Shift4 Payments, Inc. (FOUR) 2026 Q1 法說會逐字稿

Hello and welcome everyone joining today's Shift4 Q1 2026 earnings call. (Operator Instructions) I will now turn the call over to Tom McCroen. Please go ahead.

各位好，歡迎大家參加今天的 Shift4 2026 年第一季財報電話會議。（接線員指示）現在我將把電話交給 Tom McCroen。請開始。

Thank you, operator, and good morning, everyone, and welcome to Shift4's first-quarter 2026 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，各位早安，歡迎參加 Shift4 2026 年第一季財報電話會議。今天與我一同出席的有我們的執行長 Taylor Lauber，以及我們的財務長 Christopher Cruz。

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 basis, which can be accessed through our corporate X account @Shift4. Our quarterly shareholder letter, quarterly financial results, and other materials related to our quarterly results have all been posted to our IR website.

本次電話會議將於我們網站的投資人關係（Investor Relations）專區進行網路直播，網址為 investors.shift4.com。今天的電話會議也會在 X 平台同步轉播，可透過我們的公司 X 帳號 @Shift4 收看。我們的季度股東信、季度財務結果，以及其他與季度業績相關的資料，均已發布於我們的投資人關係網站。

Our call and earnings materials today include forward-looking statements. These statements are not guarantees of future performance and our actual results could differ materially as a result of certain risks, uncertainties, and many important factors. Additional information concerning those factors is available in our most recent reports on Forms 10-K and 10-Q, which can be found on the SEC's website and the Investors Relations section of our corporate website.

今天的電話會議與財報資料包含前瞻性陳述。這些陳述並非對未來績效的保證，且由於某些風險、不確定性及許多重要因素，我們的實際結果可能會有重大差異。關於這些因素的更多資訊，請參閱我們最近提交的 10-K 與 10-Q 表格報告，可在美國證券交易委員會（SEC）網站以及我們公司網站的投資人關係專區查閱。

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

就本次電話會議中討論的任何非 GAAP 財務資訊而言，相關的 GAAP 指標及調節表已載於今天的季度股東信中。

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

接下來，讓我把電話交給 Taylor。Taylor？

Thanks, Tom, and good morning, everyone. Thank you for joining us today. Before I get into the quarter, I want to take a moment to acknowledge what is happening in the world. Our thoughts are first and foremost with those in harm's way in the Middle East. We are praying for a quick and peaceful resolution to the conflict. That context matters as we talk about our results today, not only because of the difficulties it presents, but because of how we performed despite an otherwise challenging market backdrop.

謝謝你，Tom，各位早安。感謝大家今天加入我們。在我談到本季之前，我想先花一點時間關注當前世界正在發生的事情。我們首先且最重要的關懷，與身處中東危險之中的人們同在。我們祈禱衝突能夠迅速且和平地解決。當我們今天討論業績時，這樣的背景很重要，不僅因為它帶來的困難，也因為在整體市場環境充滿挑戰的情況下，我們仍然展現了表現。

With that said, there are three key messages that define our first-quarter results. First, our diversified business delivered durable and resilient growth in the face of a difficult environment. Second, our international expansion remains on track and continues to scale. And third, our competitive differentiation across our key experience economy verticals remains as strong as it's ever been.

在此背景下，有三個關鍵訊息定義了我們第一季的成果。第一，我們多元化的業務在艱困環境下仍帶來穩健且具韌性的成長。第二，我們的國際擴張仍按計畫推進並持續擴大規模。第三，我們在體驗經濟（experience economy）核心垂直領域的競爭差異化，依然一如既往地強勁。

Let me start with Q1 results. We performed in line with our previously provided guidance, including 32% year-over-year growth in gross revenues, 49% year-over-year growth in gross revenue less network fees, 39% year-over-year growth in adjusted EBITDA, and 26% year-over-year growth in adjusted free cash flow.

先從第一季業績談起。我們的表現符合先前提供的指引，包括：總營收年增 32%、扣除網路費用後的總營收年增 49%、調整後 EBITDA 年增 39%，以及調整後自由現金流年增 26%。

When adjusting for our acquisitions, our organic gross revenue less network fees grew 11%, and this was in spite of a drag of roughly 400 basis points from intentionally deprecated legacy revenue streams. We believe there is further room for expansion as we continue delivering our market-leading products to new geographies around the world.

若調整併購因素，我們的有機（organic）扣除網路費用後總營收成長 11%；即便我們刻意淘汰的舊有營收來源帶來約 400 個基點的拖累，仍達成此成長。我們相信，隨著我們持續將市場領先的產品帶到全球更多新地區，仍有進一步擴張的空間。

The performance we delivered this quarter in our payments-based revenue streams is a testimony to this. Total payments-based revenue less network fees grew 25% in Q1, with the Americas-based revenue less network fees growing 15%, and worldwide payments-based revenue less network fees growing 51%. Our most mature Americas market is growing in the mid-teens, and our growth market grew over 50%.

本季我們在以支付為基礎的營收來源所交出的表現，正是對此的證明。第一季整體以支付為基礎、扣除網路費用後的營收成長 25%；其中，美洲地區扣除網路費用後的營收成長 15%，全球以支付為基礎、扣除網路費用後的營收成長 51%。我們最成熟的美洲市場維持在十幾個百分點的成長，而成長型市場則成長超過 50%。

We were not immune to the unforeseen events in the Middle East as the conflict impacts inbound travel to Europe, as well as many GCC countries. Despite the travel disruptions in the Middle East conflict, we've delivered results above our guiding KPIs.

我們也未能完全免於中東突發事件的影響，因為衝突衝擊了前往歐洲的入境旅遊，以及許多海灣合作委員會（GCC）國家。儘管中東衝突造成旅遊中斷，我們仍交出高於我們所指引的關鍵績效指標（KPI）的成果。

I also want to address the same-store sales environment directly. We've been candid since Q3 of last year about the softer trends we were seeing amongst restaurant SMBs in the Americas. And as Chris will highlight in his remarks, the quarterly same-store sales trends in restaurants and lodging were slightly better than our expectations.

我也想直接談談同店銷售（same-store sales）的環境。自去年第三季以來，我們一直坦率說明在美洲餐飲中小企業（SMB）客群中看到的較疲弱趨勢。正如 Chris 在他的發言中將強調的，本季餐廳與住宿業的同店銷售趨勢略優於我們的預期。

However, our outlook for the full year remains fairly neutral, and our guidance reflects this. We are not forecasting a dramatic recovery in the back half of the year. We are forecasting an annualizing over softer comps and modest normalization. We think that is honest, and we think that's right.

然而，我們對全年展望仍相對中性，而我們的指引也反映了這一點。我們並未預測下半年會出現戲劇性的復甦；我們預期的是在較疲弱的比較基期上逐步年化，以及溫和的常態化。我們認為這樣的說法是誠實的，也認為這是正確的。

The bottom line on our results, we delivered in-line results with our guidance in a quarter that was more difficult than we've seen in a while. And our full-year '26 guidance remains unchanged, calling for 26% to 31% gross revenue less network fee growth.

就結果而言，我們在一個比近來更艱難的季度中，交出了符合指引的成績。而我們 2026 全年指引維持不變，預期扣除網路費用後的總營收成長 26% 至 31%。

The second message is one I'm genuinely excited to talk about because of the evidence is piling up. Our international expansion is scaling meaningfully, measurably, and on the timeline we had previously described. We continue to add SMB merchants to our SkyTab POS offering across Europe and are now making meaningful progress in our newest product named Shift4 One.

第二個訊息是我真心很興奮想談的，因為證據正在不斷累積。我們的國際擴張正在以顯著、可衡量的方式擴大規模，且符合我們先前所描述的時間表。我們持續在歐洲為 SkyTab POS 方案新增中小企業商戶，並且在我們最新的產品 Shift4 One 上也取得了實質進展。

Shift4 One is in seven countries and we are on track to be in 15 with this product by the end of the year. As a reminder, our Shift41 product combines payments, dynamic currency conversion and tax-free shopping in a single device. This is a product we internally developed and it did not exist a year ago.

Shift4 One 已在七個國家上線，我們正按計畫在年底前將此產品拓展至 15 個國家。提醒一下，我們的 Shift4 One 產品將支付、動態貨幣轉換（DCC）與退稅購物（tax-free shopping）整合於單一裝置中。這是我們內部自行開發的產品，一年前還不存在。

This is the product that will help us unlock the meaningful revenue synergies within the SMB install base of luxury retailers that are already tax-free shopping customers of Shift4. Some early Shift4 One customers this quarter included Breitling, Farmacia Barcella, and Lachoix, but we have a long runway to go with over 70,000 SMB merchants that are prospective customers on this new product.

這項產品將協助我們在奢侈品零售商的中小企業安裝基礎（SMB install base）中，釋放可觀的營收協同效益；這些零售商本來就已是 Shift4 退稅購物服務的客戶。本季一些早期的 Shift4 One 客戶包括 Breitling、Farmacia Barcella 與 Lachoix，但我們仍有很長的成長跑道，因為有超過 70,000 家中小企業商戶是這項新產品的潛在客戶。

The value proposition is strong, one device, eligibility detection at the point of payment, tax refund processing, dynamic currency conversion. The early merchant adoption we're seeing confirms that when you walk in with this product, they understand the value immensely.

其價值主張非常強：一台裝置、在付款點即時判斷是否符合資格、退稅款處理、動態貨幣轉換。我們看到的早期商戶採用情況也證實，當你帶著這個產品進店時，他們能非常深刻地理解其價值。

In addition to Shift4 One, we're continued signing net new enterprise luxury retailers to our tax-free shopping offering, which over time also becomes prospects for our payments offering. This quarter, we signed luxury retailers such as Stella McCartney, Massimo Dutti, and 55 Croisette to name a few.

除了 Shift4 One 之外，我們也持續為退稅購物方案簽下淨新增（net new）的企業級奢侈品零售商，而這些客戶隨時間推進也會成為我們支付方案的潛在客戶。本季我們簽下的奢侈品零售商包括 Stella McCartney、Massimo Dutti，以及 55 Croisette 等。

The overall integration of Global Blue is on track, and we announced several Global Blue employees to key management roles during the quarter. The acquisition of Global Blue provided local infrastructure, local talent and a pre-existing network in key markets where we previously had little to no footprint. It builds upon other international expansion efforts, most recently in the UK and Germany, where we quickly built material merchant density. The opportunity ahead remains larger than ever.

