NCR Atleos Corp (NATL) 2025 Q3 法說會逐字稿

Please stand by. The conference will begin shortly. Please stand by.

請稍候。會議即將開始。請稍候。

Good day and welcome to the NCR Atleos's Q3 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Melanie Skegis, Head of Investor Relations. Please go ahead.

大家好，歡迎參加 NCR Atleos 2025 年第三季財報電話會議。今天的會議正在錄影。此時，我謹將會議交給投資人關係主管梅蘭妮‧斯凱吉斯 (Melanie Skegis) 主持。請繼續。

Good morning and thank you for joining the Atleos's third quarter 2025 earnings call. Joining me on the call today are Tim Oliver, Chief Executive Officer; Andy Wamser, Chief Financial Officer; and Stuart MacKinnon, Chief Operating Officer.

早安，感謝各位參加 Atleos 2025 年第三季財報電話會議。今天與我一起參加電話會議的有：執行長提姆·奧利佛；財務長安迪·瓦姆瑟；以及營運長史都華·麥金農。

During the call, we will reference our third quarter 2025 earnings presentation available through the webcast and on our new Investor Relations website at investor.ncratlios.com.

在電話會議期間，我們將提及我們 2025 年第三季收益演示文稿，可透過網路直播和我們新的投資者關係網站 investor.ncratlios.com 取得。

Today's presentation will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risk and uncertainties that could cause actual results to differ materially from our expectations and projections.

今天的演講將包含1995年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。

Risks and uncertainties include, but are not limited to the factors identified in today's earnings materials and our periodic filings with the SEC, including our annual report. During the call today, we will also refer to certain non-GAAP financial measures which the company uses to measure its performance. These non-GAAP measures are reconciled to their GAAP counterparts in the presentation materials. The webcast this morning is being recorded and will be available for replay by accessing our Investor Relations website.

風險和不確定性包括但不限於今天發布的收益資料和我們定期向美國證券交易委員會提交的文件（包括我們的年度報告）中確定的因素。在今天的電話會議中，我們也將提及公司用來衡量其績效的某些非GAAP財務指標。這些非GAAP指標已在演示材料中與其GAAP對應指標進行了核對。今天早上的網路直播正在進行錄製，您可以透過造訪我們的投資者關係網站觀看回放。

With that, I will turn the call over to Tim.

接下來，我會把電話交給提姆。

Thanks, Melanie, and thank you to everyone for joining us on our call this morning. I will start this morning by quickly reviewing the quarterly operational performance and strategic progress from a more forward-looking and qualitative perspective.

謝謝梅蘭妮，也感謝今天早上所有參加我們電話會議的朋友們。今天上午，我將首先從更具前瞻性和定性的角度快速回顧季度營運績效和策略進展。

I'll leave the quantitative review to Andy. I will then provide some context on the current business environment and its consideration in our outlook. I'll end by reiterating the compelling Atleos story and describing a capital allocation strategy that anticipates steady growth in free cash flow. And then Stuart, Andy, and I will take your questions.

量化分析的工作就交給安迪吧。接下來，我將介紹當前商業環境及其對我們未來發展的影響。最後，我將重申 Atleos 引人入勝的故事，並介紹一種預期自由現金流穩定成長的資本配置策略。然後，Stuart、Andy 和我將回答你們的問題。

Having now passed the second anniversary of our spin from Legacy NCR, our separation process is complete. The magnitude of the effort and of the accomplishment cannot be overstated. We bifurcated or duplicated 140 years' worth of IT systems and hardware. We physically separated hundreds of global locations. We established dozens of new legal entities, we migrated over 700 critical customer connections, and completed over 200 transition service agreements. I'm very pleased that the resources formally dedicated to this effort can now be focused on growing Atleos.

從 Legacy NCR 分拆出來已經過了兩個週年，我們的分離過程已經完成。這項工作所付出的努力和所取得的成就怎麼強調都不為過。我們對 140 年的 IT 系統和硬體進行了拆分或重複。我們將全球數百個地點進行了物理隔離。我們成立了數十個新的法律實體，遷移了 700 多個關鍵客戶連接，並完成了 200 多項過渡服務協議。我非常高興，原本用於這項工作的資源現在可以集中用於發展 Atleos。

From the outset, we described two fundamental goals that we knew would be essential to the eventual evaluation of our company. First, establishing a quarterly pattern of transparent and predictable financial performance, and second, deploying free cash flow to reduce leverage and then begin returning free cash to shareholders.

從一開始，我們就提出了兩個基本目標，我們知道這兩個目標對於最終評估我們公司至關重要。首先，建立季度透明且可預測的財務表現模式；其次，利用自由現金流降低槓桿率，然後開始向股東回饋自由現金。

In the third quarter, our seventh full quarter is a separate publicly traded company, Atleos extended a series of steady financial performance that has repeatedly been consistent with our expectations and our external guidance.

在第三季度，我們的第七個完整季度，作為一家獨立的上市公司，Atleos 延續了一系列穩定的財務業績，這些業績一再符合我們的預期和外部指導。

The resiliency of both Atleos' business model and its employees that drive it, augmented by prudent contingency planning have allowed us to overcome exogenous shocks like 50% import tariffs, persistently high interest rates, disrupted supply routes, and dramatic shifts in immigrant work payrolls.

Atleos 的商業模式及其員工的韌性，加上審慎的應急計劃，使我們能夠克服 50% 的進口關稅、持續高利率、供應路線中斷以及移民工人工資的劇烈變化等外生衝擊。

As we enter the fourth quarter, we have also crossed the originally targeted threshold leverage level of 3 times. And are on path to be at about 2.8 times at year end. While we were unable to repurchase shares in Q3 due to trading window restrictions, we expect to begin repurchasing Atleos shares in the upcoming trading window and to establish a [10b51] plan that dictates the repurchase program thereafter.

進入第四季度，我們的槓桿率也已超過最初設定的 3 倍目標閾值水準。預計到年底將達到約 2.8 倍。雖然由於交易窗口限制，我們無法在第三季回購股票，但我們預計將在即將到來的交易窗口開始回購 Atleos 股票，並製定 [10b51] 計劃，以規定此後的回購計劃。

For those following along in the presentation from the industrial relations website, I will start on slide 5 that provides a quick visual of our vertically integrated self-service offering. As digital transaction and asset types proliferate, the translation to and from physical assets becomes increasingly complex and is accelerating the outsourcing of self-service banking and the cash ecosystem.

對於那些透過工業關係網站觀看簡報的人，我將從第 5 張投影片開始，該投影片快速展示了我們垂直整合的自助服務產品。隨著數位交易和資產類型的激增，實體資產與數位資產之間的轉換變得越來越複雜，並加速了自助銀行和現金生態系統的外包。

Banks and retailers are demanding more efficient and lower friction physical transactions and more capable devices and at convenient and safe locations beyond the branch. Our service infrastructure and installed base of machines is purpose built to solve these needs. We become essential to any transaction that requires physical authentication and the ability to dispense or accept or even safekeep valuable physical assets.

銀行和零售商要求在網點以外的便利和安全地點進行更有效率、更便利、摩擦更小的實體交易，以及功能更強大的設備。我們的服務基礎設施和已安裝的設備都是專門為滿足這些需求而建造的。對於任何需要實體認證以及分發、接收甚至保管貴重實體資產的交易而言，我們都至關重要。

NCR Atleos is uniquely positioned to benefit from either of the two solutions. A shared financial utility ATM estate or outsourced bank-specific fleets. Both growth vectors leverage a common Atleos infrastructure that is world class has unmatched global scale, and delivers significant cost leverage.

NCR Atleos 擁有得天獨厚的優勢，可以從這兩種解決方案中獲益。共享的金融機構ATM機群或外包的銀行專用ATM機群。這兩個成長方向都利用了 Atleos 世界一流的通用基礎設施，該基礎設施具有無與倫比的全球規模，並能帶來顯著的成本優勢。

Turning to chart 6, which describes our Q3 performance against our qualitative and financial goals. The third quarter was an exceptional quarter from a strategic and competitive perspective. We grew efficiently by delivering robust hardware revenue that augments our leading installed base with record production from our manufacturing facility in [Chennai].

接下來請看圖表 6，圖表描述了我們第三季在定性和財務目標方面的表現。從策略和競爭角度來看，第三季是一個非同尋常的季度。我們透過提供強勁的硬體收入實現了高效增長，這不僅鞏固了我們領先的裝機量，還得益於我們製造工廠創紀錄的產量。[欽奈]。

We drove incremental revenue from the global service fleet by accelerating our outsourced services business. Our service first initiative elevated service levels and is being recognized by our partners and rewarded by our customers. And we embrace simplicity, reducing inefficiencies across the company, optimizing our production supply chain operations, redesigning the organization to speed decision making and investing in systems and people to make it easier to do business with.

我們透過加速外包服務業務，推動了全球服務車隊的收入成長。我們以服務為先的措施提高了服務水平，並得到了合作夥伴的認可和客戶的讚賞。我們秉持簡約理念，減少公司各方面的低效率行為，優化生產供應鏈運營，重新設計組織架構以加快決策速度，並投資於系統和人員，使業務往來更加便捷。

Core top-line growth was 6% led at typically but not unexpectedly by traditional hardware revenue and the conversion of services backlog. This growth is partially offset by lower payroll card transactions in the US network business. Profitability ramped nicely and it was at the high end of our expectations due to an advantageous hardware revenue mix, accreted outsourced ATM as a service revenue growth, fixed cost leverage, and direct cost productivity in our service organization. These are all partially offset by higher cash rental costs and higher tariffs.

