Shift4 Payments Inc (FOUR) 2022 Q2 法說會逐字稿

Hello, and welcome to the Shift4 Second Quarter Earnings Call. My name is Alex, and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加 Shift4 第二季財報電話會議。我叫 Alex，今天將負責協調這次電話會議。 （操作員指示）

I will now hand over to your host, Tom McCrohan, Head of Investor Relations. Tom, over to you.

現在，我將把時間交給主持人、投資者關係主管湯姆·麥克羅漢 (Tom McCrohan)。湯姆，交給你了。

Thank you, Alex, and good morning, everyone, and welcome to Shift4 Second Quarter Earnings Conference Call. With me on the call today are Jared Isaacman, Shift4's Founder and Chief Executive Officer; Taylor Lauber, our President and Chief Strategy Officer; and Nancy Disman.

謝謝，Alex，大家早安，歡迎參加Shift4第二季財報電話會議。今天與我一起參加電話會議的還有Shift4創辦人兼執行長Jared Isaacman、總裁兼首席策略長Taylor Lauber以及Nancy Disman。

This call is being webcast on the Investor Relations section of our website, which can be found at investors.shift4.com. Our quarterly shareholder letter containing quarterly financial results has also been posted to our IR website. Our call and earnings materials today include forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many important factors. Additional information concerning those factors is available in our most recent reports on Forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our corporate website.

本次電話會議將在我們網站的「投資者關係」版塊進行網路直播，網址為 investors.shift4.com。包含季度財務表現的季度股東信也已發佈於我們的投資者關係網站。我們今天的電話會議和收益資料包含前瞻性陳述。這些陳述並非對未來業績的保證，我們的實際業績可能因許多重要因素而出現重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 和 10-Q 表格報告，您可以在美國證券交易委員會 (SEC) 網站和我們公司網站的“投資者關係”版塊找到這些報告。

For any non-GAAP financial information discussed on this call, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter.

對於本次電話會議中討論的任何非 GAAP 財務信息，相關的 GAAP 指標和對帳可在今天的季度股東信函中找到。

With that, let me turn the call over to Jared. Jared?

說完這些，讓我把電話轉給賈里德。賈里德？

Thanks, Tom, and good morning, everyone. So we have lots to cover today. As you may have seen from an 8-K filed last night, Brad Herring, our Chief Financial Officer, is pursuing other opportunities. We're really grateful for the time and effort Brad has contributed to Shift4.

謝謝，湯姆，大家早安。今天我們有很多事情要講。正如大家昨晚提交的8-K文件中所看到的，我們的財務長布拉德·赫林（Brad Herring）正在尋找其他機會。我們非常感謝布拉德為Shift4付出的時間和精力。

Since his joining the company in 2019, we've gone public on the New York Stock Exchange. We've diversified into 6 new verticals. We completed several acquisitions and grown our end-to-end payment volume over 200% and all with the backdrop of a global pandemic. So Brad played a key role in all this, and we're sincerely thank him for his service.

自2019年他加入公司以來，我們已在紐約證券交易所上市。我們已將業務多元化，涉足6個新的垂直領域。我們完成了多項收購，端到端支付業務量成長了200%以上，而這一切都是在疫情全球大流行的背景下實現的。布拉德在這一切中發揮了關鍵作用，我們衷心感謝他的貢獻。

As of tomorrow, Brad will be succeeded by Nancy Disman, who is both a phenomenal industry executive and a good friend to ship for. Nancy most recently served on our Board of Directors from which she has resigned effective as of tomorrow.

從明天起，南希·迪斯曼將接替布拉德的職位。她是一位傑出的產業主管，也是一位值得信賴的朋友。南希此前曾擔任我們董事會成員，但她已於明天辭去董事職務。

She is also recently the CFO and CAO of Intrado. Prior to Intrado, Nancy served as the CFO and CAO of TSYS Merchant services following TSYS' acquisition of TransFirst, where she also served as CFO. Nancy has also held executive roles at Cynergy Data Corporation and First Data Corporation, and we're really excited to continue working with Nancy in her new role.

她最近還擔任 Intrado 的財務長兼首席行政官。在加入 Intrado 之前，Nancy 曾擔任 TSYS Merchant Services 的財務長兼首席行政官。 TSYS 收購了 TransFirst，Nancy 也曾擔任 TransFirst 的財務長。 Nancy 也曾在 Cynergy Data Corporation 和 First Data Corporation 擔任高階主管職務，我們非常高興能與 Nancy 在新的職位上繼續合作。

So now for the quarterly update, as mentioned in my letter, we are really pleased with our results this quarter, including the progress we are making in all our new verticals, although our high-growth core continues to be the primary contributor of our overall performance.

現在進行季度更新，正如我在信中提到的，我們對本季的業績感到非常滿意，包括我們在所有新垂直領域取得的進展，儘管我們的高成長核心仍然是我們整體業績的主要貢獻者。

For the second quarter, we generated 43% year-over-year growth in our end-to-end payment volume and 34% year-over-year growth in our gross revenue less network fees. We continue to gain market share across our high-growth core growing from net new wins and gateway conversions. And now with our new verticals beginning to ramp meaningfully, we believe we are positioned to deliver consistent profitable growth even as we continue our expansion into new verticals and new geographic markets in the months and years ahead.

第二季度，我們的端到端支付量年增43%，扣除網路費用後的總收入年增34%。我們持續透過淨新增客戶和網關轉換率提升，在高成長核心業務中提升市場佔有率。隨著我們新的垂直領域開始顯著增長，我們相信，即使在未來數月甚至數年繼續向新的垂直領域和新的地域市場擴張，我們也有能力實現持續的盈利增長。

As in the past, I will focus my comments initially on our high-growth core then speak to our new markets and verticals. But before getting into the components of our business, I want to highlight our current thoughts about the overall economy and its potential impact to our business.

與以往一樣，我將首先重點介紹我們高成長的核心業務，然後再談及我們的新市場和垂直領域。但在深入探討我們業務的各個組成部分之前，我想先談談我們目前對整體經濟及其對我們業務的潛在影響的看法。

In short, we have not yet witnessed a material impact on our overall volumes from changes in consumer behavior. Our 4-year volume CAGR improved from last quarter, and our monthly volume trends continue to improve as we approach the seasonally stronger summer months.

簡而言之，我們尚未看到消費者行為變化對整體銷售產生實質影響。我們的四年銷售複合年增長率較上一季有所提升，隨著夏季旺季的臨近，我們的月銷售趨勢也持續改善。

Having said that, we're also realists. We are aware that persistent inflation headwinds could ultimately influence consumer behavior, and this could result in consumers pulling back on some discretionary spending. We are fortunate to have invested in our new verticals as well as specific levers that are less impacted by economic cycles.

話雖如此，我們也是務實的。我們意識到持續的通膨逆風最終可能會影響消費者行為，並導致消費者減少一些可自由支配的支出。我們很慶幸投資了新的垂直領域以及受經濟週期影響較小的特定槓桿。

In short, we believe that we are prepared to manage our business through all economic cycles, just like we have done over the last 23 years, and we intend to continue growing revenue and volume every year through the best and most challenging of economic times.

簡而言之，我們相信我們已經準備好在所有經濟週期中管理我們的業務，就像我們在過去 23 年中所做的那樣，並且我們打算在經濟最好和最具挑戰性的時期每年繼續增加收入和銷售。

To this end, we are leaving our end-to-end volume guidance unchanged for this year while increasing our gross revenue less network fees, increasing adjusted EBITDA and increasing adjusted free cash flow guidance. While we cannot predict consumer behavior in this uncertain environment, we have witnessed early success in our gateway sunset strategy, which gives us confidence in our ability to drive incremental revenue and EBITDA above our prior expectations.

為此，我們將維持今年端到端流量指引不變，同時提高扣除網路費用後的總收入、調整後息稅折舊攤提前利潤 (EBITDA) 和調整後自由現金流指引。雖然我們無法預測當前不確定環境下的消費者行為，但我們已經見證了網關日落策略的早期成功，這讓我們對推動增量收入和 EBITDA 超越先前預期充滿信心。

Our conversations with our gateway-only customers are very encouraging. And we view our decision to leave volume unchanged, but increasing revenue and adjusted EBITDA guidance as a balanced approach to take during these uncertain times.

我們與僅限網關客戶的溝通非常令人鼓舞。我們認為，維持業務量不變，但增加收入並調整EBITDA指引，是應對當前不確定時期的平衡之策。

I want to emphasize our belief that unlike some of our peers, we are not completely at the mercy of the broader economy. Our gateway and software-only merchants provide a highly unique asset and that we can grow exponentially without even adding a new customer.

我想強調的是，我們的信念是，與一些同行不同，我們不會完全受制於整體經濟情勢。我們的網關和純軟體商家提供了極為獨特的資產，即使不增加任何新客戶，我們也能實現指數級成長。

I'm going to focus the remainder of my comments on the performance of our high-growth core and then an update on our new markets and verticals.

我將把剩餘的評論重點放在我們高成長核心的表現上，然後再介紹我們的新市場和垂直市場的最新情況。

So with respect to high-growth core, as you can see this quarter, the primary driver of our performance does remain high growth. This -- the high-growth core represents the payment opportunities we pursue primarily in complex restaurants, hospitality and specialty retailers. And as many of you already know, Shift4 has been growing at accelerated rates in this arena by leveraging our unique software integrations and pain point solving technology.

因此，就高成長核心而言，正如您在本季所看到的，我們業績的主要驅動力仍然是高成長。高成長核心代表了我們主要在綜合餐廳、飯店和專業零售商中尋求的支付機會。正如你們許多人已經知道的，Shift4 憑藉我們獨特的軟體整合和痛點解決技術，一直在這一領域快速成長。

We currently have over 450 now unique software integrations, and we continue to win shares through a combination of migrating merchants off our gateway platform to our end-to-end service as well as just net new wins in what is a very large addressable market. Our growing library of software integrations results in more links in the value chain to deliver a lower effective cost of service to our customers. Said differently, we are able to offer our customers more capabilities at a lower cost because they no longer need to depend on a multitude of other costly vendors to attempt to achieve a comparable solution.

我們目前擁有超過450個獨特的軟體集成，並透過將商家從我們的網關平台遷移到我們的端到端服務，以及在龐大的潛在市場中不斷獲得新的客戶，持續贏得市場份額。我們不斷成長的軟體整合庫將延伸到價值鏈中的更多環節，從而為客戶提供更有效率的服務成本。換句話說，我們能夠以更低的成本為客戶提供更多功能，因為他們不再需要依賴眾多其他昂貴的供應商來獲得類似的解決方案。

Throughout the quarter, we signed a number of new resort properties and high-end restaurants, including the soon to be opened Nobu Hotel in Atlanta, the New Orleans-based Hotel Monteleone, The Langham hotel in Chicago, Manhattan's Gansevoort Hotel, and Feld Entertainment, which operates Disney on Ice, Monster Jam, Ringling Brothers, and Sesame Street Live!, among others.

整個季度，我們簽約了許多新的度假村物業和高端餐廳，包括即將開業的亞特蘭大 Nobu 酒店、位於新奧爾良的蒙特萊昂酒店、芝加哥的朗廷酒店、曼哈頓的甘斯沃特酒店，以及經營迪士尼冰上世界、怪物卡車、玲玲馬戲團和芝麻街現場表演等的費爾德娛樂公司。

As a result, during the second quarter, we again organically grew our end-to-end payment volumes faster than any of our peers and faster than Visa and Mastercard. One proof point would be our nearly 42% 4-year volume CAGR, including 52% volume CAGR in restaurants and 170% volume CAGR in lodging.

因此，在第二季度，我們的端到端支付業務量再次實現了有機成長，成長超過任何同行，也高於Visa和萬事達卡。一個佐證就是我們近42%的四年複合年增長率，其中餐飲業務量複合年增長率高達52%，住宿業務量複合年增長率高達170%。

As a reminder, this 4-year volume CAGR occurred during an unprecedented pandemic when our end markets have been quite impacted. For the quarter, our volume growth is 307% of pre-pandemic 2019 levels along with gross revenue less network fees at 243% and adjusted EBITDA at 272% over the same period.

需要提醒的是，這四年的銷售複合年增長率發生在一場史無前例的疫情期間，當時我們的終端市場受到了相當大的衝擊。本季，我們的銷售量增幅為2019年疫情前水準的307%，同期總收入減去網路費用後的增幅為243%，調整後EBITDA為272%。

It's worthwhile calling out that this growth took place without the benefit of our new markets and verticals, which are now just beginning to ramp. As discussed in the prior quarters, we have just begun removing complexity, the leading parts and increasing organizational efficiencies by executing on our gateway sunset initiative and are very confident in our ability to successfully convert gateway-only merchants to our end-to-end platform or get paid more in line with the value our payment technology provides.

值得一提的是，這一成長並非得益於我們新市場和垂直市場的貢獻，這些市場和垂直市場目前才剛開始蓬勃發展。正如前幾季所討論的，我們剛開始透過實施網關日落計畫來消除複雜性和主要環節，並提高組織效率。我們非常有信心，能夠成功地將僅使用網關的商家轉移到我們的端對端平台，或根據我們支付技術提供的價值獲得更高的收入。

While it's really early, the results are very promising, and Taylor is going to go into that in just a few minutes. I did want to highlight a case study on the Gateway Sunset strategy that I believe is emblematic of why we are so confident in this approach.

雖然現在還處於初期階段，但結果非常令人鼓舞，泰勒幾分鐘後就會詳細闡述。我想重點介紹「門戶日落」策略的一個案例研究，我認為這可以體現我們為何對這種方法如此有信心。

During the quarter, we signed a world-renowned motorcycle franchise that we had historically been unsuccessful converting to our end-to-end platform. We had been soliciting this merchant for nearly 5 years. And despite our efforts, it was ultimately our gateway sunset initiative that entice this merchant to engage with us to discuss the merits of switching to our end-to-end platform.

