Shift4 Payments Inc (FOUR) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Shift4 third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Shift4 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Tom McCrohan, Executive Vice President Investor Relations for Shift4. Thank you. You may begin.

現在，我想將會議交給主持人、Shift4 投資者關係執行副總裁湯姆·麥克羅漢先生。謝謝。你可以開始了。

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

謝謝接線員，大家早上好，歡迎參加 Shift4 2024 年第三季財報電話會議。今天與我一起參加電話會議的還有 Shift4 的執行長 Jared Isaacman；泰勒·勞伯（Taylor Lauber），總裁；以及我們的財務長 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. Our quarterly shareholder letter, quarterly financial results, and other materials related to our quarterly results have all been posted to our IR website.

本次電話會議將在我們網站的投資者關係部分進行網路直播，網址為investors.shift4.com。今天的電話會議也在 X Spaces（原名 Twitter）上同步播出，您可以透過我們的公司 Twitter 帳戶@Shift4 存取。我們的季度股東信函、季度財務結果以及與季度業績相關的其他資料均已發佈到我們的 IR 網站。

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. Additional information concerning those factors is available in our most recent reports on Forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our corporate website. For any non-GAAP financial information discussed on this call, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter.

我們今天的電話會議和收益資料包含前瞻性陳述。這些聲明並不能保證未來的表現，並且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存在重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表和 10-Q 表報告，您可以在美國證券交易委員會網站和我們公司網站的投資者關係部分找到這些報告。對於本次電話會議中討論的任何非 GAAP 財務信息，相關的 GAAP 指標和對帳可在今天的季度股東信中找到。

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

說完這些，讓我把電話轉給賈里德。賈里德？

Thanks, Tom. So we have a lot to cover today. So I'm going to break up this call into the following sections. So we're going to start with Q3 results, and then we're going to go into the deep dive by vertical and major initiatives, we'll talk about expectations for Q4, and then end off on reflections on our performance since the IPO.

謝謝，湯姆。今天我們要討論的內容非常多。因此我將把這次通話分成以下幾個部分。因此，我們將從第三季的業績開始，然後深入探討垂直和主要舉措，討論對第四季度的預期，最後回顧我們自 IPO 以來的表現。

So we're really pleased with what was a reasonably strong quarterly performance and our overall execution within the variables that we can control. So we've delivered quarterly records across all our major KPIs, so volume, gross revenue less network fees, adjusted EBITDA, and adjusted free cash flow. Our adjusted EBITDA margins were also a quarterly record of 51.3% or nearly 54% when excluding a 250-basis-point drag from recent acquisitions. Specifically, we delivered $187.4 million of EBITDA, generating $111 million of adjusted free cash flow, which is up 46% versus a year ago and represents a 59% free cash flow conversion.

因此，我們對相當強勁的季度業績以及我們能夠控制的變數內的整體表現感到非常滿意。因此，我們提供了所有主要 KPI 的季度記錄，包括銷售量、總收入減去網路費用、調整後的 EBITDA 和調整後的自由現金流。我們的調整後 EBITDA 利潤率也創下了季度新高，達到 51.3%；若排除近期收購帶來的 250 個基點的拖累，則利潤率接近 54%。具體而言，我們實現了 1.874 億美元的 EBITDA，產生了 1.11 億美元的調整後自由現金流，比去年同期增長了 46%，代表自由現金流轉換率為 59%。

So let's talk about what really went well in the quarter. So it was absolutely one of our strongest quarters for new logo wins, especially within hospitality. So I can't actually recall a better quarter for mega hospitality wins. It starts right off with KSL properties as well as a very large Las Vegas international casino operator that also committed to Shift4. So we believe we are number one in end-to-end hospitality payments in the world.

那麼讓我們來談談本季真正進展順利的事情。因此，這絕對是我們新標誌獲勝最強勁的一個季度，特別是在酒店業領域。因此，我實際上不記得有哪個季度的酒店業取得了比這更好的成績。它首先從 KSL 資產以及同樣致力於 Shift4 的拉斯維加斯大型國際賭場營運商開始。因此我們相信，我們是全球端到端飯店支付領域的第一名。

Similarly, we believe we're number one in end-to-end sports and entertainment payments provider in the world. So the stadium theme park and ticketing wins continue to roll on. We believe we're number two in the world when it comes to our cloud-based restaurant POS products, SkyTab, as SkyTab installs and the associated SaaS revenue streams continue a very strong growth trajectory. I'd say we are unranked when it comes to our global e-commerce capabilities, but that's quickly to change as we follow our strategic merchant relationship literally all over the world, and we expect to win other blue chip customers just like them.

同樣，我們相信我們是全球第一的端到端體育和娛樂支付提供者。因此，體育場主題樂園和門票收入將繼續增長。我們相信，隨著 SkyTab 的安裝和相關的 SaaS 收入流繼續保持非常強勁的成長軌跡，我們的基於雲端的餐廳 POS 產品 SkyTab 在全球排名第二。我想說，就我們的全球電子商務能力而言，我們是沒有排名的，但這種情況很快就會改變，因為我們在世界各地都追隨我們的策略商家關係，我們希望贏得像他們一樣的其他藍籌客戶。

Over the last quarter, our contracted volumes saw a $5 billion flow into actuals and, alongside an incredible list of new logos, brings our contracted volume backlog to $33 billion. We set a big goal to hit 10,000 international restaurants and hotels in 2024. I think it's pretty clear we're going to come up short in that regard. But we do have over 1,000 international card-present merchants with our first Vectron installations complete. So I think we're four down, 64,996 to go.

上個季度，我們的合約量實際流入金額達 50 億美元，再加上一系列令人難以置信的新標識，我們的合約積壓量達到 330 億美元。我們設定了一個大目標，到 2024 年要達到 10,000 家國際餐廳和飯店。我認為很明顯我們在這方面會做得不夠。但我們確實擁有超過 1,000 家國際持卡商戶，我們的首批 Vectron 安裝已經完成。所以我認為我們已經完成了 4 個，還剩 64,996 個。

We also enhanced our capital structure. We added more firepower and topped off our gateway conversion funnel, if you will, with the acquisition of Givex. That's going to add about 130,000 premium customers and what we believe to be at least $300 billion in volume that we can convert, alongside the fact that its gift and loyalty capabilities are very good, and we're going to bundle that into the rest of our offerings. I'd say synergy realization and a culture of deleting parts and staying flat has resulted in expense discipline and continued profitable growth. As a result, we have once again raised the midpoint of our gross revenue less network fee and EBITDA guidance for the fourth quarter.

我們也增強了資本結構。如果您願意的話，透過收購 Givex，我們增加了更多火力並完善了我們的網關轉換管道。這將增加約 13 萬名優質客戶，我們認為可以轉換的交易量至少為 3000 億美元，再加上其禮品和忠誠度功能非常出色，我們將把它捆綁到我們的其他產品中。我想說，協同效應的實現以及刪除部分並保持扁平的文化導致了費用紀律和持續的利潤增長。因此，我們再次上調了第四季度總收入減去網路費用和 EBITDA 預期的中間值。

So that brings you to what could have gone better. Well, we grew incredibly quickly. But as you've heard from others, clearly there's been some consumer spending softening, especially in some of the verticals that we serve. As mentioned, we also would have liked to have been much farther along with our Canadian and European card presence strategy. So we have about 1,000 unique merchants processing card-present payments in these new geographies, which is pretty good for a year's work.

因此，這讓你知道哪些事情本來可以做得更好。嗯，我們成長得非常快。但正如您從其他人那裡聽到的那樣，顯然消費者支出有所減弱，特別是在我們服務的一些垂直行業。正如前文所提到的，我們也希望我們的加拿大和歐洲信用卡覆蓋策略能夠更進一步。因此，我們在這些新地區擁有大約 1,000 個獨特的商家處理信用卡支付，這對於一年的工作來說已經相當不錯了。

But we certainly were hoping to have had several thousand more processing by now. But the momentum is building very quickly, and there should be really no mysteries where the next 65,000 European restaurants will come from as we look to the years ahead.

但我們確實希望到現在已經處理了數千件。但這勢頭正在迅速增強，展望未來，接下來的 65,000 家歐洲餐廳將從何而來，這應該並不是什麼秘密。

Now similar to prior quarters, I'd like to do a bit of a deep dive into each vertical. Our customers are really the envy of the industry, and we appreciate the trust they place in Shift4. So for those questioning our growth rates, please keep in mind, every one of these wins I'm about to rattle off includes payments, and the associated revenue stream is entirely organic. And this is just a summary of the wins that we have delivered this past quarter.

現在與前幾季類似，我想深入研究每個垂直領域。我們的客戶確實是業界羨慕的對象，我們感謝他們對 Shift4 的信任。因此，對於那些質疑我們的成長率的人，請記住，我即將列出的每一項勝利都包括付款，而相關的收入流完全是有機的。這只是我們上個季度所取得的成果的總結。

So as I mentioned before, I think we are clearly number one in hospitality payments in the world, and the announcements this quarter kind of reinforced that statement. So just starting off with KSL Resorts, operator of many incredible properties, including Blue Mountain or Camelback, for us East Coast skiers who learned how to ski on ice, and a variety of other mountain top and beachside resorts, including nine other premier resorts, and we're going to continue to expand on this into the future.

正如我之前提到的，我認為我們在全球飯店支付領域顯然位居第一，本季的公告也強化了這一說法。所以剛開始的時候我們只是從 KSL 度假村開始，它經營著許多令人難以置信的度假村，包括藍山度假村和駝峰度假村，為我們這些學習在冰上滑雪的東海岸滑雪者提供服務，還有各種其他山頂和海濱度假村，包括其他九個頂級度假村，我們將繼續在未來擴大這一業務。

We are also very proud to sign a new and undisclosed mega resort in Las Vegas that also includes their other domestic and international locations. And I want to emphasize, we don't just process the payments for the restaurants in the hotel. I think at times, people confuse us with others in this regard. When we announce all these resorts and refer to being number one in hospitality in the world, it means we are processing the reservations and the guest stays, the retail shops, the bar, the spa and the restaurants.

我們也非常榮幸地與拉斯維加斯一家未公開的新大型度假村簽約，其中還包括其在國內和國際的其他度假村。我想強調的是，我們不只是處理飯店餐廳的付款。我認為有時人們在這方面會將我們與其他人混淆。當我們宣布所有這些度假村並稱其為世界第一的酒店業時，這意味著我們正在處理預訂和客人住宿、零售商店、酒吧、水療中心和餐廳。

So moving on, I believe we are number two in the world in restaurant POS and payments with SkyTab leading the way as our signature cloud-based offering. We do spend considerably less on traditional sales and marketing than our closest competitor, but we believe our investments in deals like Revel and Vectron, even Givex, deliver lots of distribution, talent and, most importantly, a massive customer list to cross-sell payments to. And by virtue of these deals, we have more than a foot in the door to discuss a broader software plus payments relationship and we can generate a lot of revenue without ever having to win a new customer.

因此，我相信我們在餐廳 POS 和支付領域排名世界第二，而 SkyTab 作為我們的標誌性雲端產品處於領先地位。我們在傳統銷售和行銷上的投入確實比我們最接近的競爭對手少很多，但我們相信，我們在 Revel 和 Vectron 甚至 Givex 等交易上的投資，帶來了大量的分銷、人才，最重要的是，帶來​​了大量可進行交叉銷售支付的客戶名單。透過這些交易，我們有機會討論更廣泛的軟體和支付關係，而且我們無需贏得新客戶就能創造大量收入。

Now the proof points include growing subscription and other revenue streams, alongside our profitable results that demonstrate we know how to sunset legacy products quickly and rally the organization around a single product offering, which is SkyTab.

現在的證明點包括不斷增長的訂閱和其他收入來源，以及我們的盈利業績，這些都表明我們知道如何迅速淘汰遺留產品，並圍繞單一產品（即 SkyTab）團結整個組織。

Now some notable restaurant wins this past quarter include Lombardi Family Concepts, which operates 22 restaurants, primarily in Texas, Biggby Coffee, a fast-growing coffee chain that currently operates over 400 locations in 13 states, and Shakey's Pizza, which operates dozens of locations in California and Washington. Now we encourage investors to search Shift4 on Twitter or X, and you can see the wins are posted daily. Now since coming out of beta two years ago, we have installed over 55,000 SkyTab systems, and we are on pace to far exceed the 35,000 installed goal that we set in 2024.

上個季度，一些值得注意的餐廳取得了成功，包括 Lombardi Family Concepts，該公司經營著 22 家餐廳，主要在德克薩斯州；Biggby Coffee，一家快速發展的咖啡連鎖店，目前在 13 個州經營著 400 多家門市；以及 Shakey's Pizza，它在加州和華盛頓州經營數十家門市。現在我們鼓勵投資者在 Twitter 或 X 上搜尋 Shift4，您可以看到每天發布的勝利結果。自兩年前推出測試版以來，我們已經安裝了超過 55,000 個 SkyTab 系統，我們預計將遠遠超過我們在 2024 年設定的 35,000 個安裝目標。

It's also worth pointing out that we are never satisfied being second best. We have a great road map to further enhance the product. We have the experience, and we believe we'll take SkyTab literally all over the world.

