Brinks Co (BCO) 2023 Q3 法說會逐字稿

Hello, and welcome to the Brink's Company's Third Quarter 2023 Earnings Call. This morning, Brink's issued a press release detailing its third quarter 2023 results. The company also filed an 8-K that includes the release and slides that will be used in today's call. The release and slides are available on the Investor Relations section of the company's website at investors.brinks.com.

您好，歡迎參加 Brink's 公司 2023 年第三季財報電話會議。今天上午，Brink’s 發布了一份新聞稿，詳細介紹了 2023 年第三季的業績。該公司還提交了一份 8-K，其中包括將在今天的電話會議中使用的新聞稿和幻燈片。該新聞稿和幻燈片可在該公司網站investor.brinks.com 的投資者關係部分取得。

(Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay. This call and the Q&A session will contain forward-looking statements. Actual results could differ materially from projected or estimated results. Information regarding factors that could cause such differences are available in the footnotes of today's press release and in the company's most recent SEC filings.

（操作員說明）謹此提醒，本次電話會議正在錄音中，可供重播。本次電話會議和問答環節將包含前瞻性陳述。實際結果可能與預計或估計結果有重大差異。有關可能導致此類差異的因素的信息，請參閱今天新聞稿的腳註和該公司最近向 SEC 提交的文件。

Information presented and discussed on this call is representative of today only. Brink's assumes no obligation to update any forward-looking statements. The call is copyrighted and may not be used without written permission from Brink's.

本次電話會議中提供和討論的資訊僅代表今天。 Brink's 不承擔更新任何前瞻性聲明的義務。該通話受版權保護，未經 Brink's 書面許可不得使用。

I will now turn the call over to your host, Jesse Jenkins, Vice President of Investor Relations. Mr. Jenkins, you may begin.

現在我將把電話轉給主持人投資者關係副總裁傑西·詹金斯 (Jesse Jenkins)。詹金斯先生，您可以開始了。

Thanks, and good morning. Joining me today are CEO, Mark Eubanks and CFO, Kurt McMaken. This morning, Brink's reported third quarter 2023 results on a GAAP, non-GAAP and constant currency basis. Most of our comments today will be focused on our non-GAAP results because we believe these results make it easier for investors to assess operating performance between periods.

謝謝，早安。今天加入我的是執行長 Mark Eubanks 和財務長 Kurt McMaken。今天上午，Brink's 公佈了按 GAAP、非 GAAP 和固定匯率計算的 2023 年第三季業績。我們今天的大部分評論將集中在我們的非公認會計準則績效上，因為我們相信這些業績使投資者更容易評估不同時期的經營績效。

Reconciliations of non-GAAP results to their most comparable GAAP results are provided in the press release, the appendix of the presentation and in this morning's 8-K filing. I'll now turn the call over to Brink's CEO, Mark Eubanks.

新聞稿、簡報附錄以及今天上午的 8-K 文件中提供了非 GAAP 業績與最具可比性 GAAP 業績的調整表。現在我將把電話轉給 Brink 的執行長 Mark Eubanks。

Thanks, Jesse. Good morning all, and thanks for joining us. Starting on Slide 3. I'm pleased to report another quarter of strong growth in revenue, profit margin and free cash flow as we execute on our strategy.

謝謝，傑西。大家早安，感謝您加入我們。從幻燈片 3 開始。我很高興地報告，隨著我們執行策略，收入、利潤率和自由現金流又實現了一個季度的強勁增長。

Total revenue was up 8%, including organic growth of 6%. Our Cash and Valuables Management business grew organically 4% and the ATM Managed Services and Digital Retail Solutions customer offerings were up 18% organically. Operating profit of $166 million was up 38% organically, with margins expanding 230 basis points to 13.5%. Adjusted EBITDA was up 22% with margins expanding 220 basis points to 18.8%.

總收入成長 8%，其中有機成長 6%。我們的現金和貴重物品管理業務有機成長 4%，ATM 管理服務和數位零售解決方案客戶服務有機成長 18%。營運利潤達 1.66 億美元，有機成長 38%，利潤率擴大 230 個基點，達到 13.5%。調整後 EBITDA 成長 22%，利潤率擴大 220 個基點至 18.8%。

These margins represent historic highs for the third quarter and reflect the discipline of our teams to deliver strong cost productivity and improved price mix as we continue to ship more of our business to AMS and DRS.

這些利潤率代表了第三季的歷史新高，反映了我們團隊的紀律，即隨著我們繼續向 AMS 和 DRS 運送更多業務，我們的團隊將提供強大的成本生產力和改善的價格組合。

I'm happy to report we're well on our way to our year-end free cash flow and leverage targets. Cash generation continues to accelerate, with year-to-date free cash flow up almost 200% from the third quarter just a year ago. The cash generation is strengthening our balance sheet with leverage down 0.2x quarter-on-quarter to 3x adjusted EBITDA at quarter end.

我很高興地向大家報告，我們正在順利實現年終自由現金流和槓桿目標。現金產生持續加速，今年迄今的自由現金流較一年前第三季成長近 200%。現金產生正在加強我們的資產負債表，季度末槓桿率環比下降 0.2 倍，調整後 EBITDA 為 3 倍。

Looking at the key revenue drivers. We delivered solid volume growth in our AMS and DRS offerings and executed strong pricing actions across all lines of business. We've also seen foreign exchange move against us a bit since our last market update with the dollar strengthening considerably across most major currencies where we operate.

著眼於主要收入驅動因素。我們的 AMS 和 DRS 產品銷售實現了穩健成長，並在所有業務領域執行了強有力的定價行動。自上次市場更新以來，我們也看到外匯走勢對我們不利，美元對我們經營的大多數主要貨幣都大幅走強。

Margin expansion was highlighted by good progress in North America, where margins expanded 240 basis points year-on-year as we continue to prioritize customer profitability and efficiency across all of our operations. We are leveraging the Brink's business system to further instill our lean culture into our daily work and our operating cadence. Other profitability drivers in the quarter included price realization, improved revenue mix from AMS, DRS as well as restructuring savings.

