Shift4 Payments, Inc. (FOUR) 2026 Q2 法說會逐字稿

Hello and welcome, everyone, joining today's Shift4 Q2 2026 earnings call. (Operator Instructions)

各位好，歡迎大家參加今天的 Shift4 2026 年第二季財報電話會議。(接線員指示)

It is now my pleasure to turn the meeting over to Tom McCrohan, Head of Investor Relations. Please go ahead.

現在我很榮幸將會議交給投資人關係主管 Tom McCrohan。請開始。

Thank you, operator, and good morning, everyone, and welcome to Shift4 second-quarter 2026 earnings conference call. With me on the call today are Taylor Lauber, our CEO; and Christopher Cruz, our Chief Financial Officer. This call is being webcast on the Investor Relations section of our website, which can be found at investors.shift4.com. Today's call is also being simulcast on X Spaces, 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.

謝謝接線員，各位早安，歡迎參加 Shift4 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Taylor Lauber，以及財務長 Christopher Cruz。本次電話會議將於我們網站的投資人關係專區進行網路直播，網址為 investors.shift4.com。今天的會議也會在 X Spaces 同步轉播，可透過我們的企業 X 帳號 Shift4 進入。我們的季度股東信、季度財務結果，以及其他與本季業績相關的資料，均已發布於投資人關係網站。

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 you can find on the SEC's website and the Investor Relations section of our corporate website. For any non-GAAP financial information discussed on this call today, the related GAAP measures and reconciliations are available in today's quarterly shareholder letter.

今天的電話會議與財報資料包含前瞻性陳述。這些陳述不保證未來表現，且由於特定風險、不確定性及多項重要因素，我們的實際結果可能會有重大差異。關於上述因素的更多資訊，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）網站及我們公司網站的投資人關係專區查閱。就本次電話會議中討論的任何非 GAAP 財務資訊而言，相關 GAAP 指標與調節表已載於今日的季度股東信。

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

接下來，我把電話交給 Taylor。Taylor。

Thanks, Tom. Good morning, everyone, and thank you for joining us today. I'd like to acknowledge the entire Shift4 team for delivering strong quarterly results, including powering payments flawlessly at many of the World Cup matches. This tournament was a great unifying event and an unparalleled showcase for Shift4's ability to help merchants deliver the moments that matter on one of the sports world's greatest stages

謝謝你，Tom。各位早安，感謝大家今天加入我們。我想肯定整個 Shift4 團隊在本季交出強勁成果，包括在多場世界盃比賽中無縫支援支付作業。這項賽事是一個極具凝聚力的盛會，也以前所未有的方式展現 Shift4 協助商戶在體育界最盛大的舞台之一，交付關鍵時刻體驗的能力。

Shift4 technology can be found at every match in both the US and Canada, and of course, across the broader experience economy of restaurants and hotels. It was especially rewarding to have the finals in our backyard and hosted by a great Shift4 customer, MetLife Stadium. Kudos to our team for demonstrating once again our ability to operate in demanding high stakes environments such as the World Cup final.

Shift4 的技術在美國與加拿大的每一場比賽都能看到，當然也遍及更廣泛的體驗經濟領域，包括餐廳與飯店。尤其令人欣喜的是，決賽就在我們的「後院」舉行，且由 Shift4 的優秀客戶大都會人壽體育場（MetLife Stadium）主辦。也要向我們團隊致意，再次證明我們能在如世界盃決賽這類高壓、高風險的環境中穩健運作。

Believe it or not, this was not even our busiest quarter for Sports and Entertainment despite the well-attended matches across so many of our customer locations. While there were clear signs of increased spending across restaurants, hotels and other locations in host cities, our stadium customers are quite accustomed to hosting large crowds, whether it be NFL, MLB, concerts or even events like Formula 1. We are with them for all these events, and I think the World Cup was another healthy demonstration of that.

