Brinks Co (BCO) 2024 Q2 法說會逐字稿

Welcome to the Brink's Company's Second Quarter 2024 Earnings Call. This morning Brink's issued a press release detailing its second quarter 2024 results. The company also filed an 8-K that includes the release and the slides that will be used in today's call.

歡迎參加 Brink's 公司 2024 年第二季財報電話會議。今天上午，Brink’s 發布了一份新聞稿，詳細介紹了 2024 年第二季的業績。該公司還提交了一份 8-K，其中包括新聞稿和將在今天的電話會議中使用的幻燈片。

The release and slides are available at the Investor Relations section of the company's website at investors.brinks.com. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the presentation. As a reminder, this conference is being recorded and will be available for replay.

該新聞稿和幻燈片可在該公司網站investors.brinks.com 的投資者關係部分取得。此時，所有參與者都處於只聽模式。演講結束後將舉行問答環節。謹此提醒，本次會議正在錄製中，可供重播。

This call and the Q&A session will contain forward-looking statements. Actual results could differ materially from the 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.

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. This 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。此通話受版權保護，未經 Brink's 書面許可不得使用。

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

現在我將會議交給東道主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 McMacken. This morning Brink's reported second quarter 2024 results on a GAAP, non-GAAP, and constant currency basis.

謝謝，早安。今天與我一起出席的是執行長 Mark Eubanks 和財務長 Kurt McMacken。今天早上，Brink's 公佈了按 GAAP、非 GAAP 和固定匯率計算的 2024 年第二季業績。

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. 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.

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。新聞稿、簡報附錄和今天上午的 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。

I will now turn the call over to Brink's CEO, Mark Eubanks.

我現在將把電話轉給 Brink 的執行長 Mark Eubanks。

Thanks, Jesse. Good morning and thank you for joining us. We'll start here on slide 3. We delivered total organic growth of 14%, accelerating sequentially over the first quarter. ATM Managed Services and Digital Retail Solutions or AMS DRS grew 26% organically and accelerated sequentially across all geographic segments. Cash and Valuables Management or CVM was up 10% organically with strong pricing discipline, offsetting continued cyclical market softness in our Global Services business.

謝謝，傑西。早安，感謝您加入我們。我們將從幻燈片 3 開始。我們實現了 14% 的總有機成長，比第一季連續加速。ATM 託管服務和數位零售解決方案或 AMS DRS 有機成長了 26%，並且在所有地理區域均呈現連續成長趨勢。現金和貴重物品管理（CVM）憑藉嚴格的定價紀律有機增長了 10%，抵消了我們全球服務業務持續的周期性市場疲軟。

Adjusted EBITDA grew 16% to $226 million and margins expanded 200 basis points to 18%. Transformation initiatives led by North America, drove labor, and cost productivity throughout the P&L. Profit growth and the results of our share repurchase program drove a 31% increase in earnings per share to $1.67 per share.

調整後 EBITDA 成長 16%，達到 2.26 億美元，利潤率成長 200 個基點，達到 18%。由北美地區主導的轉型措施推動了整個損益表的勞動力和成本生產力。獲利成長和股票回購計畫的結果推動每股盈餘成長 31%，達到每股 1.67 美元。

Free cash flow conversion remained strong with the flow-through of higher profits, margin expansion and working capital improvements.

隨著利潤的增加、利潤率的擴大和營運資本的改善，自由現金流轉換仍然強勁。

We continue to make meaningful progress executing against our strategy. DRS and AMS continue to grow as a percent of our total revenue, exceeding $1.1 billion of revenue on a trailing 12-month basis. Demand in these key business lines remained strong as evidenced by the 26% organic growth in the quarter.

我們繼續在執行我們的策略方面取得有意義的進展。DRS 和 AMS 占我們總營收的百分比持續成長，過去 12 個月收入超過 11 億美元。本季 26% 的有機成長證明了這些關鍵業務線的需求依然強勁。

We continue to sell these innovative tech-enabled solutions to -- into both underserved and under-penetrated markets across all of our segments and are encouraged by building customer demand in our growing pipeline.

我們繼續向我們所有細分市場中服務不足和滲透不足的市場銷售這些創新的技術解決方案，並透過在我們不斷增長的管道中建立客戶需求而受到鼓舞。

Additionally, we see increased demand for our tech-enabled solutions from both existing CIT customers as well as new customers in both retail and banking verticals. This mix of higher margin revenue coupled with the benefits of the rollout of the Brink's business system drove second consecutive quarter of mid-teens EBITDA growth as we progress towards our year-end targets.

此外，我們發現現有 CIT 客戶以及零售和銀行垂直領域的新客戶對我們的技術支援解決方案的需求不斷增加。隨著我們向年終目標邁進，較高的利潤率收入加上 Brink 業務系統推出的好處，推動 EBITDA 連續第二季實現 10%左右的成長。

Notable is the continued margin expansion in North America, which improved 360 basis points year-over-year in Q2. This was the eighth consecutive quarter of at least 90 basis points of margin improvement in this segment.

值得注意的是北美地區的利潤率持續擴張，第二季年增了 360 個基點。這是該細分市場利潤率連續第八個季度提高至少 90 個基點。

Our disciplined capital allocation framework is also creating value for shareholders. So far this year, we purchased 722,00 shares for just over $91 per share and have allocated $86 million in capital towards shareholder returns. This represents an increase of 133% over the first half of 2023.

我們嚴格的資本配置框架也為股東創造價值。今年到目前為止，我們以每股略高於 91 美元的價格購買了 722,000 股股票，並已為股東回報分配了 8,600 萬美元的資本。這比 2023 年上半年成長了 133%。

And as Kurt will discuss in a minute, we were able to increase liquidity, secure additional credit capacity and improve flexibility in our capital structure with a successful refinancing of our 2025 bonds. As part of this process, we also received a credit rating upgrade from S&P.

正如庫爾特稍後將討論的那樣，透過 2025 年債券的成功再融資，我們能夠增加流動性、確保額外的信貸能力並提高資本結構的靈活性。作為此過程的一部分，我們還獲得了標準普爾的信用評級升級。

With the strong first half completed, we remain on track to deliver low- to mid-teens organic revenue growth, double-digit EBITDA growth, earnings per share of between $7.30 and $8 and free cash flow between $415 million and $465 million.

隨著上半年的強勁表現，我們仍有望實現低至中雙位數的有機收入成長、兩位數的 EBITDA 成長、每股收益 7.30 至 8 美元、自由現金流 4.15 億至 4.65 億美元。

On to slide 4. Starting on the left, organic growth of 14% was partially offset by an 11% impact from translational FX. Foreign currency degraded throughout the period and was a slight headwind in the quarter relative to our expectations and outlook from our earnings release back in May. Adjusted EBITDA grew $32 million year-over-year on a reported basis.

轉到投影片 4。從左邊開始，14% 的有機成長被匯率換算 11% 的影響部分抵銷。在此期間，外幣貶值，與我們 5 月發布的獲利報告的預期和前景相比，本季存在輕微阻力。據報告，調整後 EBITDA 年增 3,200 萬美元。

As we discussed in the second quarter of 2023, there was a $12 million increase in security losses that impacted timing of expense recognition last year. Adjusting for the impact of this increase in the prior year, EBITDA margins increased 100 basis points slightly ahead of our full year expectations.

