Shift4 Payments Inc (FOUR) 2022 Q4 法說會逐字稿

Hello and welcome to the Shift4 Fourth Quarter and Full Year 2020 Earnings Conference Call. My name is Lauren, and I'll be coordinating your call today. (Operator Instructions) I will now hand you over to your host, Tom McCrohan, Head of Investor Relations, to begin. Tom, please go ahead.

大家好，歡迎來到 Shift4 第四季度和 2020 年全年收益電話會議。我叫勞倫，今天我會協調你的電話。 （操作員說明）我現在將把你交給你的東道主，投資者關係主管湯姆麥克羅漢，開始。湯姆，請繼續。

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

謝謝你，運營商。大家早上好，歡迎來到 Shift4 的第四季度收益電話會議。今天與我通話的有 Shift4 首席執行官 Jared Isaacman、我們的總裁兼首席戰略官 Taylor Lauber；和我們的首席財務官 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, quarterly financial results and other materials related to our quarterly results have all been posted to our IR website. Our call and earnings materials today include forward-looking statements.

此電話會議正在我們網站的投資者關係部分進行網絡直播，可在 investors.shift4.com 上找到。我們的季度股東信函、季度財務業績以及與季度業績相關的其他材料均已發佈在我們的 IR 網站上。我們今天的電話和收益材料包括前瞻性陳述。

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. For any non-GAAP financial information discussed on this call, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter. With that, let me call -- let me turn the call over to Jared. Jared?

這些陳述不是對未來業績的保證，我們的實際結果可能因許多重要因素而存在重大差異。有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，您可以在 SEC 網站和我們公司網站的投資者關係部分找到這些報告。對於本次電話會議上討論的任何非 GAAP 財務信息，相關的 GAAP 措施和調節可在今天的季度股東信中找到。有了這個，讓我打電話——讓我把電話轉給賈里德。賈里德？

Thank you, Tom. Good morning, everyone. We are very pleased with the record results we delivered this year in the face of ongoing economic uncertainty. We ended the full year 2022 with record levels of volume, gross revenue, gross revenue less network fees, adjusted EBITDA and adjusted free cash flow all in excess of our midterm outlook. Our 2022 results were predominantly driven through organic initiatives, including the release of new products and well timed to entry into new verticals.

謝謝你，湯姆。大家，早安。面對持續的經濟不確定性，我們對今年取得的創紀錄業績感到非常滿意。我們以創紀錄的銷量、總收入、總收入減去網絡費用、調整後的 EBITDA 和調整後的自由現金流結束了 2022 年，均超出了我們的中期預期。我們 2022 年的業績主要是通過有機舉措推動的，包括發布新產品和適時進入新的垂直領域。

Our high-growth core, which represented the totality of our business at the time of our 2020 IPO, was still the primary driver of our growth last year with an ever-increasing contribution from our new verticals. Shift4 continues to lift the intersection of payments and commerce-enabling software, and we're well on our way to delivering that capability globally.

我們的高增長核心業務代表了我們 2020 年 IPO 時的全部業務，它仍然是我們去年增長的主要驅動力，我們的新垂直行業的貢獻不斷增加。 Shift4 繼續提升支付和商業支持軟件的交叉點，我們正在向全球提供這種能力。

On that note, this past year included several important company milestones and marked the beginning of our European and international expansion, the successful launch of our next-generation restaurant point-of-sale solution, SkyTab POS, including a pivot towards more direct distribution, and we also cemented our position as the preferred technology provider for sporting arenas and entertainment venues across the country.

在這一點上，過去的一年包括幾個重要的公司里程碑，標誌著我們歐洲和國際擴張的開始，成功推出我們的下一代餐廳銷售點解決方案 SkyTab POS，包括轉向更直接的分銷，我們還鞏固了我們作為全國體育場館和娛樂場所首選技術提供商的地位。

Our entire management team is extremely proud of our employees embracing the Shift4 way, which embodies the core principles and beliefs driving our success. As we enter 2023, our team is very excited about the abundance of opportunities we see ahead of us.

我們的整個管理團隊為我們的員工採用 Shift4 方式感到非常自豪，它體現了推動我們成功的核心原則和信念。當我們進入 2023 年時，我們的團隊對我們看到的大量機會感到非常興奮。

Our excitement for the future is viewed through the lens of cautious optimism in light of the uncertain climate we currently operate in. Industry-wide payment volumes moderated during the December quarter, and as such, this informed our internal planning process, including how we constructed our 2023 guidance. That is to say that while we remain confident in our ability to deliver profitable growth well in excess of our peers, the range of potential outcomes is wider this year, as you would expect. Nancy will go into more detailed assumptions surrounding our guidance later in the call. Regardless, we will respond accordingly to changes in market conditions and are confident our growth model affords us a higher degree of relative visibility or stability otherwise unavailable to our peers.

鑑於我們目前所處的不確定環境，我們對未來的興奮是通過謹慎樂觀的視角來看待的。整個行業的支付量在 12 月季度有所放緩，因此，這為我們的內部規劃流程提供了信息，包括我們如何構建我們的 2023 年指南。也就是說，儘管我們仍然相信我們有能力實現遠超同行的盈利增長，但正如您所期望的那樣，今年的潛在成果範圍更廣。南希將在稍後的電話會議中圍繞我們的指導進行更詳細的假設。無論如何，我們將對市場條件的變化做出相應的反應，並相信我們的增長模式為我們提供了更高程度的相對知名度或穩定性，否則我們的同行無法獲得。

For those that are a bit newer to the story, Shift4 possesses significant competitive advantage given the embedded opportunity that lives within our gateway as well as our software products. This was best demonstrated in 2020 when we delivered double-digit growth despite the overwhelming majority of our customers comprised of restaurants and hotels that were highly impacted by the pandemic. Our ability to take share and grow has only accelerated since, and that confidence remains as we look to the year ahead.

對於那些剛剛接觸故事的人來說，鑑於我們的網關和軟件產品中存在的嵌入式機會，Shift4 擁有顯著的競爭優勢。這一點在 2020 年得到了最好的證明，儘管我們的絕大多數客戶都是受疫情嚴重影響的餐廳和酒店，但我們仍實現了兩位數的增長。自那以後，我們分享和發展的能力只增不減，展望未來一年，這種信心依然存在。

So on to our quarterly performance and results. For the fourth quarter, we generated 55% year-over-year growth in our end-to-end payment volume and 36% year-over-year growth in our gross revenue less network fees, both quarterly records. In fact, we achieved quarterly records across all our KPIs, including gross profit, adjusted EBITDA and adjusted free cash flow. The cornerstone of our performance remained our high-growth core with increasing contribution from our new verticals, particularly sports and entertainment, gaming, travel and leisure and sexy tech.

所以關於我們的季度業績和結果。第四季度，我們的端到端支付量同比增長 55%，扣除網絡費用後的總收入同比增長 36%，均創下季度記錄。事實上，我們的所有 KPI 都實現了季度記錄，包括毛利、調整後的 EBITDA 和調整後的自由現金流。我們業績的基石仍然是我們的高增長核心，我們新垂直領域的貢獻越來越大，尤其是體育和娛樂、遊戲、旅遊和休閒以及性感科技。

Our gateway conversion strategy continues to be a reliable source of incremental volumes, and we continue to renew additional enterprise gateway customers on economic terms comparable to our end-to-end offering as part of our gateway sunset initiative. As a reminder, our gateway sunset is a multiyear initiative that remains in its early innings, and there are new actions on the table for 2023 that are also in the works.

我們的網關轉換策略仍然是增量數量的可靠來源，作為我們網關日落計劃的一部分，我們繼續以與我們的端到端產品相當的經濟條款續訂更多的企業網關客戶。提醒一下，我們的門戶日落是一項多年計劃，仍處於早期階段，2023 年的新行動也在籌備中。

The fourth quarter represented the first time we participated in cross-border and European payments. And despite early success, the needle will really begin to move only after the closing of the Finaro acquisition. And Taylor will provide a more detailed update on Finaro, including expected contribution and synergies during his prepared remarks.

第四季度是我們首次參與跨境和歐洲支付。儘管早期取得了成功，但只有在完成對 Finaro 的收購後，針頭才會真正開始移動。 Taylor 將在他準備好的發言中提供有關 Finaro 的更詳細的更新，包括預期的貢獻和協同作用。

I will focus the rest of my comments on 3 areas: so our high-growth core, new verticals and global expansion. On to high-growth core, the foundation of our high-growth core remains the over 500-plus software integrations that allows us to go to market and service the needs of merchants, especially complex merchants operating in a multisoftware environment. We added over 100 new software integrations during 2022 and continue to identify new ways to incentivize our gateway-only customers to convert to our end-to-end offering.

我將把剩下的評論集中在 3 個領域：我們的高增長核心、新的垂直領域和全球擴張。關於高增長核心，我們高增長核心的基礎仍然是 500 多個軟件集成，使我們能夠進入市場並滿足商家的需求，尤其是在多軟件環境中運營的複雜商家。我們在 2022 年增加了 100 多個新的軟件集成，並繼續尋找新的方法來激勵我們的僅網關客戶轉換為我們的端到端產品。

As we highlighted in our recent investor event this past November, we officially launched our new restaurant point-of-sale system in September of 2022. We now have over 10,000 SkyTab POS systems deployed and are highly encouraged with our overall sales pipeline. And keep in mind, we have yet to turn on the marketing engine and continue to enjoy an industry-leading customer acquisition cost. We are pleased to announce the chain of major entertainment venues called Live signed up to install SkyTab POS at restaurants operating across all of their U.S. venues.

正如我們在去年 11 月最近的投資者活動中強調的那樣，我們於 2022 年 9 月正式推出了新的餐廳銷售點系統。我們現在部署了 10,000 多個 SkyTab POS 系統，我們對整體銷售渠道感到非常鼓舞。請記住，我們尚未開啟營銷引擎並繼續享受行業領先的客戶獲取成本。我們很高興地宣布，名為 Live 的主要娛樂場所鏈已簽約在其全美經營場所的餐廳安裝 SkyTab POS。

This includes venues such as Xfinity Live! near Wells Fargo Arena in Philadelphia, Texas Live! located between the Texas Rangers' Globe Life baseball stadium and the AT&T Stadium, home of the Dallas Cowboys, and the Power & Light District located in Kansas City. We anticipate just live locations contributing hundreds of millions in SkyTab POS payment volume in the year ahead.

這包括 Xfinity Live 等場所！在得克薩斯州費城富國銀行競技場附近直播！位於德州遊騎兵隊的 Globe Life 棒球場和達拉斯牛仔隊主場 AT&T 體育場之間，以及位於堪薩斯城的 Power & Light District。我們預計，在未來一年中，僅現場位置就會貢獻數億的 SkyTab POS 支付量。

It also includes Sports & Social and PBR Cowboy Bar, 2 of the fastest-growing concepts in the country. Not only do these entertainment-related venues provide a natural extension of our growing presence in professional sports and entertainment, they also validate the capabilities of our SkyTab POS offering in the marketplace overall. Other notable SkyTab POS wins this quarter include L.A. Music Center and FedExField, home of the Washington Commanders professional football team.

它還包括 Sports & Social 和 PBR Cowboy Bar，這是該國發展最快的兩個概念。這些與娛樂相關的場所不僅自然地擴展了我們在職業體育和娛樂領域不斷增長的影響力，而且還驗證了我們 SkyTab POS 產品在整個市場中的能力。本季度其他值得注意的 SkyTab POS 勝利包括洛杉磯音樂中心和 FedExField，華盛頓指揮官職業足球隊的主場。

SkyTab POS is also making amazing progress with traditional restaurants. Its disruptive price-to-value proposition is resonating as we had expected, and we have a highly motivated and energized direct sales team called Skyforce that has already signed thousands of new restaurants. It's important to note our success has been without much marketing or promotional efforts.

SkyTab POS 與傳統餐廳的合作也取得了驚人的進展。正如我們預期的那樣，其顛覆性的性價比主張引起了共鳴，我們擁有一支積極主動、充滿活力的直銷團隊 Skyforce，該團隊已經與數千家新餐廳簽約。重要的是要注意我們的成功沒有太多的營銷或促銷努力。

By offering an unmatched customer experience with leading-edge technology at a disruptive price point, SkyTab POS represents the compelling migration path for our existing base of restaurants who are seeking new capabilities and key integrations to better serve their patrons. We indeed expect this to represent meaningful cost savings and drive operational efficiencies in the year ahead. Additionally, when serving such a large existing base of customers, we can generate substantial referrals, which also contribute to our low customer acquisition cost and, as a result, very attractive unit economic model.