核心營收成長 6%，這通常但不出所料地主要得益於傳統硬體收入和服務積壓訂單的轉換。美國網路業務的薪資卡交易量下降，部分抵消了這一成長。由於硬體收入結構有利、外包 ATM 服務收入成長、固定成本槓桿作用以及我們服務機構的直接成本生產力提高，獲利能力穩步提升，並達到了我們預期的較高水平。這些不利因素都會被更高的現金租金和更高的關稅部分抵銷。

Shifting to chart 7, which describes the self-service banking segment. This is a primarily service business comprised of a global installed base of over 500,000 ATMs sold to financial institutions that run our subscription software and rely on Atleos servicing agreements for the duration of their deployment.

接下來看圖表 7，圖表描述了自助銀行服務部分。這是一個以服務為主的業務，其全球安裝的 ATM 機超過 50 萬台，這些 ATM 機銷售給運行我們訂閱軟體的金融機構，並在部署期間依賴 Atleos 的服務協議。

Traditionally, ATM services have been centered on maintenance and repair. But increasingly banks are opting to outsource more or even all of the services necessary to run and manage their ATMs. We now have over 120,000 machines that we support beyond traditional brake fix, including those that are fully outsourced Atleos.

傳統上，ATM 服務一直以維護和維修為中心。但越來越多的銀行選擇將營運和管理 ATM 機所需的更多甚至全部服務外包出去。我們現在為超過 120,000 台機器提供除傳統煞車維修之外的支持，包括那些完全外包給 Atleos 的機器。

Segment financial performance was strong. Revenue grew an impressive 11% in the third quarter, benefiting from increased demand for our recycled product, coupled with acceleration and outsource services.

該業務板塊財務表現強勁。第三季營收實現了令人矚目的 11% 的成長，這得益於市場對我們再生產品需求的增加，以及加速發展和外包服務的推動。

Services and software combined grew 5%. An ATM as a service was a primary source of services growth and continued to gain momentum with meaningful additions to total contract value, to customer account and to backlog.

服務和軟體合計成長了5%。ATM 即服務是服務成長的主要來源，並且隨著合約總價值、客戶帳戶和積壓訂單的顯著增加，其發展勢頭持續增強。

This segment generated significant profit growth with margins up across each hardware, software, and services. Scalable services growth and advantageous hardware mix were augmented by indirect productivity efforts, all contributed to margin expansion. The demand across the product portfolio and especially our recycler product has exceeded expectations.

此業務板塊實現了顯著的利潤成長，硬體、軟體和服務等各環節的利潤率均有所提高。可擴展的服務成長和有利的硬體組合，加上間接的生產力提升措施，所有這些都促進了利潤率的提高。整個產品系列的需求，尤其是我們的回收產品，都超出了預期。

In early 2024, we launched an effort to strengthen our manufacturing capabilities to prioritize our engineering effort, and to increase throughput for next generation recyclers. This effort has now reduced our delivery lead times from months to weeks. Demand for our ATM outsourced services is also strong and accelerating, posting 37% growth in Q3.

2024 年初，我們啟動了一項旨在加強製造能力的計劃，以優先發展工程技術，並提高下一代回收商的產能。這項舉措已將我們的交貨週期從數月縮短至數週。對我們ATM外包服務的需求也十分強勁，而且還在加速成長，第三季成長了37%。

We have streamlined the sales process and improved conversion rates, resulting in our best quarter ever for ATM as a service bookings. Approximately $195 million of total contract value including our first as a service customers in Latin America and in the Middle East.

我們簡化了銷售流程，提高了轉換率，使得 ATM 服務預訂量實現了有史以來最好的季度。合約總價值約 1.95 億美元，其中包括我們在拉丁美洲和中東的首批服務客戶。

Backlog remains strong in this business, and we expect the fourth quarter implementations to be the highest of the year. Our service first initiative is working. Already industry leading service levels continue to trend upward in the third quarter. We completed our annual customer satisfaction survey in the third quarter and the results showed an impressive 30% improvement in our net promoter score from already solid scores in the prior year.

該業務的積壓訂單依然強勁，我們預期第四季的實施量將是全年最高的。我們以服務為先的方針正在發揮作用。第三季度，公司本已處於業界領先的服務水準持續保持上升趨勢。我們在第三季完成了年度客戶滿意度調查，結果顯示，我們的淨推薦值比前一年已經相當不錯的成績提高了 30%，這一成績令人印象深刻。

We will use the detailed data from the survey to focus on areas that need improvement and we'll follow-up with every customer comment and request. Our efforts to simplify how we operate are generating positive business outcomes.

我們將利用調查中的詳細數據，重點關注需要改進的領域，並跟進每位客戶的意見和要求。我們簡化營運方式的努力正在產生積極的業務成果。

Following the successful test run of our AI-driven dispatch and service optimization model in Canada, we losed for all of North America in the second quarter. These AI tools have delivered meaningful improvement in both first-time repair and time to repair metrics through automated dispatching. We will roll these tools out in the UK and Europe in Q1 and we'll test a third AI tool in North America in 2026 that is focused on preventative maintenance.

在加拿大成功試運行了我們的人工智慧驅動的調度和服務優化模型之後，我們在第二季度在整個北美地區都遭遇了失敗。這些人工智慧工具透過自動調度，在首次維修成功率和維修時間指標方面都取得了顯著的改善。我們將於第一季在英國和歐洲推出這些工具，並於 2026 年在北美測試第三款人工智慧工具，該工具專注於預防性維護。

Turning to chart 8, summarizing the network segment. The network segment is our utility banking business that consists of approximately 80,000 owned and operated ATMs in 13 countries that are placed in blue chip retail locations where consumers can meet their regular banking needs. The network business continues to grow the number of network cardholders, the number of client financial institutions, the types of transactions resident on the machine, and the geographies.

請參閱圖表 8，該圖表總結了網路部分。網路業務板塊是我們的公共銀行業務，包括 13 個國家/地區擁有和營運的約 80,000 台 ATM 機，這些 ATM 機放置在優質零售場所，消費者可以在那裡滿足其日常銀行業務需求。網路業務持續成長，包括網路持卡人數量、客戶金融機構數量、機器上的交易類型以及地理範圍。

Similar to Q2, positive trends in surcharge-free transactions, cash deposits, and tap were more than offset by significantly lower payroll card transactions in US cities with large migrant workforces and lower dynamic currency conversion transactions due to fewer international visitors. The net result was an overall modest decline in segment revenue.

與第二季類似，免手續費交易、現金存款和非接觸式支付的積極趨勢被美國擁有大量外來勞動力的城市中工資卡交易的大幅下降以及由於國際遊客減少而導致的動態貨幣轉換交易的下降所抵消。最終結果是該業務板塊收入整體略有下降。

These two effects seem to have stabilized at new levels in August and September. And that said, our rolling 12 month ARPU was up slightly and our machine count grew to about 81,000 machines, offsetting the recurring reduction we've seen from pharmacy closures.

這兩個因素在八月和九月似乎穩定在了新的水平。儘管如此，我們過去 12 個月的平均每用戶收入略有上升，機器數量也增長到約 81,000 台，抵消了因藥局關閉而導致的持續減少。

Growth in this segment typically results from expanding the number of cardholders, extending the footprint of the network, or growing the transaction capability of the machines in the network. In Q3, Allpoint executed an important branding agreement with a top 10 US bank and added deposit capability with the world's largest credit union.

該領域的成長通常是透過增加持卡人數量、擴大網路覆蓋範圍或提高網路中機器的交易能力來實現的。第三季度，Allpoint 與美國排名前 10 的銀行簽署了一項重要的品牌合作協議，並與全球最大的信用合作社增加了存款功能。

Our emerging transaction types were equally successful. ReadyCode further expanded its presence in digital payments through an agreement with CoinMe, and volumes from gid workers are recovering quickly from a contractual pause.

我們新出現的交易類型同樣取得了成功。ReadyCode 透過與 CoinMe 達成協議，進一步擴大了其在數位支付領域的業務，並且 gid 工作者的交易量正在從合約暫停中迅速恢復。

Cash deposits were up 90% with particular lift from capital base deposits. Our newer fleets in Greece and Italy are outperforming expectations in these cash preferred economies. And we continue to build a pipeline of partnerships and integrations to increase transaction opportunities and volumes with a focus on fintech issuers and wallet providers.

現金存款增加了90%，其中資本基礎存款的貢獻尤為顯著。我們在希臘和義大利的新船隊在這些以現金交易為主的經濟體中表現超乎預期。我們將繼續建立合作夥伴關係和整合管道，以增加交易機會和交易量，並專注於金融科技發卡機構和錢包提供商。

And finally on chart 9, I summarize our investment thesis. First, Our comprehensive portfolio is unique and allows Atleos to be indifferent to the self-service solution our customers prefer. Whether there's a full outsourcing of traditional infrastructure or membership and access to a shared financial utility network.

