Shift4 Payments Inc (FOUR) 2024 Q1 法說會逐字稿

Greetings, and welcome to Shift4 Q1 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Shift4 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Tom McCrohan, Executive Vice President, Investor Relations. Please go ahead.

現在我想將會議交給東道主投資者關係執行副總裁湯姆·麥克羅漢 (Tom McCrohan)。請繼續。

Thank you, operator. Good morning, everyone, and welcome to Shift4's first quarter 2024 earnings conference call. With me on the call today are Jared Isaacman, Shift4's Chief Executive Officer; Taylor Lauber, our President and Chief Strategy Officer; and Nancy Disman, our Chief Financial Officer.

謝謝你，接線生。大家早安，歡迎參加 Shift4 2024 年第一季財報電話會議。今天與我一起參加電話會議的是 Shift4 執行長 Jared Isaacman；泰勒‧勞伯 (Taylor Lauber)，我們的總裁兼首席策略長；以及我們的財務長南希·迪斯曼 (Nancy Disman)。

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 X Spaces, formerly known as Twitter, which can be accessed through our corporate Twitter account @Shift4.

本次電話會議正在我們網站的投資者關係部分進行網路直播，您可以在 Investors.shift4.com 上找到該部分。今天的電話會議也在 X Spaces（以前稱為 Twitter）上同步直播，可以透過我們的公司 Twitter 帳戶@Shift4 存取平台。

Our quarterly shareholder letter, quarterly financial results and other materials related to our quarterly results have all been posted to our IR website.

我們的季度股東信、季度財務業績以及與季度業績相關的其他資料均已發佈到我們的投資者關係網站上。

Our call and earnings materials today include forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of certain risks, uncertainties and many important factors.

我們今天的電話會議和收益資料包括前瞻性陳述。這些陳述並不是對未來業績的保證，由於某些風險、不確定性和許多重要因素，我們的實際結果可能會產生重大差異。

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.

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 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.

對於本次電話會議中討論的任何非公認會計原則財務信息，相關的公認會計原則措施和調節表可在今天的季度股東信中找到。

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

就這樣，讓我打電話——讓我把電話轉給賈里德。賈里德？

Thanks, Tom. So if you've already reviewed our earnings letter, then you already know this was a very busy quarter, and there's an awful lot for us to discuss today.

謝謝，湯姆。因此，如果您已經閱讀了我們的收益函，那麼您已經知道這是一個非常繁忙的季度，我們今天有很多事情要討論。

So we wrapped up a strategic review. We continue to win some of the most coveted enterprise merchants. We added thousands of new SkyTab customers. We cross-sell ticketing into our numerous stadium wins, and we announced a synergy-rich and very attractively priced acquisition, alongside continuing our geographic expansion and delivering reasonably strong results and record free cash flow.

因此，我們完成了戰略審查。我們不斷贏得一些最令人垂涎​​的企業商家。我們增加了數千名新 SkyTab 客戶。我們在眾多體育場勝利中交叉銷售門票，我們宣布了一項具有豐富協同效應且價格極具吸引力的收購，同時繼續我們的地域擴張，並提供相當強勁的業績和創紀錄的自由現金流。

So I think the only thing we probably could have done better is help analysts capture the right seasonal cadence of our business. We're obviously diversifying and growing very quickly. So to help with that, we have largely reaffirmed and positively revised our EBITDA and free cash flow guidance, and we broke it out on a quarterly basis for the balance of the year.

因此，我認為我們唯一可以做得更好的事情就是幫助分析師捕捉我們業務的正確季節性節奏。顯然，我們正在實現多元化，並且成長得非常快。因此，為了解決這個問題，我們在很大程度上重申並積極修改了 EBITDA 和自由現金流指引，並按季度對今年剩餘時間進行了細分。

So I just said a lot, and I'd like to break it down and expand on it point by point. So with respect to the strategic review, I would encourage you to read my shareholder letter if you'd like my complete personal take on the matter. But the bottom line is there was a lot of strategic interest and multiple formal offers materially higher than our present trading price.

所以我就說了很多，我想把它拆下來一點點展開。因此，關於策略審查，如果您想了解我對此事的完整個人看法，我鼓勵您閱讀我的股東信。但最重要的是，有許多戰略利益，並且多個正式報價大大高於我們目前的交易價格。

It should also be obvious that a go-private option is usually available, and others have clearly shown that to be the case. However, the go-private option presents clear complexities alongside competing strategic offers. And I, of course, always want my interest to be completely aligned with the rest of my fellow shareholders.

顯然，通常可以選擇私有化，其他人也已經清楚地表明了這一點。然而，私有化選項與競爭性策略要約一起呈現出明顯的複雜性。當然，我總是希望我的利益與其他股東完全一致。

So now as the strategic review process progressed, we continue to record some very big wins. And as a result, our price expectations rightfully kept going up. And I imagine after reviewing this quarter's shareholder presentation, it will be even more obvious why we could never accept an offer that didn't properly value the trajectory of the business.

因此，現在隨著策略審查過程的進展，我們繼續取得一些非常重大的勝利。因此，我們的價格預期理所當然地持續上升。我想在回顧了本季度的股東陳述後，我們將更加清楚為什麼我們永遠不能接受沒有正確評估業務發展軌蹟的要約。

So on that note, we did deliver some very big wins. I will go over the full list by vertical shortly, but we signed one of the single largest casino properties in the world, which is Foxwoods, alongside developing a major partnership with one of the largest casino operators in the world, and we'll talk more about that soon. And we have many more to follow.

因此，在這一點上，我們確實取得了一些非常大的勝利。我很快就會按垂直方向詳細介紹完整名單，但我們簽署了世界上最大的單一賭場資產之一，即快活林(Foxwoods)，同時與世界上最大的賭場運營商之一建立了主要合作夥伴關係，我們將討論很快就會有更多相關資訊。我們還有更多的事情要做。

Our SkyTab growth further accelerated with nearly 9,400 system installs in Q1, which represents a 38% increase quarter-over-quarter. We have continued momentum in our sports and entertainment vertical, including notable stadium and ticketing wins for the NFL world champions, the Kansas City Chiefs.

我們的 SkyTab 成長進一步加速，第一季系統安裝量接近 9,400 個，比上一季成長 38%。我們在體育和娛樂領域繼續保持強勁勢頭，包括 NFL 世界冠軍堪薩斯城酋長隊在體育場和票務方面取得的重大勝利。

We also announced this quarter the acquisition of Revel, which I'll speak to a bit later in the prepared remarks. We followed our very important strategic customer into several new international markets, including Albania, Mongolia, and soon in several African countries, Fiji and Maldives.

本季我們也宣布收購 Revel，稍後我將在準備好的發言中談到這一點。我們跟隨我們非常重要的策略客戶進入了幾個新的國際市場，包括阿爾巴尼亞、蒙古，很快就會進入幾個非洲國家、斐濟和馬爾地夫。

And the associated results from all this met our expectations and set the stage very well for the balance of the year. So we generated 50% growth in end-to-end payment volume, 27% growth in gross profit and 32% growth in gross revenue less network fees. We also generated $122 million of adjusted EBITDA, representing 36% year-over-year growth as our margins expanded 150 basis points to 46% versus the corresponding year-ago quarter.

所有這些的相關結果滿足了我們的預期，並為今年剩餘時間奠定了良好的基礎。因此，我們的端到端支付量增加了 50%，毛利增加了 27%，扣除網路費用的總收入增加了 32%。我們也實現了 1.22 億美元的調整後 EBITDA，年成長 36%，我們的利潤率較去年同期擴大了 150 個基點，達到 46%。

Our operating margin expanded, despite the margin drag from the acquisitions of Appetize and Finaro, both of which negatively impacted our margins by nearly 300 basis points for the quarter. Naturally, as synergies are realized, we expect that drag to disappear and contribute to our ongoing margin expansion targets.

儘管收購 Appetize 和 Finaro 拖累了利潤率，但我們的營業利潤率仍有所擴大，這兩項收購對我們本季的利潤率產生了近 300 個基點的負面影響。當然，隨著協同效應的實現，我們預計這種阻力將會消失，並有助於實現我們持續的利潤擴張目標。

Perhaps, most importantly, we generated $78.2 million of adjusted free cash flow, which is up 34% versus a year ago. Our blended spreads also remain stable, coming in at approximately 62 basis points, despite considerable volume growth.

也許，最重要的是，我們產生了 7,820 萬美元的調整後自由現金流，比一年前成長了 34%。儘管交易量大幅成長，我們的混合利差也保持穩定，約 62 個基點。

As mentioned earlier, an area we can -- which we can improve is helping the analyst community better model the seasonal cadence of our business. Q1 typically represents the seasonally slowest quarter of the year, and 2024 has followed that pattern.

如前所述，我們可以改進的一個領域是幫助分析師社群更好地模擬我們業務的季節性節奏。第一季通常代表一年中季節性最慢的季度，2024 年也遵循了這種模式。

Now if you recall, the Q1 of last year benefited from growing over an Omicron-depressed Q1 of 2022. So that aside, we also know we are diversifying into many new verticals and growing quickly, which makes modeling challenging at times.

現在，如果您還記得的話，去年第一季的成長得益於Omicron 低迷的2022 年第一季。使建模變得具有挑戰性。

So to help with that, we are providing quarterly guidance for the balance of the year to include positive revisions to EBITDA and free cash flow conversion. Our guidance does not include the recently announced acquisition, but does account for the accelerating organic growth that we have great visibility into as well as expense discipline and efficiency gains.

因此，為了幫助解決這個問題，我們將為今年剩餘時間提供季度指導，其中包括對 EBITDA 和自由現金流轉換的積極修正。我們的指導不包括最近宣布的收購，但確實考慮了我們對加速有機成長以及費用紀律和效率增益的深入了解。

From here, I intend to provide the usual double-click by vertical to include our progress internationally as well as more insights into our recent M&A activity.

從這裡開始，我打算提供通常的垂直雙擊，以包括我們在國際上的進展以及對我們最近的併購活動的更多見解。

Now starting with our core, which, as a reminder, is composed primarily of restaurants, hotel and specialty retail, once again contributed meaningfully to our growth. We are uniquely advantaged to win hotels and resorts with our 550-plus strong software integration library, including industry-leading business intelligence tools and ever-expanding geographic coverage.

現在從我們的核心開始，提醒一下，它主要由餐廳、酒店和專業零售組成，再次為我們的成長做出了有意義的貢獻。我們擁有獨特的優勢，能夠以 550 多個強大的軟體整合庫（包括業界領先的商業智慧工具和不斷擴大的地理覆蓋範圍）贏得飯店和度假村的青睞。

With restaurants, we have a very powerful and growing distribution network that includes both our direct sales team and authorized partners. We are advantaged as we see really Toast and SkyTab as the only modern cloud POS offerings capable of servicing table service restaurants at scale. We further believe we have a more effective and lower-cost development and go-to-market strategy, which in turn delivers a lower overall cost of service for our customers.

對於餐廳，我們擁有非常強大且不斷發展的分銷網絡，其中包括我們的直銷團隊和授權合作夥伴。我們的優勢在於，我們確實將 Toast 和 SkyTab 視為唯一能夠為大規模餐桌服務餐廳提供服務的現代化雲端 POS 產品。我們進一步相信，我們擁有更有效、成本更低的開發和上市策略，從而為我們的客戶提供更低的整體服務成本。

Now specifically with restaurants, we signed many notable brands to our platform and set new records with SkyTab installations. We signed chains such as Pizza Twist, a growing chain of Indian-inspired pizza with locations throughout the U.S. and Canada; Diverse Concepts, a professional restaurant management company with 7 restaurant concepts; and 4Top Hospitality Group, a multi-concept independent restaurant group with 15 locations across the Southeast.

現在，特別是在餐廳方面，我們在我們的平台上簽約了許多知名品牌，並透過 SkyTab 安裝量創下了新記錄。我們與 Pizza Twist 等連鎖店簽約，這是一家不斷壯大的印度風味披薩連鎖店，門市遍及美國和加拿大； Diverse Concepts，專業餐廳管理公司，擁有7個餐廳概念； 4Top Hospitality Group 是一家多概念獨立餐廳集團，在東南部地區擁有 15 家分店。

We also signed Grape Street Café & Wine Bar with 2 locations in Las Vegas and Summerlin; Vessel, located in historically purposed Lutheran Church in Mid-City, New Orleans; the infamous Hog's Breath Saloon in Key West Florida; and the award-winning Union League Cafe directly across the street from Yale University, which recently celebrated 30 years in business.

