Shift4 Payments Inc (FOUR) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Shift4 Q3 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加Shift4 2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

On today's call, we have Taylor Lauber, CEO; and Christopher N. Cruz, CFO. It is now my pleasure to introduce your host, Tom McCrohan, Head of Investor Relations. Thank you, Tom. You may begin.

今天的電話會議上，我們有執行長泰勒·勞伯；以及克里斯托弗·N。克魯茲，財務長。現在，我很高興向大家介紹主持人，投資者關係主管湯姆·麥克羅漢。謝謝你，湯姆。你可以開始了。

Thank you, operator, and good morning, everyone, and welcome to Shift4's third quarter 2025 earnings conference call. With me on the call today are Taylor Lauber, our CEO; and Chris Cruz, our Chief Financial Officer.

謝謝接線員，大家早安，歡迎參加Shift4 2025年第三季財報電話會議。今天和我一起參加電話會議的有我們的執行長泰勒·勞伯和我們的財務長克里斯·克魯茲。

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, which can be accessed through our corporate X account at Shift4.

本次電話會議將透過我們網站的投資者關係頁面進行網路直播，網址為 investors.shift4.com。今天的電話會議也將在 X Spaces 上同步直播，您可以透過我們在 Shift4 的企業 X 帳戶存取 X Spaces。

Our quarterly shareholder letter, quarterly financial results and other materials related to our quarterly results have all been posted to our IR website. Our call and earnings materials today include forward-looking statements.

我們的季度股東信、季度財務業績以及其他與季度業績相關的資料均已發佈在我們的投資者關係網站上。我們今天的電話會議和收益報告資料中包含前瞻性陳述。

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.

這些聲明並非對未來績效的保證，由於某些風險、不確定性和許多重要因素，我們的實際結果可能與這些聲明有重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表格和 10-Q 表格報告，您可以在美國證券交易委員會網站和我們公司網站的投資者關係部分找到這些報告。

For any non-GAAP financial information discussed on this call, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter. With that, let me turn the call over to Taylor. Taylor?

對於本次電話會議中討論的任何非GAAP財務信息，相關的GAAP指標和調節表可在今天的季度股東信中找到。那麼，現在讓我把電話交給泰勒。泰勒？

Good morning, everyone. Thanks for joining the call. Starting with our quarterly performance, we delivered results in line with our Q3 guidance. Gross revenue less network fees were $589 million, and adjusted EBITDA was $292 million. Each of these was up 61% and 56%, respectively.

各位早安。感謝您參加通話。首先來看我們的季度業績，我們實現了與第三季預期相符的業績。扣除網路費用後的總收入為 5.89 億美元，調整後的 EBITDA 為 2.92 億美元。這兩項分別上漲了 61% 和 56%。

When excluding the impact of Global Blue, gross revenue less network fees grew 19% year-over-year. You will find in our shareholder letter that we also highlight the organic growth of the business, that is to say excluding the impact of recent M&A. Chris will go into more detail here, but that growth was 18% year-over-year.

剔除 Global Blue 的影響後，總收入減去網路費用年增 19%。在我們的股東信中，您會發現我們也重點介紹了業務的內生成長，也就是說，不包括近期併購的影響。Chris 將會在這裡詳細介紹，但該成長率為 18%（年成長）。

Volumes were in line with our expectations at roughly $55 billion. Each of these growth scenarios can be compared with the medium-term guidance we set forth in our Investor Day in February, and we've also done so in our shareholder letter.

成交量與我們的預期相符，約 550 億美元。這些成長情景可以與我們在 2 月份投資者日上提出的中期指導方針進行比較，我們也在致股東信中進行了比較。

You will note that the high teens sit on our hands case compares favorably with 19% delivered in this quarter, while the inclusion of Global Blue obviously brings things notably higher. Furthermore, we continue to find attractive capital allocation opportunities, which supports our most likely case of 30%plus gross revenue less network fee growth over the medium term. Chris will walk you through our adjusted free cash flow, but while early, we're also feeling ahead of pace for our $1 billion target.

你會注意到，我們手中的十幾隻股票的成交量與本季交付的 19% 相比，表現相當不錯，而 Global Blue 的加入顯然使情況明顯更高。此外，我們不斷發現有吸引力的資本配置機會，這支持了我們最有可能的預測，即中期內總收入（扣除網路費用後）增加 30% 以上。Chris 將帶您了解我們調整後的自由現金流，雖然現在還處於早期階段，但我們感覺距離 10 億美元的目標還有一段距離。

Some notable puts and takes in the quarter. Our blended spreads on payment volume were stable at 62 basis points, and we expect them to remain so through the end of the year. Tax-free shopping had some tough comparables, particularly in Asia as a result of a particularly weak Japanese yen last summer.

本季一些值得關注的買賣交易。我們的支付量綜合利差穩定在 62 個基點，我們預計到年底將維持這一水準。免稅購物面臨一些嚴峻的比較形勢，尤其是在亞洲，因為去年夏天日圓特別疲軟。

Sales in store were negative 11% in Asia during Q3, but recovered throughout the quarter and were positive in October. Separately, in the US, the last two weeks of September and the subsequent weeks of October presented more same-store sales volatility than we've seen in prior periods.

第三季亞洲門市銷售額下降了 11%，但整個季度都在回升，10 月實現了正成長。另外，在美國，9 月最後兩週和 10 月隨後幾週的同店銷售波動比以往任何時期都更大。

While not consistent across verticals, same-store sales have generally skewed negative to our expectations. To put a finer point on it, we saw same-store sales, whether that be restaurants or hospitality, range from positive 1% to negative 4% with meaningful volatility week to week.

雖然各垂直領域的情況不盡相同，但同店銷售額整體低於我們的預期。更確切地說，我們看到同店銷售額（無論是餐飲還是旅館業）在正1%到負4%之間波動，每週波動幅度較大。

While not immune from the broader economy, our deliberate and balanced transformation over the past several years does mean we are more diversified and scale, both geographically and by industry than at any point in our history. We also continue to add lots of high-quality customers, as I mentioned above.

雖然我們無法免受整體經濟的影響，但我們在過去幾年中經過深思熟慮和平衡的轉型，這意味著我們在地域和行業方面都比歷史上任何時期都更加多元化和規模化。正如我上面提到的，我們也不斷增加大量優質客戶。

And we continue to complement our growth with massive payments cross-sell funnel, which becomes increasingly attractive during times of economic uncertainty. The competitive landscape has been a topic of serious debate among investors throughout the last few months.

我們繼續透過大規模支付交叉銷售管道來補充我們的成長，這在經濟不確定時期變得越來越有吸引力。在過去的幾個月裡，競爭格局一直是投資人熱議的話題。

While I can imagine it's tricky to aggregate all of the various data, we would like to reiterate that the competitive landscape from our perspective has been unchanged for quite some time. We are the number one in hotels in the US. We are the number one in stadiums, and we are the number two in restaurants but with a large TAM and a clear differentiation in both our strategy and product focus.

雖然我能想像到匯總所有各種數據很棘手，但我們想重申，從我們的角度來看，競爭格局在相當長的時間內都沒有改變。我們是美國排名第一的酒店。我們在體育場館領域排名第一，在餐飲領域排名第二，但我們擁有龐大的潛在市場，並且在策略和產品重點方面都有明顯的差異化優勢。

We are only just beginning to bring these products all over the world where there isn't a clear market leader for any of these verticals. Global Blue also puts us as an undisputed category leader in luxury retail global. And with regard to Global Blue, this is our first quarter since closing the transaction in early July.

我們才剛開始將這些產品引入世界各地，因為在這些垂直領域，目前還沒有明顯的市場領導者。Global Blue 也使我們成為全球奢侈品零售領域無可爭議的行業領導者。至於 Global Blue，這是我們自 7 月初完成交易以來的第一個季度。

This business brings both an industry-leading product for luxury retail and also an extensive two-sided network consisting of the best luxury brands around the globe and the high net worth shoppers that frequent them.

這家公司既為奢侈品零售業帶來了行業領先的產品，又建立了一個廣泛的雙邊網絡，該網絡由全球最好的奢侈品牌和經常光顧這些品牌的高淨值購物者組成。

They are also deeply embedded in the commerce experience at the store, presenting natural synergies for payments. Sales in store at Global Blue were 5% above the prior year, with Europe growing 13%, and Asia being negative 11% for the reasons that I mentioned earlier.

它們也深深融入商店的商業體驗中，為支付提供了天然的協同效應。Global Blue 的門市銷售額比前一年增長了 5%，其中歐洲增長了 13%，而亞洲由於我之前提到的原因下降了 11%。

We're reasonably happy with these results considering the negative impact currency has played throughout the year. These results are also before any synergies from business combination. You will find the detailed summary of Global Blue's performance in our shareholder letter.

考慮到貨幣對全年造成的負面影響，我們對這些結果還算滿意。這些結果還未計入企業合併帶來的綜效。您可以在我們的股東信中找到 Global Blue 業績的詳細總結。

And from an integration perspective, we are on track with previously discussed plants. Our 3-in-1 payment terminal for payments, currency conversion and VAT refund eligibility detection is in beta. We also highlighted several Australian hotel payment wins in our shareholder letter distributed this morning. Of note, all the hotels mentioned are owned by Accor, the largest hotel operator in Australia and New Zealand and also a very large hotel operator globally.

從整合的角度來看，我們正按計劃推進之前討論過的工廠建設。我們的三合一支付終端，集支付、貨幣轉換和增值稅退稅資格檢測於一體，目前處於測試階段。我們在今天早上分發的股東信中也重點介紹了我們在澳洲酒店付款方面取得的幾項成功。值得注意的是，文中提到的所有飯店都隸屬於雅高集團，雅高集團是澳洲和紐西蘭最大的飯店營運商，也是全球最大的飯店業者之一。

The Australian hotel wins represent an early proof point to our strategy to take our industry-leading products into new geographies and markets around the world is working. In restaurants, we're proud to welcome Nobu, but also signed thousands of other restaurants this quarter across Canada, the UK, Ireland and Germany and with our international production improving to over 1,300 merchants signed each month.

澳洲飯店的成功合作初步證明了我們把業界領先的產品推向世界各地新地區和市場的策略是行之有效的。在餐飲方面，我們很榮幸迎來 Nobu，但本季我們也與加拿大、英國、愛爾蘭和德國的數千家其他餐廳簽約，我們的國際業務也不斷拓展，每月簽約商戶超過 1300 家。

In hospitality, we won Hyatt Vacation Club and will power payments for their over 20 resort properties around the globe. In Sports and Entertainment, we signed the Cincinnati Bengals, Clemson University, North Carolina, State Rocket University and Syracuse University, that one was for you, Jordan.

在酒店業，我們贏得了凱悅度假俱樂部，並將為其在全球的 20 多家度假酒店提供支付服務。在運動娛樂方面，我們與辛辛那提猛虎隊、克萊姆森大學、北卡羅來納州立大學和雪城大學簽約，那份合約是專門為你準備的，喬丹。

Lastly, we'd like to point out the opportunities that can seem unique, but are a function of the platform effect of constantly adding integrations relevant for our other customers. To that end, we signed Hertz and will power payments across 60 of Hertz rental car locations.

最後，我們想指出一些看似獨特的機會，但實際上是平台效應的結果，即不斷添加與我們的其它客戶相關的整合。為此，我們與 Hertz 簽署了協議，並將為 Hertz 租車公司的 60 家門市提供支付服務。

Our presence in non-profits continues to grow as well, evidenced by the dozens of non-profits attracted to our platform each quarter as well as the and off-ramp services for many crypto and Stablecoin platforms such as Stellar and Plasma.