最後，在圖表 9 中，我總結了我們的投資理念。首先，我們全面的產品組合是獨一無二的，這使得 Atleos 可以對客戶偏好的自助服務解決方案保持中立。無論是傳統基礎設施的完全外包，還是加入共享金融公用事業網路並獲得存取權限。

Second, our scale is unmatched, enables world-class service and efficient incremental costs. Third, the outsourcing of the cash ecosystem and physical transactions by banks and retailers is accelerating, and we are the obvious choice to take on that work. Fourth, we understand the importance of a new small cap company like Atleos to establish a track record of consistency and transparency. Seven quarters in our financial performance in every quarter has been very similar to our guided ranges.

其次，我們的規模無與倫比，能夠提供世界一流的服務和高效率的增加成本。第三，銀行和零售商將現金生態系統和實體交易外包的趨勢正在加速，而我們顯然是承擔這項工作的最佳選擇。第四，我們理解像 Atleos 這樣的新興小市值公司建立穩定、透明的業績記錄的重要性。過去七個季度，我們每季的財務表現都與我們預期的範圍非常接近。

And finally, we expect to generate predictable free cash flow and steadily improving free cash flow yields sufficient to simultaneously improve our balance sheet and repurchase shares. Before Andy walks you through the detailed results, I'd like to express my appreciation to the 20,000 strong Atleos employee base.

最後，我們預期產生可預測的自由現金流和穩定提高的自由現金流收益率，足以同時改善我們的資產負債表並回購股票。在 Andy 向大家詳細介紹結果之前，我想先對 Atleos 的 20,000 名員工表示感謝。

If you subscribe to any of our social media channels that our recently celebrated Atleos Brand Week highlighted a positive, dedicated, and engaged global team. Our continued success is entirely due to our collaborative spirit and our collective effort. Together, let's close out a successful 2025 and carry momentum into 2026.

如果您訂閱了我們的任何社交媒體頻道，您會發現我們最近舉辦的 Atleos 品牌週活動重點介紹了一支積極向上、敬業奉獻、積極參與的全球團隊。我們持續取得成功完全歸功於我們的合作精神和集體努力。讓我們攜手為成功的 2025 年畫上圓滿的句號，並將這股勢頭延續到 2026 年。

And with that, Andy, over to you.

那麼，安迪，接下來就交給你了。

Thank you, Tim. Building on Tim's comments, the company continued to drive strong performance in the third quarter, making good progress on our plans for the year, advancing our long-term growth strategy, and delivering solid financial results.

謝謝你，提姆。在蒂姆的評論基礎上，該公司在第三季度繼續保持強勁的業績，在年度計劃方面取得了良好進展，推進了長期增長戰略，並取得了穩健的財務業績。

The strong momentum we've built in A Team is a service coupled with our robust hardware order book in sales pipeline has us on track to meet our operating and financial objectives for the year.

我們在 A Team 服務領域建立的強勁勢頭，加上我們銷售管道中強大的硬體訂單儲備，使我們有望實現今年的營運和財務目標。

Starting on slide 11, I will focus my comments on core results for the third quarter as the Voyix-related business continues to wind down and impact comparability with the prior year period. As a reminder, Voyix-related comps have increasingly become less meaningful as we progress throughout the year. In 2026, the Voyix related revenue will be negligible. The key message in the quarter is that we are delivering strong financial results and successfully overcoming various macro-related impacts on our business.

從第 11 頁開始，我將重點放在第三季的核心業績，因為與 Voyix 相關的業務繼續逐步減少，影響了與去年同期業績的可比性。需要提醒的是，隨著時間的推移，與 Voyix 相關的比較已經變得越來越沒有意義。到 2026 年，Voyix 相關收入將微乎其微。本季最重要的訊息是，我們取得了強勁的財務業績，並成功克服了各種宏觀經濟因素對我們業務的影響。

Results for the quarter either met or exceeded the upper end of our guidance ranges and included 6% core top-line growth and a 7% increase in EBITDA, including 8% growth in the core business, strong margins, and an impressive 22% earnings per share growth. We achieved 4% growth in our services and software businesses, including an acceleration in A Team as a service growth of 37% year over year.

本季業績達到或超過我們預期範圍的上限，核心營收成長 6%，EBITDA 成長 7%（其中核心業務成長 8%），利潤率強勁，每股盈餘成長高達 22%。我們的服務和軟體業務實現了 4% 的成長，其中 A Team 服務業務年增 37%。

Hardware was up 24% year to year in line with our expectations. We achieved strong results with high recurring revenue alongside a second sequential quarter of meaningfully higher hardware sales versus recent years.

硬體銷售額年增 24%，符合我們的預期。我們取得了強勁的業績，經常性收入很高，同時硬體銷售額也連續第二季顯著高於往年同期水準。

Strong growth and a higher margin recurring businesses coupled with productivity improvements drove adjusted EBITDA in the third quarter to $219 million, an increase of 8% year over year in our core business. The primary source of EBITDA growth was the self-service banking segment and was partially offset by a decline in the network segment and a slight increase in corporate costs.

強勁的成長和利潤率更高的經常性業務，加上生產效率的提高，推動第三季調整後 EBITDA 達到 2.19 億美元，核心業務年增 8%。EBITDA 成長的主要來源是自助銀行業務，但部分被網路業務的下滑和公司成本的略微增加所抵消。

Adjusted EBITDA margin of 19.5% expanded approximately 40 basis points from the prior year, with strong margin expansion for self-service banking, more than offsetting margin compression from the network segment.

經過調整的 EBITDA 利潤率為 19.5%，比上年增長了約 40 個基點，其中自助銀行業務的利潤率大幅增長，足以抵消網路業務的利潤率下降。

Net interest expense decreased $12 million compared to the prior year, benefiting from a lower debt balance, lower variable rates, and lower credit spreads achieved in our credit facility refinancing late last year. The other income and expense line increased by $5 million year over year.

與去年相比，淨利息支出減少了 1,200 萬美元，這得益於債務餘額降低、浮動利率降低以及去年底信貸安排再融資中實現的信貸利差降低。其他收入和支出項目比上年增加了500萬美元。

The non-GAAP affected tax rate was approximately 19% for the third quarter compared to 18% in the prior year. Non-GAAP fully diluted earnings per share increase an impressive 22% year over year to $1.09.

第三季非GAAP影響稅率約為19%，而去年同期為18%。非GAAP完全稀釋後每股盈餘年增22%，達到1.09美元，增幅令人矚目。

On slide 12, we present our third quarter 2025 free cash flow reconciliation and strong financial position at quarter end. We generated $124 million of free cash flow in the third quarter, which was in line with expectations and supportive of our full year outlook. We expect to deliver a nice step up in free cash flow in the fourth quarter as adjusted EBITDA increases sequentially and we recover investments and working capital.

在第 12 張投影片中，我們展示了 2025 年第三季自由現金流調節表以及季末強勁的財務狀況。第三季我們產生了 1.24 億美元的自由現金流，這與預期相符，也為我們的全年展望提供了支持。我們預計第四季度自由現金流將大幅成長，因為調整後的 EBITDA 將環比成長，我們將收回投資和營運資金。

Net leverage exited the third quarter at 2.99 times and was an improvement of more than a half a turn compared to the prior year. We made $20 million of debt principal payments in the quarter and finished under $2.9 billion of debt.

第三季末淨槓桿率為 2.99 倍，比去年同期改善超過半倍。本季我們償還了 2,000 萬美元的債務本金，最終債務總額低於 29 億美元。

Our unrestricted cash balance was just over $400 million at quarter end and resulted in a net debt balance of under $2.5 billion. Based on our financial outlook and capital allocation priorities, we expect net leverage to be approximately 2.8 times as we close out the year.

截至季末，我們的非限制性現金餘額略高於 4 億美元，淨債務餘額低於 25 億美元。根據我們的財務展望和資本配置優先事項，我們預計到年底淨槓桿率約為 2.8 倍。

Turning to slide 13, the self-service banking segment delivered exceptional financial results in the third quarter. Starting in the upper left, revenue grew 11% year over year and reached a new quarterly high of $744 million. The primary driver of top-line growth was 25% growth in hardware deliveries, which reflects continued higher demand related to the industry refresh cycle and uptake of a recycled product.

翻到第 13 張投影片，自助銀行業務在第三季取得了卓越的財務表現。從左上角開始，營收年增 11%，達到 7.44 億美元的新季最高紀錄。推動營收成長的主要因素是硬體交付量成長了 25%，這反映了與產業更新週期和回收產品接受度相關的持續較高需求。

Hardware demand remains robust and should drive another step up in revenue in the fourth quarter. Our services and software businesses continue to generate healthy growth of 5% on a combined basis, with banks increasingly outsourcing more services to us.

硬體需求依然強勁，預計在第四季推動營收進一步成長。我們的服務和軟體業務合計持續維持 5% 的健康成長，銀行也越來越多地將更多服務外包給我們。

Moving to the chart on the top right, SSB grew adjusted EBITDA an impressive 21% in the third quarter to $196 million also a new quarterly high. The key takeaway here is our ability to drive significant incremental profit through efficient, profitable growth and continuous productivity improvements. Segment adjusted EBITDA margin expanded 220 basis points year over year to above 26%, with margins up across each line of business. This strong performance includes absorbing approximately $7 million of gross tariff impacts in the quarter.