我們也與拉斯維加斯和薩默林的 2 家葡萄街咖啡館和酒吧簽約； Vessel，位於新奧爾良市中心歷史悠久的路德教堂；佛羅裡達州基韋斯特臭名昭著的 Hog's Breath Saloon 酒吧；位於耶魯大學街對面的屢獲殊榮的 Union League Cafe 咖啡館最近剛慶祝了開業 30 週年。

In the U.S., our SkyTab production accelerated with approximately 9,400 system installs during the recent quarter. Our cloud-based, feature-rich and low-cost restaurant solution continues to resonate with restaurants. In April, we launched SkyTab Business Intelligence, which is a reporting and analytics platform that is free to SkyTab POS customers. This follows the launch of our AI website builder last quarter.

在美國，我們的 SkyTab 生產加速，最近一個季度的系統安裝量約為 9,400 次。我們基於雲端、功能豐富且成本低廉的餐廳解決方案繼續引起餐廳的共鳴。 4 月份，我們推出了 SkyTab Business Intelligence，這是一個向 SkyTab POS 客戶免費提供的報告和分析平台。在此之前，我們上季推出了人工智慧網站建立器。

We've released many modules, as indicated in our shareholder presentation, and we don't charge for any of them. We don't believe there is a restaurant out there that is excited to pay POS companies for more modules and instead prefer a lower overall cost of service.

正如我們的股東演示中所示，我們已經發布了許多模組，並且我們不對其中任何一個模組收費。我們認為沒有一家餐廳願意向 POS 公司支付更多模組費用，而是更願意降低整體服務成本。

So on that note, we believe our SkyTab POS offering offers the most compelling value proposition in the market with a total cost of ownership that is extremely competitive versus comparable solutions. At the current Q1 run rate, we are on pace to exceed our goal of 30,000 system installs of SkyTab for 2024.

因此，我們相信我們的 SkyTab POS 產品提供了市場上最具吸引力的價值主張，其整體擁有成本與同類解決方案相比極具競爭力。以目前第一季的運行速度，我們預計將超越 2024 年 SkyTab 系統安裝量達到 30,000 次的目標。

Now outside the United States, our team is building awareness in the SkyTab POS product in the United Kingdom and Ireland and continues to sign up new restaurants, including Suvlaki, located within London's West End and within walking distance to the Prince Edward Theater. We also signed Ram's Restaurant just outside of London city limits.

現在，在美國以外，我們的團隊正在英國和愛爾蘭提高 SkyTab POS 產品的知名度，並繼續簽約新餐廳，包括位於倫敦西區、步行即可到達愛德華王子劇院的 Suvlaki 餐廳。我們還在倫敦市區外簽約了 Ram's 餐廳。

Further, we are really excited to have been awarded the online ordering for Pizza Hut in Spain and Portugal. And these early international strides, organic product investments alongside our M&A strategy inspires confidence in our goal to sign 10,000 new restaurant and hotels -- hotel customers, specifically in Europe and Canada before the year-end.

此外，我們非常高興能夠獲得西班牙和葡萄牙必勝客的線上訂購權。這些早期的國際進步、有機產品投資以及我們的併購策略激發了我們對年底前簽約 10,000 家新餐廳和酒店（酒店客戶）的目標的信心，特別是在歐洲和加拿大。

Now turning to hotels. We had a record quarter of major signings. And as alluded to earlier in my prepared remarks, we developed a partnership with one of the largest casino operators in the world that we plan to speak to later this year as well as signing one of the single largest casino properties in the world, the largest in North America, which is Foxwoods.

現在轉向酒店。我們季度的重大簽約創下了創紀錄的紀錄。正如我在準備好的演講中早些時候提到的，我們與世界上最大的賭場運營商之一建立了合作夥伴關係，我們計劃在今年晚些時候與該運營商進行交談，並簽署了世界上最大的單一賭場資產之一，在北美，那就是福克斯伍茲。

We also signed Ho-Chunk Casino Hotel, a Native American hotel chain located in Wisconsin. In addition to these major casino wins, we had a record quarter of gateway conversions. We signed The Ranch at Rock Creek, which is a Montana-based 5-star rated luxury spa and dude ranch; Sunseeker Resort on Florida's Gulf Coast; and Acme Hospitality, an operator of several hotels and multiple award-winning restaurants throughout California.

我們還簽約了 Ho-Chunk Casino Hotel，這是一家位於威斯康辛州的美洲原住民連鎖飯店。除了這些主要賭場的勝利之外，我們還創下了四分之一的網關轉換記錄。我們簽下了 The Ranch at Rock Creek，這是位於蒙大拿州的五星級豪華水療中心和度假牧場；佛羅裡達州墨西哥灣沿岸的聖瑪麗度假村； Acme Hospitality 是加州多家飯店和多家獲獎餐廳的經營者。

We also signed Tropical Beach Resorts, a collection of boutique hotels in Siesta Key; the River Street Inn, located in Savannah's historic River Street; The Eddy Taproom & Hotel, which is a boutique hotel located in Golden, Colorado; Brasada Hospitality, which is an upscale resort located in Central Oregon's Cascade Mountains; and Mohonk Mountain House, a national historic landmark and resort located in the Hudson Valley of New York State.

我們還簽約了熱帶海灘度假村（Tropical Beach Resorts），這是西耶斯塔島（Siesta Key）的一系列精品酒店；河街旅館 (River Street Inn)，位於薩凡納歷史悠久的河街 (River Street)； Eddy Taproom & Hotel 是科羅拉多州戈爾登的精品酒店； Brasada Hospitality，這是位於俄勒岡州中部喀斯喀特山脈的高檔度假村；莫洪克山莊 (Mohonk Mountain House) 是位於紐約州哈德遜河谷的國家歷史地標和度假村。

Our expansion into Canada is also going well. And we signed hotels, including the Halcyon Hot Springs Resort, which is a spa resort located in British Columbia; Fairways Hotel on the Mountain, which is a golf resort in the mountains of the capital city of Victoria; Coastal (sic) [Coast] Hotels, which is an operator of multiple Canadian hotels; and the Lac Le Jeune, which is a hotel that's located on the shores of beautiful Lac Le Jeune in Canada.

我們向加拿大的擴張也進展順利。我們簽約的飯店包括Halcyon Hot Springs Resort，這是位於不列顛哥倫比亞省的一個溫泉度假村； Fairways Hotel on the Mountain，這是位於首都維多利亞山區的高爾夫度假村； Coastal (原文如此) [Coast] Hotels，是多家加拿大飯店的營運商； Lac Le Jeune 酒店位於加拿大美麗的 Lac Le Jeune 海岸。

In Europe, we also signed Leonardo Hotels, which is a European brand with hundreds of locations throughout Europe and in the U.K. And our business development pipeline for European hotel prospects is building very, very quickly.

在歐洲，我們還簽約了萊昂納多酒店，這是一個歐洲品牌，在歐洲和英國擁有數百家門市，我們針對歐洲酒店前景的業務開發管道正在非常非常快地建設。

Now in specialty retail, we signed Russell Stover, which just celebrated its 100th anniversary; and Ledson Winery, which is a fifth generation family owned winery located in the heart of Sonoma Valley. We also expanded our relationship with Goodwill Industries, and we'll serve as a primary payment processor for their 3 new Goodwill stores, which opened in Puerto Rico.

現在，在專業零售領域，我們簽下了剛慶祝成立 100 週年的 Russell Stover；萊德森酒莊 (Ledson Winery) 是第五代家族經營的酒莊，位於索諾瑪谷的中心。我們還擴大了與 Goodwill Industries 的關係，我們將作為他們在波多黎各開設的 3 家新 Goodwill 商店的主要支付處理商。

In Europe, we entered into an agreement to process payments for online beauty retailer, Luxplus; a card-present payments provider in Southern Europe's EV charging network, Atlante; and card-acquiring services for the digital banking platform, OneMoneyWay. We're also enabling merchants to accept digital wallets such as PayPal, Venmo and Cash App in Europe through a partnership with POS.

在歐洲，我們簽訂了一項協議，為線上美容零售商 Luxplus 處理付款；南歐電動車充電網路 Atlante 的刷卡支付供應商；以及數位銀行平台 OneMoneyWay 的卡收單服務。我們也透過與 POS 合作，讓歐洲的商家能夠接受 PayPal、Venmo 和 Cash App 等數位錢包。

We entered into agreements to provide card-acquiring services for Bravo Tours, which is a Danish online travel agent as well as Sweden's DentFriends, which is a network of hundreds of dental clinics; and signed a partnership agreement with a couple of European PSPs, Payter and Fabrick, which service merchants in the Netherlands, Italy, Spain and the U.K.

我們簽訂了協議，為丹麥線上旅行社 Bravo Tours 以及由數百家牙科診所組成的瑞典 DentFriends 網路提供刷卡服務；並與多家歐洲 PSP Payter 和 Fabrick 簽署了合作夥伴協議，為荷蘭、義大利、西班牙和英國的商家提供服務。

Moving on to new verticals. Now in sports and entertainment, we continue to add ticketing volume with our existing clients and successfully migrated Appetize customers onto the Shift4 VenueNext platform.

轉向新的垂直領域。現在，在體育和娛樂領域，我們繼續增加現有客戶的票務量，並成功將 Appetize 客戶遷移到 Shift4 VenueNext 平台。

So we were awarded ticketing from the Kansas City Chiefs, the Chicago White Sox and the Minnesota Vikings. Now the Vikings and White Sox represented a ticketing upsell to an existing stadium customer.

因此，我們獲得了堪薩斯城酋長隊、芝加哥白襪隊和明尼蘇達維京人隊的門票。現在，維京人隊和白襪隊代表了對現有體育場客戶的門票追加銷售。

We also converted American Airlines Center, home of the Dallas Mavericks and Dallas Stars, to our platform, and signed the University of Oklahoma, University of Utah and the University of Nebraska, the last of which we will also be powering ticketing for via our partnership with Paciolan.

我們也將達拉斯小牛隊和達拉斯星隊的主場美國航空中心改造為我們的平台，並與俄克拉荷馬大學、猶他大學和內布拉斯加大學簽約，我們也將透過我們的合作夥伴關係為其中最後一所大學提供票務服務與帕西奧蘭。

We also recently hosted an investor event at Yankee Stadium, highlighting one of our largest VenueNext installations that was also a conversion from Appetize. We signed payment processing agreements with several convention centers, including the Boston Convention Center, all of which were legacy Appetize customers.

我們最近也在洋基體育場舉辦了一場投資者活動，重點介紹了我們最大的 VenueNext 裝置之一，該裝置也是由 Appetize 改造而來。我們與多個會議中心簽署了支付處理協議，其中包括波士頓會議中心，所有這些會議中心都是 Appetize 的老客戶。

Now in Minor League Baseball, we entered into ticketing and concession deals with 10 additional Minor League Baseball stadiums, increasing our total roster to approximately 60 Minor League Baseball teams that are Shift4 customers.

現在，在小聯盟棒球領域，我們與另外 10 個小聯盟棒球場達成了票務和特許經營協議，將我們的總名單增加到約 60 個小聯盟棒球球隊（都是 Shift4 的客戶）。

And we are really excited to announce 2 European stadium wins, including the famous FC Barcelona alongside Exeter City. And our strategic partnership with FC Barcelona includes deploying comprehensive technology and payment stack to their iconic new stadium, Spotify Camp Nou.

我們非常高興地宣佈在 2 個歐洲球場獲勝，其中包括著名的巴塞隆納足球俱樂部和艾克希特城隊。我們與巴塞隆納足球俱樂部的策略合作夥伴關係包括為其標誌性的新體育場 Spotify Camp Nou 部署全面的技術和支付堆疊。

I often remind investors when we were asked about the organic growth profile of the business or revenue acceleration to think about literally the dozens of major wins that I just talked about just now alongside every other quarter. I mean, we are literally powering the best experiences at the coolest venues from the Super Bowl to The Rolling Stones.

當我們被問及業務的有機成長狀況或收入加速時，我經常提醒投資者考慮我剛才談到的數十項重大勝利以及每隔一個季度的勝利。我的意思是，我們確實在從超級碗到滾石樂隊等最酷的場地提供最佳體驗。

And these caliber of merchants are not selecting Shift4 because we were somehow a fraction of $0.01 less expensive. It's because the commerce-enabling solution we are providing is the best fit for their business.

