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- **Revenue Growth**: Q3 organic growth 5%, AMS/DRS accelerates to 19% QoQ (28% of total revenue). Full-year EBITDA margin expansion 30-50bps.
- **Margin Expansion**: Record 19% EBITDA margin (180bps YoY), North America at 37.1% (320bps YoY). Target 20%+ EBITDA margin in North America.
- **Cash Flow Strength**: $175M free cash flow (30% YoY), 50%+ FCF return to shareholders via buybacks.
- **Strategic Moves**: 1,000+ employees incentivized for AMS/DRS growth, 2x-3x TAM expansion in unvended retail. Q4 EPS guidance $2.28-2.68.
- **Operational Efficiency**: DSO down 5 days, vehicle count reduction, safety TRIR down 33% since 2023.

**【CEO Summary Section】**
- **Organic Growth Acceleration**: Total company organic revenue grew 5%, with AMS/DRS accelerating to 19% QoQ (vs. 16% in Q2). AMS/DRS now accounts for 28% of total revenue, up from 27% in Q2.
- **Record Margins**: EBITDA margins expanded 180bps YoY to 19%, driven by AMS/DRS mix (320bps in North America) and productivity initiatives. North America EBITDA margin reached 37.1%, up 320bps YoY.
- **Cash Flow Strength**: Free cash flow of $175M (30% YoY growth), with DSO improving 5 days to 42 days. Full-year free cash flow conversion target: 40-45%.
- **Share Repurchases**: $154M spent on buybacks (1.7M shares at $89 avg price), reducing net debt-to-EBITDA to 2.9x (target 2-3x).
- **Long-Term Outlook**: Targeting 20%+ EBITDA margin in North America over midterm, with 2x-3x TAM expansion in AMS/DRS.

**【CFO Financial Commentary】**
- **Q3 Results**: Revenue $1.3B (+6%), EBITDA $253M (+17%), EPS $2.08 (+28%). Adjusted EBITDA margin 19%, above guidance midpoint.
- **Currency Impact**: 1% FX tailwind (euro, pound strength), 7.5% FX flow-through to EBITDA. Full-year organic growth maintained at mid-single digits.
- **Cash Allocation**: 50%+ of FCF returned to shareholders (buybacks/dividends). 2025 M&A pipeline focused on AMS/DRS expansion.
- **Q4 Guidance**: Revenue $1.355B (midpoint), EBITDA $267-287M, EPS $2.28-2.68. Full-year EBITDA margin expansion 30-50bps.

**【Q&A Highlights】**
- **AMS/DRS Growth Drivers**: 1/3 of DRS signings from CIT conversions, 2x-3x TAM expansion in unvended retail. Incentive plans for 1,000+ employees tied to AMS/DRS growth.
- **CVM Slowdown**: 2-3pts organic headwind from AMS/DRS conversions. Global Services growth stable at mid-single digits.
- **North America Margin Potential**: Incremental margins 20-30%, targeting 20%+ EBITDA margin. Operational improvements (safety TRIR down 33% since 2023) driving efficiency.
- **Cash Conversion**: DSO improvement (5 days YoY) from AMS/DRS mix shift and collections focus. CapEx efficiency (vehicle count reduction) supporting decapitalization.
- **Geographic Growth**: Balanced organic growth across regions, with Rest of World (LATAM/Middle East) lagging but improving. No material FX impact expected in 2026.
- **Bank Consolidation Impact**: AMS solutions position Brink's to benefit from cost synergies in consolidating banks. Potential short-term CVM headwinds offset by long-term AMS opportunities.

The Brink's Company (BCO) Q3 2025 Earnings Call Transcript

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BCO

BCO fundamentals

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