另外值得指出的是，我們永遠不會滿足於屈居第二。我們有一個很好的路線圖來進一步增強產品。我們擁有經驗，並且堅信我們能夠將 SkyTab 推廣到世界各地。

Now moving on, I believe we are number one in the world when it comes to sports and entertainment, theme park software and payments. We continue to deliver software plus payment wins each quarter alongside many ticketing wins. So this quarter includes the Memphis Grizzlies, the San Antonio Spurs, the Brooklyn Nets, Dallas Stars, University of Arkansas, the Washington Capitals, the Washington Wizards and more of your favorite teams. If you took your family to Six Flags or Disney or any other theme park this summer, you're almost assuredly interacting with one1 with our commerce technology. And we are still in the early days of gaining wallet share within this important vertical, but this past quarter marks the highest processing volume in stadiums yet with no signs of it slowing down.

現在繼續說，我相信我們在體育和娛樂、主題公園軟體和支付方面是世界第一。我們每季都會繼續提供軟體和支付服務以及許多票務服務。因此本季包括孟菲斯灰熊隊、聖安東尼奧馬刺隊、布魯克林籃網隊、達拉斯星隊、阿肯色大學、華盛頓首都隊、華盛頓奇才隊以及更多您最喜歡的球隊。如果您今年夏天帶家人去六旗、迪士尼或任何其他主題樂園，您幾乎肯定會透過我們的商務科技與 one1 互動。我們仍處於在這個重要垂直領域獲得錢包份額的早期階段，但過去一個季度標誌著體育場的處理量達到最高，並且沒有放緩的跡象。

Now turning to nonprofits, our donation platform, The Giving Block, continues to attract a lot of new nonprofit customers. So this quarter, we signed Habitat for Humanity of Silicon Valley, The American Israeli Education Foundation, The Montana Community Foundation, Follicular Lymphoma Mount Sinai Medical Center. These are just to name a few. I can tell you year-to-date volume is already more than double last year's volume, and we're not even in prime giving season yet.

現在轉向非營利組織，我們的捐贈平台 The Giving Block 持續吸引大量新的非營利客戶。因此本季度，我們簽約了矽谷仁人家園、美國以色列教育基金會、蒙大拿社區基金會、濾泡性淋巴瘤西奈山醫學中心。這些只是其中的幾個。我可以告訴你，今年迄今為止的交易量已經是去年交易量的兩倍多，而我們甚至還沒有進入黃金捐贈季節。

So moreover, our integration with Give Lively is now live, and we've begun migrating merchants over to Shift4 from Stripe. So as a reminder, Give Lively offers nonprofits a free-of-charge fundraising technology platform, and it's currently used by over 9,000 nonprofits. We're also beginning to see the fruits of our prior investments in innovation. As a reminder, we acquired The Giving Block about 2.5 years ago to pursue what is a $500 billion donation opportunity that's made annually through nonprofits. Now at the time, we also established the crypto innovation center to explore ways crypto could benefit really all of our customers, not just nonprofits.

此外，我們與 Give Lively 的整合現已上線，並且我們已經開始將商家從 Stripe 遷移到 Shift4。需要提醒的是，Give Lively 為非營利組織提供免費的募款技術平台，目前已有超過 9,000 家非營利組織使用該平台。我們也開始看到先前在創新方面的投資的成果。提醒一下，我們大約在 2.5 年前收購了 The Giving Block，尋求每年透過非營利組織進行 5000 億美元的捐贈機會。目前，我們還建立了加密創新中心，探索加密如何真正造福我們所有的客戶，而不僅僅是非營利組織。

Now this really goes back to our IPO commitment of always trying to be where the puck is going. And with the new administration that's very pro crypto, we think our timing is rather opportunity. So to that end, we announced in October that we intend to make available crypto and stable coins as a form of payment for many of our merchants. We see really three initial use cases. So luxury goods, where people who have significant crypto wealth seek to spend their crypto on luxury items.

現在這確實回到了我們的 IPO 承諾，即始終努力跟隨冰球前進的方向。而且由於新政府非常支持加密貨幣，我們認為我們的時機正是機會。為此，我們在 10 月宣布，我們打算向許多商家提供加密貨幣和穩定幣作為支付方式。我們確實看到了三個初始用例。因此，奢侈品是指擁有大量加密財富的人尋求用他們的加密來購買奢侈品。

So this could be a hotel suite, a private jet charter or even big events at high-end restaurants. These charges now would have historically been paid outside of the Shift4 platform via wire or other electronic transfers. So the goal is we want to bring this transaction on the Shift4 rails.

這可能是飯店套房、私人飛機包機，甚至是高檔餐廳的大型活動。現在，這些費用將透過電匯或其他電子轉帳在 Shift4 平台之外支付。因此我們的目標是將此交易納入Shift4軌道。

A second use case, as we follow our strategic customer into developing in emerging countries all over the world, credit and debit card availability is low but crypto and other APMs are growing in popularity. And last, there are merchant categories looking to combat fraud typically encountered with traditional payment methods, and we think that is a great use case for crypto as well. So overall, we are seeing significant interest from existing clients to learn more about these capabilities. We already have customers such as Tao Group and luxury charter flight company Blade are among our early committed customers for this pay with crypto initiative.

第二個用例是，隨著我們跟隨我們的策略客戶在世界各地的新興國家發展，信用卡和金融卡的可用性較低，但加密貨幣和其他 APM 越來越受歡迎。最後，有些商家類別希望打擊傳統支付方式中常見的詐欺行為，我們認為這也是加密貨幣的一個很好的用例。整體而言，我們看到現有客戶對了解這些功能有濃厚的興趣。我們已經有 Tao Group 和豪華包機公司 Blade 等客戶，它們都是此項加密支付計劃的早期承諾客戶。

Now turning to gaming, we continue to roll out our SkyTab mobile devices at more BetMGM sportsbook locations, and we are now live at the BetMGM sportsbook at State Farm Stadium, which is home of the Arizona Cardinals and the annual Fiesta Bowl. We're also live with the BetMGM lounge at MGM Grand Detroit. So in online gaming, we went live with online gaming site Play Live, which is affiliated with the live casino located in the South Philadelphia Sports Complex. And we also expanded our relationship with Lotto.com for the state of Maine's lottery.

現在轉向遊戲，我們繼續在更多 BetMGM 體育博彩地點推出我們的 SkyTab 移動設備，並且我們現在在 State Farm Stadium 的 BetMGM 體育博彩上進行直播，該體育場是亞利桑那紅雀隊和一年一度的嘉年華碗的主場。我們也與底特律米高梅大酒店的 BetMGM 休息室進行直播。因此在線上遊戲方面，我們與線上遊戲網站 Play Live 合作，該網站與位於南費城體育中心的真人娛樂場有關。我們還擴大了與 Lotto.com 的合作關係，以協助緬因州開展彩票業務。

Moving on to international. Our strategy for some time now has been to follow our strategic customer all over the world and then bring the product, software integrations and other services that have helped us be successful in the USA into those markets. That process is going very well. So this past quarter, we launched in four new African countries: Zimbabwe, South Sudan, Botswana and Burundi.

邁向國際。我們目前的策略一直是跟隨我們在世界各地的策略客戶，然後將幫助我們在美國取得成功的產品、軟體整合和其他服務帶入這些市場。這個過程進展非常順利。因此，上個季度，我們在四個新的非洲國家推出了這項服務：辛巴威、南蘇丹、波札那和蒲隆地。

We expect to launch between four to six additional countries in Q4, with Lat Am and Australia and New Zealand on the horizon for early 2025. And we believe we have added sufficient global e-commerce capabilities, both local to local, cross-border, and soon, MOR that our solution is now a viable option for other global enterprise e-commerce customers, just like our strategic customer.

我們預計在第四季推出四到六個國家，其中拉丁美洲、澳洲和紐西蘭將於 2025 年初推出。我們相信，我們已經增加了足夠的全球電子商務功能，包括本地對本地、跨境以及即將推出的 MOR，我們的解決方案現在已成為其他全球企業電子商務客戶的可行選擇，就像我們的策略客戶一樣。

So meanwhile, we are running the playbook and bringing our card-present capabilities and products into these markets. So for example, I fully expect to see hotel stadiums and SkyTabs installed in Australia and New Zealand in 2025, alongside the rest of our card-present international rollout.

因此，同時，我們正在執行劇本，並將我們的卡片呈現功能和產品帶入這些市場。舉例來說，我完全預計 2025 年將在澳洲和紐西蘭安裝飯店體育場和 SkyTabs，同時推出其他支援信用卡的國際版本。

Now in Europe, we announced this last quarter the acquisition of Vectron and have already made meaningful progress transforming the revenue model and laying the foundation for our go-to-market offering to support restaurants throughout Europe. So we have a head start now through Vectron's existing installed base of 65,000 merchants, and it's supported by 300 strong POS reseller network. So the team is energized and motivated. And as I mentioned earlier, we already began installing our first several restaurants in Germany.

現在在歐洲，我們在上個季度宣布收購 Vectron，並且已經在轉變收入模式和為我們面向整個歐洲餐廳的行銷奠定基礎方面取得了重大進展。因此，我們現在透過 Vectron 現有的 65,000 個商家安裝基礎佔據了先機，並且它還得到 300 個強大的 POS 經銷商網路的支援。因此團隊充滿活力、幹勁十足。正如我之前提到的，我們已經開始在德國開設我們的前幾家餐廳。

We made progress expanding our relationship with other international merchants and have expanded into new use cases. So for example, we increased the scope of our relationship with [NIAX], providing card-present capabilities to their recently expanded base of global retail customers. And separately, we have developed a transit solution that is gaining traction within the European public mass transit system. So our offering supports the Visa mass transit and Mastercard pay-as-you-go protocol and is currently live in Portugal, Spain, Germany, Romania and Italy, and our pipeline of other countries is growing. We've also signed additional international hospitality wins, including the Magnuson Hotels, which is a collection of over 2,000 independent hotels and the Fort Gary Hotel Spa and Conference Center, which is one of Winnipeg's architectural landmarks.

我們在擴大與其他國際商家的關係方面取得了進展，並擴展到新的用例。例如，我們擴大了與 [NIAX] 的合作範圍，為其最近擴大的全球零售客戶群提供刷卡支付功能。另外，我們還開發了一種交通解決方案，該解決方案在歐洲公共交通系統中越來越受歡迎。因此，我們的服務支援 Visa 公共交通和萬事達卡預付費協議，目前已在葡萄牙、西班牙、德國、羅馬尼亞和義大利上線，我們在其他國家的服務管道也不斷擴大。我們還簽署了其他國際酒店合同，其中包括擁有 2,000 多家獨立酒店的馬格努森酒店集團 (Magnuson Hotels) 和溫尼伯的建築地標之一的加里堡酒店水療中心及會議中心 (Fort Gary Hotel Spa and Conference Center)。

Some of our other international wins this quarter include [Exolvis], which is a software solution for auto workshops and their customers; Class Wagon, which is a car rental service for Romania and Hungary; Move, which is an online travel agency; and two important nonprofits, The Poppy Appeal, which provides key support services to veterans of the UK Armed Services and RNLI which provides life-saving life boats for the UK and Ireland.

本季我們贏得的其他國際項目包括 [Exolvis]，這是一款針對汽車修理廠及其客戶的軟體解決方案； Class Wagon，這是針對羅馬尼亞和匈牙利的汽車租賃服務； Move，一家線上旅行社；以及兩個重要的非營利組織——「罌粟呼籲」組織，為英國武裝部隊退伍軍人提供關鍵支援服務，以及為英國和愛爾蘭提供救生艇的皇家救生艇協會。

So at times, our unique formula growth rates make it hard to always nail the exact timing, but we're pretty pleased with how the stage is set for the balance of the year. As mentioned, with less than two months ago, we have once again raised the midpoint of gross revenue less network fees and EBITDA expectations to account for the -- really the limited contributions from Givex, but mostly outperformance as we grow profitably in line with our plan. We continue to expect full-year organic gross revenue less network fee growth to be in excess of 25%.

因此，有時，我們獨特的公式成長率很難總是確定準確的時間，但我們對今年平衡的安排感到非常滿意。正如前文提到的那樣，不到兩個月前，我們再次提高了總收入減去網絡費用和 EBITDA 預期的中間值，以說明 Givex 的貢獻確實有限，但主要是由於我們按照計劃實現了盈利增長，因此業績表現優異。我們繼續預計全年有機總收入減去網路費用成長率將超過 25%。

Now we will save 2025 expectations for our Investor Day early next year, and we have no desire to further raise expectations at this time. But if you simply take the midpoint of our updated Q4 guidance and annualize it, you will see we are already there on 2025 EBITDA consensus estimates without any growth or seasonal adjustments. Now with Q3 and the balance of the year complete, I think it's worthwhile to take a step back and just view the progress we've made over the last 4.5 years since we went public.

