Brinks Co (BCO) 2024 Q3 法說會逐字稿

Good morning. Welcome to the Brink's company's third quarter, 2024 earnings call this morning. Brinks issued a press release detailing its third quarter, 2024 results. The company also filed an eight K that includes the release and the slides that will be used in today's call. The release and slides are available in the investor relations section of the company's website at investors dot Brinks dotcom.

早安.歡迎參加今天上午 Brink's 公司 2024 年第三季財報電話會議。Brinks 發布了一份新聞稿，詳細介紹了 2024 年第三季的業績。該公司還提交了一份 8 K 文件，其中包括新聞稿和將在今天的電話會議中使用的幻燈片。新聞稿和幻燈片可在該公司網站投資者關係部分獲取，網址為投資者網站 Brinks dotcom。

At this time, all participants are in 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 this call in 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, information presented and discussed on this call is representative of today only. Brinks assumes no obligation to update any forward-looking statements. The call is copyrighted and may not be used without written permission from Brink's.

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作為提醒。本次會議正在錄製中，並將可供重播，問答環節中的電話會議將包含前瞻性陳述。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資訊可在今天新聞稿的腳註和公司最近的 SEC 文件中找到，本次電話會議中提供和討論的資訊僅代表今天。布林克斯不承擔更新任何前瞻性陳述的義務。該通話受版權保護，未經 Brink's 書面許可不得使用。

I will now turn it over to your host, Jesse Jenkins, Vice President of investor relations, Mr Jenkins. You may begin.

現在我將把它交給主持人傑西·詹金斯（Jesse Jenkins），投資者關係副總裁詹金斯先生。你可以開始了。

Thanks and good morning. Joining me today are CEO Mark Eubanks and CFO Kurt mcmackin. This morning, Brinks reported third quarter 2024 results on a GAAP nongaap and constant currency basis. Most of our comments today will be focused on our nongaap results. These Nongaap financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes that these measures are also useful to investors. As such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. Reconciliations of Nongaap results to their most comparable GAAP results are provided in the press release, the appendix of the presentation and in this morning's eight K filing, all of which can be found on our website. I will now turn the call over to brink, CEO Mark Eubanks.

謝謝，早安。今天加入我的是執行長馬克·尤班克斯和財務長庫爾特·麥克麥金。今天上午，布林克斯報告了按 GAAP 非公認會計原則和固定匯率計算的 2024 年第三季業績。我們今天的大部分評論將集中於我們的非公認會計原則結果。這些 Nongaap 財務指標旨在為投資者提供我們所介紹期間的經營業績和趨勢的補充比較。我們的管理層相信這些措施對投資者也有用。因此，投資者可以使用管理層評估過去業績和未來業績前景的相同指標來評估我們的業績。新聞稿、簡報附錄以及今天上午的 8K 文件中提供了 Nongaap 業績與最具可比性的 GAAP 業績的對賬，所有這些都可以在我們的網站上找到。現在我將把電話轉給執行長馬克尤班克斯 (Mark Eubanks)。

Thanks Jesse and Good morning. Thanks for joining us.

謝謝傑西，早安。感謝您加入我們。

Starting on slide 3, we delivered total organic growth of 13% in the quarter ATM managed services and digital retail solutions or A MS and DRS grew 26% organically marking another quarter of growth ahead of our expectations with double digit organic growth and A MS and DRS in every regional segment with healthy backlogs and a good pipeline of future opportunities. We continue to build momentum in these important growth areas, cash and valuables management or CVM was up 9% organically with pricing execution, offsetting market softness in our global services business.

從幻燈片3 開始，我們在本季度實現了13% 的總有機增長，ATM 託管服務和數位零售解決方案或A MS 和DRS 有機增長了26%，標誌著又一個季度的增長超出了我們的預期，實現了兩位數的有機成長，A MS 和DRS 在每個區域細分市場都有良好的積壓和良好的未來機會管道。我們繼續在這些重要的成長領域建立動力，現金和貴重物品管理或 CVM 透過定價執行有機成長了 9%，抵消了我們全球服務業務的市場疲軟。

The strength in the US dollar caused an 11% FX headwind in the period. The FX headwind was more than we originally expected. Primarily due to the devaluation of the Mexican peso adjusted EBIDA of $217 million was impacted by the timing of a $10 million increase in security losses in the quarter.

美元走強導致期內外匯逆風達 11%。外匯逆風超出了我們最初的預期。主要由於墨西哥比索貶值，調整後的 EBIDA 為 2.17 億美元，受到本季安全損失增加 1,000 萬美元時間的影響。

Adjusting for this item, Iban margins were 18% in the quarter down 80 basis points for the same quarter. Last year, the margin declines included a headwind from dollar strengthening in our high margin. Latin America businesses revenue mix related to our global services business as well as the impact of a delay in productivity in North America. As we deploy a new routing system, I'll have more details on North America performance. In a few slides, we generated $135 million in free cash flow with better asset efficiency and working capital improvements primarily related to dsos and a management being offset by the impact of lower Ebitda and the currency impact of our FX hedging portfolio. Kurt will have more on our free cash flow performance and outlook. Later in the call, we made two key additions to our executive team in the quarter. Josh ttech is leading our brink's business system efforts and I've tasked him with delivering cost productivity across the P&L as we continue to standardize and simplify operations worldwide.

對該項目進行調整後，本季 Iban 利潤率為 18%，比同季下降 80 個基點。去年，利潤率下降包括美元走強對我們高利潤率的不利影響。拉丁美洲企業的收入結構與我們的全球服務業務以及北美生產力延遲的影響有關。當我們部署新的路由系統時，我將提供有關北美效能的更多詳細資訊。在幾張幻燈片中，我們產生了1.35 億美元的自由現金流，資產效率提高，營運資本改善主要與dsos 和管理層有關，但Ebitda 下降的影響和外匯對沖投資組合的貨幣影響抵消了這一影響。庫爾特將更多地介紹我們的自由現金流表現和前景。在稍後的電話會議中，我們在本季度對執行團隊進行了兩項重要補充。Josh ttech 負責領導我們的邊緣業務系統工作，我責成他在我們繼續標準化和簡化全球營運的同時，在損益表中提供成本效率。

Josh's background at Ge and Eaton and deep experience in lean and continuous improvement, make him the ideal person to help us unlock additional opportunities as we continue to expand our EBDA margins.

喬許 (Josh) 在通用電氣和伊頓的背景以及在精益和持續改進方面的豐富經驗，使他成為幫助我們在不斷擴大 EBDA 利潤的過程中釋放更多機會的理想人選。

We recently appointed Nadir Antar as the global leader of Brinks of global services. Nader joins us with global experience with companies like H1ywell United Technologies and OTIS elevators not or will be focused on identifying and capturing new growth opportunities across our total addressable market. We'll also focus on improving our operational cadence as well as strengthening our compliance culture and then finally developing our global talent agenda for our Brinks global services business.