Global Blue 的整體整合進度符合計畫，我們也在本季宣布多位 Global Blue 員工擔任關鍵管理職務。收購 Global Blue 為我們在先前幾乎沒有或完全沒有佈局的關鍵市場，提供了在地基礎設施、在地人才，以及既有的網路。這也建立在其他國際擴張努力之上，最近包括英國與德國，我們在當地迅速建立了可觀的商戶密度。未來的機會比以往任何時候都更大。

The third message may be the most important strategically because I know there's persistent confusion in the market about who we compete with and why we win. Let me try to cut through that as clearly as possible. We power the experience economy. Anywhere you shop, dine, stay or play, that is our territory.

第三個訊息在策略上可能最重要，因為我知道市場上一直對我們與誰競爭、以及我們為何能勝出存在持續的困惑。我會盡可能清楚地說明。我們為體驗經濟提供支援。無論你在哪裡購物、用餐、住宿或娛樂，那就是我們的領域。

And the reason we diversified into each new vertical was not simply to cast the wider net, but where we saw the competitive landscape as narrow and where our capabilities were genuinely differentiated. In almost all the verticals we have diversified into, we have one or fewer strong competitors.

而我們之所以在每一個新垂直領域進行多元化，並不只是為了撒更大的網，而是因為我們看到競爭格局相對狹窄，且我們的能力確實具有差異化。在我們多元化進入的幾乎所有垂直領域中，我們只有一個或更少的強勁競爭對手。

In restaurants, which we deem to be the most competitive of our markets, our SkyTab POS grew active merchant counts by over 40% year over year, with more than half of our active restaurant merchants using our software are now on Shift4 Dine. We are rebranding SkyTab to Shift4 Dine, and the logic behind that is simple. We have a much larger and more powerful brand in Shift4, and this is simply our dine product.

在餐飲領域——我們認為這是我們市場中競爭最激烈的一塊——我們的 SkyTab POS 活躍商戶數年增超過 40%，且目前使用我們軟體的活躍餐廳商戶中，已有超過一半採用 Shift4 Dine。我們正將 SkyTab 重新品牌為 Shift4 Dine，其邏輯很簡單：Shift4 是更大且更有力的品牌，而這就是我們的餐飲（dine）產品。

In hotels, we continue to win excellent resort customers. We recently signed a five-year renewal with Choice Hotels, signed New York's Palace Hotel, as well as hotels in Greece and Canada.

在飯店領域，我們持續拿下優質的度假村客戶。我們近期與 Choice Hotels 簽署五年續約，簽下紐約的 Palace Hotel，以及希臘與加拿大的多家飯店。

Our sports and entertainment capabilities remain unmatched. We were powering payments at the big game at Levi's Stadium in February. You'll also see us powering ticket sales in LA in 2028. We signed two major soccer league teams in the quarter, including Inter Miami and Chicago Fire, and two major baseball teams, the Houston Astros and the Chicago Cubs.

我們在體育與娛樂方面的能力仍無可匹敵。我們在二月於 Levi's Stadium 的年度大賽中提供支付服務。你也會看到我們在 2028 年於洛杉磯提供票務銷售支援。本季我們簽下兩支主要足球聯盟球隊，包括 Inter Miami 與 Chicago Fire，以及兩支主要棒球隊：Houston Astros 與 Chicago Cubs。

In the US, we still have meaningful market share to capture, and we are enabling dynamic currency conversion broadly across our US merchant base in advance of the World Cup later this year. We are heads down, making sure DCC is live across our key venues that are hosting World Cup matches, as well as hotels we service that fans will be staying at.

在美國，我們仍有可觀的市占率可供擴張，並且我們正提前在今年稍晚的世界盃之前，於我們美國商戶基礎上廣泛啟用動態貨幣轉換（DCC）。我們正全力以赴，確保在承辦世界盃賽事的主要場館，以及我們所服務、球迷將入住的飯店中，DCC 都已上線。

Before closing, I want to reiterate our approach to expenses. Our track record here is real and a differentiator, and AI has only made us better. It has helped us scale much more efficiently in new markets with fewer resources.

在結束之前，我想重申我們對費用的做法。我們在這方面的過往紀錄是真實且具差異化的，而 AI 只讓我們做得更好。它幫助我們在新市場以更少資源、更有效率地擴張。

We run a disciplined organization, but always view room for improvement and have done a reasonably good job of delivering margins above peers throughout various economic cycles. We do see a path back to 50% margins as we sufficiently scale our international operations, but we'll balance the growth opportunity appropriately.

我們以紀律嚴明的方式運作組織，但也始終認為仍有改善空間，並且在不同經濟循環中，我們在交付高於同業的利潤率方面做得相當不錯。隨著我們的國際營運充分擴張，我們確實看見回到 50% 利潤率的路徑，但我們會適度平衡成長機會。

The discipline we have toward managing expenses has not changed. We continue to maintain a relentless focus on driving incremental operational improvements, headcount control, and preserving our advantage in regards to minimizing customer acquisition costs relative to others in our industry.

我們在費用管理上的紀律並未改變。我們持續以不懈的專注推動增量的營運改善、人力編制控管，並維持我們相較於同業在將客戶取得成本降到最低方面的優勢。

Let me close by returning to the phrase I've used a number of times with this group because it continues to be true. We can grow meaningfully without finding a new customer, and we can drive meaningful margin and free cash flow improvement by continuing to do what we do well, which is integrate our business and delete the parts.

最後我想回到我在這個團體面前多次使用的一句話，因為它依然為真：我們可以在不尋找新客戶的情況下實現顯著成長；而我們也可以透過持續做好我們擅長的事——整合我們的業務並刪除多餘的部分——來推動顯著的利潤率與自由現金流改善。

We have a demonstrated track record of winning despite uncertainty. We have a financial discipline, and we have a simplified corporate structure. We have a global footprint of over 75 countries that we did not have just a few years ago.

我們已證明即使在不確定性之下仍能勝出。我們具備財務紀律，且擁有簡化的公司架構。我們在全球超過 75 個國家擁有據點，而這在幾年前我們還沒有。

The macro environment remains dynamic, and we are not dismissing that, but the diversification of our business, the durability of our growth, and the quality of the team we have assembled give me genuine confidence on the road ahead. In times of volatility, I think it's important to remind investors that we have grown gross revenue less network fees by a compound annual growth rate of over 35% and adjusted EBITDA by 38% since 2019.

總體環境仍然多變，我們並未忽視這點；但我們業務的多元化、成長的持久性，以及我們所組建團隊的品質，讓我對前方道路有真實的信心。在波動時期，我認為提醒投資人很重要：自 2019 年以來，我們的「總營收扣除網路費用」以超過 35% 的複合年成長率成長，而調整後 EBITDA 以 38% 成長。

Most importantly, this growth was achieved with relatively few dollars deployed when compared with our peer set. Cumulative equity dilution over that time period was just about 18%. I will repeat that, we grew revenues by 8x in seven years, diversified the business, improved profitability and diluted equity holders by less than 20%.

最重要的是，與同業相比，這些成長是在投入相對較少資金的情況下達成的。在那段期間的累計股權稀釋僅約 18%。我再重申一次：我們在七年內將營收成長了 8 倍、使業務更多元、提升獲利能力，且對股東的稀釋不到 20%。

I've said this before and I genuinely mean it, we do our best work during times of uncertainty. The deliberate and measured path we've been on, diversifying our revenue streams, expanding into new geographies, deepening our product suite, is exactly what allows us to perform reasonably well when the environment gets tough. We are not dependent on one market, one vertical, or one macro tailwind.

我以前說過，而且我是真心的：我們在不確定時期做出最好的成果。我們一直走在一條審慎且有節制的道路上——多元化收入來源、擴展至新地理區域、深化產品組合——正是這些讓我們在環境變艱難時仍能表現得相當不錯。我們不依賴單一市場、單一垂直領域或單一總體順風。

I encourage you all to read through our prepared materials for the additional details they provide. And with that, let me turn it over to Chris.

我鼓勵各位閱讀我們準備的資料，以取得其中提供的更多細節。接下來，我把時間交給 Chris。

Thanks, Taylor. Q1 2026 delivered record Q1 financial results, underpinned by a durable model, rapid integration and disciplined capital allocation. We continue to execute against our strategy to diversify both geographically and across multiple verticals in the experience economy, enhancing our resilience. These results were all achieved despite the travel disruptions stemming from the Middle East conflict.

謝謝，Taylor。2026 年第一季交出創紀錄的第一季財務成果，背後來自具韌性的商業模式、快速整合以及嚴謹的資本配置。我們持續執行策略，在體驗經濟中於地理區域與多個垂直領域進行多元化，以提升抗風險能力。即便中東衝突造成旅遊中斷，這些成果仍然達成。

Gross revenue less network fees, or GRLNF, of $549 million grew 49% year-over-year, in line with guidance. Adjusted EBITDA of $234 million grew 39% year-over-year, delivering a 43% margin, also in line with guidance. Adjusted free cash flow of $88 million grew 26% year-over-year, exceeding guidance and gross revenue of $1.12 billion exceeded as well.

總營收扣除網路費用（GRLNF）為 5.49 億美元，年增 49%，符合指引。調整後 EBITDA 為 2.34 億美元，年增 39%，利潤率達 43%，同樣符合指引。調整後自由現金流為 8,800 萬美元，年增 26%，超越指引；總營收 11.2 億美元也同樣超出。

Now let's unpack this further. Volumes grew 24% year-over-year to $56 billion, while delivering blended spreads at 61 basis points. The Q1 volume mix was largely in line with our expectations despite some early quarter weather effects impacting the restaurant industry in the Americas.

接下來我們進一步拆解。交易量年增 24% 至 560 億美元，同時實現 61 個基點的綜合利差。第一季的交易量組合大致符合我們的預期，儘管季度初的天氣因素對美洲的餐飲業造成了一些影響。

Turning next to the disaggregated categories that make up the Q1 GRLNF. Beginning with our North Star on growth. Payments-based revenues, less network fees, was $345 million, growing 25% year over year. This category consists of an Americas region that grew 15% year over year, which was largely unaffected by prior year M&A and a worldwide, excluding Americas region, that exceeded our expectations growing 51% year over year.

接著看構成第一季 GRLNF 的拆分類別。先從我們成長的北極星開始。以支付為基礎的營收（扣除網路費用）為 3.45 億美元，年增 25%。此類別包含：美洲地區年增 15%，基本上不受前一年併購活動影響；以及全球（不含美洲）地區年增 51%，超出我們預期。

The next category of subscription and other grew 11% year over year, and although this exceeded the annual growth algorithm variable provided last quarter, we expect this category to vary quarter-to-quarter. Finally, the category of tax-free shopping or TFS, it grew 4% on a pro forma year-over-year basis. As a reminder, the TFS category was not in our financial results last year as it was part of the Global Blue acquisition consummated in July 2025. Hence, growth is being provided on a pro forma basis for context.

