Shift4 Payments Inc (FOUR) 2024 Q4 法說會逐字稿

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

大家好，歡迎參加 Shift4 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

And it is now my pleasure to introduce to you Tom McCrohan with Shift4. Thank you, Tom. You may begin.

現在我很高興向大家介紹 Shift4 的 Tom McCrohan。謝謝你，湯姆。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to Shift4's fourth-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. This call is being webcast on the Investor Relations section of our website, which can be seen found at investors.shift4.com.

謝謝您，接線生。大家早安，歡迎參加 Shift4 2024 年第四季財報電話會議。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。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，您可以在 investor.shift4.com 上看到。

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.

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業績，而且由於某些風險、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。

We are hosting our Investor Day event today in Las Vegas. And as a result, we unfortunately don't have time to entertain any questions at the conclusion of our prepared remarks. With that, let me turn the call over to Jared. Jared?

我們今天在拉斯維加斯舉辦投資者日活動。因此，很遺憾，我們在結束準備好的發言後沒有時間回答任何問題。說完這些，讓我把電話轉給賈里德。賈里德？

Hey, thanks, Tom. So we clearly have a lot of exciting things to discuss today, and we have an afternoon Investor Day to go through it. So despite my past tendencies, and this is likely being my last earnings call, I'm going to endeavor to keep this as brief as possible. So as such, we plan to cover a summary of Q4 results, highlights from the quarter, our acquisition announcement of Global Blue, and finally, expectations for 2025.

嘿，謝謝，湯姆。因此，我們今天顯然有很多令人興奮的事情要討論，我們下午有一個投資者日來討論這些事情。因此，儘管我過去有這樣的傾向，而且這很可能是我最後一次財報電話會議，我仍將盡力使會議盡可能簡短。因此，我們計劃介紹第四季度業績摘要、本季度亮點、我們對 Global Blue 的收購公告以及最後對 2025 年的預期。

So regarding Q4 results, we once again delivered reasonably strong results that represented records across all of our major KPIs, including end-to-end volumes, gross revenue less network fees, adjusted EBITDA, and especially adjusted free cash flow.

因此，就第四季度的業績而言，我們再次取得了相當強勁的業績，代表了我們所有主要 KPI 的記錄，包括端到端交易量、總收入減去網絡費用、調整後的 EBITDA，特別是調整後的自由現金流。

So with that, our end-to-end payment volumes increased 49% year over year to $47.9 billion. Our gross revenue less network fees increased 50% to $405 million. Our adjusted EBITDA increased 51% to $205.9 million, and our adjusted free cash flow increased 78% to $134 million.

因此，我們的端到端支付量年增 49%，達到 479 億美元。我們的總收入減去網路費用後成長了 50%，達到 4.05 億美元。我們的調整後 EBITDA 成長 51% 至 2.059 億美元，調整後自由現金流成長 78% 至 1.34 億美元。

So all of these results are representing quarterly records as I mentioned before. And despite the doubters, we delivered on the promise of a back half ramp. The back half represented 57% of our full-year gross revenue less network fees, with the fourth quarter alone contributing 30% of full-year gross revenue less network fees.

正如我之前提到的，所有這些結果都代表季度記錄。儘管有人懷疑，我們還是兌現了後半坡道的承諾。下半年占我們全年總收入減去網路費用後的 57%，光是第四季就貢獻了全年總收入減去網路費用後的 30%。

We also delivered positive operating leverage for the year with adjusted EBITDA and adjusted free cash flow both growing faster than revenue growth. We accomplished all this while completing several acquisitions and deleveraging with the year-end net leverage of 2.5 times.

我們也實現了年度正的經營槓桿，調整後的 EBITDA 和調整後的自由現金流的成長速度均快於收入的成長。我們在實現所有這些目標的同時，也完成了幾項收購和去槓桿，年底淨槓桿率為 2.5 倍。

So when we zoom out and look at the multiyear picture, we ended the year surpassing our medium-term guidance, which, as you know, called for 50% three-year CAGR growth in volumes and a corresponding 30% CAGR growth in gross revenue less network fees. Our actual performance came in at 52% and 36%, respectively. We delivered these three-year results despite a more challenging economic climate than the one we were operating in back in late 2021.

