Shift4 Payments Inc (FOUR) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Sheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the Shift4 Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝各位的收看。我叫謝麗爾，今天將擔任各位的會議主持人。現在，我歡迎各位參加 Shift4 2023 年第二季業績電話會議。 （接線生指示）

I would now like to turn the call over to Tom McCrohan, Head of Investor Relations. Please go ahead.

現在我想把電話轉給投資人關係主管湯姆‧麥克羅漢。請講。

Thank you, operator, and good morning, everyone, and welcome to Shift4's Second Quarter 2023 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. This call is being webcast on the Investor Relations section of our website, which can be found at investors.shift4.com. Today's call is also being simulcast on Twitter Spaces, which can be accessed through our corporate Twitter account @Shift4.

謝謝接線員，大家早安，歡迎參加Shift4 2023年第二季財報電話會議。今天與我一起參加電話會議的嘉賓有Shift4執行長Jared Isaacman、總裁兼首席策略長Taylor Lauber以及財務長Nancy Disman。本次電話會議將在我們網站的「投資者關係」板塊進行網路直播，網址為investors.shift4.com。今天的電話會議也將在Twitter Spaces上同步直播，您可以透過我們的公司Twitter帳號@Shift4存取。

Our quarterly shareholder letter quarterly financial results and other materials related to our quarterly results have all been posted to our IR website. I'll call on earnings material 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 in the Investor Relations section of our corporate website.

我們的季度股東信、季度財務業績以及其他與季度業績相關的資料均已發佈至我們的投資者關係 (IR) 網站。今天我將提及的收益資料包含前瞻性陳述。這些陳述並非對未來業績的保證，我們的實際業績可能因某些風險、不確定性和許多重要因素而出現重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 和 10-Q 表格報告，您可以在我們公司網站的“投資者關係”版塊中訪問美國證券交易委員會 (SEC) 網站。

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

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

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

說完這些，我把電話轉給賈里德。賈里德？

Thanks, Tom. Good morning, everyone. So we are pleased with our second quarter results, including how we position -- how we're positioned heading into the back half of the year. So for the quarter, we posted 59% • End-to-end volume growth driven by continued strength from our core of restaurants hotels, specialty retail, along with an increasing contribution from our new verticals, especially in sports entertainment, ticketing and our growing base of large enterprise accounts.

謝謝，湯姆。大家早安。我們對第二季的業績感到滿意，包括我們對下半年的定位。本季度，我們的端到端銷量成長了59%，這得益於我們核心業務——餐廳、酒店和特色零售的持續強勁增長，以及我們新的垂直業務（尤其是體育娛樂、票務以及不斷增長的大型企業客戶群）的貢獻不斷增加。

In addition to Q2 performance, we're especially happy with the setup for the second half of the year, thanks to investments that began years ago, including international expansion, along with July trends. To this end, we're raising our full year guidance across all our KPIs. So we feel very good about our year-to-date financial performance and remain on pace to deliver full year results in excess of what we assumed at the start of the year. We're generating margin expansion as we demonstrate the scalability of the business by maintaining a relatively flat head count, streamlining operations by taking out the parts and adding incremental enterprise-related volume with no corresponding operational expenses.

除了第二季的業績表現，我們對下半年的佈局尤其滿意，這得益於我們多年前就開始的投資，包括國際擴張以及7月的趨勢。為此，我們上調了所有關鍵績效指標（KPI）的全年預期。因此，我們對年初至今的財務表現非常滿意，並將繼續保持強勁勢頭，力爭實現超越年初預期的全年業績。我們透過維持相對穩定的員工人數、精簡營運流程（透過精簡部分業務）以及在不產生相應營運費用的情況下增加企業相關業務量，展現了業務的可擴展性，從而實現了利潤率的成長。

We're implementing new internal systems. We are leveraging AI and other productivity tools that will further streamline our operations and drive additional margin and free cash flow improvements in the years ahead.

我們正在實施新的內部系統。我們正在利用人工智慧和其他生產力工具，進一步精簡我們的運營，並在未來幾年推動利潤率和自由現金流的進一步提升。

In addition to the profitability and free cash flow improvements, we continue to grow very quickly. So for the first half of 2023, we generated a 30% growth in gross revenue as well as gross revenue less network fees, in line with our medium-term targets established in the fall of 2021.

除了獲利能力和自由現金流的改善外，我們還持續快速成長。 2023年上半年，我們的總收入和扣除網路費用後的總收入均成長了30%，這與我們在2021年秋季設定的中期目標一致。

The midpoint of our updated 2023 guidance implies that gross revenue less network fee revenue growth will average over 30% in the back half of the year as well. And especially in the fourth quarter, including strong visibility into enterprise and international opportunities.

我們更新後的2023年指引中位數表明，下半年總收入減去網路費收入的成長率也將平均超過30%。尤其是在第四季度，這包括對企業和國際機會的強勁洞察。

As I've mentioned before, companies like Shift4 that are winning merchants and growing payment volumes are doing so because they're adding value to the commerce experience well beyond just the credit card transaction. We had thousands of new customers every month. We're talking very busy restaurants, some of the nicest resorts in the country, demanding major lease stadiums, theme parks. We've got a Fortune 500 customer this quarter and more.

正如我之前提到的，像Shift4這樣贏得商家青睞並不斷增長支付量的公司之所以如此，是因為它們為商業體驗增添了遠超信用卡交易的價值。我們每月都有數千名新客戶，其中包括非常繁忙的餐廳、國內一些頂級度假村、租賃需求旺盛的大型體育場和主題樂園。本季度，我們新增了一位《財星》500強客戶，甚至更多。

In fact, I believe the customer logos that we are featuring this quarter in our earnings material are the most impressive list yet and why we have so much visibility and confidence in the back half of the year. These customers didn't pick Shift4 because we were $0.01 less per transaction, but rather for how we enable a complete commerce experience and in turn, provide more value to our merchants.

事實上，我認為我們本季在財報中展示的客戶識別是迄今為止最令人印象深刻的名單，也是我們在下半年擁有如此高知名度和信心的原因。這些客戶選擇Shift4並不是因為我們每筆交易少了0.01美元，而是因為我們能夠提供完整的商業體驗，從而為商家創造更多價值。

So consistent with past earnings, I'm going to provide some additional color on our core, which, as a reminder, consists mostly of restaurants and hotels as well as our progress in new verticals and our global expansion initiatives. So starting with our core. Our core remains the primary engine of our growth. And as you can see from the various logos in our quarterly shareholder letter, we continue to gain market share in restaurants and hospitality. And to be clear, we win a lot of net new customers, but we are also uniquely advantaged as we capture more wallet share by converting software and gateway merchants through our End-to-end offering.

與以往的業績保持一致，我將進一步介紹我們的核心業務。需要提醒的是，核心業務主要包括餐廳和酒店，以及我們在新垂直領域的進展和全球擴張計劃。所以，先從我們的核心業務說起。核心業務仍然是我們成長的主要引擎。正如各位從我們季度致股東信中的各種標識中看到的那樣，我們在餐廳和酒店領域的市場份額持續增長。需要明確的是，我們贏得了大量的淨新客戶，但我們也擁有獨特的優勢，因為我們透過端到端服務轉換軟體和網關商戶，從而獲得了更多的錢包份額。

For example, net new wins this quarter include the Fontainebleau Resort in Las Vegas that is scheduled to open this upcoming call as well as the Virgin Hotels in Chicago, Dallas, Nashville, the Langham Hotel on Fifth Avenue in New York City. We also captured more wallet share by moving gateway customers like InTown Suites and Uptown suites, which are 2 extended stay hotel brands to our End-to-end platform. So we have always served a large and growing portion of the table service restaurants in this country, but we are especially proud of the growing momentum we're seeing with our new cloud-based POS solution, which is called SkyTab.

例如，本季的淨新增客戶包括計劃於本次電話會議開幕的拉斯維加斯楓丹白露度假酒店，以及位於芝加哥、達拉斯和納許維爾的維珍酒店，以及位於紐約第五大道的朗廷酒店。我們也透過將InTown Suites和Uptown Suites等入口網站客戶（兩個長住酒店品牌）遷移到我們的端到端平台，獲得了更大的市場份額。因此，我們一直為美國很大一部分餐桌服務餐廳提供服務，而且這一比例還在不斷增長。但我們尤其為我們新的雲端POS解決方案SkyTab所展現的成長動能感到自豪。

For this past quarter, we installed nearly 6,500 SkyTab POS systems, including installations of some large venues such as KC Live in Kansas City, Texas Live and Arlington, Texas, these are all net new customers, and we released a pretty cool Sizzle reel on SkyTab last week, and I encourage you to take a look. So skytab.com.

在過去的一個季度，我們安裝了近6500套SkyTab POS系統，其中包括堪薩斯城的KC Live、Texas Live和德克薩斯州阿靈頓等一些大型場館的安裝。這些都是新增客戶。上週，我們發布了一個關於SkyTab的精彩宣傳片，我鼓勵大家去看看。詳情請瀏覽skytab.com。

There's been a lot of news this quarter regarding competitors potentially introducing new fees on the restaurant customers. So more specifically, POS companies charging restaurant patrons directly for online orders. So we never considered implementing such fees, but we also don't have to charge more given our margin and profitability profile. I will say the events over the last months have created unexpected opportunities and boosted demand for SkyTab that we are beginning to realize now.

本季有許多消息指出競爭對手可能會向餐廳顧客收取新費用。更具體地說，POS公司會直接向餐廳顧客收取線上訂單費用。因此，我們從未考慮過收取此類費用，但考慮到我們的利潤率和盈利狀況，我們也沒有必要提高收費。我想說，過去幾個月發生的事件創造了意想不到的機會，並刺激了SkyTab的需求，我們現在開始意識到這一點。

For those not familiar, our SkyTab restaurant offering has a much lower total cost of ownership and lower cost of acquisition versus our peers. So for a cyclical restaurant processing, $1.5 million of annualized volume, our solution is less than 1/3 the cost of our primary competitor, including 0 upfront costs. We believe restaurant operators are cleanly focused on the total cost of ownership. And as we've said many times, there is nothing technologically cosmic about ringing up a cheeseburger. So we don't depend on pricing power to grow our restaurant business.

對於那些不熟悉的人來說，我們的 SkyTab 餐廳解決方案的總擁有成本和購買成本遠低於我們的同行。因此，對於一個年交易量為 150 萬美元的周期性餐廳處理業務來說，我們的解決方案成本不到主要競爭對手的三分之一，而且前期成本為零。我們相信餐廳經營者會非常關注總擁有成本。正如我們多次強調的那樣，從技術角度來說，製作一個起司漢堡並沒有什麼特別之處。因此，我們不依賴定價權來發展我們的餐廳業務。

And if the total cost of ownership and trust matter, SkyTab's looking extremely favorable in this regard.

如果整體擁有成本和信任很重要，那麼 SkyTab 在這方面的表現非常有利。

For this past quarter, we added thousands of new restaurant customers, including Clyde's Restaurant Group, which operates 11 restaurants in the Washington, D.C. area, including my personal favorite, the historic Old Ebbitt Grill is watching DC's oldest saloon.

在過去的一個季度，我們增加了數千家新餐廳客戶，其中包括克萊德餐廳集團 (Clyde's Restaurant Group)，該集團在華盛頓特區經營 11 家餐廳，其中包括我個人最喜歡的歷史悠久的 Old Ebbitt Grill，它是華盛頓特區最古老的酒吧。

To summarize, our core focus on restaurants and hotels remains a reliable engine of the growth for Shift4 and we'll continue to deliver fantastic results as we win net new merchants and take share of a large addressable market as well as gain more wallet share from those customers that move from our gateway and legacy software solutions.