現在，我們將把 2025 年的預期留到明年年初的投資者日，目前我們不想進一步提高預期。但是，如果您簡單地取我們更新後的第四季度指引的中點並將其年化，您會發現我們已經達到了 2025 年 EBITDA 的普遍預期，沒有任何增長或季節性調整。現在第三季和今年剩下的時間已經結束，我認為值得回顧一下，看看我們上市以來 4.5 年裡的進展。

First, we have accomplished everything we said we would since our IPO and since setting our midterm guidance. So we established very ambitious medium-term volume and net revenue targets at our inaugural Analyst Day back in the fall of 2021, and we are currently tracking to meet or exceed those targets, including a 50% CAGR in end-to-end volume and 30% CAGR in gross revenue less network fees through the end of 2024. Now since our IPO, we also diversified into a half a dozen new verticals, including expansion internationally and today dominate in some of these verticals, notably, hotels and sports entertainment. We have followed our large strategic e-commerce customer into multiple geographies around the world and have executed well on our plans to use this opportunity as our yellow brick road towards geographic expansion.

首先，自從我們首次公開募股和製定中期指引以來，我們已經完成了我們所承諾的一切。因此，我們在 2021 年秋季的首屆分析師日上製定了非常雄心勃勃的中期銷售和淨收入目標，目前我們正在努力實現或超過這些目標，包括到 2024 年底，端到端銷量的複合年增長率達到 50%，總收入減去網絡費用的複合年增長率達到 30%。自首次公開募股以來，我們也向六個新的垂直領域進行了多元化發展，包括國際擴張，如今我們在其中一些垂直領域佔據主導地位，尤其是酒店和體育娛樂。我們跟隨我們的大型策略電子商務客戶進入全球多個地區，並很好地執行了我們的計劃，利用這一機會作為我們邁向地域擴張的黃磚路。

Second, we showcased our experience and accomplished this profitably, while most who establish midterm goals in 2021 use economic and geopolitical challenges to explain away their shortfalls. We execute on our strategic objectives, which led to financial performance, exceeding consensus expectations. So if you go back to November of 2021, our inaugural analyst day presentation, consensus expectations for our full-year 2024 volume, gross revenue less network fees and adjusted EBITDA were $144 billion, $1.1 billion and $433 million, respectively. It should be reasonably apparent we surpassed these expectations.

其次，我們展示了我們的經驗並取得了豐厚的成果，而大多數制定2021年中期目標的國家卻用經濟和地緣政治挑戰來解釋他們的不足之處。我們執行策略目標，從而使財務表現超出了普遍預期。因此，如果回顧 2021 年 11 月，即我們首次分析師日報告時，對我們 2024 年全年銷售、總收入減去網路費用和調整後 EBITDA 的普遍預期分別為 1440 億美元、11 億美元和 4.33 億美元。顯然，我們超出了這些預期。

Today's consensus expectations for our volumes are $25 billion higher than those numbers or 17% higher at nearly $170 billion. For gross revenue less network fees, consensus is now $250 million higher or 23% higher at $1.35 billion. And for adjusted EBITDA, consensus is $240 million higher or 55% higher at $673 million. Moreover, we're on pace to deliver $390 million of adjusted free cash flow in 2024, nearly double what consensus reflected three years ago. I challenge you to find any other scaled fintech who similarly exceeded expectations over the past three years.

今天對我們的交易量的普遍預期比這些數字高出 250 億美元，或高出 17%，達到近 1,700 億美元。總收入減去網路費用，目前的共識是高出 2.5 億美元，即上漲 23%，達到 13.5 億美元。對於調整後的 EBITDA，普遍預期將上漲 2.4 億美元，即上漲 55%，達到 6.73 億美元。此外，我們預計在 2024 年實現 3.9 億美元的調整後自由現金流，幾乎是三年前普遍預期的兩倍。我敢說你找不到其他任何一家規模龐大的金融科技公司，在過去三年裡同樣超出了預期。

Now third, and despite what skeptics may think, we accomplished the majority of this growth through organic initiatives. So this includes simply adding tens of thousands of new payment -- net new payment customers, unlocking material revenue synergies from cross-selling payments to an installed base of customers and capturing more share of wallet with our existing customers by adding new software integrations such as what we've done with ticketing and new geographies. As a result of our unique approach to acquiring customers, the cross-sell funnel you underwrote at the time of the IPO is actually meaningfully larger today. From an initial cross-sell funnel comprised primarily of gateway and software-only customer -- restaurant customers, we have materially topped off this funnel through acquisition. This past year alone, we've added over 200,000 additional customers and a funnel of nearly $350 billion in payment volume to cross-sell payments on.

第三，儘管懷疑論者可能認為如此，但我們的大部分成長是透過有機措施實現的。因此，這包括簡單地增加數以萬計的新支付客戶（淨新增支付客戶）、透過向現有客戶群交叉銷售支付來釋放實質收入協同效應，並透過添加新的軟體整合（例如我們在票務和新地區所做的工作）來從現有客戶那裡獲取更多的錢包份額。由於我們採用獨特的客戶獲取方式，您在 IPO 時承銷的交叉銷售管道今天實際上變得更大了。從最初主要由網關和純軟體客戶（餐廳客戶）組成的交叉銷售管道，我們已經透過收購實質上完成了這一管道。光是去年，我們就增加了超過 20 萬名新客戶，並且交叉銷售支付額達到了近 3500 億美元。

And we've just started at that.

我們才剛開始這麼做。

Now on that note, we recently announced the acquisition of Givex, which recently closed and represents another classic Shift4 acquisition. We acquired over 130,000 additional customers in what we believe to be a $300 billion payment cross-sell opportunity from Quebec alone. Now similar to our gateway strategy, we will use our proven playbook and cross-sell payments to these customers, essentially the same strategy that has worked so well with our gateway-only customers. Now as a bonus, we also gained more distribution, a best-in-class gift and loyalty solution that we will bundle into the rest of our payment offerings and talent to accelerate our product development and enter into new markets.

就此而言，我們最近宣布了對 Givex 的收購，該公司最近完成了收購，這是 Shift4 的另一項經典收購。我們僅在魁北克就獲得了超過 13 萬名額外客戶，我們認為這將帶來 3,000 億美元的支付交叉銷售機會。現在，與我們的網關策略類似，我們將使用經過驗證的劇本並向這些客戶交叉銷售付款，基本上與我們僅使用網關的客戶合作非常有效的策略相同。現在作為獎勵，我們還獲得了更多的分銷、一流的禮品和忠誠度解決方案，我們將把它與我們其他的支付產品和人才捆綁在一起，以加速我們的產品開發並進入新的市場。

Now fourth, our balance sheet and free cash flow afford us the necessary flexibility to keep doing exactly what we've been doing. So we have continued to delete parts and expand margins, improve efficiency and free cash flow conversion. And with an attractive deleveraging profile that allowed us to opportunistically enhance our capital structure, we are constantly tracking a long list of targets that will keep us busy for quite some time, not to mention a healthy buyback authorization to ensure we always weigh any investment, again simply the benefit of buying back our own stock. So we have the flexibility and track record to deploy capital intelligently to take advantage of the opportunity that the convergence of software plus payments affords, and you should expect us to keep doing it.

第四，我們的資產負債表和自由現金流為我們提供了必要的靈活性，讓我們能夠繼續做我們一直在做的事情。因此，我們不斷刪除部分內容並擴大利潤率，提高效率和自由現金流轉換。憑藉著富有吸引力的去槓桿情況，我們可以趁機增強資本結構，我們一直在追踪一長串目標，這些目標會讓我們忙碌相當長一段時間，更不用說健康的回購授權，以確保我們始終權衡任何投資，這再次表明回購我們自己的股票的好處。因此，我們擁有靈活性和良好的記錄，可以智慧地部署資本，以利用軟體與支付融合所提供的機會，而且您應該期待我們繼續這樣做。

Lastly, we have considerable work to do internally to improve our overall operational efficiencies. So as I mentioned in my shareholder letter, we're delivering all these results as what I would consider a good company, not an excellent one. So I've stated many times that our earnings reports inevitably force us to focus on celebrating the wins. But I can promise you, every other day of the quarter, we relentlessly focus on what we are not good at. So we have a lot of legacy parts to delete as we sunset gateway connections, upgrade legacy POS solutions, implement new internal systems like Project Phoenix.

最後，我們內部還有很多工作要做，以提高我們的整體營運效率。因此，正如我在致股東信中提到的那樣，我們所取得的所有這些業績都表明我們是一家好公司，而不是一家優秀公司。因此我已多次表示，我們的收益報告不可避免地迫使我們專注於慶祝勝利。但我可以向你們保證，在這個季度的每一天，我們都會堅持不懈地專注於我們不擅長的事情。因此，當我們終止網關連線、升級遺留 POS 解決方案、實作像 Project Phoenix 這樣的新內部系統時，我們需要刪除許多遺留部分。

We're going to centralize all our operations around mission control, and then we're going to incorporate AI to improve the speed and quality of our services. These initiatives are in their early days. And as they play out, you should expect us to continue to expand margin and free cash flow generation and overall just consistent profitable growth.

我們將圍繞任務控制集中所有運營，然後結合人工智慧來提高我們服務的速度和品質。這些措施尚處於早期階段。隨著它們的發揮作用，您應該期待我們繼續擴大利潤率和自由現金流的產生，以及整體上持續的獲利成長。

So on that note, I've always run Shift4 to be a profitable business and never really understood the mindset of growth at all costs. So we welcome the industry shifting towards profitable growth. Not only does this drive more rational behavior, but it reinforces our conviction that our strategy was the correct one. So profitability is where we derive our strength. It informs all our decisions from keeping expenses flat but upgrading talent to underwriting an acquisition. So we will never let up on identifying ways to improve how we service our customers and manage operational complexity every single day, which really brings us to complexity.

所以從這個角度來說，我一直認為 Shift4 是一間獲利的公司，從未真正理解不惜一切代價追求成長的思維模式。因此，我們歡迎產業轉向獲利成長。這不僅能推動更理性的行為，也強化了我們的信念，相信我們的策略是正確的。因此獲利能力就是我們的優勢所在。它為我們的所有決策提供信息，從保持開支平穩但提升人才到承保收購。因此，我們永遠不會放棄尋找方法來改善我們每天為客戶提供服務的方式和管理營運的複雜性，這確實為我們帶來了複雜性。

So I think many of you appreciate that we have a lot going on in Shift4. So over the last few years, we have really transformed the business from a small domestic player focused really just on restaurants to a commerce-enabling platform uniquely equipped to serve not just restaurants, but hotels, stadiums, global e-commerce, nonprofits, theme parks and now really all over the world. So we have great products and services. We have growing distribution. We have the firepower, the formula, the strategic partnerships and really the will to endure and succeed for years into the future.

所以我想很多人都很欣賞我們在 Shift4 中所做的很多事情。因此，在過去幾年裡，我們真正將業務從一個僅專注於餐廳的小型國內企業轉變為一個獨特的商業平台，不僅可以為餐廳提供服務，還可以為酒店、體育場、全球電子商務、非營利組織、主題公園提供服務，現在業務範圍已經覆蓋了世界各地。所以我們有優質的產品和服務。我們的分銷範圍正在不斷擴大。我們擁有實力、方案、策略夥伴關係，以及在未來幾年內堅持下去並取得成功的真正意志。

So as a public company, our investors are entitled to a pretty extensive understanding on really how all this comes together. But -- there's honestly only so much of an education that we can -- that can reasonably capture between our earnings presentation, my letter and really this call. So as such, we will be hosting a far more extensive investor event alongside our next earnings report.

因此，作為一家上市公司，我們的投資者有權非常廣泛地了解這一切是如何實現的。但是 — — 老實說，我們能夠 — — 合理地從我們的收益報告、我的信和這次電話中獲取的信息非常有限。因此，我們將在下一份收益報告發布之際舉辦一場更為廣泛的投資者活動。

And with that, I will turn the call over to Taylor. Taylor?

說完這些，我會把電話轉給泰勒。泰勒？

Thanks, Jared. I will begin by discussing the current operating environment, provide some insights into our current backlog and growing cross-sell opportunity and also update you all on the progress with our key strategic objectives and then share interesting efficiency indicators that we use internally to track our productivity.

謝謝，賈里德。我將首先討論當前的營運環境，提供一些關於我們當前積壓訂單和不斷增長的交叉銷售機會的見解，並向大家通報我們關鍵戰略目標的進展情況，然後分享我們在內部用來跟踪生產力的有趣的效率指標。

During the quarter, we experienced a customary seasonal spending lift in the months of July and August as consumers take vacations and travel more. Although as we noted on the Q2 call, spending in restaurants had moderated and most customers in that vertical were experiencing a roughly 3% decline in same-store sales year over year. While restaurants did not materially worsen, we also saw some modest softness in other verticals in September as leisure travel subsided in conjunction with back-to-school. These year-over-year declines in same-store sales have generally been low single-digit percentages and off of historic highs but are notable in the context of consumer sentiment versus previous quarters.