本季度，我們簽約了一家世界知名的摩托車特許經營商，此前我們一直未能將其遷移到我們的端到端平台。我們與這家商家的合作已經持續了近五年。儘管我們付出了諸多努力，但最終還是透過「網關日落計畫」吸引這家商家與我們洽談遷移到我們端到端平台的可行性。

We are in the process of migrating this motorcycle franchise to our platform. And we are having hundreds of similar conversations with other gateway-only customers. So I cannot be more excited about the pipeline. The gateway sunset initiative is the right strategy at the right time and for all the right reasons.

我們正在將這家摩托車特許經營店遷移到我們的平台上。我們也在與其他僅限網關的客戶進行數百次類似的對話。因此，我對未來發展感到無比興奮。網關日落計劃是恰逢其時、出於所有正確原因的正確策略。

While contribution from our gateway sunset initiative was minimal this quarter, we're highly confident the initiative will result in us getting paid fairly regardless of clients pay us more to remain gateway-only or elect to convert to our end-to-end platform. We expect that it will contribute incremental adjusted EBITDA and adjusted free cash flow and is one of the factors driving our increase to our full year guidance.

雖然本季網關日落計劃的貢獻微乎其微，但我們堅信，無論客戶願意支付更多費用以繼續使用網關服務，還是選擇轉換到我們的端到端平台，該計劃都將為我們帶來公平的收益。我們預計，該計劃將帶來調整後EBITDA和調整後自由現金流的增量貢獻，這也是我們上調全年業績指引的因素之一。

In restaurants, we reached an agreement with enterprise operator, BJ's Restaurant and Brewhouse, a Southern California headquartered national restaurant chain with over 200 restaurants in 29 states. We signed a multiyear agreement with BJ's to provide POS, software as a service for all their restaurants across the U.S.

在餐廳領域，我們與企業營運商BJ's Restaurant and Brewhouse達成協議。 BJ's Restaurant and Brewhouse是一家總部位於南加州的全國連鎖餐廳，在29個州擁有200多家餐廳。我們與BJ's簽署了多年協議，為其在美國的所有餐廳提供POS機軟體即服務。

We also reached a similar agreement with one of the world's largest restaurant groups. These opportunities represent a meaningful recurring revenue and EBITDA contribution that we expect to be realized more towards the latter part of '22 and into 2023. This represents the first of several notable restaurant opportunities we are in discussions with on our restaurant POS offering.

我們也與全球最大的餐飲集團之一達成了類似的協議。這些機會代表可觀的經常性收入和EBITDA貢獻，我們預計這些貢獻將在2022年下半年至2023年實現更多。這是我們就餐廳POS服務進行洽談的幾個重要餐廳機會中的第一個。

Moving to SkyTab POS. I would like to update you on the progress of our next-generation POS product that will serve the restaurant market. Restaurants remain a key market for us, and that is why we have invested over the last few years in a new cloud-based restaurant POS offering called SkyTab. We are getting ready to release SkyTab POS from beta at the end of this month, and it's already installed in thousands of locations.

轉向 SkyTab POS。我想向您介紹我們下一代 POS 產品的進展情況，該產品將服務於餐飲市場。餐飲市場仍然是我們的關鍵市場，因此我們在過去幾年中投資了一款名為 SkyTab 的全新雲端餐飲 POS 產品。我們準備在本月底發布 SkyTab POS 的測試版，目前它已在數千家門市安裝。

SkyTab is not just designed for restaurants as we are also having early success in selling SkyTab at theme parks and resorts. We also intend to bring this product into international markets.

SkyTab 不僅專為餐廳設計，我們在主題樂園和度假村的銷售也取得了初步成功。我們也計劃將該產品推向國際市場。

Recall, we are uniquely advantaged to pursue over 125,000 restaurants that are already customers using some form of Shift4 technology and many of them are not on our end-to-end platform and even less are paying any SaaS charges. We expect that SkyTab POS will represent the migration path for this existing base of restaurants many of whom are seeking out new capabilities to better serve their patrons in addition to the large addressable market of just new restaurants. SkyTab services the mid- to high-end restaurant customer based on a cloud-based Android technology stack built from the ground up and equipped with very modern and purpose-built space age hardware.

回想一下，我們擁有獨特的優勢，能夠服務超過12.5萬家已使用某種形式Shift4技術的餐廳，其中許多餐廳尚未使用我們的端到端平台，支付SaaS費用的餐廳更少。我們預計SkyTab POS將代表這些現有餐廳群體的遷移路徑，其中許多餐廳除了新餐廳這個龐大的潛在市場外，還在尋求新功能以更好地服務顧客。 SkyTab基於雲端Android技術棧，為中高端餐廳客戶提供服務，該技術棧全新構建，並配備了非常現代化且專用的太空時代硬體。

We have been going to market with SkyTab through our historic third-party distribution channels, but have recently begun pivoting towards direct sales in the same way we go to market in many of our new verticals. We have found some initial successes selectively insourcing some of our third-party distribution partners in the most desirable markets as the opportunity to insource distribution becomes an increasingly viable with a cloud-based solution. We believe we can improve the customer experience alongside margins without compromising the same high-touch support our customers have grown accustomed to receiving.

我們一直以來都透過我們傳統的第三方分銷管道與 SkyTab 合作進行行銷，但最近我們開始轉向直銷，就像我們在許多新的垂直領域進行行銷一樣。隨著基於雲端的解決方案的出現，內部分銷的機會變得越來越可行，我們在最熱門的市場中選擇性地將一些第三方分銷合作夥伴內部化，並取得了一些初步成功。我們相信，我們能夠在提升利潤的同時，同時不損害客戶已經習慣的、一致的貼心服務。

So to summarize our high-growth core, we are excited about the combination of our accelerated gateway conversion plan, the launch of our new SkyTab POS offering and the momentum are high-growth core supported by our unique integrations with over 450 mission-critical software suites. All of this gives us confidence in our outlook and supports our decision to increase our gross revenue less network fees, our adjusted EBITDA and adjusted free cash flow guidance for the full year.

總結我們高成長的核心業務，我們對加速網關轉換計劃、全新 SkyTab POS 產品的推出，以及我們與 450 多個關鍵任務軟體套件的獨特整合所支撐的高成長核心業務的勢頭感到興奮。所有這些都讓我們對未來充滿信心，並支持我們決定提高全年總收入（扣除網路費用）、調整後 EBITDA 和調整後自由現金流的預期。

So moving on to new verticals. As I mentioned previously, our impressive volume growth has been without significant benefit from our new verticals. For clarity, we consider our new verticals to be sports and entertainment, gaming, travel, nonprofit and what we refer to as just sexy tech.

那麼，接下來談談新的垂直領域。正如我之前提到的，我們令人矚目的銷售成長並沒有從新的垂直領域中獲益。為了清晰起見，我們將新的垂直領域定義為體育和娛樂、遊戲、旅遊、非營利組織以及我們所謂的「性感科技」。

This should not be surprising. It should be challenging to get the attention of software companies and enterprise merchants to complete a payment integration. We often see that software companies and merchants tend to want to invest their time in anything, but additional payment integration, which is why they become so valuable once you've achieved it.

這不足為奇。要引起軟體公司和企業商家的注意，完成支付整合應該很有挑戰性。我們經常看到，軟體公司和商家往往願意把時間投入到其他事情上，唯獨不願投入額外的支付集成，這就是為什麼一旦完成支付集成，它們就變得如此有價值。

We are really pleased with the progress we made in the second quarter, though much of the progress was literally made in the last week of June when the Starlink integration went live. So while our new verticals contributed throughout the year and into June, they've only really begun to scale meaningfully in July, and Allegiant Airlines is not expected to go live until late August.

我們對第二季度取得的進展感到非常滿意，儘管大部分進展實際上是在6月最後一周，即Starlink整合上線時取得的。因此，儘管我們的新垂直業務在全年乃至6月都做出了貢獻，但它們直到7月才真正開始顯著增長，而Allegiant Airlines預計要到8月底才會上線。

So we added a chart on Page 8 of our quarterly shareholder letter, depicting the year-to-date ramp in monthly volumes for our new markets and while it has taken a bit longer for our new verticals to contribute to our volumes, we feel really good about how that ramp is progressing, the contributions they can make in the second half of the year and how these strategic relationships and verticals aligned with our global expansion aspirations. To emphasize these points, we do expect to see a much stronger contribution from these verticals as the year progresses.

因此，我們在季度股東信的第8頁添加了一個圖表，展示了我們新市場今年迄今月度交易量的增長情況。雖然新垂直市場對交易量的貢獻需要更長的時間，但我們對這一增長的進展、它們在下半年可能做出的貢獻以及這些戰略合作關係和垂直市場如何與我們全球擴張的願景相契合感到非常滿意。為了強調這些要點，我們確實預期隨著時間的推移，這些垂直市場將做出更強勁的貢獻。

For example, we're in the process of implementing a number of large NCAA and NFL stadium clients in time for this football season. We're adding more states and capturing more volume from BetMGM and turning on more integrations from our nonprofit customers, and we're more than halfway through the Allegiant Airlines integration, and of course, Starlink volumes are on an impressive trajectory as they continue to populate their satellite constellation. I am biased, but I believe that we have never had a merchant in our history that is ramping as quickly or has so much upside at Starlink.

例如，我們正在為本賽季的橄欖球賽季部署一些大型NCAA和NFL體育場客戶。我們正在拓展更多州的業務，從BetMGM獲得更多流量，並與更多非營利客戶整合。我們與Allegiant Airlines的整合也已完成過半。當然，隨著Starlink衛星群的不斷擴展，其流量也呈現驚人的成長動能。我可能有點偏心，但我相信，在我們的歷史上，從未有過哪個商家能像Starlink這樣發展如此迅速，或擁有如此巨大的發展潛力。

In gaming, we continue to add new commercial and tribal gaming supplier licenses and BetMGM volume has more than tripled since our last earnings call in May. We continue to build upon our early success with BetMGM and added several states this past week alone. As a result, we expect to see a further significant and sustainable spike in volume before the end of the third quarter, given the seasonally strong sports wagering tied to the football season.

在博彩領域，我們持續新增商業和部落博彩供應商牌照，BetMGM 的博彩業務量自 5 月上次財報電話會議以來增長了兩倍多。我們繼續鞏固 BetMGM 的早期成功，僅在上週就拓展了多個州的業務。因此，鑑於與足球賽季相關的體育博彩業務季節性強勁，我們預計在第三季結束前，博彩業務量將再次大幅且可持續地成長。

In nonprofits, we began processing for St. Jude's in January of this year and overall volume continues to ramp. With our acquisition of The Giving Block, we've seen impressive results across multiple KPIs that Taylor will talk through in just a minute.

在非營利組織領域，我們從今年1月開始為聖猶達兒童研究醫院 (St. Jude's) 處理捐贈，整體捐贈量持續增加。在收購 The Giving Block 後，我們在多項關鍵績效指標 (KPI) 方面取得了令人矚目的成果，泰勒稍後會詳細介紹。

Given the nature of nonprofits, we do expect the fourth quarter to represent the peak season for donation volume. We are scheduled to complete an integration of Allegiant Airlines by September 1, and we have signed a European travel agency Kiwi.com as a customer and expect to begin processing shortly as well.

鑑於非營利組織的性質，我們預計第四季度將是捐款額的高峰期。我們計劃在9月1日前完成與Allegiant航空的整合，並且已經與歐洲旅行社Kiwi.com簽約成為客戶，預計不久後也將開始處理相關事宜。

Turning back to stadiums. We signed a number of new professional and college sports stadiums, including the University of Alabama, University of Wisconsin, University of Notre Dame and professional sports teams, including the New Orleans Saints and Pelicans where we also provide ticketing.

回到體育場館方面。我們簽約了許多新的專業和大學體育場館，包括阿拉巴馬大學、威斯康辛大學、聖母大學，以及一些職業運動隊，例如新奧爾良聖徒隊和鵜鶘隊，我們也為這些球隊提供門票服務。

Our VenueNext mobile commerce technology is the category leader in sports and entertainment venues and our software is now installed in well over 100 stadiums in the U.S. Our new business pipeline in this space remains very strong, including international stadium discussions.

我們的 VenueNext 行動商務技術在體育和娛樂場所領域處於領先地位，我們的軟體目前已安裝在美國 100 多個體育場館中。我們在這個領域的新業務管道仍然非常強勁，包括國際體育場館討論。

Perhaps the most important competitive win this quarter came from sports-focused retailer Fanatics. We will process all of Fanatics in-venue payment processing at approximately 50 sporting and entertainment venues, including PGA Tour events and NASCAR races. As a leading manufacturer and distributor of sports-related merchandise, Fanatics will be a tremendous partner as we mutually expand our footprint in the sports and entertainment space.

本季最重要的競爭勝利或許來自專注於體育賽事的零售商Fanatics。我們將負責Fanatics在約50個體育和娛樂場所（包括美巡賽和納斯卡賽事）的所有場內支付處理。作為領先的體育相關商品製造商和分銷商，Fanatics將成為我們共同拓展體育和娛樂領域業務的重要合作夥伴。

Our performance across these new verticals, alongside our stated international expansion plans, has attracted the interest of many notable customers. Some are in the negotiation phase. Others we have won and in some cases, we're not permitted to announce publicly. And in others, like Fanatics and time, we have recently selected Shift4 to power their payment strategies.