北美地區的良好進展突顯了利潤率擴張，由於我們在所有業務中繼續優先考慮客戶盈利能力和效率，因此利潤率同比增長了 240 個基點。我們正在利用 Brink 的業務系統將我們的精益文化進一步灌輸到我們的日常工作和營運節奏中。本季的其他獲利驅動因素包括價格實現、AMS、DRS 收入組合的改善以及重組節省。

A key highlight of the quarter was our execution on cash generation, or the compounding effect of revenue growth and margin expansion are leading to meaningful improvements. Free cash flow in the third quarter was over $150 million. Year-to-date, we have already exceeded the total full year 2022 free cash flow with our seasonally strong fourth quarter still ahead of us. With the last 12-month conversion rates already over our 40% target, we are well positioned to exceed the midpoint of our previous free cash flow guidance.

本季的一個關鍵亮點是我們對現金產生的執行，或者說收入成長和利潤擴張的複合效應正在帶來有意義的改進。第三季自由現金流超過1.5億美元。今年迄今為止，我們已經超過了 2022 年全年自由現金流總額，季節性強勁的第四季仍然遙遙領先。由於過去 12 個月的轉換率已經超過了我們 40% 的目標，我們完全有能力超過先前自由現金流指導的中點。

As we have consistently discussed, our capital allocation strategy remains focused on capital returns to shareholders with $106 million worth of share repurchases year-to-date. Which is approximately half of our total free cash flow for the year.

正如我們一直討論的那樣，我們的資本配置策略仍然側重於股東的資本回報，今年迄今已回購了價值 1.06 億美元的股票。這大約是我們今年自由現金流總額的一半。

As we turn to the fourth quarter and our full year guidance, we remain committed to the targets that we increased after the first quarter. We expect volume growth in AMS and DRS revenue, strong pricing execution and continued cost productivity, leveraging the Brink's business system.

當我們轉向第四季度和全年指引時，我們仍然致力於實現第一季後提高的目標。我們預計，利用 Brink 的業務系統，AMS 和 DRS 收入將實現銷售成長、強大的定價執行力和持續的成本生產力。

We are monitoring the macroeconomic risks related to the ongoing wars in Europe and the pressure of high inflation on consumers that could both have an impact on our results. Despite these uncertainties, the structural improvements in working capital and clear line of sight to our remaining cash obligations before year-end allow us to increase our guidance for free cash flow to the high end of our previous range. We believe this guidance actually balances the opportunities and risks that we see as we close out the year.

我們正在監測與歐洲持續戰爭相關的宏觀經濟風險以及高通膨對消費者的壓力，這兩者都可能對我們的業績產生影響。儘管存在這些不確定性，但營運資本的結構性改善以及對年底前剩餘現金義務的清晰認識使我們能夠將自由現金流指引提高至之前範圍的高端。我們相信，這項指導實際上平衡了我們在年底時看到的機會和風險。

And finally, as we disclosed last week, the continued progress on our strategy, the strong free cash flow performance and the recent share repurchase activity has given our Board the confidence to authorize a new $0.5 billion share repurchase plan over the next 2 years. Kurt will have more in a few slides on both the guidance and our capital allocation priorities.

最後，正如我們上週所披露的，我們策略的持續進展、強勁的自由現金流表現以及最近的股票回購活動使我們的董事會有信心在未來兩年內批准一項新的5 億美元的股票回購計劃。庫爾特將在幾張投影片中詳細介紹指導方針和我們的資本配置優先事項。

Turning to Slide 4. I'd like to provide a few more details on the drivers of our performance and our customer offerings. The Cash and Valuables Management core of our business grew 4% organically in the quarter. While pricing growth continues to moderate from the peaks last year in most of the markets we serve, we remain vigilant in our efforts to offset persistent inflationary pressures.

轉向投影片 4。我想提供一些有關我們績效和客戶服務的驅動因素的更多詳細資訊。我們的現金和貴重物品管理核心業務在本季有機成長了 4%。雖然我們所服務的大多數市場的價格成長繼續從去年的峰值放緩，但我們仍然保持警惕，努力抵消持續的通膨壓力。

Our strong pricing actions more than offset the market softness that we saw in our higher-margin Global Services business. As with other shipping and logistics providers, we've seen a macroeconomic slowdown in the handling of precious metals and valuables. We saw the slowdown across all geographies, but it was most pronounced in our Rest of World segment. We expect this trend to continue into the fourth quarter, offset by the growth in AMS and DRS revenue, which I'll touch on in a second.

我們強而有力的定價行動足以抵銷我們在利潤率較高的全球服務業務中看到的市場疲軟。與其他運輸和物流提供者一樣，我們看到貴金屬和貴重物品處理的宏觀經濟放緩。我們看到所有地區都出現了放緩，但在世界其他地區最為明顯。我們預計這一趨勢將持續到第四季度，並被 AMS 和 DRS 收入的成長所抵消，我稍後會談到這一點。

On the cost side, the Brink's business system continues to drive service improvements and cost efficiencies across all of our segments. In the North American segment, our lean cultural transformation and operational efficiencies are contributing to improved service levels, customer satisfaction and safety metrics.

在成本方面，Brink 的業務系統持續推動我們所有部門的服務改善和成本效率。在北美市場，我們的精實文化轉型和營運效率有助於提高服務水準、客戶滿意度和安全指標。

In the third quarter, customer satisfaction improved by approximately 40% over the previous year. A key driver of this improvement was sequential and year-on-year reduction in customer claims, first touch resolution and time to resolution. While we're not satisfied with where we are in our business improvement journey, I'm confident our North American leadership team has taken the proper steps to build a predictable improvement road map that balances growth, innovation and profitability.

第三季度，客戶滿意度比上年提高約40%。這項改進的關鍵驅動因素是客戶索賠、首次觸摸解決率和解決時間的連續和同比減少。雖然我們對業務改進之旅的進展並不滿意，但我相信我們的北美領導團隊已採取適當措施來建立可預測的改進路線圖，以平衡成長、創新和獲利能力。

The benefits of these initiatives are clear in the P&L. Better customer service combined with reduced employee turnover and increasing tenure in our employees is driving meaningful improvement in labor expense as a percent of revenue in North America. In total, North America operating margins are up 200 basis points year-to-date and 240 basis points versus the third quarter.

這些措施的好處在損益表中顯而易見。更好的客戶服務，加上員工流動率的降低和員工任期的延長，正在推動北美地區勞動力費用佔收入的百分比顯著提高。總體而言，北美地區營運利潤今年迄今成長了 200 個基點，較第三季成長了 240 個基點。

Turning to DRS and AMS. 24% organic growth over the last 12 months and 18% organic growth in the quarter was driven by strong volume growth and new customer additions in both product offerings. This progress has allowed us to achieve our 2023 target of 20% of trailing 12-month revenue 1 full quarter in advance of where we originally expected it to be.

