to believe our stock is undervalued. So we've deployed capital there this year. And we plan to share more in the first part of next year in terms of a broader strategy and longer-range outlook along with our 2026 guidance. But I feel really, really good about where we are in 2025.

董事會正在評估幾項非常有趣的措施和長期發展機會。我們仍然認為我們的股票被低估了。所以今年我們在那裡投入了資金。我們計劃在明年上半年分享更多內容，包括更廣泛的策略和更長遠的展望，以及我們對 2026 年的業績指引。但我對我們2025年的發展前景感到非常非常樂觀。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，RBC。

So you mentioned efforts underway to improve retention, I believe, ADT+ and some of the AI initiatives are part of it. But I was just wondering if you could elaborate further on how should we think about some of these initiatives helping retentions going forward?

您提到目前正在進行提高客戶留存率的工作，我相信，ADT+ 和一些人工智慧計畫都是其中的一部分。但我只是想問一下，您能否進一步闡述一下，我們該如何看待這些舉措在未來如何幫助提高客戶留存率？

Sure. Thanks for the question. It's Jim. I'll give a little bit of color on attrition overall, and then talk about a couple of the improvement areas that we're focused on. As I said on the call, we ended the quarter rounding to 13%, up about 13 basis points from last quarter. As a reminder, we achieved record levels earlier this year and expect to drive attrition lower over time.

當然。謝謝你的提問。是吉姆。我將簡要介紹整體人員流失情況，然後談談我們正在重點關注的幾個改進領域。正如我在電話會議上所說，我們本季的最終收益率為 13%，比上一季成長了約 13 個基點。再次提醒大家，我們今年稍早達到了創紀錄的流失率，並預計隨著時間的推移，流失率會進一步降低。

Largely due to tailwinds on customer service and new offerings like ADT+, which should drive -- continue to drive more customer engagement and more usage. On the quarter itself, the pressure on the quarter came from a couple of areas non-payment cancels were higher than last year. Voluntary losses were worse than last year and relocation losses were modestly lower than last year.

主要得益於客戶服務和 ADT+ 等新產品帶來的利好，這將推動——並繼續推動更多客戶參與和更多使用。本季本身面臨的壓力來自幾個方面，其中未付款取消率高於去年同期。自願離職損失比去年更嚴重，搬遷損失比去年略有下降。

A couple of areas to -- more specifically to your question, where I think there's cause for optimism. The team stability continues to improve, and more tenured employees perform at higher productivity rates, our customer experience metrics virtually across the board. NPS, customer [sad], digital self-service, are all improving and going in the right direction.

關於你的問題，我認為有幾個方面值得樂觀。團隊穩定性持續提高，資深員工的工作效率更高，我們的顧客體驗指標幾乎全面提升。NPS、客戶滿意度（悲傷）、數位自助服務都在不斷提高，朝著正確的方向發展。

There's been some excellent improvement on life cycle management, which the team is advancing. And then from a hardware perspective, ADT+ things like Trusted Neighbor, increased penetration with video, all drive improved usage of our services. And to the extent that usage increases, we know historically that retention improves, the more a customer uses the system, the higher they value it, and the higher retention.

生命週期管理方面已經取得了一些顯著的進步，團隊正在推動這項工作。從硬體角度來看，ADT+ 的 Trusted Neighbor 等功能，以及視訊滲透率的提高，都推動了我們服務的使用率提升。根據歷史經驗，使用量的增加會導致使用者留存率的提升；顧客使用系統的次數越多，他們對系統的重視程度就越高，留存率也越高。

So the quarter ended at 13, we ticked up, but there's a number of initiatives underway that I think long term, bode well for us.

所以本季以 13 的成績結束，我們略有增長，但目前正在進行的一些舉措，我認為從長遠來看，對我們有利。

That's great color. And maybe just on the RMR front, we saw some softness there from a growth perspective. How should we think about the puts and takes going forward?

