Shift4 Payments Inc (FOUR) 2023 Q1 法說會逐字稿

Thank you for standing by. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome everyone to Shift4's First quarter 2023 Earnings Conference Call. (Operator Instructions)

謝謝你的支持。我叫 Briana，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Shift4 的 2023 年第一季度收益電話會議。 （操作員說明）

I will now turn the call over to Tom McCrohan, you may begin your conference.

我現在將電話轉給 Tom McCrohan，你可以開始你的會議了。

Thank you, operator, and good morning, everyone, and welcome to Shift4's First Quarter 2023 Earnings Conference Call. With me on the call today are Jared Isaacman, Shift4's Chief Executive Officer, Taylor Lauber, President and Chief Strategy Officer, and Nancy Disman, our Chief Financial Officer. This call is being webcast on the Investor Relations section of our website, which can be found at investors.shift4.com.

謝謝接線員，大家早上好，歡迎來到 Shift4 的 2023 年第一季度收益電話會議。今天與我通話的有 Shift4 首席執行官 Jared Isaacman、總裁兼首席戰略官 Taylor Lauber 和我們的首席財務官 Nancy Disman。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。

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. These statements are not guarantees of future performance, and our actual results could differ materially as the result of certain risks, uncertainties and 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.

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。這些陳述不是對未來業績的保證，我們的實際結果可能因某些風險、不確定性和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。

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。

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

有了這個，讓我打電話——把電話轉給賈里德。賈里德？

Thanks, Tom. Good morning, everyone. So we are pleased to report a reasonably strong start to the year, including quarterly results that we believe will put us on pace to meet or exceed our previously provided guidance ranges. We set quarterly records for end-to-end volume, gross revenue less network fees and free cash flow.

謝謝，湯姆。大家，早安。因此，我們很高興地報告今年開局相當強勁，包括我們認為將使我們能夠達到或超過我們之前提供的指導範圍的季度業績。我們為端到端交易量、總收入減去網絡費用和自由現金流創造了季度記錄。

Our performance was driven by momentum within our high-growth core, contribution from new verticals and ongoing success converting gateway volume to our end-to-end service. Our 2023 plan assumed a likely pullback in consumer spending. For the most part, we did not observe any concerning spending trends in the quarter. January and February exhibited typical spending patterns, but we did see spending moderate towards the end of the quarter.

我們的業績是由我們高增長核心的動力、新垂直領域的貢獻以及將網關量轉化為我們的端到端服務的持續成功推動的。我們的 2023 年計劃假設消費者支出可能會回落。在大多數情況下，我們沒有觀察到本季度任何有關的支出趨勢。 1 月和 2 月表現出典型的支出模式，但我們確實看到在本季度末支出溫和。

Early March was, in fact, strong, including record weekends around St. Patrick's Day, but there was some softness in the last week of March. This does seem consistent with commentary provided by others. We are cautiously optimistic on April data, but the real test will be in May and June, where we would typically expect to see seasonal strength.

事實上，3 月初表現強勁，包括聖帕特里克節前後創紀錄的周末，但 3 月的最後一周出現了一些疲軟。這似乎與其他人提供的評論一致。我們對 4 月份的數據持謹慎樂觀的態度，但真正的考驗將在 5 月和 6 月，我們通常預計會出現季節性強勢。

So while we have positively revised our guidance for the quarter, we are taking in account and watching closely this data. It is important to emphasize that today, restaurants represent approximately 40% of our total end-to-end volume compared to around 55% of our volume back in early 2019. This percentage shift occurred despite growing restaurant volumes and is due to our rapid growth in hotels, new verticals and larger enterprise merchants to our mix.

因此，雖然我們積極修改了本季度的指引，但我們正在考慮並密切關注這些數據。重要的是要強調，今天，餐廳約占我們端到端總銷量的 40%，而在 2019 年初，這一比例約為 55%。儘管餐廳數量不斷增長，但這一比例發生了變化，這是由於我們的快速增長在酒店、新的垂直行業和更大的企業商家中加入我們的組合。

On that note, we currently have roughly 50 merchants processing more than $100 million of annualized volumes on our end-to-end platform and an additional 70% that are in the addressable gateway-only population. We expect this trend of adding large enterprise merchants either through us converting a gateway customer or simply winning a net new merchant to continue and only accelerate as we expand internationally. This diversification is what gives us the confidence to raise guidance even in the face of what is still an uncertain economic environment.

在這一點上，我們目前有大約 50 家商家在我們的端到端平台上處理超過 1 億美元的年交易量，另外 70% 的商家屬於可尋址網關人群。我們預計這種通過我們轉換網關客戶或簡單地贏得淨新商戶來增加大型企業商戶的趨勢將繼續下去，並且只會隨著我們的國際擴張而加速。這種多元化使我們有信心即使面對仍然不確定的經濟環境也能提高指引。

So now on to our quarterly performance and results. For the first quarter, we generated 66% year-over-year growth in our end-to-end payment volume, 36% year-over-year growth in gross revenues and 34% year-over-year growth in our gross revenue less network fees, which were all quarterly records.

現在談談我們的季度業績和結果。第一季度，我們的端到端支付量同比增長 66%，總收入同比增長 36%，總收入同比增長 34%網絡費用，這都是季度記錄。

Our high-growth core continue to be the primary driver of our growth with an increasing contribution derived from newer verticals such as sports and entertainment, sexy tech, travel and leisure and gaming.

我們的高增長核心業務繼續成為我們增長的主要驅動力，體育和娛樂、性感科技、旅遊休閒和遊戲等新興垂直領域的貢獻越來越大。

We are very proud of our overall profitability, which is derived from the following 4 factors: a, continued momentum serving high-growth enterprise accounts, which require less overhead; growth in new and predominantly card not present verticals, which require less hardware; our Gateway sunset initiative, where we are deleting unnecessary parts and properly monetizing the value of our gateway services; D, consolidating legacy POS brands and a direct sales model in support of our SkyTab POS program.

我們對我們的整體盈利能力感到非常自豪，這源於以下 4 個因素：新的和主要的不存在卡片的垂直領域的增長，這些垂直領域需要更少的硬件；我們的 Gateway 日落計劃，我們正在刪除不必要的部分並適當地貨幣化我們的網關服務的價值； D、整合傳統 POS 品牌和直銷模式以支持我們的 SkyTab POS 計劃。

All of these initiatives have either reduced or eliminated growth CapEx requirements relative to prior years and enhance the overall unit economic model of our services.

與前幾年相比，所有這些舉措都減少或消除了增長資本支出要求，並增強了我們服務的整體單位經濟模型。

I will focus the rest of my comments on 3 areas: our high-growth core; new verticals; and our global expansion initiatives. So with -- starting with high growth core, at Shift4, our high-growth core does continue to be the primary engine of growth. And as a reminder, our high-growth core includes the entirety of our business at the time of the IPO and is our core integrated payments offering built on a library of over 500 mission-critical software integrations and over $150 billion of gateway volume available for conversion as of March.

我將把剩下的評論集中在 3 個方面：我們的高增長核心；新的垂直領域；以及我們的全球擴張計劃。因此，從高增長核心開始，在 Shift4，我們的高增長核心確實繼續成為增長的主要引擎。提醒一下，我們的高增長核心包括我們在 IPO 時的全部業務，並且是我們的核心集成支付產品，它建立在一個包含 500 多個任務關鍵型軟件集成和超過 1500 億美元的網關容量的庫之上轉換為 3 月。

With many years of success executing on this strategy, we are still clearly in the early innings of our gateway conversion, sunset and further monetization strategy. Our win rates between net new merchants and gateway conversions, along with their associated take rates, all remained consistent and stable.

憑藉多年來成功執行該戰略的經驗，我們顯然仍處於網關轉換、日落和進一步貨幣化戰略的早期階段。我們在淨新商家和網關轉化之間的贏率，以及它們相關的採用率，都保持一致和穩定。

A component of our high-growth core also includes our new restaurant POS system named SkyTab. Like last quarter, we have added thousands of new systems with our -- and our Q1 volume growing at over 300% on annualized growth rates.

我們高增長核心的一個組成部分還包括我們名為 SkyTab 的新餐廳 POS 系統。與上個季度一樣，我們增加了數千個新系統——我們的第一季度銷量年化增長率超過 300%。

We are uniquely positioned in our ability to offer our SkyTab POS across multiple verticals we serve, including stadiums, theme parks and hotels. So for example, this past quarter, we successfully renewed and expanded agreements with 2 major hotel clients, which also includes them promoting SkyTab in their restaurant locations throughout their franchise.

我們在我們服務的多個垂直領域（包括體育場館、主題公園和酒店）提供 SkyTab POS 的能力具有獨特的優勢。因此，例如，在上個季度，我們成功地續簽並擴大了與 2 家主要酒店客戶的協議，其中還包括他們在整個特許經營權的餐廳位置推廣 SkyTab。

Considering our strong presence in hotels and our close relationship with software companies that serve hotels, we believe this new business pipeline for SkyTab is very promising. Additionally, SkyTab POS capabilities are evolving quickly, and we recently entered into partnership agreements with OpenTable and Restaurant 365, the two leading providers of online reservation and accounting software for the restaurant industry.

考慮到我們在酒店領域的強大影響力以及我們與為酒店提供服務的軟件公司的密切關係，我們相信 SkyTab 的這一新業務渠道非常有前途。此外，SkyTab POS 功能發展迅速，我們最近與餐飲業在線預訂和會計軟件的兩家領先供應商 OpenTable 和 Restaurant 365 簽訂了合作協議。

As a reminder, the insourcing of our restaurant distribution late last year was time to coincide with the launch of our new cloud based SkyTab POS products offering. This important initiative served 2 purposes. First, it substantially improved the margin, cash flow and unit economic model of our POS offering by pivoting to a more direct sales model.

提醒一下，去年年底我們餐廳分銷的內包恰逢我們推出新的基於雲的 SkyTab POS 產品。這一重要舉措有兩個目的。首先，它通過轉向更直接的銷售模式，大大改善了我們 POS 產品的利潤率、現金流和單位經濟模式。

So this initiative not only eliminated a recurring commission expense from existing accounts but also from all new accounts going forward since we essentially hired 400 of our best partners as a component of the in-sourcing initiative. So we basically acquired a costly variable expense and took on additional overhead in markets that we know we're going to have a lot of demand for SkyTab, the results of which we believe are working out very, very well so far.

因此，該計劃不僅消除了現有賬戶的經常性佣金支出，而且還消除了所有新賬戶的經常性佣金支出，因為我們基本上聘請了 400 名最佳合作夥伴作為內包計劃的組成部分。因此，我們基本上獲得了一筆昂貴的可變費用，並在我們知道我們將對 SkyTab 有大量需求的市場上承擔額外的管理費用，我們認為到目前為止，其結果非常非常好。

Second, it also allowed us to gradually sunset several of our legacy POS software brands. So as a reminder, that includes Future POS, POSitouch restaurant manager and Harbortouch. And basically, unify and energize our development, engineering, sales and service efforts to a single product strategy, which is SkyTab POS.

其次，它還使我們能夠逐步淘汰我們的幾個傳統 POS 軟件品牌。提醒一下，這包括 Future POS、POSitouch 餐廳經理和 Harbortouch。基本上，將我們的開發、工程、銷售和服務工作統一併激發到一個單一的產品戰略中，這就是 SkyTab POS。

So this represents a significant efficiency gain that we believe will play out over many, many years and enable us to continue to grow rapidly without having to add head count. And also freed up resources and capacity to run the playbook of acquiring another legacy POS software company, cross-sell their customers' payments and eventually migrate their customers to our modern SkyTab software solution. This is very textbook Shift4.