因此，當我們縮小範圍並查看多年的情況時，我們會發現我們在年底時超出了我們的中期指導目標，正如你所知，該指導目標要求銷量三年複合年增長率為 50%，總收入減去網絡費用後的複合年增長率為 30%。我們的實際表現分別為52%和36%。儘管當前的經濟環境比 2021 年底時更具挑戰性，但我們仍然取得了這三年的表現。

Since then, we experienced both record inflation and record increases in interest rates, the combination of which most certainly caused stress for the average consumer. I'm not sure how many techs or fintechs established the multiyear outlook in November of 2021 and actually delivered, including surpassing expectations on the KPIs that really matter like free cash flow. Personally, I felt this was an important test for the company and the team and would speak to the credibility of the organization, which is especially important going in today where we will establish our goals for the next three years.

自那時起，我們經歷了創紀錄的通貨膨脹和創紀錄的利率增長，這兩種情況無疑給普通消費者帶來了壓力。我不知道有多少科技公司或金融科技公司在 2021 年 11 月制定了多年期展望並真正實現了目標，包括超出了自由現金流等真正重要的 KPI 的預期。就我個人而言，我覺得這對公司和團隊來說都是一個重要的考驗，關係到組織的信譽，這一點尤其重要，因為我們今天將確定未來三年的目標。

So let's turn to some of the highlights for the quarter. The team did a great job delivering signature wins across hospitality, restaurants, sports and entertainment, and what we're now calling our unified commerce platform and across multiple international markets.

讓我們來看看本季的一些亮點。團隊表現出色，在酒店、餐飲、體育和娛樂領域以及我們現在所稱的統一商務平台和多個國際市場取得了標誌性的勝利。

So starting with SkyTab in restaurants, we easily surpassed our initial 2024 goal of 30,000-plus SkyTab system installations. And while we are the second fastest-growing player in the space, we do not like settling for second-best. So over the past year, we signed signature wins, such as the Casa Cipriani, the Minetta Tavern, Bern's Steak House in Tampa and Balthazar.

因此，從餐廳中的 SkyTab 開始，我們輕鬆超越了最初在 2024 年安裝 30,000 多個 SkyTab 系統的目標。儘管我們是該領域成長速度第二快的企業，但我們並不願意屈居第二。因此在過去的一年裡，我們簽下了一些標誌性的餐廳，例如 Casa Cipriani、Minetta Tavern、坦帕的 Bern's Steak House 和 Balthazar。

Outside the United States, we installed hundreds of international restaurants across Canada, the United Kingdom, Ireland and Central Europe. And the broad launch of our payment-led value proposition to Vectron, 300-plus European dealer network, in January was very well received with hundreds of deals already signed up in the month of January and a very successful UK, Ireland sales conference in Q1 of this year. In short, we are winning restaurants very quickly in the USA, Canada, Ireland, UK, Central Europe, and soon to be in Australia and New Zealand.

除美國以外，我們在加拿大、英國、愛爾蘭和中歐開設了數百家國際餐廳。今年 1 月，我們向 Vectron（超過 300 家歐洲經銷商網路）廣泛推出了以支付為主導的價值主張，獲得了熱烈的反響，一月份已經簽署了數百筆交易，今年第一季的英國和愛爾蘭銷售會議也取得了巨大成功。簡而言之，我們很快就在美國、加拿大、愛爾蘭、英國、中歐贏得了餐廳，並且很快就會在澳洲和紐西蘭贏得餐廳。

So let's turn to hospitality. So if you like skiing, you're probably doing it as a Shift4 customer. So last quarter, we talked about signing KSL Resorts and Vail Resorts. Well, this quarter, we are adding Alterra Mountain Resorts, which is an operator of 19 ski resorts in the US and Canada, including well-known ski resorts such as Mammoth Mountain in California, Deer Valley Resort in Utah, Palisades Tahoe in California, Steamboat in Colorado, Tremblant and Winter Park Resort in Colorado.

