Revenue

Q3 2025

$1.25B – $1.3B "

$1,330 million "

raised

FX Impact

Q3 2025

Headwind of around 3% to 3.5% "

Slight tailwind expected "

raised

Adjusted EBITDA

Q3 2025

$205M – $225M "

$240M – $260M "

raised

EPS

Q3 2025

$1.25 – $1.65 "

$1.85 – $2.25 "

raised

AMS DRS Growth

Q3 2025

no prior guidance [N/A]

Strong continued growth expected, trending toward high end of mid-to-high teens "

no prior guidance

Revenue

FY 2025

no prior guidance [N/A]

Increased by approximately $75 million from prior expectations "

no prior guidance

Adjusted EBITDA

FY 2025

no prior guidance [N/A]

Increased by approximately $20 million from prior expectations "

no prior guidance

EBITDA Margin Expansion

FY 2025

30 to 50 basis points "

30 to 50 basis points "

no change

Free Cash Flow Conversion

FY 2025

No change in expectations for free cash flow conversion "

Expected to be between 40-45% of adjusted EBITDA "

no prior guidance

Shareholder Returns

FY 2025

On track to meet or exceed 2024 levels "

Over 50% of free cash flow to be allocated towards shareholder returns "

no prior guidance

Organic Growth

Q3 2024 and Q4 2024 earnings calls emphasized robust organic growth figures (13% in Q3 " " and 11% in Q4 " ), with strong performance in AMS/DRS and CVM segments driving double-digit growth in key areas. " "

Q2 2025 reported 5% total organic growth overall with standout 16% growth in AMS/DRS, driven by record transactions and new customer wins, though overall pace appears lower compared to previous high single‐digit figures. " "

Overall organic growth is sustained in high‐margin segments like AMS/DRS while the overall rate is lower, indicating a shift to quality growth rather than relying on historically higher aggregate figures. " " " "

Margin Expansion

Previous periods (Q3 2024 and Q4 2024) highlighted margin expansion via productivity improvements and a 40–60 basis point uplift in EBITDA margins, with record operating margins driven by improved revenue mix and cost efficiencies. " " "

Q2 2025 achieved record Q2 EBITDA margins of 17.8% and operating margins of 12.6% (up 20bps YoY), supported by continued productivity gains and a shift to higher-margin businesses such as AMS/DRS. " "

Margin expansion remains a consistent focus with a steady upward trajectory, reflecting ongoing operational improvements and a strategic shift toward more profitable lines. " " " "

AMS and DRS Segment Performance

In Q3 2024, AMS/DRS delivered 26% organic growth and in Q4 2024 they achieved 23% growth along with strategic partnerships and revenue contribution of 24% of total revenue, despite implementation challenges and some volatility issues. " " "

Q2 2025 reported 16% organic growth in AMS/DRS, supported by record installations, new customer wins, and expectations of mid-to-high teens growth midterm, while still acknowledging lumpy implementation due to large rollouts. " " " "

The segments continue to be a growth engine though the organic growth percentage is lower in Q2 2025; the trend shows ongoing demand with recognized implementation volatility, suggesting maturity and evolving execution strategies. " " "

Traditional CVM/Legacy Business Challenges

Q3 2024 discussions indicated softness in global services and FX headwinds impacting CVM, with CVM growing at low single digits; Q4 2024 emphasized conversion of legacy customers to AMS/DRS contributing to the slowdown. " " "

Q2 2025 noted that traditional CVM growth is impacted by customer conversion to AMS/DRS, costing a couple of growth points, even as stable but modest organic growth continues in core CVM functions. " "

Persistent legacy challenges continue as the business morphs with customers shifting towards newer, higher margin services, highlighting an ongoing strategic transition. " " " "

Global Services Business Dynamics

Q3 2024 saw softness in global services due to low precious metals volatility and an FX impact, along with a new leadership appointment to reinvigorate the segment " " " ; Q4 2024 described beneficial volatility in precious metals and leadership enhancements. " " "