因此，這代表著顯著的效率提升，我們相信這將在很多年內發揮作用，並使我們能夠繼續快速增長而無需增加員工人數。並且還釋放了資源和能力來運行收購另一家傳統 POS 軟件公司的劇本，交叉銷售他們客戶的付款，並最終將他們的客戶遷移到我們的現代 SkyTab 軟件解決方案。這是非常教科書的Shift4。

So we are back at it again. We completed an acquisition that has interested us for more than 5 years. So this quarter, we acquired a POS software company called Focus POS, which supports over 10,000 restaurants representing up to a $15 billion payment opportunity that are not on Shift4. Focus POS does not have a direct payment processing capability and instead relies on several other vendors, including an existing software integration with (inaudible) , which allows us to work very, very quickly.

所以我們又回來了。我們完成了一項讓我們感興趣了 5 年多的收購。因此，本季度，我們收購了一家名為 Focus POS 的 POS 軟件公司，該公司支持超過 10,000 家餐廳，代表著不在 Shift4 上的高達 150 億美元的支付機會。 Focus POS 沒有直接的支付處理能力，而是依賴於其他幾家供應商，包括與（聽不清）的現有軟件集成，這使我們能夠非常非常快速地工作。

By acquiring Focus POS, we've added a major talent in the form of MICAM. And together, we are executing on a playbook that we know very, very well, which is by owning the software, we plan to bundle payment processing capabilities and over time, convert the installed base of 10,000 plus Focus POS merchants to use Shift4 payments and eventually migrate to SkyTab.

通過收購 Focus POS，我們增加了 MICAM 形式的主要人才。同時，我們正在執行一個我們非常非常了解的劇本，即通過擁有該軟件，我們計劃捆綁支付處理功能，並隨著時間的推移，將 10,000 多個 Focus POS 商戶的安裝基礎轉換為使用 Shift4 支付和最終遷移到 SkyTab。

Like we've shown in the past, we believe this approach represents a very low-cost way to acquire established, high-quality integrated payment restaurant customers. And as Taylor will talk about in a minute, we believe that Focus POS acquisition will ultimately prove to be an organic revenue and volume contributor in 2024 and as we wind down the existing revenue model of the business, so moving away from their historic hardware and software license sales model and instead, we will pivot them towards a payments and SaaS strategy consistent with the comparable deals we've done in the past.

正如我們過去所展示的那樣，我們相信這種方法代表了一種非常低成本的方式來獲得既定的、高質量的綜合支付餐廳客戶。正如泰勒將在一分鐘內談到的那樣，我們相信收購 Focus POS 最終將證明是 2024 年的有機收入和銷量貢獻者，並且隨著我們逐步結束該業務的現有收入模式，從而擺脫他們歷史悠久的硬件和軟件許可銷售模式，相反，我們將把它們轉向支付和 SaaS 戰略，這與我們過去所做的類似交易一致。

So in short, we expect minimal revenue and volume contribution in 2023 and our guidance raise can be attributed entirely to Q1 outperformance and a slightly more optimistic view of the 2023 macro picture.

因此，簡而言之，我們預計 2023 年的收入和銷量貢獻微乎其微，我們的指引上調可完全歸因於第一季度的出色表現以及對 2023 年宏觀前景略微樂觀的看法。

So moving on to hotels. We signed numerous signature resorts during the quarter, including the brand-new 60-acre resort property named VAI, which is now Arizona's largest resort. Additionally, we signed 2 large Las Vegas properties, one being an especially new and notable entertainment center. We also signed Woodloch Spa retreat located in Pennsylvania, the Lucerne Hotel in the Upper West Side of Manhattan. These signature wins represent a nice balance between gateway conversions and simply net new wins, leveraging the power of our 500-plus unique software integrations.

所以繼續去酒店。我們在本季度簽署了眾多標誌性度假村，包括名為 VAI 的佔地 60 英畝的全新度假村，它現在是亞利桑那州最大的度假村。此外，我們還簽署了 2 個大型拉斯維加斯物業，其中一個是特別新的和著名的娛樂中心。我們還簽下了位於賓夕法尼亞州的 Woodloch Spa 度假村，以及位於曼哈頓上西區的盧塞恩酒店。利用我們 500 多個獨特軟件集成的力量，這些簽名勝利代表了網關轉換與簡單淨新勝利之間的良好平衡。

So moving on to new verticals. Our end-to-end volumes continue to benefit from incremental contributions from verticals within -- from merchants within our new verticals, which overall still have a long runway before reaching steady state levels. We define new verticals as consisting of all the new end markets we entered into post (inaudible) IPO, including sports and entertainment, sexy tech, travel, nonprofits, and gaming as well as volume contributions from international expansion, APMs, which is our alternative payment methods and crypto donations.

因此，轉向新的垂直領域。我們的端到端交易量繼續受益於垂直領域的增量貢獻——來自我們新垂直領域的商家，總體而言，在達到穩定狀態水平之前，它們還有很長的路要走。我們將新垂直行業定義為包括我們在 IPO 後進入的所有新終端市場，包括體育和娛樂、性感科技、旅遊、非營利組織和遊戲，以及國際擴張帶來的銷量貢獻，APM，這是我們的替代方案付款方式和加密捐贈。

It's worth reiterating that as we continue to expand internationally and partner with international gateways and APMs like PayPal, we may not be directly settling funds for those payment transactions. The impact of which is that our gross revenue and gross revenue less network fees will essentially be the same. Bringing this to your attention, so you can take that into consideration when modeling future gross revenue in the context of international and APM volumes becoming an increasing portion of our mix.

值得重申的是，隨著我們繼續向國際擴張並與國際網關和 PayPal 等 APM 合作，我們可能不會直接為這些支付交易結算資金。其影響是我們的總收入和總收入減去網絡費用將基本相同。提請您注意這一點，以便在國際和 APM 量成為我們組合中越來越大的一部分的情況下建模未來總收入時，您可以考慮到這一點。

The overall ramp in new verticals witnessed late last year continued into this quarter with a nice uptick in volumes from our stadium and entertainment vertical, including incremental ticketing volumes, travel, gaming, and, of course, our strategic enterprise relationships. Our recently announced partnership with PayPal also began to ramp throughout the quarter.

去年年底見證的新垂直領域的整體增長一直持續到本季度，我們的體育場館和娛樂垂直領域的交易量有了很好的增長，包括增加的票務量、旅遊、遊戲，當然還有我們的戰略企業關係。我們最近宣布與 PayPal 的合作夥伴關係也在整個季度開始增加。

In sports and entertainment, we will process all food and beverage volume for the Washington commanders of FedEx Field as well as the Chicago White Sox, where we will process not just concessions at Guaranty field, but all of their parking in retail, too.

在體育和娛樂方面，我們將處理華盛頓聯邦快遞球場指揮官和芝加哥白襪隊的所有餐飲量，我們不僅會處理 Guaranty 球場的特許權，還會處理他們在零售店的所有停車位。

In college sports, we signed an agreement to process food and beverage with the University of Arkansas and Oregon State University. Outside of sports, we also signed all the Six Flag locations in the U.S. for their food and beverage operations along with the ticketing and payment processing agreement with popular water park in Denver called Water World, and all food and beverage processing for Chicago's Lincoln Park Zoo.

在大學體育方面，我們與阿肯色大學和俄勒岡州立大學簽署了加工食品和飲料的協議。在運動之外，我們還簽署了美國所有六旗地點的食品和飲料業務，以及與丹佛著名水上樂園 Water World 的票務和支付處理協議，以及芝加哥林肯公園動物園的所有食品和飲料處理協議.

In ticketing, we are live with Paciolan, and we are processing all ticketing for the Wells Fargo Center in Philadelphia, including advanced sales for non-sport performances, including the recently announced Alicia Keys summer tour.

在票務方面，我們與 Paciolan 一起生活，我們正在處理費城富國銀行中心的所有票務，包括非體育表演的預售，包括最近宣布的 Alicia Keys 夏季巡演。

Now that Paciolan is live, we will now begin pursuing ticketing for college athletics as well, which includes advanced season ticket sales. In gaming, we went live last week in 7 additional states throughout our partnership with BetMGM and are currently operating in 14 online jurisdictions.

現在 Paciolan 已經上線，我們現在也將開始為大學體育運動尋求票務，其中包括提前季票銷售。在遊戲方面，我們上週在與 BetMGM 的合作夥伴關係中在另外 7 個州上線，目前在 14 個在線司法管轄區開展業務。

Shift4 also added OCT as a product offering, which is highly desired in the gaming market. Two online operators currently in integration are adding OCT to their go-live, which is anticipated later this quarter. Shift4 signed an agreement with Light & Wonder, the leading cross-platform global games company in the digital and brick-and-mortar casino verticals. Specifically, Shift4 will provide processing for Light & Wonder's ADAM product, which is a cashless gaming solution for table games. Adam enables players to access funds via a debit card transaction without leaving the table. Initial support will be in the U.S., but we are also adding Canada.

Shift4 還添加了 OCT 作為產品供應，這在遊戲市場中非常受歡迎。目前正在整合的兩家在線運營商正在將 OCT 添加到他們的上線中，預計將在本季度晚些時候上線。 Shift4 與數字和實體賭場垂直領域領先的跨平台全球遊戲公司 Light & Wonder 簽署了一項協議。具體來說，Shift4 將為 Light & Wonder 的 ADAM 產品提供處理，這是一種桌面遊戲的無現金遊戲解決方案。 Adam 使玩家無需離開賭桌即可通過借記卡交易獲取資金。最初的支持將在美國提供，但我們也將在加拿大提供支持。

Moving on to nonprofits. We entered 2023 following a year of remarkable growth in the number of nonprofits joining the Giving Block marketplace despite an otherwise really challenging year for crypto in general. We added over 1,000 nonprofit clients last year, bringing our current roster of nonprofits connected to our donation platform to over 2,000.

轉向非營利組織。在加入 Giving Block 市場的非營利組織數量顯著增長的一年之後，我們進入了 2023 年，儘管對於整個加密貨幣來說，這確實是一個充滿挑戰的一年。去年，我們增加了 1,000 多個非營利組織客戶，使我們目前連接到捐贈平台的非營利組織名冊增加到 2,000 多個。

The pipeline to cross-sell card processing to this space has grown considerably, especially when you consider over 150 nonprofits currently on our platform processed more than $100 million of annual donation volume. As a result, the initial $45 billion-plus cross-sell opportunity we sized for you when we initially announced the giving block a year ago is now well over $50 billion of cross-sell.

向這個領域交叉銷售卡片處理的管道已經有了相當大的增長，特別是當你考慮到我們平台上目前有超過 150 家非營利組織處理了超過 1 億美元的年度捐贈量。因此，一年前我們最初宣布捐贈區塊時，我們為您確定的最初超過 450 億美元的交叉銷售機會現在已經遠遠超過 500 億美元的交叉銷售。

The $50 billion represents just the donation volume associated with our existing nonprofit customers, the total charitable giving opportunity we're pursuing is over $450 billion. We are still investing in capabilities, including smart donation forms, recurring billing, ACH and integrations to important third-party donor management software.

500 億美元僅代表與我們現有的非營利客戶相關的捐贈量，我們尋求的慈善捐贈機會總額超過 4500 億美元。我們仍在投資於功能，包括智能捐贈表格、定期計費、ACH 以及與重要的第三方捐贈者管理軟件的集成。

We've recently added key enhancements to our products, such as stock donations, peer-to-peer fundraising, and donor accounts, all of which we believe will increase our right to win the traditional card cross-sell, which is why we pursued the Giving Block in the first place. I'd highly recommend you to check out the Giving block's 2023 annual report on charitable giving, which can be found at the givingblock.com for more key stats on the industry.

我們最近對我們的產品進行了重要改進，例如股票捐贈、點對點籌款和捐贈者賬戶，我們相信所有這些都會增加我們贏得傳統卡交叉銷售的權利，這就是我們追求的原因首先是 Giving Block。我強烈建議您查看 Giving block 的 2023 年慈善捐贈年度報告，該報告可在 givingblock.com 上找到，了解有關該行業的更多關鍵統計數據。

Moving on to global expansion. As I've mentioned many times over the last 18 months, we're on a payment 3.0 journey. We are expanding organically and inorganically all over the world, following a signature strategic merchant relationship and then bringing all the product services and integrations that made us successful in the U.S. into those new markets.

