Shift4 Payments Inc (FOUR) 2025 Q4 法說會逐字稿

Hello, and welcome to today's Shift4 Payments, Inc. Q4 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加Shift4 Payments公司2025年第四季財報電話會議。（操作說明）

It is now my pleasure to turn the meeting over to Thomas McCrohan, EVP, Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係執行副總裁托馬斯·麥克羅漢主持。請繼續。

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

謝謝接線員，大家早安，歡迎參加Shift4 2025年第四季財報電話會議。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托弗·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. Our quarterly shareholder letter, quarterly financial results and other materials related to our quarterly results have all been posted to our IR website.

本次電話會議將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。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。

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 can be found in our most recent reports on Forms 10-K and 10-Q, which can be found on the SEC's website and the Investor Relations section of our corporate website.

我們今天的電話會議和收益報告資料中包含前瞻性陳述。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，這些報告可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。

For any non-GAAP financial information discussed on this call, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter.

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。

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

那麼，讓我來打電話——把電話轉給泰勒。泰勒？

Good morning. It's great to be speaking with you all. 2025 was yet another pivotal year for Shift4. We produced record results executed on transformative M&A, grew nicely and diversified the quality of our business. That's all while overcoming the occasional setback in more ways than one.

早安.很高興能和大家交流。 2025年對Shift4來說又是至關重要的一年。我們透過執行變革性併購取得了創紀錄的業績，業務實現了良好成長並實現了業務品質的多元化。而這一切都是在克服各種挫折的情況下實現的。

We also fundamentally strengthened our global footprint, our technology capabilities and organized our talent around our priorities that will continue to move the needle in 2026. As mentioned in my shareholder letter, the rapid expansion across multiple verticals has created confusion as to exactly why we win and who we compete with. This is understandable, but from our perspective, each vertical we serve is carefully selected based on the lessons we've learned over 28 years.

我們也從根本上加強了我們的全球佈局、技術能力，並圍繞我們的優先事項組織了我們的人才，這些都將在 2026 年繼續推動發展。正如我在致股東信中提到的，跨多個垂直領域的快速擴張造成了人們對我們究竟為何獲勝以及我們的競爭對手是誰的困惑。這可以理解，但從我們的角度來看，我們服務的每一個垂直領域都是根據我們 28 年來學到的經驗教訓精心挑選的。

Contrary to popular belief, we are in these verticals because we view the competitive landscape as narrow and as such, typically have fewer -- one or fewer good competitors in each vertical.

與普遍的看法相反，我們之所以進入這些垂直領域，是因為我們認為競爭格局狹窄，因此，每個垂直領域通常只有較少——一個或更少的優秀競爭對手。

To simplify things for everyone, I will succinctly say that we power the experience economy. We enable businesses to deliver the moments that matter and can be found anywhere, you shop, dine, stay or play. These experiences demand high availability and often in-person engagement and come with high expectations from both the guests and the merchant. What as little as five years ago, might have been Shift4 powering a night out at your local -- at your favorite local restaurant has evolved into us earning the responsibility to power some of the largest global resorts operating 24/7, championship matches and so much more.

為了方便大家理解，我簡單來說，我們為體驗經濟提供動力。我們幫助企業提供重要的時刻，這些時刻可以在任何地方找到，無論您是購物、用餐、住宿還是娛樂。這些體驗需要高度的可用性，通常需要面對面的互動，並且對顧客和商家都有很高的期望。僅僅五年前，Shift4 可能只是為當地你最喜歡的餐廳提供一晚的電力支持，而如今，我們已經承擔起為一些全球最大的度假村提供全天候 24 小時運營、為冠軍賽等提供電力支持的責任。

In a world of constant innovation, especially digitally, the skill sets to power high-demand person experiences is increasingly valued.

在不斷創新（尤其是在數位領域）的世界裡，能夠提供高需求的使用者體驗的技能越來越受到重視。

Now to touch on some highlights for the quarter and the full year. We closed on the acquisition of Global Blue back in July, marking our entry into the luxury retail vertical. As a quick reminder, Global Blue is a market share leader of tax-free shopping capabilities to merchants selling luxury goods with the number one market share globally and a 4x relative market share to their nearest competitor.

接下來，我們來回顧本季和全年的一些亮點。我們於 7 月完成了對 Global Blue 的收購，標誌著我們正式進軍奢侈品零售領域。簡單提醒一下，環球藍聯是免稅購物領域的市場領導者，為銷售奢侈品的商家提供全球第一的市場份額，其相對市場份額是其最接近的競爭對手的 4 倍。

Global Blue's business remained resilient despite the weakening US dollar and rising tensions between China and Japan. While a weaker US dollar translates into higher prices for those traveling to Europe, having a business over-indexed to wealthy consumers remain the key benefit in this K-shaped economy.

儘管美元走軟，中日關係日益緊張，但環球藍聯的業務依然保持韌性。雖然美元走弱意味著前往歐洲的遊客要支付更高的價格，但在這種 K 型經濟體中，企業與富裕消費者的聯繫日益緊密仍然是關鍵優勢。

The integration of Global Blue remains on track, including the timing of revenue synergies to begin being realized this year as expected. As you can see from our materials, we continue to add many new merchants and can increasingly be seen anywhere you shop, dine, stay or play with many of these wins a direct result of us successfully cross-selling payments.

Global Blue 的整合工作仍在按計劃進行，包括收入綜效的實現時間也如預期般在今年開始。正如您從我們的資料中看到的那樣，我們不斷增加新的商家，而且無論您在購物、用餐、住宿還是娛樂的任何地方，您都能越來越頻繁地看到我們的身影，而這些成功很大程度上是我們成功交叉銷售支付方式的直接結果。

We powered payments at the big game at Levi's Stadium in early February. So congrats to all you Seahawks Fans. And we are constantly renewing key merchants and recently signed a five-year renewal with Choice Hotels. Some other key milestones. In Europe, we continue to add many thousands of new SkyTab POS merchants across the UK, Ireland and Germany, ending the year with over 80,000 merchants outside of the Americas, which is before cross-selling any Global Blue merchants.

二月初，我們在李維斯體育場舉行的超級盃比賽中實現了支付功能。所以，恭喜所有海鷹隊的球迷們！我們一直在與主要商家續約，最近與精選飯店集團 (Choice Hotels) 簽署了一份為期五年的續約協議。其他一些重要里程碑。在歐洲，我們繼續在英國、愛爾蘭和德國新增數千家 SkyTab POS 商戶，到年底，除美洲以外，我們的商家數量超過 8 萬家，這還不包括向 Global Blue 商家的交叉銷售。

Canada is also a focus as we've only recently had full stack capabilities in the region, but inherited many world-class customer relationships from both the Eigen and Givex acquisitions. We enter the Australia and New Zealand markets and now have a substantive sales force via the acquisition of Smartpay. This progress translated into solid financial performance, including nearly $2 billion of total gross revenue less network fees, representing 46% year-over-year growth. And that's excluding -- when you exclude the contribution of Global Blue and Smartpay, we delivered roughly 23% year-over-year growth in gross revenue less network fees during 2025. $970 million of adjusted EBITDA, representing 49% adjusted EBITDA margins and $500 million of adjusted free cash flow.

加拿大也是我們的重點市場，因為我們最近才在該地區擁有全端開發能力，但從收購 Eigen 和 Givex 的過程中繼承了許多世界一流的客戶關係。我們透過收購 Smartpay 進入澳洲和紐西蘭市場，現在擁有了一支強大的銷售團隊。這項進展轉化為穩健的財務業績，包括近 20 億美元的總毛收入（扣除網路費用），年增 46%。而且，這還不包括 Global Blue 和 Smartpay 的貢獻——在 2025 年，我們的總收入（扣除網路費用）年增約 23%。調整後的 EBITDA 為 9.7 億美元，調整後的 EBITDA 利潤率為 49%，調整後的自由現金流為 5 億美元。

We are proud of both of our margins in light of ongoing investments we're making in both products and expansion.

考慮到我們在產品和擴張方面持續進行的投資，我們對目前的利潤率感到自豪。

We introduced an all-in-one payments, DCC and tax-free shopping terminal last year that we began piloting in several European countries. We also invested heavily in making our restaurants, sports and entertainment and other products suitable for the global stage.

去年我們推出了一款集支付、DCC 和免稅購物於一體的終端，並開始在幾個歐洲國家進行試點。我們也投入巨資，使我們的餐廳、體育、娛樂和其他產品適合全球市場。

I want to stress that our story is not a complicated one. We are experts in handling software, hardware and payments and demanding verticals and in the most competitive market in the world, the United States. We've grown from an SMB restaurant-oriented technology business to powering commerce across the experience economy, and our most meaningful growth has been as a public company for all to see.

我想強調的是，我們的故事並不複雜。我們是軟體、硬體和支付領域的專家，擅長處理要求嚴苛的垂直產業，並且身處世界上競爭最激烈的市場——美國。我們從一家面向中小企業餐廳的科技公司發展成為一家為體驗經濟中的商業提供動力的公司，而我們最有意義的成長是作為一家上市公司，讓所有人都能看到。

We are now taking those lessons learned and our industry-leading products out into the world. One only needs to study our evolution in the US to understand what we will be doing and less mature and often less competitive markets. Unlike our history in the US, we are aided by excellent beachheads provided to us by acquisition and already have a presence in over 75 countries around the world.

我們現在正將這些經驗教訓和我們領先業界的產品推向世界。只要研究一下我們在美國的發展歷程，就能明白我們將在不太成熟、競爭也往往不那麼激烈的市場中做些什麼。與我們在美國的歷史不同，我們透過收購獲得了良好的立足點，並已在全球 75 多個國家/地區開展業務。

As we look to 2026, the macro environment remains dynamic, but we view the diversity of our end markets, our disciplined approach to customer acquisition and healthy operating margins as affording us a degree of resiliency and optionality relative to many of our peers.

展望 2026 年，宏觀環境依然瞬息萬變，但我們認為，我們終端市場的多元化、我們嚴謹的客戶獲取方式以及健康的營運利潤率，使我們相對於許多同行而言，具有一定的韌性和選擇權。

In terms of priorities, I'm focused on the following: We only just begun delivering our all-in-one payment terminals throughout Europe. As mentioned previously, the Global Blue tax-free shopping product is unrivaled. And when combined with eligibility detection at the point of payment, adds meaningful utility to retailers of all sizes. We believe we can add many thousands of merchants as a result of this capability and are targeting 15 countries for launch in 2026.

