Brinks Co (BCO) 2025 Q4 法說會逐字稿

Good day and welcome to the Brink's acquisition of NCR Atleo’s (Operator Instructions).

In particular, forward-looking financial information for the combined company is inherently uncertain due to a number of factors outside of Brink's and NCR Atleo’s control. Information regarding factors that could cause differences in actual results are available in today's press release and presentation and in Brinks's and NCR Atlios's SEC filings.

The information presented and discussed on the call is representative of today only. Brinks and NCR Alios assume no obligation to update any forward-looking statements. The call is copyrighted and may not be used without written permission from Brinks and NCR Atleo’s.

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

Thanks and good afternoon. Here with me today are Brink CEO and CFO Mark Eubanks and Kurt McMaken, as well as NCR Atleo’s President and CEO Tim Oliver. This morning, a joint press release was issued and both companies filed 8 cases with pertinent details of the proposed $6.6 billion acquisition of NCR Atleo’s by Brinks.

The transaction is subject to the completion of customary closing conditions, including regulatory approvals and approval by Brink's and NCR Atleo’s shareholders. Additional details, including risk factors related to the transaction, can be found in these filings and on both companies' websites.

This afternoon, both companies also reported fourth quarter and full year 2025 results on a GAAP and non-GAAP basis. Any reference to non-GAAP financial measures during this presentation are intended to provide investors with a supplemental comparison of Brink's operating results and trends for the periods presented. Brink's believes these measures allow investors to better compare performance over time and to evaluate its performance using the same metrics as management.

Reconciliation of Brink's non-GAAP results to its most comparable GAAP results are provided in its earnings release, the appendix of its earnings presentation, and the related Form 8k filing, each of which can be found on Brink's website.

While most of today's call will be focused on the transaction announcement, we and the NCR at Leos investor relations team will be happy to follow-up with any questions related to earnings results. I will now turn the call over to Brinks CEO Mark Eubanks.

Thanks, Jesse. Good afternoon, everyone.

Before I speak to the exciting transaction we announced today, I'll briefly touch on the strong fourth quarter and full year 2025 results which were at or above the midpoint of our guidance on all metrics. We delivered another year of meaningful strategic progress with strong organic growth from ATM managed services and digital retail solutions while expanding our adjusted EBITDA margins by 40 basis points and importantly delivering $436 million of free cash flow.

Our normal detailed quarterly results presentation, including our Q one 2026 guidance and full year framework can be found on our investor website. As Jesse mentioned, we'll be happy to answer questions and provide additional details on our 2025 results and 2026 standalone guidance when we meet with analysts and investors in the coming days.

Moving on now to the news of the day, we're excited to announce that we've agreed to acquire NCR Tales, bringing together two complementary, trusted and globally recognized financial technology infrastructure providers to better serve both banking and retail customers.

Our two companies share a customer-focused culture, a passion for innovation, and continuous improvement, and each have trusted brands that have served financial institutions and retail customers for over a century.

NCR Tales and its management team have delivered impressive performance since their spinoff a few years ago. Strategically, NCR Tales large installed base of ATMs and capabilities in software, service, and ATM management complement our global cash management expertise and route-based infrastructure.

Together we will be able to better serve our retail and bank customers who are increasingly looking for a broader set of solutions. The combined business will have an enhanced scale and is expected to have total revenue of approximately $10 billion with adjusted EBITDA of approximately $2 billion and adjusted EBITDA margins approaching 20%.

We expect the financial profile of the combined company to be resilient with expanded recurring subscription-based revenue, a resilient mid-single-digit organic revenue growth outlook, and the potential for margin expansion through an enhanced offering of value-added services and cost optimization activities beyond our announced transaction-related synergies.

The combined capabilities of the companies will provide solutions for ATM owners across every touchpoint in the value chain from equipment purchase all the way through the logistics and service networks. Our holistic product offering will allow us to accelerate the recent positive trends in bank outsourcing that have delivered growth for both companies over the last few years.

Adding a global service base of 600,000 ATMs from NCR Atleo’s will create additional opportunity in some of our largest markets as we integrate our cash handling solutions. This combination also presents meaningful opportunities to enhance our growth in digital retail solutions or DRS.

