Shift4 Payments Inc (FOUR) 2025 Q2 法說會逐字稿

Greetings. Welcome to Shift4's second quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Shift4 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I'll now turn the conference over to Thomas McCrohan, EVP, Investor Relations. Thank you. You may now begin.

現在，我將會議交給投資人關係執行副總裁 Thomas McCrohan。謝謝。現在你可以開始了。

Thank you, operator, and good morning, everyone, and welcome to Shift4's second quarter 2025 earnings conference call. With me on the call today are Taylor Lauber, our 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. 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.

謝謝接線員，大家早上好，歡迎參加 Shift4 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有我們的執行長泰勒·勞伯 (Taylor Lauber) 和我們的財務長南希·迪斯曼 (Nancy Disman)。本次電話會議將在我們網站的投資者關係區進行網路直播，網址為 investors.shift4.com。今天的電話會議也將在 X Spaces（原 Twitter）上同步直播，您可以透過我們的公司 Twitter 帳號 @shift4 存取。我們的季度股東信、季度財務業績以及與季度業績相關的其他資料均已發佈到我們的 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. 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。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。

Good morning, everyone. Thanks for joining the call. While I will hit our strong Q2 financial performance in a minute, these past few months are illustrative of so much more than that. The Shift4 team has accomplished more since our last earnings call than we have in entire years prior. More importantly, they've done it well and without compromising the day to day. I'm truly humbled to get to call myself their colleague.

大家早安。感謝您參加電話會議。雖然我馬上就會談到我們強勁的第二季財務業績，但過去幾個月的情況說明的遠不止這些。自從上次收益電話會議以來，Shift4 團隊的成就比之前幾年還要多。更重要的是，他們做得很好，並且沒有影響日常工作。我很榮幸能夠成為他們的同事。

Just to name a few of our accomplishments and wins this quarter, we successfully diversified our capital structure with a $3.3 billion capital raise in May, which provided both the funding for Global Blue and also retire near-term debt maturities. We are beginning to hit our stride in several European markets where we can now sell a broad suite of products, be that restaurants, hotels, sports and entertainment, unified commerce, et cetera.

僅列舉我們本季取得的一些成就和勝利，我們在 5 月份成功實現了資本結構多元化，籌集了 33 億美元資金，這不僅為 Global Blue 提供了資金，還償還了近期到期債務。我們開始在幾個歐洲市場大步前進，現在我們可以在這些市場銷售各種各樣的產品，包括餐廳、酒店、體育和娛樂、統一商務等等。

We streamlined our onboarding systems, allowing us to board over 1,000 new merchants per month in Europe alone. And again, this is just the beginning. We signed a pending acquisition of Smartpay, which essentially lets us capitalize on our leading products in restaurants, hotels, sports and entertainment, by adding an incredible distribution network. Those who have followed previous acquisitions like Vectron know this playbook well.

我們簡化了入職系統，光是在歐洲，我們每月就能吸收超過 1,000 名新商家。再說一遍，這只是一個開始。我們簽署了對 Smartpay 的收購協議，透過增加一個令人難以置信的分銷網絡，這實際上使我們能夠充分利用我們在餐飲、酒店、體育和娛樂領域的領先產品。那些關注 Vectron 等先前收購的人都很了解這個劇本。

In Canada, we continue to expand our presence and win in the verticals we serve best. We are powering payments at the Canadian tennis open, which is currently underway in Toronto. Jared moved into the role of Executive Chairman and myself, the CEO. This allows us to continue to execute on our mission with the benefit of our founder and largest shareholder remaining focused on the needle movers.

在加拿大，我們繼續擴大我們的影響力並在我們最擅長服務的垂直領域中取得勝利。我們正在為目前正在多倫多舉行的加拿大網球公開賽提供支付服務。賈里德擔任執行主席，我擔任執行長。這使我們能夠繼續執行我們的使命，同時我們的創辦人和最大股東仍將重點放在推動關鍵人物上。

Make no mistake, this is a loss for our country and for humanity more broadly, but a win for Shift4. The Global Blue acquisition closed in early July, and we welcomed Anton International and Tencent as strategic shareholders. They each own a little less than 1% of our equity but collaborate with our teams regularly on product capabilities in order to make payment complexity for our merchants and their consumers easier.

毫無疑問，這對我們國家和整個人類來說是一種損失，但對 Shift4 來說卻是一種勝利。Global Blue 收購案於 7 月初完成，我們迎來了安東國際和騰訊作為策略股東。他們各自擁有我們略低於 1% 的股權，但定期與我們的團隊合作改進產品功能，以簡化我們商家及其消費者的支付複雜性。

All of this and much more was accomplished without taking our eye off the ball. Our financial results were in line with our expectations and marked by quarterly records across several of our KPIs. Some financial highlights for the quarter include 25% year-over-year growth in payment volumes to $50 billion. This is our first quarter generating over $50 billion in payment volumes. 29% year-over-year growth in gross revenue less network fees to $413 million, 26% year-over-year growth in adjusted EBITDA to $205 million and 49.6% adjusted EBITDA margins. 37% year-over-year growth in subscription and other revenues to $97.7 million, also a Q2 record and blended spreads of 62.6 basis points versus 61.5 basis points in Q2 of 2014, ahead of our full year guidance.

所有這些以及更多的成就都是在我們全神貫注的情況下完成的。我們的財務表現符合預期，並且多個關鍵績效指標均創下了季度記錄。本季的一些財務亮點包括支付量年增 25%，達到 500 億美元。這是我們支付量首次超過 500 億美元的季度。扣除網路費用後的總營收年增 29%，達到 4.13 億美元，調整後 EBITDA 較去年同期成長 26%，達到 2.05 億美元，調整後 EBITDA 利潤率為 49.6%。訂閱和其他收入年增 37%，達到 9,770 萬美元，也創下了第二季的記錄，混合利差為 62.6 個基點，而 2014 年第二季為 61.5 個基點，高於我們的全年預期。

How is all this possible? Our algorithm is much simpler than I think many understand. We believe we are still very early in the convergence of payments and software, especially when it comes to international markets. We seek out technologies that will make us highly differentiated to merchants and gives an edge in large industry verticals. When we have an idea, we build, buy or partner quickly with conviction and with an intense focus on capital efficiency. This playbook began well over 20 years ago, but has been refined constantly. And today, we are number one in hotels, number one in sports and entertainment and number two in restaurants.

這一切怎麼可能呢？我們的演算法比我認為很多人理解的要簡單得多。我們相信，我們在支付和軟體融合方面仍處於早期階段，尤其是在國際市場上。我們尋求能夠讓我們與商家高度差異化並在大型垂直行業中佔據優勢的技術。當我們有了一個想法時，我們會充滿信心地快速建構、購買或合作，並高度重視資本效率。這個劇本早在 20 多年前就開始了，但一直在不斷改進。如今，我們在酒店業、體育和娛樂業以及餐飲業均位居第一。

For emphasis, we recently won the corner collection of hotels, the Golden Gate Hotel and Casino, Back Home, Springs, CamelBak, Capital Vacations, Pontevedra, Beach resorts and many more. We had a record quarter of SkyTab systems installed in restaurants, supported in small part by the European success that I mentioned earlier. We are well on track to meeting our goal of 45,000 SkyTab systems installed globally in 2025. SkyTab continues to deliver for our customers in some of the most intense environments including a futuristic diner and EV charging destination that recently opened in LA.

值得強調的是，我們最近贏得了一系列酒店，包括金門酒店和賭場、Back Home、Springs、CamelBak、Capital Vacations、蓬特韋德拉、海灘度假村等等。我們在餐廳安裝的 SkyTab 系統數量達到了創紀錄的四分之一，這在一定程度上得益於我之前提到的歐洲市場的成功。我們預計將實現 2025 年在全球安裝 45,000 個 SkyTab 系統的目標。SkyTab 繼續在一些最緊張的環境中為客戶提供服務，包括最近在洛杉磯開業的未來主義餐廳和電動車充電站。

Our Sports and Entertainment business continues to put points on the board, adding food and beverage payments to the Cleveland Cavaliers in addition to ticket. University of Kentucky, University of Arizona, the Glastonbury Festival, the Detroit Lions and many more entertainment venues recently joined Shift4. Perhaps most exciting of all, SkyTab venue is coming to Madison Square Garden, home with the New York Knicks and Rangers as well as Radio City Music Hall and the Beacon Theatre, a whole suite of New York institutions.

我們的體育和娛樂業務繼續為克利夫蘭騎士隊增添光彩，除了門票之外還增加了食物和飲料費用。肯塔基大學、亞利桑那大學、格拉斯頓伯里音樂節、底特律雄獅隊以及許多其他娛樂場所最近都加入了 Shift4。或許最令人興奮的是，SkyTab 比賽場地即將落腳麥迪遜廣場花園，這裡是紐約尼克隊和遊騎兵隊的主場，也是無線電城音樂廳和燈塔劇院等紐約一流機構的主場。

We also quietly invest in capabilities for marquee customers that we think will have relevance in the future and set us up better to win. BYD is an example of a new partner that is introducing our services to its dealerships in Latin America. Those of you at our Investor Day will recall us previewing some of these new and emerging capabilities back then.

我們也悄悄地為大客戶投資我們認為在未來具有相關性的能力，並讓我們更好地贏得勝利。比亞迪就是一個新合作夥伴，它正在向拉丁美洲的經銷商推出我們的服務。參加我們投資者日的各位將會記得我們當時預覽了一些新興功能。

With the acquisition of Global Blue, we will accelerate our geographic expansion and dominance in these verticals. We will also gain scarce market-leading products in an entirely new vertical, which is luxury retail. I want to officially welcome the over 2,000 Global Blue colleagues located around the world to the Shift4 team. I cannot be more excited about this acquisition and the long-term implications for the combined company. Adding Global Blue's technology capabilities, the employee talent and the strong reputation with global retailers will accelerate our global expansion plans. Combined, we will offer a truly differentiated right to win within the retail vertical.

透過收購 Global Blue，我們將加速在這些垂直領域的地理擴張和主導地位。我們也將在一個全新的垂直領域，即奢侈品零售領域，獲得稀缺的市場領先產品。我謹正式歡迎遍佈全球的 2,000 多名 Global Blue 同事加入 Shift4 團隊。我對此次收購以及合併後公司的長期影響感到無比興奮。加上 Global Blue 的技術能力、員工才幹以及在全球零售商中的良好聲譽，將加速我們的全球擴張計劃。綜合起來，我們將提供真正差異化的權利，在零售垂直領域中贏得勝利。

It's important to note that too often you've seen other companies first enter adjacent vertical only to later determine they lack a unique go-to-market offering. As we have hopefully demonstrated time and time again, that is not our approach. We first determine our unique differentiation before entering a new vertical, which helps us underwrite our success.

值得注意的是，你經常會看到其他公司首先進入相鄰的垂直領域，但後來卻發現他們缺乏獨特的行銷產品。正如我們一次又一次地證明的那樣，這不是我們的做法。在進入新的垂直領域之前，我們首先確定我們的獨特差異，這有助於我們確保我們的成功。

Global Blue is very similar to our success in stadiums. I would argue not a single person on this call would have predicted our market position today in sports and entertainment four years ago when we announced the acquisition of VenueNext back in March of '21. The acquisition of Global Blue is classic Shift4 just on a larger scale. We believe it is our responsibility to shareholders to continue delivering long-term value creation by executing on this algorithm even at a larger scale.