下一個類別「訂閱與其他」年增 11%。雖然這高於我們上季提供的年度成長演算法變數，但我們預期此類別會隨季度而波動。最後是「免稅購物」（TFS）類別，以擬制（pro forma）年增基礎計算成長 4%。提醒一下，去年 TFS 類別未納入我們的財務結果，因其屬於 2025 年 7 月完成的 Global Blue 收購案的一部分。因此，為提供脈絡，我們以擬制基礎提供成長數據。

The TFS category experienced headwinds related to the conflict in the Middle East and its disruptive impact on global travel. Especially for consumers from the GCC and parts of East Asia looking to travel into Europe. We estimate this impact as having been approximately $4 million to $6 million of headwinds on the quarter. Overall, we are encouraged by the resilience of the business that this growth performance expresses.

TFS 類別受到與中東衝突相關的不利因素影響，以及其對全球旅遊的干擾性衝擊。尤其是來自海灣合作委員會（GCC）與東亞部分地區、計畫前往歐洲旅遊的消費者。我們估計這項影響在本季約造成 400 萬至 600 萬美元的逆風。整體而言，我們對這項成長表現所展現的業務韌性備受鼓舞。

Excluding the effect of acquisitions and divestitures, the organic GRLNF growth for Q1 was 11% on modest FFF. Adjusted EBITDA grew 39% to $234 million, delivering a 43% margin. As mentioned in our prior quarter call, our investments in international market expansion are reflected in our margin trajectory. And given the encouraging performance we continue to see in the worldwide regions and receptivity to our market-leading experienced economy solutions, we intend to continue to invest here.

排除併購與處分的影響後，第一季 GRLNF 的有機成長為 11%，在溫和的 FFF 下達成。調整後 EBITDA 年增 39% 至 2.34 億美元，利潤率為 43%。如同我們上一季電話會議所提，我們在國際市場擴張上的投資反映在利潤率走勢上。鑑於我們在全球各地區持續看到令人鼓舞的表現，以及市場對我們領先的體驗經濟解決方案的接受度，我們打算持續在此加碼投資。

Non-GAAP EPS came in at $0.97. Adjusted free cash flow in the quarter was $88 million, and although it exceeded our guidance, it should be viewed as in line when taking into consideration seasonality and timing benefits from Q2. On a non-GAAP per share basis, this results in $0.95 of adjusted free cash flow per share or a 98% conversion from non-GAAP EPS.

非 GAAP 每股盈餘（EPS）為 0.97 美元。本季調整後自由現金流為 8,800 萬美元；雖然超出我們的指引，但在考量季節性以及來自第二季的時點性利益後，應視為與預期一致。以非 GAAP 每股基礎計算，調整後自由現金流為每股 0.95 美元，亦即相對於非 GAAP EPS 的轉換率為 98%。

For the second quarter of 2026, we are introducing guidance as follows. GRLNF of $615 million, which embeds an approximate $20 million-impact from travel disruption due to the Middle East conflict. Adjusted EBITDA of $278 million and $10 million of adjusted free cash flow.

對於 2026 年第二季，我們提出如下指引：GRLNF 為 6.15 億美元，其中包含因中東衝突造成旅遊中斷的約 2,000 萬美元影響；調整後 EBITDA 為 2.78 億美元；調整後自由現金流為 1,000 萬美元。

As a reminder, Q2 adjusted free cash flow reflects the seasonality of the TFS category, but the business also experienced some Q1 timing benefit that contributed to exceeding guidance. It's worth reiterating my comment from last quarter that the seasonality of the TFS business is such that the first half of the year is cash flow consumptive, while the second-half of the year is cash flow generative. When taken together with Q1, the first half is expected to come in line with initial guidance. Additionally, gross revenue for the quarter is expected to be $1.17 billion.

提醒一下，第二季調整後自由現金流反映了 TFS 類別的季節性，但該業務在第一季也出現一些時點性利益，促使結果超出指引。值得重申我上季的評論：TFS 業務的季節性特徵是上半年消耗現金流、下半年產生現金流。與第一季合併來看，上半年預期將與初始指引一致。此外，本季總營收預期為 11.7 億美元。

For the full year, we are leaving our guidance unchanged and note that this is meant to express the wider volatility of outcomes we are seeing even with part of the year complete. Some colors on the guidance, throughout Q1 and into April, we saw largely stable consumer trends in the Americas, with weather only impacting early in the quarter. This represents an acceleration in growth trends compared to what we were experiencing in Q4, particularly in restaurants and lodging, and it reinforces our neutral SSS full-year outlook.

就全年而言，我們維持指引不變，並指出這是為了反映即使在年度已過一部分的情況下，我們仍看到結果的波動範圍更廣。補充一些指引的背景：在第一季以及進入四月期間，我們在美洲看到整體穩定的消費者趨勢，天氣僅在季度初造成影響。相較於我們在第四季所經歷的情況，這代表成長趨勢有所加速，特別是在餐飲與住宿領域，也強化了我們對全年同店銷售（SSS）中性的展望。

In TFS, we are not attempting to forecast a back-half impact of continued travel disruptions. However, should conflict influence travel disruptions continue, it would be reasonable to assume that the seasonally stronger Q3 would have a higher monthly headwind than the $4 million to $6 million per month experienced in March, and Q4 would be more in line with the monthly impact observed in March.

在 TFS 方面，我們並未嘗試預測持續旅遊中斷對下半年造成的影響。不過，若衝突所引發的旅遊中斷持續存在，合理的假設是：季節性較強的第三季，其每月逆風將高於 3 月所經歷的每月 400 萬至 600 萬美元，而第四季則會更接近 3 月觀察到的每月影響。

Last point on guidance. We acknowledge that the seasonality of the business is still something that investors are acclimating to. As such, we wanted to provide quarterly guidance for the back half of the year in our shareholder materials to help calibrate the quarterly cadence of the year, especially on adjusted free cash flow. We reiterate that this quarterly guidance reflects the unchanged outlook on full-year results and expresses the wider range of outcomes we think reflect the environment we are in.

關於指引的最後一點。我們理解，業務的季節性仍是投資人正在適應的因素。因此，我們在股東資料中提供了下半年按季度的指引，以協助校準全年各季度的節奏，特別是在調整後自由現金流方面。我們重申，這些季度指引反映的是對全年結果不變的展望，並呈現我們認為能反映當前環境的更寬結果區間。

Now finally, on capital allocation. Every allocable dollar must compete for the best use and is subjected to rigorous process, while the output that guides us is return on invested capital and adjusted free cash flow per share.

最後談到資本配置。每一美元可配置資金都必須競爭最佳用途，並接受嚴謹流程檢視；而指引我們的輸出指標是投入資本報酬率（ROIC）以及每股調整後自由現金流。

In Q1, we repurchased 5.5 million shares, resulting in a cumulative $600 million of execution against the $1 billion share repurchase authorization announced two quarters ago. As such, we end the quarter with non-GAAP share count flat year-over-year.

第一季我們回購了 550 萬股，使得針對兩個季度前宣布的 10 億美元股票回購授權，累計已執行 6 億美元。因此，本季末非 GAAP 股數與去年同期持平。

On capital structure in Q1, our term loan repricing took effect at the beginning of the quarter. Pro forma net leverage was 3.7 times in the quarter, and we maintain our view that we do not intend to exceed 3.75 pro forma net leverage on a sustained basis. Based on performance trajectory and guidance, the business would delever by approximately 0.25 turn per quarter, ending the year near our long-term average net leverage level in the low-3s.

在第一季的資本結構方面，我們的定期貸款重新定價於本季初生效。本季備考（pro forma）淨槓桿為 3.7 倍，我們仍維持觀點：不打算在持續基礎上超過 3.75 倍備考淨槓桿。依據業績走勢與指引，該業務每季約可去槓桿 0.25 轉（turn），年底將接近我們長期平均的低 3 倍淨槓桿水準。

Before turning the call back to Taylor, I want to thank our fellow shareholders for continuing to work with me on our evolving investor engagement. We are not a culture that is ever satisfied, so we always appreciate the thoughts barring, challenge and engagement.

在把電話交回給 Taylor 之前，我想感謝各位股東持續與我一同推進我們不斷演進的投資人互動。我們的文化從不自滿，因此我們一向感謝各位的想法、辯論、挑戰與參與。

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

那麼，現在我把電話交回給 Taylor。

Thanks, Chris. And with that, operator, we can open the lines up for questions.

謝謝，Chris。那麼，接線員，我們可以開放提問。

(Operator Instructions) Timothy Chiodo, UBS.

（接線員指示）Timothy Chiodo，瑞銀（UBS）。

Given distribution, always a big topic in the industry, but very topical with investors today, given some of your competitors are announcing large hires of direct sales teams and increasing the size of their direct sales teams. I thought this would be a good time just to take an opportunity to do a refresh on where Shift4 sits with its distribution approach.

談到分銷（distribution），這一直是產業中的大議題，而在今天對投資人而言也非常切題，因為你們的一些競爭對手正宣布大量招募直銷團隊並擴大直銷團隊規模。我想這是個好時機，藉此更新一下 Shift4 在分銷策略上的定位。

A few years ago, you insourced a large sales team. I believe that you've been hiring more since then. In summary, I'm hoping you could recap the size of the direct sales team in the US today as it stands? How the European build-out has gone? And then also a refresh on how things look in terms of the number of resellers, VARs, agents, and any other kind of third-party distribution?

幾年前你們把一支大型銷售團隊內部化（insource）。我相信此後你們也持續增聘。總結來說，我希望你們能回顧一下目前美國直銷團隊的規模？歐洲的建置進展如何？另外也請更新一下在經銷商、VAR、代理商以及其他任何第三方分銷方面的數量與概況。

And then I have a follow-up around rev share and income statement geography. Thanks.

另外我還有一個追問，關於分潤（rev share）以及損益表的地理區分。謝謝。

Yeah, sure. So I'll hit that, and I think it is important to give context to the journey we've been on in the United States. Keep in mind, for the vast majority of our history, we were almost exclusively third-party distribution. As you mentioned, that was a combination of value-added resellers in local markets. It was traditional ISOs back in the day and increasingly ISVs, software providers that serve the experience economy alongside of us.

好的，當然。我會先回答這個，我也認為提供我們在美國一路走來的背景很重要。請記住，在我們歷史的大部分時間裡，我們幾乎完全依賴第三方分銷。如你所提到的，那包含在地市場的加值型經銷商（VAR）。早期是傳統的 ISO，而近年來則愈來愈多是 ISV，也就是與我們一起服務體驗經濟的軟體供應商。

Today, you noted it well, we insourced a healthy portion of that distribution network, mostly in the VAR category, and have those folks working on direct sales. It's been about 2.5 years since that effort began. I'd say we're pretty mature and polished in our approach there, which is that we bring in regular direct sales classes. We've got density in most of the markets we'd like to have it in, say, for a couple of spots in the country.