在本季度，由於消費者度假和旅行次數增多，7 月和 8 月我們經歷了慣常的季節性支出增長。儘管正如我們在第二季電話會議上指出的那樣，餐廳消費已經放緩，並且該垂直行業的大多數顧客都經歷了同店銷售額同比下降約 3%。雖然餐飲業的情況沒有實質惡化，但由於開學季和休閒旅遊的減少，9 月其他垂直行業也出現了一定程度的疲軟。同店銷售額的年減一般都是個位數的低百分比，且偏離了歷史高位，但與前幾季相比，消費者信心的下降尤為明顯。

Looking at October, we've seen hotels improve to roughly flat year-over-year same-store sales, while restaurants remain modestly below last year's levels on a same-store sales basis. Sports and entertainment has been a particular bright spot with numerous overlapping seasons and the World Series leading to record weeks. Our current backlog is now approximately $33 billion, up from $25 billion in Q2, due to the many new wins signed during the quarter that have yet to be installed or are still ramping.

縱觀十月份，我們發現飯店的同店銷售額與去年同期相比基本持平，而餐廳的同店銷售額仍略低於去年的水平。運動和娛樂產業是一大亮點，多個賽季重疊，世界大賽更是創下數週的紀錄。我們目前的積壓訂單約為 330 億美元，高於第二季的 250 億美元，這是由於本季簽署的許多新訂單尚未安裝或仍在增加。

Despite converting roughly $5 billion of our backlog, the pace of enterprise wins has been strong, resulting in a higher number than last quarter. We view our growing backlog as a testimony to the productivity of our sales teams and a positive leading indicator for sustained volume growth into future quarters. Of note, the vast majority of merchants have an installation time frame scheduled in the near term, typically within three to six months, which gives us confidence we can sustain our volume growth even during periods of consumer spending weakness. And it is important to remember that we signed thousands of restaurants, hotels, e-commerce customers, nonprofits and others every quarter that go live nearly immediately.

儘管我們將約 50 億美元的積壓訂單轉化為實際訂單，但企業訂單的轉換速度仍然很快，因此轉換數量比上一季更高。我們認為，不斷增長的積壓訂單證明了我們銷售團隊的生產力，也是未來幾季銷售持續成長的正面領先指標。值得注意的是，絕大多數商家都計劃在近期安裝，通常在三到六個月內，這使我們有信心即使在消費者支出疲軟時期也能維持銷售成長。值得記住的是，我們每季都會簽約數千家餐廳、飯店、電子商務客戶、非營利組織和其他客戶，這些客戶幾乎立即上線。

Our key software integrations, expanding geographic footprint and success closing the gap with our competitors in global e-commerce is all contributing to our success, adding more enterprise merchants that builds on our backlog. The progress we are making expanding all over the world in support of our global e-comm customer is probably one of the most overlooked potential opportunities inside of Shift4. The more geographies we can support, the more viable an option we become to other global e-commerce businesses.

我們的關鍵軟體整合、不斷擴大的地理覆蓋範圍以及在全球電子商務領域成功縮小與競爭對手的差距都為我們的成功做出了貢獻，並增加了更多的企業商家以鞏固我們的積壓訂單。為了支持我們的全球電子商務客戶，我們在全球範圍內不斷擴張，而這大概是 Shift4 內部最容易被忽視的潛在機會之一。我們支援的地區越多，我們對於其他全球電子商務企業來說就越可行。

Not included in our backlog is the massive payments cross-sell opportunity that remains one of the primary focuses of our M&A efforts. Year to date alone, we added almost $350 billion of annualized cross-sell opportunity from Revel, Vectron and now Givex. We will pursue the same proven strategy we successfully deployed with our gateway-only conversion strategy to unlock the revenue synergies from all of these recent deals. That is to say, these merchants are currently using a web of vendors that Shift4 can replace with an end-to-end solution. In consolidating our processes with us, the merchants reduce vendors, save money and get access to a wider set of capabilities.

我們的積壓訂單中未包括大規模支付交叉銷售機會，但這仍然是我們併購工作的主要關注點之一。光是今年迄今為止，我們就從 Revel、Vectron 和現在的 Givex 增加了近 3500 億美元的年度交叉銷售機會。我們將採取與我們的網關專用轉換策略相同的、行之有效的策略，以釋放所有這些近期交易的收入協同效應。也就是說，這些商家目前正在使用供應商網絡，而 Shift4 可以用端到端解決方案取而代之。透過整合我們的流程，商家可​​以減少供應商、節省金錢並獲得更廣泛的功能。

To put this into perspective, the deals closed in 2024 alone have added more cross-sell opportunity than our previous transactions combined, including the two massive gateways. It would also be fair to say that our execution playbook has become meaningfully more refined over time, and so we're confident in the road ahead.

從這個角度來看，僅在 2024 年完成的交易就比我們之前的交易（包括兩個大型門戶）增加了更多的交叉銷售機會。公平地說，隨著時間的推移，我們的執行手冊變得更加完善，因此我們對未來的道路充滿信心。

Givex is a perfect example of our M&A strategy, so I want to elaborate on that one for a minute. Givex historically operated a best-in-class gift card and loyalty offering which they empowered over 130,000 merchants with. They operated as a stand-alone product for all of these customers despite having very sticky solutions and an excellent industry reputation. Their top 50 customer churn is under 1% and the overall churn is under 3%. Their customers, which include some of the most notable merchants in the world, were often required to hobble together a commerce experience across a dozen or so different vendors. This was not a deliberate choice but rather a necessity because of the complexity -- complex nature of their business.

Givex 是我們併購策略的完美例子，所以我想花一點時間詳細闡述這一點。Givex 歷來經營一流的禮品卡和忠誠度產品，為超過 13 萬家商家提供支援。儘管它們擁有非常出色的解決方案和良好的行業聲譽，但對於所有這些客戶來說，它們都是獨立的產品。其前 50 名客戶流失率低於 1%，整體客戶流失率低於 3%。他們的客戶包括一些世界上最著名的商家，他們經常需要在十幾個不同的供應商之間整合商業體驗。這不是一個刻意的選擇，而是由於其業務的複雜性而必須做出的選擇。

We intend to offer an end-to-end solution to these merchants, much like we've been able to offer our most complex hotels and stadiums. To give you a sense for the magnitude here, a 5-percentage-point penetration of the Givex customer base alone could represent a 5% increase in gross revenue less network fees to Shift4. And this is only one angle. The reality is the Givex product will meaningfully enhance our capabilities across all our existing product lines, and we believe there will be substantial value in that as well. Their talent is also additive as we are constantly struggling to add talent and keep pace with our growth.

我們打算為這些商家提供端到端的解決方案，就像我們為最複雜的飯店和體育場提供的解決方案一樣。讓您大致了解這裡的規模，單是 Givex 客戶群的 5 個百分點的滲透率就可以代表 Shift4 的總收入減去網絡費用增加 5%。這只是一個角度。事實上，Givex 產品將顯著增強我們所有現有產品線的能力，而且我們相信這其中也將產生巨大的價值。他們的才能也具有附加價值，因為我們也不斷努力引進人才，以跟上公司的成長步伐。

While we are incredibly excited by the positioning of these transactions, it is worth noting that the deal environment also remains highly attractive. We are increasingly sought out as a buyer for interesting strategic assets given our ability to approach transactions with creativity, proven revenue synergies and, not least, a team that people want to be a part of. Additionally, some of our traditional buyers for businesses in our industry are sidelined for a variety of different reasons. The combination of these circumstances gives us a distinct advantage, and we leverage that to be highly selective in our capital allocation.

雖然我們對這些交易的定位感到非常興奮，但值得注意的是交易環境仍然極具吸引力。由於我們能夠以創造力、經過驗證的收入協同效應以及一支人們願意加入的團隊來處理交易，因此我們越來越多地受到青睞，成為有趣的戰略資產的買家。此外，我們行業內的一些傳統買家由於各種不同的原因而被排除在外。這些情況的結合為我們帶來了獨特的優勢，我們利用這一點在資本配置上進行高度選擇性。

Earlier this year, we would often get challenged on our M&A strategy. Good companies don't need M&A was a common phrase along with anecdotes of competitors who did M&A poorly. While we disagree with the characterization, we do understand the concerns. One of our critical considerations when executing on our M&A strategy is a rigid adherence to measuring the efficiency of our company constantly and challenging our teams to repurpose talent on the genuine needle movers and delete unnecessary parts. At the highest level, we look at gross revenue less network fees and adjusted EBITDA per employee and then apply much more granular metrics to specific roles, which help us constantly course-correct as we learn.

今年早些時候，我們的併購策略經常受到挑戰。「好的公司不需要併購」是一句常見的說法，伴隨著併購做得不好的競爭對手的軼事。儘管我們不同意這種描述，但我們確實理解這些擔憂。在執行併購策略時，我們的一個關鍵考慮因素是嚴格堅持不斷衡量公司的效率，並挑戰我們的團隊將人才重新用於真正的推動者並刪除不必要的部分。在最高層面上，我們看的是總收入減去網路費用和每位員工的調整後息稅折舊攤銷前利潤，然後將更細化的指標應用到具體角色，這有助於我們在學習的過程中不斷糾正方向。

Since our IPO and despite having five times the number of employees, adjusted EBITDA per employee has grown at roughly a 26% annual CAGR. While it's not the only measure of success, it should hopefully give investors confidence that overall productivity is an important -- is as important of a deal objective as any other when we consider M&A.

自我們首次公開募股以來，儘管員工人數增加了五倍，但每位員工的調整後 EBITDA 的年複合成長率仍達到約 26%。雖然它不是衡量成功的唯一標準，但它有望讓投資者相信，整體生產力是一個重要的目標——當我們考慮併購時，它與其他交易目標一樣重要。

I'll now turn the call over to Nancy to discuss our financial results.

現在我將把電話轉給南希，討論我們的財務表現。

Thanks, Taylor, and good morning, everyone.

謝謝，泰勒，大家早安。

We delivered another quarter of consistent and solid results, setting quarterly records across all of our major KPIs, highlighted by strong adjusted EBITDA, margin and free cash flow conversion. Total Q3 volume of 43 billion grew 56% year over year. Gross revenue less network fees grew 50% to $365 million, and we remain on track to deliver organic revenue growth north of 25% for the full year.

我們又一個季度取得了穩定而穩健的業績，在所有主要 KPI 中均創下了季度記錄，其中強勁的調整後 EBITDA、利潤率和自由現金流轉換。第三季總額為 430 億美元，年增 56%。扣除網路費用後的總收入成長了 50%，達到 3.65 億美元，我們仍有望實現全年有機收入成長 25% 以上。

Adjusted EBITDA grew 51% year over year to $187 million. Adjusted EBITDA margins were 51.3% or nearly 54%, excluding a 250-basis-point drag from recent acquisitions, which we expect to synergize over the next 12 to 18 months. Our quarterly results were driven by the continued strength of our hospitality and restaurant verticals, momentum across our enterprise merchants, further monetization and conversion of gateway and software-only customers and an increasingly larger contribution from stadiums and ticketing.

調整後 EBITDA 年成長 51% 至 1.87 億美元。調整後的 EBITDA 利潤率為 51.3% 或接近 54%，不包括最近收購帶來的 250 個基點的拖累，我們預計這將在未來 12 到 18 個月內產生協同效應。我們的季度業績得益於酒店和餐飲垂直業務的持續強勁增長、企業商戶的蓬勃發展、網關和純軟體客戶的進一步貨幣化和轉化以及體育場館和票務業務日益增長的貢獻。

This quarter is yet another proof point that our vertical diversification since IPO allows us to deliver strong results even when facing macro headwinds in one or two verticals. We see the impact in both our payments-based revenue growth and the increased contribution from SaaS-based fees.

本季再次證明，自 IPO 以來，我們的垂直多元化使我們即使在面臨一兩個垂直領域的宏觀阻力時也能取得強勁的業績。我們看到了基於支付的收入成長和基於 SaaS 的費用貢獻增加的影響。

Blended spread for the third quarter was 60 basis points. Despite a softening consumer, spreads across our core businesses remain stable, and we still expect full-year spreads to average 61 basis points for the full year. Subscription and other revenue was $102 million in Q3, up 111% compared to the same period last year. The growth was driven by our success across SMB, SkyTab and further penetration of the sports and entertainment vertical as well as a full quarter of Vectron and Revel legacy revenue streams.

第三季的混合利差為60個基點。儘管消費疲軟，我們核心業務的利差仍保持穩定，我們仍預期全年利差平均為 61 個基點。第三季訂閱及其他營收為1.02億美元，年增111%。成長主要得益於我們在 SMB、SkyTab 領域的成功以及在體育和娛樂垂直領域的進一步滲透，以及 Vectron 和 Revel 傳統收入流的整個季度。

As I mentioned in previous earnings calls, growth in this category will not always be linear as we often blow up the legacy revenue model from acquisitions and pivot them towards a significant Shift4 payments field value proposition. This will cause legacy revenue contribution from acquisitions to decline as we realize meaningful payments-related revenue synergies.