總而言之，我們對餐廳和酒店的核心關注仍然是 Shift4 成長的可靠引擎，我們將繼續取得出色的業績，因為我們贏得了新商家，佔據了龐大的潛在市場份額，並從那些從我們的網關和傳統軟體解決方案轉移的客戶那裡獲得更多的錢包份額。

Despite balance growth coming approximately 50-50 between net new customers and wallet share gains, we believe we remain a unique story in our ability to achieve growth targets without having to add a single new customer.

儘管淨新客戶和錢包份額成長之間的餘額成長大約各佔一半，但我們相信，我們仍然能夠在不增加任何新客戶的情況下實現成長目標，這是一個獨特的故事。

Let's move on to new verticals. So we continue to crush it in the sports and entertainment vertical. This past quarter, we added the Carolina Panthers, the Texas Rangers, Charlotte Hornets, St. Louis Blues, Toronto Blue Jays, Philadelphia 76ers, Purdue University and the University of Maryland.

讓我們進軍新的垂直領域。我們繼續在體育和娛樂領域取得壓倒性進展。上個季度，我們新增了卡羅萊納黑豹隊、德州遊騎兵隊、夏洛特黃蜂隊、聖路易斯藍調隊、多倫多藍鳥隊、費城76人隊、普渡大學和馬裡蘭大學。

And these are just the ones we see approval to disclose, but we're having success across all professional sports, NFL, MLB, NHL, NBA as well as college sports. We also renewed and expanded the scope of our agreement with the happiest place on earth.

這些只是我們獲準披露的部分，但我們在所有職業運動領域都取得了成功，包括NFL、MLB、NHL、NBA以及大學運動。我們也與地球上最快樂的地方續簽了協議，並擴大了協議範圍。

Again, these incredible merchants are not picking up because our service costs a $0.01 less per transaction. But because our technology powers the entire guest experience from parking, retail purchases at fanatics, to the concession stand to the VIP suite and the in-mobile ordering. And it's obviously working well. It's also worth noting that our sports and entertainment wins typically start with mobile in-seat ordering and then evolve into concessions, merchandise parking, but the big prize is ticketing.

再次強調，這些傑出的商家之所以能獲得成功，並非因為我們每筆交易少了0.01美元，而是因為我們的技術賦能了整個顧客體驗，從停車、在Fanatics的零售購物，到小賣部、VIP包廂以及手機點餐。而且效果顯著。值得一提的是，我們在體育和娛樂領域的成功通常始於手機點餐，然後發展到小賣部、商品停車，但最終的贏家是票務。

For example, this past quarter, we turned on SEAT GEEK key ticketing for the Florida Panthers. It takes a long time to win and complete a ticketing integration. And I think most of you know, we already turned on SEAT GEEK and PACILOLAN. We are really excited to announce that we've completed our Ticketmaster integration. So that rounds out the big 3, and this is a pretty big deal. So after investing in the vertical for nearly 2 years, and learning from a signature customer in St. Jude Children's Research Hospital, we have signed a number of nonprofit organizations to our End-to-end platform this quarter, including the American Cancer Society, cure rare diseases and the health wagon and our pipeline of cross-sell opportunities remain very strong as The Giving Block continues to add new nonprofit to their platform, and we continue to use this as an important pipeline for our end-to-end payment line.

例如，上個季度，我們為佛羅裡達黑豹隊啟用了 SEAT GEEK 的關鍵票務系統。贏得並完成票務整合需要很長時間。我想你們大多數人都知道，我們已經啟用了 SEAT GEEK 和 PACILOLAN。我們非常高興地宣布，我們已經完成了與 Ticketmaster 的整合。這樣，三大巨頭就完成了整合，這是一件非常重要的事。在垂直領域投資近兩年，並從聖猶達兒童研究醫院的一位重要客戶那裡學習之後，本季度我們與許多非營利組織簽約加入我們的端到端平台，包括美國癌症協會、罕見疾病治療組織和健康旅行社。隨著 Giving Block 繼續在其平台上添加新的非營利組織，我們的交叉銷售機會管道仍然非常強勁，我們將繼續將其作為我們端到端支付線路的重要管道。

We also continue to build out key software and payment integrations with leading donation platforms like the Donorbox which currently serves over 50,000 organizations worldwide and GivenGain, a crowd funding platform for nonprofit that helps raise funds for events like the upcoming Boston Marathon. These wins represent the most material update since we entered the nonprofit vertical, which, as a reminder, represents over $450 billion a year in payment donation line.

我們也將繼續與領先的捐贈平台（例如目前服務於全球超過5萬家機構的Donorbox，以及為即將舉行的波士頓馬拉松等活動籌款的非營利組織眾籌平台GivenGain）建立關鍵軟體和支付整合。這些合作是我們進軍非營利組織垂直領域以來最重要的進展，值得一提的是，該領域每年的支付捐贈總額超過4,500億美元。

Our ownership of The Giving Block has also opened up opportunities outside the nonprofit vertical. For example, we've helped several reputable crypto merchants with pay-in and payout requirements. For now, this volume is being handled exclusively by Finaro given their card-not-present expertise and international capabilities. We have learned that these merchants have been underserved and overcharged and received suboptimal approval rates. For example, we are finding that the Finaro approval rates are 8% to 12% better than competitors for e-commerce transactions in this vertical. It further reinforces our decision in acquiring Finaro and their modern tech stack.

我們收購 The Giving Block 也為我們在非營利領域之外開闢了新的機會。例如，我們已經幫助多家信譽良好的加密貨幣商家處理收款和付款需求。目前，鑑於 Finaro 的無卡支付專業知識和國際化能力，這些業務量完全由 Finaro 處理。我們了解到，這些商家的服務不足、收費過高，且審核率不理想。例如，我們發現 Finaro 在該領域的電子商務交易批准率比競爭對手高出 8% 至 12%。這進一步堅定了我們收購 Finaro 及其先進技術棧的決心。

So we're pleased with the results of our efforts thus far and with respect to crypto merchants, we do intend to proceed slowly. We're learning a lot. And ideally, we'll meet the demand of this fast-growing and underserved market.

我們對目前的努力成果感到滿意。對於加密貨幣商家，我們確實打算循序漸進。我們正在學習很多東西。理想情況下，我們能夠滿足這個快速成長且服務不足的市場的需求。

So in gaming, we completed an integration with GAN the #1 End-to-end gaming platform for brick-and-mortar gaming operators.

因此，在遊戲領域，我們完成了與 GAN 的整合，GAN 是面向實體遊戲運營商的頭號端到端遊戲平台。

In stack tech, we signed a multiyear agreement with a Fortune 500 software company to utilize our payments platform and enable their SMB merchants the ability to accept payments. Our partnership with Fanatics also continued to bring us new end end-to-end volume as Fanatics grows, so do we. So Fanatic signed WWE, I think wrestling and by virtue of our growing partnership with Fanatics, we will service WWE's in venue payments provider for merchandising sales. Our relationship with Fanatics has also contributed to us being awarded the payment processing business for in-venue merchandise sales for the Inter Miami soccer club, which is just in time for the massive spike in sales of #10 net figure. They are additional venues and interesting opportunities that we are exploring with Fanatics as well.

在堆疊技術方面，我們與一家財富500強軟體公司簽署了一份多年期協議，利用我們的支付平台，使其中小企業商家能夠接受付款。我們與Fanatics的合作也持續為我們帶來新的端到端交易量，隨著Fanatics的不斷發展，我們也不斷發展。 Fanatics與WWE簽約，我想是摔角。憑藉我們與Fanatics日益增長的合作關係，我們將為WWE的場館內商品銷售支付提供者提供服務。我們與Fanatics的合作關係也使我們獲得了邁阿密國際足球俱樂部場館內商品銷售的支付處理業務，這正好趕上淨銷售額飆升至第十名的時期。我們也正在與Fanatics共同探索其他場館和有趣的機會。

So in a very short period of time, our new verticals and several strategic enterprise accounts are driving a meaningful portion of our growth in volume. The take rates are obviously very different when dealing with customers who process hundreds of millions and, in some cases, billions a year in volume. But these are profitable relationships that require far less overhead, almost no hardware or growth CapEx and are growing at much faster rates than our core markets.

因此，在很短的時間內，我們的新垂直市場和幾個策略性企業客戶正在推動我們業務量成長的相當一部分。與那些每年處理數億甚至數十億交易量的客戶打交道時，佣金率顯然有很大不同。但這些關係利潤豐厚，所需的管理費用要低得多，幾乎不需要硬體或成長資本支出，而且成長速度遠快於我們的核心市場。

So let's turn to global expansion. For 24 years now, Shift4 has been growing in the most competitive payments markets in the world. We've accumulated incredible customer relationships across restaurants, hotels, specialty retail, travel, gaming, non-property, e-commerce, many of which have locations all over the world. It obviously took an agreement with a strategic merchant to finally kick off global expansion initiative that we see as key to fueling the next 24 years of growth at Shift4.

那麼，讓我們來談談全球擴張。 24年來，Shift4 一直在全球競爭最激烈的支付市場中不斷成長。我們在餐飲、酒店、專業零售、旅遊、遊戲、非房地產和電子商務等領域積累了卓越的客戶關係，其中許多公司在世界各地都有分支機構。顯然，與策略商家達成協議才能最終啟動全球擴張計劃，我們認為這是推動 Shift4 未來 24 年成長的關鍵。

As many of you know, we signed an agreement with the European payment platform Finaro, in March of 2022, and we believe we're now on a path to close by the end of the current quarter. We are raising guidance to account for organic outperformance and visibility into the second half year opportunities, especially in the fourth quarter. Guidance also includes a Finaro contribution in the fourth quarter, but it's also important to note, we would have been raising guidance regardless of the state of this transaction.

眾所周知，我們在2022年3月與歐洲支付平台Finaro簽署了一項協議，我們相信該協議預計在本季末完成。我們上調了業績指引，以體現公司在下半年（尤其是第四季）的有機成長和機會的可預見性。該指引也包含了Finaro在第四季的貢獻，但同樣需要注意的是，無論這筆交易的進展如何，我們都會上調業績指引。

It's also possible we could close prior to the end of the current quarter, which would service further upside for our already increased guidance. In addition to the important Finaro update, we've been moving on to the next chapters of our international expansion strategy. It's very important. We've been organically -- we've organically expanded into several Eastern European countries, Canada and into the Caribbean. We're very pleased with the progress and already have restaurants in Europe using SkyTab on the Finaro platform.

我們也有可能在本季末之前完成交易，這將進一步提升我們已上調的業績指引。除了重要的 Finaro 更新之外，我們還在推動國際擴張策略的下一階段。這非常重要。我們已經有機地——有機地擴展到幾個東歐國家、加拿大和加勒比地區。我們對進展非常滿意，歐洲已經有餐廳在 Finaro 平台上使用 SkyTab。

Additionally, we've begun testing several hotel property management system integrations in Europe. As mentioned above, we believe the bulk of our growth over the next few decades will come from taking the same products and services and integrations that made us successful in the U.S.A. and bringing them all over the world.

此外，我們已經開始在歐洲測試多個飯店物業管理系統整合專案。如上所述，我們相信，未來幾十年我們的主要成長點將來自於將在美國取得成功的產品、服務和整合推廣到世界各地。

To that end, international expansion remains our #1 capital allocation priority both in terms of our M&A pipeline and organic investment initiatives. It's important to emphasize that we are not flying blind here. We have the best customer possible to learn from, and we're going to follow them all over the world. I know I mentioned it last quarter, but despite how we found on earnings calls, we really spend very little time on what is clearly working in almost all of our entity and what is broken. We have a lot of parts to take out across our legacy gateway connections, legacy POS software, and we're leaning into the Shift4 way so we can become a better, more efficient and well-executing organization.