這些優秀的商家並沒有選擇 Shift4，因為我們的價格比我們便宜了 0.01 美元。這是因為我們提供的商業支援解決方案最適合他們的業務。

So continuing on with new verticals to nonprofits. The first quarter should actually be a seasonal low, where we are, in fact, seeing The Giving Block transaction volume and donations up quarter-over-quarter, which we estimate will lead to year-over-year growth in excess of 400%.

因此，繼續致力於非營利組織的新垂直領域。第一季實際上應該是季節性低點，事實上，我們看到 The Giving Block 交易量和捐贈量環比增長，我們估計這將導致同比增長超過 400%。

We entered into inspiring collaboration with Cabrini Mission Foundation to power a meaningful change through crypto philanthropy. The Cabrini Mission Foundation embodies the spirit of St. Frances Xavier Cabrini, the patron saint of immigrants. And her story continues to resonate notably on the big screen.

我們與卡布里尼使命基金會進行了鼓舞人心的合作，透過加密慈善事業推動有意義的變革。卡布里尼宣教基金會體現了移民守護神聖弗朗西斯·澤維爾·卡布里尼的精神。她的故事繼續在大銀幕上引起強烈共鳴。

We've taken our first steps with key integration partners such as GivenGain and Give Lively. These integrations and others to come will dwarf our efforts to process for individual nonprofits, unlocking opportunities to process for tens of thousands of charities. Outside of direct relationships with major organizations like St. Jude, these integration partnerships will be the drivers of our success in the nonprofit sector.

我們已經與 GivenGain 和 Give Lively 等主要整合合作夥伴邁出了第一步。這些整合以及未來的其他整合將使我們為個人非營利組織處理的努力相形見絀，從而為數以萬計的慈善機構提供處理機會。除了與 St. Jude 等主要組織的直接關係之外，這些整合合作夥伴關係將成為我們在非營利領域取得成功的推動力。

Beyond traditional credit card and crypto volume, we also continue to make tremendous progress growing our market share, processing alternative donation methods for nonprofit organizations via The Giving Block such as stocks and donor advisory fund grants. This quarter, we signed large charities like the Jewish Community Foundation, the Catholic Charities fund and expanded our relationship with the American Heart Association.

除了傳統的信用卡和加密貨幣數量之外，我們還繼續在擴大市場份額方面取得巨大進展，透過 The Giving Block 為非營利組織處理替代捐贈方式，例如股票和捐贈者諮詢基金贈款。本季度，我們與猶太社區基金會、天主教慈善基金等大型慈善機構簽約，並擴大了與美國心臟協會的關係。

In other new verticals like travel, gaming and sexy tech, we signed Grand Canyon Airlines, the oldest aerial tour operator providing site seeing tours for the Grand Canyon. In gaming, we are now live with SkyTab mobile devices at our first BetMGM Sportsbook locations, National Stadium in Washington, D.C. And next month, we will be live with the Cincinnati Reds Stadium. We expect to be live in all 24 BetMGM Sportsbook locations across 9 states by the end of this year.

在旅遊、遊戲和性感科技等其他新垂直領域，我們與大峽谷航空公司 (Grand Canyon Airlines) 簽約，該航空公司是歷史最悠久的空中旅遊業者，提供大峽谷實地遊覽服務。在遊戲方面，我們現在在我們的第一個 BetMGM 體育博彩地點（華盛頓特區的國家體育場）使用 SkyTab 行動裝置進行直播。我們預計到今年年底將在 9 個州的所有 24 個 BetMGM 體育博彩地點上線。

SkyTab devices are also being integrated with passport technology to enable various cashless gaming experiences on the casino floor at casinos such as the Morongo Casino outside of Palm Springs. Separately, we signed several new online gaming clients during the quarter, including launching more states with Lotto.com in Nebraska, Florida and Arizona for state lottery.

SkyTab 設備還與護照技術集成，以在棕櫚泉郊外的莫龍戈賭場等賭場的賭場樓層提供各種無現金遊戲體驗。另外，我們在本季度簽署了幾個新的線上遊戲客戶，包括在內布拉斯加州、佛羅裡達州和亞利桑那州在內布拉斯加州、佛羅裡達州和亞利桑那州在內布拉斯加州和亞利桑那州的更多州推出州彩券。

We signed prime sports betting and online sports betting platform currently operating in Ohio, New Jersey and Kentucky. And Kentucky was actually soon to follow. And lastly, 10 Ten Gaming, an online gaming and sweepstakes site blending social media with slot and casino-type games. We also went live with Rolling Riches during the quarter, which is now live processing on Shift4.

我們簽署了目前在俄亥俄州、新澤西州和肯塔基州運營的主要體育博彩和線上體育博彩平台。肯塔基州實際上很快就會跟進。最後是 10 Ten Gaming，這是一個將社交媒體與老虎機和賭場類型遊戲融為一體的線上遊戲和抽獎網站。我們還在本季上線了 Rolling Riches，目前正在 Shift4 上進行即時處理。

In sexy tech, we teamed up with unified business-to-business commerce platform, Pepperi, to offer buyers on their platform a more efficient and convenient way to pay. Pepperi powers the front and back office for over 1,000 B2B e-commerce merchants in over 70 countries.

在性感科技領域，我們與統一的企業對企業商務平台 Pepperi 合作，為他們平台上的買家提供更有效率、更方便的支付方式。 Pepperi 為 70 多個國家/地區的 1,000 多家 B2B 電子商務商家提供前台和後台支援。

We signed a payment processing agreement with VinSeeker, which provides consumers and businesses the most comprehensive vehicle history reports in the industry. Perhaps most exciting, we continue to grow volume very quickly with our large strategic e-commerce customer and have organically expanded into several new countries that I mentioned earlier.

我們與 VinSeeker 簽署了支付處理協議，為消費者和企業提供業內最全面的車輛歷史報告。也許最令人興奮的是，我們與大型策略電子商務客戶的銷售量持續快速成長，並有機擴展到我之前提到的幾個新國家。

We've also built on our various domestic and international EV partnerships, including an undisclosed but personally a very special collaboration to support new restaurant concepts at EV charging locations.

我們還建立了各種國內和國際電動車合作夥伴關係，包括一項未公開但個人非常特殊的合作，以支持電動車充電站的新餐廳概念。

Now internationally, as mentioned throughout our call, we are executing on a strategy to follow our important strategic customer all over the world and then bring all the products and integrations and services into those markets that made us so successful in the U.S.A. We have signed notable restaurants, hotels, e-commerce and sexy tech providers all over Europe and even into Canada.

現在，在國際上，正如我們在電話會議中提到的那樣，我們正在執行一項策略，以追蹤我們在世界各地的重要策略客戶，然後將所有產品、整合和服務帶入那些使我們在美國如此成功的市場。

We feel confident we are well on our way to achieving our 2024 goal of 10,000 restaurants and hotels signed in just international markets, in addition to the 30,000 systems goal we are on pace to exceed in the U.S.A.

我們相信，我們正在順利實現 2024 年在國際市場簽約 10,000 家餐廳和酒店的目標，此外我們正在努力超越在美國的 30,000 家系統的目標。

Now with respect to M&A, to accelerate our growth, especially in the restaurant vertical and international markets, we've announced a really exciting acquisition of Revel this quarter. This deal very much follows our playbook of achieving a lower customer acquisition cost, enhancing distribution to accelerate growth in a core vertical, alongside talent and other synergies. And Taylor will go over this further in just a bit.

現在，在併購方面，為了加速我們的成長，特別是在垂直餐廳和國際市場上，我們宣布本季對 Revel 進行了一項非常令人興奮的收購。這筆交易在很大程度上遵循了我們的策略，即降低客戶獲取成本、加強分銷以加速核心垂直領域的成長，以及人才和其他協同效應。泰勒稍後會進一步討論這個問題。

So in closing, for those familiar with the Shift4 story over the last few years, it's probably not much of a surprise that we've been frustrated from time to time with the lack of appreciation in public markets. It seems like we're always battling one theory after the next to try and explain the way our outperformance.

因此，最後，對於那些熟悉過去幾年 Shift4 故事的人來說，我們不時因公開市場缺乏升值而感到沮喪可能並不奇怪。似乎我們總是在與一種又一種理論作鬥爭，試圖解釋我們為何表現出色。

And at times, it feels our competitors always get the benefit of the doubt, be that the fastest-growing single vertical players that lack our diversification or profitability profile or the slower-growing competitors that ran out of good ideas or those that will go private at a 2 or 3 turn EBITDA premium to our present valuation.

有時，我們的競爭對手總是會從懷疑中獲益，無論是增長最快的單一垂直參與者缺乏我們的多元化或盈利能力，還是增長較慢的競爭對手沒有好主意或將私有化EBITDA 溢價比我們目前的估值高2 到3 倍。

Meanwhile, we have the best customers in the most desirable verticals, growing faster than just about anyone else and writing several advantages that make it easier and more affordable for us to win, while constantly improving the profitability profile of the business.

同時，我們在最理想的垂直領域擁有最好的客戶，成長速度比其他任何人都快，並擁有多項優勢，使我們更容易、更實惠地贏得勝利，同時不斷提高業務的盈利能力。

To put a finer point on it, we've grown EBITDA 7x since our IPO. And yet, Shift4 is only 1.6x more valuable, all while being more diversified and with a much better economic backdrop than a global pandemic. And on that note, I don't know why the long-term [weighing] machine hasn't quite kicked in yet. But I do believe those that continue to bet against us are going to quickly be running out of stories to tell as, ultimately, performance and especially free cash flow prevail.

更具體地說，自 IPO 以來，我們的 EBITDA 成長了 7 倍。然而，與全球大流行相比，Shift4 的價值僅高出 1.6 倍，同時更加多元化，經濟背景也好得多。就這一點而言，我不知道為什麼長期[稱重]機器還沒有完全啟動。但我確實相信，那些繼續做空我們的人很快就會沒有故事可講，因為最終，業績尤其是自由現金流將佔上風。

Finally, if you only follow us through earnings, you may think we love celebrating all our wins. And I certainly read a lot of them on this call. That actually couldn't be further from the truth. We are obligated, maybe more so than many other companies, to promote and defend our accomplishments.

最後，如果您只透過收益來關注我們，您可能會認為我們喜歡慶祝我們所有的勝利。我當然在這次電話會議上閱讀了很多內容。這其實與事實相差甚遠。我們有義務（也許比許多其他公司更有義務）宣傳和捍衛我們的成就。

But day to day and in the boardroom, I can assure you, we spend all of our time on things we don't do well, our shortcomings and inefficiencies. In fact, I believe it's our relentless focus on our inadequacies that fuels so much of our momentum.

但日復一日，在董事會裡，我可以向你們保證，我們把所有的時間都花在我們做得不好的事情、我們的缺點和低效率上。事實上，我相信正是我們對自身不足的不懈關注才帶給我們如此大的動力。

All of our employees know this. And we need to embrace ownership, challenge the status quo, delete old and costly parts, proceduralize and automate to the extent possible and always execute with urgency. That is the Shift4 way.

我們所有的員工都知道這一點。我們需要擁抱所有權，挑戰現狀，刪除舊的和昂貴的部分，盡可能程序化和自動化，並始終緊迫地執行。這就是 Shift4 方式。

And with that, I will hand it over to Taylor.

就這樣，我將把它交給泰勒。

Thank you, Jared, and good morning, everyone. The current operating environment is reasonably favorable for us. While we began the year with some headwinds in same-store sales, merchants exited the quarter roughly flat on same-store sales from a year ago.

謝謝你，賈里德，大家早安。目前的經營環境對我們來說相當有利。儘管今年伊始，同店銷售遇到了一些阻力，但本季商家的同店銷售與一年前基本持平。

Merchants also continue to seek out technology that helps streamline the commerce experience. The persistent uncertainty around consumer spending actually helps steer them towards solutions like ours, which eliminate multiple vendors and help save money.

商家也持續尋找有助於簡化商務體驗的技術。消費者支出持續存在的不確定性實際上有助於引導他們採用像我們這樣的解決方案，從而消除多個供應商並有助於節省資金。

We are also advantaged from a capital perspective and can invest in our business at a time when many competitors are pulling back. I'll talk more about how we're allocating capital in a moment.

從資本角度來看，我們也有優勢，可以在許多競爭對手撤退的時候投資我們的業務。稍後我將詳細討論我們如何分配資本。

We spent much of Q1 focused on M&A integration. As seen in our recent press releases and earnings material, our approach to sports and entertainment is resonating well with Appetize customers. As Jared mentioned, we recently had the opportunity to host investors at a Yankees' game, which was a former Appetize customer and is now using our VenueNext technology and Shift4 payments throughout the stadium.