就優先事項而言，我關注以下幾點：我們才剛開始在整個歐洲交付我們的一體化支付終端。如前所述，環球藍聯的免稅購物產品是無與倫比的。結合支付點的資格檢測，可以為各種規模的零售商帶來實際的實用價值。我們相信，憑藉這項功能，我們可以新增數千家商戶，並計劃在 2026 年在 15 個國家推出。

Our go-to-market motion across these countries will allow us not just to win retail merchants but also deliver our restaurant, hotel and stadium products and replicate the vertical success we've had in the US

我們在這些國家的市場拓展策略不僅能幫助我們贏得零售商，還能讓我們向餐廳、飯店和體育場提供產品，並複製我們在美國的垂直整合成功經驗。

While on the topic of the US, we still have plenty of market share to win across our key verticals and enabling DCC across our merchant base will be particularly valuable in anticipation of the World Cup this year and the Summer Olympics in 2028.

說到美國市場，我們在關鍵垂直領域仍有很大的機會贏得市場份額，而為今年的世界盃和 2028 年夏季奧運會在我們的商家群體中啟用 DCC 將尤其有價值。

We continue to leverage our restaurant merchant estate to inform our road map for SkyTab, which has been growing nicely in both customer counts and volume per merchant. To better leverage the larger ship for brand and our presence in the broader experience economy, we will be rebranding SkyTab to Shift4 Dine later in the year.

我們繼續利用我們的餐飲商家資源來指導 SkyTab 的發展路線圖，SkyTab 的客戶數量和每個商家的交易額都取得了良好的成長。為了更好地利用更大的船隻來提升品牌知名度，並在更廣泛的體驗經濟領域擴大影響力，我們將在今年稍後將 SkyTab 更名為 Shift4 Dine。

Asia and the Middle East are also increasingly becoming important strategic markets for us, and in particular, Japan and the Kingdom of Saudi Arabia. These are large markets that align perfectly with our core competencies and it only offer one of our products today.

亞洲和中東也日益成為我們重要的戰略市場，尤其是日本和沙烏地阿拉伯王國。這些都是與我們的核心競爭力完美契合的大市場，而目前它們只提供我們的一款產品。

And lastly, our AI road map is extensive on both the operational and product fronts. We've partnered with XAI for broad-based adoption of CROC in virtually every area of our business. We've deployed AI assistance within our key products to help resolve inquiries more quickly and with less human intervention. These tools have recently been expanded to providing operational insights to our merchants as well.

最後，我們的人工智慧路線圖涵蓋了營運和產品兩個方面，內容十分廣泛。我們與 XAI 合作，在公司幾乎所有業務領域廣泛採用 CROC。我們已在主要產品中部署了人工智慧輔助功能，以幫助更快地解決用戶諮詢，並減少人工幹預。這些工具最近已擴展到為我們的商家提供營運方面的洞察。

We are building predictive models that analyze merchant signals to prevent churn before it happens while leveraging the vast trove of data we collect from customer interactions to identify and resolve customer pain points more rapidly than ever before.

我們正在建立預測模型，分析商家訊號，以防止客戶流失，同時利用我們從客戶互動中收集的大量數據，以比以往任何時候都更快的速度識別和解決客戶痛點。

On the productivity front, we've seen a doubling in our code production as a result of broader adoption of AI tools within our technology teams. And many of you know that Palantir has been powering our mission control platform for several years at this point. So none of this should be a big surprise. Before I turn the call over to Chris, I want to summarize the simplification transaction announced earlier this year. We've successfully collapsed all B and C shares previously held by our founder into Class A common.

在生產力方面，由於技術團隊更廣泛地採用人工智慧工具，我們的程式碼產量翻了一番。你們中的許多人都知道，Palantir 已經為我們的任務控制平台提供技術支援好幾年了。所以這一切都不該讓人感到意外。在將電話交給克里斯之前，我想總結一下今年早些時候宣布的簡化交易。我們已成功將創辦人先前持有的所有 B 類和 C 類股份合併為 A 類普通股。

As a result, Shift4 is no longer a controlled company under the NYSE rules. Going forward, Jared will own approximately 27% of our outstanding Class A shares with voting rights that are parpass to all other shareholders.

因此，Shift4不再是紐約證券交易所規則下的受控公司。未來，Jared 將擁有我們約 27% 的已發行 A 類股份，其投票權與其他所有股東相同。

Additionally, Jared has agreed to transfer all future benefits of its tax receivable agreement to the company, permanently eliminating an estimated $440 million of future TRA payments. We believe these improvements to our governance and capital structure significantly broaden our appeal to the investment community.

此外，Jared 已同意將其稅收應收協議的所有未來收益轉讓給該公司，從而永久消除預計未來 4.4 億美元的稅收應收協議付款。我們相信，公司治理和資本結構的這些改進將大大提升我們對投資界的吸引力。

In summary, 2026 marks a new chapter defined by a simplified corporate structure, improved disclosure and clear strategic focus. As we expand our footprint globally, we are laser-focused on execution, ensuring we deliver our immediate financial goals without sacrificing the balance that comes between growth and margins.

總而言之，2026 年標誌著一個新篇章的開始，其特點是公司結構簡化、資訊揭露改進和策略重點明確。隨著我們在全球擴大業務版圖，我們高度重視執行力，確保在不犧牲成長和利潤之間平衡的前提下，實現我們近期的財務目標。

And with that, I'll turn the call over to Chris.

那麼，我就把電話交給克里斯了。

Thanks, Taylor. 2025 was another record year for Shift4 across all financial metrics underpinned by strong execution, integration, capital allocation and continuing to achieve scale diversification, both geographically and across multiple verticals in the experience economy.

謝謝泰勒。 2025年對Shift4來說又是創紀錄的一年，各項財務指標均創下新高，這得益於強大的執行力、整合能力、資本配置以及在體驗經濟領域地域和多個垂直領域持續實現規模多元化。

We delivered record results with full year gross revenue of $4.18 billion, above the high end of the range we provided last quarter, volume of $209 billion, again, near the high end of last quarter's guided range, blended spreads came in at 61 basis points, exceeding our guidance of above 60 basis points. Gross revenue less network fees or GRLNF of $1.98 billion, representing 46% growth year over year. Adjusted EBITDA of $970 million, representing 43% growth year over year at a 49% margin and adjusted free cash flow of $500 million, which exceeded our guided adjusted free cash flow conversion range by 150 basis points.

我們取得了創紀錄的業績，全年總收入達 41.8 億美元，高於上季度給出的預期範圍的上限；銷量達 2090 億美元，同樣接近上季度預期範圍的上限；綜合價差為 61 個基點，超過了我們此前 60 個基點以上的預期。總收入減去網路費用或 GRLNF 為 19.8 億美元，較去年同期成長 46%。調整後 EBITDA 為 9.7 億美元，年增 43%，利潤率為 49%；調整後自由現金流為 5 億美元，比我們預期的調整後自由現金流轉換率範圍高出 150 個基點。

Now let's move on to our quarterly performance and then shift to 2026 guidance and close with our capital allocation framework. For fourth quarter results, gross revenue increased 34% year over year to $1.189 billion. Volumes grew 23% year over year to $59 billion towards the higher end of guidance range.

現在讓我們來看看季度業績，然後展望 2026 年業績指引，最後介紹我們的資本配置架構。第四季業績顯示，總營收年增 34%，達到 11.89 億美元。銷量年增 23%，達到 590 億美元，接近預期範圍的上限。

Q4 volume mix was influenced by a few enterprise go-lives with strong seasonal volumes. Blended spreads came in at 57 basis points, influenced by the aforementioned few enterprise go-lives with strong seasonal volumes such as the Alterra Ikon Pass. This enterprise volume outperformance has an inverse mix shift impact on our blended spreads. That said, our full year 2025 blended spreads delivered in line with our previously communicated guidance of greater than 60 basis points, and we anticipate blended spreads to continue above 60 basis points for the full year in 2026 as well.

第四季銷售量組成受到幾家企業上線、季節性銷售強勁的公司的影響。綜合價差為 57 個基點，受到上述少數幾個具有強勁季節性交易量的企業上線專案（如 Alterra Ikon Pass）的影響。企業交易量的超額表現對我們的混合價差產生了反向的組合變化影響。儘管如此，我們 2025 年全年綜合利差實現了我們先前公佈的 60 個基點以上的預期，我們預計 2026 年全年綜合利差也將繼續保持在 60 個基點以上。

GRLNF grew 51% to $610 million, which was towards the lower end of our guidance range as the aforementioned outperformance in enterprise did not offset the continuation of Q3's same-store sales trends, particularly amongst SMEs in the Americas region, which were further impacted by late Q4 weather events.

GRLNF 成長 51% 至 6.1 億美元，這接近我們預期範圍的下限，因為上述企業業務的超額收益並未抵消第三季度同店銷售趨勢的延續，尤其是在美洲地區的中小企業，而這些企業又進一步受到第四季度末天氣事件的影響。

Going forward, we will disaggregate our revenue into three categories: one, payments base revenue reported on a gross basis, S.So, it's noteworthy to back out (inaudible) to arrive at the relative contribution to GRLNS; two, tax-free shopping revenue; and three, subscription and other revenue.

展望未來，我們將把收入分為三類：一、按總額報告的支付基礎收入，S.So，值得注意的是，要計算出對 GRLNS 的相對貢獻；二、免稅購物收入；三、訂閱和其他收入。

We have consciously chosen to report these three disaggregated revenue categories in order to let investors focus on our North Star growth in payments in -- growth in payments-based revenue and clearly break out the tax-free shopping revenue for transparency as investors acclimate to the performance of this line of business.

我們特意選擇報告這三個細分的收入類別，以便讓投資者專注於我們支付業務的北極星增長——基於支付的收入增長，並清楚地將免稅購物收入拆分出來，以提高透明度，幫助投資者適應該業務線的表現。

Adjusted EBITDA grew 48% to $304 million, delivering a 50% margin. Non-GAAP EPS came in at $1.60. Our adjusted free cash flow in the quarter was a record $171 million, representing year-over-year growth of 28% and free cash flow conversion from adjusted EBITDA was 56%. On a non-GAAP per share basis, this results in $1.76 of adjusted free cash flow per share.

調整後 EBITDA 成長 48% 至 3.04 億美元，利潤率為 50%。非GAAP每股收益為1.60美元。本季調整後的自由現金流創下1.71億美元的紀錄，年增28%，調整後EBITDA的自由現金流轉換率為56%。以非GAAP每股計算，這將產生每股1.76美元的調整後自由現金流。

As of year-end, our net leverage pro forma for the full year effect of Gold Blue was 3.4 times and and includes the effects of our November activity of repaying the 2025 convertible notes issuing incremental euro-denominated senior notes under our existing 2033 indenture and repricing our term loan generating 50 basis points of run rate savings.

截至年底，我們按全年計算的 Gold Blue 淨槓桿率為 3.4 倍，其中包括我們 11 月償還 2025 年可轉換票據、根據我們現有的 2033 年契約發行增量歐元計價高級票據以及重新定價定期貸款的活動的影響，從而節省了 50 個基點的運行利率。

Our leverage guidance remains unchanged, with a view that the business should not exceed [3 to 3.75] net leverage on a sustained basis.