顏色真好看。或許就 RMR 而言，從成長的角度來看，我們看到了一些疲軟的跡象。我們該如何看待未來的買賣操作？

Sure. So at the intersection of attrition being 13 basis points higher and gross adds not being quite where we'd like them to be. RMR ended the quarter less than what we had anticipated. Our direct organic residential adds were actually up 1% year-over-year, dealer adds were down modestly. DIY, it's a small number, but DIY for us was up 13% year-over-year.

當然。因此，在客戶流失率高出 13 個基點，而新增客戶總數又沒有達到我們預期水準的交會點。RMR本季的業績低於我們的預期。我們的直接有機住宅新增量實際上比去年同期增長了 1%，而經銷商新增量略有下降。DIY雖然數量不多，但我們公司的DIY業務年增了13%。

The most significant impact on ending RMR for us this quarter from a comparison perspective is that we did a bulk of 15,000 this quarter comparing to 49,000 last year. So RMR -- ending RMR ended a little lower than anticipated. We have some bulk in the pipeline. We'll be disciplined about pursuing that bulk but that should continue to be a source of growth for us going forward. Thanks for the question.

從比較的角度來看，本季對我們結束 RMR 的最大影響是，我們本季完成了 15,000 筆交易，而去年同期為 49,000 筆。所以，RMR——期末RMR略低於預期。我們有一些大宗商品正在研發中。我們將嚴格控制產量，但這應該會繼續成為我們未來成長的來源。謝謝你的提問。

And one thing I'd add to or just to emphasize is our continued focus on returns and discipline in capital deployment, SAC deployment, especially It's, of course, a very important measure, but we're also focused on profitability, SAC efficiency, cash generation. So really pleased to be still affirming our guidance that would have our adjusted free cash flow up 14% or 15% at the midpoint after 40%.

我還要補充一點，或者說要強調一點，那就是我們將繼續關注回報和資本部署方面的紀律，特別是SAC部署，這當然是一個非常重要的衡量標準，但我們也關注盈利能力、SAC效率和現金流。非常高興地重申我們的預期，在經濟成長 40% 後，我們的調整後自由現金流將成長 14% 或 15%（取中間值）。

I think it was a little bit above 40% last year. So as we're balancing all of these objectives, I want to emphasize the progress we made on cash generation.

我認為去年略高於 40%。因此，在平衡所有這些目標的同時，我想強調我們在現金流方面取得的進展。

That's great color. And congrats on good solid top line.

顏色真好看。恭喜公司業績穩健成長。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

This is Ronan Kennedy on for Manav. Can you talk about the portfolio hardware optimization efforts? I believe you indicated not material savings in '25, but a potentially meaningful source of savings into '26. If you could please provide some color of that on that and also the benefits of the remote assistance program and your early AI initiatives, please?

這裡是羅南甘迺迪，為您報道馬納夫。能談談產品組合硬體優化方面的工作嗎？我認為你指的不是 2025 年的實質節省，而是 2026 年可能的重要節省來源。能否請您詳細介紹一下這方面的情況，以及遠端協助計畫和您早期人工智慧舉措的優勢？

Sure. Ronan, there's a lot packed into that question. I'll go treetops on each of the three, and we can go deeper in the after call, if you like. On the product side, we're working with our ODMs, essentially leveraging our scale and their expertise to drive lower cost manufacturing. And we've had some good progress with ADTs.

當然。羅南，這個問題包含的資訊量很大。我會分別觀察這三個地方的樹梢，如果你願意，我們可以在通話結束後深入探討。在產品方面，我們與 ODM 廠商合作，主要利用我們的規模和他們的專業知識來降低製造成本。我們在ADT方面取得了一些不錯的進展。

That now represents something in the neighborhood of 25% of our new sales, we'll continue to expand that to new order types, new channels, but all of the work that our engineering teams are doing with the ODMs are focused on driving down prices. We'll have a little bit of tailwind. We've had a little bit of tailwind on that front this year. It's not material.

這目前約占我們新銷售額的 25%，我們將繼續將其擴展到新的訂單類型和新管道，但我們工程團隊與 ODM 所做的所有工作都集中在降低價格上。我們會有點順風。今年我們在這方面稍微佔了點優勢。這不是物質問題。

But as we continue to expand ADT+ to more and more of our new installations, we'll see more progress on the savings front. AI continue to focus on customer service. We're now expanding into some sales applications, employee productivity. There, too, we've had savings in 2025 and expect that to begin to accelerate in '26 as well.