正如我們在 2023 年第二季度討論的那樣，安全損失增加了 1,200 萬美元，影響了去年費用確認的時間。在調整上一年成長的影響後，EBITDA 利潤率成長了 100 個基點，略高於我們的全年預期。

Looking at revenue and EBITDA at the segment level all segments delivered accelerating organic growth in AMS and DRS, as we continue to add new customers across the globe. North America growth continued to accelerate, as we've now fully lapped the impact of prior year portfolio rationalization efforts we previously discussed.

從細分市場層面來看，隨著我們不斷在全球增加新客戶，所有細分市場都加速了 AMS 和 DRS 的有機成長。北美成長繼續加速，因為我們現在已經完全接受了我們之前討論的上一年投資組合合理化努力的影響。

Latin America growth and margins continue to be impacted by currency fluctuations, mostly in Argentina which are impacting our margins while our pricing efforts catch up to the large devaluation that occurred late last year.

拉丁美洲的成長和利潤率繼續受到貨幣波動的影響，主要是在阿根廷，這影響了我們的利潤率，而我們的定價努力趕上了去年年底發生的大幅貶值。

And finally, all segments are experiencing growth and margin headwinds related to continued cyclical market softness in our Global Services business. Earnings per share were up $0.40 driven by a 25% increase in net income and a 5% reduction in outstanding shares or 2.2 million total as well as the previously mentioned prior year security loss. Trailing 12-month free cash flow was down 7% versus the prior year.

最後，由於我們的全球服務業務週期性市場持續疲軟，所有細分市場都面臨成長和利潤率的阻力。每股收益成長 0.40 美元，原因是淨利潤成長 25%、流通股減少 5%（總計 220 萬股）以及前面提到的上一年安全損失。過去 12 個月的自由現金流比前一年下降了 7%。

The decline was driven almost entirely by the seasonal timing of working capital primarily related to DSO on accounts receivable, as we lap a particularly strong prior year comparison. As we've already seen in July, this timing-related impact is expected to unwind over the back half of the year and we remain confident that we're on track to deliver our full year free cash flow targets.

下降幾乎完全是由主要與應收帳款 DSO 相關的營運資金季節性時間造成的，因為我們與去年的比較特別強勁。正如我們在 7 月所看到的，這種與時間相關的影響預計將在今年下半年緩解，我們仍然有信心實現全年自由現金流目標。

Turning now to Slide 5. I'd like to take a moment to highlight the progress we're making in North America. Since 2018, we've improved our EBITDA margins by 610 basis points and expect to continue the upward trajectory over the balance of 2024.

現在轉到投影片 5。我想花點時間強調我們在北美取得的進展。自 2018 年以來，我們的 EBITDA 利潤率提高了 610 個基點，預計到 2024 年剩餘時間將繼續保持上升趨勢。

Operationally, the team is focused on advancing our lean maturity by utilizing structured problem-solving increasing the use of standard work and leveraging best practices across our footprint to streamline processes on everyday activities.

在營運上，團隊致力於透過利用結構化問題解決、增加標準工作的使用以及在我們的足跡中利用最佳實踐來簡化日常活動的流程，從而提高我們的精益成熟度。

A few areas where we've made progress recently include the money processing centers and routing and scheduling of our logistics network. In money processing, we've changed the layout of our facilities to maximize production and have rolled out standardized workflows in all of our branches.

我們最近取得進展的幾個領域包括貨幣處理中心以及物流網路的路線和調度。在貨幣處理方面，我們改變了設施佈局，以最大限度地提高生產效率，並在所有分公司推出了標準化工作流程。

We're making technology investments in cash processing automation equipment to further automate processes and procedures. We're also investing to improve our IT systems, but allow us to use larger data sets and real-time information to improve route density and efficiency.

我們正在對現金處理自動化設備進行技術投資，以進一步實現流程和程序的自動化。我們也投資改進我們的 IT 系統，但允許我們使用更大的資料集和即時資訊來提高路線密度和效率。

While these activities began in North America, we've already started to scale some of these best practices globally and will continue to drive change in future periods. These process improvements are not going unnoticed by our customers. We continue to hear positive feedback about the improvements we're making in our execution and the increased visibility of funds throughout the cash value stream.

雖然這些活動始於北美，但我們已經開始在全球推廣其中一些最佳實踐，並將在未來繼續推動變革。我們的客戶不會忽視這些流程改善。我們不斷聽到有關我們在執行方面所做的改進以及整個現金價值流中資金可見性的提高的積極反饋。

We've also seen a corresponding improvement in safety-related incidents and preventable collisions in North America that should lead to further cost avoidance moving forward. We're encouraged by the success we've seen so far, but we continue to see an opportunity for future improvements in our business and we look forward to sharing that progress with you as we move forward.

我們也看到北美地區安全相關事件和可預防碰撞的相應改善，這應該會導致進一步避免成本。我們對迄今為止所取得的成功感到鼓舞，但我們仍然看到未來業務改進的機會，我們期待在前進的過程中與您分享這一進展。

Turning now to Slide 6. I'll discuss the revenue by customer offering. Starting with Cash and Valuables Management CVM, our Q2 organic growth of 10% was a consecutive quarter of double-digit organic growth. Growth was driven by both volume increases and strong pricing above inflation, offset by conversion efforts as we've shifted customers to higher-margin DRS and AMS offerings and the continued market softness in our Global Services business that we mentioned across all segments.

現在轉到投影片 6。我將討論按客戶提供的收入。從現金和貴重物品管理 CVM 開始，我們第二季度有機成長 10%，連續一個季度實現兩位數有機成長。成長是由銷售成長和高於通膨的強勁定價所推動的，但由於我們已將客戶轉向利潤率更高的DRS 和AMS 產品以及我們在所有細分市場中提到的全球服務業務的持續市場疲軟，所抵消的轉換努力。

Despite the revenue mix on margins from our global services revenue, we drove productivity in the business as we continue to globally scale our OpEx initiatives through the Brink's business system, delivering record second quarter operating profit, EBITDA and earnings per share.

儘管收入結構取決於我們的全球服務收入的利潤率，但我們繼續透過Brink 的業務系統在全球範圍內擴展我們的營運支出計劃，從而提高了業務生產力，實現了創紀錄的第二季度營業利潤、息稅折舊攤提前利潤(EBITDA) 和每股盈餘。

We had a strong quarter of growth in DRS, delivering the fastest organic growth rate in the last six quarters. As we explained in prior quarters, occasionally in DRS we see revenue growth that's derived from the sale of equipment at the start of certain customer relationships. We remain committed to sharing these fluctuations with investors in order to help explain trends both the headwinds and the tailwinds.