轉向 DRS 和 AMS。過去 12 個月有機成長 24%，本季有機成長 18%，這得益於兩種產品的銷售強勁成長和新客戶增加。這項進展使我們能夠實現 2023 年過去 12 個月收入 20% 的目標，比我們最初的預期提前了整整一個季​​度。

In DRS, we added thousands of new locations in the quarter across each of the segments in a wide range of end markets, including gas stations, restaurants, grocery stores and retailers. These additions include conversions of existing customers as well as new customers through both exclusive negotiations and competitive bids as we expand our addressable market.

在 DRS 方面，本季我們在各個細分市場的各個終端市場（包括加油站、餐廳、雜貨店和零售商）增加了數千個新地點。這些新增內容包括隨著我們擴大目標市場，透過獨家談判和競爭性投標來轉換現有客戶以及新客戶。

Our healthy backlog of new locations support our revenue outlook for future quarters. By providing working capital improvements and bank account simplification through our tech-enabled solutions, we are increasing the value proposition beyond our traditional safety and security offering. We are prioritizing our commercial efforts on upgrading our sales teams with a focus on solution-based selling. We continue to have success growing our DRS pipeline, up sequentially and over prior year, representing millions of dollars in potential annual recurring revenue.

我們健康的新地點積壓支持了我們未來幾季的收入前景。透過我們的技術支援解決方案提供營運資金改進和銀行帳戶簡化，我們正在提高傳統安全和保全產品以外的價值主張。我們正在優先考慮升級我們的銷售團隊的商業努力，重點是基於解決方案的銷售。我們繼續成功地擴大我們的 DRS 管道，比上一年連續成長，代表潛在的年度經常性收入數百萬美元。

In AMS, we are leveraging our existing networks around the world to add additional revenue and density. In France, we are planning the addition of 2 new banks onto our existing platform in early 2024, and in the U.S., we're deploying new ATMs in a major regional convenience store chain that will improve both density and transaction volumes.

在 AMS 中，我們正在利用我們在世界各地的現有網路來增加額外的收入和密度。在法國，我們計劃在 2024 年初在現有平台上增加 2 家新銀行；在美國，我們正在一家主要的區域連鎖便利商店部署新的 ATM，這將提高密度和交易量。

AMS continues to gain momentum in Europe and the Rest of World, where revenue mix benefits of AMS and DRS are clearly visible in our margin performance. Year-to-date, operating margins in Europe are up 90 basis points and Rest of World segment margins were up 30 basis points despite the impact of the lower Global Services revenue I mentioned earlier. We continue to ramp our pipeline globally with both financial institutions and independent ATM operators.

AMS 在歐洲和世界其他地區繼續保持強勁勢頭，AMS 和 DRS 的收入組合優勢在我們的利潤表現中清晰可見。今年迄今為止，儘管受到我之前提到的全球服務收入下降的影響，歐洲的營業利潤率仍上升了 90 個基點，世界其他地區的利潤率上升了 30 個基點。我們持續在全球擴大與金融機構和獨立 ATM 營運商的合作管道。

Latin America remains a significant opportunity for AMS in the medium and long term, and our business development teams continue to add multiple customer outsourcing pilot projects for evaluation. A proof point of our momentum is demonstrated by the recent award from a large multinational bank in Chile that plans to outsource its entire ATM network to us.

從中長期來看，拉丁美洲仍然是 AMS 的重要機遇，我們的業務開發團隊不斷增加多個客戶外包試點專案進行評估。最近智利一家大型跨國銀行計劃將其整個 ATM 網路外包給我們，證明了我們的發展勢頭。

I'm proud of the progress we've made in the operating model in the first 9 months of 2023 by growing AMS and DRS and driving cost productivity through the Brink's business system. While the improvements in the business are clear in the financial results, I believe we're still in the early stages of our transformation and excited about the prospects that remain in front of us.

我對 2023 年前 9 個月我們透過發展 AMS 和 DRS 以及透過 Brink 業務系統提高成本生產力在營運模式方面取得的進展感到自豪。雖然業務的改善在財務表現中很明顯，但我相信我們仍處於轉型的早期階段，並對我們面前的前景感到興奮。

Before I hand it off to Kurt, I'd like to quickly recap our consolidated results on Slide 5. Organic growth of 6% was supplemented by 3% growth from acquisitions. FX was a headwind in the quarter of 1%, slightly more impactful than was expected given the strength of the dollar since our last earnings call.

在將其交給 Kurt 之前，我想快速回顧一下幻燈片 5 上的綜合業績。6% 的有機成長輔以 3% 的收購成長。考慮到自我們上次財報電話會議以來美元走強，外匯在本季成為 1% 的逆風，其影響略大於預期。

At the segment level, in North America, organic growth was slightly down due to lower revenue from our Global Services business, profitability enhancing customer portfolio optimization and the impact of customer conversions from traditional CIT to DRS. Latin America delivered 24% growth and Europe was up organically 6% behind strong AMS and DRS growth. The Rest of World segment had strong AMS and DRS growth as well that did not fully offset the organic decline driven by the global services headwinds I mentioned earlier.

在北美細分市場層面，由於全球服務業務收入下降、獲利能力增強的客戶組合優化以及客戶從傳統 CIT 轉換到 DRS 的影響，有機成長略有下降。拉丁美洲實現了 24% 的成長，歐洲在 AMS 和 DRS 強勁成長的推動下有機成長了 6%。世界其他地區的 AMS 和 DRS 成長也強勁，但這並沒有完全抵消我之前提到的全球服務逆風帶來的有機下降。

Operating profit margins were up 230 basis points and adjusted EBITDA was up 220 basis points, driven by benefits from productivity, pricing and better mix from volume growth in AMS and DRS. $1.92 of EPS reflects higher operating profit and the benefits from better cash management, partially offset by higher interest expense.

由於生產力、定價以及 AMS 和 DRS 銷售成長帶來的更好組合，營業利潤率成長了 230 個基點，調整後 EBITDA 成長了 220 個基點。每股收益 1.92 美元反映了較高的營業利潤和更好的現金管理帶來的收益，但部分被較高的利息支出所抵消。

We remain on plan for the year and continue to deliver consistent operating results and build upon the momentum in AMS and DRS. I'm encouraged by our progress in the quarter and I'm excited about the future as we transform our business to a higher-margin, faster-growing offerings and a performance-driven culture that's focused on consistent operational improvements in service, quality, delivery and cost productivity.