從右上角的圖表來看，SSB 第三季調整後 EBITDA 成長了驚人的 21%，達到 1.96 億美元，也創下了新的季度新高。關鍵在於我們能夠透過高效、獲利的成長和持續的生產力提升，實現顯著的利潤成長。經調整後的分部 EBITDA 利潤率年增 220 個基點，達到 26% 以上，各業務線的利潤率均有所提高。這一強勁的業績包括在本季度吸收了約 700 萬美元的關稅總影響。

Moving to the bottom of the slide, KPIs reflect healthy fundamentals of the business. On the bottom left of the slide, the mix of recurring revenue was 57%, with recurring revenue still comprising a majority of the business, even with one of the strongest hardware quarters in recent years. Annual recurring revenue or ARR was up year over year, reflecting the continued build and recurring services and software revenue from our existing install base.

幻燈片底部顯示，KPI 反映了企業健康的根本狀況。在投影片的左下角，經常性收入佔比為 57%，即使在近年來硬體業績表現最強勁的季度之一，經常性收入仍然佔業務的大部分。年度經常性收入（ARR）年增，反映了我們現有安裝基礎的持續建設和經常性服務及軟體收入。

Next is slide 14 and our A team as a service outsourcing business. As a reminder, our bank outsourcing solutions business resides within our self-service banking segment, advancing our customers through the continuum of ATM outsourced services to full outsourcing is a key strategic priority for the company. We break out primary operational metrics separately to help investors better understand and track our progress.

接下來是第 14 張投影片，介紹我們的 A 團隊作為服務外包企業。再次提醒，我們的銀行外包解決方案業務屬於自助銀行業務板塊，推動客戶逐步從 ATM 外包服務過渡到全面外包是公司的關鍵策略重點。我們將主要營運指標單獨列出，以幫助投資者更好地了解和追蹤我們的進展。

Starting at the top left of the slide, revenue grew 37% year over year to $67 million for the third quarter, led by 24% growth in unique customers and a favorable mixed shift to North America, which is our highest margin geography. We also expanded to two new geographies in Q3, closing our first deals in Latin America and the Middle East.

從幻燈片的左上角開始，第三季營收年增 37% 至 6,700 萬美元，主要得益於獨立客戶數量成長 24%，以及向北美（我們利潤率最高的地區）的有利混合轉變。第三季度，我們也拓展了業務到兩個新的地區，在拉丁美洲和中東地區完成了首批交易。

The chart on the top right highlights the strong profitability of our ATM outsourced services business, with gross profit up an impressive 65% year over year and gross margin up 700 basis points to 40%, benefiting from faster growth and margin expansion than [Namer].

右上角的圖表突顯了我們ATM外包服務業務的強勁獲利能力，毛利年增率高達65%，毛利率提升700個基點至40%，這得益於比以往更快的成長速度和利潤率擴張。[命名者]。

Moving to the bottom of the slide, KPIs also demonstrates the positive trajectory of the business. On the left, ARR continues to build and was up 37% year over year to $268 million and we are on track to exceed $300 million of annual recurring revenue as we close out the year. We finished the quarter with a strong backlog, up approximately 100%, and a sales pipeline to deliver our growth target for the year.

幻燈片底部顯示，KPI 也反映了業務的積極發展軌跡。左側數據顯示，年度經常性收入 (ARR) 持續成長，年增 37% 至 2.68 億美元，我們預計在年底前實現超過 3 億美元的年度經常性收入。本季末，我們的訂單積壓情況良好，成長了約 100%，銷售管道足以實現我們今年的成長目標。

On the right, you can see the healthy revenue uplift we generate from our A team as a service business with 3rd quarter average revenue per unit or ARPU of $8300 which is well above segment and total company averages. The modest sequential downtick in ARPU for the third quarter was influenced by a higher mix of asset-like customers onboarded in recent quarters.

在右側，您可以看到我們的 A 團隊作為服務業務帶來了健康的營收成長，第三季平均每單位收入 (ARPU) 為 8,300 美元，遠高於部門和公司整體的平均水準。第三季 ARPU 的環比小幅下降，是由於近幾季新增的資產型客戶比例較高所致。

Such fluctuations are expected because the base is still relatively small, so variables like region, scope, and timing of onboarding can impact ARPU for the quarter. Over the longer-term, we expect this performance metric to trend upward from growth in higher ARPU regions like North America and Europe.

由於基數仍然相對較小，因此出現這種波動是意料之中的，像地區、範圍和入職時間等變數可能會影響季度的 ARPU。從長遠來看，我們預計隨著北美和歐洲等高 ARPU 地區的成長，這項績效指標將呈上升趨勢。

Moving to the network segment on slide 15. Segment revenue of $328 million was down 1% year over year. As we exit this year, we see positive fundamentals in the business, which is demonstrated by an increase in device count, an increase in new retail customers, deposit volumes, and new geographies.

接下來進入第 15 頁的網路部分。該業務部門營收為 3.28 億美元，年減 1%。今年即將結束，我們看到業務基本上面向好，這體現在設備數量的增加、新零售客戶數量的增加、存款額的成長以及新地域的拓展。

As we look at Q3 results, cash withdrawal transactions were approximately 4% lower than the prior year, with mid-single-digit decreases in the UK and North America. As mentioned in our second quarter call, North America continues to be impacted by several factors beyond our control.

從第三季業績來看，提領現金交易量比去年同期下降了約 4%，其中英國和北美地區的降幅為個位數中段。正如我們在第二季電話會議中提到的，北美地區繼續受到我們無法控制的多種因素的影響。

An acquisition of one of ReadyCode's key digital payment partners, coupled with shifts in immigration policy have affected certain consumer segments. We continue to see lower utilization of prepaid payroll cards given certain government policies. Excluding those items, we estimate North America withdrawals would have grown low to mid-single-digits.

ReadyCode 的一個重要數位支付合作夥伴被收購，加上移民政策的變化，對某些消費群體產生了影響。鑑於某些政府政策，我們看到預付工資卡的使用率持續下降。排除這些項目，我們估計北美地區的提款額將增長至個位數低至中等水平。

In Q3, we expanded our presence in Canada with the addition of access cash. The asset added over 6,000 ATMs to our network fleet in one of our key markets. We have also seen an improvement in dynamic currency conversion transactions as travel to the United States began to recover and stabilize in the third quarter.

第三季度，我們透過新增現金服務擴大了在加拿大的業務。該資產為我們在一個主要市場的網路增加了 6000 多台 ATM 機。隨著第三季赴美開始復甦與穩定，動態貨幣轉換交易也出現了改善。

Additionally, our ReadyCode platform continues to attract strong interest from leading wall providers, fintech innovators, and money service businesses. In Q3, we successfully stabilized transaction volumes by onboarding several new partners, leveraging our seamless digital to cash and cash to digital capabilities. We also deepened our strategic all-point relationships, expanding access through key retail partnerships.

此外，我們的 ReadyCode 平台持續吸引領先的資金牆供應商、金融科技創新者和貨幣服務企業的濃厚興趣。第三季度，我們透過引進幾家新合作夥伴，利用我們無縫的數位到現金和現金到數位的功能，成功穩定了交易量。我們也深化了與各策略夥伴的關係，透過重要的零售合作夥伴關係擴大了市場覆蓋範圍。

As a result, we are seeing a solid rebound in transaction volumes driven by our commitment to delivering surcharge-free access for gig economy users, unlocking value, and driving sustained growth. We generate strong top-line trends from sources other than withdrawals, helping to diversify the business and support future growth.

因此，在我們致力於為零工經濟用戶提供免費存取、釋放價值並推動持續成長的推動下，我們看到交易量出現了強勁反彈。我們從提款以外的其他來源獲得了強勁的收入成長趨勢，這有助於業務多元化並支持未來的成長。

Our utility deposit network continues to gain strong traction with deposit volumes up 90% year over year and reaching an all-time high. Clear evidence of marketed enthusiasm and a fundamental shift toward modern banking solutions.

我們的公用事業存款網絡持續獲得強勁成長，存款額較去年同期成長 90%，創歷史新高。行銷的熱情顯而易見，銀行業務正在發生根本性的轉變，轉向現代化的解決方案。

Moving to the upper right, adjusted EBITDA for the third quarter was $93 million. The year over year decrease in EBITDA was expected and was primarily due to a $9 million increase in vault cash costs resulting from the wind down of previous hedges and macro-related transactional headwinds.

移至右上角，第三季調整後的 EBITDA 為 9,300 萬美元。EBITDA 年減在預期之內，主要原因是由於先前對沖交易的結束以及宏觀經濟相關的交易不利因素導致金庫現金成本增加了 900 萬美元。

Adjusted EBITDA margin was 28% in the third quarter, and we are on track to maintain this margin performance in the fourth quarter. The metrics at the bottom of the slide highlight key elements of our strategy. The chart on the left shows our last 12 month ARPU remained strong and continued to move higher by 2% year over year in the third quarter.

第三季調整後 EBITDA 利潤率為 28%，我們預計在第四季度保持這一利潤率。幻燈片底部的指標突顯了我們策略的關鍵要素。左側圖表顯示，我們過去 12 個月的平均每位用戶收入 (ARPU) 保持強勁，並在第三季度繼續同比增長 2%。

On the right, you can see our ATM portfolio finished the quarter at approximately 81,000 units, which is up both year over year and sequentially. We anticipate ATM network units will remain relatively flat as we close out the year while we focus on driving new transaction types and other opportunities to monetize our fleet.