我們的 DRS 季度成長強勁，實現了過去六個季度中最快的有機成長率。正如我們在前幾個季度所解釋的那樣，在 DRS 中，我們偶爾會看到收入成長源自於某些客戶關係開始時的設備銷售。我們仍然致力於與投資者分享這些波動，以幫助解釋逆風和順風的趨勢。

In the second quarter, equipment sales were approximately an $8 million benefit in our Europe segment as we added a new large grocery store customer to our network. After adjusting for this benefit, AMS/DRS organic growth was 23% and DRS organic growth accelerated across all segments, with our value proposition continuing to resonate with customers.

第二季度，隨著我們的網路中增加了一個新的大型雜貨店客戶，我們歐洲部門的設備銷售額約為 800 萬美元。調整此效益後，AMS/DRS 有機成長為 23%，所有細分市場的 DRS 有機成長均加速，我們的價值主張繼續與客戶產生共鳴。

With several large customer wins late in the second quarter, we entered Q3 with a healthy backlog of orders that provides support for our ongoing outlook. AMS delivered sequential growth acceleration over Q1 with newly installed ATMs at retail locations driving increased transaction volumes in North America. We continue to improve our capabilities and visibility with potential customers in the AMS markets.

隨著第二季末贏得了幾家大客戶，當我們進入第三季時，訂單積壓狀況良好，這為我們的持續前景提供了支持。AMS 在第一季實現了環比加速成長，零售點新安裝的 ATM 推動了北美交易量的增加。我們不斷提高 AMS 市場潛在客戶的能力和知名度。

We are engaged in discussions with many potential partners across the globe, as we educate retail and banking customers on the benefits of cost savings, extension of network useful life and the improved performance that come with the move to Brink's. I remain encouraged by the level of activity and the interest we're generating as we continue to work a large global pipeline of opportunities in both financial institutions and retail customers.

我們正在與全球許多潛在合作夥伴進行討論，向零售和銀行客戶介紹遷移到 Brink's 帶來的節省成本、延長網路使用壽命和提高效能的好處。當我們繼續在全球範圍內為金融機構和零售客戶提供大量機會時，我們所產生的活動水平和興趣仍然令我感到鼓舞。

In total, AMS/DRS grew to 22% of our trailing 12-month revenue and were up a combined 26% organically in Q2. We expect to continue double-digit organic growth in these offerings over the full year and are now targeting an increase as a percentage of the revenue towards the high end of our original 22% to 23% range. We remain in the early innings of our transition to AMS and DRS and I'm confident in our ability to continue to grow these global offerings above our base business for the next several years.

總體而言，AMS/DRS 成長至我們過去 12 個月營收的 22%，並且在第二季有機成長了 26%。我們預計全年這些產品將繼續實現兩位數的有機成長，目前的目標是將其佔收入的百分比提高到我們最初 22% 至 23% 範圍的高端。我們仍處於向 AMS 和 DRS 過渡的早期階段，我對未來幾年在我們的基礎業務之上繼續發展這些全球產品的能力充滿信心。

Overall, organic revenue growth was in line with our expectations for the quarter and we achieved double-digit EBITDA growth as we continue to transform into a more consistent recurring revenue business. We are driving profitable organic growth in all lines of our business and are well positioned for the back half of the year and beyond.

總體而言，有機收入成長符合我們對本季的預期，隨著我們繼續向更穩定的經常性收入業務轉型，我們實現了兩位數的 EBITDA 成長。我們正在推動所有業務線的獲利有機成長，並為今年下半年及以後做好準備。

On slide 7, you can see our organic growth and adjusted EBITDA performance over time. Historically, Brink's has been resilient in times of market disturbances. We have a broad distribution of customers both geographically and by end markets that provide stability to our organic growth profile.

在幻燈片 7 上，您可以看到我們隨著時間的推移的有機增長和調整後的 EBITDA 表現。從歷史上看，布林克在市場動盪時期一直具有彈性。我們在地理和終端市場上擁有廣泛的客戶分佈，這為我們的有機成長提供了穩定性。

Our services are required to securely enable commerce, regardless of the broader economic volatility or as we saw in the quarter global IT systems outages. Our profitability is even more resilient.

無論經濟波動如何，或者正如我們在本季度看到的全球 IT 系統中斷的情況，我們的服務都需要安全地支援商業。我們的獲利能力更具彈性。

The large portion of our cost structure variable in nature we're able to protect profit margins in times of changing volumes in the business. You can see in the chart EBITDA margins were only down 10 basis points in 2020, despite the 7% organic revenue decline over the same period.

我們的成本結構的很大一部分本質上是可變的，我們能夠在業務量變化時保護利潤率。您可以從圖表中看到，儘管同期有機收入下降了 7%，但 2020 年 EBITDA 利潤率僅下降了 10 個基點。

While no business is completely immune from challenging economic cycles we're confident that we can continue to drive improvements in the business in any cycle. We have a bright future here at Brink's and I look forward to meeting the challenges in front of us head on.

雖然沒有一家企業能夠完全免受充滿挑戰的經濟週期的影響，但我們有信心在任何週期中都能繼續推動業務的改進。我們在 Brink's 擁有光明的未來，我期待著迎接我們面前的挑戰。

And with that I'll turn it over to Kurt, before I return with some closing thoughts before we open up the lines for Q&A. Kurt?

接下來，我將把它交給庫爾特，然後在我們打開問答環節之前，我帶著一些結束語回來。庫爾特？

Thanks, Mark and good morning, everyone. Starting on slide 8. $167 million of organic revenue increase, represents 14% growth over the prior year. $100 million or about 60% of the growth came from Cash and Valuables Management with the remainder coming from AMS and DRS.

謝謝，馬克，大家早安。從幻燈片 8 開始。 1 億美元或約 60% 的成長來自現金和貴重物品管理，其餘部分來自 AMS 和 DRS。

As Mark mentioned, the US dollar strengthened over the second quarter and we ended the period with an 11% translational foreign exchange headwind. Through the first half of the year we've had a $30 million revenue headwind against our original full year constant currency guidance.

正如 Mark 所提到的，美元在第二季度走強，我們以 11% 的外匯換算逆風結束了這段時期。今年上半年，我們的收入與我們最初的全年固定匯率指引相比出現了 3000 萬美元的逆風。

Total revenue growth of $37 million produced $32 million of adjusted EBITDA. EBITDA growth was impacted by restructuring activities in Latin America and Europe as we opportunistically rightsize operations in certain countries.

總營收成長 3,700 萬美元，調整後 EBITDA 達到 3,200 萬美元。EBITDA 成長受到拉丁美洲和歐洲重組活動的影響，因為我們伺機調整了某些國家的業務規模。

As Mark mentioned earlier, second quarter EBITDA growth was aided by the lapping of a $12 million increase in security losses from the prior year, primarily related to one large event in our BGS business. Normalizing for this $12 million, $37 million of revenue generated $20 million of EBITDA in the period for a 54% incremental margin. In total, adjusted EBITDA margins increased 200 basis points or normalized 100 basis points, driven by the realization of productivity, improved revenue mix and disciplined pricing.