我們最近任命 Nadir Antar 為 Brinks 全球服務的全球領導者。Nader 以與 H1ywell United Technologies 和 OTIS 電梯等公司合作的全球經驗加入我們，現在和未來都不會專注於在我們整個潛在市場中識別和捕捉新的成長機會。我們還將專注於改善我們的營運節奏以及加強我們的合規文化，然後最終為我們的 Brinks 全球服務業務制定全球人才議程。

Despite the near term market headwinds caused by record high gold and silver prices. We have a leading market presence and are leveraging a large global footprint that makes us the logical choice for customers. When these markets return to form operationally, we continue to advance our A MS and Ds businesses. We are increasing our organic growth expectations for the remainder of the year to more than 20% and we now expect a MS DRS revenues to exceed the high end of our original mixed expectations of 23%.

儘管黃金和白銀價格創歷史新高，造成近期市場阻力。我們擁有領先的市場地位，並利用龐大的全球足跡，使我們成為客戶的合理選擇。當這些市場恢復正常運作後，我們將繼續推動我們的 A MS 和 Ds 業務。我們將今年剩餘時間的有機成長預期提高到 20% 以上，現在預計 MS DRS 收入將超過我們最初混合預期 23% 的上限。

Our customers appreciate the value proposition of these services and our teams continue to embrace the power of shifting our business to these higher margin, faster growing businesses with a robust backlog of devices to install in the fourth quarter. We have increasing confidence in our revenue trajectory for the balance of the year and with a full pipeline, we're off to a strong start towards achieving our 2025 targets of mid to high 10s organic revenue growth.

我們的客戶欣賞這些服務的價值主張，我們的團隊繼續擁抱將我們的業務轉向這些利潤率更高、成長更快的業務的力量，並在第四季度安裝大量積壓的設備。我們對今年剩餘時間的營收軌跡越來越有信心，並且憑藉完整的管道，我們為實現 2025 年 10 多歲有機收入成長的目標打下了良好的開端。

We also continue to execute on our capital allocation framework, maintaining our leverage target below three times and returning capital to shareholders by purchasing $125 million in shares year-to-date through the third quarter in total. We reduced our share count by 5% year over year and continue to target more than $200 million of repurchases in 2024. As we work through the remaining $375 million worth of authorization that runs through 2025.

我們也繼續執行我們的資本配置框架，將槓桿目標維持在三倍以下，並透過今年迄今到第三季總共購買 1.25 億美元的股票來向股東返還資本。我們的股票數量比去年同期減少了 5%，並繼續設定 2024 年回購金額超過 2 億美元的目標。我們正在完成截至 2025 年剩餘的價值 3.75 億美元的授權。

At the bottom of the page, you can see our updated full year 2024 guidance revenue over $5 billion reflects the impact of approximately $100 million in currency headwinds primarily from the Mexican peso and to a lesser extent, some market softness in our global services. Business adjusted EBITDA of $910 million at the midpoint reflects the mix impact of lower revenue and high margin geographies and lines of business free cash flow reflects the ebitda change as well as higher cash taxes from geographic mix of income and the impact of currency fluctuation in the quarter.

在頁面底部，您可以看到我們更新後的2024 年全年指導收入超過50 億美元，反映出主要來自墨西哥比索的約1 億美元貨幣逆風的影響，以及在較小程度上來自我們全球服務的一些市場疲軟的影響。Business adjusted EBITDA of $910 million at the midpoint reflects the mix impact of lower revenue and high margin geographies and lines of business free cash flow reflects the ebitda change as well as higher cash taxes from geographic mix of income and the impact of currency fluctuation in the四分之一.

While our quarter and the balance of the year fell short of our initial expectations. We continue to make good progress executed against our strategy and transforming our operations. We are seeing strong demand in our higher growth, tech enabled solutions and we believe we're turning the corner on our routing processes that will help us further operationalize the margin benefits of A MS and DRS. And we have a clear line of sight to the productivity actions and growth initiatives into 2025.

雖然我們的季度和今年剩餘時間沒有達到我們最初的預期。我們在執行策略和營運轉型方面繼續取得良好進展。我們看到對更高成長、技術支援的解決方案的強勁需求，我們相信我們的路由流程正在扭轉局面，這將幫助我們進一步發揮 A MS 和 DRS 的利潤優勢。我們對 2025 年的生產力行動和成長計畫有著清晰的願景。

I'm confident we're making the right investments in the business to improve predictability in our results and remain very encouraged by the opportunity. Still in front of us turn to slide 4.

我相信我們正在對業務進行正確的投資，以提高結果的可預測性，並且對這個機會感到非常鼓舞。仍然擺在我們面前的是幻燈片 4。

I'll move quickly through the headline results of Q3. As Kurt will discuss these in detail in a few slides, organic growth of 13% was partially offset by an 11% impact from translational FX adjusted EBITDA declined $4 million year over year when adjusted for the previous mentioned loss event in the quarter earnings per share was down 40¢ year of the year due to higher interest expense and the lapping of a prior year. Marketable security gain trillion 12 month free cash flow was $262 million with conversion from trillion 12 month ebitda of 29%.

我將快速瀏覽第三季的主要結果。由於庫爾特將在幾張幻燈片中詳細討論這些內容，因此13% 的有機增長被轉換匯率調整後EBITDA 同比下降400 萬美元（針對前面提到的本季度每股收益虧損事件進行調整後） 11% 的影響所部分抵銷。有價證券收益萬億美元 12 個月自由現金流為 2.62 億美元，萬億美元 12 個月息稅折舊攤銷前利潤 (EBITDA) 轉換為 29%。

Turn to slide 5. You'll recognize an update to a slide we shared last quarter on the left. You can see we continue to make meaningful progress, expanding margins in North America, up 120 basis points from the end of the year and delivering ebida growth at a 15%. CAGR since 2018 in the quarter, we accelerated technology and systems investments that we expect to enable better planning and routing processes across our network as well as migration of our legacy on premise data center to the cloud for improved security and global scalability.

轉到投影片 5。您會在左側看到我們上季分​​享的幻燈片的更新。您可以看到我們繼續取得有意義的進展，擴大了北美的利潤率，較年底提高了 120 個基點，稅息折舊攤提前利潤增加了 15%。自2018 年以來的本季複合年增長率，我們加快了技術和系統投資，我們希望能夠更好地規劃和路由整個網路的流程，並將我們的傳統本地資料中心遷移到雲端，以提高安全性和全球可擴展性。

We've also moved local logistics plan activities into a centralized control tower equipped with industry leading smart algorithms to better optimize our routes.

我們還將本地物流計劃活動轉移到配備行業領先智慧演算法的集中控制塔中，以更好地優化我們的路線。

With the accelerating growth in our A S and Ds business. It's vital that we have a best in class system and process to fully realize the benefits of the additional capacity from the reduction of stops that the operating model delivers.

隨著我們的 A S 和 D 業務的加速成長。至關重要的是，我們必須擁有一流的系統和流程，以充分實現營運模式所帶來的減少停靠點所帶來的額外運能的好處。

During the rollout of the system, we experienced system integration issues that caused us to slow the planned deployment to better ensure operational stability and performance.

