Shift4 Payments Inc (FOUR) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Shift4 first-quarter 2025 earnings conference call. (Operator Instructions)

問候。歡迎參加 Shift4 2025 年第一季財報電話會議。（操作員指示）

As reminder, this conference is being recorded. It is now my pleasure to introduce Tom McCrohan. Thank you, Tom.

提醒一下，本次會議正在錄製中。現在我很高興介紹湯姆·麥克羅漢。謝謝你，湯姆。

You may now begin your presentation.

現在您可以開始您的演講了。

Thank you, operator, and good morning, everyone. Welcome to Shift4's first-quarter 2025 earnings conference call. With me on the call today are Taylor Lauber, our President and incoming CEO; and Nancy Disman, our Chief Financial Officer. This call is being webcast on the Investor Relations section of our website, which can be found at investors.shift4.com.

謝謝接線員，大家早安。歡迎參加 Shift4 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的總裁兼新任執行長 Taylor Lauber；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，網址為 investors.shift4.com。

Today's call is also being simulcast on X Spacers, formerly known as Twitter, which can be accessed through our corporate Twitter account at 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 Spacers（前身為 Twitter）上同步播出，您可以透過 Shift4 上的公司 Twitter 帳戶訪問，我們的季度股東信、季度財務業績以及與我們的季度業績相關的其他資料均已發佈到我們的 IR 網站上。

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

我們今天的電話會議和收益資料包括前瞻性陳述。這些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。

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

有關這些因素的更多信息，請參閱我們最新的 10-K 和 10-Q 表格報告，您可以在美國證券交易委員會 (SEC) 網站的我們公司網站的投資者關係部分找到該報告。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函中找到。

With that, let me turn the call over to Taylor.

說完這些，讓我把電話轉給泰勒。

Thanks, Tom, and good morning, everyone. We had another busy quarter, and it was great to see many of you at our recent Investor Day event in February.

謝謝，湯姆，大家早安。我們又度過了一個繁忙的季度，很高興在二月份的投資者日活動中見到你們。

This morning, I'll provide thoughts on our first quarter results, key priorities that give us confidence in the years ahead and an update on our recently announced acquisition of Global Blue. I will then turn the call over to Nancy for a detailed review of our quarterly results and our upcoming guidance. Before providing the financial metrics, I wanted to provide some grounding on the growth drivers within the business, which are especially important during times of economic uncertainty.

今天上午，我將介紹我們第一季的業績、讓我們對未來幾年充滿信心的關鍵優先事項以及我們最近宣布的收購 Global Blue 的最新進展。然後，我將把電話轉給南希，讓她詳細審查我們的季度業績和即將發布的指導。在提供財務指標之前，我想先介紹一下業務內部的成長動力，這在經濟不確定時期尤其重要。

We have strong product offerings across several large markets and are generally on a with the exception of restaurants where we are strong number two. We had world-class customers in each of these verticals, such as Aspen Hospitality, the Setai Hotels, Pittsburgh Pirates, Colorado Rockies, Formula One Miami Grand Prix and the PGA Tour.

我們在幾個大型市場上提供強大的產品，並且總體上處於領先地位（餐館除外），在餐館中我們排名第二。我們在每個垂直領域都有世界級的客戶，例如阿斯本酒店集團、塞泰酒店集團、匹茲堡海盜隊、科羅拉多洛磯隊、一級方程式邁阿密大獎賽和美巡賽。

We also refused to leave our success to chance. As such, our M&A strategy has afforded us a massive collection of customers, whereby we can cross-sell our services. The Boston Red Sox, Herbert -- bakeries, and the AC Hotel Toronto are just three examples of this strategy in action, although there are many more, and we've highlighted a few of them in our materials, which you can find on our website.

我們也拒絕讓我們的成功聽天由命。因此，我們的併購策略為我們帶來了大量客戶，讓我們可以交叉銷售我們的服務。波士頓紅襪隊、赫伯特麵包店和多倫多 AC 酒店只是這一策略付諸實踐的三個例子，儘管還有很多，我們在我們的材料中重點介紹了其中幾個，您可以在我們的網站上找到。

Interestingly, though, these recent wins will matter more in the years ahead as the largest contributor to our current performance is generally the wins of last year fully seasoning. Those of you who can recall Jared reading what seemed like a yellow pages worth of wins from last year's earnings calls are now seeing the fruits of that in our results.

然而有趣的是，這些最近的勝利在未來幾年將更加重要，因為對我們目前表現貢獻最大的勝利通常是去年的勝利。你們當中那些還記得賈里德讀過好像是黃頁上關於去年收益電話會議的勝利的人現在在我們的結果中看到了這些勝利的成果。

As such, we posted strong Q1 results that were largely in line with our expectations and are raising our full year 2025 guidance to reflect our confidence in our ability to execute. Some highlights. Our volumes increased 35% year over year to $45 billion.

因此，我們公佈了強勁的第一季業績，基本上符合我們的預期，並提高了 2025 年全年業績預期，以反映我們對執行能力的信心。一些亮點。我們的交易量年增 35%，達到 450 億美元。

Quarterly volumes were in line with our expectations with year-over-year growth modestly impacted by the timing of leap year in the Easter holiday. We witnessed stable volume trends across all of our end markets and continue to monitor trends closely in light of the recently implemented trade policies. It should come as no surprise that we never count on an improving economy to drive our success.

季度銷售符合我們的預期，年增率略微受到復活節假期閏年的影響。我們見證了所有終端市場的穩定銷售趨勢，並將繼續根據最近實施的貿易政策密切監測趨勢。我們從不指望經濟好轉來推動我們的成功，這並不奇怪。

Gross revenue less network fees increased 40% to $369 million, a combination of stable spreads and subscription and other revenue resulted in our net revenue growing faster than our volumes. We are unlocking significant value from our recent acquisitions, and I will provide some additional details on topic in a few minutes. Adjusted EBITDA increased 38% to $169 million.

總收入減去網路費用後成長 40% 至 3.69 億美元，穩定的利差以及訂閱費和其他收入的結合使我們的淨收入成長速度快於交易量的成長速度。我們從最近的收購中獲得了巨大的價值，幾分鐘後我將提供有關該主題的更多細節。調整後的 EBITDA 成長 38%，達到 1.69 億美元。

We delivered 46% adjusted EBITDA margins, which were modestly above our guidance of 45%. Nancy will comment on our forward margin profile a bit later during the call.

我們實現了 46% 的調整後 EBITDA 利潤率，略高於我們 45% 的預期。南希稍後將在通話中對我們的遠期保證金狀況進行評論。

And lastly, we delivered adjusted EPS of $1.07 per share. We are pleased with these results and are very excited to execute on our priorities for the balance of the year. I think it's important to note that these priorities are not new, but rather a continuation of what has made us successful for the past 26 years. Our first priority is to keep doing what's made us so successful in the first place.

最後，我們實現了每股 1.07 美元的調整後每股盈餘。我們對這些結果感到滿意，並非常高興能夠在今年剩餘時間內執行我們的優先事項。我認為值得注意的是，這些優先事項並不是新的，而是過去 26 年來我們成功的延續。我們的首要任務是繼續做那些讓我們如此成功的事情。

In the US, we are focused on adding new merchants while simultaneously expanding our share of wallet. In restaurants, we continue signing up new merchants onto our SkyTab offering and also introduce SkyTab Air, our latest handheld device that's going to be launching in the next few weeks.

在美國，我們專注於增加新商家，同時擴大我們的錢包份額。在餐廳領域，我們繼續與新商家簽約使用我們的 SkyTab 產品，同時推出我們最新的手持裝置 SkyTab Air，該裝置將在未來幾週內推出。

It's something we're quite proud of, and I'd encourage you all to take a look at our shareholder letter for some details on it. I gave a few examples of wins earlier, but the product is scaling nicely across a variety of environments. For example, we signed all US locations of Nandos, a fast-growing quick-service chicken chain that is expanding quickly in North America with plans to reach over 500 US locations over time.

這是我們非常自豪的事情，我鼓勵大家閱讀我們的股東信以了解詳細資訊。我之前給了一些成功的例子，但該產品在各種環境中都表現良好。例如，我們與 Nandos 在美國的所有門市簽約，Nandos 是一家快速發展的快餐雞肉連鎖店，正在北美迅速擴張，計劃隨著時間的推移在美國開設 500 多家門市。

This is replicating its enormous success already in the United Kingdom and elsewhere. In hospitality, we continue to add net new hotels and resorts, while simultaneously cross-selling our payments to hotels operating on our gateway. I mentioned Aspen Hospitality in the Setai Hotels earlier, but there are dozens of examples ranging from boutiques like the Nantucket Hotel, the large resorts, such as the Cooper in Charleston, South Carolina.

這正在複製其在英國和其他地方已經取得的巨大成功。在酒店業，我們繼續增加新的酒店和度假村，同時向在我們的網關上運營的酒店交叉銷售我們的付款。我之前提到過塞泰酒店的阿斯彭酒店業，但還有很多例子，從像楠塔基特酒店這樣的精品酒店到像南卡羅來納州查爾斯頓的庫珀這樣的大型度假村。

In stadiums, we are keeping our eye on the ball, puck, et cetera, across all major professional leagues and are partnering with organizations beyond the 4 major sports leagues. To that end, and I mentioned this earlier, we've signed the Formula One Miami Grand Prix and the PGA Tour, but also the Red Rocks amphitheater.

在體育場館內，我們密切關注各大職業聯賽的球、冰球等賽事，並與四大運動聯盟以外的組織合作。為此，正如我之前提到的，我們簽約了一級方程式邁阿密大獎賽和美巡賽，還有紅岩露天劇場。

Our second priority is unlocking synergies from acquisitions such as Revel, Givex and Eigen. We are already making progress across all of our recent deals with each effectively following the ship for playbook to a T. Across just these three most recent acquisitions, we have already achieved more than $20 million in EBITDA synergies in the first quarter.

我們的第二個優先事項是透過收購 Revel、Givex 和 Eigen 等公司來實現協同效應。我們在所有近期交易中都取得了進展，每筆交易都嚴格按照策略方針進行。僅在最近的這三次收購中，我們在第一季就已經實現了超過 2000 萬美元的 EBITDA 綜效。

Deals from many years ago also to continue to bear fruit, as I cited in some of the cross-sells that I mentioned earlier. As a reminder, our playbook is focused on identifying a unique capability critical to the commerce experience which we then bundle with our payment processing expertise.

正如我之前提到的一些交叉銷售一樣，多年前的交易也將繼續取得成果。提醒一下，我們的劇本專注於識別對商業體驗至關重要的獨特能力，然後將其與我們的支付處理專業知識捆綁在一起。

We are not buying a company simply to do the same thing as us and then drive cost synergies by removing overlaps. Instead, we unlocked meaningful recurring payment revenue by bundling our own payment capabilities with the unique and scarce technology capability we now own. Once we own this new capability and the talent involved in building it, we are inherently more competitive and win more new business in addition to the embedded cross-sell.

我們收購一家公司並不是為了簡單地做與我們相同的事情，然後透過消除重疊來實現成本協同效應。相反，我們透過將自己的支付能力與我們現在擁有的獨特且稀缺的技術能力捆綁在一起，釋放了有意義的經常性支付收入。一旦我們擁有了這種新能力以及建立這種能力所需的人才，我們本質上就會更具競爭力，除了嵌入式交叉銷售之外，還能贏得更多新業務。

Some examples of this in action are Revel, which we acquired in June of last year. Revel already had a robust payments cross-sell funnel with over 7,000 locations going live on ship payments as of the Q1 close. Of note, many of these are chains, which was a segment of the restaurant market that was a unique strength of Revel. We have already incorporated many of these Revel capabilities into SkyTab, which make it naturally more competitive in enterprise. We have also integrated the product teams from Eigen to ship for.

一些實際的例子是 Revel，我們在去年 6 月收購了它。Revel 已經擁有強大的支付交叉銷售管道，截至第一季末，已有超過 7,000 個地點開始提供船舶支付服務。值得注意的是，其中許多都是連鎖店，這是餐飲市場的一個細分領域，也是 Revel 的獨特優勢。我們已經將 Revel 的許多功能融入 SkyTab，這自然使其在企業中更具競爭力。我們也整合了 Eigen 的產品團隊來負責出貨。

As a reminder, Eigen is a payment gateway we acquired in November of last year with a presence in Canada and the United States. We have already cross-sold payments to approximately 100 large Eigen gateway-only customers and are making significant progress in combining the gateways into a single one and deleting the Eigen part. The talent that -- Eigen now helps us execute on our platform road map much more quickly.

