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- **Revenue Beat**: Q3 SAT growth 28%, driven by international currency wins and 20%+ backlog growth.
- **Strategic Shifts**: 60% portfolio in non-cash markets, Antares Vision acquisition for $2B track-and-trace growth.
- **U.S. Currency Growth**: 2026 Fed order projects high single-digit growth, with $10 bill production ramping mid-2026.
- **Margin Expansion**: SAT margin 28%, CPI service business mid-single-digit ARR growth, authentication margins +20% by 2026.
- **Risk Management**: Vending hardware softness offset by strong service growth and 29-30% CPI margins.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 sales of $445M (+10% YoY), driven by 28% growth in Security & Authentication Technologies (SAT) and 1% core growth in Currency Processing & Innovation (CPI). International currency orders exceeded expectations, with 9 new customer wins year-to-date.
- **Strategic Acquisitions**: Announced acquisition of Antares Vision for $2B track-and-trace market, expected to close in Q4. Integration of De La Rue's authentication business progressing, with 20%+ margin expansion from transitioning customers to micro-optics.
- **U.S. Currency Outlook**: 2026 Federal Reserve order projects high single-digit growth, with new $10 bill production starting mid-2026. $50 bill redesign expected in 2028.
- **Portfolio Shift**: 60% of portfolio now focused on non-cash-related markets, up from 80% in 2023.

**【CFO Financial Commentary】**
- **Financial Performance**: SAT segment operating margin 28% (vs. 25.5% prior guidance), driven by $100M+ SAT backlog. CPI segment margin 29-30%, with service business growing mid-single digits. Full-year EPS guidance narrowed to $4.00-$4.10.
- **Cash Flow**: Q3 free cash flow conversion 115%, on track for 90-110% full-year target. Antares Vision transaction to increase leverage to 2.9x, with plans to reduce via free cash flow.
- **2026 Outlook**: SAT core growth 9-11%, CPI flat to low single-digit, with service business mid-single-digit ARR growth.

**【Q&A Highlights】**
- **Vending Challenges**: Vending hardware orders down due to tariffs, but service business growing mid-single digits. CPI segment margin maintained at 29-30% despite headwinds.
- **Antares Vision Integration**: Antares' detection and track-and-trace tech aligns with secular growth trends. Expected to contribute to 2026 guidance post-closing.
- **$10 Bill Production**: Full-scale production mid-2026, with $100M+ annualized revenue potential. $50 bill redesign in 2028 to incorporate advanced security features.
- **Authentication Margin Expansion**: Transitioning 80% of De La Rue customers to micro-optics, driving 20%+ operating margin in authentication business by end-2026.

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