Global Blue 與我們在體育場館的成功非常相似。我想說，四年前，當我們在 2021 年 3 月宣布收購 VenueNext 時，參加電話會議的任何人都不會預測我們今天在體育和娛樂領域的市場地位。收購 Global Blue 是 Shift4 的經典之作，只是規模更大。我們相信，我們對股東的責任是透過執行演算法，甚至在更大規模上，繼續實現長期價值創造。

Inclusive of the capital deployed to acquire Global Blue, we've invested about $5.4 billion of capital since our IPO back into the business across three major categories, customer acquisition, product investment and acquisitions. This $5.4 billion of capital has generated an associated annual EBITDA contribution of $890 million and free cash flow of $514 million. We are investing capital back into the business that returns lower current trading levels or at roughly 6.1 times EBITDA multiple and a 10% free cash flow yield, which compares to our current trading levels of about 15 times EBITDA and a 6% free cash flow yield.

包括收購 Global Blue 所投入的資本在內，自首次公開募股以來，我們已向三大類別的業務投資了約 54 億美元，即客戶獲取、產品投資和收購。這 54 億美元的資本產生了 8.9 億美元的年度 EBITDA 貢獻和 5.14 億美元的自由現金流。我們將資本重新投入到回報率低於當前交易水平的業務中，即約 6.1 倍的 EBITDA 倍數和 10% 的自由現金流收益率，而我們目前的交易水平約為 15 倍的 EBITDA 和 6% 的自由現金流收益率。

Regarding the balance of the year, integrating Global Blue remains a key priority as well as continuing our international expansion and continuing to execute. Obviously, none of this would be possible without a stable of products that merchants see value in. And so we continue to invest meaningfully in SkyTab, SkyTab venue and our broader payment platform. We now have over 1,200 integrations, up from about 350 just five years ago with European capabilities being a particular area of focus.

就今年的平衡而言，整合 Global Blue 仍然是我們的首要任務，同時我們將繼續進行國際擴張並繼續執行。顯然，如果沒有商家認為有價值的穩定產品，這一切都不可能實現。因此，我們繼續對 SkyTab、SkyTab 場地和更廣泛的支付平台進行有意義的投資。我們現在擁有超過 1,200 個整合項目，而五年前只有約 350 個，歐洲能力是我們特別關注的領域。

Of note, I have already personally entertained productive conversations with a number of key Global Blue customers, both at the executive level and in physical stores. The early feedback from these conversations has only served to reinforce my conviction that this combination has created something unique in the fintech industry. Having witnessed our success in other verticals, it's hard to temper my enthusiasm for this new journey we're on.

值得注意的是，我已經與 Global Blue 的一些主要客戶（包括高階主管和實體店）進行了富有成效的對話。這些對話的早期回饋只會加強我的信念：這種結合在金融科技產業創造了一些獨特的東西。見證了我們在其他垂直領域的成功後，我對我們所踏上的這一新旅程的熱情難以抑制。

Since hosting our Analyst Day back in February, it's also worth reminding everyone that we are now tracking towards the most likely medium-term guidance scenario. As you recall, we provided three guidance scenarios at our Analyst Day, sit on our hands, the combination of Global Blue and most likely, with that most likely scenario calling for 30% plus gross revenue less network fee growth and 30% EBITDA growth, all with the ultimate goal of exiting at a run rate of $1 billion in free cash flow. With the acquisition of Global Blue now behind us and the recent tuck-in acquisition in Australia and New Zealand, we are clearly tracking to deliver on the most likely objectives established this past February.

自從二月舉辦分析師日以來，值得提醒大家的是，我們現在正在追蹤最有可能的中期指導情景。您還記得，我們在分析師日提供了三種指導情景，即袖手旁觀、Global Blue 和最有可能的組合，其中最有可能的情景要求 30% 以上的總收入減去網絡費用增長和 30% 的 EBITDA 增長，所有這些的最終目標都是以 10 億美元的自由現金流運行率退出。隨著對 Global Blue 的收購以及最近在澳洲和紐西蘭的收購，我們顯然正在朝著實現今年 2 月確定的最有可能的目標邁進。

Before turning the call over to Nancy, I wanted to quickly provide an update on the May capital raise, given the number of 8-Ks we issued, was likely very difficult to keep up with. In short, the roughly $3.3 billion of capital raised in May was intentionally diversified across a combination of fixed and floating rate instruments, including our first euro-denominated debt offering, to align with our growing European presence and included preferred equity in the form of a $1 billion mandatory convertible instrument.

在將電話轉給南希之前，我想快速提供 5 月融資的最新情況，考慮到我們發行的 8-K 數量，可能很難跟上。簡而言之，5 月籌集的約 33 億美元資本有意分散到固定和浮動利率工具組合中，包括我們首次以歐元計價的債務發行，以適應我們不斷增長的歐洲業務，並以 10 億美元強制可轉換工具形式的優先股。

On the mandatory converts, we issued 10 million shares of mandatory convertible notes at $100 a share. In essence, holders will receive approximately 10 million shares of Class A when the notes mature in May of 2028. And because they settle in shares, these notes are treated as equity and not as debt.

在強制轉換方面，我們以每股 100 美元的價格發行了 1000 萬股強制可轉換票據。實際上，當票據於 2028 年 5 月到期時，持有人將獲得約 1,000 萬股 A 類股票。而且由於它們以股票結算，這些票據被視為股權而不是債務。

We also hold cash on hand for our December maturity and have already paid off our 2026 maturity, giving us lots of flexibility for the years ahead. We expect net leverage at year-end to be approximately 3.5 times. Nancy will review some of the modeling related impacts to consider such as quarterly interest expense and what share count to use for the purposes of calculated non-GAAP adjusted EPS in a remarks shortly.

我們也持有 12 月到期的現金，並且已經還清了 2026 年到期的債務，這為我們未來幾年提供了很大的靈活性。我們預計年底淨槓桿率約為3.5倍。南希將在稍後的評論中回顧一些需要考慮的建模相關影響，例如季度利息支出以及計算非 GAAP 調整後每股收益而使用的股票數量。

With that, I'll turn the call over to Nancy.

說完這些，我就把電話轉給南希。

Thank you, Taylor. We delivered another quarter of consistent and solid results in line with our expectations, setting new second quarter records across several of our key performance indicators. Volume grew 25% year-over-year to $50 billion. Gross revenue less network fees grew 29% to $413 million and adjusted EBITDA grew 26% to $205 million. Our Q2 adjusted EBITDA margins were 50%. Excluding the drag from recent acquisitions, adjusted EBITDA margins would have been 53%. We expect to 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.

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，並在多個關鍵績效指標上創下了第二季的新紀錄。交易量年增 25%，達到 500 億美元。扣除網路費用後的總營收成長 29% 至 4.13 億美元，調整後 EBITDA 成長 26% 至 2.05 億美元。我們第二季調整後的 EBITDA 利潤率為 50%。排除近期收購的拖累，調整後的 EBITDA 利潤率將達到 53%。隨著時間的推移，我們預計可以從更高的經營槓桿中受益，並且我們將透過交叉銷售和處理現有積壓訂單來增加增量支付量。

Since Q2 2022, we have grown adjusted EBITDA over 3 times and expanded margins over 1,300 basis points, all while also deploying capital on acquisitions that were highly dilutive to the margin profile of the business. Through continued execution on cross-sell synergies and deleting the parts, we've maintained best-in-class margins of 50%.

自 2022 年第二季以來，我們的調整後 EBITDA 成長了 3 倍多，利潤率擴大了 1,300 個基點，同時也將資本部署在對業務利潤率有極大稀釋作用的收購上。透過持續執行交叉銷售協同效應和刪除零件，我們維持了 50% 的最佳利潤率。

We will continue to follow the Shift4 playbook, delete legacy parts and continue to expand margins and repurpose resources towards future growth. Our Q2 blended net spreads were strong at 63 basis points, and we now expect full year spreads to be stronger than the 60 basis points we previously communicated, given in part to our international success.

我們將繼續遵循 Shift4 的策略，刪除遺留部分，繼續擴大利潤率並重新利用資源以實現未來成長。我們第二季的混合淨利差強勁，達到 63 個基點，目前我們預計全年利差將高於我們先前公佈的 60 個基點，部分原因是我們在國際上取得了成功。

Spreads remain stable across our core business of restaurants, hospitality and specialty retail. Subscription and other revenue was $98 million in Q2, up 37% 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. Ongoing deprecation of legacy revenue from recent acquisitions will continue to influence year-over-year growth rates for the remainder of the year.

我們的核心業務，即餐飲、酒店和專業零售，利差保持穩定。第二季訂閱及其他營收為 9,800 萬美元，較去年同期成長 37%。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。近期收購帶來的遺留收入的持續貶值將繼續影響今年剩餘時間的年成長率。

Q2 organic gross 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 $118 million, representing 57% adjusted free cash flow conversion. Included in the $118 million is $9 million in prepaid interest we received in May from the recent issuance of 2032 notes, which will be included in the August semiannual interest payment.

第二季有機總收入減去網路費用成長符合我們的預期，我們預計全年有機收入成長率將超過 20%。本季調整後的自由現金流為 1.18 億美元，佔調整後自由現金流轉換率 57%。這 1.18 億美元中包括我們 5 月從最近發行的 2032 年票據中獲得的 900 萬美元預付利息，這筆利息將計入 8 月的半年利息支付中。

This affects both Q2 and Q3 adjusted free cash flow but nets to zero on a full year basis. We remain on track to deliver 50% plus free cash flow conversion for the full year. GAAP net income for the second quarter was $41 million and GAAP diluted EPS was $0.32 per share. Non-GAAP adjusted net income for the quarter was $109 million or $1.10 per share on a fully diluted basis. Of note, our non-GAAP share count now contains an additional 10 million shares related to the mandatory convertible preferred issued in the quarter, bringing our total share count for the quarter to 99.3 million shares.

這會影響第二季和第三季的調整後自由現金流，但全年淨額為零。我們仍有望實現全年 50% 以上的自由現金流轉換。第二季 GAAP 淨收入為 4,100 萬美元，GAAP 稀釋每股收益為 0.32 美元。本季非公認會計準則調整後淨收入為 1.09 億美元，即每股 1.10 美元（完全稀釋後）。值得注意的是，我們的非公認會計準則股票數量現在包含與本季發行的強制可轉換優先股相關的額外 1,000 萬股，使我們本季的總股票數達到 9,930 萬股。

We had our most active quarter of financing activity since the IPO. In May, we raised $3.3 billion of total capital to fund the acquisition of Global Blue and to repurchase the outstanding 4.625% senior notes due in November 2026. The $3.3 billion raise consisted of the following, $1.3 billion of senior notes, which was a combination of USD and euro-denominated notes, $1 billion of mandatory convertible preferred stock and $1 billion of floating rate Term Loan B, which closed on July 3 in conjunction with the Global Blue transaction.