Q2 2025 reported moderation to a mid-single-digit growth rate in global services with reduced tariff‐related noise, while remaining well positioned to benefit from future market dislocations without any leadership changes mentioned. "

Global Services is shifting from periods of higher volatility benefits and leadership changes to a steadier, moderate growth environment, remaining poised for future market dislocations. " " "

Operational Efficiency and Productivity Improvements

Q3 2024 focused on deploying a new routing system and centralizing planning while facing integration delays, and Q4 2024 highlighted significant cost productivity improvements (e.g. 310bps drop in labor costs) and DSO reductions. " " " "

Q2 2025 achieved record margins owing to productivity improvements from both internal facility investments and route optimization initiatives, leading to improved capital efficiency and a shorter cash cycle. " "

The emphasis on operational efficiency is consistent with enhanced technology investments and better execution; progress is evident with record margins and improved cycle times, even as earlier integration challenges appear resolved. " " "

Free Cash Flow Conversion Targets

Q3 2024 set a long-term target near 50% conversion with 2024 guidance between 37% (midpoint) and $320–360 million FCF, while Q4 2024 mentioned a 44% conversion from adjusted EBITDA and expectations of 40–45% in 2025. " " " "

Q2 2025 reported over $100 million in free cash flow for the quarter, with trailing twelve-month improvements to a 48% conversion of adjusted EBITDA, maintaining the 40–45% target framework for 2025. " "

The focus on free cash flow conversion remains stable and strategically important, with consistent targets and slight improvements in realized conversion, indicating ongoing operational discipline. " " " "

Reliance on One-time Adjustments

Not mentioned in Q3 2024 or Q4 2024 discussions.

Q2 2025 management explicitly stated that strong performance was driven by underlying business performance rather than one-time adjustments, clarifying quality of results. "

This is a new emphasis in Q2 2025, indicating a deliberate effort to differentiate recurring performance from non-recurring factors, which could boost investor confidence in sustainable growth. "

Foreign Exchange Headwinds in High-Margin Regions

Q3 2024 reported significant FX impacts including an 11% headwind and a $131 million revenue impact, and Q4 2024 discussed a 10% headwind in high-margin Latin American segments with expectations of continued challenges. " " " "

Q2 2025 noted FX headwinds amounting to a 1% impact overall with some offsetting tailwinds from the euro and British pound, though devaluations in Latin America remained a challenge. " "

FX headwinds remain a consistent concern; current period impact appears lower in percentage terms but continues to affect high-margin regions, underscoring the persistent currency risk exposure. " " " "

Precious Metals Market Volatility Impact

Q3 2024 cited lack of volatility as reducing demand for movement and storage of precious metals, negatively affecting the segment, while Q4 2024 noted that increased volatility later in the period benefited shipments and incremental profit conversion. " " "

Q2 2025 described the Global Services segment moderating to mid-single-digit growth due to reduced tariff-related noise, with the potential to benefit from future dislocations in precious metals markets. "

The qualitative sentiment shifted from a negative impact in Q3 due to low volatility to a more optimistic perspective in Q4, with Q2 2025 adopting a cautious, wait-and-see stance that monitors market dislocations. " " "

Security Loss and Risk Management Concerns

Q3 2024 mentioned a $10 million security loss in Latin America due to theft, noting that such events are managed through deductibles and self-funding, with minimal expected long-term impact. " "

Q2 2025 and Q4 2024 did not mention any security loss or related risk management concerns.

The issue surfaced in Q3 2024 but did not reappear in subsequent periods, suggesting it was an isolated incident with managed risk, reducing its emphasis in later discussions. " "

Investments in Route Optimization Technology

Q3 2024 detailed investments in a new routing system, including cloud migration and centralized control towers, though facing integration challenges that delayed productivity gains. " "

Q2 2025 reported that benefits from route optimization investments made in late 2024 were now driving productivity improvements across key regions, indicating successful adoption of the technology. " "

The focus on route optimization has matured from initial implementation challenges in Q3 2024 to tangible productivity benefits by Q2 2025, reflecting a successful execution and reduced integration issues. " " "