信不信由你，儘管許多客戶據點的比賽都吸引大量觀眾，本季其實並不是我們在體育與娛樂領域最忙的一季。雖然主辦城市的餐廳、飯店及其他場所的消費增加跡象明顯，但我們的體育場客戶早已習慣接待大批人潮，無論是 NFL、MLB、演唱會，甚至是一級方程式（Formula 1）等活動。我們在所有這些活動中都與他們並肩合作，我認為世界盃再次充分證明了這一點。

I'm proud of our results this quarter. They demonstrated resiliency despite ongoing travel disruptions and validated our deliberate diversification across the experience economy. With that said, three themes will guide how we talk through our second quarter results. First, the durability of our diversified business continued to show through, delivering resilient growth even as the operating environment stayed challenging. Second, our international expansion continues to scale and compound, and I'll share why we're increasingly confident in its trajectory shortly.

我為本季的成果感到自豪。在旅遊中斷仍持續的情況下，我們展現了韌性，也驗證了我們在體驗經濟領域進行審慎多元化布局的策略。接下來，我們將以三個主題來說明第二季的表現。第一，我們多元化業務的耐久性持續展現，即使營運環境仍具挑戰，仍能帶來具韌性的成長。第二，我們的國際擴張持續放大規模並產生複利效應，我稍後會分享為何我們對其發展軌跡愈來愈有信心。

And third, I want to spend some time on what I call the heart of our story. Our position across the experience economy isn't by accident. Many have asked about our competitive positioning in one vertical or another, but miss the big picture. We are exceptionally well positioned to handle in-person payment experiences from SMB to the largest enterprises.

第三，我想花一些時間談談我所稱的「我們故事的核心」。我們在體驗經濟中的布局並非偶然。許多人詢問我們在某個垂直領域的競爭定位，但卻忽略了更大的全貌。我們在處理從中小企業（SMB）到最大型企業的線下（面對面）支付體驗方面，具備極強的競爭優勢。

What we've learned from decades in restaurants is brought to hotels and then to sports and entertainment and most recently, luxury retail. We choose these growth paths, not because they're different, but to the contrary, they all demand a high-touch in-person experience that we are uniquely positioned to provide. And of course, we challenge ourselves to build new capabilities in areas like unified commerce, but with a capital discipline that demands results before risk. Diving into Q2 results, we delivered Q2 results above our previously provided guidance, including plus 34% year-over-year growth in gross revenue, plus 51% year-over-year growth in gross revenue less network fees, plus 39% growth in adjusted EBITDA and $21 million of adjusted free cash flow versus our $10 million guide.

我們在餐飲業累積數十年的經驗，延伸到飯店，再到體育與娛樂，最近也拓展至奢侈品零售。我們選擇這些成長路徑，不是因為它們彼此不同；相反地，它們都要求高接觸、線下的體驗，而這正是我們具備獨特優勢能提供的。當然，我們也挑戰自己在統一商務（unified commerce）等領域打造新能力，但同時秉持資本紀律：在承擔風險之前，先要求看到成果。回到第二季業績，我們交出的第二季結果高於先前提供的指引，包括：總營收年增 34%、扣除網路費用後的總營收年增 51%、調整後 EBITDA 年增 39%，以及調整後自由現金流 2,100 萬美元，高於我們 1,000 萬美元的指引。

Adjusted for acquisitions, our organic gross revenue less network fees grew 11%, which is consistent with last quarter. We believe there is further room for expansion as we continue delivering our market-leading products to new geographies around the world. The performance we delivered this quarter in our payments-based revenue streams is a testimony to our durable growth. Total payments-based revenue less network fees grew 27% in Q2, with the Americas-based revenue less network fees growing 19% and worldwide payments base revenue less network fees growing at 53%. I'll repeat that our most mature Americas market grew in the high teens, and our growth markets grew over 50%.