這是自 IPO 以來我們融資活動最為活躍的季度。5 月份，我們籌集了 33 億美元的總資本，用於資助收購 Global Blue 以及回購 2026 年 11 月到期的 4.625% 優先票據。33 億美元的融資包括：13 億美元的優先票據（包括美元和歐元計價的票據）、10 億美元的強制性可轉換優先股和 10 億美元的浮動利率定期貸款 B，該筆貸款於 7 月 3 日與 Global Blue 交易同時完成。

For adjusted free cash flow modeling purposes, you should now expect approximately $75 million of cash interest payments on debt in Q1 and Q3 and $40 million in Q2 and in Q4. Additionally, we upsized the capacity of our revolving credit facility from $450 million to $550 million. During the second quarter, we opportunistically repurchased $85 million of common stock at an average of $74 per share. And as a reminder, the 2025 converts principle will be redeemed in Q4 with $690 million of cash on hand with any premium to be settled with common stock.

為了調整自由現金流模型，您現在應該預期第一季和第三季的債務現金利息支付約為 7,500 萬美元，第二季和第四季的債務現金利息支付約為 4,000 萬美元。此外，我們將循環信貸額度從 4.5 億美元提高到 5.5 億美元。在第二季度，我們抓住機會以平均每股 74 美元的價格回購了價值 8,500 萬美元的普通股。提醒一下，2025 年轉換原則將在第四季以 6.9 億美元現金贖回，任何溢價將以普通股結算。

We are well positioned to fuel our future growth. And as previously discussed at our Investor Day, we expect net leverage at year-end to be less than 3.5 times. As indicated by our recent capital raise, which, as Taylor mentioned, was diversified across a combination of debt and epi instruments. We continue to prioritize maintaining low leverage to ensure financial stability and flexibility. At the same time, we remain opportunistic in pursuing strategic M&A that aligns with our growth objectives and deliver long-term value.

我們已做好準備，推動未來的成長。正如我們之前在投資者日所討論的那樣，我們預計年底的淨槓桿率將低於 3.5 倍。正如我們最近的資本籌集所示，正如泰勒所提到的那樣，是透過債務和外部投資工具的組合來實現多元化的。我們繼續優先維持低槓桿率以確保財務穩定性和靈活性。同時，我們仍將抓住機會，尋求符合我們成長目標並能帶來長期價值的策略併購。

Now turning to guidance. We are updating 2025 financial guidance to include the contributions from Global Blue and introducing Q3 guidance. I want to just through the highlights of the guidance bridge as it pertains to our outlook for the rest of the year. First, we continue to expect organic gross revenue less network fees for the full year to grow north of 20%. We are modestly raising our gross revenue less network fee guidance by $5 million to a range of $1.665 billion to $1.735 billion, representing 23% to 28% growth before considering the impact of Global Blue.

現在轉向指導。我們正在更新 2025 年財務指導，以納入 Global Blue 的貢獻並推出第三季指導。我想透過指導橋樑的重點來介紹我們對今年剩餘時間的展望。首先，我們繼續預期全年有機總收入減去網路費用將成長 20% 以上。我們將總收入減去網路費用後的預期小幅上調 500 萬美元，至 16.65 億美元至 17.35 億美元之間，在考慮 Global Blue 的影響之前，這代表著 23% 至 28% 的成長。

On a standalone basis, we expect Global Blue's revenue in the back half of the year to be $334 million with adjusted EBITDA of $137 million. When translating these results to GAAP and Shift4 presentation of gross revenue less network fees, we expect Global Blue's contribution for the remainder of the year will be $300 million of gross revenue less network fees and $125 million of adjusted EBITDA.

從獨立角度來看，我們預計 Global Blue 今年下半年的營收將達到 3.34 億美元，調整後的 EBITDA 為 1.37 億美元。當這些結果轉換為 GAAP 和 Shift4 呈現的總收入減去網路費用時，我們預計 Global Blue 在今年剩餘時間內的貢獻將為 3 億美元的總收入減去網路費用和 1.25 億美元的調整後 EBITDA。

As a reminder, the revenue synergies we have previously highlighted will have no impact in 2025. You can refer to page 18 of our shareholder letter for a complete bridge of Global Blue's expected contribution to Shift4. The resulting full year consolidated guidance is a raise of gross revenue less network fees to a range of $1.965 billion and $2.035 billion, representing 45% to 50% growth and a raise of adjusted EBITDA to a range of $965 million and $990 million, representing 42% to 46% growth.

提醒一下，我們先前強調的所得綜效在 2025 年將不會產生任何影響。您可以參考我們致股東的信函第 18 頁，以了解 Global Blue 對 Shift4 的預期貢獻的完整情況。最終的全年綜合預期是將總收入減去網路費用提高至 19.65 億美元至 20.35 億美元之間，代表成長 45% 至 50%，將調整後的 EBITDA 提高至 9.65 億美元至 9.9 億美元之間，代表成長 42% 至 46%。

For third quarter, we expect gross revenue less network fees of approximately $590 million and adjusted EBITDA of approximately $290 million. We expect the contribution from Global Blue to be split about 50-50 between Q3 and Q4. And finally, for clarity, this guidance does not include the impact of our previously announced acquisition of Smartpay.

對於第三季度，我們預計總收入減去網路費用約為 5.9 億美元，調整後 EBITDA 約為 2.9 億美元。我們預計 Global Blue 在第三季和第四季的貢獻將各佔一半。最後，為了清楚起見，本指引不包括我們先前宣布的收購 Smartpay 的影響。

Before I hand the call back to Taylor, I appreciate the opportunity to share a few brief remarks. It is a careful consideration that I made the difficult decision to retire from my role as CFO. It has been an extraordinary privilege to work alongside the Shift4 team during a remarkable period of growth and global expansion. To ensure a seamless transition to Chris, I will continue to serve as a strategic adviser through the end of the year. I'm also looking forward to rejoining the Board of Directors where I will remain fully committed to supporting Shift4's long-term strategy, execution and value creation for our shareholders.

在我將電話交還給泰勒之前，我很高興有機會分享一些簡短的評論。我經過深思熟慮後才做出辭去財務長職務這項艱難的決定。在 Shift4 實現顯著成長和全球擴張的時期，能夠與 Shift4 團隊一起工作是我的榮幸。為了確保順利過渡到克里斯，我將繼續擔任策略顧問直至今年底。我還期待重新加入董事會，繼續全力支持 Shift4 的長期策略、執行和為股東創造價值。

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

說完這些，現在讓我把電話轉回給泰勒。

Thank you, Nancy. It's been amazing to work alongside of you. The team and I really appreciate your efforts on these last few years and are excited to have you back on the board. Chris Cruise has joined us here on the call to have a chance to say hello, although many of you listening have already met him.

謝謝你，南希。能和你一起工作真是太棒了。我和團隊非常感謝您過去幾年的努力，並很高興您能重返董事會。儘管許多聽眾已經見過克里斯·克魯斯 (Chris Cruise)，但他還是加入我們的電話會議，向他打招呼。

Lastly, I'm sorry to end on a somber note, but I simply couldn't neglect to acknowledge the pain from colleagues at Blackstone, everyone at 345 Park Avenue are dealing with. The completely senseless nature of what happened is something I'm still coming to grips with. All I can say is that it should serve as a reminder to cherish time with your loved ones and work harder to make this world better. Thank you.

最後，我很抱歉以悲傷的語氣結束我的演講，但我實在無法忽視黑石同事們以及 345 Park Avenue 的每個人都在承受的痛苦。我至今仍無法接受所發生之事的完全荒謬性。我只能說，它應該提醒你珍惜與親人在一起的時光，並更努力地讓這個世界變得更美好。謝謝。

(Operator Instructions) Timothy Chiodo, UBS.

（操作員指示）瑞銀 (UBS) 的 Timothy Chiodo。

I want to hit on two if you don't mind. The first one is around international and Australia. And the second one, if you don't mind I follow up, it's around the $200 billion to $220 billion in end-to-end volume guide. On the first one, so international, you've mentioned roughly 3,000 or more 3,000-plus SkyTab installs internationally per quarter and you made the acquisition of Smartpay to further enter the Australian market.

如果你不介意的話我想談兩個。第一個是關於國際和澳洲的。第二個，如果您不介意的話，我可以跟進一下，端到端交易量指南大約在 2000 億美元到 2200 億美元之間。關於第一個問題，即國際問題，您提到每季 SkyTab 在全球的安裝量約為 3,000 台或更多，並且您收購了 Smartpay 以進一步進入澳洲市場。

That market has been of investor interest. It looks like Toast is also entering into Australia. Maybe just talk a little bit about the Smartpay and the Australian market and what is attractive about that, that has both you and Toast entering it roughly at the same time. And then we'll come back on the end-to-end volumes, if you don't mind.

該市場一直受到投資者的關注。看起來 Toast 也正在進入澳洲。也許您可以稍微談談 Smartpay 和澳洲市場，以及它的吸引力在哪裡，以及您和 Toast 大約同時進入該市場的原因。如果您不介意的話，然後我們將回到端到端卷。

Yes, sure. Thanks, Tim. It's a great question. I would say it starts with a market that for a company like us, really any American company is relatively easy to enter compared to some of the other more complex geographies, meeting language barriers are zero. Fiscalization of product is much more minimal than some of the more complicated countries in Europe, for example. So a product like SkyTab is pretty compatible out of the gate in a place like Australia.

是的，當然。謝謝，蒂姆。這是一個很好的問題。我想說，這始於一個市場，對於像我們這樣的公司來說，與其他一些更複雜的地區相比，任何美國公司都相對容易進入，語言障礙為零。例如，與歐洲一些較為複雜的國家相比，產品的稅收化程度要低得多。因此，像 SkyTab 這樣的產品在澳洲這樣的地方具有相當好的兼容性。

This is lesser known, but Global Blue had a really impressive and emerging payments capability in Australia. They supported a few hundred hotels, for example, with their own full stack payment processing platform. And so while we've been looking at Smartpay for a number of years, Global Blue gave us the conviction that, that plus Smartpay was a hell of a good idea. In fact, we were debating in our Board meeting how to prioritize these different things. And when you saw the two on the same page, it became obvious, you had to kind of pursue both of them.

雖然鮮為人知，但 Global Blue 在澳洲擁有確實令人印象深刻的新興支付能力。例如，他們透過自己的全端支付處理平台為數百家酒店提供支援。因此，雖然我們多年來一直在關注 Smartpay，但 Global Blue 讓我們確信，Smartpay 是一個非常好的主意。事實上，我們在董事會會議上正在討論如何確定這些不同事項的優先順序。當你看到這兩者在同一頁上時，很明顯，你必須追求它們兩者。

What it gives us is an awesome distribution capability. So the reason that we're having the kind of scaled success in Europe as quickly as we are is because we're taking products and know-how that we've matured in the United States over the past two decades. And we're applying them to markets that are ripe for that consolidation of software and payments with established sales forces. And so at the end of the day, we believe Smartpay will give us that established sales force, and we'll bring the products and capabilities to bear.