正如 Mark 之前提到的，第二季 EBITDA 的成長得益於安全損失比上一年增加了 1,200 萬美元，這主要與我們 BGS 業務中的一項大型事件有關。以這 1,200 萬美元正常計算，3,700 萬美元的收入在此期間產生了 2,000 萬美元的 EBITDA，增量利潤率為 54%。總體而言，在生產力實現、收入結構改善和嚴格定價的推動下，調整後 EBITDA 利潤率增加了 200 個基點或正常化 100 個基點。

On slide 9, I'll walk you from operating profit to adjusted EBITDA. Starting on the left, interest expense was up $6 million year-over-year to $57 million. The increase is related to higher interest rates and slightly higher debt from growth in provisional capital for our DRS customers. Tax expenses were $31 million in the quarter, a $7 million increase in the other category, primarily relates to higher interest income on cash balances.

在投影片 9 上，我將帶您了解營業利潤和調整後 EBITDA。從左邊開始，利息支出較去年同期增加 600 萬美元，達到 5,700 萬美元。這一增長與利率上升以及 DRS 客戶臨時資本增長帶來的債務略有增加有關。本季稅務支出為 3,100 萬美元，其他類別增加 700 萬美元，主要與現金餘額利息收入增加有關。

Income from continuing operations was up 25% to $75 million. Through the effectiveness of our share repurchase program, our diluted share count was down 2.2 million shares or 5% year-over-year to $45.1 million. In total, record second quarter EPS was up 31% to $1.67 per share.

持續經營收入成長 25%，達到 7,500 萬美元。透過股票回購計畫的有效性，我們的稀釋後股票數量年減 220 萬股，即 5%，至 4,510 萬美元。整體而言，第二季每股盈餘創歷史新高，成長 31% 至每股 1.67 美元。

Turning to the rest of the year, we expect to see a slight uptick in the quarterly interest expense run rate, as debt for provisional credit increases due to the strong growth we've delivered in DRS. We're forecasting a tax rate of approximately 28% in line with the second quarter and we expect stock-based compensation to be roughly flat to 2023. In total, EBITDA was up $32 million to $226 million with margins that expanded 200 basis points to 18%.

談到今年剩餘時間，我們預計季度利息支出運行率將略有上升，因為我們在 DRS 中實現的強勁增長導致臨時信貸債務增加。我們預計稅率約為 28%，與第二季持平，我們預計股票薪資到 2023 年將大致持平。EBITDA 總計增加了 3,200 萬美元，達到 2.26 億美元，利潤率擴大了 200 個基點，達到 18%。

Before I get to the capital allocation framework, I thought it would be helpful to briefly discuss the refinancing we completed in the quarter on slide 10. The leverage-neutral transaction allowed us to eliminate the near-term maturity on our 2025 bonds while extending and diversifying our future maturities.

在討論資本配置框架之前，我認為簡要討論一下我們在投影片 10 上本季完成的再融資會有所幫助。槓桿中性交易使我們能夠消除 2025 年債券的近期到期日，同時延長我們的未來到期日並使其多樣化。

As you can see in the maturity chart, we successfully refinanced our 2025 bonds with a new five-year bond maturing in 2029 at a rate of 6.5%. Concurrently, we were able to issue a new $400 million eight-year bond at 6.75% maturing in 2032, using the proceeds to pay down an existing balance on our revolving credit facility.

正如您在到期日圖表中所看到的，我們成功地使用將於 2029 年到期的新五年期債券以 6.5% 的利率對 2025 年債券進行了再融資。同時，我們能夠以 6.75% 的利率發行 4 億美元的新八年期債券，將於 2032 年到期，並利用所得收益來償還我們循環信貸額度的現有餘額。

The net result of the transaction increased our liquidity while having only a marginal effect on 2024 interest expense. With the completion of the transaction, S&P raised our corporate family credit rating to BB+.

交易的最終結果增加了我們的流動性，同時對 2024 年利息支出僅產生邊際影響。交易完成後，標準普爾將我們的企業家族信用評級提升至 BB+。

I'm pleased with the execution of the refinancing. We've maintained a strong capital structure with significant financial flexibility, ample liquidity, and diversified maturity dates. Looking forward, we have opportunity to continue to ladder our maturities and we'll look to be opportunistic when the market allows us the opportunity.

我對再融資的執行感到滿意。我們維持了強大的資本結構，具有顯著的財務靈活性、充足的流動性和多樣化的到期日。展望未來，我們有機會繼續提高我們的成熟度，當市場允許我們有機會時，我們將尋求機會主義。

Moving to slide 11. Our capital allocation framework and priorities remain unchanged. For the full year, we expect to generate between $415 million and $465 million in free cash flow with conversion from adjusted EBITDA of between 42% and 50% based on our guidance ranges.

轉到投影片 11。我們的資本配置架構和優先事項保持不變。根據我們的指導範圍，我們預計全年將產生 4.15 億至 4.65 億美元的自由現金流，調整後 EBITDA 的轉換率為 42% 至 50%。

Compared to the prior year, we pulled forward some CapEx spend into the first half of the year to drive in-year operational improvements and purchase tech-enabled devices for planned AMS and DRS deployments in the third quarter.

與去年相比，我們將一些資本支出提前到了上半年，以推動年內營運改進，並為第三季度計劃的 AMS 和 DRS 部署購買技術支援的設備。

Working capital timing is following normal seasonal patterns at this time of the year. DSO continues to improve with a two-day reduction over the prior quarter and a five-day reduction over the same quarter last year.

營運資金的時間安排遵循一年中這個時候的正常季節性模式。DSO 繼續改善，比上一季減少了兩天，比去年同期減少了五天。

Moving to uses of cash. First, we continue to make investments in our operations to enable sustainable profitable growth. This includes investments in the North American cash processing and routing initiatives that Mark discussed and investments in the Brink's business system that will help us scale these processes globally. These investments are largely OpEx-related and are managed in our broader profitability guidance.

轉向現金的使用。首先，我們繼續對營運進行投資，以實現可持續的獲利成長。這包括對 Mark 討論的北美現金處理和路由計劃的投資，以及對 Brink 業務系統的投資，這將有助於我們在全球範圍內擴展這些流程。這些投資主要與營運支出相關，並在我們更廣泛的獲利指引中進行管理。

Second, with the completion of attractive refinancing in the quarter, we remain within our targeted leverage range at 2.9 times net debt-to-adjusted EBITDA. Remaining within the range, increases flexibility to return capital to shareholders and complete accretive acquisitions.

其次，隨著本季有吸引力的再融資的完成，我們仍保持在淨債務與調整後 EBITDA 2.9 倍的目標槓桿範圍內。保持在該範圍內，可以提高向股東返還資本和完成增值收購的靈活性。

Third, we have more than doubled shareholder returns in the first half of the year. We returned $86 million year-to-date, including $66 million through our share repurchase program. We ended the period down 2.2 million shares or 5% compared to this time last year. The $434 million in remaining capacity in our program through the end of 2025, we plan to remain active as we increase free cash flow over the balance of the year.

第三，上半年我們的股東回報增加了一倍以上。今年迄今，我們已返還 8,600 萬美元，其中透過股票回購計畫返還 6,600 萬美元。與去年同期相比，本期末我們減少了 220 萬股，即 5%。到 2025 年底，我們計劃的剩餘產能為 4.34 億美元，我們計劃在今年餘下時間增加自由現金流的同時保持活躍。

And finally on the M&A side, we continue to target opportunities that have a strong strategic fit, attractive returns and align with our current leverage targets and capital allocation framework. We remain disciplined in our approach to capital allocation and believe our priorities will continue to drive shareholder value into the future.