我們在這些新垂直領域的出色表現，以及我們已宣布的國際擴張計劃，吸引了許多知名客戶的注意。其中一些客戶正處於談判階段。另一些客戶我們已經贏得，但有些客戶不允許公開宣布。此外，對於 Fanatics 和 Time 等其他客戶，我們最近選擇了 Shift4 來支援他們的付款策略。

It's worth reinforcing that Shift4 wins because of our ability to solve our clients' problems. Merchants are not switching to Shift4 to save a basis point or pennies per transaction even though in our experience, they usually benefit from an overall lower effective cost of service. Instead, they switch because we offer complete commerce solutions that enable them to better engage with their customers and patrons such as QR codes, online ordering, mobile and contactless payments, business intelligence and more. This is why despite our continued move upmarket, our net spreads have remained stable over a multiyear period. And our move upmarket has been at an unprecedented pace we have effectively doubled the size of our average merchant since 2019.

值得強調的是，Shift4 的成功源自於我們能夠解決客戶的問題。商家選擇 Shift4 並非為了節省每筆交易的幾個基點或幾美分，儘管根據我們的經驗，他們通常會受益於整體較低的有效服務成本。相反，他們選擇 Shift4 是因為我們提供完整的商業解決方案，使他們能夠更好地與客戶和顧客互動，例如二維碼、線上訂購、行動和非接觸式支付、商業智慧等等。正因如此，儘管我們不斷向高端市場邁進，但我們的淨利差多年來一直保持穩定。而且，我們以前所未有的速度向高端市場邁進，自 2019 年以來，我們的平均商家規模實際上翻了一番。

So before passing things off to Taylor, I wanted to provide you with an update on our recently completed acquisition of The Giving Block and the pending acquisition of Finaro.

因此，在將事情交給泰勒之前，我想向您提供有關我們最近完成的對 The Giving Block 的收購以及即將進行的對 Finaro 的收購的最新消息。

The Giving Blocks crypto donation platform continues to sign up new nonprofit customers despite the drop in value in most in crypto assets. As I write this, the single Bitcoin is still valued at over $20,000 and nonprofits are still interested in accepting cryptocurrencies such as Bitcoin. Since we closed the deal back in March, The Giving Block has signed up over 400 new nonprofit customers including the world's largest humanitarian organization, the World Food Programme as well as many other highlighted in our quarterly shareholder letter.

儘管大多數加密資產價值下跌，Giving Blocks 加密貨幣捐贈平台仍在持續簽署新的非營利組織客戶。在我撰寫本文時，單一比特幣的價值仍超過 2 萬美元，非營利組織仍然對接受比特幣等加密貨幣感興趣。自 3 月完成交易以來，Giving Block 已簽約超過 400 個新的非營利組織客戶，其中包括全球最大的人道主義組織世界糧食計劃署，以及我們季度股東信中重點提到的許多其他組織。

The Giving Block has introduced a card widget for nonprofit so they can accept traditional card-based donations and the growth in their client base has resulted in a nearly sixfold increase in their SaaS revenues versus a year ago. The team continues to execute on a significant $45 billion cross-sell opportunity and successfully converted several giving block customers to our end-to-end platform. We believe our go-to-market offering remains unique in the nonprofit sector and remain highly attractive to what we view as a $450 billion payment opportunity where we now have a unique right to win.

Giving Block 為非營利組織推出了卡片小部件，以便他們接受傳統的卡片式捐款。客戶群的成長使其 SaaS 收入較一年前成長了近六倍。團隊持續掌握 450 億美元的重要交叉銷售機會，並成功將多家 Giving Block 客戶遷移到我們的端到端平台。我們相信，我們的市場推廣服務在非營利組織領域依然獨樹一幟，並且對這個價值 4500 億美元的支付機會依然極具吸引力，我們現在擁有獨一無二的優勢。

While on the subject of The Giving Block, I would like to personally thank those of you that participated in our carrying with crypto fundraising campaign. We launched this fundraiser in mid-March to raise awareness within the crypto community, and I agreed to personally match dollar for dollar every crypto donation made on the giving block marketplace up to $10 million. Parts of this fundraising campaign are still underway, and I encourage all of you to check out thegivingblock.com website for more information.

說到 The Giving Block，我想親自感謝所有參與我們「用加密貨幣進行捐贈」籌款活動的朋友們。我們於三月中旬啟動了這項募款活動，旨在提升加密貨幣社群的認知度。我自己承諾，將為 Giving Block 平台上的每一筆加密貨幣捐贈提供等額等額的等值捐贈，最高金額為 1000 萬美元。目前，部分募款活動仍在進行中，歡迎大家造訪 thegivingblock.com 網站以了解更多資訊。

We are also making progress receiving all the necessary European regulatory approvals to close on our acquisition of Finaro later this year. As a reminder, we announced the acquisition of Finaro back in March in conjunction with our year-end results. And for those unfamiliar, Finaro is a European cross-border e-commerce platform with processing capabilities and licenses in Europe and parts of APAC. The 2 sides -- the 2 of us are making great progress connecting the payment platform via arm's length partnerships during the regulatory review period, and we have successfully tested transactions between the U.S. and Europe.

我們也正在爭取所有必要的歐洲監管批准，以便在今年稍後完成對 Finaro 的收購。需要提醒的是，我們早在三月就宣布了收購 Finaro 的消息，當時正值年終業績發布之際。對於不熟悉 Finaro 的人來說，Finaro 是一家歐洲跨境電商平台，擁有處理能力，並在歐洲和亞太部分地區擁有執照。在監管審查期間，我們雙方透過公平的合作關係，在連接支付平台方面取得了巨大進展，並且已經成功測試了美國和歐洲之間的交易。

We intentionally structured the earnout portion of this transaction to encourage both sides to pursue commercial opportunities up until closing, and the teams are working together nicely on a number of initiatives. For example, we are beginning to refer each other merchants. Finaro services, many e-commerce merchants in Europe that also have U.S. operations supported by U.S. payment processor.

我們特意設計了本次交易的獲利部分，以鼓勵雙方在交易完成前積極尋求商業機會。目前，雙方團隊在多項措施上合作良好。例如，我們開始互相推薦商家。 Finaro 服務涵蓋許多在歐洲開展業務的電商商家，這些商家也在美國經營，並由美國支付處理器提供支援。

I'm pleased to announce that Denmark-based online sporting goods retailer, Skatepro as one of the first wins alongside Kiwi.com. Skatepro is an e-commerce customer of Finaro, who relied on Finaro for their European e-commerce processing, but outsource their U.S. payment processing to a U.S. competitor. Going forward, Skatepro will switch the U.S. payment processing to Shift4, effectively consolidating all their global e-commerce payment processing business into a Shift4 Finaro solution.

我很高興地宣布，丹麥線上體育用品零售商 Skatepro 與 Kiwi.com 一起成為首批中標者之一。 Skatepro 是 Finaro 的電商客戶，其歐洲電商業務由 Finaro 處理，但美國支付業務則外包給了一家美國競爭對手。未來，Skatepro 將把美國支付業務遷移至 Shift4，從而有效地將其全球電商支付處理業務整合到 Shift4 Finaro 解決方案中。

There are many other merchants we are currently in discussion with regarding a joint U.S./EU offering and are pleased that our planned acquisition is yielding synergies in advance of the planned closing date. We do retain significant firepower to pursue additional acquisitions and remain focused on building out our global technology capabilities in the markets to support our signature multinational customer. We have a low pro forma leverage ratio and a ton of conviction around our strategic plan.

目前，我們正在與許多其他商家商談在美國/歐盟聯合發行股票事宜，我們很高興看到我們計劃中的收購在預定截止日期之前就產生了協同效應。我們確實擁有強大的火力來推進更多收購，並將繼續專注於在全球市場建立我們的技術能力，以支持我們重要的跨國客戶。我們的備考槓桿率較低，並且對我們的策略計劃充滿信心。

Internally, we remain very focused on operational improvements to make us a much more efficient company consistent with the Shift4 way. This includes investments we have made in our payment platform that have delivered 100% uptime during the quarter despite immense growth and something few of our competitors were able to achieve over a comparable time period.

在內部，我們仍然高度重視營運改進，力求成為一家更有效率的公司，並始終秉持Shift4的理念。這包括我們對支付平台的投入，儘管業務成長迅猛，但本季支付平台的正常運作時間仍達到100%，而我們的競爭對手中很少有人能夠在同期內做到這一點。

In addition to the executive transition mentioned at the outset of the call, this past quarter, we promoted Samantha Weeks to the Chief Transformation Officer role to better align our human resources, learning and development, transformation, project management and mission assurance functions under a single department. Her team will identify and execute on various productivity improvements, and we are confident our initiatives will drive productivity, excellence and further margin expansion in excess of what we have already communicated earlier this year.

除了電話會議一開始提到的高階主管變動之外，上個季度，我們還提拔了Samantha Weeks擔任首席轉型官，以便更好地將我們的人力資源、學習與發展、轉型、專案管理和任務保障等職能整合到一個部門。她的團隊將確定並執行各種生產力改進措施，我們相信，這些舉措將推動生產力、卓越性以及利潤率的進一步提升，並超越我們今年早些時候已經溝通的目標。

I would be remiss if I did not comment on the current market environment adversely impacting financial technology companies, including Shift4. We strongly believe that there remains a disconnect between our growth and our valuation in the public markets. We have generated superior growth and are on track to deliver over 30% revenue growth and over 50% adjusted EBITDA growth this year and expect to generate over $100 million of adjusted free cash flow.

如果我不評論當前市場環境對包括Shift4在內的金融科技公司造成的不利影響，那我就是失職了。我們堅信，我們的成長與公開市場的估值之間仍然存在脫節。我們實現了卓越的成長，並預計在今年實現超過30%的營收成長和超過50%的調整後EBITDA成長，並預計將產生超過1億美元的調整後自由現金流。

Despite these results, an unparalleled performance during a completely unforeseen pandemic, we still trade well below what I believe to be our intrinsic value. Some will view these comments as self-serving, but I've challenged our company to thoroughly evaluate the cost of being a public company against this backdrop. We view our strategic initiatives, customer wins and operational tactics as highly valuable and even more so during times of economic uncertainty. Sharing them regularly is just one example of the unnecessary headwinds we face.

儘管取得了這些業績，在這場完全無法預見的疫情中，我們依然取得了無與倫比的表現，但我們的股價仍遠低於我認為的內在價值。有些人可能會認為這些評論是出於私心，但我已經要求公司在這種背景下徹底評估作為上市公司的成本。我們認為我們的策略性舉措、客戶成功和營運策略非常有價值，尤其是在經濟不確定時期。定期分享這些只是我們面臨的不必要逆境的一個例子。

So with that, let me turn this call over to our President and Chief Strategy Officer, Taylor Lauber. Taylor?

因此，請允許我將這個電話轉給我們的總裁兼首席策略長 Taylor Lauber。 Taylor？

Thanks, Jared. And good morning, everyone. I will focus my prepared remarks on how we see our volumes trending for the balance of the year, an update on our acquisitions and then some additional color on our major strategic initiatives, which is primarily our gateway sunset initiative.

謝謝，賈里德。大家早安。我的演講將重點介紹我們對今年剩餘時間交易量趨勢的預測、收購的最新進展，以及我們主要戰略舉措的補充說明，其中主要是我們的門戶日落計劃。

Our previously provided volume guidance for this year assumed a modest recovery in international and business travel and $3 billion of contribution from the new verticals, such as nonprofit, Starlink, gaming and sports and entertainment venues. We are benefiting from the ongoing resumption of travel evidenced by the sequential improvement in our lodging volume CAGR although the volume contribution from our new verticals had initially been slower to ramp than we would have predicted.

我們先前提供的今年客流量指引假設國際旅行和商務旅行將溫和復甦，且非營利組織、星鏈、遊戲以及體育娛樂等新興垂直產業將貢獻30億美元。儘管新興垂直行業客流量的成長速度最初低於我們的預期，但我們受益於旅遊業的持續復甦，住宿客流量的複合年增長率持續提升便是明證。

This is both a benefit and a detriment. A detriment because we'd always like to see the volume sooner and a benefit because the work is complex and with complexity comes barriers to entry for our competition.

這有利有弊。弊端在於我們總是希望盡快看到產量；利端在於這項工作很複雜，而複雜性會為競爭對手帶來進入障礙。

Said more simply, the longer it takes, the more confident we are in our competitive positioning. This is all to say that we are optimistic for our success in new verticals but still somewhat cautious on the macro environment. We did witness the typical seasonal uptick in volume throughout the quarter and into the month of July.

簡言之，時間越長，我們對自身競爭定位就越有信心。總而言之，我們對在新垂直領域的成功充滿樂觀，但對宏觀環境仍保持謹慎。我們確實見證了整個季度以及7月份交易量典型的季節性上升。

Our hotel volumes continued to grow meaningfully month-over-month and we continue to add new hotels at a decent clip. Our volume trends throughout July were consistent with our expectations, but we remain cautious on predicting volume trends for the balance of the year given the uncertainty around consumers' reaction to persistent inflation and rising interest rates.

我們的飯店數量較上季持續大幅成長，新飯店數量也持續保持良好的成長速度。 7月份飯店數量趨勢與預期一致，但鑑於消費者對持續通膨和利率上升的反應存在不確定性，我們對今年剩餘時間的飯店數量趨勢預測仍持謹慎態度。

We do believe that consumers will ultimately pull back on discretionary spending as food and fuel prices remain high, but predicting how and when behaviors change remains something we believe everyone is struggling with. We are leaving our volume forecast unchanged for 2022. And despite the delay in new verticals, we find it very encouraging that the contribution from these verticals is starting to ramp up nicely.