讓我們來談談酒店業。因此，如果您喜歡滑雪，那麼您可能就是 Shift4 的客戶。上個季度，我們談到了簽約 KSL Resorts 和 Vail Resorts。本季度，我們增加了 Alterra Mountain Resorts，它是美國和加拿大 19 個滑雪勝地的營運商，包括加州的猛獁山、猶他州的鹿谷度假村、加州的 Palisades Tahoe、科羅拉多州的 Steamboat、Tremblant 和科羅拉多州的 Winter Park Resort 等知名滑雪勝地。

We also now power the payments for the iconic Ikon Pass. So the Ikon Season Ticket Ski Pass, which provides skiers access to over 50 ski resorts in North America as well as some of their international locations, will be processed by Shift4 as well.

我們現在也為標誌性的 Ikon Pass 提供支付支援。因此，Ikon 季票滑雪通行證也將由 Shift4 處理，該通行證為滑雪者提供進入北美 50 多個滑雪勝地以及一些國際滑雪場的通道。

Also, in hospitality, we renewed our agreement with Great Wolf Lodge. So they're an operator of indoor water parks with multiple locations in the United States and Canada. And we signed many new hotels, including The Meritage Collection of hotels, which is an operator of several luxury hotels, such as Paséa Hotel & Spa in Huntington Beach, California; Ko'a Kea Resort in Hawaii; Meritage Resort and Spa in Napa Valley; and Hotel Viata in Austin, Texas.

此外，在酒店業方面，我們與 Great Wolf Lodge 續簽了協議。他們是一家室內水上樂園的營運商，在美國和加拿大擁有多家分店。我們還簽署了許多新酒店，包括 Meritage Collection 酒店集團，該集團經營多家豪華酒店，例如加利福尼亞州亨廷頓海灘的 Paséa Hotel & Spa；夏威夷的 Ko'a Kea 度假村；納帕谷的 Meritage Resort and Spa；以及德克薩斯州奧斯汀的維阿塔酒店 (Hotel Viata)。

This is just a sampling of the wins in hospitality this quarter. It was not long ago that bears were saying we were a one-trick pony in hospitality, simply converting gateway customers and likely losing an enterprise. The reality -- and this has been demonstrated in our earnings deck over multiple quarters now -- is we are number one in the world winning far more net new enterprise resorts and across multiple geographies.

這只是本季酒店業取得的一些勝利。不久前，看跌者還說我們在酒店業中是只有一招的，只能轉換入門客戶，並且可能會失去一個企業。事實是——這已在我們多個季度的收益報告中得到證明——我們是全球第一，贏得了更多的淨新企業度假村，並且遍及多個地區。

So let's turn to sports and entertainment. The wins keep coming here. We entered into an agreement to power payments for 10 House of Blues locations across the US. And in sports, we cross-sold ticketing to New York Yankees and the Dallas Mavericks. We signed the Arizona Diamondbacks, the Portland Trail Blazers, University of Southern California. We were also honored to power payments for College Football National Championship. And similar to hospitality, when it comes to SME, we are also number one in the world.

因此讓我們來談談體育和娛樂。勝利不斷到來。我們達成了一項協議，為美國 10 家 House of Blues 門市提供支付服務。在運動方面，我們向紐約洋基隊和達拉斯小牛隊交叉銷售門票。我們簽下了亞利桑那響尾蛇、波特蘭拓荒者隊和南加州大學。我們也很榮幸能夠為大學橄欖球全國錦標賽提供贊助。與酒店業類似，在中小企業方面，我們也是世界第一。

Now let's talk about Unified Commerce. So we consolidated all of our card-not-present efforts into a new category called Unified Commerce. So over the past three years, we have quietly built a robust one platform, one integration capability that enables commerce all over the world.

現在我們來談談統一商務。因此，我們將所有無卡業務努力整合到一個名為「統一商務」的新類別中。因此在過去三年裡，我們悄悄地建立了一個強大的平台，一個能夠支援全球商業的整合能力。

Our platform capabilities were informed by working alongside a strategic customer, widely considered to be the most technologically advanced corporation in the world. And then we added other enterprise merchants like them. So St. Jude, Allegiant Airlines, BetMGM, Wolt, and really thousands more have started using the platform, while we simultaneously invested in technology capabilities, such as pay-ins, payouts, cross-border transactions, merchant of record, payback capabilities, local-to-local functionality, and a wide array of alternative payment methods, intelligent fraud monitoring tools, and really a very unique set of geographic coverage. And we can do this in a card-present and card-not-present environment.