從右側可以看到，我們的 ATM 機組合在本季末達到約 81,000 台，年成長和環比均有所增長。我們預計，隨著年底臨近，ATM 網路單元數量將保持相對平穩，同時我們將專注於推動新的交易類型和其他機會，以實現我們網路的盈利。

Turning to slide 16 for our approach to capital allocation. Over the past seven quarters, the company has demonstrated the ability to generate profitable growth and significant free cash flow. We continue to have a clear and compelling path to strong financial results with margin levers in the business providing outsized earnings growth potential and improved free cash flow conversion. Our capital allocation priorities are focused and disciplined. Continue to reduce debt, investing in our business, pursuing strategic bolt-on acquisitions, and returning capital to shareholders.

接下來請看第 16 張投影片，了解我們的資本配置方法。在過去的七個季度裡，該公司已經展現出創造獲利成長和可觀自由現金流的能力。我們依然擁有清晰且令人信服的實現強勁財務業績的路徑，業務中的利潤槓桿提供了巨大的盈利增長潛力，並提高了自由現金流轉換率。我們的資本配置重點明確且嚴謹。繼續減少債務，投資我們的業務，進行策略性收購，並將資本回饋給股東。

Our guiding principles remain consistent, a balanced approach designed to deliver the highest long-term value for our shareholders. As we exit the third quarter, we successfully achieved our net leverage target of below 3 times, reinforcing the strength of our balance sheet and our financial flexibility.

我們的指導原則始終如一，即採取平衡的方法，旨在為股東創造最高的長期價值。第三季即將結束，我們成功實現了淨槓桿率低於 3 倍的目標，這進一步增強了我們資產負債表的實力和財務靈活性。

We take a disciplined approach to investment opportunities, ensuring that both strategic innovation investments and bolt-on M&A meet rigorous return thresholds, reflecting confidence in the forward outlook of our business, you will recall that our board authorized a $200 million share repurchase program that has a two-year duration.

我們對投資機會採取嚴謹的態度，確保策略創新投資和附加併購都能達到嚴格的回報門檻，這反映了我們對公司未來發展前景的信心。您可能還記得，我們​​的董事會批准了一項為期兩年的 2 億美元股票回購計畫。

In the fourth quarter we will begin to repurchase our shares in the open market and also through a [10b51] plan. With the capacity of our business to generate significant and improving free cash flow, we have unique flexibility to return capital to shareholders while at the same time strengthening our capital structure and investing for future growth. In short, we are confident in our ability to deliver predictable growth, disciplined capital deployment, improved free cash flow conversion, and strong shareholder returns.

第四季度，我們將開始在公開市場回購我們的股票，並透過[10b51]計畫回購。憑藉我們業務產生大量且不斷增長的自由現金流的能力，我們擁有獨特的靈活性，可以在向股東返還資本的同時，加強我們的資本結構並為未來的成長進行投資。簡而言之，我們有信心實現可預測的成長、有紀律的資本部署、更高的自由現金流轉換率和強勁的股東回報。

Moving to slide 17 for financial outlook. Given solid third quarter results and positive momentum heading into the fourth quarter, we have reaffirmed the full year 2025 guidance ranges presented earlier this year. We have confidence we will deliver full year 2025 free cash flow conversion in excess of our 30% target.

接下來請看第17張投影片，了解財務展望。鑑於第三季業績穩健，第四季勢頭良好，我們重申了今年稍早提出的 2025 年全年業績指引範圍。我們有信心實現 2025 年全年自由現金流轉換率超過 30% 的目標。

Looking beyond 2025, we anticipate further improvement in our free cash flow conversion, approaching 35% of adjusted EBITDA over the next 12 months. This progress will be driven by continued margin expansion, particularly in recurring long-term services, monetization of our network ATMs, lower debt costs through recent and anticipated rate cuts, and ongoing working capital efficiencies.

展望 2025 年後，我們預期自由現金流轉換率將進一步提高，在未來 12 個月內接近調整後 EBITDA 的 35%。這項進展將得益於利潤率的持續擴張，尤其是在經常性長期服務方面；得益於我們網路 ATM 的貨幣化；得益於近期和預期降息帶來的債務成本降低；以及得益於持續的營運資本效率提升。

Concluding my comments, Atleos had a successful third quarter and sets us up well to achieve our plan for the year. We delivered solid financial results, had great operational execution, and made progress on our key strategic goals to grow efficiently, prioritize service, and embrace simplicity. We are reaffirming our guidance ranges for 2025 as we effectively manage higher and uncertain tariffs and macro-related headwinds on our business. Our risk mitigation actions have been successful and are ongoing.

總結一下，Atleos 第三季取得了成功，為我們實現年度計畫奠定了良好的基礎。我們取得了穩健的財務業績，營運執行力強，並在實現高效成長、優先考慮服務和追求簡潔的關鍵策略目標方面取得了進展。由於我們有效應對了不斷上漲且充滿不確定性的關稅以及宏觀經濟因素對我們業務的不利影響，我們重申了 2025 年的業績預期範圍。我們的風險緩解措施已經取得成功，並且仍在繼續。

To put a finer point on the year with nine months behind us, we are tracking toward the high end of our guided range for revenue, given stronger hardware demand trends versus our original assumptions. In line with our previously provided comments for adjusted EBITDA, we expect to deliver results at the lower end of the guided range. The adjusted EBITDA outlook reflects the impact of previously discussed tariff increases and broader macroeconomic pressures.

回顧過去九個月，我們總結今年的情況，鑑於硬體需求趨勢比我們最初的假設更為強勁，我們的營收正朝著預期範圍的高端邁進。根據我們先前對調整後 EBITDA 的預測，我們預期業績將處於預期範圍的下限。調整後的 EBITDA 預期反映了先前討論過的關稅上漲和更廣泛的宏觀經濟壓力的影響。

Finally, both adjusted EPS and free cash flow performance in 2025 continue to track at the midpoint of our original guidance, with internal initiatives executed to reduce interest and tax expenses and as we benefit from working capital efficiency improvements.

最後，2025 年調整後的每股盈餘和自由現金流表現繼續保持在我們最初預期的中點，這得益於我們實施的內部舉措，以減少利息和稅收支出，以及我們受益於營運資本效率的提高。

We are moving into 2026 with confidence in our approach and our ability to drive continued profitable growth. With an unmatched platform of ATM solutions, we are focused on expanding our leadership and delivering significant value for shareholders.

我們滿懷信心地邁入2026年，對我們的策略和持續獲利成長的能力充滿信心。憑藉無與倫比的 ATM 解決方案平台，我們致力於擴大領先地位，並為股東創造巨大價值。

With that, I will turn it back to the operator.

這樣，我就把手機交還給操作員了。

Thank you. We will now open the call to questions.(Operator Instructions)

謝謝。現在開始接受提問。 （操作員說明）

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Hi, thanks. Good morning. You talked about how the network business was affected by lower prepaid card transaction volumes. Can you elaborate about, elaborate on how prepaid volumes played out during the quarter and, exiting the quarter, if there were any improvements in trending.

您好，謝謝。早安.您談到了預付卡交易量下降對網路業務的影響。能否詳細說明一下本季預付費交易量的變化情況，以及本季末的趨勢是否有任何改善？

Yeah, thanks for asking that question. The -- they got better, so they stabilized at not great levels, but they've stabilized. They stopped getting worse. So I think those who are being paid differently or have chosen not to be paid at all and gone somewhere else to work that effect has now stabilized, which means that, that downdraft should abate and we expect to see this business return to growth in the fourth quarter.

是的，謝謝你提出這個問題。他們的情況有所好轉，所以雖然穩定在不算很高的水平，但已經穩定下來了。病情不再惡化了。所以我認為，那些薪酬待遇不同或選擇不領取薪酬而另謀出路的人，這種影響現在已經穩定下來，這意味著，這種下滑趨勢應該會減弱，我們預計該業務將在第四季度恢復增長。

Got it. That's helpful. And then, can you provide an update on how you expect tariffs to impact the business in the fourth quarter and beyond?

知道了。那很有幫助。那麼，您能否介紹一下您預計關稅將在第四季及以後對公司業務產生怎樣的影響？

Yeah, that's a good question. We wish we knew the answer to that question. So here, here's what we've done. We've scrambled to reduce costs and change where we ship the machines from to minimize the impact of tariffs this year. I think ultimately the total impact of tariffs will be between, say it's about $25 million for this year.

嗯，問得好。我們很想知道這個問題的答案。所以，這就是我們所做的。今年，我們竭盡全力降低成本，並改變機器的出貨地點，以最大限度地減少關稅的影響。我認為最終關稅的總影響將在今年達到約 2500 萬美元。

Any changes to the tariff at this point, we're already halfway through the quarter, would be, I guess, helpful and set a better stage for '26. There's expectations that the tariff rate is currently at 50%, 50% will come down to something closer to 15% to 16% when negotiations with India result in a positive outcome. We'll plan for next year at the 25% rate. Our budgeting process will presume at 25% rate, which would cause tariffs to be modestly higher year over year, go from $25 million to say $30 million. If it stays at $50 million. Is $20 million worse than that?

現在已經是季度中期了，此時對關稅的任何改變，我想都會有所幫助，並為 2026 年奠定更好的基礎。預計目前的關稅稅率為 50%，如果與印度的談判取得積極成果，關稅稅率將降至 15% 至 16% 左右。我們將以25%的利率規劃明年的計畫。我們的預算編制過程將假定稅率為 25%，這將導致關稅逐年略有上漲，從 2,500 萬美元上漲到 3,000 萬美元。如果價格維持在 5000 萬美元。2000萬美元比這更糟嗎？

And if it goes down to $15 million or $18 million, it's $10 million to $12 million better than this year. So there's a range of potential outcomes. I think the right place for us to be right now is presume a 25% number, which is right down the middle of what we've seen. But there's very, we're very hopeful that we'll see something close to 15% to 18% in the not too distant future. When we see that number, it will be helpful to margin rate. I don't know, if you want to add anything.