若調整併購因素，我們的有機扣除網路費用後總營收成長 11%，與上季一致。我們相信，隨著持續將市場領先的產品帶到全球更多新地區，仍有進一步擴張空間。本季在以支付為基礎的營收來源所展現的表現，證明了我們成長的耐久性。第二季整體以支付為基礎、扣除網路費用後的營收成長 27%；其中，美洲地區扣除網路費用後的營收成長 19%，全球成長型市場的以支付為基礎、扣除網路費用後的營收成長 53%。我再重申一次：我們最成熟的美洲市場成長達高十位數，而成長市場則成長超過 50%。

As can be the case, this quarter was not without some challenges. The Middle East conflict remained a headwind and weighed on inbound travel to Europe and across several Gulf Coast countries.

如同常見情況，本季也並非毫無挑戰。中東衝突仍是逆風，並對前往歐洲及多個波斯灣沿岸國家的入境旅遊造成壓力。

However, the overall impact on our Q2 results was slightly better than we had forecast. Said differently, we were able to absorb some of the travel disruption impact from strong US to Europe travel, strong performance in Asia and overall better-than-expected trends in same-store sales for both restaurants and lodging. Chris will provide more details when he reviews our guidance, but we do anticipate continued travel disruption in the upcoming quarter, and our guidance now reflects that. Regardless, our Q2 results coming in above our guided KPIs speaks to the resilience of our diversified portfolio and our ability to operate through factors beyond our control.

不過，對我們第二季結果的整體影響略優於先前預估。換句話說，我們透過美國赴歐旅遊強勁、亞洲表現強勁，以及餐飲與住宿同店銷售趨勢整體優於預期，吸收了部分旅遊中斷的影響。Chris 在說明指引時會提供更多細節，但我們確實預期下個季度旅遊中斷仍將持續，而我們目前的指引也已反映此點。無論如何，第二季結果高於我們所指引的 KPI，顯示我們多元化組合的韌性，以及在不可控因素下仍能穩健營運的能力。

I also want to address same-store sales directly since that's been a recurring topic on these calls. As a reminder, we experienced softer trends in recent quarters among restaurants and SMBs in the Americas. This quarter, as Chris will highlight, same-store sales trends in restaurants and lodging were slightly better than our expectations consistent with what we saw in Q1 and a further sign that the trend is encouraging.

我也想直接談談同店銷售，因為這一直是這些電話會議反覆被提及的主題。提醒一下，近幾季我們在美洲的餐廳與中小企業客群出現較疲弱的趨勢。本季如 Chris 將強調的，餐飲與住宿的同店銷售趨勢略優於我們的預期，與第一季所見一致，也進一步顯示趨勢正朝令人鼓舞的方向發展。

That said, our full year outlook continues to assume a neutral impact on same-store sales, and we are not forecasting any material recovery in the back half of the year. We think that, that's the right posture given what we deem to be arguably stable trends in consumer spending despite higher gas prices. The bottom line regarding Q2, we delivered better-than-expected results relative to our guidance in a quarter that provided some modest benefits from the halo effect of the World Cup, offset by ongoing travel disruptions in the Middle East. Chris will provide more details on our full year 2026 guidance in a bit, but the bottom line is that we are tracking to deliver 24% to 27% FX-neutral year-over-year growth in gross revenue less network fees this year.

儘管如此，我們對全年展望仍假設同店銷售影響為中性，且不預期下半年會出現任何實質性復甦。我們認為，鑑於我們判斷消費支出趨勢大致穩定、儘管汽油價格較高，這樣的立場是適當的。就第二季而言，重點是：在一個因世界盃光環效應帶來些許正面助益、但同時受到中東地區持續旅遊中斷抵銷的季度中，我們交出了相對於指引更優於預期的結果。Chris 稍後會提供更多關於 2026 全年指引的細節，但結論是：我們正按計畫在今年達成扣除網路費用後總營收 24% 至 27% 的年增（以固定匯率／FX-neutral 計）。

Moving on to International. We delivered another quarter of over 50% growth in worldwide payments-based revenue less network fees as we continue to scale our business internationally. Some highlights in the quarter included -- we introduced our restaurant POS products, which is Shift4 Dine in Spain and Australia, and we are rapidly attracting restaurants to our platform. We continue to globalize all of our products for international markets and expect to introduce Shift4 Dine in many more international markets in the months and years ahead. Shift4 One continues to resonate with retailers in Europe, and we are now live in 12 countries, well on track to surpassing our annual goal of being live in 15 countries by the end of 2026.