提醒一下，Eigen 是我們去年 11 月收購的支付網關，業務範圍涵蓋加拿大和美國。我們已經向大約 100 個大型 Eigen 網關客戶進行了交叉銷售支付，並且在將網關合併為一個網關並刪除 Eigen 部分方面取得了重大進展。Eigen 的人才現在可以幫助我們更快地執行平台路線圖。

It should come as no surprise that the gift and loyalty capabilities from Givex are in the process of being fully integrated into SkyTab as our default offering. And we have cross-sold payments to approximately 100 Givex merchants since we've officially launched our cross-sell efforts just in February. We will also believe part as give gift and loyalty capabilities were far superior to our native offerings.

毫不奇怪，Givex 的禮品和忠誠度功能正在完全整合到 SkyTab 中，成為我們的預設產品。自從二月我們正式啟動交叉銷售業務以來，我們已經向大約 100 家 Givex 商家進行了交叉銷售支付。我們也相信，作為贈送禮物和忠誠度功能的一部分，其性能遠遠優於我們的本土產品。

As a reminder, we acquired Givex just a few months ago in November of last year. Last but not least, is executing on our near-term strategy while also thinking about the future. By taking what has made us successful for 26 years and replicating it all over the world, we can set ourselves up for success for decades to come.

提醒一下，我們是在去年 11 月幾個月前收購了 Givex。最後但同樣重要的是，在執行我們的近期策略的同時，也要考慮未來。透過借鑒我們 26 年來的成功經驗並將其複製到世界各地，我們可以為未來幾十年的成功奠定基礎。

As we shared at our recent Investor Day, we are currently operating in 6 continents, up from only one less than two years ago. We recently unlocked Latin America and are already in the process of signing marquee enterprise clients in that region. In Europe, where tightly bundled software plus payment solutions are less common, we are making tremendous progress signing up restaurants, particularly in the US, Ireland and Germany.

正如我們在最近的投資者日上所分享的那樣，我們目前在六大洲開展業務，而不到兩年前我們僅在一個大洲開展業務。我們最近開拓了拉丁美洲市場，並且正在與該地區的大型企業客戶簽約。在歐洲，緊密捆綁的軟體和支付解決方案並不常見，我們在簽約餐廳方面取得了巨大進展，尤其是在美國、愛爾蘭和德國。

Our momentum has picked up significantly this year, and we're now signing up over 1,000 restaurants a month internationally. These are the priorities that I believe will ultimately enable us to deliver on our financial commitments we may see you all and to drive meaningful, profitable growth over the medium term.

今年我們的發展勢頭顯著增強，目前我們每月在國際上簽約超過 1,000 家餐廳。我相信，這些優先事項最終將使我們能夠履行我們的財務承諾，並在中期內推動有意義的獲利成長。

Before turning the call over to Nancy, I thought I'd provide a quick update on Global Blue. For those of you that possibly missed our February announcement, Global Blue is a market-leading payment platform, supporting tens of thousands of luxury brands worldwide, including Louis Vuitton, Erez, Valentino, Fendi product, Burberry, Cardi and many, many more.

在將電話轉給南希之前，我想先簡單介紹一下環球藍聯的最新情況。對於可能錯過我們二月份公告的人來說，Global Blue 是一個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 Louis Vuitton、Erez、Valentino、Fendi 產品、Burberry、Cardi 等等。

Global Blue operates a two-sided payment network with over 15 million consumers utilizing Global Blue's quick and seamless mobile app when purchasing luxury goods at over 400,000 retail stores around the world. When shopping abroad consumers purchasing these luxury items are eligible for a VAT tax refund, which is facilitated by Global Blue. Global Blue also facilitates the option to convert purchases into the cardholders home currency, which is something known as Dynamic Currency Conversion.

Global Blue 經營著一個雙邊支付網絡，超過 1500 萬消費者在全球 40 萬多家零售店購買奢侈品時使用 Global Blue 快速無縫的行動應用程式。在國外購物時，購買這些奢侈品的消費者有資格享受由環球藍聯 (Global Blue) 提供的增值稅退稅服務。Global Blue 還提供將購買的商品轉換為持卡人本國貨幣的選項，這就是所謂的動態貨幣轉換。

The Global Blue business is an exceptional stand-alone business. The luxury VAT tax refund industry has proven to be highly resilient as affluent consumers wheel substantial economic spending power account for half of all consumer spending and hold an estimated $1.3 trillion in excess savings. We have high confidence in unlocking $80 million of revenue synergies from this transaction by the end of 2027, primarily to -- embedded payment solution with Global Blue's VAT tax refund and dynamic currency conversion capabilities.

Global Blue 業務是一項卓越的獨立業務。事實證明，奢侈品增值稅退稅行業具有很強的彈性，因為富裕的消費者擁有巨大的經濟消費能力，佔所有消費支出的一半，並擁有約 1.3 兆美元的超額儲蓄。我們非常有信心在 2027 年底之前透過這筆交易實現 8,000 萬美元的收入綜效，主要體現在——嵌入式支付解決方案與 Global Blue 的增值稅退稅和動態貨幣轉換功能上。

We estimate the embedded payment cross-sell opportunity alone to be over $500 billion in volume. In addition, we continue to expect two of the world's largest fintech companies and financial and Tencent to remain shareholders in the combined business, and both of these wallet providers have committed to collaborate with us on e-commerce opportunities around the world. We are on track for an early Q3 close, subject to regulatory approvals.

我們估計，僅嵌入式支付交叉銷售機會的規模就超過 5,000 億美元。此外，我們繼續預期全球最大的兩家金融科技公司和金融科技公司以及騰訊將繼續作為合併後業務的股東，這兩家錢包提供商都承諾與我們合作，開拓全球電子商務機會。我們預計在第三季初完成交易，但需獲得監管部門的批准。

As I mentioned in my shareholder letter, we have a track record of growing volumes during the most challenging of economic times. Since the company was founded, we have successfully grown our payment volumes every year, including during COVID and the great financial crisis of 2008 and 2009.

正如我在致股東的信中所提到的，我們在經濟最困難的時期有著業務成長的記錄。自公司成立以來，我們的支付量每年都成功成長，包括在 COVID 期間以及 2008 年和 2009 年的金融危機期間。

We have experienced five recessions in the past 26 years, and we have grown our payment volumes in every single one of them. I hope that by understanding our strategies that I just highlighted, it becomes obvious to you all that in many ways, we welcome uncertainty. We thrive in times of uncertainty and because it's our operating model, product lines, unit economics and enormous cross-sell funnel all become more valuable when the future is uncertain. That's not to say we operate with rose-colored glasses. And in fact, it's exactly the opposite.

在過去的 26 年裡，我們經歷了五次經濟衰退，但每一次我們的支付量都實現了成長。我希望透過理解我剛才強調的我們的策略，大家能夠清楚地認識到，在很多方面，我們都歡迎不確定性。我們在充滿不確定性的時期蓬勃發展，因為我們的營運模式、產品線、單位經濟和巨大的交叉銷售管道在未來不確定時都變得更有價值。這並不是說我們總是帶著樂觀的眼光看待事情。而事實上，情況恰恰相反。

We operate out of an abundance of caution and a mindset of paranoia. We are never complacent and constantly finding ways to evolve. With that, I'll turn the call over to Nancy, who will outline our 2025 financial guidance and key other stats for the quarter. Nancy?

我們採取謹慎和偏執的心態來開展行動。我們從不自滿，並不斷尋找進步的方法。說完這些，我將把電話轉給南希，她將概述我們 2025 年的財務指導和本季的其他關鍵統計數據。南希？

Thank you, Taylor. We delivered another quarter of consistent and solid results in line with our expectations, setting new first quarter records across all of our key performance indicators. Volume grew 35% year-over-year to $45 billion. Gross revenue less network fees grew 40% to $369 million, and adjusted EBITDA grew 38% to $169 billion. Our Q1 adjusted EBITDA margins were 46%.

謝謝你，泰勒。我們又一個季度取得了符合預期的穩定且穩健的業績，所有關鍵績效指標都創下了第一季的新紀錄。交易量年增 35%，達到 450 億美元。扣除網路費用後的總營收成長 40% 至 3.69 億美元，調整後 EBITDA 成長 38% 至 1,690 億美元。我們第一季調整後的 EBITDA 利潤率為 46%。

We expect our margins to march higher as the year unfolds, and we unlock synergies from last year's acquisitions. Excluding the drag from these recent acquisitions, adjusted EBITDA margins would have been 50%. We will also benefit from higher levels of operating leverage as the year progresses and we add incremental payment volumes from cross-selling and working through our existing backlog.

我們預計，隨著時間的推移，我們的利潤率將會上升，我們將釋放去年收購帶來的綜效。排除這些近期收購帶來的拖累，調整後的 EBITDA 利潤率將達到 50%。隨著時間的推移，我們也將受益於更高水準的經營槓桿，並透過交叉銷售和處理現有積壓訂單來增加增量支付量。

Our Q1 blended net spreads were 61 basis points, in line with our guidance for spreads to remain stable with 2024s exit rate. Importantly, spreads across our core business also remained stable, and we still expect full year 2025 spreads of approximately 60 basis points.

我們第一季的混合淨利差為 61 個基點，符合我們對利差與 2024 年退出利率保持穩定的指導。重要的是，我們核心業務的利差也保持穩定，我們仍然預期 2025 年全年利差約為 60 個基點。

Subscription and other revenue was $93 million in Q1, up 77% compared to the same period last year. The growth was once again driven by our success across SMB, SkyTab and further penetration of the sports and entertainment vertical as well as contribution from recently completed acquisitions. The sequential moderation from Q4 levels was as expected and due to ongoing depreciation of legacy revenue from recent acquisitions.

第一季訂閱及其他營收為 9,300 萬美元，較去年同期成長 77%。這一成長再次得益於我們在 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，以及最近完成的收購的貢獻。與第四季水準相比，環比下降符合預期，原因是近期收購帶來的遺留收入持續貶值。

Q1 organic growth revenue less network fee growth was in line with our expectations, and we are on track for 20% plus organic revenue growth for the full year. Our adjusted free cash flow in the quarter was $71 million, representing 42% adjusted free cash flow conversion.

第一季有機成長收入減去網路費用成長符合我們的預期，全年有機收入成長率可望達到 20% 以上。本季調整後的自由現金流為 7,100 萬美元，佔調整後自由現金流轉換率的 42%。

As a reminder, during Q1, we made our first cash interest payment of [$37 million] on the debt we issued last August. These cash interest payments will occur semiannually in Q1 and Q3. For illustrative purposes, excluding this incremental interest payment, our adjusted free cash flow conversion rate for the quarter would have been 64%. We are on track to deliver over 50% adjusted FCF conversion for the full year.

提醒一下，在第一季度，我們就去年 8 月發行的債務支付了第一筆現金利息 [3,700 萬美元]。這些現金利息支付將在第一季和第三季每半年進行一次。為了說明起見，不包括這筆增量利息支付，我們本季調整後的自由現金流轉換率為 64%。我們預計將實現全年超過 50% 的調整後自由現金流轉換率。

During the first quarter, we repurchased approximately 686,000 shares for $63 million and month-to-date in April, we have deployed an additional $85 million of capital to repurchase approximately 1.1 million shares against our remaining available capacity. You can find a complete reconciliation of our share in the back of our earnings materials. GAAP net income for the first quarter was $20 million and GAAP diluted EPS was $0.20 per share. Non-GAAP adjusted net income for the quarter was $99 million or $1.07 per share on a fully diluted basis.

