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Q3 2019 Brinks Co Earnings Call
RICHMOND Oct 26, 2019 (Thomson StreetEvents) -- Edited Transcript of Brinks Co earnings conference call or presentation Wednesday, October 23, 2019 at 12:30:00pm GMT
TEXT version of Transcript
Corporate Participants
* Douglas Allen Pertz
The Brink's Company - President, CEO & Director
* Edward A. Cunningham
The Brink's Company - VP of IR & Corporate Communications
* Ronald J. Domanico
The Brink's Company - Executive VP & CFO
Conference Call Participants
* James Martin Clement
The Buckingham Research Group Incorporated - Analyst
* Jeffrey Ted Kessler
Imperial Capital, LLC, Research Division - MD
* Samuel England
Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
* Tobey O'Brien Sommer
SunTrust Robinson Humphrey, Inc., Research Division - MD
* Wayne J. Archambo
Monarch Partners Asset Management, LLC - General Partner, Portfolio Manager & Equity Analyst
Operator [1]
Welcome to the Brink's Company's Third Quarter 2019 Earnings Call. Brink's issued a press release on third quarter results this morning. The company also filed an 8-K that includes the release and the slides that will be used in today's call. For those of you listening by phone, the release and slides are available on the company's website at brinks.com. (Operator Instructions)
As a reminder, this conference is being recorded. (Operator Instructions)
Now for the company's safe harbor statement. This call and the Q&A session will contain forward-looking statements. Actual results could differ materially from projected or estimated results. Information regarding factors that could cause such differences is available in today's press release and in the company's most recent SEC filings. Information presented and discussed on this call is representative as of today only. Brink's assumes no obligation to update any forward-looking statements. The call is copyrighted and may not be used without written permission from Brink's. It is now my pleasure to introduce your host, Ed Cunningham, Vice President of Investor Relations and Corporate Communications. Mr. Cunningham, you may begin.
Edward A. Cunningham, The Brink's Company - VP of IR & Corporate Communications [2]
Thanks, Drew. Good morning, everyone. Joining me today are CEO, Doug Pertz; and CFO, Ron Domanico. This morning, we reported third quarter results on both the GAAP and non-GAAP basis. The non-GAAP results exclude a number of items, including our Venezuela operations, the impact of Argentina's highly inflationary accounting, reorganization and restructuring costs, items related to acquisitions and dispositions, costs related to an internal loss and costs related to certain accounting compliance matters. We're also providing an analysis of our results on a constant currency basis, which eliminates changes in foreign currency exchange rates from the prior year. We believe the non-GAAP results make it easier for investors to assess operating performance between periods. Accordingly, our comments today, including those referring to our guidance, focus primarily on non-GAAP results. Reconciliations of the non-GAAP to GAAP results are provided in the press release, in the appendix to the slides we're using today and in this morning's 8-K filing, all of which can be found on our website.
Finally, Page 3 of the press release provides the details behind our 2019 guidance, including revenue, operating profit, noncontrolling interest, income taxes and adjusted EBITDA.
I'll now turn the call over to Doug Pertz.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [3]
Thanks, Ed, and good morning, everyone. Today, we reported solid growth in revenue, operating profit, adjusted EBITDA and EPS despite currency headwinds that were much stronger-than-expected. FX translation reduced operating profit by $17 million, more than $6 million higher than we anticipated in our prior guidance. Thanks to stronger organic- and acquisition-related growth in North and South America segments, operating -- segment operating profit or operating profit before corporate expenses increased 18% and was up 28% on organic basis and 33% on a constant currency basis.
Total operating profit, which included higher quarterly corporate expenses, was up 7% on a reported basis and 25% in constant currency. These higher third quarter corporate expenses included $5 million of expenses related to share-based comp and higher insurance premiums, together reducing profit growth by about 5%. These costs were in addition to our planned spending of about $5 million for Strategy 2.0 development and approximately $2 million of IT upgrades, also in corporate expense. Corporate expenses can vary from quarter-to-quarter compared to last year and sequential quarters, as demonstrated by this quarter. However, our full year corporate expenses are projected to be in line with our forecast, supporting our guidance of earnings growth in the mid-teens that we'll talk about today.
On the strategic front, we continued -- we're continuing to execute on our Strategy 1.0 organic growth initiatives, taking them wider and deeper throughout our global footprint. These initiatives have already driven substantial profit growth and in some -- and with some new improvement initiatives, will be critical drivers to the expanded margins we are targeting over our next year -- 3-year plan period.
Supporting our Strategy 1.5, in the quarter, we completed the acquisition of TVS, a small cash management business in Colombia. Our largest acquisition to date, Dunbar, is making significant contributions to our U.S. results. The integration of this acquisition is progressing well, and we expect to execute -- and we expect to exceed our targeted cost synergies of $45 million by the end of 2020. Our new 3-year plan will include a third tier Strategy 2.0, which is aimed at expanding our presence in the global cash ecosystem. We're developing 2.0 this year for initial rollout in early 2020.
Finally, we've adjusted our full year 2019 guidance to reflect the higher-than-expected impact of FX in the third and fourth quarter of this year. The full year negative translational FX impact is now expected to be $80 million, an increase of $20 million over prior guidance. On an operational basis, our guidance has not changed.
Turning to the next slide. Reported revenue for the quarter was up 8% and operating profit rose 7%. As stated in the last slide, translational FX rates reduced reported earnings by $17 million, of which $6 million was greater than what we had originally assumed in our guidance. At previous guidance FX rates, operating profit would have been 14% over the prior year, even with the higher corporate expenses we mentioned earlier. We also achieved solid growth in adjusted EBITDA and earnings per share, both in constant currency and on a reported basis. Ron will provide more details on these and other financial metrics in a few minutes.
Turning to Slide 5. Led by Mexico and the U.S., our North American operations achieved double-digit growth in revenue and operating profit, both on a reported and on a constant currency basis. U.S. reported revenue growth -- profit -- revenue and profit growth of 22% and 17%, respectively, due primarily to the Dunbar acquisition. It's important to note that U.S. non-GAAP results include approximately $5 million related to the settlement of a class action lawsuit and integration expenses that reduced its margin rate to 6.4% in the quarter. Excluding these items, the U.S. margin rate was approximately 8%.
Clearly, the U.S. quarterly results were not as clean as I would've liked them to have been. However, we're confident that even with these added costs, our U.S. business will exit the fourth quarter and its targeted 10% margin rate and achieve a full year margin rate of at least 8%. It's important to remember that we started our 3-year plan in 2017. When we started it, our U.S. margin was less than 1%.
As I just mentioned, we continue to expect the integration of the Dunbar -- Dunbar into our U.S. operations to deliver synergies in excess of $45 million by the end of next year. We recently completed the rebranding of all Dunbar operations, closed or consolidated 21 branches to date and are in the process of migrating to a new common CIT operating system for both businesses. And as we stated, we expect continued strong profit growth in the U.S. next year, and we're targeting 13% margin in 2021.
Mexico continued to deliver strong revenue and profit growth. In fact, I want to, again, congratulate the Mexico team for exceeding their 3-year margin target, that's 3 years through [2019], which was 15% in just 2 years through last year. And they're continuing their path to improve margins this year and will into the future.
In South America, reported revenue was up 6% and margins grew 28%, despite FX translation that reduced revenue by $39 million and profit by $15 million. Organic profit rose 54% and 18% organic -- on 18% organic revenue growth. In constant currency, revenue was up 24% and profit rose 60-plus percent.