我們仍按今年的計劃進行，繼續提供一致的經營業績，並以 AMS 和 DRS 的勢頭為基礎。我對本季的進展感到鼓舞，並對未來感到興奮，因為我們將業務轉型為利潤更高、成長更快的產品和績效驅動的文化，專注於服務、品質、交付和成本生產力。

I'll now hand it over to Kurt, who will lead us through the financial details in addition to more specifics on our free cash flow performance, capital allocation plans and our rest of year guidance. I'll then return for a few closing comments. Kurt?

現在我將把它交給庫爾特，他將引導我們了解財務細節，以及有關我們的自由現金流表現、資本配置計劃和今年剩餘時間指導的更多細節。然後我會回來發表一些結束語。庫爾特？

Thanks, Mark. Beginning on Slide 6, organic growth was split roughly evenly between Cash and Valuables Management and AMS, DRS. As a reminder, customers will move between these 2 organic lines as legacy customers convert from traditional CIT and ATM replenishment offerings into AMS and DRS offerings. This was also the final quarter of acquisition revenue from NoteMachine, which will roll into the organic result of AMS, DRS starting next quarter. Organic revenue growth from pricing and AMS, DRS volume was partially offset by translational FX headwinds, primarily in Latin America.

謝謝，馬克。從幻燈片 6 開始，有機成長在現金和貴重物品管理以及 AMS、DRS 之間大致平均分配。提醒一下，隨著傳統客戶從傳統的 CIT 和 ATM 補貨產品轉換為 AMS 和 DRS 產品，客戶將在這兩條有機產品線之間移動。這也是 NoteMachine 收購收入的最後一個季度，將從下個季度開始計入 AMS、DRS 的有機結果。來自定價和 AMS、DRS 數量的有機收入成長部分被外匯逆風所抵消，主要是在拉丁美洲。

Shifting to operating profit. $72 million of organic revenue became $49 million of organic operating profit for an incremental margin of 68% in the quarter. The high flow-through was driven by 3 main items: First, cost productivity initiatives, leveraging the Brink's business system; second, the benefits of revenue mix now with 20% of revenue coming from AMS and DRS. And finally, the continued benefits of the restructuring program we announced in 2022. The quarter also benefited from the lapping of a large loss event and other corporate expenses in the prior year that we don't expect to repeat in the coming quarters.

轉向營業利潤。本季 7,200 萬美元的有機收入變成了 4,900 萬美元的有機營運利潤，增量利潤率為 68%。高流量是由三個主要因素推動的：首先，成本生產力舉措，利用 Brink 的業務系統；其次，收入組合的好處，現在 20% 的收入來自 AMS 和 DRS。最後，我們在 2022 年宣布的重組計劃帶來了持續的好處。該季度還受益於上一年的巨額虧損事件和其他公司支出，我們預計這些損失不會在未來幾季重演。

FX translation reduced operating profit by $15 million. The high flow-through impact from currency was due to headwinds in the higher-margin Latin America segment partially offset by benefits in the Europe segment. Looking at the current FX rates, we expect this high margin flow-through from FX to continue into the fourth quarter.

外匯換算使營業利潤減少了 1500 萬美元。貨幣帶來的高流通影響是由於利潤率較高的拉丁美洲市場的不利因素被歐洲市場的收益部分抵消。從目前的匯率來看，我們預期外匯的高利潤率流入將持續到第四季。

Turning to EBITDA and EPS on Slide 7. Starting with our operating profit and walking left to right. Third quarter interest expense of $54 million was up $19 million versus last year, primarily due to expected higher interest rates year-over-year. Tax expenses were $41 million, with an effective tax rate of 30% in the quarter, down 30 basis points from our full year 2022 rate. The category other of $18 million primarily relates to higher interest income as well as gains on the sale of certain marketable securities in the period as we position our assets to generate the best returns for our shareholders. $91 million of income from continuing operations on a reduced weighted average share count of 47.1 million shares equates to $1.92 of earnings per share, up 39% over last year.

轉向幻燈片 7 上的 EBITDA 和 EPS。從我們的營業利潤開始，從左到右。第三季利息支出為 5,400 萬美元，比去年同期增加 1,900 萬美元，主要是由於預期利率同比上升。稅務費用為 4,100 萬美元，本季有效稅率為 30%，比 2022 年全年稅率下降 30 個基點。其他類別的 1800 萬美元主要與較高的利息收入以及在此期間出售某些有價證券的收益有關，因為我們定位我們的資產，為股東創造最佳回報。加權平均股數減少至 4,710 萬股後，持續營運收入為 9,100 萬美元，相當於每股收益 1.92 美元，比去年增長 39%。

On the right side of the page, working back to EBITDA. Depreciation and amortization were $53 million, up $8 million versus the prior year due primarily to increased amortization from the NoteMachine acquisition. Non-cash stock-based compensation expense and other includes the elimination of the marketable security gains I mentioned earlier as well as lower stock-based compensation in the quarter. Third quarter adjusted EBITDA of $231 million and margin of 18.8% was the best third quarter in our recent history as we continue to drive EBITDA margins towards our midterm goal of 20%.

在頁面右側，返回 EBITDA。折舊和攤提為 5,300 萬美元，比上年增加 800 萬美元，主要是因為收購 NoteMachine 導致攤提增加。非現金股票補償費用和其他費用包括消除我之前提到的有價證券收益以及本季較低的股票補償。第三季調整後 EBITDA 為 2.31 億美元，利潤率為 18.8%，是我們近期歷史上最好的第三季度，我們將繼續推動 EBITDA 利潤率實現 20% 的中期目標。

Turning to free cash flow on Slide 8. Looking at the chart on the left-hand side of the slide, you can see that we are driving a step change in free cash flow generation. Trailing 12 months free cash flow is approximately $100 million better than any of the prior 5 years with conversion that is already over 40% of adjusted EBITDA.

轉向幻燈片 8 上的自由現金流。查看幻燈片左側的圖表，您可以看到我們正在推動自由現金流產生的一步變化。過去 12 個月的自由現金流比之前 5 年的任何一年高出約 1 億美元，轉換率已超過調整後 EBITDA 的 40%。

On the right-hand side of the slide, you can see the drivers. At the midpoint of our guidance, EBITDA is expected to grow about $100 million or 13% on the year. Margins have expanded 80 basis points year-to-date as we drive cost productivity through the Brink's business system.