如果最終降到 1500 萬美元或 1800 萬美元，也比今年好 1000 萬美元到 1200 萬美元。所以可能會出現一系列結果。我認為我們現在應該採取的正確立場是假設感染率為 25%，這正好是我們所看到感染率的中間值。但是我們非常有希望，在不久的將來，我們會看到接近 15% 到 18% 的比例。看到這個數字，對確定保證金率會有幫助。我不知道你是否還有什麼要補充的。

(inaudible) points. So Tim was right. The growth tariff impact would be possibly $30 million for this year. I would say though that if you follow the news which we do track, probably on an hourly basis, that the expectation that something should be announced here imminently and then, as Tim mentioned, it's in that 15% range. So we will see and we'll also hear, see what the Supreme Court says.

（聽不清楚）點。所以蒂姆是對的。今年增長關稅的影響可能達到 3000 萬美元。不過我想說的是，如果你關注我們追蹤的新聞（可能每小時都會更新），你會發現預計很快就會有消息宣布，然後，正如蒂姆提到的，可能性在 15% 左右。所以我們將拭目以待，也會聽聽最高法院怎麼說。

But we presume no change to the tariff rate in our guidance for the fourth quarter. We presumed its stated that.

但我們預計第四季關稅稅率不會改變。我們推測它已經明確說明了這一點。

Got it. Very helpful. Thank you.

知道了。很有幫助。謝謝。

Sure, thank you.

當然，謝謝。

Matt Somerville, DA Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Thanks. I want to ask first, on the Network business. What percent of the transactional mix today is traditional withdrawals versus what it was two or three years ago? And can you talk about the relative profitability of withdrawal transaction sets versus non-withdrawal as you try and expand beyond kind of that historical dependence on withdrawal.

謝謝。我想先問一下關於網路業務的問題。與兩、三年前相比，如今傳統提款在交易組合中所佔的比例是多少？您能否談談提現交易集與非提現交易集的相對盈利能力，因為您試圖擺脫過去對提現的依賴。

Thanks for that. So remember that the transaction, withdrawal transactions in the United States has actually been a grower for us for a period of time. And the surcharge free transaction volume has always been more than sufficient to offset the modest declines in surcharge transactions. The only thing that changed in that dynamic, because the surcharge fee continues to grow very nicely is this prepaid card. The prepaid payroll card is down about 15% to 16% year over year, which, translates into a downdraft on the business.

謝謝。所以請記住，在美國，交易和提款交易實際上已經成長了一段時間。而且，免手續費交易量一直足以抵銷手續費交易量的輕微下降。唯一改變這種局面的，是這張預付卡，因為附加費仍在穩定成長。預付薪資卡年減約 15% 至 16%，這對企業造成了衝擊。

The other parts of the world we see withdrawal transaction volumes that are very strong, particularly in cash intensive economies. The UK is an exception to that. The UK has been on a downward trend for the last four or five years, really even predating the pandemic, and so we continue to that hasn't changed. That's been the same for some period of time.

世界其他地區的提款交易量非常強勁，尤其是在現金密集型經濟體。英國是個例外。英國經濟在過去四、五年一直處於下滑趨勢，實際上甚至在疫情爆發之前就已如此，所以我們繼續認為這種情況並沒有改變。這種情況已經持續了一段時間。

I think if you look at the Network business, approximately 75% of that business is US based, and so the phenomenon we're talking about would impact approximately 75% of the total revenue, if that's helpful, but Stuart, you want if you want to add.

我認為，如果你看一下網路業務，大約 75% 的業務都在美國，因此我們正在討論的現象將影響大約 75% 的總收入，如果這有幫助的話。但是斯圖爾特，你想補充什麼呢？

And to address your second question sort of in terms of percentage of our revenue is withdrawal based versus the other factors we have in the network business such as, ready go transactions, deposit transactions, branding, and other. Revenue drivers withdrawal transactions still make up the majority of the revenue in the high 80s, I would say, and, but we're starting to get every quarter essentially offset that, with you heard about the 90% increase in deposit transactions. Those are our highest margin transactions and the ones that we are seeing the most demand for as banks, look for alternate locations to serve their customers depending on their branch footprint consolidation activities.

至於你的第二個問題，就我們收入的百分比而言，提款收入佔比與我們網路業務中的其他因素（例如即用型交易、存款交易、品牌推廣等）相比，佔比是多少。提款交易仍然是收入的主要來源，佔總收入的 80% 以上，但正如你所聽到的，存款交易增長了 90%，我們每個季度基本上都能抵消這一影響。這些是我們利潤最高的交易，也是我們看到需求量最大的交易，因為銀行會根據其分行整合活動，尋找其他地點為客戶提供服務。

Got it. And then as a follow-up to go over to self-service banking for a second. You threw a lot of numbers out there on the ad service stuff, and I want to make sure I kind of understand. So you're going to exit [25] at 300 million or more. You had 195 million, I believe of contract bookings.

知道了。然後，我們又花一點時間體驗了一下自助銀行服務。你提到了很多關於廣告服務的數據，我想確保我大致理解了。所以你打算以 3 億美元或更多的金額退出 [25]。我相信你們有1.95億的合約預訂量。

How does that, what I guess would be the total as a service backlog and early read, obviously, but where do you think based on all that TCB and bookings, where do you think the exit rate for '26 could look like for that business?

我猜想這指的是總服務積壓和早期閱讀量，當然，但根據所有這些 TCB 和預訂量，你認為該業務 2026 年的退出率會是什麼樣子？

I think we're going to have another year of approximately 40% growth rate in that business. It's going to grow about 40% in the fourth quarter. If you'll recall that, we hoped to have the machines come on a little more linearly this year than they did in 2024. They were back and loaded, but we'll have a really nice ARR as we exit the year, which will, let's call it lock in a lot of the growth that we were expecting in 2026.

我認為我們這項業務明年的成長率將維持在40%左右。第四季將成長約40%。如果你還記得的話，我們希望今年的機器能比 2024 年更有線性地發展。他們已經回歸並蓄勢待發，但到年底我們將迎來一個非常不錯的年度經常性收入 (ARR)，這將鎖定我們預期在 2026 年實現的大部分成長。

So think about a 40% growth rate in Q4 and a 40% growth rate in 2026. And you'll remember that we hope this business at one point in time we rolled this business out, we thought the growth rate might be higher than that, but what's been clear is the adoption rate has been not slower because of demand. Demand's been strong, but slower because of the time it takes to complete the sale and ultimately implement the solution.

所以想想看，第四季成長率為 40%，2026 年成長率也為 40%。您可能還記得，我們​​當初推出這項業務時，曾希望它的成長率能更高，但很明顯，由於需求的原因，它的普及率並沒有降低。需求一直很強勁，但由於完成銷售和最終實施解決方案需要時間，因此速度較慢。

So we've rolled the devices onto the system, onto the as a service program a little bit slower than we would have liked. So we feel very good about backload the $195 million we probably should be doing something like that in most quarters, we're going to keep a 40% growth rate going, right? That number was [175] last quarter, it's [195] this quarter.

因此，我們把這些設備部署到系統上，部署到「即服務」程式中，速度比我們預期的要慢一些。所以我們對將 1.95 億美元的資金後置投入感到非常滿意，我們可能在大多數季度都應該這樣做，我們將保持 40% 的成長率，對吧？上個季度這個數字是[175]，這個季度是[195]。

It needs to grow with the business. That total contract value, if you divide that by 6, that's typical, an average duration for a contract in there that would give you a sense of how much that 195 would impact the ARR going forward.

它需要隨著業務的發展而發展。如果將合約總價值除以 6，這很典型，合約的平均期限就是 6，這可以讓你了解 195 對未來 ARR 的影響有多大。

And that maybe just one thing to emphasize is, that growth of 37% is also coming with phenomenal margins. So with the gross profit was up in 65% in the quarter and we saw a growth margin expansion of 700 basis points. So I think the point there is not only the backlog continuing to be strong, but it's also a very high-quality backlog in terms of what we're able to generate from a top-line and then from a flow through perspective.

或許需要強調的一點是，37% 的成長也伴隨著驚人的利潤率。因此，本季毛利成長了 65%，成長利潤率提高了 700 個基點。所以我認為關鍵不僅在於積壓訂單依然充足，而且就我們能夠從總收入和流程效率角度來看，積壓訂單的品質也非常高。

Got it. And if I can just sneak one more in, what is the ARPU (technical difficulty)as a service backlog today? And how are you thinking about maybe pivoting over to the hardware side of the business? How are you thinking about the duration of the hardware cycle? Thank you.

知道了。如果我還能再補充一個，那麼目前 ARPU（技術難度）作為一項服務積壓情況如何？那麼，您如何考慮將業務轉型到硬體領域呢？您如何看待硬體開發週期？謝謝。

Yeah, so I'll take the first question. So when you look at the ARPU in the backlog today, it's effectively flat from where we are, for where we were for Q3. Some of that has to do with just timing of some incremental deals that we've got in the APAC region which is a little bit lower, but I wouldn't read too much into that, the sales team is doing a phenomenal job in terms of trying, getting new contracts in Namer and Mia.