Argentina and Brazil were the primary drivers of the improved results. Brazil's results included positive contribution of the successful integration of Rodoban acquisition. These results demonstrate that our underlying operations continue to perform very well, despite our strong currency headwinds. Our inflation-based price increases in Argentina, combined with the recent volume growth, are beginning to offset the pesos' dramatic devaluations since mid-2018, and including August of this year. For 2019, we're now assuming an average of ARS 0.50 versus the U.S. dollars with an average for the fourth quarter of ARS 0.67 to the U.S. dollar. We'll be keeping an eye on next week's selections in Argentina, which could cause further volatility in the pesos' value.
Before turning over to Ron, I should mention that revenue in the Rest-of-the-World segment was relatively flat, with reported operating profit up 5% and 6% up on an organic basis. France is by far the largest country in this segment, and it achieved solid profit growth in the quarter thanks to improved efficiencies and positive -- and to the positive impact of Temis integration. We look forward to continuing this improvement, both now -- this year, excuse me, and into the next year.
And now, for a review of financials by Ron.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [4]
Thanks, Doug, and good day, everyone. I understand we maybe having a little technical issue with the slides, we're trying to get that addressed right away. The slides are posted to the website. But I will go on with the script, and we will get that technical issue resolved as soon as possible.
Turning to Slide 7. Constant currency revenue growth was 14%, split equally between organic results and acquisitions. Revenue was reduced by $49 million or 6% from negative ForEx. Reported revenue was $925 million, up 8% versus the third quarter last year. Third quarter constant currency operating profit grew 25%. Organic results included $31 million increase in segment operating profit that was partly offset by $12 million in higher corporate charges. The corporate increase included $7 million in Strategy 2.0 and IT investment, $3 million in higher noncash share-based compensation and $2 million of increased insurance cost. Acquisitions added $5 million in operating profit, the majority coming from Rodoban that closed in January this year and Dunbar that closed last August.
Negative ForEx translation reduced operating profit by 18% or $17 million, which Doug has said was $6 million worse than prior guidance. Reported operating profit was $102 million and the operating margin was 11.1%. 9-month amounts are included at the bottom of the slide. The year-to-date revenue percent changes are similar to the third quarter. Year-to-date operating profit was up 38% in constant currency and up 14% after ForEx. Versus prior guidance, the $6 million in incremental negative ForEx translation reduced year-to-date operating profit growth by 2%.
Moving to Slide 8. This slide bridges third quarter operating profit to income from continuing operations and then to adjusted EBITDA. The variance from the prior year is at the bottom of the slide. Third quarter 2019 operating profit of $102 million was reduced by $22 million of net interest, which was up $6 million versus the same period last year, attributed to higher net debt associated with the acquisitions. Tax expense of $25 million was $2 million favorable versus prior year, as higher income was offset by a 270 bp reduction in the non-GAAP effective tax rate.
The non-GAAP ETR was 34.2% in 2018, and for the first half of 2019, we estimated the ETR at 33%. Based on improved expectations to utilize tax credits and other attributes, in the third quarter, we reduced the expected 2019 ETR to 31.5%. Last year's buyout of our minority partner in Colombia cut controlling -- noncontrolling interest in half. Third quarter 2019 income from continuing operations of $54 million divided by $51.1 million weighted average diluted shares outstanding, generated $1.05 in earnings per share and 11% increase from last year. Depreciation and amortization added $36 million, relatively flat with last year. D&A is growing slower than we expected, primarily due to the timing of capital investments. Interest and taxes added $47 million and noncash share-based compensation added $10 million. In total, 2019 third quarter adjusted EBITDA was $145 million.
Moving to Slide 9. This slide illustrates the expected impact of translation ForEx from our full year guidance to our new guidance. The impact of the devaluation of the Argentine peso is shown in the bottom of each bar. The devaluation impact of all other currencies is shown in the top of each bar. Our prior 2019 guidance anticipated that ForEx would reduce full year operating profit by $60 million. Devaluation through the third quarter 2019 was already $58 million, driven not only by the Argentine peso, but also the Brazilian real and the euro, which each hit a 2-year low in the third quarter. We expect $22 million in additional negative ForEx impact in the fourth quarter 2019, bringing the full year impact to operating profit to approximately $80 million.
Our guidance is being reduced by the $20 million expected change in devaluation. There is no change in our operating guidance and constant currency. As a reminder, ForEx for Brink's is translational, not transactional. The vast majority of our revenue and expenses are in local currency.
Concerning Argentina, we successfully operated there for more than 20 years. Through our continual devaluation, including many significant shocks, we've historically been able to offset the translation impact via inflation-based price increases. Through 9 months in 2019, we've realized a 37% price increase, which has more than offset wage increases.
Moving to Slide 10. We bridge 2018 actual results to our prior guidance and then to our current guidance. 2018 adjusted EBITDA was $512 million. Operating profit was $347 million, with a 10.1% margin and EPS was $3.46. We continue to expect organic operating profit to grow $113 million, up 33%; and acquisitions to contribute an additional $35 million to drive total constant currency operating profit growth of 43%. We're investing at least $20 million in Strategy 2.0 initiatives and IT platforms and security. Negative ForEx was estimated to be $60 million, and we guided 2019 full year adjusted EBITDA to a range of $590 million to $610 million and operating profit to $405 million to $425 million.
As we just reviewed, negative ForEx is expected to be about $20 million worse than originally forecasted, and we have reduced our full year guidance accordingly. That is the only change in our guidance. And we expect our results on a constant currency basis to meet or exceed our original expectations.
From an operational perspective, we're focused on those items within our control. Excluding ForEx and the Strategy 2.0 and IT investment, you can see that the constant currency operating profit would increase about 43%, including the planned investment and Strategy 2.0 initiatives and IT platforms and security were up 37%.
Turning to Slide 11. Forecasted 2019 full year free cash flow of $200 million is $20 million lower than we projected last quarter. The reduction is due entirely to the ForEx impact described previously. Adjusted EBITDA at the midpoint of the revised guidance is $570 million. Working capital and cash restructuring is estimated at approximately $70 million, which includes new acquisitions and accelerating restructuring at existing and acquired businesses. Cash taxes are projected around $40 million, favorable due to the timing of refunds. Expected cash interest of $80 million remained the same, while the $180 million projection for cash capital expenditures was reduced due to timing and the capacity for additional lease financing. It's important to note that while operating profit and earnings are historically skewed to the second half, cash flow is even more so. Free cash flow in the third quarter 2019 was $90 million.
Slide 12 illustrates our net debt and financial leverage, both historically and assuming synergies from completed acquisitions through 2020. Our net debt at the end of 2019 is projected to be approximately $1.35 billion, that's up about $150 million (sic) [$135 million] over year-end 2018, as investment in acquisitions is reduced by cash flow after dividends.
At the end of 2019, our pro forma leverage based on fully synergized adjusted EBITDA, should be approximately 2.2 turns. Since 2017, we've completed approximately $1.1 billion in acquisitions, which have been accretive to earnings. The acquisition pipeline today is more robust than when we started, both in the potential number of transactions and in total enterprise value. The gray bars on each half of this slide illustrate the impact of another $1 billion in potential acquisitions at an average post-integration multiple of 6.5. The gray bar on the left shows that the potential incremental investment could be funded entirely by debt. The gray bar on the right illustrates that pro forma adjusted EBITDA, including 12 months of estimated synergy, should increase by approximately $155 million and leverage would be about 3.0 turns. We expect that cash flow from our existing business, combined with the additional acquisitions, could reduce leverage back to 2 turns within 3 years.