在幻燈片的右側，您可以看到驅動程式。在我們指引的中點，EBITDA 預計將年增約 1 億美元，即 13%。由於我們透過 Brink 的業務系統提高了成本生產力，年初至今利潤率已擴大了 80 個基點。

As we execute our strategy for AMS and DRS, we are targeting capital expenditures that remain flat in dollar amount to the prior year. With over 20% of our revenue already under AMS and DRS contracts, we can leverage our asset base more efficiently, reducing stops and increasing the capacity of our network without ramping investments in CapEx.

當我們執行 AMS 和 DRS 策略時，我們的目標是資本支出以美元金額計算與前一年持平。我們超過 20% 的收入已經簽訂了 AMS 和 DRS 合同，因此我們可以更有效地利用我們的資產基礎，減少停靠點並增加我們網路的容量，而無需增加資本支出投資。

One of the areas we have seen most progress this year is in working capital management. With the additional free cash flow to our annual incentive plan for the top 200 plus leaders in the organization, we have seen a shift in focus across most areas of working capital. The primary area of progress has been reducing accounts receivable by driving down days sales outstanding, or DSOs. DSOs were down sequentially and year-over-year in each of our segments this quarter despite year-to-date revenue growth of 9%.

今年我們看到最大進展的領域之一是營運資金管理。隨著我們針對組織中 200 多名領導者的年度激勵計劃增加了額外的自由現金流，我們發現營運資本的大多數領域的重點發生了轉變。取得進展的主要領域是透過降低應收帳款週轉天數（DSO）來減少應收帳款。儘管年初至今營收成長了 9%，但本季我們每個細分市場的 DSO 均出現環比和年減。

Our progress in these areas and the visibility we have to our cash interest and tax payments coming in the fourth quarter, give us the confidence to raise our full year expectations for free cash flow and conversion above the midpoint of our previous guidance. I'm proud of the hard work that our teams are doing to deliver these results, and I'm confident that we have more opportunities in the coming years to continue to improve our free cash flow profile.

我們在這些領域取得的進展以及我們對第四季度現金利息和稅款支付的了解，使我們有信心將全年自由現金流和轉換的預期提高到先前指導中點以上。我為我們的團隊為實現這些成果所做的辛勤工作感到自豪，我相信我們在未來幾年有更多機會繼續改善我們的自由現金流狀況。

Turning to Slide 9. Let's review our capital allocation framework designed to maximize value creation for our shareholders, our priorities remain unchanged. Starting at the top, we have an attractive menu of organic investments that will increase revenue growth, profitability and ultimately, future free cash flow. These investments are primarily OpEx related and are handled within our broader profit guidance.

轉向投影片 9。讓我們回顧一下我們旨在最大限度地為股東創造價值的資本分配框架，我們的優先事項保持不變。從頂層開始，我們有一系列有吸引力的有機投資，這些投資將提高收入成長、獲利能力，並最終提高未來的自由現金流。這些投資主要與營運支出相關，並在我們更廣泛的利潤指導範圍內進行處理。

We are targeting cash CapEx to remain below 4% of revenue for 2023. And as we discussed with AMS, DRS growth, we believe we can leverage our existing assets across less stops and increase our capacity as we add new customers. Our leverage target remains 2x to 3x adjusted EBITDA. In the third quarter, we reduced net debt by about $60 million and are leveraged by 0.2x to reach the top end of our target of 3x. We expect to be below 3x at the end of the year through additional EBITDA growth and continued free cash flow generation.

我們的目標是到2023 年現金資本支出保持在收入的4% 以下。正如我們與AMS、DRS 成長討論的那樣，我們相信我們可以在減少停靠點的情況下利用現有資產，並在增加新客戶時提高我們的產能。我們的槓桿目標仍然是調整後 EBITDA 的 2 至 3 倍。第三季度，我們減少了約 6,000 萬美元的淨債務，槓桿率提高了 0.2 倍，達到了 3 倍目標的上限。我們預計，透過額外的 EBITDA 成長和持續的自由現金流生成，到年底該比率將低於 3 倍。

In capital returns, year-to-date, we have completed $106 million of share repurchases. Which represents about half of the $216 million in free cash flow we have generated so far this year. We plan to balance repurchases against our leverage target as we end the year, which will likely translate to fourth quarter repurchases slightly below the $88 million we completed in the third quarter.

在資本回報方面，今年迄今為止，我們已完成 1.06 億美元的股票回購。這約占我們今年迄今產生的 2.16 億美元自由現金流的一半。我們計劃在年底時平衡回購與槓桿目標，這可能意味著第四季的回購額略低於我們第三季完成的 8,800 萬美元。

We continue to see share repurchases at our current valuation as attractive. And we plan to remain active with our repurchase activities in the fourth quarter and beyond. The new $500 million authorization from our Board supports our commitment to share repurchases beyond 2023. And we plan to execute the program through a combination of systematic purchases as well as opportunistically when prices are attractive.

我們仍然認為以當前估值回購股票具有吸引力。我們計劃在第四季及以後繼續積極開展回購活動。董事會新授權的 5 億美元支持了我們在 2023 年以後進行股票回購的承諾。我們計劃透過系統性購買以及在價格有吸引力時伺機而動的方式來執行該計劃。

On the M&A side, our philosophy remains the same. Given our size and brand presence in our industry, we are always evaluating strategic opportunities that could improve our business. Most of our targets are prioritized in the AMS, DRS space. These potential deals will be focused on acquiring digital capabilities that expand our organic growth opportunities in DRS or that add customers and expertise in ATM Managed Services. We expect these deals to fit within our current capital allocation priorities and free cash flow profile.

在併購方面，我們的理念保持不變。鑑於我們在行業中的規模和品牌影響力，我們始終在評估可以改善我們業務的策略機會。我們的大多數目標都優先考慮 AMS、DRS 領域。這些潛在交易將專注於獲取數位能力，以擴大我們在 DRS 領域的有機成長機會，或增加 ATM 託管服務領域的客戶和專業知識。我們預計這些交易符合我們目前的資本配置優先事項和自由現金流狀況。

In summary, we remain focused on the capital allocation priorities in our business that drive profitable growth and compound cash generation and ultimately maximize shareholder value.

