Obviously some continued – as I mentioned in the comments, continued weakness in our global services business, which is really precious metals around the world that’s been equally, let’s say soft or softer than we expected with the movement of gold, silver, kind of central bank movements. But again, those are all ebbs and flows that we see in this business from time to time. In Europe, things going very well despite some of the reports, I’d say, on their GDP. DRS, AMS continued to grow well. We continue to – as I talked about, we’re adding two new banks on to our network in France, which is, again, really good reinforcement of our strategy, but also of our execution. And I think that’s something we continue to be proud of. And in rest of world that segment again, probably the highest mix of global services business in that region, whether that’s mining or central bank movements of currency and also exchanges moving gold and silver and so.
That’s one area where, again, we’ve seen the kind of macro weakness with that. All that being said, largely, China has been a big player impact, let’s say, on all of the movements in the region. On balance, though, we feel like from what we can see looking into the fourth quarter, and you’ve seen our guidance reflects that. We think we’ve got the right amount of AMS and DRS growth as well as our core business growth to offset that softness to, again, continue to meet our commitments.
George Tong: Got it. Very helpful. And then a quick follow-up on the cost side. Productivity and cost initiatives contributed to 200 bps of margin expansion in the quarter. Can you elaborate on additional levers to drive productivity gains in which geographies you’re focusing most of your efforts on to improve margins?
Mark Eubanks: Sure. I’d say we’re focused everywhere, George. And one of the biggest levers for us, again, as we talked about, is this shift of our business model from a scheduled pickups and services to a managed services environment, whether that’s with ATMs or whether that’s in the retail environment with DRS. Those are – as we drive more penetration there, we continue to not only create more productivity, i.e., more revenue across our existing cost base, but also allows us to be more efficient with our CapEx as we go forward. The other really significant lever, again, we’ve mentioned last quarter is the stabilization of our labor force. And that really is predominantly a North America issue, but we see that in other markets as well, where we’ve been able to create more tenure with employees that allows us to drive more productivity and, frankly, avoid the churn of hiring and retraining of employees.
George Tong: Got it, very helpful. Thank you.
Mark Eubanks: Yes, great, thanks George.
Operator: Thank you. [Operator Instructions] And the next question comes from Tobey Sommer with Truist.
Jack Wilson: Hey, good morning. This is Jack Wilson on for Tobey Sommer. I have a quick question, a couple of sort of one-time events, sort of the heist in Canada went on would that be a 4Q impact? And then sort of looking out to 2024, with sort of the additions made in France, can we expect the Olympics to be a sort of one-time driver in the summer?
Kurt McMaken: Yes. So Jack, let me make sure I understand the question on the Toronto situation. So that was something that impacted our Q2 results. We had an event last year in Q3 that was in Los Angeles that impacted our Q3 results. So we have a year-over-year lower loss impact. It’s one reason why you’re seeing a lower corporate cost come through in the quarter. But I want to make sure I’m addressing your question.
Jack Wilson: So I was more interested if the lawsuit that was filed?
Kurt McMaken: Yes. So simply with that is like we do in every situation, and we’re really just trying to pursue recovery, but we don’t comment on ongoing cases.
Mark Eubanks: Maybe to answer any cost that would be – a part of that are fully contemplated in our outlook for Q4.
Kurt McMaken: And we do not have any recovery in our outlook for Q4.