We continue to get questions about how the company could perform across economic cycles. Our revenue is highly recurring, with most business under multiyear contracts. Many contracts include fuel surcharges and/or CPI escalators, which protect margins. Cash grows through all cycles, but especially when credit tightens. And should unemployment increase, we would expect workforce benefits through greater retention and moderated wage inflation. But ultimately, the strength of our balance sheet should facilitate success through economic cycles.
With that, I'll now hand it back over to Doug.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [5]
Thanks, Ron. Turning to Slide 13. It summarizes our first strategic plan, which we rolled out at our Investor Day back in early 2017. Strategy 1.0 is focused on executing internal improvement initiatives to drive organic growth and close the margin gap with our competitors. By the end of this year, these initiatives are expected to help us achieve close to $300 million of operating profit. On top of this, our Strategy 1.5 is expected to add another $100 million in profits from the 13 acquisitions we've already completed so far with -- for a total consideration of about $1.1 billion. Together, Strategy 1.0 and 1.5 are expected to yield close to $400 million of operating profit and $570 million of adjusted EBITDA, representing an operating profit compound annual growth rate of 22% and an EBITDA compound annual growth rate of 19% over the 3-year period ending 2019. And both strategies will be key components of our next 3-year strategy beginning this next year.
Our next strategic plan will expand the number of Strategy 1.0 organic growth and margin improvement initiatives, drive these initiatives deeper into our operations and leverage them into more of our global operations. We call this next stage of Strategy 1.0 wider and deeper. Even though margins have increased by over 300 basis points in the last 3 years, there's plenty of runway for additional margin expansion from already launched initiatives such as route optimization and reduced labor costs. Our 1.5 strategy of acquisitions will remain an important part of our future growth plans. We'll continue the disciplined approach that we've shown thus far, targeting deals that are accretive with post-integration multiples in the 6 to 7 range.
Slide 14. Slide 14 combines our organic improvement with our accretive acquisitions. Over the last 3 years, our total margin rate has increased markedly from 7.4% in our 2016 jumping off point to an expected 10.7% at the end of 2019, supporting our 22% compound annual organic profit growth rate that we talked about in the last slide.
Despite significant FX headwinds throughout the planning period, we expect to easily exceed the initial operating targets that we laid out of only $325 million that we set back in 2017. We're highly confident that we'll continue to drive revenue growth and margin improvement in our organic and acquired businesses during the next 3-year strategic plan period. For an example, we've already stated that the U.S. business should continue in its margin improvement drive to 13% in 2021. This equates to nearly a 500 basis points of additional margin improvement over the next 2 years. This will be led by Dunbar cost synergies that are expected to add another $20 million in op income alone after this year, after 2019, and by continuing core organic growth in the core business and operational improvements associated with that.
Slide 15. We're currently developing and investing in our next layer of strategy, as we've spoken before, Strategy 2.0, which will focus on expanding our presence in the total cash ecosystem by offering additional high-value services beyond our core offerings today. These services are designed to offer customers a complete solution to their cash handling needs, similar to the full service offerings that retailers receive from credit card payments today. These include complete handling and processing of cash, reduced labor needed to manage the cash and optimization of working capital. All of this in a hassle-free offering to customers. Our 2.0 offerings will target expanding our services and revenues with existing underserved customers, increasing our market share in existing cash management market that we serve today and increasing services and revenue to currently unvended customers in retail markets today.
In the second quarter, we announced an acquisition that will support a portion of our 2.0 Strategy with large enterprise customers, called Balance Innovations. In addition, a large French bank agreed to outsource all of their 11,600 ATMs to Brink's as part of our 2.0 Strategy. And we're on track this year with our investments to develop additional core 2.0 services with targeted rollout of pilots and services next year. By combining continued revenue and profit growth from 1.0 and 1.5, with what we believe will be accelerating -- accelerated growth from 2.0, we're confident that our next 3-year plan period will even be more successful. We look forward to providing a comprehensive strategic review at our Investor Day in New York City in the first half of 2020, on a date that we'll announce soon.
Slide 16. As Ron laid out, the reduction in our full year 2019 guidance is due solely to the impact of currency. Our operational targets remain unchanged. Despite $80 million of expected operating profit reduction from negative currency translation, including a $58 million of impact that we've seen in the first 9 months, we still expect reported operating profit growth of 14% and a 16% growth in earnings per share.
Slide 17. In summary, over the last 3 years, our strategic -- [and of] our strategic plan period and despite the strong FX headwinds, we have significantly exceeded all of our original targets, which were shown on the right side of this slide, and grown operating profit by more than 20% on a compound annual growth rate. We believe it's just the beginning, and we look forward to creating more value for all of our shareholders over the next 3 years.
With that through, let's open up for questions.
Questions and Answers
Operator [1]
(Operator Instructions) The first question comes from Tobey Sommer of SunTrust.
Tobey O'Brien Sommer, SunTrust Robinson Humphrey, Inc., Research Division - MD [2]
I thought I'd kick off with M&A. Now it's -- I'm going to ask you to elaborate a little bit. You spent a couple of quarters now where you described a wider array of opportunities as well as larger opportunities. Any clarity you could provide us there and maybe stratify them versus the traditional Cash-in-Transit versus expanding into the cash ecosystem?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [3]
I'll start and then I'll pass it to Ron as well. As I mentioned -- as we announced, actually, in the second quarter release and as I just mentioned again, we did do a small acquisition called Balance Innovations in the second quarter that we think is a good supporter for one of our core strategies as part of our 2.0 overall strategy. And that will help us provide software and complete analytics and systems that we think will provide better services to enterprise-base customers, in particular. And I'm talking about enterprise-size retailers. So that's an example of an acquisition, one of the ones that we've done to date, that does help us for our next generation and our next strategies. So that's an example of that.
TVS was an example of a core-to-core, helping improve our core business in Colombia, which we're very pleased to have done. And similar to other acquisitions we've done in 3 or 4 other key major markets: Argentina, Brazil, the U.S., et cetera. Most of what we've done to date has been core-to-core. We still have a number of core-to-core and core-adjacents that we're looking at that are in our backlog and they're of various sizes. I don't think we're going comment necessarily on what sizes we have done or what we have on -- why -- we know what we've done, but what's on the books. So I think we'll continue to look at acquisitions that fit our core-core, core-adjacent; that support our platform growth; as well as then support some of our strategies going forward.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [4]
The only thing I would add, Tobey, is that a lot of these companies are family-owned. That process takes time and every family has different dynamics. And then a lot of these acquisitions are in countries that have long regulatory approval processes. Brazil, as we know, with Rodoban, was more than a year. Colombia took us about a year. So even though the pipeline is robust, the timing on these deals is very lumpy, and we'll continue to move forward.
Tobey O'Brien Sommer, SunTrust Robinson Humphrey, Inc., Research Division - MD [5]
And then in terms of pricing, could you comment generally on what the pricing environment looks like for your services? And you can do it in an aggregate basis or (inaudible) geographies if that's easier for you.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [6]
Perhaps you noticed the third quarter margin in the U.S., both in 2018 and 2019, was lower than it had been in the other quarters. That's typically because the price increase cycle in the U.S. is in the fourth quarter and up until then, we beared the cost of wage increases and other inflation in the U.S. So we do see margin pick up and pricing in the U.S. in the fourth quarter. Based on the continued-type labor environment, we expect to have another round of successful price increases in 2019, similar to what we had last year.