我們在非營利組織中的影響力也在不斷增長，每個季度都有數十家非營利組織加入我們的平台，此外，我們還為許多加密貨幣和穩定幣平台（如 Stellar 和 Plasma）提供提現和退出服務，這都證明了這一點。

As has been the case each quarter, these are just a few of what we've highlighted in our materials, even a smaller fraction of what we've actually onboarded. We are delivering these impressive wins while relentlessly streamlining our operations.

就像每個季度一樣，這些只是我們在宣傳材料中重點介紹的一小部分內容，甚至只是我們實際引入內容的一小部分。我們在不斷精簡營運的同時，也取得了這些令人矚目的成就。

And in that regard, as many of you know, we take the leading the parts very seriously in our M&A and integration approach. We made multiple small divestitures, most notably acardo, which is a couponing business owned by Vectron for $34 million.

在這方面，正如你們許多人所知，我們在併購和整合方法中非常重視領導部分。我們進行了多次小規模資產剝離，其中最引人注目的是以 3400 萬美元的價格從 Vectron 手中收購了優惠券業務 acardo。

These sales remove non-core business lines and help keep our laser focus on revenue synergy opportunities. We also closed Smartpay this week. As previously mentioned, this provides us with an existing and proven distribution channel to sign restaurants, hotels and stadiums in Australia and New Zealand. By equipping a proven team with industry-leading products like we have, we can be highly confident in the success of their go-to-market.

這些出售行動剔除了非核心業務線，有助於我們始終專注於提升收入綜效的機會。本週我們也關閉了Smartpay服務。如前所述，這為我們提供了一個現有的、經過驗證的分銷管道，可以與澳洲和紐西蘭的餐廳、飯店和體育場館簽約。透過為一支經驗豐富的團隊配備我們這樣行業領先的產品，我們對他們成功推向市場充滿信心。

The combination of these two events are roughly neutral, meaning the divestitures and the acquisition of Smartpay and their contribution to the remainder of the year, but both were important operational milestones.

這兩件事加在一起大致是中性的，也就是說，資產剝離和收購 Smartpay 對今年剩餘時間的影響不大，但兩者都是重要的營運里程碑。

Lastly, we agreed to acquire Bambora, otherwise known as Worldline North America. While I'm sure many of you would like to see us slow down, the opportunity presented by a $90 billion payment gateway was something we would not ignore.

最後，我們同意收購 Bambora，也就是 Worldline North America。雖然我相信你們中的許多人都希望我們放慢腳步，但價值 900 億美元的支付網關所帶來的機會是我們不會忽視的。

A core competency of our business and team is to constantly seek out interesting technologies, great customers and excellent talent. Those of you who know our track record of executing on gateway conversions and other synergies can appreciate why this makes so much sense.

我們公司和團隊的核心競爭力在於不斷尋找有趣的技術、優秀的客戶和傑出的人才。了解我們在網關轉換率和其他協同效應方面執行記錄的人，就能明白為什麼這樣做如此有意義。

We expect that transaction to close in Q1 of '26 and are encouraged by our pipeline of opportunities. I wouldn't be able to discuss capital allocation without the notable dislocation in our own valuation despite the continued performance and numerous opportunities we see ahead.

我們預計該交易將於 2026 年第一季完成，並且我們對目前的發展機會感到鼓舞。儘管我們業績持續成長，並且看到了許多未來機遇，但如果不考慮我們自身估值的顯著偏差，我就無法討論資本配置問題。

In short, our own equity is one of the more attractive opportunities we see. And with expanding cash flows and accelerated deleveraging, we simply can't ignore it. To that end, our Board has authorized the new $1 billion stock repurchase program, which is the largest in our history. We will be implementing a plan to purchase at what we view as highly attractive levels right away.

簡而言之，我們自身的股權是我們認為最具吸引力的投資機會之一。隨著現金流的增加和去槓桿化的加速，我們絕不能忽視它。為此，董事會已批准新的 10 億美元股票回購計劃，這是我們歷史上最大的股票回購計劃。我們將立即實施一項計劃，以我們認為極具吸引力的價格進行收購。

And with that, I'll turn it over to Chris for his first earnings call. Welcome aboard.

接下來，我將把麥克風交給克里斯，讓他進行他的第一次財報電話會議。歡迎登船。

Thank you, Taylor. We delivered another quarter of consistent results that set new third quarter records across all of our key performance indicators. Volume grew 26% year-over-year to $55 billion. Gross revenue less network fees grew 61% to $589 million. Adjusted EBITDA grew 56% to $292 million, and our adjusted free cash flow conversion was 48%, resulting in $141 million of adjusted free cash flow.

謝謝你，泰勒。我們又一個季度取得了穩定的業績，所有關鍵績效指標都創下第三季新紀錄。交易量年增 26%，達到 550 億美元。扣除網路費用後的總收入成長了 61%，達到 5.89 億美元。調整後 EBITDA 成長 56% 至 2.92 億美元，調整後自由現金流轉換率為 48%，產生 1.41 億美元的調整後自由現金流。

Our Q3 adjusted EBITDA margins continued to deliver in line with our expectations of approximately 50% in spite of the continued expansion investments we are making to become the most diversified and scaled that the business has ever been in its history.

儘管我們不斷進行擴張投資，力求成為公司歷史上規模最大、最多元化的企業，但我們第三季調整後的 EBITDA 利潤率仍然符合我們約 50% 的預期。

Double-clicking on our revenue categories, our Q3 blended net spreads remained stable at 62 basis points, and we continue to expect full year spreads to be stronger than the 60 basis points previously communicated.

雙擊我們的收入類別，第三季綜合淨利差保持穩定在 62 個基點，我們繼續預計全年利差將強於先前公佈的 60 個基點。

This stability extends across our verticals of restaurants, hospitality and unified commerce. Subscription and other revenue was $119 million in Q3, up 16% compared to the same period last year. The growth continues to come from our market-leading vertical software solutions.

這種穩定性體現在我們各個垂直領域，包括餐飲、飯店和統一商務。第三季訂閱及其他營收為 1.19 億美元，比去年同期成長 16%。成長持續得益於我們市場領先的垂直行業軟體解決方案。

However, as solid as this growth continues to be, we remain focused on deleting the parts and deprecating legacy revenue streams from acquired companies in favor of what we believe to be higher quality of revenue. This dedication to strategy will continue to influence year-over-year growth rates.

然而，儘管這種成長勢頭依然強勁，我們仍然專注於剝離收購公司的部分業務並降低其傳統收入來源，轉而追求我們認為更高品質的收入。這種對策略的重視將繼續影響年度成長率。

As Taylor mentioned in his remarks about the medium-term guidance update, Q3 organic growth for gross revenue less network fees was 18%. Organic year-over-year growth of 18% compares the performance of the base business by removing newly acquired revenue from both the Q3 2024 period and the Q3 2025 period.

正如泰勒在關於中期業績指引更新的演講中提到的那樣，第三季扣除網路費用後的總收入有機成長率為 18%。有機年成長 18% 是透過剔除 2024 年第三季和 2025 年第三季新收購的收入，來比較基礎業務的績效。

It's also worth noting that these disclosures related to updates about our medium-term guidance would have been done next quarter at year-end. But based on recent industry events, we wanted to be proactive about pulling forward these disclosures, including that of organic growth for you all.

值得注意的是，這些與我們中期業績指引更新相關的揭露原本應該在下個季度末進行。但根據最近的行業事件，我們希望主動提前披露這些信息，包括有機增長方面的信息，供大家參考。

Since the third quarter of 2022, we have grown gross revenue less network fees by 3x, expanded adjusted EBITDA margins by 600 basis points, and achieved the balanced transformation of becoming a more diversified and globally scaled provider of software integrated payments.

自 2022 年第三季以來，我們的總收入（扣除網路費用後）成長了 3 倍，調整後的 EBITDA 利潤率提高了 600 個基點，實現了從一家更加多元化、全球規模化的軟體整合支付提供商到一家更加多元化、全球規模化的供應商的平衡轉型。

Through continued execution on cross-sell value creation and our delete the parts approach, we expect to maintain disciplined focus on margins and benefit from the operating leverage in our business. An example of the Shift4 playbook at work is the deleting of legacy parts through divestitures.

透過持續推動交叉銷售價值創造和我們的「剔除零件」策略，我們期望保持對利潤率的嚴格關注，並從我們業務的營運槓桿中受益。Shift4 策略的一個例子是透過資產剝離來刪除遺留部分。

Additionally, and although early, we are encouraged by the potential of AI applications to enhance our operating leverage across operations and product development while enhancing our own ability to drive decisions informed by our large data assets.

此外，儘管還處於早期階段，但我們對人工智慧應用在提升我們在營運和產品開發方面的營運槓桿作用，以及增強我們利用龐大數據資產做出決策的能力方面所展現出的潛力感到鼓舞。

As it relates to Global Blue, we wanted to provide a more clear breakout this quarter given its new inclusion in results. Global Blue contributed $156 million to gross revenue less network fees, and $68 million to EBITDA, which were in line with our overall expectations despite headwinds faced by the business in the Asia Pacific market.

關於 Global Blue，鑑於其業務已納入本季業績分析，我們希望提供更清晰的細分數據。儘管亞太市場面臨不利因素，但環球藍聯貢獻了 1.56 億美元的總收入（扣除網路費用後）和 6,800 萬美元的 EBITDA，這符合我們的整體預期。

Additionally, the subcomponents of Global Blue, consisting of: one, tax-free shopping, acquiring and dynamic currency conversion will be reported within payments-based revenue, while the post-purchase solutions subcomponent will be reported in subscription and other.

此外，Global Blue 的子元件包括：免稅購物、收單和動態貨幣轉換，將在基於支付的收入中報告；而售後解決方案子元件將在訂閱和其他收入中報告。

As you can appreciate, we expect these breakouts to be less relevant over time as we cross-sell products to customers and bring on customers using multiple products. Our adjusted free cash flow in the quarter was a record $141 million, which modestly exceeded our expectations given our third quarter, along with our first quarter, are the higher cash interest expense periods in the year.

正如您所理解的，隨著我們向客戶交叉銷售產品並吸引使用多種產品的客戶，我們預計這些分階段銷售的相關性會隨著時間的推移而降低。本季調整後的自由現金流達到創紀錄的 1.41 億美元，略微超出預期，因為第三季和第一季是一年中現金利息支出較高的時期。

As you get to know me more, it should come as no surprise that I believe that the ultimate measure of business durability is compounding growth in free cash flow per share. So I'm particularly enthused by the progress of this metric, especially as a jumping off point towards our medium-term guidance goal of exiting 2027 with $1 billion of run rate adjusted free cash flow.

隨著你對我了解的加深，你應該不會感到驚訝，我認為衡量企業持久性的最終標準是每股自由現金流的複合成長。因此，我對這項指標的進展感到特別振奮，尤其是作為我們實現中期指導目標（即到 2027 年底實現 10 億美元的年度調整後自由現金流）的起點。

GAAP net income for the third quarter was approximately $33 million, resulting in diluted EPS of $0.17 per share. Non-GAAP net income for the quarter was approximately $148 million, resulting in a non-GAAP EPS of $1.47 per share.

第三季 GAAP 淨收入約 3,300 萬美元，稀釋後每股收益為 0.17 美元。本季非GAAP淨收入約1.48億美元，非GAAP每股收益為1.47美元。

Note that the latter EPS metric uses our non-GAAP share count of 100.7 million shares, which increases share count by 10 million shares to treat the mandatory convertible preferred on an as-converted basis. On debt capital structure, we are in the enviable position of being efficiently tranched with all debt trading above par, resulting in access to attractive cost of capital in multiple deep markets.