在系統部署過程中，我們遇到了系統整合問題，導致我們放慢了計劃部署，以更好地確保運行穩定性和效能。

We have planned this initial investment to be offset by approximately 8 to $10 million in labor and fleet productivity that we did not realize in the quarter.

我們計劃用大約 800 至 1000 萬美元的勞動力和車隊生產力來抵消這筆初始投資，但我們在本季度並未實現這一目標。

We are being very deliberate in our continued deployment as we work through these issues during the quarter in several pilot markets in large us metropolitan cities. While the results are early, we are seeing meaningful improvements in key metrics like service quality and stops per worked hour that we believe will ultimately translate into labor and fleet productivity across the entire network.

當我們在本季在美國大城市的幾個試點市場解決這些問題時，我們正在非常謹慎地繼續部署。雖然結果還處於早期階段，但我們看到服務品質和每工作小時停靠次數等關鍵指標取得了有意義的改進，我們相信這些改進最終將轉化為整個網路的勞動力和車隊生產力。

We now expect these productivity benefits to ramp over the next few quarters. And hit full maturity in the first half of 2025 turn to slide 6. I'll provide some detail on revenue by customer offering in cash and valuables management. We saw organic growth of 9% in our core cash management. Business volumes remain stable in most geographies despite the uncertain retail environment and geopolitical backdrop particularly here in the US as well as other countries around the world.

我們現在預計這些生產力優勢將在未來幾季內持續提升。並在 2025 年上半年達到完全成熟，轉向滑道 6。我將提供一些有關客戶提供現金和貴重物品管理收入的詳細資訊。我們的核心現金管理有機成長了 9%。儘管零售環境和地緣政治背景存在不確定性，尤其是美國和世界其他國家，但大多數地區的業務量仍保持穩定。

This growth was also supported by strong price realization but was partially offset by BGS market softness with the movement of precious metals and commodities.

這一增長也得到了強勁的價格實現的支持，但由於貴金屬和大宗商品的走勢而導致 BGS 市場疲軟，部分抵消了這一增長。

The global services softness had a negative revenue and profit impact against our expectations in every segment including the Americas. With gold and silver prices consistently rising throughout the year with limited volatility. The demand for movement and storage of precious metals from mining operations to refineries and financial institutions slowed supported by a new dedicated leader in global services. We plan to expand into new growth avenues that further leverage our existing infrastructure.

全球服務疲軟對包括美洲在內的每個細分市場的收入和利潤都產生了負面影響，超出了我們的預期。黃金和白銀價格全年持續上漲，波動有限。在全球服務領域新的專門領導者的支持下，從採礦作業到煉油廠和金融機構的貴金屬運輸和儲存需求放緩。我們計劃拓展新的成長途徑，進一步利用我們現有的基礎設施。

The DS business continues to exceed our expectations, favorable demand patterns are driving double digit growth in all segments as we continue to penetrate a large unvended market and convert our existing legacy cash and transit customers to more tech enabled solutions. Customers are reacting favorably to the value proposition of these services as they look for ways to maximize working capital, reduce bank fees and simplify the day to day operations for employees during a changing retail backdrop, especially here in the US.

DS 業務繼續超越我們的預期，隨著我們繼續滲透大型非販賣市場並將現有的傳統現金和交通客戶轉換為更多技術支援的解決方案，有利的需求模式正在推動所有細分市場實現兩位數增長。客戶對這些服務的價值主張反應良好，因為他們在不斷變化的零售環境中尋求最大化營運資金、降低銀行費用和簡化員工日常營運的方法，尤其是在美國。

We've built a backlog that supports our fourth quarter forecast and we continue to expand our pipeline of potential DRS customers into next year.

我們已經建立了支援我們第四季度預測的積壓訂單，並且我們將繼續將潛在 DRS 客戶管道擴大到明年。

We've had several key wins that we closed here in the quarter including a large US nationwide auto parts dealer, a national pharmacy chain in a Latin American country and a hypermarket chain in Asia Pacific Ams delivered the third consecutive quarter of accelerating organic growth as we continue to educate financial institutions on the benefits of outsourcing as well as place new ATMs into retail operations with several new customers set to on board. In early 2025 we have significant momentum. We have many new early stage opportunities that we're just beginning to explore an increasing number of opportunities that have already moved into the pilot phase.

我們在本季度取得了幾項關鍵勝利，包括美國一家大型全國性汽車零件經銷商、拉丁美洲國家的一家全國性藥房連鎖店以及亞太地區的一家大型連鎖超市Ams 連續第三個季度實現了加速有機成長我們持續向金融機構宣傳外包的好處，並將新的 ATM 機投入零售業務，並吸引一些新客戶。2025 年初，我們將迎來強勁的發展動能。我們有許多新的早期機會，我們剛開始探索越來越多的機會，這些機會已經進入試點階段。

Our global pipeline is vast and maturing in quality and we have, we're very excited about several key wins in the period beyond the previously announced Sainsbury's partnership, which I'll touch on in a moment. We signed an outsourcing agreement with a major grocery store chain in Europe as well as several ATM outsourcing service agreements with both retailers and financial institutions. Here in the US turn to slide 7.

我們的全球管道規模龐大且品質日趨成熟，除了先前宣布的塞恩斯伯里合作夥伴關係之外，我們對在此期間取得的幾項關鍵勝利感到非常興奮，我稍後會談到這一點。我們與歐洲一家大型連鎖雜貨店簽署了外包協議，並與零售商和金融機構簽署了多​​項ATM外包服務協議。在美國，請看投影片 7。

I'd like to take a second to highlight a key a win from the third quarter.

我想花一點時間強調第三節的一場關鍵勝利。

On September 25th, we announced an agreement to provide full ATM managed services for Sainsbury's one of the largest grocery and convenience store chains in the UK as part of the agreement, Sainsbury's at TMSS will fully transition to our network and we will provide all services associated with the ATM ownership.

9 月25 日，我們宣布達成協議，為英國最大的雜貨店和便利商店連鎖店之一Sainsbury's 提供全面的ATM 託管服務，作為協議的一部分，TMSS 的Sainsbury's 將完全過渡到我們的網絡，我們將提供所有相關服務擁有 ATM 所有權。

We differentiate ourselves during this competitive process by our ability to be a single provider across the entire value stream, everything from cash in transit, 1st and 2nd line maintenance to cash forecasting and transaction processing.

我們在這場競爭過程中脫穎而出，因為我們有能力成為整個價值流的單一供應商，從運輸現金、第一和第二條生產線維護到現金預測和交易處理。

The addition of Sainsbury's will increase our network of ATM S by about 15% in the UK providing increased route density, increased processing volume and increased scale while leveraging back office and network infrastructure at higher incremental margins. We're excited about the relationship with a great partner and are working diligently on the transition plan which we expect to be completed through the first half of next year.