總而言之，我們仍然專注於業務中的資本配置優先事項，以推動獲利成長和複合現金生成，並最終實現股東價值最大化。

Turning to Slide 10. You can see our guidance. The guidance accurately reflects our remaining opportunities in the year balanced by economic uncertainty, the strengthening U.S. dollar and impacts of the dual wars in Europe. We expect revenue to be around the midpoint of our guidance with organic growth of approximately 9%. Strong growth in AMS and DRS is expected to offset the impact of increasing foreign currency and BGS headwinds.

轉向幻燈片 10。您可以看到我們的指導。這項指引準確地反映了我們今年剩餘的機會，並平衡了經濟不確定性、美元走強和歐洲雙重戰爭的影響。我們預計收入將約為我們指導的中點，有機成長約為 9%。 AMS 和 DRS 的強勁成長預計將抵消外匯和 BGS 不利因素增加的影響。

Operating profit, EBITDA and EPS improvement is driven by strong pricing, mix benefits from AMS and DRS growth, cost productivity and the benefits of restructuring actions announced in 2022. These are expected to be partially offset by the margin impact from increasing FX translation headwinds.

強勁的定價、AMS 和DRS 成長帶來的綜合效益、成本生產力以及2022 年宣布的重組行動的好處推動了營業利潤、EBITDA 和EPS 的改善。預計這些因素將被外匯換算不利因素增加對利潤率的影響部分抵消。

The structural working capital management improvement is well underway and better line of sight to any additional cash payments in the fourth quarter. Free cash flow is now expected to be between $350 million and $375 million with conversion of at least 40%.

結構性營運資本管理改善正在順利進行，第四季度任何額外現金支付的視野也更好。目前，自由現金流預計在 3.5 億至 3.75 億美元之間，轉換率至少為 40%。

With that, I'll turn it back over to Mark for a few closing comments.

至此，我將把它轉回給馬克，讓他發表一些結束語。

Thanks, Kurt. As we approach the last few months of the year, we remain focused on fulfilling our commitments in the near term while continuing to advance our long-term strategy. So far this year, we've improved the quality of our revenue with over 20% of our base now being in higher-margin AMS and DRS revenue.

謝謝，庫爾特。隨著今年最後幾個月的臨近，我們仍然專注於履行短期承諾，同時繼續推進我們的長期策略。今年到目前為止，我們已經提高了收入質量，目前超過 20% 的收入來自利潤率較高的 AMS 和 DRS 收入。

Second, we've improved our profitability through the global deployment of the Brink's business system, leveraging our lean culture, resulting in continued repeatable efficiency initiatives across our global business operations. And third, we've improved our cash generation by delivering CapEx efficiency and diligent working capital management.

其次，我們透過在全球部署 Brink 業務系統，利用我們的精實文化，提高了獲利能力，從而在我們的全球業務營運中持續實施可重複的效率舉措。第三，我們透過提高資本支出效率和勤奮的營運資本管理來改善現金產生。

We continue to consistently deliver on our commitments, and I'm confident we remain on the right path. I look forward to building on the momentum we've generated and execute on our strategy into 2024 and beyond. Now let's open it up for questions. Operator?

我們將繼續始終如一地兌現我們的承諾，我相信我們仍然走在正確的道路上。我期待著在我們已經產生的勢頭的基礎上再接再厲，執行 2024 年及以後的戰略。現在讓我們打開它來提問。操作員？

(Operator Instructions) And the first question comes from George Tong with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 George Tong。

You saw 4% organic growth in your Cash and Valuables Management business in the quarter. Can you discuss how much of that growth came from pricing actions and how volumes progressed over the course of the quarter?

本季您的現金和貴重物品管理業務實現了 4% 的有機成長。您能否討論一下成長有多少來自定價行為以及該季度銷售的進展如何？

George, it's Kurt. Let me just kind of address the kind of the price-volume mix. We -- and I think you know this, we typically target in the 50-50 range for price -- price-volume. And last year, what we saw, we were seeing consistent this year that we're heavier on the price versus the volume piece, and we expect that to be the case for the full year. So it's really a consistent message.

喬治，這是庫爾特。讓我簡單談談價格與數量的組合。我們——我想你知道這一點，我們通常將價格——價格-數量的目標定在 50-50 範圍內。去年，我們所看到的，今年我們看到的情況是一致的，即我們更注重價格而不是數量，我們預計全年都會如此。所以這確實是一個一致的訊息。

And what's driving that is we continue to see inflation in the business that we are working to overcome with price and make sure that we're not only overcoming the inflation but maintaining margins. I'd say too, we continue to have really a lot of opportunities with strategic pricing going forward, as we've talked about. And so we think that this continues going forward as we look ahead.

推動這一趨勢的是，我們繼續看到業務中的通貨膨脹，我們正在努力透過價格來克服通貨膨脹，並確保我們不僅克服通貨膨脹，而且保持利潤率。我還要說，正如我們所討論的，我們在未來的策略定價方面仍然有很多機會。因此，我們認為，展望未來，這種情況將繼續發展。

George, this is Mark. The only other thing I would say is, as we think about the strategic pricing piece, that's going to be -- as we look at different segments within specific markets to ensure that we're getting equivalent returns, customer to customer.

喬治，這是馬克。我要說的唯一另一件事是，當我們考慮策略定價部分時，我們會考慮特定市場中的不同細分市場，以確保我們在客戶與客戶之間獲得同等的回報。

I think the other thing that Kurt mentioned is inflation does continue to be persistent globally. And that's why our pricing posture continues to be strong there. And frankly, we thought like most that inflation would subside. And we thought, as we talked about in Q2 and in Q1 that our pricing might subside, but we would remain vigilant in the market in the event that inflation continued, and it has, and so have we.

我認為庫爾特提到的另一件事是全球範圍內的通貨膨脹確實持續存在。這就是為什麼我們的定價態勢持續保持強勁。坦白說，我們像大多數人一樣認為通貨膨脹將會消退。我們認為，正如我們在第二季和第一季談到的那樣，我們的定價可能會下降，但如果通膨持續下去，我們將在市場上保持警惕，事實確實如此，我們也是如此。

Okay. Got it. Just to clarify, of the 4% growth, is it the 50-50 split between price and volumes currently?

好的。知道了。需要澄清的是，4% 的成長是目前價格與銷售量之間 50-50 的比例嗎？

No, it's not. It's skewed more heavily toward price. I think that was the same discussion we had in Q2.