In addition to an integrated AMS DRS whole store efficiency opportunity that I'll discuss in more detail in a few slides, NCR Atleo’s added network density will allow us to further optimize our existing cost structure.

The efficiencies will further enable us to provide a compelling cash management value proposition to customers that previously did not consider an outsourced provider because of cost. Our ability to serve these customers expands our addressable market opportunity and drives continued growth opportunities with our high margin DRS solutions.

The economics of the deal are also quite compelling for shareholders. The current purchase price reflects 7 times multiple on consensus estimates for NCR Atleo’s 2026 adjusted EBITDA.

When you factor in an expected $200 million of annual run rate cost synergies, which are expected to be captured over the next three years, the multiple reduces to below 6 times. The deal is expected to be at least 35% accretive in year one EPS and deliver approximately $1 billion of free cash flow, allowing considerable capital flexibility and the ability to make returns to shareholders.

The strategic logic is compelling and the financial benefits of the acquisition are attractive in both the near and long-term. We're excited about the potential of adding new capabilities and customers across our shared networks.

Now, I would like to invite Tim to give a brief overview of NCR Atleo’s and have him speak directly to what attracted him to the combination.

Thanks for joining us, Tim.

Thank you, Mark. First, I want to express my appreciation to our respective transaction teams that completed a tremendous amount of work with high fidelity, efficiency, and somehow still cordial dispositions.

There's a natural fit between our two companies. Brinks and NCR Atleo’s have been vendors to each other and customers of one another for more than decades, and both have been staunch supporters of payment choice and financial access. Many of our team members, many of the members in our leadership team have known each other for years, and those relationships will be very beneficial as we move into the integration.

And Mark and I share a similar people first approach to business, and that is evident in the cultures that both of our companies demonstrate. I also share Mark's enthusiasm for this combination. Our complementary expertise and global presence will catalyse innovation efforts and enhance customer service levels. And we're coming together at the right time.

Not only are both companies operating well and posting strong financial results, But the outsourcing of self-service banking by financial institutions and retailers is accelerating, and our ATM as a service business model and shared financial utility networks can both provide efficient and comprehensive solutions to meet this trend.

We are extremely excited about the opportunity to enhance the value proposition and benefit we will bring to all of our stakeholders, our customers, our partners, our employees, and our shareholders alike.

As Mark said, we are redefining cash management by advancing and continuously innovating ATM technology and services. By combining our service capabilities and providing a wider and more integrated set of offerings, we will create a leading financial technology infrastructure company.

For those of you who are new to the Atleo’s story, let me give a brief overview of who we are. We became an independent company in the fall of 2023 after separating from Legacy and NCR.

Atleo’s was the ATM business within the larger organization and for the last 2.5 years, our sole focus has been delivering excellent services and innovation in the self-service banking industry. We provide end to end ATM management as well as owned and operated utility ATM networks and fast-growing ATM as a service outsourcing solution.

One of our greatest strengths is our extensive global installed base of approximately 600,000 ATMs. 80,000 of which are in a utility ATM network, including the Allo network in the US located in high traffic blue chip retail locations.

The customers leveraging our ATM offerings are some of the most well-known financial institutions and retailers in the world, such as Capital One, Citibank, JP Morgan Chase, Wells Fargo, 7-Eleven, CVS, Kroger, and many others.

Our attached service and software subscription model contracts drive strong recurring revenue with predictable and growing free cash flow and steady margin expansion. Well, the highlight of today is this combination. We also did report a full year 2025 results in a separate release.

Quickly then, our 2025 was a successful and transformational year for NCR Atleo’s. We extended our global service to ATM estate, increased customer satisfaction levels to new highs. Grew revenue, profitability, earnings, and cash flow.

Underlying our strong performance were significant new business wins with both existing and new customers, rapid growth in our ATM as a service and geographic expansion of both our network and the ATM as a service business. We believe our complementary operational strengths and these growth trajectories will be immediately additive to Brink's financial model, which Kirk will walk you through a little bit later.