接著談國際業務。隨著我們持續在國際市場擴張規模，本季全球以支付為基礎的營收（扣除網路費用後）再度實現超過 50% 的成長。本季亮點包括——我們在西班牙與澳洲推出餐廳 POS 產品（Shift4 Dine），並正快速吸引餐廳加入我們的平台。我們持續將所有產品全球化以因應國際市場，並預期在未來數月與數年內，於更多國際市場推出 Shift4 Dine。Shift4 One 持續獲得歐洲零售商青睞，目前已在 12 個國家上線，並正穩步朝著在 2026 年底前達成 15 個國家上線的年度目標邁進。

As a reminder, our Shift4 One product combines payments, dynamic currency conversion and tax-free shopping into a single device. This quarter, we added numerous retail cosmetic and jewelry merchants across Spain, Italy and the Czech Republic. You can find them in our materials we provided this morning. Merchants understand the value immediately, and I expect that we'll be adding thousands of merchants per month in the near future. In Hotels, we continue to win excellent resorts and hospitality customers.

提醒一下，我們的 Shift4 One 產品將支付、動態貨幣轉換與退稅購物整合於單一裝置中。本季，我們在西班牙、義大利與捷克新增了多家零售美妝與珠寶商戶。您可在我們今天上午提供的資料中找到相關資訊。商戶能立即理解其價值，我預期在不久的將來，我們每月將新增數千家商戶。在飯店領域，我們持續贏得優質度假村與旅宿客戶。

This quarter, we added Massanutten Resort, The Nora Hotel West Palm Beach, Wayford Bridge Inn Hotel, Radisson Hotel Winnipeg, just to name a few. Again, there's more in our materials. And our sports and entertainment capabilities remain unmatched. This quarter, we signed the Buffalo Bills and Texas A&M, along with new venues, including Tom Benson Hall of Fame Stadium and Splashway Waterpark. You'll continue to see us processing ticket sales for LA 2028 as well.

本季，我們新增了 Massanutten Resort、The Nora Hotel West Palm Beach、Wayford Bridge Inn Hotel、Radisson Hotel Winnipeg 等客戶，僅舉幾例。同樣地，更多內容請見我們提供的資料。而我們在運動與娛樂方面的能力仍無可匹敵。本季，我們簽下了 Buffalo Bills 與 Texas A&M，並新增多個場館，包括 Tom Benson Hall of Fame Stadium 與 Splashway Waterpark。您也將持續看到我們處理 2028 年洛杉磯奧運（LA 2028）的門票銷售。

Finally, in Luxury Retail, we signed several brands to our tax-free shopping solution, including Ralph Lauren, Burberry, Patagonia and Givenchy in Japan. In an increasingly digital world, consumers are demanding more meaningful in-person experiences. As I mentioned earlier, we are uniquely positioned to address all aspects of this experience economy. We are beginning to see a meaningful amount of capital being invested in this concept of sporting events driving commerce in the surrounding neighborhood with some interesting new concepts beginning to break ground, such as Miami Freedom Park and its surrounding retail and restaurant shops. We expect the same halo effect we benefited from this quarter at the World Cup to repeat itself with several other upcoming sporting events such as the 2028 LA Olympics.

