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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Net Income

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Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

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BCO

BCO fundamentals

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