但隨著我們不斷將 ADT+ 推廣到越來越多的新安裝項目中，我們將在節省成本方面看到更多進展。人工智慧將繼續專注於客戶服務。我們現在正將業務拓展到一些銷售應用和員工生產力領域。2025 年我們也實現了儲蓄，預計 2026 年儲蓄速度也將加快。

Chat volumes now 100% AI containments right around 50%. Voice is we're probably in the neighborhood of half of our calls have virtual agent of our voice calls containments flat at just below 20%, but I feel good about what we're doing on the AI front as well. And then on remote servicing, that's maintained about -- at a level of about 50% of our service calls.

聊天量目前 100% AI 控制率在 50% 左右。語音通話方面，我們大概有一半的通話由虛擬代理處理，語音通話佔比穩定在略低於 20%，但我對我們在人工智慧方面所做的工作也感到滿意。遠端服務方面，我們大約有 50% 的服務電話是透過遠端完成的。

And we've plateaued right about there for the last handful of quarters. I think there might be a little bit more improvement there, Ronan, but it's not -- shouldn't be meaningful. We're happy with where we are. The NPS and customer SAT scores are very good with remote service. And I would expect that it will maintain right around half of our service costs.

過去幾個季度，我們的成長一直停滯在這個水平附近。羅南，我覺得可能還有一些改進空間，但這——應該不會有什麼實質的改變。我們對現狀很滿意。遠端服務的淨推薦值 (NPS) 和客戶滿意度 (SAT) 得分都非常好。我預計它將維持在我們服務成本的一半左右。

Another, if I may, kind of multifaceted question, but more so on the macro and the strength of the consumer as you see it. I think you said our voluntary disconnects were up. I don't think you commented on non-pay. You also alluded to potential impacts of tariffs and a still higher interest rate environment. So could we just have your characterization of the macro and the strength of the consumer? And if and how those could potentially impact you achieving your guidance for 4Q are going into '26, please?

如果可以的話，我想問另一個比較複雜的問題，但更多的是關於宏觀經濟以及您眼中的消費者實力。我想你說過我們的自願斷線人數增加了。我認為你沒有評論未支付薪酬的問題。您也提到了關稅和持續走高的利率環境可能帶來的影響。那麼，您能否對宏觀經濟情勢和消費者實力進行一番描述？請問這些因素可能會如何影響您實現2026年第四季業績指引？

Yes. We -- so absolutely. We -- so we reiterated on the guide. So I'd say overall, macro factors included -- we are confident with a couple of months to go that will be in the guide and therefore, reiterated. I'll make -- I'll share a couple of comments on attrition and macro overall and then ask Jeff to touch on your question with regard to tariffs. I think generally, Ronan, we're seeing a cautious consumer delinquency is up a bit.

是的。我們——絕對是如此。因此，我們重申了指南中的內容。所以我認為總體而言，包括宏觀因素在內——我們有信心，在接下來的幾個月裡，這些因素都會體現在指南中，因此，我們會重申這一點。我會就人員流失和宏觀經濟整體情況發表一些看法，然後請 Jeff 談談你關於關稅的問題。羅南，我認為總體而言，我們看到謹慎的消費者違約率略有上升。

Our nonpay cancels, as I mentioned, were higher than last year. it's not meaningfully higher, but it's a number we're paying a lot of attention to. I think that some of the process changes and collections that our team is making while early bode well for us. And we're definitely not seeing a continued erosion, those elevated nonpay cancels and delinquencies have stayed steady -- elevated but steady.

正如我之前提到的，我們的非付款取消率比去年有所上升。雖然上升幅度並不顯著，但我們非常關注這個數字。我認為我們團隊目前進行的一些流程改進和收集工作對我們有利。而且我們絕對沒有看到持續的下滑，那些居高不下的未付款取消和拖欠情況一直保持穩定——雖然居高不下，但很穩定。

Another thing worth mentioning, you're pretty familiar with our business when we have relocations down -- the downside is we get fewer bites at the apple from a gross adds perspective, but it is a tailwind for us on attrition. And relocation losses were a bit less Q3 this year than Q3 last year. So overall, taking macro all the macro variables into consideration, I continue to feel good. Jeff continues to feel good about Q4.