為此，無論是在併購管道還是有機投資計畫方面，國際擴張仍然是我們資本配置的首要重點。需要強調的是，我們並非盲目行事。我們擁有最優秀的客戶值得學習，我們將在全球範圍內追隨他們的腳步。我知道我上個季度提到過，但儘管我們在財報電話會議上發現，我們實際上很少花時間去研究幾乎所有實體中哪些部分明顯有效，哪些部分存在問題。我們有許多部分需要移除，包括傳統的網關連線、傳統的POS軟體，我們正在向Shift4模式靠攏，以便成為一個更好、更有效率、執行力更強的組織。

Each day that goes by, we become a better business. And with that, I will turn the call over to our President and Chief Strategy Officer, Taylor Lauber?

每一天，我們都在進步。現在，我將把電話交給我們的總裁兼首席策略長泰勒·勞伯。

Thanks, Jared, and good morning, everyone. I'd like to provide an update on the operating environment, the status of Finaro and then our capital allocation priorities for the remainder of this year. As Jared mentioned, our primary growth algorithm has been adding new merchants, coupled with the growing share of wallet within our existing installed base. We have a unique software and technology assets that not only afford us the ability to attract net new merchants but also convert existing customers to our end-to-end platform.

謝謝，Jared，大家早安。我想介紹一下營運環境、Finaro 的現狀以及我們今年剩餘時間的資本配置重點。正如 Jared 所提到的，我們主要的成長策略是增加新商家，同時提升現有用戶群中錢包份額的成長。我們擁有獨特的軟體和技術資產，這不僅使我們能夠吸引淨新增商戶，還能將現有客戶轉化為我們的端到端平台。

The ability to gain share of wallet within our customers extends beyond our gateway as we have tens of thousands of software customers and restaurants who are already integrated with us but using others for payment processing. And the opportunity to add ticketing volumes to our sports and entertainment install base.

我們不僅能透過網關獲取客戶錢包份額，因為我們已經擁有數以萬計的軟體客戶和餐廳，他們已經與我們集成，但使用其他平台進行支付處理。此外，我們還有機會在我們的體育和娛樂客戶群中增加票務量。

For the quarter, our end-to-end volumes trended slightly better than we expected, largely due to strength in hotels, volume and enterprise accounts, continuing to ramp to their full capacity. And adding incremental ticketing volumes within sports and entertainment. We experienced a typical seasonal pattern heading into the summer holiday period with a step up in spending beginning Memorial Day weekend that accelerated as vacations kicked into high gear in June through the July 4th weekend.

本季度，我們的端到端交易量略好於預期，這主要得益於酒店、交易量和企業帳戶的強勁增長，並持續達到其最大容量。此外，體育和娛樂領域的票務量也有所增加。進入暑假期間，我們經歷了典型的季節性模式，從陣亡將士紀念日週末開始，消費支出開始增加，而隨著6月假期的到來，直到7月4日週末假期的到來，消費支出也加速增長。

We remain cautiously optimistic consumer spending will continue to remain resilient, although our guidance does contemplate continued moderation in restaurant spending. Spending at restaurants has moderated slightly, but not in excess of our early expectations. This moderation has been offset somewhat by better-than-expected trends in hotels, as Jared mentioned, sports and entertainment.

我們仍然謹慎樂觀地認為，消費者支出將繼續保持韌性，儘管我們的指引確實考慮到了餐飲支出的持續放緩。餐飲支出略有放緩，但並未超出我們先前的預期。正如Jared所提到的，飯店、運動和娛樂業好於預期的趨勢在某種程度上抵消了這種放緩。

Spreads in our core verticals remained stable, and we've begun to annualize the impact of some of our new large customers with slow spread compression. We anticipate that our blended spreads will average 65 basis points for the full year. And we do see opportunity for upside through international alternative payments and other initiatives.

我們核心垂直行業的利差保持穩定，並已開始透過緩慢壓縮利差來將部分新大客戶的影響年化。我們預計全年混合利差平均為65個基點。同時，我們確實看到了透過國際替代支付和其他措施來實現盈利的機會。

Last quarter, we announced the acquisition of a restaurant POS partner of ours called Focus POS. And since closing just a few months ago, we have successfully converted 10% of their customers to our end-to-end platform. While discussing restaurants, as Jared mentioned, we've added nearly 6,500 SkyTab systems this past quarter. As some of you may know, a few competitors have attractive attention with a pricing controversy that we fundamentally disagree with. We have recently launched a marketing promotion that is generating considerable interest and highlights our total cost of ownership advantages and the outsized value our products deliver to margin.

上個季度，我們宣布收購了我們餐廳POS合作夥伴Focus POS。自從幾個月前完成收購以來，我們已成功將其10%的客戶遷移到我們的端到端平台。正如Jared所提到的，在餐廳方面，我們上個季度新增了近6,500套SkyTab系統。正如各位所知，一些競爭對手的定價爭議吸引了我們的關注，而我們從根本上並不認同這種爭議。我們最近推出了一項行銷推廣活動，引起了廣泛關注，並凸顯了我們的整體擁有成本優勢以及我們產品為利潤帶來的超高價值。

Importantly, with this campaign, our payback on customer acquisition cost is still within 18 months. We are confident this will attract increasing attention towards the SkyTab brand.

重要的是，透過這項活動，我們仍然可以在18個月內收回客戶獲取成本。我們相信，這將吸引更多人關注SkyTab品牌。

After more than 15 months in signing an acquisition agreement with Finaro, we believe we are on a path to closing by the end of this quarter. And as a result, we are updating our full year guidance to include a portion of the expected Finaro contribution. As a reminder, when we announced the deal, we estimated a full year EBITDA contribution of $30 million for a single quarter of roughly 7.5%. And while we did not include revenue guidance, we did say that we anticipated Finaro to be a drag on margins as we executed against our integration plan. The upside of this prolonged regulatory review period is that we've been able to work in partnership against our largest deal objectives in the meantime.

與 Finaro 簽署收購協議已逾 15 個月，我們相信交易預計在本季末完成。因此，我們正在更新全年業績預期，以納入 Finaro 的部分預期貢獻。需要提醒的是，在宣布交易時，我們預計 Finaro 的全年 EBITDA 貢獻為 3,000 萬美元，單季貢獻率約為 7.5%。雖然我們沒有納入收入預期，但我們確實表示，在執行整合計劃時，我們預計 Finaro 會對利潤率造成拖累。這段延長的監管審查期也帶來了好處，讓我們能夠在此期間攜手合作，共同實現我們最大的交易目標。

And as a result, the combined EBITDA margin profile is expected to be better than we originally anticipated. As Jared mentioned earlier, we have great visibility towards many growth opportunities, especially as we look into the fourth quarter. We are excited to move on to our next chapter in the Finaro story. We do have SkyTab POS systems in Europe using Finaro's processing platform and have begun working on our product distribution and support strategy. While we anticipate the typical seasonal increase in Q3 volumes relative to Q2, the timing of new integrations, commercial partners and international opportunities will result in Q4 representing our strongest quarter.

因此，預計合併後的EBITDA利潤率將優於我們最初的預期。正如Jared之前所提到的，我們對許多成長機會有著清晰的預見，尤其是在展望第四季時。我們非常期待開啟Finaro發展的新篇章。我們在歐洲擁有使用Finaro處理平台的SkyTab POS系統，並且開始製定產品分銷和支援策略。雖然我們預計第三季的銷售將出現典型的季節性成長，但新的整合、商業合作夥伴和國際機會的時機將使第四季成為我們業績最強勁的一個季度。

In terms of capital allocation priorities, we're pursuing several M&A opportunities that are largely focused on our international expansion. These range from adding restaurant distribution in Europe to accelerate the introduction of SkyTab POS, as well as several transformational opportunities that will extend our presence in other regions around the world. I would like to note that we view capital allocation as a core competency of Shift4. Our disciplined approach to capital deployment is a cornerstone of delivering shareholder value, whether it be VenueNext, Focus POS, in-sourcing distribution or even a small investment in SpaceX, all have served to grow shareholder value meaningfully.

在資本配置重點方面，我們正在尋求多項併購機會，這些機會主要集中在我們的國際擴張上。這些機會包括在歐洲增加餐廳分銷管道以加速 SkyTab POS 的推廣，以及一些有助於拓展我們在全球其他地區業務的轉型機會。我想指出的是，我們將資本配置視為 Shift4 的核心競爭力。我們嚴謹的資本配置方法是實現股東價值的基石，無論是 VenueNext、Focus POS、內部分銷，或是對 SpaceX 的小額投資，都有助於顯著提升股東價值。

Conversely, we raised capital when the markets afforded us the ability to do so attractively. As an example, our weighted cost of debt is currently 1.35%, and we do not have any maturities until December of 2025.

相反，當市場條件允許我們籌集資金時，我們才會進行融資。例如，我們目前的加權債務成本為1.35%，而且我們的債務到期日在2025年12月之前。

Our balance sheet, cash generation and profitable growth has positioned us incredibly well for the current environment of uncertainty. We have the ability to move quickly in pursuit of businesses that possess capabilities that will enhance our offering and help us expand throughout the world. And with that, I'd like to turn the call over to our CFO, Nancy.

我們的資產負債表、現金產生能力和獲利成長使我們在當前充滿不確定性的環境中佔據了極其有利的地位。我們有能力迅速採取行動，尋求那些能夠增強我們產品線並幫助我們在全球擴張的業務。接下來，我想把電話交給我們的財務長南希。

Thanks, Taylor, and good morning, everyone. I'll first review our financial performance for the second quarter and then review our outlook for fiscal year 2023.

謝謝泰勒，大家早安。我先回顧我們第二季的財務業績，然後回顧我們對2023財年的展望。

As a result of our consistent execution, we delivered another quarter of impressive results, including quarterly records for volume and gross revenue less network fees, we continue to balance strong top line growth with disciplined investments as evidenced by the strength of our adjusted EBITDA margin and our adjusted free cash flow conversion.

由於我們一貫的執行，我們又取得了一個季度的令人印象深刻的業績，包括季度交易量和總收入減去網絡費用的記錄，我們繼續在強勁的營收成長和嚴格的投資之間取得平衡，這從我們調整後的 EBITDA 利潤率和調整後的自由現金流轉換的強勁表現中可以看出。

Second quarter volume grew 59% to $26.8 billion year-over-year. Q2 gross revenue grew 26% to $637 million and gross revenue less network fees grew 25% to $228 million year-over-year.

第二季交易額較去年同期成長59%，達268億美元。第二季總營收年增26%，達到6.37億美元，扣除網路費用後的總營收年增25%，達到2.28億美元。

Our quarterly results were driven by the continued strength of our high-growth core momentum across our enterprise merchants, including new verticals and improved economics earned from our gateway customers. We also entered the year with higher unit economics within our restaurant channel due to our strategic decision to in-source a large portion of our go-to-market distribution last year in connection with the launch of SkyTab.

我們的季度業績得益於企業商戶核心業務持續強勁的高成長勢頭，包括新的垂直領域以及來自網關客戶的經濟效益提升。此外，由於我們去年為推出 SkyTab 而做出的策略決策，將很大一部分市場分銷業務轉為內部採購，餐廳通路的單位經濟效益在今年初也實現了提升。

Second quarter gross profit was up 61% year-over-year to $159 million, and our gross profit margin was 70% for the quarter, representing over 1,500 basis points of improvement year-over-year. The blended spread for the second quarter was 65.3 basis points, driven by massive volume growth, including growth from enterprise merchants at lower but market-appropriate take rates.

第二季毛利年增61%，達1.59億美元，本季毛利率為70%，較去年同期成長超過1,500個基點。第二季混合利差為65.3個基點，這得益於交易量的大幅增長，其中包括來自企業商戶的較低但符合市場需求的佣金率的增長。

As Taylor mentioned, we continue to expect our blended spreads to average around 65 basis points for full year 2023, with Q3 likely being the low point and then a strong rebound in Q4 as more international volume and APM opportunities are unlocked.

正如泰勒所提到的，我們仍然預計 2023 年全年的混合利差平均約為 65 個基點，其中第三季度可能是最低點，然後隨著更多國際交易量和 APM 機會的釋放，第四季度將出現強勁反彈。

I want to reiterate that the year-over-year spread compression is a function of rapid volume growth from our enterprise accounts, spreads in our high-growth core, including restaurants and hotels remain stable.