我們的槓桿率指引保持不變，認為該業務的淨槓桿率不應持續超過 [3 至 3.75]。

We are introducing the following guidance ranges. Volume of $240 billion to $260 million, representing 15% to 24% year-over-year growth, we are anticipating stable spreads in 2026, remaining above 60 basis points for the full year. GRLNF range of $2.5 billion to $2.6 billion, representing 26% to 31% year-over-year growth and to help you model our trajectory to 2026, we are introducing a growth algorithm bridge, provide further transparency on the disaggregated GRLNF growth categories.

我們推出以下指導範圍。交易量預計為 2,400 億美元至 2.6 億美元，年增 15% 至 24%，我們預計 2026 年價差將保持穩定，全年保持在 60 個基點以上。GRLNF 範圍為 25 億美元至 26 億美元，年增 26% 至 31%。為了幫助您模擬我們在 2026 年的發展軌跡，我們引入了成長演算法橋，進一步提高了 GRLNF 成長類別細分的透明度。

As mentioned, we're reporting disaggregated revenue across three categories: payments-based revenue, tax-free shopping and subscription and other.

如前所述，我們將收入分為三類進行細分：基於支付的收入、免稅購物和訂閱收入以及其他收入。

Within our payments-based revenue less network fees, we think it noteworthy to appreciate the difference between our two geographic regions. Of one the Americas and two, the worldwide region, excluding Americas.

在我們基於支付的收入減去網路費用後，我們認為有必要了解我們兩個地理區域之間的差異。其中一是美洲地區，二是美洲以外的全球地區。

For the Americas market, this is our most mature region where all of our market-leading experienced economy commerce solutions are present. And is a market wherein 2026, there will be minimal impact from prior year M&A annualization. In this region, we expect payments-based revenue less network fees to deliver mid-teens percentage growth. We view this growth rate as being more than 3 times the baseline growth of the comparable market.

對於美洲市場而言，這是我們最成熟的地區，我們所有市場領先的成熟經濟商務解決方案都已覆蓋該地區。而且，到 2026 年，該市場受前一年併購年化的影響將微乎其微。在這個地區，我們預計扣除網路費用後的支付收入將實現15%左右的成長。我們認為此成長率是同類市場基準成長率的3倍以上。

The worldwide, excluding Americas REIT market, is our faster-growing market where multiple high-growth themes exist. Such as: one, bringing our market-leading solutions, proven in the competitive Americas market into the region; two, disrupting a largely unintegrated bank-distributed card present market with our proven bundled value proposition that we pioneered decades ago; and three, the region is benefiting from our excess capital allocation through the acquisition of Global Blue and Smartpay, which provide both their attractive business attributes, but also serve as the infrastructure accelerate from which we will deploy our market-leading solutions into the region.

美洲以外的全球 REIT 市場是我們成長最快的市場，其中有多個高成長主題。例如：第一，將我們在競爭激烈的美洲市場中久經考驗的市場領先解決方案引入該地區；第二，利用我們幾十年前首創的成熟捆綁式價值主張，顛覆目前銀行分銷的銀行卡支付市場；第三，該地區正受益於我們通過收購 Global Blue 和 Smartpay 獲得的超額資本配置，這兩家公司不僅提供了極具吸引力的業務。

In this region, we are expecting high 20 percentage growth. On tax-free shopping, we expect mid-single-digit pro forma growth. We are cautious going into 2026 with a few headwinds that include a weakening outlook on the US dollar relative to the euro, albeit with diverging views across major banks as well as cross-border travel tension in Asia. Additionally, it's noteworthy that the business delivered low double-digit growth last year on the high end of its medium-term outlook range disclosed when Global Blue was an independent public company.

該地區預計將實現高達 20% 的成長。我們預計免稅購物將實現個位數中段的成長。展望 2026 年，我們持謹慎態度，面臨一些不利因素，包括美元兌歐元前景疲軟（儘管各大銀行對此看法不一），以及亞洲跨國旅行緊張局勢。此外，值得注意的是，去年該公司實現了兩位數的低成長，處於 Global Blue 還是一家獨立上市公司時公佈的中期展望範圍的高端。

And thus is growing over a strong comparable period.

因此，與同期相比，其成長動能強勁。

On subscription and other, we expect low single-digit growth with quarterly fluctuation as we anticipate less impact from applying our carrots and sticks against acquisitions than in prior years, while continuing to prioritize growth in our core payments based revenue.

在訂閱和其他方面，我們預計季度成長率將低於個位數，並且會有波動，因為我們預計對收購採取胡蘿蔔加大棒的措施的影響將比往年小，同時我們將繼續優先發展以支付為基礎的核心收入。

When you sum these parts, it builds to our guidance range of $2.5 billion to $2.6 billion in GRLNF. We are guiding an adjusted EBITDA range of $1.165 billion to $1.215 billion, representing 20% to 25% year-over-year growth and representing margins of approximately 47%. We are introducing a non-GAAP EPS guidance range of $5.50 to $5.70.

將這些部分加起來，就形成了我們對 GRLNF 25 億至 26 億美元的指導範圍。我們預計調整後的 EBITDA 為 11.65 億美元至 12.15 億美元，年增 20% 至 25%，利潤率約為 47%。我們公佈的非GAAP每股盈餘預期範圍為5.50美元至5.70美元。

Our EPS range assumes an effective tax rate of 26%. We are guiding adjusted free cash flow of $490 million to $510 million. We anticipate free cash flow conversion to moderate in 2026 and average approximately 42% as a result of three factors: one, the annualization of interest expense; two, lower interest income due to relative cash balances; and three, Global Blue related impacts, such as integration investments and the impact of Global Blue seasonality are our year-over-year results, given the timing of the close in the second half of '25.

我們的每股盈餘範圍假設有效稅率為 26%。我們預計調整後的自由現金流為 4.9 億美元至 5.1 億美元。我們預計，由於以下三個因素，2026 年自由現金流轉換率將趨於緩和，平均約為 42%：一是利息支出的年化；二是由於相對現金餘額導致利息收入下降；三是 Global Blue 相關的影響，例如整合投資和 Global Blue 季節性因素的影響。鑑於交易在 2025 年下半年完成，以上是我們年比業績。

If you isolate the incremental flow-through of adjusted free cash flow, the implied conversion is expected to be 59%. And overall, this guidance includes the close of Bambora because we expect it to take place in the next couple of days.

如果單獨計算調整後自由現金流的增量，則隱含的轉換率預計為 59%。總的來說，這份指導方針包含了 Bambora 的關閉，因為我們預計它將在未來幾天內關閉。

And now for Q1 quarterly guidance. For the upcoming first quarter of 2026, we are introducing guidance as follows: GRLNF of $548 million, adjusted EBITDA of $233 million and adjusted free cash flow of $70 million. Additionally, gross revenue for the quarter is expected to be $1.05 billion.

接下來公佈第一季業績展望。對於即將到來的 2026 年第一季度，我們提出以下指引：GRLNF 為 5.48 億美元，調整後 EBITDA 為 2.33 億美元，調整後自由現金流為 7,000 萬美元。此外，預計本季總營收為 10.5 億美元。

Our shareholder letter materials provide a detailed bridge on these various components to our guidance to help you model these specific impacts.

我們的股東信函資料詳細闡述了這些不同的組成部分，並提供了相應的指導，以幫助您模擬這些特定影響。

Consistent with our commentary in Q3 earnings, as we looked at our capital allocation options in Q4, we found the most attractive risk-adjusted return was repurchasing our own stock. Between Q4 and year-to-date Q1, we have repurchased 7.7 million shares and now have a remaining $500 million against the $1 billion share repurchase authorization recently announced.

與我們在第三季財報中的評論一致，我們在第四季度審視資本配置方案時發現，最具吸引力的風險調整後收益是回購我們自己的股票。從第四季到今年第一季度，我們已經回購了 770 萬股股票，目前在最近宣布的 10 億美元股票回購授權中還剩下 5 億美元。

In light of the current market environment and the continued opportunity it presents for share repurchases, we think it more appropriate to base the previously stated goal of $1 billion of exit rate Q4 2027 adjusted free cash flow to being viewed on a per share basis through the lens of a long-term owner of the business.

鑑於當前的市場環境以及由此帶來的持續的股票回購機會，我們認為，將先前提出的 2027 年第四季度調整後自由現金流 10 億美元的退出目標，改為從企業長期所有者的角度，以每股為基礎進行看待，更為合適。

Last, on capital allocation. As mentioned, we repurchased a total of 7.7 million shares, of which 4.3 million shares were repurchased during the fourth quarter and the remaining 3.4 million shares were repurchased during Q1 of this year. We have $500 million remaining under our existing authorization.

最後，關於資本配置。如前所述，我們共回購了 770 萬股股票，其中 430 萬股是在今年第四季回購的，其餘 340 萬股是在今年第一季回購的。我們現有授權範圍內還剩餘5億美元。

As a reminder, we allocate capital on a comparative assessment basis of our four priorities: customer acquisition, product investment, acquisitions and share repurchases. We've utilized buybacks recently due to the clear relative value. And while our valuation remains attractive, we are mindful of the associated relative value balance and net leverage ratios.

再次提醒，我們根據以下四個優先事項進行資本分配：客戶獲取、產品投資、收購和股票回購。由於股票的相對價值顯而易見，我們最近採用了股票回購策略。雖然我們的估值仍然很有吸引力，但我們也注意到相關的相對價值平衡和淨槓桿。

Our focus in 2026 will be to continue employing our balanced approach to capital allocation using this relative framework. That said, this quarter, we want to provide investors with insight into our capital efficiency. In our view, the textbook financial formula for value creation is driving sustainable positive spread of return on invested capital or ROIC greater than weighted average cost of capital, or WACC.

2026 年，我們的重點將繼續採用這個相對框架，並運用我們平衡的資本配置方法。也就是說，本季我們希望向投資者展示我們的資本效率。我們認為，教科書式的價值創造財務公式是推動投資資本報酬率（ROIC）持續正向成長，使其大於加權平均資本成本（WACC）。

A couple of key takeaways from this. One, we have a historical track record of value creation. Throughout 2023 and 2024, our ROIC averaged approximately 13%, consistently exceeding the midpoint of our WACC range by 300 to 400 basis points. This demonstrates that our historical acquisition strategy has been accretive not just to top line but to shareholder value.

從中可以得出幾個關鍵結論。第一，我們擁有創造價值的歷史紀錄。在 2023 年和 2024 年，我們的 ROIC 平均約為 13%，始終比我們的 WACC 範圍的中點高出 300 至 400 個基點。這顯示我們以往的收購策略不僅提高了營收，也提升了股東價值。

All of this while deepening our durable competitive advantages, scaling and diversifying the business as a whole.