This transaction is a win for our shareholders and is consistent with the value creation model that supported the decision to spin out just two years ago. The transaction value offers a significant and compelling premium. And with approximately 40% of the purchase price delivered in Brink's shares, our investors will continue to participate in the synergistic benefits of this transaction.

I want to thank the entire NCR Atleo’s team for your unwavering dedication and relentless effort that has allowed us to accomplish so much in so short a period of time. Your operational and technical excellence enables this very strategic outcome. While we work to close the transaction, we will continue to provide customers with the very best in class service.

Mark, I look forward to working with you and Kurt to optimize the benefits of this combination, and with that, I'll hand it back to you to walk through the strategic rationale and the value creation for our stakeholders and shareholders. Over to you.

Thanks, Tim. I look forward to working together as we progress towards the completion of this transaction.

Turning to slide five, you can see the compelling financial combination of the two companies. The combined revenue and EBITDA of $10 billion and $2 billion dollars, respectively. We roughly double the size of the company.

From a portfolio view we're increasing the percentage of the business that moves to subscription-based recurring revenue contracts which provides more predictability and consistency to an expected mid-single-digit organic growth profile.

With EBITDA margins already approaching 20% before we add in the $200 million of annual synergy potential, the combined business will be well positioned to generate over a billion dollars in free cash flow annually within a couple of years as we combine our efforts to grow EBITDA, improve capital efficiency, and shorten our cash cycle.

The complementary nature of our business is evident as you look across the components of the ATM ownership value chain. After the combination, we'll be able to provide best in class capabilities across every customer touchpoint to meet the growing needs of both retail and financial institution customers.

With the service, software and hardware capabilities of NCR Atleo’s and the safety, security, and reliability of the Brink's logistics network, vertically integrating will benefit our banking customers by reducing costs and simplifying the ATM ownership and management.

As we incorporate NCR Alteo’s differentiated financial access platforms and technology with our complete end to end service stack, we can create best in class outsourcing capabilities. These solutions are expected to drive significant growth as ATM outsourcing services continue to solve customer needs.

Both companies are already strategically focused on moving customers up the value chain from basic hardware repairs and cache logistics to unlock productivity and improve service quality under a managed services or full outsourcing model.

We'll be able to solve any ATM owner's needs through a better optimized cost structure that will provide compelling value propositions for customers as they look for outsourced solutions for increasingly complex and costly systems and processes. As we already see in Europe, many governments are exploring options to require banks to maintain cash access points.

Our ability to reduce cost of ownership for banks without sacrificing service quality is vital to ensuring cash access for end consumers in an increasingly digital world. Through existing global partnerships and service relationships with many leading financial institutions, we believe our combined capabilities will drive further penetration into the growing and evolving addressable market as more ATM owners look to reduce costs by capitalizing on our efficiencies.

On the slide seven Beyond direct ATM management for financial institutions, I want to take a minute to outline how this combination supports our growth aspirations in the retail channel as well.

We both believe this acquisition presents significant opportunity for our DRS business today. Brink's and NCR Alteo’s both manage ATMs inside of retail locations around the globe. For NCR Alteo’s, this often involves a subcontracted provider performing cash logistics services, and for customers this often involves multiple vendor relationships to manage different types of services within the store.

Often when we service these locations, we see many other vendors operating in and around the payments ecosystem, from ATM replenishment to cash coordination at the register to first and second line maintenance of devices. This is obviously inefficient and costly for our retail customers and ultimately the consumer.

Our combined business will be able to safely and securely streamline the entire cash and payments ecosystem, ultimately optimizing our cost structure. With a digitally connected DRS device and a fully monitored ATM, we can reduce our trips to the store while improving service levels and cash flow for the retailer.

This is a win-win for retailers across the globe who are continuing to look for automation and reduced costs for all their payment systems. This is also a win for consumers that want a convenient access to cash and ubiquitous acceptance of cash at retail stores.

While this level of optimization will take time, the addition of NCR Alteo’s capabilities pulls forward our ability to capture this potential market. Beyond this compelling retail opportunity, bringing NCR Alteo’s large globally installed base of over 600,000 ATMs into our broader network will help densify our routes and improve our labor and capital efficiency around the world.

Route optimization has been a priority for Brinks, especially in North America, where we were able to increase revenue per vehicle by 14% in 2025.