我想重申的是，利差同比收縮是由於我們的企業帳戶交易量快速增長，包括餐廳和酒店在內的高成長核心業務的利差保持穩定。

In Q2, total general and administrative expenses increased 41% year-over-year to $82 million, primarily driven by head count growth from the distribution in-sourcing and acquisitions we completed over the last 12 months. We are still fighting to finish the year with head count flat to the start of the year.

第二季度，總務及行政開支年增41%，達到8,200萬美元，主因是過去12個月內我們完成的分銷內購和收購導致員工人數成長。我們仍在努力爭取在年底員工人數與年初持平。

On that note, towards the end of the second quarter, we reduced head count by 150, in line with our overall talent upgrade initiative, which came with a $3.5 million onetime severance cost. We are also taking advantage of some of our outperformance to consolidate, upgrade and expand our facilities, replace legacy internal systems with Salesforce and other AI-based applications that should further support our flat head count goals.

值得一提的是，在第二季末，我們根據整體人才升級計畫裁員了150人，該計畫附帶350萬美元的一次性遣散費。我們也利用部分業績優異的優勢，整合、升級和擴建設施，並用Salesforce和其他基於人工智慧的應用程式替換原有的內部系統，這將進一步支持我們實現員工人數持平的目標。

For the quarter, we reported adjusted EBITDA of $110 million, which is up 68% over the same quarter last year. The resulting adjusted EBITDA margin for the quarter was 48%, representing over 1,200 basis points of year-over-year expansion.

本季度，我們報告的調整後EBITDA為1.1億美元，較去年同期成長68%。本季調整後EBITDA利潤率為48%，年增超過1,200個基點。

We remain highly committed to a disciplined approach to cost management, while continuing to balance investments to support our growth, including international expansion, new vertical expansion, the SkyTab product launch and ongoing talent upgrades across the organization. Additional opportunities to further improve margins are still on the horizon as we harness the productivity of AI tools implement new internal systems and continue to take out the parts across the business to further enhance the scalability.

我們始終致力於嚴謹的成本管理方法，同時持續平衡投資以支持成長，包括國際擴張、新的垂直領域擴張、SkyTab 產品的發布以及整個組織持續的人才升級。隨著我們利用人工智慧工具的生產力，實施新的內部系統，並持續精簡業務流程以進一步提升可擴展性，進一步提升利潤率的更多機會仍在眼前。

Our adjusted free cash flow in the quarter was $64 million, and our adjusted free cash flow conversion was nearly 59%, well above our current full year guidance of 55% plus. It is worth noting that Q2 includes a semiannual interest payment of roughly $10.4 million, which can distort the quarter-to-quarter comparisons.

本季我們調整後的自由現金流為6,400萬美元，調整後自由現金流轉換率接近59%，遠高於我們目前設定的55%以上的全年預期。值得注意的是，第二季包含約1,040萬美元的半年利息支出，可能會影響季度間的比較結果。

And then with respect to capital transactions, during the quarter, we repurchased approximately 1.5 million shares. We have cumulatively deployed over $300 million on buybacks purchasing, $5.8 million of shares at an average price of $52 since our IPO.

就資本交易而言，本季我們回購了約150萬股股票。自IPO以來，我們已累積投入超過3億美元回購，平均回購價格為52美元，回購總價值580萬美元。

Of note, cumulative dilution and share counts from our IPO has grown by less than 2% in over 3 years. As employees, we own over 36% of Shift4 and are very thoughtful about managing dilution. Our remaining buyback capacity is just over $150 million , and we will continue to be opportunistic in repurchases. You can see a complete reconciliation of our shares on the back of our earnings materials.

值得注意的是，自IPO以來，三年多來，累計稀釋和股份數量增加不到2%。身為員工，我們持有Shift4超過36%的股份，並且非常重視股權稀釋的管理。我們剩餘的回購額度略高於1.5億美元，我們將繼續掌握回購機會。您可以在我們的收益資料背面看到我們股份的完整對帳。

Net income was $36.8 million for the second quarter. Basic earnings per Class A and Class B share was $0.43 and diluted earnings for Class A and Class C share was $0.62 (sic) [$0.42]. Adjusted net income for the quarter was $63.4 million or $0.74 per A and C share on a diluted basis based on 85.7 million average share -- fully diluted shares outstanding.

第二季淨利為3680萬美元。 A類股和B類股每股基本收益為0.43美元，A類股和C類股每股稀釋收益為0.62美元（原文如此）。本季調整後淨利為6340萬美元，或A類股及C類股稀釋後每股收益0.74美元（基於8570萬股平均流通股，即完全稀釋流通股）。

We are exiting the quarter with just over $725 million of cash, $1.75 billion of debt and $100 million undrawn on our credit facility. Our net leverage at quarter end was approximately 2.8x.

本季結束時，我們的現金餘額略高於7.25億美元，債務餘額為17.5億美元，信貸額度尚未提領1億美元。季度末我們的淨槓桿率約為2.8倍。

Excluding the buyback, we would have ended the quarter at 2.5x net leverage, which reinforces the rapid deleveraging capability of the business and the capital deployment flexibility our cash flow generation affords us. 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.

不計回購，本季末我們的淨槓桿率為2.5倍，增強了業務快速去槓桿的能力，以及我們現金流創造能力帶來的資本配置彈性。我們強勁的資產負債表和自由現金流狀況將繼續使我們能夠投資業務，追求策略重點，並適時回購股票。

Turning to full year 2023 guidance. We are increasing the low end of the range for all 4 of the KPIs and the high end of the range for volumes, gross revenue less network fees and adjusted EBITDA.

展望2023年全年業績指引。我們將上調所有4項關鍵績效指標（KPI）的下限，以及交易量、總收入減去網路費用和調整後EBITDA的上限。

Our updated guidance for 2023 includes total end-to-end volumes of $108 billion to $114 billion, representing 51% to 59% year-over-year growth. Gross revenues of $2.6 billion to $2.7 billion, representing 30% to 35% year-over-year growth. Gross revenue less network fees of $945 million to $980 million, representing 30% to 35% year-over-year growth and adjusted EBITDA of $435 million to $460 million, representing 50% to 59% year-over-year growth.

我們更新後的2023年業績指引包括：端到端交易總額1,080億美元至1,140億美元，年增51%至59%。總收入26億美元至27億美元，年增30%至35%。總收入扣除網路費用後為9.45億美元至9.8億美元，年增30%至35%。調整後息稅折舊攤提前利潤（EBITDA）為4.35億美元至4.6億美元，年增50%至59%。

We anticipate adjusted EBITDA margins to continue to expand to over 650 basis points at the midpoint of our guidance ranges, up from our initial assumption of 50 basis points and adjusted free cash flow to be at least $240 million, up from initial guidance of $200 million.

我們預計調整後的 EBITDA 利潤率將繼續擴大至指導範圍中點的 650 個基點以上，高於我們最初假設的 50 個基點，調整後的自由現金流將至少達到 2.4 億美元，高於最初指導的 2 億美元。

It is important to note that as the year progresses, we remain cautious about the macro environment and have reflected this in the entirety of our guidance ranges. The low and high estimates represent identified and quantified strategic initiatives such as the Finaro acquisition that cannot be precisely timed. Should these move more quickly, we expect financial impact sooner.

值得注意的是，隨著今年的進展，我們對宏觀環境保持謹慎，並已將其反映在我們的所有指引範圍內。最低和最高估值代表已確定並量化的策略舉措，例如收購 Finaro，這些舉措無法準確確定時間。如果這些措施進展更快，我們預期財務影響將更快顯現。

Similar to last year, when you saw a sudden increase in activity as a result of all the work in our new verticals, you can expect some step function change and a heavier weighting to Q4 as we execute on our strategic plan.

與去年類似，當您看到由於我們在新垂直領域的所有工作而導致活動突然增加時，您可以預期在我們執行戰略計劃時會出現一些階躍功能變化並且第四季度的權重會更大。

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

說完這些，我現在把電話轉回給賈里德。

Thank you, Nancy. And before opening up the call to your questions, I first wanted to thank those that tuned in to our inaugural simulcast via Twitter Spaces, I don't think we had it perfectly dialed in this morning, but we'll get that right going into the next quarter.

謝謝你，南希。在開始回答大家的提問之前，我首先想感謝那些透過 Twitter Spaces 收看我們首場聯播的朋友們。我覺得我們今天早上的溝通還不夠完美，但我們會在下個季度著手改進。

But I do want to respond to a question that was submitted via social media. Our question comes from Krishna Mohammed from Toronto, Canada, who's been an investor in Shift4 since our IPO.

但我確實想回答一個透過社群媒體提交的問題。我們的問題來自加拿大多倫多的克里希納·穆罕默德 (Krishna Mohammed)，他自 Shift4 首次公開募股 (IPO) 以來一直是我們的投資者。

The question was, what do you believe is the most challenging aspect in growing the company to the levels of a Stripe or an Adyen of the world and what is the path to get there? And it's a great question. So look, our biggest challenge right now also represents our biggest opportunity, which certainly is taking the same products and software integrations that has made us successful in the U.S. over the last 24 years and bring them into markets all over the world.

問題是，您認為在將公司發展到像 Stripe 或 Adyen 那樣的全球水平的過程中，最具挑戰性的方面是什麼？實現這目標的途徑是什麼？這是一個很好的問題。所以，我們目前最大的挑戰也代表著我們最大的機遇，那就是將過去 24 年在美國取得成功的產品和軟體整合推廣到全球市場。

And probably the most challenging part of that is card-present processing capabilities. I mean Shift4 strength, unlike those names of Stripe and Adyen actually come from processing transactions, face-to-face in-venues, which is so much harder to do on a global level than doing card-not-present processing. So really what we're after has not been achieved yet, not even by those 2 great companies that you referenced in your question.

其中最具挑戰性的部分或許是刷卡支付處理能力。我的意思是，Shift4 的優勢在於它不像 Stripe 和 Adyen 那樣，實際上來自於處理面對面的場館交易，而在全球範圍內，這比無卡支付處理要難得多。所以我們真正追求的目標還沒有實現，即使是你問題中提到的兩家偉大的公司也沒有。

So that, again, it represents the biggest challenge. It's also what we're most excited about because it represents the biggest opportunity. So thanks, Krishna, for that.

所以，這又代表著最大的挑戰。但這同時也是我們最興奮的，因為它代表著最大的機會。感謝克里希納，謝謝你。

And operator, we are ready to take questions.

接線員，我們已準備好回答問題。

(Operator Instructions) Your first question comes from the line of Darrin Peller with Wolfe Research.

（操作員指示）您的第一個問題來自 Wolfe Research 的 Darrin Peller。

Nice job on the quarter. I just -- I want to just very quickly clarify the guidance raise came from a combination, it looks like Organic and Finaro, obviously, being included for the quarter. So just if you could help break that apart and just let us know what's contributing from what?

本季表現不錯。我只是想快速澄清一下，指導價的上調是綜合因素造成的，Organic 和 Finaro 顯然也包含在內。所以，能否請您幫忙分析一下，並告訴我們哪些因素扮演了角色？

But also, I guess, bigger question for me is just the magnitude of upside to EBITDA continues to impress. And so, when we break down whether it's gateway pricing or it's just operating leverage or -- and just how much visibility you have on that front to continue that trajectory? Would be great to hear.

但我想，對我來說，更大的問題是EBITDA的上升空間究竟有多大，這仍然令人印象深刻。那麼，當我們分析一下是入門定價還是只是營運槓桿，以及你在這方面有多少可見性來延續這一發展軌跡時，我會很高興聽到。

Yes. Thanks, Darrin, Jared here. So copy on the first question, I think we fully anticipated that. So let's just talk about Finaro and guidance. So there was a positive development in the last couple of weeks that gave us a lot of confidence on our ability to bring that transaction to a close, potentially rather soon, although we said by the end of the quarter, given that consideration, it just felt prudent at this time to provide appropriate guidance so we're not revisiting this conversation with everyone in a couple of weeks.