繼續全球擴張。正如我在過去 18 個月中多次提到的那樣，我們正在進行支付 3.0 之旅。我們正在全球範圍內進行有機和無機擴張，遵循標誌性的戰略商業關係，然後將所有使我們在美國取得成功的產品服務和整合帶入這些新市場。

To that end, international expansion remains our #1 capital allocation priority both in terms of our M&A pipeline and organic investment initiatives. We are still awaiting regulatory approval from bank regulators in Europe regarding our acquisition of Finaro, which remains the final obstacle to get this deal closed. We recently met with the Finaro team in Europe as well as the regulators and believe the deal will close in approximately 90 days or less. Unfortunately, European banking regulators have had some high profile and high priority matters that have captured their attention in the last few months.

為此，國際擴張仍然是我們在併購渠道和有機投資計劃方面的第一大資本配置優先事項。我們仍在等待歐洲銀行監管機構對我們收購 Finaro 的監管批准，這仍然是完成這筆交易的最後障礙。我們最近會見了歐洲的 Finaro 團隊以及監管機構，相信該交易將在大約 90 天或更短時間內完成。不幸的是，歐洲銀行業監管機構在過去幾個月中有一些引人注目和高度優先的問題引起了他們的注意。

We have made great use of this time, though, between signing and closing. So over the last year, we've completed technical integrations between Shift4 and the Finaro platform. We have begun processing live card-not-present transactions and now card-present transactions.

不過，我們充分利用了簽約和交割之間的這段時間。所以在過去的一年裡，我們已經完成了 Shift4 和 Finaro 平台之間的技術集成。我們已經開始處理實時無卡交易和現卡交易。

We have collaborated on Commercial opportunities, international expansion priorities, marketing and go-to-market strategy and the consolidated organization and operating plan. We are ready to hit the ground running after closing. In fact, we feel so prepared that we've been able to shift a fair amount of attention to other opportunities in support of our Payments 3.0 priority.

我們在商業機會、國際擴張優先事項、營銷和上市戰略以及整合的組織和運營計劃方面進行了合作。我們準備在關閉後立即開始運行。事實上，我們已經做好充分準備，能夠將相當多的注意力轉移到其他機會上，以支持我們的 Payments 3.0 優先事項。

As a reminder, our 2023 guidance does not include any contribution from Finaro which we will update accordingly following the deal closing. We are currently processing international volume in connection with the PSP we acquired last quarter and also benefiting from their strike like offering, which is focused on developers and online card acceptance tools for our enterprise customers.

提醒一下，我們的 2023 年指引不包括 Finaro 的任何貢獻，我們將在交易完成後相應更新。我們目前正在處理與我們上個季度收購的 PSP 相關的國際交易量，並且還受益於他們的罷工式產品，該產品專注於為我們的企業客戶提供開發人員和在線卡接受工具。

We currently offer these online capabilities now in over 40 countries. Our organic expansion into Canada, the Caribbean and Eastern Europe is on track to be completed this year, and we are exploring a number of M&A opportunities that will expand our reach into Latam, Africa and APAC.

我們目前在 40 多個國家/地區提供這些在線功能。我們在加拿大、加勒比海和東歐的有機擴張有望在今年完成，我們正在探索一些併購機會，以擴大我們在拉美、非洲和亞太地區的影響力。

Before handing the call over to Taylor, I want to provide some additional comments on how we are currently thinking about 2023, our capital allocation priorities and our general attitude towards success. We have been consistently forthcoming and expressing our concerns about the operating environment, including highlighting our concerns as early as March of 2022.

在將電話交給泰勒之前，我想就我們目前對 2023 年的看法、我們的資本配置優先事項以及我們對成功的總體態度提供一些額外的評論。我們一直樂於表達我們對運營環境的擔憂，包括早在 2022 年 3 月就強調了我們的擔憂。

As a result, our guidance and entire budgeting process has been informed by our view that current market conditions will test the sustainability of consumers' willingness to spend. Our upwardly revised guidance assumes consumer spending remains reasonably stable with the low end assuming a mild recession.

因此，我們的指導意見和整個預算編制過程都基於我們的觀點，即當前的市場狀況將考驗消費者消費意願的可持續性。我們向上修正的指引假設消費者支出保持合理穩定，低端假設溫和衰退。

Given this uncertain climate, we've been laser-focused on controlling expenses and continue to plan for our headcount to remain as flat as possible for the year. Our preference is to take advantage of the recent tech layoffs, including at several companies we admire to upgrade talent where appropriate. I believe that is the responsible way to navigate the year ahead.

鑑於這種不確定的氣候，我們一直專注於控制開支，並繼續計劃讓我們的員工人數在今年盡可能保持平穩。我們傾向於利用最近的技術裁員，包括在我們欽佩的幾家公司中適當地提升人才。我相信這是應對未來一年的負責任方式。

Consistent with prior quarters, our top capital allocation priority is delivering on our Payment 3.0 global expansion requirements. We have a strong pipeline of opportunities ranging from completely transformational to strategically significant and smaller tactically beneficial transactions. We are generating a lot of cash, ending the quarter with an adjusted net leverage ratio of 2.5x.

與前幾個季度一致，我們的首要資本分配優先事項是滿足我們的 Payment 3.0 全球擴張要求。我們擁有大量機會，從完全轉型到具有戰略意義和較小的戰術有益交易。我們產生了大量現金，本季度末調整後的淨槓桿率為 2.5 倍。

Considering our stronger cash position, we have elected to make some small investments in facility upgrades while at the same time, closing and consolidating a number of our operating locations. We also began making investments in internal system replacements to include a new sales force CRM, which we believe will improve the efficiency and productivity of our workforce.

考慮到我們更強的現金狀況，我們選擇在設施升級方面進行一些小額投資，同時關閉和整合我們的一些運營地點。我們還開始對內部系統更換進行投資，以包括新的銷售人員 CRM，我們相信這將提高我們員工的效率和生產力。

Considering our strong balance sheet and our present EVD EBITDA valuation being below prior buyback levels, our Board has authorized up to $250 million in share buybacks. While we are prepared to be opportunistic with this authorization, we are admittedly excited about a variety of other avenues available to create shareholder value.

考慮到我們強勁的資產負債表和我們目前的 EVD EBITDA 估值低於之前的回購水平，我們的董事會已授權高達 2.5 億美元的股票回購。雖然我們準備好通過這項授權投機取巧，但誠然，我們對可用於創造股東價值的各種其他途徑感到興奮。

As a public company, it's pretty typical to spend earnings calls, patting ourselves on the back and celebrating successes. I do want to know, this isn't the real Shift4 attitude, though. I can assure you, as a management team, we pretty much only talk about the things we don't do well at all.

作為一家上市公司，召開財報電話會議、拍拍自己的背並慶祝成功是很典型的。我確實想知道，但這不是真正的 Shift4 態度。我可以向你保證，作為一個管理團隊，我們幾乎只談論我們根本沒有做好的事情。

To that end, we are constantly improving our products, customer experience and internal processes to ensure we are always in a position to win no matter how challenging the operating environment. We believe that even small incremental improvements can have a powerful compounding effect over time, and we'll get there by following the Shift4 way, which is all about embracing radical ownership, staying flat taking out all the parts, being procedurally driven and executing with urgency. This is the way.

為此，我們不斷改進我們的產品、客戶體驗和內部流程，以確保無論運營環境多麼具有挑戰性，我們始終能夠取勝。我們相信，隨著時間的推移，即使是微小的漸進式改進也會產生強大的複合效應，我們將通過遵循 Shift4 方式實現這一目標，這就是擁抱激進的所有權，保持平穩，去除所有部分，被程序驅動並執行緊迫感。這就是方法。

With that, I'll turn the call over to our President and Chief Strategy Officer, Taylor Lauber. Taylor?

有了這個，我將把電話轉給我們的總裁兼首席戰略官 Taylor Lauber。泰勒？

Thanks, Jared, and good morning, everyone. I'd like to provide some context around Jared's remarks regarding the operating environment and update on Finaro and then our capital allocation priorities for the remainder of the year. As a reminder, we have multiple avenues for growth that are unique to Shift4. $150 billion of gateway volume, tens of thousands of software customers who are technically integrated to us, but using others for payment processing, an emerging franchise in several new verticals, and very little presence internationally.

謝謝，Jared，大家早上好。我想圍繞 Jared 關於運營環境的評論和 Finaro 的最新情況以及我們今年剩餘時間的資本分配優先事項提供一些背景信息。提醒一下，我們有多種 Shift4 獨有的增長途徑。 1500 億美元的網關量，數以萬計的軟件客戶在技術上與我們集成，但使用其他軟件進行支付處理，幾個新垂直領域的新興特許經營權，在國際上的影響力很小。

In pursuit of all of these, we tend to grow in roughly equal proportions with 50% coming from gateway conversions and 50% being net new customers. And unlike other payments companies, virtually all of our volume growth comes from customer additions as opposed to industry growth. Although our growing presence in e-commerce and international payments should be a nice tailwind for us.

為了追求所有這些，我們傾向於以大致相等的比例增長，其中 50% 來自網關轉換，50% 是淨新客戶。與其他支付公司不同，我們幾乎所有的交易量增長都來自客戶的增加，而不是行業增長。儘管我們在電子商務和國際支付領域不斷增長的影響力對我們來說應該是一個很好的順風。

To give you just another way of thinking about the embedded opportunity, if half of our incremental volume growth this year were to come from gateway conversions we would only need to convert roughly 1/3 of that to exceed our medium-term guidance and still have nearly $100 billion remaining on the gateway. This is without adding a single new customer.

為了給您提供另一種思考嵌入式機會的方式，如果我們今年增量數量增長的一半來自網關轉換，我們只需要轉換大約 1/3 就可以超過我們的中期指導，並且仍然有網關上剩餘近 1000 億美元。這並沒有增加一個新客戶。

For the quarter, our volumes came in better than our internal expectations despite the modest softening Jared mentioned in late March. A notable contributor in the quarter was from our first transactions in taking, which we've been discussing with you all for several quarters now. We are still getting familiar with the volume cadence from our new verticals, including the timing for such things as season ticket sales or the total time an enterprise merchant takes to fully ramp their volumes after integrating to our platform.

對於本季度，儘管賈里德在 3 月下旬提到了適度疲軟，但我們的銷量好於我們的內部預期。本季度的一個顯著貢獻來自我們的第一筆交易，我們已經與大家討論了幾個季度。我們仍在熟悉新垂直領域的銷量節奏，包括季票銷售的時間安排或企業商家在集成到我們的平台後完全提升銷量所需的總時間。

Fortunately, we have several enterprise-level merchants that we now know are still in the ramp stage of their full volume potential. Our blended spreads are a reflection of a growing contribution from new verticals and enterprise accounts. International expansion and alternative payment methods will help balance this spread moderation as we pursue our Payments 3.0 strategy. But you should expect lumpiness as large merchants activate and ramp.

幸運的是，我們現在知道有幾家企業級商戶仍處於其全部潛力的上升階段。我們的混合價差反映了新垂直行業和企業賬戶的貢獻不斷增加。在我們追求 Payments 3.0 戰略時，國際擴張和替代支付方式將有助於平衡這種利差調整。但是你應該預料到隨著大型商戶的激活和增長會出現波動。

Based on our updated guidance, we would anticipate our blended spreads to average around 65 basis points for the full year. It is important to note that several factors may influence our spreads from quarter-to-quarter. I pointed out one example in large merchants, but evolving seasonality, international business and APMs all have an impact on the blended spread within a quarter. To the extent volume exceeds our guidance, it is likely that incremental spread may be a little bit lower during one quarter or another.

根據我們更新後的指引，我們預計全年的混合利差平均約為 65 個基點。重要的是要注意，有幾個因素可能會影響我們的季度差價。我在大型商家中指出了一個例子，但不斷變化的季節性、國際業務和 APM 都會對一個季度內的混合價差產生影響。如果交易量超出我們的指導，增量價差可能會在一個季度或另一個季度略低一些。

In terms of our trends within high-growth core, we witnessed the expected benefits from increased travel this quarter from spring break through the Easter holiday and had an easier comp in January in light of Omicron's impact a year ago. Spreads across our various cohorts in the hydro core remained very stable.