請注意，後一個 EPS 指標使用我們的非 GAAP 股份數量 1.007 億股，這增加了 1000 萬股股份，以便按轉換後的基礎處理強制性可轉換優先股。在債務資本結構方面，我們處於令人羨慕的位置，債務被有效地分層，所有債務的交易價格都高於面值，從而能夠在多個深度市場獲得有吸引力的資本成本。

As of Q3, our net leverage pro forma for the full year effect of Global Blue was 3.2 times, with notable deleveraging achieved quarter-over-quarter that resulted in our newly issued term loan already stepping down by 25 basis points of cost.

截至第三季度，考慮到 Global Blue 的全年影響，我們的淨槓桿率為 3.2 倍，並且每個季度都實現了顯著的去槓桿化，導致我們新發行的定期貸款成本下降了 25 個基點。

I will take this opportunity to make clear that our leverage guidance remains unchanged with a view that the business should not seek -- should not exceed 3.75 times net leverage on a sustained basis. With the company's current share repurchase authorization coming up for expiration at year-end, the Board has authorized a new share repurchase program of $1 billion through year-end 2026. This authorization level is the largest in the company's history and comes at a time when we have ample liquidity and access to capital to execute upon it.

我謹藉此機會明確表示，我們的槓桿率指導意見保持不變，我們認為企業不應尋求—不應持續超過淨槓桿率 3.75 倍。由於該公司目前的股票回購授權將於年底到期，董事會已批准一項新的股票回購計劃，金額為 10 億美元，有效期至 2026 年底。這是公司歷史上最高的授權額度，目前我們擁有充足的流動資金和資金來執行這項授權。

As a reminder, our capital allocation framework judiciously assesses relative value across four areas: one, customer acquisition; two, product investment; three, acquisitions and investments; and four, share repurchases.

提醒一下，我們的資本配置架構謹慎地評估了四個領域的相對價值：一、客戶獲取；二、產品投資；三、收購和投資；四、股票回購。

As we evaluate how the current market backdrop compares to historical periods of share repurchase execution, we think it notable that valuation multiples at present would be comparable to the lowest we have executed repurchases in the past.

當我們評估當前市場背景與以往股票回購執行時期的對比情況時，我們認為值得注意的是，目前的估值倍數與我們過去執行回購時最低的估值倍數相當。

Further, as stated before, the company is the most diversified and scaled it has ever been in history and is generating record results across all key performance metrics. At the same time, the business is delivering growing levels of adjusted free cash flow that continue to require reinvestment.

此外，正如先前所述，該公司目前是歷史上最多元化、規模最大的公司，並在所有關鍵績效指標方面都取得了創紀錄的成績。同時，該業務正在產生不斷增長的調整後自由現金流，這些現金流需要持續進行再投資。

Although we believe that any one of our four categories of capital allocation opportunities would generate accretive returns, it is hard for us to ignore the relative attractiveness of the trading level of our common shares on an absolute basis, but particularly on a growth-adjusted basis.

儘管我們相信我們四類資本配置機會中的任何一類都能產生增值回報，但我們很難忽視我們普通股交易水準的相對吸引力，無論從絕對值還是從成長調整值來看都是如此。

As someone that has invested in this business multiple times over the past decade, I am eager to make immediate progress against this new $1 billion authorization to enhance long-term shareholder value. Now for guidance.

作為過去十年中多次投資這項業務的人，我渴望立即利用這項新的 10 億美元授權，提升股東的長期價值。現在需要一些指導。

For full year 2025, we are reaffirming guidance within a narrowed range. We now expect volume to range from $207 billion to $210 billion, representing 26% to 27% year-over-year growth. For gross revenue less network fees, we now expect the range to be $1.98 billion to $2.02 billion, representing 46% to 49% year-over-year growth.

對於 2025 年全年，我們重申了縮小後的業績預期範圍。我們現在預計交易額將在 2,070 億美元至 2,100 億美元之間，年增 26% 至 27%。扣除網路費用後的總收入，我們現在預計範圍為 19.8 億美元至 20.2 億美元，年增 46% 至 49%。

And for adjusted EBITDA, we now expect the range to be $970 million to $985 million, representing 43% to 45% year-over-year growth. We are affirming our adjusted free cash flow conversion expectation of plus 50%.

對於調整後的 EBITDA，我們現在預計其範圍為 9.7 億美元至 9.85 億美元，年增 43% 至 45%。我們確認調整後的自由現金流轉換率預期為+50%。

Within this guidance, our view on Global Blue's contribution remains unchanged as the business does have a seasonally higher calendar third quarter versus its fourth quarter. Also, we wanted to point out that even though these are now narrower ranges to our prior guidance, there is an intentional shape to the relative ranges.

在上述指導意見下，我們對 Global Blue 的貢獻的看法保持不變，因為該公司的第三季度業務通常比第四季度業務更具季節性增長。此外，我們想指出，儘管這些範圍比我們之前的指導範圍要窄，但相對範圍的形狀是有其有意設計的。

The implied fourth quarter range in volume is approximately 5% from low to high, while the same range in gross revenue less network fees is slightly less and in adjusted EBITDA, this range is 4%. The intent here is that we believe a wider range of outcomes is prudent based on the uncertainty we are observing in macro and industry conditions.

第四季銷售的隱含波動範圍約為 5%（從低到高），而扣除網路費用後的總收入波動範圍略小，調整後的 EBITDA 波動範圍為 4%。我們這樣做的目的是，鑑於我們觀察到的宏觀和產業狀況的不確定性，我們認為採取更廣泛的結果預測是審慎的做法。

While at the same time, for a metric like adjusted EBITDA, there is more in our control and demonstrates our commitment to execution. In summary, after taking into consideration an essentially neutral impact from the acquisition of Smartpay and the offsetting reduction from non-core divestitures, our full year 2025 guidance is reaffirmed within a narrowed range.

同時，對於調整後的 EBITDA 等指標，我們有更多的控制權，也反映了我們對執行的承諾。總而言之，考慮到收購 Smartpay 帶來的基本中性影響以及非核心資產剝離帶來的抵銷性減少，我們重申 2025 年全年業績指引，但範圍有所縮小。

One last item. In response to inquiries about gross revenue, recall that we do not formally guide this metric. However, we expect a gross revenue range of $4.09 billion to $4.15 billion for the full year.

最後一件事。針對有關總收入的詢問，請記住，我們並未正式指導該指標的製定。不過，我們預計全年總收入將在 40.9 億美元至 41.5 億美元之間。

Before passing back to Taylor, I did want to take a moment to express my sincere gratitude to my CFO, predecessor and now Board member, Nancy Disman, for the transition support, mentorship and fantastic finance foundation she has established. You will be missed by the team, but I'm certainly thankful to continue to have you on Speed Dial.

在將發言權交還給泰勒之前，我想藉此機會向我的首席財務官、前任兼現任董事會成員南希·迪斯曼表達我由衷的感謝，感謝她提供的過渡支持、指導以及她所建立的出色財務基礎。團隊會想念你的，但我非常感謝你繼續留在我的快速撥號名單上。

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

那麼，現在讓我把電話轉回給泰勒。

Thanks, Chris. Before we go to Q&A, some of you may have seen the exciting news that our Founder and Chairman, Jared, has been nominated to run NASA. Again, we're going to be updating you as things progress.

謝謝你，克里斯。在進入問答環節之前，你們中的一些人可能已經看到了一個令人興奮的消息：我們的創始人兼董事長賈里德已被提名為美國國家航空航天局（NASA）局長。我們會隨時向您報告最新進展。

But just to be clear, we don't expect really anything is going to change from our previously disclosed plans. He intends to remain the largest shareholder of the business. And so we wish him well, and we're really excited for the road ahead.

但需要澄清的是，我們預計先前公佈的計劃不會有任何改變。他打算繼續保持公司最大股東的地位。因此，我們祝福他一切順利，並對未來的道路充滿期待。

With that, we're going to turn it over to Q&A. But Tom, I think you had a question we were going to address from X.

接下來，我們將進入問答環節。但是湯姆，我想你有一個問題，我們本來打算從 X 方面來解答。

Yes. So the question from X this quarter comes from Dor Barda. And his question is, where is the company's primary focus right now? Are you edge down on integrating and cross-selling into the $1 trillion acquisition funnel? Or are you simultaneously investing heavily in net new product development?

是的。所以本季 X 提出的問題來自 Dor Barda。他的問題是，公司目前的首要關注是什麼？您是否正在逐步減少整合和交叉銷售到價值 1 兆美元的客戶獲取管道中的機會？或者，您是否同時也大力投資新產品開發？

Yeah, it's a great question. And the answer to both of those is yes. So hopefully, you can sense the theme for this quarter is a reminder of what we always do, which is that we take our category-leading products and we find as many customers as possible to get those in the hands of in as capital efficient of a way as possible.

是的，這是一個很好的問題。這兩個問題的答案都是肯定的。所以，希望您能感受到本季的主題是提醒大家我們一直以來所做的，那就是我們推出業界領先的產品，並儘可能多地找到客戶，以盡可能高效的方式將這些產品送到他們手中。

And so whether that is leveraging capabilities like the sales force that Smartpay brings us into Australia or the distribution network and existing customer base that Vectron gives us in Germany, taking our products into these new geographies with an embedded right to win like an established sales force or an existing customer base is always a significant priority for the business.

因此，無論是利用 Smartpay 為我們在澳洲帶來的銷售團隊等能力，還是利用 Vectron 為我們在德國提供的分銷網絡和現有客戶群，將我們的產品帶入這些新的地區，並憑藉成熟的銷售團隊或現有客戶群等內在優勢贏得市場，始終是企業的一項重要優先事項。

And with that, operator, if you wouldn't mind opening the line up to Q&A.

話筒，那麼，您能否開放問答環節？

(Operator Instructions) Dan Dolev, Mizuho.

（操作員說明）Dan Dolev，Mizuho。

Thank you. Great results, Taylor, and congrats on the new CFO role. My question is for you, Taylor. What are the implications of Jared getting nominated to NASA? I think a lot of people are interested in that and great results again. Thanks.

謝謝。泰勒，成績斐然，恭喜你榮升財務長。泰勒，我的問題想問你。Jared獲得NASA提名會帶來哪些影響？我認為很多人對此感興趣，而且再次取得了很好的結果。謝謝。

Yeah, sure, thanks for the question. Good to hear from you. Well, first of all, it's great for the country. The ambition that we've seen inside our walls for 26 years really has always deserved a bigger stage. So I think it's a phenomenal thing for the country.

好的，謝謝你的提問。很高興收到你的來信。首先，這對國家來說是件好事。過去 26 年來，我們公司內部所展現出的雄心壯志，一直都值得擁有更大的舞台。所以我認為這對國家來說是一件了不起的事。

Now with regard to the company specifically, it's likely to simplify our structure quite meaningfully. So if you recall from the ethics agreement that he executed back earlier in the year, he is not required to divest the stock, but he will be relinquishing the super votes associated with his shares.

就公司而言，這很可能會在很大程度上簡化我們的組織結構。所以，如果你還記得他今年稍早簽署的道德協議，他不需要出售股票，但他將放棄與他的股份相關的超級投票權。

So it likely means to collapse down to a single share class, which I know a lot of investors will appreciate and simplifying our TRA structure. So I want to reiterate, he intends to remain the largest shareholder of the business. This is something he feels passionately about, but I think it will simplify our share structure when it's completed.

所以這可能意味著合併為單一股份類別，我知道許多投資者會對此表示歡迎，並簡化我們的TRA結構。因此，我想重申，他打算繼續擔任公司最大的股東。這是他非常熱衷的事情，但我認為完成後會簡化我們的股權結構。

Great, and congrats again.

太好了，再次恭喜！

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Congratulations again, Chris, good to be working with you here. I want to hit two things. First one on Bambora and then if you don't mind, a brief follow-up around Q4 end-to-end volumes. So on Bambora, let's hit that one first. So $90 billion of gateway opportunity.