Other countries also have a lot of price increases skewed towards the back half of the year. Brazil, Argentina is negotiated, we've talked about previously. So we do see the pricing environment this year similar to last year. And also in France, I mean, we have an opportunity for price increases as well. That market has been consolidated, but also the market is tightening up, which has enabled price increases. But I would say pretty much in line with last year. We do expect to have price increases on the order, I'd say, globally for Brink's, plus or minus 3%.
Tobey O'Brien Sommer, SunTrust Robinson Humphrey, Inc., Research Division - MD [7]
And if I could sneak one last one in. If we were to look at your business not from a geographic perspective, but from a line of business, such as the high-value services versus Cash-in-Transit, et cetera, what would the growth rate look like? And if you don't have specific numbers that are even ballpark, color would be helpful.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [8]
I would say that the retail business, which is a big focus for us, has higher growth rates and will continue to have higher growth rates because it's primarily unvended. On the financial institution side, which is traditional CIT and ATM, that entire market is vended. Every bank has an armored truck service. And so the growth there is trickier, takes longer. We're having more success in the lower tier, smaller banks than we are in the larger ones. But the focus for real growth, volume and pricing is going to be on the retail side. And so you're going to see that proportion of the pie that we show in our investor presentations continually move to a greater proportion of retail.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [9]
Yes. And maybe just the U.S., specifically about the high value. High value, our BGS business varies -- it varies up and down based on where commodity prices are, where -- disruption in world trade, dislocation with governments, things like that. So it varies up and down more in line with that than necessarily GDP and other things, which can be good and bad, obviously. The other businesses vary so much growth by country and what's going on, specifically by country.
Operator [10]
The next question comes from Jamie Clement of Buckingham.
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [11]
Ron, if I could actually start with you. Just a quick one. Your -- the midpoint of your EBITDA guidance is now at $30 million versus $20 million in [OP]. Why is there a difference there?
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [12]
Yes. Jamie, getting into the weeds a bit, depreciation is lower by approximately $5 million due to timing of CapEx. We've had slower replacement of armored trucks because of a desire to have more of a global coordination between chassis vendors and the design. So that's taken a little bit slower. Also, we have permitting delays for real estate, especially overseas. These are not uncommon. But we expected to get through the permitting process quicker for some of that CapEx. $3 million of the difference is to lower noncash share-based compensation. The estimates for the share-based comp are done at the beginning of the year before the actuaries actually figure out the value of the equity grants and then before the Board actually grants the number of units. And so $3 million is from that and $2 million is actually from foreign exchange, which has been a pattern of discussion in this call.
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [13]
Okay, okay. All right. And then on the kind of the onetime, it seems expenses in the U.S., which I think you sized at about $5 million during the quarter, why that -- non-GAAP that out?
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [14]
Well, yes, yes. Okay. You and Doug are all...
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [15]
[That's like] $0.07.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [16]
Yes. We know. But to say that we're not going to have another lawsuit in California that gets settled is wishful thinking. It was from 2015 lawsuit that's -- it was just dragging on. So yes, it was something that happened a long time ago, but it was settled in this quarter. We made an argument that -- yes, that lawsuit won't recur. But we don't have a good argument that California won't pursue additional labor litigations.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [17]
So let me jump in there. Obviously, I feel a little bit like you do as well, but I'm not an accountant. So the -- that lawsuit was about a $3.5 million total settlement that was actually, I think, as good to get settled. It wasn't nice to have it in the quarter, it wasn't nice to have to pay it. But it was one of those that was hanging out there that every other company has had out there. It's called a meal -- rest and meals lawsuit in California. So it was good to get settled and taken off the plate. Meals plate, yes. And then there's another component of it that was restructuring expenses that were not -- we weren't able to non-GAAP based on the economy rules associated with that. But we feel, over the course of finalizing the restructuring of Dunbar, those should not continue on down the road and that's why we wanted to point those out. So we appreciate that.
And as I said in here, I think it's important that from quarter-to-quarter, we see the difference between our segment op income reporting and then the corporate expenses down to our reported op income. The difference between that is our corporate expenses from quarter-to-quarter. And they vary based on what goes in the quarter, these -- I'm not sure that I should -- these expenses like these that we pointed out and others around that, such as stock-based comp and so forth, from quarter-to-quarter. And that variation then pushes up or down by quarter. So we really have to take a look at this, I think, fortunately or unfortunately, on a full year basis. And therefore, looking at the numbers that we have now taken into consideration, the additional $20 million hit to our FX still puts us with this -- for a full year, puts us at the 14% op income growth for the year and 16% for the EPS, taking that consideration on a -- on all the quarter variations for the year. I think that's a better way to look at it.
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [18]
Okay. That's very fair. But you still think you're going to be at or close to 10% in the fourth quarter, right?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [19]
10%, what?
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [20]
What's that?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [21]
10% what?
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [22]
10% operating margin.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [23]
No. I think we're going to be higher than that in the fourth quarter. You're talking about 10% operating margins in the U.S.?
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [24]
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [25]
Yes. Overall, we're going to be higher than that. In the U.S., we're going to be higher than 10% as well. But yes. And remember, that hit our number that -- the legal and obviously these non-GAAP-able or the ones that are in the non-GAAP numbers for the restructuring are in the third quarter. They'll be in for the full year and that'll impact our full year margins for the full year for the U.S. That doesn't mean next year, we'll necessarily see those, but we'll see.
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [26]
Okay. And then, Doug, just on organic revenue growth in North America, around -- I think, it was 4% in the slides. Are you happy with that number? Do you think you can kind of get back to a range that's better than that?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [27]
Damn right we can. I'm not happy with it.
James Martin Clement, The Buckingham Research Group Incorporated - Analyst [28]
Okay. Okay. Do you think -- I mean, do you think we can see a better number in the fourth quarter? Was there anything unusual going on in the third?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [29]
No. I think it's consistent with what we've seen over the last year-to-date since we acquired Dunbar. And we'll see -- and there are some things that have happened already, like we announced in the second quarter that should help continue to improve those things going forward. So it's a combination of the Dunbar integration, some of the things we have going that -- over the -- whether it'd be the fourth quarter next year, we expect and we will see higher numbers.
Operator [30]
The next question comes from Jeffrey Kessler of Imperial Capital.
Jeffrey Ted Kessler, Imperial Capital, LLC, Research Division - MD [31]
First question. With the continued devaluation of the Argentinian peso, 2 questions around that. Number one, at what point does Argentina becomes (inaudible) 8% of your revenues a year ago. At what point does it become small enough so that the devaluation of the peso does not have this upsized effect on your reported numbers?