Sainsbury's 的加入將使我們在英國的 ATM S 網路增加約 15%，從而提高路線密度、處理量和規模，同時以更高的增量利潤利用後台和網路基礎設施。我們對與優秀合作夥伴的關係感到興奮，並正在努力製定過渡計劃，預計將在明年上半年完成。

Overall, I'm pleased with the progress in both A MS and DRS. So far. This year, we continue to build momentum and strengthen our operating cadence. We're improving our go to market tactics through solution based selling and aligning our incentives to drive the right behaviors locally, we've increased our performance expectations this year and into 2025. And I look forward to a continued shift of our business over the next several years and with that, I'll turn it over to Kurt to discuss the financials free cash flow capital allocation and our updated guidance. I'll return from closing thoughts before we open the lines for Q&A Kurt.

總的來說，我對 A MS 和 DRS 的進展感到滿意。迄今為止。今年，我們繼續蓄勢待發，強化營運節奏。我們正在透過基於解決方案的銷售來改進我們的市場策略，並調整我們的激勵措施以推動當地的正確行為，我們提高了今年和 2025 年的業績預期。我期待著未來幾年我們的業務持續轉變，我將把它交給庫爾特討論財務自由現金流資本配置和我們更新的指導。在我們為庫爾特打開問答台之前，我將結束思考。

Thanks Mark. Starting on slide, eight organic revenue grew $156 million with about 42% of that growth coming from higher margin. A MS and DRS services, the US dollar strengthened significantly in the third quarter, representing $131 million revenue headwind year over year.

謝謝馬克。從幻燈片開始，八家公司的有機收入成長了 1.56 億美元，其中約 42% 的成長來自更高的利潤率。MS 和 DRS 服務中，美元在第三季大幅走強，營收年減 1.31 億美元。

Moving to the right side of the slide, you can see how the revenue converts to EBITDA Q3 organic incremental margins were impacted by revenue mix, especially in global services.

轉到投影片的右側，您可以看到收入如何轉換為 EBITDA 第三季有機增量利潤受到收入組合的影響，尤其是在全球服務領域。

A $10 million security loss and delayed productivity in North America. From the deployment of the routing technology that mark discussed previously excluding the security loss. Organic growth represents an incremental margin of 29% in the period.

北美地區 1000 萬美元的安全損失和生產力延遲。從路由技術的部署來看，這標誌著排除了前面討論的安全損失。有機成長意味著期內增量利潤率為 29%。

Incremental margins on FX were almost 40% as the majority of the currency impact came in our higher margin. Latin American countries on slide 9, we bridge operating profit to adjusted EBITA starting on the left interest expense was up $9 million year over year to $63 million. The increase is related to higher interest rates slightly higher debt balances and the onetime impact of the early repayment of our 2025 bonds tax expenses were $28 million in the quarter with an effective tax rate of approximately 28%. As we expected.

外匯保證金增量接近 40%，因為大部分貨幣影響來自於我們較高的保證金。在投影片 9 上的拉丁美洲國家，我們將營運利潤與調整後的 EBITA 連結起來，從左側開始，利息支出年增 900 萬美元，達到 6,300 萬美元。這一增長與較高的利率、略高的債務餘額以及提前償還 2025 年債券稅收費用的一次性影響有關，該季度的稅收費用為 2800 萬美元，有效稅率約為 28%。正如我們所料。

The other category was $7 million, $12 million lower than the prior year. Primarily from the lapping impact of marketable security gains in Argentina in 2023 that did not repeat income from continuing operations was $68 million. And our diluted share count was down 2.3 million shares or 5%.

另一類為 700 萬美元，比前一年減少 1,200 萬美元。主要來自 2023 年阿根廷市場安全收益的重疊影響，其中不重複持續營運收入為 6,800 萬美元。我們的稀釋後股票數量減少了 230 萬股，即 5%。

Our earnings per share in the period was $1.51 per share to help with modeling a few of these components. In the fourth quarter, we expect full year interest expense to be between 235 and $240 million.

在此期間，我們的每股收益為 1.51 美元，以幫助對其中一些組件進行建模。第四季度，我們預計全年利息支出將在 23.5 至 2.4 億美元之間。

We are forecasting a full year tax rate in line or slightly better than the 28% we posted in the third quarter.

我們預測全年稅率與我們第三季公佈的 28% 一致或略好。

Stock based compensation is expected to be roughly flat in dollars compared to 2023. And total corporate expenses are expected to be flat to prior year. As a percentage of revenue on slide, 10, you can see the components of our updated free cash flow outlook starting on the left. The $50 million reduction in EBITDA reflects the flow through of approximately $100 million in currency impact mostly in high margin, Latin American countries. In addition to a lower contribution from global services, the operational cash flow components of the business, primarily working capital and CapEx are performing as expected.

與 2023 年相比，以美元計算的股票薪酬預計將大致持平。公司總支出預計將與上年持平。作為幻燈片 10 中收入的百分比，您可以從左側開始看到我們更新的自由現金流前景的組成部分。EBITDA 減少 5000 萬美元反映了約 1 億美元的貨幣影響，主要發生在高利潤率的拉丁美洲國家。除了全球服務的貢獻較低外，該業務的營運現金流量組成部分（主要是營運資本和資本支出）的表現符合預期。

Cash taxes are trending $15 million higher than expected. Primarily due to the geographic mix of income between segments.

現金稅比預期高出 1500 萬美元。主要是由於細分市場之間收入的地理組合。

We are also now expecting to see an approximately $35 million impact as a result of currency devaluation.

我們現在預計貨幣貶值將造成約 3500 萬美元的影響。

Like most multinational companies, we utilize centralized cash pooling activities to efficiently manage cash from around the world.

與大多數跨國公司一樣，我們利用集中現金池活動來有效管理來自世界各地的現金。

These flows require foreign exchange forward contracts to limit volatility from foreign exchange movements on existing cash balances.

這些流動需要外匯遠期合約來限制現有現金餘額的外匯變動所造成的波動。

In the third quarter, we saw material devaluation in the Mexican peso which resulted in an approximately $20 million cash settlement in the period and these flows are reflected in operating cash.

第三季度，我們看到墨西哥比索大幅貶值，導致該期間約 2,000 萬美元的現金結算，這些流量反映在營運現金中。

The second component is higher cash interest due to the compounding effect of less cash generation throughout the year, largely driven by foreign exchange headwinds.

第二個組成部分是現金利息增加，這是由於全年現金產生減少的複合效應，這主要是由外匯不利因素推動的。

Overall free cash flow is now expected to be about $100 million lower than the prior outlook. With more than half of the reduction coming from the sudden currency devaluation in the Mexican Peso.

目前預計整體自由現金流將比先前的預期低約 1 億美元。其中一半以上的減少來自墨西哥比索的突然貶值。

Stepping back from the movements expected in the second half of the year, our free cash flow potential remains strong while the quarter was not up to our expectations. The true operational components of these flows are resilient.

從下半年的預期走勢來看，我們的自由現金流潛力仍然強勁，但本季未達到我們的預期。這些流程的真正操作元件是有彈性的。

We believe there are many opportunities for us to continue to improve the cash generation profile of the business as we expand margins to the growth of A S and Ds improve our capital efficiency and continue to make progress, improving day sales outstanding through heightened management attention.