再次恭喜你，克里斯，很高興能和你一起工作。我想擊中兩件事。首先是關於 Bambora 的，然後如果您不介意的話，再簡要跟進一下第四季度的端到端交易量。所以，在班博拉島，我們先去那裡吧。所以，這蘊藏著900億美元的機會。

And I just think back to the time of the IPO and the gateway opportunity back then was $200 billion, and it seems so large. And here we go adding another $90 billion. So I was just hoping you could add a little bit more context around that $90 billion, and what's in there in terms of verticals and how other parts of Shift4 and some of the learnings from prior gateway conversions might help to make this gateway conversion a very successful one. And then I'll follow up on the numbers after.

我回想起IPO的時候，當時的入場機會是2000億美元，現在看來真是太大了。我們又增加了900億美元。所以，我只是希望您能就這 900 億美元提供更多背景信息，包括其中涉及的垂直領域，以及 Shift4 的其他部分和之前網關轉換的一些經驗教訓如何能幫助這次網關轉換取得巨大成功。之後我會跟進這些數據。

Sounds great. I'll hit this one. And you hit the nail on the head, Tim, which is this is textbook Shift4. It is a good technology product with a really captive base of customers and $90 billion-odd of volume. Now as also is the case, the volume varies from some of the other verticals we serve.

聽起來不錯。我來打這個。提姆，你一語中的，這正是教科書式的 Shift4。它是一款優秀的科技產品，擁有非常穩定的客戶群，交易額達約 900 億美元。現在，與其他一些我們服務的垂直領域一樣，該領域的業務量也存在差異。

There's some business services in there. There's a few different flavors. So it's probably inappropriate to take one gateway and apply it to the next and apply it to the next. But we feel really strongly that this asset, the sticky customers, many of which have been on it for 20 years-plus, will benefit from a consolidated payment solution. This has not been a huge priority for that business for a period of time.

裡麵包含一些商業服務。有幾種不同的口味。所以，把一個網關的規則應用到下一個網關，然後再應用到下一個網關，可能是不合適的。但我們堅信，這項資產，也就是那些黏性極強的客戶（其中許多客戶已經使用了 20 多年），將受益於統一的支付解決方案。一段時間以來，這並非該企業優先考慮的事項。

On top of that, there's a lot of transparency in this one, which I think behooves us all given the skepticism around M&A in our industry. It is widely understood what Ingenico had paid for that business years ago and what we're paying for it now, which is fractions -- significant fractions of that.

除此之外，這筆交易還非常透明，考慮到我們行業對併購的懷疑態度，我認為這對我們所有人都有好處。人們普遍了解 Ingenico 多年前為收購該業務支付了多少錢，以及我們現在為收購該業務支付了多少錢，只是當年價格的一小部分——相當大一部分。

It is clearly telegraphed by Worldline what the contribution of the business is, and then we get to take that and enact a bunch of revenue synergies. Now there are also some capabilities. It's like one of the larger ACH providers in the country.

Worldline 會明確地表明該業務的貢獻是什麼，然後我們就可以利用這些資訊來實現一系列的營收綜效。現在也具備了一些功能。它就像是國內規模較大的ACH支付服務提供者之一。

So there's some capabilities we're going to get from it as well and more talent, which we always need more of. So very textbook Shift4 and something we literally train ourselves to be on the lookout for opportunities like this all the time.

所以，我們不僅能從中獲得一些能力，還能獲得更多人才，而這正是我們一直以來所需要的。這完全符合Shift4的教科書式做法，我們一直在訓練自己時時刻刻留意這樣的機會。

Yeah. And one, thanks, Tim, for the congrats. But on Bambora, the other thing that I think is a really interesting way to frame the attractiveness of it is to look at how many of the capital allocation framework boxes it checks on its own.

是的。還有，謝謝蒂姆的祝賀。但就 Bambora 而言，我認為描述其吸引力的另一個非常有趣的方式是，看看它本身符合多少資本配置框架的條件。

I mean in and of itself, you can think about the gateway volume potential as a large expansion in customer acquisition potential. You can look at the ACH EFT component as product and capabilities enhancement. And then, of course, in and of itself, I think it's a continued reflection of a disciplined approach to making acquisitions and investments. So that's just one other thing that I think is worth noting and is something I'm enthusiastic about with that transaction.

我的意思是，就其本身而言，你可以把網關流量潛力看作是客戶獲取潛力的巨大擴張。您可以將 ACH EFT 組件視為產品和功能增強。當然，就其本身而言，我認為這持續體現了我們在收購和投資方面所採取的嚴謹態度。所以，這是我認為值得一提的另一件事，也是我對這筆交易感到興奮的原因。

Excellent, thank you both. And the minor -- the numbers follow-up. So implied for Q4 in terms of the end-to-end volume, you mentioned a range there. But on an absolute dollar basis, it's roughly $57 billion to $60 billion.

太好了，謝謝你們兩位。而次要部分——後續的數字。所以，就第四季的總銷售量而言，你提到了一個範圍。但以絕對美元計算，大約是 570 億美元到 600 億美元。

And just clarifying, there's roughly -- I think it's slightly less than $1 billion or so a quarter in there from Global Blue acquiring business, and then there's another something in that range, maybe slightly less than $1 billion as well from the couple of months of Smartpay.

澄清一下，Global Blue 的收購業務大約每季能帶來略低於 10 億美元的收入，而 Smartpay 幾個月的收入也差不多在這個範圍內，可能也略低於 10 億美元。

But when we add up those numbers on an absolute basis, is it reasonable for investors to think about taking that $57 million to $60 million, annualizing it or multiplying by 4, adding on some conversion, some new production, thinking about same-store sales and churn, but reasonable jumping off point to model out 2026 end-to-end volume expectations.

但當我們把這些數字絕對值加起來時，投資者是否有理由考慮將這 5700 萬美元到 6000 萬美元作為年化值或乘以 4，再加上一些轉換率、一些新產量，考慮同店銷售額和客戶流失率，以此作為合理的起點來預測 2026 年的端到端銷售預期呢？

Yeah. I think from the perspective of is that -- is it reflective of a jumping off point, putting aside kind of like minor nuances and seasonality that's changing a little bit in the business, I think it actually is a reasonable jumping off point, reflective of kind of the run rate shape of the business. So I think you articulated it well.

是的。我認為從這個角度來看——撇開業務中一些細微的差別和季節性變化不談，我認為這實際上是一個合理的起點，反映了業務的運行速度形態。所以我覺得你表達得很好。

Great. Thank you.

偉大的。謝謝。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Good morning, guys. Thanks for all the new disclosures. And I wanted to just start on organic growth. I know you were 18% there in Q3, obviously, very consistent with the medium-term Investor Day target. But I think we were trending a bit above that in the first half of the year. Maybe you can clarify that.

各位早安。感謝您披露的所有新資訊。我只想從自然增長開始。我知道你們第三季實現了 18% 的目標，顯然，這與中期投資者日目標非常吻合。但我認為今年上半年我們的趨勢略高於這個水準。或許你能解釋一下。

And then just give us a view on Q4 organic top line growth, just trying to piece together how the current year is coming together because I know we've been targeting 20% plus from a full year perspective. Thanks.

然後請您介紹一下第四季度有機營收成長情況，我們想了解今年的整體發展情況，因為我知道我們今年的目標是全年成長 20% 以上。謝謝。

Thanks. So I think the -- so one thing I just wanted to clarify off the top, and hopefully, it didn't get lost in sort of the prepared remarks was that some of the disclosures really are as a result of an update to the medium-term guidance, which we would have realistically planned for the year-end. But we, given industry events, decided it was prudent to be proactive and pull some of these things forward. And so I just wanted to make sure I reiterated that point.

謝謝。所以我想——所以我想先澄清一點，希望這一點沒有在事先準備好的發言稿中被忽略，那就是一些披露實際上是中期業績指引更新的結果，而我們原本計劃在年底進行更新。但考慮到產業動態，我們認為謹慎的做法是積極主動地將其中一些事情提前進行。所以我只是想再次強調這一點。

Look, I think on the organic growth, the idea that we have a growth that's on a gross revenue less network fee basis in line with our -- I think the way we've articulated it in the past is the sit on our hands case would signal the consistency of the business. From that perspective, I think we're sort of in line with what we had guided to as far as that case and that medium-term guidance.

我認為，就有機成長而言，我們以毛收入減去網路費用為基礎的成長，與我們過去所闡述的——我認為我們過去闡述的方式——即按兵不動，表明業務的穩定性。從這個角度來看，我認為我們基本上與先前針對該案例和中期指導方針所作出的指示是一致的。

Yeah. And just with regard to the full year, I think -- and Chris characterized this well in his remarks, there is caution. Our ranges give us an outcome of greater than 20% down to below that. And I think that's just prudent. The same-store sales environment has been quite volatile.

是的。至於全年情況，我認為——克里斯在他的演講中也很好地描述了這一點——應該保持謹慎。我們的測量範圍可以得到大於 20% 的結果，也可以得到小於 20% 的結果。我認為這只是謹慎的做法。同店銷售環境波動較大。

And I don't mean that as persistently negative or anything else. tried to characterize that in my prepared remarks as well. So yes, it's still within our guidance range, but we want to be prudent. We want to give, obviously, the in-quarter disclosure as well.

我的意思並非指持續的負面情緒或其他任何意義。我在事先準備好的發言稿中也試圖闡明這一點。所以，是的，它仍然在我們的指導範圍內，但我們希望謹慎行事。當然，我們也希望提供季度內揭露資訊。

Okay. No, that's helpful. And then just a follow-up on Global Blue. Those slides were really helpful Al. I think you had the volumes up 5% in Q3. Just curious how that's been trending quarter-to-date, what you've assumed for Q4 there?

好的。不，這很有幫助。然後，再跟進一下環球藍聯的情況。那些幻燈片真的很有幫助，艾爾。我認為你們第三季的銷量成長了 5%。我很好奇這個季度至今的趨勢如何，你對第四季的情況有什麼預測？

And then anything you can tell us just in terms of what the year-over-year Global Blue growth was in GRL&F as well as adjusted EBITDA. I know you gave us, obviously, the Q3 '25 actuals. Thank you.

然後，您能否告訴我們 Global Blue 在 GRL&F 和調整後 EBITDA 方面的年增長情況？我知道你顯然已經提供了 2025 年第三季的實際數據。謝謝。

Yeah, sure. So I'll start with the performance of the business has been strong despite volatility. So that's really encouraging. And Chris can keep you honest here, but the year-over-year growth of their revenue was about 19%. So a phenomenal business. I think we tried to point this out at the time of the acquisition.

當然可以。首先，我要說的是，儘管市場波動，但公司業績一直表現強勁。這真是令人鼓舞。克里斯可以告訴你實話，但他們的收入比去年同期成長了約 19%。這是一家非常了不起的企業。我認為我們在收購時就試圖指出這一點。

In terms of the sales in store, which is the tax-free shopping segment of their business, what you saw was a combination of reasonable strength in Europe. Now keep in mind, Europe generates more revenue per sale in store than Asia, but also a pretty significant headwind in Asia.

就店內銷售而言，也就是他們業務中的免稅購物部分，我們看到的是歐洲市場相當強勁的表現。需要注意的是，歐洲的單一銷售收入高於亞洲，但亞洲市場也面臨相當大的不利因素。

So there were a confluence of factors back in the summer of '24 that made Chinese shopping in Japan particularly strong. And so comping that was going to be quite difficult, and that's why you have that negative. So the blend of [5%] is something we're reasonably content with. Also keep in mind, and we tried to just kind of illustrate this.