正如我在先前的財報電話會議上提到的，這個類別的成長並不總是線性的，因為我們經常透過收購來打破傳統的營收模式，並將其轉向重要的 Shift4 支付領域價值主張。隨著我們實現有意義的支付相關收入綜效，這將導致收購帶來的傳統收入貢獻下降。

Additionally, the timing of onetime revenue may cause some bumpiness quarter to quarter. We remain focused on delivering profitable growth and driving significant operating leverage. Our disciplined approach to expense management has allowed us to exceed expectations on EBITDA, even when we run into a bit lighter volume. This is the Shift4 way.

此外，一次性收入的時間安排可能會導致季度間出現一些波動。我們將繼續致力於實現獲利成長和推動顯著的經營槓桿。我們嚴謹的費用管理方法讓我們即使在業務量略有減少的情況下也能超越 EBITDA 的預期。這是 Shift4 的方式。

And even with achieving record-breaking adjusted EBITDA margins of 51.3% this quarter, we have high conviction in the many opportunities to further improve our underlying margins that are still on the horizon. We still have parts to delete as we continue to integrate our recent acquisitions, and we are in the early days on many internal system and AI investments that will drive further operational efficiencies and scalability across our platform.

即使本季調整後 EBITDA 利潤率達到了創紀錄的 51.3%，我們仍然堅信仍有許多機會可以進一步提高我們的潛在利潤率。隨著我們繼續整合最近的收購，我們仍有一些部分需要刪除，並且我們在許多內部系統和人工智慧投資方面還處於早期階段，這些投資將進一步提高我們平台的營運效率和可擴展性。

Our adjusted free cash flow in the quarter was $111 million, up 46% compared to a year ago, representing adjusted free cash flow conversion of 59%, in line with our full-year expectations. This will be -- there will be fluctuations in our adjusted free cash flow conversion rates on a quarterly basis due to the seasonality of our business, the deployment of capital to support growth and the normal working capital cycle changes period to period. Overall, the improvement in our unit economics and efficient operating model continued to produce strong free cash flows.

本季我們的調整後自由現金流為 1.11 億美元，比去年同期成長 46%，調整後自由現金流轉換率為 59%，與我們的全年預期一致。由於我們業務的季節性、支援成長的資本部署以及正常營運資本週期的變化，我們的調整後自由現金流轉換率將按季度波動。總體而言，我們單位經濟和高效營運模式的改善持續產生強勁的自由現金流。

We are able to continue to strategically invest in our product development, global expansion, talent and operations. We provide ourselves -- we pride ourselves in being one of the few growth companies that are extremely expense disciplined and maniacally focused on efficiency gains, which allows us to generate exceptional cash flow without sacrificing growth.

我們能夠繼續對我們的產品開發、全球擴張、人才和營運進行策略性投資。我們為自己提供服務——我們為自己是少數幾家極其嚴格控制費用、瘋狂關注效率提升的成長型公司之一而感到自豪，這使我們能夠在不犧牲增長的情況下產生出色的現金流。

During the third quarter, we repurchased approximately 289,000 shares for approximately $20 million, leaving approximately $460 million of capacity available as of September 30 under our current program. You can find a complete reconciliation of our shares in the back of our earnings materials. Since our IPO, we have completed approximately $350 million on repurchases totaling 6.5 million shares at an average price of $54. As employees, we are Shift4's largest shareholder, and we are very thoughtful about managing dilution.

在第三季度，我們以約 2000 萬美元的價格回購了約 289,000 股，根據我們目前的計劃，截至 9 月 30 日還有約 4.6 億美元的可用產能。您可以在我們的收益材料後面找到我們股票的完整對帳表。自首次公開發行以來，我們已完成約 3.5 億美元的回購，共 650 萬股，平均價格為 54 美元。作為員工，我們是 Shift4 最大的股東，我們對管理稀釋非常謹慎。

GAAP net income for the third quarter was $72 million and GAAP diluted EPS was $0.74. Non-GAAP adjusted net income for the quarter was $96 million or $1.04 per share on a fully diluted basis. As a reminder, we have not historically added back acquired intangible amortization to non-GAAP net income and EPS. The full quarter impact of Revel and Vectron purchase accounting was a sequential headwind that was the primary driver of the increase in acquired intangible amortization of approximately $5 million or $0.05 per share from Q2 to Q3. Looking ahead to 2025, we will conform with our industry peers and include the add-back of acquired intangible amortization in our adjusted EPS calculations.

第三季 GAAP 淨收入為 7,200 萬美元，GAAP 稀釋每股收益為 0.74 美元。本季非 GAAP 調整後淨收入為 9,600 萬美元，或每股 1.04 美元（全面稀釋計算）。提醒一下，我們歷來沒有將收購的無形資產攤銷加回到非 GAAP 淨收入和每股盈餘中。Revel 和 Vectron 收購會計對整個季度的影響是一個連續的逆風，這是導致第二季至第三季收購無形資產攤銷增加約 500 萬美元或每股 0.05 美元的主要原因。展望 2025 年，我們將與業界同業保持一致，將收購無形資產攤銷的加回納入調整後的每股盈餘計算中。

During the quarter, we took steps to further strengthen our balance sheet and enhance our capital structure. We issued $1.1 billion in bonds, expanded our revolving credit facility to $450 million and implemented a new $100 million settlement line with Citizens, which eliminated the requirement for cash collateral that we previously classified as restricted cash on the balance sheet. Our total indebtedness now has a weighted average cost of 3.8% and our net leverage at quarter end was approximately 2.4 times. As a heads up, we do expect the $690 million of convertible debt due in December 2025 to be classified as current debt on our December 31, 2024 balance sheet. However, after the finance activity this quarter and the strong cash flow profile of our operations, we are well positioned to pay it down at maturity.

本季度，我們採取措施進一步強化資產負債表並改善資本結構。我們發行了 11 億美元的債券，將循環信貸額度擴大至 4.5 億美元，並與 Citizens 實施了 1 億美元的新結算額度，從而取消了先前在資產負債表上被歸類為受限現金的現金抵押要求。我們目前的負債總額加權平均成本為 3.8%，季末的淨槓桿比率約為 2.4 倍。需要注意的是，我們確實預計 2025 年 12 月到期的 6.9 億美元可轉換債務將在我們的 2024 年 12 月 31 日資產負債表中歸類為流動債務。然而，經過本季的融資活動以及我們營運的強勁現金流狀況，我們有能力在到期時償還貸款。

I want to take a moment to highlight two notable but non-cash accounting items from this quarter. Based on our growth and profitability since our IPO, we have now concluded that it's more likely than not that we will realize the tax benefits contemplated in the valuation allowance on our balance sheet. As such, we are required to record a release of this valuation allowance. This appears as an income tax benefit on our Q3 income statement. And as I mentioned, this is a non-cash item but necessary given the profitable status of the company.

我想花點時間強調本季兩個值得注意但非現金的會計項目。根據我們自首次公開募股以來的成長和獲利能力，我們現在得出結論，我們很有可能實現資產負債表上的估值準備金中所設想的稅收優惠。因此，我們需要記錄該估值準備金的釋放。這在我們的第三季損益表中顯示為一項所得稅收益。正如我所提到的，這是一項非現金項目，但考慮到公司的獲利狀況，這是必要的。

Related, another item we are required to update based on our tax status is the potential liability associated with the tax receivable agreement. As such, we recorded a liability on our balance sheet totaling approximately $370 million. Please note though that this is a theoretical liability based on our current tax status and current tax laws, but this amount will take many years to be realized.

相關的是，根據我們的稅務狀況，我們需要更新的另一項是與應收稅務協議相關的潛在責任。因此，我們在資產負債表上記錄了總額約 3.7 億美元的負債。請注意，這是基於我們目前的稅務狀況和現行稅法的理論負債，但這個金額需要很多年才能實現。

We only expect $4 million to be paid over the next 12 months. Note that these are both positive signs of the strong fundamental growth of Shift4, but given the large balances associated with them, I wanted to call them out specifically. Our strong balance sheet, growing EBITDA, growing free cash flows and recent capital structure actions will afford us even greater flexibility as we continue to grow around the world, opportunistically buy back stock and satisfy year-end 2025 maturities without being punitive to our equity.

我們預計未來 12 個月內僅能支付 400 萬美元。請注意，這些都是 Shift4 強勁基本增長的積極信號，但考慮到與它們相關的大量餘額，我想特別指出它們。我們強勁的資產負債表、不斷增長的 EBITDA、不斷增長的自由現金流和最近的資本結構行動將為我們提供更大的靈活性，因為我們將繼續在全球範圍內發展，抓住機會回購股票並滿足 2025 年底的到期日，而不會對我們的股權造成損害。

Before turning to guidance, as we are quickly approaching the end of our initial medium-term outlook, it is worth reiterating Jared's comments. We are on track to meet or exceed the ambitious volume and net revenue targets we set back in 2021, including 50% CAGR in end-to-end volume and 30% CAGR in gross revenue less network fees.

在轉向指導之前，由於我們很快就要接近初步中期展望的尾聲，值得重申賈里德的評論。我們預計將實現或超越 2021 年設定的雄心勃勃的銷售和淨收入目標，包括端到端銷售複合年增長率達到 50%，總收入減去網路費用後的複合年增長率達到 30%。

Now to guidance, we are updating our full-year guidance to include Q3 outperformance and the contribution from Givex, which just closed on November 8. In the years ahead, we expect to capture meaningful payments related revenue synergies from Givex as we cross-sell payment processing to their installed base of merchants. With just under two months left in the year, we are tightening our guidance ranges across all of our KPIs to reflect Q3 results and expectations for the balance of the year.

現在談到指引，我們正在更新全年指引，以納入第三季度的優異表現和 11 月 8 日剛完成交易的 Givex 的貢獻。在未來的幾年裡，隨著我們向 Givex 的現有商戶群交叉銷售支付處理服務，我們期望從 Givex 獲得有意義的支付相關的收入綜效。今年僅剩不到兩個月的時間，我們正在收緊所有 KPI 的指導範圍，以反映第三季的業績和對今年剩餘時間的預期。

For the full-year end-to-end volume, we now expect a range of $164 billion to $166 billion, representing 50% to 52% year-over-year growth. For gross revenue less network fees, we now expect the range to be $1.35 billion to $1.36 billion, representing 44% to 45% year-over-year growth. And for adjusted EBITDA, we now expect the range to be $677 million to $688 million, representing 47% to 50% year-over-year growth. Year-over-year adjusted EBITDA margins at the midpoint of our updated guidance has increased to 50%, about a 100-basis-point expansion from our prior guidance.

對於全年端到端交易量，我們目前預計在 1,640 億美元至 1,660 億美元之間，年增 50％至 52％。對於總收入減去網路費用，我們目前預計範圍為 13.5 億美元至 13.6 億美元，年增 44％至 45％。對於調整後的 EBITDA，我們目前預計範圍為 6.77 億美元至 6.88 億美元，年增 47% 至 50%。我們更新後的指引中位數的年比調整後 EBITDA 利潤率已增至 50%，比我們先前的指引高出約 100 個基點。

We are also resetting our adjusted free cash flow conversion expectation to 58% from 59%, which will yield over $390 million of adjusted free cash flow for the full year 2024. Full-year guidance reflects increasing the fourth-quarter guide midpoints for gross revenue less network fees and adjusted EBITDA.

我們還將調整後的自由現金流轉換預期從 59% 重置為 58%，這將為 2024 年全年帶來超過 3.9 億美元的調整後自由現金流。全年指引反映了第四季度總收入減去網路費用和調整後 EBITDA 的指引中位數上調。

A couple of callouts as it pertains to our fourth-quarter guidance: a long list of low-hanging fruit to cross-sell payments and SkyTab, including from our recent acquisition of Revel; contracted annual volume backlog of approximately $33 billion that is already contracted but not yet implemented or at its expected run rate. SkyTab system installs continue to accelerate each quarter. We now have 55,000 installs since coming out of beta and are on pace to exceed 35,000 installs in 2024, well above our original 2024 goal of 30,000. Many of the wins featured each quarter, especially stadiums, ticketing opportunities, major enterprise ski resorts are seasonally strongest in the fourth quarter.