就我們在高增長核心中的趨勢而言，我們見證了本季度從春假到復活節假期旅行增加的預期收益，並且鑑於一年前 Omicron 的影響，1 月份的比較更容易。我們在水電核心的各個隊列中的傳播仍然非常穩定。

In regards to Finaro, our team is fresh off a European trip and meeting with the bank regulators. This is a final step in closing. The final step in closing is for our regulators to notify us that our application is complete which triggers a 30- to 60-day clock for final approval.

關於 Finaro，我們的團隊剛結束歐洲之行並與銀行監管機構會面。這是關閉的最後一步。關閉的最後一步是我們的監管機構通知我們我們的申請已完成，這會觸發 30 到 60 天的最終批准時間。

To date, we have yet to be notified that our application is complete, and our plans are to notify investors either via press release or 8-K upon hearing about this status. Our advisers believe we are still on track to close Finaro by the end of June despite some unanticipated delays.

迄今為止，我們尚未收到申請已完成的通知，我們計劃在聽到此狀態後通過新聞稿或 8-K 通知投資者。我們的顧問認為，儘管出現了一些意外延誤，但我們仍有望在 6 月底前關閉 Finaro。

I'd also like to mention that we have been very impressed with the team at Finaro and are excited to have this acquisition close. Once the deal closes, we anticipate providing an update on the expected financial contribution from Finaro for calendar year '23 and updating our guidance accordingly.

我還想提一下，我們對 Finaro 的團隊印象非常深刻，並且很高興能夠完成此次收購。交易完成後，我們預計會提供 Finaro 對 23 日曆年的預期財務貢獻的最新信息，並相應地更新我們的指導意見。

Turning to capital allocation. In early April, we acquired Focus POS for $45 million. This is a restaurant software point-of-sale provider with an installed base of over 10,000 restaurants that are not using Shift4. The company is profitable, generating roughly $7.5 million in revenue and $4.7 million in EBITDA in 2022.

轉向資本配置。 4 月初，我們以 4500 萬美元的價格收購了 Focus POS。這是一家餐廳軟件銷售點提供商，擁有 10,000 多家未使用 Shift4 的餐廳的安裝基礎。該公司盈利，2022 年的收入約為 750 萬美元，EBITDA 為 470 萬美元。

However, the card payment volume associated with this installed base of restaurants running Focus POS is roughly $15 billion. We anticipate this acquisition was completed at reasonable valuations for a stand-alone business, but actually represent highly attractive customer acquisition costs. We also believe it will further bolster our tech talent and distribution capabilities and provide downside protection due to the existing revenue and profitability.

然而，與這些運行 Focus POS 的餐廳相關的銀行卡支付額約為 150 億美元。我們預計此次收購是以獨立業務的合理估值完成的，但實際上代表了極具吸引力的客戶獲取成本。我們還相信，這將進一步增強我們的技術人才和分銷能力，並為現有收入和盈利能力提供下行保護。

We do not place any weighting to the existing economics in our guidance because our plan will mean pivoting the existing revenue model towards payments as we convert customers. Over time, this population will have the opportunity to upgrade the SkyTab as well, which is what Jared mentioned earlier.

在我們的指導中，我們不會對現有的經濟狀況給予任何重視，因為我們的計劃將意味著在我們轉換客戶時將現有的收入模式轉向支付。隨著時間的推移，這些人也將有機會升級 SkyTab，這就是 Jared 之前提到的。

As we've been mentioning for a few quarters now, we continue to put distance between ourselves and the competition. we believe our disciplined growth strategy, massive opportunity to convert existing customers' balance sheet and strong cash flow generation puts us in rarefied air despite the uncertain climate.

正如我們幾個季度以來一直提到的那樣，我們繼續與競爭對手保持距離。我們相信，儘管氣候不確定，但我們嚴格的增長戰略、轉換現有客戶資產負債表的巨大機會以及強勁的現金流量使我們處於稀薄的空氣中。

This attracts both talented candidates and acquisition targets who see an opportunity to join Shift4 and win at an accelerated pace. We are investing a significant amount of resources towards M&A as a result. The environment for both tuck-ins like Focus POS and transformational deals is as ripe as we've seen in the last decade.

這吸引了有才華的候選人和收購目標，他們看到了加入 Shift4 的機會並以更快的速度獲勝。因此，我們正在為併購投資大量資源。 Focus POS 和轉型交易的環境與我們在過去十年中看到的一樣成熟。

With that, I'd like to turn the call over to our CFO, Nancy.

有了這個，我想把電話轉給我們的首席財務官南希。

Thanks, Taylor, and good morning, everyone. In the first quarter, we delivered impressive results, including quarterly records for volume and gross revenue less network fees. We also delivered meaningful year-over-year improvement in our adjusted free cash flow consistent with trends witnessed over the past several quarters.

謝謝，泰勒，大家早上好。在第一季度，我們取得了令人印象深刻的業績，包括數量和總收入減去網絡費用的季度記錄。我們還在調整後的自由現金流方面實現了有意義的同比改善，這與過去幾個季度的趨勢一致。

For the quarter, total Q1 volume of $22.3 billion grew 66% compared to the same period last year. Q1 gross revenues were $547 million, up 36% from the same quarter last year, and gross revenue less network fees were $200 million, an increase of 34% over last year.

本季度，第一季度總交易量為 223 億美元，與去年同期相比增長了 66%。第一季度總收入為 5.47 億美元，比去年同期增長 36%，扣除網絡費用後的總收入為 2 億美元，比去年同期增長 34%。

Our adjusted EBITDA for the quarter was $89.3 million, and our adjusted EBITDA margins for the quarter were 45%. Our quarterly results were driven by the continued strength of our high-growth core momentum in our new verticals and 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.

本季度調整後的 EBITDA 為 8930 萬美元，調整後的 EBITDA 利潤率為 45%。我們的季度業績是由我們在新垂直領域的高增長核心動力的持續強勁推動的，以及從我們的門戶客戶那裡獲得的經濟改善以及由於我們決定將大部分進入市場的業務內包而導致的更高的單位經濟效益。與 SkyTab 的發布有關的分發。

As a reminder, this was a strategic decision to gradually sunset and consolidate legacy POS software brands and establish a direct sales team to promote SkyTab POS in many major markets. As expected, we continue to add and ramp very large enterprise merchants, which is resulting in lower blended spreads. The blended spread for the first quarter was 66.5 basis points versus 76 basis points a year ago and 71.1 basis points last quarter.

提醒一下，這是一項戰略決策，旨在逐步淘汰和鞏固遺留 POS 軟件品牌，並建立直銷團隊以在許多主要市場推廣 SkyTab POS。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。第一季度的混合利差為 66.5 個基點，而一年前為 76 個基點，上季度為 71.1 個基點。

The sequential decline in spreads from Q4 to Q1 was driven by the new strategic enterprise agreement signed last quarter with a major hospitality operator and a stronger mix towards lower take rate merchants in our new verticals against what is seasonally the slowest quarter for our higher take rate restaurant customers.

利差從第四季度到第一季度的連續下降是由於上個季度與一家主要酒店運營商簽署了新的戰略企業協議，以及我們新垂直領域中對較低採用率商家的更強大組合推動了我們較高采用率的季節性最慢季度餐廳顧客。

We expect the ongoing mix shift towards larger enterprise accounts to average down spreads. And as Taylor mentioned, we would anticipate our blended spreads to average around 65 basis points for the full year, though can vary quarter-to-quarter. Again, the spread compression is entirely a function of rapid volume growth from our strategic enterprise accounts and new verticals. Spreads in our high-growth core remained stable.

我們預計持續的組合轉向更大的企業賬戶以平均降低利差。正如泰勒所提到的，我們預計全年的混合利差平均約為 65 個基點，但可能會因季度而異。同樣，價差壓縮完全是我們的戰略企業客戶和新垂直行業銷量快速增長的結果。我們高增長核心的利差保持穩定。

We continue to be pleased with our margin expansion. For the first quarter, our nearly 45% -- at nearly 45% adjusted EBITDA margins, represented roughly 1,500 basis points of expansion compared to first quarter of 2022 levels. We delivered this margin expansion despite ongoing growth-related investments including international expansion, new vertical expansion, the SkyTab product launch and ongoing talent upgrades across the organization.

我們繼續對我們的利潤率擴張感到滿意。第一季度，我們近 45%——調整後 EBITDA 利潤率接近 45%，與 2022 年第一季度的水平相比擴大了大約 1,500 個基點。儘管正在進行與增長相關的投資，包括國際擴張、新的垂直擴張、SkyTab 產品發布和整個組織的持續人才升級，但我們實現了這一利潤率增長。

Additional opportunities to further improve margins are still on the horizon, including the ability to in-source processing for which we spend about $25 million per year. Our adjusted free cash flow in the quarter was $58.3 million, and our adjusted free cash flow conversion was 65% and well above our full year guidance of 52% plus. We are taking advantage of some of our free cash flow outperformance, as Jared mentioned, to consolidate, upgrade, and expand our facilities and to replace our legacy internal systems with more modern sales force-based applications.

進一步提高利潤率的其他機會仍在眼前，包括我們每年花費約 2500 萬美元進行內部加工的能力。我們本季度調整後的自由現金流為 5830 萬美元，我們調整後的自由現金流轉換率為 65%，遠高於我們 52% 以上的全年指導。正如 Jared 提到的，我們正在利用我們的一些自由現金流來鞏固、升級和擴展我們的設施，並用更現代的基於銷售人員的應用程序取代我們的遺留內部系統。

Capital expenditures for the quarter included $3.5 million towards these initiatives. We remain highly committed to a disciplined approach to cost management, while continuing to balance investments to support our growth.

本季度的資本支出包括用於這些舉措的 350 萬美元。我們仍然高度致力於嚴格的成本管理方法，同時繼續平衡投資以支持我們的增長。

Net income was $20.4 million for the first quarter net income per class AMC share was $0.26 and $0.24 per share on a basic and diluted basis, respectively. Adjusted net income for the quarter was $44.4 million or $0.51 per AMC share on a diluted basis, on $86.4 million average fully diluted shares outstanding. We are exiting the quarter with just over $817 million of cash $1.8 billion of debt and $100 million undrawn on our credit facility.

第一季度淨收入為 2040 萬美元，每股 AMC 類股票的基本淨收入和稀釋後每股淨收入分別為 0.26 美元和 0.24 美元。本季度調整後的淨收入為 4440 萬美元或每股 AMC 股票 0.51 美元，平均完全稀釋流通股為 8640 萬美元。本季度結束時，我們有超過 8.17 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。

Our net leverage at quarter end was 2.9x and approximately 2.5x when adjusted for the contribution of all 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 pursue our strategic priorities and opportunistically repurchase shares, as Jared mentioned earlier.

我們在季度末的淨槓桿率為 2.9 倍，根據最近 4 個季度調整後的 EBITDA 對所有近期舉措的貢獻進行調整後，約為 2.5 倍。正如賈里德之前提到的，我們強大的資產負債表和自由現金流狀況將繼續使我們能夠投資於追求我們戰略重點的業務併機會主義地回購股票。

Turning to full year 2023 guidance. We are increasing the low end of the range for our KPIs and the high end of the range as well for volumes, adjusted EBITDA and free cash flow. The increase in our guidance reflects the first quarter outperformance and is tempered by cautious optimism regarding the current operating environment.

轉向 2023 年全年指導。我們正在提高我們的 KPI 範圍的低端和範圍的高端以及數量、調整後的 EBITDA 和自由現金流。我們指引的增加反映了第一季度的出色表現，並因對當前運營環境的謹慎樂觀而有所緩和。

When we introduced our guidance in late February, we indicated our ranges accounted for a variety of business and economic scenarios, which proves appropriate in hindsight, given the events of the first quarter.