所有這一切都是在深化我們持久競爭優勢、擴大規模和實現業務整體多元化的同時進行的。

Second takeaway. We have been able to maintain this value creation spread across the investment cycle. Even in historical periods of invested capital expansions in our history, we have maintained a positive ROIC over WACC spread, and expect this to continue. Our track record shows that we have been here before and experienced the integration phase of an investment with ROIC experiencing short-term dilution followed by very high incremental returns.

第二點收穫。我們已能夠在整個投資週期中保持這種價值創造。即使在我們歷史上投資資本擴張的時期，我們也保持了正的 ROIC 相對於 WACC 的利差，並且預計這種情況將繼續下去。我們的過往業績表明，我們以前也經歷過這種情況，投資整合階段的 ROIC 經歷了短期稀釋，隨後出現了非常高的增量回報。

Now before turning the call back to Taylor, I want to sincerely thank our fellow shareholders, the broader management team and especially the finance organization for supporting a seamless transition. I'm energized by the momentum we've built and look forward to the year ahead.

在將電話轉回泰勒之前，我衷心感謝各位股東、管理團隊，特別是財務部門，感謝他們支持平穩過渡。我對我們目前取得的進展勢頭感到振奮，並期待著新的一年。

And 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. And with that, operator, we're ready for questions.

謝謝你，克里斯。好了，操作員，我們準備好回答問題了。

(Operator Instructions) Darrin Peller, Wolfe Research.

（操作說明）達林‧佩勒，沃爾夫研究公司。

Let me just first start with a question on guidance, and then I'm going to shift to a question on free cash, if that's okay, as a follow-up. But just on guidance. When we look at the outlook you're giving now, and I understand, Chris, you probably tried to build an element of safety and conservatism given the macro uncertainty. So maybe just touch on how you built it up? What the organic assumptions were embedded in it for overall organic revenue growth rates?

首先，我想問一個關於指導的問題，然後，如果可以的話，我想接著問一個關於自由現金流的問題。但僅供參考。當我們審視你現在給出的展望時，我理解，克里斯，鑑於宏觀經濟的不確定性，你可能試圖建立安全、保守的策略。那麼，或許可以簡單談談你是如何一步一步建立起這個平台的呢？該報告對整體有機收入成長率做出了哪些假設？

And how we should think about the potential cross-sell integration in there for the year ahead of us?

那麼，我們該如何考慮來年潛在的交叉銷售整合呢？

Yes. Thanks for that, Darrin. So to to kind of unpack the pieces. I think one of the things that we definitely wanted to provide some visibility into is the GRLNF growth algorithm. To give a sense for how some of the parts in our three disaggregated revenue categories are expected to behave in the year -- in the 2026 guide.

是的。謝謝你，達林。所以，要把這些碎片拆解開來。我認為我們非常希望讓大家更清楚地了解 GRLNF 成長演算法。為了讓您了解我們三個細分收入類別中的某些部分在 2026 年的預期表現，請參閱 2026 年指南。

And so to look at that piece within the bridge in the materials is probably a place I'll reference and cite everyone toward. And within that, you can see that you've got the payments-based revenue piece, split out between kind of the new disaggregation of giving visibility into our two geographic regions of Americas versus the worldwide ex Americas. Then we give our tax-free shopping, which is obviously a new disaggregated revenue disclosure that we'll be providing and give that in -- on a pro forma basis, is expecting that to be on the mid-single digit and then, of course, some another.

因此，研究橋樑材料中的那部分內容，可能是我會向所有人引用和提及的地方。其中，您可以看到基於支付的收入部分，它被拆分為新的細分，從而可以更清晰地了解我們的兩個地理區域：美洲和美洲以外的全球。然後，我們將公佈免稅購物情況，這顯然是我們將要提供的一種新的細分收入披露，並且——按形式上看——預計會達到個位數中段，當然，還有一些其他情況。

But maybe the incremental piece that you're asking within what inside of these guidance points might be a bit more related to some of the macro that you're asking about. Did I hear that within your question?

但也許您在這些指導要點中詢問的增量部分，可能與您所詢問的一些宏觀問題更相關。我是否從你的問題中聽到了這一點？

Well, I'm trying to understand really, if you think you've built in a layer of effectively conservatism around macro or even your own bottoms-up assumptions, just given the results last year have been a little challenging versus your prior guide. And so, I'm curious to hear where you build that in. And then again, I understand your subsegments, but as a company-wide, I think we're coming to about a low to mid-teens organic revenue growth rate. I'm curious if that's about right?

嗯，我其實是想弄清楚，如果你認為你已經在宏觀經濟甚至你自己的自下而上的假設中構建了一層有效的保守主義，那麼鑑於去年的結果與你之前的指導相比有點具有挑戰性。所以，我很想知道你是如何將它融入你的設計中的。另外，我理解你們的細分市場，但就公司整體而言，我認為我們的有機收入成長率大約在 10% 到 25% 之間。我想知道這個數字是否正確？

Yes. So let me -- so when I think about what is inside of the guide, obviously, you're right to point out that last year had a little bit of a volatile macro backdrop and maybe more specifically within the world of same-store sales in the Americas, so inside of the payments-based revenue piece. And then within sales in store, which is kind of the equivalent of the volume metric in the tax-free shopping, both had exhibited volatility. But the one that probably you're hinting at is the volatility that was the result of the Triple S, mainly in the Americas, amongst SMBs, for example, within restaurants, lodging and retail.

是的。所以讓我——當我思考指南的內容時，顯然，您指出去年宏觀環境有些動盪，尤其是在美洲的同店銷售額方面，也就是基於支付的收入部分，這是正確的。然後，在實體店的銷售額中（這相當於免稅購物的銷售指標），兩者都表現出了波動性。但你可能暗示的是，Triple S 帶來的波動，主要發生在美洲的中小企業，例如餐飲、住宿和零售業。

Within that, I think what we're looking at in the start of the year is really a tale of kind of like two halves. In the first half of the year, we're anticipating that there's a continuation of the kind of exit rate trends that we were seeing within the Triple S. And that seems to be holding up even though we had what looks like a little bit of a continuation of softer trends in January, February was looking strong, but you have to offset some of that with weather events.

我認為，從這個角度來看，年初的情況其實可以分成兩個階段。今年上半年，我們預期Triple S的退出率趨勢將持續下去。儘管1月份的趨勢似乎略有放緩，但2月的走勢強勁，這一趨勢似乎仍在持續，不過天氣因素也在一定程度上抵消了這種影響。

But I think in total, you end up with a place that says, that the first half of the year assume similar trends to what you were seeing coming out of the end of the year. And then in the back half, an assumption that there will be an anniversary over some softer comps, and you see some positive rebound.

但我認為總的來說，最終的結果是，今年上半年的趨勢與年底的趨勢相似。然後，在下半年，人們假設會有一些較弱的比較基準來慶祝週年紀念，你會看到一些正面的反彈。

Overall, though, I think the outlook for the year is a fairly neutral view, which is admittedly a couple of points lower, like low single-digit points lower than what might have existed in years past as we were laying out kind of Triple S impact within an overall outlook for the year.

不過總的來說，我認為今年的前景相當中立，誠然，這比往年我們預測的「三重S」影響下的全年前景要低幾個百分點，大概低個位數個百分點。

Then I'll take the other opportunity to just say that one of the other variables that we're sort of trying to get our heads around is the concept, is the FX variable and how that impacts the tax-free shopping business. I think we alluded to it a couple of times that the outlook on a weakening USD relative to euro, although has maybe a benefit on financial translation it has a more negative benefit on demand.

然後，我想藉此機會說，我們正在努力理解的另一個變數是外匯變數的概念，以及它如何影響免稅購物業務。我認為我們已經多次提到，美元兌歐元走弱的前景雖然可能對金融匯兌有利，但對需求的影響則更為負面。

And so within tax-free shopping. So if there is a continued sort of weakening within USD relative to expectations against the euro, which right now, there's a pretty divergent view even amongst the major banks as to what that weakening looks like. To the extent that, that is a headwind relative to expectations and you could have -- you could have some pressures there, but we're anticipating what sort of in the consensus.

因此，免稅購物也包含在內。因此，如果美元兌歐元持續走弱，而目前的大銀行對這種走弱的程度看法不一，那麼美元相對於歐元的預期可能會持續走弱。在某種程度上，這相對於預期而言是一個不利因素，你可能會面臨一些壓力，但我們正在預測共識會如何發展。

Okay. Just a quick follow-up on free cash. If I understand it right, the interest expense, interest income changes given the combination of buybacks and cash available for interest income and the integration costs are causing free cash to be roughly flat. Was there -- if you could help quantify those variables? And then anything on chip costs or memory costs potentially impacting the free cash guidance this year?

好的。關於免費現金，我再補充一點。如果我理解正確的話，由於股票回購和可用於利息收入的現金以及整合成本，利息支出和利息收入的變化導致自由現金流大致相當。您是否可以幫忙量化這些變數？那麼，在晶片成本或記憶體成本方面是否有任何因素可能影響今年的自由現金流預期？

I just want to make sure we're still on track for the exit rate of $27 to be the $1 billion range you guys have indicated.

我只是想確認一下，我們是否仍然按照你們之前提到的27美元的退出價格，達到10億美元的目標金額。

Yes. Thanks, Darrin. So let me unpack three parts. So first, the quantification around each of the components in the building blocks of the free cash flow variance. What we tried to do was provide people in the materials with a bridge page that gives a view on the kind of the year-over-year outlook and guidance around free cash flow.

是的。謝謝你，達林。讓我來逐一解釋其中的三個部分。首先，對構成自由現金流差異的各個組成部分進行量化。我們試圖在資料中提供一個過渡頁面，讓人們了解同比展望以及自由現金流的指導。

And what you see on that bridge page is -- or in material is the effect of each of kind of the components, the largest of which you pointed out well, right, the annualization of the capital structure, the annualization of the interest expense, that's the largest component there.

你在那個橋樑頁面上看到的是——或者說材料中顯示的是每種組成部分的影響，其中最大的部分正如你指出的那樣，是資本結構的年化，利息支出的年化，這是其中最大的組成部分。

And then the second largest component is just a reduction in year-over-year interest income as our cash balances on a year-over-year basis are -- because of the variance in the cash balance. As a reminder, like, for example, in Q2 ended our cash balance was sort of artificially high at $3 billion as we are preparing for the close of the Global Blue transaction.

其次，第二大組成部分是同比利息收入的減少，因為我們的現金餘額比去年同期下降——這是由於現金餘額的波動造成的。提醒一下，例如，在第二季末，由於我們正在為完成對 Global Blue 的交易做準備，我們的現金餘額被人為地抬高到了 30 億美元。

So those are your two biggest components within the bridge and then we highlight integration and investment expenses, et cetera, and other parts related to Global Blue. But the one thing I would highlight within the bridge is that the incremental flow-through of free cash flow is probably the place that absent those interest expense and integration investment type expenses, Absent those things, the incremental flow-through on adjusted free cash flow is still running at a high -- like a 59% kind of 60% free cash flow conversion rate.