我們確實相信，由於食品和燃料價格持續高企，消費者最終會減少可自由支配的支出，但預測消費者行為如何以及何時發生變化，仍然是每個人都在努力解決的問題。我們維持2022年的銷售預測不變。儘管新的垂直行業有所延遲，但我們非常欣慰地看到，這些垂直行業的貢獻正在開始穩步增長。

Turning to acquisitions. We closed on the acquisition of The Giving Block on February 28 of this year and are working through the necessary European regulatory approvals for a fourth quarter close of Finaro. In regards to The Giving Block, the ongoing volatility in the crypto space has not altered our initial view that our right to win in the nonprofit space is improved by owning The Giving Block. And going to market with a differentiated offering that includes crypto acceptance provides us with a unique advantage.

談到收購。我們於今年2月28日完成了對The Giving Block的收購，目前正在努力爭取必要的歐洲監管機構批准，以便在第四季度完成對Finaro的收購。關於The Giving Block，加密貨幣領域的持續波動並沒有改變我們最初的看法：擁有The Giving Block將增強我們在非營利領域的競爭力。而以包含加密貨幣接受度的差異化產品進入市場，將為我們帶來獨特的優勢。

As you recall, we intentionally structured the transaction with a significant portion being tied to revenue targets in order to insulate from any shocks in the crypto markets. In short, we believe that we are very well protected on our initial investment and the business continues to operate at breakeven.

大家還記得，我們特意將交易的很大一部分與收入目標掛鉤，以免受加密貨幣市場的任何衝擊。簡而言之，我們相信我們的初始投資得到了很好的保護，並且業務能夠持續保持損益平衡。

Nonprofits continue to get added to The Giving Block's platform, all of whom are paying SaaS revenues. The customer count is growing, and we remain cautiously optimistic heading into the end of the year as the majority of donations occurred during the fourth quarter and in December more specifically.

非營利組織持續加入 The Giving Block 平台，所有成員都透過 SaaS 平台獲得收入。客戶數量正在成長，我們對年底前景保持謹慎樂觀，因為大多數捐款發生在第四季度，具體來說，是在 12 月。

In the meantime, we continue to execute on the $45 billion cross-sell opportunity and are improving the product every day, including adding the online widgets that Jared mentioned earlier.

同時，我們繼續執行 450 億美元的交叉銷售機會，並且每天都在改進產品，包括添加 Jared 之前提到的線上小部件。

For Finaro, we are pleased with our ability to deliver a cross-border solution for global e-commerce merchants and have successfully completed testing transactions between the U.S. and Europe. As Jared highlighted, we will begin processing U.S. e-commerce transactions for Skatepro, kiwi.com as well as European transactions for Starlink later this year and are in discussions with many more. As a reminder, we are not including any contribution from the acquisitions in our guidance, but do anticipate a positive contribution in 2023.

對於 Finaro 而言，我們很高興能夠為全球電商商家提供跨境解決方案，並已成功完成美國和歐洲之間的測試交易。正如 Jared 所強調的，我們將於今年稍後開始處理 Skatepro 和 kiwi.com 的美國電商交易，以及 Starlink 的歐洲交易，並且正在與更多商家進行洽談。需要提醒的是，我們的業績指引中未包含收購帶來的任何貢獻，但預計 2023 年將帶來正向貢獻。

We are leaving our expected 2023 adjusted EBITDA and volume contribution for both Finaro and The Giving Block unchanged. As a reminder, for Finaro, we anticipate $15 billion of end-to-end payment volume and roughly $30 million of adjusted EBITDA contribution. And for The Giving Block, we anticipate roughly $5 million of adjusted EBITDA contribution.

我們對 Finaro 和 The Giving Block 2023 年調整後 EBITDA 和交易量貢獻的預期保持不變。需要提醒的是，我們預計 Finaro 的端到端支付額將達到 150 億美元，調整後 EBITDA 貢獻約 3,000 萬美元。而 The Giving Block 的調整後 EBITDA 貢獻約 500 萬美元。

As mentioned in May, we embarked on our gateway sunset strategy during Q2. You will recall that this strategy is comprised of numerous short- and long-term benefits to the company. It is designed to grow revenues, add end-to-end merchants and reduce operational inefficiencies. The pandemic slowed our business in many ways, not the least of which was delaying the implementation of these plans until just now.

正如我們在五月提到的，我們在第二季度啟動了網關日落戰略。大家應該還記得，該策略包含許多對公司短期和長期的益處。它旨在增加收入、增加端到端商家並減少營運效率低下的情況。疫情在許多方面拖慢了我們的業務，其中最重要的就是推遲了這些計畫的實施，直到現在才得以實施。

Our plan involves limiting our gateway-only offering, deprecating legacy connections and accelerating end-to-end conversions. Our process has been good, having identified roughly $4 billion on such connections and already converted approximately $700 million of that $4 billion. We have also increased pricing, which more appropriately assigns value for the critical services we're providing as a gateway.

我們的計劃包括限制僅網關服務，淘汰舊式連接，並加速端對端轉換。我們的流程進展順利，已確定此類連接約40億美元，其中約7億美元已完成轉換。我們也提高了定價，這更合理地體現了我們作為網關提供的關鍵服務的價值。

Another notable event during the quarter is the increased opportunities with regard to M&A. We've been patient with our capital and suspect that these patients will be well rewarded as we look to execute interesting growth catalysts.

本季另一個值得關注的事件是併購機會的增加。我們一直耐心等待資本注入，並相信這些耐心將獲得豐厚的回報，因為我們致力於實現令人期待的成長催化劑。

As Nancy is in the process of onboarding to become our new CFO effective tomorrow, I will review the financial performance for the quarter. Q2 gross revenues were $507 million, up 44% from the same quarter last year.

南希即將於明天正式就任我們新的財務官，屆時我將回顧本季的財務表現。第二季總營收為5.07億美元，較去年同期成長44%。

Gross revenues less network fees were $183 million, an increase of 34% over the last year. Our revenue growth breaks down as follows: first, a 43% year-over-year increase in net processing revenues, driven by the year-over-year growth in end-to-end boeing. Second, a 25% increase in our SaaS and other revenue stream driven by higher merchant counts in our high-growth core and expansion into new verticals. And finally, our gateway revenue stream was roughly flat year-over-year as a function of decreased transaction accounts from the gateway conversion I mentioned earlier, offset by a partial quarter of our recently launched gateway sunset strategy.

總收入減去網路費用後為1.83億美元，較上年增長34%。我們的營收成長細分如下：首先，淨處理營收年增43%，這得益於端到端波音業務的年成長。其次，SaaS及其他收入流成長25%，這得益於我們高成長核心業務中商家數量的增加以及向新垂直領域的擴張。最後，由於我之前提到的網關轉換導致交易帳戶減少，我們的網關收入流同比基本上持平，但被我們最近推出的網關日落策略的部分季度收入所抵消。

Spreads for the quarter came in at 78 basis points, which is consistent with what we reported for the same period last year. Similar to our discussion last quarter, Q2 of '21 spreads were depressed approximately 2 basis points because of higher debit mix from the issuance of last year's government stimulus. This is evidenced by our interchange rate, which has increased from 182 basis points in Q2 last year to a more typical 192 basis points this quarter. When adjusting for card mix, spreads in the second quarter of this year declined by approximately 2 basis points year-over-year. This is expected as we continue to expand into larger merchants and new verticals.

本季利差為78個基點，與我們去年同期的報告一致。與我們上季度的討論類似，由於去年政府刺激計劃的實施導致借記卡組合增加，2021年第二季度的利差下降了約2個基點。這從我們的交換費率可以看出，該費率已從去年第二季的182個基點上升至本季較為典型的192個基點。經信用卡組合調整後，今年第二季的利差年減了約2個基點。隨著我們繼續向大型商家和新的垂直領域擴張，這是預期的。

For the quarter, we reported adjusted EBITDA of $66 million, which is up 45% over the same quarter last year. The resulting adjusted EBITDA margin for the quarter was 36%, and which represents a 270 basis points of margin expansion over the same period last year. I want to note that we are continuing to invest methodically into our growth strategy while delivering this margin expansion.

本季度，我們報告的調整後EBITDA為6,600萬美元，較去年同期成長45%。本季調整後EBITDA利潤率為36%，較去年同期成長270個基點。我想指出的是，在實現利潤率成長的同時，我們將繼續有條不紊地投資於我們的成長策略。

Adjusted free cash flow in the quarter was $16.4 million, which compares to a nearly neutral free cash flow position for the same period last year. It's worth noting that Q2 also includes a semiannual interest payment of roughly $10.4 million, which can distort the quarterly comparisons.

本季調整後自由現金流為1,640萬美元，去年同期的自由現金流幾乎持平。值得注意的是，第二季還包含約1,040萬美元的半年利息支出，可能會影響季度比較結果。

And in that regard, makes Q2 look even more favorable for this quarter. The current quarter result brings year-to-date cash flow to just over $30 million, which equates to a free cash flow conversion percentage of roughly 27%. And full reconciliation of the adjusted free cash flow is available in the appendix of our earnings materials.

從這一點來看，第二季的業績看起來更加利好。本季業績使年初至今的現金流略高於3,000萬美元，相當於自由現金流轉換率約27%。調整後自由現金流的完整對帳表可在我們的收益資料附錄中找到。

And then with respect to capital transactions within the quarter, between April 1 and June 30, we repurchased approximately 3.6 million shares. Our buyback program has cumulatively purchased 4.3 million shares. And as Jared mentioned, we continue to believe the stock is meaningfully below the intrinsic value of the company.

關於本季的資本交易，在4月1日至6月30日期間，我們回購了約360萬股。我們的回購計畫已累計回購了430萬股。正如Jared所提到的，我們仍然認為該股目前明顯低於該公司的內在價值。

You can also see a reconciliation of our shares in the back of our earnings materials. You will note that our guidance reflects both the cautious outlook on the consumer, but also a significant optimism in the performance of our business during the second half of the year.

您也可以在我們的收益材料背面看到我們股票的對帳表。您會注意到，我們的業績指引既反映了我們對消費者前景的謹慎看法，也反映了我們對下半年業務表現的樂觀態度。

We believe that the gateway sunset strategy and early indicators for SkyTab and new verticals warrant a modest increase in our gross revenue less network fee outlook and are increasing our guidance range to $690 million to $710 million, up from $675 million to $705 million previously.

我們相信，網關日落策略和 SkyTab 及新垂直行業的早期指標保證了我們的總收入減去網路費用前景的適度增長，並將我們的指導範圍從之前的 6.75 億美元至 7.05 億美元提高到 6.9 億美元至 7.1 億美元。

We are also increasing our full year guidance on adjusted EBITDA and to $255 million to $265 million, up from $240 million to $250 million previously.

我們也將全年調整後 EBITDA 預期從先前的 2.4 億美元至 2.5 億美元上調至 2.55 億美元至 2.65 億美元。

Finally, we are reaffirming our previously discussed free cash flow conversion rate of 35% to 40%, but do expect full year free cash flow conversion to land towards the upper end of that range?

最後，我們重申先前討論過的 35% 至 40% 的自由現金流轉換率，但是否預期全年自由現金流轉換率會達到該範圍的上限？

Lastly, I'd like to welcome Nancy to our first earnings call.

最後，我歡迎南希參加我們的第一次財報電話會議。

Thanks, Taylor. I've had the privilege of watching Shift4 from my seat as a Board member and couldn't be more excited to join and expand on the great foundation, Brad has built in the finance organization. I also look forward to getting to spend time with our shareholders and analysts in the coming weeks.

謝謝，泰勒。我很榮幸能夠以董事會成員的身份親眼見證Shift4的發展，並非常高興能夠加入並拓展佈拉德為財務部門奠定的堅實基礎。我也期待在接下來的幾週與我們的股東和分析師們共度時光。

And with that, Alex, we can turn it to questions.

有了這些，亞歷克斯，我們可以開始提問了。

(Operator Instructions) Our first question for today comes from Ashwin Shirvaikar from Citi.

（操作員指示）我們今天的第一個問題來自花旗銀行的 Ashwin Shirvaikar。

Sorry, Ashwin we're not receiving audio.

抱歉，Ashwin，我們沒有收到音訊。

Sorry about that. Can you hear me now?

抱歉。現在你能聽到我說話嗎？

Yes, we got it.

是的，我們明白了。

Great. I wanted to ask with regards to gateway conversions. You seeing success maybe in any particular end markets? And obviously, you've had this arrow in your cooler for some time. Maybe could you review what's different now in terms of client receptivity and if there is economic weakness, would gateway conversions accelerate?

好的。我想問一下關於網關轉換的問題。您在哪些特定的終端市場看到了成功？顯然，您已經考慮這個方案一段時間了。您能否分析一下現在客戶接受度方面有什麼不同？如果經濟疲軟，網關轉換是否會加速？

Yes, it's a great question. And I think -- thank you for asking because I think it's worth kind of reemphasizing exactly where we are in this trajectory, right? While we've had a ton of success adding end-to-end payment volume from restaurants and hotels through the pandemic, the reality is this is not at the top of restaurant, now it's all operators' minds during the pandemic. So I think our actions on the gateway have kind of increased the mind share that we have within these merchants minds through the quarter. And I think it's appropriate given where we are towards the end of this pandemic cycle that we've been realizing.

是的，這個問題問得很好。謝謝你的提問，因為我覺得有必要再次強調我們目前在這個發展軌跡中的具體位置，對吧？雖然我們在疫情期間成功地增加了來自餐廳和酒店的端到端支付量，但現實情況是，這並非餐廳的首要任務，在疫情期間，所有運營商都開始關注這個問題。所以我認為，我們在網關上的舉措在某種程度上提升了我們在本季在這些商家心目中的認知度。考慮到我們目前正處於疫情週期的尾聲，我認為採取這項措施是恰當的。

In terms of success. No, we highlighted a few examples just to show how diversified it is. We won some interesting health care opportunities. We had our Board meeting at the Langham in Chicago, which is a beautiful hotel that we want as a result of these efforts.