當我們在 2 月下旬推出我們的指引時，我們表示我們的範圍考慮了各種商業和經濟情景，考慮到第一季度發生的事件，事後證明這是合適的。

Since introducing the guidance, we believe the macroeconomic climate has only become more uncertain, and the low end of our guide continues to contemplate modest headwinds in consumer spending. The high end of our guidance implies a continuation of recent trends.

自推出該指南以來，我們認為宏觀經濟環境只會變得更加不確定，我們指南的低端繼續考慮消費者支出的適度逆風。我們指導的高端意味著近期趨勢的延續。

Regardless of the operating environment, we remain confident in our ability to deliver best-in-class growth and profitability among our peer set. As Taylor mentioned, Finaro is not included and will be adjusting our guidance when the closing date becomes certain.

無論經營環境如何，我們仍然相信我們有能力在同行中實現一流的增長和盈利能力。正如 Taylor 提到的，Finaro 不包括在內，將在確定截止日期後調整我們的指導。

Our updated guidance for 2023 includes total end-to-end volumes of $104 billion to $110 billion, representing 45% to 54% year-over-year growth. Gross revenues of $2.55 billion to $2.7 billion, representing 28% to 35% year-over-year growth. Gross revenue less network fees of $920 million to $955 million, representing 26% to 31% year-over-year growth and adjusted EBITDA of $420 million to $440 million, representing 45% to 52% year-over-year growth.

我們更新後的 2023 年指引包括 1040 億美元至 1100 億美元的端到端總交易量，同比增長 45% 至 54%。總收入為 25.5 億美元至 27 億美元，同比增長 28% 至 35%。扣除網絡費用後的總收入為 9.2 億美元至 9.55 億美元，同比增長 26% 至 31%，調整後的 EBITDA 為 4.2 億美元至 4.4 億美元，同比增長 45% 至 52%。

We anticipate adjusted EBITDA margins to expand approximately 600 basis points at the midpoint of our guidance ranges, up from our prior assumption of approximately 500 basis points and adjusted free cash flow to be at least $225 million versus $200 million previously. As a reminder, this guidance does not include Finaro or any other contemplated M&A in 2023.

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 600 個基點，高於我們之前假設的約 500 個基點，調整後的自由現金流至少為 2.25 億美元，而之前為 2 億美元。提醒一下，本指南不包括 Finaro 或 2023 年任何其他預期的併購。

With that, let me now turn the call back to Jared.

有了這個，現在讓我把電話轉回 Jared。

Thank you, Nancy. And operator, we are ready to take questions. Operator?

謝謝你，南希。接線員，我們準備好接受提問了。操作員？

(Operator Instructions) Your first question comes from Rayna Kumar with UBS.

（操作員說明）你的第一個問題來自瑞銀的 Rayna Kumar。

Congrats on the new sports and entertainment wins. I noticed some of these wins include food and beverage concessions while others just include ticketing. What are some of the factors that enable you to gain the ticketing processing as well? And do you see this as an opportunity for some of your existing sports and entertainment customers that you do not currently do processing of ticketing for?

祝賀新的體育和娛樂勝利。我注意到其中一些勝利包括食品和飲料優惠，而另一些則僅包括票務。哪些因素也能讓您獲得票務處理？對於您目前尚未處理票務的一些現有體育和娛樂客戶，您是否認為這是一個機會？

Sure, Rayna. And yes, I think this really just comes down to the timing of existing agreements. These sports teams or leagues have with existing providers. So it's actually contemplated in our agreements with many of the sports and entertainment venues that we previously announced as well as the ones going forward to get all of the processing. So as we mentioned this quarter, I mean, we have examples where we picked up parking and retail merchandise sales.

當然，雷納。是的，我認為這真的取決於現有協議的時間安排。這些運動隊或聯盟與現有供應商合作。因此，在我們與我們之前宣布的許多體育和娛樂場所以及即將獲得所有處理的體育和娛樂場所的協議中，實際上已經考慮到了這一點。因此，正如我們在本季度提到的那樣，我的意思是，我們有一些例子可以說明我們在停車和零售商品銷售方面取得了進展。

Of course, ticketing is the prize. So the idea is, as going forward, we'll try and capture ticketing upfront, which should be a lot easier now that we have integrations to pretty much everyone but Ticketmaster, but as well as our existing customers that we previously announced over the last couple of years, when their agreements roll off with their current providers, it should be an easy switch to flip.

當然，門票是獎品。所以我們的想法是，隨著前進，我們將嘗試預先捕獲票務，現在我們已經集成了幾乎所有人，但 Ticketmaster 以及我們之前宣布的現有客戶，這應該容易得多幾年後，當他們與當前供應商的協議終止時，應該很容易轉向翻轉。

So I mean I can already think of one other major NFL stadium that we announced probably 18 months ago that since that time, their ticketing agreement has expired and is moving over to Shift4. So -- that should be the pace going forward. It's really just contractual timing.

所以我的意思是我已經可以想到另一個主要的 NFL 體育場，我們大概在 18 個月前宣布，從那時起，他們的票務協議已經到期，並且正在轉移到 Shift4。所以——這應該是前進的步伐。這實際上只是合同時間。

Got it. Very helpful. And then you have 24 end-to-end customers over $100 million in volume or gateway conversions. Can you provide what that number was a year ago? And what do you think the timeline will be to convert the remaining 70-plus (inaudible) gateway on the business?

知道了。很有幫助。然後，您擁有 24 個端到端客戶，其交易量或網關轉換額超過 1 億美元。你能提供一年前的數字嗎？您認為將剩餘的 70 多個（聽不清）網關轉換為業務的時間表是什麼？

Sure. Sure, Rayna. I'll hit that. This is Taylor. We don't have a specific count that we've disclosed from a year ago, although I will say that the Gateway sunset efforts that we endeavored on last year did deliver a significant portion of that 24. So been saying for a while publicly now that we have increased success with enterprise customers.

當然。當然，雷納。我會打那個。這是泰勒。我們沒有一年前披露的具體數字，儘管我會說我們去年努力的 Gateway 日落努力確實實現了 24 的很大一部分。所以現在公開說了一段時間我們在企業客戶中取得了更大的成功。

So I'd be comfortable saying more than half of that 24 has joined at some point over the last -- and I don't want to be too specific, but since around March of last year. And that obviously gives us increased optimism about the remaining 70, but it will remain to be seen.

所以我很樂意說這 24 人中有一半以上是在過去的某個時間點加入的——我不想說得太具體，但自去年 3 月左右以來。這顯然讓我們對剩下的 70 個更加樂觀，但這還有待觀察。

Yes. I think, Rayna, just to point out, one stat that's also interesting is of the approximately 50 end-to-end customers that we have today, the process in excess of $100 million in volume, it's like virtually half like right on the mark, is net new wins. So we've been rather consistent about this since our time as a public company, that every month, I mean, it just seems very close to about 50% of our production comes from net new wins and 50% come from conversions from our gateway.

是的。我想，Rayna，我想指出，一個同樣有趣的統計數據是我們今天擁有的大約 50 個端到端客戶，這個過程的交易量超過 1 億美元，幾乎有一半是正確的, 是淨新勝。因此，自從我們作為一家上市公司以來，我們一直在這方面保持一致，我的意思是，每個月，我們的生產似乎非常接近 50% 來自淨新勝利，50% 來自我們網關的轉化.

So while there's still a massive population, 70-plus on our gateway of 100 million-plus customers to move over, the addressable market is still quite large. And that represents the other half of our production every month.

因此，儘管仍然有大量人口，我們 1 億多客戶的網關上有 70 多位要遷移，但可尋址市場仍然相當大。這代表了我們每個月生產的另一半。

Our next question comes from Timothy Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Timothy Chiodo。

You mentioned a comment on the restaurant and end mix now at roughly 40%. You've also made some directional comments around hotels in the past and the shareholder letter has a graphic that can kind of get us to a sense of new verticals. I was hoping you could just round it out and just put a little bit of a finer point on the updated end-to-end mix by vertical, maybe just going in hotel, retail, other, and putting a finer point on new verticals? And then I have a brief follow-up on the guidance.

你提到了對餐廳和終端組合的評論，現在大約是 40%。你過去也對酒店做了一些定向評論，股東信中有一張圖片可以讓我們了解新的垂直領域。我希望你能把它四捨五入，在更新的垂直端到端組合上放一點更好的點，也許只是進入酒店、零售和其他領域，並在新的垂直方向上放一個更好的點？然後我對指南進行了簡短的跟進。

Yes. I mean, Tim, I can take first crack at that and then invite Taylor or Tom and for Nancy to weigh in further. We don't have that data in front of us. It wasn't our intention to provide a full breakout by even subvertical within high-growth core I think the point is going back to March of 2022, I mean, really, a year ago, I was on earnings calls saying, "Look, I don't know how long the $100 stakes are going to last, right?"

是的。我的意思是，蒂姆，我可以首先解決這個問題，然後邀請泰勒或湯姆和南希進一步權衡。我們面前沒有這些數據。我們並沒有打算在高增長核心中通過甚至是顛覆性的方式實現全面突破，我認為這要追溯到 2022 年 3 月，我的意思是，真的，一年前，我在財報電話會議上說，“看，我不知道這 100 美元的賭注會持續多久，對吧？”

I mean we -- the exuberance that was in, especially the restaurant vertical has been something we've been expressing concern about for over a year now. I mean, going into the year ahead, with reflecting on our guidance, we raised volume a lot. We're more cautious on gross revenue less network fees, specifically because restaurants are the highest take rate contributor to the business.

我的意思是我們 - 繁榮，尤其是垂直餐廳，我們一年多來一直在表達擔憂。我的意思是，進入來年，根據我們的指導意見，我們提高了銷量。我們對減去網絡費用的總收入更加謹慎，特別是因為餐館是該業務的最高收入貢獻者。

So the point being is like we are watching that very, very closely. We're certainly cautiously optimistic for the year ahead. But we wanted to share with our investors that the mix inside the business is rather significant that at the time of our IPO, when we were almost all restaurants in the beginning of a pandemic, that has shifted a lot.

所以重點是我們正在非常、非常密切地觀察。我們當然對來年持謹慎樂觀態度。但我們想與我們的投資者分享，在我們首次公開募股時，當我們幾乎所有的餐館都在大流行開始時，業務內部的組合相當重要，這已經發生了很大的變化。

Now the first part of that shift in the story was we started taking on a lot of hotels. Now the answer is we have a lot of hotels. We have a lot of specialty retail. We have a lot of stadiums, we have a lot of strategic accounts, and sexy tech accounts. So the point being business is far more diversified, that if for whatever reason the restaurant industry starts to have a pullback, Shift4 is far, far better weather -- prepared to weather that now than we were at the time of the IPO.

現在故事轉變的第一部分是我們開始接手很多酒店。現在的答案是我們有很多酒店。我們有很多專業零售店。我們有很多體育場館，我們有很多戰略客戶和性感的技術客戶。因此，關鍵是業務要多樣化得多，如果餐飲業出於某種原因開始回調，那麼 Shift4 的天氣要好得多——比我們在 IPO 時準備好經受住現在的考驗。

And I can just layer in a little bit to kind of stack rank it for you, Tim. The second largest vertical in the quarter was lodging, followed by the new verticals and expansion opportunity we talked about. Retail and other has been a very stable contributor. So we've got a handful of large enterprise customers. We grow modestly with them. We win some on occasion, but it's a pretty stable contributor vis-a-vis all the other components that have been growing over the last few years.

蒂姆，我可以稍微分層一下，為你排序。本季度第二大垂直領域是住宿，其次是我們談到的新垂直領域和擴張機會。零售和其他一直是一個非常穩定的貢獻者。所以我們有一些大型企業客戶。我們和他們一起默默成長。我們偶爾會贏得一些，但相對於過去幾年一直在增長的所有其他組件，它是一個相當穩定的貢獻者。

Great. That's really helpful context across the board. Thank you both Jared and Taylor. The brief follow-up is, I know you mentioned the (inaudible), I just want to make sure we got it right. The focus acquisition the revenue streams there currently would be SaaS and then I'm assuming they received rev share from some of their other partners, to SaaS plus a RevShare, but you're including nothing in the current fiscal year 2023 guide or you are including a small kind of token contribution associated with that acquisition?