所以，以上是橋樑中最重要的兩個組成部分，然後我們將重點放在整合和投資費用等，以及與 Global Blue 相關的其他部分。但我想在橋段中強調的一點是，在扣除利息支出和整合投資等費用後，自由現金流的增量轉換率可能會更高。即使扣除這些費用，調整後的自由現金流的增量轉換率仍然很高——大約在 59% 到 60% 之間。

And so I point people to the bridge to just understand the sizing of that. And then the second part of your question in the free cash flow related to -- sorry, can you just repeat?

所以我引導人們去看看這座橋，以便了解它的規模。然後，關於自由現金流問題的第二部分——抱歉，您能再說一遍嗎？

It was just whether chips, higher memory costs are impacting...

問題在於，晶片和不斷上漲的記憶體成本是否會產生影響…

Yes, thanks for that. So from our perspective, even though we are seeing sort of the back end of inflation and maybe trade-related activity start to kind of abate within some of these cost components, and there are still other factors separate and away from that, that might be impacting hardware costs. Just namely within the supply chain of how payment devices are manufactured and the landscape, the competitive landscape of that within like payment terminals and devices. But for the most part, within our free cash flow, and within our P&L, we're not anticipating like a material change such that anything was noteworthy to call out as it relates to those types of costs.

是的，謝謝。因此，從我們的角度來看，儘管我們看到通貨膨脹和貿易相關活動的影響開始在某些成本組成中有所減弱，但還有其他一些因素（與此無關）可能會影響硬體成本。具體來說，就是支付設備製造的供應鏈以及支付終端和設備領域的競爭格局。但就我們的自由現金流和損益表而言，我們預計不會有重大變化，因此與這些類型的成本相關的任何事項都無需特別指出。

A component that might be different than what you might hear from others. It's just that within how we manage inventory policy, how we flow that all through within our P&L versus our cash flow, those variances and differences to others that exist, might be some of the explanation as to why we're not seeing it in the same way others are.

這可能與你從其他人那裡聽到的說法有所不同。問題在於，我們在庫存管理政策方面，以及在損益表和現金流量中如何體現這些差異，可能與其他人有差異，這或許可以解釋為什麼我們沒有以同樣的方式看待這個問題。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Great job here. Really appreciate it. Chris, I know you were asked before about the assumptions for 2026. But can you maybe just elaborate a little deeper on the exact macro assumptions and how you kind of frame the low end and the high end of the guide when it comes to your macro assumptions, I think that would be really helpful. And great job.

幹得好！非常感謝。克里斯，我知道之前有人問過你關於 2026 年的假設。但是，您能否更詳細地闡述具體的宏觀假設，以及您在宏觀假設方面是如何界定指南的低端和高端的？我認為這將非常有幫助。幹得好。

Yes, sure. Thanks for that, Dan. So look, I'd say if I was to break out -- if I were to categorize the macro into three parts, there's probably one thinking about the impact of Triple-S within really more specifically our Americas and largely impacting SMBs. So think of that as kind of restaurant, lodging, retail. Then there's two, I would say, it's the FX component that impacts the tax-free shopping disaggregated revenue line.

當然可以。謝謝你，丹。所以你看，如果我要把宏觀經濟分成三個部分，其中一部分可能是關於 Triple-S 在美洲地區，特別是對中小企業的影響。所以你可以把它想像成一個集餐飲、住宿和零售於一體的場所。然後還有兩點，我認為，外匯因素會影響免稅購物的細分收入。

And then the third is sort of also impacting tax-free, but it would be kind of just a geopolitical or we'll say, like tensions that we're seeing in some of the markets. So I'll just go back in each of the three and unpack. So, on the Triple-S, what we were anticipating and what we already talked about was this idea that we have an assumption of a fairly neutral year on Triple-S, which relative to years past, might be kind of low single-digit points below, what might have been the trends that we were seeing within the macro. And so that's definitely a point of difference.

第三點也對免稅業務產生了一定影響，但這有點像是地緣政治問題，或者說，像我們在某些​​市場看到的緊張局勢。所以我得把這三個地方都重新打開看看。所以，關於 Triple-S，我們預期的，也是我們已經討論過的，是我們認為 Triple-S 今年會相當中性，相對於往年，可能會比我們在宏觀經濟中看到的趨勢低個位數個百分點。所以這絕對是一個區別點。

And that variable certainly is one of the variables that impacts kind of the low to high within the range. I would say, second, embedded within that, even though it's less about the macro effects of Triple-S, we have seen some volatility in the weather both in Q4 and most recently within Feb. But those all kind of play into the same Triple-S variable.

而這個變數無疑是影響該範圍內高低起伏的變數之一。其次，我想說，雖然這與Triple-S的宏觀影響關係不大，但我們在第四季度和最近的2月份都看到了天氣的一些波動。但這些都與Triple-S這個變數有關。

Within FX, I already alluded to it, but it is worth a reminder because I think it is clarifying for some that even thought about, we'll call it a quarter of our revenue to size it are non-US dollar denominated. And therefore, there's a view that a weakening USD has a financial translation benefit. It actually has a greater headwind because of its impact on the tax-free shopping demand.

在外匯交易方面，我已經提到過這一點，但值得再次提醒，因為我認為這對一些甚至考慮過這個問題的人來說是澄清事實的，我們稱之為我們收入的四分之一，以使其規模可觀，這些收入是以非美元計價的。因此，有人認為美元走弱對金融匯率有利。實際上，由於它對免稅購物需求的影響，它面臨的阻力更大。

So to the extent there is a weaker USD relative to the euro as for example, on that cross we are going to have a lighter demand or a negative on the demand side of tax-free shopping between those markets. And so that's something that we're monitoring and we're watching, in particular, because, as I already said, if you go and look at bank forecast, there's a pretty divergent view as to the extent of the USD-euro cross right now.

因此，如果美元相對於歐元走弱，例如，在該交叉盤中，我們將看到免稅購物的需求減弱，或者說這些市場之間的需求端出現負面情況。所以，這是我們正在密切關注的事情，尤其值得關注的是，正如我之前所說，如果你去看銀行的預測，就會發現目前對於美元兌歐元匯率的走勢存在著相當大的分歧。

And then the last thing I would just point out, and again, sort of touching more on the Asia segment within -- or the Asian market within tax-free shopping, we are seeing the effect of kind of tourism tension. As for example, passenger seats are down at like almost 30% between China and Japan, and that will have an effect. And so that's just another of the macro variables we're watching.

最後我想指出一點，再次強調亞洲市場——或者說免稅購物領域的亞洲市場，我們正在看到旅遊業緊張局勢的影響。例如，中國和日本之間的客運座位數量下降了近 30%，這將產生影響。所以，這只是我們正在關注的另一個宏觀變數。

Maybe the last thing I would just say, though, is that a variable that seems to be having less of an effect on the volatility of the P&L is probably the inflationary variable. That does seem like one that is a little more benign, and that's what we're anticipating.

最後我想說的是，對損益波動影響較小的變數可能是通貨膨脹變數。這看起來確實是個比較溫和的現象，這也是我們所預期的。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

I want to see if we could dig in a little bit to the fiscal 2026 guide around the spread staying relatively stable and that 60 bps or potentially slightly higher range. I'm assuming that some of that is related to dynamic currency conversion, which I gather has been going well. And I want to see if you could talk a little bit about that assumption in terms of supporting the spread and maybe any of the contributions from either Smartpay or we already have with the Global Blue acquiring business and those spreads? Maybe there's some mix shift factors as well, but really just any of the underlying drivers of the spread staying stable, at least on an overall fiscal year basis? And then a quick follow-up.

我想看看我們能否深入探討 2026 財年業績指引，即利差保持相對穩定，以及 60 個基點或可能略高一些的範圍。我推測其中一部分與動態貨幣轉換有關，據我了解，動態貨幣轉換目前運作良好。我想請您談談這個假設，以及它如何支撐利差，還有 Smartpay 或我們已經擁有的 Global Blue 收單業務對這些利差的貢獻？或許也存在一些產品組合變化因素，但真正能維持利差穩定的根本驅動因素是什麼，至少從整個財政年度來看是如此？然後是一個簡短的後續問題。

Yes, sure, Tim. I'll hit the first part of that and then Chris can layer on. Q4 was slightly anomalous in terms of how it spreads represented itself. So if you recall even back to our last call, we were relatively cautious on the same-store sales volatility we were seeing, particularly in SMB and particularly in restaurants. Those are our highest spread categories from a merchant perspective.

當然可以，提姆。我先完成第一部分，然後克里斯可以接著做。第四季在傳播方式上略有異常。所以，如果你還記得我們上次的電話會議，我們對當時看到的同店銷售波動持相對謹慎的態度，尤其是在中小企業和餐飲業。從商家的角度來看，這些是我們利潤差異最大的類別。

Offsetting that was some really nice volume from the enterprise activation. So volume performing okay with spread a little lower than expected. That's somewhat anomalous and especially as you hear how kind Chris is forecasting the business, it's kind of a muted view on the same-store sales progress in all those categories throughout the rest of the year. That's one thing that Q4 is slightly anomalous at the year ahead, I think forecasting a more normalized trend even on kind of these lower same-store sales comps that we're seeing. So that's one thing.

抵銷這項影響的是，企業激活業務帶來了相當可觀的業務量。成交量表現尚可，但價差略低於預期。這有點反常，尤其是考慮到克里斯對業務的預測非常樂觀，這與他對今年剩餘時間所有這些類別的同店銷售進展的看法有些不符。我認為，第四季度與未來一年略有不同，即使我們看到同店銷售額下降，但預計未來一年的趨勢將會更加正常化。這是其中一件事。

Separately, you've heard us talk about this as well, but the real early success we're seeing in Global Blue and it really our international expansion more broadly is in that SMB space where you do expect to earn towards the higher end of your spread averages. So it's not to say we're forecasting a decline in enterprise or anything like that. The reality is, though, when you enter these new markets, the quickest merchants to adopt your solution are at the lower end and that the medium and large merchants come in over the course of the year to two years ahead.

另外，你們也聽我們談過這一點，但我們在環球藍聯看到的早期真正成功，以及我們更廣泛的國際擴張，都發生在中小企業領域，在這個領域，我們確實期望獲得更高的平均利差收益。所以這並不是說我們預測企業會衰退或諸如此類的事情。但現實情況是，當你進入這些新市場時，最快採用你的解決方案的是規模較小的商家，而中型和大型商家則會在一年到兩年內陸續採用。

We tried to illustrate this in our materials. We have 80,000 merchants outside the US The vast majority of those are SMBs, which generate a higher spread. So I think the spread mix is going to be somewhat predictable largely because we're forecasting kind of the average quality of our merchants to be pretty predictable.