它為我們帶來了強大的分銷能力。因此，我們之所以能在歐洲如此迅速地取得規模化成功，是因為我們採用了過去二十年來在美國已經成熟的產品和技術。我們將它們應用於已經成熟、可以透過成熟的銷售團隊整合軟體和支付的市場。因此，最終，我們相信 Smartpay 將為我們提供成熟的銷售隊伍，我們也將提供相應的產品和能力。

Excellent. That's really helpful. The item around the modeling or the $200 billion to $220 billion in end-to-end volume. I was hoping you could put some context around if any of the assumptions around implementation of the backlog might have changed at all implied in that $200 million to $220 million? And the other item being, we know that there was a small amount of acquiring volume that came over Global Blue and to what extent that volume is included in the $200 million to $220 million for the full year and then obviously, specifically in the second half.

出色的。這真的很有幫助。該專案圍繞著建模或端到端交易量 2,000 億美元至 2,200 億美元。我希望您能提供一些背景信息，說明關於積壓執行情況的任何假設是否發生了變化，這是否意味著 2 億美元到 2.2 億美元的變化？另一件事是，我們知道透過 Global Blue 進行的收購量很小，而且該交易量在多大程度上包含在全年 2 億至 2.2 億美元的交易額中，當然，具體來說是在下半年。

I'll jump in a little and Taylor could always supplement. As you said, they had a small acquiring business, which we have included. It's well sub $2 billion from that perspective. So think about that in relation to our overall guide. And really, we spent some time on the volume bridge. And you could see from a blended take rate perspective this quarter, which came in very strong. That's always going to move based on mix. We've talked about that if we moved our guide, it would be based on timing of some of our large enterprise deals getting accelerated or delayed, right?

我會稍微插話，泰勒總是可以補充。正如您所說，他們有一家小型收購業務，我們也將其納入。從這個角度來看，這個數字遠低於 20 億美元。因此，請結合我們的整體指南來思考這個問題。事實上，我們在音量橋上花了一些時間。從本季的混合接受率角度來看，您可以看到其表現非常強勁。這總是會根據混合而移動。我們討論過，如果我們改變指南，它將基於我們的一些大型企業交易加速或延遲的時間來決定，對嗎？

So some of that, I think, is -- we would say this quarter is completely in line with our expectations. And we looked at the kind of breadth of the guide range and felt like even with the high end of that goalpost, we still felt comfortable that it was the right range to stick with even a small amount of Global Blue acquiring coming in for the Australia business. So really feel great about the backlog sitting much where it was in Q1 just based on things coming in and out. But it's really that timing of enterprise go-lives that we can't completely control that is causing us to kind of stick with the guide range that we had.

所以我認為，我們會說本季完全符合我們的預期。我們研究了指導範圍的廣度，感覺即使達到了目標的高端，我們仍然覺得這是正確的範圍，即使環球藍聯對澳洲業務的收購規模很小，我們仍然堅持這個範圍。因此，僅從進出情況來看，積壓訂單與第一季的情況基本上持平，這讓我們感到非常高興。但事實上，我們無法完全控制企業上線的時間，這導致我們只能堅持現有的指導範圍。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

I'm wondering if you can talk about some of the European restaurant initiatives. You continue to talk about pace of SkyTab that systems installs across UK and Ireland as well as some of the veteran cross-sell. So you just talked upon about some of the benefits of entering a place like Australia where the localization is not of intent. Wondering if you could talk about kind of where you stand on the German market? And then separately, just kind of what you're seeing out of the UK and Ireland from net adds and just remind us where you are on distribution in those markets.

我想知道您是否可以談談一些歐洲餐廳的舉措。您繼續談論 SkyTab 系統在英國和愛爾蘭的安裝速度以及一些老牌交叉銷售。所以您剛才談到了進入澳洲這樣不需要進行在地化的地方的一些好處。想知道您是否可以談談您在德國市場的立場嗎？然後單獨談談您從英國和愛爾蘭的淨增額中看到的情況，並提醒我們您在這些市場的分銷情況。

Yeah, sure. So all going kind of well and as expected. Maybe one thing that we neglected to mention is at formal control of the Vectron business was completed in Q2. So we're able to kind of pull some of the operational levers that we were not able to control. So production is ramping really nicely inside of that business. And what I think were kind of a handful of quarters, apologizing for the slower the slower pace than we had initially expected when we announced the transaction kind of well over a year ago.

是的，當然。一切都進展順利，正如預期的那樣。也許我們忽略了的一件事是，Vectron 業務的正式控制已於第二季完成。因此，我們能夠拉動一些我們無法控制的操作槓桿。因此，該業務的產量正在穩步增長。我認為，這幾季的進展比我們一年多前宣布交易時最初預期的要慢，對此我們深表歉意。

So Vectron is going really nicely. Just to remind the audience, this is the idea of attaching payments to a really large basket and Boston established Vectron customers. And then over time, we can go back and sell SkyTab to this population. It's a market that requires more visualization requirements, more customization of the software for the local German market, we're able to do that.

所以 Vectron 的進展非常順利。只是提醒觀眾，這是將付款附加到一個非常大的籃子和波士頓建立的 Vectron 客戶的想法。然後隨著時間的推移，我們可以回去向這個群體銷售 SkyTab。這個市場需要更多的視覺化要求，需要針對德國本地市場對軟體進行更多的客製化，我們能夠做到這一點。

Vectron, also as a sales force that kind of extends beyond just Germany. So that sales force is ramping up as well, introducing our payments product to their established customers and any new customers that come across. That's all going great. I'm really thrilled that the acquisition well over a year in the making, has kind of largely come to fruition at this point in time. Learned a ton through that process.

Vectron 的銷售團隊也延伸到了德國以外。因此，銷售團隊也不斷壯大，向老客戶和遇到的新客戶介紹我們的支付產品。一切都很順利。我真的很高興，經過一年多的籌備，這項收購目前已基本達成。透過這個過程學到了很多。

In the UK and Ireland, it is a similar story, which is we have a large established group of salespeople now introducing the SkyTab product across a variety of merchants. And it's going incredibly well. The one thing I would say to kind of moderate expectations is that, generally speaking, these European businesses are a little smaller, although we are seeing spreads that are better than we originally modeled because investors are -- I'm sorry, merchants are embracing this kind of software integrated product in mass.

在英國和愛爾蘭，情況也類似，我們擁有一支龐大的銷售人員隊伍，正在向各種商家介紹 SkyTab 產品。一切進展順利。我想說的是，總體而言，這些歐洲企業的規模要小一些，儘管我們看到的利差比我們最初預測的要好，因為投資者——對不起，商家正在大量接受這種軟體整合產品。

So the markets are contributing really nicely. We actually struggled early on to get our boarding capabilities ready to deal with the onslaught, but we are there now, and we're boarding kind of, as I mentioned, well over 1,000 merchants a month across the market.

因此，市場做出了非常好的貢獻。事實上，我們早期在準備迎接猛烈的衝擊方面遇到了很大困難，但現在我們已經準備好了，而且正如我所提到的，我們每月在整個市場上為超過 1,000 個商家提供平台。

Awesome. No, that's great. And then you hit a little bit on some of the spreads outperforming in European markets. Is that the primary reason why you're sounding a bit more constructive on spreads and just any other puts and takes across the business that are worth calling out as you think about pricing dynamics?

驚人的。不，那太好了。然後你會發現一些在歐洲市場表現優異的利差。這是為什麼當您考慮定價動態時，您對價差以及業務中任何其他值得關注的看跌期權和看漲期權的看法聽起來更具建設性的主要原因嗎？

Yeah, sure. So I think it's important to think about the evolution of our business, which is that at the time of our IPO, we have this really, really large gateway cross-sell opportunity. And every gateway customer was kind of meaningfully larger than the average customer in our book, and they're also adding capabilities like stadiums, enterprise, etc. What that meant was higher volume per merchant kind of every single month and a moderation in spreads down to kind of the 60 basis points level, which if you go back to the early calls, that's about where we predicted it would land.

是的，當然。因此，我認為考慮我們業務的發展非常重要，即在我們首次公開募股時，我們擁有這個非常非常大的門戶交叉銷售機會。而且每個網關客戶的數量都比我們書中的平均客戶數量大得多，而且他們還在增加體育場、企業等功能。這意味著每個商家每月的交易量都會增加，利差也會下降到 60 個基點的水平，如果你回顧早期的電話會議，就會發現這大約是我們預測的水平。

As you start to expand internationally, you're boarding the same number of merchants you are globally, but you're also adding on merchants internationally that are a little bit smaller than that average cohort. So this is where volume moderates on a per merchant basis a little bit, but we underwrite every one of these transactions we do incredibly conservatively. And I think that's kind of showing itself in the spreads we're seeing from international customers, meaning they are willing to embrace a higher-cost product if you're delivering all this value of software plus payments plus hardware, all tightly integrated together.

當你開始進行國際擴張時，你所擁有的商家數量與全球相同，但你也會在國際上增加比平均群體規模略小的商家。因此，每個商家的交易量會略有減少，但我們對每一筆交易的核保都非常保守。我認為這在我們從國際客戶那裡看到的價差中有所體現，這意味著如果你能提供軟體、支付和硬體等所有價值，並且所有這些價值都緊密整合在一起，他們願意接受更高成本的產品。

So I think over time, this kind of volume per merchant will continue to evolve as we expand into new markets. But the spreads embedded in a software plus payments product are strong. They've historically been very strong in the United States. And as we teach kind of the rest of the world, the benefits you get from all this integration, I think they're willing to be a little more than a traditional bank term.

因此我認為，隨著時間的推移，隨著我們向新市場擴張，每個商家的這種交易量將繼續發展。但軟體加支付產品中的利差很大。從歷史上看，他們在美國一直非常強大。當我們向世界其他地方傳授從這種整合中獲得的益處時，我認為他們願意將其視為比傳統銀行術語更廣泛的東西。

Dominic Ball, Rothschild & Company.

多明尼克‧鮑爾 (Dominic Ball)，羅斯柴爾德公司。

Hello, Taylor, Tom, Nancy, it's been a pleasure to work with you. Chris, very nice to meet you as well. So our question is, Shift4's been very good on execution on store small acquisitions, rolling out SkyTab, consolidated systems, removing brands. Global Blue does seem like quite a different asset. It's a lot larger consumer facing geographically distant. So what is the sort of integration strategy evolving for the steel and what safeguards have you implemented to avoid the sort of strategic missteps that we see from others in the industry when scaling into transformation or M&A?

你好，泰勒、湯姆、南希，很高興能與你們合作。克里斯，我也很高興認識你。所以我們的問題是，Shift4 在商店小型收購、推出 SkyTab、整合系統、移除品牌等方面的執行非常出色。Global Blue 確實看起來是一種相當不同的資產。這是一個面向地理位置相距遙遠的大型消費者群體。那麼，鋼鐵業的整合策略是什麼樣的呢？你們採取了哪些保障措施來避免我們在產業其他企業轉型或併購擴張時所犯的策略性失誤？

Yeah. It's actually probably the question, right, as we embark on this journey. It's 2,000 employees. They're all located outside the United States. It's a large acquisition from a cultural perspective. I will say we learned a lot of lessons from our early international acquisitions, which is the pace of getting an acquisition closed. Always takes longer than you anticipated when you're dealing kind of cross-border in the regulatory environment there. Happy to report this deal closed kind of well within our expectations or at least the expectations we set for the Street, which is great.