如你所說，我們今天已將該分銷網路中相當健康的一部分內部化，主要是在 VAR 類別，並讓這些人員從事直銷。這項工作開始至今約 2.5 年。我會說我們在這方面的方法已相當成熟且更為精煉：我們定期招募並培訓直銷梯隊；在我們希望覆蓋的大多數市場都已具備足夠密度，除了國內少數幾個地點。

And despite that, the ISV distribution network remains strong. Keep in mind, if you want to sell software to a hotel, in many ways, even if you want to sell software to a restaurant, you're working with Shift4 because we get you into the environments you want to be in. Stadiums is another great example of that. We've got ISVs that want to be inside of stadiums, and we can help get them there given our presence in those stadiums.

即便如此，ISV 分銷網路仍然強勁。請記住，如果你想把軟體賣給飯店，很多時候即使你想把軟體賣給餐廳，你也會與 Shift4 合作，因為我們能把你帶進你想進入的場域。體育場館也是另一個很好的例子。我們有 ISV 希望進入體育場館，而憑藉我們在那些場館的既有佈局，我們可以協助他們進入。

So the US market is quite mature with regular sales teams rolling in and out. We've got roughly 300 salespeople that are full-time at Shift4 in that regard. And then international, we're beginning that journey all over again. So we've got awesome networks of third-party distribution. They're great because they scale quite cost-effectively.

因此，美國市場相當成熟，銷售團隊會定期進出與補充。在這方面，Shift4 約有 300 名全職銷售人員。而在國際市場，我們正重新開始這段旅程。我們擁有很棒的第三方分銷網路；它們很棒的原因在於能以相當具成本效益的方式擴張。

We've got ISV relationships that we're expanding into. We mentioned a few in last quarter's call. And we're building a direct sales force to go after this huge opportunity that sits inside of Global Blue, the 70,000 SMBs that they service. So all told, our total sales resources, I actually am like blushing at this number cause the company was half the size of the one that is over 700 at the moment, and that's grown at about 18% a year.

我們也在擴展 ISV 關係；我們在上季電話會議提到其中幾個。同時，我們正在建立直銷團隊，以把握 Global Blue 內部的巨大機會，也就是他們所服務的 70,000 家中小企業（SMB）。總體而言，我看到我們的總銷售資源規模其實有點不好意思講，因為公司曾經只有現在的一半，而目前已超過 700 人，且大約以每年 18% 的速度成長。

So Chris will talk about kind of the margin trade-offs of this, but we see the opportunity to be quite immense, and we're investing in it quite meaningfully. We've also, as you've seen in the past, acquired local bars in markets like we did in the US. We envision that being able to happen throughout Europe once our sales markets have become more mature. But right now, it's about making sure we've got people who can talk to customers in just about every capacity.

Chris 會談到這樣做在毛利率上的取捨，但我們認為機會非常龐大，因此我們正相當有力地投入。過去你們也看到，我們曾在一些市場收購在地的「據點」（就像我們在美國做過的那樣）。我們預期，一旦我們在歐洲的銷售市場更成熟，這種情況也能在歐洲各地發生。但目前重點是確保我們擁有能以幾乎各種方式與客戶對話的人才。

And the last thing I'll say, and then I'll turn it over for your second question, is we offer pretty significant advantages to ISVs who want to access the same markets as we do. Put yourself in the mind of a retail POS software company. We can offer them integrations for tax-free shopping so that the tax-free shopping experience is great for the merchants right out of the gates, payments as you'd expect, gift and loyalty, digital receipts.

最後我再補充一點，然後把時間交給你的第二個問題：對於想要進入與我們相同市場的 ISV，我們能提供相當顯著的優勢。把自己放在零售 POS 軟體公司的角度思考：我們可以提供免稅購物的整合，讓商戶從一開始就能有很好的免稅購物體驗；也有你所期待的支付能力；以及禮品與會員忠誠、電子收據等。

We can offer a comprehensive suite that just two years ago would have been, instead of a benefit to the ISV, it would have been quite a pain point that they need to integrate to all these different companies. Today, we're having ISVs approach us saying, wait, I can just talk to you and deliver to my customer a complete commerce experience given all the capabilities you have under one roof.

我們能提供一套完整的解決方案；而在兩年前，這對 ISV 來說與其說是好處，不如說是痛點，因為他們必須與許多不同公司逐一整合。如今，ISV 反而會主動找上我們說：等等，我只要跟你們對接，就能把完整的商務體驗交付給我的客戶，因為你們把所有能力都整合在同一個屋簷下。

On that second part, yeah, sorry, that follow-up was really just around Chris. If there's anything just to flag around income statement geography in terms of the sales, salaries, the commission and the pay aways that go to the third parties? If you could just give a recap of where that all sits within the P&L, I think that would be helpful.

關於第二部分，是的，不好意思，那個追問主要是想請教 Chris：在損益表的地理區分上，是否有任何需要特別提示的地方，例如銷售薪資、佣金，以及支付給第三方的分成（pay aways）？如果你能回顧一下這些在 P&L 裡分別落在哪些科目，我想會很有幫助。

Yeah, sure. So I think what you're alluding to is that when you look at indirect distribution, that's largely compensated through the form of residual commissions. And residual commissions would flow through in the cost of sales line. That's largely why, and we've talked about this in quarters past, why we've seen growth in that line of cost of sales.

好的，當然。我想你指的是：當你看間接分銷時，主要是以持續性佣金（residual commissions）的形式來補償。而持續性佣金會列在銷售成本（cost of sales）項下。這也在很大程度上解釋了為什麼——我們在過去幾季也談過——我們看到銷售成本這一行持續成長。

And that is deliberate because when you think about the strategy of entering a market before you have the gross profit density in a given region, in a given country, it's prudent to have variable cost structure that can flex up and down as your density grows. At some point in time, you hit a tipping point where you want to internalize that into more of a fixed cost operating expense base, which is geographically where the direct sales and the direct go-to-market expenses would live. They would live inside of the OpEx categories or the SG&A categories.

而這是刻意為之，因為當你思考在某個地區、某個國家，在尚未形成足夠毛利密度之前就進入市場的策略時，採用可隨密度成長而上下彈性的變動成本結構是審慎的。到了某個時間點，你會到達一個臨界點，屆時你會希望把它內部化，轉為較固定成本的營運費用基礎；就地理歸屬而言，直銷與直接 go-to-market 的費用會落在那裡。它們會列在營運費用（OpEx）或銷售、一般及行政費用（SG&A）類別中。

And so that trade-off between a variable cost structure when you're early in the maturity of a region and you're expanding and you don't yet have the full gross profit density sitting on top of that region, that's the strategy at the start. And then eventually, as we've seen in Shift4's history, you internalize that cost structure at some point in time and the economics of that are really attractive trade-offs once you get to those density levels.

因此，在區域成熟度尚早、你正在擴張、而且該區域上方尚未形成完整的毛利密度時，採用可變成本結構之間的取捨，這就是一開始的策略。然後最終，正如我們在 Shift4 的歷史中所看到的，你會在某個時間點把那套成本結構內部化；一旦達到那些密度水準，這樣做在經濟性上的取捨其實非常有吸引力。

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

Good results here. Could you elaborate more on how you quantify the Middle East conflict impact on your tax-free shopping business?

這裡的業績很不錯。你能否更詳細說明，你們如何量化中東衝突對你們免稅購物業務的影響？

Sure. And thanks for the question, Rayna . I'll tackle that one. So yeah, it's an interesting nuance, right? Obviously, a very dynamic environment when you're trying to isolate and analyze the impact of travel disruptions that are resulting from the Middle East conflict on a business like tax-free shopping.

當然，謝謝你的問題，Rayna。我來回答這題。是的，這裡有個有趣的細微差別，對吧？顯然，當你試圖把中東衝突所導致的旅遊中斷影響，從像免稅購物這樣的業務中抽離並加以分析時，環境是非常動態的。

And for us, that analysis actually can be quite targeted and quite specific because a couple of ways to look at it. First for context, what does it even mean to look at isolating populations that are most impacted? Well, we look at things through corridors in that product line. And one of the most important corridors when thinking about this conflict is the GCC consumer traveling into Europe and the kind of Southeast Asian and in East Asian parts consumer coming into Europe.

對我們而言，這個分析其實可以做得相當聚焦、相當具體，因為有幾種切入方式。首先作為背景，所謂「隔離出受影響最深的人群」到底是什麼意思？我們在這條產品線是以「走廊（corridors）」的方式來看。就這場衝突而言，最重要的走廊之一是 GCC 消費者前往歐洲，以及來自東南亞與東亞地區的消費者前往歐洲。

And those two consumer corridors coming into Europe, which is the most important region that our merchants are based, those two corridors together kind of make up a little more than 20% of the European volumes. When you look at those two corridors, you can then isolate the effect that passenger seat capacity from the airlines themselves has changed, has declined.

而這兩條進入歐洲的消費者走廊——歐洲是我們商戶所在的最重要區域——兩者合計大約占歐洲交易量的 20% 多一點。當你看這兩條走廊時，就可以進一步隔離出航空公司本身的旅客座位運能變化所帶來的影響，也就是運能已經下降。

And when you actually use passenger seat capacity and regress it against volumes and sales, it's actually a fairly tight regression, a fairly high R-squared, and it becomes a good predictor over a long time series of data that we use to analyze these things. And so with that as context in terms of how we looked at the backwards of what, therefore, happened in March and looked at kind of the effect in March as having been a $4 million to $6 million headwind on revenues -- on gross revenues less network fees equivalent, you can then take that same methodology and apply it forward.

而當你實際用旅客座位運能去對交易量與銷售做迴歸分析時，迴歸關係其實相當緊密，R 平方也相當高；在我們用來分析這些問題的長期時間序列資料中，它會成為一個很好的預測指標。因此，以此作為背景，回頭看 3 月發生了什麼、並把 3 月的影響量化為對營收的 400 萬到 600 萬美元逆風——以「總營收扣除網路費用（gross revenues less network fees equivalent）」口徑——你就可以用同樣的方法把分析往前推。

You can look at how the seat capacity from the airlines themselves has actually changed on a forward basis and apply the same modeling, the same sensitivities, the same regression against it and have a view as to how that could impact the TFS business on a go-forward basis. And probably another important point to say within that is that this seat capacity that has been changed by all of the airlines across these corridors that matter to us, this is capacity that doesn't necessarily come back that quickly.

你可以觀察航空公司自身的座位運能在未來期間的變化，並套用相同的模型、相同的敏感度、相同的迴歸關係，從而對未來可能如何影響 TFS 業務形成判斷。還有一點很重要的是：在這些對我們重要的走廊上，各家航空公司調整掉的這些運能，並不一定會那麼快回來。

But within a span of kind of a four to eight-week timeframe, we see this business across any kind of travel disruption has been pretty resilient and coming back quite quickly. But the analysis, the framework, the sensitivity, all grounded within data sets that are very rich and deep and long. At the same time, they're informed by the forward capacity planning of the airlines themselves.