還有一點值得一提，您應該很熟悉我們公司在人員調動時的業務情況——缺點是從新增員工數量的角度來看，我們獲得的就業機會較少，但這在人員流失方面對我們有利。今年第三季搬遷造成的損失比去年第三季略有減少。所以總的來說，考慮到所有宏觀因素，我感覺仍然很好。傑夫對第四季依然充滿信心。

Yes. And I'd add on tariffs. The environment has come into a little bit sharper focus, but still not perfect focus, so we continue to work with our vendors to mitigate cost. In some cases, it's negotiations, it's consideration of country of origin shifts, in some cases, nearer term, some cases, longer term, places where we make may make pricing adjustments to our customers.

是的。我還要加上關稅。環境問題已經變得更加清晰，但仍然不夠完善，因此我們將繼續與供應商合作，以降低成本。在某些情況下，我們會進行談判，考慮原產國的變化；在某些情況下，我們會考慮短期變化；在某些情況下，我們會考慮長期變化；在這些情況下，我們可能會對客戶的價格進行調整。

And then I want to reiterate at the risk of repeating the point that we just feel really good about our ability to deliver our guidance from the beginning of the year. I recall in -- I think it was our first quarter call, noting that we expect the tariffs would put pressure on the midpoint of some of our guidance ranges, but we still would deliver the ranges and you're sitting here today in November, the tariffs have a bit of an effect on EBITDA.

然後，我想再次重申（雖然可能有點老生常談），我們對年初以來能夠提供指導意見的能力感到非常有信心。我記得——我想應該是我們第一季的電話會議上，我們提到預計關稅將對我們一些業績指引範圍的中點造成壓力，但我們仍然能夠實現這些目標。而現在，到了11月，關稅確實對EBITDA產生了一些影響。

There's a couple of EBITDA things between hitting the P&L and hitting the balance sheet, but we're able to overcome those in a couple offset in EPS. So you took our EPS up a couple of points and -- or a couple of cents, I mean. And then already made the point that we feel really good about our cash generation. So despite some of these uncertainties, our teams have done a really good job managing the puts and takes this year.

在影響損益表和資產負債表之間，EBITDA 存在一些問題，但我們可以透過提高每股盈餘來彌補這些問題。所以你們讓我們的每股盈餘提高了幾個百分點——或者說幾美分，我的意思是。然後他們已經指出，我們對自己的現金流狀況非常滿意。儘管存在一些不確定因素，但我們的團隊今年在管理買賣方面做得非常出色。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I first wanted to ask about the lower SAC spend. Was that a deliberate strategy? It makes sense that you wanted to be more disciplined, but I guess, is there anything that sort of drove you to spend less this quarter? Or it just was that the customers that you saw weren't as high quality? Or was it sort of a deliberate you wanted to spend less?

我首先想問SAC支出較低的狀況。這是有意為之的策略嗎？你想更自律是可以理解的，但我想問的是，是什麼原因促使你本季減少開支呢？或者說，你遇到的顧客品質不高？或者，你是有意想少花錢嗎？

Yes. I would say it's the combination of those things. Navigation of the point I was alluding to earlier, a variety of factors and offsetting directions and our commitment to deliver the guidance we put forth at the beginning of the year.

是的。我認為是這些因素共同作用的結果。我之前提到的那個要點，涉及各種因素和相互抵消的方向，以及我們致力於落實年初提出的指導方針。

And the point I mentioned about disciplined and returns oriented in our approach and then maybe worth also mentioning that we do still have a range around our adjusted free cash flow outlook for the full year, even with a couple of months left and part of that is a continued evaluation of SAC. And the largest chunks of SAC tend to be bulk account purchases that we will evaluate in the last handful of weeks here.