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [32]
Fortunately, the price increases that we mentioned year-to-date, 37%, are offsetting that devaluation. And right now, we don't see Argentina diminishing from where it is today as a percent of the portfolio.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [33]
Well, but to that point, Jeffrey, I think, over the course of the last several years, you are correct in that Argentina has become a significantly smaller percentage than it was. But we're balancing 2 things. And I think your approach is probably reasonably accurate in that it has become and will continue to be probably a smaller portion of our overall portfolio, which is good, because that means what we've done through both 1.0 initiatives of improving our margins and growing the business and then doing acquisitions (inaudible) has continued to do that and we'll continue to drive that. As I stated in my comments, over the next 2 years, we expect the U.S. to gain another 50 basis points in margin. Excuse me, 500. Let me say that again, 500 basis points in margin over the next 2 years. Obviously, that margin improvement, which is partially driven by the additional carryover synergies into next strat plan period of time, that will continue to make the Argentinian portion of the contribution to overall continue to get smaller. That's good. It doesn't mean that Argentina is going down, the local performance in the country in Argentina is very, very good. The contributions are very nice. So we don't want to diminish that. But unfortunately, as you see here, the impact of that plus a few other currencies make a difference in the quarter. And we still -- even with all that reported 7-plus percent, if it -- as I said before, if we were to adjust it just to have it similar to what we initially laid out in our prior guidance, that we call it now, prior guidance, it would have been 40-plus percent, which is consistent with what we're saying for the full year guidance with all of the impact of FX in there. So eventually, it will get to a point where it becomes a smaller component than it is today. It is much smaller today than it was because of us growing. But it's still a very great -- good business. We expect it to continue to be, and we are well down the path of offsetting with inflation-driven pricing, offsetting the -- what we would consider to be the FX shocks from August of last year and August of this year. Well down the path, and we'll talk more about that on Investor Day and in the fourth quarter earnings release coming up.
Jeffrey Ted Kessler, Imperial Capital, LLC, Research Division - MD [34]
Quickly before I get to my real question, [I just have] one more quick question on Argentina.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [35]
What's the real question?
Jeffrey Ted Kessler, Imperial Capital, LLC, Research Division - MD [36]
There's an election coming up in Argentina. Do you have any feeling as to (inaudible) who wins (inaudible) will that have any impact on fiscal policy in that country?
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [37]
The election's Sunday, we're all watching the polls, which everybody knows are extremely accurate, not only in Argentina, but in the U.S., have the socialists winning, they won the primary. So the question then is, is the impact already baked into both the devaluation and the other economic...
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [38]
The shock we got in the last -- in the end of August was the result of the primaries, which was -- which should be baked into, we hope, much of it now. So hopefully, it's baked in, the question then that you're asking is what happens? What do they do after that? But the key piece is that we've got a nice internally driven inflation price -- inflation-driven price increases that will help offsetting that and that's what we anticipate we'll continue to see.
Jeffrey Ted Kessler, Imperial Capital, LLC, Research Division - MD [39]
Okay. My other question is on technologies. You're moving to 2.0. We haven't talked a lot about some of the internal technology improvements that you're using to promote services, services to branch -- bank branch improvement. Is one of the (inaudible) that you are -- I think that your next iteration is going to be [based on]. Can you talk a little bit about where you are in that process? What seems to be more viable over the next couple of years? And then what is more probable that's going to take more than 2 to 3 years?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [40]
I hate to not answer that. But I think it's going to be much better served if what we do is answer that in a whole-cloth way in our Investor Day, because I think much of that will be answered in much more detail and much more better understanding about both the strategy, the target growth areas that we're looking [above], the impact it will -- we think will have, the differentiation we think we'll have, the broader services that we'll offer. I think that will be much clearer and much more concise and the technology that helps drive that in our Investor Day coming up.
Jeffrey Ted Kessler, Imperial Capital, LLC, Research Division - MD [41]
If I have to rephrase the question just quickly. What about -- what have the -- investments that you've been making this year and you talked about as part of the -- your corporate expenses, what should be showing up over the very, very near term? Over the course of the next 6 to 9 months?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [42]
Very little, frankly. Other than some additional expenses over the next 6 months. But what should be showing up as we go into 2020 is we should start selling product, all right? It would ramp up as we go throughout 2020. So we should start seeing revenues. Conceptually, we should start seeing revenues associated with the development of the products that we see that we're developing today. So the investments in the OpEx in 2019 should translate into pilots in early 2020, which should translate then into revenue as we go through 2020. And then through a ramp-up that's hopefully much more significant as we go through the rest of the new strategic plan period, 2020 through 2022. And as we do that, the intent is to continue to invest, both in terms of the technology, the product development, as well as marketing and sales expenses through 2020. But to have that offset by -- over the course of the year, offset by revenue and higher margins associated with that revenue as we go throughout the year in the plan period.
So next year, the intent, overall, as a year, is to not have the negative impact of the investment of 2.0. In other words, the greater than $20 million that we will be spending next year on 2.0 investment, op income investment that is, will be offset over the course of the year, and again, I stress that because the first quarter won't be as good as the third and fourth quarters, will be offset by the revenues and higher margins that we get from that. That's the intent, that's the strategy, that's what we're laying out, that's the path that we're on. And as I tried to point out, we're -- you're getting glimpses of the pieces of this and the various components. We're developing that core strategy of 2.0 that we hope to roll out with pilots and therefore -- and then product and revenue achievement in the early part of the next year. We have -- we did the acquisition of the company called Balance Innovation that gives us software and linkage with 11,000 retail locations and linkage with enterprise retail customers that is another portion of that core strategy. And then obviously, the award that we received in France of the outsourcing of a major Tier 1 bank in France, of all of their managed services for their ATM, what they call the ATM estate there, is a major, major accomplishment in providing us a foothold of yet another key portion of the core strategy for 2.0. So the pieces are kind of being shown there. And the other core piece that you're asking about of the integration of our technology that we think will be unique will be really in these pilots and products that we start rolling out in the earlier part of 2020.
Jeffrey Ted Kessler, Imperial Capital, LLC, Research Division - MD [43]
And you said that will be discussed on Investor Day?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [44]
All of that will be discussed and hopefully it will come together and then I'll start whipping out numbers like 2.1, 2.2 and 2.3.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [45]
Don't start.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [46]
Okay. Which is the integral portions of our strategy and how we are looking at it, how we're developing it.
Operator [47]
(Operator Instructions) The next question comes from Sam England of Berenberg.
Samuel England, Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst [48]
Just a couple for me. The first one, could you talk a little bit about how the discussions you've been having with other banks on ATM outsourcing are progressing? I know at the time you announced the French deal, you said there were some other banks you were talking to. So I just wondered how that was progressing?
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [49]
Well, it's progressing faster than we want. And the reason is they are coming to us because with the public announcement of the deal with BPCE, every other bank in France knew about it and actually knew about it before the announcement and wants to be next. We need to make sure we have the capabilities fine-tuned, up and running. And then we believe we will also have solicitation from banks in other countries. We think this is a game changer. We believe the banks must continue to provide cash ATMs for their customers. But where they're all looking for a way do it more effectively and more efficiently, and we have a solution that is state-of-the-art with a long lead time and barriers to entry. So it's going faster than we can deal with all of the inbound requests we have, but we want to make sure we get it right before we expand the offering to other clients.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [50]
I might put a little bit of tampering on that. I think that it's absolutely the case, because this was a unique win, I think, in that their -- it's hard for a major bank, especially a Tier 1 bank, to outsource their ATM estate. It's risky, it's something different, it's something new. So this was pretty significant for this to happen. And so it is going to take some time. It took a lot of time for that to happen. This is the first major one that I really know of in the industry. And -- so it's going to take some time for the other banks to continue to move. The response has been -- because it's now known out there, as Ron is suggesting, has been significant interest and inquiries around that [end]. In fact, the spinoff to that as well is in France, I think, is what Ron is also alluding to, is that many municipalities who are looking to continue to [more world] than in Paris or in the cities, are looking to assure that they have access to cash in those areas and, therefore, they won ATMs, they're now looking to work with us to put ATMs in those cities. So that's one of the spinoffs as well. But I don't look for this to be something that all of a sudden we're going to see 5 or 6 more major banks doing this. This is, I think, a major win. It's going to take some time as we -- I told you before, this doesn't really start up until the end of 2021. But it is a 10-plus year deal. And these are longer-term deals to make this both gain them as well as -- gain the deals that is -- as well as the duration to implementation.