在第一季度，我們以 6,300 萬美元的價格回購了約 686,000 股股票，而截至 4 月份，我們已額外投入 8,500 萬美元資金，用於回購約 110 萬股股票，以彌補我們剩餘的可用產能。您可以在我們的收益材料後面找到我們份額的完整對帳表。第一季 GAAP 淨收入為 2,000 萬美元，GAAP 稀釋每股收益為 0.20 美元。本季非公認會計準則調整後淨收入為 9,900 萬美元，即每股 1.07 美元（完全攤薄後）。

Beginning this quarter, we are now adding back acquired intangible amortization to non-GAAP net income and EPS in line with our industry peers. Our total indebtedness now has a weighted average cost of 3.4%, and our net leverage at quarter end was approximately 2.4 times. We have a strong cash position with $1.2 billion of cash and cash equivalents as of March 31, and we remain well positioned to pay down the $690 million of convertible debt maturing in December this year.

從本季開始，我們將把收購無形資產攤銷加回到非公認會計準則淨收入和每股盈餘中，與業內同業保持一致。我們現在的總負債加權平均成本為 3.4%，季末的淨槓桿比率約為 2.4 倍。截至 3 月 31 日，我們的現金狀況良好，擁有 12 億美元的現金和現金等價物，我們仍有能力償還今年 12 月到期的 6.9 億美元可轉換債務。

Now turning to 2025 guidance. We are updating full year financial guidance and introducing Q2 guidance as follows. For the full year, we are raising gross revenue less network fees to between $1.66 billion and $1.73 billion, representing 23% to 28% growth. We are raising adjusted EBITDA between $840 million and $865 million, representing 24% to 28% growth.

現在轉向 2025 年指導。我們正在更新全年財務指導並推出第二季指導，如下所示。就全年而言，我們將總收入減去網路費用後提高至 16.6 億美元至 17.3 億美元之間，成長率為 23% 至 28%。我們將調整後的 EBITDA 提高至 8.4 億美元至 8.65 億美元之間，成長 24% 至 28%。

For the second quarter, we expect gross revenue less network fees between $405 million and $415 million with adjusted EBITDA margins of approximately 50%. A few items to highlight, as it pertains to our outlook for the rest of the year. As Taylor mentioned, we continue to see signs of stable consumer. Spending trends in Q1 were largely in line with what we saw exiting 2024 with a slight deceleration largely attributable to leap year and other seasonal factors.

對於第二季度，我們預計總收入減去網路費用將在 4.05 億美元至 4.15 億美元之間，調整後的 EBITDA 利潤率約為 50%。有幾點需要強調，因為這與我們對今年剩餘時間的展望有關。正如泰勒所提到的，我們繼續看到消費者穩定的跡象。第一季的支出趨勢與我們在 2024 年底看到的趨勢基本一致，略有減速，主要歸因於閏年和其他季節性因素。

Since mid-last year, we have seen fairly stable trends in same-store sales with some choppiness month-to-month within a very narrow band. We remain cautiously optimistic on the health of the consumer, but our guidance and outlook does not rely on any improvement or recovery from current market conditions. Reiterating what Taylor outlined, Shift4 has a proven track record of resiliency in uncertain times, and we are better equipped than ever to deliver strong results.

自去年年中以來，我們看到同店銷售額的趨勢相當穩定，只是月度銷售額在一個非常窄的範圍內有所波動。我們對消費者的健康狀況仍然持謹慎樂觀的態度，但我們的指導和展望並不依賴當前市場狀況的任何改善或復甦。重申泰勒所概述的內容，Shift4 在不確定時期有著良好的復原力記錄，我們比以往任何時候都更有能力取得強勁的成果。

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

說完這些，現在讓我把電話轉回給泰勒。泰勒？

Thanks, Nancy. Before turning it over to the operator for Q&A, I thought I'd provide a few thoughts regarding the forthcoming CEO transition. We are eagerly awaiting the US Senate to officially vote on Jared's nomination to head NASA. And assuming approval, the Board will execute a CEO transition plan where Jared will step down as CEO and from the Board and the Board will vote on my appointment.

謝謝，南希。在將問題交給接線員進行問答之前，我想就即將到來的執行長過渡提供一些想法。我們熱切期待美國參議院正式投票表決賈里德擔任美國國家航空暨太空總署署長的提名。假設獲得批准，董事會將執行執行長過渡計劃，賈里德將辭去執行長和董事會職務，董事會將對我的任命進行投票。

You should all be aware that the Senate Ethics Committee did not require Jared to divest any of his Shift4 shares. Jared will remain the largest shareholder of Shift4, which was something we're really excited about. Once the Senate votes on Jared's NASA appointment, he will convert all of his B and C shares into Class A, relinquishing his super votes and owning approximately 25% of the outstanding Class A shares.

大家應該都知道，參議院道德委員會並沒有要求賈里德剝離其持有的任何 Shift4 股份。賈里德仍將是 Shift4 的最大股東，這讓我們感到非常興奮。一旦參議院就賈里德的 NASA 任命進行投票，他將把其所有 B 類和 C 類股票轉換為 A 類股票，放棄其超級投票權，並擁有約 25% 的流通 A 類股票。

Going forward, we'll have the same one share one vote privileges to all the other shareholders. And with that, I'll turn it over to the operator for Q&A.

展望未來，我們將與所有其他股東享有相同的一股一票特權。接下來，我將把時間交給接線員進行問答。

(Operator Instructions) Rayna Kumar, Oppenheimer.

（操作員指示）Rayna Kumar，奧本海默。

And the results here. How would you describe the competitive environment in international markets that you're targeting? It seems like there's a lot of US-based payment companies that are focused on the same thing. What do you think gives Shift4 an edge here?

結果如下。您如何描述您所針對的國際市場的競爭環境？似乎有很多美國支付公司都專注於同一件事。您認為 Shift4 在這方面的優勢是什麼？

Yes. Thanks, Rayna. And it's a great question. I'll be honest, the international opportunity is something we identified as far back as kind of, I don't know, eight years ago. The phenomenon we experienced internationally is that it looks like the US did, call it, 15, 20 years ago. And what I mean by that is you've got kind of three different industries, all evolving in parallel to one another without much convergence.

是的。謝謝，雷娜。這是一個很好的問題。說實話，我們早在八年前就發現了國際機會。我們在國際上所經歷的現像看起來就像15、20年前的美國一樣。我的意思是，現在有三種不同的產業，它們彼此平行發展，沒有太多的融合。

And what I mean by that is you have software companies, building software to support merchant environments, you have hardware companies to help create the fulfillment experience and then you've got like largely traditional banks fulfilling the payment experience. And none of them have done a lot to help these three things converge for the benefit of the merchant.

我的意思是，有軟體公司建立軟體來支援商家環境，有硬體公司幫助創造履行體驗，然後就有像傳統銀行一樣履行支付體驗。但他們都沒有做出太多努力來幫助這三者融合，從而為商家謀福利。

Now why we saw the opportunity is because it's exactly the opportunity that Jared and the team identified 20 years ago in the United States, that's when they created the Harbortouch brand that bundled all these solutions together to make life easier for the merchant and eliminate multiple vendors.

我們之所以看到這個機會，是因為這正是賈里德和他的團隊 20 年前在美國發現的機會，當時他們創建了 Harbortouch 品牌，將所有這些解決方案捆綁在一起，使商家的生活更加輕鬆，並消除了多個供應商。

So I could give you a long history on some of the technical reasons it's taken us long to get here, but they really -- there's no excuse for them existing today. So it's not a surprise to us that if you have the right localized solutions, and that means like local settlement, accepting local payment methods paired with good software, merchants are kind of clamoring for it.

因此，我可以向您詳細介紹一些導致我們花了很長時間才到達這裡技術原因的歷史，但它們真的——沒有理由讓它們存在於今天。因此，如果您擁有正確的在地化解決方案，這意味著本地結算、接受本地支付方式以及良好的軟體，商家就會對此趨之若鶓，這對我們來說並不奇怪。

I think we gave the stat that about one in four of the merchants joining Shift4 today are coming from outside the US. And it's simply riding a wave that we saw 20 years ago in the United States. And to be frank, that's like only a handful of markets that we're actually addressing at the moment. The rest of the world, there's a long way to go in this regard.

我認為我們給出的統計數據是，今天加入 Shift4 的商家中大約有四分之一來自美國以外。它只不過是乘著我們 20 年前在美國看到的浪潮而已。坦白說，這只是我們目前實際關注的少數市場。世界其他國家在這方面還有很長的路要走。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Nice results here. Can we just touch a little further on what you're seeing in the market more broadly into April, what you're seeing and what you're including in the assumptions for guidance given the conviction you had around your guide here, just really passing through the beat.

結果不錯。我們能否進一步談談您對 4 月份市場更廣泛的看法，您所看到的情況以及您在指導假設中包含的內容，因為您對此處的指南很有信心，只是真正地經歷了節拍。

And then just remind us, I mean, same-store sales, generally, I know you don't typically incorporate much in the way of same-store sales as part of your outlook for volume. But maybe just remind us, if you don't mind, the building blocks that give you the conviction in the outlook still despite what's pretty uncertain macro times.

然後提醒我們，我的意思是，同店銷售額，一般來說，我知道你通常不會將同店銷售額作為銷量展望的一部分。但如果您不介意的話，也許只是提醒我們，儘管宏觀情況相當不確定，但這些基石仍然讓您對前景充滿信心。

Yes, sure. I'll start with kind of the themes that we're seeing and then Nancy can talk to how that gets incorporated into our forward-looking views. But I think it's going to be relatively undramatic, which is that what we're seeing is more of the same. And by more of the same, I don't just mean kind of the beginning of this year continuing through. I mean, like the last kind of 12 to 18 months have looked very consistent across our merchant segment.

是的，當然。我將從我們看到的主題開始，然後南希可以談談如何將其融入我們的前瞻性觀點中。但我認為它將相對平淡無奇，我們所看到的也大致相同。我所說的「更多相同的事情」並不只是意味著從今年年初開始一直持續下去。我的意思是，過去 12 到 18 個月，我們的商家部門表現非常一致。

And that is to say you've had restaurants with very modest same-store sales compression. And I mean like 1%, and it's usually bouncing between 1% and zero over a year now. You've got hotels that are generally bouncing somewhere between minus one and positive one or two. And then you've got retail, which for us is a smaller segment of the business, but that varies a little bit all within that same bound. So the fact that even with recent sort of a lot of political rhetoric going on recently.

也就是說，你所擁有的餐廳的同店銷售額壓縮幅度非常小。我的意思是 1%，現在一年內通常在 1% 和 0 之間波動。您所找到的飯店價格一般在負 1 和正 1 或 2 之間波動。然後是零售，對我們來說，這是業務中較小的一個部分，但在同一範圍內略有不同。事實是，即使最近出現了很多政治言論。

We're not seeing meaningful change in consumer behavior suggests that it stayed the course from our perspective. But you alluded to this, we generally don't spend a lot of time looking at same-store sales.

從我們的角度來看，我們沒有看到消費者行為發生重大變化，這表明情況保持不變。但您提到了這一點，我們通常不會花很多時間關注同店銷售額。

We put some kind of information in our earnings materials because I think the capital markets get a little bit ahead of themselves in terms of trying to predict things like consumer spending, when in fact, it's immensely varied across categories. Even within restaurants, consumers tend to typically go out even in difficult times, they just spend a little less on doing so.

我們在收益材料中加入了一些信息，因為我認為資本市場在預測消費者支出等方面有點超前，而事實上，不同類別的消費者支出差異很大。即使在餐廳裡，消費者即使在困難時期也傾向於外出，只是花費少一點。

So we put some data points in the resiliency we've traditionally seen in the business, which is that sign-ups generally grow during tough times, even if consumer spending is a little bit modest. But we're not really seeing that.

因此，我們將一些數據點放在我們傳統上在業務中看到的彈性中，即即使消費者支出有點溫和，註冊量在困難時期通常也會增長。但我們實際上並沒有看到這一點。

Nancy, if you want to kind of elaborate on how we kind of build the go-forward forecast with the current outlook?

南希，您能否詳細說明一下我們如何根據當前前景制定未來預測？

Yes. And I think Taylor captured it well, and I picked it up in my prepared remarks. But the 1 point I would emphasize is the volume bridge that we've shared with you all at Investor Day, very little impact in any given year is from what we signed a year, right?