我們第一季的大部分時間都專注於併購整合。正如我們最近的新聞稿和收益資料所示，我們的運動和娛樂方式與 Appetize 客戶產生了良好的共鳴。正如 Jared 所提到的，我們最近有機會在洋基隊的比賽中接待投資者，該投資者是 Appetize 的前客戶，現在在整個體育場使用我們的 VenueNext 技術和 Shift4 支付。

Our ability to deliver world-class technology into complex environments quickly and in a way that delivers meaningful value for our merchants is just one of the reasons we move decisively when M&A opportunities like this present themselves.

我們能夠快速地將世界一流的技術引入複雜的環境，並以一種為我們的商家帶來有意義的價值的方式，這只是我們在出現此類併購機會時果斷採取行動的原因之一。

Similarly, the Finaro business is now operationally and technically integrated into Shift4. You will find numerous examples of European restaurants, hotels and stadiums who have recently chosen Shift4 in our earnings material, all of which would not be possible without the capabilities brought to us via the Finaro acquisition.

同樣，Finaro 業務現已在營運和技術上整合到 Shift4 中。在我們的財報資料中，您會發現許多最近選擇 Shift4 的歐洲餐廳、飯店和體育場的例子，如果沒有透過收購 Finaro 為我們帶來的能力，所有這些都是不可能實現的。

Contrary to popular myths, these integrations do not distract from our ability to continue to seek out new growth opportunities. When M&A is done right, everyone knows the playbook from the day of closing and is working expeditiously to achieve combined goals.

與流行的神話相反，這些整合並沒有分散我們繼續尋找新增長機會的能力。如果併購做得正確，每個人從交易結束之日起就知道劇本，並迅速努力實現綜合目標。

This includes unlocking revenue synergies, deleting unnecessary parts and repurposing personnel, which is evidenced by the margin expansion we've delivered while investing in the business.

這包括釋放收入協同效應、刪除不必要的部分和重新利用人員，我們在投資業務時實現的利潤率擴張就證明了這一點。

In that theme, we also continued to invest in our SkyTab product and payment platform and added thousands of new merchants ranging from SMBs to the largest hospitality enterprises in the quarter.

在這一主題下，我們也繼續投資 SkyTab 產品和支付平台，並在本季度增加了數千家新商家，其中包括中小型企業到最大的酒店企業。

This combination of winning products, a large distribution network, economic advantages and volatile capital markets continues to create excellent capital allocation opportunities for us. As a reminder, we generally allocate capital across four major priorities: product innovation; customer acquisition; share repurchases; and M&A, which can dramatically accelerate our strategy, as noted previously with the acquisition of Appetize.

獲勝產品、龐大的分銷網絡、經濟優勢和波動的資本市場的結合繼續為我們創造了絕佳的資本配置機會。提醒一下，我們通常將資金分配給四個主要優先事項：產品創新；客戶獲取；股份回購；併購，這可以大大加速我們的策略，正如先前收購 Appetize 時所指出的那樣。

In our shareholder letter this morning, we laid out this framework along with our growth capital deployed over the last 5 years. Note that this strategy has resulted in adjusted EBITDA growing sevenfold over the last 5 years, as Jared mentioned earlier.

在今天早上的股東信中，我們制定了這個框架以及過去 5 年部署的成長資本。請注意，正如賈里德之前提到的，這一策略導致調整後的 EBITDA 在過去 5 年中增長了七倍。

While we are proud of our track record, we also recognize that our work is never done. We will -- and we'll spend a few minutes on how we are positioning ourselves for the year and years ahead.

雖然我們為自己的業績記錄感到自豪，但我們也意​​識到我們的工作永無止境。我們將花幾分鐘時間討論如何為今年和未來幾年定位自己。

To be frank, we see more interesting capital allocation opportunities than we could reasonably pursue, which is a really fun challenge. There is still much work to be done in delivering our products across Europe and the rest of the world. Our M&A pipeline is full of compelling opportunities in every flavor we like: capability and geography enhancements, low customer acquisition costs, take out the parts, et cetera.

坦白說，我們看到了比我們合理追求的更有趣的資本配置機會，這是一個非常有趣的挑戰。在歐洲和世界其他地區交付我們的產品還有很多工作要做。我們的併購管道充滿了我們喜歡的各種令人信服的機會：能力和地理位置的增強、低客戶獲取成本、取出零件等等。

We also can't ignore our equity as one of the easiest investments we can make at current trading multiples. In that vein, you will see we announced our intention to acquire Revel POS for $250 million this morning. And while I can't comment at length given a few steps we need to complete before closing, this is a playbook we execute very well, and we're excited to talk about our plans for the business.

我們也不能忽視我們的股票，這是我們以目前交易倍數可以進行的最簡單的投資之一。本著這項精神，您會看到我們今天早上宣布打算以 2.5 億美元收購 Revel POS。雖然我無法詳細評論我們在關閉前需要完成的幾個步驟，但這是我們執行得很好的劇本，我們很高興談論我們的業務計劃。

Should the transaction close by July 1, we would anticipate a roughly $15 million EBITDA contribution during the remainder of the year and a more substantial EBITDA growth in 2025. But of course, we will update you all again when the transaction closes.

如果交易在7 月1 日之前完成，我們預計在今年剩餘時間內將貢獻約1500 萬美元的EBITDA，並在2025 年實現更大幅度的EBITDA 增長。最新情況。

In terms of other capital allocation priorities, our strategic review and M&A have prevented us from being an active buyer of our equity in recent quarters, which has been frustrating. Similar to 2021 and 2022, we see our equity as highly attractive at current multiples and have announced a larger $500 million repurchase authorization as a result and are implementing an ongoing repurchase plan to take advantage of the dislocation in our equity value.

就其他資本配置優先事項而言，我們的策略審查和併購使我們無法在最近幾季成為股權的積極買家，這令人沮喪。與2021 年和2022 年類似，我們認為我們的股權在當前市盈率下極具吸引力，因此宣布了5 億美元的回購授權，並正在實施一項持續的回購計劃，以利用我們股權價值的錯位。

As always, you should expect us to balance this with the priorities I mentioned previously and also leverage -- and also our leverage profile so as to maintain short-, medium- and long-term profitable growth and free cash flow generation.

像往常一樣，您應該期望我們能夠平衡這一點與我之前提到的優先事項以及槓桿以及我們的槓桿狀況，以保持短期、中期和長期的盈利增長和自由現金流的產生。

And with that, I'll turn the call over to Nancy to discuss our financial results.

接下來，我會將電話轉給南希，討論我們的財務表現。

Thanks, Taylor, and good morning, everyone. We delivered another quarter of solid results in line with our expectations, demonstrating again our ability to deliver top line growth, while continuing to drive margin expansion and strong free cash flow conversion.

謝謝泰勒，大家早安。我們又一個季度取得了符合我們預期的穩健業績，再次證明了我們實現營收成長的能力，同時繼續推動利潤率擴張和強勁的自由現金流轉換。

Total Q1 volume of $33 billion grew 50% year-over-year. Gross revenue less network fees grew 32% to $264 million. Our adjusted EBITDA for the quarter was $122 million, up 36%, and adjusted EBITDA margins were 46%. Excluding the impact of the legacy Finaro and Appetize businesses, margins expanded nearly 450 basis points.

第一季總銷售額為 330 億美元，較去年同期成長 50%。扣除網路費用後的總收入成長了 32%，達到 2.64 億美元。本季調整後 EBITDA 為 1.22 億美元，成長 36%，調整後 EBITDA 利潤率為 46%。排除傳統 Finaro 和 Appetize 業務的影響，利潤率成長了近 450 個基點。

Our quarterly results were driven by the continued strength of our hospitality and restaurant verticals, momentum across our enterprise merchants, including new verticals, further monetization and convergence of gateway customers and increasingly large contribution from stadiums and ticketing.

我們的季度業績是由我們的酒店和餐廳垂直行業的持續實力、我們的企業商家的動力（包括新的垂直行業、門戶客戶的進一步貨幣化和融合以及體育場館和票務的日益增長的貢獻）推動的。

The blended spread for the first quarter was 62 basis points, in line with our expectations and consistent with our full year guidance for spreads to average 60 basis points. While the evolution of our business has been significant since IPO, and certainly over the last 12 to 18 months, as we have moved upmarket and diversified our verticals, we believe we are approaching a floor of 60 basis points that we expect to hold for the balance of the year.

第一季的混合利差為 62 個基點，符合我們的預期，也符合我們對利差平均 60 個基點的全年指引。雖然自首次公開募股以來，尤其是在過去12 至18 個月中，我們的業務發生了重大變化，但隨著我們向高端市場發展和垂直行業多元化，我們相信我們正在接近60 個基點的下限，我們預計將在年結餘。

Any deviation from this will likely be a function of volume outperformance. It is worth noting that the spreads across our core business of restaurant, hospitality and specialty retail remained stable.

任何與此的偏差都可能是成交量表現優異的函數。值得注意的是，我們的餐飲、飯店和專賣零售等核心業務的利差保持穩定。

Gateway revenue decreased sequentially in the quarter, reflecting the continued success of our gateway sunset initiative. The remaining gateway conversion population currently represents less than 3 basis points of spread. This highlights the magnitude of the remaining opportunity ahead of us.

本季網關收入連續下降，反映出我們的網關日落計劃的持續成功。目前，剩餘的網關轉換群體的利差不到 3 個基點。這凸顯了我們面前剩餘機會的巨大性。

Subscription and other revenue in Q1 was up 45% compared to the same period last year, driven in part by the success we are having in sports and entertainment and with SkyTab and the restaurant vertical overall. Restaurant SaaS was up 55%.

第一季的訂閱和其他收入與去年同期相比增長了 45%，部分原因是我們在體育和娛樂領域以及 SkyTab 和餐廳垂直領域取得的成功。餐廳 SaaS 成長了 55%。

In total, you'll see that Q1 subscription and other revenue of $52 million was down sequentially from Q4, reflecting our continued success of converting Appetize and software-only clients to acquiring and the timing of onetime hardware revenue. This also serves as a good opportunity to remind investors that we often blow up the legacy revenue model of our acquisitions and pivot them towards our signature Shift4 Payments field value proposition.

總的來說，您會看到第一季的訂閱和其他收入比第四季度連續下降5,200 萬美元，反映出我們在將Appetize 和純軟體客戶轉變為收購方面的持續成功以及一次性硬體收入的時機。這也是提醒投資人的一個好機會，我們經常會破壞收購的傳統收入模式，並將其轉向我們標誌性的 Shift4 支付領域價值主張。

In Q1, total general and administrative expenses increased 25% year-over-year to $107 million driven by the impact of the acquisitions completed in Q4. We remain highly committed to a disciplined approach to cost management, while continuing strategic investment for growth.

受第四季完成收購的影響，第一季的一般和管理費用總額年增 25%，達到 1.07 億美元。我們仍然高度致力於嚴格的成本管理方法，同時繼續進行策略性投資以促進成長。

Our goal of keeping overall headcount flat while investing in talent upgrades remains in place. We are quickly progressing on the overhaul of our operating model, which will further drive efficiency and scalability across our platform.

我們的目標是維持整體員工人數不變，同時投資於人才升級。我們正在快速推進營運模式的改革，這將進一步提高我們平台的效率和可擴展性。

As a reminder, stock-based compensation expense of $23 million is higher in Q1 than other quarters, as has been customary, due to the timing of our annual awards.

提醒一下，由於我們年度獎勵的時間安排，按照慣例，第一季的股票薪酬費用為 2300 萬美元，高於其他季度。

Our first quarter adjusted EBITDA margins were 46%, representing over 150 basis points of expansion compared to Q1 2023. As I previously just mentioned but worth saying again, excluding the impact of acquisitions, margins actually expanded nearly 450 basis points.

我們第一季調整後的EBITDA 利潤率為46%，與2023 年第一季相比擴大了超過150 個基點。了近450 個基點。

We have high conviction on the many opportunities to further improve margins that are still on the horizon, including remaining M&A synergies, utilization of AI technology, implementation of new internal systems and the ongoing streamlining efforts to enhance scalability throughout our business operations.

我們堅信仍有許多進一步提高利潤率的機會，包括剩餘的併購協同效應、人工智慧技術的利用、新內部系統的實施以及為提高整個業務運營的可擴展性而持續進行的精簡工作。

Our adjusted free cash flow in the quarter was $78 million, representing an adjusted free cash flow conversion of 64%, well above our current full year guidance. As a reminder, there will be fluctuations in our conversion rates on a quarterly basis due to the seasonality of our business, the timing of interest payments and the deployment of capital to support growth. But the improvement in our unit economics and operating model give us confidence in our ability to deliver annual year-over-year expansion in our conversion rate.