最後，在精品零售方面，我們為退稅購物解決方案簽下多個品牌，包括在日本的 Ralph Lauren、Burberry、Patagonia 與 Givenchy。在日益數位化的世界中，消費者對更有意義的線下體驗需求日增。如我先前提到的，我們具備獨特優勢，能夠涵蓋這個體驗經濟的各個面向。我們開始看到相當可觀的資本投入到「以體育賽事帶動周邊商圈消費」的概念上，一些有趣的新計畫也正開始動工，例如 Miami Freedom Park 及其周邊的零售與餐飲店鋪。我們預期，像本季世界盃帶給我們的同樣光環效應，將在其他即將到來的體育盛事（例如 2028 年洛杉磯奧運）再次上演。

The second way we benefit from our position in the experience economy is the daisy chain of relationships that leads to net new business. For example, our existing relationship with major casino resorts contributed to us winning many restaurants across the country. The ownership groups of these hotels often own restaurants and other entertainment venues and as such, want to deliver the same experience to their guests. We are increasingly aligning ourselves with the operators who share our vision of connecting consumers with experiences and having a shared vision goes a long way towards creating differentiated products and capabilities supporting the growth and vision of our customers.

我們在體驗經濟中受益的第二種方式，是由一連串關係所形成、進而帶來全新業務的「串聯效應」。例如，我們與大型賭場度假村既有的合作關係，促成我們在全國贏得許多餐廳客戶。這些飯店的業主集團往往也擁有餐廳與其他娛樂場域，因此希望為其賓客提供一致的體驗。我們正日益與那些與我們同樣致力於連結消費者與體驗的營運商對齊；共享願景對於打造差異化產品與能力、以支持客戶的成長與願景，具有深遠助益。

Our competitive differentiation across hospitality and sports and entertainment is unique, and it continues to widen the gap between us and peers who either narrowly focused on a single vertical or only offer a point solution. We are the connective tissue behind the entire consumer experience, the same fan like grab dinner, catch a game, buy a jersey, check into a hotel in one night, and we're the point of sale they're interacting. In the US, we still have meaningful market share to capture and incremental services to offer, and our DCC offering is live and has been well received by our first few customers. Before closing, I want to talk a little bit about the technical investments we've made recently.

我們在旅宿以及運動與娛樂領域的競爭差異化是獨一無二的，且持續拉大與同業之間的差距；同業要嘛僅聚焦單一垂直領域，要嘛只提供單點式解決方案。我們是整體消費者體驗背後的「連結組織」：同一位球迷可能在同一晚先吃晚餐、看比賽、買球衣、再入住飯店，而我們就是他們互動的銷售點系統。在美國，我們仍有可觀的市占可供取得，也有更多增量服務可提供；我們的 DCC（動態貨幣轉換）方案已上線，且已獲得首批客戶良好回饋。在結束之前，我想簡單談談我們近期所做的技術投資。

Our story as a public company has often been about the proof points. The customers won, the verticals conquered, the geographies opened, but none of this would have happened without meaningful investment and innovation. To that end, this was a record quarter for technology investment and product development. We released the next-generation payment terminal application and internal management software, which includes dynamic currency conversion, as well as multi-location enhancements and a totally new quick service feature set within Shift4 Dine. I mentioned Shift4 One being live in 12 countries, which, as you can imagine, requires meaningful language and local feature customization.

我們作為上市公司的故事，往往圍繞著各項「驗證點」。贏得的客戶、攻下的垂直領域、開拓的地理市場——但若沒有大量投資與創新，這一切都不可能發生。因此，本季是技術投資與產品開發的創紀錄季度。我們發布了新一代支付終端應用程式與內部管理軟體，其中包含動態貨幣轉換，以及多據點功能強化，並在 Shift4 Dine 中推出一套全新的速食服務（QSR）功能組合。我提到 Shift4 One 已在 12 個國家上線，您可以想像，這需要大量的語言與在地功能客製化。

And we have integrated AI-powered propensity models across our TFS platform, which will continue to enhance the customer journey and allow for more refunds processed.