但在大約 4 到 8 週的時間範圍內，我們看到這項業務在各類旅遊中斷下其實相當有韌性，回復速度也很快。不過，這套分析、框架與敏感度，都是建立在非常豐富、深度且跨度很長的資料集之上。同時，它也會參考航空公司自身的前瞻運能規劃。

Dan Dolev, Mizuho.

Dan Dolev，Mizuho。

Hey, it's Dan Delev here. Guys, great results. Really nice to see; well deserved. I wanted to ask about AI. I noticed some of the comments. Taylor, can you maybe talk to us about how you deploy AI across the organization? And congrats again.

嗨，我是 Dan Delev。各位，業績很棒。真的很高興看到；實至名歸。我想問一下 AI。我注意到你們的一些評論。Taylor，你能不能跟我們談談你們如何在整個組織中部署 AI？也再次恭喜。

Yeah. Sure, thanks very much. We do actually read the most commonly used phrases on earnings calls and try not to get too close to the center of the pack. By our analysis, AI was I think number two or three. So glad to be able to talk about it, but also try to talk about the fundamentals of the business as well.

好的，當然，謝謝。我們其實會去看財報電話會議上最常被使用的片語，並盡量不要太靠近「大多數人都在說的那一套」。依我們的分析，AI 我想是第二或第三名。所以很高興能談談它，但我們也會努力同時談到業務的基本面。

It's foundational in terms of how we're thinking about how our business should run. I think that's just prudent in the current environment, the force embracing of these tools. We look at it largely two ways, obviously, what can it do to help us speed up delivery of products? But I think where we're putting kind of more emphasis is, how is every non-product or technology-oriented silo of our business thinking about how to embrace AI?

就我們思考公司應該如何運作而言，它是基礎性的。我認為在目前的環境下，擁抱這些工具是審慎之舉。我們主要從兩個面向來看：很明顯，它能如何幫助我們加快產品交付？但我認為我們更著重的是：公司裡每一個非產品或非技術導向的部門（silo），要如何思考擁抱 AI？

And really challenging them through the mindset of, what are our top vendors, customer relationships, financial institution relationships, and just thought leaders doing in their verticals? So our HR offsite will include presentations on using AI for the purpose of speeding up HR workflows. Our legal offsite is right now going on. They've got representatives from the big law firms talking about how to use it.

並且真的用這樣的思維去挑戰他們：我們的頂級供應商、客戶關係、金融機構關係，以及各領域的思想領袖，在他們各自的垂直領域都在做什麼？因此，我們的人資（HR）離站會議會包含使用 AI 來加速 HR 工作流程的簡報。我們的法務離站會議現在正在進行，他們請了大型律師事務所的代表來談如何使用它。

It's really speeding up production, which for us is critical. Our technologies scale quite nicely just given the nature of payment platforms and software, where it's tricky is adding many thousand SMBs a month in brand new markets. And so we're able to go to market much more quickly, we're able to stand up support infrastructure, we're able to stand up. A marketing and sales framework that works for that local market a lot faster.

它確實在加速產出，這對我們至關重要。就支付平台與軟體的特性而言，我們的技術擴張性相當好；真正棘手的是在全新市場每月新增數千家 SMB（中小企業）。因此，我們能更快地進入市場、更快地建立支援基礎設施，也能更快地建立一套適用於當地市場的行銷與銷售框架。

And then I would just say just good corporate citizenship, regular dialogue with companies that we really admire, teaching our teams and us teaching them how we've gotten the most benefit out of tools. So we've had former colleagues from Blackstone, friends from Goldman Sachs, soon to be Walmart, all kind of collaborating on how to make this transition as exciting as possible for employees.

然後我還想說，這也是良好的企業公民行為：我們會與一些我們非常欽佩的公司保持定期對話，彼此教學——他們教我們、我們也教他們——如何從工具中獲得最大效益。因此，我們邀請了來自 Blackstone 的前同事、Goldman Sachs 的朋友、以及即將加入 Walmart 的人士，大家一起協作，讓這次轉型對員工而言盡可能令人振奮。

I think there's a reluctance to embrace tools if you've been in a role for a long period of time. We're challenging that immensely, and that includes, obviously, a substantial amount of deployment of tools into thought leaders inside the company.

如果你在某個職位待了很長一段時間，確實會對擁抱新工具有所遲疑。我們正在大力挑戰這件事；當然也包括在公司內部的思想領袖中，大量部署這些工具。

So it's a super exciting time, but we by no means think we've got kind of the roadmap figured out. We're borrowing as much from companies we admire as we can, and that goes all the way through the AI vendors themselves.

所以這是一個非常令人興奮的時刻，但我們絕不認為自己已經把路線圖都想清楚了。我們會盡可能向我們欽佩的公司借鑑，而這也一路延伸到 AI 供應商本身。

Congrats again.

再次恭喜。

Darrin Peller, Wolfe.

Darrin Peller，Wolfe。

Good to see the resilience in the business, despite all the macro. I guess I want to hone in on the 15% -- what's effectively organic strength you're seeing in the US and North America. Can you just remind us on the building blocks?

很高興看到業務在各種宏觀因素之下仍具韌性。我想聚焦在那個 15%——也就是你們在美國與北美看到的、實質上屬於有機成長的強勁表現。你能再提醒我們一下其組成要素（building blocks）嗎？

I mean, I know there might be still some lingering cross-sells from deals you've done over the last several years, but maybe thinking about the verticals and what's really driving that kind of strength from an organic standpoint in this market, which is obviously including -- I think you guys have flat same-store sales, right? So just a revisit of the building blocks there and the sustainability would be great.

我的意思是，我知道可能還有一些來自你們過去幾年做過的交易所帶來的交叉銷售（cross-sells）餘波，但也許可以從垂直領域的角度，談談在這個市場中，究竟是什麼在有機層面驅動了這種強勁表現？這顯然也包含——我想你們的同店銷售是持平的，對吧？所以如果能再回顧一下這些組成要素，以及其可持續性，會很有幫助。

Yeah, I'll let Chris hit the macro environment. I'll talk about kind of just what we're doing. I tried to address this inside of both my letter this morning and the scripted remarks to just talk about the competitive framework in the United States. There's a lot of rhetoric. There is not a lot of changing of pole position with regard to the competitors we see and admire in our markets and how we face off compared to them.

好的，我讓 Chris 談宏觀環境。我來談談我們在做什麼。我今天早上的信以及事先準備的發言稿裡都有試著回應這點，主要是談美國市場的競爭框架。市場上有很多說法，但就我們所看到、也很尊敬的競爭對手而言，大家的「領先位置（pole position）」其實沒有太多改變，以及我們相對於他們的競爭態勢也是如此。

So put this in the remarks, I think it would surprise most people, but it doesn't surprise us. Our restaurant point-of-sale product is -- location counts are up over 40% year over year. That's just one good example of a product that's getting a heck of a lot of adoption.

所以我把這點寫進發言稿裡：我想這會讓大多數人感到意外，但對我們並不意外。我們的餐飲 POS（銷售點）產品——據點數（location counts）年增超過 40%。這只是其中一個很好的例子，顯示某個產品正在獲得大量採用。

I think it probably surprises the street. It does not surprise us. We are consolidating the firepower of what historically was a lot of different distribution networks into a single product. It will have results. And the quality of those merchants is rising throughout that time as well, which is really good to see.

我想這可能讓華爾街感到意外，但我們不意外。我們正在把過去歷史上許多不同的分銷網路的火力整合到單一產品中。它會帶來成果。而且在這段期間，這些商戶的品質也在提升，這點真的很令人欣慰。

In the hospitality vertical, our competitive differentiation has not changed. And in fact, as we folded in tools like Givex and currency conversion, our value proposition has only grown. You can go to purchase gift cards at the largest hotel chain in the world and scroll down to the bottom of the page, and you'll see Ship4 powering that whole experience for them.

在旅宿（hospitality）垂直領域，我們的競爭差異化並沒有改變。事實上，隨著我們納入像 Givex 和貨幣轉換等工具，我們的價值主張只會更強。你可以到全球最大飯店連鎖的網站購買禮品卡，往頁面底部滑，你會看到是由 Shift4 為他們提供整個體驗的支援。

So that's just another example of how these acquisitions can, at times, feel like cookie cutter. But in reality, we spend a lot of time thinking about how it rounds out the offering and we spend a tonne of time thinking about what our customers are buying away from us and can we deliver that under one roof.

所以這只是另一個例子，說明這些收購有時候看起來像是制式化、像用模子刻出來的一樣。但實際上，我們花了很多時間思考它如何補齊整體產品組合，也花了大量時間思考我們的客戶有哪些需求是被別人從我們這裡「買走」的，以及我們能否在同一個屋簷下把那些能力交付出來。

And obviously, something like gift cards is so inherent to the payment experience that when we own it as part of the offering, it's a better customer experience to work with one vendor than two, and we're in rarified air being able to do that. Loyalty was an incredibly significant set of features inside of that same acquisition, and we haven't even begun to talk about that. But as competitors and companies we admire and invest significantly in loyalty, you can get a sense that we were on that curve as well.

而且很明顯，像禮品卡這類產品本來就深深嵌入支付體驗之中；當我們把它作為產品組合的一部分納入自有能力時，對客戶而言，跟一家供應商合作而不是兩家，體驗會更好，而我們能做到這點其實是相當稀缺的能力。同一筆收購裡，會員忠誠（Loyalty）也是一套極其重要的功能集合，而我們甚至還沒開始談它。但你看看競爭對手以及我們敬重的公司都在忠誠領域投入巨大，你就能感覺到我們也同樣走在那條曲線上。

I could go on and on, but our sports and entertainment wins, I think, have sort of become happenstance, but we alluded to a really nice ticketing win with regard to LA in 2028. That's an example of an extension I don't think people would have assumed is supernatural in the sports and entertainment space.

我可以一直講下去，但我認為我們在體育與娛樂領域的勝利，某種程度上是水到渠成；不過我們也提到過，關於 2028 年洛杉磯（LA）的確拿下了一個很不錯的票務（ticketing）案子。這就是一個延伸案例，我想很多人不會預期我們在體育與娛樂領域能做到這麼「超乎想像」的拓展。

Everything is going quite well in the United States. I will say the significant amount of executive attention is focused on how do we replicate all of this and not over a 25-year timeline, but over like a two or three-year timeline throughout the rest of the world.

美國這邊一切進展都相當順利。我想說的是，管理層大量的注意力正聚焦在：我們要如何把這一切複製到世界其他地方，而且不是用 25 年的時間線，而是用大概兩到三年的時間線來完成。

Chris, anything you want to comment on with the road to the same-store sales environment?