不，這不對。它更傾向於價格。我認為這與我們在第二季度進行的討論相同。

So the takeaway, George, is it's a consistent message, we haven't seen really a change. And we expect that to be that way for the full year.

喬治，重點是，這是一個一致的訊息，我們還沒有看到真正的改變。我們預計全年都會如此。

Okay. And then what about the volume trends over the course of the quarter? Were they stable, improving or inflecting lower?

好的。那麼本季的銷售趨勢又如何呢？它們是穩定、改善還是變化較低？

Sure. Maybe I should -- just to do that, maybe I can spin a little bit around the region, George -- the regions, to give you some color. First, in North America, we continued to see really -- good momentum in DRS and continue to have a healthy pipeline there. Our pipeline as I mentioned is up 20%. And those at activity and bookings continue to exceed prior quarter and prior year. So that's all good.

當然。也許我應該——只是為了做到這一點，也許我可以圍繞這個地區旋轉一點，喬治——這些地區，給你一些顏色。首先，在北美，我們繼續看到 DRS 的良好勢頭，並繼續在那裡擁有健康的產品線。正如我所提到的，我們的管道成長了 20%。活動和預訂量繼續超過上一季和上年。所以這一切都很好。

Obviously, very strong margin improvements. We're very happy with that, 200 bps year-to-date and 240 basis points Q3-on-Q3. I wouldn't say we've seen demand change much in North America, in the marketplace. Although I think what we did see was a very strong GDP print, which may be, in some cases, you can see a little bit counterintuitive some of the retailers that you've seen out there. But from our side, we really haven't seen much demand change.

顯然，利潤率的提高非常強勁。我們對此感到非常滿意，年初至今成長了 200 個基點，第三季較上季成長了 240 個基點。我不會說我們看到北美市場的需求發生了很大變化。儘管我認為我們確實看到了非常強勁的 GDP 數據，但在某些情況下，您可能會看到一些零售商看到的數據有點違反直覺。但從我們這邊來看，我們確實沒有看到太多的需求改變。

I think the other good thing here is our leadership team is clicking very well here in the region. LatAm, again, a good pricing market, a lot of inflation in that market, particularly as you think about foreign exchange and the impacts there. But certainly, we're seeing markets that have really good penetration. DRS continues to be healthy. We've got several large customers who are doing AMS pilots with us today, where we actually have full stack services in pilot of multiple ATM units to continue to drive there.

我認為另一件好事是我們的領導團隊在該地區工作得很好。拉丁美洲同樣是一個良好的定價市場，該市場存在大量通貨膨脹，特別是當您考慮外匯及其影響時。但可以肯定的是，我們看到的市場具有非常好的滲透力。 DRS 仍然健康。今天，我們有幾個大客戶正在與我們一起進行 AMS 試點，我們實際上在多個 ATM 單元的試點中擁有全端服務，可以繼續在那裡開展業務。

We are seeing a little bit -- as we mentioned in Q1 and Q2, continue to see some economic headwinds, let's say, in Brazil, been well documented, I think, as they've lowered interest rates and continue to try to manage their fiscal policies there.

正如我們在第一季和第二季提到的，我們看到了一些經濟逆風，比如說在巴西，我認為這些逆風已經得到充分記錄，因為他們降低了利率並繼續嘗試管理他們的經濟。那裡的財政政策。

Some -- obviously, some continued -- as I mentioned in the comments, continued weakness in our Global Services business, which is really precious metals around the world. That's been equally let's say, soft or softer than we expected with the movement of gold, silver, kind of central bank movements. But again, those are all ebbs and flows that we see in this business from time to time.

正如我在評論中提到的，有些——顯然，有些仍在繼續——我們的全球服務業務持續疲軟，這實際上是世界各地的貴金屬。可以說，黃金、白銀的走勢，以及央行的走勢，都比我們預期的疲軟或更疲軟。但同樣，這些都是我們在這個行業不時看到的潮起潮落。

In Europe, things going very well despite some of the reports, I'd say, on their GDP. DRS, AMS continued to grow well. We continue to -- as I talked about, we're adding 2 new banks on to our network in France, which is, again, really good reinforcement of our strategy, but also of our execution. And I think that's something we continue to be proud of.

在歐洲，儘管有一些關於國內生產毛額的報告，但事情進展順利。 DRS、AMS持續保持良好成長。正如我所說，我們將繼續在法國的網路中增加兩家新銀行，這再次確實很好地加強了我們的策略，同時也加強了我們的執行力。我認為這是我們繼續引以為傲的事情。

And in Rest of World, that segment again, probably the highest mix of Global Services business in that region, whether that's mining or central bank movements of currency and also exchanges, moving gold and silver and so. That's one area where, again, we've seen the kind of macro weakness with that.

在世界其他地區，該細分市場可能是該地區全球服務業務的最高組合，無論是採礦還是中央銀行的貨幣流動以及交易所、黃金和白銀的流動等。在這一領域，我們再次看到了宏觀疲軟。

All that being said, largely, China has been a big player of impact, let's say, on all of the movements in the region. On balance, though, we feel like from what we can see looking into the fourth quarter, and you've seen our guidance reflects that. We think we've got the right amount of AMS and DRS growth as well as our core business growth to offset that softness to, again, continue to meet our commitments.

話雖如此，在很大程度上，中國對該地區的所有運動都發揮了重要影響。不過，總的來說，從我們對第四季的情況來看，我們的感覺是這樣的，而且你已經看到我們的指導反映了這一點。我們認為，我們的 AMS 和 DRS 成長以及我們的核心業務成長足以抵消這種疲軟，從而繼續履行我們的承諾。

Got it. Very helpful. And then a quick follow-up on the cost side. Productivity and cost initiatives contributed to 200 bps of margin expansion in the quarter. Can you elaborate on additional levers to drive productivity gains? In which geographies you're focusing most of your efforts on to improve margins?

知道了。很有幫助。然後在成本方面進行快速跟進。生產力和成本措施推動本季利潤率成長 200 個基點。能否詳細說明推動生產力提高的其他手段？您將大部分精力集中在哪些地區來提高利潤率？

Sure. I'd say we're focused everywhere, George. And one of the biggest levers for us, again, as we've talked about, is this shift of our business model from a scheduled pickups and services to a managed services environment, whether that's with ATMs or whether that's in the retail environment with DRS. Those are -- as we drive more penetration there, we continue to not only create more productivity, i.e., more revenue across our existing cost base, but also allows us to be more efficient with our CapEx as we go forward.