是的。我認為泰勒很好地抓住了這一點，我也在準備好的發言中提到了這一點。但我要強調的一點是，我們在投資人日與大家分享的交易量橋樑，任何一年的影響都很小，來自於我們當年簽署的協議，對嗎？

So we're not dependent on kind of new grabs in the market and a win rate. So I think that's like supplements what Taylor said, like the in-year achievement of anything we find this year is the smallest component of any revenue bridge that we do and so much of our embedded volume, and the annualization of what we already signed is going to achieve and really inform the forecast for the rest of the year.

因此，我們並不依賴市場上的新搶奪和勝率。所以我認為這就像泰勒所說的補充，就像我們今年發現的任何年度成就都是我們所做的任何收入橋樑的最小組成部分，也是我們嵌入量的很大一部分，而我們已經簽署的年度化將實現並真正為今年剩餘時間的預測提供資訊。

So again movement, plus or minus 1% is really going to have almost an impact on our forecast going forward.

因此，再一次，加減 1% 的變動實際上都會對我們未來的預測產生影響。

And that's really helpful, guys. Just a quick follow-up with just where we are on the -- I mean, it was good to see the synergy update you guys provided, but to us, it's still more of a cross-sell revenue opportunity that really drives your idiosyncratic ability to grow so well in various macros. So where are you on, whether it's Vectron or it's Revel or others.

夥計們，這真的很有幫助。只是想快速跟進一下我們現在的情況——我的意思是，很高興看到你們提供的協同更新，但對我們來說，這仍然是一個交叉銷售收入機會，真正推動了你們在各種宏觀領域如此良好增長的獨特能力。那麼你在哪裡，無論是 Vectron 還是 Revel 或其他。

Just give us a quick update, if you don't mind, on what you're seeing the most momentum with in terms of obviously turning into revenue from what you obviously bought over the past years.

如果您不介意的話，請向我們簡要介紹一下，在過去幾年購買的產品中，您認為最有發展勢頭的產品可以轉化為收入。

Yes, sure. It's like choosing which child is my favorite or something. I'm not going to do it. But I will tell you that we are at varying degrees of kind of success in pulling the levers across each 1 largely because of when we started to work with the assets. Revel, we mentioned this in the prepared remarks, really, really nice cross-sell payments into that existing software base. Phase 2 of that plan is that those merchants over time migrate to SkyTab, but it's been going really, really nicely.

是的，當然。這就像選擇哪個孩子是我最喜歡的一樣。我不會這麼做。但我要告訴你，我們在推動每個槓桿方面的成功程度各不相同，這主要是因為我們開始利用資產的時間不同。Revel，我們在準備好的評論中提到了這一點，將交叉銷售付款到現有的軟體基礎中確實非常好。該計劃的第二階段是這些商家隨著時間的推移遷移到 SkyTab，但進展非常順利。

And the Revel team has been able to contribute meaningfully to our SkyTab development pipeline. As you can imagine, with kind of the number of customers we're winning, the number of geographies we're trying to tackle and simply the sheer breadth of customers are trying to serve within restaurants, the talent is incredibly important to us. And it's not to be overlooked. I think too often in our industry, people think about M&A as a talent reduction strategy. That is not how we approach M&A.

Revel 團隊為我們的 SkyTab 開發流程做出了有意義的貢獻。你可以想像，考慮到我們贏得的客戶數量、我們試圖覆蓋的地區數量以及我們餐廳內試圖服務的客戶的廣度，人才對我們來說極其重要。這一點不容忽視。我認為在我們的行業中，人們常常將併購視為一種人才削減策略。這不是我們處理併購的方式。

We approach M&A with the purpose of kind of attracting good talent towards problems we were struggling to solve before the transaction began. So Revel is doing really nicely in that regard.

我們進行併購的目的是吸引優秀人才來解決我們在交易開始前難以解決的問題。因此，Revel 在這方面做得非常好。

Vectron, I think you're probably seeing kind of the green shoots of this inside of our international growth statistics that we've shared. It took quite a while to kind of get that business where we wanted to be for some procedural reasons. We actually don't control the business today. We expect to very, very shortly. But it's contributing nicely to production today.

Vectron，我想您可能在我們分享的國際成長統計數據中看到了這種復甦的跡象。由於一些程序上的原因，我們花了很長時間才讓這項業務達到我們想要的水平。事實上，我們今天並不控制業務。我們預計很快就會實現。但它對今天的生產做出了很大的貢獻。

And then Eigen, it's a playbook we knew extremely well, right, a $30 billion-plus hospitality-oriented gateway, but we really didn't close on it until November.

然後是 Eigen，這是我們非常了解的劇本，對吧，一個價值 300 多億美元的以酒店業為導向的門戶，但我們直到 11 月才真正完成它。

So all of them are kind of at like the right stage of their evolution with maybe a modest concession being international has always taken longer than we expected, and we're very mindful of that when we try to set go-forward expectations. And it's not that the playbook is misunderstood. It's not that execution is challenged. It just takes longer to kind of get operational control and to affect the change we want to affect.

因此，他們都處於發展的正確階段，也許國際化的適度讓步總是比我們預期的要長，當我們試圖設定未來的期望時，我們會非常注意這一點。這並不是說該劇本被誤解了。這並不是說執行力受到了挑戰。獲得營運控制權並實現我們想要實現的變化需要更長的時間。

Adam Frisch, Evercore ISI.

亞當‧弗里施 (Adam Frisch)，Evercore ISI。

Quick question for you, Taylor. On the 40% -- growth in the quarter, what was organic and inorganic the way you guys define it? And then I have one quick follow-up.

泰勒，我想問你一個簡短的問題。對於本季 40% 的成長，你們如何定義有機成長和無機成長？然後我有一個快速的後續問題。

Yeah, sure. And so I think Nancy alluded to this, we generally don't provide quarter to quarter mainly because acquisitions provide a lot of noise. There's acquired revenue we're parting ways with. There's synergized revenue coming in very quickly. I will say we set the expectation that for the year, organic revenue growth would be -- would be north of 20%. We are exactly on track with regard to that full year metric.

是的，當然。所以我認為南希提到了這一點，我們通常不提供季度數據，主要是因為收購會帶來很多噪音。我們正在放棄已獲得的收入。協同收入很快就出現了。我想說的是，我們設定的預期是，今年的有機收入成長率將達到 20% 以上。就全年指標而言，我們完全符合預期。

Okay. Cool. And just one follow-up. Good to see some nice wins here in hotels and stadiums. I wanted to dig in a bit to the conversion figures on page 16 of the deck. New wins are on the right side of the page and some relatively low but very early initial conversion numbers are in the middle. Does that imply that you're still selling under different brands while also consolidating the underlying back book?

好的。涼爽的。並且只有一個後續行動。很高興看到酒店和體育場取得了一些不錯的勝利。我想深入了解該卡第 16 頁上的轉換數字。新的勝利出現在頁面的右側，一些相對較低但非常早期的初始轉換數字出現在中間。這是否意味著你們仍在以不同的品牌進行銷售，同時整合基礎帳簿？

Generally, we don't sell under multiple brands. And I think I'd encourage folks to go back to -- Luke gave a really good kind of M&A walk through in our Investor Day to highlight the brands we acquired versus the brands we go to market with. So generally speaking, no, we don't go to market over multiple brands. In certain cases where the product is well entrenched. And we don't have those capabilities, like a Vectron in Germany.

一般來說，我們不會以多個品牌進行銷售。我認為我會鼓勵大家回顧——盧克在我們的投資者日上進行了一次非常好的併購演示，重點介紹了我們收購的品牌與我們推向市場的品牌。所以一般來說，我們不會透過多個品牌進入市場。在某些情況下，產品已經根深蒂固。而我們沒有像德國的 Vectron 那樣的能力。

We are not selling SkyTab in Germany today. We're selling the Vectron product and hope to be able to introduce SkyTab over time. So no, generally speaking, it's our payments bundled with -- it's either SkyTab, it's either our payments platform or it's our stadium software that any of acquired merchants are being converted into when we buy the business.

目前我們不在德國銷售 SkyTab。我們正在銷售 Vectron 產品，並希望能夠隨著時間的推移推出 SkyTab。所以，一般來說，它是與我們的支付捆綁在一起的——它要么是 SkyTab，要么是我們的支付平台，要么是我們的體育場軟體，當我們購買業務時，任何收購的商家都會轉換成這種軟體。

And I wouldn't sort of look at each one of those numbers as homogeneous, right? So whether it's a Revel customer being converted over or a Givex customer or an Eigen customers. They're all very different in terms of size of merchant and the number of dollars and effective spread you get on all of them. So we're very pleased with the pace of progress we made across all of them. I don't want to set the tone that we think this is kind of too slow or too fast. It feels all very adequate to us.

我不會把每個數字都看成是同質的，對嗎？因此，無論是轉換後的 Revel 客戶、Givex 客戶或 Eigen 客戶。就商家規模、美元數量以及有效利差而言，它們都有很大的不同。因此，我們對所有方面取得的進展速度感到非常滿意。我不想定下這樣的基調：我們認為這太慢或太快了。我們覺得這一切都非常充分。

Okay. Yes, that's why I was asking because the presentation at the Analyst Day was one thing and then I saw all these marquee wins on the right, which was a little bit -- I just wanted to square that. So it seems like initially, you're still selling under those brands, but the goal longer term is to consolidate everything, so you don't have to do that, and then it makes the conversion easier. Is that the right playbook to think about?

好的。是的，這就是我問的原因，因為分析師日的演示是一回事，然後我看到右邊所有這些引人注目的勝利，這有點——我只是想解決這個問題。因此，看起來最初你仍然以這些品牌銷售，但長期目標是整合一切，這樣你就不必這樣做，然後它會使轉換變得更容易。這是值得思考的正確策略嗎？

So in most cases, it's actually -- go after the existing customer base. So it's not even a selling against a brand, it's bundling payment processing within the customer base that's been acquired. When those sales teams are going and finding new customers, they introduce exclusively Shift4 products.

因此在大多數情況下，實際上是追求現有的客戶群。因此，這甚至不是針對品牌的銷售，而是在已獲得的客戶群中捆綁支付處理。當這些銷售團隊尋找新客戶時，他們會專門介紹 Shift4 產品。

But again, it's not lost on us the quickest and most immediate opportunity inside of an acquired business is generally tens or hundreds of thousands of customers that are using just one piece of the payment solution and we can offer the.

但是，我們並沒有忘記，被收購企業中最快、最直接的機會通常是數萬或數十萬隻使用一種支付解決方案的客戶，而我們可以提供這種解決方案。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

I wanted to touch on the backlog disclosure of the $35 billion. That's up from the Q3 earnings that was a $33 billion number. I want to talk a little bit about what's implied in the guidance in terms of the in-year volumes that will come out of that. So I just wanted to see if our logic was accurate. We think about that $35 billion as most of it led to be implemented this year, maybe not all because some of it requires waiting for a current contract to expire, maybe more on the ticketing side.

我想談談 350 億美元的積壓揭露問題。這比第三季 330 億美元的收益有所上升。我想稍微談談指導意見中對年內產量的暗示。所以我只是想看看我們的邏輯是否準確。我們認為這 350 億美元大部分將在今年實施，但可能不是全部，因為其中一部分需要等待當前合約到期，也許更多的是在票務方面。

But if you were roughly able to take maybe $25 billion to $30 billion of that and have it implemented this year and you think about a midyear convention, you can pretty quickly get to sort of a low to mid-teens, billions of volume contribution for the in-year fiscal year 2025. Is that a rough way to think about it? Or is there anything that you would guide us to maybe higher or lower any other nuance to call out?

但如果你能大致拿出其中的 250 億到 300 億美元並在今年實施，再加上年中會議，你很快就能為 2025 財年獲得數十億美元的低到中等規模的捐款。這是一種粗略的思考方式嗎？或者您可以指導我們提高或降低任何其他細微差別？

Yes. No, I think that's the right way to think about it. Generally speaking, if you're in our backlog, you either have been installed, and we're waiting for the annualization impact or you are highly likely to be installed over the course of the next 12 months. It's the rare exception, although we've had some success in this regard of the multibillion-dollar enterprise that takes kind of longer than, I call it, 9-ish months to fully implement, although we have named a few of those in the last few quarters.