我們在材料中試圖闡明這一點。我們在美國以外有 8 萬家商家。其中絕大多數是中小企業，它們產生的價差較高。所以我認為產品組合在某種程度上是可以預測的，主要是因為我們預測我們商家的平均品質是相當可預測的。

Yes, I can just add on to, probably the best way to think about starting from Q4 and looking at that 57 basis points blended spread figure, if you normalize out quite literally three enterprise merchants, you actually end up in the greater than 60 blended spread territory. And the activity there have -- are largely seasonal in nature, but one was actually the benefit of a somewhat unexpected large volume allocation away from a competitor.

是的，我還可以補充一點，或許最好的思考方式是從第四季度開始，看看那 57 個基點的混合價差，如果你剔除三家企業商戶，實際上你會得到超過 60 個基點的混合價差。那裡的活動——很大程度上是季節性的，但其中一項實際上是由於從競爭對手那裡獲得了一筆意想不到的大批量貨物分配而帶來的收益。

And so when you have those kind of timing -- those kind of seasonal jumps coupled with the sort of an unexpected positive you end up with that Q4 spread dynamic, which was a couple of basis points below the 60.

因此，當出現那種時機——那種季節性跳躍，再加上某種意想不到的利好因素時，就會出現第四季度價差動態，比 60 低幾個基點。

When you forecast the business though across all of the different fronts and you factor in the mix shift dynamics slightly towards SMB from a growth standpoint that Taylor alluded to, you get to the place that allows us to guide to the blended spreads remaining stable at north of 60.

當你預測業務在所有不同方面的發展，並考慮到泰勒提到的從成長角度來看，中小企業業務組合略有轉變的趨勢時，你就會得出這樣的結論：綜合利差將保持穩定在 60 以上。

Excellent. So it sounds like DCC might not be too large of a component there, but a quick follow-up on DCC. Last quarter, you gave a really helpful disclosure in terms of the contribution to net payments revenue from DCC. Is it fair to assume that in Q4 there was directionally in that same ballpark, I believe last quarter, it was around $11.5 million.

出色的。所以聽起來 DCC 可能不是其中太大的組成部分，但關於 DCC，我們還是快速跟進。上個季度，你們揭露了DCC對淨支付收入的貢獻情況，這份揭露資訊非常有幫助。假設第四季也大致處於同一水平是否合理？我相信上個季度約為 1150 萬美元。

I was just going to -- sorry, one thing I was going to say though, Tim, was that, when we talk about the blended spreads across the product, I don't want there to be a takeaway that it doesn't include a positive benefit from like FX-based -- FX-based spread revenues such as DTC or other types of products like DCC that are also FX-based. There definitely is a benefit that comes through. And so you're right to point it out as a positive. It's definitely been one of the the nice components of having acquired a business like Global Blue, where we now have that capability and competency in-house and are able to kind of bring that into the value proposition and the bundle facing merchants. So I just want to clarify that as a starting point.

我本來想說——抱歉，蒂姆，我本來想說一件事，那就是，當我們談論產品中的混合價差時，我不想讓大家誤以為它不包括外匯價差收入帶來的積極收益，例如 DTC 或其他類型的外匯價差收入，例如 DCC。這樣做確實有好處。所以你把它視為一個積極的方面是正確的。收購像 Global Blue 這樣的公司，無疑是一件好事，我們現在擁有了內部的能力和競爭力，能夠將其融入價值主張和麵向商家的捆綁銷售中。所以，我首先想澄清一下這一點。

Maybe just to illustrate how we're rolling out DCC and it's embedded in our offering internationally. So the blended spread of those merchants would include the benefit of a DCC product, but they're coming in as a net new merchant. So it's not really changing the spread of an existing customer meaningfully outside of the US In the US, and this is really no change to the expectations we've set as far back as announcing the transaction. We really want DCC live as product kind of broadly based in the US

也許只是為了說明我們如何推廣 DCC，以及它如何融入我們在國際上的產品和服務中。因此，這些商家的混合價差將包括 DCC 產品的好處，但他們是作為淨新增商家加入的。因此，這實際上並沒有對美國以外現有客戶的分佈產生實質影響。在美國，這與我們早在宣布交易時設定的預期並無二致。我們真心希望DCC Live這款產品能在美國廣泛普及。

prior to the World Cup, that's where we see significant benefit.

在世界盃之前，我們看到了顯著的好處。

So in the back half is where you could see spreads on existing customers increasing as a result of the benefit of DCC. But I want to be really specific, it's a new product forecasting the relative adoption kind of tricky. It's not widely used in the United States, although you can obviously be pretty optimistic about it when you think about a big international event like the World Cup, and we're focused on making sure, it's live in our hotels and stadiums.

因此，在後半段，由於 DCC 的好處，現有客戶的價差可能會增加。但我想說得更具體一些，這是一個新產品，預測其相對普及率有點棘手。雖然在美國並不普及，但考慮到世界盃這樣的大型國際賽事，我們顯然可以對此抱持相當樂觀的態度，而我們正致力於確保在我們的酒店和體育場館內進行現場直播。

Yes, that's what I was getting at, partially in terms of the US cross sell. So it sounds like a good opportunity.

是的，我的意思是這個，部分原因在於美國的交叉銷售。聽起來是個不錯的機會。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

I wanted to circle back on the free cash flow and come back to the bridge that you guys provided. So, I think we get most of the moving pieces around interest expense and cash balances. Could you speak to the $30 million of integration and investment spending? How long do you expect that to persist? And if we think about the flow-through of free cash flow kind of excluding some of these items, being at 60%, like is it possible we could be north of 60% into 2027 as the integration spend winds down?

我想再談談自由現金流，回顧一下你們提供的過渡方案。所以，我認為我們已經掌握了利息支出和現金餘額的大部分動態因素。您能否談談這3000萬美元的整合和投資支出？你預計這種情況會持續多久？如果我們考慮自由現金流的傳遞情況，排除其中一些項目，假設其佔比為 60%，那麼隨著整合支出逐步減少，到 2027 年，我們是否有可能將這一比例提高到 60% 以上呢？

Yes. I'll break down, not necessarily in whole dollar terms, but a significant portion of that $30 million is what I would consider in-year integration expense one time. There is a portion where we anticipate building sales teams. And as you know, like when we build sales teams in different geographies around the world, they don't pay for themselves in the first year, they take kind of one to two years to pay for themselves. So I don't think a significant portion of that line would be recurring, but all of the line would be paying for itself to the extent we hit our sales objectives.

是的。我會進行細分，雖然不一定用整數美元計算，但這 3000 萬美元中的很大一部分我認為是當年的一次性整合費用。其中一部分工作是組建銷售團隊。如您所知，當我們在世界各地不同地區組建銷售團隊時，他們不會在第一年就收回成本，通常需要一到兩年的時間才能收回成本。所以我認為這條產品線的大部分收入不會是經常性的，但只要我們達到銷售目標，這條產品線的所有收入都將收回成本。

This is something we challenge ourselves on pretty constantly. will, you know probably better than most that our preference is to deploy capital and buy small payments organizations that have a proven track record of selling in one geography or another, and we've executed against that pretty successfully in places like Germany.

這是我們一直在不斷挑戰自我的事情。威爾，你可能比大多數人都清楚，我們傾向於投資並收購那些在特定地區擁有成功銷售記錄的小型支付公司，我們在德國等地已經相當成功地實踐了這一點。

At the UK, we anticipate launching in 15 countries with our all-in-one payment product, and it's just impractical to assume that you can find that many interesting M&A opportunities across those countries. So the forecast skews a little bit more towards an organic build than we probably prefer it takes a little longer, and it costs you to your point, this capital upfront.

在英國，我們預計將在 15 個國家推出我們的一體化支付產品，但要假設你能在這些國家找到這麼多有趣的併購機會是不切實際的。因此，預測結果更傾向於有機成長，這可能比我們預期的要慢一些，而且正如你所說，這需要前期投入資金。

But in the absence of kind of finding a great sales team locally that we can partner with or we can buy. This is like -- we're not going to ignore the opportunity simply because it requires some fixed cost.

但是，在本地找不到可以合作或收購的優秀銷售團隊的情況下。這就好比——我們不會因為需要一些固定成本就放棄機會。

Yes. And Will, maybe just to add, in terms of where you might see some of that line show up within the financials is actually in the form of probably the the CAC and the EUL lines within cash flow statement or you'll probably end up seeing some of that. And the reason for that is that we probably expect that when we're newer in a market we'd like to be more aggressive around some of the incentification as you kind of prime the pump in entering the market with a differentiated totally new offering and you want to get the potential partners very excited to work with us and embrace the value proposition. So that's just a little bit of extra color on that.

是的。威爾，或許我還要補充一點，你可能會在財務報表中看到這些項目，它們實際上可能以現金流量表中的 CAC 和 EUL 項目的形式出現，或者你最終可能會看到其中的一些項目。原因可能是，當我們剛進入一個市場時，我們希望在一些激勵措施方面更加積極主動，以此來為進入市場提供差異化的全新產品打下基礎，我們希望讓潛在的合作夥伴非常興奮地與我們合作，並接受我們的價值主張。這只是對它的一些補充說明。

Helpful. Okay. So it sounds like a good portion of that should kind of run off into 2027. And then just a follow-up. You're talking about the kind of organic versus inorganic trade-off.

很有幫助。好的。所以聽起來很大一部分應該會持續到 2027 年。然後還有一個後續問題。你這是在談論有機物與無機物之間的權衡取捨。

How are you guys feeling about just capacity to do further M&A, particularly given the lower level of free cash flow this year? You thinking about $0.5 billion of free cash flow against $4.5 billion of debt. Just what is sort of leverage capacity today? And is the thought to take a pause on M&A this year as you digest the several large deals from last year?

鑑於今年自由現金流水準較低，你們覺得未來進一步併購的能力如何？你考慮的是5億美元的自由現金流對抗45億美元的債務。如今，槓桿能力究竟意味著什麼？鑑於去年達成的幾筆大型交易，您是否考慮今年暫停併購活動？

Yes. Thanks for the question. I'll address kind of the strategic bench, and then Chris can reiterate his comments on leverage ratios and everything else. We have a team dedicated to looking at opportunities. So to say pause or any.

是的。謝謝你的提問。我會談談戰略儲備方面的問題，然後克里斯可以重申他對槓桿率和其他方面的看法。我們有一個專門的團隊負責尋找機會。也就是說，暫停或任何暫停。

It's not really how it works. We get introduced the opportunities, and we evaluate them and we challenge ourselves as to whether those opportunities make sense. And then there is a relative balance of capital. Of course, we think about leverage ratios and how stretched we are, we think about buybacks on a relative basis with those opportunities in front of us. So we evaluate all those things constantly.