Samuel England, Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst [51]
Great. And then the next one was just around Argentina. I just wondered if there's anything that you're doing or that you can do to position the business for a further [derating] in the peso or potential capital controls after the elections on Sunday. Or is it really you wait and see and just see what happens after the election?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [52]
We can hedge at about a 25% cost.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [53]
No, no. The latest quotes I've got for hedging the peso are between 90% and a 100%.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [54]
I think what we can do, Sam, is we can remember that we operate a damn good business down there. It continues to be extremely good. Volumes continue to increase as a result of inflation that is created there, which is positive for us as well. And the difference that we're talking about here is when we get the cash. And I think that's really the issue. We aren't importing oil, we're not importing steel, we're not seeing any impact to our margins, in fact, frankly, they're going up. None of that is negative like other things that are happening with trade wars and so forth.
This is a darn good business in Argentina that we think is a great part of our business. The difference that we're seeing is just $20 million, or the bulk of this $20 million is going to be delayed in the time frames that we get them. Our debt is going to be going up this year by the amount that we would've paid it down if we would have received it. So it's translation was not lost in the -- it's a matter of time frame is the way that we look at it. And I think that's an important piece that investors should look at this, that's much different than what they're worried about, operational FX issues. And this is not that.
Operator [55]
The next question comes from Wayne Archambo of Monarch Partners.
Wayne J. Archambo, Monarch Partners Asset Management, LLC - General Partner, Portfolio Manager & Equity Analyst [56]
I'm sorry I missed it. I'm sorry I missed it, the Investor Day, have you specified a day on that?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [57]
No, we have not.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [58]
Thanks for asking.
Wayne J. Archambo, Monarch Partners Asset Management, LLC - General Partner, Portfolio Manager & Equity Analyst [59]
We're all very curious. Will it be in the first quarter or any sense of the general timing?
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [60]
Our general timing, we're thinking about late first quarter.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [61]
Our last Investor Day was in early March of 2017.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [62]
Yes. And what we've done is we've done a great job of getting everybody so excited about it that we need to probably do something. So we will do that.
Wayne J. Archambo, Monarch Partners Asset Management, LLC - General Partner, Portfolio Manager & Equity Analyst [63]
Well, the turnout a couple of years ago was great. So hopefully this turnout will be even better. So that was a very productive day. It was a great -- you guys did a great job at that day. It was well worthwhile. So thank you.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [64]
Well, thank you.
Ronald J. Domanico, The Brink's Company - Executive VP & CFO [65]
Thanks for that too.
Douglas Allen Pertz, The Brink's Company - President, CEO & Director [66]
Yes. We appreciate it. Yes.
This is going to be even better. I mean that translated into 22-plus percent compound annual growth rate in over the 2-year time. Even with that FX, it was a huge negative impact on it. So just think what we're going to get this next time.
Operator [67]
And ladies and gentlemen, this will conclude our question-and-answer session. And it will also conclude our conference call for today. We thank you for attending the Brink's Company's Third Quarter 2019 Conference Call.
And at this time, you may disconnect your lines.


text:
2020 Porsche Panamera RWD
Black Stock # 200020, WP0AA2A72LL100077, Intercooled Turbo Premium Unleaded V-6 3.0 L/183 engine, Automatic, 27, Black exterior
Final Price
At a Glance
Intercooled Turbo Premium Unleaded V-6 3.0 L/183
8-Speed Auto-Shift Manual w/OD
19/27 City/Hwy MPG
Porsche Delaware is the newest member of the Piazza Auto Group. Our focus is to provide the highest quality service to create lifetime customer. We are committed to long-term growth which can only happen with your complete satisfaction.
- Condition: New
- Model: Panamera
- Trim: RWD
- Body style: Hatchback
- Exterior: Black
- Interior: Black
- Doors: 4
- Stock: 200020
- Model number: 97AAA1
- Engine: Intercooled Turbo Premium Unleaded V-6 3.0 L/183
- Transmission: 8-Speed Auto-Shift Manual w/OD
- Fuel: Gasoline Fuel
- Drivetrain: RWD
- Upholstery: Leather
19 City
27 Hwy
Actual mileage will vary with options, driving conditions, driving habits, and vehicle condition
- Black Side Windows Trim and Black Front Windshield Trim
- Body-Colored Front Bumper
- Body-Colored Power Heated Auto Dimming Side Mirrors w/Power Folding
- Body-Colored Rear Bumper
- Chrome Door Handles
- Clearcoat Paint
- Express Open/Close Sliding And Tilting Glass 1st Row Sunroof w/Power Sunshade
- Fixed Glass 2nd Row Sunroof w/Power Sunshade
- Fixed Rear Window w/Defroster
- Front Windshield -inc: Sun Visor Strip
- Fully Automatic Projector Beam Led Low/High Beam Daytime Running Auto-Leveling Headlamps w/Delay-Off
- Galvanized Steel/Aluminum Panels
- LED Brakelights
- Light Tinted Glass
- Perimeter/Approach Lights
- Power Liftgate Rear Cargo Access
- Power Spoiler
- Rain Detecting Variable Intermittent Wipers w/Heated Jets
- Rear Fog Lamps
- Spare Tire Mobility Kit
- Tailgate/Rear Door Lock Included w/Power Door Locks
- Tires: 265/45ZR19 Fr & 295/40ZR19 Rr
- Wheels w/Silver Accents w/Locks
- Wheels: 19" Panamera -inc: 9.0 x 19 front and 10.5 x 19 rear, dual-arm 5-spoke design
- 2 12V DC Power Outlets
- 2 Seatback Storage Pockets
- 3 LCD Monitors In The Front
- 60-40 Folding Bucket Front Facing Fold Forward Seatback Rear Seat
- 8-Way Power Seats -inc: front comfort seats w/8-way electric adjustment for seat height, seat angle, backrest angle and fore/aft position
- Air Filtration
- Audio Theft Deterrent
- Bucket Front Seats
- Cargo Features -inc: Spare Tire Mobility Kit
- Carpet Floor Trim
- Compass
- Cruise Control
- Day-Night Auto-Dimming Rearview Mirror
- Delayed Accessory Power
- Digital/Analog Display
- Driver And Passenger Heated-Cushion, Driver And Passenger Heated-Seatback
- Driver And Passenger Visor Vanity Mirrors w/Driver And Passenger Illumination
- Driver Foot Rest
- Driver Seat
- Dual Zone Front Automatic Air Conditioning
- Engine Immobilizer
- Fade-To-Off Interior Lighting
- Fixed Front Head Restraints and Fixed Rear Head Restraints
- FOB Controls -inc: Trunk/Hatch/Tailgate
- Front And Rear Map Lights
- Front Center Armrest and Rear Center Armrest w/Storage
- Front Cupholder
- Full Carpet Floor Covering -inc: Carpet Front And Rear Floor Mats
- Full Cloth Headliner
- Full Floor Console w/Covered Storage, Mini Overhead Console, Rear Console w/Storage and 2 12V DC Power Outlets
- Gauges -inc: Speedometer, Odometer, Tachometer, Trip Odometer and Trip Computer
- HomeLink Garage Door Transmitter
- HVAC -inc: Underseat Ducts, Residual Heat Recirculation, Headliner/Pillar Ducts and Console Ducts