我們的平台能力是透過與策略客戶合作而形成的，該客戶被廣泛認為是世界上技術最先進的公司。然後我們加入了其他像他們一樣的企業商家。因此，St. Jude、Allegiant Airlines、BetMGM、Wolt 以及其他數千家公司都開始使用該平台，同時我們同時對技術能力進行了投資，例如存入、支出、跨境交易、記錄商家、返還能力、本地到本地功能、各種替代支付方式、智慧詐欺監控工具，以及一套非常獨特的地理覆蓋範圍。我們可以在有卡和無卡的環境中做到這一點。

So this platform is especially important in the context of the large acquisition announcement that we're going to speak to more about today. And I just generally believe it was in the line of business that we have not been given really that much credit for, but we should because it's a TAM that's growing much faster than our base business. And the competitive landscape, especially in less mature markets, is ready for a new entrant.

因此，在我們今天要詳細討論的大型收購公告的背景下，這個平台尤其重要。我通常認為，我們在業務領域並沒有獲得太多讚譽，但我們應該給予稱讚，因為 TAM 的成長速度遠遠快於我們的基礎業務。競爭格局，尤其是在不太成熟的市場，已經準備好迎接新進者的到來。

So there will be growth here, and it should be viewed as an exciting development that's really incremental to the Shift4 business that you were underwriting previously. So on that note, we continue to sign non-profit marquee names like University of Miami, Mercy Corps in Europe, Lupus Research Alliance, [Elon] University and dozens more.

因此這裡會有成長，而且這應該被視為一個令人興奮的發展，對於您之前承保的 Shift4 業務來說，這確實是一個增量。因此，我們繼續簽約非營利知名組織，如邁阿密大學、歐洲慈善團體、狼瘡研究聯盟、伊隆大學等數十家機構。

As a result, we had a record quarter and a record year serving non-profits on our Unified Commerce platform. Q4 year-over-year volumes were up 660%, and calendar year volumes were up 319% year over year. This growth is before some of our large partners, like Give Lively, have fully scaled up their integration. So we expect another year of very strong growth ahead. And while it is a small portion of our business, we do see crypto as an opportunity with material potential in light of the support of the new administration.

因此，我們在統一商務平台上為非營利組織提供服務的季度和年度均創下了紀錄。第四季交易量較去年同期成長 660%，自然年交易量較去年同期成長 319%。在我們的一些大型合作夥伴（如 Give Lively）全面擴大其整合規模之前，我們就已經取得了這樣的成長。因此，我們預計未來一年仍將保持強勁成長。儘管它只占我們業務的一小部分，但鑑於新政府的支持，我們確實將加密貨幣視為一個具有巨大潛力的機會。

So in addition to offering card firing services to the crypto industry, we announced during Q4, we began equipping our merchants with the capability to accept crypto payments across all our products. So this month, we will wrap up our integration with SkyTab and make this capability available across a very large existing installation base. We will be the first major acquirer to have natively integrating crypto acceptance at the point of sale, and we plan to showcase this technology today at our Investor Day event.

因此，除了向加密產業提供發卡服務外，我們還在第四季度宣布，我們開始為我們的商家提供在所有產品上接受加密支付的能力。因此本月，我們將完成與 SkyTab 的整合，並在非常龐大的現有安裝基礎上提供此功能。我們將成為第一個在銷售點本地整合加密貨幣接受的大型收單機構，我們計劃在今天的投資者日活動上展示這項技術。

For gaming customers using our unified platform, we continue to enter new technology partnerships in support of both our land-based and online gaming casino customers. So with BetMGM, we continue deploying our SkyTab mobile devices for in-person sports wagering throughout the BetMGM locations in all of these end markets. Whether it's non-profit, gaming, crypto, retail and others, benefit from our Unified Commerce platform. So I can't emphasize the importance of our Unified Commerce platform enough and how this fits into our Global Blue strategy that Taylor is going to talk about in just a minute.

對於使用我們統一平台的博彩客戶，我們將繼續建立新的技術合作夥伴關係，以支援我們的實體和線上賭場客戶。因此，透過 BetMGM，我們將繼續在所有這些終端市場的 BetMGM 門市部署我們的 SkyTab 行動設備，以進行現場體育博彩。無論是非營利組織、遊戲、加密、零售或其他，都可以從我們的統一商務平台中受益。因此，我再怎麼強調我們的統一商務平台的重要性以及它如何融入泰勒稍後將要討論的全球藍色戰略都不為過。

So 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 products, software integrations and services that have helped us be so successful in the USA into those new international markets. This process is going so well. It's driving restaurant, hotels, stadium, and Unified Commerce demand in new geographies that it gives us the confidence to announce a deal like Global Blue to take full advantage of the capabilities we've been quietly building over the last few years.