此外，我們已在 TFS 平台整合 AI 驅動的傾向性模型，將持續優化客戶旅程，並使可處理的退稅/退款筆數進一步提升。

Despite this, the disciplined approach we have towards managing expenses hasn't changed. We continue to maintain a relentless focus on driving incremental operational improvements and preserving our advantages in regards to minimizing customer acquisition costs relative to others in our industry. I'm of the view that there is always room for improvement. And while we already deliver margins that are commendable relative to peers, I do see a path to 50% margins as we scale our international operations and continue to better leverage the resources that we have across the global organization. Let me close on a theme I keep coming back to with this group because the data keeps backing it up.

儘管如此，我們在費用管理上的紀律性作法並未改變。我們仍持續以高度專注推動額外的營運改善，並維持我們相較於同業在降低客戶取得成本方面的優勢。我認為永遠都有改善空間。雖然我們目前的利潤率相較同業已相當亮眼，但隨著我們擴大國際營運規模，並更有效運用全球組織的資源，我確實看得到利潤率提升至 50% 的路徑。最後我想以一個我在這個場合反覆提到的主題作結，因為數據持續證明它。

We can grow meaningfully without adding a single new customer, and we can drive real margin and free cash flow expansion just by continuing to do what we do well, integrating our business and deleting the parts we no longer need.

即使不新增任何新客戶，我們仍能實現顯著成長；而只要持續把我們擅長的事情做好、整合業務並刪除不再需要的部分，我們就能推動實質的利潤率與自由現金流擴張。

This quarter was another proof point: volume of $61 billion, up 22% year over year, gross revenue less network fees of $624 million, which was up 51%, 11% of that was organic. Adjusted EBITDA of $284 million, which is up 39% and at a 46% margin. And our updated full year '26 guidance calls for plus 25% to plus 28% gross revenue less network fee growth or plus 24% to 27% growth on an FX-neutral basis. The macro environment remains dynamic, and I'm not going to pretend otherwise. But the diversification of our business, durability of our growth and caliber of the team we've built continue to give me genuine confidence on the road ahead.

本季再次提供了驗證點：交易量 610 億美元，年增 22%；扣除網路費用後的總營收為 6.24 億美元，年增 51%，其中 11% 來自有機成長。調整後 EBITDA 為 2.84 億美元，年增 39%，利潤率為 46%。我們更新後的 2026 全年指引，預期扣除網路費用後的總營收成長率為 +25% 至 +28%，或以不受匯率影響（FX-neutral）基礎計算為 +24% 至 +27%。總體環境仍然多變，我不會假裝不是如此。但我們業務的多元化、成長的韌性，以及我們打造的團隊水準，持續讓我對前方道路抱持真正的信心。

Our long-term numbers are the clearest evidence of why this model works. To remind you, gross revenue less network fees have compounded over 35% annually and adjusted EBITDA of over 40% annually since 2019, all achieved with cumulative equity dilution of roughly 15% during that time frame. Said much more simply, we've 8x the business with only 15% dilution in 7 years. I'd encourage everyone to dig into the prepared materials for the additional detail.

我們的長期數據是這個模式有效的最清楚證據。提醒各位，自 2019 年以來，扣除網路費用後的總營收年複合成長率超過 35%，調整後 EBITDA 年複合成長率超過 40%；而在此期間累計股權稀釋約為 15%。更簡單地說，我們在 7 年內將業務規模擴大了 8 倍，但稀釋僅 15%。我鼓勵大家深入閱讀事先準備的資料，以取得更多細節。

And with that, let me turn it over to Chris.

接下來，我把時間交給 Chris。

Thanks, Taylor. Q2 2026 delivered record Q2 financial results that exceeded all our guided metrics while our growth algorithm remains intact or ahead. All of this performance is underpinned by the continued execution of our durable model, rapid integration and disciplined capital allocation while continuing our strategic priority of diversifying both geographically and serving more of the experience economy. This diversification has afforded us the resilience to offset some of the travel disruption we continue to experience due to conflict in the Middle East. Gross revenue of $1.29 billion came in well above our $1.17 billion guidance and was up 34% year-over-year.