- Illuminated Locking Glove Box
- Interior Trim -inc: Metal-Look/Piano Black Instrument Panel Insert, Metal-Look/Piano Black Door Panel Insert, Leather/Piano Black Console Insert and Metal-Look Interior Accents
- Leather Door Trim Insert
- Leather Steering Wheel
- Leather/Metal-Look Gear Shift Knob
- Manual Tilt/Telescoping Steering Column
- Memory Settings -inc: Driver Seat and Door Mirrors
- Navtraffic Real-Time Traffic Display
- Outside Temp Gauge
- Partial Leather Seat Trim
- Passenger Seat
- Perimeter Alarm
- Power 1st Row Windows w/Front And Rear 1-Touch Up/Down
- Power Door Locks w/Autolock Feature
- Power Fuel Flap Locking Type
- Power Rear Windows
- Proximity Key For Push Button Start Only
- Radio w/Seek-Scan, Glove Box Mounted Single CD, Compatible Remote CD, MP3 Player, Clock, Speed Compensated Volume Control, Steering Wheel Controls, Voice Activation, Radio Data System, DVD-Audio and 10 Gb Internal Memory
- Radio: Porsche Communication Management (PCM) -inc: navigation module, mobile phone preparation, audio interfaces, Bluetooth, Aux-in, BOSE sound system w/10-speakers, total output of 150 watts, Connect Plus, Apple CarPlay, telephone module, wireless internet access, Porsche Car Connect (carfinder, remote vehicle status, remote services, Porsche Vehicle Tracking System (PVTS)), SiriusXM and HD Radio receiver and voice control,
- Rear Cupholder
- Refrigerated/Cooled Box Located In The Glovebox, Driver / Passenger And Rear Door Bins
- Remote Keyless Entry w/Integrated Key Transmitter, Illuminated Entry, Illuminated Ignition Switch and Panic Button
- Remote Releases -Inc: Power Cargo Access
- Rigid Cargo Cover
- Systems Monitor
- Trip Computer
- Trunk/Hatch Auto-Latch
- Underhood And Cargo Space Lights
- Valet Function
- Window Grid Diversity Antenna
- 23.7 Gal. Fuel Tank
- 3.36 Axle Ratio
- 4-Wheel Disc Brakes w/4-Wheel ABS, Front And Rear Vented Discs, Brake Assist, Hill Hold Control and Electric Parking Brake
- Automatic w/Driver Control Ride Control Adaptive Suspension
- Double Wishbone Front Suspension w/Coil Springs
- Dual Stainless Steel Exhaust w/Polished Tailpipe Finisher
- Electric Power-Assist Steering
- Engine Auto Stop-Start Feature
- Engine Oil Cooler
- Engine: 3.0L Turbocharged V6
- Front And Rear Anti-Roll Bars
- Gas-Pressurized Shock Absorbers
- Multi-Link Rear Suspension w/Coil Springs
- Rear-Wheel Drive
- Regenerative Alternator
- Towing Equipment -inc: Trailer Sway Control
- Transmission w/Driver Selectable Mode, Sequential Shift Control w/Steering Wheel Controls and Oil Cooler
- Transmission: 8-Speed Porsche Doppelkupplung (PDK)
- ABS And Driveline Traction Control
- Airbag Occupancy Sensor
- Back-Up Camera
- Curtain 1st And 2nd Row Airbags
- Driver And Passenger Knee Airbag and Rear Side-Impact Airbag
- Dual Stage Driver And Passenger Front Airbags
- Dual Stage Driver And Passenger Seat-Mounted Side Airbags
- Electronic Stability Control (ESC)
- Outboard Front Lap And Shoulder Safety Belts -inc: Height Adjusters and Pretensioners
- ParkAssist Front And Rear Parking Sensors
- Rear Child Safety Locks
- Side Impact Beams
- Tire Specific Low Tire Pressure Warning
Customer Reviews
Ken2 weeks agoGreat, professional and timely service. I had a flat tire and needed a new tire. It was fixed that day! They also washed my car brilliantly!
Jamesh1 month agoExcellent professional service, loaner vehicle. On time, work done right the first time, immaculate facility! Customer service outstanding, pleasant, and helpful. Beautiful detailing at a good price!
Frank and Terri1 month agoMy wife and I we're so happy with the purchase of our new Porsche. Pierre Oulai was our salesman and went above and beyond to make this such a wonderful buying experience. And all my years of dealing with dealerships I was never so impressed with the professionalism of this dealership. Michael DiDo is the general manager and worked with Us and Pierre on securing the car we wanted. The car was everything plus that we wanted. Upon closing The deal Richie Garchitorena had all the paperwork in order and explained everything about the warrantees etc. I recommend this dealership and have already told all my friends about it this is a place to buy a car Because they go out of their way to fulfill your dreams.
MKC4 months agoPurchased a CPO Cayenne diesel from Dave. I am an out of state buyer and handled the whole sales process via email, so essentially bought the Cayenne sight unseen until I arrived to pick it up. Dave provided terrific customer service, he replied to multiple emails in a timely manner, even on his day off. They even picked me up at the Philly airport. The Cayenne exactly as described. I was in and out of the dealership in less then 30 minutes. I recommend Porsche Delaware, and Dave without hesitation. Truly an outstanding experience.
Chet4 months agoPorsche Delaware is an exceptional dealership. Their leadership, financial and sales team work especially hard to ensure a very positive experience. Michael Young is first rate...absolutely the best sales professional I have ever had the pleasure to deal with. He is professional, did not pressure me and really made the entire experience memorable and upbeat. The management team of Mike Dideo and Alex Witham really have a winning formula and both went out of their way to ensure I got the deal I wanted. Finally, I can't say enough about their Finance manager, Richie Garchitorina. He really worked hard to get me the interest rate I wanted. All in all, this was the very best car buying experience I have ever had. I highly recommend checking out Porsche Delaware for your next car buying experience!
Carolyn5 months agoI never receive anything less than first class service! I did not have and appointment for my urgent repair but they took care of me anyway.
Jimc5 months agoExcellent experience. David was helpful and very responsive to my needs. Financial manager was thorough and pleasant. I am purchased many cars over the years and this has been of the best
Don6 months agoNice repair job on my injured Rim by the Porsche Certified Folks. Always a pleasure dealing with Porsche Delaware. Thanks Mike D., Mike A. and Megan A.
Hamid8 months agoI just wanted to take a minute to review my recent experience at Porsche of DE. I gave it a 5 stars due to very smooth process from beginning to end. Excellent service department and staff. Will definitely come back and highly recommend. Thanks for all your help Matt!
Bill10 months agoCollected a screw in my front right tire. They were able to accommodate my request for repair or replacement of my tire within one hour. The dealership meets all of your expectations and needs. Couldn't be more satisfied.
daniarbys4 days agoFantastic service. They are on time and they have everything waiting for you when you get there. Matt is very nice to work with and very organized.
agibellino1 week agoI have just purchased my third Porsche from Delaware Porsche and this purchase reconfirmed why I enjoy working with the staff there. David Syzmanski was very responsive to my requests and delivered the vehicle in the condition I was hoping for.
HKC1191 week agoExcellent professionals who communicate clearly and are consistently responsive and customer focused. I found the transaction to be extremely fair and transparent. Large, well kept dealership/lot, but it is not overwhelmed with people so you can get full attention from everyone. Keep up the great work.