因此，2024 年夏天，多種因素共同作用，使得中國消費者在日本的購物活動異常強勁。因此，彌補這一點相當困難，這就是為什麼會有負面評價。所以我們對 [5%] 的混合比例比較滿意。另外，請記住這一點，我們只是想舉例說明一下。

When the dollar depreciates and the Chinese currency depreciates, that is really hard on the business because the shoppers spend less. And so while there's a little bit of translation benefit, it is not a positive for the business when the dollar depreciates.

美元貶值、人民幣貶值對企業來說非常不利，因為消費者會減少支出。因此，雖然美元貶值會帶來一些匯率的好處，但對企業來說並非好事。

I wanted to clarify that point as well. So awesome business dealing with volatility in their end markets and dealing with it quite nicely and growing strong on a year-over-year basis before we enact any synergies, which is phenomenal.

我也想澄清這一點。所以，這家企業非常出色，能夠應對終端市場的波動，並且處理得相當不錯，在我們實施任何協同效應之前，它就已經實現了逐年強勁增長，這真是太棒了。

Thanks, Taylor.

謝謝你，泰勒。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Thanks guys. I know there were some headwinds in the quarter, whether it be the discussion you had around the currency dynamics in Global Blue or same-store sales you called out or even some faster conversions of software, yet you came in roughly in line with your guide. And so maybe just help us understand what you saw that made up for that shortfall and if those trends are sustainable going forward or outperformance trends.

謝謝各位。我知道本季度遇到了一些不利因素，無論是您之前討論的環球藍聯的貨幣動態，還是您提到的同店銷售問題，甚至是軟體轉換率的加快，但您的業績總體上還是達到了預期。所以，或許您可以幫我們了解一下，您看到了哪些彌補了這些不足的因素，以及這些趨勢是否能夠持續發展，或者是否會超越當前的趨勢。

And then, Chris, first of all, congrats again. But when I think about guidance, there's been a few quarters of volatility around your guide. So just help us understand your philosophy to build up from a guide standpoint going forward, what we should think about from a conservatism, how you think about it that way versus being more in line or anything else you can provide?

然後，克里斯，首先再次祝賀你。但就指引而言，過去幾季你們的指引波動較大。所以，請您幫助我們理解您的理念，以便我們能夠從指導的角度出發，並展望未來。從保守主義的角度來看，我們應該考慮什麼？您是如何看待保守主義的？或者您還能提供什麼其他建議？

Yeah. So I'll start with that, and then Chris can hit the guidance philosophy. With regard to things that we were pleased with during the quarter, customer adds is something we're particularly pleased with. The pace of international adds is something we're particularly pleased with. So the shopping trends that I mentioned in reaction to Jason's call was something we were particularly leery of.

是的。那我就先從這部分開始，然後克里斯可以談談指導理念。在本季中，我們最滿意的莫過於客戶成長方面。國際業務的成長速度令我們尤為滿意。因此，我之前在回應傑森的電話時提到的那些購物趨勢，是我們特別擔心的。

Quite frankly, predicting where that would land was almost a fool's errand given how strong the success was of Chinese shopping in Japan back in the '24 period. So -- but maybe just to balance it out, and I made this comment in my prepared remarks, growth in CIS in Asia has grown to positive again on a year-over-year basis in the most recent month of October.

坦白說，考慮到 2024 年中國購物在日本的巨大成功，預測其最終結果幾乎是徒勞無功的。所以——但也許只是為了平衡一下，我在準備好的演講稿中也提到了這一點，亞洲獨聯體國家的經濟成長在最近的10月份再次實現了同比增長。

So things are going well on that front. It remains somewhat tricky to predict where travelers are going to shop, and there are significant countries and weightings to that. So we're going to continue to get better at that. But Chris, do you want to hit the --

所以這方面進展順利。預測旅行者會在哪裡購物仍然有些棘手，而且其中還涉及一些重要的國家和權重。所以我們會繼續努力，爭取在這方面做得更好。但是克里斯，你想打…--

Yeah. Well, actually, I'll just add on to one point around that is in some of the variables that we saw through the quarter that were changing, I think Taylor in his prepared remarks highlighted the note that if you were to look at some of the week-to-week trends that we were seeing within same-store sales in some of our verticals, you could end up seeing like a plus 1% to a minus 4%.

是的。實際上，我還要補充一點，關於這一點，我們在本季度看到的一些變化變量，我認為泰勒在他的準備好的發言中強調了一點，如果你看一下我們一些垂直領域同店銷售的每週趨勢，你最終可能會看到增長 1% 到下降 4%。

And those kinds of volatile -- that kind of volatility was something that we were trying to react to throughout the quarter. You add to that the topic that we've now talked about a couple of times already around balancing out European strength for Global Blue sales in store in the tax-free segment, offset by what looked like a pretty tough headwind in Asia Pacific.

而這種波動性——這種波動性正是我們整個季度都在努力應對的。此外，我們之前已經討論過幾次，如何平衡 Global Blue 在免稅店銷售中歐洲市場的優勢，以及亞太地區看似相當強勁的逆風。

And you just had a few moving parts that I think warranted caution going into that period. At the same time, the backdrop was one where certainly from a macro data, certainly from an industry data, from data points we were seeing throughout, it was enough to want to make sure that we were expressing caution. So a lot of data points to take in.

當時的情況比較複雜，我認為在那段時間需要謹慎行事。同時，從宏觀數據、產業數據以及我們所看到的各種數據點來看，當時的背景足以讓我們想要表達謹慎的態度。所以有很多數據點要考慮。

At the same time, I think we have the most data we've ever had as far as being able to try to inform our decisions around it. So I think that's a positive. Maybe to the second part of your question, Darrin, one, thanks for the congrats.

同時，我認為我們現在擁有的數據比以往任何時候都多，這將有助於我們做出相關的決策。所以我認為這是個正面的訊號。達林，關於你問題的第二部分，首先，謝謝你的祝賀。

And two, so look, on guidance philosophy, it's a nuanced topic, I'm sure, and especially one that I think will need some evolution over time as I get more comfortable in the seat. The first thing I would say, though, is that from a philosophy standpoint, there really isn't an intent to change the underlying philosophies.

第二，關於指導理念，這是一個微妙的話題，我確信，尤其是我認為隨著我越來越適應這個職位，這個主題需要隨著時間的推移而不斷發展。不過，我首先要說的是，從哲學角度來看，我們並沒有真正打算改變其基本哲學理念。

I think the frameworks that we use, the way we inform it with data, the underlying approach to the most important drivers within the business. I mean those are things that I think are pretty foundational, not looking to make dramatic changes.

我認為我們使用的框架、我們用數據來指導它的方式、以及我們對業務中最重要驅動因素的根本方法。我的意思是，我認為這些都是相當基礎的事情，並不打算做出劇烈的改變。

I think as we look at this set of macro backdrop, it is just something that from my perspective, we want to make sure that we're taking in all of the right data assets and that we're making the right -- the most informed decision as possible based on the recency of the information. But certainly something that I think will be an evolving topic. And so feel free to keep asking.

我認為，從宏觀角度來看，我們希望確保收集到所有正確的數據資產，並根據資訊的時效性做出最明智的決策。但我認為這肯定會是一個不斷發展的話題。所以請隨時繼續提問。

Okay. All right, guys. Thank you.

好的。好了，各位。謝謝。

Andrew Jeffrey, Truist Securities.

安德魯傑弗裡，Truist Securities。

Well, so we'll update that. It's been William Blair for about 1.5 years. But Chris, welcome. Look forward to working with you. I want to say that my wife and I happily contributed to Global Blue's third quarter revenue growth.

好的，我們會更新相關資訊。威廉布萊爾已經執政大約一年半了。但是克里斯，歡迎你。期待與您合作。我想說，我和我的妻子很高興為環球藍聯第三季的營收成長做出了貢獻。

A question on the pace of processing conversion in that business. It's a big opportunity. I think you said somewhere around $550 billion. Can you just update us on your right to win, how you see payment processing cutover or conversion sort of playing out?

關於該業務轉化處理速度的問題。這是一個絕佳的機會。我想你之前說的是大約5500億美元。您能否簡要介紹您贏得訴訟的權利，以及您如何看待支付處理流程的切換或轉換？

And what you -- I guess, competitively, there's one sort of callout processor, I think, today for a lot of those Global Blue merchants. How do you sort of manage those relationships, recognizing that the VAT refund business is such a high-value product for merchants?

而且，我想，從競爭的角度來看，目前很多 Global Blue 的商家都使用一種呼叫處理商。您如何管理這些關係？要知道，增值稅退稅業務對商家來說是一項高價值的業務。

Yeah, sure. I'm going to actually cover this one. It's a great question. But I think it's really important to distinguish between the headline customers that everyone knows and the breadth of the Global Blue business. So certainly, in downtown Paris, everyone knows the Louis Vuittons of the world.

當然可以。我打算好好講講這件事。這是一個很好的問題。但我認為，區分大家熟知的重點客戶和環球藍聯的業務範圍非常重要。所以，在巴黎市中心，每個人都知道路易威登這樣的世界級品牌。

But the reality is you can just as easily go to a village on like Como in Italy and nearly every merchant is using Global Blue. And these are SMBs. So we see a breadth of conversion opportunity from SMB all the way up to the largest of the enterprises.

但現實情況是，你很容易就能去義大利科莫這樣的村莊，幾乎每個商家都在使用環球藍聯。這些都是中小企業。因此，我們看到了從中小企業到最大型企業廣泛的轉型機會。

And if history is a guide, the earliest success comes from all those -- it is incredibly low friction to switch from an existing bank terminal into what from a product perspective is going to be pretty revolutionary, which is the terminal that they're used to, but it also does currency conversion and it automatically detects that the shopper is eligible.

如果歷史可以作為參考，那麼最早的成功就來自於所有這些——從現有的銀行終端切換到從產品角度來看相當革命性的終端，摩擦力非常小。這個終端是他們已經習慣的，但它還可以進行貨幣轉換，並自動偵測購物者是否符合資格。

So to the extent you were traveling in Europe and you encountered a store where they didn't present you with the tax-free option, that's likely because the cashier just didn't know or didn't think to ask. And yet our technology is going to sort of prompt that just like it does in the largest enterprise environments that Global Blue has built so successfully.

所以，如果你在歐洲旅行時遇到一家商店沒有向你提供免稅選項，那很可能是因為收銀員不知道或沒有想到要問。然而，我們的技術將會促成這種情況，就像它在 Global Blue 成功建構的最大型企業環境中所做的那樣。

So from a competitive landscape, we see an opportunity to win business from a ton of local banks in that SMB spread. We can win it reasonably quickly. And then, again, history being a guide, enterprises take longer and take more time. Quite frankly, I think you're probably referencing Adyen. They're a phenomenal company. We admire them a lot, and they serve these enterprises quite well.

因此，從競爭格局來看，我們看到了從許多本地銀行贏得中小企業業務的機會。我們可以比較快地贏得比賽。而且，歷史經驗表明，企業往往需要更長的時間才能完成營運。坦白說，我覺得你可能指的是 Adyen。他們是一家非常出色的公司。我們非常欣賞他們，他們為這些企業做出了很好的貢獻。

We're an important piece to the commerce puzzle in that environment. And so we want to make sure the technology works incredibly well for those customers. But the conversion opportunity goes far beyond the logos that you see.

在這種環境下，我們是商業拼圖中重要的一塊。因此，我們希望確保這項技術能為這些客戶帶來極佳的效果。但轉化機會遠不止你所看到的那些標誌。

And if you think what we're really good at is we're really good at getting that mom-and-pop store, a much better technology solution that, quite frankly, is much stickier and harder to leave. And owning all these pieces, we can do that in a way that traditionally has only existed for the largest enterprises.