是的。不，我認為這是正確的思考方式。一般來說，如果您在我們的積壓訂單中，那麼您要么已經安裝完畢，我們正在等待年度化影響，要么您很有可能在未來 12 個月內安裝完畢。這是一個罕見的例外，儘管我們在這方面取得了一些成功，但對於這個價值數十億美元的企業來說，它需要的時間比我所說的 9 個月左右要長，儘管我們在過去幾個季度中已經列舉了其中的一些。

But yes, I think that number is a number we have confidence coming in largely throughout the year, although keep in mind, those customers still have yet to annualize the next year, right? So we still expect kind of the lion's share of an implementation this year to annualize in the following year, if that makes sense.

但是的，我認為這個數字是我們對全年大致抱持信心的數字，但請記住，這些客戶明年仍需進行年化，對嗎？因此，我們仍然預計今年實施的大部分內容將在明年實現年度化，如果這有意義的話。

Yes, it makes a ton of sense. And the minor follow-up is, is it fair to assume that ticketing is a meaningful portion of that $35 billion? Or if you could just put some context around some of the categories in there?

是的，這很有道理。接下來的一個小問題是，是否可以公平地假設票務佔了這 350 億美元中很大一部分？或者您可以對其中的一些類別提供一些背景資訊？

I don't think it's a disproportionate portion by any stretch of the imagination. I think if you look at the past kind of handful of quarters worth of enterprise wins. You've got more than a few that are multibillion dollars just themselves. We obviously have on ticketing. This will be a big year for seasonalizing ticketing.

無論如何，我都不認為這是一個不成比例的比例。我認為，如果你看看過去幾季的企業勝利。有很多公司本身價值就高達數十億美元。我們顯然在票務方面有投入。今年將是票務季節性發展的重要一年。

That's for sure because we've activated a lot of ticketing customers in the last year. We had the contribution of appetite customers. And those customers are seasoning and will give us a full year in '25. But I wouldn't say it's a disproportionate amount of the backlog.

這是肯定的，因為去年我們已經啟動了許多票務客戶。我們得到了胃口顧客的貢獻。這些客戶正在不斷累積經驗，並將在 25 年為我們提供全年的服務。但我不會說這是積壓數量不成比例的。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

This is [Mosten] on for Jason. I wanted to ask about international as well. I know it's still kind of early days, but can you provide any color on the current revenue split between US and international and where you see that mix evolving by the end of the year? And also just given the number of countries you're in now, which market outside of the US is your largest in terms of revenue contribution?

這是 [Mosten] 為 Jason 表演的。我也想問有關國際的問題。我知道現在還為時過早，但您能否提供一些關於美國和國際之間當前收入分配情況的詳細信息，以及您認為到今年年底這種結構將如何變化？另外，考慮到您目前所涉足的國家數量，就收入貢獻而言，除美國以外哪個市場對您最大？

Yes, sure. I'll -- I know we have some disclosures around international revenue contribution, which is largely the -- largely comes in the form of e-commerce business that has seasoned for a little bit plus all these sites were adding. I'll say -- and I made this comment in my prepared remarks, the contribution of merchants added in year tends to be less significant because they give you, by definition, on average, about half a year's worth of revenue.

是的，當然。我知道我們對國際收入貢獻有一些披露，這主要是以電子商務業務的形式出現的，電子商務業務已經成熟了一段時間，而且所有這些網站都在增加。我想說的是──我在準備好的發言中也說過這個話，每年新增商家的貢獻往往不那麼顯著，因為根據定義，他們平均為你帶來大約半年的收入。

So we're not expecting a meaningful contribution. Although we do think this is a meaningful priority for the business so that three to five years from now, we have sufficiently kind of planted the flag to capitalize on the software plus payments convergence that's going on in the rest of the world.

所以我們並不期待有意義的貢獻。雖然我們確實認為這對業務來說是一個有意義的優先事項，但從現在起的三到五年內，我們已經充分地樹立了旗幟，可以利用世界其他地區正在進行的軟體和支付融合。

There's kind of two flavors that's taking on at the moment. There's enterprise customers that we're enabling in lots of different geographies. I mentioned this that recently, but I'd love to repeat it because I think it just speaks to the speed within which we can operate when we have conviction that Shift4. We were in one country like 18 to 20 months ago, and now we're facilitating payments in over 50 for certain customers. That's one element, enterprise customer enablement all over the world.

目前有兩種口味。我們為許多不同地區的企業客戶提供服務。我最近提到過這一點，但我願意重複一遍，因為我認為這說明了當我們確信 Shift4 時我們可以運作的速度。18 到 20 個月前，我們還在一個國家開展業務，現在我們為特定客戶提供 50 多個國家的支付服務。這是其中一個要素，即全球企業客戶的支援。

And then the other is SMB product plus software plus payments bundling that we're delivering in a handful of markets that we think are really ripe for that and expanding the markets much more methodically. We have a joke called beer drinking countries before wine drinking, but I think it helps allude to the markets we're operating in, in kind of an elegant way, which is like UK, Ireland and Germany are all really strong for us at the moment.

另一個是中小企業產品加軟體加支付捆綁服務，我們正在少數幾個我們認為已經成熟的市場推出該服務，並且更有條理地擴展市場。我們有一個笑話，叫做喝啤酒的國家比喝葡萄酒的國家多，但我認為這有助於以一種優雅的方式暗示我們所經營的市場，例如英國、愛爾蘭和德國目前對我們來說都非常強大。

And then we expect to expand into those wine drinking countries, Italy, Spain, France, when products are better localized for them.

然後，當產品更好地在地化後，我們希望將業務擴展到義大利、西班牙、法國等葡萄酒消費國家。

Andrew Harte, BTIG.

BTIG 的 Andrew Harte。

Taylor, I try to hear how consumer spending is holding up okay. I guess can you talk to us a bit about how growth is balanced between net new and cross-sell. But then I guess if we think about a scenario where macro does become a bit more challenged, how much harder can you press on the cross-sell funnel, thinking about kind of a stick versus card approach here?

泰勒，我想了解消費者支出狀況如何。我想您能否向我們講一下如何平衡淨新增量和交叉銷售之間的成長？但是我想，如果我們考慮一下宏觀確實變得更具挑戰性的情景，那麼您可以在交叉銷售管道上施加多大的壓力，考慮一下這裡的棍棒與卡片方法？

Yes, sure. I'd love to tell you that there's like a scale we have in the back office and that we weighted according to net new wins or cross-sell when it's most important for us. The reality is, it just simply doesn't work that way. M&A tends to give us of very quick access to lots of customers that, in all honesty, would likely not answer the phone. If a payments company or a software company, we're calling them with a solution, they'd likely just say, hey, we're content and there's no reason to look at this right now. So M&A gives us access to a wide swath of customers that is incredibly valuable at all times.

是的，當然。我想告訴你們，我們在後台有一個秤，當對我們來說最重要的時候，我們會根據淨新贏利或交叉銷售來加權。但事實是，事情根本就不是這樣運作的。併購往往使我們能夠快速接觸到大量客戶，但說實話，這些客戶很可能不會接電話。如果我們打電話給支付公司或軟體公司並向他們提供解決方案，他們可能會說，嘿，我們很滿意，現在沒有理由考慮這個問題。因此，併購使我們能夠接觸到廣泛的客戶，這在任何時候都是非常有價值的。

It also gives us capabilities that when bundled tightly, and we get to delete all these parts and deliver a single cohesive solution makes us more competitive on a net new basis. I would say in the most in the most normal of times, meaning modest economic growth, not a ton of uncertainty, you tend to have a mix of about half and half, where lots of customers are joining us off the street, but there's also this cross-sell. When times get tough, people answer the phone far less frequently. And we tried to give evidence to this on a resiliency page we put in our earnings materials and the cross-sell becomes invaluable.

它也為我們提供了這樣的能力：當緊密捆綁時，我們可以刪除所有這些部分並提供一個單一的、有凝聚力的解決方案，從而使我們在全新的基礎上更具競爭力。我想說，在最正常的時期，也就是經濟溫和成長、沒有太多不確定性的情況下，你往往會看到一半一半的混合情況，很多顧客從街上加入我們，但也有交叉銷售。當情況變得艱難時，人們接電話的次數就會大大減少。我們嘗試在收益資料中的彈性頁面上提供證據，交叉銷售變得非常有價值。

These customers are only going to listen to the vendors they're already working with. They're actively looking for ways to consolidate make life simpler, save money, et cetera. So again, I want to be very specific. We are not predicting the economic environment ahead. We feel quite content with our ability to operate in a variety of economic environments, including those that are less rosy from a consumer spending standpoint.

這些客戶只會聽取已經與他們合作的供應商的意見。他們正在積極尋找方法來簡化生活、節省金錢等等。因此，我想再次明確地說明。我們不會預測未來的經濟環境。我們對自己在各種經濟環境中運作的能力感到非常滿意，包括從消費者支出角度來看較不樂觀的經濟環境。

It's that cross-sell funnel that, to your point, does become more valuable when times get tough. But it contributes as do net new wins, very consistently when times are less tough.

正如您所說，當情況變得艱難時，交叉銷售管道就會變得更有價值。但當情況不那麼艱難時，它的貢獻和淨新勝利一樣，非常穩定。

That's helpful. And then nice to hear the commentary on spreads expected to be consistent around 60 basis points for the year. I guess if you look at the chart on page 6, it looks like there's actually some expansion in the restaurant vertical. I guess, is that related to SkyTab success or any details you can share there?

這很有幫助。然後很高興聽到有關利差的評論，預計今年利差將保持在 60 個基點左右。我想如果你看一下第 6 頁的圖表，你會發現餐廳垂直領域實際上有一些擴張。我想，這與 SkyTab 的成功有關嗎？或者可以分享一些細節嗎？

Yeah. I think it's a little bit of everything. We've got SkyTab success. We've got just the mix based on size of merchants, which will always lend into that spread, really a lot of stability around that legacy base that we keep talking about. So I think it's really the combination of all 3 that has allowed us to kind of maintain and inch up spreads in that category.

是的。我認為一切都有一點。我們取得了 SkyTab 的成功。我們只是根據商家的規模進行組合，這將始終擴大這種差距，真正為我們一直在談論的遺留基礎帶來很大的穩定性。因此，我認為正是這三者的結合才使我們能夠維持並擴大該類別的利差。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

I appreciate you taking the question today. Taylor, I wanted to see if you could drill down a little bit on Global Blue recognizing that the deal hasn't closed. I guess a couple of questions. One, one of the things we've heard from investors is just for questions around sort of the goodness of fit the existing business as well as your confidence in the ability to cross-sell into that big $500 billion-plus or captive volume base.

感謝您今天回答這個問題。泰勒，我想看看你是否可以深入了解環球藍聯的情況，因為這筆交易尚未完成。我想有幾個問題。首先，我們從投資者那裡聽到的一個問題是關於它與現有業務的契合度，以及你對向超過 5000 億美元或專屬銷售量進行交叉銷售的能力的信心。

And more pointedly, perhaps the $80 million in synergies by $27 million feels like it's related to -- or assumes a relatively low proportion or percentage of that addressable volume is monetized. Could you talk to both of those things?

更尖銳地說，也許 8000 萬美元與 2700 萬美元的協同效應感覺與——或假設可尋址量中相對較低比例或百分比被貨幣化有關。能談談這兩件事嗎？

Yes, sure. And I can understand kind of the juxtaposition there and the questions it raises among investors. Maybe just to help clarify, the set of capabilities that Global Blue possesses are extremely rare for the merchant verticals they serve, and they're very valuable. And so we see a tremendous opportunity in owning that set of capabilities and again, having just a much wider offering with a lot of components that very few people possess being able to deliver it into merchant categories.

是的，當然。我可以理解其中的對比以及投資者由此產生的問題。也許只是為了幫助澄清，Global Blue 擁有的一系列能力對於他們服務的商家垂直產業來說極為罕見，而且非常有價值。因此，我們看到擁有這套功能的巨大機遇，而且，我們擁有更廣泛的產品，其中包含許多很少有人擁有的組件，能夠將其交付到商家類別中。

With that being said, it is a phenomenal stand-alone business, and we actually don't need to count on much in the way of revenue synergies for it to be an incredible pro forma contributor to Shift4. So what we delivered to the Street in terms of expectations are, you can actually -- you can forecast a modest degree of decellerization in their core business and replace that with incredibly modest cross-sell synergies and still feel really good about the combined business.