就成功而言。不，我們列舉了幾個例子，只是為了展示我們的多元化程度。我們贏得了一些頗具吸引力的醫療保健項目。我們的董事會會議在芝加哥的朗廷酒店舉行，這家酒店非常漂亮，我們希望這些努力能帶來成果。

It's really a function of which connections we've been prioritizing and how we're attacking those. The case study I cited in my remarks was identifying roughly $4 billion on connections, but quite frankly, have been around a very long time and need to be deprecated. And winning $700 million of annualized volume through just targeting those connections for discussions in the course of about 1.5 months. So we feel good about our success rate. We are approaching it methodically, given kind of exactly where we are in the economic cycle.

這實際上取決於我們優先考慮哪些人脈關係，以及我們如何利用這些關係。我在演講中引用的案例研究顯示，大約有40億美元的客戶關係，但坦白說，這些關係已經存在很長時間了，需要淘汰。而僅僅透過針對這些關係進行討論，在大約一個半月的時間裡，我們就贏得了7億美元的年化交易量。所以我們對自己的成功率感到滿意。考慮到我們所處的經濟週期，我們正在有條不紊地推進這項工作。

And in terms of the receptivity, I don't think a downturn in kind of the broader economic cycle diminishes this. And in fact, I think it increases a merchant's desire to seek out kind of the most cost-effective solutions. I think every business operator we talk to right now is thinking longer and harder about expenses, and this is a more efficient solution economically.

就接受度而言，我認為更廣泛的經濟週期下滑不會削弱這一點。事實上，我認為這反而會增強商家尋求最具成本效益解決方案的意願。我認為我們目前採訪的每一位商家都在更長時間、更深入地考慮成本，而從經濟角度來看，這是一個更有效的解決方案。

So we don't think that while the consumer a slowdown in consumer spending could obviously decrease volume per merchant. We don't think it would slow down this initiative.

因此，我們認為，儘管消費者支出放緩會大幅減少每個商家的銷售額，但這不會減緩這項措施的進展。

Yes. And Ashwin, Jared here. Just to kind of hone in on the specifics of kind of what verticals in the gateway we're getting traction with. I mean -- you can really see it in terms of lodging, right? And that makes sense because I think and I'm just going to give some approximate here. At one point in time, we communicated that we believe across our gateways that we touch approximately 40% of the hotel lodging volume in this country. But from an end-to-end perspective, we've also communicated in the last quarter that we're approximately 10%.

是的。我是 Ashwin，Jared。我想稍微詳細談談我們在入口網站上哪些垂直領域取得了進展。我的意思是，從住宿方面來看，你確實能看到這一點，對吧？這很有道理，因為我認為，我在這裡只是給出一些大概的數字。我們曾經表示，我們相信透過我們的入口網站，我們涵蓋了美國約 40% 的飯店住宿量。但從端到端的角度來看，我們在上個季度也表示，我們的覆蓋率大約是 10%。

So there's a big gap between 10% and 40% that we think is it's easily accessible for us since we're already driving that commerce experience. And at Taylor's point, when they move over to our N10 platform, they're generally getting a lower cost of service. Now hotel customers were not easy to pursue during the pandemic. Many of them furloughed their IT departments. They had a lot of other priorities they needed to think about other than migrating their kind of commerce providers.

因此，我們認為 10% 到 40% 之間存在很大差距，但對我們來說很容易實現，因為我們已經在推動這種商業體驗。而且，正如 Taylor 所說，當他們遷移到我們的 N10 平台時，他們通常會獲得更低的服務成本。疫情期間，飯店客戶很難取得。許多飯店讓 IT 部門休假。除了遷移這類商業服務提供者之外，他們還有很多其他優先事項需要考慮。

So long way of saying right now that we're having a lot of success winning lodging customers. We have a long way to go, customers that are, again, very easily accessible, very easy for us to address. So even in the event there was -- there were to be some sort of a slowdown in travel and hospitality, the lift from -- the gross profit lift from that gateway customer moving to end-to-end is what's going to enable us to grow even if economic circumstances were to change this year, which is completely consistent with how we were able to grow during the pandemic when every one of our end markets was incredibly depressed and we still grew end-end payment volume by double digits.

我們現在在贏得住宿客戶方面取得了很大成功，但還有很長的路要走，這些客戶對我們來說非常容易接觸，也非常容易應付。因此，即使旅遊和酒店業出現某種程度的放緩，從門戶客戶轉向端到端帶來的毛利提升，也將使我們在今年經濟狀況發生變化時仍能實現成長。這與我們在疫情期間的成長方式完全一致，當時我們所有的終端市場都極度低迷，但我們的端到端支付額仍然實現了兩位數的成長。

So I think lodging is definitely within our high-growth core an area where we're going to continue to have a ton of traction throughout this year and in 2 years ahead.

因此，我認為住宿絕對是我們高成長核心領域之一，今年以及未來兩年我們將繼續在該領域保持強勁成長。

Got it. And then the other question was volume contribution from new verticals as we think of modeling the rest of the year? And maybe a point question on one specific client, Allegiant. It's one client, but it is a measurable client. Was that in your outlook previously, the specific timing? Or has that timing also changed?

明白了。然後另一個問題是，在我們考慮對今年剩餘時間進行建模時，新垂直產業的銷售貢獻如何？也許可以問一個關於特定客戶Allegiant的重點問題。它只是一個客戶，但也是一個可衡量的客戶。您之前的展望中提到過具體的時間嗎？還是說這個時間也改變了？

So we never gave any real specific customer targets in terms of volume. I mean we might have given some approximations of what we thought they could represent at the Investor Day last year. We generally in our bridge said, in 2022, we're expecting a contribution of about $3 billion in end-to-end volume from our new verticals.

因此，我們從未給出任何關於客戶數量的具體目標。我的意思是，在去年的投資者日上，我們可能給出了一些我們認為他們可能代表的大致數字。我們通常在業績預告中表示，預計2022年，我們新的垂直領域將貢獻約30億美元的端到端交易量。

So sure, I mean, if you were to look up what the Allegiant Airlines represent as a stand-alone customer relative to that $3 billion, you could say it's a big portion of it. At the same time, there's a lot of other customers in there that are monsters. The idea was always that $3 billion target for 2022 in new verticals was to be viewed as conservative, no matter which direction you looked at it from the stadium side, from the Starlink side, from Allegiant side.

所以，我的意思是，如果你去算算Allegiant航空作為獨立客戶相對於這30億美元的比例，你會發現它佔了很大一部分。同時，還有很多其他客戶，規模也很大。一直以來，人們都認為2022年在新垂直領域實現30億美元的目標過於保守，無論從體育場館、星鍊或Allegiant航空的角度來看。

So I guess probably the real message that we are trying to communicate this quarter is that integrations take a long time. It's largely dependent on third-party software companies that are powering commerce solution or the time that an enterprise customer is willing to commit to work through an integration. So it did take a little bit longer, but they have essentially all come online with the exception of Allegiant in literally the last week of the second quarter, and it's now ramping pretty quickly as you can see from July.

所以我想我們本季真正想要傳達的訊息可能是整合需要很長時間。這很大程度上取決於支援商務解決方案的第三方軟體公司，或是企業客戶願意投入的時間來完成整合。所以整合確實需要更長的時間，但除了Allegiant在第二季最後一周上線之外，其他所有平台基本上都上線了，而且正如7月份所見，整合速度正在快速提升。

So whether Allegiant is delayed a week or not, whether Starlink is more than people would have expected or whether it's NCAA or NFL, like they're all going to be pretty meaningful contributors. You kind of just choose your own adventure, which one kind of carries the bulk of the weight in the second half of the year.

所以，無論Allegiant是否推遲一周，無論Starlink是否超出人們的預期，無論是NCAA還是NFL，它們都將成為相當有意義的貢獻者。你只需要選擇自己的冒險，哪一種會在下半年承擔大部分的重擔。

Right, right. But basically, the $3 billion is still a decent number, and we can take that in traction into next year?

對，對。但基本上，30億美元仍然是一個不錯的數字，我們可以在明年繼續保持這一勢頭嗎？

For sure. Allegiant is a big number, but I'd say, geez, I mean, you look at the NCAA stadium, the NFL stadiums we now have that we didn't have before Starlink, even we said BetMGM is ramping up significantly. We added several states just this week alone. So I guess what I'm saying is in terms of that $3 billion bridge in new verticals and certainly whatever they'll represent going into 2023, Allegiant is a nice part of it. So is everything else, like they're all really beginning to fire.

當然。 Allegiant 的規模很大，但我想說，天哪，看看我們現在擁有的 NCAA 體育場和 NFL 體育場，這些都是 Starlink 之前沒有的，就連 BetMGM 也在大幅擴張。僅本週，我們就增加了幾個州的業務。所以，我想說的是，就 30 億美元的新垂直領域橋樑而言，當然，無論它們在 2023 年代表著什麼，Allegiant 都是其中很重要的一部分。其他所有方面也一樣，它們都開始真正火起來了。

Our next question comes from Tim Chiodo from Credit Suisse.

下一個問題來自瑞士信貸的 Tim Chiodo。

Great. So I think Jared really hit on it in terms of ship force ability to have an idiosyncratic driver essentially despite the macro. Given all the macro uncertainty, I think that investors are even more focused on the gateway conversion opportunity for Shift4 than ever. So to that point, I think, Ashwin's question really hit on it, but maybe as a follow-up, maybe you could just recap again the various approaches that you can take.

太好了。所以我認為Jared確實說到點子上了，就船舶力量而言，它能夠擁有一個獨特的驅動力，儘管宏觀經濟形勢如此。考慮到所有宏觀不確定性，我認為投資者比以往任何時候都更關注Shift4的入口網站轉換機會。所以，我認為Ashwin的問題確實說到點子上了，但作為後續問題，也許您可以再回顧一下您可以採取的各種方法。

So there's the cost that you have to maintain those connections. Of course, one is the sunset approach, but there's also sort of the quicker price increase. There's the slower price increase and maybe some other initiatives that you're doing to help better monetize overall, even if it's not a full conversion. Maybe you could just provide some additional context on, maybe the mix of those approaches?

所以，維護這些連線需要成本。當然，一種是“日落法”，但也有更快漲價的方法。還有一種是“慢速漲價”，或許還有其他一些舉措，即使不是完全轉化，也能幫助提高整體獲利能力。您能否提供一些額外的背景信息，或結合這些方法？

Yes, sure. Hopefully, you also pick up on Jared's comments around us being slightly hesitant to explain our detailed strategies in environments like this. But I'll give you the broad brushes and you captured the essence of it, right, which is that there are significant operational efficiencies to our organization for simply being less of a gateway and then there are significant revenue opportunities for us converting merchants end-to-end. And we balance those 2 approaches all the time.

是的，當然。希望您也注意到Jared的評論，他提到我們在這種環境下不太願意解釋具體的策略。但我大致說一下，您抓住了要點，對吧？那就是，僅僅因為減少了門戶環節，我們的組織就能顯著提高營運效率；而且，透過端到端的商家轉化，我們也能獲得巨大的收入機會。我們一直在平衡這兩種策略。

So the first and I would say, softest of the approaches that we limited a series of activities that were related to our gateway-only customers. These are services that independent gateways would traditionally provide like moving from one processor to another. We limited those functions and saved several hundred cycles for our operations team every single month. That's an immediate win and, quite frankly, pretty low friction to all of our existing customers.

因此，我認為第一個也是最溫和的方法是，我們限制了一系列與網關專用客戶相關的活動。這些服務通常由獨立網關提供，例如從一個處理器轉移到另一個處理器。我們限制了這些功能，每月為營運團隊節省了數百個週期。這帶來了立竿見影的效果，坦白說，對我們所有現有客戶來說，摩擦也非常小。

We also identified roughly $4 billion of connections that quite frankly, should have been sunsetted longer. We had identified these connections in the end of 2019 when we acquired Merchant Link and it would have been an appropriate in our view to do so during the kind of peak of the pandemic.

我們還發現，大約有40億美元的連接，坦白說，應該早就停止使用。我們在2019年底收購Merchant Link時就發現了這些連接，我們認為在疫情高峰期這樣做是合適的。

So that compelled a really nice wave of merchants to move over, and it's simply providing them notice these connections won't stick around for a period of time. I think we spoke about them at a lunch you hosted as well. Separate from that, we have identified certain categories of merchants that are noneconomic and we just won't maintain that relationship in that context.

所以這迫使一群非常好的商家撤資，這只是在提醒他們，這些合作關係在一段時間內不會維持下去。我記得我們在你主持的一次午餐會上也討論過這個問題。除此之外，我們也確定了某些類別的商家不具備經濟效益，在這種情況下，我們不會維持這種合作關係。

In almost every case, that's resulted in a nice and meaningful revenue lift from that basket of customers, and we'll continue to do that as the initiative moves on.

在幾乎所有情況下，這都會為該批客戶帶來可觀且有意義的收入成長，並且隨著計劃的推進，我們將繼續這樣做。

Yes. Jared here. I mean there's so much to talk about with respect to the gateway sunset initiative and just the gateway conversion strategy in general, which really affords us a pretty unique right to win relative to others that kind of have what they kill out there. I'd say first, as part of gateway sunset, it's probably worthwhile to reinforce that one of our gateways that we acquired in late 2019. It was a joint venture between 2 of the largest payment companies in the world and then intentionally underprice many of the customers on that platform in order to kind of capture the economics upstream of the gateway at one of those 2 financial institutions. I mean, almost to a ridiculous level.