最後在併購方面，我們繼續尋找具有強大策略契合度、有吸引力回報並符合我們當前槓桿目標和資本配置框架的機會。我們在資本配置方法上保持嚴格，並相信我們的優先事項將繼續推動未來股東價值。

On slide 12, you can see our affirmed 2024 guidance. We expect total revenue growth to be in the mid-single digits. Full year organic growth is expected in the low to mid-teens, offset by translational FX, primarily in Argentina. As a reminder, outside of Argentina, our FX guidance utilizes rates as of the end of the quarter and does not attempt to predict future movement in currencies.

在投影片 12 上，您可以看到我們確認的 2024 年指引。我們預計總收入成長將達到中個位數。預計全年有機成長將在十幾歲至十幾歲之間，被外匯轉化所抵消，主要是在阿根廷。提醒一下，在阿根廷之外，我們的外匯指導使用的是截至季度末的匯率，並不試圖預測貨幣的未來走勢。

Given the strengthening of the US dollar over the second quarter, if rates were to continue at June 30 levels, we would trend slightly below the midpoint of our revenue range due entirely to currency movement.

鑑於第二季美元走強，如果利率繼續保持在 6 月 30 日的水平，我們的收入將略低於收入範圍的中點，這完全是由於貨幣波動。

Adjusted EBITDA is expected between $935 million and $985 million, representing double-digit growth over the prior year. Margins are expected to increase 80 basis points at the midpoint of the range. We expect free cash flow conversion from adjusted EBITDA of approximately 46% at the midpoint. EPS is still expected to be between $7.30 and $8 per share and contemplates an acceleration of our share repurchase program in the second half of the year.

調整後 EBITDA 預計在 9.35 億美元至 9.85 億美元之間，較上年實現兩位數成長。利潤率預計將在該範圍的中點增加 80 個基點。我們預計調整後 EBITDA 的自由現金流轉換率中位數約為 46%。預計每股收益仍將在 7.30 美元至 8 美元之間，並考慮在下半年加速我們的股票回購計畫。

And with that, I'll turn it back over to Mark for some closing comments.

至此，我將把它轉回給馬克，徵求一些結束語。

Thanks, Kurt. In mid-June, we had our global leadership meeting with our top 150 leaders. We all came together during the week to discuss the potential of our strategy and how we begin to move Brink's forward as a company.

謝謝，庫爾特。6 月中旬，我們與 150 位頂尖領導人舉行了全球領導會議。這週我們大家齊聚一堂，討論我們策略的潛力以及我們如何開始推動 Brink's 作為一家公司向前發展。

Leaving the event, we aligned on the unique value creation opportunity that we have in front of us, as we execute in the coming quarters and years. I want to thank our leadership team and our employees worldwide for their hard work to get us to this point.

活動結束後，我們對擺在我們面前的獨特價值創造機會進行了調整，並在未來幾季和幾年中執行。我要感謝我們的領導團隊和全球員工的辛勤工作，讓我們走到了這一步。

I'm encouraged about the future together, as we continue to transform the business by focusing on our four strategic pillars: growth in customer loyalty, innovation, operational excellence and our people and talent. I'm confident continued progress on the pillars of our strategy will position us to drive meaningful, consistent shareholder value for years to come.

我對未來感到鼓舞，因為我們將繼續專注於四大策略支柱來實現業務轉型：客戶忠誠度、創新、卓越營運以及員工和人才的成長。我相信，我們策略支柱的持續進展將使我們能夠在未來幾年推動有意義、一致的股東價值。

Operator, please open the line for questions.

接線員，請開通提問線。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi. Thanks. Good morning.

你好。謝謝。早安.

Good morning, George.

早上好，喬治。

You saw significant AMS and DRS organic growth of 26% in the quarter, which was still strong at 23%, even if you exclude the equipment sales benefit. Can you talk more about broader customer traction and receptivity you're seeing within AMS and DRS? And how sustainable current growth rates are?

您看到本季度 AMS 和 DRS 有機成長達 26%，即使排除設備銷售收益，該成長率仍然強勁，達到 23%。您能否多談談您在 AMS 和 DRS 中看到的更廣泛的客戶吸引力和接受度？當前增長率的可持續性如何？

Yes, sure. Thanks, George. We did -- we had a strong quarter. And I think this is just a continuation of our teams, not only executing kind of in the quarter, but really developing the longer-term pipeline that's let us build up to where we are.

是的，當然。謝謝，喬治。我們做到了——我們度過了一個強勁的季度。我認為這只是我們團隊的延續，不僅在本季度執行，而且真正開發長期管道，讓我們能夠達到目前的水平。

We've talked -- been talking about this, I think, for some time. I will say the 26% is a little bit offset, as I mentioned in the prepared remarks, with some equipment sales that supported those about $8 million, but still strong 20%-ish growth that we think can continue for the foreseeable future.

我想我們已經討論過這個問題有一段時間了。我想說，正如我在準備好的演講中提到的，26% 的增長有點抵消，一些設備銷售支持了約800 萬美元的增長，但我們認為在可預見的未來仍將保持20% 左右的強勁增長。

If you really look at sort of the regions, it was really broad-based across all four regions. North America, we certainly saw an acceleration that we talked about quite a bit coming out of the fourth quarter with installations and sort of some pent-up demand. As we mentioned, we got through that in Q1.

如果你仔細觀察各個地區，你會發現這在所有四個地區都有廣泛的基礎。北美，我們確實看到了第四季以來安裝量和某種被壓抑的需求的加速成長。正如我們所提到的，我們在第一季解決了這個問題。

Really, Q2 was just continued solid progression and execution against the platform. Same thing in AMS in North America, we continue to see a reacceleration of progress with more ATM deployments into our independent ATM network here in North America.

事實上，第二季只是針對平台的持續紮實進展和執行。北美的 AMS 也是如此，隨著更多的 ATM 部署到我們北美的獨立 ATM 網路中，我們繼續看到進展重新加速。

If you move on to Latin America, again, good growth there. We've seen some -- we talked about in the fourth quarter, we talked about some reacceleration, particularly in Brazil, as we continue to really focus more on AMS there versus sort of traditional CIT and in many cases, in certain market segments, we're only offering DRS. This has really been coming through, and we see this in the numbers and again, see that coming not just in Brazil, but also in Mexico and other areas of Latin America.

如果你再轉向拉丁美洲，那裡也會有良好的成長。我們已經看到了一些——我們在第四季度談到了一些重新加速，特別是在巴西，因為我們繼續更多地關注那裡的AMS，而不是傳統的CIT，並且在許多情況下，在某些細分市場，我們只提供 DRS。這確實已經發生了，我們從數字中看到了這一點，並且不僅在巴西，而且在墨西哥和拉丁美洲其他地區也看到了這一點。

I'd say that the offset to that and what we're seeing this broadly would have been our Global Services business. That was a bit soft in the quarter again. But as we have talked about in the past that business really is a -- it's a good business good margins doesn't have a lot of seasonality.