因此，我們要走向國際化。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、軟體整合和服務帶入這些新的國際市場。這個過程進展非常順利。它推動了新地區對餐廳、酒店、體育場和統一商務的需求，這使我們有信心宣布像 Global Blue 這樣的交易，以充分利用我們在過去幾年中悄然打造的能力。

This past quarter, we launched several new countries, and that has continued into the first quarter of 2025. We are now processing across LatAm, and we expect to launch an additional four to six countries this quarter with Australia and New Zealand on the horizon for early 2025. We believe we have added sufficient global e-commerce capabilities, both local-to-local, cross-border, MOR and payback that our solution is now a viable option for other global enterprise customers just like our strategic one.

上個季度，我們拓展了幾個新的國家，而這個趨勢將持續到 2025 年第一季。我們目前正在處理整個拉丁美洲的業務，預計本季將新增四到六個國家，澳洲和紐西蘭將於 2025 年初啟動。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、MOR 和回報，我們的解決方案現在對於其他全球企業客戶來說是一個可行的選擇，就像我們的策略解決方案一樣。

So as my shareholder letter states, we're going to spend this afternoon doing a deep dive on the business, the verticals we aim to conquer, the products that we have built, our go-to-market strategy, and how deeply we are advantaged that we can predict outside growth for years into the future.

因此，正如我的股東信中所說，我們將在今天下午深入探討業務、我們想要征服的垂直領域、我們已經製造的產品、我們的行銷策略，以及我們在預測未來幾年外部成長方面擁有多大的優勢。

So we are number one in hospitality, we are number one in sports and entertainment. We're number two in restaurants, but we hate being second. We have a great strategy with our Unified Commerce platform, and we are the best capital allocators in the industry. So we have proven this time and time again, and we will continue to do so as we progress through our Investor Day today.

因此，我們在酒店業、體育和娛樂業都是第一。我們是餐廳業第二大巨頭，但我們不願意屈居第二。我們擁有統一商務平台的優秀策略，並且是業界最好的資本配置者。我們已經一次又一次地證明了這一點，並且在今天的投資者日活動中我們將繼續這樣做。

Our strategy gives us the confidence to provide impressive 2025 guidance alongside the new midterm outlook that takes into account a number of cases from simply sitting on our hands, in which case, the results are excellent to the pro forma case alongside our recently announced acquisition, and last, the most likely case that further accelerates growth in line with what you've seen us achieve over the last three years.

我們的策略使我們有信心在新的中期展望的同時提供令人印象深刻的2025年指引，該展望考慮了許多情況，從簡單地袖手旁觀（在這種情況下，結果非常好）到我們最近宣布的收購的預測情況，最後，最有可能的情況是進一步加速增長，與你在過去三年中看到的我們取得的成就一致。

In any of these cases, we are growing faster and more profitably than any of our peers. It's with this confidence that I can comfortably step aside and pursue this next chapter in my life knowing Shift4 is on the correct course. And with that, I'm going to turn the call over to Taylor to talk about the recent acquisition. Taylor?

無論哪種情況，我們都比任何同業成長更快、獲利更高。有了這種信心，我可以輕鬆地放下一切，去追求我人生的下一個篇章，因為我知道 Shift4 正走在正確的道路上。說完這些，我將把電話轉給泰勒，討論最近的收購事宜。泰勒？

Thanks, Jared. As Jared mentioned in his remarks, it's been our strategy for some time now to build one integration, one platform to power payments all over the world. Today, we're announcing the acquisition of Global Blue for approximately $2.5 billion in an all-cash transaction, which further builds upon our capabilities in this area.