SkyTab POS 以顛覆性的價格提供無與倫比的客戶體驗和領先的技術，為我們現有的餐廳群提供了令人信服的遷移路徑，這些餐廳正在尋求新功能和關鍵集成以更好地為顧客服務。我們確實預計這將代表有意義的成本節約並在未來一年提高運營效率。此外，在為如此龐大的現有客戶群提供服務時，我們可以產生大量推薦，這也有助於我們降低客戶獲取成本，從而形成非常有吸引力的單位經濟模式。

Moving to our other organic initiatives within high-growth core. We signed numerous hotels and resorts during the quarter, including the Manhattan Club luxury hotel located in New York City; Charleston Harbor Resort outside of Charleston, South Carolina, The Cliffs at Princeville located on Kauai's North Shore. I'm also really pleased to announce that we signed a strategic enterprise agreement with a major hospitality operator that we are unable to disclose but that we expect will contribute billions in additional payment volume in the year ahead.

轉向我們在高增長核心內的其他有機舉措。我們在本季度簽署了眾多酒店和度假村，包括位於紐約市的曼哈頓俱樂部豪華酒店；南卡羅來納州查爾斯頓外的查爾斯頓海港度假村位於考艾島北岸的普林斯維爾懸崖。我也非常高興地宣布，我們與一家大型酒店運營商簽署了一項戰略企業協議，我們無法透露，但我們預計將在未來一年貢獻數十億美元的額外支付額。

All of these organic initiatives are driving our performance. When viewed on a 4-year volume CAGR growth basis, our volumes grew 45% since 2018 compared to low double-digit growth at the 2 major card networks. Moreover, our average volume per merchant continues to increase and with 200% of, prepandemic 2019 levels for the most recent quarter.

所有這些有機舉措都在推動我們的業績。從 4 年的銷量複合年增長率來看，我們的銷量自 2018 年以來增長了 45%，而兩大卡網絡的銷量則只有兩位數的低增長。此外，我們每個商家的平均交易量繼續增加，最近一個季度達到了 2019 年大流行前水平的 200%。

Our quarterly volume growth is 342% of our prepandemic levels, along with gross revenue less network fees at 237% and adjusted EBITDA at 456% over the same period. Our mix continues to shift towards higher-end merchants, although it's important to highlight that spreads within our restaurant and hotel verticals remain very stable.

我們的季度銷量增長是大流行前水平的 342%，同期總收入減去網絡費用為 237%，調整後的 EBITDA 為 456%。我們的業務組合繼續轉向高端商家，但需要強調的是，我們的餐廳和酒店垂直行業的價差仍然非常穩定。

On to new verticals. We consider new verticals to consist of all the verticals we entered into post our IPO, including sports entertainment, sexy tech, travel, nonprofits, and gaming, as well as volume contributions from various alternative payment methods or ATMs we currently support as a result of our international expansion.

進入新的垂直領域。我們認為新的垂直領域包括我們在 IPO 後進入的所有垂直領域，包括體育娛樂、性感科技、旅遊、非營利組織和遊戲，以及我們目前支持的各種替代支付方式或 ATM 的數量貢獻我們的國際擴張。

Consistent with our commentary from last quarter, we're not breaking out volumes or spreads between our new verticals, including our strategic enterprise relationship and our high-growth core due to confidentiality and competitive sensitivity with certain strategic customers.

與我們上個季度的評論一致，由於某些戰略客戶的機密性和競爭敏感性，我們沒有打破我們新垂直領域之間的數量或價差，包括我們的戰略企業關係和我們的高增長核心。

That stated and as we expected and previously communicated, we did witness a sequential improvement in our spreads during the fourth quarter as a result of new customer [awards] alongside processing of international and ATM volume. It's worth highlighting, as we continue to expand internationally and partner with international gateway and alternative payment method like our recently announced PayPal partnership, we may not be directly settling funds for those transactions, the impact of which is that our gross revenue and gross revenue less network fees will essentially be the same.

話雖如此，正如我們預期和之前所傳達的那樣，由於新客戶[獎勵]以及國際和 ATM 交易量的處理，我們確實見證了第四季度利差的連續改善。值得強調的是，隨著我們繼續在國際上擴張並與國際網關和替代支付方式合作，例如我們最近宣布的 PayPal 合作夥伴關係，我們可能不會直接為這些交易結算資金，其影響是我們的總收入和總收入減少網絡費用基本上是一樣的。

For the quarter, volume contribution across all our new verticals continue to ramp as expected as we benefited from the fall NFL football season, including ticketing sales, the nonprofit donation season, volume contribution from large strategic customers and contribution from Allegiant Airlines, whom we're now processing all of the U.S. ticketing volume.

本季度，我們所有新垂直行業的銷量貢獻繼續如預期增長，因為我們受益於秋季 NFL 足球賽季，包括門票銷售、非營利組織捐贈季、大型戰略客戶的銷量貢獻以及我們的 Allegiant 航空公司的貢獻。我們現在處理所有美國票務量。

As mentioned above, we also signed a partnership agreement with PayPal to enable PayPal Checkout, including PayPal Pay Later as well as Venmo to our enterprise clients. We will also more prominently promote PayPal as a checkout option to Shift4 shop merchants and QR Pay customers in return for an expanded revenue share wherever PayPal is selected at checkout.

如上所述，我們還與 PayPal 簽署了合作協議，以啟用 PayPal Checkout，包括 PayPal Pay Later 以及面向我們企業客戶的 Venmo。我們還將更加突出地將 PayPal 作為結賬選項推廣給 Shift4 商店商家和 QR Pay 客戶，以換取在結賬時選擇 PayPal 的任何地方擴大收入份額。

In sports and entertainment, we signed ticketing agreements with Premier Productions and the Space Center in Houston. Last month, we also began processing ticketing for several professional teams, including the New Orleans Saints, New Orleans Pelicans and Arizona Cardinals. We also signed payment processing and ticketing agreements with the Baltimore Orioles, the Baltimore Ravens, the Florida Panthers, Cleveland Cavaliers and the University of Minnesota. We will see much more ticketing volume in 2023 now that the integration with SeatGeek is complete. And in college sports, we expect to begin processing ticketing for college sports through our integration with Paciolan in the coming weeks.

在體育和娛樂方面，我們與 Premier Productions 和休斯頓航天中心簽署了票務協議。上個月，我們還開始處理幾支職業球隊的票務，包括新奧爾良聖徒隊、新奧爾良鵜鶘隊和亞利桑那紅雀隊。我們還與巴爾的摩金鶯隊、巴爾的摩烏鴉隊、佛羅里達黑豹隊、克利夫蘭騎士隊和明尼蘇達大學簽署了支付處理和票務協議。既然與 SeatGeek 的集成已經完成，我們將在 2023 年看到更多的票務量。在大學體育方面，我們希望在未來幾週內通過與 Paciolan 的整合開始處理大學體育的票務。

We will look back on 2022 as the year Shift4 cemented its position as the preferred payments and technology partner for sports and entertainment venues, including ticketing. Our pipeline remains very healthy in sports and entertainment vertical. In gaming, we signed Sycuan Casino Resort in Southern California, one of the top-10 largest casinos in California, as well as the Tulalip Casino, one of the largest casinos in the state of Washington. We also signed a partnership with Passport Technology, a leading gaming technology provider for cash advance and ATM services, where Shift4 is assisting in the development of a cashless gaming experience.

回顧 2022 年，Shift4 鞏固了其作為體育和娛樂場所（包括票務）首選支付和技術合作夥伴的地位。我們的管道在體育和娛樂垂直領域仍然非常健康。在博彩方面，我們簽署了加利福尼亞州十大賭場之一的南加州 Sycuan Casino Resort 以及華盛頓州最大賭場之一的 Tulalip Casino。我們還與領先的現金透支和 ATM 服務遊戲技術提供商 Passport Technology 簽署了合作夥伴關係，Shift4 正在協助開發無現金遊戲體驗。

We continue to add state and tribal gaming licenses, including the District of Columbia, and added additional states with BetMGM. We anticipate being live in every online state with BetMGM by the end of this first quarter.

我們繼續添加州和部落博彩許可證，包括哥倫比亞特區，並通過 BetMGM 添加其他州。我們預計到第一季度末，BetMGM 將在每個在線州上線。

We are constantly adding critical integrations within our online gaming ecosystem and are currently testing multiple B2B integration that, combined, operate more than a dozen jurisdictions. We're also incorporating Finaro's European gaming capabilities within our U.S. payment platform.

我們不斷在我們的在線遊戲生態系統中添加關鍵集成，目前正在測試多個 B2B 集成，這些集成在十幾個司法管轄區內共同運營。我們還將 Finaro 的歐洲遊戲功能整合到我們的美國支付平台中。

Moving to nonprofits. Our nonprofit vertical continues to grow, and during 2022, we added over 1,000 new nonprofits to the platform. The Giving Block has expanded outside of crypto, enhancing their product suite to include stock donations in addition to the ability to accept traditional card-based payments. The Giving Block has evolved from its position as the leading crypto donation platform to the leading noncash fundraising platform that supports all forms of digital assets. The Giving Block will continue adding new payment methods and product capabilities as we pursue the $450 billion payment opportunity living with inside the nonprofit vertical.

轉向非營利組織。我們的非營利垂直行業繼續增長，2022 年期間，我們在平台上新增了 1,000 多家非營利組織。 Giving Block 已經擴展到加密貨幣之外，增強了他們的產品套件，除了能夠接受傳統的基於卡的支付之外，還包括股票捐贈。 The Giving Block 已經從領先的加密貨幣捐贈平台發展成為領先的非現金籌款平台，支持所有形式的數字資產。 The Giving Block 將繼續增加新的支付方式和產品功能，因為我們在非營利性垂直領域尋求 4500 億美元的支付機會。

In travel, the integration of Allegiant Airlines is now complete, and we are now processing all of the [leases] ticketing volume. We signed another U.S. airline during the quarter, which we look forward to disclosing next quarter.

在旅行方面，Allegiant Airlines 的整合現已完成，我們現在正在處理所有[租賃]票務量。我們在本季度簽署了另一家美國航空公司，我們期待在下個季度披露。

With respect to sexy tech, we continue to serve an increasingly exciting mix of next-generation e-commerce customers. As you are aware, one very fast-growing customer is driving the next evolution of Shift4 and our global expansion strategy. Additionally, we entered into partnerships with Zippin, Mashgin, 2 next-generation retail concepts that allow customers to check out without having to interact with a cashier. Zippin is already in use in several retail locations in the Dallas-Fort Worth Airport, and Mashgin is deployed at more than 2,300 locations across the U.S. Additionally, in the category, we began processing for Paybis and completed a Bridger Pay integration.

在性感科技方面，我們繼續為越來越令人興奮的下一代電子商務客戶提供服務。如您所知，一個增長非常快的客戶正在推動 Shift4 的下一次發展和我們的全球擴張戰略。此外，我們還與 Zippin、Mashgin 這 2 個下一代零售概念建立了合作夥伴關係，使客戶無需與收銀員互動即可結賬。 Zippin 已經在達拉斯-沃思堡機場的幾個零售點使用，Mashgin 部署在全美 2,300 多個地點。此外，在該類別中，我們開始處理 Paybis 並完成了 Bridger Pay 集成。

All of our success supporting much larger merchants in a variety of new verticals has garnered interest from other large multinational merchants. We're evaluating several exciting RFPs across all our new verticals, which we believe will only accelerate as we expand internationally.

我們在各種新垂直領域支持更大的商家的所有成功都引起了其他大型跨國商家的興趣。我們正在評估我們所有新垂直領域的幾個令人興奮的 RFP，我們相信隨著我們的國際擴張，這些 RFP 只會加速。

On that note, I also would like to provide you with an update on our global expansion progress. International expansion remains our #1 capital allocation priority, both in terms of our M&A pipeline and organic investment initiatives. We expect to receive final regulatory approval on Finaro shortly, and our 2023 guidance does not include any contribution from Finaro. We will update our guidance accordingly following the deal closing.