話雖如此，它是一項非凡的獨立業務，我們實際上並不需要過度依賴收入協同效應，它就能成為 Shift4 令人難以置信的貢獻者。因此，我們向華爾街傳達的預期是，你實際上可以預測其核心業務將出現適度的衰退，並用極其溫和的交叉銷售協同效應取而代之，並且仍然對合併後的業務感到非常滿意。

So that's the -- those are kind of the facts, right? You can feel good about our ability to execute against this business and that the capabilities are exceptionally rare. And the merchants they serve would highly unlikely ever answer the phone, if someone called them to try to approach them with a net new solution.

所以這就是──這些都是事實，對吧？您可以對我們執行這項業務的能力感到滿意，而且這種能力非常罕見。如果有人打電話給他們並試圖向他們提供全新的解決方案，他們所服務的商家幾乎不可能接電話。

And now we have this incredible foot in the door. That's really, really valuable. It also underpins all of our international expansion. I would think maybe the subtext to all of this is we wouldn't deploy the kind of capital we did, which is the largest transaction in our history without having incredibly high conviction that we can do better than that set of circumstances that I laid out.

現在我們已經邁出了不可思議的一步。這真的非常有價值。它也支撐著我們所有的國際擴張。我想，這一切的潛台詞可能是，如果我們沒有堅定的信念相信我們能夠比我列出的情況做得更好，我們就不會部署我們所做的那種資本，這是我們歷史上最大的交易。

So I think you should look at the dollars we deployed as kind of our conviction in the theme, and you should look at the expectations we set financially as even a really modest to poor execution against our game plan yields a pretty damn good result.

因此，我認為您應該將我們部署的資金視為我們對主題的信念，並且您應該看看我們在財務上設定的預期，因為即使我們的遊戲計劃執行得非常差，也會產生相當好的結果。

Okay. And just specifically on the revenue synergies any implications for sort of the percent of global blue volume that you're converting? Or how do you come to that number, I guess, might be the --

好的。具體來說，就收入綜效而言，這對您轉換的全球藍色量百分比有何影響？還是你是怎麼得出這個數字的？我猜，可能是--

Yes, sure. So we segmented their customer base, and we basically took the largest customers and said, assume we win less than 10% across that merchant population. And in some cases, less than 4% or 3%. In other cases, we said like their SMB population, we think we can, I don't know, 1/3 very, very comfortably and that's still honest expectations. So hopefully, you're calibrating, we've traditionally done a really good job of cross-selling into these businesses. We're not trying to set an expectation for ourselves inside of this.

是的，當然。因此，我們對他們的客戶群進行了細分，基本上選取了最大的客戶，並假設我們贏得的商家群體不到 10%。在某些情況下，低於 4% 或 3%。在其他情況下，我們說就像他們的 SMB 人口一樣，我們認為我們可以，我不知道，1/3 非常非常舒適，這仍然是誠實的期望。所以希望你能夠校準，我們在向這些企業進行交叉銷售方面傳統上做得非常好。我們並不是想為自己設定一個期望。

We're simply saying below average execution against the shift for playbook against this world-class base of customers yields a result like $80 million. And that could even account for some softness in luxury retail, which we have no reason to believe we just like to be conservative in that regard. So again, very modest conversion expectations across that base set to the Street. But I think the dollars deployed means that we think we can do better than that.

我們只是說，針對這個世界級的客戶群，低於平均水平的執行情況與劇本的轉變產生了 8000 萬美元的後果。這甚至可以解釋奢侈品零售業的一些疲軟，我們沒有理由相信這一點，我們只是喜歡在這方面採取保守態度。因此，再次強調，華爾街對該群體的轉換預期非常溫和。但我認為，投入的資金意味著我們認為我們可以做得更好。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Nice set of results here. I just wanted to double click on the software and other renew line. It downticked slightly in the first quarter relative to the fourth quarter. I'd assume some of that is attributable to deleting the parts. But if you can give us a sense on where that line kind of trends through the remainder of this year would be super helpful.

這裡的結果很不錯。我只是想雙擊該軟體和其他更新線路。與第四季相比，第一季略有下降。我認為其中一些是由於刪除了部分內容造成的。但如果您能讓我們了解今年剩餘時間內這種趨勢如何，那將會非常有幫助。

Sure. And you really hit on it in your question. When you look at kind of that decel, it is from blowing up the legacy models. And from a guidance perspective, to give you some idea, we will still see growth as the year goes on, but it will be decelerating if our plans kind of hold with slowing up the legacy models. We're definitely going in on some of these new deals with a little bit more of the stick approach than it took us on the gateway.

當然。你的問題確實觸及了這一點。當您看到這種減速時，您會發現這是由於傳統模型被摧毀了。從指導的角度來看，隨著時間的推移，我們仍將看到成長，但如果我們的計畫繼續減緩傳統模式的發展，成長將會減速。我們肯定會採取比最初採取的更堅定的策略來參與一些新交易。

So I would say that's what you should expect over the course of this year, if everything trends the way that we anticipate.

所以我想說，如果一切發展都按照我們預期的方式發展，那麼這就是你今年應該期待的。

Got it. And then just my follow-up would be on the EBITDA side. Getting some questions this morning is that the right idea to tick up the guidance amid the macro, albeit your ability to navigate the macro is obviously better than most. But maybe if you can just give us a sense on like what manifested in the quarter to kind of give you that added confidence?

知道了。然後我的後續問題是關於 EBITDA 方面。今天早上得到的一些問題是，在宏觀中勾選指導是正確的想法，儘管你駕馭宏觀的能力顯然比大多數人要好。但也許您能讓我們了解本季出現的情況，以增強您的信心？

Yes, sure. I would say the quarter played out largely within our own expectations. And despite kind of the ton of noise we're hearing on a macroeconomic basis, we're seeing very little impact to consumer spending. So it would seem imprudent not to kind of continue to forecast the business on the pace that we have. And then that's not to say we haven't kind of thought through the impact of tariffs, and we haven't thought through the impact of kind of tariffs within our merchant base, on a merchant-by-merchant analytical point of view.

是的，當然。我想說本季的進展基本上符合我們的預期。儘管我們聽到了宏觀經濟方面的大量噪音，但我們發現這對消費者支出的影響很小。因此，如果不繼續以現有的速度預測業務，似乎是不明智的。這並不是說我們沒有考慮過關稅的影響，我們也沒有從逐個商家分析的角度考慮關稅對我們的商家群體的影響。

We spent a lot of time on this. We're just not seeing it in the data. And I understand that, that can be confusing because there's lots of different data points that we see out there. But generally speaking, day-to-day spending across our merchant population and throughout kind of spring break and everything else looks exactly as we would have expected it.

我們為此花費了很多時間。我們只是沒有在數據中看到它。我明白，這可能會令人困惑，因為我們看到很多不同的數據點。但總體而言，我們商家群體的日常支出以及整個春假和其他一切看起來都與我們預期的完全一致。

Yes. And I would just add that we continue to be incredibly focused on expense management. So our state flat kind of culture within the company is still going very strong. And we have a really detailed line of sight to the synergies that are left to be realized within the acquisitions we completed last year. So that certainly informs EBITDA as we look ahead for the rest of the year.

是的。我還要補充一點，我們繼續高度重視費用管理。因此，我們公司內部的國家扁平化文化仍然非常強大。我們對去年完成的收購中尚待實現的綜效有著非常詳細的了解。因此，當我們展望今年剩餘時間時，這肯定會為 EBITDA 提供資訊。

Dominic Ball, Redburn Atlantic.

多明尼克‧鮑爾 (Dominic Ball)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Taylor, Nancy, Tom. So Shift4 expands internationally, is there any material difference in take rate versus US merchants? I was just trying to understand the path is all reaching your 60 bps net take rate or lender spread target by year-end. We've also expanded to US enterprise merchants who are a little bit lower take rate. And then just a quick second one there for international growth, has there been any challenges in terms of like educating the local sales partners in the international markets that maybe are not used to selling integrated software payments?

泰勒、南希、湯姆。那麼 Shift4 在國際上擴張，與美國商家相比，其收費率是否有實質差異？我只是想了解一下，到年底，所有路徑都會達到 60 個基點的淨利率或貸款人利差目標。我們也擴展到了收費率較低的美國企業商家。然後我想快速問一下國際成長方面的第二個問題，在國際市場上，是否存在培訓可能不習慣銷售整合軟體支付的本地銷售合作夥伴方面的挑戰？

Yes, it's a great question. And I'll say spreads vary sort of very much country by country. So we would expect in international markets, and this will kind of allude to the second part of your question that you're kind of -- you have to ascribe value to multiple pieces of the chain all at once because merchants have traditionally had to buy each one of these things individually.

是的，這是一個很好的問題。我想說的是，不同國家的利差差異很大。因此，我們預計在國際市場上，這將暗示你問題的第二部分，你必須同時為鏈條的多個部分賦予價值，因為商家傳統上必須單獨購買這些東西中的每一件。

Said differently, you might have a little bit more on software, a little bit less on payment volume. The reality is you're selling a bundled products, you're not -- you don't care as the delivery of that product, but merchants are kind of more attuned to look at 1 line versus another.

換句話說，你可能在軟體上花費更多一點，但在支付量上花費更少一點。事實是，你銷售的是捆綁產品，你並不關心該產品的交付，但商家更關注其中一條產品線而不是另一條。

And so to your point, yes, you have to educate the market. You have to educate the market on -- at the enterprise level, by the way, we were first doing this in hotels six years ago. It was -- this isn't just a conversation with the CFO about Payments read. It's also a conversation with the CTO about the gateway and the implementation costs of connecting all of this software in your environment and the hardware implementation, et cetera. So there's certainly education that has to be done.

所以就你的觀點而言，是的，你必須教育市場。你必須在企業層面教育市場——順便說一下，我們六年前第一次在酒店中這樣做。這不僅僅是與財務長關於付款問題的對話。這也是與 CTO 就網關以及在您的環境中連接所有這些軟體的實施成本和硬體實施等進行的對話。因此，肯定需要進行教育。

Although the value prop is screaming very loudly to these salespeople that they can win a heck of a lot more when they're delivering these types of solutions. So this is a little bit for both your and my time with Shift4.

儘管價值主張向這些銷售人員大聲宣告，當他們提供這些類型的解決方案時，他們可以贏得更多。所以這是你和我使用 Shift4 的一點時間。

But 20 years ago, Jared was introducing the payments ISO community to the software called Harbortouch and explaining that, we'll take care of the technical aspects of the sale. But if you can introduce this product to a merchant, you're going to attract higher-quality merchants. They're going to stick around with you longer. They're going to ascribe a heck of a lot more value to it than they would have payment terminal alone.

但 20 年前，Jared 向支付 ISO 社群介紹了名為 Harbortouch 的軟體，並解釋說，我們會處理銷售的技術方面的問題。但如果您可以將該產品介紹給商家，您將吸引更高品質的商家。他們會和你在一起更久。他們會賦予它比單獨的支付終端更多的價值。

So education is a part of it, but I think the early kind of green shoots of that are 1,000-plus merchants a month, in particular geographies very, very quickly. So it's something that we're used to, and it's something that we predicted the markets would embrace.

因此，教育是其中的一部分，但我認為，早期的綠芽是每月增加 1,000 多家商家，尤其是在特定地區，速度非常快。所以這是我們習慣的事情，也是我們預測市場會接受的事情。

That's great to hear. And if I can maybe just ask a quick one on the SkyTab, which own super interest central restaurants. I mean how do you guys see this positioned versus maybe other major competitors out there? And do you see this as a material sort of driver in terms of new restaurant wins? Will it help in maybe less churn? And is it going to be charged directly or bundled within payments?

聽到這個消息真是太好了。我可以快速詢問一下 SkyTab 上的問題嗎？ SkyTab 有超有趣的中心餐廳。我的意思是，你們如何看待這個相對於其他主要競爭對手的定位？您是否認為這對新餐廳的成功有實質的推動作用？它是否有助於減少客戶流失？是直接收費還是捆綁在付款中？

Yes, sure. So we consider this an extension or kind of the next evolution of everything we've been doing in restaurants for a very long time. Keep in mind, these Harbortouch examples I've cited a few times on this call. They go back to the mid-2000s, and that's really when our presence in restaurant technology began.