我之前提到過，我們採取的方法嚴謹且以回報為導向。另外值得一提的是，儘管還有幾個月的時間，但我們對全年的調整後自由現金流預期仍然存在一個範圍，其中一部分是對 SAC 的持續評估。SAC 的最大部分往往是批量帳戶購買，我們將在最後幾週對此進行評估。

Great. And then on State Farm, I know you had talked about sort of changing course on the program that was originally rolled out because of this low pace. This one seems more targeted but also sort of more limited. So I guess, like maybe just talk about how did you sort of pick this new target customer base? Were they seeing higher adoption of like higher take rate of the ADT product during the initial phase?

偉大的。至於 State Farm，我知道你曾談到要改變最初推出的計畫路線，因為進展緩慢。這個似乎更有針對性，但也有些限制。所以我想，或許可以談談你是如何選擇這個新的目標客群的？在初期階段，他們是否觀察到ADT產品的採用率或接受率較高？

Or was there something else? And I guess in terms of like your cost of this program, I imagine it's probably not that big, but I guess like how do you think about like what you're hoping to get for returns or things like that? And when do you sort of reevaluate on the new pilot.

還是有其他原因？我想，就這個專案的成本而言，應該不會太高，但是，你覺得你能從中獲得什麼回報之類的呢？那麼，你們什麼時候會對新的試點計畫進行重新評估呢？

Thanks for the question, Toni. It's Jim. I'll give a little bit of context on State Farm and then speak to -- speak more directly to your question about the digital program that we're contemplating. Our original agreement with State Farm was for a three-year term. That concluded just this past October. As you know, and as I've mentioned on a few calls, volume has been below what we expected from the partnership.

謝謝你的提問，托尼。是吉姆。我先簡單介紹一下 State Farm 的情況，然後再更直接地回答你關於我們正在考慮的數字計劃的問題。我們最初與State Farm簽訂的協議期限為三年。那件事就在今年十月結束了。如您所知，正如我在幾次電話會議中提到的，此次合作的交易量低於我們的預期。

We didn't build meaningful adds into our 2025 budget program to date. We're at around 3,000 subscribers -- 32,000, 33,000 subscribers. And so we have pivoted to explore a digital solution. This is effectively directed at relocating consumers. We're in the very early days of design. It's not necessarily the last effort trying the traditional distribution with State Farm, but it's a fresh tactic, and we're going to lean in here and see if we can get some traction.

到目前為止，我們還沒有在 2025 年預算計畫中加入任何有意義的新增項目。我們現在大約有 3000 名訂閱者——32000 或 33000 名訂閱者。因此，我們轉向探索數位化解決方案。這其實是針對搬遷消費者的。我們目前還處於設計的初期階段。這不一定是我們最後一次嘗試與 State Farm 進行傳統分銷，但這是一種新的策略，我們將全力以赴，看看能否取得一些成效。

An advantage is that it's in the potential buy flow. And so there's not a reliance on agent execution as there is in the traditional path. This is a digital process directed at relocating customers. I should also mention we're continuing our data sharing program with State Farm, where with customer consent, we share alarm activity at the customer's home with State Farm.

優勢在於它處於潛在的購買流中。因此，它不像傳統路徑那樣依賴代理執行。這是一個旨在幫助客戶搬遷的數位化流程。我還應該提到，我們正在繼續與 State Farm 開展數據共享計劃，在獲得客戶同意後，我們會與 State Farm 共享客戶家中的警報活動。

And so we continue to kick tires on that front to see if there's a source of value. But back again on your original question about the advantage of the digital program, I would say, is that it's included in the by flow, a more natural process and one we hope we get better traction with.

因此，我們將繼續在這方面進行考察，看看是否有價值來源。但回到你最初關於數位化程序優勢的問題，我想說的是，它已經融入流程中，這是一個更自然的過程，我們希望它能取得更好的效果。

George Tong, Goldman Sacs.

喬治唐，高盛集團。

You outlined various drivers to improve your attrition rates. Can you talk about how long you think it might take for those improvements to materialize and drive year-over-year improvements in attrition?