本季調整後的自由現金流為 7,800 萬美元，調整後的自由現金流轉換率為 64%，遠高於我們目前的全年指引。需要提醒的是，由於我們業務的季節性、利息支付的時間以及支援成長的資本部署，我們的兌換率會按季度出現波動。但我們單位經濟效益和營運模式的改善讓我們對實現轉換率逐年成長的能力充滿信心。

Net income was $28.5 million for the first quarter. Diluted earnings for Class A and Class C share was $0.31. Adjusted net income for the quarter was $50.5 million or $0.54 per A and C share on a diluted basis on a 93 million average fully diluted shares outstanding.

第一季淨利潤為 2850 萬美元。 A 類和 C 類股票的攤薄收益為 0.31 美元。本季調整後淨利為 5,050 萬美元，即每股 A 股和 C 股 0.54 美元（以平均 9,300 萬股完全稀釋已發行股票計算）。

Our balance sheet remains strong. And as of the end of the quarter, we have approximately $700 million of available liquidity. Our total indebtedness has a weighted average cost of 1.35%, and we do not have any maturities until December 2025. Our net leverage at quarter end was approximately 2.4x.

我們的資產負債表仍然強勁。截至本季末，我們擁有約 7 億美元的可用流動資金。我們的總負債加權平均成本為 1.35%，直到 2025 年 12 月才到期。

Our strong balance sheet, growing EBITDA and expanding free cash flow afford us many options to fund strategic priorities, opportunistically buy back stock and satisfy year-end 2025 maturities without being punitive to our equity.

我們強大的資產負債表、不斷增長的EBITDA 和不斷擴大的自由現金流為我們提供了多種選擇來為戰略優先事項提供資金、機會性地回購股票並滿足2025 年底的到期日，而不會對我們的股權造成懲罰。

Now turning to guidance. For full year 2024, we are tightening our guidance range for end-to-end volume and now expect a range of $167 billion to $175 billion, representing 53% to 61% year-over-year growth. We are also increasing the low end of our adjusted EBITDA range and now expect adjusted EBITDA to be in the range of $640 million to $675 million, representing 72 basis points of year-over-year margin expansion at the midpoint, which includes the drag from acquisitions.

現在轉向指導。對於 2024 年全年，我們正在收緊端到端交易量的指導範圍，目前預計範圍為 1,670 億美元至 1,750 億美元，同比增長 53% 至 61%。我們也提高了調整後 EBITDA 範圍的下限，目前預計調整後 EBITDA 將在 6.4 億美元至 6.75 億美元之間，這意味著中點利潤率同比增長 72 個基點，其中包括收購。

We are also increasing our adjusted free cash flow conversion expectations to 60% from 58% previously, which yields $395 million of adjusted free cash flow for full year 2024 at the midpoint of our adjusted EBITDA guidance.

我們還將調整後自由現金流轉換預期從先前的 58% 提高到 60%，這將在我們調整後 EBITDA 指導的中點產生 3.95 億美元的 2024 年全年調整後自由現金流。

Our expectations for gross revenue less network fees remain unchanged. And as mentioned on our last earnings call, we expect organic growth of gross revenue less network fees to be north of 25%.

我們對總收入減去網路費用的預期保持不變。正如我們在上次財報電話會議上提到的，我們預計扣除網路費用後的總收入有機成長將超過 25%。

We are also providing a quarterly breakdown of our annual guidance to help investors better understand the impact of seasonality on our business, which can be found on Page 19 of our shareholder letter.

我們還提供年度指導的季度細目，以幫助投資者更好地了解季節性對我們業務的影響，這可以在我們的股東信函第 19 頁找到。

A couple of call-outs as it pertains to our guidance. We continue to expect a stronger second half in 2024 due to factors I will elaborate on in a minute. And secondly, our full year and quarterly guidance do not include any contribution from Revel. Once we receive the customary approvals, we will update our guidance at that time.

一些與我們的指導相關的提示。由於我將在稍後詳細闡述的因素，我們仍然預計 2024 年下半年會更加強勁。其次，我們的全年和季度指導不包括 Revel 的任何貢獻。一旦我們收到慣例批准，我們將及時更新我們的指南。

There are several things to note relating to our guide. First, I would like to highlight several initiatives that contribute to growth accelerating through the back half of the year. While most of these points should be obvious by simply reviewing the numerous wins featured each quarter, it is worth emphasizing.

關於我們的指南，有幾件事需要注意。首先，我想強調幾項有助於今年下半年加速成長的措施。雖然透過簡單回顧每個季度的眾多勝利，其中大部分要點應該是顯而易見的，但還是值得強調的。

SkyTab system installs continue to accelerate each quarter, and we are ahead of schedule on our 30,000 goal for 2024. Many of the wins featured each quarter, especially stadiums and related ticketing opportunities, major enterprise resorts go live several quarters after the announcement. We are particularly fortunate to have won several multibillion dollar opportunities in the hospitality industry that we expect to contribute meaningfully to the back half of this year.

SkyTab 系統安裝量每季都在持續加速，我們提前實現了2024 年30,000 個的目標。內上線。我們特別幸運的是，在酒店業贏得了多個價值數十億美元的機會，我們預計這些機會將為今年下半年做出有意義的貢獻。

2024 marks the first year we are really able to offer our services in Canada and across Europe. And early traction in both hotels and restaurants, including this quarter's Leonardo Hotels announcement are confidence inspiring. Our strategic e-commerce customer continues to add volume quickly, and we have been expanding organically into several new international markets, that Jared discussed, with strong visibility into the back half of the year.

2024 年是我們真正能夠在加拿大和整個歐洲提供服務的第一年。酒店和餐廳的早期吸引力，包括本季萊昂納多酒店的公告，都鼓舞了人們的信心。我們的策略電子商務客戶繼續快速增加銷量，我們一直在有機地擴展到幾個新的國際市場，賈里德談到，下半年的前景非常明朗。

The low end of our guide contemplates modest headwinds in consumer spending, during which we are confident we can continue to deliver best-in-class growth among our peer set. On that note, it's worth pointing out that we have been very pleased with same-store sale recovery data we have observed in April.

我們指南的低端考慮了消費者支出的溫和阻力，在此期間我們有信心能夠繼續在同行中實現最佳的成長。在這一點上，值得指出的是，我們對 4 月觀察到的同店銷售復甦數據感到非常滿意。

Next, the high end of our guide implies a continuation of recent trends in both our growth in consumer spending as well as several appropriately weighted international expansion initiatives.

接下來，我們指南的高端意味著我們消費者支出成長以及幾項適當加權的國際擴張措施的近期趨勢的延續。

And finally, while the midpoint of our guide implies modest margin expansion, excluding the impact of legacy Finaro and Appetize, margins are expanding meaningfully in 2024. And to reiterate, the impact of Revel is not included in the guide.

最後，雖然我們指南的中點意味著利潤率適度擴張，但排除傳統 Finaro 和 Appetize 的影響，利潤率在 2024 年將大幅成長。

Before turning the call back to Jared, I want to reiterate that our balance sheet, cash generation and profitable growth position us incredibly well for the current environment of macro uncertainty.

在將電話轉回賈里德之前，我想重申，我們的資產負債表、現金產生和獲利成長使我們在當前宏觀不確定的環境中處於非常有利的地位。

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

現在讓我把電話轉回賈里德。

Thanks, Nancy. Okay. This was a long one. So a lot of ground covered, a lot of good wins.

謝謝，南希。好的。這是一篇很長的文章。涵蓋了很多領域，取得了很多好的勝利。

Before we go to the analyst Q&A, we did say we were going to select 1 or 2 questions from our -- from X. So first one is from Jared Block.

在我們進行分析師問答之前，我們確實說過我們將從 X 中選擇 1 或 2 個問題。

From one Jared to another, why did a deal not close to be acquired? Was it valuation? Do you see that a possible acquisition could happen in the near future?

從一個賈里德到另一個，為什麼收購交易沒有達成？是估值嗎？您認為在不久的將來可能會發生收購嗎？

Jared, thanks for the question. I mean, this is really what I dedicated my whole kind of opening letter to in the shareholder note. I tried to give the full play by play. There was a lot of strategic interest. And once you have strategic interest, that means really anything from a go-private perspective that has to be sidelined.

賈里德，謝謝你的提問。我的意思是，這確實是我在股東說明中致詞的全部內容。我試著一次又一次地發揮出全部的實力。有很多戰略利益。一旦你有了戰略利益，這意味著從私有化角度來看，任何事情都必須靠邊站。

And I think, look, rightfully, price expectations kept going up because we knew all about these wins. And the market reacted the way they did over the last month. Analyst notes come out the way they do, indicating potential price ranges, and that's what a good independent Board and Special Committee looks at to make determinations.

我認為，看，價格預期一直在上升，因為我們知道所有這些勝利。市場的反應與上個月相同。分析師的報告就是這樣得出的，顯示了潛在的價格範圍，這就是一個好的獨立董事會和特別委員會在做出決定時所考慮的因素。

Do I see a possible acquisition in the future? Look, I mean, part of my letter was to say, like, we're very focused on executing on our plan. We outlined our plan and the associated results.

我認為未來有可能進行收購嗎？聽著，我的意思是，我的信的一部分是說，我們非常專注於執行我們的計劃。我們概述了我們的計劃和相關結果。

That said, long term, I mentioned I don't see my grandkids running a payments business someday. The idea is to make so many problems and create so much frustration for our competition that, at some point, they make the problem go away. I have no idea what that time frame looks like.

也就是說，從長遠來看，我提到我不會看到我的孫子有一天會經營支付業務。我們的想法是製造出如此多的問題，給我們的競爭對手帶來如此多的挫折感，以至於在某些時候，他們會讓問題消失。我不知道那個時間範圍是什麼樣的。

Also just hitting real quickly, [Christian Mohammad], I think this is the third quarter in a row that we've taken one of your questions, but you have good ones. So how has the expansion outside of North America been progressing, stadium, SkyTab, et cetera? Has Shift4 been able to execute its playbook as expected? Are you facing any significant challenges during the expansion?

另外，[克里斯蒂安·穆罕默德]，我認為這是我們連續第三個季度回答你的問題，但你提出了很好的問題。那麼，北美以外地區（體育場、SkyTab 等）的擴張進展如何？ Shift4 是否能夠如預期執行其劇本？您在擴張過程中是否面臨任何重大挑戰？

Look, I mean, I don't know. We probably rattled off 100 names this quarter, which for everyone's awareness is not the complete list of our wins for the quarter, even though it may have sounded like it, including a number in Canada and Europe, which we've never talked about before because we never could. I mean, I'd draw attention specifically to Leonardo Hotels. I mean, that's several hundred locations. I mean, that's a fantastic proof point.

聽著，我的意思是，我不知道。本季度我們可能會說出100 個名字，但每個人都知道，這並不是我們本季度勝利的完整列表，儘管聽起來可能是這樣，其中包括加拿大和歐洲的一些數字，這是我們以前從未談論過的因為我們永遠做不到。我的意思是，我會特別提請注意萊昂納多酒店。我的意思是，那有數百個地點。我的意思是，這是一個很棒的證據。

But we listed hotels in Canada, of which we had billions -- we have billions of gateway volume in Canada that we've never been able to pursue up until this past quarter or 2.

但我們列出了加拿大的酒店，其中我們擁有數十億家酒店——我們在加拿大擁有數十億家的門戶數量，但直到過去一兩個季度我們才能夠實現這一目標。

So I'd say traction is great. SkyTab is going really well. Really, we put in some into our guide. We put some investments in around the middle of the year to kind of ramp up some of our distribution across Europe because this is really going to be just a distribution game, how we go out -- how we go to market to get SkyTab in front of a lot of restaurants.

所以我想說牽引力很大。 SkyTab 進展非常順利。確實，我們在指南中加入了一些內容。我們在年中左右進行了一些投資，以擴大我們在歐洲的部分分銷，因為這實際上只是一場分銷遊戲，我們如何走出去——我們如何進入市場以讓 SkyTab 領先很多餐館的。

But we are able to have immediate impact just from the hundreds of third-party integrations we have that already accounted for the European market, whether that's MICROS, Oracle, Microsoft, Agilisys, we're able to kind of get the ground running pretty quick there. So all in all, pretty happy with our international expansion right now.