是的。當我們踏上這段旅程時，這實際上可能是問題所在。共有 2,000 名員工。它們都位於美國境外。從文化角度來看，這是一場大型收購。我想說，我們從早期的國際收購中學到了很多教訓，那就是完成收購的速度。當你在那裡的監管環境中處理跨境事務時，總是需要比你預期更長的時間。很高興地報告，這筆交易的完成情況基本上符合我們的預期，或至少符合華爾街的預期，這很好。

And then if I were to pull you into kind of the 80 pager, we set the Board kind of rationalizing this transaction, the number one deal objective was keep the current momentum that the Global Blue business has had for the last five years and don't disrupt that as a result of your kind of cross-sell ambitions.

然後，如果我要您看一下這份 80 頁的文件，我們讓董事會合理化這筆交易，首要的交易目標是保持 Global Blue 業務在過去五年中一直保持的勢頭，不要因為您的交叉銷售野心而破壞這種勢頭。

So what does that mean? It means we are as quick as we always have been to integrate functions like finance and legal and HR, but a little bit slower to kind of disrupt the day-to-day business model that exists inside the business. Jacques, who is the CEO of Global Blue, is now President of Shift4 International. Our non-US functions will report into him to make sure he's building a consistent organizational structure that we can operate from and that their TFS business, which is like really, really dominant continues to win at the pace it's been winning at.

那麼這意味著什麼？這意味著我們可以像往常一樣快速地整合財務、法律和人力資源等職能，但在顛覆企業內部現有的日常業務模式方面會稍微慢一些。雅克曾任環球藍聯首席執行官，現任Shift4國際總裁。我們的非美國職能部門將向他匯報，以確保他正在建立一個我們可以運作的一致的組織結構，並確保他們的 TFS 業務（非常占主導地位）繼續以其現有的速度獲勝。

Over time, we're going to take the conversations that Global Blue naturally has with their cutters and introduce a much broader suite of payment products. But I think as we said kind of expectations around our Investor Day, we're going to take a little bit more time than we would in a smaller acquisition in the United States, for example.

隨著時間的推移，我們將利用 Global Blue 與其切紙機自然進行的對話，推出更廣泛的支付產品。但我認為，正如我們在投資者日期間所說的那樣，我們將比在美國進行小規模收購花費更多的時間。

No, that makes sense and it's somewhat more central as well. When it comes to the $1 trillion in cross-sell, I believe $500 billion of that, let's say, half derived from Global Blue. We have a breakdown or cadence of where the rest comes from? And maybe how much of that do you sort of Triumph plan to migrate to ship for annually also what the targets are?

不，這是有道理的，也更為重要。說到 1 兆美元的交叉銷售，我相信其中 5,000 億美元，也就是一半來自 Global Blue。我們有其餘部分的細分或節奏來自哪裡？您認為 Triumph 每年計劃遷移到船舶的量有多少，目標是什麼？

Yeah, sure. So setting aside the $500 billion of Global Blue, which is comprised of global retailers, local boutiques, international department stores, etc. The remaining $500 billion is from a combination of different acquisitions that we've done, whether that be Givex, which was a really large gift card franchise. Again, fulfilling a pretty small function of the overall payments value chain, but a critical and sticky one across really big merchants like Nike, for example, who work with Givex. Ian was not a trivial gateway with about $30 billion of payment volume flowing through that. And then you've got still large contributors in the likes of Revel and other things.

是的，當然。因此，除了價值 5000 億美元的 Global Blue（包括全球零售商、本地精品店、國際百貨商店等）之外，其餘 5000 億美元則來自我們進行的不同收購，包括 Givex（一家非常大的禮品卡特許經營店）。再次強調，它在整個支付價值鏈中只發揮很小的作用，但對於與 Givex 合作的大型商家（例如 Nike）來說，它是一個至關重要且黏性的功能。Ian 並不是一個微不足道的門戶，大約有 300 億美元的支付額通過它。然後你仍然在 Revel 和其他方面擁有大量捐助者。

So again, we sort of view the strategic imperative to be to keep that cross-sell funnel as full as possible. They all are on different cylinders. Small customers move faster than big customers, certain verticals move faster than others. Everyone has their own kind of purchasing cycle. But as long as we can keep that funnel really, really big, you've got an embedded base of customers to go talk to.

因此，我們再次認為，策略要務是盡可能保持交叉銷售管道暢通。它們都在不同的氣缸上。小客戶比大客戶行動更快，某些垂直產業比其他垂直產業行動更快。每個人都有自己的購買週期。但只要我們能夠保持這個管道非常非常大，你就擁有了一個可以與之交談的嵌入式客戶群。

I referenced in my scripted remarks, we had several Global Blue customers reach out to us proactively through their account management teams at Global Blue saying, everything shower saying about our payments stack and its complexity is correct. We would love to find ways to simplify this over time.

我在我的腳本演講中提到，我們有幾個 Global Blue 客戶透過他們在 Global Blue 的客戶管理團隊主動與我們聯繫，並表示，淋浴器關於我們的支付堆疊及其複雜性的一切都是正確的。我們希望找到方法來簡化這個過程。

So again, our products are awesome. We are a category leader in hotels and restaurants and stadiums and now in global retail. So the product suite is incredibly strong. It's about introductions to customers. And those customers are so much more quick to answer the phone when you're already fulfilling a core function for them. So that's what the acquisition side of the coin kind of helps supplement inside of the business.

所以，我們的產品真的非常棒。我們是飯店、餐廳和體育場的領導者，現在也是全球零售的領導者。因此該產品套件非常強大。這是關於向顧客的介紹。當您已經為客戶履行核心功能時，這些客戶會更快接聽電話。這就是收購方在業務內部提供的協助補充。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Nancy, all the best with -- congrats on the announcement. And Chris, congrats as well. I just want to just based on the underlying trends in the business and maybe help us understand what you're seeing growing consumer standpoint in the underlying subsegments? And then even looking now into July and August, a little more color on that.

南希，祝一切順利——恭喜你的宣布。克里斯，我也向你表示祝賀。我只是想基於業務中的潛在趨勢，也許可以幫助我們了解您在潛在細分市場中看到的消費者觀點的不斷增長？現在再看看七月和八月，情況會更明朗一些。

And then maybe as a sort of attached to that, is what assumptions on the consumer and the underlying? I know same-store sales is only a minor contribution to your underlying growth, but just help us understand what you're embedding in the organic outlook of the business for the global beside for me.

那麼也許作為與此相關的一種假設，對消費者和底層有什麼假設？我知道同店銷售額對您的潛在成長貢獻很小，但除了幫助我之外，請幫助我們了解您在全球業務有機前景中所嵌入的內容。

Yeah, sure. I'll talk about the consumer for a little bit, and then I'll pass it over to Nancy. I think the trends are largely as we've seen for a long time now. And I mean, like longer than a year, which is -- there's pressure undoubtedly, but it's very modest inside the restaurant vertical itself. I say this because restaurants have come off of really awesome years in the recovery of COVID and a modest single-digit same-store sales compression. I think we anticipated and an anticipated a year before it actually occurred.

是的，當然。我將稍微談論一下消費者，然後將其交給南希。我認為趨勢大體上就像我們長期以來所看到的一樣。我的意思是，時間超過一年，毫無疑問會有壓力，但對於餐廳垂直行業來說，壓力非常小。我之所以這麼說，是因為餐廳在新冠疫情的復甦中度過了非常棒的幾年，同店銷售額也僅出現了個位數的小幅下滑。我認為我們在這件事實際發生前一年就已經預料到了。

So that's been a steady trend, no real meaningful difference from what we would have talked about in other earnings calls. It becomes more moderated as we look around the world because that trend does not exist everywhere, which is encouraging. Hotels are kind of flat, which, again, these are off of pretty awesome travel years. And I think if your Instagram feed looks saying like mine, everyone seems to be traveling Europe these days, which is encouraging for both our hotel business and for the Global Blue business.

所以這是一個穩定的趨勢，與我們在其他收益電話會議上談論的內容沒有真正的有意義的區別。放眼全球，這種趨勢變得更加緩和，因為這種趨勢並不是在所有地方都存在，這是令人鼓舞的。旅館業比較平穩，不過，這還是在經歷了相當精彩的旅遊歲月之後。我想，如果您的 Instagram 動態與我的一樣，那麼最近似乎每個人都在歐洲旅行，這對我們的酒店業務和 Global Blue 業務都是令人鼓舞的。

So I would say consumer trends seem pretty stable. Our base of retail has grown quite a bit with the inclusion of Global Blue. So we'll start to get more insights into that over time. But nothing really surprising.

所以我想說消費趨勢似乎相當穩定。隨著環球藍聯的加入，我們的零售基礎得到了相當大的成長。因此，隨著時間的推移，我們將對此有更多的了解。但其實沒有什麼令人驚訝的。

Nancy, anything you want to add in?

南希，你還有什麼要補充的嗎？

Pretty much will sound more like a repeat, but just signs of overall stable consumer spending trends largely in line with what we saw exiting Q2 2024 -- sorry and in Q1. I would say really since mid last year, we've seen it fairly stable. I know we've given out before kind of a flat to minus 2% on restaurants and a range on hotels of maybe a minus 2% to a plus 2%. And I feel like we're still within that corridor.

這聽起來更像是重複，但只是顯示整體消費者支出趨勢穩定，與我們在 2024 年第二季末（抱歉，是在第一季）看到的情況基本一致。我想說，自去年年中以來，我們已經看到它相當穩定。我知道我們之前對餐廳的折扣是固定到負 2% 左右，對飯店的折扣大概是負 2% 到正 2% 左右。我覺得我們仍然在那條走廊。

So really not much changing. And I think we always comment that we're pretty resilient during uncertain times, but these really haven't -- we haven't seen that uncertainty like we've kind of planned for that range of expectations, and that's what we're still seeing in the current market conditions.

所以實際上沒有太大的變化。我認為我們總是說我們在不確定的時期具有很強的韌性，但實際上並沒有——我們並沒有看到像我們為這種預期範圍所計劃的那樣的不確定性，而這正是我們在當前市場條件下仍然看到的。

Okay. That's good to hear. Just one quick follow-up would be on -- I know Global Blue. The question was someone asked, but I'm really trying to understand a little bit more of -- we understand the opportunity for merchants to utilize Global Blue under your ability to help them realize more consumers are, for example, in need of a bad tax reimbursement. I mean that I don't think they've effectively they could do better.

好的。聽到這個消息真好。我只想快速跟進一下——我知道 Global Blue。有人問了這個問題，但我真的想了解更多——我們了解商家利用環球藍聯 (Global Blue) 的能力來幫助他們意識到更多消費者的需求，例如，需要不良稅收退稅。我的意思是，我認為他們無法做得更好。

So the opportunity to cross-sell seems pretty material from our perspective. I'm just curious what kind of awareness campaigns you anticipate getting out to market? What kind of time frame do you anticipate in merchant base, understanding these opportunities and cross-sell taking hold?

因此，從我們的角度來看，交叉銷售的機會似乎非常重要。我只是好奇您預計會向市場推出什麼樣的宣傳活動？您預期商家基礎、了解這些機會和交叉銷售的實施需要什麼樣的時間框架？

Yeah, it's a great question. And it's really important, I think, whether it's kind of the acquisition of Shift4 from many years ago all the way through to now, we've learned a ton of lessons in this regard. There's a few, what I would call, laws of physics in this strategy. The first is small merchants move a heck of a lot faster than large merchants. That's not just the complexity of the integration. It's that when you have like an owner-operator, single decision-maker, that's the same day decision and like a same week implementation versus an enterprise, which is deciding over quarters and implementing over years.