如果你認為我們真正擅長的是為夫妻店提供更好的技術解決方案，坦白說，這種解決方案更具黏性，更難放棄，那麼你就錯了。擁有了所有這些資源，我們就可以以一種傳統上只有大型企業才能做到的方式做到這一點。

Okay. That's helpful. And just as a follow-up on SkyTab and sort of the growth in your software revenue, recognizing the divestiture of some legacy software. Can that accelerate? Do you expect that to accelerate? Sort of does it grow in concert with Global Blue volume conversion? Or how do we sort of dimensionalize the software contribution going forward?

好的。那很有幫助。另外，關於 SkyTab 以及你們軟體收入的成長，我想補充一點，也考慮到你們剝離了一些遺留軟體。能加速嗎？你認為這種情況會加速嗎？它是否與 Global Blue 的交易量轉換同步成長？或者，我們該如何衡量軟體在未來所做的貢獻呢？

Yeah. I think we've -- this is Chris here. I think we've articulated this in the past as acknowledging that the idea that we have a North Star model that really emphasizes what we view as highest quality of revenue will come from payment processing.

是的。我想我們已經——這位是克里斯。我認為我們過去已經闡明過這一點，即我們有一個北極星模型，該模型真正強調我們認為最高品質的收入將來自支付處理。

From that perspective, I think we are not shy about the statement that we will look to deprecate kind of like deprecate the legacy revenue streams, deprecate software revenue streams in favor of the higher quality of revenue.

從這個角度來看，我認為我們並不避諱這樣的聲明：我們將逐步淘汰傳統的收入來源，例如軟體收入來源，轉而追求更高品質的收入。

And so I think from that perspective, even though our subscription and other was an attractive growth, it grew nicely over -- in the quarter for sure. It's an area that I think will be an area that will be -- will continue to be an impact on like adverse growth in the future.

因此，我認為從這個角度來看，儘管我們的訂閱和其他業務成長勢頭良好，而且在本季度也確實實現了不錯的成長。我認為這個領域未來仍將對經濟成長產生不利影響。

Yeah. Just to pull it back to philosophy here, we prioritize payment volume as the primary source of monetization. We deliver a heck of a lot of technology to these merchants. carefully weighing the fixed and variable costs that a merchant pays for our product is, I think, something we spend a lot of time on.

是的。回到理念層面，我們將支付量作為主要的獲利來源。我們為這些商家提供了大量的技術。我認為，我們花了很多時間仔細權衡商家為我們的產品支付的固定成本和變動成本。

Most of our competitors have significantly higher fixed costs, which really manifest themselves in that subscription and other revenue stream. So we tend to lean more towards payments even if the technology solution being delivered has a lot of software embedded into it.

我們的大多數競爭對手的固定成本都明顯更高，這確實體現在訂閱和其他收入來源中。因此，即使所提供的技術解決方案中嵌入了大量軟體，我們也傾向於更多地採用支付方式。

And to Chris' point, there is -- as a byproduct of this acquisition history, there is always some legacy revenue that we're deprecating. So I completely acknowledge this is probably one of the harder lines to model inside the business. But generally, anything we're doing is in pursuit of that payments revenue growth.

正如克里斯所說，由於收購歷史的緣故，總是會有一些遺留收入需要我們來折舊。所以我完全承認，這可能是企業內部最難連結的一條路線。但總的來說，我們所做的一切都是為了追求支付收入的成長。

Okay, that's super helpful. Thanks.

好的，這太有幫助了。謝謝。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Good morning, and congrats, Chris. I guess the share buyback announcement and authorization was a pretty strong statement. Maybe Taylor and Chris, you guys can talk about sort of the cadence of how you expect to take advantage of it.

謝謝。早安，恭喜你，克里斯。我認為股票回購公告和授權是一個相當強硬的聲明。或許泰勒和克里斯，你們可以談談你們打算如何把握時機來利用它。

I know you talked, Chris, a little bit about the leverage constraints and stuff. So maybe you could just speak to those as well. And I think it's the right thing to do given where the valuation is. So I would love some color on that.

我知道你之前談過槓桿限制之類的問題，克里斯。所以或許你也可以和他們談談。我認為，鑑於目前的估值水平，這樣做是正確的。所以我希望它能增添一些色彩。

Yeah. I'll start with this one. There's been times in our history where we weigh an attractive M&A pipeline against evaluation in our equity, and it's a tough decision. In this case, and Chris will comment on our leverage profile, and that comes into this a little bit, but this one isn't a tough decision.

是的。我先從這個開始。在我們的歷史上，有時我們需要權衡有吸引力的併購專案與股權估值，這是一個艱難的決定。在這種情況下，克里斯會對我們的槓桿情況發表評論，這也會稍微影響到這件事，但這並不是一個艱難的決定。

So we are trading at levels that we were trading at in December of 2020, and yet there's 12 times the EBITDA in the business and accelerating free cash flow and deleveraging at an accelerating pace as well. So the obvious thing to do here is to buy as much of our equity as we're going to be permitted to buy within reasonable price ranges.

因此，我們的交易水準與 2020 年 12 月的交易水準相當，但公司 EBITDA 卻是原來的 12 倍，自由現金流也在加速成長，去槓桿化也在加速進行。因此，顯而易見的做法是在合理的價格範圍內，盡可能多地購買我們被允許購買的股權。

But to Chris' point, executing at current levels is consistent with the lowest price we've paid for our equity. And we've been pretty aggressive with buybacks. I think M&A kind of gets the headlines, but we've repurchased, I don't know, 12% to 15% of the company in the five years that we've been public.

但正如克里斯所說，以目前的水平執行交易與我們為股權支付的最低價格是一致的。我們一直積極進行股票回購。我認為併購往往更受媒體關注，但在我們上市的五年裡，我們已經回購了公司 12% 到 15% 的股份。

This presents an opportunity to do even more than that at the lowest multiples we've seen in the company's history. So incredibly excited to be able to deploy capital into such an obvious opportunity. Chris, do you want to hit the leverage?

這為我們提供了一個機會，讓我們能夠以公司歷史上最低的估值倍數實現更大的收益。能夠將資金投入到這樣一個顯而易見的機會中，我感到無比興奮。克里斯，你想利用槓桿作用嗎？

Yeah, sure. So I think I made reference to the fact that on sort of a pro forma LTM basis, we're at 3.2 times net leverage. I think the perspective that we have around having ample cash on hand, we have ample liquidity.

當然可以。所以我想我有提到過，按照某種形式的過去 12 個月的預測，我們的淨槓桿率為 3.2 倍。我認為，我們目前擁有充足的現金儲備，流動性也很充足。

We are approaching $0.5 billion in adjusted free cash flow generation. So there's probably not been a period in history where the company has had sort of the, we'll call it, availability to capital, but also access to capital across the multiple deep markets.

我們即將實現調整後自由現金流5億美元。因此，歷史上可能從未有過這樣一個時期，公司既擁有我們稱之為資本的可用性，又能夠透過多個深度市場獲得資本。

So you take that into consideration, you take into consideration that the free cash flow generated needs to get reinvested -- and it's not to say -- and I hope this was clear. It's not to say that we don't think that there are attractive areas within all areas of our four part capital allocation framework. But right now, it is really hard to ignore the relative attractiveness of where we're trading today.

所以你要考慮到這一點，你要考慮到產生的自由現金流需要再投資——這並不是說——我希望這一點已經很清楚了。這並不是說我們認為我們四部分資本配置框架的各個領域中沒有有吸引力的領域。但就目前而言，我們很難忽視我們今天交易地點的相對吸引力。

Yeah, that's a good point. These dollars are not coming at the expense of a missed product development opportunity or integration priority or quite frankly, M&A opportunity, but there's more of them than I think many expected at this point, and the equity is certainly lower. So we have to act on it.

沒錯，你說得有道理。這些資金的到來並非以錯失產品開發機會、整合優先事項或坦白說，併購機會為代價，但就目前而言，這些資金的數量比許多人預期的要多，而且股權比例肯定更低。所以我們必須採取行動。

Great. And just to follow up on some of the choppiness that you've seen in the restaurant and hotel verticals in the third quarter. Could you maybe just explain what you've seen thus far into the fourth quarter and if that's persisted.

偉大的。針對第三季餐飲和旅館業出現的一些波動情況，我想補充一點。能否請您解釋一下您在第四季至今所觀察到的情況，以及這種情況是否持續存在？

And I know, Chris, you kind of talked about weighing that as you provided your refreshed outlook. But just how we should think about that? Because like when we look at like cross-border volumes and such, I know it's sort of an overarching number. So it's not specific to your verticals or such. But like how should we think about that as we move through the rest of the year?

我知道，克里斯，你在提出你全新的觀點時，也談到了權衡這一點。但我們該如何看待這個問題呢？因為當我們查看跨境交易量之類的數據時，我知道它只是一個總體數字。所以這並非特定於你的垂直領域或其他方面。但在接下來的日子裡，我們該如何看待這個問題呢？

Yeah. Look, I would love to be able to know with precision exactly what the rest of the year is ultimately going to look like. But from a recency data, again, we are -- we benefit from being able to see data in a near real-time manner.

是的。你看，我多麼希望能夠精確地知道今年剩下的時間最終會是什麼樣子。但從最新數據來看，我們再次受益於能夠以近乎即時的方式查看數據。

But from a recency data, here's a for example. I think coming out of the -- coming towards the end of the quarter, we were actually starting to see what looked like stabilizing trends in restaurants, and it created some encouraging signs off of a quarter that had seen some downward skewed negative volatility. But of late, we're starting to see a little bit of a softening again in some of those trends. That would be a for example.

但根據近期數據，舉例來說。我認為，到了季度末，我們實際上開始看到餐飲業出現趨於穩定的趨勢，這給經歷了部分下行波動的季度帶來了一些令人鼓舞的跡象。但最近，我們開始看到其中一些趨勢略有緩和。那隻是一個例子。

Now happily, I just want to underscore because it's an interesting contrast to what you had brought up this idea of cross-border. I think prior to us being as diversified as we are right now, that comment, the impact that cross-border is looking more positive, restaurant might have some softness, that would have been an irrelevant comment a couple of quarters ago.

現在，我很高興地想強調這一點，因為這與您之前提出的跨境概念形成了有趣的對比。我認為，在我們像現在這樣多元化之前，那種關於跨國業務前景更加樂觀、餐飲業可能略顯疲軟的評論，在幾個季度前都是無關緊要的。

But now actually, from the diversification standpoint, I really think it's important not to lose sight of the fact that because of the positioning of the business, because of the balanced transformation that we've been able to achieve, we actually do have these puts and takes, these offsets. So I think in the grand scheme of things, we do have acknowledged uncertainty in certain areas, but actually some enthusiasm in some other areas.

但實際上，從多元化的角度來看，我認為重要的是不要忽視這樣一個事實：由於業務定位，由於我們已經實現了平衡轉型，我們實際上確實擁有這些投資和收益，這些抵消作用。所以我認為，從整體來看，我們在某些​​領域確實存在不確定性，但在其他一些領域則展現出一些熱情。

Yeah. I would call you back to the revenue diversification that we highlighted in our shareholder letter. And if it's -- I don't know if this is going to be helpful or further confusing you, but we see all the data points you do about United Airlines having their strongest weeks in their history and Chipotle, no one is buying the burritos. Like we see both of those.

是的。我想再次強調我們在致股東信中重點提到的收入多元化問題。如果是這樣的話——我不知道這是否會對你有所幫助，還是會讓你更加困惑，但我們看到了你所說的關於美聯航迎來了歷史上業績最好的幾週，以及 Chipotle 卻無人問津的墨西哥捲餅的所有數據點。就像我們看到的這兩種情況一樣。

And we see them manifest in many ways inside of the cohorts inside of our business, which is Global Blue has got strong shopping and same-store sales in your average restaurant are bouncing week-to-week, but skewed towards that negative volatility.