謝謝，賈里德。正如賈里德在發言中提到的那樣，我們一直以來的策略是建立一個一體化平台，為全球支付提供動力。今天，我們宣布以約 25 億美元的全現金交易收購 Global Blue，這進一步增強了我們在該領域的能力。

Global Blue is a market-leading payment platform supporting tens of thousands of luxury brands worldwide, including Louis Vuitton, Hermes, Valentino, Fendi, Prada, Burberry, Cartier and many, many more. They operate a two-sided network, offering over 15 million consumers, quick and efficient VAT tax refunds when shopping abroad through one of their -- through their one-of-a-kind mobile application and advanced dynamic currency conversion capabilities.

Global Blue 是市場領先的支付平台，支援全球數以萬計的奢侈品品牌，包括路易威登、愛馬仕、華倫天奴、芬迪、普拉達、巴寶莉、卡地亞等等。他們經營一個雙邊網絡，透過其獨一無二的行動應用程式和先進的動態貨幣轉換功能，為超過 1500 萬消費者提供海外購物時快速高效的增值稅退稅服務。

To be clear, we spent many years admiring this business. The combination of their latest capabilities, our growing geographic coverage, Global Blue's existing scale and two-sided network were all factors in helping us underwrite this transaction with a high level of confidence. Simply put, the business standalone is exceptional before revenue synergies, and yet we estimate over $80 million of revenue synergies will be unlocked by the end of '27 due to the material embedded cross-sell opportunity associated with the 400,000-plus merchants that are current Global Blue customers.

需要明確一點的是，我們多年來一直欽佩這家企業。他們最新的能力、我們不斷擴大的地理覆蓋範圍、以及環球藍聯現有的規模和雙邊網絡，都是幫助我們充滿信心地承保此次交易的因素。簡而言之，在實現收入協同效應之前，該業務的獨立性已經非常出色，但我們估計，到 27 年底，由於與目前作為 Global Blue 客戶的 40 多萬家商家相關的實質性嵌入式交叉銷售機會，將實現超過 8,000 萬美元的收入協同效應。

We estimate the aggregate embedded payment opportunity to be over $500 billion. As a reminder, our cumulative cross-sell funnel is over $800 billion today. And with this transaction, it increases our unique advantage across this customer base to over $1.4 trillion.

我們估計嵌入式支付機會總額超過 5000 億美元。提醒一下，我們今天的累計交叉銷售額已超過 8,000 億美元。透過這筆交易，我們在整個客戶群中的獨特優勢將增加到 1.4 兆美元以上。

The opportunity Global Blue affords us within Unified Commerce has also attracted two of the world's largest fintech companies and international in Tencent. International in Tencent have historically collaborated with Global Blue to enable a seamless shopping and refund experience via their mobile applications and wallets. Both these valuable partners have committed to further collaborate with us on e-commerce opportunities all over the world and have also agreed to remain shareholders of the combined business.

Global Blue 在統一商務中提供給我們的機會也吸引了全球兩家最大的金融科技公司以及騰訊這樣的國際企業。騰訊國際曾與環球藍聯 (Global Blue) 合作，透過其行動應用程式和錢包提供無縫購物和退款體驗。這兩個寶貴的合作夥伴都承諾與我們進一步合作，拓展全球電子商務機會，並同意繼續作為合併後企業的股東。

This is an all-cash deal to be financed with existing cash on hand and proceeds from a $1.8 billion short-term bridge financing that will be replaced with long-term debt and convertible financing following the launch of an offering shortly. We expect to close the acquisition in the second half of 2025, subject to regulatory approvals. And our pro forma net leverage is expected to be approximately 3.6 times upon closing of the transaction, and we expect to delever to approximately 3.3 times by the end of the year.

這是一筆全現金交易，將以現有現金和 18 億美元短期過橋融資所得進行融資，在不久的發行後，這些融資將由長期債務和可轉換融資取代。我們預計在 2025 年下半年完成收購，但需獲得監管部門的批准。而我們預計交易完成後淨槓桿率將達到約 3.6 倍，而到年底我們預計槓桿率將降至約 3.3 倍。

This transaction is the largest in our history, which speaks to the conviction we were able to gain as we learned about the business. Despite its scale and unique product offering, it leverages a playbook that we've continued to refine over the last decade at Shift4. Whether it be Revel, Givex, IGan or now Global Blue, we are passionate about identifying critical but often overlooked businesses that have an incredible merchants who benefit immensely from a single comprehensive payment platform.