我想說，對此的抵消以及我們廣泛看到的情況將是我們的全球服務業務。本季的情況再次有點疲軟。但正如我們過去所談論的那樣，這確實是一項很好的業務，利潤率很高，但季節性並不強。

It's more driven again by financial end markets whether that's precious metals or currency flows. And so that business continues to be a healthy business for us. We expect some recovery of that in the back half but it was a bit of a drag on organic growth in the first.

無論是貴金屬還是貨幣流動，它再次更受到金融終端市場的推動。因此，這項業務對我們來說仍然是一項健康的業務。我們預計下半年會出現一些復甦，但這對上半年的自然成長有點拖累。

Moving on to Europe and rest of world. Again, there Europe as you know one of our most highly penetrated AMS/DRS markets. We continue to see good progress there. We talked about and highlighted a big grocery store chain deployment that was again – we signed the deal in Q2 and then we'll be executing here in Q3 with the conversion. Really good to see that continued progress.

繼續前往歐洲和世界其他地區。如您所知，歐洲是我們滲透率最高的 AMS/DRS 市場之一。我們繼續看到那裡取得了良好進展。我們討論並強調了大型雜貨連鎖店的部署——我們在第二季度簽署了協議，然後我們將在第三季度執行轉換。很高興看到持續的進步。

And even with what you saw from a margin perspective in that market we made good progress. We actually did a little bit of restructuring as well in Latin America. Both of those had a little bit of headwind that are in our numbers. But again good progress not just on growth in DRS/AMS, but also on good core productivity as well as CVM volumes excluding the BGS side.

即使從利潤的角度來看，我們在該市場也取得了良好的進展。實際上，我們在拉丁美洲也進行了一些重組。這兩個因素在我們的數據中都存在一些阻力。但同樣，良好的進展不僅體現在 DRS/AMS 的成長上，還體現在良好的核心生產力以及不包括 BGS 方面的 CVM 數量。

If I think about kind of what happened in the quarter versus what would have been relative to our expectations George AMS/DRS stronger than we would have expected again at the high end of the range as we think about for the full year as a percent of sales trending that direction CVM a little bit would have been a headwind. Obviously, the BGS is soft as I mentioned but also some impact with conversions converting of CIT and customers both in ATM as well as in retail moving to AMS and DRS.

如果我考慮一下本季發生的情況與我們的預期相比，喬治 AMS/DRS 強於我們在該範圍高端的預期，因為我們考慮全年的百分比銷售趨勢朝這個方向發展 CVM 會是一個逆風。顯然，正如我所提到的，BGS 很軟，但也會對 ATM 以及零售業的 CIT 和客戶轉向 AMS 和 DRS 產生一些影響。

And then I guess the other thing that we probably would have not seen would have been some of the FX headwinds that we saw in the quarter. From when we talked to you last to end of June, certainly, we would have seen more headwinds than we expected particularly in June as Mexican real and the -- sorry the Brazilian real and the Mexican peso really did weaken. Largely Argentina performed in line with where we expected.

然後我想我們可能不會看到的另一件事是我們在本季看到的一些外匯逆風。當然，從我們上次與您交談到6 月底，我們會看到比我們預期更多的阻力，特別是在6 月份，因為墨西哥雷亞爾和——抱歉，巴西雷亞爾和墨西哥比索確實走弱。阿根廷隊的表現基本上符合我們的預期。

Got it. That's very helpful color. Sticking with AMS and DRS, could you directionally parse out the growth in terms of which of the two grew stronger? Where was the growth really led by? And how much of the growth came from conversions of legacy traditional CIT services and Cash and Valuables Management versus new business wins of non-existing customers?

知道了。這是非常有用的顏色。堅持使用 AMS 和 DRS，您能否根據兩者中哪一個變得更強來定向解析成長？成長真正來自哪裡？與非現有客戶的新業務贏得相比，有多少成長來自傳統 CIT 服務以及現金和貴重物品管理的轉換？

Sure. So I'll speak broadly George because I don't have that -- all that much detail all the way down by segment in each of those. But what I would say is we think it's about -- well it traditionally been about one-third of new business kind of unvended customers.

當然。所以我會廣泛地談論喬治，因為我沒有那麼多細節，逐一細分。但我想說的是，我們認為傳統上大約有三分之一的新業務類型是未售貨客戶。

About one-third of our AMS/DRS would be conversions. And then the other one-third would be competitive wins or to us they're new customers whether they were served by another DRS provider or another CIT provider that would be -- or for AMS the same.

我們大約三分之一的 AMS/DRS 是轉換。然後，另外三分之一將是競爭性勝利，或者對我們來說，他們是新客戶，無論他們是由另一家 DRS 提供者還是另一家 CIT 提供者提供服務，或者對 AMS 來說也是如此。

So I'd say it's about one-third, one-third, one-third is how we look at it. Largely in the quarter we would have seen higher growth and you can see the numbers in North America, but really a pretty balanced AMS/DRS globally getting good growth out of both neither are sort of outperforming let's say the number.

所以我想說，我們是如何看待這個問題的，大約是三分之一、三分之一、三分之一。基本上在本季度，我們會看到更高的成長，您可以看到北美的數字，但實際上，全球範圍內相當平衡的AMS/DRS 都獲得了良好的成長，兩者都沒有表現出色，可以說是數字。

And our balance in the AMS/DRS this has also been some of the discussion in the past is really -- it's not 50-50. DRS is a little bit bigger, but it's not 60-40 either. So somewhere in that 50-50 -- 60-40 range DRS being a little larger. And that continues to progress at the same scale.

我們在 AMS/DRS 中的平衡也一直是過去的一些討論，實際上不是 50-50。DRS有點大，但也不是60-40。所以在 50-50 - 60-40 範圍內的某個地方 DRS 稍微大一點。而這種情況繼續以相同的規模取得進展。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Great. Thanks, George.

偉大的。謝謝，喬治。

Tim Mulrooney, William Blair.

提姆·馬爾魯尼，威廉·布萊爾。

Kurt, Mark good morning.

庫爾特，馬克早安。

Hey, Tim. Good morning. Welcome to the call. Glad to have you onboard.

嘿，提姆。早安.歡迎來電。很高興您加入。

Hi, Tim.

嗨，提姆。

Glad to be here. Thank you very much. Just a couple of questions for me this morning. We saw some nice improvements in the North America organic growth in the second quarter here. So, I'm curious is there a good way to think about organic growth run rate as we move into the back half of this year?

很高興來到這裡。非常感謝。今天早上有幾個問題想問我。我們看到第二季北美有機成長出現了一些不錯的改善。所以，我很好奇，當我們進入今年下半年時，是否有一個好的方法來考慮有機成長率？

Is that -- what we saw in the second quarter is that a good number to think about representative for the back half? Or do you expect another step-up here as we move into the second half of the year?