當然。我想說我們處處專注，喬治。正如我們所討論的，對我們來說最大的槓桿之一就是我們的業務模式從定期取貨和服務向託管服務環境的轉變，無論是 ATM 機還是 DRS 零售環境。這些是——隨著我們推動更大的滲透率，我們不僅繼續創造更高的生產力，即在我們現有的成本基礎上創造更多的收入，而且還使我們能夠在前進的過程中提高資本支出的效率。

The other really significant lever, again, we've mentioned last quarter, is the stabilization of our labor force. And that really is predominantly a North America issue, but we see that in other markets as well, where we've been able to create more tenure with employees that allows us to drive more productivity and, frankly, avoid the churn of hiring and retraining of employees.

我們在上個季度再次提到，另一個真正重要的槓桿是勞動力的穩定。這確實主要是北美的問題，但我們在其他市場也看到了這一點，我們能夠為員工創造更多的任期，使我們能夠提高生產力，坦率地說，避免了招聘和再培訓的流失的員工。

(Operator Instructions) And the next question comes from Tobey Sommer with Truist.

（操作員說明）下一個問題來自 Truist 的 Tobey Sommer。

This is Jack Wilson on for Tobey Sommer. So I have a quick question, a couple of sort of onetime events, sort of the Heist in Canada went on, would that be a 4Q impact? And then sort of looking out to 2024, with sort of the additions made in France, can we expect the Olympics to be a sort of onetime driver in the summer?

我是傑克威爾森 (Jack Wilson) 替托比索默 (Tobey Sommer) 發言。所以我有一個簡單的問題，一些一次性事件，像是加拿大的搶劫事件，這會對第四季產生影響嗎？然後展望 2024 年，加上法國新增的一些項目，我們能否期望奧運成為夏季奧運的某種推動因素？

Yes. So Jack, let me make sure I understand the question on the Toronto situation. So that was something that impacted our Q2 results. We had an event last year in Q3 that was in Los Angeles that impacted our Q3 results. So we have a year-over-year lower loss impact. It's one reason why you're seeing a lower corporate cost come through in the quarter. But I want to make sure I'm addressing your question.

是的。傑克，讓我確保我理解有關多倫多情況的問題。所以這影響了我們第二季的業績。去年第三季度，我們在洛杉磯舉辦了一場活動，影響了我們第三季的業績。因此，我們的損失影響較去年同期較低。這就是您在本季看到企業成本降低的原因之一。但我想確保我正在回答你的問題。

So I was more interested in the lawsuit that was filed. In -- I understand in October...

所以我對提起的訴訟更感興趣。在——我知道是在十月…

Yes. So simply what that is like we do in every situation, and we're really just trying to pursue recovery, but we don't comment on ongoing cases.

是的。簡而言之，我們在每種情況下都會這樣做，我們實際上只是在努力尋求康復，但我們不會對正在進行的案件發表評論。

But maybe to answer, any costs that would be a part of that are fully contemplated in our outlook for Q4.

但也許要回答的是，我們對第四季的展望中充分考慮了其中的任何成本。

And we do not have any recovery in our outlook for Q4.

我們對第四季的展望沒有任何復甦。

Yes. Second question was the Olympics. Yes, I'll take that. This is Mark. Yes. Certainly, we would expect more traffic, more travel into France, particularly as a localized impact for our business. I don't know how much that would impact the broader continent. But certainly, in France we would expect to see increased activity and increased volumes during those periods and leading up to those periods. Particularly around the ATM Managed Services space.

是的。第二個問題是奧運。是的，我會接受的。這是馬克。是的。當然，我們預計會有更多的交通、更多的遊客前往法國，特別是對我們業務的在地化影響。我不知道這會對更廣闊的大陸產生多大影響。但當然，在法國，我們預計這些時期以及這些時期之前的活動和交易量都會增加。特別是在 ATM 託管服務領域。

And sort of on the AMS and DRS front, so you mentioned you reached over 20% in the trailing 12 months revenue. Is there sort of a ceiling on that, that you see in the near term and maybe the long term as a share of total revenue?

在 AMS 和 DRS 方面，您提到您在過去 12 個月的收入中達到了 20% 以上。您認為在短期內或長期內，這在總收入中所佔的份額是否有上限？

Yes. No, I don't see that. In fact, we expect to continue to march that number up as we -- that's our focused area. It's where our preferred services would be. Listen, we'd love to be 100%. I don't know that that's always going to be possible because certain customers will want some of these specific services. But we expect that number to continue to grow. And maybe it bumps up and down along the way, a point or 2 up, a point or 2 down, but we think that the continued upward trajectory would be again, going up and penetrating a higher percentage of our business.

是的。不，我不這麼認為。事實上，我們預期這個數字會繼續上升，因為這是我們的重點領域。這是我們首選的服務所在。聽著，我們很樂意做到 100%。我不知道這是否總是可能的，因為某些客戶會需要其中一些特定服務。但我們預計這個數字將持續成長。也許它會一路上下顛簸，上升一兩個點，下降一兩個點，但我們認為持續的上升軌跡將再次上升並滲透到我們業務的更高比例。

Maybe you could see some seasonality in Q4, just given the retail environment, there's not a whole lot of work gets done in stores during the shopping season around Christmas, particularly in Latin America, North America and Europe, maybe in Asia similar around Chinese New Year that you might see that bump around, but nothing that we would say would be -- that wouldn't continue to take us upward trajectory. So no ceiling.

也許你會在第四季看到一些季節性因素，考慮到零售環境，在聖誕節前後的購物季期間，商店裡並沒有做很多工作，特別是在拉丁美洲、北美和歐洲，也許在亞洲，類似於中國新年前後今年你可能會看到這種顛簸，但我們不會說 - 這不會繼續帶領我們向上發展。所以沒有上限。

And this concludes the question-and-answer session. I would like to turn the call over Mark Eubanks for closing comments.

問答環節到此結束。我想將電話轉交馬克尤班克斯徵求結束意見。

Great. Thank you all for joining us today. We appreciate all the support, and we look forward to speaking with each of you soon. Have a great day.

偉大的。感謝大家今天加入我們。我們感謝所有的支持，並期待很快與你們每一個人交談。祝你有美好的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演示，您現在可以掛斷電話了。