Wkriss2 weeks agoI am a first time certified Porsche owner, and have visited this dealer 3 times. The service department is clearly customer focused. Mike and Matt are Porsche brand enthusiasts who are knowledgeable of the engineering of my vehicle. I trust they have my interests in maintaining my vehicle without requiring unnecessary work - this is important to me. This dealer is not my only option, but as long as they continue this level of service I'll have no desire to go anywhere else.
dbv301 month agoMike, Megan and Matt are terrific! Good work, friendly and they treat you right. Well worth the drive. Just need a reliable detailer to be there.
Jerry M1 month agoService is made easy at this dealership. From scheduling to pick up, they go the extra mile. Thanks to all involved in the service department.
Jazzy1 month agoEverything went very well it was a very easy process everything was up front the sales person was great they did a very good job
Macan1 month agoFine service from all members involved with my purchase. Warm and welcoming atmosphere. Nice and easy process in the finance office. Very pleased. Staff will to greeting you!!
Happyguy1 month agoI thoroughly enjoyed my experience with you guys today. I was able to realize a life long dream. My own Porsche! Wow!! My salesman Pierre was awesome, courteous and very thorough. I'm looking forward to many years of enjoyment with my purchase. Thanks to you all!
Jim1 month agoI've been an Audi and BMW owner for many years, but this is my first Porsche. Everyone at Porsche of Delaware was knowledgeable, respectful and willing to answer, any and all of my questions. In addition, they were very aggressive(in a good way) in pricing, both my car and the Porsche I was interested in buying. I would definitely recommend them to my friends and family. I hope to do business with them again in the future.

subset: commoncrawl


text:
Guestbook: bedrooms
May, 2014
Dear Andrew Beale,
The company, of which I am an associate, booked me into Beales Hotel this week while doing some work for Roche in Welwyn.
Normally, I stay somewhere nearer and was not best pleased to be made to stay somewhere I didn't know.
It turned out just fine. Walking in on Sunday night I was greeted by Barbara who checked me in with a personal touch and immediately won me over.
The hotel was easy to find and although it took longer to get to Shire Park it was an easy journey.
Your rooms are extremely comfortable, the food both in the bar and restaurant extremely good, your staff just lovely and I had a really good experience.
I would happily stay with you again and encourage others to do so. The hotel was a surprise. Classy. Not what I was expecting.
So thank you and your staff for an excellent stay.
Sincerely - Veronica Roberts
March, 2014
Hello there,
Myself and 2 colleague's stayed on the above date in readiness for work support on Sunday at an Event in London..
The rooms were very comfortable, great showers & bathroom facilities. Good comfy bed, although feathers a small issue for myself and allergies.
The Bar Team were polite & helpful, allowing us to order sandwiches despite a busy event taking place – 40th Birthday I think.
In addition, we were able to access breakfast slightly early to facilitate our departure which was appreciated.
Many thanks,
Justine Clark Business Analyst – Project Manager
November, 2013
The purpose of our stay was to visit our granddaughter on the de Havilland campus. Your hotel was not only very handy to this site but also very comfortable, all staff were excellent and the food was awesome. We will most certainly stay in this hotel on future visits.
Many thanks A & M. Adock
November, 2013
My husband and I just spent two very pleasant nights in your comfortable and stylish hotel in Hatfield. There were a number of things we liked particularly:
Efficient and charming staff on reception - Amena Hassan on our arrival on Wednesday evening; unfortunately we didn't register the name of the young lady on the later shift on our second night, who was outstanding and amongst other things, resolved a tricky bureaucratic problem for us. Also, the morning shift waitress in the restaurant.
The scrambled eggs were out of this world.
Liked the art work and really approve of your promotion of local art talent.
Lovely rooms.
We plan to recommend this hotel if anyone asks.
Yes, really lovely staff. You train them well.
Renate & Russell Miller
September, 2013
Dear Staff @Beales Hotel
Despite of your staff discount, we had a most wonderful time at Hatfield Beales Hotel during our brief staying in England. Please accept our thanks for the great hospitality we received during our stay at your hotel. Not to be mentioned the wonderful family dinner we had at the West Lodge Park. Also we like to to extend our thanks to restaurant staff. As an admirer of the seventeenth century British Paintings, I was so fortunate to view the collections of the magnificent works of Mary Beale's original paintings and to understand the historical connection to the Hotel and its patrons.
Thank you again.
Wish you all a Merry Christmas and a wonderful New Year.
Sincerely, Pushpika and Ranjith Wijesinghe
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Jesus said, "A new commandment I give to you, that you love one another; as I have loved you, that you also love one another" (John 13:34). Did Jesus replace the clear definitions of the Ten Commandments with a new religious principle, that love alone can guide our lives?
Does this new commandment supersede the Ten Commandments and replace all other biblical laws? Jesus clearly answered this fundamental question when He said, "Do not think that I came to destroy the Law or the Prophets" (Matthew 5:17).
Yet many people who believe in Christ as their Savior also believe this new commandment frees them from any obligation to obey God's laws.
They misunderstand what Jesus said and meant. The Holy Scriptures, in the Old and New Testaments, teach that we should love each other (Leviticus 19:18). Jesus did not introduce love as a new principle. That was already in the Bible and a fundamental part of God's instruction to ancient Israel.
What, then, was new in Christ's
"new commandment"? Notice His wording. He said we are to "love one another; as I have loved you..."
What was new was His own example of love! The whole world has a perfect model of the love of God in Christ's perfect example of loving obedience. Christ loved us so much that He sacrificed His own life for us. He Himself explained: "Greater love has no one than this, than to lay down one's life for his friends" (John 15:13).
Jesus came as the light of the world to illuminate the application and practice of the royal law of love. We no longer have an excuse for saying we don't understand what to do or how to do it. Jesus demonstrated what loving obedience is all about:
"If you keep My commandments, you will abide in My love, just as I have kept My Father's commandments and abide in His love" (John 15:10).
We comply with Jesus' new commandment when we obey every commandment of God in a genuinely loving manner and are willing to lay down our lives for the sake of others.
establish a new covenant in which God promised to "put My law in their minds, and write it on their hearts" (Jeremiah 31:33). God's original intent for His law was that people would observe it from their hearts (Deuteronomy 5:29). The failure of human beings to obey God's law in the "inward being" (Psalm 51:6, NRSV) inevitably led to outward disobedience.
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Freaking News
Tom Cruise as a Woman - pictures
Women's Day
2107 days ago
4 comments
contest picture
Nice but he seems to be missing a part of his glasses
yea... it's funny and good... but the missing part on his sunglasses is erm.. missing... and dodge tool the chin shadow a bit to help with the shadow blend... or clone stamp it with opcaity at like 70% maybe... good work though.
Whaaaa, youz guys never broke yer glasses beore I got abour 20 pairs just like that in a box Hehe Weird looking chop, but that is what makes it cool
That's some forehead, I never even noticed the glasses.
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Eurex A.G. never traded eurodollar futures in the U.S., as reported in a story last week. Eurex tried and failed to compete with the Chicago exchanges on Treasury and foreign exchange contracts. The story also misspelled the last name of Chicago Mercantile Exchange CEO Craig Donohue.
In the case of Vernon Hudson v. city of Chicago in the list of the largest Illinois verdicts and settlements in 2005, Antonio M. Romanucci should have been included as a lead plaintiff's lawyer. In addition, the police officer should have been identified as a Chicago Police Department officer assigned to the Chicago Housing Authority.
©2006 by Crain Communications Inc.
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