是的，當然。因此，我們認為這是我們長期以來在餐廳所做的一切的延伸或下一個演變。請記住，我在這次通話中多次引用了這些 Harbortouch 範例。時間追溯到 2000 年代中期，那時我們才真正開始涉足餐飲科技領域。

So we're very proud of SkyTab. We think restaurant operators are going to love it. It is by no means the first wireless handheld we've introduced into the restaurant environment. It's a new form factor. It's sleeker. It's easier. Its battery lasts longer. It charges faster. It's got more POS functionality inside of the device than previous versions. It's got a lot more cellular redundancy than previous versions.

我們對 SkyTab 感到非常自豪。我們認為餐館經營者會喜歡它。這絕不是我們引入餐廳環境的第一款無線手持設備。這是一種新的形式因素。它更時尚。這比較容易。它的電池使用壽命更長。充電速度更快。與先前的版本相比，該裝置內部具有更多的 POS 功能。它比以前的版本具有更多的蜂窩冗餘。

So we're incredibly excited about it. We think it will keep us winning at the pace that we're winning at. I will say, though, international markets tend to favor the handheld, more so than the workstation. It's just the nature of it. It will traditionally be priced as per software device per month, and it does cost less than the workstation generally speaking.

因此我們對此感到無比興奮。我們認為它將使我們繼續以現在的速度獲勝。不過，我要說的是，國際市場更傾​​向於青睞手持設備，而不是工作站。這就是它的本質。它的價格傳統上是按照軟體設備每月的價格來計算的，而且一般來說它的價格確實比工作站低。

So we expected to have a lot of receptivity. But international is probably my guess would be the international restaurants picking more wireless and fewer workstations in their implementation than in the US.

因此我們期望獲得廣泛的接受。但我猜測，國際餐廳在實施過程中會比美國餐廳採用更多的無線連線和更少的工作站。

Matt O'Neill, FT Partners.

馬特·奧尼爾（Matt O'Neill），FT Partners。

Just curious, I recognize the Global Blue deal is by no means closed yet or contemplated in the guide. But given some of the changes or eliminations of guidance from airlines and some other macro dynamics. Wondering if you could just give us a view on kind of how the Global Blue business is faring in Q1 and maybe into April?

只是好奇，我知道 Global Blue 交易尚未完成或未在指南中考慮。但考慮到航空公司指導方針的一些變化或取消以及其他一些宏觀動態。想知道您是否可以向我們介紹 Global Blue 業務在第一季以及四月份的進展？

Yes, sure. So keep in mind, it is a business dependent on international travel, but it's pretty well diversified inside of that, meaning that when one country -- when travel from one country weekends, it tends to favor another country that fills the gap. So not huge changes in the way they're thinking about the business inside of Global Blue. And I think there's some international travel trends that look reasonably promising through the summer.

是的，當然。所以請記住，這是一項依賴國際旅行的業務，但其內部的多元化程度相當高，這意味著當一個國家——當週末從一個國家旅行時，它往往會選擇另一個國家來填補空白。因此，他們對環球藍聯內部業務的看法並沒有發生巨大的變化。我認為今年夏季的一些國際旅遊趨勢看起來相當有希望。

I will say FX rates play a quicker impact on their business, meaning that if one FX rate pair changes meaningfully, it does change the way the consumer in the store thinks about how much they're willing to spend, typically to the benefit of another FX pair somewhere inside the business. And then there's some offsetting effects given the fact that they've got their own dynamic currency conversion product that operates somewhat differently vis-a-vis those.

我想說的是，外匯匯率對他們的業務有更快的影響，這意味著如果一個外匯匯率對發生重大變化，它確實會改變商店消費者對他們願意花多少錢的看法，這通常會使企業內部的另一個外匯匯率受益。而且，由於他們擁有自己的動態貨幣轉換產品，並且其運作方式與那些產品略有不同，因此會產生一些抵消效應。

So this is evidenced by the way, by the fact that they've had kind of a multi-year history of some reasonably large shocks to the business, whether it was the UK leaving, whether it was the Russian traveler kind of sidelined or whether it was the Chinese traveler not spending as much as they would in his periods. Global Blue kind of grew throughout all of that.

順便說一句，事實證明，多年來，他們的業務一直受到相當大的衝擊，無論是英國人的離開，還是俄羅斯遊客的退出，還是中國遊客的消費水平不如以前。環球藍聯正是在這樣的背景下成長的。

So we feel good about the business, but these are certainly trends we're trying to get our arms around as we prepare to take ownership of the business. It will largely manifest itself in, will the US traveler spend less time traveling abroad and therefore, more time traveling domestic and how does that play through and/or will the Asian traveler kind of fill that gap or not? These are kind of the questions we're asking ourselves.

因此，我們對這項業務感到滿意，但這些無疑是我們在準備接管這項業務時試圖掌握的趨勢。這主要體現在美國遊客是否會減少出國旅行的時間，從而增加國內旅行的時間，這將如何發展，或者亞洲遊客是否會填補這一空白？這些都是我們問自己的問題。

But Jack and the team have run that business exceptionally well through much bigger shocks than what we're seeing today. And so we feel really good about it.

但傑克和他的團隊在比我們今天所見的更大的衝擊下，出色地經營這項業務。因此我們對此感到非常高興。

And maybe a quick follow-up for Nancy. I believe you had alluded to this at recent conferences, but the timing of interest expense on the $1 billion-plus new notes. So we saw that in Q1 here, and I believe that's a semiannual so now it's a 1Q, 3Q dynamic. Is that right, Nancy?

也許可以快速跟進一下 Nancy。我相信您在最近的會議上提到過這一點，但這是 10 多億美元新票據的利息費用的時間。所以我們在第一季就看到了這一點，我相信這是一個半年一次的，所以現在是第一季、第三季的動態。是這樣的嗎，南希？

Yes, that's exactly right.

是的，完全正確。

Jamie Friedman, Susquehanna International.

薩斯奎漢納國際公司的傑米·弗里德曼。

And you look smart in retrospect the way you structured the guidance. I think that needs to be set. So I had two questions. I'll just ask some upfront. Taylor, I realize you said in your earlier response that you don't have a scale in the back room to weigh the contribution of the funnel.

現在回想起來，您制定指導的方式看起來非常聰明。我認為需要進行設定。所以我有兩個問題。我只是提前問一下。泰勒，我知道你在之前的回覆中說過，你在後台沒有一個秤來稱量漏斗的貢獻。

Looking at page 15, though, when you look at the $900 billion between the $1.4 trillion of total funnel and the $500 billion of cross-sell, I'm just wondering, can you help share how you think about that layering into the three-year guide. Was there anything contemplated about the conversion funnel in the three years? And then my second one just dive upfront. Any callouts about Canada because a couple of your competitors and peers are discussing Canada macro?

不過，請看看第 15 頁，當您看到 1.4 兆美元的總漏斗和 5000 億美元的交叉銷售之間的 9000 億美元時，我只是想知道，您能否幫助分享您對將其分層納入三年指南的看法。這三年來，有沒有考慮過轉換漏斗的問題？然後我的第二個就直接跳到前面。由於您的一些競爭對手和同行正在討論加拿大宏觀經濟，因此您對加拿大有什麼看法？

Yes, sure. Canada seems to be a controversial place these days, although I'm not sure why. It's been a solid contributor for us. Keep in mind, us first developing our payments capabilities in Canada at the beginning of last year, and then we acquired Givex, Eigen both with meaningful merchant populations up there. So it's been a good contributor for us.

是的，當然。加拿大最近似乎是一個備受爭議的地方，儘管我不知道為什麼。它對我們做出了堅實的貢獻。請記住，我們首先在去年年初在加拿大開發我們的支付能力，然後我們收購了 Givex 和 Eigen，這兩家公司在當地都擁有大量的商家。所以它對我們來說是一個很好的貢獻者。

Obviously, the contribution of Canada is accelerating. But I think that's a byproduct of us not really being in the market. So we don't spend any time thinking about kind of average merchant locations spend or spreads or anything else.

顯然，加拿大的貢獻正在加速。但我認為這是我們沒有真正進入市場的副產品。因此，我們不會花時間考慮商家的平均支出、利差或其他任何事情。

We're simply trying to sign up the customers that are trying to give us the business. In terms of thinking about the contribution, the $80 million of revenue synergies that we called out at the announcement of Global Blue, that is explicitly within our three-year expectations. Although it also contemplates and not because we're smart about this, we just think it's prudent. It contemplates some slowdown in their stand-alone business. As a result of us not being good enough to predict it.

我們只是想與那些想為我們做生意的客戶簽約。從貢獻角度考慮，我們在 Global Blue 公告中提到的 8,000 萬美元收入綜效，明確符合我們三年的預期。雖然它也經過深思熟慮，但這並不是因為我們聰明，而只是認為這是謹慎的。預計其獨立業務將放緩。這是因為我們還不夠擅長預測它。

So yes, we contemplate the $80 million of revenue synergies from the business. I will say, I think that's conservative, although I think it also assumes some volatility in their end markets, which is just prudent. We're a new steward of this business.

所以是的，我們考慮從該業務中獲得 8000 萬美元的收入協同效應。我想說，我認為這是保守的，儘管我認為這也假設他們的終端市場會出現一些波動，但這只是謹慎的。我們是這項業務的新管理者。

And so I think it's important to set that expectation. In terms of the rest, I mean this very sincerely, we don't think about them on an individual basis. What we do when we acquire one of these businesses now is we simply say, restaurant.

所以我認為設定這個期望很重要。至於其餘部分，我非常真誠地表示，我們不會從個人角度考慮它們。現在，當我們收購其中一家企業時，我們所做的就是簡單地說，餐廳。

Okay, what is the value proposition we can deliver to a restaurant. And I don't really care whether that restaurant came from Eigen or Givex or Revel, et cetera. Similarly, with hotels, now with luxury retail and e-commerce.

好的，我們可以向餐廳提供什麼價值主張。我並不真正關心那家餐廳是否來自 Eigen、Givex 或 Revel 等。同樣，現在除了酒店，還有奢侈品零售和電子商務。

I think the investment community quite frankly, just gets itself too wrapped up in predicting an individual success rate against every single deal versus looking at the big picture and saying, wow, even something like Shift4 that they acquired back in 2017 is still contributing gateway wins. That means the strategy works. And the obsession over, was this a net new or was this a gateway win, I think it's a little just overdone given the fact that our cross-sell funnel is so big that if there were never a net new win, we do just fine and vice versa, there were nothing but net new wins, we would be doing just fine.

坦白說，我認為投資界過於專注於預測每筆交易的個別成功率，而沒有縱觀全局，然後說，哇，即使是他們在 2017 年收購的 Shift4 這樣的公司，仍然在為門戶勝利做出貢獻。這意味著該策略有效。而對於這究竟是淨新客戶還是入門級勝利的痴迷，我認為這有點過度了，因為我們的交叉銷售管道非常大，如果沒有淨新客戶勝利，我們就會做得很好，反之亦然，如果只有淨新客戶勝利，我們就會做得很好。

Jeff Cantwell, Seaport Research.

傑夫·坎特韋爾（Jeff Cantwell），海港研究。

A couple of follow-ups. First quick question on your guidance for gross revenue less network fees using the midpoint. You raised the full year to 25% to 26%. So my question is, what's changed in terms of how you guys are thinking about growth for the full year by vertical amongst restaurants, hotels and entertainment, et cetera because the guidance raise for the full year implies you're staying confident despite the macro sharing there here.

一些後續行動。第一個快速問題是關於您對使用中間點計算總收入減去網路費用的指導。您將全年成長率提高到了 25% 至 26%。所以我的問題是，你們對餐飲、酒店和娛樂等垂直行業的全年增長的看法有什麼變化，因為全年指導的提高意味著儘管存在宏觀分享，但你們仍然充滿信心。

So wanted to get a sense of where you're seeing more strength amongst the different verticals I should think about how you see your revenue playing out over the course of the year. I was hoping you could maybe underline that for us.