實際情況並非如此。我們會接觸到各種機會，我們會評估這些機會，並挑戰自己，思考這些機會是否合理。然後，資本的相對平衡也需要考慮。當然，我們會考慮槓桿率以及我們的資金壓力有多大，我們會根據擺在我們面前的機會，相對地考慮股票回購。因此，我們會不斷地評估所有這些因素。

And Chris can talk about where he is the hammer to say stop. I will say though, in a year like this, we are very focused on smaller, very strategically aligned M&A. So less likely to do something kind of far afield from what we do. But if we can buy a small payment sales team in a particular country, we will do that. Why?

克里斯可以談談他作為制止者的角色。不過，我要說的是，在今年這樣的年份，我們非常注重規模較小、與策略高度契合的併購活動。所以不太可能去做一些與我們所做的事情相去甚遠的事情。但是，如果我們能在某個國家組建一支小型支付銷售團隊，我們就會這麼做。為什麼？

Because you're traditionally paying a relatively low multiple, even inside of multiples we trade at today. You're acquiring a team that's got a proven track record of adding customers.

因為傳統上，你支付的倍數相對較低，即使在我們今天的交易倍數範圍內也是如此。您將收購一支在拓展客戶方面擁有成功經驗的團隊。

You're emboldening that team with your own product and inevitably, they're bringing some batch of customers with them that are quick and easy cross-sell. So we want to reserve the right to do that. I think if we did it, you find that the capital trade-offs are well worth it because it's an upfront and a lot of the timing associated with building is slower.

你用自己的產品鼓舞了那個團隊，不可避免地，他們會帶來一群客戶，這些客戶可以快速輕鬆地進行交叉銷售。所以我們希望保留這樣做的權利。我認為如果我們這樣做，你會發現資本上的權衡是值得的，因為前期投入較大，而且建造過程的許多環節都比較慢。

Just by way of example, we did this in the UK and within a couple of months, we're adding 1,000 merchants a month. Now that sounds impressive. But if you look at the quality of the organization we acquired, that was a very small organization, call it, 50 people. Their sales prowess was proven, we were able to invest in that confidently.

舉個例子，我們在英國這樣做，短短幾個月內，我們每個月就新增了 1000 家商家。聽起來真不錯。但如果你看看我們收購的那個組織的質量，那是一個非常小的組織，大概只有 50 個人。他們的銷售能力得到了證明，我們才能充滿信心地進行投資。

So we'll continue to look. I don't know that these would never be things that hit the radar of kind of an earnings call, but I'd love to buy a small successful team in Spain or Italy or France as opposed to building from scratch.

所以我們會繼續尋找答案。我不知道這些事情是否會在財報電話會議上被提及，但我很想收購西班牙、義大利或法國規模較小但成功的團隊，而不是從零開始創建。

Yes. The only thing I would probably add to that is that, well, I really like the line of questioning because it connects to concept that I think people have been able that -- have been constantly asking us about, which is how we allocate capital in order to drive or accelerate kind of the strategic initiatives.

是的。我唯一想補充的是，我真的很喜歡這種提問方式，因為它與我認為人們一直在問我們的一個概念有關，那就是我們如何分配資金來推動或加速戰略舉措。

Your first line of question asking about the integration expenses and us talking about in many respects, growth CapEx, that's going to be inside of our free cash flow bridge. To then follow that up with the ask about how we might be allocating capital in order to maybe acquire distribution assets that further accelerate this international expansion and the launch of brand-new products that are completely differentiated.

您提出的第一個問題是關於整合費用，而我們則在許多方面談到了成長資本支出，這些都將納入我們的自由現金流橋樑計劃中。然後進一步詢問我們如何分配資本，以便收購分銷資產，從而進一步加速國際擴張和推出完全差異化的全新產品。

I mean they're exactly in the line of how we think. The capital that we have to allocate at all points, do we view it as a scarce resource regardless of whether we have ample leverage capacity, ample liquidity, ample excess cash flow generation. At all points in time, it all still has a cost.

我的意思是，他們的想法和我們的想法完全一致。我們始終需要分配的資本，無論我們是否擁有充足的槓桿能力、充足的流動性、充足的超額現金流，都被視為一種稀缺資源。無論何時，這一切都是有代價的。

And a relative ability to generate a return. So I don't think that there is much of a change philosophically regardless of where we are because we value the capital so highly. And -- but I do like line of thinking because it really does underscore this core point that we can allocate the capital dollars at initiatives like growth CapEx or we can allocate the dollars at initiatives that acquire us and accelerate into capabilities like distribution in an emerging market.

以及相對的創造回報能力。所以我認為，無論我們身處何地，哲學層面都不會發生太大變化，因為我們非常重視資本。而且——但我確實喜歡這種思路，因為它確實強調了這樣一個核心觀點：我們可以將資本資金用於增長資本支出等舉措，也可以將資金用於收購我們並加速發展新興市場分銷等能力的舉措。

Dominic Ball, Rothschild & Co Redburn.

多明尼克·鮑爾，羅斯柴爾德公司雷德本分公司。

super clear on the guidance. So looking slightly beyond the quarter and the guidance, many investors are trying to understand what integration success with Global Blue looks like from here. It's harder to see, obviously, from the outside. So -- and Global Blue is such a critical part of the equity story of Shift4. So can you tell us a little bit more about internally what it looks like, any key metrics and when you think you'll start to approach Global Blue retail merchants for that cross-sell opportunity as well?

指導非常清晰。因此，展望本季及業績指引之外，許多投資人試圖了解從現在開始，與 Global Blue 的整合成功會是什麼樣子。顯然，從外面很難看清楚。所以——Global Blue 是 Shift4 股權故事中至關重要的一部分。那麼，您能否詳細介紹內部運作、關鍵指標，以及您預計何時開始與 Global Blue 零售商接洽，尋求交叉銷售機會？

Yes. Thank you for the great question. I'll start by saying it's already happening. So we have line merchants in multiple countries. We're betting in more.

是的。謝謝你的好問題。首先我要說的是，這種情況已經發生了。因此，我們在多個國家都有線路商戶。我們將繼續追加投資。

We've got, as I said, the ambition of having kind of being live, so to speak, in 15 countries. Those are companies that Global Blue is already in today, but we don't have a payments offering.

正如我所說，我們的目標是在 15 個國家/地區實現某種程度的「直播」。這些公司都是環球藍聯目前已經涉足的領域，但我們還沒有提供支付服務。

To give you a sense of how we view success internally, it's the ability to add several thousand merchants upon towards the back half of this year. Now these are smaller merchants admittedly. And I think the root of your question is important because traditionally, the investors look at volume as the key metric. We don't view that as the key metric internally on the cross-sell.

為了讓您了解我們內部如何看待成功，成功是指在今年下半年新增數千家商家的能力。當然，這些都是規模較小的商家。我認為你問題的根源很重要，因為傳統上，投資人將成交量視為關鍵指標。我們內部並不認為這是交叉銷售的關鍵指標。

If you look across Global Blue's customer base, it ranges from the LVMHs of the world at the highest end representing them and others representing like 80% of the volume. And then there's a really long tail of SMBs, the hypothetical scared Scar boutique at Bellagio, Italy, representing 70,000 customers. Those customers are getting this highly differentiated product in our all-in-one terminal that delivers eligibility detection as if you were in the highest quality you may saw in in Paris. And so this is the product that's being released most quickly.

如果你縱觀環球藍聯的客戶群，你會發現，從代表全球最高端市場的LVMH集團，到佔其業務量80%左右的其他客戶，應有盡有。此外，還有數量龐大的中小企業，例如假設的位於義大利貝拉焦的 Scar 精品店，就代表著 7 萬名顧客。這些客戶將在我們的一體化終端中獲得這種高度差異化的產品，其資格檢測效果堪比您在巴黎體驗到的最高品質。因此，這款產品上市速度最快。

This is the product that we're investing in local sales teams. And I think it's no surprise, just go to our job postings, and you'll see job postings basically everywhere throughout Europe, looking for sales reps around this product. And quite frankly, it's where Global Blue is a stand-alone business was least equipped. They didn't have a sales force focused on this small -- this really long tail of SMB.

這是我們正在投資本地銷售團隊的產品。我認為這並不奇怪，只要看看我們的招募訊息，你就會發現我們在歐洲各地都在招募這款產品的銷售代表。坦白說，這正是環球藍聯作為獨立經營的企業最缺乏優勢的地方。他們沒有專門針對這種規模很小的——也就是這種非常長的中小企業尾部的銷售團隊。

So we're building out that sales force. Internally, we've got this kind of mantra that one -- it's our dedicated Shift4 professionals that go into a local country sit in a local Global Blue office and help them build out this capability. And once they have 100 or so merchants under their belt, they pass it off to the regional manager. So we're already seeing the early signs of that success in a handful of countries today, but we want to be doing it in 15 countries. And so we have this internal kind of merchant count focus.

所以我們正在擴充銷售團隊。在公司內部，我們一直秉持著這樣的理念－我們專業的Shift4專業人員會前往當地國家，坐在當地的環球藍聯辦公室裡，幫助他們建立這種能力。當他們累積了大約 100 家商家後，就把這項工作移交給區域經理。目前我們已經在少數國家看到了成功的早期跡象，但我們希望在 15 個國家開展這項工作。因此，我們內部就有了這種關注商家數量的策略。

And we don't have a volume priority. We just say we know what great payments businesses throughout Europe can produce on a merchant-by-merchant basis, we see a lot of that data internally, and we know that several thousand merchants a month very reasonable outcome, and that's before you have a lead list like your 70,000 Global Blue customers.

我們沒有銷量優先的策略。我們只是想說，我們知道歐洲各地優秀的支付企業能夠逐個商家地創造怎樣的業績，我們在內部也看到了很多這樣的數據，我們知道每月幾千家商家就能取得非常合理的成果，而這還是在你擁有像 Global Blue 那樣的 7 萬客戶名單之前。

So we're very pleased with the internal progress of that. And then separate and distinct from that is visibility, and I mentioned it earlier, so I won't belabor it. to cross-sell DCC into our US base of customers. But in Europe specifically, it is an SMB-oriented sale.

因此，我們對這方面的內部進展非常滿意。與此截然不同的是可見性，我之前已經提到過，所以就不再贅述了。目的是將DCC交叉銷售給我們在美國的客戶群。但尤其在歐洲，這是一場面向中小企業的銷售。

It's an all-in-one terminal that is displacing a bank terminal, but with a lot more feature and functionality and to drive higher TFS adoption.

它是一款一體化終端，可取代銀行終端，但功能更豐富，旨在推動 TFS 的更高採用率。

As you'd expect, when you walk into a merchant with this product, it adds a heck of a lot of value they adopt it quickly. And we expect, by the way, equal proportion of kind of net new wins and cross-selling existing global good customers as a result of that.

