Financial Data and Key Metrics Changes - Brink's reported Q3 2025 revenue of over $1.3 billion, a 6% increase, with 5% organic growth and a 1% foreign currency tailwind [18] - Adjusted EBITDA rose 17% to $253 million, with operating profit up 24% [18] - EBITDA margins reached a record 19%, up 180 basis points year-over-year, driven by productivity and AMS/DRS revenue mix [4][18] - Free cash flow for Q3 was $175 million, a year-over-year increase of 30%, with year-to-date free cash flow up 78% [5][18] Business Line Data and Key Metrics Changes - AMS/DRS accounted for 28% of total revenue in Q3, with organic growth accelerating from 16% in Q2 to 19% in Q3 [4][10] - CVM organic growth remained consistent, driven by pricing discipline and conversion to AMS/DRS, contributing 2-3 points of growth in CVM [11][31] - The revenue mix is shifting towards higher-margin AMS/DRS, with expectations for this segment to reach 27-28% of total revenue by year-end [10] Market Data and Key Metrics Changes - The company is experiencing healthy organic growth across all regions, with particular strength in North America and Latin America [30][60] - The penetration rate for ATM outsourcing remains low, indicating significant growth opportunities in both existing and new markets [13][30] Company Strategy and Development Direction - Brink's is focused on delivering organic growth primarily from higher-margin subscription-based services of AMS and DRS, with a value creation strategy in place [7][8] - The company is making structural changes to improve profitability and cash generation, including reducing capital intensity and enhancing operational efficiency [8][22] - The management is confident in the long-term growth potential of AMS/DRS, with a target of achieving at least 20% EBITDA margin in North America over the midterm [16][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and execution, highlighting strong pipelines and growth in AMS/DRS [16][60] - The outlook for the fourth quarter includes expected revenue of $1.355 billion, reflecting mid-single-digit organic growth [24] - Management noted that bank consolidation could present opportunities for AMS solutions, enhancing cost synergies for consolidating banks [68][70] Other Important Information - The company has repurchased approximately 1.7 million shares year-to-date at an average price of just over $89 per share, with plans to return at least 50% of free cash flow to shareholders [8][23] - The net debt to EBITDA leverage ratio was reduced to 2.9x, within the targeted range of 2x-3x [9][22] Q&A Session Summary Question: Increased full-year growth outlook for AMS/DRS - Management noted good visibility into Q4 and the first half of next year, with strong growth in both AMS and DRS across all regions [27][30] Question: Trends in CVM business - Management indicated that the conversion to AMS/DRS accounted for some organic headwind in CVM growth, with Global Services performing in line with expectations [31] Question: Internal strategies for AMS/DRS growth - Management discussed changes in incentive compensation plans to focus on AMS/DRS growth and the evolution of sales channels to include partnerships [41][44] Question: North America margins and long-term potential - Management highlighted that margin improvements are driven by AMS/DRS mix, disciplined pricing, and operational execution, with incremental margins expected to be 20%-30% [45][50] Question: Midterm goals for free cash conversion - Management expressed confidence in maintaining a conversion target of 40%-45%, driven by the favorable DSO profile of AMS/DRS and improved collections [54][57] Question: Impact of bank consolidation - Management believes bank consolidation could create opportunities for AMS solutions, providing unique offerings and cost synergies for consolidating banks [68][70]