這筆交易是我們史上最大的一筆交易，反映了我們在了解業務過程中所獲得的信心。儘管其規模龐大且產品獨特，但它利用了我們在過去十年中在 Shift4 不斷完善的劇本。無論是 Revel、Givex、IGan 還是現在的 Global Blue，我們都熱衷於尋找關鍵但經常被忽視的企業，這些企業擁有令人難以置信的商家，他們從單一的綜合支付平台中受益匪淺。

We aim to deliver these merchants what they would have otherwise sourced from five or six different companies and, in turn, deliver more value and convenience. With that, I'll turn the call over to Nancy, who will outline our 2025 financial guidance and other key stats for the fourth quarter.

我們的目標是為這些商家提供他們原本需要從五、六家不同公司採購的產品，以提供更多的價值和便利。說完這些，我將把電話轉給南希，她將概述我們 2025 年的財務指導和第四季度的其他關鍵數據。

Thank you, Taylor. Jared provided a summary review of the quarterly financial results, so I will just expand on a few additional items. Organic gross revenue less network fee growth for the full quarter 2024 was 26%. This reflects the ongoing strength and momentum across all of our verticals and the monetization and conversion of gateway and software-only customers. Our Q4 blended net spreads were 60 basis points or 61 based on the average blended spreads for the full year, in line with our guidance.

謝謝你，泰勒。賈里德對季度財務結果進行了總結性回顧，因此我只想對一些補充內容進行擴展。2024 年全季有機總收入減去網路費用成長率為 26%。這反映了我們所有垂直領域的持續實力和發展勢頭，以及網關和純軟體客戶的貨幣化和轉換。我們第四季的混合淨利差為 60 個基點，或根據全年平均混合利差計算為 61 個基點，符合我們的預期。

Spreads across our core business remained stable. Our Q4 adjusted EBITDA margins were 51% and 50% for the full year. Excluding a nearly 270-basis-point drag from recent acquisitions, full-year adjusted EBITDA margins were 53%, and we expect to synergize these acquisitions over the next 12 to 18 months.

我們核心業務的利差保持穩定。我們第四季的調整後 EBITDA 利潤率為 51%，全年為 50%。排除最近收購帶來的近 270 個基點的拖累，全年調整後的 EBITDA 利潤率為 53%，我們預計這些收購將在未來 12 到 18 個月內產生協同效應。

Subscription and other revenue was $115 million in Q4, up 100% compared to the same period last year. The growth was once again driven by our success across SMBs, SkyTab and further penetration of the sports and entertainment vertical as well as the contribution from acquisitions completed during the quarter.

第四季訂閱和其他收入為1.15億美元，年增100%。成長再次得益於我們在中小企業、SkyTab 領域的成功以及在體育和娛樂垂直領域的進一步滲透，以及本季完成的收購帶來的貢獻。

Our adjusted free cash flow in the quarter was $134 million, bringing full-year adjusted free cash flow to $399 million, up 46% compared to a year ago. Q4 adjusted free cash flow conversion was 65%, bringing full year to 59%. We are very pleased with our free cash flow generation as we are one of the few companies that are extremely expense-disciplined and laser-focused on efficiency gains, which allows us to generate exceptional cash flow without sacrificing growth.

本季調整後的自由現金流為 1.34 億美元，全年調整後的自由現金流達到 3.99 億美元，比去年同期成長 46%。第四季調整後的自由現金流轉換率為 65%，全年調整後自由現金流轉換率為 59%。我們對我們的自由現金流產生感到非常滿意，因為我們是少數幾家極其嚴格控制費用並專注於提高效率的公司之​​一，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 fourth quarter, we repurchased over 1 million shares for $110 million, leaving approximately $350 million of capacity available as of December 31 under our current program. You can find a complete reconciliation of our shares in the back of our earnings materials.

在第四季度，我們以 1.1 億美元回購了超過 100 萬股，根據我們目前的計劃，截至 12 月 31 日還有大約 3.5 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。

GAAP net income for the fourth quarter was $139 million, and GAAP diluted EPS was $1.44. Non-GAAP adjusted net income for the quarter was $123 million or $1.35 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 but plan to do so starting next quarter, in line with our industry peers.