是的，我是賈里德。我的意思是，關於網關日落計劃以及網關轉換策略，有很多值得討論的地方，這確實賦予了我們一個相當獨特的優勢，讓我們能夠勝過那些在市場上擁有強大競爭力的公司。首先，作為網關日落計劃的一部分，我們可能值得強調我們在2019年底收購的一個網關。它是全球兩家最大的支付公司之間的合資企業，我們故意壓低該平台上的許多客戶價格，以便在這兩家金融機構之一的網關上游獲取經濟利益。我的意思是，價格幾乎低到荒謬的程度。

So just the fact that those agreements, some of them are dated 10, 15 years old, but they are absolutely enormous customers, are coming up for renewal. It's kind of a time to have a reset of what actually is the kind of fair value for the service that's being provided. And what it's doing is it's stimulating conversations on our end-to-end platform that had we not taken this approach, would never happen.

所以，這些協議，有些已經簽了10年、15年了，但這些協議絕對是巨額客戶，現在即將續約。現在是時候重新檢視我們所提供的服務的公平價值了。它正在激發我們端到端平台上的對話，如果我們沒有採取這種方法，這種對話就永遠不會發生。

I also want to go to the complete other end of the spectrum, which is not just kind of the stick based, but carrot based. The PCI council out there does a great service for us. Every 4 or 5 years, they pretty much declare that every EMV contactless device that's deployed in the country is no longer compliant.

我還想談另一個極端，不只是大棒政策，還有胡蘿蔔政策。 PCI 委員會為我們提供了極大的幫助。每隔四、五年，他們幾乎就會宣布，國內部署的所有 EMV 非接觸式設備都不再符合標準。

In which case, every one of the customers is forced to consider a pretty large capital outlay. Now we've always leaned in heavy in terms of the inventory we're willing to carry for EMV devices. We have our own PCI-validated key injection facility. So we maintain a chain of custody of those devices because we know at any given time, you could have a very large, several hundred location customers decide to move to our end-to-end platform, and we want to light them up rather quick.

在這種情況下，每位客戶都必須考慮一筆相當大的資本支出。現在，我們一直非常重視EMV設備的庫存。我們擁有自己的PCI認證金鑰注入設施。因此，我們對這些設備進行了監管，因為我們知道，在任何時候，都可能有數百個地點的客戶決定遷移到我們的端到端平台，我們希望能夠快速地啟動它們。

So constantly, hotels large restaurants, even specialty retailers on our platform are coming up on decision points to replace those devices. We become the easy button. We can just encrypt them. We can deploy them. As you know, we provide them at no cost as an inducement to move to our end-to-end platform.

因此，我們平台上的飯店、大型餐廳，甚至是專業零售商，都在不斷做出更換這些設備的決策。我們成為了便捷的按鈕。我們可以加密它們，部署它們。如你們所知，我們免費提供這些設備，以吸引人們遷移到我們的端到端平台。

So it lines up saving that customer the initial capital outlay plus the ongoing cost of service is less by moving to our end-to-end platform. I just want to reinforce that the carrots that have helped us win and convert gateway customers for 5 years now are still driving a lot of the -- still driving a ton of the action that's going on in our gateway to end-to-end conversion process.

因此，透過遷移到我們的端到端平台，客戶可以節省初始資本支出，而且持續的服務成本也更低。我只想強調，過去五年來幫助我們贏得並轉化網關客戶的那些「胡蘿蔔」如今仍在推動著我們從網關到端到端的轉換過程。

And congratulations to Nancy.

並祝賀南希。

Our next question comes from Andrew Bauch of SMBC Nikko Americas.

下一個問題來自 SMBC Nikko Americas 的 Andrew Bauch。

I wanted to touch upon some of the guidance here, it's suggesting gross profit margins for the full year being at 65% of net revenues. It implies a pretty steep ramp in the back half of the year. So can you just give us additional color on how we should think about that? And what are the key drivers there in the line items?

我想談談這裡的一些指引，它建議全年毛利率達到淨收入的65%。這意味著下半年毛利率將大幅上升。您能否進一步說明一下我們該如何看待這一點？具體專案中的關鍵驅動因素是什麼？

Yes, sure. This is Taylor. I'll cover that. I think the bulk of it comes from what we've witnessed in the early days of our gateway sunset initiatives. As Jared mentioned in his scripted remarks, we're also incrementally positive and quite frankly, notably so on what we've got going with SkyTab POS as well. So those are the 2 most significant drivers of those 2. We've got some contribution from new verticals as well. So that's going to ramp. And I would stick to those first to seeing a lot of starts.

是的，當然。我是泰勒，我會講到這一點。我認為，這主要源自於我們在網關日落計畫初期所見證的成果。正如賈里德在他的例行演講中提到的，我們也逐漸持積極態度，坦白說，尤其是在 SkyTab POS 系統方面。所以，這兩個是最重要的驅動因素。我們也從新的垂直領域中獲得了一些貢獻。所以，這些領域將會加速發展。我會先關注這些領域，直到看到更多新業務開始落地。

Is that exit rate like a level that we should be modeling kind of in the out years?

這個退出率是否是我們未來幾年應該模擬的水平？

I don't -- I think it's too soon to predict that. I think that we feel highly confident in the end of the year. As you know, our success in new verticals can blend down our spread. And quite frankly, that can be augmented by SaaS success and SkyTab POS. So I think it's just a little bit early to predict what kind of the outer year impact of this is. But coming into the back half of this year, we feel really good about margins.

我不這麼認為——我認為現在預測還為時過早。我認為我們對年底的業績非常有信心。如你所知，我們在新垂直領域的成功可能會降低我們的利差。坦白說，SaaS 的成功和 SkyTab POS 系統可以增強我們的利差。所以我認為現在預測這對年底的影響還為時過早。但進入今年下半年，我們對利潤率感到非常樂觀。

Got it. And if I could just ask one more follow-up for Jared. Getting a lot of questions around some of your comments on your valuation being a public company. Can you just give us additional detail on how you're thinking about that?

明白了。我能否再問Jared一個問題？關於你對上市公司估值的一些評論，有很多問題。能否請你進一步談談你對此的看法？

Yes. And in fact, let me just also throw a pile on Taylor's point to just what these new verticals represent. So it's hard for me not to draw like the history back to the basement days of the company. But for 18 years, we serve incredibly small customers. Your corner restaurants on main street, every one of those customers contribute a nice amount of volume, but and also a healthy service burden too. I mean we have 2,000-plus employees now are very close to it in the company.

是的。事實上，我還要補充一點泰勒的觀點，這些新的垂直領域代表著什麼。所以，我很難不把公司的歷史追溯到地下室時代。但18年來，我們服務的客戶群非常小。就像街上的街角餐廳一樣，每位顧客都貢獻了相當可觀的客流量，同時也帶來了相當大的服務負擔。我的意思是，我們現在公司有2000多名員工，他們的規模已經非常接近這個數字了。

You look at an organization like Adyen, which is a company we in many respects, aspire to be, their margins are very, very high. Free cash flow conversion is very, very high. The volumes are very high. They're serving customers like Facebook and Microsoft and Amazon, where you're actually getting a considerable amount of volume, but your overhead to support that customer is next to nothing.

看看像Adyen這樣的公司，我們在很多方面都渴望成為這樣的公司，他們的利潤率非常高。自由現金流轉換率非常高。交易量也非常大。他們服務的客戶包括Facebook、微軟和亞馬遜，這些客戶的交易量非常大，但支援這些客戶的開銷幾乎為零。

In fact, like every bit of incremental volume can potentially fall to the bottom line. We'll look at the direction in our new verticals we're going. We said Time Magazine in their digital subscription business that we announced. I mean, obviously, Starlink is enormous, stadiums are enormous. These represent sometimes hundreds or thousands small midsized customers. And the support burden associated with them is just so much less. It's actually surprising how many employees we needed for our first $50 billion of end-to-end volume and how many we expect to need for the next $50 billion of end-to-end -- $1 billion of end-to-end volume.

事實上，每一點增量都可能影響我們的利潤。我們會審視我們新垂直領域的發展方向。我們之前在《時代》雜誌上提到過，他們宣布了數位訂閱業務。我的意思是，顯然，Starlink 規模龐大，體育場館規模也很大。這些客戶有時代表數百或數千個中小型客戶。而與它們相關的支持負擔則小得多。我們最初 500 億美元的端到端業務量所需的員工數量，以及我們預計接下來 500 億美元（10 億美元的端到端業務量）所需的員工數量，都令人驚訝。

So just wanted to make that point in terms of also as we start to look at the margin profile of the business and its free cash flow conversion going forward. My point on valuation and like -- you don't want to whine in an environment where all asset classes have been absolutely pummeled.

所以，當我們開始審視公司的利潤率狀況及其未來的自由現金流轉換時，我只是想強調這一點。我對估值的觀點是──你不想在所有資產類別都遭受重創的環境中抱怨。

But when you look at one point and say the Street is now valuing exit potentially inside of 10 times next year's EBITDA, actually effectively even less than that when you take into account now our guidance raise. Again, this was a week or so ago, and we're assembling our materials on this. You're saying is the cost of being a public company worth it right now. And there's obviously the hard costs that we all know and understand when you make a commitment to be a public company.

但是，如果你看一下某個時間點，例如華爾街現在對退出估值可能在明年EBITDA的10倍以內，那麼實際上，如果考慮到我們現在的指導上調，估值甚至會更低。再說一次，這大約是一週前的事了，我們正在收集這方面的資料。你是說，現在身為上市公司的成本是否值得？顯然，當你承諾成為上市公司時，我們都知道並理解其中的硬性成本。

But then there's kind of a harder to quantify cost that comes with just essentially radical transparency. As a private company, we certainly wouldn't want to clue our competitors into our gateway sunset strategy, right? I mean that you're basically revealing how you're going to convert up to potentially $200 billion of end-to-end volume. Every success we have on the gateway conversion strategy is pain -- it's pain to every one of our competitors, right?

但是，純粹的透明化也會帶來一些難以量化的成本。作為一家私人公司，我們當然不想讓競爭對手知道我們的網關日落策略，對吧？我的意思是，這實際上等於透露如何轉換高達2000億美元的端到端交易量。我們在網關轉換策略上的每一次成功都是痛苦——這對我們所有的競爭對手來說都是痛苦，對吧？

So at some point, when value drops to such an extent, you do ask the question is -- is this the cost we're willing to pay, especially with respect to the transparency obligations that come with being a public company. So I think that was what we were trying to communicate.

所以到了某個時候，當價值跌到如此程度時，你肯定會問——這是我們願意付出的代價嗎？尤其是考慮到作為上市公司必須承擔的透明度義務。所以我認為這就是我們試圖傳達的訊息。

No, I really appreciate the insight and congrats on the solid quarter.

不，我真的很欣賞你的見解，並祝賀本季的穩健成績。

Our next question comes from Scott Wurtzel of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Scott Wurtzel。

It's Scott on for Darrin here. First one I want to touch on was just on the net yields. I mean, even accounting for some of the normalized sort of debit behavior? I mean we're still only down 2 basis points year-over-year, which I guess is a little bit sort of better than what we had expected historically. So I was just wondering if there was any sort of change to your outlook on the trajectory of yields even as you continue to penetrate larger merchants?

現在是史考特代替達林發言。我想先談談淨收益率。我的意思是，即使考慮到一些正常化的借記行為，我們的收益率仍然只比去年同期下降了2個基點，我想這比我們之前預期的要好一些。所以，我想知道，即使你們繼續滲透到更大的商戶，你們對收益率走勢的展望是否會有所改變？

I'm just going to beat the same drum which is that we continue to grow into larger and larger merchants. And so this is something that the degradation of blended spread is something that our investors should continue to expect. A little bit delayed in part because I think we were slower in the new verticals than we'd hope to be in the first half of the year. It hasn't changed our optimism. It hasn't changed our long-term view.

我只是要強調一點，那就是我們將繼續發展壯大，成為規模越來越大的商家。因此，混合利差的下降是我們投資者應該持續期待的。略有延遲，部分原因是我認為我們在新垂直領域的發展速度低於我們上半年的預期。但這並沒有改變我們的樂觀情緒，也沒有改變我們的長期願景。

In fact, our optimism has kind of been bolstered seeing kind of the last week in June and some contribution from those verticals. But that, if anything, is probably the reason that you've seen kind of spreads stay a little bit elevated. Is that new vertical contribution.

事實上，6月最後一週的表現以及這些垂直產業的一些貢獻，在某種程度上增強了我們的樂觀情緒。但這或許也是利差維持略高水準的原因。這是否是新的垂直產業貢獻？

Got it. And then just a follow-up. Just on the digital media vertical, it's interesting to see that win with Time Magazine. Just wondering if you can give a little color on sort of how you entered that vertical? And is it one that we should expect the company to continue to go after going forward?

明白了。接下來還有個後續問題。就數位媒體垂直領域而言，看到《時代》雜誌的成功合作很有意思。您能否稍微介紹一下您是如何進入這個垂直領域的？我們是否應該期待公司未來繼續深耕這個領域？

I -- if I was the artist behind the materials, I probably would have just lumped that into sexy tech, I think that -- let me expand on this a little bit right now. So we've announced some really, I think, exciting wins some at our industry day last year, we didn't deserve, but became a great opportunity for us to make investments in international expansion to build out our payment platform capabilities beyond what would just be expected for a restaurant or a hotel or specialty retailer beyond where we've been historically. We've started to get RFPs for surprising customers. And it's surprising in that I don't think a year or 2 years ago that I ever would have imagined we'd be able to compete for some of those brands.