是的，這是一個很好的問題。我認為，這一點非常重要，無論是多年前收購 Shift4 一直到現在，我們在這方面都學到了很多教訓。這個策略中有一些我稱之為物理定律的東西。首先，小商家的行動速度比大商家快得多。這不僅僅是整合的複雜性。當你擁有一個業主經營者，單一決策者時，那就是同一天做出決定並在同一周實施，而企業則是分幾個季度做出決定並分幾年實施。

So we kind of applied that methodology to our conversion strategy. Now, that's a fine thing because you generally earn higher spreads on smaller merchants than you do on larger merchants. Like again, the merchant is still very valuable. So the first product we intend to introduce is kind of a single all-in-one terminal that makes the life of that merchant a lot easier.

因此我們將這種方法應用到了我們的轉換策略中。現在，這是一件好事，因為您從較小商家賺取的利差通常比從較大商家賺取的利差要高。再說了，商家還是很有價值。因此，我們打算推出的第一款產品是一體化終端，可以讓商家的生活變得更輕鬆。

It's consolidating five or six things on their countertop in that watch boutique or that perfume store in Paris into a single solution that does a lot of what the enterprises have already figured out with that, which is it's identifying at the point of payment that the consumer is eligible for this, and it's walking the sales representative through -- what can be a convoluted process in certain geographies?

它將巴黎鐘錶精品店或香水店櫃檯上的五六件物品整合成一個單一的解決方案，這個解決方案可以完成許多企業已經想出的方法，即在付款時識別消費者是否有資格享受這項服務，並引導銷售代表完成——在某些地區，這可能是一個複雜的過程？

That's why when you go into the likes of a Louis Vuitton in Paris is an incredibly seamless experience and where you go into another store, they might not even be aware that you're eligible for this and prompt you for it. Well, Global Blue has had a ton of success at doing is increasing the rate within which refunds occur in merchants that were already eligible for a very long period of time and the consumer experience is unparalleled.

這就是為什麼當您走進巴黎的路易威登這樣的商店時，您會獲得令人難以置信的無縫體驗，而當您走進另一家商店時，他們甚至可能不知道您有資格享受這種服務並提示您這樣做。嗯，環球藍聯在提高那些已經長期符合資格的商家的退款率方面取得了巨大的成功，消費者的體驗是無與倫比的。

So we intend to kind of bring that enterprise grade consumer experience and sales experience down to as small a merchant as we can inside the Global Blue ecosystem and then are already underway on all the really tough stuff. Tough stuff is integrating to all the retail software that sits behind the counter in a large department store or in the likes of Louis Vuitton for example. Those sales will undoubtedly take more time both to her and to implement, but you get a ton of volume when they come in.

因此，我們打算將企業級的消費者體驗和銷售體驗盡可能地推廣到 Global Blue 生態系統中的小商家，然後開始著手解決所有真正棘手的問題。困難的是將其與大型百貨公司或路易威登等商店櫃檯後面的所有零售軟體進行整合。毫無疑問，這些銷售對她來說和實施起來都需要花費更多的時間，但當它們進來時，你會獲得大量的銷售。

Daniel Perlin, RBC Capital Markets.

丹尼爾‧佩林，加拿大皇家銀行資本市場部。

Sometimes we get more. It's Dan Perlin from RBC everyone. So quick question on Global Blue here again. So $300 million of adjusted revenue contribution in the second half. I'm just trying to kind of reconcile that to an organic number for them, like what the organic growth rate on that base would be really with the idea as that starts to anniversary and obviously, four quarters from now, is it additive to that 20% plus number or kind of helping kind of support the duration of that growth?

有時我們會得到更多。大家好，我是 RBC 的 Dan Perlin。我再次快速詢問 Global Blue。因此下半年的調整後營收貢獻為 3 億美元。我只是試圖將其與他們的有機數字進行協調，例如，在這個基礎上的有機增長率實際上是多少，隨著週年紀念日的開始，顯然，從現在起的四個季度，它是否會增加到 20% 以上的數字，或者在某種程度上有助於支持這種增長的持續時間？

Yeah, sure. So the contribution, quite frankly, is very consistent with the expectations that they had set for the Street as a standalone public business. So it's very consistent in that regard. I think they set mid-teens level expectations over the medium term. This is a continuation of that theme. There is a little bit of currency noise, and I think we have to do a better job of kind of educating you all on this. It is not your traditional European business whereby a depreciated dollar is net positive when you think about results, like a depreciated dollar means less shopping in Europe. And then, it's translated back into US dollar results.

是的，當然。因此，坦白說，這項貢獻與他們對華爾街作為獨立上市公司的期望非常一致。因此從這方面來說，它是非常一致的。我認為他們設定的中期預期是十幾歲的水平。這是主題的延續。存在一些貨幣噪音，我認為我們必須更好地教育大家這一點。這並不是傳統的歐洲業務，美元貶值不會帶來淨收益，因為美元貶值意味著歐洲的購物減少。然後，將其轉換回美元結果。

So there's a little work to kind of explain the currency dynamics inside the business. But in general, the business is performing quite well. We continue to win, and it's very consistent with the trends that they've been expecting as a standalone business.

因此，需要做一些工作來解釋業務內部的貨幣動態。但整體來說，業務表現相當不錯。我們繼續獲勝，這與他們作為獨立企業所預期的趨勢非常一致。

And in large part, we represent it that way because we don't intend to have meaningful synergies in the back half of the year across the business. This was one and I think we set these expectations back in February that we said we want to take time to get the product solution right and get the conversations with customers in the right spot. Timing of the close was somewhat uncertain at the time.

在很大程度上，我們這樣表示是因為我們不打算在今年下半年在整個業務中實現有意義的綜效。這是其中之一，我想我們在二月就設定了這些期望，我們說過我們希望花時間來獲得正確的產品解決方案並在正確的位置與客戶進行對話。當時，關閉的時間有些不確定。

So our product teams and our go-to-market teams are heavy at work, and we hope to surprise you in that regard. But the reported contribution as described here, and we put a bridge in the materials to help people get from what they would traditionally report as numbers to how they manifest themselves in our financials is exactly what they had kind of set forth to the Street as a stand-alone business.

因此，我們的產品團隊和市場推廣團隊正在努力工作，我們希望在這方面帶給您驚喜。但是，正如這裡所描述的報告貢獻，我們在材料中建立了一座橋樑，幫助人們從他們傳統上報告的數字到它們在我們的財務中體現的方式，正是他們作為一家獨立企業向華爾街所闡述的內容。

Okay. No, that's super helpful. And I think it's super helpful as well. Just other one quickly on Global Blue. Understanding the synergies are not to materialize in '25, but obviously starting '26, but just trying to understand the areas or the plan of attack first.

好的。不，這非常有幫助。我認為它也非常有用。只需在 Global Blue 上快速輸入另一個即可。理解協同效應不會在 25 年實現，但顯然要從 26 年開始，但只是先嘗試了解領域或攻擊計畫。

I think you've talked in the past about maybe the DCC product being something that could be attached to a lot of the hotels here domestically, and that might be an area of kind of first attachment. But then also thinking through the SMB book that they have and the opportunities around SkyTab and payments. So just anything to help us think about maybe the order of operations in terms of what you're going to attack first?

我認為您過去曾談到 DCC 產品可能可以與國內的許多酒店連接，這可能是第一個連接領域。但隨後他們也思考了他們擁有的 SMB 書籍以及圍繞 SkyTab 和支付的機會。那麼有什麼可以幫助我們思考操作順序，也就是首先要攻擊什麼嗎？

Yeah. Great question. So it is worth segmenting into kind of the two populations, two large kind of cohorts of products within the Global Blue suite. So the currency conversion product that's already intensely underway from a technical integration standpoint. And that's the ability for us to introduce that product to our own customers where we traditionally have not offered that. That applies both in Europe and to the United States, it takes a little bit longer to implement in the United States. But once that's done, we expect the uptick on that product adoption to be near instantaneous.

是的。好問題。因此，值得將 Global Blue 套件中的產品細分為兩種群體和兩大類產品群。因此，從技術整合的角度來看，貨幣轉換產品的開發已經在緊張進行中。這使我們能夠將該產品介紹給我們自己的客戶，而我們傳統上從未向這些客戶提供過該產品。這適用於歐洲和美國，但在美國實施需要更長的時間。但一旦完成，我們預計該產品採用率的上升將幾乎是瞬間的。

This is something that merchants generally just turn on. It's not a cost for them. In fact, it can be a revenue driver for them. So merchants accept this product. It's not even really a sale as much as it is just turn it on and educate them on how it works so that when the consumers prompted, they understand how to walk them through it. That will happen in a more binary sense, again, giving ourselves the time to get the technical implementation right, but it will be more binary, and we'll introduce that product as part of our standard offering over time.

這是商家通常都會開啟的功能。對他們來說這不是成本。事實上，它可以成為他們的收入來源。所以商家接受這個產品。這實際上不算是一次銷售，而只是打開它並告訴消費者它的工作原理，這樣當消費者收到提示時，他們就明白如何引導他們完成它。這將以更二元的方式發生，再次給我們時間去獲得正確的技術實現，但它將更加二元，並且我們將隨著時間的推移將該產品作為我們標準產品的一部分推出。

The payments cross-sell has more complexity to it. Again, the concept that smaller merchants generally adopt to the cross-sell faster because it's a single decision-maker, we believe to play true. But it's generally kind of a mid '26 level where you're like got a full suite of products in enough countries that you can sell on a reliable basis. Keep in mind, there's payment, I don't want to overcomplicate the situation but there's payment integrations that become more relevant for one market or another. That is really making sure that the software works incredibly well and that transition from payment to that experience is seamless.

支付交叉銷售具有更多的複雜性。再次，我們認為，由於小型商家只有一個決策者，因此他們通常會更快地採用交叉銷售這一概念。但一般來說，它處於 26 世紀中期的水平，在這個水平上，你可以在足夠多的國家擁有全套產品，並且可以可靠地銷售。請記住，有付款，我不想讓情況過於複雜，但付款整合對於一個或另一個市場來說變得更加重要。這確實確保了軟體運作良好，並且從支付到體驗的過渡是無縫的。

We want to get that right, and we don't want to disrupt their core business, which has been winning a lot. So you'll notice the prudence in kind of the integration plan here that is somewhat atypical of acquisitions that we do at Shift4 because we're not trying to break their go-to-market model immediately the way we have with other businesses.

我們希望做好這一點，我們不想破壞他們一直以來成功的核心業務。因此，您會注意到這裡的整合計劃是謹慎的，這與我們在 Shift4 進行的收購有點不同，因為我們不會像對待其他企業那樣試圖立即打破他們的市場進入模式。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great results here. Taylor, maybe a higher little question about kind of the -- how stable coins fit into the merchant acquiring process. Our house view is that there's no disruption whatsoever but interested in your views on how you see kind of stable coin fitting into consumer commerce that would be great.