關於這一點，我還想向您提供我們全球擴張進展的最新情況。就我們的併購渠道和有機投資計劃而言，國際擴張仍然是我們的第一大資本配置優先事項。我們預計不久將獲得 Finaro 的最終監管批准，我們的 2023 年指南不包括 Finaro 的任何貢獻。我們將在交易完成後相應地更新我們的指南。

In the interim, we're integrating our payment platform via an arms' length partnership and continue to refer merchants to each other. As you recall, we announced last quarter that we acquired a highly capable European payment service provider, or PSP, that now affords us Stripe-like integration capabilities to offer our European and U.S. merchants.

在此期間，我們通過公平合作夥伴關係整合我們的支付平台，並繼續相互推薦商家。您還記得，我們上個季度宣布我們收購了一家功能強大的歐洲支付服務提供商 (PSP)，它現在為我們提供了類似 Stripe 的集成功能，可以為我們的歐洲和美國商家提供服務。

These capabilities include the ability to optimize conversion and authorization rates through syndicated fraud protection and best-in-class recurring billing and payment technology. We now offer these capabilities in over 40 countries.

這些功能包括通過聯合欺詐保護和一流的循環計費和支付技術優化轉換率和授權率的能力。我們現在在 40 多個國家/地區提供這些功能。

We're also expanding organically into Canada and the Caribbean, and in partnership with Finaro, we're already expanding into Eastern Europe. In the year ahead, I firmly believe we will begin processing payments across Europe for many hotels, restaurants and states.

我們還在有機地擴展到加拿大和加勒比地區，並且與 Finaro 合作，我們已經擴展到東歐。在未來的一年裡，我堅信我們將開始處理整個歐洲的許多酒店、餐館和州的付款。

Before handing the call over to Taylor, I want to provide a few more comments on 2022 and how we're thinking about 2023. In the beginning of 2022, we were one of the first payment companies to express concern about the deteriorating macroeconomic conditions. I commented that this is the type of climate that Shift4 performs best in. Unlike many of our peers that grew up in a 0 interest rate environment and a growth-at-all cost mentality, we self-funded Shift4 through the first 15 years of our existence. We grew through every economic downturn, including the Great Recession, and the challenging pandemic conditions of 2020.

在將電話交給泰勒之前，我想就 2022 年以及我們對 2023 年的看法再發表一些評論。在 2022 年初，我們是首批對不斷惡化的宏觀經濟狀況表示擔憂的支付公司之一。我評論說，這是 Shift4 表現最好的氣候類型。與我們在零利率環境和不惜一切代價增長的心態中成長的許多同行不同，我們在 Shift4 的前 15 年自籌資金我們的存在。我們經歷了每一次經濟衰退，包括大衰退和 2020 年充滿挑戰的大流行病。

Based on past experience, I stated we would reduce spending and focus our resources in 2022 on the true needle movers. As a result, we generated growth rates in line with our midterm outlook in 2022 and expect to continue driving real growth across our core and new verticals. We're accomplishing this while expanding internationally and expanding our margins and free cash flow.

根據過去的經驗，我表示我們將在 2022 年減少支出並將資源集中在真正的推動者上。因此，我們在 2022 年實現了符合中期展望的增長率，並預計將繼續推動核心和新垂直領域的實際增長。我們正在實現這一目標，同時在國際上擴張並擴大我們的利潤和自由現金流。

As we look ahead to 2023, we've assembled guidance that we feel confident we were able to deliver upon, and assuming consumer spending remains reasonably stable, we are poised to deliver another year of similar performance. Nancy will go into this in just a minute, but I want to speak a bit about expenses.

展望 2023 年，我們已經收集了我們有信心能夠實現的指導意見，並且假設消費者支出保持合理穩定，我們準備好在下一年實現類似的業績。 Nancy 會在一分鐘內討論這個，但我想談談費用。

I've expressed a very strong position to the leadership team at Shift4 that we will meet our growth targets this year while striving to keep expenses and headcount as flat as possible exiting Q4. I fully expect we will be upgrading talent throughout the year as competitors we admire continue to shed personnel, but I will resist to the greatest extent possible increasing spending. I believe this is a responsible way to navigate the year ahead and will demonstrate the scalability of the Shift4 platform.

我已經向 Shift4 的領導團隊表達了非常堅定的立場，即我們將在今年實現增長目標，同時努力在第四季度結束時盡可能保持支出和員工人數持平。我完全預計我們將在全年升級人才，因為我們欽佩的競爭對手將繼續裁員，但我將盡最大可能抵制增加開支。我相信這是一種負責任的方式來迎接未來的一年，並將展示 Shift4 平台的可擴展性。

Last, Shift4 has a strong record of unlocking value through accretive M&A. Our balance sheet remains strong, and we are reducing leverage now at an accelerated pace. Our adjusted net leverage on a trailing 12-month basis is now 2.7x, giving us ample capacity to pursue other strategic priorities. And with that, I'll turn the call over to our President and Chief Strategy Officer, Taylor Lauber. Taylor?

最後，Shift4 在通過增值併購釋放價值方面有著良好的記錄。我們的資產負債表依然強勁，我們現在正在加速降低杠桿率。我們調整後的過去 12 個月淨槓桿率現在是 2.7 倍，這讓我們有足夠的能力去追求其他戰略重點。有了這個，我將把電話轉給我們的總裁兼首席戰略官泰勒勞伯。泰勒？

Thanks, Jared, and good morning, everyone. I'd like to provide a bit more detail on some of the more interesting trends we saw in the fourth quarter, early views on 2023 and how we are positioning ourselves strategically for the year ahead. As Jared mentioned, we approached 2022 with a deliberate caution given what we viewed as the potential for a slowdown in consumer spending in the face of rising interest rates and broader economic pessimism.

謝謝，Jared，大家早上好。我想更詳細地介紹我們在第四季度看到的一些更有趣的趨勢、對 2023 年的早期看法以及我們如何為來年進行戰略定位。正如 Jared 提到的那樣，鑑於我們認為面對利率上升和更廣泛的經濟悲觀情緒，消費者支出可能放緩，因此我們謹慎地接近 2022 年。

While we believe that approach would be highly prudent, it has not manifested itself in our processing volumes. Merchants largely exhibited a normal seasonal cadence with restaurants moderating from the summer highs and our sports and entertainment and other new verticals filling the gap nicely. Hotels performed stronger than usual as travel was not impacted by the large waves of COVID that we had experienced in prior years. As we mentioned during our Q3 call in November, we also began to see some benefit from marking international expansion and alternative payment methods during the fourth quarter, which helped contribute to spread expansion versus Q3.

雖然我們認為這種方法是非常謹慎的，但它並沒有體現在我們的處理量中。商家在很大程度上表現出正常的季節性節奏，餐廳從夏季的高點開始放緩，我們的體育和娛樂以及其他新的垂直行業很好地填補了空白。由於旅行沒有受到我們前幾年經歷的大波 COVID 的影響，酒店的表現比平時強。正如我們在 11 月的第三季度電話會議中提到的那樣，我們也開始看到第四季度標記國際擴張和替代支付方式的一些好處，這有助於與第三季度相比擴大利差。

Early indications for '23 are positive. We saw record volume days as travel resumed during President's Day weekend and suspect that Spring Break and Easter travel will create strong month-over-month growth as it has in prior years. As you may recall, we typically experienced our slowest period during January and early February. While that was true, we have benefited from some easier comps when considering the impact of Omicron in January of last year.

'23 的早期跡像是積極的。隨著總統日週末旅行恢復，我們看到創紀錄的天數，並懷疑春假和復活節旅行將像往年一樣創造強勁的月環比增長。您可能還記得，我們通常在 1 月和 2 月初經歷了最慢的時期。雖然這是真的，但在考慮去年 1 月 Omicron 的影響時，我們已經從一些更簡單的比較中受益。

We're sometimes compared to payment companies operating in a single industry vertical. And I think our performance in Q4 highlights the advantages that our vertical expansion strategy has created. We have large and fast-growing franchises in restaurants, hotels, sports and entertainment, gaming, nonprofit travel and of course sexy tech, all of which serve to bolster our performance when a single sector experiences moderation.

我們有時被比作在單一垂直行業運營的支付公司。而且我認為我們在第四季度的表現突出了我們的垂直擴張戰略所創造的優勢。我們在餐廳、酒店、體育和娛樂、遊戲、非營利性旅遊，當然還有性感科技領域擁有龐大且快速增長的特許經營權，所有這些都有助於在單一行業經歷溫和時提升我們的業績。

Most importantly, we've been able to deliver these strong results and expand our margins and free cash flow. As we've mentioned before, many of our competitors in the fintech arena have not been required to operate with a focus on profitability and positive cash flow.

最重要的是，我們已經能夠取得這些強勁的業績並擴大我們的利潤率和自由現金流。正如我們之前提到的，我們在金融科技領域的許多競爭對手並未被要求以盈利能力和正現金流為重點進行運營。

Shift4 has approached our growth with a very disciplined and consistent process, constantly balancing a desire for growth with a realistic payback assumption. This means that we generally deploy capital with an expectation for positive returns within 12 to 18 months or less. As investors justify it, we put demands -- put higher demand for results in free cash flow, we believe that many of our competitors will be forced to dramatically change their behavior.

Shift4 以一個非常有紀律和一致的過程來實現我們的增長，不斷平衡增長的願望和現實的回報假設。這意味著我們通常會在 12 至 18 個月或更短的時間內部署資本並期望獲得正回報。正如投資者證明的那樣，我們提出了要求——對自由現金流提出更高的要求，我們相信我們的許多競爭對手將被迫大幅改變他們的行為。

As Jared mentioned, this type of an operating environment is typically where Shift4 thrives, and we are leaning into the current environment, which positions us well to continue to grow and take share as well as to continue to operate in the same fiscally responsible manner that we have since our founding 24 years ago.

正如 Jared 所提到的，這種類型的運營環境通常是 Shift4 蓬勃發展的地方，我們正在適應當前的環境，這使我們能夠很好地繼續發展和分享，並繼續以同樣的財務負責方式運營我們自 24 年前成立以來一直如此。

To that point, stock-based compensation and the dilutive effects on shareholder returns has been a significant focus in the investment community of late. Since long before our IPO, we've been prudent in balancing the benefits of broad-based employee equity ownership with the dilution it causes to existing shareholders. We have had average dilution of about 1% a year for '21 and '22, and this includes the impact of equity used for acquisitions. Our adjusted EBITDA grew by nearly 75% during that same time frame.

就這一點而言，基於股票的薪酬和對股東回報的稀釋作用一直是投資界最近關注的焦點。早在我們首次公開募股之前，我們就一直謹慎地平衡廣泛員工持股的好處和它對現有股東造成的稀釋。 21 年和 22 年平均每年稀釋約 1%，這包括用於收購的股權的影響。同期，我們調整後的 EBITDA 增長了近 75%。

A strong early mover understanding of integrated payments alongside of M&A has been a significant driver of our ability to rapidly gain share in numerous verticals and geographies. And the current climate and our balance sheet positions us well to continue to execute in that regard. We do not have any M&A transactions during the fourth quarter and have not included the impact of potential M&A in our guidance but do suspect it will present upside opportunities in the quarters ahead.

先行者對整合支付以及併購的深刻理解是我們能夠在眾多垂直行業和地區迅速獲得份額的重要推動力。目前的氣候和我們的資產負債表使我們能夠在這方面繼續執行。我們在第四季度沒有任何併購交易，也沒有在我們的指導中包括潛在併購的影響，但懷疑它將在未來幾個季度帶來上行機會。

On that note, we are nearing what we believe to be the final stages of regulatory review for our acquisition of Finaro. Bear in mind, these regulatory approvals can typically take up to 18 months. And while the timing is by its nature, uncertain, we believe a closing during Q2 is likely.

在這一點上，我們正在接近我們認為對我們收購 Finaro 的監管審查的最後階段。請記住，這些監管批准通常需要長達 18 個月的時間。雖然時間在本質上是不確定的，但我們認為可能會在第二季度結束。

You will recall that we announced -- when we announced the transaction, we estimated a full year contribution to volume and adjusted EBITDA of $15 billion and $30 million, respectively. We will continue to update you on the closing progress and pro forma economic contribution as we progress towards closing.

你會記得我們宣布 - 當我們宣布交易時，我們估計全年對銷量的貢獻和調整後的 EBITDA 分別為 150 億美元和 3000 萬美元。隨著我們接近收尾，我們將繼續向您通報收尾進展和預估經濟貢獻。

Before turning the call over to Nancy, I'd like to sing her praises for just a moment. During a short time as CFO, she has made meaningful contributions to help enhance our operating performance, free cash flow and forecasting abilities. Her approach to expense discipline is also particularly helpful as we strive to maintain both best-in-class growth and our very strong margins. Nancy?