是的。謝謝，Darrin，我是Jared。關於第一個問題，我想我們完全預料到了。那我們來談談Finaro和業績指引。過去幾週出現了一些積極的進展，這讓我們對完成這筆交易的能力充滿信心，而且可能很快就會完成，儘管我們之前說過會在本季末完成。考慮到這一點，目前提供適當的業績指引是謹慎的做法，所以我們不會在幾週後再次與大家討論這個問題。

That said, we try to be pretty clear that we included a good portion of Finaro on our fourth quarter, and that's meant to just give us a little wiggle room because it's still an international transaction here, right? So I think if you kind of like break down the expectations that were originally set with the Finaro transaction, which Taylor reiterated on the call, I assume a good portion of that, what that leaves you with is a very healthy organic outperformance. And that's the message everyone should be taking away from that transaction.

話雖如此，我們試圖明確表示，我們在第四季度包含了相當一部分Finaro的股份，這只是為了給我們一些迴旋餘地，因為這仍然是一筆國際交易，對吧？所以我認為，如果你稍微分解一下最初對Finaro交易設定的預期（泰勒在電話會議上重申了這一點），我認為其中很大一部分會給我們帶來非常健康的有機超額收益。這就是每個人都應該從這筆交易中汲取的資訊。

But it's also like -- it's also important to put it out there so we can kind of move on to the next chapter because it's been 15, 16 months, and we're doing an awful lot with international, and we expect to be talking about an awful lot more and kind of the -- in the future ahead.

但這也很重要，把它放在那裡，這樣我們就可以進入下一章，因為已經 15、16 個月了，我們在國際上做了很多事情，我們預計在未來還會談論更多的事情。

So and then kind of moving on to next portion of your question, which is just continued -- the continued strength in the profitability profile of the business with margin expansion, free cash flow, EBITDA growth. I mean we keep talking about these same themes of taking out the parts. We have a lot of -- for any of the negatives that have ever been said about Shift4, they've got a lot of gateway connections. They've got a lot of legacy software. We agree. That's why we're taking out those parts. I mean we supported like 7, 8 different legacy software solutions 2, 3 years ago.

那麼，接下來繼續回答您問題的下一部分，也就是業務獲利能力持續強勁，利潤率、自由現金流和EBITDA都在成長。我的意思是，我們一直在討論「去掉部分組件」這個相同的主題。對於Shift4一直以來被批評的負面評價，我們有很多理由：他們有很多網關連接，有很多遺留軟體。我們同意這一點。這就是我們去掉這些元件的原因。我的意思是，兩三年前，我們支援了七、八種不同的遺留軟體解決方案。

We've now concentrate our resources and consolidated our brand on one. Every quarter that goes by, we're going to have more business, more resources on our cloud-based solution, less on our legacy solutions. We're doing the same thing on our gateway. We rolled out AI tools that can program a restaurant POS menu in 30 minutes instead of 5 hours. It's what we said before. Almost every enterprise customer that we're chasing down right now requires less overhead to support than the small restaurant customers of years ago.

我們現在已經將資源和品牌集中到一個平台。每個季度，我們的業務都會增加，更多資源將用於雲端解決方案，減少對傳統解決方案的投入。我們的網關也在做同樣的事情。我們推出了人工智慧工具，可以在30分鐘內（而不是5小時）編寫餐廳POS菜單。這正是我們之前所說的。我們現在正在爭取的幾乎每一位企業客戶，其支援成本都比幾年前的小餐廳客戶更低。

I mean, I think we talked about the Carolina Panthers this quarter adding ticketing volume, we didn't have to hire anyone to do that. We didn't have to deploy any hardware devices. We didn't have to issue any signing bonuses. So it's like we said at the end of Q4 last year. Literally, every initiative that's underway in this organization right now is going to lead to better margins and better free cash flow. And you're just seeing the results of it now halfway through the year.

我的意思是，我記得我們本季討論過卡羅萊納黑豹隊增加門票銷售量，我們不需要雇用任何人來做這件事。我們不需要部署任何硬體設備。我們不需要發放任何簽約獎金。所以就像我們去年第四季末說的那樣。實際上，我們公司目前正在進行的每項措施都將帶來更高的利潤率和更好的自由現金流。而現在，在年中，你們已經看到了這些措施的成果。

Progress to go. I guess my quick follow-up would just be, there's so many areas that you're growing your volume and outperforming. And I guess if you could just help us understand the breakdown again of again, whether it's gateway conversion or same-store sales or last year's anniversary of big clients or even new business now, any sense and directional in terms of what drove the most or maybe rank it in some form?

進展順利。我想快速跟進一下，你們在很多領域都在成長，而且表現優異。請問您能否再幫我們分析一下具體數據，無論是網關轉換率、同店銷售額、去年大客戶週年慶，還是現在的新業務，您能不能指出其中最重要的驅動因素，或者以某種形式進行排名？

Yes. I mean, just high level, and then I certainly open it up to Nancy or Taylor to fill in the blanks. But I highlighted in my script, like this past quarter, there was another 50-50 event. And that's -- it's an approximation, but if you just look at the reference win, all the Virgin Hotels were net new wins in this quarter.

是的。我的意思是，只是高層層面，然後我當然會讓南希或泰勒來填補空白。但我在腳本中強調過，就像上個季度一樣，還有另一個50-50的事件。這只是一個近似值，但如果你只看參考勝率，你會發現本季所有維珍酒店都是淨新勝率。

Obviously, Fontainebleau was net new win. I think last quarter, there were 2 other big rig -- big spherical Vegas resorts that we talked about, those were just constructed. So like you're getting half that's coming from net new. Almost all of our SkyTab is net new. I mean, we have no active upgrade campaign for our legacy customers right now on that. So you've got a lot of net new. But then you also have InTown Suites, that's 200 locations. It's still, I'd say, 50-50. I mean, if it's maybe because we have so many new verticals that never represented a gateway conversion, it will trend more than net new over time. I don't tell...

顯然，楓丹白露是淨新增客戶。我記得上個季度，我們討論過的另外兩家大型拉斯維加斯度假村也剛建成。所以，一半的新增客戶來自淨新增。我們幾乎所有的SkyTab都是淨新增的。我的意思是，我們目前沒有針對老客戶推出升級活動。所以，我們有很多淨新增客戶。此外，我們還有InTown Suites，共有200家門市。我認為，兩者仍是各佔一半。我的意思是，如果這可能是因為我們有很多新的垂直領域從未代表過門戶轉化，那麼隨著時間的推移，其成長趨勢將超過淨新增。我不說…

Yes. So when you talk about customers joining, this stats, Jared gave are perfect. It gets a little bit murkier when you think about volume growth because you do have really big customers annualizing over the course of the last year. You have a strong ability to gain share of wallet in places like stadiums.

是的。所以，說到新客戶加入，Jared 給的數據非常完美。但如果考慮到交易量的成長，情況就變得有些複雜了，因為在過去一年裡，你們確實有一些非常大的客戶實現了年化成長。你們在體育場館等場所擁有強大的市佔率成長能力。

Now we mentioned this multiple times through our scripted remarks, but adding on ticketing through existing stadium customers in which we have a lot is going to be a big driver of growth, now that we have all of the requisite ticketing integrations, completed. So the volume growth can get a little murky, but what we focus on is adding customers. That's really what drives the business.

我們在例行發言中多次提到這一點，但隨著所有必要的票務整合工作都已完成，透過我們現有的體育場館客戶（我們擁有大量客戶）增加票務收入將成為我們成長的一大動力。因此，票務量的成長可能有些模糊，但我們專注於增加客戶。這才是推動業務發展的真正動力。

And then when you've got the right customers and you focus on your integration, share of wallet grows beyond that as long as you're delivering for good customers who are growing. So hopefully, that gives you enough color. Maybe just one thing to add on, and we foreshadowed this at the beginning of the year, restaurant volumes moderate slightly -- hotels have been a bright spot. I think we mentioned probably with you, Darrin, in an investor meeting a few months ago that we were pleasantly surprised by hotel volumes, a little bit more pessimistic than most, I think, at the beginning of the year. They've continued to shine and people are out and traveling.

然後，當你擁有了合適的客戶，並專注於整合，只要你為不斷增長的優質客戶提供服務，你的錢包份額就會不斷增長。希望以上內容能提供你足夠的資訊。也許還有一點需要補充，我們在年初就預示了這一點，餐廳的客流量略有放緩——酒店一直是亮點。達林，我想幾個月前在一次投資者會議上我們可能和你提到過，我們對酒店客流量感到驚喜，我認為年初的時候我們比大多數人都更悲觀一些。飯店業務持續表現亮眼，人們也開始外出旅行。

That's great. It sounds like a broad-based strength guys.

太棒了！聽起來像是基礎廣泛的力量。

Your next question comes from the line of Will Nance with Goldman Sachs.

您的下一個問題來自高盛的威爾·南斯。

I wanted to ask a question on sort of the cadence in the back half of the year, Q3, Q4, I heard several comments throughout the script some of the growth this year will be back-half weighted. It sounds like that's more kind of incremental growth in the fourth quarter. And that kind of weakness in the third quarter. But maybe you can just help us think sequentially from second to third, what are your kind of expectations? And how are you thinking about the ramp into fourth?

我想問一個關於下半年（第三季和第四季）成長節奏的問題。我在整個報告中聽到一些評論，說今年的成長將由下半年加權。聽起來第四季的成長更像是一種漸進式成長，而第三季則略顯疲軟。您能否幫助我們按順序思考一下，從第二季度到第三季度，您的預期是什麼？您如何看待第四季度的成長？

Yes. I think that's -- the way you heard it is exactly right. Very similar to last year. We've got a couple of data irons in the fire that are kind of step function. And so we're kind of doing our best to kind of schedule when we expect to see those ramps, especially on the international and kind of some of the APM and exciting things we've got going on there. They're just a little bit pushed.

是的。我認為你聽到的完全正確。和去年非常相似。我們正忙著處理一些資料問題，這些問題有點像階梯函數。我們正在盡力安排這些成長的時間表，尤其是在國際市場，以及一些APM（加速器）和我們正在進行的令人興奮的事情。只是有些緊迫。

I think in our probably early guidance, we thought maybe we'd see those a little bit sooner. So guys kind of put some caution in there, and we've kind of backloaded those a little bit more than maybe when we started out the year at our original guide point. So that's really the message. It's not that something is really falling out of Q3, it's just kind of a step function of when some of that kind of higher take rate volume and some other new vertical initiatives are going to be kicking in.

我認為，在我們可能的早期指引中，我們認為這些可能會更早實現。所以大家在這方面還是比較謹慎的，我們比年初最初的指引點稍微延後了一些。這就是我們想要傳達的訊息。並不是說第三季真的會出現什麼問題，而只是一些更高的接受率和其他一些新的垂直舉措何時開始發揮作用的一個階躍函數。

And this is important, Will. So for investors and analysts who followed us for a long time, in Q3 is traditionally the strongest quarter for the business. All of these new initiatives balance out the business in a really nice way and sort of create a slightly different seasonal profile. So you saw this last year, as Nancy mentioned, with Q4 delivering, I think, stronger than expectations. And it's largely because we're adding on all these new verticals that we've been talking about for 2 years now and they just kind of fire on different cylinders.

威爾，這一點很重要。對於長期關注我們的投資者和分析師來說，第三季傳統上是公司業務表現最強勁的季度。所有這些新舉措都很好地平衡了業務，並在某種程度上創造了略有不同的季節性特徵。正如南希所提到的，去年你也看到了這一點，我認為第四季的表現強於預期。這主要是因為我們增加了所有這些我們兩年來一直在討論的新垂直業務，它們就像在不同的軌道上燃燒一樣。

So it's great for the overall kind of visibility end of the year. We just want to caution that Q4 will represent a stronger quarter relative to kind of a full year picture than it has in prior years.