但是，我們能夠透過已經佔據歐洲市場的數百個第三方整合產生立竿見影的影響，無論是 MICROS、Oracle、Microsoft、Agilisys，我們都能夠很快地開始運行那裡。總而言之，我們現在對我們的國際擴張感到非常滿意。

So thanks for those two questions from X. And we will go to the analysts.

感謝 X 提出的兩個問題。

(Operator Instructions) Our first question today comes from Darrin Peller of Wolfe Research.

（操作員說明）我們今天的第一個問題來自 Wolfe Research 的 Darrin Peller。

But look, with regard to growth and the guidance, obviously, it's great to see the wins you're having. It sounds -- Nancy, it sounded to me like that was the driving force of the conviction of the ramp was all the new wins you've had and those ramping as the year progresses combined, I guess, with SkyTab's success.

但是看，就增長和指導而言，顯然，很高興看到您所取得的勝利。聽起來——南希，在我看來，這就是你所取得的所有新勝利以及隨著這一年的進展而不斷取得的勝利與 SkyTab 的成功相結合的信念的驅動力。

Maybe just to reiterate, is there -- how much conservatism do you have in understanding that the implementations are going to be timed appropriately? Is there room for timing changes or anything embedded in the outlook? And then maybe just what the actual contribution is from new business versus the original guide you gave on that road map on volume would be helpful.

也許只是重申一下，您對實施將在適當的時機理解有多少保守？時間安排或前景中是否有調整的空間？然後，也許新業務的實際貢獻與您在路線圖上提供的原始指南的數量會有所幫助。

And then a quick one on just organic. I'm assuming it's still in the 20% plus or mid-20s, like as it would be, but if you can comment on the first quarter.

然後快速介紹一下有機食品。我假設它仍然在 20% 以上或 20 多歲左右，就像它本來的樣子，但如果你能對第一季度發表評論的話。

Yes. I mean, I'll start. And certainly, these guys could jump in, but I'll reiterate really what was in my prepared remarks. We absolutely are still reaffirming that we expect organic growth to be in that 25% on a full year basis. And yes, there's definitely acceleration in that through the year, but Q1 was really right in line and very strong.

是的。我的意思是，我要開始了。當然，這些人可以插話，但我會重申我準備好的發言中的內容。我們仍然重申，我們預計全年有機成長將達到 25%。是的，這一年肯定會加速，但第一季確實是正確的，而且非常強勁。

I think when we think about all the things Jared just said, every one of them is certainly quantified to an Excel level that you would expect. So they're not just words on the page, right? So when we think about the acceleration into the back half, there's a lot of detail behind that.

我想當我們思考 Jared 剛才所說的所有事情時，每一件事情肯定都被量化到了你所期望的 Excel 水平。所以它們不僅僅是頁面上的文字，對吧？因此，當我們考慮後半段的加速時，背後有許多細節。

And I think that we -- you start with SkyTab, right, and the excess -- the success we're having toward the 30,000 goal, right, totally on track and measurable. The featured wins that we talked about, I don't think we spent as much time today, but the ticketing wins, you know how that works, right?

我認為我們——從 SkyTab 開始，對吧，還有我們在實現 30,000 人目標方面所取得的成功，對吧，完全步入正軌並且是可衡量的。我們談到的特色勝利，我認為我們今天沒有花那麼多時間，但是票務勝利，你知道這是如何運作的，對嗎？

It's just additive and flow through, and that's where you see our incredible positivity around upping the guide on EBITDA and free cash flow, right? That whole unit economic and what we've been talking about for the past 12 months, it's really coming to fruition as you see these go-lives quarter after quarter. And yes, of course, they're timed around certain seasons and so forth with the teams.

這只是累積和流動，這就是我們在提高 EBITDA 和自由現金流指南方面令人難以置信的積極態度的地方，對嗎？整個單位的經濟狀況以及我們在過去 12 個月裡一直在談論的內容，當您每個季度都看到這些上線時，它確實正在取得成果。是的，當然，它們是在某些賽季左右與球隊一起進行的。

As we think about hospitality and moving forward with hospitality in Europe and Canada, those wins are happening, right? Two quarters ago, we weren't able to actually bring those on, right? So now those are boarding and live and ramping and absolutely contributing into the back half.

當我們思考酒店業並在歐洲和加拿大推進酒店業時，這些勝利正在發生，對吧？兩個季度前，我們還無法真正實現這些，對吧？所以現在這些都在登機、現場、爬坡，絕對是為後半場做出了貢獻。

And I think just as you think about -- I know Jared talked about the strategic e-commerce customer, right? That's something that is a little bit -- we time it, and it can move just like some of these enterprise launches that we have could move.

我想正如你所想的那樣——我知道賈里德談到了戰略電子商務客戶，對吧？這是一點點——我們計時，它可以像我們可以移動的一些企業發布一樣移動。

So we're always going to have that mix issue that we could have a delay because of installs, but our line of sight has always been pretty good. And so I think that's why our -- we've had high conviction around the ramp, and it's not different than what we planned when we gave our original guide.

因此，我們總是會遇到混合問題，因為安裝可能會延遲，但我們的視線一直都很好。所以我認為這就是為什麼我們對坡道抱有很高的信念，這與我們在提供原始指南時的計劃沒有什麼不同。

Yes. And Darrin, it's Jared here, just to kind of weigh in on those points a little bit more. I mean, first, I'm trying to break things out on a quarterly basis. I mean, simply put, we wouldn't do it unless we had pretty high confidence in it.

是的。達林（Darrin），我是賈里德（Jared），我只是想進一步談談這些觀點。我的意思是，首先，我試圖按季度進行分類。我的意思是，簡單地說，除非我們對此有很高的信心，否則我們不會這樣做。

We're a pretty motivated organization. We like posting wins every quarter. So if things are off the cadence that we believe is likely, we want to correct it and set the proper cadence for the year. So I'd say that, that should be a sign of confidence.

我們是一個非常積極進取的組織。我們喜歡每季發布勝利訊息。因此，如果事情偏離了我們認為可能的節奏，我們希望糾正它並為今年設定適當的節奏。所以我想說，這應該是信心的標誌。

In terms of ramp for the back half, to Nancy's point, yes, it's everything you list out in this quarter's earnings report and probably many of the prior quarters as well, like the last 2 or 3. It's just not instantaneous, right? I almost liken it to a manufacturing backlog, right?

就後半段的成長而言，就南希的觀點而言，是的，這就是您在本季度收益報告中列出的所有內容，可能還有之前的許多季度，例如過去的2 或3 個季度。我幾乎把它比喻成製造積壓，對嗎？

Maybe we should look at talking about how much in terms of billions of volume of backlog is waiting for installation because we've been posting stadium wins and ticketing wins for several quarters now. And some of them, they might say the go-live is June of 2024, things of that nature.

也許我們應該考慮一下等待安裝的積壓量有多少（數十億），因為我們已經發布了幾季的體育場勝利和票務勝利。其中一些可能會說將於 2024 年 6 月上線，類似的事情。

BEI Hotel is a cover of our earnings report 1.5 years ago. It hasn't opened yet. So the -- as that backlog continues to grow, you can get -- you can actually forecast it out with a degree of margin greater than you would have previously.

北酒店是我們1.5年前獲利報告的封面。它還沒有開放。因此，隨著積壓訂單繼續增長，您實際上可以以比以前更大的利潤率對其進行預測。

And the last thing I'd just say on your question on the organic side, and Nancy mentioned in her remarks about blowing up the revenue model, I don't think anyone -- people really appreciate the lengths that we will go to wreck a failed revenue model of an acquisition in order to pivot in the right direction.

關於你關於有機方面的問題，我要說的最後一件事是，南希在她的評論中提到了關於破壞收入模式的問題，我認為沒有人真正欣賞我們將不遺餘力地破壞收入模式。正確的方向，收購失敗的收入模式。

We said this before around the Appetize time, but we will absolutely give freebies away on their SaaS fees for a year or their hardware fees a year, things that were part of their historic business or revenue at the time we acquired just to move them over to our new products, so we can delete parts and monetize through payments.

我們之前在 Appetize 時間說過這一點，但我們絕對會免費贈送他們一年的 SaaS 費用或一年的硬體費用，這些東西是我們收購時他們歷史業務或收入的一部分，只是為了將他們轉移過來到我們的新產品，這樣我們就可以刪除零件並透過付款獲利。

So like it's -- I know that's very tricky for analysts to get their arms around, unless we really itemize it out. But you should assume most of the acquisitions we've done have intentionally been set back from a legacy revenue perspective to move five steps forward in our preferred direction.

就像這樣——我知道分析師很難接受，除非我們真的逐項列出。但你應該假設我們所做的大部分收購都是從遺留收入的角度故意推遲的，以便朝著我們首選的方向前進五步。

Yes, yes. That's great. So it sounds very bottoms up. So that's really helpful. Just very quickly, international, it was great to see the wins, the stadiums, the hotels on both sides. Just the progress you're having there seems like it's truly happening. Any -- what's your opportunity there in the near term? And then maybe -- we know the long term is big, but is that pipeline still continuing in the near term?

是的是的。那太棒了。所以聽起來很自下而上。所以這真的很有幫助。很快，國際比賽，很高興看到雙方的勝利、體育場和酒店。只是你在那裡所取得的進展似乎是真實發生的。任何－短期內你有什麼機會？然後也許──我們知道長期來看是很大的，但短期內這條管道是否仍在持續？

Yes. I mean -- Darrin, Jared here on this one. I think I didn't expect last quarter to be able to talk about as many wins in Europe and Canada this quarter. I mean, we really started. So I mean, there were some pretty impressive wins in there. I know I rattled off a pretty long laundry list there, but we had some pretty big hotels, some pretty big operators. I mean, you got Pizza Hut in a couple of countries.

是的。我的意思是──達林、賈里德在這裡。我想我沒想到上個季度能夠談論本季在歐洲和加拿大的那麼多勝利。我的意思是，我們真的開始了。所以我的意思是，其中有一些令人印象深刻的勝利。我知道我在那裡列出了一份相當長的清單，但我們有一些相當大的酒店，一些相當大的運營商。我的意思是，必勝客在幾個國家都有。

That's pretty good from an online ordering perspective. We've had amazing traction with EV operators. So yes, I'd say in terms of our plans for Europe and Canada, we're ahead of where we thought we were, especially a quarter or 2 ago.

從線上訂購的角度來看，這非常好。我們對電動車營運商有著驚人的吸引力。所以，是的，我想說，就我們在歐洲和加拿大的計劃而言，我們領先於我們的預期，尤其是一兩個季度前。

That's why we kind of mentioned -- or I mentioned before, we started making some investments. It's in our guide towards the middle of this year just to ramp up some of our distribution firepower in Europe because we think we'll need it.

這就是為什麼我們提到——或者我之前提到過，我們開始進行一些投資。我們在今年年中的指南中只是為了增強我們在歐洲的一些分銷火力，因為我們認為我們會需要它。

The next question is from Will Nance of Goldman Sachs.

下一個問題來自高盛的威爾·南斯。

Look, I think the back half ramp in the guidance is kind of the main focus this morning. I'm just getting comfortable with it. I realize Darrin just asked about this. But I guess, can you put a finer point on just what's different about this year from an implementation perspective from prior years?

看，我認為指導中的後半坡道是今天早上的主要焦點。我剛剛適應它。我意識到達林剛剛問過這個。但我想，您能否從實施角度更詳細地說明今年與往年的不同之處？

Because I think I'm getting to something like 56% to 57% of revenue in the back half, and it's been pretty consistently more like 54% to 55%. And maybe the answer is just you've got a lot more of these chunky stadium and ticketing wins in the back half.

因為我認為下半年我的收入將達到 56% 到 57%，而且一直是 54% 到 55%。也許答案只是你在後半場獲得了更多這些矮胖的體育場和票務勝利。

But I was just wondering if you can kind of double click on what's sort of different about the implementation schedule this year versus in prior years just to help people kind of get a better understanding for that.

但我只是想知道您是否可以雙擊今年的實施計劃與往年相比有何不同，以幫助人們更好地理解這一點。

Yes. Well, I'll start and then invite Taylor and Nancy to come in. I would really just call it that growing backlog of go-lives. We have certainly been moving up market as demonstrated by the average volume for merchant data. I think it's one of the slides that we periodically put in our earnings report.