關於我們第四季指引的幾點說明：交叉銷售支付和 SkyTab 的一系列唾手可得的成果，包括我們最近收購的 Revel；已簽約但尚未實施或未達到預期運行速度的年度合約積壓量約為 330 億美元。SkyTab 系統的安裝量每季持續加速。自測試版推出以來，我們的安裝量已達 55,000 次，預計到 2024 年將超過 35,000 次，遠高於我們最初設定的 2024 年 30,000 次的目標。每個季度都有許多勝利，尤其是體育場、售票機會、大型企業滑雪勝地在第四季表現最強勁。

Despite falling short of our 10,000 international hotel and restaurant goal for 2024 we are still quickly ramping with proof points across Canada, UK, Ireland and now with Vectron conversions in Central Europe. And our strategic e-commerce customer continues to add volume very quickly, and we have been expanding organically into several new international markets with at least four new countries set to go live in the final months of the year. Importantly, we continue to expect organic growth of gross revenue less network fees to exceed 25%. And if you annualize our recently raised midpoint of Q4 EBITDA, you can see we are already in a good place relative to 2025 consensus estimates.

儘管我們未能實現 2024 年擁有 10,000 家國際酒店和餐廳的目標，但我們仍在迅速擴大業務，足跡遍佈加拿大、英國、愛爾蘭，目前已在中歐地區擁有 Vectron 認證。我們的策略電子商務客戶持續快速增加業務量，我們也一直在向幾個新的國際市場有機擴張，至少有四個新的國家將在今年最後幾個月上線。重要的是，我們繼續預期總收入減去網路費用的有機成長率將超過25%。如果將我們最近上調的第四季度 EBITDA 中點按年化，您會發現相對於 2025 年的普遍預期，我們已經處於良好的位置。

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

在把電話轉回給賈里德之前，我想重申，我們的資產負債表、現金創造和盈利增長使我們在當前宏觀不確定的環境下處於非常有利的位置。說完這些，我現在把電話轉回給賈里德。

Okay. Thanks, Nancy, and I appreciate everyone bearing with us. I know it was a little bit longer than usual. So we're going to have an Investor Day coming up. There's always a lot going on Shift4 I'm planning to talk about.

好的。謝謝，南希，我感謝大家的耐心。我知道這比平常長一點。因此我們即將舉辦投資者日。我計劃談論很多關於 Shift4 的事情。

So before turning it over to the analysts for Q&A, I did want to take a question that was submitted from Twitter -- or X, sorry. So this is from John G. in Boston, Massachusetts. Two questions. From the retail side, as someone who's followed Shift4 and its creative acquisition strategy over the past few years. I was curious about the following: one, why do you believe that another firm hasn't replicated this strategy; and two, how long do you believe you can continue to pursue this strategy?

因此，在將其交給分析師進行問答之前，我確實想回答一個從 Twitter（或 X，抱歉）提交的問題。這是來自馬薩諸塞州波士頓的 John G. 的報導。兩個問題。從零售方面來看，作為過去幾年一直關注 Shift4 及其創意收購策略的人。我對以下問題很好奇：第一，為什麼您認為其他公司沒有複製這個策略；第二，您認為可以繼續推行這項策略多久？

So John, thanks. A lot of companies are reasonably active at M&A, I mean, across all sectors. I think within payment specifically, Adyen is probably the only example of a scaled payments company that has not done an acquisition. I mean, even Stripe is late. Square, they've all done deals.

所以，謝謝約翰。許多公司在併購方面都相當活躍，我是說，跨越所有行業。我認為，具體到支付領域，Adyen 可能是唯一一家沒有進行收購的規模支付公司。我的意思是，連 Stripe 也遲了。Square，他們都做過交易。

So I would say when an industry is in transition and there's opportunity, deploying capital intelligently to take advantage of it is a pretty obvious strategy. In fact, last quarter, I gave examples of like Palo Alto Networks, Apple, Amazon, all of which have taken advantage of different transitions within their respective industries. So look, the issues are, are you doing a deal to take advantage of an opportunity? Or are you doing deals to fix problems? And I think many examples of late from people are trying to fix problems versus actually having a pretty solid strategy and then using capital intelligently to pull it forward.

因此我想說，當一個產業處於轉型期並出現機會時，明智地部署資本來利用這一機會是一個非常明顯的策略。事實上，上個季度我舉了 Palo Alto Networks、蘋果、亞馬遜等公司的例子，它們都在各自的產業中利用了不同的轉型。那麼問題是，你是否在做交易以利用機會？還是你正在進行交易來解決問題？我認為，最近許多人都在試圖解決問題，而不是真正制定一個非常可靠的策略，然後明智地利用資本來推動其發展。

So I think where people make mistakes, they don't have good conviction around the synergies, they become afraid to burn the ships and focus on the future, and that's scary for some. But failing to see it through is when all those worst fears are realized, lots of tech debt, then your synergies start coming up short. You don't actually start delivering on your margin goals or free cash flow. I think that's where people make mistakes. We're good at it because we've been doing it for 10 years.

因此我認為，當人們犯錯時，他們對協同效應沒有很好的信念，他們害怕破釜沉舟而只顧著未來，而這對某些人來說是可怕的。但如果未能堅持到底，那麼當所有最糟糕的擔憂都會成為現實，大量的技術債務，你的協同效應就會開始顯現出來。您實際上並沒有開始實現您的利潤目標或自由現金流。我認為這就是人們犯錯的地方。我們很擅長做這件事，因為我們已經做了 10 年了。

Since we started our own organic integrated payment strategy back to Harbortouch, we saw the success from it and then moved to pull forward the opportunity by believing it was really our best use of capital. And we did this using our capital, not others. And then we've since learned how to do it even better.

自從我們在 Harbortouch 開始實施自己的有機綜合支付策略以來，我們看到了它的成功，並堅信這是我們對資本的最佳利用方式，因此我們抓住了這個機會。我們用自己的資本而不是別人的資本實現了這個目標。從那時起我們就學會如何做得更好。

Now the question of can this keep going on, look, it's very early days of software plus payments. So if you think we're going to run out of good ideas, taking advantage of this convergence, then you have to believe that Adyen and Stripe will as well since they are essentially chasing the same opportunity of software plus payments coming together. So we think that there is no shortage of opportunities ahead. This has been a particularly busy year in 2024. But it was also because there was a lot of opportunity.

現在的問題是這種情況能否持續下去，你看，現在還處於軟體加支付的早期階段。因此，如果你認為我們會利用這種融合的好主意越來越少，那麼你必須相信 Adyen 和 Stripe 也會如此，因為他們本質上都在追逐軟體與支付融合的同一機會。因此我們認為未來並不缺乏機會。2024年是特別忙碌的一年。但這也是因為有很多機會。

I mean, we didn't do much in 2021 when valuation expectations were in a different ZIP code. So we like our pipeline. I wouldn't worry about us coming up short on things that can move the needle.

我的意思是，當估值預期處於不同的郵遞區號時，我們在 2021 年並沒有做太多事情。所以我們喜歡我們的管道。我不會擔心我們會在能夠產生推動作用的事情上出現不足。

With that, we'll open up the call to the rest of the analysts.

這樣，我們就向其他分析師開放電話會議。

(Operator Instructions) Timothy Chiodo, UBS.

(操作員指示) 瑞銀 (UBS) 的 Timothy Chiodo。

Great. I want to talk a little bit about the $49 billion high end of guidance for end-to-end volumes in Q4. You talked a little bit about annualization of EBITDA. So two points I was hoping we could touch on. One is Q4 seasonality around end-to-end volumes.

偉大的。我想稍微談談第四季端到端交易量 490 億美元的最高預期。您談了一些關於 EBITDA 年化的問題。因此我希望我們能夠討論兩點。一是第四季端到端交易量的季節性。

In the past, seasonality used to be a little bit lighter in Q4, but things have changed in terms of the mix. Is it fair to assume that there's much less seasonality and we could essentially use the $49 billion as a jumping off point for next year?

過去，第四季的季節性通常稍微淡一些，但從組合方面來看，情況已經改變了。是否可以公平地假設季節性因素會大大減少，並且我們可以將 490 億美元作為明年的起點？

And as related to that, if we take that $49 billion and just multiply it by four, we start to approach $200 billion in volumes versus the high end of this year at around $166 billion. I was just hoping -- appreciating that you are not giving a fiscal '25 guide, but just to help investors -- or some of the building blocks, right? There's Vectron and their dealers, there's the Revel and Givex opportunity, there's gateway conversion both active and dormant there's regular way production. There's just a lot of building blocks for next year. I was hoping you could just highlight or elaborate on those.

與此相關的是，如果我們將這 490 億美元乘以四，我們的交易量將開始接近 2,000 億美元，而今年年底的最高交易量約為 1,660 億美元。我只是希望 - 感謝您沒有提供財務 25 指南，而只是為了幫助投資者 - 或提供一些基礎，對嗎？有 Vectron 及其經銷商，有 Revel 和 Givex 機會，有活躍和休眠的網關轉換，有常規方式生產。我們為明年的工作做好了許多準備。我希望您能強調或詳細說明這些內容。

Tim, this is Taylor. I'll let Jared hit kind of the main building blocks. He's always great at summarizing the real big needle movers for '25. But in terms of thinking about, let's call it, the seasonal cadence of the business, you're correct to assume that Q4 is somewhat more predictable than it had been in the past. What's happening there is you generally have sports and entertainment that is scheduled quite literally and it has a heavier impact on Q4.

提姆，這是泰勒。我會讓賈里德 (Jared) 擊打主要的構建塊。他總是能很好地總結出 2025 年真正重大的推動因素。但從業務的季節性節奏來考慮，你正確地假設第四季比過去更具可預測性。現在的情況是，體育和娛樂活動通常都是按照固定時間安排的，這對第四季度產生了較大的影響。

You do see somewhat volatile behavior in restaurants through Q4. Just keep in mind, weeks like Thanksgiving are not heavy restaurant spending weeks. Travel can be mixed. But I think all of that balance with sports and entertainment adding to what traditionally would have been a quarter that's just a little bit below 25% of the year's volume, even including some growth.

您確實會看到第四季度餐廳的行為有些不穩定。請記住，感恩節這樣的幾週並不是餐廳消費旺盛的幾週。旅行可以混合。但我認為，所有這些都與體育和娛樂業的平衡有關，傳統上這個季度的銷售額略低於全年銷售額的 25%，甚至還包括一些成長。

Now in terms of how you use that as a jumping off point, we think it is an appropriate thing to kind of consider Q4 as, let's call it, an average quarter on a volume basis for an average year. But Q1 is probably not the right way to contextualize that, right? Q1 is always a little bit softer spending across all of our verticals than 25% of the year, if that makes any sense.

現在，就如何將其用作起點而言，我們認為將第四季度視為一個平均年份的平均季度（我們稱之為）是合適的。但是 Q1 可能不是正確解釋這一點的方式，對嗎？如果說得通的話，第一季我們所有垂直產業的支出總是比全年的 25% 少一些。

Yes. And Tim, I'll just layer on. Look, there's no way -- I mean, look, the simplest answer on anything is if you just annualize Q4, you're going to realize that we're in pretty good shape no matter what. We pointed to EBITDA because the emphasis is always on profitable growth. If you look at volume, we also said, hey, we've got a $33 billion contracted volume backlog.

是的。提姆，我只需再穿一層就行了。看，沒有辦法——我的意思是，看，任何事情最簡單的答案是，如果你只是將第四季度年度化，你就會意識到，無論如何，我們的狀況都很好。我們指出 EBITDA，因為重點始終是獲利成長。如果你看一下數量，我們還說，嘿，我們有 330 億美元的合約積壓。

We rolled five of it into actuals this past quarter. Like these are -- this is signed deals. It's not like a weighted pipeline, so you can count on that, too. So I think the idea is generally, we're looking pretty good.

我們在上個季度將其中五個變成了實際數字。就像這些——這是簽署的協議。它不像加權管道，因此您也可以依賴它。所以我認為總體來說，我們的情況看起來相當不錯。

In terms of just like where all the needle movers come from, that's why we have to have an Investor Day. Like I'm already long-winded as is when it comes to my script in my letter. We got a lot going on. I mean, we talked about like, I don't know, some of the largest cities in Europe this past quarter rolling out Shift4 payments for their mass transit system. That doesn't come up all the time, not to mention what we're doing just in our core areas of focus like restaurants, hotels, stadiums and global e-comm.

就如同所有推動者來自哪裡一樣，這就是為什麼我們必須舉辦投資者日。就像我在信中談到我的劇本時已經很冗長一樣。我們有很多事要做。我的意思是，我們談論過，我不知道，上個季度歐洲一些最大的城市為其公共交通系統推出了 Shift4 付款。這種情況並不總是發生，更不用說我們只在餐廳、酒店、體育場和全球電子商務等核心關注領域所做的事情。

So we owe everybody like, I don't know, at least three-quarters of a day to just kind of break everything down so you have a good way to figure out what the next three years should look like now that we've beaten our last three-year midterm outlook. So I think like annualizing Q4, looking at the volume backlog, the idea is that you'll be giving everyone a fair amount of comfort in looking to the year ahead.