謝謝，Taylor。2026 年第二季繳出創紀錄的第二季財務表現，所有結果均超越我們所提供的指引指標，同時我們的成長演算法仍維持不變或優於預期。這些表現皆建立在我們持續執行具韌性的商業模式、快速整合，以及有紀律的資本配置之上，同時也持續推進我們在地理與體驗經濟服務範圍上的多元化策略優先事項。這種多元化讓我們具備韌性，得以抵銷部分因中東衝突而持續出現的旅遊中斷影響。總營收為 12.9 億美元，明顯高於我們 11.7 億美元的指引，並較去年同期成長 34%。

Gross revenue less network fees, or GRLNF, of $624 million grew 51% year-over-year or 11% organically, excluding contribution from acquisitions.

扣除網路費用後的總營收（GRLNF）為 6.24 億美元，年增 51%；若排除併購貢獻，則有機成長為 11%。

Adjusted EBITDA of $284 million grew 39% year over year, delivering a 46% margin and adjusted free cash flow of $21 million exceeded guidance as well. Now let's unpack this further. Volumes grew 22% year-over-year to $61 billion, while delivering blended spreads at 65 basis points. The Q2 volume mix was largely in line with our expectations, while same-store sales in the Americas trended slightly better than our expectations. Turning next to the disaggregated categories of revenue that make up the Q2 GRLNF.

調整後 EBITDA 為 2.84 億美元，年增 39%，帶來 46% 的利潤率；調整後自由現金流為 2,100 萬美元，也超出指引。現在讓我們進一步拆解。交易量年增 22% 至 610 億美元，同時實現 65 個基點的綜合利差。第二季的交易量組合大致符合我們的預期，而美洲地區的同店銷售趨勢略優於我們的預期。接下來我們轉向構成第二季 GRLNF 的拆分收入類別。

Beginning with our North Star on growth, payments-based revenue less network fees, that was $402 million, growing 27% year-over-year.

先從我們成長的「北極星」指標開始：以支付為基礎的收入扣除網路費用，為 4.02 億美元，年增 27%。

This category consists of an Americas region that grew 19% year-over-year and worldwide, excluding Americas region, that exceeded our expectations, growing 53% year-over-year. The next category of subscription and other grew 8% year-over-year. And although on a year-to-date basis, we are exceeding the original growth algorithm outlook we expect this category to moderate in the back half, resulting in a low single-digit growth for the year. Finally, the category of tax-free shopping, or TFS, grew 8% on a pro forma year-over-year basis, an improvement from last quarter's 4% growth. TFS results continue to be impacted by travel disruptions in the Middle East, but the overall revenue impact came in modestly better than our prior expectation of a $20 million headwind.

此類別包含美洲地區年增 19%，以及全球（不含美洲地區）表現超出我們預期、年增 53%。下一個類別「訂閱及其他」年增 8%。儘管以年初至今來看，我們超越原先的成長演算法展望，但我們預期此類別在下半年將趨於溫和，使全年呈現低個位數成長。最後，免稅購物（tax-free shopping，TFS）類別在備考（pro forma）年增基礎上成長 8%，較上季 4% 的成長有所改善。TFS 的結果仍持續受到中東旅遊中斷的影響，但整體營收影響略優於我們先前預期的 2,000 萬美元逆風。

Overall, we are encouraged by the resilience of the business that this growth performance expresses. Our growth algorithm remains intact or is ahead across all areas, and we delivered a consecutive quarter of low double-digit organic GRLNF growth. As a reminder, TFS was not part of our organic growth calculation this quarter. But given we just celebrated the 1-year anniversary of the acquisition closing in July last year, TFS will roll into our organic growth calculation beginning next quarter. Adjusted EBITDA margins were 46%.