Building off this early success, this combination will increase the density of our networks and enable us to continue to improve productivity and asset utilization. This productivity will allow us to offer a more competitive offering across nearly any business, moving us into previously untapped markets from large retailers down to small and medium sized businesses.

Now I'd like to turn this over to Kurt to talk about some of the economics of the deal.

Thanks Mark. Beyond the strategic merits Mark spoke about, we expect significant financial benefits from the combination. In terms of synergies, we expect to add $200 million of annual run rate synergies to the business. Our goal is to fully realize those synergies within three years, and we expect that the cost to capture will be roughly one to one.

We've identified three major buckets of these synergies with over half coming from duplicative SG&A costs. Our service network and infrastructure overlap is expected to produce approximately $70 million in savings, and combining our purchasing power should contribute another $25 million in procurement savings.

It's important to note that while we expect some level of additional revenue synergies from cross selling like the integrated AMS DRS offering Mark just mentioned, none of those synergies have been factored into the expected synergies discussed in the presentation.

Over the course of the next 12 months before closing, we will continue to work to refine these estimates and explore other potential avenues of savings. We're well positioned to unlock substantial value that sets the foundation for consistent long-term value creation.

That value creation begins with the impressive cache generation potential the combination provides. In 2025, the two companies generated $762 million in free cash flow, converting 42% of the combined adjusted EBITDA.

Both companies have capital efficiency and working capital optimization initiatives that are driving consistent improvements in cash generation. Combined, we will be able to continue to make progress in these areas.

Looking out over the next few years, we have a line of sight to over $1 billion of annual free cash flow, creating significant capital flexibility to execute our capital allocation priorities of investing in the business, reducing debt, and returning capital to shareholders.

We expect this acquisition to take about 12 months to complete. During this period, both companies will shift capital allocation towards net debt reduction, working towards a targeted range of 2 times to 3 times adjusted EBITDA.

With the amount of cash expected to be generated by the combined company, we don't expect it to take long to reach our targeted debt levels by the end of 2027. Once we have achieved our targeted debt range, we fully expect to pivot capital allocation to shareholder returns.

Before I turn it back to Mark, a quick review of the transaction details. We are purchasing NCR Alteo’s for an implied value of approximately $6.6 billion composed of $30 per share in cash consideration and 0.1574 shares of Frank's for each common share of NCR Atleo’s.

The cash component of the deal will be funded by cash on hand as well as a fully committed bridge facility which we have already secured. As previously discussed, we expect to recognize $200 million in annual run rate synergies within 3 years, and this deal is expected to be at least 35% accretive to EPS in year one.

As I mentioned, we are targeting for the combined companies' net debt leverage to return to 2 times to 3 times by the end of 2027. The transaction is expected to close in the first quarter of 2027 subject to customary closing conditions, including regulatory approval and shareholder approvals from both companies.

Before we open the line for questions, let me send it back to Mark for some closing remarks.

Thanks, Kurt. As I close our prepared remarks, I wanted to emphasize how this deal accelerates our previously stated value creation priorities.

Our first focus is to grow our business organically. While this transaction adds significant inorganic growth, we expect the combination to further solidify our long-term organic growth framework and our already fast growing AMS and DRS customer offerings.

In ATM managed services, we will deliver improved capabilities across every touchpoint in the ATM ownership value chain, allowing us to further advance customer outsourcing opportunities and drive higher revenue for ATM as we progress our customers up the value chain to more efficient service options. On the DRS side, we see additional opportunities to grow our business with a holistic cash payments ecosystem that integrates our AMS and DRS capabilities.

From a profit perspective, we expect our margins will benefit from the $200 million in annual run rate synergies, but we will also see considerable productivity improvements as we optimize our routes within denser networks and cross-train technicians to provide multiple services for customers. We also expect to continue ongoing lean waste elimination programs at both companies as our existing continuous improvement initiatives continue to mature.

We previously discussed the accelerated free cash flow potential of the business. Beyond the additional cash from synergies, we still see many opportunities with inventory, receivables and payables to continue to shorten the cash cycle as we move towards combined free cash flow generation of approximately $1 billion.