如果我是這些素材背後的藝術家，我可能會把它歸類為“性感科技”，我想——現在讓我稍微展開說一下。我們在去年的行業日上宣布了一些令人興奮的成果，有些成果我們配不上，但也為我們投資國際擴張、打造支付平台能力提供了絕佳的機會，超越了餐廳、酒店或專業零售商以往的水平。我們已經開始收到一些意想不到的客戶需求建議書 (RFP)。令人驚訝的是，一兩年前我從未想過我們能夠與這些品牌競爭。

Also not surprising in that without us in the mix, they really only had 2 companies or so (inaudible). When you think of those large, powerful easily recognizable brands, you're sending it to Adyen and Stripe. And maybe you send it to JPM or one of the local banks here, but if you're a multinational player and you're looking for that single portal with cool capabilities, recurring billing, business intelligence, it's -- you're really in the Adyen and Stripe landscape and that landscape alone.

同樣不足為奇的是，如果沒有我們，他們實際上只有兩家左右的公司（聽不清楚）。當你想到那些規模龐大、強大、容易辨認的品牌時，你會選擇 Adyen 和 Stripe。也許你會選擇 JPM 或當地的某家銀行，但如果你是一家跨國公司，並且正在尋找一個擁有強大功能、定期計費和商業智慧的單一入口網站，那麼——你實際上只能選擇 Adyen 和 Stripe，而且只能選擇這兩個平台。

So I think having some signature wins at Industry Day, again, about 9 months or so ago, put us a little bit more on the map. And we've had to make investments in our capabilities in order to support those type of customers. So Time is one example of it. There's another one that we weren't allowed to -- there's actually 2 that we weren't allowed to announce that committed to us this quarter as well.

所以我認為，大約9個月前在行業日上取得的一些標誌性勝利，讓我們的知名度有所提升。為了支持這類客戶，我們必須在能力建構上進行投資。 《時代》雜誌就是一個例子。此外，還有一家公司，我們本季也未能宣布——實際上還有兩家公司也未能宣布，但都與我們達成了合作。

So I'd expect more to land in that general sexy tech camp of hey, there's somebody else out there that can compete with some of the big boys. Now we have a long way to go in terms of international expansion. If somebody needs a solution that's going to serve a couple of hemispheres here, we're not there yet. We've got Finaro.

所以我希望更多公司能加入那種普遍意義上的「性感科技」陣營，覺得「嘿，還有其他公司能和這些巨頭競爭」。現在我們在國際擴張方面還有很長的路要走。如果有人需要一個能服務幾個半球的解決方案，我們還沒到那一步。我們有Finaro。

But as we mentioned in our capital allocation strategy, our #1 priority is to continue to expand our reach in rails all across the world. And we think in doing so, and get a lot more of those RFPs for those kind of sexy tech organizations, and we're pretty excited about it.

但正如我們在資本配置策略中所提到的，我們的首要任務是繼續擴大我們在全球鐵路領域的影響力。我們認為，這樣做可以獲得更多來自那些熱門科技公司的招標書（RFP），我們對此感到非常興奮。

Our next question comes from Andrew Jeffrey of Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Jared, I love to hear the ambitions and the aspirations to compete with what I think a lot of people would consider the best payments companies in the world. Along those lines, can you elaborate a little bit on how you think about Shift4 evolving into a true global omni solutions company? I think we're seeing this, I think, more pronounced trend, Shopify certainly, Amazon, moving off-line into physical point of sale, Adyen, I should say. Can you just sort of elaborate on how Shift4 looks from an omni perspective over the next several years? And whether you need different assets need to do M&A can develop all those capabilities internally?

Jared，我很高興聽到你們雄心勃勃、雄心勃勃地想要與許多人眼中全球最好的支付公司競爭。順著這個思路，您能否詳細說明一下，您如何看待 Shift4 發展成為一家真正的全球全方位解決方案公司？我認為我們看到了這種更明顯的趨勢，Shopify 肯定如此，亞馬遜也正在將線下業務轉移到實體銷售點，Adyen 也是如此。您能否從全方位角度詳細說明 Shift4 未來幾年的發展前景？您是否需要不同的資產，需要進行併購，可以在內部開發所有這些能力？

Really great question. So I mean, first, look, there is -- at a very high level, I talked to our team about this all the time. I mean, you can build $1 trillion organization very, very organically controlling your product road map right from the start, and I look at that as kind of an Apple model.

這個問題問得真好。首先，我跟我們的團隊一直在高層討論這個問題。我的意思是，你可以從一開始就非常有機地控制你的產品路線圖，從而建立一個價值1兆美元的組織，我認為這有點像蘋果的模式。

Then you can take an Amazon model where you start with some great things, and you're not afraid of some M&A. I say all this knowing that Apple does do a fair amount of M&A these days. But kind of like a pure focus on product evolution versus Amazon bought awful lot of domains and a lot of companies over the years to become like a mega retailer.

然後你可以藉鏡亞馬遜的模式，從一些很棒的產品開始，而且不害怕併購。我這麼說，是因為我知道蘋果現在確實在進行相當多的併購。但有點像純粹專注於產品升級，而亞馬遜多年來收購了大量域名和公司，才發展成為一家大型零售商。

We look at our path as we start from an incredibly powerful card-present payment platform here in the U.S. That is very hard to do. Nobody created a global commerce platform from a strength of card present period. It's just it's so much harder. I mean you can take all of the card brands all across the world in a card-not-present arena without having to navigate the pain points of local debit networks through various EMV and PCI and other encryption certification challenges that exist like sometimes by country. You don't have to worry about any of those things in the card-present world -- in card-not-present.

我們檢視自己的發展路徑，因為我們在美國本土就有一個極為強大的刷卡支付平台。這非常難。沒有人能夠憑藉刷卡支付的優勢打造出一個全球性的商務平台。這真的太難了。我的意思是，你可以在無卡支付領域覆蓋全球所有信用卡品牌，而無需克服當地借記網路的痛點，例如各種EMV、PCI以及其他加密認證挑戰，這些挑戰有時因國家而異。在刷卡支付的世界裡，你無需擔心這些問題——在無卡支付領域。

So building out like an Adyen or Stripe platform globally from a card-not-present and APM focused world is easier. Now we are way behind when it comes to international rails relative to those 2 companies. But we do have the strength of our card-present platform. We do have 450-plus integrations that have given us a unique right to win and grow in the U.S., that will be applicable anywhere in the world. We just need to get those rails. And those rails are scarce. It's hard, and we're willing to do it inorganically.

因此，在無卡支付和專注於APM的領域，建立像Adyen或Stripe這樣的全球平台更容易。目前，我們在國際通路方面遠遠落後於這兩家公司。但我們的有卡支付平台確實實力雄厚。我們擁有超過450個整合項目，這賦予了我們在美國贏得和發展的獨特優勢，而這些優勢將適用於全球任何地方。我們只需要獲得這些管道。而這些管道非常稀缺。這很難，我們願意以非傳統的方式進行。

In fact, we're outright stating we're going to do it that way. Finaro is the first. It will not be the last. And I do believe with the organic investments we're making into our portal, our business intelligence product, our recurring billing capabilities, basically making sure the experience that our big, big name customer that we've mentioned before, has a comparable experience to Adyen in our portals, while behind the scenes, we build out our rails is the path to get us there.

事實上，我們明確表示要這樣做。 Finaro 是第一個，但絕對不會是最後一個。我相信，透過對門戶網站、商業智慧產品和定期計費功能的自然投資，我們基本上可以確保我們之前提到的這位大客戶在我們的入口網站上獲得與 Adyen 相當的體驗。而在幕後，我們正在建造自己的軌道，這是實現這一目標的途徑。

But yes, we have a lot of work to do kind of in our -- in building -- either acquiring or building out those rails all across the world. But we're on a -- we've got a great strategy and a great path to get there. So I know it was a long answer, but it's one that we spend an awful lot of time thinking about. We definitely think we're coming from a position of strength within the card-present world, but we've got work to do in terms of those international rails.

是的，我們在建設方面有很多工作要做——無論是收購還是建造遍布全球的鐵路。但我們正處於一個偉大的戰略和實現目標的正確路徑上。我知道這個問題很長，但我們花了大量時間思考。我們確實認為自己在卡片支付領域處於優勢地位，但在國際鐵路建設方面，我們還有很多工作要做。

Our next question comes from Eugene Simuni from MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Eugene Simuni。

I wanted to come back for a second to total end-to-end payment volume growth or 43% year-over-year. And I'm hearing, obviously, there is still a lot of puts and takes on macro impacts that are going on, some recovery from the pandemic, some new kind of macro uncertainty. And so I'm wondering, can you give us, hopefully, quantitative, but if not qualitative dimension on how much is that rate that 43% that we see this quarter depressed by the macro uncertainties, headwinds versus what the normalized trend could be?

我想再談一下端到端支付總額年增43%的問題。我聽說，顯然，宏觀經濟影響仍在不斷變化，包括一些從疫情中復甦的因素，以及一些新的宏觀不確定性。所以，我想問一下，您能否提供定量數據（即使不能提供定性數據），說明本季43%的增長率受宏觀不確定性和逆風因素的影響，與正常化趨勢相比，究竟在多大程度上下降？

Great question, Eugene. I think we haven't gotten too much better at answering it. But what I would suggest is that we feel like our average merchant is quite healthy and let's ignore Q2 and let's talk about July, where we were up nearly double digits over June, which is the most significant ramp we've seen in recent years between the 2 months. So I think consumer spending is quite healthy. This will be supported by card brand data all over the place. It will be supported by travel data.

尤金，這個問題問得好。我覺得我們回答這個問題的水平並沒有提高多少。但我想說的是，我們覺得平均商家的業績相當健康。先不說第二季度，我們只說7月的業績。 7月份的業績比6月份增長了近兩位數，這是我們近年來這兩個月之間看到的最顯著的增長。所以我認為消費者支出相當健康。各地的信用卡品牌數據和旅遊數據都會支持這一點。

So we feel like the consumer is healthy. We just -- we also feel cautious as we have for kind of 2 quarters now about how that translates into the back half of the year when back-to-school happens, people -- more and more people go back into the office, et cetera. So we're just increasingly cautious in that regard.

所以，我們覺得消費者的消費狀況是健康的。我們只是——就像過去兩個季度一樣——對這種情況對下半年開學季、越來越多的人重返辦公室等的影響感到謹慎。所以我們在這方面越來越謹慎。

Now ballast being our caution is what we know we've got going on in new verticals, which is Jared mentioned, we're installing a ton of stadium as we did in July in preparation for August. So we feel really good about the contribution from that vertical as well as all the other verticals that really began to ramp and we haven't wrapped up our Allegiant integration yet.

現在，我們謹慎的策略是，我們知道我們在新的垂直領域正在推進，正如Jared所提到的，我們正在安裝大量的體育場設施，就像我們在7月份所做的那樣，為8月份做準備。因此，我們對這個垂直領域以及其他所有真正開始成長的垂直領域的貢獻感到非常滿意，而且我們還沒有完成與Allegiant的整合。

So we're kind of balancing all of those, but I think our view on kind of our average merchant and the consumer is that they're quite healthy, up and through this morning.

因此，我們正在平衡所有這些因素，但我認為，從今天早上起，我們對一般商家和消費者的看法是，他們都非常健康。

Got it. Got it. Okay. And then a quick follow-up. So you called out, I think, in your prepared remarks that M&A -- additional M&A is something you're looking at closely given where the valuations have come down. Can you give us a little bit more color on what would be the examples of assets or capabilities or markets that you'll be looking to enter with any potential new?

明白了。明白了。好的。然後快速跟進一下。所以，我想您在準備好的發言中提到過，鑑於估值已經下降，您正在密切關注併購——額外的併購。您能否更詳細地介紹一下您希望透過任何潛在的新業務進入哪些資產、能力或市場？

Yes. This probably touches Jared's point about like a reluctance to want to convey sensitive information. I'm very comfortable saying, though, that our priorities are quite consistent with what we laid out back in November. So valuations aside international expansion and capabilities that help deliver some of the things that Jared talked about to support these new verticals is a heavy emphasis of ours.

是的。這可能觸及了Jared關於不願透露敏感資訊的觀點。不過，我可以很肯定地說，我們的優先事項與我們去年11月制定的計畫基本一致。因此，除了國際擴張之外，估值以及能夠幫助實現Jared提到的一些目標以支持這些新垂直領域的能力，是我們重點關注的。

This is Jared again to really put stop the point. The #1 priority is expanding our reach and our rails to the world. people all over the world want fast internet. And we want to make sure we're able to power their payments, their subscription payments literally anywhere else in the world. And if we can do that, and we can bring all of the products and integrations that have made us really successful in the U.S. to every other part of the world where they should also find success. That is the number one kind of capital allocation priority for us right now is to deliver on one of the best customers any payments company could ask for that has ambitions to play at the same level as Adyen or Stripe.

賈里德再次強調了這一點。我們的首要任務是擴大我們的覆蓋範圍，將我們的網路延伸到世界各地。世界各地的人們都渴望快速的網路。我們希望確保能夠為他們的支付和訂閱支付提供支持，無論他們身處世界何處。如果我們能做到這一點，我們就能把所有讓我們在美國取得成功的產品和整合帶到世界其他地方，讓他們也能獲得成功。目前，我們資本配置的首要任務是服務任何一家有志於與 Adyen 或 Stripe 並駕齊驅的支付公司都夢寐以求的最佳客戶之一。

The number two priority is if along the way, we find anything that is consistent with our past playbook that will allow us to accelerate our kind of end-to-end growth within pretty much the verticals we're already in today. I wouldn't expect us to surprise you with any new verticals where we think we applied some creativity we might be able to win.

第二要務是，我們能否在過程中找到任何與我們過去的策略相符的方法，從而加速我們在目前幾乎所有垂直領域實現端到端的成長。我不指望我們能在任何新的垂直領域帶來驚喜，只要我們運用一些創造力，或許就能贏得勝利。

I think it's about international expansion in support of an awesome customer and I think it's about finding ways that are consistent with our playbook to accelerate growth in our current verticals.