我們在第二季度看到的情況是不是一個很好的數字來考慮代表後半段？或者，當我們進入今年下半年時，您是否期望在這方面再次取得進展？

Yes, Tim and we talked about a year ago really we were this portfolio rationalization we did was in Q2 of last year. So, there's a little bit of hangover I'd say in this quarter still. That was a headwind for us.

是的，提姆和我們一年前確實討論過我們在去年第二季所做的投資組合合理化。因此，我想說，本季仍然存在一些後遺症。這對我們來說是一個逆風。

But if you think about the progression we saw in Q4 -- last year Q1, now in Q2, we think there's a little bit more of a step-up as we think about Q3 and Q4 that will continue sort of toward that mid-single-digit run rate that we think is the exit rate for the year.

但如果你想想我們在第四季度看到的進展——去年第一季度，現在是第二季度，我們認為當我們考慮第三季度和第四季度時，會有更多的進步，這將繼續朝著中單方向發展。

Yes. That's exactly what I was wondering, Mark, that lapping the portfolio rationalization there was a little bit more there. So, thank you.

是的。這正是我想知道的，馬克，投資組合合理化還有更多的內容。所以，謝謝你。

Yes. Q2 should be -- I mean I'm sorry Q3 would be our first full clean quarter on that. Now, the underlying piece of this a little bit is the -- still the global services business that's in the North America segment. That has been a little bit soft. And that's a substantial business for us. But that's in the CVM numbers.

是的。第二季度應該是——我的意思是，我很抱歉第三季將是我們第一個完全乾淨的季度。現在，這一點的基礎部分仍然是北美市場的全球服務業務。那已經有點軟了。這對我們來說是一項重要的業務。但這是在 CVM 數字中。

Got it. Okay. Thank you. And then shifting gears here from North America down to Latin America, I mean, it just looks like that FX headwind spiked quite a bit in Latin America. And you're able to get pricing offset most of that.

知道了。好的。謝謝。然後從北美轉向拉丁美洲，我的意思是，看起來拉丁美洲的外匯逆風大幅上升。而且你可以獲得大部分的定價抵銷。

But can you just like stepping back can you just help us understand a bit better how you're approaching this inflationary issue if there is an expectation for this elevated headwind to continue through the year? And any detail on how the Latin America segment is performing outside of these highly inflationary areas like Argentina?

但是，如果預計今年這種逆風加劇，您能否退後一步，幫助我們更好地了解您將如何處理這個通膨問題？拉丁美洲市場在阿根廷等高通膨地區之外的表現有何詳細資訊？

Sure. So maybe I'll take the Argentina piece first. Argentina largely is in line with our expectations for the year and really has not been a big headwind for us relative to our to where we are today and kind of what we see the rest of the year.

當然。所以也許我會先看阿根廷的部分。阿根廷在很大程度上符合我們對今年的預期，相對於我們今天的情況以及我們今年剩餘時間的情況來說，確實對我們來說並不是一個很大的阻力。

We have seen some -- a little bit of margin compression that I mentioned in the prepared remarks about just really catch-up over the steep devaluation that occurred at the end of the year last year. But on a revenue perspective, largely okay. Our pricing continues -- cadence continues and we think we can hold -- continue to do what we've done in the past.

我們已經看到了一些利潤率的壓縮，我在準備好的評論中提到過，這確實是在追趕去年年底發生的急劇貶值。但從收入角度來看，基本上還可以。我們的定價仍在繼續——節奏仍在繼續，我們認為我們可以保持——繼續做我們過去所做的事情。

I think the one that we would -- that caught us in the second quarter was the Mexican peso and the Brazilian real. There was an election down there. That's not really a highly inflationary market as we think about it, but those are good business for us, they're big businesses for us, and they're profitable businesses. So, that -- we did see some headwind that we had to largely perform through in the first half.

我認為我們在第二季度吸引我們的是墨西哥比索和巴西雷亞爾。那裡正在舉行選舉。正如我們所想，這並不是一個真正的高通膨市場，但這些對我們來說是好生意，對我們來說是大生意，而且是有利可圖的業務。所以，我們確實看到了一些逆風，我們必須在上半場很大程度上克服這些逆風。

If we took the -- and that's sort of the way we're thinking about the future in the back half. We -- and Kurt mentioned it in the prepared remarks that we think there's a -- if you took current rates, we think there could be anywhere from $50 million to $75 million worth of revenue headwind from those currencies.

如果我們採取——這就是我們在後半場思考未來的方式。我們——庫爾特在準備好的發言中提到，我們認為——如果按照目前的匯率計算，我們認為這些貨幣可能會帶來價值 5,000 萬至 7,500 萬美元的收入逆風。

This is not really again an Argentina issue. And so for us this is where we would continue to think about and how we are going to run the business and how we manage the business and whether that's uncontrollable costs or overdriving productivity that we have been doing.

這不再是真正的阿根廷問題。因此，對我們來說，這是我們將繼續思考的地方，我們將如何經營業務以及如何管理業務，以及這是否是無法控制的成本或我們一直在做的過度提高生產力。

In fact, we did a little bit of restructuring in the first half and quite (technical difficulty) in Q2. That was related to our margins in Latin America. Otherwise, we would have had good expansion in Q2, excluding that restructuring. Of course, that's in our numbers, but we think it was the right kind of investment to make for the future to right-size our footprint in those markets. Kurt, anything else you want to add?

事實上，我們在上半年做了一些重組，在第二季度做了相當多的（技術難度）重組。這與我們在拉丁美洲的利潤率有關。否則，如果不考慮重組，我們在第二季就會有良好的擴張。當然，這在我們的數字中，但我們認為這是正確的投資方式，可以為未來調整我們在這些市場的足跡。庫爾特，你還有什麼要補充的嗎？

Tim, I might just add, that was also a reason. We mentioned that we had about a $30 million headwind in the first half of the year, yet it really overdrove on productivity and mix to drive the profitability. So we kind of overcame a lot of those headwinds from the FX side.

提姆，我想補充一下，這也是一個原因。我們提到，今年上半年我們遇到了大約 3000 萬美元的逆風，但它確實在生產力和組合方面超速推動了盈利能力。因此，我們克服了外匯方面的許多阻力。

And just to add kind of what Mark was saying about -- I think there was also a good way to think about the second half in terms of how we're thinking about trying to overdrive on other areas to overcome those kinds of headwinds, if you were to use those rates.

只是補充一下馬克所說的——我認為還有一個很好的方法來思考下半年我們如何考慮在其他領域超速行駛以克服這些阻力，如果您將使用這些費率。

And one last thing, the tough thing for us Tim, obviously, we don't prognosticate on FX. I think this color is more about sort of current state, it sort of at the end of the quarter. I mean, I looked this morning, peso actually has strengthened this morning about 1.5%.

最後一件事，對我們蒂姆來說最困難的事情是，顯然我們不會對外匯進行預測。我認為這種顏色更多的是關於當前的狀態，有點是在季度末。我的意思是，我今天早上看了一下，比索今天早上實際上上漲了約 1.5%。

So we've not traditionally seen Mexican peso be volatile. And so obviously, the election down there in the second quarter was part of that. But also, frankly, it's really Central Bank interest rate policy. And so as the regimes are moving back towards cutting or not cutting, I think this is something we'll continue to watch and be fluid as we go through it.