我們相信，隨著我們擴大利潤以適應 A S 和 D 的成長，我們有很多機會繼續改善業務的現金生成狀況，提高我們的資本效率並繼續取得進展，透過加強管理層的關注來提高每日銷售額。

Moving to slide 11, we remain committed to our capital allocation framework and we continue to focus on maximizing long term shareholder value through cash allocation that will continue to compound free cash flow generation. Well beyond the volatility, we might see quarter to quarter first. We plan to continue to make organic investments in our operations to enable sustainable profitable growth.

轉到幻燈片 11，我們仍然致力於我們的資本配置框架，並繼續專注於透過現金分配實現長期股東價值最大化，這將繼續增加自由現金流的產生。除了波動之外，我們可能會先看到逐季度的情況。我們計劃繼續對我們的營運進行有機投資，以實現可持續的獲利成長。

Examples of this include investments in data center migration, cybersecurity upgrades and the North American routing system.

這方面的例子包括對資料中心遷移、網路安全升級和北美路由系統的投資。

These investments have long term benefits to the growth and margin trajectory of the business and will increase ebitda and will generate more stable and consistent cash flow in the years to come.

這些投資對業務的成長和利潤軌跡具有長期效益，並將增加息稅折舊攤提前利潤，並在未來幾年產生更穩定和一致的現金流。

Check in our leverage remains stable below three times and we remain comfortable that the targeted range of 2 to 3 times is the appropriate level. Given the strong cash flow profile of our business.

檢查我們的槓桿率保持穩定在三倍以下，我們仍然認為 2 至 3 倍的目標範圍是適當的水平。鑑於我們業務強勁的現金流狀況。

This year, the majority of our free cash flow has gone to share of the returns year-to-date. We have returned $157 million in the form of share repurchases and dividends.

今年，我們大部分的自由現金流都用於分享年初至今的回報。我們以股票回購和股利的形式返還了 1.57 億美元。

We believe share repurchases continue to be an attractive investment given current valuations with $375 million of available capacity. Under our current authorization, we plan to remain active in the fourth quarter.

我們認為，鑑於目前的估值和 3.75 億美元的可用產能，股票回購仍然是一項有吸引力的投資。根據我們目前的授權，我們計劃在第四季度保持活躍。

And finally, on the M&A side, we continue to explore creative opportunities that have a strong strategic fit, attractive returns and align with our current leverage targets and broader capital allocation framework.

最後，在併購方面，我們繼續探索具有強大策略契合度、有吸引力的回報並與我們當前的槓桿目標和更廣泛的資本配置框架保持一致的創造性機會。

Despite the near term FX impact the 2024 cash generation, we remain disciplined in our approach to capital allocation and are confident that our framework will maximize shareholder value over the long term on 512. You can see our updated 2024 guidance.

儘管短期匯率會影響 2024 年的現金生成，但我們仍然嚴格遵守資本配置方法，並相信我們的框架將在長期內實現 512 股東價值最大化。您可以查看我們更新的 2024 年指南。

We now expect total revenue growth to be approximately 3% with over 20% A MS and DRS organic growth driving total organic growth into the double digits.

我們現在預計總收入成長約為 3%，其中 A MS 和 DRS 有機成長超過 20%，推動總有機成長達到兩位數。

The strong organic growth is expected to be offset by accelerating currency headwinds above our original expectations led by the Mexican peso.

強勁的有機成長預計將被墨西哥比索主導的貨幣逆風加速超過我們最初的預期所抵消。

As a reminder outside of Argentina, our FX guidance utilizes rates as of the end of the quarter, September 30th and does not attempt to predict future movement in currencies adjusted EBTIDA is now expected to be between 900&$920 million. Reflecting the flow through of currency and global services headwinds partially offset by mixed benefits from more ams revenue.

需要提醒的是，在阿根廷境外，我們的外匯指導使用的是截至 9 月 30 日季度末的匯率，並不試圖預測貨幣調整後 EBTIDA 的未來變動，目前預計在 900 至 9.2 億美元之間。反映出貨幣和全球服務流動的逆風被更多的艾邁斯半導體收入所帶來的混合效益所部分抵消。

As I walk through a few slides back, we now expect free cash flow between 320&$360 million with a conversion from adjusted EBITDA of approximately 37% at the midpoint.

當我回顧幾張投影片時，我們現在預計自由現金流在 3.2 億至 3.6 億美元之間，調整後 EBITDA 的中點轉換約為 37%。

I will now hand it back to mark for some closing remarks and Q&A Mark.

現在我將把它交還給馬克，讓他做一些結束語和問答。

Thanks Kurt as we close a challenging second half of the year. I can't help but reflect on the transformation progress we delivered and be encouraged about the future.

感謝庫爾特，我們結束了充滿挑戰的下半年。我不禁反思我們所取得的轉型進展，並對未來感到鼓舞。

We are committed to improving the foundation elements of our business to methodically progress the business towards our long term operating margin and free cash flow expectations.

我們致力於改善業務的基礎要素，以有條不紊地推動業務實現長期營業利潤率和自由現金流預期。

Despite the temporary impact of currency fluctuations and market softness in our global services business, we remain resolute in making the necessary investments to fully realize the addressable market expansion opportunities of A MS and DRS.

儘管我們的全球服務業務受到貨幣波動和市場疲軟的暫時影響，但我們仍然堅定地進行必要的投資，以充分實現 A MS 和 DRS 的潛在市場擴張機會。

So far in 2024 execution of our strategy has proven we have a right to win in A MS and DRS. Our customers have recognized the value proposition of our offerings and our brink's team has executed operationally as we begin to plan for 2025. Nothing in the second half of 2024 limits us from continuing the financial framework we set in 2021.

到目前為止，2024 年我們策略的執行已經證明我們有權利在 A MS 和 DRS 中獲勝。我們的客戶已經認可了我們產品的價值主張，我們的 Brink 團隊已經開始執行 2025 年計畫。2024 年下半年，任何事情都不會限制我們繼續執行 2021 年制定的財務架構。

We still expect mid single digit organic growth when excluding the impact from Argentina, inflation driven by continued strong A S and DRS organic growth as we capitalize on the momentum from 2024 and realize the benefits of a growing opportunity and backlog.

當排除阿根廷的影響以及持續強勁的 A S 和 DRS 有機增長推動的通貨膨脹時，我們仍然預計有機增長為中等個位數，因為我們利用 2024 年的勢頭並實現了不斷增長的機會和積壓的好處。

We still expect to generate 100 basis points of operating profit expansion. And we continue to see many operational levers and free cash flow to continue to improve our cash conversion from Ebitda.

我們仍預期營業利潤將成長 100 個基點。我們繼續看到許多營運槓桿和自由現金流，以繼續改善我們的 Ebitda 現金轉換。

I am confident we're building the right team and the right culture to capture the opportunity in front of us.

我相信我們正在建立合適的團隊和合適的文化來抓住我們面前的機會。

Operator. Please open the line for questions.

操作員。請打開提問專線。

Thank you. We will now begin our question and answer session to ask a question. You may press star then one on your touchtone phone to withdraw your question. Please press star then two and at this time, we will pause momentarily to assemble our roster and the first question will be from Toby somm from truest securities. Please go ahead.