是的。好吧，我將開始，然後邀請泰勒和南希進來。正如商家數據的平均量所證明的那樣，我們確實一直在向市場上游發展。我認為這是我們定期放在收益報告中的幻燈片之一。

We've been -- done nothing but move upmarket and diversifying to kind of more complex verticals, like stadiums and e-commerce. And we just have really good visibility into go-lives, and they start stacking up. I mentioned before, there are certainly stadiums and hotels and resorts that we announced 2 quarters ago that are in our backlog for go-lives.

我們什麼也沒做，只是向高端市場和多元化發展，進入更複雜的垂直領域，例如體育場和電子商務。我們對上線有了很好的了解，而且它們開始堆積起來。我之前提到過，我們兩個季度前宣布的體育場、酒店和度假村肯定是在我們待上線的待辦事項中。

And frankly, the bigger the backlog grows, the more margin you have when you start forecasting out, which is largely customer-driven dates when they'll go live. So I think it's a big part of it is just the mix shift and the fact over the last couple of years being in these new verticals, you just have more -- you just have a greater sense of -- or greater visibility into when they'll turn on.

坦白說，積壓訂單成長得越大，當您開始預測時，您的利潤就越大，這主要是客戶驅動的上線日期。所以我認為這只是混合轉變的一個重要部分，事實上在過去的幾年裡，在這些新的垂直領域，你只是有更多的——你只是有一個更大的感覺——或者更清楚地了解它們何時出現。

Also, I mean, just from a seasonality perspective, the football season, when they do a lot of ticketing, a lot of these are travel and leisure are more seasonally in play in the second half of the year. Nancy or Taylor?

另外，我的意思是，僅從季節性角度來看，足球賽季，當他們進行大量票務時，其中許多是旅遊和休閒，在下半年更具季節性。南希還是泰勒？

The one thing I would say just to kind of tack on a slightly different topic is we are continuing to synergize prior acquisitions, right? So as we do that, those revenue synergies are helping back half of the year.

我想說的一件事是，為了解決一個稍微不同的主題，我們正在繼續整合先前的收購，對嗎？因此，當我們這樣做時，這些收入綜效正在幫助今年下半年的發展。

Also our gateway, since that initiative, it's -- that's a great example of where we have complete visibility of who's moving and when. So the process there will definitely help both from conversion monetization.

還有我們的網關，自從該倡議以來，它是一個很好的例子，我們可以完全了解誰在移動以及何時移動。因此，那裡的流程肯定會對雙方的轉化貨幣化有所幫助。

As you guys know, we talked about carrots moving slightly more to sticks, and it's working. We're getting those conversions end to end. So that, I would say, similar to ticketing, we have visibility to when those moves are going to happen.

正如你們所知，我們談到了胡蘿蔔稍微多一點，而它正在發揮作用。我們正在端到端地進行這些轉換。因此，我想說，與票務類似，我們可以清楚知道這些變動何時發生。

Got it. I appreciate all the helpful details. And just a follow-up, actually, Nancy, on that last point, maybe just to rewind a little bit the last quarter. It sounds like there was a bit of a more unusual gateway deal in the prior quarter. I was just wondering if you could kind of update us on how that's impacting the numbers.

知道了。我感謝所有有用的細節。實際上，南希，關於最後一點，只是一個後續行動，也許只是稍微回顧一下上個季度。聽起來上一季有一些更不尋常的網關交易。我只是想知道您能否向我們介紹一下這對數字有何影響的最新情況。

I know you mentioned the gateway revenues coming down sequentially this quarter again. And so just remind us about the process of getting the converted end-to-end volume up to the kind of the standard net revenue take rates that we would typically expect in those deals.

我知道您提到本季網關收入再次連續下降。因此，請提醒我們將轉換後的端到端交易量提高到我們通常在這些交易中預期的標準淨收入收取率的過程。

And maybe just some context for -- roughly, I guess, did it come on at significantly lower spreads initially? And just what is that delta that you guys are closing over the course of, I guess, the repapering of the franchisees?

也許只是一些背景──我猜，最初的利差是否明顯較低？我想，你們在特許經營商重新申請過程中所關閉的三角洲到底是什麼？

Yes, sure. Actually, this is Taylor. I'll hit that having been involved with the relationship. It's a dynamic that we described in detail last quarter, which is effectively that we've got a few different opportunities whereby we can contract with franchisees on a direct basis and a higher spread.

是的，當然。事實上，這是泰勒。我會因為參與了這段關係而達到這一點。這是我們上個季度詳細描述的動態，實際上我們有一些不同的機會，可以直接與特許經營商簽訂合約並獲得更高的價差。

The way this represents itself in our financials is that we have end-to-end volume today that we would determine -- we would designate as kind of undermonetized, meaning it's paying a lower spread. However, the way the relationship we expect to evolve is that we will be able to contract with the franchisees directly, provide them more services, et cetera.

這在我們的財務數據中反映出來的方式是，我們今天擁有端到端的交易量，我們將確定這一交易量——我們將其指定為貨幣化不足，這意味著它支付的利差較低。然而，我們期望發展關係的方式是我們將能夠直接與特許經營商簽訂合同，為他們提供更多服務等等。

So again, it's a -- Nancy alluded to the spread stability that we're starting to see. This is one area of comfort for us in that regard, which was effectively an institutional relationship where we can take on more of the burden for that large enterprise and contract with the franchisees that -- what are closer to sort of small- to medium-sized businesses rates, one level of spread, but it also takes a while to roll out. It's not something you can attack thousands of locations all at once. Again, kind of alluding to more activity from a revenue perspective in the back half of the year.

南希再次提到了我們開始看到的利差穩定性。在這方面，這是我們感到欣慰的一個領域，這實際上是一種制度關係，我們可以為大型企業承擔更多負擔，並與特許經營商簽訂合約——更接近中小型企業——規模企業的利率是一種傳播水平，但也需要一段時間才能推出。這不是你可以同時攻擊數千個地點的東西。再次，從收入角度來看，這有點暗示今年下半年會有更多活動。

Got it. So it is an in-year benefit, the repapering. It's not a multiyear thing.

知道了。因此，這是一項年內福利，即重新紙張。這不是一個多年的事。

It's as fast as we can get to thousands of locations. I don't want to be more specific than that. We try hard. And it also gets -- it also competes with net new business from time to time. So...

我們可以以最快的速度到達數千個地點。我不想說得更具體。我們努力嘗試。而且它還時不時地與淨新業務競爭。所以...

The next question is from Timothy Chiodo of UBS.

下一個問題來自瑞銀集團的提摩西·奇奧多。

I want to touch on the $500 billion figure that's in the shareholder letter. It's the total undermonetized end-to-end volume funnel. At the last update, I believe the gateway opportunity had about $120 billion left. Software was another $30 billion.

我想談談股東信中提到的 5000 億美元的數字。這是貨幣化不足的端到端交易量漏斗。在上次更新中，我認為網關機會還剩約 1200 億美元。軟體業另外價值 300 億美元。

I was hoping you could just bridge us to the total $500 billion and just expand a little bit and elaborate around that pretty large end-to-end funnel opportunity.

我希望您能夠幫助我們實現 5000 億美元的總額，並圍繞這個相當大的端到端漏斗機會進行一些擴展和詳細說明。

Yes, sure. So I'll hit this one as well. We put those two slides in there because there's been a lot of talk about capital allocation, how do we think about the dollars we deploy. We believe it's a core competency of our business. It's a really strong differentiator.

是的，當然。所以我也來打這個吧。我們把這兩張幻燈片放在那裡是因為有很多關於資本配置的討論，以及我們如何考慮我們部署的美元。我們相信這是我們業務的核心競爭力。這是一個非常強大的差異化因素。

And I think we're actually quite agnostic in terms of how our dollars get allocated, be that product development, M&A, stock buybacks, customer acquisition costs, et cetera, as long as the math makes a ton of fundamental sense.

我認為，只要數學具有大量的基本意義，我們實際上對於如何分配我們的資金是相當不可知的，無論是產品開發、併購、股票回購、客戶獲取成本等等。

And so we tried to illustrate kind of what our track record has been over the past few years in terms of total dollars deployed and what the opportunity that those dollars have presented exists.

因此，我們試圖說明過去幾年我們在部署的總美元方面的記錄以及這些美元所帶來的機會。

So we've all cited the gateway regularly. That was a portion of that $500 billion, but every dollar we've deployed towards M&A opportunities and otherwise has presented a volume base that we can go attack, that hasn't monetized payments well. And I think we've called out things like Appetize and Focus POS, all of those transactions had volume that isn't quite as daily measurable as the gateway volume, but it's an incredible opportunity.

所以我們都常常引用網關。這是這 5000 億美元的一部分，但我們為併購機會和其他方面所投入的每一美元都提供了我們可以攻擊的數量基礎，而這並沒有很好地貨幣化付款。我認為我們已經提出了諸如 Appetize 和 Focus POS 之類的東西，所有這些交易量都不像網關交易量那樣每天可衡量，但這是一個令人難以置信的機會。

So we laid that out. Again, just to be very clear, you can consider our existing gateway population is a portion of that $500 billion. You can consider Appetize customers inside of that $500 billion, et cetera. What's not inside of that is the transaction that we announced in the page just after that.

所以我們把它列出來了。再次強調一下，您可以認為我們現有的網關人口只是這 5,000 億美元的一部分。你可以考慮 Appetize 客戶在這 5000 億美元之內，等等。其中不包括我們在那之後的頁面中宣布的交易。

So we tried to give investors just a sense for why we allocate capital the way we do, what we look for when we deploy a dollar. Again, we are agnostic to whether that dollar is to hire an employee, to build a product, to buy another company or to buy back our own stock as long as the returns make a ton of sense.

因此，我們試圖讓投資者了解為什麼我們會這樣分配資本，以及我們在配置美元時會尋求什麼。同樣，我們也不知道這筆錢是用來僱用員工、製造產品、購買另一家公司還是回購我們自己的股票，只要回報有意義。

And hopefully, that gives investors some confidence that when they see us invest dollars, and we announced two interesting ones today in the form of Revel and a large stock buyback, they should be really excited that we found opportunities to meet those return objectives.

希望這能給投資者帶來一些信心，當他們看到我們投資美元時，我們今天宣布了兩項有趣的計劃，即狂歡和大規模股票回購，他們應該非常興奮，因為我們找到了實現這些回報目標的機會。

Perfect. The brief, just a quick numbers one, if you're able to update. I know that last year, or a few years back when you did the in-sourcing, there was the 350 direct sales force. You likely had some other direct sales folks in-house, plus the reseller. So that was a U.S. number.

完美的。簡短的，只是快速的第一，如果您能夠更新的話。我知道去年，或幾年前，當你進行內包時，有 350 名直銷人員。除了經銷商之外，您內部可能還有其他一些直銷人員。那是一個美國數字。

Can you just, one, update the size of the distribution in the U.S., both direct and indirect, and then touch on where that sits for Europe in terms of how much hiring there has been for sales in Europe?

您能否，第一，更新美國的直接和間接分銷規模，然後談談歐洲的銷售人員招聘情況？

And then how many of those distribution partners you have, which I recognize that you just mentioned them a few questions back? But if you could put some numbers to it, that would be appreciated.

然後，您有多少個分銷合作夥伴（我知道您剛才在回答幾個問題時提到了他們）？但如果您能提供一些數字，我們將不勝感激。

Yes. I'll actually start in reverse and let Jared cover the U.S. sales force. We've been spending a lot of time on the European opportunity. Our European sales force largely consists today of the former Finaro sales team, plus a handful of early-stage software partners that we've had in the U.S. that also install systems throughout Europe, and then a very small handful of incredibly talented folks that put up a disproportionate number of the wins you see in this earnings stack.

是的。實際上，我會反過來開始，讓賈里德負責美國銷售人員。我們在歐洲的機會上花了很多時間。今天，我們的歐洲銷售隊伍主要由前 Finaro 銷售團隊組成，加上我們在美國擁有的一些早期軟體合作夥伴，他們也在整個歐洲安裝系統，然後是極少數非常有才華的人，他們將您在此收益堆疊中看到的勝利數量不成比例。

We are by no means at the scale we'd like to be with regard to European distribution. We've got pretty strong and ambitious plans for our sales force in Europe, but it is by no means where we'd like it to be.

我們在歐洲的發行規模遠遠達不到我們想要的規模。我們為歐洲的銷售團隊制定了相當強大且雄心勃勃的計劃，但這絕對不是我們想要的。

Jared, do you want to comment on the U.S.?