我認為這是為了支持優秀客戶的國際擴張，我認為這是為了找到符合我們的劇本的方法來加速我們當前垂直領域的成長。

Our next question comes from Chris Brendler of D.A. Davidson.

我們的下一個問題來自 D.A. Davidson 的 Chris Brendler。

Congrats on nice results. And just one kind of quick clarification question, if you don't mind. When you talk about new verticals and the ramp we're seeing in July, certainly pretty exciting stuff, is the July more the sexy tech? And just from your comments, it seems like sports entertainment may be the bigger opportunity of all these, at least in 2022. I just wanted to confirm that was the case. And -- there's no other reason to get excited about football season, it sounds like. So I just wanted to see your thoughts were on how this ramps in the second half?

恭喜你取得了不錯的成績。如果您不介意的話，我只想快速澄清一個問題。您談到新的垂直產業以及我們在7月看到的成長，這當然非常令人興奮，那麼7月的科技股是不是更火爆呢？從您的評論來看，體育娛樂似乎是所有這些領域中最大的機會，至少在2022年是如此。我只是想確認一下情況確實如此。而且——聽起來，沒有其他理由對橄欖球賽季感到興奮了。所以我只是想聽聽您對下半年如何成長的看法？

Yes. So I don't want to get too specific on the contribution within each one. The one thing I would say about sports and entertainment is it's not as significant a contributor in July and that seasonality of the merchants that we cover. So there just aren't as many events at the locations that were installed that contrast that the fall is typically a much better time, and we're adding a lot of big name brands where there's a lot of volume.

是的。所以我不想太具體地描述每個類別的貢獻。關於體育和娛樂，我想說的是，它們在7月份的貢獻並不那麼顯著，而且我們涵蓋的商家也具有季節性。所以，在我們安裝的地點，活動並不多，相較之下，秋季通常是一個更好的時機，而且我們在客流量大的地方增加了許多大品牌。

So we feel good about it, but I don't want to sort of comment on the relative contribution. And if I let Jared comment on it, he won't stop talking. So he loves the sexy tech vertical.

所以我們對它感覺良好，但我不想評論它的相對貢獻。如果我讓賈里德評論，他肯定不會停止談論。所以他喜歡這個性感的科技垂直領域。

That's right.

這是正確的。

Just on the sports side, like, it feels like the -- like the opportunity that you're capitalizing on there is happening faster than I would expect. Like these are big, large deals and you continue to sign up stadiums one after the other. Is there something different about that business that makes it easier to convert or to sign up? Is it the strength of your product? Or it seems like it's a pretty big undertaking for a sports venue to do this and I keep seeing an announced at announcement?

就體育方面而言，感覺你們正在抓住的機會比我預期的要快得多。這些都是大交易，而且你們還在接連簽約體育場。這項業務有什麼特別之處，使得轉換或簽約更容易嗎？是你們產品的優勢嗎？還是說，對於一個體育場館來說，這似乎是一項相當大的工程，而我一直看到有人宣布這樣的計畫？

So this is Jared here. I can take that one. This was a very specific product that we made, if you recall, I don't know, a little over a year ago, maybe 14, 15 months ago, based on our observations of what was going on in the sports and entertainment landscape. So if you think about restaurants, for example, if you have a nonintegrated terminal or a cash register, you're going to move to a point-of-sale system. Once you move to a point-of-sale system, there has been no like radical changes in terms of how you ring up a cheeseburger. So you're probably going to use it for a really long time until maybe the cost of a Windows-based system, reach a point where you're ready to reinvest in a new system.

我是Jared，我可以接這個。這是一款非常特別的產品，如果你還記得的話，大概是一年多前，大概14、15個月前，基於我們對體育和娛樂領域動態的觀察而開發的產品。以餐廳為例，如果你有非整合終端或收銀機，你就會轉向POS系統。一旦你轉向POS系統，在起司漢堡的結帳方式方面就不會發生根本性的變化。所以你可能會花很長時間，直到Windows系統的成本降低到你準備重新投資新系統的程度。

Stadiums were different. Like for -- we definitely saw from our early experiences in sports and entertainment stadiums again, call it, 2 years ago, that there's going to be a massive shift towards mobile ordering, that everything is going to be run from the phone. You're going to order your burger and your beer in your seat and you're not going to have to wait on a concession line stand. You wanted jersey or some other merchandise, you're going to order that from your seat or your mobile phone and you're going to walk in and you're going to pick up your jersey and you're going to walk out, you're not going to wait in the line. You want to make a bet first half bet, a second half gets a real-time betting, whatever you can do it all from your phone. That sports entertainment stadiums are going to introduce their loyalty and rewards programs through mobile applications.

體育場館則不同。例如——兩年前，我們從體育和娛樂場館的早期經驗中就清楚地認識到，行動訂餐將迎來大規模轉變，一切都將透過手機完成。你可以在座位上點漢堡和啤酒，不用再在攤位排隊等候。如果你想買球衣或其他商品，你可以在座位上或用手機點餐，然後走進場館，取球衣，再走出去，不用再排隊等候。你想投注上半場，下半場可以即時投注，無論什麼，你都可以透過手機完成。體育娛樂場館將透過行動應用程式推出忠誠度和獎勵計畫。

So -- but recognizing that, we didn't bet on a refresh cycle in stadiums that eventually they're going to -- stadiums are going to move from a micro system or an agility system to a ship where it was. No, we've got to get in there with a mobile application that's going to do all of this and like really pivot away from kind of a prior generation of tech. And the bet is paying off. Every stadium wants this. It's not an optional thing. I mean once you go to a stadium once and you've got everything run off your phone, it's going to feel like you're going back in time to go to a stadium that doesn't.

所以——但要認識到這一點，我們並沒有押注體育場館的更新換代週期——最終體育場館會從微型系統或敏捷系統轉變為像以前那樣的大型系統。不，我們必須推出一款能夠完成所有這些操作的行動應用程序，真正擺脫上一代技術的影響。我們的賭注正在獲得回報。每個體育場都想要這個。這不是可有可無的。我的意思是，一旦你去過一個體育場，並且你的所有操作都用手機運行，那麼去一個沒有手機運行的體育場，你就會感覺像是回到了過去。

So every new kind of press release that comes out just becomes an additional form of motivation for the next stadium to want to get on board. Now there is a kind of an interesting on-season, off-season thing that goes on. You know one switching during -- when their league is in action. But as soon as league season ends, they kind of all want to sign up. And there really is no -- there's no one that's in close second at all in terms of the product capabilities we provide with menu next.

所以，每一份新的新聞稿都會成為吸引下一家體育場館加入的額外動力。現在，賽季中和賽季外都有一種有趣的互動。你知道，一家體育場館會在聯賽進行期間進行轉換。但聯賽一結束，他們就都想簽約了。就我們透過 Menu Next 提供的產品功能而言，真的沒有一家能與之匹敵。

So yes. I mean we're excited about the traction. I'm personally very pumped about the football season coming up. We've got some of the most exciting teams to watch on TV are now Shift4 customers, so even more reason to tune in on Saturday.

是的。我的意思是，我們對這種勢頭感到興奮。我個人對即將到來的足球賽季非常期待。我們電視上一些最精彩的球隊現在都是Shift4的客戶了，所以周六收看節目的理由就更多了。

Great. And just one more quick one I get a little late here. Any like guide post your milestones on the Finaro regulatory approvals, like are we close because it seems like maybe a little bit more difficult just given the international nature and some of the other factors at play at Finaro and it sounds like once you get that regulatory approval, you're going to put the switch in Europe, does it happen that quickly?

太好了。還有個快速問題，我有點晚了。請問您能分享一下 Finaro 監管審批的里程碑嗎？例如，我們是否接近了？考慮到 Finaro 的國際性質和其他一些因素，這似乎有點困難。聽起來，一旦獲得監管審批，您就會在歐洲進行轉換，這麼快就能實現嗎？

Yes, sure. So there are 3 jurisdictions that we require approval from and we have it in 2 of them. I suspect it's 2 to 3 more months, maybe 4. I don't like to bet on the productivity of European regulators, but we feel really good about the pace, and it's consistent with what we laid out at the announcement of the transaction.

是的，當然。我們需要獲得三個司法管轄區的批准，其中兩個已經獲得批准。我估計還需要2到3個月，甚至4個月。我不太敢指望歐洲監管機構的效率，但我們對審批速度非常滿意，這與我們在宣布交易時所製定的計劃一致。

Our next question comes from John Davis of Raymond James.

我們的下一個問題來自雷蒙德詹姆斯公司的約翰戴維斯。

I'll make this one quick. Jared, earlier this year, when you guys laid out the guide, you kind of gave us a nice bar chart that showed the walk for your volume for the full year. Obviously, things have changed. If we were to add a bar for kind of macro headwinds so far, kind of what you guys think, is it safe to say that could be a few billion dollars of volume that has macro staying the same, you would have gotten? I'm just trying to understand the magnitude of the macro headwinds that are kind of baked into the unchanged volume guidance.

我簡短地回答一下。 Jared，今年早些時候，當你們發布指南時，給了我們一個漂亮的長條圖，顯示了全年交易量的變化。顯然，情況已經改變了。如果我們加入一個長條圖來表示迄今為止的宏觀逆風，例如你們認為的，是否可以肯定地說，在宏觀經濟保持不變的情況下，你們的銷售量可能會達到數十億美元？我只是想了解一下，在不變的銷售量指引中，宏觀逆風的規模究竟有多大。

Yes. I think we really are -- we're really saying right now that we didn't raise our end-to-end volume guide for really 2 factors. One, it was a slow start to the year, we knew just from Omicron from the get-go. So we had work to do there. And two, new verticals did take longer. We did think some of those big names that really began firing in the last week of the quarter would have started a couple of months earlier, right? So that's really the heart of it. High-growth cores continue to do its thing.

是的。我認為我們確實如此——我們現在要說的是，我們沒有提高端到端銷售預期，主要有兩個原因。首先，今年開局緩慢，我們從一開始就知道Omicron的狀況。所以我們在這方面還有很多工作要做。其次，新的垂直領域確實需要更長的時間。我們確實認為，一些在本季最後一周真正開始發力的大公司，應該早幾個月就開始行動了，對吧？所以這才是真正的核心所在。高成長核心仍在繼續發揮作用。

As Taylor mentioned, July is up nearly double digits month-over-month, so we have a lot of reasons to be optimistic. This is really just being realistic. Like we -- when we sit around the table, we bring up the fact that the restaurant steaks are $90, $100 at some point or another, in less -- inflation starts to come down at a meaningful rate, you have to assume that some consumers are going to say, maybe tonight, not the night to go out for dinner.

正如泰勒所說，7月的環比增長接近兩位數，所以我們有很多理由保持樂觀。這真的只是現實。就像我們——當我們圍坐在餐桌旁，談論餐廳牛排的價格在某個時候達到90美元、100美元或更低——通膨開始以有意義的速度下降時，你必須假設一些消費者會說，也許今晚就買，而不是今晚出去吃飯。

We have not seen that in the data, which I think is exactly what everybody has heard from all the other card brands from the payment companies, but we're just trying to be realistic about it. If the second half of the year is raging and all the new verticals are firing, well, this is why we get opportunities to check in with you every quarter to reset expectations.

我們沒有在數據中看到這一點，我想這正是大家從其他支付公司和信用卡品牌那裡聽到的，但我們只是想實事求是地看待這個問題。如果下半年市場火爆，所有新的垂直產業都蓬勃發展，那麼我們每季都會有機會與您溝通，重新設定預期。

Our final question for today comes from Anita Zirngibl from SIG.

我們今天的最後一個問題來自 SIG 的 Anita Zirngibl。

I just had a question on the total volumes. I'm not sure if you mentioned it already, but if you could just give some color on how sort of gateway plus end-to-end volumes are trending? Whether or not you've seen any kind of macro headwinds in that kind of overall volume?

我剛才想問總交易量。我不確定您是否已經提到過，但能否請您稍微解釋一下網關交易量和端到端交易量的趨勢？您是否認為這種總體交易量存在任何宏觀阻力？

Yes. No, we haven't seen any. And you should -- like the gateway is kind of has got a larger concentration of hotels than even our end-to-end book. So you would expect that, that volume is like reasonably robust right now given what's going on in travel.

是的。沒有，我們還沒看到。而且你應該知道——門戶網站的酒店集中度甚至比我們端到端預訂的還要高。所以，考慮到旅遊業的現狀，目前的預訂量相當強勁，這是可以預料的。

We have no further questions for today. I will hand back to Jared Isaacman for any further remarks.

今天我們沒有其他問題了。如有其他意見，請賈里德·艾薩克曼發言。

Really appreciate everyone joining in. I know we talk about the Shift4 way of the leading parts to be more efficient. We'll look at doing that with some of the paragraphs of our script for the next earnings report. But I will say thanks -- we had a lot of talk about -- so thanks for kind of bearing with us. And we're really, really excited to be sitting here around the table with Nancy Disman, known her for a long time now, known her reputation even longer. Great addition to the executive team and excited to -- excited for you to hear from her in the weeks ahead. Thanks again.

非常感謝大家的參與。我知道我們討論過Shift4如何提高主要部分的效率。我們會在下一份財報的腳本部分段落中嘗試這樣做。不過，我想說謝謝——我們討論了很多——所以感謝大家的耐心等待。我們非常非常高興能和南希·迪斯曼坐在一起，我們認識她很久了，她的名聲甚至更響亮。她是高階主管團隊的優秀補充，也很高興——很高興在接下來的幾週裡你們能聽到她的消息。再次感謝。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以掛斷電話了。