謝謝。我們現在將開始問答環節來提出問題。您可以按按鍵式電話上的星號然後再按一個來撤回您的問題。請按星號然後按兩顆星，此時，我們將暫停片刻以集合我們的名單，第一個問題將來自 truest Securities 的 Toby somm。請繼續。

Good morning guys. This is Jasper Bidon for Toby looks like the organic guide for this year is, rise to low teams versus, I think below the mid teams last quarter. Just on the organic side, could you outline the relative impact of softer global services demand versus what sounded like an increase in your A MS and DRS assumptions?

早安，夥計們。這是來自托比的賈斯珀·比登（Jasper Bidon），看起來今年的有機指南是，上升到低水平球隊，我認為上個季度低於中水平球隊。就有機方面而言，您能否概述一下全球服務需求疲軟與聽起來像是 A MS 和 DRS 假設增加的相對影響？

Yeah. Sure. Good morning, Jasper. Yeah. The Global Services business. Yeah, it was a headwind in the quarter relative to our expectations. And I again want to make sure we count it the right way, you know, full year we expect, still expect some growth from the business and, and have seen that albeit we saw probably the most impact in North America where it actually had some declines in the quarter, the total organic though we expect to continue to be kind of low single digits for the year. You know, this business for us is a really good business. It's a, it's a place where we have a lot of high market share margins are good, but at the same time, the incremental profit flow through both on the upside and the downside are quite high. We have a high fixed cost in that, in that market. You know, a lot of vaults hubs, people all over the world that, you know, really form that network. You know, for us, historically, you know, with historic precious metals, high and precious metals, particularly gold and silver and you know, we even saw some more today actually, you know that this is this volatility or lack of volatility, let's say in the last three quarters has not helped our business. Because when volatility occurs, we tend to move metals. When prices are really high, there tends to be less demand with no volatility. So for us, you know that what we've, what we're seeing today in the markets already, you know, hopefully provide some lift for Q4. But you know, we're not expecting any large bounceback or large decline going into the fourth quarter and the rest of the year.

是的。當然。早上好，賈斯柏。是的。全球服務業務。是的，相對於我們的預期，本季這是一個逆風。我再次想確保我們以正確的方式計算它，你知道，我們預計全年仍預計業務會出現一些增長，並且已經看到，儘管我們看到的影響可能最大的是北美，實際上它確實產生了一些影響儘管我們預計今年的有機有機總量將繼續保持在較低的個位數水平，但本季有所下降。要知道，這個生意對我們來說真是一筆好生意。這是一個我們擁有許多高市佔率利潤率的地方，但同時，上行和下行的增量利潤流都相當高。在那個市場上，我們的固定成本很高。你知道，很多金庫中心，世界各地的人們，你知道，真正形成了這個網絡。你知道，對我們來說，歷史上，你知道，歷史上的貴金屬，高貴貴金屬，特別是黃金和白銀，你知道，我們今天甚至看到了更多，你知道這就是波動性或缺乏波動性，讓我們說過去三個季度對我們的業務沒有幫助。因為當波動發生時，我們傾向於移動金屬。當價格非常高時，需求往往會減少，且不會出現波動。因此，對我們來說，你知道我們今天在市場上看到的情況，希望能為第四季帶來一些提振。但你知道，我們預計第四季和今年剩餘時間不會大幅反彈或大幅下降。

If that makes sense. And then free cash conversion looks like it's going to be high 30s through the year. I think at the end of the prepared remarks, you mentioned getting back to the the long term framework to clarify. Do you think approaching? I think the near 50% long term free cash conversion target could still be achievable in 2025 or would, would that component potentially take a little bit more time?

如果這是有道理的話。然後，免費現金轉換看起來全年將達到 30 多美元。我認為在準備好的發言結束時，您提到要回到長期框架來澄清。你認為接近嗎？我認為 2025 年接近 50% 的長期自由現金轉換目標仍然可以實現，或者該部分可能需要更多時間嗎？

Yeah. Hey,it's Kurt, I'd say, you know, we, we still think, you know, it's intact to eventually reach that, but we wouldn't put a timing on that. You know, we continue to march towards that conversion.

是的。嘿，我是庫爾特，我想說，你知道，我們仍然認為，你知道，最終實現這一目標是完好無損的，但我們不會為此設定時間。您知道，我們將繼續朝著這項轉變邁進。

Okay. Yeah, that makes sense. Last question for me, you mentioned the FX headwinds. Obviously, you know, we're looking at a pretty big move in the dollar this morning. Should we think about what we're seeing this morning is potentially incremental headwind versus four Q I guess absolute revenue gone it if the FX move holds.

好的。是的，這是有道理的。我的最後一個問題，您提到了外匯逆風。顯然，你知道，今天早上我們看到美元出現相當大的波動。我們是否應該考慮一下今天早上我們看到的情況與第四季度相比可能是增量逆風，我想如果外匯走勢保持不變，絕對收入就會消失。

Yeah, we, we would, this is obviously a, you know, unprecedented move here this morning, but, but obviously it's also tied to the election. And, you know, we think likely, you know, investors in in foreign currencies are, are repositioning portfolios. And so let's see where this, you know, where, you know, where it lands. But I, I would say a good, good way to think about it is, you know, as we think about the rates that we have built into the guide, you know, that it was a couple, you know, weeks ago, right when the at the end of the quarter. So it's not gotten better since then. In fact, it's got a little, got a little worse. But let's see after you know, these things settle out.

是的，我們，我們會，這顯然是今天早上前所未有的舉動，但是，但顯然這也與選舉有關。而且，我們認為外幣投資者可能正在重新定位投資組合。所以讓我們看看這個，你知道，它落在哪裡。但我，我想說，一個很好的思考方式是，你知道，當我們考慮我們在指南中內置的費率時，你知道，這是幾週前的幾個，對吧當季度末時。所以從那以後情況並沒有好轉。事實上，它有一點，變得更糟了一點。但讓我們看看這些事情解決之後。

Thanks for taking the questions.

感謝您提出問題。

Again. If you would like to ask a question, please press star. Then one, the next question is from Tim Mulrooney from William Blair. Please go ahead.

再次。如果您想提問，請按星號。然後，下一個問題來自威廉·布萊爾的蒂姆·馬爾魯尼。請繼續。

Yeah, Kurt Mark Good morning. Thanks for taking my question. I just want to build off of the conversation you're having with Jasper there real quick on the foreign currency. You know, II I think before in the second quarter, you're expecting a $65 million or so incremental. Headwind, correct me if I'm wrong. Relative to your original guidance for the second half of the year. So, can, can you help me understand just exactly. Okay, what that incremental headwind was for the third quarter and now what you're expecting for the fourth quarter?

是的，庫爾特馬克早安。感謝您提出我的問題。我只是想以您與賈斯珀的對話為基礎，快速討論外幣問題。你知道，我認為在第二季之前，你預計會有 6500 萬美元左右的增量。逆風，如果我錯了，請糾正我。相對於您對下半年的最初指引。那麼，你能不能幫我準確地理解一下。好的，第三季的增量阻力是什麼？

Sure. So in total, we're expecting $100 million impact to the, to the, to the guide we had at the end of the quarter. You know, in the last quarter that incremental into, you know, into the back half of the year is basically broken out between sort of, let's say, two things, $50 million year-to-date through Q3 and another $50 million in Q4.