好的，那我來回答第一個問題。所以，當你查看當前積壓訂單的 ARPU 時，你會發現它與第三季度相比，實際上持平了。部分原因在於我們在亞太地區達成的一些增量交易的時機稍有不同，但這並不代表什麼，銷售團隊在努力爭取在北美和邁阿密獲得新合約方面做得非常出色。

And so the backlog can change, but in terms of that average ARPU, but we are really confident in terms of, can talk about the TPD that we signed up and the team's doing a great job building onto that.

因此，積壓訂單可能會發生變化，但就平均 ARPU 而言，我們非常有信心，可以談談我們簽約的 TPD，團隊正在為此做出巨大貢獻。

Yeah, and I don't think the second one because it's a really good story. We're going to put into service about 20% more devices this year than we did last year. We're going to sell 60% more recyclers this year than we did last year. We're -- the growth rates in our hardware business are even surprising us. It has a lot to do with terrific service levels from lens organization that are wowing our customers. It's a lot to do with the really concentrated effort we've made on the recycler that Stewart led and the team pulled off nearly flawlessly.

是的，我不認為第二個不好，因為它的故事真的很好。今年我們將投入使用的設備數量比去年增加約 20%。今年我們的回收器銷量將比去年增長 60%。我們硬體業務的成長率甚至讓我們自己都感到驚訝。這很大程度上要歸功於鏡頭供應商提供的出色服務，他們的服務讓我們的客戶讚歎不已。這很大程度上要歸功於我們在史都華領導的回收器專案上投入的集中精力，團隊幾乎完美地完成了這項工作。

So I feel great about where we are. I look at some of our nearest competitors. They've got relatively flat performance in hardware. I don't even know how to do that math. The market is very good. Bookings are very strong. Demand is high. And we expect that trend to continue into next year. Now at some point we'll hit that this high level, but I don't, I anticipate hardware revenue being up again next year, even on some very difficult comparisons.

所以我對我們目前的狀況感到非常滿意。我考察了一些最直接的競爭對手。它們的硬體效能相對平庸。我甚至不知道該怎麼做這道數學題。市場行情非常好。預訂情況非常熱門。需求量很大。我們預計這一趨勢將持續到明年。雖然我們遲早會達到這個高水平，但我預計明年硬體收入會再次成長，即使在一些非常艱難的同比數據下也是如此。

So we couldn't be more thrilled. We don't like to talk about hardware around here too much. We've always said we're a service company, but you can lock up these five to seven year contracts on devices that are very lucrative for us beyond the hardware sale. We feel great. So the mix is right. The profitability is strong.

我們簡直欣喜若狂。我們這裡不太喜歡談論硬體。我們一直說我們是一家服務公司，但你可以簽訂這些長達五到七年的設備合同，這對我們來說，除了硬體銷售之外，還能帶來非常豐厚的利潤。我們感覺很好。所以配比正好合適。獲利能力強勁。

Sometimes we get a mix that's high in hardware. We see profitability go down because it's lower margin than the services side. The productivity we've generated there and the price point on the devices we ship have all caused it to be more profitable than we would have thought. So taken all together, our hardware business is killing it right now, and I think it's going to continue.

有時我們會遇到硬體配置很高的組合。我們看到獲利能力下降，因為其利潤率低於服務業。我們在那裡創造的生產力以及我們出貨設備的價格，都使得它比我們預想的更有獲利能力。綜上所述，我們的硬體業務目前發展勢頭強勁，我認為這種勢頭還會持續下去。

Understood.

明白了。

(Operator Instructions)

（操作說明）

Dominick Gabriele, Compass Point.

多明尼克·加布里埃爾，指南針角。

Hey, good morning, guys. I guess when you're, well first let's just stick with the the recycler because it just sounds like that is becoming a larger and larger contributor you talked about the 60% more recyclers just now. Is there any chance that you'd be able to give us an idea of how much revenue that makes up and what the revenue story is going forward on the recycler business? I have a follow-up too, thank you.

嘿，大家早安。我想，首先我們還是先關注回收者吧，因為聽起來回收者正成為越來越重要的貢獻者，你剛剛提到了回收者增加了 60%。您能否簡單介紹一下這部分營收佔比是多少，以及未來回收業務的收入前景如何？我還有一個後續問題，謝謝。

I don't think I'll distinguish between the more traditional device that either the multi-function or just the dispense device, and, but we'll continue to give you the growth rates in the recycler if you'd like. I think remember that our growth rate is probably, somewhat self-inflicted, right? We didn't ship as many machines from recycler perspective as we would have liked to last year.

我不認為我會區分更傳統的設備、多功能設備或只是分配設備，但是，如果您願意，我們會繼續向您提供回收商的成長率。我認為大家應該記住，我們的成長率可能在某種程度上是咎由自取，對吧？從回收商的角度來看，我們去年的機器出貨量並沒有達到預期。

And our competitive position wasn't as good as it needed to be, and I think what you're seeing this year to a certain extent is two things. One, our recycling is very good at performing exceptionally well. We're proud to put it into service, and we've got some of the larger banks choosing to go with our solution and getting our machines into their labs.

我們的競爭力還不夠強，我認為今年你們在某種程度上看到的是兩件事。第一，我們的回收效率非常高，表現卓越。我們很自豪地宣布該產品投入使用，一些大型銀行已經選擇採用我們的解決方案，並將我們的機器引入他們的實驗室。

So, I think that matters a lot. It's also true that larger banks are starting to buy a preponderance of their fleets as recyclers. There's just an underlying dynamic. They are fully bought into the recycler. The upside associated or the upside associated with profitability and downside, lower costs associated with putting a recycler in place. So, I think it's twofold. One is, we're doing a hell of a lot better job with our recycler product than we did a year ago, and secondly, our big bank customers are choosing recyclers nearly every time when they order new machines.

所以，我認為這非常重要。大型銀行也開始大量購置車輛作為回收車輛，這也不無道理。這其中存在著一種潛在的動態因素。他們完全認同回收的理念。上行收益與獲利能力相關，下行收益則與引入回收設備相關的成本降低有關。所以，我認為這包含兩方面。第一，我們的回收產品比一年前做得好得多；第二，我們的大銀行客戶幾乎每次訂購新機器時都會選擇回收產品。

Great. No, I appreciate that. I guess if maybe you could just walk through some of the puts and takes and you talked about the tariff piece which was really helpful but maybe even beyond that if you can, can you talk about kind of the headwinds or the and the tailwinds the puts and takes to adjusted EBITDA growth that were in 2025, just trying to think about the trajectory of the business as we exit '25 into '26, given -- Yeah, thanks.

偉大的。不，我很感激。我想，如果您能詳細講解其中的一些利弊，您之前談到了關稅問題，這真的很有幫助。但除此之外，如果您可以的話，能否談談2025年調整後EBITDA成長面臨的利弊，以及相關的不利因素或有利因素？我只是想了解一下，鑑於2025年到2026年期間，公司業務的發展軌跡會是怎樣的——好的，謝謝。

It's a very clear question, and I knew this is going to come up, right? It's time for you all to start to build models into 2026, and, Andy would kill me if I started to talk about '26 guidance, and right, rightly so. So, right into our budgeting process now, I think whatever happens in tariffs, we'll figure out a way to absorb it like we did this year.

這是一個非常明確的問題，我知道這個問題遲早會被問到，對吧？現在是你們所有人開始建立 2026 年模型的時候了，如果我開始談論 2026 年的指導方針，安迪會殺了我的，沒錯，他這麼做是對的。所以，現在進入我們的預算編制過程，我認為無論關稅方面發生什麼，我們都會像今年一樣找到辦法將其消化掉。

We'll just, we'll figure that out, like we did it this year, we'll do it again. I have a hard time believing that tariffs will be much of a headwind next year, which suggests to me maybe they're a modest tailwind. We will get lower interest expense next year. It's helpful to us, we've got every time, they reduce interest rates by a quarter point. We pick up what we pick up annually.

我們會想辦法的，就像今年一樣，我們會再做一次。我很難相信關稅明年會構成多大的阻力，這讓我覺得它們或許會帶來些許順風。明年我們的利息支出會降低。這對我們很有幫助，每次他們都會降低利率0.25個百分點。我們每年都會收集同樣的物品。

That's about (inaudible). Well, if we think about just the US, we're talking about just the US Fed. We took about $2.6 billion in bulk cash. So if you think about today we've had 50 basis points. So that's, cut that in half, that's $13 million on a full year basis. We get another point again. Just add another 6.5 or so.

差不多就是這樣。（聽不清楚）嗯，如果我們只考慮美國，我們談論的只是聯準會。我們一次性收取了約26億美元現金。所以想想今天，我們已經漲了 50 個基點。所以，減半之後，全年就是 1300 萬美元。我們又得了一分。再加個6.5左右就行了。

It's hard to rely on those. We've built more into our budget for each of the last couple of years than we've actually seen. I'm hopeful we'll see one right here at the end of it, and they've always, they've been la a little later than we'd have liked to, so you don't get the full year effect. But in general, thinking about '26, taking all that aside, because it seems to, at least, I think we've converted what we're tail, what we're headwinds into tailwinds in each of those circumstances.