在將電話轉給南希之前，我想暫時讚美她。在擔任首席財務官的短短時間內，她為幫助我們提高經營業績、自由現金流和預測能力做出了有意義的貢獻。在我們努力保持一流的增長和非常強勁的利潤率的過程中，她的費用紀律方法也特別有幫助。南希？

Thanks so much, Taylor, and good morning, everyone. In the fourth quarter, we delivered record results and ended the year exceeding the top end of our previously provided guidance ranges for volume, gross revenue less network fees and adjusted EBITDA, and we also meaningfully exceeded our adjusted free cash flow guidance.

非常感謝，泰勒，大家早上好。在第四季度，我們取得了創紀錄的業績，並在年底超過了我們之前提供的銷量、總收入減去網絡費用和調整後的 EBITDA 指導範圍的上限，我們也大大超過了我們調整後的自由現金流指導。

Total Q4 volume of $20.7 billion grew 55% compared to the same period last year. Q4 gross revenues were $537.7 million, up 35% from the same quarter last year, and gross revenue less network fees were $199.4 million, an increase of 36% over last year. Our adjusted EBITDA for the quarter was $94.4 million, and our adjusted EBITDA margins were strong for the quarter at 47%.

與去年同期相比，第四季度總交易量為 207 億美元，增長了 55%。第四季度總收入為 5.377 億美元，比去年同期增長 35%，扣除網絡費用後的總收入為 1.994 億美元，比去年同期增長 36%。我們本季度調整後的 EBITDA 為 9440 萬美元，本季度調整後的 EBITDA 利潤率高達 47%。

Our quarterly results were driven by the continued strength of our high-growth core, improved economics earned from our gateway customers and higher unit economics resulting from our decision to in-source a large portion of our go-to-market distribution in connection with the launch of SkyTab in the third quarter, shifting from third-party distribution to direct in major markets.

我們的季度業績是由我們的高增長核心的持續實力、從我們的網關客戶那裡獲得的經濟改善以及我們決定將大部分進入市場的分銷與第三季度推出 SkyTab，在主要市場從第三方分銷轉向直接分銷。

As expected, we continue to add and ramp very large enterprise merchants, which is resulting in lower blended spreads. The blended spread for the fourth quarter was 71 basis points versus 74 basis points a year ago and 68 basis points last quarter. We anticipate the ongoing mix shift will continue into 2023 and that our blended spread will continue to decline as we successfully move our market.

正如預期的那樣，我們繼續增加和增加超大型企業商家，這導致混合利差降低。第四季度的混合利差為 71 個基點，而去年同期為 74 個基點，上季度為 68 個基點。我們預計正在進行的混合轉變將持續到 2023 年，並且隨著我們成功轉移市場，我們的混合利差將繼續下降。

As we mentioned last quarter, we are not further breaking down the components of the blended spread, given disclosure limitations and competitive sensitivities. However, we did see sequential improvement in both our high-growth core and non-high-growth core spreads in Q4 as compared to Q3, driven by volume mix, new board and international growth.

正如我們在上個季度提到的，鑑於披露限制和競爭敏感性，我們不會進一步細分混合利差的組成部分。然而，與第三季度相比，我們確實看到第四季度的高增長核心和非高增長核心利差在交易量組合、新板和國際增長的推動下有所改善。

Having an early look at Q1, spreads remained strong and in line with Q4 but will decline modestly due to the impact of the newly signed strategic enterprise agreement with a major hospitality operator that Jared previously mentioned. We are very pleased with the margin expansion we delivered this year.

早期觀察第一季度，利差仍然強勁並與第四季度一致，但由於 Jared 先前提到的與一家主要酒店運營商新簽署的戰略企業協議的影響，利差將小幅下降。我們對今年實現的利潤率增長感到非常滿意。

For the full year 2022, our adjusted EBITDA margins were 39.8%, representing over 800 basis points of expansion compared to full year 2021. We delivered this margin expansion despite ongoing growth-related investments, including international expansion, new vertical expansion and the SkyTab product launch. We are very confident in our ability to deliver further margin expansion in 2023 and are committed to remain disciplined in our cost management while continuing to support and invest in growth.

2022 年全年，我們調整後的 EBITDA 利潤率為 39.8%，與 2021 年全年相比增長了 800 多個基點。儘管持續進行了與增長相關的投資，包括國際擴張、新的垂直擴張和 SkyTab 產品，但我們實現了這一利潤率增長發射。我們對我們在 2023 年進一步擴大利潤率的能力充滿信心，並致力於在繼續支持和投資增長的同時，在我們的成本管理中保持紀律。

Net income was $38.5 million for the quarter. Net income per share was $0.51 and $0.46 per share on a basic and diluted basis, respectively. Adjusted net income for the quarter was $40.5 million or $0.47 per share on a diluted basis. Adjusted free cash flow in the quarter was $56.7 million, bringing full year total adjusted free cash flow to $147.2 million adjusted. Free cash flow conversion was 60% for the quarter and 51% for the full year. A complete reconciliation of adjusted free cash flow is available in the appendix of our earnings materials.

本季度淨收入為 3850 萬美元。在基本和稀釋基礎上，每股淨收入分別為 0.51 美元和 0.46 美元。本季度調整後的淨收入為 4050 萬美元或攤薄後每股收益 0.47 美元。本季度調整後的自由現金流為 5670 萬美元，使全年調整後的自由現金流總額達到 1.472 億美元。本季度自由現金流轉換率為 60%，全年為 51%。調整後的自由現金流量的完整調節可在我們的收益材料的附錄中找到。

In reviewing these materials, you will see that, as of year-end, we settled the outstanding receivable we had with our sponsor bank. We did not include the benefit of the settlement cash inflow in our adjusted free cash flow balances.

在審查這些材料時，您會看到，截至年底，我們已結清了與保薦銀行的未清應收賬款。我們沒有將結算現金流入的收益計入調整後的自由現金流餘額中。

We are exiting the quarter with just over $776 million of cash, $1.8 billion of debt and $100 million undrawn on our credit facility. Our net leverage at year-end was 3.5x and approximately 2.7x, as Jared mentioned, when adjusted for the contribution of recent initiatives based on the trailing 4 quarters of adjusted EBITDA. Our strong balance sheet and free cash flow profile will continue to allow us to invest in the business and our strategic growth priorities while we remain disciplined in our capital allocation approach.

我們在本季度結束時擁有超過 7.76 億美元的現金、18 億美元的債務和 1 億美元的信貸額度未動用。正如 Jared 提到的那樣，我們在年末的淨槓桿率為 3.5 倍，大約為 2.7 倍，這是根據最近 4 個季度調整後的 EBITDA 調整最近舉措的貢獻。我們強大的資產負債表和自由現金流狀況將使我們能夠繼續投資於業務和我們的戰略增長重點，同時我們在資本分配方法上保持紀律。

For the full year 2023, we are introducing guidance ranges for each of our key performance indicators. Our guidance range attempts to account for a variety of business and economic scenarios. As demonstrated last year, the onboarding of multibillion-dollar enterprise merchants can have significant weighting on volume in a particular quarter, and it's difficult to predict.

對於 2023 年全年，我們為每個關鍵績效指標引入了指導範圍。我們的指導範圍試圖考慮各種商業和經濟情景。正如去年所證明的那樣，價值數十億美元的企業商家的加入可能會對特定季度的交易量產生重大影響，而且很難預測。

Additionally, the persistent uncertainty of the macroeconomic climate compels us to be cautious. The low end of our guide contemplates modest headwinds in consumer spending during which, we are confident we can deliver best-in-class growth among our peer set.

此外，宏觀經濟氣候的持續不確定性迫使我們保持謹慎。我們指南的低端考慮了消費者支出的適度逆風，在此期間，我們有信心我們能夠在同行中實現一流的增長。

The high end of our guide invites a continuation of recent trends in both our growth and consumer spending. As Taylor mentioned, Finaro is not included in either scenario, and we will be adjusting our guidance when the closing date becomes certain. Regardless, both the high and low end of our ranges represent strong profitable growth, including margin expansion and improved free cash flow conversion.

我們指南的高端邀請了我們的增長和消費者支出的近期趨勢的延續。正如 Taylor 所提到的，兩種情況都不包括 Finaro，我們將在確定截止日期後調整我們的指導。無論如何，我們範圍的高端和低端都代表著強勁的盈利增長，包括利潤率擴張和自由現金流轉換的改善。

For 2023, we expect to deliver total end-to-end volumes of $100 billion to $109 billion, representing 40% to 52% year-over-year growth; gross revenues of $2.5 billion to $2.7 billion, representing 25% to 35% year-over-year growth; gross revenue less network fees of $915 million to $955 million, representing 26% to 31% year-over-year growth; and adjusted EBITDA of $410 million to $435 million, representing 42% to 50% year-over-year growth.

到 2023 年，我們預計端到端總交易量將達到 1000 億美元至 1090 億美元，同比增長 40% 至 52%；總收入為 25 億美元至 27 億美元，同比增長 25% 至 35%；扣除網絡費用後的總收入為 9.15 億美元至 9.55 億美元，同比增長 26% 至 31%；調整後的 EBITDA 為 4.1 億美元至 4.35 億美元，同比增長 42% 至 50%。

We anticipate adjusted EBITDA margins to expand approximately 500 basis points at the midpoint of our guidance ranges and adjusted free cash flow conversion to expand to 52% plus. As a reminder, one more time, this guidance does not include Finaro or any other contemplated M&A in 2023. With that, let me now turn the call back to Jared.

我們預計調整後的 EBITDA 利潤率將在我們的指導範圍的中點擴大約 500 個基點，並將調整後的自由現金流轉換擴大至 52% 以上。再提醒一次，本指南不包括 Finaro 或任何其他計劃在 2023 年進行的併購。有了這個，現在讓我把電話轉回 Jared。

Thank you, Nancy. So operator, we're ready to take questions.

謝謝你，南希。接線員，我們準備好接受提問了。

(Operator Instructions) Our first question comes form Dan Perlin from RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Dan Perlin。

A lot of good stuff in the results today. I wanted to just -- I just wanted to ask a question around kind of the embedded expectations within guidance. And Jared, I appreciate the fact you don't want to give like the vertical number specifically. But I was just wondering kind of directionally, how do we think about how much contributions ultimately are going to be coming from kind of net new business, some of that being vertical, some of that being other opportunities versus just high-growth core and how that may toggle given some of the macro scenarios you've built into the -- your assumptions.

今天的結果中有很多好東西。我只想 - 我只是想問一個關於指導中嵌入期望的問題。 Jared，我理解你不想特別給出垂直數字之類的事實。但我只是想知道方向性的，我們如何考慮最終將有多少貢獻來自淨新業務，其中一些是垂直的，一些是其他機會而不是高增長的核心業務，以及如何考慮到您已經構建到您的假設中的一些宏觀場景，這可能會發生變化。

Dan, and I'm looking around the room just to see if Taylor and Nancy wants to add on. What I would say is that, if we were trying to put a 2023 volume bridge in place, it would look very similar -- approximately similar to what we did last year, if you just took it on a percentage basis of current volume, how much is coming from the annualized impact of 2022, how much is kind of net new from high-growth core and then the balance being all else, which is predominantly new verticals and, to some extent, a very small portion, I'd say, from like international expansion.

Dan，我正在房間里四處看看，看看 Taylor 和 Nancy 是否想補充。我要說的是，如果我們試圖建立一個 2023 年的交易量橋樑，它看起來會非常相似——與我們去年所做的大致相似，如果你只是根據當前交易量的百分比來計算它，如何有多少來自 2022 年的年化影響，有多少是來自高增長核心的淨新產品，然後是其他所有方面，主要是新的垂直領域，在某種程度上，我想說的是非常小的一部分，從喜歡國際擴張。

Yes, that's exactly right. So the one thing to keep in mind is, as Jared mentioned, annualizing our boards from last year is always the largest contributor inside of the year. We got half a year on average contribution from those merchants, and just getting a full year is a really nice grow-through benefit that we get. One thing to keep in mind is a lot of these big merchants did not contribute a full year last year. So while we surprised, I think investors with the contribution of new verticals kind of serving in Q3 and expanding further in Q4, you can expect that grow-over benefit to help.