當然。因此，總的來說，我們預計本季末的指南將受到 1 億美元的影響。你知道，在上個季度，下半年的增量基本上分為兩件事，今年第三季迄今的 5,000 萬美元和第四季的另外 5,000 萬美元。

And that's, that's the net numbers, Tim based on kind of the ups and downs, you know, in the first half of the year.

這就是淨數字，蒂姆是根據今年上半年的起伏情況得出的。

Yeah, that's exactly, we were a little bit positive in, you know, in the Q1 now and again, as we think about this, it's largely the Mexican peso that we've seen and we saw it, you know, in end of or in June with the election there when it moved sharply, which we talked about quite a bit last quarter. But again, today's volatility, you know, sort of everywhere. And so, you know, I wouldn't have, we're not reading into that so much, you know, more focused on, like I said, what on what we know and, and kind of where we see the rest of the quarter based on that. Remember Mexico is in you know, it, it's in our Latin American segment, you know, very profitable. So the flow through is pretty high, you know, similar to what you'd see in, in the segment margins.

是的，正是如此，我們在第一季時不時地有點積極，當我們想到這一點時，我們看到的主要是墨西哥比索，我們在年底看到了它。局勢急劇變化，我們在上個季度對此進行了許多討論。但同樣，今天的波動無所不在。所以，你知道，我不會，我們不會對此進行太多解讀，你知道，更多地關注，就像我說的，我們所知道的以及我們在哪裡看到其餘的內容以此為基礎的季度。請記住，墨西哥位於我們的拉丁美洲市場，利潤非常豐厚。因此，您知道，流量非常高，類似於您在細分市場利潤中看到的情況。

I I think the thing to remember particularly about Mexico is really still strong in Latin America frankly, but you know, strong operational performance, you know, that we had, you know, in the quarter really year-to-date in those markets. So there's still good businesses. Just this macro backdrop is, has become, you know, a bit troublesome here in the, in the second half, relative to currency.

我認為特別值得記住的一點是，坦白說，墨西哥在拉丁美洲仍然很強勁，但你知道，我們在這些市場上今年迄今為止的季度中擁有強勁的營運業績。所以生意還是不錯的。你知道，在下半年，相對於貨幣而言，這種宏觀背景已經變得有點麻煩。

Understood. And just last question on FX before we get to like, you know, the fundamental parts of your business, you know, the just so that I understand what your guide is based off of. Is it still based off that traditional framework? I think you even said this in your prepared marks basically where you roll forward the foreign currency rates as of the end of the third quarter. So you're not prognosticating.

明白了。在我們開始了解你們業務的基本部分之前，這是關於外匯的最後一個問題，只是為了讓我了解你們的指南的基礎是什麼。它仍然基於傳統框架嗎？我認為您甚至在準備好的標記中也說過這一點，基本上是在第三季末將外幣匯率向前滾動。所以你沒有預測。

Yeah, that's right.

是的，沒錯。

That's right at the end of the third quarter. That's where we snapped the line on the rates. And the only one that we don't treat that way is Argentina, but everything else is based on that end of Q3 rate.

那是在第三季末。這就是我們打破利率界限的地方。我們唯一不這樣對待的是阿根廷，但其他一切都基於第三季末的利率。

And maybe the way to think about that is what we have in the guide is probably the low end of the FX impact just given what we've seen today.

也許考慮這個問題的方式是我們在指南中所提到的，考慮到我們今天所看到的情況，可能是外匯影響的低端。

That's where I was going with it. I mean you already know today or yesterday even before the election results, I mean you already know that the rates have appreciated since then. I just want to make sure you're doing September 30th of like 21.9 and that's you know, last. Okay. Okay. Alright, so we already know that there's a more of a headwind than, than the midpoint. Okay. That's enough beat, beat that to death. Thank you. Getting on to the AM and dr you know, organic growth 26% in the quarter. Again, you know, it's above what we were expecting. You guys consistently outperformed expectations all year here. II I just kind of wanted to, I guess I was level set on a midteens or, or a high teams organic growth rate for these businesses as we entered the year. Is that still where we, where the investment community should be anchored? A as we think about growth going forward or are you feeling really good about that? 20% plus growth rate? Given the performance year-to-date and the White Space opportunities you got ahead of you.

這就是我要去的地方。我的意思是，您今天或昨天甚至在選舉結果公佈之前就已經知道了，我的意思是您已經知道自那時以來利率已經升值。我只是想確保您會在 9 月 30 日進行 21.9 日活動，這就是您知道的最後一個。好的。好的。好吧，我們已經知道，逆風比中點還要大。好的。打夠了，打死吧。謝謝。繼續了解 AM 和 Dr，您知道，本季有機成長 26%。再說一遍，你知道，這超出了我們的預期。你們全年的表現一直超乎預期。II 我只是有點想要，我想當我們進入這一年時，我對這些業務的團隊有機增長率設定為十幾歲或較高。這仍然是我們、投資界該立足的地方嗎？A 當我們考慮未來的成長時，或者您對此感覺真的很好嗎？20%以上的成長率？考慮到今年迄今為止的表現以及您所獲得的空白機會。

Yeah, great. That's appreciate it, Ken. Yes. So we, we are we are surprised as we mentioned, you know, this kind of mid to high 10s was what we thought would be. It's, it's better than that really started in Q2. We saw it again in Q3 which you know, we had some nice, some nice wins and things we brought, you know, online and, and, and, but just big things. It was a lot of little things, you know, that, that our teams globally are delivering. You know, we talked about equipment sales being kind of an outsized impact in Q2. That wasn't the case in Q3, we had some, of course, but that wasn't what the driver was. It really was just continued penetration of whitespace and conversions. You know, as we think about kind of the roll forward on, on four quarters, you know, these are largely recurring revenue businesses, no reason to believe that, you know, one quarter of 25 to another of 26 you know, wouldn't continue for two more quarters. We've got a good backlog certainly in Q3 of signings, you know, feel good about what we see in Q4. So, you know, maybe the first half of the year, there's no reason we shouldn't think that shouldn't continue. And so we are more optimistic. I think the 15 to 18 is sort of with our, with our long term, our sort of medium term view in the next couple of years, we thought we had one way to do that. It's proving that we're maybe the value proposition is resonating with customers more our right to win and our ability to execute on those opportunities is also, you know, getting better and, and frankly we're, I think starting to get better at collapsing our time to revenue from, from bookings and, and signings with customers as well.