因此，我們欠大家至少四分之三天的時間來把所有事情分解開來，這樣你們就有一個很好的方法來弄清楚，既然我們已經超越了上一個三年的中期展望，未來三年應該是什麼樣子。因此，我認為，就像對第四季度進行年度化並查看積壓訂單量一樣，這樣做的目的是讓每個人對未來一年的展望都感到相當安心。

Dan Perlin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Dan Perlin。

I just wanted to dive in a little bit on the pull forward for Revel and Vectron integration plan. So I guess, partly, like what drove that pull-forward dynamic? Secondly, kind of what are some of the early learnings that you're seeing in POS in Germany, UK kind of versus the US? And then if you could also just kind of put that to the cross current as, Jared, is what you kind of identified as what went wrong in the quarter where you did have, like you said, a little bit of a slowdown or maybe underexecution in Canada and European card-present transactions getting rolled out.

我只是想稍微深入了解一下 Revel 和 Vectron 整合計劃。因此我猜測，部分原因在於，是什麼推動了這種向前拉的動力？其次，與美國相比，您在德國、英國和 POS 方面看到的早期經驗有哪些？然後，如果您也可以把它放到當前的情況下，賈里德，您認為本季度出了什麼問題，就像您說的，在加拿大和歐洲信用卡交易的推廣中，出現了一些放緩或執行不足的情況。

Just trying to understand all the various dynamics and puts and takes that have to go into a lot of those complex transactions actually happening, and then just kind of how that's going to play out through the next couple of quarters.

只是試圖了解實際發生的許多複雜交易中所涉及的各種動態和投入與產出，以及這些交易在接下來的幾個季度中將如何發揮作用。

Yes, Dan, it's a good question. I mean, it's -- I think like there's just somewhat of a timing. So I mean, look, our playbook is -- it's not that hard. We literally send a letter to every customer that -- like take like a hypothetical Vectron or Revel, for example, that says we will waive gateway fees or waive hardware costs or waive some software cost, if you sign up and then we give you free devices and some sort of a signing bonus. I mean, this is literally what we've been doing since 2017.

是的，丹，這是個好問題。我的意思是——我認為這只是有點時間問題。所以我的意思是，看，我們的劇本是——這並不難。我們確實會給每位客戶一封信——例如假設的 Vectron 或 Revel，信中說，如果您註冊，我們將免除網關費用或免除硬體成本或免除一些軟體成本，然後我們會為您提供免費的設備和某種簽約獎金。我的意思是，這實際上就是我們自 2017 年以來一直在做的事情。

I think the timing of that doesn't always line up perfectly when you waive or make certain concessions or pivot a model versus when volume starts to ramp.

我認為，當你放棄或做出某些讓步或調整模型時與當數量開始增加時，時機並不總是完美地一致。

So I actually would say like in terms of the pivot part, that's actually going exactly as planned. I'd say it's just the timing of boarding thousands of accounts. I put in there like, hey, we went live with four of our beer gardens. My goal was 100 in October. And then obviously, my goal throughout the entire 2024 was 10,000 restaurants and hotels across Europe. We always said at the beginning of last year -- or beginning of this year and the end of last year, like, hey, look, the riskiest part of our guide is the 10,000 restaurants and hotels in Europe we don't have yet, and that was a big focus area for the year.

因此，我實際上想說，就關鍵部分而言，一切實際上都完全按照計劃進行。我想說這只是登陸數千個帳戶的時機。我說，嘿，我們的四個啤酒花園開幕了。我的目標是十月達到 100。顯然，我 2024 年的目標是在歐洲開設 10,000 家餐廳和飯店。我們總是在去年年初——或者今年年初和去年年底——就說過，嘿，看，我們的指南中最危險的部分是我們還沒有涵蓋的歐洲 10,000 家餐廳和酒店，而這是今年關注的重點領域。

I think the learning points are, I mean, look, there's always something. There is -- I think we had some debit card certifications that we had to get going in with like Bank of Nova Scotia in Canada. We had another debit card thing in Germany. You can't like -- even if you're like 97% ready to go, like no restaurants is going to be happy that 3% of expected transactions wouldn't have gone through or something. So you got learn that quick, fix it and then you go back to rolling it all out.

我認為學習重點是，看，總有一些東西。是的——我認為我們有一些借記卡認證，必須與加拿大新斯科舍銀行等機構合作。我們在德國還有另一種簽帳卡。你不能喜歡——即使你已經準備好了 97%，但沒有餐廳會高興地看到 3% 的預期交易無法完成。所以你必須快速學習，修復它，然後再繼續推出它。

So I think it was just more -- it was less about like the kind of the predicted revenue destruction alongside some of these deals and just more about how quickly we ramped up the new customer adds. But it is working now. I don't think there again will be any mysteries where our next 65,000 restaurants from Vectron come from in Europe.

所以我認為這更多的是——這與這些交易所帶來的預計的收入損失關係不大，而更多的是關於我們增加新客戶的速度有多快。但它現在正在發揮作用。我認為，Vectron 的下一批 65,000 家餐廳來自歐洲何處不再是個謎。

And then we also said this quarter, we just signed another very big international hotel operator. So I think everything is generally working. Like when we trip and stumble and hit greater than 50% volume growth, like I think we're still doing okay.

我們也表示，本季我們剛簽約另一家非常大的國際飯店業者。所以我認為整體來說一切進展順利。就像當我們跌倒並實現超過 50% 的銷售成長時，我認為我們仍然做得很好。

Rayna Kumar, Oppenheimer & Company.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默公司。

Just for all the details, could you give us an update on your gateway conversion process? How much opportunities still exist? And are you facing any challenges given the softening consumer spending on converting the remaining gateway?

為了提供所有細節，您能否向我們提供有關網關轉換過程的最新資訊？還存在多少機會？鑑於消費者支出的疲軟，您在轉換剩餘網關方面是否面臨任何挑戰？

Rayna, it's Taylor. I'll hit that. The opportunity is still largely as it has been in the past couple of quarters. So we've made good progress with some of the large enterprises that take longer for the conversation but bring meaningful volume when they come in. And there's still a lot of volume left.

雷娜，我是泰勒。我會打那個。機會仍然與過去幾個季度大致相同。因此，我們與一些大型企業的合作取得了良好進展，這些企業的對話時間較長，但當他們加入時，卻帶來了有意義的業務量。而且還剩下很多數量。

I think the last stat we quoted was probably $120 billion. There's still over $100 billion of annualized volume on the gateway today. So it remains the gift that keeps giving.

我認為我們引用的最後一份統計數據可能是 1200 億美元。如今，該網關的年交易量仍超過 1,000 億美元。因此，它仍然是一份不斷給予的禮物。

I think the one thing to kind of balance my remarks is that the conversion pace is much more programmatic now. There's enterprise customers that we have mapped out over a series of dialogue, and then there's like the smaller single locations that eventually get around to it. So it continues to give. The interesting kind of dynamic here is that the revenue contribution is like really, really paltry. And so you're left with kind of an interesting conundrum.

我認為可以平衡我的言論的一點是，現在的轉換速度更程式化了。透過一系列對話，我們已經規劃出了企業客戶，然後最終會有一些較小的單一地點來處理這個問題。因此它繼續給予。這裡有趣的動態是收入貢獻真的非常微不足道。所以你面臨一個有趣的難題。

It's not very consequential to the extent the revenue went away, but the opportunity is still enormous. So you want to keep it going.

就收入的減少而言，這不算什麼大問題，但機會仍然龐大。所以你想繼續下去。

I would tell you the strategic focus of the business is really on continuing to make sure that funnel, that gateway conversion as funnel is as full as possible, which is what things like Givex bring us, but it is by no means a dormant opportunity if that makes any sense.

我想告訴你，業務的策略重點實際上是繼續確保漏斗、網關轉換漏斗盡可能地滿，這就是 Givex 之類的產品帶給我們的，但如果有任何意義的話，這絕不是一個潛在的機會。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Nice execution on adding this magnitude of new business. But I guess, what I'd like to hear from you guys is a little bit more thoughts on some of the differentiation you find yourself having in the international markets. You've obviously done extremely well in stadiums and hotels and kind of your legacy verticals. As we move into some of these markets where there's some overlap, there's some incremental. So maybe just if you could list off the top areas you're most excited about for the international growth of the business. So many moving parts, would be helpful. And then what the differentiation you plan to bring there is going forward.

增加如此規模的新業務，執行得很好。但我想，我想聽聽你們對你們在國際市場上所發現的一些差異化的看法。顯然，你們在體育場館、飯店以及一些傳統垂直領域做得非常出色。當我們進入一些存在重疊的市場時，就會出現一些增量。因此，如果您可以列出您最重視的、對業務國際成長最為有利的領域，那也許可以。如此多的活動部件將會很有幫助。那麼，您計劃在未來帶來什麼樣的差異化呢？

Yes, sure. I'll start and then Jared can layer in if he'd like. The -- let's talk about kind of why we're so excited about Europe and the rest of the world. Software plus payments has yet to converge. That is just like a factual statement.

是的，當然。我先開始，然後賈里德可以加入，如果他願意的話。讓我們來談談為什麼我們對歐洲和世界其他地區如此興奮。軟體和支付尚未融合。這就像是一個事實陳述。

So what we started to see in the late 2000s in the US, where software providers are coming to market with a bundled solution that is now completely commonplace in the US, has not yet happened throughout the majority of Europe. And that's really, really exciting to us.

因此，我們在 21 世紀末開始在美國看到的情況是，軟體供應商開始向市場推出捆綁解決方案，這種做法現在在美國已經非常普遍，但這在大多數歐洲國家還沒有發生。這對我們來說真的非常令人興奮。

Now in terms of differentiation, what are we bringing to the market? Not only are we bringing a bunch of kind of go-to-market expertise on how software, hardware and payments can be bundled together to deliver a heck of a lot more value to the merchant. But increasingly, we're bringing that entire stack as a single vendor. So if you think about Vectron, the acquisition of Finaro, our own go-to-market expertise and systems, you have a completely bundled solution that's entirely in-house. So even the software providers that we've seen try to approach Europe with this value proposition have largely outsourced significant components to other vendors, which is, of course, as we've seen in the United States and hotels, it's multiple mouths to feed, it's multiple phone calls when something is not working.

現在就差異化而言，我們為市場帶來了什麼？我們不但帶來了一系列有關如何將軟體、硬體和支付結合在一起從而為商家帶來更多價值的市場專業知識。但越來越多地，我們以單一供應商的形式提供整個產品堆疊。因此，如果您考慮 Vectron、對 Finaro 的收購、我們自己的行銷專業知識和系統，您將擁有完全內部的完整捆綁解決方案。因此，即使我們看到一些軟體供應商試圖向歐洲推廣這一價值主張，但他們基本上將重要組件外包給了其他供應商，這當然就像我們在美國和酒店看到的那樣，需要同時滿足多個客戶的需求，當出現問題時需要打多個電話。

So we're highly convicted in how the macro theme of software plus payments will play out throughout Europe across basically every vertical. The ones we obviously own assets in is really, really compelling to us. So we're highly convicted in the macro theme. We also bring kind of operational expertise, but also every piece of the value chain for these merchants.

因此，我們堅信軟體加支付的宏觀主題將如何在整個歐洲的各個垂直領域中發揮作用。我們顯然擁有資產的公司對我們來說確實非常有吸引力。因此，我們非常堅信宏觀主題。我們也為這些商家帶來了營運專業知識以及價值鏈的每個環節。

Yes. And Darrin, just to layer on, I mean, keeping it like really simple. I think number one, which shouldn't be too surprising but it even is to us in some respects, which is just complex card-present capabilities. So if you think about the giants of Europe that have done an absolutely outstanding job, Adyen started as a card-not-present player. You're talking more basic single software type integrations for card present because it's a relatively new world for them. Stripe, incredible e-commerce capabilities, very basic card-present capabilities. I mean, ShopPay, simple terminal.

是的。而 Darrin，只是分層添加，我的意思是，讓它保持非常簡單。我認為第一點不應該太令人驚訝，但在某些方面對我們來說甚至是令人驚訝的，那就是複雜的卡在場功能。因此，如果您想想歐洲巨頭們做出了絕對出色的表現，那麼 Adyen 一開始就是一個無卡玩家。您談論的是針對卡展示的更多基本單一軟體類型集成，因為這對他們來說是一個相對較新的世界。Stripe，令人難以置信的電子商務功能，非常基本的卡片呈現功能。我的意思是，ShopPay，簡單的終端。

This is why like, from my perspective, when I ask, like why are we even involved in all these transit systems or why are we getting -- why are we winding up in all these EV operators across Europe? It's because there isn't like that super tech player in Europe that focuses on card-present capabilities. So it's traditional old stuff. It's Barclay card is huge, say, in the UK and Worldline does a lot of volume.

這就是為什麼，從我的角度來看，當我問，為什麼我們要參與所有這些交通系統，或者為什麼我們要——為什麼我們要參與到歐洲各地的所有這些電動汽車運營商中？這是因為歐洲沒有像歐洲那樣專注於出牌能力的超級科技公司。所以這是傳統的老東西。它的巴克萊卡在英國非常受歡迎，而且 Worldline 的業務量也很大。

It is not an integrated payments player. So I think that is like turning out to have some surprising benefits for us in Europe. But I mean, our main focus of going over there with card present was our restaurant product, our hotel integrations, our stadium product. But we are clearly doing well in kind of complex integrated payments from a card-present perspective.