所以這對年底的整體可預見性來說非常好。我們只是要提醒一下，第四季相對於全年來看將比往年表現更強勁。

Got it. That's helpful. And then just as a follow-up, the SkyTab 6,500 locations installed in the second quarter. Jared, I know you're not a subscriber to kind of location counts overall, but it is a pretty robust number and pretty on par with the large competitor that you guys are referring to. So maybe you could just talk about the cadence there? Like is that kind of a sustainable level of location growth? And maybe just talk through any issues of comparability with some of your peers?

明白了。這很有幫助。接下來，作為後續問題，SkyTab 在第二季安裝了 6,500 個地點。 Jared，我知道您不訂閱這種地點統計，但這個數字相當強勁，與您所提到的大型競爭對手相當。所以，您能否談談那裡的節奏？這種地點成長是否可持續？能否談談與您的一些同行在可比性方面有哪些問題？

Yes. I mean, first of all, we've tried to be very specific at not getting into the location count game. Like -- I think even previous expectations set is that we are very content being second place at the end of the year with respect to locations if we're targeting more upmarket, higher take rate customers and nothing has changed in that regard.

是的。首先，我們一直努力避免陷入門市數量競爭的泥淖。我想，即使之前的預期是，如果我們瞄準的是更高端、更高接受率的客戶，那麼在年底門市數量排名第二就很滿足了，而在這方面我們並沒有做出任何改變。

Other than -- I'd say, look, demand is good. Demand is really good right now. Whatever data that we've shared thus far was obviously prior to any marketing campaigns or incentives that we've made available, which has only boosted demand. So I think we have pretty -- we've always been incredibly confident in our product in this vertical right now. We have awesome distribution, and we have decades of experience chasing down restaurants.

除此之外——我想說，需求很好。現在的需求真的很好。我們迄今為止分享的任何數據顯然都是在我們進行任何行銷活動或激勵措施之前發布的，而這些活動或激勵措施只會提振需求。所以我認為我們非常——我們目前在這個垂直領域對我們的產品非常有信心。我們擁有強大的分銷管道，並且擁有數十年尋找餐廳的經驗。

And as I mentioned before, like this is there's nothing cosmic about ringing up a cheeseburger. I don't think you can necessarily compare the products in that space to some of the most sophisticated-like AI systems in the world. It's a cloud-based solution, rings up a cheeseburger, drives operational efficiencies in a restaurant. We know a lot about it, built a good product for it and it's good distribution, and we expect to have very healthy demand throughout the year. I think we'll -- again, we won't be in the location count game every quarter, but we will try and give you some updates from time to time, so you know that it's working.

正如我之前提到的，像這樣，打電話給起司漢堡並沒有什麼了不起的。我認為你沒必要把這個領域的產品與世界上一些最先進的人工智慧系統相提並論。它是一個基於雲端的解決方案，可以給起司漢堡打電話，提高餐廳的營運效率。我們對此非常了解，為此打造了一款優秀的產品，並且擁有良好的分銷管道，我們預計全年的需求都會非常強勁。我想我們會——再說一次，我們不會每個季度都進行門市數量統計，但我們會嘗試不時地向大家提供一些更新，讓大家知道它正在發揮作用。

Will, just the one thing I want to add on to that is our merchant adds is not at all a surprise to us from where we sit in the business. I think it can be a little bit of a surprise externally because we're corralling those ads around a single brand in SkyTab. But keep in mind, we've been operating, as Jared mentioned, multiple restaurant point-of-sale brands for a long period of time. And our ads have been very strong and steady. I think last published ad was over 50% volume growth in restaurants over a multiyear CAGR that included a pandemic.

威爾，我想補充一點，從我們目前的業務狀況來看，我們的商家廣告成長對我們來說並不意外。但我認為外在因素可能會讓我們有點意外，因為我們在 SkyTab 上把這些廣告都集中在一個品牌上。但請記住，正如賈里德所提到的，我們長期以來一直在經營多個餐廳銷售點品牌。我們的廣告一直非常強勁且穩定。我記得上次發布的廣告顯示，餐廳的銷量在多年的複合年增長率（包括疫情）中增長了超過 50%。

So I think the world is just getting around is seeing a consistent brand in the marketplace from Shift4. But under the hood, we've been delivering this restaurant merchant ad cadence for quite a while.

所以我認為，大家現在看到的只是Shift4在市場上一致的品牌形象。但在幕後，我們為餐廳商家投放廣告的節奏已經持續了一段時間。

Your next question comes from the line of Tim Chiodo with Credit Suisse.

您的下一個問題來自瑞士信貸的 Tim Chiodo。

Great. I want to dig into the ticketing. So the Ticketmaster announcement, now you have Ticketmaster, Paciolan, SeatGeek. So I want to talk about how differentiated this is. Maybe you could just talk about if anyone else even has this kind of set up when you go into a stadium or a team and you have the concessions, you have the restaurant and now you have the ticketing, so you can fully provide to them, literally, payments across all of their main venues, if you will.

太好了。我想深入研究一下票務。 Ticketmaster 宣布了，現在有了 Ticketmaster、Paciolan 和 SeatGeek。我想談談這其中的差異。或許你可以說說，如果其他公司也有這樣的系統，當你走進一個體育場或一個球隊，你有特許經營權，有餐廳，現在你還有票務，這樣你就可以為他們提供所有主要場館的全面支付服務，如果你願意的話。

Can you just talk about if anyone else is in that ballpark or how differentiated that is? And then a minor just modeling follow-up on that. Is there any kind of a revenue share that goes back to the -- what is effectively the ISV in terms of the Ticketmaster, the Paciolan and the SeatGeek's?

您能否談談是否有其他公司也處於類似的水平，或者它們之間的差異化程度如何？然後，再進行一些後續的建模。是否存在某種形式的收入分成，可以追溯到——就Ticketmaster、Paciolan和SeatGeek而言，實際上的獨立軟體開發商（ISV）是什麼？

Tim, thanks for that question now. Of course, we always believe that it's a very robust competitive landscape, especially with respect to sports and entertainment. But we do believe we've been investing very healthy into a category-leading product that's only gotten better, especially with respect to all three of those ticketing integration.

提姆，謝謝你的提問。當然，我們始終認為這是一個非常激烈的競爭格局，尤其是在體育和娛樂領域。但我們確實相信，我們一直在為這個行業領先的產品投入大量資金，而且這個產品只會越來越好，尤其是在這三個票務整合方面。

I can't speak to what anyone else out there has, but you can see the logos every quarter, like we're doing a great job there winning. Ticketing is huge. I think we really prioritized that like a couple of years ago. I mean we knew in-seat mobile ordering was going to be big, but it's not the lion's share of the volume. So using that as kind of the foot in the door to get what is the prize, which is ticketing volume was, I think, like a really smart tactic a few years ago. and it's paying out very well now.

我無法評價其他公司的表現，但你每季都能看到我們的標識，感覺我們在這方面做得很好。票務業務非常重要。我想我們幾年前就非常重視票務業務了。我的意思是，我們知道座位上的行動訂餐業務會很受歡迎，但它在票務量中所佔份額並不大。所以，我認為利用這一點作為敲門磚，獲得真正的獎勵，也就是票務量，在幾年前是一個非常聰明的策略。現在，這種策略的回報非常豐厚。

So having all 3 ticketing integration is pretty important. In terms of the rev share to the ISVs, my understanding is deal-by-deal based. So it's, I think, deal-by-deal, team-by-team, but ticketing in general is several times that in terms of -- from a volume contribution perspective than the actual stadium itself and the take rates are better probably by several times as well. So even with the revenue share, it's still like -- it's still a nice contribution to the business. Especially since like -- again, there's no corresponding OpEx associated, no growth CapEx associated with it, just kind of flows through.

因此，整合三家票務平台至關重要。至於獨立軟體供應商（ISV）的收益分成，我的理解是基於每筆交易的。所以，我認為，這是基於每筆交易、每支球隊的。但整體而言，從票務量貢獻的角度來看，票務收入是體育場本身收入的幾倍，收入分成率可能也高出幾倍。所以，即使有收益分成，它仍然對業務貢獻很大。尤其是因為——再說一次，它沒有相應的營運支出，也沒有相關的資本支出成長，只是順勢而為。

Your next question comes from the line of Dan Perlin with RBC.

您的下一個問題來自 RBC 的 Dan Perlin。

I wanted to go back to the commentary around adding distribution in Europe. And my question, I guess, is really -- can you just maybe flesh out what that specifically means? I mean are you thinking about there's distribution assets there that you're already tethered to that you want to buy in similar to what you've done with insourcing? Or are there -- or is this -- kind of a footprint grab in a country? I'm just trying to understand when you talk about capital allocation to distribution in Europe, what that flavor really looks like.

我想回到關於在歐洲增加分銷管道的評論。我的問題是──您能否具體解釋一下這具體意味著什麼？我的意思是，您是否考慮過您已經在歐洲擁有的分銷資產，並希望像內部採購那樣收購這些資產？或者，這是否是——或者說，是——在某個國家/地區進行某種形式的業務擴張？我只是想了解，當您談到資本配置到歐洲分銷管道時，這種做法究竟是什麼樣的。

So that's like a really great question, Dan. So it varies based on product and service, right? Just the same way it does here in the U.S. So we have 550-plus software integrations that all have -- these are some of the largest software companies in the world. They all have their own support infrastructure. They have their own distribution arms, in which case, simply making available an end-to-end payment solution to them with that integration in Europe, the same as we do in the U.S. is really straightforward. We don't have to -- we don't really have to buy anything in that regard. That's just organic investments. And that's what we're doing when I said in my prepared remarks, like we are working through our hotel property management system integrations right now in Europe.

丹，這個問題問得真好。所以，這取決於產品和服務，對吧？就像在美國一樣。我們有550多個軟體集成，它們都是世界上最大的軟體公司之一。它們都有自己的支援基礎設施。它們有自己的分銷部門，在這種情況下，只需透過這些集成，在歐洲為他們提供端到端的支付解決方案，就像我們在美國所做的那樣，非常簡單。我們不需要——我們實際上不需要在這方面購買任何東西。這只是有機投資。這就是我們在準備好的發言中所說的，我們目前正在歐洲推進酒店物業管理系統的整合。

So this is your Micro's systems , your Microsoft, these type of integration providers. In which case, again, very little we have to do in Europe because those ISVs themselves possess all the infrastructure and distribution capabilities.

所以，這就是你們的Micro系統、你們的Microsoft，這些類型的整合提供者。在這種情況下，我們在歐洲幾乎不需要做什麼，因為這些ISV本身就擁有所有的基礎設施和分銷能力。

Now with respect to SkyTab, that's a different story, right? That's our product, just like VenueNext or our sports entertainment product is our product. And in that regard, we are looking at a lot of different paths to distributing SkyTab in Europe and then providing local service and support, which is pretty important. That is a very high priority for us now that the product is, in fact, processing transactions at restaurants in Europe.

至於 SkyTab，情況就不同了，對吧？它是我們的產品，就像 VenueNext 或我們的體育娛樂產品一樣。在這方面，我們正在研究多種途徑在歐洲分銷 SkyTab，並提供本地服務和支持，這非常重要。鑑於該產品目前已開始在歐洲的餐廳處理交易，這對我們來說是重中之重。

So I mean Europe, as I think many of you know, like we spent a lot of time there of late. It is from an integrated payments perspective, at least 10 years behind the U.S. So this is a lot of opportunity. I mean, there's going to be a really interesting land grab that I think is coming up, and it's why it's a high priority for us to kind of open up the new front there with respect to our restaurant to U.S. product.