是的，完全正確。所以要記住的一件事是，正如 Jared 提到的，從去年開始對我們的董事會進行年度化始終是一年中最大的貢獻者。我們平均從這些商家那裡得到了半年的貢獻，而僅僅得到一整年的時間就已經是我們獲得的非常好的增長收益。要記住的一件事是，很多這些大商人去年都沒有貢獻一整年。因此，儘管我們感到驚訝，但我認為投資者在第三季度提供新的垂直服務並在第四季度進一步擴張，你可以期待這種增長帶來的好處。

The one thing I would just sort of maybe caveat Jared's statement with is we were more pessimistic on same-store sales growth in our guidance this year than we were last year. So if you recall, we had a portion of our bridge that was same-store sales growth and travel recovery. I think we're more cautious on that front because I think it's prudent to be so.

我可能要提醒 Jared 的聲明的一件事是，我們在今年的指導中對同店銷售增長的看法比去年更加悲觀。因此，如果您還記得的話，我們有一部分橋樑是同店銷售增長和旅行恢復。我認為我們在這方面更加謹慎，因為我認為這樣做是謹慎的。

Yes -- no, that's great. And then just a quick follow-up. Just any initial commentary around the success you're having in sourcing strategy. The go-to-market strategy here is a lot more direct distribution than what you've had. Obviously, you had a quarter now to kind of see how that's going. So I would just love to hear any kind of initial phases there.

是的——不，那太好了。然後只是快速跟進。只是關於您在採購策略方面取得的成功的任何初步評論。這裡的上市策略比你以前的更直接。顯然，您現在有四分之一的時間來了解情況如何。所以我很想在那裡聽到任何類型的初始階段。

Yes, sure, Dan. So we're really pleased. I mean, I don't know how many people really follow us on -- like on any of our digital marketing or social media spend, but we really spent virtually a year in terms of generating leads for our Skyforce team. And the reason is we wanted to spend really the first kind of 2 quarters just dialing in our operational process. One area of focus is our like literally 5-day turnaround time from when a new customer is signed to having a fully operational POS system in the restaurants.

是的，當然，丹。所以我們真的很高興。我的意思是，我不知道有多少人真正關注我們——就像關注我們的任何數字營銷或社交媒體支出一樣，但我們確實花了將近一年的時間來為我們的 Skyforce 團隊創造潛在客戶。原因是我們真的想花第一個 2 個季度來調整我們的運營流程。一個重點領域是我們從新客戶簽約到在餐廳擁有全面運行的 POS 系統的 5 天周轉時間。

So we wanted to really get that dialed in and working very, very well before we kind of turned on the marketing engine. The reason we've had so much production is because -- and I don't know how many people picked up on this nuance in last quarter, we spoke about it, a lot of the partners that we acquired insource have had portfolios of customers on many of our competitors, whether you call it like Heartland or SpotOn. Some of them even former Toast dealers, so they already had what we refer to as kind of this low-hanging fruit list to be able to go out and knock on doors now that they were part of our team and sign up customers to SkyTab without any real marketing support.

因此，在我們打開營銷引擎之前，我們想要真正地撥入並非常非常好地工作。我們有這麼多產品的原因是——我不知道上個季度有多少人注意到了這種細微差別，我們談到了這一點，我們收購的許多合作夥伴都有客戶組合在我們的許多競爭對手中，無論您稱之為 Heartland 還是 SpotOn。他們中的一些人甚至是以前的 Toast 經銷商，所以他們已經有了我們所說的這種低垂的水果清單，現在他們已經成為我們團隊的一員，可以出去敲門，並在沒有客戶的情況下註冊 SkyTab任何真正的營銷支持。

And that was part of the plan by design was to use the first 2 quarters, kind of burn down some of that low-hanging fruit, dial in the process before kind of ramping marketing. I think as a result, you end up having like just a ridiculously low customer acquisition cost over the last couple of quarters, but really pleased with how things are coming along. Great balance between our direct team and filling in the gaps with some authorized partners. And we're really happy with the results of the product. It's in some extraordinarily high-volume locations right now.

這是設計計劃的一部分，就是利用前兩個季度，燒掉一些低垂的果實，在加大營銷力度之前撥入流程。我認為結果是，在過去的幾個季度中，您最終的客戶獲取成本低得離譜，但對事情的進展卻非常滿意。我們的直接團隊與一些授權合作夥伴填補空白之間取得了很好的平衡。我們對產品的結果非常滿意。它現在位於一些異常高流量的位置。

Our next question comes from Timothy Chiodo from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

I want to talk a little bit about the ticketing opportunity. So you have SeatGeek. You have TicketSocket. You recently got the Paciolan integration, which opens up a lot of college sports and stadiums there. Maybe you could just expand upon what Paciolan actually does for you in terms of the opportunity and then also, if there's any thoughts around the potential to integrate with Ticketmaster, which I believe remains the only large integration that you have yet to make?

我想談談票務機會。所以你有 SeatGeek。你有 TicketSocket。您最近獲得了 Paciolan 集成，它在那裡開放了許多大學運動和體育場館。也許你可以就機會擴展 Paciolan 實際為你做的事情，然後，如果有任何關於與 Ticketmaster 集成的潛力的想法，我認為這仍然是你尚未進行的唯一大型集成？

Tim, I'll cover that one. I don't want to talk about any of the names specifically. We are trying to be pretty deliberate in walking back from specific customer names, specific partner names. But the way you should think about a ticketing opportunity, the way investors should is, it's an integration to a software platform that lots of other merchants use, so pick any of those names that you mentioned, getting an integration to the platform means that you're now technically capable of serving a TAM that is substantially wider than the day before you completed that integration.

蒂姆，我來介紹那個。我不想具體談論任何名字。我們正試圖非常慎重地從特定的客戶名稱、特定的合作夥伴名稱中退回。但是你應該如何看待票務機會，投資者應該如何，它是與許多其他商家使用的軟件平台的集成，所以選擇你提到的任何一個名稱，與平台集成意味著你現在在技術上能夠提供比您完成該集成前一天更廣泛的 TAM。

And so economy integration means that you can light up a customer that's using it very, very quickly, but the integration is what takes a lot of time to get done. So we announced kind of our foray into sports and entertainment in a meaningful way with the acquisition of VenueNext in March of '21. We started to win full-stack stadiums and started to have ticketing conversations throughout the end of '21 and into '22. We've kind of completed the bulk of that ticketing integration work, and now it's much faster for us to line up customers, much in the same way we can line up a customer who's using a hotel property management software integration that we already have.

因此，經濟集成意味著您可以非常非常快速地點亮正在使用它的客戶，但集成需要花費大量時間才能完成。因此，我們在 2021 年 3 月收購了 VenueNext，宣布以一種有意義的方式進軍體育和娛樂領域。我們開始贏得全棧體育場，並開始在整個 21 年底和 22 年期間進行票務對話。我們已經完成了大部分的票務集成工作，現在我們可以更快地為客戶排隊，就像我們可以為使用我們已有的酒店物業管理軟件集成的客戶排隊一樣。

And obviously, being able to deliver for that in the really high demand environment of their stadium gives some confidence that we can handle their ticketing volume as well. So you should think about each integration as an instant way to expand our TAM and that the volume comes much faster as a result of having the integration. It's basically a customer saying yes and signing an agreement that allows you to serve them.

顯然，能夠在他們體育場真正高需求的環境中實現這一目標，讓我們有信心也能處理他們的票務量。因此，您應該將每次集成都視為擴展我們的 TAM 的即時方式，並且由於集成，體積會更快。基本上是客戶同意並簽署允許您為他們服務的協議。

Excellent. Really helpful. And congratulations on those integrations. The quick follow-up is around inorganic contributions. I realize they're small from the European PSP a little bit from giving back, but could you just recap what was included in Q4 that was inorganic and the small portion that's included for the 2023 guide for both volumes and revs?

出色的。真的很有幫助。並祝賀這些集成。快速跟進是圍繞無機貢獻。我意識到它們與歐洲 PSP 相比很小，有點回饋，但你能否回顧一下第 4 季度中包含的無機物以及 2023 年指南中包含的小部分的體積和轉速？

Yes, sure. It's -- suffice it to say, I think we had these comments in November. We were not terribly optimistic around the giving environment at the time, and this is probably pre- some of the other top news in the crypto community. So the contribution from The Giving Block largely came in the form of SaaS from the incremental customers they signed up. It was not particularly meaningful.

是的，當然。可以這麼說，我認為我們在 11 月收到了這些評論。當時我們對捐贈環境並不十分樂觀，這可能是加密社區中的一些其他頭條新聞。因此，The Giving Block 的貢獻主要以 SaaS 的形式來自他們註冊的增量客戶。意義不大。

Although when you think about that customer base being double what it was when we bought it, as the giving environment starts to improve, the donation volumes should come very quickly thereafter. So we're quite constructive on that platform despite the troubles in the Crypto community and the lower donation volume. And I think we have commented in the same call in November that we expected the contribution of our international PSP to be less than 1% of our volume and net revenue for the year. And I think it's landed right where we expected it to be. So reasonably inconsequential in the quarter, although really, really strong technical capabilities.

儘管當您考慮到客戶群是我們購買時的兩倍時，隨著捐贈環境開始改善，此後捐贈量應該會很快。因此，儘管 Crypto 社區存在問題且捐贈量較低，但我們在該平台上還是很有建設性的。我認為我們在 11 月的同一次電話會議上發表評論說，我們預計我們國際 PSP 的貢獻將不到我們今年銷量和淨收入的 1%。我認為它落在了我們預期的位置。在本季度如此合理無關緊要，儘管確實非常強大的技術能力。

Yes. I think just to layer on that, pretty consistent with, message is important I think for all investors to understand. It's not uncommon for us at all to acquire assets that we think give us some unique right to win within a specific vertical and then just totally pivot the revenue model around payments. Great example of that is the VenueNext acquisition. At the time we purchased it, I mean, fantastic software. I mean, wasn't a cash-generating business at all. Pivoted it from predominantly SaaS at that point to now being a real contributor from a volume perspective, which is driving a lot of the net revenue, not to mention it's opened up doors for ticketing opportunities as well.

是的。我認為只是在這一點上，非常一致，信息很重要，我認為所有投資者都應該理解。收購資產對我們來說並不少見，我們認為這些資產賦予我們在特定垂直領域內獲勝的獨特權利，然後完全圍繞支付來調整收入模式。 VenueNext 的收購就是一個很好的例子。在我們購買它的時候，我的意思是，這是一款很棒的軟件。我的意思是，這根本不是賺錢的生意。將它從當時主要的 SaaS 轉變為現在從數量角度來看真正的貢獻者，這推動了大量的淨收入，更不用說它也為票務機會打開了大門。

When you think about The Giving Block, I mean, right now, the overwhelming majority of the revenue that we take in from nonprofits is coming from major nonprofit brands like St. Jude and others that are giving us traditional card payment volume and many of which we were able to solicit from the 2,200 or so existing Giving Block customers. With respect to the European PSP, we bought that asset to put volumes that we knew we had already with respect to some of our strategic customers into the European market.

當你想到 The Giving Block 時，我的意思是，現在，我們從非營利組織獲得的絕大部分收入來自主要的非營利品牌，如 St. Jude 和其他為我們提供傳統卡支付量的品牌，其中許多我們能夠從 2,200 名左右的現有 Giving Block 客戶那裡徵求意見。關於歐洲 PSP，我們購買了該資產，以將我們已知的一些戰略客戶的數量投入歐洲市場。

So I know it's been a question we've been asked since the time of the IPO, what contributions are coming organically versus inorganically. It's almost always organically and then some because you're oftentimes devastating the revenue model of the existing business you acquired to pivot it towards our organic strategy. I think that holds the same with the deal (inaudible) that we actually did in 2022.

所以我知道這是自 IPO 以來我們一直被問到的一個問題，哪些貢獻是有機貢獻還是無機貢獻。它幾乎總是有機的，然後是一些，因為你經常破壞你收購的現有業務的收入模式，以將其轉向我們的有機戰略。我認為這與我們在 2022 年實際達成的交易（聽不清）相同。

Our next question comes from William Nance from Goldman Sachs.

我們的下一個問題來自高盛的 William Nance。

Jared, I think the company benefited a lot from some of the aggressive actions you guys took. Distribution insourcing, the rolling out of SkyTab, gateway sunset, what's kind of the big needle mover in your mind for 2023? What are the main 2 or 3 things that investors should be focused on to kind of track the next leg of growth for this year?