很難指望那些。過去幾年，我們每年的預算都比實際支出多。我希望我們能在年底看到一個，但它們總是比我們希望的晚一些，所以你無法獲得完整的年度效果。但總的來說，考慮到 2026 年的情況，拋開所有這些不談，因為至少看起來，我認為在每一種情況下，我們都把逆風變成了順風。

I think it's going to be a year a lot like this one. You're going to see 40% growth in ATMs and service. You're going to see terrific hardware numbers that hit more difficult comps in the second half of the year, but it'll be really terrific. You're going to see a recovery in the network business. The costs start growing in the fourth quarter and getting back to respectable growth rates as the year plays out.

我認為明年會和今年很相似。ATM機和服務將成長40%。下半年你會看到硬體效能數據非常出色，在更激烈的競爭中脫穎而出，但結果會非常出色。網路業務將會復甦。成本從第四季度開始成長，並隨著年底的臨近而恢復到可觀的成長率。

And I think in aggregate you're going to see a growth rate from us. It's 45%. We're going to grow profitability twice that fast. I'm going to generate more cash flow with conversions going from 30% to 35% or better by next year. So I think it's, if you kind of use that as your construct to put the model together and think through, kind of project forward what we're feeling this year, I don't think a lot's going to change.

我認為整體而言，你們將會看到我們的成長率。是45%。我們將以兩倍的速度獲利成長。明年，我的轉換率將從 30% 提高到 35% 甚至更高，產生更多現金流。所以我覺得，如果你以此為框架來建立模型，並思考和預測我們今年的感受，我認為不會有太大的改變。

And maybe actually if you don't mind, maybe just one last one. The hardware sales in the quarter are obviously good for the quarter, but it feels like they set up the opportunity for long-term, a long-term contract effectively, right through the life of the machine, and there's knock-on effects from that device being put in place over the next multiple years. And so maybe could you talk about, given that the demand for your products, seems to be increasing. How that could flow through the income statement, and financial metrics, in the kind of years to come next 12 to 18 months.

如果你不介意的話，或許可以再來最後一個。本季度的硬體銷售額顯然對本季度有利，但感覺他們為長期合作創造了機會，實際上簽訂了一份長期合同，貫穿機器的整個生命週期，而且該設備的投入使用將在未來幾年產生連鎖反應。那麼，鑑於貴公司產品的需求似乎正在成長，您能否談談這方面的情況？在未來 12 至 18 個月內，這將如何影響損益表和財務指標？

Growing that install base is the most important thing we're going to do this year. It is our right to sell software on a subscription basis and to service those devices for five to seven years in duration has everything to do with our ability to put them in place at a good customer who trusts us to do that for them. So, despite the fact we don't tend to talk about hardware very often because we're not a device company, we're a service company.

擴大用戶基數是我們今年最重要的任務。我們有權以訂閱方式銷售軟體，並為這些設備提供五到七年的服務，這完全取決於我們是否有能力將這些設備安裝到位，以及客戶是否信任我們並願意為他們提供服務。所以，儘管我們不太常談論硬件，因為我們不是一家設備公司，而是一家服務公司。

But, our Service business relies on the success of the hardware business and relies on our software business relies on the success of those devices. It's been very strong. Or to say it differently, when you miss on a device, you've missed on the revenue stream for five to seven years, and it's a very painful thing to do.

但是，我們的服務業務依賴硬體業務的成功，而我們的軟體業務又依賴這些設備的成功。它一直非常強勁。換句話說，如果你錯過了一款設備，你就錯過了五到七年的收入來源，這是一件非常痛苦的事情。

So yeah, this is really important, and it's going to see, when you see growth next year in the service revenue away from ATMs of service, you've got ATMs a service. It's just you're picking up more services around the same devices you're also going to see growth in software and services associated with that fleet getting incrementally larger such that the software and service pull through is stronger.

所以，是的，這非常重要，而且你會看到，明年當ATM服務以外的服務收入成長時，你就會有ATM服務。只是你圍繞著相同的設備獲得了更多服務，你也會看到與該設備群相關的軟體和服務不斷增長，設備群規模逐步擴大，從而使軟體和服務的拉動效應更強。

So this is a very important year and if this cycle of replacement continues to be strong, we believe that it will, it's a very good time to have people like your hardware because it's, you're booking five to seven years' worth of revenue that's probably 4x the cost of the device itself.

所以今年是非常重要的一年，如果這種更新換代的周期繼續保持強勁（我們相信它會的），那麼現在正是推廣你們硬體的好時機，因為你們可以獲得未來五到七年的收入，這很可能是設備本身成本的四倍。

Excellent, thanks so much.

太好了，非常感謝。

Antoine Legault, Wedbush Securities.

安托萬‧勒戈，韋德布希證券公司。

Okay, thanks for taking my question. Just on the (inaudible) cash, you mentioned about $3.6 billion in vault cash that obviously drives interest expense, and I appreciate that, the Fed has been cutting rates and you benefit from that. But just thinking about that notional amount, do you have any ability to or discretion to flex that number up or down, is that $2.6 billion, the sort of the right number? Could this be, could it be optimized further, depending on network activity and the quarters where activity is a bit lower. Just how, is there anything that could be done here? Help me understand how that can work. Thank you.

好的，謝謝您回答我的問題。就現金而言，您提到了大約 36 億美元的金庫現金，這顯然會增加利息支出，我對此表示讚賞，美聯儲​​一直在降息，而您也從中受益。但就這個名目金額而言，您是否有能力或酌情調整這個數字，26億美元是否合適？這是否可以根據網路活動和活動稍低的季度進一步優化？到底該怎麼做？這裡還有什麼辦法嗎？請幫我理解一下這是怎麼回事。謝謝。

Yeah, just a quick. It's, so it's $2.6 billion, that we have that sort of out in our machines around the world.

嗯，就簡單問一下。所以，總價值是 26 億美元，我們在世界各地的機器中都配備了這種設備。

(multiple speakers)

（多位發言者）

And that number has come down substantially over the last couple of years as we've implemented optimization. It's our biggest expense, so it's the area where we have the highest amount of focus in terms of optimizing efficiency, and it's one of the big drivers for ATM as a service we take over our customers fleet, we're able to optimize their utilization of cash and return capital back to them as well, so it's a number we're incredibly focused on, and we try to drive that number down, every chance we get. So a combination of improved efficiency and lower interest rates next year will help the network, as it returns to growth.

隨著我們實施優化措施，在過去幾年裡，這個數字已經大幅下降。這是我們最大的開支，因此也是我們在優化效率方面投入最多精力的領域，也是我們開展 ATM 服務的主要驅動力之一。我們接手客戶的 ATM 機，能夠優化他們的現金利用率，並將資金回饋給他們，因此我們非常關注這個數字，並努力抓住每個機會降低這個數字。因此，明年效率的提高和利率的降低將有助於該網路恢復成長。

Stuart, what are the inputs of that algorithm that help us decide how much cash and how often to roll trucks?

斯圖爾特，幫助我們決定需要多少現金以及多久派一次卡車的演算法的輸入是什麼？

It's a combination of where the machine is, so some machines are harder to get to, so the drop cost is higher, combination of the vault that it's -- that's getting to, and obviously a combination of the utilization of the machine. So we make decisions around whether we refill the machine weekly, monthly, biweekly, depending on the drop cost, and then a combination of whether we have a recycler or a cash dispenser in there. If we have a recycler in that unit, as we have been increasing, our deposit taking network, that machine becomes increasingly more optimized and requires less visits, and that's lower cash rates.

這取決於機器所在位置的綜合因素，有些機器比較難到達，所以掉落成本更高；取決於機器所在的保險庫的難度；當然也取決於機器的利用率。因此，我們會根據每次投幣的成本，以及機器內是否有回收機或提款機等因素，來決定是每週、每月或每兩週補充機器。如果我們在該單元內配備回收機，隨著我們不斷擴大存款收取網絡，該機器將變得越來越優化，需要的訪問次數也會減少，從而降低現金費率。

There are no further questions at this time, I will turn the conference back to Mr. Oliver for any additional or closing remarks.

目前沒有其他問題了，我將把會議交還給奧利佛先生，請他作補充或總結發言。

Great. Well, thank you. This quarter looked a heck of a lot like the one that preceded it. And I suspect that the next one will be the same. We're making good steady progress everywhere. We're winning more often than not. Our employees are performing exceptionally well. Our customer service levels are high and continue to get higher.

偉大的。謝謝。本季與上一季非常相似。我懷疑下一次也會一樣。我們在各方面都取得了穩步進展。我們贏的次數比輸的次數多。我們的員工表現非常出色。我們的客戶服務水準很高，而且還在不斷提高。

It's very hard not to feel good about where this business is headed. Well, that'll translate into a closing out a good year here in our fourth quarter and then most importantly, probably, give us good momentum going into 2026. We appreciate your time today and, I guess happy holidays. Won't talk to you again until February, so, an early happy holidays from the (inaudible) team that doesn't the call. Thanks a bunch. We'll talk to you again in 90 days.

很難不對這家企業的未來發展方向感到樂觀。嗯，這將意味著我們在第四季度能夠圓滿結束今年，最重要的是，可能會為我們進入 2026 年帶來良好的發展勢頭。感謝您今天抽出時間，也祝您節日快樂。二月之前不會再跟你說話了，所以，提前祝（聽不清楚）團隊節日快樂，我們不會接電話。非常感謝。90天後我們再聯絡您。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。