我們看到，這種現像在我們業務的各個群體中以多種方式表現出來，例如，Global Blue 的購物和同店銷售額強勁增長，而普通餐廳的銷售額每週都在波動，但波動幅度偏向負面。

It's confusing, but quite frankly, the scale and diversification of our business is awesome at this point relative to our history. So for us, there are data points that help inform future investment and all these other things and help us, quite frankly, put chips where we think verticals are going to be the most successful over a period of time. But yes, that industry to industry volatility absolutely exists. We're getting both benefit and detriment from that. And this bifurcated consumer, I think, is a real thing.

雖然聽起來有點複雜，但坦白說，就我們公司的歷史而言，我們目前的業務規模和多元化程度令人驚嘆。因此，對我們來說，有一些數據點可以幫助我們了解未來的投資以及其他方面，坦白說，還可以幫助我們把晶片投入到我們認為在一段時間內最有可能成功的垂直領域。但沒錯，產業間的波動性確實存在。我們從中既獲得了好處，也受到了損害。我認為，這種消費者群體分裂的現像是真實存在的。

Thank you.

謝謝。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Hey guys, it's Adam Frisch. Chris, congrats on the role and great job getting out of the gate pretty hot here this morning. The organic number is really interesting, very welcomed as well. I think you said the number excluded the deals done in both of the third quarters. But is that to say that this quarter included contributions from deals completed in the quarters in between? So maybe just a little color here on the calculation would be great. And then I have a quick follow-up as well.

大家好，我是亞當‧弗里施。克里斯，恭喜你獲得這個角色，今天早上開局表現非常出色。有機產品銷售數據非常有趣，也非常受歡迎。我想你說過，這個數字不包括第三季完成的交易。但這是否意味著本季包含了中間季度完成的交易的收益？所以，如果能在這裡的計算中加入一些色彩元素就太好了。然後我還有一個簡短的後續問題。

Thanks for the clarifier. Absolutely not. Yeah. No, it's meant to be clean of acquisitions for the periods.

謝謝你的解釋。絕對不是。是的。不，該期間內不應有任何收購交易。

So the 18% does not include any acquisition impact at all from the prior quarters or I guess, from the prior four quarters?

所以這18%完全沒有包含前幾季，或是前四個季度的任何收購影響？

Yes. It's the best way to look at the base business, right, which is if you did not have M&A in either of the measurement periods, what would have happened in that base business is great.

是的。這是看待基礎業務的最佳方式，對吧？也就是說，如果在兩個衡量期內都沒有進行併購，那麼基礎業務的發展將會非常出色。

Okay. Okay. Cool. Welcome that very much. And then second, as a follow-up, assuming Jared gets confirmed, I'm getting a bunch of inbounds this morning from investors about whether his shares would create a liquidity event and how that would be handled. So I wanted to give you a chance to address that on this call before it takes on a life of its own potentially.

好的。好的。涼爽的。非常感謝。其次，作為後續，假設 Jared 獲得確認，今天早上我收到了許多投資者的詢問，詢問他的股票是否會引發流動性事件，以及該如何處理。所以我想給你一個機會，在這通電話中解決這個問題，以免它演變成一場不受控制的爭論。

Yeah, yeah. No, I completely appreciate that, and I addressed this right before the Q&A started. His ethics letter from the first go round is publicly available, not required to divest his shares, and doesn't intend to, intends to remain the largest shareholder of the business. So we don't anticipate anything there.

是啊是啊。不，我完全理解這一點，我在問答環節開始前已經解釋過了。他第一任執行長的道德信函是公開的，他沒有義務出售股份，也不打算出售，他打算繼續擔任公司最大的股東。所以我們預計那裡不會發生任何事情。

And in fact, I just want to say he does anticipate converting his shares from the super voting shares down to common. So I think the share class will likely collapse into a single share class and be much easier to understand from the investor standpoint.

事實上，我只想說，他確實計劃將他的超級投票權股份轉換為普通股。所以我認為，這些股份類別很可能會合併成一個單一的股份類別，從投資者的角度來看，這將更容易理解。

And quite frankly, open us up to pools of capital that don't invest in multi-share class companies today. So from the company standpoint, it's frustrating not to see them in the halls on a daily basis, but the corporate structure gets a lot cleaner.

坦白說，讓我們接觸到目前不投資多股本公司（multi-share category companies）的資金池。因此，從公司的角度來看，雖然每天在走廊上看不到他們令人沮喪，但公司結構卻變得更加清晰。

Yeah. And then just -- since we're on the topic, to reiterate a point that also Taylor brought up earlier was the idea that beyond the share class structure potentially changing and collapsing to simplified, you also have what in the last go around, we had talked about the concept that the tax structuring would also attempt to simplify to the ups.

是的。然後——既然我們談到了這個話題，我想重申一下泰勒之前也提到過的一個觀點，那就是除了股份類別結構可能會改變並簡化之外，還有我們在上次討論過的概念，即稅收結構也將嘗試簡化向上。

Great. Okay. Cool. And then just maybe one last one. The merchant conversion progress from prior acquisitions, any color there that you can provide? There were some disclosures in prior quarters, I didn't say anything this quarter. So maybe just a little bit there on what you're -- on how you're progressing there from the acquired merchants. Thanks guys.

偉大的。好的。涼爽的。然後，或許就最後一個吧。您能否提供一些關於先前收購案例的商家轉換率進展的數據？前幾季有一些資訊揭露，這個季度我沒有透露任何資訊。所以，也許可以稍微談談你——談談你從收購的商家那裡取得的進展。謝謝各位。

Yeah, absolutely. Happy to provide color. And this isn't an intentful omission. It's the simple fact that our earnings shareholder letter was, I think, 190 megabytes when I tried to download the public version this morning, not anywhere.

是的，絕對的。樂意提供色彩。這並非故意遺漏。事實很簡單，我今天早上嘗試下載公開版時，發現我們的獲利股東信檔案大小為 190 兆字節，而且到處都找不到。

So the cross-sell is going quite well. I think that's probably best evidenced by simply the customer adds that I mentioned earlier in response to what I think was probably Darrin's question. So customer adds across the board, whether that be in Germany, whether it be in the UK, whether it be in Canada, all of those are fueled in some way. buy an M&A asset, whether that's a small sales team or an embedded base of restaurant customers in Germany or gateway hotel customers in Canada.

所以交叉銷售進展相當順利。我認為最好的證明就是我之前提到的客戶補充訊息，那可能是對達林提出的問題的回應。因此，無論是在德國、英國或加拿大，所有地區的客戶成長都以某種方式推動。收購併購資產，無論是小型銷售團隊或德國的餐廳客戶群，或是加拿大的門戶飯店客戶群。

So the customer adds are really, really encouraging across the business. It's quite frankly, what helps ballast that same-store sales anxiety that we see in the core base of the business. So it's going well across all of them.

因此，客戶成長對整個公司來說都非常令人鼓舞。坦白說，正是這一點有助於緩解我們在企業核心客戶群中看到的同店銷售焦慮。所以，一切進展順利。

This is muscle memory for our business. So if you recall, what happens when we acquire a company is all of the customers inside of that become part of a sales funnel that our team is chipping away at on a daily basis. So the fact that an acquisition occurred doesn't really mean much to the average business development professional inside of Shift4. It just means they've got a lot more customers in their call queue to execute against or in their campaign. So it's going well across the board, quite frankly.

這是我們業務的肌肉記憶。所以如果你還記得的話，當我們收購一家公司時，該公司的所有客戶都會成為我們團隊每天都在努力拓展的銷售管道的一部分。因此，收購的發生對Shift4內部的一般業務拓展專業人員來說並沒有太大意義。這只是意味著他們的呼叫隊列中有更多的客戶需要跟進或納入行銷活動。坦白說，各方面進展都很順利。

Okay, great. Good stuff, guys. Thanks.

好的，太好了。幹得好，夥計們。謝謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Guys, thank you for taking the question here. I wanted to follow up, I think, on Tim's earlier question on the volume approach it a slightly different way. Just look at the kind of low 20s exit rate on volume with a little bit of inorganic contribution, it's kind of roughly in line with where the Street is expecting volume growth in 2026.

各位，感謝你們在這裡回答這個問題。我想就 Tim 之前提出的關於音量的問題，用一種略微不同的方式來探討。看看成交量方面 20% 左右的退出率，再加上一些非有機成長，這與華爾街對 2026 年成交量成長的預期大致相符。

So I was wondering if you could just talk about the puts and takes off of that run rate, and just kind of what would lead you to kind of accelerate or decelerate into next year, and just things that we should be keeping in mind as it relates to modeling out to 2026. Thank you.

所以我想知道您能否談談這個運行率的利弊，以及哪些因素會導致明年加速或減速，以及我們在對 2026 年進行建模時應該注意哪些事項。謝謝。

Yeah, sure. Thanks, Will. I would say probably in line with a similar kind of commentary here, and maybe Taylor will have a slightly different nuance to it. But from my perspective, again, it's hard for me to ignore sort of from a recency standpoint, data that we're seeing.

當然可以。謝謝你，威爾。我認為這可能與這裡類似的評論一致，而泰勒的評論可能會略有不同。但從我的角度來看，從近期數據的角度來看，我很難忽視這些數據。

And so I'd say there is some -- there's a degree of balanced caution within some of the verticals, offset by, obviously, what we're seeing is the diversification effect where we are also seeing some recent strength in other areas like in cross-border, like in luxury.

因此，我認為在某些垂直領域中存在一定程度的平衡謹慎，但顯然，我們看到的是多元化效應，其他領域，例如跨境和奢侈品領域，最近也出現了一些強勁增長。

So I would say that the exit rate, which is kind of where Tim's question was at, that annualizes kind of the fourth quarter. I think that's a fine starting point, but we gave the ranges on volume really from a '25 standpoint for a region.

所以我想說，退出率，也就是 Tim 的問題所在，就是將第四季年化後的退出率。我認為這是一個不錯的起點，但我們給出的銷售範圍實際上是從 2025 年某個地區的角度出發的。

And I think that, that range, again, the intentionality of the shape of that range where the volume range is the widest relative to something more in our control like an adjusted EBITDA, that range is widest because of wanting to acknowledge that there's a complex macro backdrop.

我認為，這個範圍，再次強調，這個範圍的形狀是有目的的，其中成交量範圍相對於我們更能控制的因素（例如調整後的 EBITDA）而言是最寬的，這個範圍之所以最寬，是因為我們想承認存在復雜的宏觀背景。

Yeah. If I had to barbell the two items probably most front and center is we say this volatility of same-store sales is quite real, like it looks bad one week and it looks okay the next. It's very confusing, and you want to be cautious about what that could look like over a sustained period of time.

是的。如果非要我把這兩件事放在一起比較，那麼最關鍵的一點是，同店銷售額的這種波動性是真實存在的，比如這週看起來很糟糕，下週看起來又還可以。這非常令人困惑，你需要謹慎考慮這種情況在一段時間內可能會發展成什麼樣子。

Maybe on the other end of the barbell, you've got Global Blue, which is really contributing nothing of substance to that payments growth rate and a massive customer base, lots of geographies, et cetera. So those are kind of -- that's a cylinder that's not firing of any consequence yet and yet will be significantly in 2026.

也許在槓鈴的另一端，你會看到環球藍聯，它對支付成長率和龐大的客戶群、眾多的地理等等，實際上並沒有做出任何實質的貢獻。所以這些就像——這是一個目前還沒有任何實質作用的氣缸，但到 2026 年將會發揮重要作用。

Got it. Appreciate that. And that was going to be my second question. Just on some of these logo wins, you had the earlier question. I get it's early and some of the ones on the page are kind of more enterprise in nature. But wondering if you could just speak to the sales process that led to some of these wins.