偉大的。這對全面來說真的很有幫助。謝謝 Jared 和 Taylor。簡短的後續行動是，我知道你提到了（聽不清），我只是想確保我們做對了。重點收購目前那裡的收入流將是 SaaS，然後我假設他們從他們的一些其他合作夥伴那裡獲得了收益份額，到 SaaS 加上 RevShare，但是你在當前的 2023 財年指南中沒有包含任何內容，或者你是包括與該收購相關的少量象徵性貢獻？

So we're including nothing, but let me be specific as to why. Our internal plan for this acquisition is actually that the revenue contribution is diminished in the year that we acquired it and the profitability has diminished as well.

所以我們什麼都不包括，但讓我具體說明原因。我們對這次收購的內部計劃實際上是在我們收購它的那一年減少了收入貢獻並且盈利能力也減少了。

So we want to point out that should the plan not go well as a business will contribute fine on a basis of what we paid for it through the remainder of the year, but that's not our plan, right? Our plan is that we target that customer base, we deliver them sort of a much more cohesive and bundled software plus payment solution. To the extent the plan works well, we'd expect that, that helps us exceed our guidance goals for the year, but we'd like to emphasize that in the short term, the financial contributions of the business will be less than what we outlined they were in '22.

所以我們想指出，如果計劃進展不順利，因為企業將根據我們在今年剩餘時間支付的費用做出罰款，但這不是我們的計劃，對吧？我們的計劃是針對該客戶群，我們為他們提供一種更具凝聚力和捆綁的軟件以及支付解決方案。如果計劃運作良好，我們預計這將幫助我們超過今年的指導目標，但我們想強調的是，在短期內，企業的財務貢獻將低於我們概述了他們在 22 年。

Yes. Let me just reinforce on some points here, Tim, because we've run this playbook 3 times before in 2017. Like the first thing that's going to happen, there's 10,000 accounts processing approximately $15 billion from our competitors is whatever RevShares that went into the $7.5 million of revenue that Focus POS had at the time of closing and $4 million or so in EBITDA, those competitors are going to cut off.

是的。蒂姆，讓我在這裡強調一些要點，因為我們在 2017 年之前已經運行了 3 次這個劇本。就像將要發生的第一件事一樣，有 10,000 個賬戶處理來自我們競爭對手的大約 150 億美元，無論 RevShares 進入Focus POS 在關閉時的收入為 750 萬美元，EBITDA 為 400 萬美元左右，這些競爭對手將被切斷。

So like instantly, the business will take some sort of a step backwards. And then over time, as Taylor mentioned, we're going to pivot them away from currently selling hardware and software, which also contributes to the current revenue model and moved to SaaS and payments. So like Taylor I like to point out, I mean, you're talking about better than 100% organic growth as we're successful in this because like you pretty much violate their current net revenue model to put them in a path that we know works really well from running this 3 time previously.

因此，就像立即一樣，企業將向後退一步。然後隨著時間的推移，正如泰勒所提到的，我們將把他們從目前銷售的硬件和軟件中轉移出來，這也有助於當前的收入模式，並轉向 SaaS 和支付。所以就像泰勒一樣，我想指出，我的意思是，你說的是超過 100% 的有機增長，因為我們在這方面取得了成功，因為你幾乎違反了他們目前的淨收入模式，讓他們走上了我們知道的道路之前運行這 3 次後效果非常好。

So yes, for sure, if we're successful converting $15 billion in payment volume, 10,000 accounts over the next handful of years, that will play out in our results, but it is not factored into our 2023 guide because we're actually going to take the business a little bit backwards to go forward.

所以是的，可以肯定的是，如果我們在未來幾年內成功轉換 150 億美元的支付量，10,000 個賬戶，那將在我們的結果中發揮作用，但它沒有被納入我們的 2023 年指南，因為我們實際上正在使業務向後退一點才能向前發展。

Your next question is from Will Nance with Goldman Sachs.

你的下一個問題來自高盛的 Will Nance。

I wanted to maybe piggyback on that last question. And you could just talk about kind of the sequencing of executing on this Focus POS acquisition. I mean when you think about, one, the financial benefits of converting that into end volume over versus the longer-term strategic benefits of future-proofing the business with the SkyTab platform.

我可能想搭上最後一個問題。你可以談談這次 Focus POS 收購的執行順序。我的意思是，當你考慮，第一，將其轉換為最終數量的財務利益與使用 SkyTab 平台為業務提供未來保障的長期戰略利益相比。

What does that sequencing look like? Do you do that at the same time? Is it a 2-step process? And then longer term, how do you think about how aggressively to roll out SkyTab to this platform and really to all of the kind of legacy ISV platforms that you have?

這個排序是什麼樣的？你是同時做的嗎？這是一個兩步過程嗎？然後從長遠來看，您如何考慮如何積極地將 SkyTab 推廣到這個平台，以及真正推廣到您擁有的所有類型的遺留 ISV 平台？

So Will, I'll hit the first point and then Jared can walk through the playbook because as he mentioned, this is something we've done in time part of sequencing a transaction like this is we're 1/2 of the negotiations. So I want to point out, this is one, as Jared mentioned is we've been working on for many years in discussion with them.

那麼，Will，我會談到第一點，然後 Jared 可以逐步完成劇本，因為正如他所提到的，這是我們在時間安排交易的一部分時所做的事情，就像我們進行了 1/2 的談判一樣。所以我想指出，這是一個，正如 Jared 提到的那樣，我們多年來一直在與他們討論。

So the fact that we were able to get it done in April is really exciting, but not necessarily a master strategic plan in that regard. It's just an asset we've been after for a while that we really liked.

因此，我們能夠在 4 月份完成它這一事實確實令人興奮，但在這方面不一定是總體戰略計劃。這只是我們一直追求的資產，我們真的很喜歡。

Yes. So in terms of jumping in on the playbook, I mean, in a span of 4 months, we acquired 3 legacy POS providers in 2017 and over a span of several years, pivoted their model away from onetime software, onetime hardware sales towards SaaS and payments, incredibly successful.

是的。因此，就進入劇本而言，我的意思是，在 4 個月的時間裡，我們在 2017 年收購了 3 家傳統 POS 提供商，並在幾年的時間裡，將他們的模式從一次性軟件、一次性硬件銷售轉向 SaaS 和付款，非常成功。

Now what's the drawback there to that is, well, you're supporting lots of different software, your support teams. So you're developing on lots of different software, your merchant-facing support teams now have to support lots of different software. I mean, this was, I think, a criticism that occasionally (inaudible) had over the last couple of years.

那麼，這樣做的缺點是，你要支持很多不同的軟件，你的支持團隊。因此，您正在開發許多不同的軟件，面向商家的支持團隊現在必須支持許多不同的軟件。我的意思是，我認為這是過去幾年偶爾（聽不清）的批評。

Now what did we do basically 3 quarters ago. We sunseted all those brands and really unified everyone around a single product offering, which is SkyTab. So that -- what that did is it freed up our developers, our engineering teams, our service support, our training teams, our marketing teams, I mean you get so many efficiencies.

現在我們基本上在 3 個季度前做了什麼。我們淘汰了所有這些品牌，並真正將所有人統一在一個單一的產品周圍，這就是 SkyTab。所以——它所做的就是解放了我們的開發人員、我們的工程團隊、我們的服務支持、我們的培訓團隊、我們的營銷團隊，我的意思是你獲得瞭如此多的效率。

So now like what I would say is like 90-some-odd percent of our efforts are marching forward in a single direction towards SkyTab POS. You have some portion of the team that's still supporting those legacy brands because we have lots and lots of customers on it, and some of them are growing. So that's important. And what we've done is been able to free up some resources to take on Focus POS.

所以現在就像我要說的那樣，我們 90% 以上的努力都朝著 SkyTab POS 的單一方向前進。您的團隊中有一部分仍在支持這些傳統品牌，因為我們有很多客戶，其中一些正在增長。所以這很重要。我們所做的是能夠釋放一些資源來處理 Focus POS。

So like on a deal that's in the $40-some-odd million range, like this can't be a total focus for the executive team or even the senior leadership team. What it is, is a lot of people who are here in 2017 that know the playbook, know how to run it perfectly well, and our middle management team are going to run with the ball on this one.

因此，就像在 40 多萬美元範圍內的交易一樣，這不能成為執行團隊甚至高級領導團隊的全部關注點。它是什麼，2017 年在這裡的很多人都知道劇本，知道如何完美地運行它，我們的中層管理團隊將在這個劇本上運行。

And it's great because, again, it plays out as expected over the next couple of years, you have 10,000 customers, $15 billion in volume of merchants that have already gone past their new business failure period, which is usually the first year in business and converting lots and lots of volume over.

這很棒，因為在接下來的幾年裡，它再次像預期的那樣發揮作用，你有 10,000 名客戶，價值 150 億美元的商家已經度過了新的業務失敗期，這通常是業務的第一年，轉換大量的體積。

So this would fall into the camp of like nice tactical wins that you can pick up from time to time as part of our broader strategic plan.

因此，這將屬於不錯的戰術勝利陣營，您可以不時將其作為我們更廣泛的戰略計劃的一部分。

Got it. I appreciate that color, Jared. And just maybe a follow-up on that last point. You mentioned around kind of management team priorities and capital allocation. You have got a lot of initiatives going on, distributors and Focus POS, SkyTab, international Finaro.

知道了。我很欣賞那種顏色，賈里德。也許只是對最後一點的跟進。你提到了管理團隊的優先事項和資本分配。你有很多舉措正在進行中，分銷商和 Focus POS、SkyTab、國際 Finaro。

Do you guys feel like you have capacity of a management team for additional acquisitions from here? Or should we think about this buyback as sort of a near-term stand-in as we digest some of the inorganic initiatives you've got going on?

你們覺得你們有能力從這裡進行額外收購的管理團隊嗎？或者我們是否應該將這次回購視為一種近期的替代方案，因為我們正在消化你們正在進行的一些無機計劃？

Yes. It's really a great question. So first of all, if you recall, the shift for way, right, the philosophies that - I mean, I largely Rob from like a really incredible organization about 2 years ago and started to bring the Shift4. One of the principles there is to take out the parts, right, reduce the complexity because parts are costly and parts fail. We've literally been doing that for 2 years.

是的。這真是一個很好的問題。所以首先，如果你還記得，轉變方式，對，哲學 - 我的意思是，我主要是從大約 2 年前從一個非常不可思議的組織中搶走，並開始帶來 Shift4。原則之一是去掉零件，對，降低複雜性，因為零件成本高，零件會出故障。我們實際上已經這樣做了 2 年。

The Gateway Sunset initiative, I mean, at one point, we probably have 60 different connections that we had to invest in and maintain to all of our various competitors. We have multiple different legacy point-of-sale brands that as I mentioned, we had to develop on and provide service and support to. We've been spending the last 2 years continuing taking out parts that are costly and that add complexity to the business. Which brings a lot of efficiency without necessarily adding headcount to the organization. What I'd say is we have far more capacity today than we did years ago.

Gateway Sunset 計劃，我的意思是，在某一時刻，我們可能必須投資並維護 60 個不同的連接，以連接我們所有不同的競爭對手。我們有多個不同的傳統銷售點品牌，正如我提到的，我們必須繼續發展並為其提供服務和支持。在過去的 2 年裡，我們一直在繼續淘汰成本高昂且增加業務複雜性的部件。這帶來了很大的效率，而不必為組織增加員工人數。我要說的是，我們今天的產能比多年前大得多。

Also, this prolonged period from signing and closing on Finaro has largely allowed us at arm's length to the extent permissible by our advisers, to work the integration plan. I mean, so much so that as Taylor mentioned in his prepared remarks, that we can turn our attention to bigger, more transformational opportunities.