Jared，你想對美國發表評論嗎？

Yes. I think from the time that we did distribution in-sourcing, so I guess, almost 2 years ago, we've increased. We've had several hiring classes for our direct team. So if we increase the size of the direct team by 10% or something, it seems like generally in the ballpark.

是的。我認為從我們進行內包分銷開始，所以我想，大約兩年前，我們已經有所增加。我們為我們的直接團隊舉辦了幾個招募課程。因此，如果我們將直接團隊的規模增加 10% 或其他，似乎總體上是在大約範圍內。

And then we have added additional authorized partners, mostly in the West Coast, where we just always kind of lacked a direct presence. So yes, and I think it's probably fair to say we'll continue to slowly add more headcount to our direct sales team just to account for SkyTab demand.

然後我們增加了更多的授權合作夥伴，主要是在西海岸，我們在那裡總是缺乏直接的存在。所以，是的，我認為可以公平地說，我們將繼續緩慢地為我們的直銷團隊增加更多人員，只是為了滿足 SkyTab 的需求。

And as you think about the synergies we look for in M&A transactions, the Revel business had an awesome sales team, both direct and the series of partners. We're really excited to work with them as the transaction comes to a close.

當您考慮我們在併購交易中尋求的協同效應時，Revel 業務擁有一支出色的銷售團隊，包括直接銷售團隊和一系列合作夥伴。隨著交易即將結束，我們非常高興與他們合作。

The next question is from Dan Dolev of Mizuho.

下一個問題來自瑞穗銀行的 Dan Dolev。

Great to see the organic growth reiteration for the year, very, very strong. I have a quick question about Revel. Kind of -- it was very interesting to see the acquisition. Jared and Taylor, can you maybe give us a sense of the strategic rationale behind it and what you expect to get out of it?

很高興看到今年的有機成長再次出現，非常非常強勁。我有一個關於狂歡的簡單問題。有點——看到這次收購非常有趣。 Jared 和 Taylor，您能否讓我們了解背後的策略原理以及您期望從中獲得什麼？

Yes, sure. Jared here. I'm happy to kick this off. Yes, I mean, this is totally our playbook. I mean, this should be looked at very similarly to Appetize or Focus POS. I mean, we can apply all of our strategies to this.

是的，當然。賈里德在這裡。我很高興開始這件事。是的，我的意思是，這完全是我們的劇本。我的意思是，這應該與 Appetize 或 Focus POS 非常相似。我的意思是，我們可以運用我們所有的策略來解決這個問題。

I mean, first and foremost, you have a massive payment cross-sell. So if anyone is familiar with Revel's history, it was valued once at over $500 million. We've certainly announced the purchase price meaningfully less than that.

我的意思是，首先也是最重要的是，您有大量的付款交叉銷售。因此，如果有人熟悉 Revel 的歷史，它的估值曾經超過 5 億美元。當然，我們宣布的購買價格明顯低於這個價格。

But it was an organization that intentionally overlooked payments for a very long time. It built really good software, won great customers, but payments was somewhat of an afterthought until the last couple of years. So instantly, you have the ability to pursue existing customers, switch them over to payments.

但這是一個長期故意忽視付款的組織。它開發了非常好的軟體，贏得了優秀的客戶，但直到最近幾年，付款才算是事後才想到的。因此，您立即就有能力吸引現有客戶，並將其轉向付款。

Second, again, it's kind of our Space X philosophies that we've adopted here, deleting the parts. You don't need two restaurant products. You're going to take the best capabilities out of Revel for QSR and enterprise and bring them over into SkyTab. And you're going to do that with a lot of talent that happens to be in the same -- (inaudible) is essentially in the same area as our monster development team in Vilnius, Lithuania.

其次，這也是我們在這裡採用的 Space X 哲學，刪除了這些部分。您不需要兩種餐廳產品。您將從 Revel 中獲得 QSR 和企業的最佳功能，並將其引入 SkyTab。你將用大量的人才來做到這一點，這些人才恰好與我們位於立陶宛維爾紐斯的怪物開發團隊處於同一領域（聽不清楚）。

And then you get a lot of distribution to sell a product that you know wins, that has a winning value proposition, meaning, as Taylor mentioned, Revel has a lot of salespeople direct already. They also have authorized partners in Europe for their product as well.

然後你會得到大量的分銷來銷售你知道會獲勝的產品，該產品具有獲勝的價值主張，這意味著，正如泰勒所提到的，Revel 已經有很多直接銷售人員。他們的產品在歐洲也有授權合作夥伴。

So you've got a massive cross-sell. You've got to take out the parts, so delete duplicative product offerings. You pick up a bunch of talent, and then you have a lot of distribution. As Taylor mentioned, we're just going through the standard kind of regulatory approval process.

所以你有大量的交叉銷售。您必須取出零件，因此刪除重複的產品。你挑選了一批人才，然後你就得到了很多分配。正如泰勒所提到的，我們只是在經歷標準的監管審批流程。

But assuming July 1, it could very well be before that, we said $15 million of EBITDA in the back half of the year, you annualize that, and that's with an acceleration ramp of the following year, you can already get a sense that it was just a perfectly fine financial transaction on its own right.

但假設 7 月 1 日，很可能在那之前，我們說下半年 EBITDA 為 1500 萬美元，你將其年化，並且隨著下一年的加速增長，你已經可以感覺到它就其本身而言，這只是一筆完美的金融交易。

Yes. Jared summarized that well. I don't have too much to add, except that we're incredibly excited to get this one over the line. And don't expect it to be much more than July 1, as Jared mentioned.

是的。賈里德總結得很好。我沒有太多要補充的，只是我們非常高興能夠完成這項任務。正如賈里德所提到的，不要指望它會比 7 月 1 日更長。

Our last question today will come from Sanjay Sakhrani of KBW.

今天我們的最後一個問題將來自 KBW 的 Sanjay Sakhrani。

I guess, I have a question on SkyTab. I know it's early days, but maybe you could just help us think about the revenue contribution and how you see that developing over time, and maybe also just the revenue potential of a SkyTab customer versus a non-SkyTab customer.

我想，我在 SkyTab 上有一個問題。我知道現在還為時過早，但也許您可以幫助我們考慮收​​入貢獻以及您如何看待收入隨著時間的推移而發展，也許還可以考慮一下 SkyTab 客戶與非 SkyTab 客戶的收入潛力。

Yes, I'll start with this, and I think it's important to dimensionalize kind of what our book looks like today. SkyTab is exclusively focused on net new wins, adding customers. When we add a SkyTab unit, it is overwhelmingly a customer that didn't exist in the Shift4 ecosystem prior to that.

是的，我將從這個開始，我認為對我們今天的書進行維度化很重要。 SkyTab 專注於淨新勝利和增加客戶。當我們添加 SkyTab 單位時，它絕大多數是先前 Shift4 生態系統中不存在的客戶。

We also have the opportunity, should we choose to kind of lean on it, to upgrade customers that are on other pieces of restaurant software to SkyTab over time. We will get a SaaS lift from that, but these customers are typically already giving us payments.

隨著時間的推移，如果我們選擇依靠它，我們還有機會將使用其他餐廳軟體的客戶升級到 SkyTab。我們將從中獲得 SaaS 的提升，但這些客戶通常已經向我們付款。

And as you've seen, we try to price the SaaS offering in SkyTab to be very attractive, vis-a-vis other competitors in the market. We've seen lots of success, as evidenced in kind of our earnings materials and prepared remarks with this strategy.

正如您所看到的，與市場上的其他競爭對手相比，我們嘗試將 SkyTab 中的 SaaS 產品定價為非常有吸引力。我們已經看到了很多成功，這一點在我們的盈利材料和針對這一策略準備的評論中得到了證明。

Although we do think there's plenty of room to move price when our nearest competitors brag about the number of modules they can sell to a customer, and all of ours are included in our base pricing, you see the opportunity to charge for it over time, although we're not seeing the need to do that in the current environment to attract a lot of customers.

儘管我們確實認為，當我們最接近的競爭對手吹噓他們可以向客戶出售的模組數量時，價格還有很大的調整空間，並且我們所有的模組都包含在我們的基本定價中，但隨著時間的推移，您會看到收取費用的機會，儘管我們認為在當前環境中沒有必要這樣做來吸引大量客戶。

What you should expect from a SkyTab site just kind of at the macro level versus averages in our book is that the restaurants, they're typically a little bit smaller volume than what you have in an average hotel and significantly smaller than a stadium, although we earn a higher spread and we earn a SaaS component on top of it. So a very, very attractive customer in terms of the revenue contribution per dollar of volume.

從宏觀層面與我們書中的平均水平相比，您應該從 SkyTab 網站期待的是，餐廳的體積通常比普通酒店的體積要小一些，並且比體育場要小得多，儘管我們獲得了更高的點差，並在此基礎上獲得了SaaS 組件。因此，就每美元銷售的收入貢獻而言，這是一個非常非常有吸引力的客戶。

Nancy, I don't know if you want to give any more color on that.

南希，我不知道你是否想對此提供更多的資訊。

Yes. I would just reiterate. We said that SaaS alone restaurant growth was 55%. All within that is a very high percentage coming from SkyTab well in excess of that. And I think it's just all the components that Taylor talked about, just the ramping.

是的。我只想重申一下。我們說光是 SaaS 餐廳的成長率就達到 55%。其中來自 SkyTab 的比例非常高，遠遠超過這個數字。我認為這只是泰勒談到的所有組成部分，只是斜坡。

We -- I think the one thing you didn't talk about is just we don't charge for every enhancement right now and every module within SkyTab. It is -- I would say it's not only is it a low cost competitively in the market offering, we also are generally giving 1 year free to many of our customers.

我們——我認為您沒有談論的一件事是，我們現在不對 SkyTab 中的每個增強功能和每個模組收費。我想說，這不僅是在市場上具有競爭力的低成本產品，而且我們通常還為許多客戶提供一年的免費服務。

So there's this ramp that you're going to see as we start lapping SkyTab. That's going to have -- it's going to impact the back half of this year and certainly in the near term, just bigger revenue, bigger SaaS revenue, just great trajectory.

當我們開始繞行 SkyTab 時，您將看到這個坡道。這將會影響今年下半年，當然也包括短期內，更大的收入、更大的 SaaS 收入，以及良好的發展軌跡。

Appreciate it. And just my follow-up, Jared. I appreciate all of the comments on the strategic review. But maybe just help us think about sort of what valuation you think makes sense if you were to go down the path of a sale. Or we're just -- I'm trying to dimensionalize sort of what would get you excited and how we should think about the trajectory from here.

欣賞它。這是我的後續行動，賈里德。我感謝所有關於戰略審查的評論。但也許只是幫助我們思考一下，如果你要走上出售的道路，你認為什麼樣的估值才有意義。或者我們只是——我正在嘗試將讓你興奮的因素具體化，以及我們應該如何思考從這裡開始的軌跡。

It's a really tough question, right, because I think there's a pretty big gap between how we are valued today and, frankly, how we've been valued for quite some time relative to some of our high-growth peers that don't even kind of share our profitability profile.

這是一個非常棘手的問題，對吧，因為我認為我們今天的估值與坦率地說，相對於一些高增長同行而言，我們在相當長一段時間內的估值之間存在著相當大的差距。

So I guess, the thing I would point you to is, I mean, during the strategic review, I think almost every analyst put out a note with where they thought Shift4 might transact at and the rationale behind it. And I was -- I think, generally, especially those on the higher end of it, were thinking things through correctly.

所以我想，我想向你們指出的是，我的意思是，在戰略審查期間，我認為幾乎每個分析師都會發表一份說明，其中寫明他們認為Shift4 可能進行交易的地點及其背後的理由。我認為，一般來說，尤其是那些處於高端的人，正在正確地思考事情。

But I think if you watch the evolution throughout that strategic review, those notes kept getting higher and higher, and I think that was rightfully so, especially when you look under the hood at some of the things that are going on. That certainly makes it hard for, I think, the strategic parties when there's a new note kind of every day and the direction it's going.

但我認為，如果你觀察整個策略審查的演變，這些註釋會變得越來越高，我認為這是理所當然的，特別是當你深入了解正在發生的一些事情時。我認為，當每天都有新的說明及其發展方向時，這肯定會讓策略各方感到困難。

But I didn't disagree that on the top end of some of those ranges that, that would have been a more appropriate valuation. But certainly, it's well, well above where we're at presently today.

但我並不同意，在其中一些範圍的頂端，這將是一個更合適的估值。但可以肯定的是，它遠高於我們目前的水平。

That's all the time we have for questions today. This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

這就是我們今天提問的全部時間。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。