您列出了改善員工流動率的各種驅動因素​​。您認為這些改善措施需要多長時間才能顯現成效，並推動員工流動率逐年下降？

Thanks for the question, George. I think that it's probably Q1, Q2 of next year. The -- it takes a little bit of time to bake on the NPS improvements. The digital self-service continues to get really good traction. We're better than ever at meeting customers where they choose to interact with us. So we're expanding the digital platforms. There are some really interesting work that we're doing, leveraging AI to drive satisfaction.

謝謝你的提問，喬治。我認為大概會在明年第一季或第二季。NPS 的提升需要一些時間才能顯現效果。數位化自助服務持續獲得良好發展動能。我們現在比以往任何時候都更能滿足客戶在他們選擇與我們互動的方式上的需求。所以我們正在拓展數位平台。我們正在做一些非常有趣的工作，利用人工智慧來提升用戶滿意度。

But I think it's a quarter or two before we start to see some improvement. I think the voluntary losses -- I anticipate voluntary losses will be the first to improve. And I'd mentioned earlier on our nonpayment cancels, there's been some process improvement on collections, where we essentially are dialing up our contact rates with delinquent customers and having some success there.

但我認為還需要一到兩個季度才能看到一些改善。我認為自願虧損——我預計自願虧損將率先改善。我之前提到過，對於未付款取消訂單的情況，我們在催收流程方面進行了一些改進，我們基本上提高了與拖欠款項客戶的聯繫頻率，並且取得了一些成功。

And I'd expect some nonpay improvement as well. That, of course, is pretty significantly influenced by the macro environment, so a little more difficult to predict. But I think our internal processes and the improvement we're making bode well for us, say, Q1, Q2.

我也期待在非薪酬方面有所改善。當然，這很大程度上受到宏觀環境的影響，因此更難預測。但我認為，我們的內部流程以及我們正在進行的改進，對我們而言是個好兆頭，比如說，第一季、第二季。

And one other thing I'd add too is we made some adjustments and fine-tuning to our underwriting processes to whom we extend how much credit earlier in the year that we expect will have some benefit, but it also takes a few months to work its way through the system.

另外，我還想補充一點，今年早些時候我們對核保流程進行了一些調整和微調，包括向哪些人提供多少信貸，我們預計這將帶來一些好處，但這也需要幾個月的時間才能在系統中發揮作用。

Got it. That's helpful. And you mentioned earlier, continuing to opportunistically pursue bulk account purchases. Can you remind us what's embedded in the guide in the full year with respect to future bulk account purchases and what current economics look like with purchases?

知道了。那很有幫助。正如你之前提到的，繼續伺機進行大宗帳戶採購。您能否提醒我們一下，全年指南中關於未來批量帳戶採購的具體內容，以及目前的採購經濟狀況？

Let's tag team on this one, Jeff. I saw -- I give you a little bit of color and Jeff will as well, George. So we've got some bulk in the pipeline now. We -- as you know, we'll stay disciplined. We won't chase these bulks. We don't want ads just for the sake of ads. So if we can't get to the economics that we target. We won't pursue them. But there's two or three sizable bulk opportunities available to us. We're evaluating those.

傑夫，咱們合作吧。我看到了──我會為你添一點色彩，傑夫也會，喬治。所以我們現在有一些大宗商品正在籌備中。正如你們所知，我們會保持自律。我們不會追逐這些大宗商品。我們不希望廣告只是為了廣告而廣告。所以如果我們無法達到我們預期的經濟目標。我們不會追究他們的責任。但我們有兩三個相當大的大量採購機會。我們正在評估這些因素。

We may end up executing one in the fourth quarter. And that, I think Jeff mentioned earlier, is largely the reason why we left the free cash flow guide wide. We tightened revenue, EBITDA and EPS, but left adjusted free cash flow at the $800 million to $900 million to in to -- principally to have the flexibility to pursue one of these bulks in Q4 if the economics work out.