因此，傳統上我們並沒有看到墨西哥比索出現波動。顯然，第二季的選舉是其中的一部分。但坦白說，這其實是央行的利率政策。因此，隨著各國政權重新轉向削減或不削減，我認為我們將繼續關注這一點，並在經歷過程中保持流暢。

And organically, we're on track.

就有機而言，我們正步入正軌。

Understood. Okay. Thanks very much and great quarter guys.

明白了。好的。非常感謝和偉大的季度夥計們。

Yes. Thanks, Tim. You're welcome again.

是的。謝謝，蒂姆。再次歡迎您。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

Yes. Hi, good morning, guys. This is Jack Wilson on for Toby. Maybe just to start out, can we really sort of maybe dig into sort of the long-term business mix and sort of how you see that developing with sort of AMS and DRS growing so quickly?

是的。嗨，早上好，夥計們。這是托比的傑克威爾森。也許只是開始，我們真的可以深入研究長期業務組合，以及您如何看待隨著 AMS 和 DRS 的快速成長而發展嗎？

Yes, sure, Jack. Good morning. We think this -- let me back up. We started at the beginning of the year talking about high teens to 20% kind of growth rates in AMS/DRS for the year and likely into the coming years.

是的，當然，傑克。早安.我們認為——讓我支持一下。我們從今年年初開始討論今年以及未來幾年 AMS/DRS 的成長率將達到 10% 至 20%。

We think we can sustain that kind of growth rate. We obviously get into a lot of small -- or larger numbers as we go forward. We have accelerated here. We think some of these big customers are still pretty lumpy. We get some big ones, and so they end up impacting quarters. We think 20% still is kind of the right kind of organic growth rate.

我們認為我們可以維持這種成長率。顯然，隨著我們的前進，我們會遇到很多小的或更大的數字。我們在這裡加速了。我們認為其中一些大客戶仍然相當不穩定。我們遇到了一些大問題，因此它們最終會影響各個季度。我們認為 20% 仍然是合適的有機成長率。

If you run that forward the next few years, it's not so hard to imagine we get to 30% penetration of our total portfolio in the coming two to three years, three to four years, whatever that math is. So we don't think there's a structural reason why we can't continue to grow given not only the conversion capability or potential in our portfolio, but the multiple of the unvended space, particularly in DRS, when you think about smaller retailer small and medium retailers, but then also on the AMS side as we start to see more banks globally outsourcing their networks to drive better productivity and efficiency in their networks.

如果你在接下來的幾年裡繼續這樣下去，就不難想像我們在未來兩到三年、三到四年內，我們的總投資組合的滲透率將達到 30%，無論數學是怎樣的。因此，我們認為，不存在結構性原因導致我們無法繼續成長，不僅考慮到我們投資組合的轉換能力或潛力，還考慮到未出售空間的倍數，特別是在DRS 方面，當你考慮規模較小的零售商時中型零售商，但隨著我們開始看到越來越多的銀行在全球範圍內外包其網絡，以提高其網絡的生產力和效率，AMS 方面也是如此。

Okay. Great color there. And then just on the capital allocation front, so in the same vein, are there any sort of opportunities you see in the AMS/DRS space to sort of grow inorganically or to sort of add new technologies to the portfolio?

好的。那裡的顏色很棒。然後，在資本配置方面，同樣，您在 AMS/DRS 領域是否看到了任何有機成長或向投資組合添加新技術的機會？

Yes Jack, this is Kurt. Yes, we have a nice pipeline of opportunities in AMS/DRS that's as we look to allocate capital if there's an acquisition that in terms of -- that looks attractive to us to advance our strategy, that's where we would do it. And so it's something we assess all the time. And as we talk about acquisitions, generally for us, there are a lot of hurdles that it has to cross to make sense for us relative to our total allocation of capital.

是的，傑克，這是庫爾特。是的，我們在 AMS/DRS 領域擁有一系列很好的機會，如果有一項收購對我們來說對推進我們的策略有吸引力，那麼我們就會尋求分配資本，這就是我們要做的事情。所以這是我們一直在評估的事情。當我們談論收購時，一般來說，對我們來說，相對於我們的資本總配置來說，它必須跨越許多障礙才能對我們有意義。

The other thing we always do is make sure that we're doing it connected with all the other aspects of the -- of our capital allocation philosophy. So, we've got to make strong strategic sense and we do have opportunities that we're always looking at.

我們經常做的另一件事是確保我們所做的事情與我們資本配置理念的所有其他方面相關。因此，我們必須具有強烈的策略意義，而且我們確實擁有我們一直在尋找的機會。

And so let me -- I'll just put a bit of a finer point on that. We have talked about this historically as well. We're -- we like our footprint. We like our portfolio today. We think geography, we've got a big geography, 52 countries operate in over 100.

所以讓我——我會對此提出一些更具體的觀點。我們也從歷史上討論過這個問題。我們－我們喜歡我們的足跡。我們喜歡今天的投資組合。我們考慮地理因素，我們有一個很大的地理區域，52 個國家在 100 多個國家/地區開展業務。

But anything that we would do of significance in M&A would be very tightly aligned to AMS and DRS, whether that was ATM networks and you've seen us in the past, whether it's PAI or NoteMachine in the UK. We've done a couple of little small bolt-ons here lately that were ATM networks. But we would be focused on that or somewhere in the hardware/software technology space connected to DRS or to AMS.

但我們在併購中所做的任何重要事情都將與 AMS 和 DRS 緊密結合，無論是 ATM 網路還是您過去見過的我們，無論是 PAI 還是英國的 NoteMachine。最近，我們在這裡完成了一些小型附加項目，即 ATM 網路。但我們將重點關注這一點或連接到 DRS 或 AMS 的硬體/軟體技術領域的某個地方。

And again, these would be with the focus of extending the value proposition to our customers that allows us to leverage our network that we have installed already and our customer base already to serve those customers in further up the value chain that would be a good value prop to them.

再說一遍，這些的重點是將價值主張擴展到我們的客戶，使我們能夠利用我們已經安裝的網路和我們的客戶群已經為這些客戶提供服務，以進一步提升價值鏈，這將是一個很好的價值支持他們。

And we talked about that on the call, whether that's cost productivity or improved reliability for ATM networks. This is an area where we continue to focus on thinking about the outsourcing of bank infrastructure that leverages our network.

我們在電話中討論了這一點，無論是成本效率還是提高 ATM 網路的可靠性。這是我們繼續專注於考慮利用我們網路的銀行基礎設施外包的領域。

Sounds good. Thanks. I’ll turn it over.

聽起來不錯。謝謝。我會把它翻過來。

Great.

偉大的。

This concludes our question-and-answer session. I would like to turn the conference back over to Mark Eubanks for any closing remarks.

我們的問答環節到此結束。我想將會議轉回馬克·尤班克斯（Mark Eubanks）發表閉幕詞。

Thank you all for joining us today. We appreciate all your support and look forward to speaking to you all soon. Thanks and have a great day.

感謝大家今天加入我們。我們感謝您的支持，並期待很快與您交談。謝謝，祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。