And finally, all these efforts drive our overall goal of maximizing shareholder value with net leverage expected to reduce below 3 times by the end of 2027, we will be able to quickly pivot capital allocation toward capital returns as we find a creative ways to deploy our cash that generates lasting value for our expanded shareholder base.

As you can see, this deal is complementary to our stated value creation objectives and fits nicely with our previously discussed capital allocation framework, with a quick delivering into our targeted range in less than a year. With sound strategic logic that will enable growth, cost efficiencies, and compelling deal economics, we expect this deal to advance our value creation efforts as we move forward together.

And with that we're happy to now take your questions. Operator, please open the line.

(Operator Instructions).

George Tong, Goldman Sachs.

Hi, thanks, good afternoon. You mentioned, you expect, 200 million in cost synergies from this transaction. Can you provide more details on where you expect this $200 million to come from?

How much from routing, from the fleet, from overhead, just some additional details would be great.

Yeah, sure. Hey George, good afternoon. Thanks for the question. I think this deal, that the financial returns sort of speak for themselves and the synergy are certainly part of that, but this is really a strategy first story and a number story second.

I think the combination, accelerates really what already what we're doing in AMS and DRS and allows us to build on that momentum, as we build out these complementary capabilities up and down the value chain. I think it also highlights the area of focus here that we're strengthening the highest return growth area in our business, is AMS and DRS.

And this is mainly focused on the fact that we continue to see more and more opportunities with both banks and retailers looking to outsource cash management either through ATM outsourcing or through DRS. I think the synergies are just on top of that and clearly help us underwrite the value creation levers across this across the deal and across the economics. Maybe Kurt, you want to talk about the synergy specifically.

Yeah, George, so look, first of all, the 200 million in annual run rate synergies we're expecting. To be hitting in the third year, look, we have a lot of confidence in, we've really worked hard to develop these together, as you can see in the presentation a little bit over 100 million in the SGN area, and, we really see that very attractive to be able to get to those pretty readily and easily.

The next biggest, component is in our shared networks. The reality is we do have a lot of shared network resources that we have the ability to really optimize together, and then procurement, and just, really realizing the benefits of a much larger, and leverage spend across both of our organizations, so we feel really good about it.

We actually feel like we'll have the opportunity to even go find more, as we continue to work together, between the organizations.

I think George, just to add on to that. The good news is this 200 million we're talking about is really all within our control, we don't need, cooperation from the market or from any outside to deliver. It, it's all based, sort of on cost.

I think the other opportunity that Kurt alluded to or mentioned is, any commercial opportunities or revenue synergies. These are all outside. They're not required for the financial case and are and are not included in the returns, that we've shown.

That's very helpful. Thank you for that.

And related to what you just mentioned around revenue synergies, is there a way to frame the potential upside from revenue synergies you mentioned the strategic rationale of the combination is really what, what's driving this transaction, and you also mentioned that the organic growth of the combined company is going to.

Remain around mid-single-digits, which was Brink's original, longer-term growth target. So is there room for that mid-single-digit organic growth to move higher because of the strong strategic benefits of this combination?

Yeah, look, George, let me jump in here and Mark can also add in, but I'd say, first and foremost we do see this as really being able to broaden our capabilities both sides to serve our customers better and in that sense we see the opportunity to really drive great organic growth between us.

We have not included any sales synergies in in the modelling as we as we mentioned, but we do see really the opportunity to bring value across both of our customer bases to drive higher levels of growth so I think there's, really good opportunity there.

Yeah, I would just say, George, we think about the mid-single-digit framework, would be across both businesses as you look out forward and that's probably still the right way. To think about it, I would say that the upsides to those are, certainly come down to, the pace at which we see, more bank outsourcing either with managed services or complete ATM as a service, as the NCR team has continued to grow and if you think about our businesses, those are our AMS and DRS is growing in the 20% range.

The, ATM as a service, growing, 30%-40% range. So these are certainly the higher growth areas. Obviously as those numbers get bigger, it gets harder to make that, percentage continue to go as the law of, large numbers catches up with you. But listen, this. What we're looking at in front of us is this TAM, this total addressable market that includes bank outsourcing that has yet to really.