Jared，我認為公司從你們採取的一些積極行動中受益匪淺。分銷內包、SkyTab 的推出、網關日落，您認為 2023 年的重大推動因素是什麼？投資者應該關注哪些主要的 2 或 3 件事，以追踪今年的下一階段增長？

Yes, what an awesome question. So I mean I think we set the table incredibly well in through 2022. But actually, it all kind of washes off of the Investor Day we had in November of 2021, where we basically told our investors that we're moving -- we're diversifying from outside of just restaurants and hotels into all these exciting new verticals, gaming, nonprofit, sports entertainment. They were all -- e-commerce, international. They were all anchored off of like a significant merchant that was going to give us more than a foot in the door within those specific verticals.

是的，多麼棒的問題。所以我的意思是，我認為我們在 2022 年之前的表現非常好。但實際上，這一切都從我們在 2021 年 11 月舉行的投資者日中消失了，我們基本上告訴我們的投資者我們正在搬家 - 我們'正在從餐館和酒店之外向所有這些令人興奮的新垂直領域、遊戲、非營利組織和體育娛樂領域多元化。它們都是——電子商務，國際化。他們都像一個重要的商人一樣被錨定，這將讓我們在那些特定的垂直領域內獲得更多的機會。

We moved into 2022 building on every one of those initiatives. We certainly saw -- or at least were concerned enough that there would be a deteriorating economic climate in 2022, so much so that we decided to move a little bit faster on things like our gateway sunset initiative, rolling out SkyTab POS with a balanced direct and indirect distribution. And we made some real meaningful progress between Finaro, which is still in commercial capacity, and then an inorganic acquisition in Europe to set the stage well. So I think we really set the stage really well in 2022 going into 2023, and we're the needle movers right now.

我們在每一項舉措的基礎上進入 2022 年。我們當然看到了——或者至少非常擔心 2022 年經濟環境會惡化，以至於我們決定在我們的網關日落計劃等事情上採取更快的行動，推出具有平衡直銷的 SkyTab POS和間接分配。我們在仍處於商業能力階段的 Finaro 與隨後在歐洲進行的無機收購之間取得了一些真正有意義的進展，從而奠定了良好的基礎。所以我認為我們真的為 2022 年到 2023 年奠定了良好的基礎，我們現在是推動者。

Let's start with high-growth core. Gateway sunset is going to still deliver significant results in the years ahead, years ahead. There is still like an enormous amount of volume on our gateway business, so I know everybody like asks are we in like middle innings, later -- it's still early innings with gateway sunset. So I expect that to be, by and far, the largest contributor to our growth in 2023. All the new verticals we've built upon, and you've got real traction there. We made our investments were really well timed in late 2021. So I expect us still to crush it in sports and entertainment, except now you're going to have (inaudible)which is huge and comes in at higher take rates than we've had previously.

讓我們從高增長核心開始。 Gateway sunset 仍將在未來幾年內取得重大成果。我們的網關業務仍然有大量的交易量，所以我知道每個人都喜歡問我們是否在中間局，後來 - 它仍然是網關日落的早期局。所以我預計，到目前為止，這將成為我們 2023 年增長的最大貢獻者。我們建立的所有新垂直領域，你在那裡有真正的牽引力。我們在 2021 年末進行了投資，時機非常好。所以我希望我們仍能在體育和娛樂領域擊敗它，除非現在你將擁有（聽不清），這是巨大的，並且比我們更高的接受率以前有。

We've got like almost every sport -- a real decent presence in almost every one of the major sport leagues. So some of the like seasonal trends that we saw in prior years in sports and entertainment won't be there anymore. And I think what's most exciting for us is we're making real progress internationally, both inorganically and organically. And that's not just for the benefit of 1 or 2 really strategic customers, but it allows us to bring restaurants and hotels in all these new markets too, as I mentioned in our remarks. So I look at high-growth core continuing to deliver the majority, new verticals moving very quickly and real progress in the international markets in 2023.

我們幾乎擁有每一項運動——在幾乎每一個主要體育聯盟中都有一個真正體面的存在。因此，我們前幾年在體育和娛樂領域看到的一些季節性趨勢將不再存在。而且我認為對我們來說最令人興奮的是我們正在國際上取得真正的進步，無論是無機的還是有機的。這不僅僅是為了 1 或 2 個真正的戰略客戶的利益，而且它還允許我們在所有這些新市場中帶來餐館和酒店，正如我在我們的評論中提到的那樣。因此，我認為高增長的核心業務將繼續在 2023 年佔據多數，新的垂直領域發展非常迅速，並在國際市場上取得真正的進展。

Got it. That's super helpful. And maybe if I could just follow up on some of the comments that you had on the gateway sunsetting strategy. You mentioned being in middle innings. I know it's kind of back to the basics with Shift4, but could you maybe provide an update on kind of just general expectations of the pace of conversions going forward? I think you previously talked about something in the ballpark of $8 billion year. It sounds like that's accelerated as a result of the sunsetting strategy. So whether it's full-on conversions or repricing to better economic terms, how much of the kind of growth in the near term do you expect soy to come from that opportunity?

知道了。這非常有幫助。也許我可以跟進您對網關淘汰策略的一些評論。你提到在中局。我知道這有點回到了 Shift4 的基礎，但你能否提供關於未來轉換速度的一般預期的更新？我想你之前談到過大約 80 億美元的事情。這聽起來像是由於日落戰略而加速的。因此，無論是全面轉換還是重新定價以更好的經濟條件，您預計大豆在短期內有多少增長來自這個機會？

Yes. I mean, just to clarify, I didn't say we're still early innings. So maybe we're in the second inning, I don't know, late bottom of the second, I still expect gateway sunset to contribute a substantial amount of volume like that. We didn't prediscuss what our current gateway-only volume is. Most of us don't actually look at it that often. But you're still talking like well in excess of $100 billion, like well in excess of that in volume there. Like even if we're working 24/7, there's still a lot of volume to move over, and we did say that we're trying to take our gateway sunset initiative, remove the parts, unlock a lot of efficiency and make it not a 10-year initiative or a 5-year like trying to pull that into 3 years.

是的。我的意思是，澄清一下，我並沒有說我們還處於早期階段。所以也許我們在第二局，我不知道，在第二局的底部，我仍然希望網關日落能夠像那樣貢獻大量的音量。我們沒有預先討論我們當前的僅網關卷是什麼。我們大多數人實際上並不經常看它。但你仍然在談論超過 1000 億美元，遠遠超過那裡的數量。就像即使我們全天候 24/7 工作一樣，仍然有很多工作要做，我們確實說過我們正在嘗試採取我們的門戶日落計劃，移除部分，釋放大量效率並使其不再一個 10 年的計劃或一個 5 年的計劃，比如試圖將其拖入 3 年。

It's a lot of volume to deliver in that period of time. So -- but I'd say it's still like a pretty substantial focus for us. And in terms of getting properly rewarded for the capabilities that we're delivering, which is the heart of the integrated payment solution these customers benefit from, super early innings. I think we mentioned last year, like we effectively added a Netflix subscription to hotels and restaurants doing millions a year in volume. So I'd say that that's still pretty early on as well.

在那段時間裡交付量很大。所以——但我想說這對我們來說仍然是一個相當重要的重點。在為我們提供的功能獲得適當獎勵方面，這是集成支付解決方案的核心，這些客戶從中受益，超級早局。我想我們去年提到過，就像我們有效地向酒店和餐館增加了 Netflix 訂閱，每年的銷量達數百萬美元。所以我想說這也還很早。

The one thing I'd add on just to help contextualize it is for smaller merchants on the gateway and the B2B merchants doing $1 million, $2 million, $3 million a year in volume, these decisions are typically made by the owner-operator. They happen quite quickly. They happen regular course, and we get hundreds of these a month. And it's really just a function of getting the time with that owner-operator to have the conversation on the benefits and obviously, the pricing actions that Jared mentioned do like slightly nudge the conversation in our direction.

我要添加的一件事只是為了幫助將其背景化，這是針對網關上的小商戶和 B2B 商戶，每年的交易量為 100 萬、200 萬、300 萬美元，這些決定通常由業主運營商做出。它們發生得很快。它們發生在常規過程中，我們每個月都會收到數百個。這實際上只是讓業主運營商有時間就利益進行對話的一個功能，顯然，賈里德提到的定價行為確實有點像將對話推向我們的方向。

Larger operators, and there are many multibillion dollar sort of companies that are using the gateway, take longer naturally to make these decisions. They happen over multiple quarters. So the one thing that Nancy mentioned in our script that we want to be mindful of is, we've had a lot more time to have these big conversations with big merchants. And so as they agree to move over, and increasingly, they are, it creates a little bit of lumpiness in sort of the volume growth in a quarter and the corresponding spread that we deliver in that quarter.

較大的運營商，以及許多正在使用網關的價值數十億美元的公司，自然需要更長的時間來做出這些決定。它們發生在多個季度。所以南希在我們的劇本中提到的一件事我們要注意的是，我們有更多的時間與大商人進行這些重要對話。因此，當他們同意搬家時，他們越來越多地同意搬家，這會在一個季度的銷量增長和我們在該季度提供的相應價差方面產生一些波動。

So we want to be cautious that we have a good enterprise-level conversation that can make the volume growth in this effective spread a little bit more volatile, all for very good reasons. But that's sort of some color behind the scenes on the nature of the really big merchants and their decision making.

因此，我們要謹慎，因為我們有一個很好的企業級對話，可以使這種有效價差的交易量增長更加波動，所有這些都是有充分理由的。但這是真正大商人的本質及其決策的幕後色彩。

Got it. Appreciate you taking the question. Very helpful.

知道了。感謝您提出問題。很有幫助。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Listen, I wanted to touch on the international build a little more and the opportunity there. Obviously, when you closed the deal, the Finaro deal, it'll help. But if you can give us a sense in the past -- and what you see as the opportunity in terms of vertical expansion? I know you have obviously your large customer as an anchor that's helping. But what kind of opportunity do you really see that being both in '23 and then maybe a little bit longer term, Jared.

聽著，我想多談談國際建設和那裡的機會。顯然，當你完成交易時，Finaro 交易，它會有所幫助。但是，如果你能給我們一個過去的感覺——你認為垂直擴張的機會是什麼？我知道你顯然有你的大客戶作為幫助的錨點。但是你真的看到了什麼樣的機會，既是在 23 年，也可能是更長的時間，賈里德。

And then, Nancy, just a quick follow-up on the financial side. That kind of relates because you're going to have to spend time and money building that out, I imagine. And so when we think about the margin implications of something like that, and I guess if we back out the residuals benefit you have in either last year or this year, it looks like your margins are basically stable with the expansion coming from those initiatives. So what's happening under the hood in terms of investment and what you can do on the margin front as you're building out?

然後，南希，只是財務方面的快速跟進。我想，這種關係是因為你將不得不花費時間和金錢來構建它。因此，當我們考慮這樣的事情對利潤率的影響時，我想如果我們取消你在去年或今年的剩餘收益，看起來你的利潤率基本上是穩定的，因為這些舉措帶來了擴張。那麼，就投資而言，幕後發生了什麼？在擴建過程中，您可以在利潤方面做些什麼？

Nancy, why don't you start?

南希，你為什麼不開始呢？

Okay. Starting on the margin side, I would say you're right. Certainly, the in-force distribution helps the margin lift by design, of course, right? And so I think as we're strategically looking at where we want to invest for growth. From an international perspective, a lot of these kind of tuck-in or small technology and product deals that we're looking at provide us a lot of opportunity to create the investments that we need kind of outside of the U.S., right? So we don't really need to use kind of the U.S. platform necessarily to make core investments for that expansion.

好的。從邊緣開始，我會說你是對的。當然，有效分配有助於提高利潤率，當然，對吧？因此，我認為我們正在戰略性地研究我們想要投資增長的地方。從國際的角度來看，我們正在尋找的許多此類小型技術和產品交易為我們提供了很多機會來創造我們在美國以外需要的投資，對吧？所以我們真的不需要使用某種美國平台來為擴張進行核心投資。

And when I look at Shift4 and kind of the history at Shift4, I think there was some (inaudible) planning, but the opportunity here without really cutting into any kind of muscle or really, I would say we're just at like a very first layer of fat level and just really putting better process in place that will generate a lot of that margin expansion from here forward that you're looking at. So for sure, we're going to get an annualization benefit of the in-sourcing. But from there forward, there's just lots of room across every piece of the business to kind of optimize is the way that I would say it.