Chris，關於同店銷售（SSS）的環境與路徑，你有什麼想補充的嗎？

Yeah, sure. So, yeah, Darren, and thanks for the question. You're right to provide the context that when you think about the Americas region within our payments-based revenue, less network fees, kind of disaggregated categories, that Americas region is largely -- comes into this year largely unaffected by prior year M&A annualization.

有，當然。Darren，謝謝你的問題。你提出的背景很對：當你看我們以支付為基礎的營收（扣除網路費用），並把它拆分成不同類別時，美洲地區在今年基本上大多不受前一年併購（M&A）年化影響。

So you end up with a very clean view on our most mature region, a region where we've been doing business for multiple decades and where all of our products are also mature, live, battle-tested. So you take that region and for us to be able to deliver the mid-teens growth there, you're right to point out that wasn't really supported by much in the way of SSS. We saw like a modest positive on SSS, which is a better trend than what we saw exiting Q4. And certainly, it's better than what was embedded within guide, but it wasn't a meaningfully positive contributor to that growth rate.

因此你會對我們最成熟的區域得到一個非常乾淨的觀察視角：這是我們經營了數十年的區域，我們所有產品也都成熟、上線多年、經過實戰驗證。就這個區域而言，我們能交付中十位數（mid-teens）的成長，你指出得沒錯，這並沒有太多來自同店銷售（SSS）的支撐。我們看到 SSS 小幅轉正，這個趨勢比我們在第四季末看到的更好，當然也比指引（guide）中隱含的更好，但它並不是推動該成長率的顯著正向貢獻。

And it's important that we also think about what is the context beyond the absolute of that growth rate. To us, we think that we're quite proud of the fact that that means the region is probably punching at a greater than 3x relative growth to the baseline market, which is something that I think is probably even more important because then the SSS kind of neutralizes across all of the relative players and peers.

同時也很重要的是，我們要思考這個成長率的絕對值之外的脈絡。對我們來說，我們很自豪的一點是：這代表該區域相對於基準市場的成長，可能達到 3 倍以上。這點我認為甚至更重要，因為當你看相對表現時，SSS 在所有相對的參與者與同業之間大致會被中和掉。

But that's a bit of a comment.

大概就是這樣的補充。

So you guys, and just a quick follow-up -- and that's great to hear, by the way, guys, thanks. Just on the coming up World Cup, do you feel good about getting DCC and all your products ready here for that?

那各位，我再快速追問一下——順帶一提，聽到這些很棒，謝謝。關於即將到來的世界盃，你們對於把 DCC（動態貨幣轉換）以及所有產品準備就緒，有信心嗎？

Yeah, we do. I mean, we've got a big estate, and there's hundreds of software suites you could be connecting to us through, but the World Cup actually helps sort of minimize distraction factor because we want it in stadiums and we want it in the hotels around those stadiums. So we feel great about it.

有的。我們的覆蓋面很大，你可能透過數百套軟體套件連到我們；但世界盃其實有助於降低分心因素，因為我們希望把重點放在球場內，以及那些球場周邊的飯店。所以我們對此感覺非常好。

Andrew Jeffrey, William Blair.

Andrew Jeffrey，William Blair。

Taylor, I wonder if we could just zoom out and think about sort of how Shift4 slots into the broader global payment processing landscape. You're a $200 billion-plus run rate processor in a $20 trillion-plus market. Where do you think Shift4's one or two kind of really meaningful competitive advantages are as you think about becoming maybe the next trillion-dollar processors?

Taylor，我想把視角拉遠一點，談談 Shift4 在更廣泛的全球支付處理版圖中的定位。你們目前是年化處理量超過 2,000 億美元的處理商，而整體市場規模超過 20 兆美元。當你們思考成為下一個「兆美元級」處理商時，你認為 Shift4 一到兩個真正關鍵的競爭優勢是什麼？

As we look around it, at a lot of much, much larger companies that are even growing faster than Shift4. And I'm just trying to get a sense of like where is this company five to 10 years from now? How do we get there in a very succinct way, and from whom do you take share to achieve your bigger ambitions?

我們放眼周遭，有很多規模大得多的公司，成長速度甚至比 Shift4 更快。我想更具體地理解：五到十年後這家公司會在哪裡？我們如何用非常精煉的方式到達那裡？以及為了實現更大的企圖，你們會從誰那裡取得市占？

It's a great question. I'm glad you asked it because I think a lot of our sort of strategic moves in isolation can seem strange because I don't think people have a decent enough appreciation for what our core skill sets are. We made a decision as far back as 20 years ago that we were going to double down on the in-person economy.

這是個很好的問題。我很高興你問到，因為我認為我們一些策略動作如果單獨看，可能會顯得奇怪；原因是我不覺得大家對我們的核心技能組有足夠的理解。早在 20 年前，我們就做了一個決定：要加倍押注線下（in-person）經濟。

That was actually, at the time, a very defensive play as the likes of Amazon's were coming up and Apple and Google were suddenly getting into the payment flow. So there was a deliberate decision made that we're going to focus on in-person experiences, restaurants was the first vertical, and we learned a tonne about what it means to get hardware, software, and payments working together in the most demanding environments, which is like there is a customer at your bar waiting to pay. And you need to deliver all of those things together.

在當時，這其實是一個非常防禦性的打法，因為像 Amazon 這樣的公司正在崛起，而 Apple 和 Google 也突然開始介入支付流程。因此我們刻意做出決策：我們要聚焦線下體驗；餐廳是第一個垂直領域。我們在那裡學到很多：在最嚴苛的環境中，如何讓硬體、軟體與支付協同運作——例如有客人在你的吧台等著結帳，你必須把所有東西一起交付到位。

At the time, these technologies didn't work nearly as seamlessly as they do today. We've expanded that into basically any place you would physically pay for something where those advantages are quite material. So I think some of the larger players that are growing really nicely that you've mentioned are almost exclusively riding a wave of e-commerce.

在那個時候，這些技術遠沒有今天這麼無縫。我們把這套能力擴展到基本上任何你會「實體」付款的場景，而在那些場景中，這些優勢都非常關鍵。所以我認為你提到的一些成長很漂亮的大型玩家，幾乎完全是在乘著電商的浪潮。

And that's not to belittle what they do. I think they do an excellent job at powering this transition from purchasing something in a store to purchasing something online. But we continue to find a lot of opportunity where humans will physically want to pay for something as the natural entry point for us.

這並不是要貶低他們的工作；我認為他們在推動從門市購買轉向線上購買的轉型上做得非常出色。但我們仍然在「人們會想要親自、實體地付款」的場景中，找到大量機會，並把那個場景作為我們自然的切入點。

Now, it doesn't end there. You think about some of our largest relationships, we're facilitating massive amounts of e-commerce transactions, but they ultimately want to tie that back to a physical experience. So we see an edge there. We see our most innovative customers, groups like Alterra, creating this really seamless experience behind buying a ski pass online and then using that throughout a bunch of physical experiences. We integrate to those experiences quite nicely and we help drive that.

當然，這不會止步於此。你看看我們一些最大的合作關係，我們也在促成大量電商交易，但他們最終希望把這些交易與實體體驗串回來。所以我們在這裡看到優勢。我們看到最具創新性的客戶，例如 Alterra 這樣的集團，打造出非常無縫的體驗：先在線上購買滑雪通行證，接著在一系列實體體驗中使用。我們能很好地整合進那些體驗，並協助推動它。

Now, what's nice about that is these verticals are not nearly as advanced throughout the rest of the world as they are here. So our playbook is going to sound kind of uninteresting with regard to taking everything that's made us successful, empowering the experience economy in the US and bringing it to the rest of the world. But that's awesome. We don't have to learn a ton of new things. We have to learn about local payment methods.

而這裡的好處是：在世界其他地方，這些垂直領域的成熟度遠不如美國。因此我們的作戰手冊聽起來可能不太新鮮——也就是把讓我們在美國成功、用來賦能體驗經濟的一切，帶到世界其他地方。但這其實很棒：我們不需要學一大堆全新的事情；我們需要學的是當地的支付方式。

We have to learn about certain tax coding in local geographies, but we know how to make all these technologies work together and they don't work together in the rest of the world. So we think we can continue to ride this wave. We think we are helping our merchants get from physical to digital. But at the end of the day, they want and their consumers want an in-person experience, and we are naturally provided well positioned to provide that. Now where is share coming from?

我們需要了解各地特定的稅務編碼，但我們知道如何讓所有這些技術協同運作；而在世界其他地方，它們往往還沒有被整合起來。所以我們認為可以持續乘著這股浪潮。我們認為我們正在幫助商戶從實體走向數位；但歸根結底，他們想要、他們的消費者也想要的是線下體驗，而我們在提供這種體驗方面，天然就處於非常有利的位置。那麼市占是從哪裡來的？

It's generally coming from a fragmented network. So it could be coming from software providers, it could be coming from legacy banks providing bank terminals. We're actually delivering a solution that takes five or six vendors off the table in exchange for one Shift4. And that's what we're seeing high demand for throughout Europe today. The tax-free shopping experience prior to our acquisition of Global Blue was when it worked its best was a handshake of five different highly competent vendors. Now it's one.

通常是從一個高度碎片化的網路中來的。可能來自軟體供應商，也可能來自提供銀行終端機的傳統銀行。我們實際上交付的是一個解決方案：用一個 Shift4，替代掉原本五到六家供應商。這正是我們今天在歐洲看到需求很高的原因。在我們收購 Global Blue 之前，免稅購物（tax-free shopping）體驗在運作得最好的時候，其實是五家非常有能力的供應商之間的「接力握手」。現在變成一家。

So hopefully, you can sense the enthusiasm. But I think the root of your question is the right one, which is how do you get confidence going into luxury retail? Well, that in-person experience is as demanding as setting up a local restaurant, meaning we need people in that location on-site to help work the merchant through their challenges and deliver the whole commerce experience. And we're uniquely positioned to do it.

所以希望你能感受到我們的熱情。但我認為你問題的根本是對的：也就是，進入奢侈品零售時，如何建立信心？線下體驗的要求，跟開一家在地餐廳一樣嚴苛——意思是我們需要在當地有現場人員，協助商戶解決挑戰，並交付完整的商務（commerce）體驗。而我們具備獨特的條件能做到這點。

Yeah, I'll just add that the question almost takes me down like memory lane because when you think about the market environment in some of the worldwide region, the international markets, it's reminiscent of all of the things -- all of the commerce challenges that we were solving in kind of the early and mid-2010s in the U.S or the Americas market.