因此，為了了解您在不同垂直領域中看到哪些優勢，我應該考慮您如何看待您的收入在一年中的表現。我希望您能為我們強調這一點。

Yes, sure. I'll hit this. We're not predicting any real change in the economic health of our sub verticals that we serve. We obviously have increasing confidence on the international contribution of the business. We're just signing up lots of customers there. I will say where I think kind of the Street has it wrong is like a disruption to international travel or international travel becoming more expensive, is not bad thing for the Shift4 business.

是的，當然。我會打這個。我們預測我們所服務的垂直行業的經濟健康狀況不會發生任何真正的變化。我們顯然對該業務的國際貢獻越來越有信心。我們剛剛在那裡簽了很多客戶。我想說的是，我認為華爾街的錯誤之處在於，國際旅行的中斷或國際旅行變得更加昂貴，這對 Shift4 業務來說並不是一件壞事。

We saw this, by the way, in the pandemic, where international travel was basically prohibited. And what happens, everyone traveled more domestically. And so the imbalance of foreign travelers coming in was ballasted by domestic travelers not leaving the country.

順便說一句，我們在疫情期間就看到了這種情況，國際旅行基本上被禁止。結果是，每個人都更多地在國內旅行。因此，外國遊客入境的不平衡被國內遊客不出境所抵消。

So I think it's certainly too early to tell what the medium and long-term impacts of some of the tariff commentary and implementation is going to be, but we don't see any immediate trends across our business that we haven't seen over the past 18 months. And there's no one vertical that's like incredibly robust and/or impacted by what's been going on.

因此，我認為現在判斷某些關稅評論和實施的中長期影響還為時過早，但我們沒有看到我們的業務出現過去 18 個月未曾見過的任何直接趨勢。而且沒有哪個垂直行業像現在這樣異常強大和/或受到正在發生的事情的影響。

Got it. Got it. And another follow-up just on Global Blue on Matt's question. Maybe could you elaborate a little bit about the level of companies you have in terms of the outlook for Global Blue related revenue, just given all the macro uncertainty, is there anything about Global Blue more cautious on? And maybe on the flip side, yourselves becoming more positive about versus back when you gave us your initial thoughts on Global Blue back to the Investor Day.

知道了。知道了。另外，關於 Global Blue 針對 Matt 提出的問題還有另一個後續問題。也許您能否詳細說明一下，就 Global Blue 相關收入的前景而言，您所擁有的公司水平如何？考慮到所有的宏觀不確定性，Global Blue 是否在哪些方面更加謹慎？或許另一方面，與投資者日那天您向我們透露對 Global Blue 的最初想法相比，您自己也變得更加積極了。

Thinking about certain corridors for travel like China into Europe, even maybe inbound into China. There could be potential upside there. Just curious if you can walk us through how you view Global Blue? And the puts and ticks there given obviously much change with respect to macro since you last spoke with us.

考慮某些旅行通道，例如從中國進入歐洲，甚至可能進入中國。那裡可能有潛在的上升空間。我只是好奇您能否向我們介紹一下您對 Global Blue 的看法？自從您上次與我們交談以來，宏觀方面的看跌期權和跳動期權顯然發生了很大變化。

Yes. The more time we spend with the team, there's like a ton of cultural alignment between how the team at Global Blue thinks about running their business and how we've traditionally run ship for, which is there are things within their control and there are things outside of their control. We can't control how many diners visit a restaurant. We can certainly control how many restaurants we sign up. And they feel, by the way, the same way about international travel versus enhancing the product experience.

是的。我們花在團隊上的時間越多，就越發現 Global Blue 團隊對業務運營的看法與我們傳統的運作方式在文化上越來越一致，有些事情在他們的控制範圍內，有些事情則不在他們的控制範圍內。我們無法控制有多少食客光顧一家餐廳。我們當然可以控制簽約餐廳的數量。順便說一句，他們對國際旅行和提升產品體驗的看法是一樣的。

So the emphasis on their business over the past kind of five years has been an incredible focus on digitizing the consumer experience so that more refunds happen because it's easier to affect a refund. And the results of that strategic approach has been that the business has ballasted some of the largest shocks you could contemplate whether it was the UK leaving the VAT or the Russian travelers being sidelined or the Chinese travelers spending less and traveling less that I mentioned earlier. So very much like ourselves, Global Blue is really, really good at knowing what they control and focusing exclusively on that.

因此，過去五年來，他們的業務重點一直放在數位化消費者體驗上，以便實現更多退款，因為這樣更容易退款。這種策略方針的結果是，我們的業務經受住了你能想到的一些最大衝擊，無論是英國取消增值稅，還是俄羅斯遊客被排除在外，還是我之前提到的中國遊客消費減少、旅行減少。與我們非常相似，Global Blue 非常善於了解他們所控制的內容並專注於此。

And the results of that are that in really tough times. They do a heck of a lot better than expected. I think we tried to give evidence in our earnings materials here that in really tough times, we thrive because signing up merchants is something we do really well, predicting the day in, day out volume and emergence, not something we actually spend a lot of time on in that respect.

結果是，在真正艱難的時期。他們的表現比預期的要好得多。我認為我們試圖在我們的收益材料中提供證據，證明在真正困難的時期，我們能夠蓬勃發展，因為簽約商家是我們非常擅長的事情，可以預測每天的交易量和出現情況，而我們實際上並沒有在這方面花費大量時間。

So culturally, I think they're very aligned to kind of how we think about winning. You're going to win on customer sign-ups and product competitiveness. And I will say -- and this is kind of what compelled us to pursue acquiring the business very recently is that there's a heck of a lot more ballast inside of the business than anyone would guess looking from the outside in.

因此從文化角度來看，我認為他們與我們對勝利的看法非常一致。您將在客戶註冊和產品競爭力方面獲勝。我要說的是──這也是促使我們最近尋求收購這家企業的原因，因為這家企業內部的壓艙物比任何人從外部想像的都要多得多。

Evidenced by their performance through some of these idiosyncratic shocks that they tend to just plow through and do a good job and produce a good financial result despite that. So we're incredibly excited. We hope that in early Q3, we will have a closing, and we can march towards like a combined offering and a combined team, but we've got to let the regulators do their thing.

從他們在應對一些特殊衝擊時的表現可以看出，儘管如此，他們仍然傾向於堅持下去，做好工作，並產生良好的財務表現。所以我們非常興奮。我們希望在第三季初完成交易，並朝著合併後的產品和服務以及合併後的團隊邁進，但我們必須讓監管機構做他們該做的事情。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

Sorry if you've already been asked. But just first one just on pricing. Maybe just give us an update in terms of just the pricing environment, what you're seeing across the segments? And then the corollary to that question is if we do see -- obviously, there's more kind of like uncertainty out there, what's your expectation on the enterprise side? Sometimes you see some belt tightening when these contracts come up for renewal and things like that. I'm just curious to get your thoughts on that front?

如果您已經被問過，很抱歉。但首先只是關於定價。能否請您向我們介紹定價環境的最新情況，以及您在各個細分市場看到的情況？那麼這個問題的推論是，如果我們確實看到──顯然，有更多的不確定性，您對企業方面的期望是什麼？有時，當這些合約需要續約或諸如此類的事情時，你會看到一些人勒緊褲腰帶。我只是好奇想知道您對此有何看法？

Yes, sure. I'll put enterprise aside because I think they're very consistent in how they operate. They demand a heck of a lot of value for the -- from their vendors, and we endeavor to deliver that. So when we engage with an enterprise merchant, it's typically on a new basis, it's like, no, don't look at your payments invoice, look at like the six or seven other invoices. They're involved in facilitating the experience, and that will all come to you in the form of a take rate we think is attractive and one throat to choke via our delivery model, and you're going to eliminate a heck of a lot of administration and expense as a result of that.

是的，當然。我會把企業放在一邊，因為我認為它們的運作方式非常一致。他們要求供應商提供極高的價值，而我們則努力滿足他們的要求。因此，當我們與企業商家合作時，通常都是在一個新的基礎上，例如，不，不要看你的付款發票，而要看其他六七張發票。他們參與促進體驗，而這一切都將以我們認為有吸引力的收取率的形式呈現給您，並透過我們的交付模式扼殺一個喉嚨，而您將因此省去大量的管理和費用。

So putting enterprise side where I think we're priced competitively for what we're delivering, but we're delivering something that is of more value than most of our peers.

因此，我認為，從企業角度來看，我們提供的產品定價具有競爭力，但我們提供的產品比大多數同行更有價值。

In the SMB segment of the marketplace, keep in mind, we do try to have a more variable cost model for our merchants than a fixed cost model. Our SaaS is very, very low compared to others in the industry. Our spreads are generally the same, if not a little bit above that. And that's the trend we've lived with for 20 years. So there's nothing new with regard to how we're approaching the environment.

請記住，在 SMB 市場領域，我們確實嘗試為商家提供更具可變性的成本模型，而不是固定成本模型。與業內其他公司相比，我們的 SaaS 價格非常非常低。我們的利差基本上相同，甚至略高一點。這就是我們二十年來一直經歷的趨勢。因此，對於我們如何對待環境，並沒有什麼新意。

I will say, and I think some competitors of ours made headlines a year or two ago with their pricing moves that when times get tough, pricing is something merchants focus on a lot. And our model, I think, serves us well in that regard. I won't say that merchants are paying -- merchants are focused on price in a prudent way that they have been for the last few years, but I wouldn't say it's been an overwhelming portion of any of our discussions with merchants.

我想說的是，我認為我們的一些競爭對手在一兩年前就因其定價舉措而成為頭條新聞，當經濟陷入困境時，定價是商家非常關注的問題。我認為我們的模型在這方面表現得很好。我不會說商家在付錢——商家像過去幾年一樣以謹慎的方式關注價格，但我不會說這是我們與商家討論中占主導地位的部分。

Got it. Super helpful. And then maybe just the question on capital allocation, Taylor. Coming to the sea, obviously, you worked Jared for some time. I've had a pretty successful M&A strategy. But any tweaks to that in terms of cadence, intensity? Just curious how you think about just balancing capital allocation here?

知道了。超有幫助。那麼也許只是關於資本配置的問題，泰勒。來到海邊，顯然，你和賈里德一起工作了一段時間。我有一個相當成功的併購策略。但是在節奏和強度方面有什麼調整嗎？只是好奇您如何看待平衡這裡的資本配置？

Yes. No. So Nancy alluded to buybacks, I think we couldn't ignore the price of our equity in the past few months. So buybacks became a larger portion of how we think about capital allocation. Ideally, we love to deploy capital into R&D and into M&A targets that give us both the capabilities that would otherwise take R&D and/or customers to cross-sell into and sometimes geographies.

是的。不。所以南希提到了回購，我認為我們不能忽視過去幾個月我們的股票價格。因此，回購在我們考慮資本配置時佔據了更大的比重。理想情況下，我們喜歡將資金投入研發和併購目標中，這能讓我們獲得原本需要研發和/或客戶進行交叉銷售（有時是跨地區銷售）的能力。

Global Blue is a large transaction. So we're focused on getting that one done. That's not to say we've taken our eye off the ball on opportunities. And I think everyone should expect that when you have something like Global Blue, suddenly, it gives you a couple of dozen more countries within which to think about M&A inside of, but we're focused on getting Global Blue done and outside of that, no meaningful changes to our capital allocation strategy.

Global Blue 是一筆大交易。所以我們專注於完成這件事。這並不是說我們忽視了機會。我認為每個人都應該預料到，當你擁有像 Global Blue 這樣的公司時，它會突然給你幾十個更多的國家來考慮內部的併購，但我們專注於完成 Global Blue 的任務，除此之外，我們的資本配置策略不會發生任何有意義的變化。

At this time, I'd like to turn the floor back to Taylor Lauber for closing remarks.

現在，我想請泰勒勞伯 (Taylor Lauber) 作最後發言。

Thank you all for joining the call. Look forward to catching up with you all in the coming days and weeks to go into the details of our quarter, which we're very happy with. Bye.

感謝大家參加此次電話會議。期待在未來幾天和幾週內與大家見面，詳細了解我們本季的情況，我們對此感到非常高興。再見。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。