這裡取得了很好的成果。泰勒，也許有一個更高層次的小問題是關於穩定幣如何融入商家收單流程。我們的觀點是，這不會造成任何干擾，但我們很想知道您如何看待這種穩定的貨幣適合消費商業，這將會很棒。

Yeah, sure. I think it's important to kind of separate two views of our view as a product supplier to our customers and then kind of the longer-term view of what do we think this thing is going to do to the overall economy.

是的，當然。我認為，我們需要區分兩種觀點：一種是作為客戶的產品供應商，另一種是作為長期觀點，即我們認為這件事會對整體經濟產生什麼影響。

To the first point there, we are in the business of helping merchants accept whatever currencies they view as most valuable to them conducting commerce. It's in our earnings materials, we're helping Blue Origin accept cryptocurrency and stable coins for space points. They view that as valuable. We enable that. And we always want to be on the cutting edge of enabling merchants to accept what they think is most relevant.

關於第一點，我們的業務是幫助商家接受任何他們認為對開展商業活動最有價值的貨幣。在我們的收益資料中，我們正在幫助藍色起源接受加密貨幣和穩定幣來兌換太空點數。他們認為這很有價值。我們能夠實現這一點。我們始終希望站在最前沿，幫助商家接受他們認為最相關的資訊。

With regard to the broader applicability of stable coins, I think it has the most applicability in cross-border where consumers in certain countries that have a rapidly inflating currency, might want to hold on to something that's not that currency. And simple plans do provide a mechanism for them to do that in a somewhat efficient way. And to the extent they're holding on to that stuff, merchants, obviously, around the world would like to take that.

關於穩定幣的更廣泛適用性，我認為它在跨國方面具有最大的適用性，因為某些國家的貨幣快速膨脹，消費者可能想要持有一些不是該貨幣的東西。簡單的計劃確實為他們提供了一種以某種有效的方式做到這一點的機制。只要他們保留這些東西，世界各地的商人顯然都會喜歡它們。

So we're in the business of enabling it. I think in larger, more established markets like the United States, I think the value that the traditional card brands offer is almost always misunderstood. There's a heck of a lot of value you get as a user of the Visa network or the American Express network or the MasterCard network that is embedded in some of those costs that you pay. And consumers undoubtedly, over time, have reverted to those methodologies.

因此我們的工作就是要實現這一點。我認為，在像美國這樣更大、更成熟的市場中，傳統信用卡品牌所提供的價值幾乎總是被誤解。作為 Visa 網路、美國運通網路或萬事達卡網路的用戶，您可以獲得許多價值，而這些價值都包含在您支付的部分費用中。毫無疑問，隨著時間的推移，消費者又會恢復到這些方法。

A US consumer using stable clients in the iSpace doesn't get near the value from that transaction that they get in the form of fraud protection and chargeback insurance and rewards and all the other stuff that you get as a traditional card scheme members.

使用 iSpace 中穩定客戶的美國消費者從交易中獲得的價值遠不及傳統信用卡計劃會員獲得的詐欺保護、退款保險、獎勵和所有其他福利。

So hopefully, you get kind of the two sides of the brain there, which is I don't think it's going to disrupt the world in the United States. I think it's got some applicability in other markets. And I think adoption from those other markets will always be under kind of some level of regulatory scrutiny, which will slow progress. With that being said, if merchants see value in it, I want to take it, we're going to enable them as quickly as possible, and I think we've done that.

所以希望你能從兩個方面來考慮問題，我認為它不會擾亂美國的世界。我認為它在其他市場也具有一定的適用性。我認為其他市場的採用將始終受到某種程度的監管審查，這將減緩進展。話雖如此，如果商家認為它有價值，我就願意接受，我們會盡快為他們提供支持，我認為我們已經做到了。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Taylor, it seems like you guys are making a lot of progress on multiple fronts from what I heard from your prepared remarks. I guess when we think about some of the organic growth opportunities over the next 1.5 years, like where do you think you have the most potential for outperformance and where are the biggest risks?

泰勒，從你準備好的發言中我聽到的來看，你們似乎在多個方面取得了很大進展。我想，當我們考慮未來 1.5 年內的一些有機成長機會時，您認為哪些方面最有潛力實現超越，哪些方面風險最大？

So SkyTab is undoubtedly hitting it right. We see that nationally, the adoption is incredible. We also see it in the United States. I think even just go to Twitter and see the number of installs that we're doing or some portion of them every single day. So the SkyTab product and our ability to kind of maintain and grow our position in the restaurant vertical is kind of top of the list from a product initiative standpoint inside the company.

因此，SkyTab 無疑是做出了正確的選擇。我們看到，在全國範圍內，採用率令人難以置信。我們在美國也看到這種情況。我認為，只要登入 Twitter 就能查看我們每天的安裝數量或其中的一部分。因此，從公司內部的產品規劃角度來看，SkyTab 產品以及我們在餐飲垂直領域中保持和提升地位的能力是最重要的。

Once you step away from that, you've got a payment platform that needs to be able to support some of the most complex circumstances in the world. And we find tons of relevance for that every single day, whether it's kind of the enterprise customers that we're signing up or the ability to instantly turn on geographies for some of the customers that are expanding rapidly around the world. That's kind of the two largest focuses of product investment. Obviously, our stadium product benefits from both of those things when we invest in that regard.

一旦你擺脫了這一點，你就擁有了一個需要能夠支援世界上一些最複雜情況的支付平台。我們每天都會發現大量的相關性，無論是我們簽約的企業客戶，還是為一些在全球範圍內迅速擴張的客戶即時打開地理位置的能力。這是產品投資的兩個最大重點。顯然，當我們在這方面進行投資時，我們的體育場產品將從這兩方面受益。

Having kind of a world-class business supporting hotels, restaurants and stadiums is going to have relevance all over the world. And again, we're like, I don't know, nine months into supporting Europe in even a trivial way and we're adding kind of thousands of merchants very quickly as a result of that.

擁有一家支持酒店、餐廳和體育場的世界級企業將在世界各地產生重大影響。再說一次，我不知道，我們已經花了九個月的時間以哪怕是微不足道的方式支持歐洲，並且因此我們很快就增加了數千家商家。

That's the organic business doing its thing. And then what we try to do is supplement that with what we call a foot in the door or a shot on goal through acquisitions where we can inherit customers that have traditionally owned a larger more complicated payment stack and want to work with fewer vendors, but the solution isn't otherwise available. So you'll see that manifest itself in us introducing our traditional payments products to Global Blue customers in a way that integrates what had been a complicated handoff for them in some cases in the past. Same thing with Givex customers, same thing with Revel customers, etc.

這就是有機業務正在做的事情。然後，我們嘗試做的是透過收購來補充這一點，我們稱之為邁出第一步或射門，我們可以繼承傳統上擁有更大更複雜的支付堆疊並希望與更少的供應商合作的客戶，但是解決方案無法透過其他方式獲得。因此，您會看到，當我們向 Global Blue 客戶推出傳統支付產品時，以一種整合過去在某些情況下對他們來說很複雜的交接方式的方式體現了這一點。Givex 客戶也是如此，Revel 客戶也是如此，等等。

So I know I said a lot there, but this is really about taking products that we know have market appetite organically and getting them in as many geographies as we can as quickly as possible. Smartpay is a great example of that. We anticipate transactional close kind of inside of Q4. So I don't want to get ahead of ourselves, but that Smartpay team is going to get an entirely new set of products as a result of being part of the Shift4 franchise. What they offer to customers will look nothing like what they have done in the past. And that is kind of taking both sides of that coin that I mentioned and delivering them all once.

我知道我已經說了很多，但這實際上是為了盡快推出那些我們知道有市場需求的產品，並將它們推廣到盡可能多的地區。Smartpay 就是一個很好的例子。我們預計交易將在第四季內完成。所以我不想超越自己，但作為 Shift4 特許經營的一部分，Smartpay 團隊將會獲得一套全新的產品。他們提供給客戶的產品與過去完全不同。這就是把我提到的硬幣的兩面都拿出來，一次全部呈現出來。

Got it. I'm sorry, I meant to say congratulations to Nancy and Chris. But maybe just a question on sort of the outlook. And Taylor, you mentioned like the most likely case seems in view now. And if you kind of do the math, it just seems like organic growth can get you there after this year.

知道了。對不起，我本來想向南希和克里斯表示祝賀。但也許這只是一個關於前景的問題。泰勒，您提到現在最有可能的情況已經出現。如果你算一下，似乎有機成長就能在今年之後讓你實現這個目標。

I'm just curious like if we think about the M&A pipeline and sort of what you would want to do over the next two years, should we expect that, that's minimal because you're still integrating Global Blue? And then as we think about like the organic growth potential of Global Blue, I think that was asked in many different ways. Like is it equal dilutive to sort of like the core organic growth rate ex Global Blue? I'm just trying to think through the algorithm as we think about the most likely case occurring.

我只是好奇，如果我們考慮併購管道以及您在未來兩年內想要做什麼，我們是否應該預期，這很少，因為您仍在整合 Global Blue？然後，當我們思考 Global Blue 的有機成長潛力時，我認為這是透過許多不同的方式提出的。它是否與 Global Blue 等同的核心有機成長率具有同等的稀釋性？我只是試著透過演算法來思考最有可能發生的情況。

Yeah, sure. So Global Blue will continue to -- and we try to lay this out in our Investor Day materials. The organic contribution of the business without ever adding customers via M&A is quite strong, and that's like what we think is something like mid-teens as we go out like multiple years. So yes, we believe our ability to deliver our core products into new markets is quite strong, and our product positioning inside of these markets is very good.

是的，當然。因此，Global Blue 將繼續——我們將嘗試在投資者日材料中闡述這一點。無需透過併購增加客戶，業務的有機貢獻就相當強勁，就像我們認為的那樣，在過去幾年中，業務的成長速度大約在十幾歲左右。所以是的，我們相信我們將核心產品推向新市場的能力非常強，而且我們在這些市場中的產品定位非常好。

Global Blue adds on an entirely new market for us. So we try to represent that in a somewhat, I think, conservative way, which is that we kind of let investors choose their own adventure, which is Global Blue continues to execute as it is or they slow down and we introduce cross-sell, either way you can get to the same spot. I think neither of those is the likely scenario. I think they continue to execute, and we introduce products, and I think they accelerate beyond what they've traditionally done and what we've laid out in the forecast. That's something that I think when you add their capabilities and talent to our product suite, I think you can get there reasonably easily.

Global Blue 為我們增加了一個全新的市場。因此，我們嘗試以一種我認為比較保守的方式來表達這一點，也就是讓投資者選擇他們自己的冒險方式，即 Global Blue 繼續按原樣執行，或者放慢速度並引入交叉銷售，無論哪種方式，你都可以到達同一個地方。我認為這兩種情況都不可能發生。我認為他們會繼續執行，我們會推出產品，而且我認為他們的速度會超越他們傳統的做法和我們在預測中列出的水平。我認為，當你將他們的能力和才能添加到我們的產品套件中時，你可以相當輕鬆地實現這一目標。

The whole point of the most likely scenario is we intend to reinvest our capital into ways to improve, whether it's our market positioning or our go-to-market pipeline. And I feel really strongly about this, and I know it's somewhat controversial, what the Vectron sales team gave us in Germany is a massive accelerant into that market versus going it alone. We believe the Smartpay team can do that for us as just another example in Australia.