是的，我只想補充一點，這個問題幾乎把我帶回記憶長廊，因為當你想到全球某些地區、國際市場的市場環境時，它讓人想起我們在美國或美洲市場於 2010 年代初期到中期所解決的所有事情——所有那些商業上的挑戰。

And bringing that kind of simplification of the many parties that you have to work with to deliver an in-person, software-integrated payment experience, that is literally straight out of the vault, straight out of the playbook of the Americas, literally probably in all of our strategy write-ups and memos and materials from the mid-2010s.

而把你為了交付一個面對面、與軟體整合的支付體驗所必須協作的眾多參與方加以簡化，這完全就是從保險庫裡拿出來的、直接照搬美洲市場的作戰手冊，幾乎可以說就在我們 2010 年代中期所有的策略撰寫、備忘錄與材料裡。

And so the idea of where that share is coming from, Taylor is exactly right, it's going to come from the point solution providers of each of those parts, whether that is a local bank that's providing standalone unintegrated pin pads and devices, whether that's a partner only, whether that's a point solution software vendor, it's the combination of all that we disrupted in the Americas that we're bringing into the worldwide markets. And it's why we're so excited about the growth there. And the growth there is actually, as we said, exceeding our expectations, and that's how we know international is working.

因此，這些市占要從哪裡來，Taylor 說得完全正確——它會來自於各個環節的點狀解決方案供應商：不論是提供獨立、未整合 PIN pad 與設備的在地銀行，不論是僅作為合作夥伴的角色，不論是點狀解決方案的軟體供應商——我們在美洲市場所顛覆的那一整套組合，現在正被我們帶進全球市場。這也是我們對那裡的成長如此興奮的原因。而且那裡的成長實際上如我們所說，正在超出我們的預期，這也正是我們知道國際業務正在奏效的方式。

Dominic Ball, Rothschild & Co.

Dominic Ball，Rothschild & Co.

Great numbers on the quarter, particularly the international growth. Just a question a bit beyond the quarter then, Chris, I know we've discussed this previously. A lot of the -- or the majority of Shift4's growth going forward is international, but US restaurants still remain an important part of the current merchant base.

本季數字很漂亮，尤其是國際成長。那我問一個稍微超出本季的問題，Chris，我知道我們之前討論過。Shift4 未來的成長有很大一部分——或多數——來自國際，但美國餐廳仍然是目前商戶基礎中的重要組成。

Following commentary from DoorDash yesterday, alongside seeing DoorDash POS across San Francisco, Phoenix, New York, a formal launch of DoorDash POS is becoming more imminent and more of a when rather than if. So when delivery platforms evolve from of a partner -- from a partner to a peer, how do you think about the competitive responses available to Shift4? Thank you.

結合 DoorDash 昨天的評論，以及我在舊金山、鳳凰城、紐約看到 DoorDash POS 的情況，DoorDash POS 的正式發布似乎越來越近，變成「何時」而非「是否」。因此，當外送平台從合作夥伴演變為同業（peer）時，你如何看待 Shift4 可採取的競爭回應？謝謝。

I'm going to let Chris hit it, but I actually want to emphasize that I don't think that's well appreciated, what this online delivery trend has looked like throughout the US, especially over the last kind of six years, like COVID did accelerate a lot of it for restaurants where like a meaningful portion of sales have gone to network-affected players.

我會讓 Chris 回答，但我其實想強調一點：我不認為大家充分理解這個線上外送趨勢在美國的樣貌，尤其是過去大約六年——像 COVID 的確加速了餐廳端的很多變化，使得相當一部分銷售轉移到受網路效應影響的玩家那裡。

We do enable that through most of our software providers. So Chris can talk about kind of how we think about competition in the space, but I think our restaurant growth is quite strong, and I don't think people realize these numbers also have a headwind of a lot of business going out of the physical location and going on to platforms like that. So it should speak even higher for our ability to get into restaurants and deliver them solutions.

我們確實透過大多數軟體供應商來支援這件事。所以 Chris 可以談談我們如何看待這個領域的競爭，但我認為我們的餐廳成長相當強勁，而且我不覺得大家意識到，這些數字其實也受到一個逆風影響：大量生意從實體門店流出，轉到那類平台上。因此，這反而更能凸顯我們進入餐廳並為其交付解決方案的能力。

But Chris, do you want to address the DoorDash questions?

不過 Chris，你想回應一下 DoorDash 的問題嗎？

Yeah. Sure. It's an astute observation, and it really speaks to the dynamism of restaurant technology as a sector, as an environment. It's not too far into the past that you have to look to find some pretty innovative ideas from players within the ecosystem of restaurant, such as right down to the food service providers that essentially are kind of a short handful of players that are providing and supplying the food to pretty much all of America's restaurants.

好的，當然。這個觀察很敏銳，也確實反映了餐廳科技作為一個產業、作為一個環境的動態性。其實不用回顧太久，你就能在餐廳生態系裡找到一些相當創新的想法——甚至包括餐飲供應商本身，基本上就是少數幾家玩家，為幾乎全美所有餐廳提供與供應食材。

At points in time in history, even they have had POS strategies because it's highly logical to get as close to the merchant environment and seeing the data of the flow through and trajectory as possible. We value that data; many others within restaurant value that data. And I think that's why our strategies have, various points in time, involve partnering with a lot of these players within deep integrations, and DoorDash is no different.

在歷史上的某些時點，連他們都曾有過 POS 策略，因為盡可能貼近商戶環境、盡可能看到交易流量的流向與趨勢數據，是非常合乎邏輯的。我們重視這些數據；餐廳領域的許多其他參與者也重視這些數據。我想這也是為什麼我們在不同時期的策略，會包含與這些玩家進行深度整合的合作，而 DoorDash 也不例外。

These integrations are actually quite valuable to us; valuable to them. And I think our strategy has never been as myopic to sort of look at all of these players and say, okay, this is a pie, a winner-take-all, or this is like way that we can actually work together, grow that pie and actually have an opportunity to see whether there are greater ways to value that data, greater ways to work together.

這些整合對我們很有價值，對他們也很有價值。而且我認為我們的策略從來不是那麼短視，只是看著這些玩家說：好，這是一塊餅、贏者全拿；相反地，我們會思考是否有方式能一起合作、把餅做大，並且有機會看看是否存在更好的方式來提升這些數據的價值、以及更好的合作方式。

So I do think that these kinds of, we'll say, competitive shifts and dynamics, they're not new within the restaurant space. It's partially why within the various categories of the experience economies we serve, we actually like a lot of our other categories as well because the competitive dynamics are quite different.

所以我確實認為，這類我們稱之為競爭轉變與動態的事情，在餐廳領域並不新鮮。這也部分解釋了為什麼在我們所服務的「體驗經濟」各個類別中，我們其實也很喜歡其他不少類別，因為那裡的競爭動態相當不同。

But within our most competitive area, the vertical that is restaurants, this dynamism isn't new. But at the same time, I think our model affords a very partner-centric approach where we're able to actually take advantage of some of these innovations and -- through a partner lens.

但在我們競爭最激烈的領域——也就是餐廳這個垂直——這種動態並不新。然而同時，我認為我們的模式提供了一種非常以合作夥伴為中心的方法，讓我們能夠透過合作夥伴的視角，實際上去利用其中一些創新。

Yeah, I'm going to just reattack it because I think it's such a fun question because you mentioned one company. You could have just as easily said AI. What can AI do to single vertical software? This is where the scars and triumphs of a 28-year-old business in the payments industry really inform our thinking.

是的，我想再重新切入一次，因為我覺得這問題很有趣：你提到的是一家公司；你也完全可以說 AI——AI 能對單一垂直軟體做什麼？這正是我們在支付產業經營 28 年所累積的傷痕與勝利，真正形塑我們思考方式的地方。

We have run vertical software for over 20 years, and as a single vertical software provider in restaurants, you should always be paranoid about who's going to come up around you. We can define the barriers to entry as slightly harder or slightly easier, but there have been microses, there have been toasts, there have been touch bistros, there have been rebels.

我們經營垂直軟體已超過 20 年，而作為餐廳領域的單一垂直軟體供應商，你永遠都應該對「誰會從你身邊冒出來」保持警惕。我們可以把進入門檻定義得稍微更難或稍微更容易，但市場上出現過 Micros、出現過 Toast、出現過 TouchBistro、出現過 Rebel。

There have been many companies that we've since bought because I think our paranoia about the value you deliver as a single service software provider and the cost you pay to acquire customers is incredibly important to pay attention to. So we respect the heck out of most of our competitors. But again, are we worried about somebody eating our lunch in a vertical that we've specialized in in 20 years and grown despite some of the trends that you mentioned? Not particularly today.

也有很多公司後來被我們收購，因為我認為，作為單一服務軟體供應商，你所交付的價值，以及你為獲取客戶所付出的成本，這兩件事極其重要，必須密切關注。所以我們非常尊重我們的大多數競爭對手。但再說一次：我們會擔心有人在我們專精了 20 年、並且即便面對你提到的一些趨勢仍持續成長的垂直領域裡搶走我們的生意嗎？至少今天不太會。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Just two modeling questions for me. For rest of the world payments-based revenue growth, what was the growth on an FX-neutral basis?

我有兩個模型相關問題。第一，世界其他地區（rest of the world）以支付為基礎的營收成長，若以固定匯率（FX-neutral）計算，成長是多少？

And just secondly, knowing that the subscription line is volatile and moves based on what legacy revenue streams are shut off, et cetera, how should we think about the quarterly cadence underpinning the mid-single-digit growth guide for the year?

第二，考量到訂閱（subscription）這條線波動較大，且會隨著某些既有（legacy）營收來源被關閉等因素而變動，我們應該如何看待支撐全年中個位數中段（mid-single-digit）成長指引的季度節奏？

Yeah. Sure. So on the first one, so the FX-neutral impact, it would have been, basically, relative to the 51% of growth that you would have seen in that payments-based kind of worldwide region, it would have had an almost 10-point impact within the quarter.

好的，當然。先回答第一個：固定匯率的影響，基本上相對於你在那個以支付為基礎的全球區域所看到的 51% 成長，本季匯率大約帶來將近 10 個百分點的影響。

Now, that is, I think, isolated as a year-over-year factor in this quarter that I think will dissipate in forward-looking quarters, future quarters, because if you remember, if you kind of look back to the euro/USD cross, the most -- the widest it was or the widest it is in this quarter relative to the looking at the forward curve would have been isolated into Q1.

不過我認為，這主要是本季一個同比因素，往後季度、未來季度會逐步消退。因為如果你回頭看歐元/美元的交叉匯率，本季相對於遠期曲線所呈現的——最極端、或說差距最大——的情況，主要集中在第一季。

But that said, I think from the perspective of the commentary, the worldwide region, from a payments-based revenue, less network fee standpoint, it still exceeded kind of our expectations and not isolating that variable. And then can you reiterate the second and third part of the question?