我們可能會在第四季執行其中一項任務。我認為，傑夫之前也提到過，這很大程度上就是我們把自由現金流預期範圍放寬的原因。我們收緊了收入、EBITDA 和 EPS，但將調整後的自由現金流保持在 8 億至 9 億美元，主要是為了在第四季度經濟效益允許的情況下，有靈活性去追求其中一項大宗交易。

Yes, I don't have a whole lot to add. Similar to Toni's question and even in the third quarter, as Jim had noted, one of the drivers that I noted also in the prepared remarks, that one of the drivers year-on-year was less bulk in the third quarter. So of course, that led to less SACs spanning on those bulks. We're evaluating these in the fourth quarter. I'll just be echoing Jim's point about that. That's why the range is a bit wider than some of the other ranges.

是的，我沒什麼要補充的了。與 Toni 的問題類似，甚至在第三季度，正如 Jim 所指出的那樣，我在準備好的發言稿中也提到，其中一位車手的體重在第三季度比上一年有所下降。所以，這當然導致了跨越這些大塊區域的 SAC 數量減少。我們將在第四季度對這些情況進行評估。我同意吉姆的觀點。這就是為什麼這個範圍比其他一些範圍要寬一些的原因。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Just 1 quick question on capital allocation. You've been very opportunistic with the share repurchases. Can you just remind us how much more authorization do you have in place? And also from a liquidity perspective, can you talk about your opportunity to continue to do more opportunistic share repurchases going forward?

關於資本配置，我還有一個問題想請教。你在股票回購方面非常善於把握機會。您能否提醒我們一下，您還有多少授權？另外，從流動性角度來看，您能否談談未來繼續進行更多機會性股票回購的可能性？

Yes, sure. So the authorization from the beginning of this year, we have fully consumed. So that was $500 million authorization. We also had another a little bit more than $100 million of repurchases in January under the prior year's authorization. In terms of capacity, we have access to our revolving facility. As I noted, we feel really good about the debt transactions we've been able to undertake, including refinancing our most expensive debt just in the last couple of weeks.

當然可以。因此，今年年初獲得的授權已經全部用完。所以，這筆撥款總額為5億美元。1 月份，我們還根據前一年的授權進行了略多於 1 億美元的股票回購。就產能而言，我們可以使用我們的循環設施。正如我之前提到的，我們對已經完成的債務交易感到非常滿意，包括在過去幾週內對我們最昂貴的債務進行了再融資。

We also recently issued a term loan A, we used $200 million of those proceeds to repay our older, more expensive term loan B -- the 2030 term loan B. But we do have some of that cash still available. It's earmarked for debt repayment. But from a liquidity perspective, as we sit here today, we have liquidity available. And as I already alluded to, significant flexibility.

我們最近也發行了一筆定期貸款 A，並用其中 2 億美元的收益償還了我們之前到期、成本更高的定期貸款 B——即 2030 年到期的定期貸款 B。但我們仍然有一些現金可用。這筆錢將用於償還債務。但從流動性角度來看，就目前而言，我們擁有可用的流動性。正如我之前提到的，要有相當大的彈性。

Our next upcoming maturity is $300 million on our April 2026 notes and we feel very confident we can manage that maturity and have some capital available for share repurchases, if there's a good opportunity or M&A or SAC or any of the other capital allocation priorities we've talked about.

我們即將到期的下一筆款項是 2026 年 4 月到期的 3 億美元票據，我們非常有信心能夠管理好這筆到期款項，並留有一些資金用於股票回購（如果有好的機會），或者進行併購、SAC 或我們討論過的任何其他資本配置優先事項。

There's no further questions at this time. I will now turn the call back over to Jim DeVries for closing remarks. Jim?

目前沒有其他問題了。現在我將把電話轉回給吉姆‧德弗里斯，請他作總結發言。吉姆？

Thank you, Mark, and thanks, everyone, for taking the time to join us today. We look forward to finishing the year strong. We remain confident in achieving our financial commitments for 2025. I'd like to extend my appreciation to our employees and our dealer partners. Thanks again, everyone, and have a great day.

謝謝馬克，也謝謝各位今天抽出時間參加我們的節目。我們期待以強勁的勢頭結束今年。我們仍有信心實現2025年的財務承諾。我謹向我們的員工和經銷商合作夥伴表示感謝。再次感謝大家，祝大家今天過得愉快。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。