知道了。謝謝。那原本是我的第二個問題。就其中一些標誌設計成功案例而言，你之前已經問過這個問題了。我知道現在還早，而且頁面上的一些內容更偏向企業性質。但我想請您談談促成這些成功案例的銷售過程。

And Taylor, I know you've been doing a lot of traveling over the past couple of months. As you spend time with the Global Blue team, how are you thinking about evolving the go-to-market so that when we see some of the wins on these pages, I'm thinking back to when you put the hospitality wins and we'd see something indicating it was a gateway conversion.

泰勒，我知道你過去幾個月一直在到處旅行。在您與 Global Blue 團隊相處的過程中，您是如何考慮改善市場推廣策略的？這樣，當我們在這些頁面上看到一些成功案例時，我會想起您之前展示的酒店業成功案例，並看到一些跡象表明這是一個門戶轉換案例。

Like how do we think -- how are you thinking about potentially starting to work payments into the selling process of some of these new wins, maybe not some of the logos that we're seeing on the page, but into some of the more SMB sales?

例如，我們該如何考慮——您覺得我們有可能開始將支付方式融入一些新客戶的銷售流程中嗎？也許不是我們頁面上看到的那些大客戶，而是一些中小企業客戶的銷售流程？

Yeah. It's an awesome question, and I'll sort of contrast the two businesses for you because this is exactly what we're spending a ton of time on right now. Global Blue is a phenomenal business focused on the highest end of the enterprise, solving the most complex problems and never losing a single customer in that process.

是的。這是一個很棒的問題，我會為你比較這兩個企業，因為這正是我們目前正在花費大量時間研究的內容。Global Blue 是一家卓越的企業，專注於高端企業，致力於解決最複雜的問題，並且在此過程中從未失去任何一位客戶。

They serve the enterprise customer exceptionally well, and they're kind of built to do that, where if I were to criticize and say there's areas that we can bring strength to the table, it's the service of the really long tail of SMB customers that don't have the best coverage model.

他們為企業客戶提供的服務非常出色，而且他們的業務模式也正是如此。如果要批評他們，說我們有哪些方面可以做得更好，那就是為那些服務涵蓋範圍不夠完善的大型中小企業客戶提供的服務。

They adopt Global Blue because it's a product that the consumer demands and has a lot of traction, and they want to be able to provide that to the shoppers. So it's that -- it's the Village of Bellagio, where it's in Lake Como, right, where there's tons of little mom-and-pop merchants that offer the service to.

他們選擇 Global Blue 是因為這是消費者需要的產品，而且市場反應很好，他們希望能夠為購物者提供這種產品。所以，這裡是貝拉焦村，位於科莫湖畔，那裡有許多提供這項服務的家庭式小商家。

So the skill set we're trying to bring to the organization is how do you efficiently serve thousands of SMBs across Europe and the rest of the world. And I think we've got unique skills to bring to that. The skills they are bringing to us are how do you serve the largest and most demanding enterprises within luxury retail. So we're both learning a lot from each other in that regard.

因此，我們試圖為該組織帶來的技能是：如何有效地服務歐洲乃至世界其他地區的數千家中小企業。我認為我們在這方面擁有獨特的技能。他們為我們帶來的技能是如何服務奢侈品零售領域規模最大、要求最高的企業。所以在這方面，我們都在互相學習。

And then the only thing I would say is -- and by the way, we're having conversations with every flavor of customer, right? So we're having conversations with SMBs. Those are quick. It's -- yes, this sounds great. I'll do it. And then we're having conversations with their largest enterprise customers, and they're saying, hey, can you help us with this unique problem we have today?

然後我唯一想說的是——順便說一句，我們正在與各種類型的客戶進行對話，對吧？所以我們正在與中小企業對話。這些都很快。是的，這聽起來很棒。我願意做。然後我們與他們最大的企業客戶進行對話，他們會說，嘿，你們能幫我們解決我們今天遇到的這個特殊問題嗎？

So I'm really encouraged across the board. But the laws of physics are simply those big customers take longer to get those conversations done than the small customers. So I think that's going to be the bulk of the focus.

所以我各方面都備受鼓舞。但物理定律表明，大客戶完成這些對話所需的時間比小客戶要長。所以我認為這將是重點所在。

Yeah. And I'll add that when you start to look at that customer stratification, it's at a unit economic level, very logical that if you are providing a TFS product to the longer tail of SMBs, the gross profit and revenue density isn't necessarily there to provide the technology and quality of service that you would want if you add to the equation the cross-sell of services that now turn the gross profits and the unit economic model into one that looks a lot more like the SMB that we serve.

是的。我還要補充一點，當你開始從單位經濟層面看待客戶分層時，你會發現，如果你向中小企業的長尾客戶群提供 TFS 產品，那麼毛利和收入密度未必足以提供你想要的技術和服務品質。但如果將交叉銷售服務也考慮在內，毛利和單位經濟模型就會變得更像我們所服務的中小企業。

It makes a ton of sense to be providing all of the service levels, all the support, really starting to elevate the significance of that SMB customer within that segment is -- or within that business is exactly like the benefits of the cross-sell.

提供所有服務等級和所有支持，真正開始提升中小企業客戶在該細分市場或該業務領域的重要性，這非常有意義，就像交叉銷售帶來的好處一樣。

Yeah. And sorry to belabor the answer. I think it's really important, though, where we're going to have to spend a lot of time with you all and the Street is what's the volume pull-through of this. because to be clear, I think the enterprise customers offer the highest volume opportunity at the lowest spread, but these SMB customers are the inverse of that.

是的。很抱歉我囉嗦了這麼多。我認為非常重要的一點是，我們需要花很多時間和大家交流，而華爾街的焦點在於這筆交易的成交量。因為需要明確的是，我認為企業客戶能夠以最低的價差提供最大的成交量機會，但中小企業客戶的情況則恰恰相反。

And we are quite content with the volume growth that looks lower and a spread that's stable to growing because that's a fast win cycle. To be clear, all of it is an opportunity, but I think volume growth relative to net revenue growth is something that has undulated inside the business as we skew from time to time more towards enterprise, more towards SMB, et cetera.

我們對成交量成長放緩以及價差穩定成長的情況感到非常滿意，因為這是一個快速見效的周期。需要明確的是，所有這些都是機遇，但我認為，相對於淨收入成長而言，業務量的成長一直在波動，因為我們時不時地會更偏向企業客戶，時不時地會更偏向中小企業客戶等等。

So that's where we're going to owe you the updates, but my prediction is early success in SMB and what's going to feed the funnel two, three, five years from now, it's going to be that enterprise base.

所以，這就是我們需要向大家報告最新情況的地方，但我預測，中小企業市場的早期成功，以及兩三年五年後支撐整個市場成長的，將是企業客戶群。

Thanks guys. Appreciate the thoughtful answer.

謝謝各位。感謝您的周到解答。

Dominic Ball, Rothschild.

多明尼克鮑爾，羅斯柴爾德家族。

Hey, Taylor, Chris, and Tom, thank you for the question, and great to hear about Global Blue. On competition, we've seen some turbulence with one of your legacy acquirer peers. Does this present an opportunity to accelerate share gains in the US?

嗨，Taylor、Chris 和 Tom，謝謝你們的提問，很高興聽到關於 Global Blue 的消息。在競爭方面，我們看到你們一家傳統的收購同業出現了一些動盪。這是否為加速提升美國市場佔有率提供了機會？

And on the enterprise side, we've seen Oracle Payments extend their offering powered by Adyen, but it doesn't seem like it's going to be exclusive going forward. So how do you view that development? And could this open up further partnership opportunities with Micros?

在企業方面，我們看到 Oracle Payments 擴展了其由 Adyen 提供支援的產品，但未來似乎不會是獨家合作。那麼，您如何看待這項發展？這是否會為與 Micros 的進一步合作開闢機會？

Yeah. Awesome question, and congrats on the call, by the way. I think you were the long one. In terms of competition in the United States, I really do want to foot stop this point from my prepared remarks. It's relatively unchanged for our lines of business, which is in restaurants, we tend to focus on table service.

是的。這個問題問得好，順便恭喜你接到電話。我覺得你是那個時間最長的。關於美國的競爭問題，我真的很想在我的發言稿中就此打住這一點。對於我們這類餐飲企業來說，情況相對沒有太大變化，我們更傾向於專注於餐桌服務。

This is not where you see the Clovers and the Squares of the world. We do see Toast. And I know Toast has got wider ambitions to do far more than just table service. But in our kind of slice of the world that is restaurants in the United States, competition is relatively unchanged.

這裡不是你看到世界各地三葉草和正方形的地方。我們確實看到了吐司。我知道 Toast 的雄心壯志遠不止於提供餐桌服務。但在我們這個以美國餐飲業為代表的領域，競爭格局相對而言並沒有太大變化。

Toast is a great company. We're winning and growing quite nicely in that regard. And we don't see significant pressure from others. Quite frankly, any, let's say, industry chaos tends to be helpful to the extent that big companies are struggling. It will help us, by the way, just as much on the enterprise sale as it will on the SMB sale to have a company that's sort of struggling to redefine its image.

Toast是一家很棒的公司。我們在這方面取得了不錯的進展，並且發展勢頭良好。而且我們沒有看到來自其他方面的巨大壓力。坦白說，任何產業混亂，比如說，如果大公司陷入困境，往往都是有利的。順便說一句，對於企業客戶銷售和中小企業客戶銷售來說，擁有一家正在努力重新定義自身形象的公司，對我們大有裨益。

Now to go to your point with regard to Oracle, I think they've always had this ambition to try to deliver a simplistic product to their customer base that embeds software payments, et cetera. That's very, very hard to do with the products they serve.

現在回到你提到的Oracle的問題，我認為他們一直都有這樣的雄心壯志，那就是向他們的客戶群提供一款簡單的產品，其中嵌入了軟體支付等功能。用他們提供的產品來說，這非常非常難做到。

And so much -- take yourself out of a point-of-sale system that they sell and put yourself into any other software. It's very enterprise grade and requires a lot of pieces. And this is where Shift4 has found unique success.

而且還有很多——你可以從他們銷售的銷售點系統中脫身，然後使用任何其他軟體。它屬於企業級產品，需要很多組件。而這正是Shift4獲得獨特成功的地方。

It's taking what is an otherwise very complicated solution to implement that merchants are dependent on and stitch together all the parts to get it done, and do it in a way that feels like an SMB experience where our team comes in, connect all the dots regardless of the complexity.

這相當於把商家所依賴的、原本非常複雜的解決方案的所有部分整合起來，以一種讓中小企業感覺像是在體驗服務的方式完成，我們的團隊會介入，把所有環節連接起來，無論多麼複雜。

Again, Yankee Stadium, probably a good example of trying to make an SMB experience delivered in some of the most complex environments. So we don't see really any issue. We partner with Oracle constantly in the hotel vertical as we have to, to support them. We also activate a lot of restaurants. and we'll be there to the extent any customer needs to help.

再說一遍，洋基體育場，這可能是在最複雜的環境中嘗試為中小企業提供優質體驗的一個很好的例子。所以我們認為並沒有什麼問題。我們在酒店業一直與 Oracle 保持合作，因為我們必須為他們提供支援。我們也與許多餐廳合作，並將盡我們所能為顧客提供協助。

Thank you, guys.

謝謝大家。

Operator?

操作員？

Thank you. At this time, I'd like to pass the call back to management for any closing remarks.

謝謝。此時，我想把電話轉回給管理階層，請他們作總結發言。

Yeah. Thanks to everyone for dialing in this morning and also for the great questions. I look forward to catching up with you all individually as the weeks and quarter progresses.

是的。感謝大家今天早上撥入電話，也感謝大家提出的精彩問題。我期待在接下來的幾週和這個季度與大家逐一交流。

Thank you.

謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。