當我查看 Shift4 和 Shift4 的歷史時，我認為有一些（聽不清）計劃，但這裡的機會並沒有真正切入任何一種肌肉或者真的，我會說我們就像一個非常第一層脂肪水平，只是真正實施更好的工藝，從這裡開始，您正在尋找的利潤會大幅增加。所以可以肯定的是，我們將獲得內包的年化收益。但從那時起，每項業務都有很大的空間可以優化，這就是我要說的方式。

And the investment for growth I think will come alongside these tuck-in acquisitions or partnerships that we -- the ones that we've announced and the ones that have come in the coming year. So I feel very confident, and you could tell from the EBITDA guide that we feel pretty solid about that. And look, you know it's the Shift4 way that we always like to kind of beat these and best expectations. So I would just say there's room there for us to make the investments that we need?

我認為，增長投資將伴隨著我們宣布的這些收購或合作夥伴關係——我們已經宣布的以及來年即將到來的收購或合作夥伴關係。所以我感到非常有信心，你可以從 EBITDA 指南中看出我們對此感到非常可靠。看，你知道這是我們一直喜歡超越這些和最佳期望的 Shift4 方式。所以我只想說我們有空間進行我們需要的投資嗎？

Yes. And I guess, just to layer on a little bit on that -- that point, with every initiative, I was kind of trying to make this point in Q4 of last year when we were interacting with a lot of investors. It's like virtually everything we are doing right now has a margin and has an efficiency benefit, which then translates into margin and free cash flow. So just to give you an example, right. It's actually more labor intense for us to support a gateway customer than a end-to-end one. So when we're -- every day that goes by that we move more customers from our gateway to our end-to-end platform, it makes things easier on our support resources.

是的。而且我想，只是在這一點上加一點點 - 那一點，在每一項倡議中，我都試圖在去年第四季度與很多投資者互動時提出這一點。就像我們現在所做的幾乎所有事情都有利潤和效率優勢，然後轉化為利潤和自由現金流。所以只是給你舉個例子，對吧。實際上，支持網關客戶比支持端到端客戶的勞動強度更大。因此，當我們——每一天過去，我們將更多的客戶從我們的網關轉移到我們的端到端平台時，它使我們的支持資源變得更容易。

It's so much different than when we can handle a situation end-to-end versus trying to get a conference call going with, I don't know, Bank of America First Data to try and troubleshoot a situation. Every SkyTab POS system that goes out right now is like 3 or 4x easier to support because it's cloud based, than all of our legacy POS systems. Actually, we caught fair criticism for our first couple of years as a public company. Oh, don't they have a lot of Windows-based POSEOS software? Isn't that previous generation?

這與我們可以端到端地處理情況與試圖通過美國銀行第一數據進行電話會議來嘗試解決問題有很大不同。現在推出的每個 SkyTab POS 系統都比我們所有的舊 POS 系統更容易支持 3 或 4 倍，因為它是基於雲的。實際上，作為一家上市公司的最初幾年，我們受到了公平的批評。哦，他們不是有很多基於 Windows 的 POSEOS 軟件嗎？不是上一代嗎

Yes. And they're like more labor-intense to support. So like every day that goes by, more SkyTab POS systems come in, like we were able to more efficiently support probably the most labor-intense portion of our customer base, which is small restaurants.

是的。而且他們需要更多的勞動強度來支持。因此，就像過去的每一天一樣，更多的 SkyTab POS 系統出現，就像我們能夠更有效地支持我們客戶群中勞動密集程度最高的部分，即小型餐館。

Last, our diversification into new verticals, stadiums. I mean, a single stadium that may be hundreds of millions a year in volume can be covered by, let's just say, one person with half their time versus that same person might have to cover thousands potentially of restaurants that are calling multiple times. You need a lot of people in order to manage the number of inbound calls on that. So the point is like there's areas of the business that are able to operate more efficiently, and that frees up resources for us to make investments in areas like product dev, R&D, finance for sure as we continue to expand internationally.

最後，我們向新的垂直領域、體育場館進行多元化發展。我的意思是，一個每年可能有數億人次的體育場可以由一個人用一半的時間來覆蓋，而同一個人可能不得不覆蓋數以千計的潛在餐館，這些餐館可能會多次打電話。你需要很多人來管理它的入站呼叫數量。所以關鍵是，有些業務領域能夠更有效地運營，這就釋放了資源，讓我們可以在產品開發、研發、財務等領域進行投資，因為我們將繼續在國際上擴張。

Moving on to the first part of your question is like just general excitement, how big the opportunity for international is, it's huge. I mean, I think -- I hope most people took a look at some of the numbers that got released on Stripe. Holy hell. I mean, you're talking about like $800 billion in volume growing at an extraordinary rate. I mean, even adding these numbers take margin aside. That's a lot of volume growth. What that is right there is integrated pain 3.0. That is power in commerce-enabling software anywhere in the world and making life easier on some of the largest enterprises in the world.

繼續你問題的第一部分就像是普遍的興奮，國際機會有多大，它是巨大的。我的意思是，我認為——我希望大多數人都看過 Stripe 上發布的一些數字。我的天啊。我的意思是，你說的是 8000 億美元的交易量以驚人的速度增長。我的意思是，即使將這些數字相加也會扣除保證金。這是一個很大的體積增長。那就是集成疼痛 3.0。這是世界任何地方的商業支持軟件的力量，並使世界上一些最大的企業的生活更輕鬆。

Yes, we're gunning for that heavily. We're going to follow an incredible customer on that journey. We'll do it organically in some parts of the world, like we announced with Canada and the Caribbean. We're looking at other markets now. We'll do some one-to-many partnerships in some parts of the world, and we'll deploy capital effectively to own rails in other parts of the world. And in doing so, like we're going to first be able to compete. So it's not just adding the Stripe going for some of those huge multinational corporations, but we're going to take everything that made us special in the U.S., like one of the most competitive markets in the world, and bring it into those new markets. It's incredibly exciting. Like this is our journey to like $1 billion plus in EBITDA. I mean, that's the march we're on right now. So I think it's one you can't ignore.

是的，我們正在為此努力。我們將在這段旅程中追隨一位了不起的客戶。我們將在世界的某些地方有機地做到這一點，就像我們在加拿大和加勒比地區宣布的那樣。我們現在正在尋找其他市場。我們將在世界某些地區建立一些一對多的合作夥伴關係，我們將有效地部署資本以擁有世界其他地區的鐵路。在這樣做的過程中，就像我們將首先能夠競爭一樣。因此，這不僅僅是為一些大型跨國公司添加 Stripe，而且我們將把讓我們在美國與眾不同的一切，比如世界上最具競爭力的市場之一，並將其帶入這些新市場.這非常令人興奮。就像這就是我們的 EBITDA 超過 10 億美元的旅程。我的意思是，這就是我們現在正在進行的遊行。所以我認為這是一個你不能忽視的問題。

That's really helpful. Just very last quick follow-up is on SkyTab and the progress you're making seem really strong on the location adds. Just maybe a quick update on the expectations for the year ahead.

這真的很有幫助。最後一次快速跟進是在 SkyTab 上進行的，您在添加位置方面取得的進展似乎非常強勁。也許只是對來年預期的快速更新。

Yes, we thought it was fair to give you some sense of how SkyTab is moving because I think it's such an important part of the distribution and sourcing story. The expectation is like I think both Toast and Shift4 are going to have -- continue to have great years. And I'm sure both Toast and Shift4 will take our products into international markets. And we'll go and clean up all those legacy terminals and Windows-based POS systems, and I think both enjoy a lot of success.

是的，我們認為讓您了解 SkyTab 的發展情況是公平的，因為我認為它是分銷和採購故事中非常重要的一部分。期望就像我認為 Toast 和 Shift4 都會有一樣 - 繼續擁有偉大的歲月。而且我相信 Toast 和 Shift4 都會將我們的產品帶入國際市場。我們將清理所有這些遺留終端和基於 Windows 的 POS 系統，我認為兩者都取得了很大的成功。

What I don't think we'll do, I mean, we'll certainly give you insights in spreads and volumes. I don't think we're going to every quarter give updates on location count. I don't think (inaudible) we tend to be way more upmarket than that. You'd rather have like hypothetically 4,000, $2-million-a-year customers than 5,000, $800,000-a-year customers or something to that effect. But yes, I think it's like looking at the competitive landscape, it's a 2-horse race for sure. And there won't be a winner-take-all. Both Toast and Shift4 are going to have a lot of success with our cloud-based products in the U.S. and in other markets.

我認為我們不會做的事情，我的意思是，我們一定會為您提供點差和交易量方面的見解。我不認為我們每個季度都會更新地點數量。我不認為（聽不清）我們往往比那更高檔。你寧願擁有假設的 4,000 名、年收入 200 萬美元的客戶，也不願擁有 5,000 名、年收入 800,000 美元的客戶或類似的東西。但是，是的，我認為這就像在看競爭格局，這肯定是一場兩匹馬的比賽。而且不會有贏家通吃的局面。 Toast 和 Shift4 都將通過我們基於雲的產品在美國和其他市場取得巨大成功。

Our next question comes from Andrew Bauch from SMBC Nikko.

我們的下一個問題來自 SMBC Nikko 的 Andrew Bauch。

Nice set of results. I just want to tail Darren's international question there. In the context of the regulatory approvals needed for Finaro, I know that you're not considering anything from Finaro in this guide, but given how important the international expansion and road map is to the Shift4 story right now, is there any kind of changes to how results would shake out one way or another if the regulatory approvals were signed off today versus bleeding the third quarter or even beyond.

不錯的結果集。我只是想在那裡解決 Darren 的國際問題。在 Finaro 所需的監管批准的背景下，我知道您在本指南中沒有考慮 Finaro 的任何內容，但考慮到國際擴張和路線圖目前對 Shift4 故事的重要性，是否有任何變化如果今天簽署監管批准，而不是在第三季度甚至更長時間後流血，結果將如何以這種或另一種方式發生變化。

I don't believe so. The -- as Jared mentioned during his scripted remarks, we have an arm's length partnership. It's allowed us to complete a lot of the technical work to service customers. So we have -- I think there's been some comments around this previously. We have successfully dated transactions on SkyTab throughout Europe by a combination of platforms on VenueNext as well. We do share a handful of customers today. So while there's modest improvement in economics from having it one quarter versus the next, we're not really thinking about it in those terms.

我不這麼認為。正如賈里德在他的腳本發言中提到的那樣，我們有一個公平的合作夥伴關係。它使我們能夠完成大量的技術工作來服務客戶。所以我們 - 我認為之前有一些關於此的評論。我們還通過 VenueNext 上的平台組合在整個歐洲的 SkyTab 上成功地確定了交易日期。我們今天確實分享了一些客戶。因此，雖然一個季度與下一個季度相比在經濟上有適度的改善，但我們並沒有真正從這些方面考慮它。

So we want to close it as soon as we're allowed to just because it helps both companies operate with a clearer lens towards the future. But we've spent a lot of time together, the maximum to the extent appropriate on working through these solutions. So it's not hindering the pace of progress inside of our business. And the international acquisition of the PSP that we mentioned last quarter is just another example. So we're kind of operating strategically with this full-speed ahead mentality. The opportunity of owning a bank in Europe is really quite high, that the opportunity cost of that is the fact that these regulatory approvals can take up to 18 months, as I mentioned in my comments.

因此，我們希望在獲准後儘快關閉它，因為它可以幫助兩家公司以更清晰的視角看待未來。但是我們一起度過了很多時間，在適當的程度上最大限度地研究這些解決方案。因此，這不會阻礙我們業務內部的進步步伐。我們上個季度提到的 PSP 的國際收購只是另一個例子。因此，我們正在以這種全速前進的心態進行戰略性運營。在歐洲擁有一家銀行的機會確實非常高，正如我在評論中提到的那樣，機會成本是這些監管批准可能需要長達 18 個月的時間。

So we're pleased with the progress that we've made thus far. We do expect that (inaudible) is just a slightly opaque nature, which is I'd say nothing more than mildly frustrating. I don't think it has a significant impact on performance one quarter to the next.

因此，我們對迄今為止取得的進展感到滿意。我們確實希望（聽不清）只是一種稍微不透明的性質，我只想說有點令人沮喪。我認為它不會對下一季度的性能產生重大影響。

That's good to hear. And then wanted to get a little bit more color around the investment philosophy here. And what are the key kind of macro indicators that you guys are looking for to give you more confidence of, say, stepping on the gas regarding investments. I mean, I really appreciate the commentary in the shareholder letter that said focusing on upgrading talent versus outright adding heads. So maybe if you could just kind of give a sense of investment versus the macro and maybe how -- what areas of the upgrading talent you're really focused on?