正如你所料，當你帶著這款產品走進商家時，它會大大提升產品的價值，商家會很快接受它。順便說一句，我們預計由此將獲得同等比例的新客戶淨成長和現有全球優質客戶的交叉銷售成長。

Yes, that's great to hear. And just one more, if that's okay. I mean the future growth of Shift4, as you mentioned, seems very much more international, but a good minority of your existing sort of stock, shall we say, are still in the US and SMBs. A lot of your direct peers in the restaurant space are stepping up when it comes to the direct sales force.

是的，聽到這個消息真是太好了。如果可以的話，再來一個。我的意思是，正如您所提到的，Shift4 的未來成長似乎更加國際化，但您現有的相當一部分市場份額仍然集中在美國和中小企業。在餐飲業，你的許多同行都在加強直銷團隊建立。

It seems like you're now, as you mentioned, rebranded SkyTab as well. Would you follow your peers in terms of a larger direct sales force or more rely on the more traditional Shift4 route when it comes to gateway M&A-driven growth, et cetera?

正如您所提到的，看來您現在也對 SkyTab 進行了品牌重塑。在透過併購等方式實現成長方面，您會像同行一樣擴大直銷隊伍，還是更依賴傳統的Shift4模式？

It's a great question. We have been scaling our sales force, our direct sales force, but in a pretty deliberate and measured way. We have kind of a higher bar for capital allocation around the SMB space, especially in our more mature markets than our peers. So like the idea of chasing them is not a good example. It's actually our head of marketing was challenging me around the SkyTab brand and what we could do to elevate it.

這是一個很好的問題。我們一直在擴大銷售隊伍，特別是直銷隊伍，但我們採取的是非常謹慎和有條不紊的方式。我們對中小企業領域的資本配置標準比同業要高一些，尤其是在我們較成熟的市場。所以，追逐他們的想法並不是一個好例子。實際上，是我們的行銷主管在向我提出關於 SkyTab 品牌以及我們可以做些什麼來提升它的問題。

And I was very candid with him to say, if we look at what our peers spend on sales and marketing, we're not going to come close to that.

我非常坦誠地告訴他，如果我們看看同行在銷售和行銷上的投入，我們遠遠達不到他們的水準。

But the Shift4 brand is a much larger, much more powerful, much more visible one. And so why should we have two different products when we could leverage the Shift4 brand and our presence in the many tens of thousands of restaurants that we're already in. So it's a relatively simplistic move to simplify the the product names to lead the part, but I think it will have some meaningful value. And it's just a sign that we have a very, very disciplined approach to customer acquisition cost.

但Shift4品牌規模更大、實力更強、知名度更高。既然我們可以利用 Shift4 品牌以及我們在數萬家餐廳的現有影響力，為什麼還要推出兩種不同的產品呢？因此，簡化產品名稱作為先導措施雖然比較簡單，但我認為它具有一定的實際意義。這顯示我們在客戶獲取成本方面採取了非常嚴格的控制措施。

We spend far less than our peers, and this still help us. It's a good step to gain incremental progress. We are adding direct sales people to the tune that you mentioned, but with the capital discipline that I think really differentiates us, like we will not chase the capital curve around customer acquisition costs that some of our peers doing. And yes, will still grow nice.

我們的支出遠低於同行，但這仍然對我們有幫助。這是取得漸進式進步的好方法。正如你所提到的，我們正在增加直銷人員，但我們秉持著我認為真正使我們與眾不同的資本紀律，例如，我們不會像一些同行那樣，為了提高客戶獲取成本而盲目追求資本增長。是的，它還會長得很好。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I wanted to just touch on maybe the backlog for a second. I think you're implying like $32 billion embedded in the guide. That's down a bit from the 35% last quarter. And so the question really is just have we reached a point now where like the burn rate is greater than maybe the net new signings? I know last quarter, you installed $6 billion and you signed $6 billion.

我想簡單提一下積壓的工作。我認為你的意思是這份指南裡包含了價值 320 億美元的投資。這比上一季的35%略有下降。所以真正的問題是，我們現在是否已經到了這樣的地步：支出速度超過了淨新增簽約人數？我知道上個季度你們投入了 60 億美元，並且簽署了 60 億美元的合約。

So just trying to kind of work through that framework a little bit.

所以，我只是想稍微梳理一下這個框架。

Yes. It's still kind of a relatively new disclosure for us as we think about the backlog. And it's a relatively new form of measurement for us. I would say it shouldn't be that much of a surprise for a slight step down when you consider the other comments made by Chris that we experienced more enterprise volume in the quarter than necessarily expected. And there are chunky enterprises, whether it be Alterra Ikon Pass is a multibillion-dollar opportunity and a handful of others.

是的。對我們來說，在考慮積壓案件時，這仍然是一個相對較新的披露資訊。對我們來說，這是一種相對較新的測量方法。考慮到克里斯之前也說過，本季企業業務量比預期大，所以業績略有下滑應該不會讓人感到太意外。還有一些規模龐大的企業，例如 Alterra Ikon Pass，這是一個價值數十億美元的機會，以及其他一些企業。

So we didn't view this as a change in kind of our relative progress. Keep in mind, most of our SMB opportunity never hits that backlog. But we did see a little bit of I would call enterprise volume that was faster than we anticipated in Q4.

所以，我們並沒有把這件事看成是我們相對進步程度的改變。請記住，我們的大部分中小企業業務機會都不會進入積壓訂單。但我們確實看到，在第四季度，企業級業務量的成長速度比我們預期的要快一些。

Yes. That puts kind of staying on that same vein, if you think about the end-to-end volume guide, it's a pretty reasonable band that you guys put out for 15% to 24%. And -- it sounds like this year, it's totally more towards SMB versus maybe some of the enterprise that we've seen in the past. And so the question is really just how does that impact the visibility that you might have in terms of forecasting that line item? Or does that not really matter?

是的。這樣看來，如果從頭到尾的銷售指南來看，你們推出的銷售區間在 15% 到 24% 之間，這是一個相當合理的區間。而且——聽起來今年的情況完全是更偏向中小企業，而不是像我們過去看到的那樣偏向大型企業。因此，真正的問題是，這會對您預測該項資料的可見度產生怎樣的影響？或者說，這其實不重要？

Just to clarify that one, Dan, when you say you're referring to the Americas versus the worldwide when you talk about when you set those two numbers?

丹，為了澄清一下，你說你設定這兩個數字時指的是美洲還是全球？

I was really talking about -- I was really talking about total end-to-end volume kind of total volume that you guys are kind of calling out $240 million to $260 billion. And then it sounded like in the way you guys were describing maybe that book of business as you're thinking about it, it sounds like tilting a little more towards SMB this year as opposed to more enterprise maybe in the years past. Is there more visibility that you have or less visibility because it's SMB and so it's trickier. I guess the point is if you have a large implementation for enterprise clients, usually, you have those in queue exactly the time lines. SMB can be a little more spotty.

我真正想說的是——我真正想說的是你們所說的端到端總交易量，也就是 2.4 億美元到 2600 億美元之間的總交易量。然後，從你們描述業務的方式來看，似乎今年的業務重心會更多地轉向中小企業，而不是像過去幾年那樣更多地轉向大型企業。是因為中小企業的處境比較特殊，所以你的可見度更高，還是更低？我想重點是，如果你要為企業客戶進行大規模部署，通常情況下，這些部署都會按照預定的時間表進行。SMB 的服務可能不太穩定。

So I'm just wondering if that increases or makes it harder to forecast that line.

所以我想知道這是否會增加預測這條線的難度。

Well, in those me why we kind of travel around the world because there are nuances to this. In the Americas, our SMB forecasts are pretty reliable. I mean, again, this is a 28-year-old business. our SMB presence has never dwindled. The change that you saw in the business over the last few years is that Enterprise was entering the mix for the first time.

嗯，在那些時候，我明白了我們為什麼要環遊世界，因為這其中有許多細微差別。在美洲，我們的中小企業預測相當可靠。我的意思是，再說一遍，這是一家有28年歷史的企業。我們在中小企業市場的業務從未萎縮過。過去幾年裡，你在商業領域看到的變化是，企業首次進入了競爭格局。

And the relative contribution of enterprise has matured. So again, talking about just kind of the Americas for a second, it's a relatively mature business.

企業相對貢獻已經成熟。所以，再簡單談談美洲的情況，這是一個相對成熟的行業。

Our SMB progress is quite easy to predict. And in the enterprise, to your point, longer lead time, better visibility. And the mix of SMB to enterprises more mature there.

我們的中小企業發展進程很容易預測。在企業層面，如你所說，更長的交付週期意味著更高的透明度。而且，那裡既有中小企業，也有更成熟的企業。

Now when you go outside of the US, the SKU is heavily skewed towards SMB. And this isn't because we're strategically limited in any way. This is the reality that SMBs make decisions quickly, same day. The higher you go up in the spectrum, the longer they they take to make decisions.

現在，當你把目光轉向美國以外的地區時，你會發現 SKU 主要針對中小企業。這並非因為我們在戰略上受到任何限制。這就是中小企業快速決策的現實，他們往往當天就能做出決策。光譜上的數值越高，他們做決定所需的時間就越長。

So if you follow our shareholder letters over the course of the past couple of years, we only just began internationally a couple of years ago, a lot of SMB-oriented wins sort of the green shoots of larger hotel groups and things like that. Those are just starting to play through in this year, but again, still heavily SMBs speed.

所以，如果你關注我們過去幾年的股東信，你會發現我們幾年前才開始進軍國際市場，我們贏得了許多面向中小企業的客戶，這可以說是大型酒店集團等的萌芽階段。這些技術今年才開始發揮作用，但速度仍然主要取決於中小企業。

There's one area of guesswork, it is how many SME merchants can we add internationally over the course of the year. We are anticipating an acceleration there. But to give you a sense for how we predict it, we have a pretty wide swath of data, we act as a payment service provider for large PSPs. So we know what SMB production can look like in good, bad and in different scenarios throughout Europe.

有一個方面需要猜測，那就是我們一年內能在國際上新增多少中小企業商家。我們預計這一趨勢將會加速。但為了讓您了解我們是如何預測的，我們擁有相當廣泛的數據，我們為大型支付服務提供者 (PSP) 提供服務。因此，我們知道歐洲各地中小企業的生產情況在良好、糟糕以及不同情況下會是什麼樣子。

And we believe several thousand merchants a month is a very achievable result on top of kind of the 1,000 plus that we've been executing on relatively recently. So I would say yes, you're believing that we can execute against that cross-sell plan and that build out of that sales force. But the numbers that we have are quite grounded and I think a reasonable reality.

我們相信，在最近一段時間以來我們一直在執行的1000多家商戶的基礎上，每月增加幾千家商戶是一個非常可以實現的目標。所以我認為，是的，您相信我們可以執行交叉銷售計劃並擴充銷售團隊。但我們掌握的數據相當可靠，我認為也比較符合實際情況。

Thank you. This concludes our Q&A session and also brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Thank you.

謝謝。問答環節到此結束，今天的會議也到此結束。感謝您抽空參與。您現在可以斷開連線了。謝謝。