是的，太棒了。非常感謝，肯。是的。所以我們，我們很驚訝，正如我們所提到的，你知道，這種中到高 10 的成績正是我們所認為的。這比第二季開始的情況要好。我們在第三季度再次看到了這一點，你知道，我們取得了一些不錯的勝利，我們帶來了一些東西，你知道，在線，以及，但是都是大事。你知道，我們的全球團隊正在交付很多小事。您知道，我們談到設備銷售在第二季產生了巨大的影響。第三季的情況並非如此，當然，我們有一些，但車手不是這樣的。這實際上只是空白和轉換的持續滲透。你知道，當我們考慮向前滾動時，在四個季度中，你知道，這些主要是經常性收入業務，沒有理由相信，你知道，25 個季度中的一個季度到26 個季度中的另一個季度，你知道，不會還要繼續兩個季度。我們在第三季的簽約方面確實有很多積壓，你知道，我們對第四季的情況感到滿意。所以，你知道，也許今年上半年，我們沒有理由認為這種情況不該繼續下去。所以我們更加樂觀。我認為 15 到 18 是我們未來幾年的長期、中期觀點，我們認為我們有一種方法可以做到這一點。這證明我們的價值主張可能更能與客戶產生共鳴，我們獲勝的權利以及我們執行這些機會的能力也在變得更好，坦率地說，我認為我們開始變得更好壓縮了我們從預訂和與客戶簽約中獲得收入的時間。

Well, all the FX conversation aside that that, that is incredibly exciting and you know, I I just one more for me that the equipment sales that you mentioned, would that impact that 26%? Does that drag it down to 25-24 or.

好吧，除了所有關於外匯的談話之外，這是非常令人興奮的，你知道，我只是對我來說，你提到的設備銷售，會影響那 26% 嗎？這會不會把比數拖到25-24或。

Not impactful, not impactful at all this quarter? In fact, on a year on year basis.

這季度沒有影響力，一點影響力都沒有？事實上，按年計算。

Got it. Okay. Well, thank you for taking my questions and, and good luck in the fourth quarter here.

知道了。好的。好吧，謝謝你回答我的問題，祝第四季好運。

Yeah, thanks Jim.

是的，謝謝吉姆。

Thank you. And once again, if you would like to ask a question, please press star. Then one and the next question is from George Tong from Goldman Sachs. Please go ahead.

謝謝。再次強調，如果您想提問，請按星號。接下來的一個問題來自高盛的 George Tong。請繼續。

Hi, thanks. Good morning in your services business. Hi. Going back to your global services business. Can you talk a little bit more about how new leadership there could improve performance above and beyond what external market conditions might might imply and what the timing for when improved performance might look like.

你好，謝謝。早上好，您的服務業。你好。回到您的全球服務業務。您能否多談談新領導層如何將績效提高到超出外部市場條件可能暗示的水平，以及改善績效的時機可能是什麼。

Sure. Yeah, thanks George.

當然。是的，謝謝喬治。

You know, again, we've, we've talked about this business largely, you know, depends on, on kind of a global macro world around precious metals and, and currency and bank notes. But, but I think the other thing to think about is, you know, it's not, we're not helpless in improving our results and, and we're not waiting for this to happen to us. I think that the, the new leader, not air that just joined us, you know, really, I think we'll have an opportunity to take a fresh look at the business, take a fresh look at the end. Markets, take a fresh look at how we attack those in markets and how we cover customers, how we expand services. And, and I think that this is always, you know, healthy in, in in businesses with, you know, with, with leadership changes. I I also think as we think about strengthening our operating cadence around these services as well as the predictability around the future guidance and forecast, we think, you know, will help as well. You know, naer brings a pretty strong, you know, background, you know, from his past and really being able to set, you know, set a strong agenda and really, you know, being able to, to create a high say do relative to forecast and outlook. So, so again, we're, we're excited about that. I think the other is you know, I mentioned it in my prepared remarks. You know, not also comes, you know, from other global companies as well, you know, that can really help continue two big things, really focus on you know, improving our talent agenda and making sure that we're attracting the, the the best people into the industry as well as you know, strengthen our compliance culture. And this is something that, you know, we've, we've talked about, you know, in the, you know, previously around making sure that we're, you know, doing business right, and setting the right tone, not only with our employees, but, you know, with our customers and the rest of the market and I know he's committed to doing that and has done that in a prior life.

你知道，我們已經討論過這項業務很大程度上取決於貴金屬、貨幣和銀行票據的全球宏觀世界。但是，但我認為要考慮的另一件事是，你知道，事實並非如此，我們在改善結果方面並非無助，而且我們不會等待這種情況發生在我們身上。我認為，新的領導者，而不是剛加入我們的空氣，你知道，真的，我認為我們將有機會重新審視業務，重新審視最終的情況。市場，重新檢視我們如何攻擊市場、如何涵蓋客戶、如何擴展服務。而且，我認為，在領導層發生變化的企業中，這始終是健康的。我還認為，當我們考慮加強圍繞這些服務的運作節奏以及圍繞未來指導和預測的可預測性時，我們認為，你知道，也會有所幫助。你知道，納爾帶來了相當強大的背景，你知道，從他的過去來看，他真的能夠制定一個強有力的議程，並且真的能夠創造一個高話語權相對於預測和展望。所以，我們再次對此感到興奮。我想另一個就是你知道的，我在準備好的發言中提到過。你知道，不是也來自其他全球性公司，你知道，這確實可以幫助繼續兩件大事，真正關注你知道的，改善我們的人才議程並確保我們吸引，業內最優秀的人才以及您所知道的，加強了我們的合規文化。這是我們之前討論過的事情，以確保我們正確開展業務並設定正確的基調，不僅與我們的員工，而且，你知道，與我們的客戶和市場的其他部分，我知道他致力於這樣做，並且在前世已經做到了這一點。

Got it that's helpful. And then separately, can you talk a little bit more about the $10 million insecurity losses that you saw in the third quarter?

明白了，很有幫助。然後，您能否單獨談談您在第三季度看到的 1000 萬美元的不安全損失？

Sure. We had a a theft George that, that is ongoing investigation. We can't really talk about the specifics, but it's a timing issue between Q3 and Q4 similar to what we saw publicly in Canada, you know, last year with the gold. You know that this was not that, but it was in, it was actually in Latin America. This is part of our business, part of our risk management profile. And, and as we talked about in the past, you know, we, we, we got to this sort of deductible if you will on our, you know, with our insurance coverage and our self funding. And so we wouldn't expect any more impact for the rest of the year.

當然。喬治發生一起竊盜案，正在調查中。我們不能真正談論具體細節，但這是第三季和第四季之間的時間問題，類似於我們去年在加拿大公開看到的黃金問題。你知道這不是那個，但它是在，它實際上是在拉丁美洲。這是我們業務的一部分，也是我們風險管理概況的一部分。而且，正如我們過去談到的，你知道，我們，我們，如果你願意的話，我們可以透過我們的保險範圍和自籌資金獲得這種免賠額。因此，我們預計今年剩餘時間不會產生更多影響。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Great.

偉大的。

And ladies and gentlemen, this concludes our question and answer session. I would like to return the conference to mark you banks for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想再次召開會議，請各位銀行發表結束語。

Thank you all for joining us today. We appreciate all your support and we look forward to speaking with you soon and in the fourth quarter.

感謝大家今天加入我們。我們感謝您的所有支持，並期待很快在第四季度與您交談。

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

謝謝您，先生。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。