但即便如此，從評論的角度來看，全球區域在以支付為基礎的營收（扣除網路費用）方面，仍然超出我們的預期，而且不是只因為那個變數。你能再重述一下問題的第二與第三部分嗎？

It was on the volatility of subscription and other quarters.

是關於訂閱與其他（subscription and other）的波動性，以及其他季度的情況。

Yeah. In subscription and other volatility, I think we tried to flag that upfront. So we provided, as a reminder, the growth algorithm that we provided in Q4, it flagged that subscription and other would probably be in the low single-digit category in terms of disaggregated revenue category growth, and that it would be volatile quarter-to-quarter. So from that perspective, I think you have to continue to anticipate that things remain in line and that that volatility will express itself through some of the coming quarters.

好的。關於訂閱與其他的波動性，我想我們一開始就試著先提醒。提醒一下，我們在第四季提供的成長算法（growth algorithm）已指出：就拆分後的營收類別成長而言，訂閱與其他大概會落在低個位數（low single-digit）區間，而且季度之間會有波動。因此從這個角度，你必須持續預期整體仍會符合這個方向，而這種波動性也會在接下來的某些季度中表現出來。

The only thing I think worth calling out on international, just to layer into what Chris mentioned, is that our customer base internationally is a lot more homogeneous today in these early days than what you'd see in the United States. So adding multi-billion dollar non-US based enterprise customers is not yet a thing.

關於國際業務，我認為唯一值得特別點出的、也就是在 Chris 提到的基礎上再補充一點的是：在目前這個早期階段，我們的國際客戶基礎比起你在美國看到的要同質得多。因此，新增數十億美元規模、以美國以外為基地的企業級客戶，目前還不是一件正在發生的事。

We believe it can be a thing. We are on this same evolution we went through in the United States, which is kind of SMB, the small- to medium-sized hotels, the larger enterprise opportunities, which are groups of these merchants. So the majority of that volume growth that you're seeing there is coming -- is expressed as like almost a location count growth rather than a volume per merchant shift, if that makes sense.

我們相信未來可以做到。我們正走在與我們在美國經歷過的相同演進路徑上：先是 SMB，也就是中小型飯店，接著是更大型的企業機會，也就是由這些商戶所組成的集團。因此，你在那裡看到的大部分交易量成長，若這樣說得通，更多是以據點數量成長的形式呈現，而不是每個商戶交易量的結構性轉移。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Chris, I was just wondering if you could just unpack the travel stuff a little bit more for me. Just want to make sure I understand the trend line that you saw in the quarter and then going into April and maybe even early May? And what's baked in -- because I know you have that headwind in the second quarter, but like where would be the risks from here on out in terms of travel?

Chris，我想請你再更詳細拆解一下旅遊相關的部分。我只是想確認我理解你在本季看到的趨勢線，以及進入 4 月、甚至 5 月初的情況？另外，指引裡面已經納入了哪些因素——因為我知道你們在第二季有那個逆風，但就旅遊而言，從現在開始往後看，風險可能會出現在哪些地方？

Right. So to reiterate the point, what we're isolating within travel disruption as a result of Middle East conflict is trying to isolate down into the corridors within the tax-free shopping category of the business. And when we looked at those corridors, obviously, March would have been directly impacted, passenger seat capacity effectively minimized to almost nil. And what we attempted to do was look at the forward capacity and the change in those flights across those corridors.

好的。為了重申這個重點：我們在「因中東衝突造成的旅遊中斷」中所要隔離出來的影響，是試圖把範圍縮小到我們業務中「退稅購物」類別裡的特定航線走廊（corridors）。當我們檢視那些走廊時，很明顯 3 月會受到直接衝擊，旅客座位運能幾乎被壓縮到接近零。我們嘗試做的是觀察這些走廊的未來運能，以及這些航班的變動。

So from the perspective of the how we analyzed it -- I don't need to reiterate what I had mentioned to Rayna, but that's what's baked in. And I think it's important to understand that that is not any attempt to kind of forecast conflict.

因此，就我們分析方式而言——我不需要重複我對 Rayna 提到的內容，但那就是已經納入指引的部分。我也認為重要的是要理解：這並不是任何試圖去預測衝突走向的作法。

I think it really is just trying to look at, well, what is the kind of combination of all of these airlines that have really put forward not just an outlook, but also have put forward an outlook that's now underpinned by how they would have deviated passenger seat capacity by having deviated flights.

我認為這真的只是想去看：嗯，這些航空公司所提出的各種因素的組合是什麼——他們不只是提出展望，而且這個展望現在也由他們如何透過調整航班來調整旅客座位運能所支撐。

They've sold tickets now against where those new flights are going to be. And so for the most part, this travel disruption dynamic, as we know it right now, it's fairly baked in and it's not that easy to change because it's driven by passenger seat capacity outlooks.

他們現在已經依照那些新航班將前往的目的地售出票券。因此，就大多數情況而言，以我們目前所理解的這種旅遊中斷動態，已經相當程度被納入考量，而且不太容易改變，因為它是由旅客座位運能的展望所驅動。

And in general, when we've looked at these travel disruptions in the past, regardless of what the origin is, the tax-free shopping business has generally been able to rebound within a four to eight-week period. And that's also something that's reflected into our Q2. But by no means are we trying to forecast kind of an underlying continuation of travel disruption, let alone trying to forecast a duration around conflict.

而且一般來說，回顧過去我們所看到的各種旅遊中斷，不論起因為何，退稅購物業務通常都能在四到八週內反彈。這一點也反映在我們的第二季之中。但我們絕不是在嘗試預測旅遊中斷會在底層持續下去，更不用說去預測衝突會持續多久。

Thanks. I guess, like, I'm just trying to make sure I understand, like, have there been any additional sort of impacts as we think about people canceling their travel plans? And obviously, FIFA is coming up. There's been some mixed numbers around that, too. I'm just curious if that sort of plays into some of the forecasts that you've made and embedded in the guidance?

謝謝。我想我只是想確認我理解：當我們考慮到人們取消旅遊計畫時，是否還有任何額外的影響？而且顯然 FIFA 也快到了，相關數據也有些好壞參半。我只是好奇，這些是否有納入你們所做的某些預測，並且已經嵌入在指引之中？

So again, I'll let Chris comment, but I think it's -- I want to clarify this statement. A lot of the -- all of the commentary Chris made is very specific to Global Blue to tax-free shopping and there's a reason for that. That is not a consumer cohort that is very sensitive to economic activity. They tend to travel and spend a lot, almost regardless of the economic conditions.

所以再一次，我會讓 Chris 回應，但我想——我想澄清這個說法。Chris 所做的很多——其實是所有——評論都非常聚焦在 Global Blue 的退稅購物業務，這是有原因的。那並不是一個對經濟活動非常敏感的消費者族群。他們往往幾乎不受經濟狀況影響，仍然會旅行並大量消費。

Where you have disruptions in that business, you have disruptions because these people cannot travel, or are reluctant to travel for one reason or another. So it's actually much easier to kind of, well, I shouldn't say it's easy, but it's easier than trying to predict how many people are going to choose to attend the World Cup and what are they going to spend on tickets.

當那個業務出現中斷時，中斷的原因是這些人無法旅行，或因某些原因而不願旅行。因此，實際上要去判斷這件事相對更容易——我不該說很容易，但比起試圖預測會有多少人選擇去看世界盃、以及他們會在門票上花多少錢，要容易一些。

It is these people would have otherwise traveled, but they can't. And what we're careful to do is to give line of sight into how long we know they are unlikely to be traveling for, but also not try to predict a war because that's a bit of a fool's errand. So we've got good visibility through Q2. Chris, I don't know if you want to characterize it, but I think that's kind of the extent of our great visibility into the conflict.

也就是說，這些人原本會旅行，但他們做不到。我們謹慎在做的是：提供我們能看見的時間範圍，說明我們知道他們在多長時間內不太可能出行；同時也不去嘗試預測戰爭，因為那有點像是徒勞之舉。所以我們對第二季有不錯的能見度。Chris，我不知道你是否想再描述一下，但我認為這大概就是我們對衝突所能掌握的高度能見度範圍。

Yeah. The only other thing I may add is just a little bit of a color on some of the other interesting things that we saw. And again, these aren't meant to be sort of extrapolation points, but when you do have some of this travel disruption, part of the resilience of the tax-free shopping business is sort of the second derivative effects that maybe are a little less intuitive.

是的。我可能唯一要補充的是，提供一些我們看到的其他有趣現象的背景色彩。同樣地，這些並不是要拿來作為外推的依據，但當你遇到這類旅遊中斷時，退稅購物業務韌性的一部分，來自一些可能不那麼直覺的二階效應。

When -- unless you're deeply studied and understood the dynamics of the business, but you have a disruption as a result of a conflict geopolitically, and what that actually created, at least within this quarter, was actually relative to forward outlooks, like the US dollar strengthened against the euro.

當——除非你對這個業務的動態有深入研究與理解——但當你因地緣政治衝突而出現中斷時，至少在本季，實際上相對於先前的前瞻展望，出現的情況是美元兌歐元走強。

And what that actually ended up -- what we saw as a result of that was our most important corridor within tax-free shopping is actually the US consumer coming to Europe and spending, and that actually outperformed in the corridor. So it created a bit of a counterpoint to the travel disruption and the conflict for the corridor that was GCC to Europe or Southeast Asia to Europe. It was a bit offset by actually strength and outperformance in US to Europe, largely underpinned by purchasing power.

而這最終帶來的——我們因此看到的是：在退稅購物中我們最重要的走廊，其實是美國消費者到歐洲消費，而該走廊的表現反而優於預期。因此，這在某種程度上對旅遊中斷與衝突形成了一個反向因素：原本受影響的走廊像是 GCC 到歐洲或東南亞到歐洲，其影響部分被「美國到歐洲」走廊的強勁與超預期表現所抵銷，而這主要是由購買力所支撐。

And so there are some of these elements in the business that are maybe second derivative effects. I don't know if that's getting at the heart of the question, Sanjay, but they, I think, are worth noting because it helps at least provide a little bit of color as to why the volatility of outcomes on both sides remain higher as a result of what we're seeing in the current environment.

因此，業務中確實存在一些可能屬於二階效應的元素。我不知道這是否切中你的問題核心，Sanjay，但我認為值得一提，因為這至少能提供一些背景色彩，說明為什麼在我們目前所處的環境下，結果在正反兩端的波動性仍然更高。

Thank you. I appreciate that was helpful. Strong underlying trends. Thanks.

謝謝你。我很感謝，這很有幫助。底層趨勢強勁。謝謝。

Thank you. At this time, we've reached our allotted time for questions. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Goodbye.

謝謝。此時，我們已到達提問的預定時間。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以中斷連線。再見。