它並不是一家綜合支付公司。所以我認為這會為我們歐洲帶來一些意想不到的好處。但我的意思是，我們在那裡展示卡片的主要重點是我們的餐廳產品、我們的飯店整合、我們的體育場產品。但從卡片支付的角度來看，我們在複雜的整合支付方面顯然做得很好。

Now when it comes to global e-commerce, our eventual game plan there is to differentiate through geographic coverage. I mean, we have to take advantage of following our big customer into all these new markets. You can see our kind of Twitter releases going out. I mean, we're in a lot of places that others are not. And eventually, other blue chip players are going to want to be in those markets to and take advantage of kind of the rails we laid for that one big customer.

現在談到全球電子商務，我們的最終計劃是透過地理覆蓋來實現差異化。我的意思是，我們必須利用跟隨大客戶的優勢進入所有這些新市場。您可以看到我們發布的 Twitter 訊息。我的意思是，我們身處在很多其他地方所沒有的地方。最終，其他藍籌股公司也會希望進入這些市場，並利用我們為大客戶鋪設的軌道。

So I think it's like -- and we've seen that happen already with Wolt right now, where they've kind of moved into countries that we only went into because of somebody else. So I think it's only a matter of time before we have others just like that. And look, there's only a few that can really serve global e-comm really well. And we'll be really happy when we kind of join the stages like a strong third choice.

所以我認為這就像——我們已經看到這種情況發生在 Wolt 身上，他們已經進入了我們只能透過其他人進入的國家。所以我認為我們擁有類似的產品只是時間問題。但看看吧，只有少數公司能夠真正很好地服務全球電子商務。當我們以強而有力的第三選擇身份加入這個舞台時，我們會非常高興。

Andrew Schmidt, Citi.

花旗銀行的安德魯‧施密特 (Andrew Schmidt)。

I wanted to dig in just on the organizational approach and management complexity. You guys are obviously doing a lot, managing multiple acquisitions, going through internal simplification. You also have M&A pipeline. Obviously, a lot of this is part of the shift for culture. But maybe just give us a glimpse into how you manage that complexity and you reduce risk associated with the number of initiatives you're spinning.

我只是想深入了解組織方法和管理複雜性。你們顯然做了很多事情，管理多項收購，進行內部簡化。您還有併購通路。顯然，這在很大程度上是文化轉變的一部分。但也許請讓我們了解您如何管理這種複雜性並降低與您正在實施的計劃數量相關的風險。

Yes. I mean, I love this because it just goes to the Shift4way and kind of the drum that I literally try and beat every day and reinforce every week. I think the idea for one is to kind of try and take what is a lot of activity and concentrate it into like three -- two or three like really needle-moving initiatives. And really, that's like when we just had our executive offsite a couple of weeks ago. It's -- there's three needle-moving priorities for the year ahead.

是的。我的意思是，我喜歡這個，因為它就像 Shift4way 一樣，是我每天努力敲擊、每週強化的鼓。我認為，一個想法就是嘗試將大量的活動集中到三個——兩三個真正具有推動力的舉措。事實上，這就像幾週前我們高層外出時的情況一樣。未來一年有三大優先事項。

Now there's a lot of like kind of sub-bullets underneath it. And our goal is to always kind of empower small scrappy teams to work on those. But in terms of leadership, it really all boils down to like three major things that we have to get right. I would say it's anchored on an incredible PMO office. That's where we have some of our best talent that's just keeping all the other good talent across the organization, so from legal, finance, dev moving in the right direction.

現在它下面有很多類似的子項目符號。我們的目標始終是授權小型團隊進行這些工作。但從領導力方面來看，實際上我們必須做好三件大事。我想說，這是建立在一個令人難以置信的 PMO 辦公室之上的。我們在那裡擁有一些最優秀的人才，他們讓組織中的所有其他優秀人才，從法律、財務到開發，都朝著正確的方向前進。

So investing in a very strong project management office a few years ago, I think, was pretty important.

因此，我認為幾年前投資一個非常強大的專案管理辦公室非常重要。

But really, if you look at the Shift4way philosophies that we pound the table on all the time, radical ownership; deleting parts, I can't emphasize how much the deleting parts matters when you do a reasonable amount of M&A and you want to like burn the ships and focus on the future; procedurally driven so you don't stumble make the same mistake twice; executing with urgency; and again and staying flat, not absorbing lots of layers of management, which delays decision-making and the spread of information. So it's kind of -- it is -- the answer is, it is the heart of the Shift4way culture. And I'd say like we also do a really awesome job elevating talent. There's leaders from the Finaro acquisition of a year ago that oversee aspects of our entire payment infrastructure. There's Q&A leads from Appetize that oversee Q&A for the whole organization.

但實際上，如果你看看我們一直強調的 Shift4way 哲學，那就是激進的所有權；刪除部分，當你進行合理數量的併購並且想要燒毀船隻並專注於未來時，我無法強調刪除部分的重要性；程式驅動，這樣您就不會犯同樣的錯誤兩次；緊急執行；並且保持扁平化，不吸收過多的管理層級，這會延遲決策和資訊的傳播。所以這有點像 — — 答案是，這是 Shift4way 文化的核心。我想說我們在提升人才方面也做得非常好。來自我們一年前收購的 Finaro 的領導層負責監督我們整個支付基礎設施的各個方面。Appetize 的問答主管負責監督整個組織的問答。

Enterprise reporting and multi-menu management for our restaurant division came out of Revel.

我們餐廳部門的企業報告和多菜單管理源自 Revel。

So I think we have a lot of good proof points like that. So when you approach the next deal, like say, Givex, which we have the town hall recently, can go into it telling everyone like absolutely the best athletes from here will wind up in key roles for the betterment of the whole organization. It makes people believe in that one plus one is a big number. But anyone else want to jump on?

所以我認為我們有很多這樣的好證據。因此，當你洽談下一筆交易時，比如說 Givex，我們最近召開了市政廳會議，可以深入地告訴所有人，這裡最優秀的運動員最終將擔任關鍵角色，為整個組織的進步做出貢獻。它讓人們相信一加一是一個大數字。但還有誰想跳上來嗎？

Yes, you covered it really well. I would also say ROI is at the root of every decision made, and that's somewhat atypical with organizations. Like you are generally allowed a really long leash inside the company to be highly entrepreneurial and figure out the best path through. As long as your ROI math is sound, you can build, you can buy, you can partner, you can hire, et cetera. Nancy's organization has done a phenomenal job kind of pushing that through.

是的，您解釋得非常好。我還想說，投資報酬率是每個決策的根本，這對組織來說有點不尋常。就像在公司內部你通常被允許有很長的自由發揮空間，以高度發揮創業精神並找出最好的道路。只要您的投資報酬率計算合理，您就可以建造、可以購買、可以合作、可以僱用等等。南希的組織在推動這一目標的實現方面做出了卓越的貢獻。

It's led to tons of success. And how do we figure out a complicated enterprise win on the sales side, right? Well, ROI has to work, but you can be immensely creative in how you get there is just one more example.

它帶來了無數的成功。那麼我們如何在銷售方面找到一個複雜的企業勝利呢？好吧，ROI 必須有效，但你可以在如何實現 ROI 方面發揮極大的創造力，這只是另一個例子。

Sanjay Sakhrani, KBW.

桑傑薩克拉尼（Sanjay Sakhrani），KBW。

Obviously, the trends are strong despite this, but could you just drill down a little bit on the softer consumer spending that you mentioned? Is there anything that changed significantly in the third quarter that leads you to be concerned? Or is it just more on the margins?

顯然，儘管如此，趨勢仍然強勁，但您能否深入探討您提到的消費支出疲軟現象？第三季是否存在一些重大變化令您感到擔憂？或者它僅僅處於邊緣狀態？

And then just maybe on SkyTab, Obviously, you guys are doing really well there. Any observations above and beyond what you guys have talked about given the success there?

然後也許就在 SkyTab 上，顯然你們在那裡做得很好。鑑於那裡的成功，除了你們剛才談到的以外，還有什麼觀察結果嗎？

Yes, sure. I'll hit the consumer spending trends that we've witnessed. I would say there was -- there's been a notable same-store sales decline that's been reasonably persistent in restaurants since like the middle of the summer. I don't know how much to think about this, largely because restaurants have done quite well throughout the last couple of years. So in some respects, that's probably -- we could have predicted that it wouldn't be perfect forever and we diversified the business accordingly.

是的，當然。我將談談我們所見證的消費者支出趨勢。我想說的是——自夏季中旬以來，餐廳的同店銷售額一直出現明顯下滑，而且這種下滑趨勢持續了相當長一段時間。我不知道該對此想多少，主要是因為過去幾年餐廳的經營狀況相當不錯。所以從某些方面來說，這可能是——我們可以預測它不會永遠完美，並且我們相應地實現了業務多元化。

Hotels had a really strong summer. They had a slightly softer September. September was probably the only month where there was modest same-store sales declines across basically all of our verticals. But that rebounded across hotels, for example, in October. Sports and Entertainment, while you don't have as solid as a same-store sales base because we're adding tons of customers, there are zero signs of like weakening consumer inside of that little facet of the economy.

酒店業度過了一個十分強勁的夏天。9月份的表現略顯疲軟。9月可能是唯一一個我們所有垂直產業同店銷售額均出現小幅下滑的月份。但 10 月份，酒店業的這一狀況出現反彈。體育和娛樂，雖然你們沒有像我們增加大量客戶那樣穩固的同店銷售基礎，但在經濟的這一小部分中，沒有任何跡象表明消費者情緒減弱。

So I'd say it's still mixed. There's no significant reason for high optimism, or pessimism for that regard, and our diversification has been paying dividends. So we're quite content.

因此我認為它仍然是混合的。在這方面，沒有什麼重要的理由讓我們高度樂觀，或悲觀，我們的多元化經營已經帶來了回報。所以我們非常滿意。

On SkyTab.

在 SkyTab 上。

Yes.

是的。

I think we're pretty pleased with the pace of progress with SkyTab. Especially in Europe now, I think if you're following our kind of our Twitter/X account, you're going to see -- I mean, we post a lot of SkyTab wins in general, you're going to see a lot more out of the UK and Ireland, like I think a lot more in Q4. We're pretty pumped about that. And then just the overall pace of progress, every one of these deals, whether it's Revel or Vectron, even Givex, you're taking talent.

我認為我們對 SkyTab 的進展速度非常滿意。尤其是現在在歐洲，我想如果你關注我們的 Twitter/X 帳戶，你會看到——我的意思是，我們發布了很多 SkyTab 的勝利消息，你會看到更多來自英國和愛爾蘭的消息，就像我認為在第四季度會更多一樣。我們對此感到非常興奮。然後只是整體進展的速度，每一筆交易，無論是 Revel 還是 Vectron，甚至是 Givex，都需要人才。

Again, you're burning the shift to the past and repurposing them on the things that matter. So like Revel, your QSR, your basic retail and your enterprise multi-management capabilities, now build that into SkyTab and only worry about that because the Revel ship has been burned here on that. Or in the case of Vectron, where their product is all across Central Europe.

再說一遍，你要把轉變回過去，並將其重新用於重要的事情上。因此，就像 Revel 一樣，您的 QSR、基本零售和企業多管理功能現在都已建置到 SkyTab 中，並且只需要擔心這一點，因為 Revel 這艘船已經在這裡被燒毀了。或者以 Vectron 為例，他們的產品遍佈中歐各地。

Yes, we have 65,000 Vectron systems across payments. Eventually, they have to be replaced with SkyTab, start localizing the product for all these markets, fiscal compliance. So like you're always gaining more talent through every one of these deals that you can apply in our go-forward strategy. So like just velocity there is continuing to increase, which is nice.

是的，我們在支付領域有 65,000 個 Vectron 系統。最終，他們必須被 SkyTab 取代，開始為所有這些市場在地化產品，以實現財政合規。因此，透過每一筆交易，您總是會獲得更多的人才，並將其應用於我們的未來策略。所以就像速度在持續增加一樣，這很好。

So like I said, I think we're number one in the world at payments in a lot of categories and we're number two next to Toast in restaurants. That's totally fine. Like we have a plan there. And the more we close that gap, the more value we create. And who knows, maybe we'll edge one out at some point on them.

所以就像我說的，我認為我們在許多類別的支付領域都位居全球第一，在餐廳支付領域，我們僅次於 Toast，排名第二。完全沒問題。就像我們在那裡有一個計劃。我們越能縮小差距，我們創造的價值就越大。誰知道呢，也許我們某一天會以微弱優勢勝出。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. And that concludes our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。女士們、先生們，我們的問答環節到此結束。今天的通話到此結束。我們感謝您的關注與參與。現在您可以斷開線路了。