最有可能的情況是，我們打算將資本重新投資於改進的方法，無論是我們的市場定位還是我們的市場進入管道。我對此深有感觸，而且我知道這多少有些爭議，但 Vectron 銷售團隊在德國為我們提供的幫助，對於我們進入該市場而言，是一個巨大的推動力，而不是我們單打獨鬥。我們相信 Smartpay 團隊可以為我們做到這一點，這只是澳洲的另一個例子。

And that's like two countries in a really, really big world. So we hope that through thoughtful capital allocation, we can accelerate the introduction of our products in these markets, and we intend to do that. And I would say, after just a very, very short period of people thinking about Global Blue and Shift4 as a combined entity and now in 50 more countries than we were before, that's manifesting itself. I mean, the number of opportunities we have to get established sales organizations and bring them in and power them with product is enormous.

這就像是一個非常非常大的世界裡的兩個國家。因此，我們希望透過深思熟慮的資本配置，能夠加速我們的產品在這些市場的推出，我們也打算這樣做。我想說的是，在人們考慮將 Global Blue 和 Shift4 合併為一個實體之後的很短一段時間內，我們的業務範圍已經比以前增加了 50 個國家，這一點已經顯現出來了。我的意思是，我們擁有大量的機會來建立銷售組織、引入它們並為其提供產品支援。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Congratulations to Nancy and Chris. Could you give us an update on how travel trends are impacting Global Blue? So the last monthly update we got from Global Blue showed a significant slowdown in sales and store growth. Has that recovered this summer? And what are you seeing so far in the third quarter?

祝賀南希和克里斯。您能否向我們介紹旅遊趨勢對環球藍聯 (Global Blue) 的影響？因此，我們從環球藍聯獲得的最新月度更新顯示，銷售額和門市成長明顯放緩。今年夏天恢復了嗎？到目前為止，您對第三季有何看法？

Yeah, sure. So it has certainly moderated. And by that, I mean that, that slowdown is not pulling itself through all the summer months. But what I think is important is there are currency cars that matter a lot when you're thinking about that business. The two largest are the US dollar versus the euro. And then secondarily, Chinese currency versus neighboring countries, whether that's the yen or the euro as well. All this to say, and I'm sorry to pull people back into like -- into the 301 level courses in college, but lower value of a shopper's home currency when they're traveling means that they spend less.

是的，當然。因此，它肯定已經緩和了。我的意思是，這種放緩不會在整個夏季自行消退。但我認為重要的是，當你考慮這項業務時，貨幣汽車非常重要。最大的兩種貨幣是美元兌歐元。其次，人民幣與鄰國貨幣（無論是日圓或歐元）的匯率也一樣。總而言之，我很抱歉讓人們回到大學的 301 級課程中，但購物者在旅行時本國貨幣價值較低意味著他們的支出較少。

When they travel -- and we saw that, by the way, in the form of US dollar and the Chinese currency being depreciated in the wake of tax. Now, that has moderated, which is good. You also picked up a busier travel season in general. And I think the fear of tariffs in the consumer has moderated as well as we started to see the whole saga play out. All that's encouraging.

當他們旅行時——順便說一句，我們看到美元和人民幣在稅收之後貶值。現在，這種情況已經緩和了，這是好事。整體而言，今年的旅遊旺季也較為繁忙。我認為，隨著我們開始看到整個事件的進展，消費者對關稅的擔憂也減輕。這一切都令人鼓舞。

And then there's the very simple manifestation of their reported results, which are pretty euro-denominated being translated back into dollars, which we get a little bit of a tailwind with. All this to say, a lot of currency noise is somewhat ballasted inside the business, but we do pay attention to the US shopper and the Chinese shopper and how much they're spending on a regular basis.

然後就是他們報告結果的非常簡單的表現，這些結果以歐元計價，然後被轉換回美元，這給我們帶來了一點順風。總而言之，許多貨幣噪音在行業內部得到了一定程度的抑制，但我們確實關注美國購物者和中國購物者以及他們每天的消費金額。

It's very helpful. And then one follow-up. So agentic commerce is sort to be a very hot topic right now in fintech. Given the use cases for travel bookings and hotels, are you actively investing in technology or partnerships to explore opportunities in agent commerce? And can you talk about what you think are the implications for the industry?

這非常有幫助。然後進行一次跟進。因此，代理商務目前是金融科技領域的一個非常熱門的話題。考慮到旅行預訂和酒店的用例，您是否積極投資技術或合作夥伴關係以探索代理商務的機會？您能談談您認為這對該行業有何影響嗎？

Yeah, sure. I would say, it's not dissimilar from the stablecoin question, which is we view it as a strategic imperative to pay attention to where things are going. And we do think agentic commerce has the ability to cause some leapfrogs and evolution, basically, a company that kind of creates the right solution will be far ahead of market incumbents as a result of kind of the breakthroughs in technology.

是的，當然。我想說，這與穩定幣問題並沒有什麼不同，我們認為關注事態發展是一項戰略要務。我們確實認為代理商務有能力帶來一些跨越式發展和演變，基本上，由於技術的突破，一家創造出正確解決方案的公司將遠遠領先於市場現有企業。

With that being said, the travel industry has a lot of established rails that get relied on for this stuff. And we think we're a natural beneficiary of that. And by the way, yes, we will invest in these technologies and spend a lot of time doing them. And we will apply the same algorithm we always apply, which is do we build, do we buy, do we partner when we've seen a disruptive scenario in the marketplace.

話雖如此，旅遊業已經有很多成熟的管道可以依靠來處理這些事情。我們認為我們是這一進程的自然受益者。順便說一句，是的，我們將投資這些技術並投入大量時間。我們將應用我們一直使用的相同演算法，即當我們看到市場上出現顛覆性的情況時，我們是否建構、是否購買、是否合作。

So it's too early to tell for sure. It's not something we're ignoring, and it's something obviously we're hearing as much of from everyone else. But in general, your average hotel does not want to change its entire tech stack to take advantage of these, and they certainly don't want a separate deposit and a separate point of reconciliation. So we'll have relevancy in that kind of regardless of the technologies that emerge.

所以現在下結論還太早。我們並沒有忽視這一點，而且顯然我們也從其他人那裡聽到了很多這樣的事。但一般來說，普通飯店並不想改變其整個技術堆疊來利用這些技術，而且他們當然也不想要單獨的押金和單獨的對帳點。因此，無論出現什麼技術，我們都會關注這一點。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

And I'll add my congrats to Nancy and Chris, look forward to working with you and Nancy, we'll miss you for sure. I'll leave you with to Nancy here. So first, gross margins I think down about 150 basis points year-to-date, they were down last year. How much of that is driven by acquisitions? And how should we think about gross margins kind of in the balance of the year, especially once we add in Global Blue?

我也要向南希和克里斯表示祝賀，期待與你們和南希合作，我們一定會想念你們。我就把你交給這裡的南希吧。首先，我認為今年迄今的毛利率下降了約 150 個基點，去年同期的毛利率也下降了。其中有多少是由收購推動的？那麼，我們該如何考慮今年的毛利率呢，尤其是當我們加入了 Global Blue 之後？

Yeah. So from a trending perspective, you should expect them to look similar to how they look now, plus or minus. So I think using Q2 trends for the remainder of the year will kind of work from a modeling perspective. And I would just say, I know consensus a lot of times has gross margin calculated differently than we look at it internally because we take the EUL amortization against gross margin, then I would highlight that there will be some purchase accounting implications and amortization into that line from Global Blue as well. So I would just say, if you consider those items, and trend based on what we're seeing this quarter, that should get you both.

是的。因此，從趨勢的角度來看，您應該期望它們看起來與現在的樣子相似，或多或少。因此，我認為從建模的角度來看，使用今年剩餘時間的第二季趨勢是可行的。我想說的是，我知道很多時候大家對毛利率的計算方式與我們內部計算的方式不同，因為我們將 EUL 攤銷與毛利率進行比較，然後我想強調的是，Global Blue 的購買會計影響和攤銷也會影響到這條線。所以我只想說，如果你考慮這些項目，並根據我們本季看到的趨勢，那麼你應該能從中獲益。

Okay. And then as we head into '26, I know you reiterated the 50% free cash flow conversion this year, but now the Global Blue is closed. Maybe help us think about the puts and takes to free cash flow conversion as we get to next year, I think you have higher cash taxes potentially. Just the puts and takes there would be helpful.

好的。當我們進入 26 年時，我知道您重申了今年 50% 的自由現金流轉換，但現在 Global Blue 關閉了。也許可以幫助我們思考明年自由現金流轉換的利弊，我認為您可能會有更高的現金稅。只需進行放置和取用即可提供協助。

Yeah. So a couple of things, but I would say -- I would caveat that to say that when we come out for '26 guide. Well, I won't be here. I will make sure Chris takes care of you guys this way, that we'll have to give you some more guidance on cash flow because the free cash flow at Global Blue is very seasonal. So what we'll see in the back half versus what we'll see the first two quarters next year, there definitely is some real seasonality trends in the way their cash moves.

是的。所以有幾件事，但我想說——當我們推出 '26 指南時，我會提出警告。嗯，我不會在這裡。我會確保克里斯以這種方式照顧你們，我們必須為你們提供更多有關現金流的指導，因為環球藍聯的自由現金流具有很強的季節性。因此，與明年前兩個季度相比，我們將在下半年看到，他們的現金流方式肯定存在一些真正的季節性趨勢。

So I don't want to get ahead of it right now, but I would just place hold that and probably go back to their prior public remarks to just take a look at their seasonality. And we'll think through how we'll guide that when we come back out for 2026. So they're great cash flow generator, but they have more lumpiness to theirs than we do. And of course, I will point you guys back to my prepared remarks on cash interest, just to make sure we pick that up from the recent debt raise and for sure in cash taxes, just consistent with what we've guided, those moving up slightly just from income generation, if something else.

所以我現在不想提前討論，但我只是想保留這一點，然後回顧他們之前的公開言論，看看他們的季節性。當我們重返 2026 年時，我們會仔細考慮如何引導這一點。因此，他們是偉大的現金流創造者，但他們的不穩定性比我們更大。當然，我會讓大家回顧我準備好的關於現金利息的評論，只是為了確保我們從最近的債務增加中吸收這一點，並確保現金稅與我們的指導一致，這些只是從收入產生中略有上升，如果有其他的話。

So I know there's a lot of pieces there, and we'll make sure Tom and Paloma are armed to take you guys through it but absolutely, we'll be back on that for '26 guide.

所以我知道那裡有很多東西，我們會確保湯姆和帕洛瑪有能力帶領你們完成它，但絕對的，我們會回到 '26 指南上。

At this time, we've reached the end of our question-and-answer session. I'll hand the floor back to management for closing remarks.

至此，我們的問答環節已經結束。我將把發言權交還給管理階層，請他們做最後發言。

That's it. We've got a long day of call back. So we look forward to speaking to you all then. And thanks very much for joining the call.

就是這樣。我們有一整天的時間來回電。因此，我們期待與大家交談。非常感謝您參加此次電話會議。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。