此外，從簽署和關閉 Finaro 開始的這段漫長的時間在很大程度上使我們能夠在我們的顧問允許的範圍內保持一定距離，以製定整合計劃。我的意思是，正如泰勒在準備好的發言中提到的那樣，我們可以將注意力轉向更大、更具變革性的機會。

So point is, I think we have a lot of capacity. And with respect to capital allocation, look, the Finaro deal is going to close a quarter or 2 later than what we initially communicated a year ago. Free cash flow is way up. I think we have other priorities that we'd rather deploy capital into. But as I mentioned in my remarks, on an (inaudible) valuation basis, we're inside of where we were buying back previously.

所以重點是，我認為我們有很多能力。在資本配置方面，看，Finaro 交易將比我們一年前最初溝通的時間晚一兩個季度結束。自由現金流正在上升。我認為我們還有其他優先事項，我們寧願將資金投入其中。但正如我在評論中提到的那樣，在（聽不清的）估值基礎上，我們處於之前回購的範圍內。

So we can be opportunistic a little bit with a little more cash than we probably thought we'd have had a year ago and still have plenty of capacity for other inorganic and organic investments. I think that's fine.

因此，我們可以用比一年前我們可能認為的多一點的現金來投機取巧，並且仍然有足夠的能力進行其他無機和有機投資。我認為那很好。

Your next question is from Darrin Peller with Wolfe Research.

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

Nice quarter. I just -- I wanted to follow up a little more on the international buildout. I know that you guys have fortunately been able to do a lot of work to get ready for hopefully when the Finaro deal closes sooner than later -- to move pretty quickly.

不錯的季度。我只是 - 我想跟進更多關於國際擴建的事情。我知道你們很幸運能夠做很多工作，希望在 Finaro 交易早日結束時做好準備 - 迅速採取行動。

And so just maybe help us understand a little more of what that means in terms of what you've done so far, what kind of position you're going to be and when the deal closes, not only with one large customer we've talked about. But just generally, the expansion plans you hope to see internationally from leveraging some of the relationships you have in the U.S. and others.

因此，也許可以幫助我們更多地了解這意味著您到目前為止所做的事情、您將擔任什麼樣的職位以及交易何時結束，而不僅僅是我們的一個大客戶討論過。但總的來說，您希望通過利用您在美國和其他國家的一些關係在國際上看到的擴張計劃。

Yes, sure. I'll let Jared hit on the business development aspects of this, but I'll talk about the technical work that's been completed as partners, right? So as it stands today, Shift4 and Finaro, our partners and we're technically integrated to each other, meaning that should a Finaro customer want to process payment volume in the U.S. and settle that to a U.S. entity.

是的，當然。我會讓 Jared 談談這方面的業務發展方面，但我會談談作為合作夥伴已經完成的技術工作，對嗎？因此，就目前而言，我們的合作夥伴 Shift4 和 Finaro 在技術上相互集成，這意味著如果 Finaro 客戶希望在美國處理付款量並將其結算給美國實體。

The transaction begins at Finaro, it's routed to Shift4 and settle to Shift4 systems, all in a cohesive platform for the Finaro customer and vice versa for a Shift4 a customer internationally. So the technical ambitions of the project are largely complete. And the most kind of exciting development is the card-present transactions that we've been successfully executing against over the past kind of few months, right?

交易從 Finaro 開始，它被路由到 Shift4 並結算到 Shift4 系統，所有這些都在 Finaro 客戶的一個有凝聚力的平台中，反之亦然。因此，該項目的技術目標已基本完成。最令人興奮的發展是我們在過去幾個月中成功執行的持卡交易，對吧？

So we now have all of the technical pieces in place. There's a lot to do on the business development front, and there's kind of a two-pronged set of priorities. There's executing against the big strategic international e-commerce customers that Jared mentioned. And then there's distributing our products that have made us so successful in the U.S. all over the world, think hotels throughout Europe, I think restaurants throughout Europe, et cetera.

所以我們現在擁有所有的技術部分。在業務發展方面有很多工作要做，而且有兩套優先事項。賈里德提到的是針對大型戰略性國際電子商務客戶的執行。然後是在世界各地分銷我們的產品，這些產品使我們在美國如此成功，想想整個歐洲的酒店，我認為整個歐洲的餐館等等。

So the underpinnings of all that technical work are largely complete. And now it's a question of kind of how we drive the business development priorities in what is effectively a new region.

因此，所有這些技術工作的基礎都已基本完成。現在的問題是我們如何在有效的新地區推動業務發展優先事項。

Yes. I mean, Darrin, there's just -- there's so much to talk to on this, right? I mean we've had so much time to work. I think we've had like 3 months or so since we announced it. So I mean, first of all, we have way more than just one strategic customer that's processing cross-border between both platforms.

是的。我的意思是，Darrin，只是 - 關於這個有很多話要談，對吧？我的意思是我們有很多時間工作。我認為自宣布以來我們已經有 3 個月左右的時間了。所以我的意思是，首先，我們擁有的不僅僅是一個在兩個平台之間進行跨境處理的戰略客戶。

So we have several now like somewhere in the dozen range and like not an insignificant amount of volume. We've been doing card-present transactions in Europe. We've been leveraging our existing 500 integrations that make a special in the U.S. in Europe. I mean, for example, one very well known like restaurant group operator, hospitality operator, I think people -- we've referenced many times in the U.S., has locations opening in the U.K. We have people there doing testing now, so we can turn them live.

所以我們現在有幾個，大約在十幾個範圍內，而且數量不是微不足道的。我們一直在歐洲進行有卡交易。我們一直在利用我們現有的 500 個集成，這些集成在美國和歐洲都很特別。我的意思是，例如，一家非常知名的餐廳集團運營商、酒店運營商，我認為人們——我們在美國多次提到，在英國開設了分店。我們現在有人在那裡進行測試，所以我們可以讓他們住。

That's going to be an awesome success story. So I think you've got organic international expansion into Eastern Europe that we're collaborating with Finaro on to support a very big customer strategy team work and product team working on how to leverage best integrations in Europe, how to solve distribution?

這將是一個了不起的成功故事。所以我認為你已經在東歐進行了有機的國際擴張，我們正在與 Finaro 合作，以支持一個非常大的客戶戰略團隊和產品團隊，致力於如何利用歐洲的最佳整合，如何解決分銷問題？

I mean Europe is going to want a cloud-based restaurant POS offering. How are you going to distribute it and support it in different locations with different language and fiscal requirements. So it's like all -- so much energy is going into the post marriage phase of an M&A deal that we're just lucky we're able to get ahead on because of such a prolonged signing to close process. Not to mention the organic initiatives we're doing in North America, like moving into Canada and the Caribbean.

我的意思是歐洲將需要基於雲的餐廳 POS 產品。您將如何在具有不同語言和財政要求的不同地點分發和支持它。所以這就像所有的一樣——如此多的精力進入了併購交易的婚後階段，我們很幸運，由於簽署到結束的過程如此漫長，我們能夠取得進展。更不用說我們在北美開展的有機舉措，比如進入加拿大和加勒比地區。

Darrin, I'd be remiss if I didn't point out that the Finaro business has performed pretty well throughout this whole time frame as a stand-alone business, right? So we're obviously focused on the grand vision, but part of our M&A strategy is that my nicely growing profitable businesses because at our core, we are risk averse to the that we get it wrong.

Darrin，如果我不指出 Finaro 業務作為獨立業務在整個時間範圍內表現相當不錯，那我就失職了，對吧？所以我們顯然專注於宏偉的願景，但我們併購戰略的一部分是我的盈利業務增長良好，因為在我們的核心，我們厭惡我們犯錯的風險。

We want a business that's really done it well on its own right before we execute against these ambitions. So I do have to point out that business performed nicely over the year, which helps us well. And that shouldn't be a given, given the fact that they are largely cross-border e-commerce. 2022 is a tough year for that.

在我們實現這些雄心壯誌之前，我們想要一家真正靠自己做得很好的企業。所以我必須指出，這一年的業務表現很好，這對我們很有幫助。考慮到它們主要是跨境電子商務，這不應該是理所當然的。 2022 年是艱難的一年。

Right. That's really helpful, guys. Nancy, can I just -- my follow-up would be around margins and free cash. You obviously are showing what you said you would with regard to the improvement in (inaudible) -- now that we've had some of the initiatives kind of -- it seems like they're in the run right now. I mean I'm just curious how we should think about going forward? Are there more levers that we should be able to see over the next year or 2?

正確的。這真的很有幫助，伙計們。南希，我可以 - 我的後續行動將圍繞利潤和自由現金。你顯然是在展示你所說的關於改進（聽不清）的內容 - 現在我們已經有了一些舉措 - 看起來他們現在正在運行。我的意思是我只是好奇我們應該如何考慮前進？我們是否應該能夠在明年或兩年內看到更多的槓桿？

Is it just an operating leverage story now, albeit offsetting larger enterprise yields? Just maybe a little more color on that would be great.

現在這只是一個經營槓桿的故事，儘管抵消了更大的企業收益率？也許再多一點顏色就太好了。

Yes, I think it's all of those things. I think the opportunity ahead of us, obviously, I called out the biggest one in the script, which is around processing, right? The opportunity there to still bring that in-house is certainly on our road map still. That's the largest one.

是的，我認為就是所有這些。我認為擺在我們面前的機會，顯然，我在劇本中提到了最大的機會，那就是處理，對吧？在我們的路線圖上，仍然有機會在內部實現這一點。那是最大的一個。

But I think, generally, that operating leverage and as we continue to go upmarket and I know we talked about this a lot last quarter, but the service model, right, just a much more efficient model as we're servicing larger customers. That is still playing out in the mix. So I think there's still room.

但我認為，總的來說，運營槓桿和我們繼續走向高端市場，我知道我們上個季度談了很多，但服務模式，正確的，只是一個更有效率的模式，因為我們為更大的客戶服務。這仍在混合中發揮作用。所以我覺得還是有空間的。

We are making some investments as needed for in-house. So some of the nonrecurring stuff, you'll see that we called that out as kind of one-time. But I think as we look at CapEx run rate versus kind of ongoing kind of spread opportunity, we think there is still a little bit more room. So you do that in the guide improvement.

我們正在根據內部需要進行一些投資。所以一些非經常性的東西，你會看到我們稱之為一次性的。但我認為，當我們將資本支出運行率與持續的傳播機會進行比較時，我們認為還有更多空間。所以你在指南改進中這樣做。

And we always like to keep a little bit close to the vest, and I think that just comes from continuing to improve the operating internal leverage model and defending the spend. I think a little bit of a joke, right, that Jared keeps pushing for kind of keeping everything flat. And we're probably not quite there, but there's still room to improve where we're at.

而且我們總是喜歡保持一點秘密，我認為這只是來自繼續改進運營內部槓桿模型和捍衛支出。我認為這是一個笑話，對吧，Jared 一直在推動保持一切平坦。我們可能還沒有到那兒，但我們所處的位置仍有改進的空間。

Your next question comes from Ashwin Shirvaikar with Citi.

你的下一個問題來自花旗的 Ashwin Shirvaikar。

Good results here. Congratulations. A question I had is so within restaurants, can you speak to the sort of the breakout between, say, QSRs, maybe mom-and-pop diner type places, larger places, hotels, resorts, things like that? Whatever was appropriate. I guess the -- what I'm trying to get to is to sort of dissect the impact of a downturn across your portfolio. it's becoming a smaller part of total, but it's still a rather large -- still your largest end market.

這裡的好結果。恭喜。我的一個問題是在餐館裡，你能談談快餐店、夫妻店類型的地方、更大的地方、酒店、度假村等等之間的突破嗎？什麼都合適。我想——我想做的是剖析經濟低迷對你的投資組合的影響。它正在成為總數的一小部分，但它仍然是一個相當大的 - 仍然是你最大的終端市場。

Yes, sure. I'll start and say that we're largely in table service restaurants. So they can vary from a single location owner operated, you have a diner example all the way up to large multinationals. So there's pretty broad diversification around that. We've -- of recent years, we've been winning more and more in the upmarket space. You mentioned kind of hospitality.