第四季 GAAP 淨收入為 1.39 億美元，GAAP 稀釋每股收益為 1.44 美元。本季非 GAAP 調整後淨收入為 1.23 億美元，或每股 1.35 美元（全面稀釋計算）。提醒一下，我們過去沒有將收購無形資產攤銷加回到非公認會計準則淨收入和每股收益中，但計劃從下個季度開始這樣做，與我們的行業同行保持一致。

Our total indebtedness now has a weighted average cost of 3.4%, and our net leverage at quarter end was approximately 2.5 times. As we had previously indicated, the $690 million of convertible debt due in December 2025 was classified as current debt on our current December 31, 2024, balance sheet. However, after the recent financing activity last quarter and the strong cash flow profile of our operations, we are well positioned to pay it down at maturity.

我們目前的總負債加權平均成本為 3.4%，季末的淨槓桿比率約為 2.5 倍。正如我們先前所指出的，2025 年 12 月到期的 6.9 億美元可轉換債務在我們目前的 2024 年 12 月 31 日資產負債表中被歸類為流動債務。然而，經過上個季度的最近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。

Now turning to 2025 guidance. We are introducing this guidance excluding the Global Blue impact and -- as follows: volume between $200 billion and $220 billion, representing 21% to 33% year-over-year gross; gross revenue less network fees between $1.65 billion and $1.72 billion, representing 22% to 27% growth; adjusted EBITDA between $830 million and $855 million, representing 23% to 26% growth; and adjusted free cash flow conversion greater than 50%.

現在轉向2025年指導。我們推出的這項指引不包括 Global Blue 的影響，具體如下：交易量在 2,000 億美元至 2,200 億美元之間，比去年同期成長 21% 至 33%；總營收減去網路費用在16.5億美元至17.2億美元之間，成長22%至27%；調整後 EBITDA 在 8.5 億美元之間超過50%。

While we are not providing quarterly guidance today, Q1 is shaping up in line with our expectations for both volume and revenue. We anticipate adjusted EBITDA margins of approximately 45%, which is also in line with historical trends as Q1 is a seasonal low point for margins. We are also absorbing some drag from lower-margin M&A completed in 2024, but again, anticipate this to be mitigated by year-end.

雖然我們今天沒有提供季度指引，但第一季的業績表現符合我們的銷售和收入預期。我們預計調整後的 EBITDA 利潤率約為 45%，這也符合歷史趨勢，因為第一季是利潤率的季節性低點。我們也吸收了 2024 年完成的低利潤率併購帶來的一些拖累，但同樣預計這種拖累將在年底前得到緩解。

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

說完這些，我現在把電話轉回給賈里德。

Thank you. Thank you, Nancy. We will be saving questions until after our Investor Day. But since this is likely my last earnings call, please know I leave Shift4 in the very capable hands of Taylor Lauber, alongside a great leadership team, those who I have the utmost confidence in and who have been key architects in the firm's growth strategy and overall success over the years. While I can't predict how the process will go, I hope to be able to offer input to Taylor whenever it is requested and to the extent it's permissible, I intend to remain Shift4's largest shareholder.

謝謝。謝謝你，南希。我們會將問題留到投資者日之後再回答。但由於這很可能是我最後一次財報電話會議，因此我將 Shift4 交給 Taylor Lauber 非常能幹的領導團隊，以及一支優秀的領導團隊，我對他們非常信任，他們多年來一直是公司成長策略和整體成功的關鍵設計師。雖然我無法預測這個過程將如何進行，但我希望能夠在泰勒需要時提供意見，並且在允許的範圍內，我打算繼續擔任 Shift4 的最大股東。

As the founder of Shift4 from my parent's basement to the multibillion-dollar public company it is today, I'm incredibly proud of the team and what we've accomplished over the last 26 years. I'm really thankful to my family, friends, the incredible team, our advisers and investors who believed in us and really in this incredible nation that makes stories like this possible. And I will always be grateful. Thank you.

身為 Shift4 的創辦人，我從父母的地下室起步，到如今價值數十億美元的上市公司，我為這個團隊以及我們在過去 26 年裡的成就感到無比自豪。我非常感謝我的家人、朋友、優秀的團隊、我們的顧問和投資者，他們相信我們，也相信這個令人難以置信的國家，是他們讓這樣的故事成為可能。我將永遠心存感激。謝謝。

And thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝你。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路。