我的意思是，歐洲，我想你們很多人都知道，我們最近在那裡花了很多時間。從綜合支付的角度來看，它至少比美國落後10年。所以這裡面有很多機會。我的意思是，我認為一場非常有趣的爭奪戰即將到來，這就是為什麼我們優先考慮在那裡開闢新的戰線，讓我們的餐廳產品面向美國市場。

Awesome. Can I ask a follow-up on that? You mentioned micro System have a lot of -- or they still do have a lot of hotel payment systems out in Europe. So I'm wondering, is there a parlay for SkyTab to be put into those hotels for restaurants and things of that nature? Is that just a natural extension for you? Or is that not as contemplated today?

太棒了。我可以問一個後續問題嗎？您提到 Micro System 在歐洲有許多飯店支付系統，或者說他們現在仍然有許多飯店支付系統。所以我想知道，SkyTab 是否有可能被應用到這些酒店的餐廳支付系統以及類似的支付方式？這對您來說是一個自然而然的延伸嗎？還是說目前還沒有這樣的計畫？

I mean, I have to believe that Shift4 processes payments that originate from Micro's systems more so than anyone else in the world. And I would say by like maybe even an order of magnitude. So from our perspective, we are -- we have immense expertise with that product. And if the merchant is very happy using Micros in Europe and want to process across our rails or using Opera, their property management, the Micro property management system in Europe across our rails, that's very enticing to us. No reason necessarily to rock the boat by replacing it with SkyTab itself, which is kind of our philosophy in the U.S. curve, restaurant customers like Tao , Hakkasan, all use Micros in the U.S. very well with Shift4.

我的意思是，我不得不相信 Shift4 處理來自 Micro 系統的支付比世界上任何其他公司都要多。我想說，甚至可能高出一個數量級。所以從我們的角度來看，我們在該產品方面擁有豐富的專業知識。如果商家非常樂意在歐洲使用 Micros，並希望透過我們的管道進行處理，或者使用 Opera、他們的物業管理，即歐洲 Micro 的物業管理系統透過我們的管道進行處理，這對我們來說非常有吸引力。沒有必要用 SkyTab 本身來取代它，這在某種程度上是我們在美國市場的理念，像 Tao、Hakkasan 這樣的餐廳客戶都在美國將 Micros 與 Shift4 結合使用，效果非常好。

That said, Look, the whole restaurant market in Europe right now is basically using nonintegrated terminals. I mean even if they have an old Windows-based POS system, they're using this like wireless handheld device to bring to the table, it's not integrated at all. Like that's what we're talking about in terms of prime opportunity to hit with SkyTab.

話雖如此，你看，目前歐洲整個餐飲市場基本上都在使用非整合終端。我的意思是，即使他們有老舊的Windows POS系統，他們也用這種無線手持設備來點餐，根本就不是整合的。這就是我們所說的SkyTab抓住黃金機會的地方。

So in many respects, we're spending a lot of time in Europe. It really does look like how it did in the U.S., right at the early days of Mercury payments, call it, like 10, 15 years ago, and that's going to create an awful lot of opportunity for a payments company that really knows integrated payments well.

所以，從很多方面來看，我們在歐洲投入了大量時間。它看起來確實很像美國的情況，就像Mercury支付公司10到15年前的早期那樣，這將為真正了解整合支付的支付公司創造大量機會。

Your next question comes from the line of Rayna Kumar

你的下一個問題來自 Rayna Kumar

I find Slide 7, particularly interesting, where you're comparing SkyTab versus competitor pricing. Do you see this as an opportunity to nudge pricing up some and so remain below competitor pricing? And then I'll just ask my follow-up on -- you highlighted that competitor fee increased in the quarter that most of us have noted. Did you see a notable uptick in SkyTab sales as a result?

我覺得第7張投影片特別有意思，您比較了SkyTab和競爭對手的定價。您是否認為這是一個機會，可以稍微提高價格，從而保持低於競爭對手的價格？然後我想問一下我的後續問題——您強調了我們大多數人都注意到的本季競爭對手的費用有所增加。您是否因此看到SkyTab的銷售額顯著上升？

Rayna, thanks for the questions, Jared here, and I definitely open up to everyone. I'd say like, first, in terms of are there pricing opportunities? I mean, that's the farthest from our mind right now.

Rayna，謝謝你的提問，我是 Jared，我當然願意對大家開放。我想問的是，首先，是否有定價機會？我的意思是，這目前我們最不想考慮。

As Taylor mentioned, even with this new incentive where we're offering $5000 to basically throw out your old system and pay the merchant $1 for every online order for, I think, the first 90 days. We're still inside of an 18-month payback period. We believe that there's trust has been broken with restaurant customers over the last couple of months. This is shaky ground. This isn't the time really to consider leaning in from a pricing perspective. This is the time to take share.

正如泰勒所提到的，即使我們推出了新的激勵措施，即提供 5000 美元，基本上就是讓你放棄舊系統，並在前 90 天內為每筆在線訂單向商家支付 1 美元。我們仍然處於 18 個月的回報期內。我們認為，過去幾個月來，餐廳顧客的信任已經破裂。這是一個不穩定的局面。現在不是真正考慮從定價角度傾斜的時候。現在是搶佔市場份額的時候。

So that's like entirely what we're focused on right now. I mean, it's kind of -- this is the advantage we have. Like, we've been doing restaurants and payments for a really long time in a profitable way. we don't have to price our way to profitability. So that is the farthest thing from our mind at this point in time.

所以這完全就是我們現在關注的重點。我的意思是，這可以說是——我們的優勢。例如，我們做餐飲和支付業務已經很長時間了，而且獲利能力很強。我們不需要透過定價來獲利。所以目前我們根本不會考慮這個。

What I would say in terms of -- like, demand, the results from this quarter were really prior to any noise that was in the industry from like a competitive environment. I mean, most of that noise happened in early July after the quarter it ended. What I will say is like there is a lot of demand now. There's definitely, like I said, some trust has been broken, and we've got a promotion out there that I think is going to be pretty enticing. So if we're expecting good results from it, it's more of what you'll see in the second half of the year than what you saw in this last quarter.

就需求而言，我想說的是，本季的業績確實先於產業競爭環境帶來的任何噪音。我的意思是，大部分噪音都出現在本季結束後的7月初。我想說的是，現在需求很大。正如我所說，肯定有一些信任被打破了，而且我們推出了一項促銷活動，我認為這個活動會很誘人。所以，如果我們期待取得好成績，那麼下半年的表現會比上季更好。

Your next question comes from the line of Jason Kupferberg from Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to come back on the full year guidance and the increase that's related to Finaro. You talked about the EBITDA piece a bit. I think it's pretty clear you raised EBITDA guidance even ex Finaro materially, but wanted to hone in, I guess, on the volume side.

我只是想回顧一下全年業績指引以及與 Finaro 相關的成長。您稍微談到了 EBITDA 部分。我認為您大幅提高了 EBITDA 指引，即使不包括 Finaro，但我想您還是想專注於銷售方面。

I think going back to when you originally announced Finaro. You were talking about $15 billion of volume, if I'm not mistaken. So if we take 1/4 of that, it's almost $4 million. You raised the end-to-end volume guidance by 4%. So just trying to parse out what's truly organic in the end-to-end volume raise versus Finaro?

我想回到您最初宣布 Finaro 的時候。如果我沒記錯的話，您當時說的是 150 億美元的交易量。所以，如果我們取其中的四分之一，那就是將近 400 萬美元。您之前將端到端交易量預期提高了 4%。所以，您只是想分析一下，與 Finaro 相比，端到端交易量成長中真正自然成長的部分是什麼？

Yes. So a few sort of disclaimer comments on that. We've never given any season -- seasonality profile of Finaro. So I don't want anyone to just divide everything by 4, it's a very difficult business than Shift4.

是的。所以，我對此有一些免責聲明。我們從未提供過 Finaro 的任何季節性概況。所以我不希望任何人簡單地把所有數據除以 4，這比 Shift4 的難度要大得多。

With that being said, the volume guidance raise does include, obviously, a volume contribution from the organic business. all the ticketing growth that we talked about, a handful of enterprise customers that are activating all that we expect kind of in the third and into the fourth quarter. So there is both. I want to caution, we're kind of deliberate and not giving like quarterly level financials of a business. And that, I think, is prudent, especially as we signed it 15 months ago. So while we included a portion of Q4, you can't simply divide the year by 4.

話雖如此，銷售量預期的提升顯然包含了有機業務的銷售貢獻。我們之前談到的所有售票成長，以及一些企業客戶，這些客戶正在啟動我們預期在第三季和第四季實現的所有成長。所以，兩者兼具。我想提醒一下，我們有意不提供季度財務數據。我認為這是謹慎的做法，尤其是在我們15個月前就簽署了協議的情況下。所以，雖然我們包含了第四季的部分數據，但你不能簡單地將全年數據除以4。

Yes. I mean, also just to reinforce that point, we said we gave -- we included a portion of Finaro in the fourth quarter. I think it's pretty healthy. It's fair to say that a haircut was applied. The volume growth trends in Shift4 -- you look back at however many quarters you want are pretty strong. Nothing is changing about that going into the second half of the year.

是的。我的意思是，為了強調這一點，我們之前說過——我們在第四季度納入了一部分Finaro的資產。我認為現在的業績相當健康。公平地說，我們進行了一定程度的減記。 Shift4的銷售成長趨勢－無論回顧多少個季度，都相當強勁。進入下半年，這種情況不會有任何改變。

Yes. It seems like there's a lot of underlying momentum. For my follow-up, I wanted to ask about the M&A pipeline. Taylor. I know you talked about it. It sounds like it's maybe getting even fuller. And just wanted to take your temperature on what you're seeing in terms of valuations. I think you mentioned there was even some potential transformational opportunities in that pipeline. And in theory, how high of a leverage ratio would you be comfortable with if the right large deal came along?

是的。看起來有很多潛在的動力。接下來想問一下併購通路。泰勒，我知道你有提到過。聽起來好像現在的併購管道可能更豐富了。我想了解你對估值的看法。我記得你提到過，併購通路中甚至存在一些潛在的轉型機會。理論上，如果出現適當的大型交易，你能接受多高的槓桿率？

Yes. Well, I'll start by saying I don't get to pick our leverage ratio -- Nancy, me and Jared. So I'll let her comment on that. But I will say this has been an increasing March since really the beginning of this year, maybe even the end of last year towards, I think, a more rationalized seller, right? So we all know what the SPAC-craze did to private company seller expectations, right?

是的。首先我要說的是，我無法決定我們的槓桿率——南希、我和賈里德。所以我請她來評論一下。不過我要說的是，從今年年初，甚至從去年年底開始，3月份的槓桿率一直在上升，我認為賣方更加理性了，對吧？所以我們都知道SPAC熱潮對私人公司賣方預期的影響，對吧？

Even deals didn't get done and a heck of a lot of deals did get done. Seller expectations were elevated to, in our views, completely irrational levels. What you have now is an operating environment that despite some uncertainty is a lot more predictable and a capital markets environment that I think is much more predictable for business operators to think about what the next 3 to 5 years is going to look like, and we are an incredibly safe pair of hands for those operators.

甚至有些交易都沒能成交，但成交的卻相當多。在我們看來，賣方的預期被抬高到了完全不合理的程度。現在的營運環境，儘管存在一些不確定性，但更可預測，資本市場環境也更可預測，企業經營者可以更好地預測未來3到5年的發展方向，而對於這些經營者來說，我們是無比可靠的合作夥伴。

We're also inclined, which I think is somewhat unique to use equity to align partners, which is not something many companies at valuations like we feel ours are willing to do. But we will view the equity like we did in the case of Finaro and then go buy it back in the Street to align the right shareholders the objectives we want. So the number of conversations we're having are increasingly increasing and they're more productive.