是的，當然。我會開始說我們主要是在餐桌服務餐廳。因此，它們可能會有所不同，從所有者經營的單一地點，你有一個小餐館的例子，一直到大型跨國公司。因此，圍繞這一點存在相當廣泛的多元化。我們 - 近年來，我們在高端市場贏得了越來越多的勝利。你提到了一種熱情好客。

I think it's worth noting that a handful of our large hospitality wins over the last year involved the opportunity to market SkyTab into their restaurant locations. So I think we've got unique pockets to win in hospitality specifically for the food and beverage vertical. But you want to start with table service and then expect that it's pretty diversified across that table service, given the number of brands that we've operated historically in the space.

我認為值得注意的是，我們在過去一年中贏得的一些大型酒店服務涉及將 SkyTab 推銷到他們的餐廳位置的機會。因此，我認為我們擁有獨特的優勢，可以在專門針對餐飲垂直行業的酒店業中取勝。但是你想從餐桌服務開始，然後期望它在整個餐桌服務中相當多樣化，因為我們在這個領域歷史上經營過的品牌數量。

Understood. Understood. And SkyTab as it continues to increase penetration, what -- if you could break out the sort of the relative benefits that you get from, say, maybe concentration of the sales effort versus winding down other brands the relative benefits of the various pieces and roughly speaking, how do you expect that from a cadence perspective to kind of continue to hit your numbers? I know it's a multiyear benefit. But would help to understand the cadence of the various pieces.

明白了。明白了。 SkyTab 隨著它繼續增加滲透率，如果你能打破你從中獲得的那種相對利益，比如說，也許集中銷售努力與逐漸減少其他品牌不同的相對利益和大致說起來，從節奏的角度來看，你如何期望它繼續達到你的數字？我知道這是一個多年的好處。但有助於理解各個片段的節奏。

Yes. I mean I'm just going to throw like a general approximation. So Nancy or Taylor, Tom, jump in to correct me. But if I had to like just give a relatively educated guess, I would think nearly 50% of our workforce supports restaurants. I've said it many times before, like your most labor-intense customer is a small restaurant.

是的。我的意思是我只是想像一般近似值一樣拋出。所以南希或泰勒，湯姆，跳進來糾正我。但如果我不得不給出一個相對有根據的猜測，我認為我們將近 50% 的員工支持餐館。我以前說過很多次，就像你最勞動密集型的客戶是一家小餐館。

It's also the most costly customer for us to acquire. Lots of hardware. In the past, there were commissions, third-party distribution. We've largely in-sourced that. But I mean you get all sorts of phone calls every month, new tax codes, various counties, changing the price of menu items, managers quit, you got to retrain new managers. So very labor intense. Now imagine that across 4 or 5 different legacy POS brands.

它也是我們獲取成本最高的客戶。很多硬件。過去有佣金，第三方分銷。我們已經在很大程度上內包了它。但我的意思是你每個月都會接到各種各樣的電話，新的稅法，不同的縣，改變菜單項目的價格，經理辭職，你必須重新培訓新的經理。所以非常勞動強度。現在想像一下，跨越 4 或 5 個不同的傳統 POS 品牌。

So now you have to know 4 or 5 different software solutions really well. You have to develop on them, make them support online ordering, handheld devices, new encryption standards, like it's not super efficient at all.

所以現在你必須非常了解 4 或 5 種不同的軟件解決方案。你必須在它們的基礎上進行開發，讓它們支持在線訂購、手持設備、新的加密標準，就像它根本不是超級高效一樣。

So like when I've been pounding the table for the last couple of quarters, like we can go into this year staying flat on headcount, upgrading talent and still do more is because of all the parts that we're able to take out of the business, which are a lot of those legacy-based systems.

所以就像我在過去幾個季度一直在敲桌子一樣，就像我們今年可以保持員工人數持平，升級人才並且仍然做更多是因為我們能夠從中取出所有部分業務，其中有很多基於遺留系統的系統。

So the idea is we should be able to add lots and lots of new customers and you're going to be able to leverage the capacity already in the organization because you're not having to support so many different software applications anymore. So that's like one.

所以我們的想法是我們應該能夠增加很多新客戶，並且您將能夠利用組織中已有的能力，因為您不必再支持這麼多不同的軟件應用程序。所以這就像一個。

Two, the actual cost of the hardware to support someone on SkyTab is considerably less. Windows-based POS systems are very bloated, very expensive. SkyTab, hybrid cloud solution, it's Android-based. The hardware is better, it's sexier looking and cost us less to deploy. It also fails less. Not to mention like the supportability of the product since it's cloud-based. We don't need to use like third-party remote access tools to go in and see what's going on. We can just kind of log into our own cloud-based tools and make updates.

第二，在 SkyTab 上支持某人的硬件實際成本要低得多。基於 Windows 的 POS 系統非常臃腫，非常昂貴。 SkyTab，混合雲解決方案，基於 Android。硬件更好，外觀更性感，部署成本更低。它也更少失敗。更不用說產品的可支持性，因為它是基於雲的。我們不需要使用像第三方的遠程訪問工具進去看看是怎麼回事。我們可以登錄到我們自己的基於雲的工具並進行更新。

So like everything is amazing as you migrate to a cloud-based solution. And these are benefits that are just going to carry us every single quarter going forward. In addition to the fact that the addressable market, the customers we don't even have yet all want to use a cloud-based solution. It's just more -- again, it's more labor intense, more maintenance intense to use Windows-based solution.

因此，當您遷移到基於雲的解決方案時，一切都令人驚嘆。這些好處只會讓我們每個季度都前進。除了可尋址市場這一事實，我們甚至還沒有的客戶都希望使用基於雲的解決方案。只是——再次強調，使用基於 Windows 的解決方案需要更多的勞動和更多的維護。

There are 2 cloud-based solutions with lots of distribution and good feature set in the market right now, and it's us and Toast, and both are going to have a lot of success because the addressable market is a monster.

目前市場上有 2 個基於雲的解決方案，它們分佈廣泛且功能集很好，是我們和 Toast，兩者都會取得很大的成功，因為可尋址市場是一個巨大的市場。

In the interest of time, our final question comes from Andrew Jeffrey with Truist Securities.

為了節省時間，我們的最後一個問題來自 Truist Securities 的 Andrew Jeffrey。

Andrew, Jared, I love the description of SkyTab POS and the advantages that you just discussed. Can you talk a little bit about how you see the evolution path for SkyTab. And I'm thinking about potentially being able to go after some of these bigger enterprise customers with SkyTab as a means of further vertically integrating your solutions against what are mostly legacy installed point-of-sale systems?

Andrew、Jared，我喜歡您剛才討論的 SkyTab POS 的描述和優勢。您能談談您如何看待 SkyTab 的發展路徑嗎？我正在考慮是否有可能通過 SkyTab 追逐這些更大的企業客戶中的一些，以此作為進一步垂直集成您的解決方案與大多數遺留安裝的銷售點系統的方法？

Yes. There's so much to talk about there. So let's just -- let's start with just like what is our game plan for just winning net -- like net new customers that are out there, knowing that the addressable market is pretty huge, right? So I think there's really only to there's only 2 players in this hunt, and both are going to do really just fine. And that's Toast us.

是的。那裡有很多話要說。所以讓我們——讓我們從我們贏得網絡的遊戲計劃開始——就像那裡的淨新客戶一樣，知道可尋址市場非常巨大，對吧？所以我認為在這場狩獵中真的只有 2 名玩家，而且兩人都會做得很好。這就是我們乾杯。

And we certainly overlap a little bit in the middle of the market where we're going to differentiate a little bit more is just our access to hotel operators and teaming with hotel property management, system providers, and stadiums. So like a lot of our stadiums that we're doing, all the mobile ordering, the merchandising, the ticketing, their restaurants have SkyTab in them. And we've announced those previously in the past. So that's also like a natural bundle cross-sell for us.

我們當然在市場中間有一點重疊，我們將更多地區別於我們與酒店運營商的接觸以及與酒店物業管理、系統提供商和體育場館的合作。因此，就像我們正在做的許多體育場館一樣，所有的移動訂購、銷售、票務，他們的餐廳都有 SkyTab。我們過去已經宣布過這些。所以這對我們來說也像是一種自然的捆綁交叉銷售。

But the other is hotels. So I mentioned in my prepared remarks, and I wish we could have disclosed here they are. Two major hotel operators that we have really strong relationships with, we renewed multiyear agreements with them and then expanded the scope of those agreements to promote SkyTab into all their hotel properties.

但另一個是酒店。所以我在準備好的發言中提到，我希望我們可以在這裡披露它們。與我們有著非常牢固關係的兩家主要酒店運營商，我們與他們續簽了多年協議，然後擴大了這些協議的範圍，以將 SkyTab 推廣到他們所有的酒店物業中。

That's like a huge advantage we have because we have the hotel property management system integrations already. It's already using our tokens and Business Intelligence product they're probably using an older cost, like they're assuredly using an older costly Windows-based POS system. So that's a big advantage for us.

這就像我們擁有的巨大優勢，因為我們已經擁有酒店物業管理系統集成。它已經在使用我們的令牌和商業智能產品，他們可能正在使用較舊的成本，就像他們確實在使用較舊的昂貴的基於 Windows 的 POS 系統一樣。所以這對我們來說是一個很大的優勢。

The other is just simply, we have lots of distribution coverage. We in-sourced a lot of our best partners all over the country that are in markets. We know based on the data we've had for years; we're going to be successful with SkyTab on. So that's how we're going to kind of go out and conquer in the U.S.

另一個很簡單，我們有很多分佈範圍。我們在全國范圍內採購了許多市場上最好的合作夥伴。我們根據多年來掌握的數據知道；我們將通過 SkyTab 取得成功。這就是我們走出去征服美國的方式。

Both Toast and us are certainly going to take advantage of the opportunity that exists globally. We will definitely be distributing SkyTab POS in Europe this year. I think they're already doing it as well. And then with respect to the existing installed base, so we can unlock lots and lots of operational efficiencies by like deleting all those parts, I mentioned in the previous question, that's going to be a journey, right?

Toast 和我們肯定會利用全球存在的機會。今年我們肯定會在歐洲分銷 SkyTab POS。我認為他們也已經在這樣做了。然後就現有的安裝基礎而言，我們可以通過刪除所有這些部分來提高運營效率，我在上一個問題中提到過，這將是一段旅程，對吧？

I mean we are being very mindful of free cash flow you start deploying a lot of SkyTab POS systems to your existing customers. You might get a little bit of a revenue lift from some SaaS revenue we didn't capture previously, but you're deploying hardware.

我的意思是我們非常注意自由現金流，您開始為現有客戶部署大量 SkyTab POS 系統。您可能會從我們之前未捕獲的一些 SaaS 收入中獲得一點收入提升，但您正在部署硬件。

So like that's how you know, by the way, when we talk about the results we're having every quarter that SkyTab is going well and that we're not just upgrading existing customers is where we're at with free cash flow because if you're trying to upgrade tens of thousands of customers from their legacy solution to SkyTab, it's going to be costly.

所以就像你知道的那樣，順便說一句，當我們談論我們每個季度的結果時，SkyTab 進展順利，我們不僅僅是升級現有客戶，而是我們擁有自由現金流的地方，因為如果您正試圖將數以萬計的客戶從他們的舊解決方案升級到 SkyTab，這將是昂貴的。

It's also something you can't ignore. You're just going to want to be responsible about it over the next 2, 3 years, get everybody on a single product, unlock a ton of operational efficiencies within the organization.

這也是你不能忽視的。在接下來的 2、3 年裡，你只是想對此負責，讓每個人都使用一個產品，在組織內釋放大量的運營效率。

That's super helpful. I'll let you get back to your day. I appreciate (inaudible).

這非常有幫助。我會讓你回到你的一天。我很感激（聽不清）。

I appreciate everyone joining us on the call today, and we'll talk to you soon. Thank you.

我感謝今天加入我們的每個人，我們會盡快與您交談。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。