Start in earnest, but as I mentioned earlier, we continue to see all over the world and you've heard from us I think you've heard from them, in really all regions we're seeing customers either making the decisions or at least doing proof of concepts and exploring this idea of trying to get to an integrated solution that ultimately drives, lower total cost of ownership as well as higher reliability and availability.

Very helpful, thanks so much.

Thanks, George.

Timothy Mulrooney, William Blair.

Hey, you got Sam on for Tim. Thanks, for taking our questions here. A lot to unpack, big acquisition, great end to the year, and a good outlook.

I guess I'll probably stick with the acquisitions here, but maybe just to kind of help frame it and I think you were talking about this a little bit, Mark, already. You've seen an acceleration in your DRS, AMS business. You're expecting mid to high 10s growth for this year. When you think about this business with NCR Atleo’s.

What is the kind of long-term growth that you're expecting this business to generate?

Yeah, it's hard to put a finger on it, Sam, but I think what we said previously, around our DRS and AMS outlook is we think this mid-single-digit, mid double-digit, organic growth can continue for the foreseeable future and certainly in the short and medium term.

You know that that number is starting to get pretty big and we still continue to see good growth rates and I know again the atlios guys are as well.

Think we think about that in terms of, yes we're able to deliver those growth rates as separate companies and the vision is, how much more efficient, how much more, better can we operate as an integrated company orchestrating all of those capabilities across the value chain to really delight customers and differentiate ourselves to.

Really start to instigate that ATM outsourcing bank outsourcing that we know exists and at some point, we'll come and I think it's for us it's a, I won't say it's a wait and see only because we, we've got, big appetite to grow and we think this acquisition puts us in the best place to be able to not only accept the outsourcing that's happened but maybe even become more of a catalyst to enable it.

Got it. That's helpful. You touched on this a little bit too already, but maybe we could dive a bit further into this. But when we think about, the service offering you already have, with AMS, what does NCR Atleo’s bring to the AMS business that perhaps you didn't have before or had less of?

And then what are you hoping AMS to bring to the Atleo’s, customer base that maybe they weren't as strong in?

Yeah, it's interesting Tim mentioned, on the call, that you know we've been customers or suppliers of each other back and forth, in various places around the world, and you know when you have that sort of arm's length relationship.

Between suppliers or with customers independently it inherently creates inefficiencies and today for the most part most customers manage all of these activities along the value chain that you know I laid out in the slide there.

Independently sort of in a hub and spoke way versus it being a horizontal delivery and we just think that coordination across allows us to be more efficient be better for our customers and ultimately you know deliver. The outcomes that that they that our customers want, which is a simplified solution of a high reliability you know distribution network and that's we think that can continue if you think about what they offer and you know versus you know marrying up to us.

Certainly their software capability, the monitoring capability, the innovation around hardware, both, traditional, cash only, dispensing ATMs as well as recyclers is that's become, more popular, and marry that up against.

Our Broad and wide logistics network and cash handling expertise it really puts us in a strong position to offer you know a great value proposition to customers and. If you think about all those activities across the value chain, there are very few that one of our two companies can offer.

No, yeah, that's very helpful, I can definitely see that. If I could squeeze one more in then, you talked about the DRS business, kind of the opportunity there NCR has a pretty big retail footprint, is there any way to help size or just think about the cross sell opportunity, to your DRS business that, this acquisition would bring?

It it's certainly something that you know we would think about as part of the integration, Sam, it, it's probably not something that we've got sized up yet.

As you can imagine, these things sort of happen with a, in a small group, but certainly, they've got, 80,000 owned, ATMs across their utility network, they manage quite a few more, indirectly for others, and they're in really good blue chip retail locations and whether that's in big box retail or pharmacies or Electronics and consumer supplies malls.

These are all areas where you know we're already there as well and the interesting thing is, and we've seen this with our AMS business, when we acquired PAI, a while back we actually saw our own people going to the same location, to service.

Different devices and so if you think about, minimizing truck rolls and cross training our, field engineers and technicians to be able to do not only the cash loading or not only first line maintenance on ATMs but being able to extend that across to DRS devices. Cross train our people to be able to handle multiple activities on the job site to again yes it's going to streamline for us but more importantly it allows us to get to customer sites faster solve any problems or interruptions they might have to create a higher reliability high fidelity network.