聽起來還不錯。然後想在這裡的投資理念周圍獲得更多色彩。你們正在尋找哪些關鍵的宏觀指標可以讓你們更有信心，比如說，在投資方面加大力度。我的意思是，我真的很欣賞股東信中的評論，即專注於提升人才而不是直接增加人才。所以也許如果你能給出一種投資與宏觀的感覺，也許如何——你真正關注的升級人才的哪些領域？

Stepping on the gas is an interesting way to phrase it because I think we kind of always feel like our foots pretty heavy down on the gas. The reality is we think about kind of capital deployment or M&A, if you will, through the lens -- through a couple lenses, number one, is there a capability that we need that we don't have that an acquisition accelerates our base into, and I would say that's been a portion of our M&A but not the entirety of it. Another portion is just, is this a customer acquisition cost funnel that is substantially lower than finding them.

踩油門是一種有趣的表達方式，因為我認為我們總是覺得我們的腳踩在油門上很重。現實是我們考慮某種資本部署或併購，如果你願意，通過鏡頭 - 通過幾個鏡頭，第一，是否有我們需要的能力，我們沒有收購加速我們的基地進入，我想說這是我們併購的一部分，但不是全部。另一部分只是，這是一個比尋找客戶成本低得多的客戶獲取成本漏斗。

And I think if you look at things like the acquisition of the Merchant Link gateway, like the acquisition of the restaurant ISV brands that we have before that, that was always to accumulate really, really nice groups of captive customers at a very attractive customer acquisition cost. We monitor for that all the time. I don't think market valuations have a huge bearing on that, and we execute when and where it's appropriate. I think the tougher one is the first thing I mentioned there, which is capability enhancements. You do typically have to pay more for, or you might not get the instant margin accretion from a transaction like that, and you have to be very disciplined on what you're willing to pay for it.

而且我認為，如果你看一下收購 Merchant Link 網關之類的事情，比如收購我們之前擁有的餐廳 ISV 品牌，那總是在非常有吸引力的客戶收購中積累非常非常好的俘虜客戶群成本。我們一直對此進行監控。我不認為市場估值對此有很大影響，我們會在適當的時間和地點執行。我認為更難的是我在那裡提到的第一件事，即能力增強。您通常需要支付更多費用，否則您可能無法從此類交易中獲得即時利潤增長，並且您必須非常自律地決定您願意為此支付的費用。

We've seen the opportunity to continually progress throughout this (inaudible) cycle. I mean, you've seen multiples in our industry get pretty battered, and you see good opportunity for expansion, but we also want to be really disciplined. We don't just want to buy a capability enhancer. We want to make sure we're buying what was inherently a good company before we approached it. It needs to be able to operate at a reasonable profit on its own right before we can get confidence that plugging it into our business is the right thing to do. Jared, anything else (inaudible).

我們已經看到了在整個（聽不清）週期中不斷進步的機會。我的意思是，你已經看到我們行業的倍數受到重創，你看到了擴張的好機會，但我們也希望真正受到紀律處分。我們不只是想購買能力增強器。我們想確保我們在接觸一家本質上是好公司的公司之前就購買了它。它需要能夠以合理的利潤自行運營，然後我們才能確信將其插入我們的業務是正確的做法。 Jared，還有什麼（聽不清）。

I think I'd just say this is an area that maybe looked a little bit towards our past. Prior to the IPO, going back to really 2015 time frame, we had a fee sponsor in that kept us in at a comfortable 6x leverage predominantly to support periodic dividend recaps. And throughout that time period, we were reasonably active with M&A, which meant a lot of the acquisitions had to be on a synergized basis, essentially deleveraging virtually instantly.

我想我只想說這是一個可能看起來有點像我們過去的領域。在首次公開募股之前，回到真正的 2015 年時間框架，我們有一個收費贊助商，使我們保持在舒適的 6 倍槓桿率，主要是為了支持定期股息回顧。在那段時間裡，我們在併購方面相當活躍，這意味著很多收購必須在協同的基礎上進行，基本上是立即去槓桿化。

Fortunately, our current leverage profile, we don't necessarily have to find those gems, but what I will say right now is that we are looking at deals that essentially, on a fully synergized basis, would be deleveraging inside of 12 to 18 months, which I think Taylor referenced in his prepared remarks so continuing to remain disciplined just given the uncertain road ahead. That said, I think in terms of capital prioritization, Taylor mentioned, international is very important. Like I said, I'm a very big believer in this 3.0 evolution of the integrated payments world. And rails are scarce, really scarce. So there's opportunity to acquire rails in attractive terms to help build out our -- support our global expansion endeavors. It's going to be top of the list.

幸運的是，根據我們目前的槓桿情況，我們不一定非要找到那些寶石，但我現在要說的是，我們正在尋找的交易基本上在完全協同的基礎上將在 12 到 18 個月內去槓桿化，我認為泰勒在他準備好的發言中提到了這一點，因此鑑於未來的不確定道路，他將繼續保持紀律。也就是說，我認為就資本優先次序而言，泰勒提到，國際化非常重要。就像我說的，我非常相信集成支付世界的 3.0 演進。鐵軌很稀缺，真的很稀缺。因此，有機會以有吸引力的條件收購 rails，以幫助建立我們的——支持我們的全球擴張努力。它將位居榜首。

But the other thing I'd say, too, is just the organic investment. I mentioned earlier, there are a lot of reasons why we should continue to become more and more efficient. So if we're able to layer on that volume, keep headcount at -- endeavor to really keep it as flat as possible like getting off of Q4, and it turns out that the economic climate is not as some people fear, then there should be room for us to make some investments in some organic initiatives, whether internal systems or other things to better support our long-term profile.

但我還要說的另一件事就是有機投資。我之前提到過，我們應該繼續變得越來越高效的原因有很多。因此，如果我們能夠在該數量上分層，保持員工人數——努力真正保持盡可能平穩，就像從第四季度開始一樣，事實證明經濟環境並不像某些人擔心的那樣，那麼應該為我們在一些有機計劃上進行一些投資留出空間，無論是內部系統還是其他東西，以更好地支持我們的長期形象。

Got it. Congrats on a really impressive year.

知道了。恭喜你度過了令人印象深刻的一年。

Thank you. Our final question comes from Rayna Kumar from UBS.

謝謝。我們的最後一個問題來自瑞銀集團的 Rayna Kumar。

This is Anthony Cyganovich filling in for Rayna. I know you commented on it a little bit before, but I was hoping you could kind of talk about kind of the drivers of the really strong EBITDA margin in the quarter. I know you mentioned the in-source distribution, but can you kind of help us better understand if there's anything unusual to call out or kind of the sustainability of that?

這是接替 Rayna 的 Anthony Cyganovich。我知道你之前對此發表過一些評論，但我希望你能談談本季度真正強勁的 EBITDA 利潤率的驅動因素。我知道您提到了源內分發，但您能否幫助我們更好地了解是否有任何不尋常的地方需要指出或它的可持續性？

Yes, it's Nancy. I'll take that first, and anyone else can jump in here. But for sure, we're incredibly confident about kind of sustaining that margin into '23 as the guide indicates. I think there is the benefits we've already talked about, which is certainly the in-source distribution, the changing model for new vertical support and service delivery, the model and the diversification as the book moved. It's just that service delivery model is more efficient than when we were supporting lots of small kind of high-growth core on merchants and clientele.

是的，是南希。我會先拿那個，其他人都可以跳進來。但可以肯定的是，我們非常有信心將這種利潤率維持到 23 年，正如指南所示。我認為有我們已經討論過的好處，這當然是源代碼分發、新的垂直支持和服務交付的不斷變化的模型、模型和本書移動時的多樣化。只是服務交付模型比我們在商家和客戶上支持許多小型高增長核心時更有效。

So that kind of overrides the flow-through, and our discipline around you think about in probably most companies headcount, compensation, things like that, being the biggest driver of SG&A. When you look at our SG&A trends, both on a reported basis and on an adjusted basis, very confident that those exit rates can be sustained going into '23. And it really just comes from disciplined approach across the board being implemented. This whole idea of defending the spend, really thinking about how every dollar is being allocated, that's really the underlying focus of the company. And the new verticals that they gorge, we're really taking a kind of white-glove enterprise approach surge type models to get them delivered efficiently and onboarded as quickly as possible.

因此，這種方式超越了流程，我們圍繞您的紀律可能在大多數公司的員工人數、薪酬等方面都是 SG&A 的最大驅動力。當您查看我們的 SG&A 趨勢時，無論是在報告基礎上還是在調整後的基礎上，您都非常有信心這些退出率可以持續到 23 年。它實際上只是來自正在全面實施的紀律嚴明的方法。捍衛支出的整個想法，真正考慮如何分配每一美元，這實際上是公司的根本重點。對於他們吞噬的新垂直領域，我們真的採用了一種白手套企業方法激增型模型來讓他們高效交付並儘快入職。

And I think that flow-through is what you're seeing in Q4 and will continue into '23 and beyond. So just the leverage of every dollar at this point is flowing through at a higher conversion rate. And really, I just don't want to repeat everything Jared just said, but kind of just a kind of exiting Q4 will continue into '23.

而且我認為流量是您在第四季度看到的，並將持續到 23 年及以後。因此，此時每一美元的槓桿作用都在以更高的轉換率流動。真的，我只是不想重複 Jared 剛才所說的一切，但某種程度上只是一種退出 Q4 將持續到 23 年。

Got it. That's helpful. And just a quick follow-up. I was just wondering if you think there's -- the macro conditions are impacting restaurant demand for the SkyTab POS, and how is it impacting demand for SaaS-based solutions or willingness to pay tax fees?

知道了。這很有幫助。并快速跟進。我只是想知道您是否認為 - 宏觀條件正在影響餐廳對 SkyTab POS 的需求，以及它如何影響對基於 SaaS 的解決方案的需求或支付稅費的意願？

So a few things in there. I don't think like the restaurant, at least if we look at Q4, the restaurant vertical felt very normal, right? It typically does moderate off of the summer of Q3. That's what we saw inside of our restaurant base. It did not have any bearing on our ability to add customers. Now, as Jared mentioned earlier, we tried to stack the deck in that regards. The entirety of our in-sourcing of distribution was not about gross margin economic expansion. It was also about really attractive customer acquisition costs and all the low-hanging fruit that comes with the project.

所以里面有一些東西。我覺得不像餐廳，至少如果我們看 Q4，餐廳垂直感覺很正常，對吧？它通常會在第三季度的夏季結束。這就是我們在餐廳基地看到的。它與我們增加客戶的能力沒有任何關係。現在，正如 Jared 之前提到的，我們試圖在這方面進行整合。我們的整個分銷內包與毛利率經濟擴張無關。它還涉及真正有吸引力的客戶獲取成本以及項目帶來的所有容易實現的成果。

So our ability to gain share is hopefully somewhat dislocated from any macroeconomic impact. We like to have a captive base of customers that we can sell into. It's what's driven our success in the past. So I point that out with regard to the restaurant vertical is something that we've said. Now as we look ahead, I think we've been publicly probably too cautious on same-store sales inside of that vertical and the impact it could have. That caution has been represented in kind of everything that we told the Street.

因此，我們獲得份額的能力有望在某種程度上與任何宏觀經濟影響脫節。我們希望擁有可以銷售的客戶群。這是我們過去取得成功的動力。所以我指出，關於垂直餐廳，我們已經說過了。現在，當我們展望未來時，我認為我們公開可能對該垂直領域內的同店銷售及其可能產生的影響過於謹慎。我們告訴華爾街的一切都體現了這種謹慎。

I think it continues to be, and yet we haven't seen it yet. So we're happy to be proven wrong to the extent there's like more resiliency inside of one of our verticals than we anticipate, but we plan for there being some adversity in almost all of our verticals. It just serves our entire operating model for the business well to be a little bit positive.

我認為它仍然存在，但我們還沒有看到它。因此，我們很高興被證明是錯誤的，因為我們的一個垂直行業內部的彈性比我們預期的要大，但我們計劃在幾乎所有垂直行業中都存在一些逆境。它只是為我們的整個業務運營模式服務，有點積極。

We appreciate everyone joining our call this (inaudible) and have a good day.

感謝大家加入我們的電話會議（聽不清），祝大家度過美好的一天。

Thank you. This concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。