我們也傾向於用股權來協調合夥人，我認為這在某種程度上是獨一無二的，許多估值與我們類似的公司都不太願意這麼做。但我們會像對待Finaro一樣審視股權，然後再回購，讓合適的股東與我們的目標一致。因此，我們之間的對話越來越多，也越來越有成效。

I think is the most important part where people are seeing the combined vision. Keep in mind though, when we sort of planted the seed for international, your opportunity set is going to grow naturally, right? There are just tons of businesses all over the world doing really interesting things on the international front. And now with the completion of Finaro, we've got a real proof point and quite frankly, some champions are willing to tell the story about what it means to partner with us on this journey and that helps grow the pipeline as well.

我認為最重要的部分是讓人們看到共同的願景。不過請記住，當我們播下國際化的種子時，你的機會自然會增長，對吧？世界各地有無數企業在國際化領域做著非常有趣的事。現在，隨著 Finaro 的完成，我們有了真正的證據。坦白說，有些領導者願意講述與我們合作的意義，這也有助於拓展管道。

Yes. And I would just tack on to that, we'll always say we don't have a target leverage, but certainly want to keep it well south as, you know, that 4x. But I think you would see us pop off. If we know that we could quickly synergize like Taylor said, there's a lot of good opportunities out there where we know we could quickly delever. And so you've seen us do that, and that would be part of the thesis going forward.

是的。我想補充一點，我們總是說我們沒有設定目標槓桿率，但肯定希望保持在4倍左右。但我認為你會看到我們快速成長。如果我們知道我們能夠像泰勒所說的那樣快速實現協同效應，那麼我們就能抓住很多好機會，快速去槓桿。所以你已經看到我們這樣做了，這將是我們未來策略的一部分。

Yes. The thing to keep in mind there because I think a lot of people look at leverage ratios and say what's the impending cost of debt on the -- or what the cost of debt that's been taken on to maintain that leverage ratio? Our cost of debt is 1.35%. Our nearest maturity, as I mentioned in the script, is December of 25. So we've got cash on the balance sheet that we can deploy that can test a leverage ratio, but at a very, very reasonable cost with an extensive maturity.

是的。需要注意的是，我認為很多人會關注槓桿率，並會問即將到來的債務成本是多少——或者說，為了維持這個槓桿率，已經承擔的債務成本是多少？我們的債務成本是1.35%。正如我在腳本中提到的，我們最近的到期日是12月25日。因此，我們的資產負債表上有可以部署的現金，可以用來測試槓桿率，但成本非常合理，期限也比較長。

So as Nancy mentioned, we're not going to do something even on just the blended ratio that the public markets would seem unpalatable. We actually view capital allocation and M&A as a core competency. And so we always need to preserve some dry powder. But our cost of debt factors into how we think about the cash we use in an M&A transaction as well. And New York is like pretty best in class right now.

正如南希所說，我們不會採取任何公開市場難以接受的混合比例。實際上，我們將資本配置和併購視為核心競爭力。因此，我們始終需要保留一些現金。但我們的債務成本也會影響我們在併購交易中使用的現金。而紐約目前在這方面的表現相當出色。

Your next question comes from the line of Ashwin Shirvaikar from Citi Inc.

您的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I wanted to ask about the point you made in your shareholder letter about expense discipline and maintaining flat head count and so on. And so the scalability of those efforts because I think you said that for a few quarters now, given the pace of growth, to what extent should we expect scalability to continue? And maybe you could provide more information about the Phoenix AI initiative as well?

我想問您在致股東信中提到的關於費用控制和保持員工人數平衡等問題。您也提到了這些措施的可擴充性。我記得您之前說過，考慮到目前的成長速度，我們預期這種可擴展性將在多大程度上持續下去？您能否提供更多關於Phoenix AI計劃的資訊？

Sure, Ashwin. Yes, thanks for the question. I mean, I try to be -- like, brutally honest about this in Q4, as I could, which is we grew an awful lot during the pandemic, as you know, and what a terrible environment to hire people in. There's tons of remote hiring all over the place and nobody -- despite what they said, had like their internal HR and hiring systems and learning and development, education systems, super dialed in and what that results in is like a super inefficient pool of talent, like, nobody is going to be as productive as if they were under a single roof.

當然，Ashwin。是的，謝謝你的提問。我的意思是，我盡量在第四季度坦誠地談論這個問題，也就是說，正如你所知，我們在疫情期間成長了很多，但招募環境卻很糟糕。到處都有大量的遠端招聘，而且沒有人——儘管他們說了什麼——能夠完全掌控他們的內部人力資源、招聘系統、學習發展和教育系統，這導致了一個極其低效的人才庫，沒有人能像在一個屋簷下那樣高效。

And I would say during the pandemic, when you had like all that euphoria and craziness from a hiring perspective, Shift4 probably wasn't the first choice for a lot of people looking to get into fintech and payments. So just being grounded in that reality at the end of last year, it was like, okay, we're back. We're putting investments in internal systems, like we're bringing people back into our offices and now is the time to demonstrate the scalability of the business. And if we brought on talent that is underperforming expectations there or not aligned with our strategic priorities, then let's move on in a nice way and bring in people that are difference makers that we couldn't get in 2020 and 2021 during all that madness.

我想說，在疫情期間，招募方面那種興奮和瘋狂的氛圍，Shift4 可能並不是很多想進入金融科技和支付領域的人的首選。所以，考慮到去年年底的現實情況，我們當時就想，好吧，我們回來了。我們正在對內部系統進行投資，例如把員工帶回辦公室，現在是時候展示業務的可擴展性了。如果我們引進的人才表現不如預期，或與我們的策略重點不符，那麼我們就以一種好的方式繼續前進，引進那些在 2020 年和 2021 年那段瘋狂時期無法招到的、能夠帶來改變的人才。

And that's exactly what we're doing now. So we spent the first quarter and a half, if you will, like evaluating our talent and making investments in internal systems like Project Phoenix, which is like pull up overhaul and replacement of many internal systems. We're adding Salesforce. We are using AI for -- I guess, that efficiency and productivity means. And then we are upgrading talent. And once we have some of the talent that can better contribute to our strategic priorities, we're again moving on very nicely from those that aren't, Nancy mentioned, about 150 people at the end of the second quarter.

這正是我們現在正在做的事情。所以，如果你願意的話，我們用了第一個半季度的時間來評估我們的人才，並對像鳳凰計劃這樣的內部系統進行投資，這就像對許多內部系統進行了全面檢修和替換。我們正在新增Salesforce。我們正在使用人工智慧——我想，是為了提高效率和生產力。然後，我們正在提升人才。一旦我們擁有了一些能夠更好地為我們的策略重點做出貢獻的人才，我們就會再次順利地淘汰那些沒有做出貢獻的人才，南希提到，第二季末大約有150人。

And we're going to keep doing that throughout this year. Like we're going to fight like hell to end the year with the same head count that we began and be a much better and stronger company. And if the growth profile continues the way we certainly expect it to, and we do achieve even being remotely in the hip code of that flat headcount, then the results from a margin expansion perspective should be pretty strong.

我們今年會繼續這樣做。我們會拼盡全力，力爭在年底員工人數與年初持平的情況下，成為一家更好、更強大的公司。如果成長動能延續到我們預期的水平，而我們確實實現了員工人數持平的目標，那麼從利潤率成長的角度來看，業績應該會相當強勁。

Hey, operator.

嘿，接線生。

Do you have a follow up question? Can we do the Ashwin.

你還有後續問題嗎？我們可以做Ashwin嗎？

.

。

Operator , You there?

接線員，您在嗎？

Yes, I'm here. Ashwin, I'm not sure if you had a follow-up, but I can return it to the queue if you like.

是的，我在這裡。 Ashwin，我不確定你有沒有後續問題，不過如果你願意的話，我可以把它放回隊列。

Please.

請。

Sorry, Ashwin, are you still there? Ashwin? Operator, why don't we just take one final question.

抱歉，阿什溫，你還在嗎？阿什溫？接線員，我們再問最後一個問題。

Okay. With that being said, your next question will come from the line of Andrew Jeffrey with Truist Securities.

好的。話雖如此，您的下一個問題將來自 Truist Securities 的 Andrew Jeffrey。

I appreciate you squeezing me in. Jared, SkyTab POS is super exciting, given what's happening at the point of sale. Can you just comment on ultimately how scalable you see this solution being, I know you have a very important partnership with Micros as you highlighted again today. But it just feels like you have this incredible opportunity to perhaps go upmarket with your own integrated point-of-sale solution. I wonder if that's something that over time becomes a vision for this company.

感謝您抽出時間。 Jared，考慮到目前銷售點的現狀，SkyTab POS 非常令人興奮。您能否談談您認為這款解決方案的最終可擴展性如何？我知道您與 Micros 的合作關係非常重要，正如您今天再次強調的那樣。但我覺得您擁有一個絕佳的機會，或許可以透過自己的整合式銷售點解決方案進軍高端市場。我想知道這是否會成為我們公司的願景。

Yes. Thanks for the question. I mean, look, in terms of the products that we've built that we expect demand to exist for all over the world. I mean our restaurant POS product solution and our sports and entertainment solutions are kind of the tip of the spear. So we're expecting a lot from both those products, again, all over the world.

是的，謝謝你的提問。我的意思是，就我們目前開發的產品而言，我們預計全球各地都會有需求。我的意思是，我們的餐廳POS產品解決方案以及體育和娛樂解決方案是其中的佼佼者。因此，我們對這兩款產品在世界各地都抱持著很高的期望。

In terms of where we're going to focus, we've said this many times, like you never want to be in a market where you can download an app on an iPad and run your business. Like that's Square territory, PayPal, Clover. Like, we're not going to be anywhere near that. We're going to be in the opposite end of the spectrum where like nobody wants to be, the most complicated and demanding customers. And we absolutely have SkyTab going in those locations.

關於我們的重點，我們已經說過很多次了，你永遠不想進入一個可以在iPad上下載應用程式就能經營業務的市場。那是Square、PayPal和Clover的地盤。我們不會靠近那個市場。我們將站在另一個極端，沒有人願意成為最複雜、最苛刻的客戶。而SkyTab絕對會進入這些市場。

For example, the live locations we highlighted, I think they have hundreds of systems in certain locations, like they are -- they do a ton of volume. We have them at United Center and in a lot of stadium restaurants. So the product itself is being battle-tested in some really, really awesome locations. And I think -- like, the next priority is to take it all over the world. But there are so many elements to that road map that focus around enterprise menu management capabilities.

例如，我們重點提到的那些現場服務點，我認為他們在某些地方有數百套系統，處理大量資料。我們在聯合中心和許多體育場的餐廳都有這些系統。所以，產品本身正在一些非常棒的地方進行實戰測試。我認為，下一個重點是把它推廣到世界各地。但這份路線圖有許多內容都圍繞著企業選單管理功能。

I mean, if you -- you go on our website and you look at our logos. There's some that we don't talk about that have been customers for like 20, 25 years that have thousands of locations in this country, like, we learn a lot from customers like that and what they require that's all part of the road map for SkyTab. So in terms of opportunity, yes, we like it and we especially like it because we think it's a competitive environment of like 2 or 3. That's always a good place to be in.

我的意思是，如果你訪問我們的網站，看看我們的標誌。有些客戶我們沒怎麼提及，但他們已經是我們的客戶20到25年了，在全國擁有數千家門市。我們從這些客戶身上學到了很多東西，了解他們的需求，這些都是SkyTab發展規劃的一部分。所以，就機會而言，是的，我們喜歡它，尤其喜歡它，因為我們認為這是一個兩三家公司競爭的環境。這總是一個好機會。

I will now turn the call back over to Jared Isaacman for closing remarks.

現在我將把電話轉回給賈里德·艾薩克曼，請他作最後發言。

No. So look, I really appreciate everybody joining the call today. We have some good questions. And I'm sure we'll be chatting with many of you throughout the next couple of days. And I hope you're all having a great summer. Take care.

不。所以，我非常感謝大家今天參加電話會議。我們有一些很好的問題。我相信接下來的幾天我們會和你們中的許多人聊天。祝大家有個愉快的夏天。保重。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。