Sam, I might just add, I mean, we know, as Mark pointed out why we don't know all the specifics yet, we do know that they're in locations that that we aren't today, so it provides opportunity and vice versa and not only in the US but also globally. So, yeah, we think you know a really good opportunity there for the DRS side of the of the business.

Great, thanks guys. Appreciate it.

Thanks, Sam.

Tobey Sommer, Truist Securities.

Thanks. When you Assess the marrying the services of yours with the NCR Atleo’s and a specific hardware, how, Do you look at and assess the major Risks and the positives versus your prior sort of agnostic approach to hardware?

Yeah, I listen, Tobey at the end of the day, I think customers, want an outcome. You know they they're not necessarily they don't just want brinks they don't just want NCR they don't just want you know ABC companies at the end of the day they want an outcome and when we think about ATM and managed services, this is we're in the outcome business and that's about creating reliability and fidelity in in.

The System and DRS the same you know about creating you know security and access and so we don't think that there's a necessarily a conflict here you know certainly there'll be areas where we have customers that we're serving today already that don't have.

A full NCR, fleet, and I'm sure there are NCR customers that that don't use, brinks so we think in some ways there could be opportunities for cross selling. There's also, but most importantly, I think that there's going to be an opportunity for us to have real conversations about outcomes for customers which ultimately, they want. I think any time there's change there, could be some risk but.

For now I think we've got you know the right teams, the right relationships, and certainly we're going to treat our customers fairly and communicate with our customers in the right way in advance of all of this so. That's maybe that's the best way to answer it.

Appreciate that.

Yeah, I, so you asked about to risk a little bit, and I may, maybe I didn't get that. I think the risk for us is probably just around distraction, and making sure our teams don't get distracted with this deal and with this combination, we've got about 12 months we think to close this thing and, between here and there we've got a, we both have very important, performing businesses right now that we need to go execute and because of that we've ring fenced.

Our teams we ring fence the day to day operations from the deal team and certainly we'll be using our integration management office and, staff to really focus on integration to free up our you know our day to day business leaders to run the business and deliver on the commitments we have already and I know NCR Atleo’s would be doing the same thing.

Thanks. I'm interested if we could explore a little bit more how you may be able to accelerate AMS, DRS growth. Post combination. Is there an example that you could give of sort of why the combined entity would maybe be able to spur and, the outsourcing of a bank or sort of tackle that white space in the Retail Customer?

Yeah, sure, I think this is where, an example would be both retail and in banks where we already have strong customer relationships. They have a strong customer relationship, that allows us to not have to maybe, be concerned about any of the conflict that that maybe you mentioned earlier about the hardware versus, one vendor or another. I think that's the first place.

But I also think that there As we think about post, acquisition once we close having our commercial teams able to raise up the opportunities and the discussions maybe that are more nascent, in each of those markets and frankly having, one integrated solution would allow us to de-risk and in fact the.

You know the solution for customers and I and this is something that we continue to deal with even today with the success we're having is you know we need partners along the value chain to help us because we don't have all of the capabilities.

And you know of course ATMs software and management software, these are things that we have to partner with to you know to deliver to customers and this will certainly simplify that and make it you know easier to have that discussion.

Hey Toby, it's just maybe to add on to one thing, kind of a specific, we have applications today where we have a DRS device in a store location where there's an ATM, right, and that cash ecosystem provides a very compelling customer offering for a retailer, as we said, there are locations we know where that doesn't exist, but it solves the same set of problems for a customer.

And so this combination really allows for getting into that customer solutioning even much quicker on a on a bigger scale.

Thank you, I appreciate it.

(Operator Instructions).

I would like to turn the conference back over to Mark Eubanks for any closing remarks.

Yeah, thank you everyone for joining the call today. Look forward to speaking to you, in our one on ones and maybe on the road.

And again, I just want to thank our teams and the NCR Alteo’s team for all the work they've done to get us to this point and look forward to the years ahead.

(Operator Instructions).

Thank you for attending today's presentation. You may now disconnect.