整體而言，我們對這項成長表現所展現的業務韌性深受鼓舞。我們的成長演算法在各領域仍維持不變或領先，並連續一季交出有機 GRLNF 低雙位數成長。提醒一下，本季 TFS 未納入我們的有機成長計算。但由於我們剛在去年 7 月慶祝收購完成滿 1 週年，TFS 將自下季起納入我們的有機成長計算。調整後 EBITDA 利潤率為 46%。

And while an improvement from the first quarter, it is worth noting that we continue to scale our international operations and are continuously making investments in both product and internal initiatives. The encouraging outperformance we continue to see in the worldwide region validates all of these investments. Non-GAAP EPS came in at $1.32 per share.

雖然較第一季有所改善，但值得注意的是，我們仍在擴大國際營運規模，並持續在產品與內部計畫上進行投資。我們在全球（不含美洲）地區持續看到的令人鼓舞的超預期表現，驗證了這些投資的價值。非 GAAP 每股盈餘（EPS）為每股 1.32 美元。

Adjusted free cash flow in the quarter was $21 million, which exceeded our guidance of $10 million, and on a non-GAAP per share basis, this results in $0.23 of adjusted free cash flow per share or 17% conversion from non-GAAP EPS. And when combined with Q1, this translates on a combined basis to a 52% free cash flow per share conversion for the first half. And now on to quarterly guidance. For the third quarter of 2026, we are introducing guidance as follows: GRLNF of approximately $650 million which embeds an approximate $25 million impact for travel disruption due to the continued Middle East conflict. Adjusted EBITDA of $310 million and $180 million of adjusted free cash flow.

本季調整後自由現金流為 2,100 萬美元，超出我們 1,000 萬美元的指引；以非 GAAP 每股基礎計算，相當於每股 0.23 美元的調整後自由現金流，或非 GAAP EPS 的 17% 轉換率。與第一季合併計算，則使上半年合計的每股自由現金流轉換率達 52%。接著是季度指引。針對 2026 年第三季，我們提出如下指引：GRLNF 約 6.50 億美元，其中包含因中東衝突持續導致旅遊中斷的約 2,500 萬美元影響。調整後 EBITDA 為 3.10 億美元，調整後自由現金流為 1.80 億美元。

As a reminder, we raised an incremental $1 billion of Term Loan B on July 8 to prefund the August 2027 maturity of our convertible notes. As such, adjusted free cash flow revisions are largely the result of the net interest expense impact with the balance resulting from the flow-through of the aforementioned earnings revisions.

提醒一下，我們於 7 月 8 日額外募集 10 億美元的 B 期定期貸款（Term Loan B），以預先籌資因應 2027 年 8 月到期的可轉換公司債。因此，調整後自由現金流的修正主要來自淨利息費用的影響，其餘則來自前述獲利修正的傳導效應。

Additionally, gross revenue for the quarter is expected to be $1.3 billion. We are also introducing Q4 guidance ranges as follows: GRLNF range of $661 million to $711 million, adjusted EBITDA of $327 million to $352 million, and adjusted free cash flow of $176 million to $186 million, reflecting approximately 53% to 54% conversion. Similar to last quarter, we are only forecasting potential travel disruption from the Middle East conflict for the next 60 days. And thus, our fourth quarter guidance does not assume any impact from this.

此外，本季總營收預期為 13 億美元。我們也提出第四季指引區間如下：GRLNF 為 6.61 億至 7.11 億美元，調整後 EBITDA 為 3.27 億至 3.52 億美元，調整後自由現金流為 1.76 億至 1.86 億美元，反映約 53% 至 54% 的轉換率。與上季類似，我們僅預測未來 60 天內中東衝突可能造成的旅遊中斷。因此，我們的第四季指引未假設此項影響。

This all translates into full year guidance ranges as follows: GRLNF of $2.48 billion to $2.53 billion, up 25% to 28% year-over-year, adjusted EBITDA of $1.15 billion to $1.18 billion, up 19% to 22% year-over-year, adjusted free cash flow of $465 million to $475 million, representing approximately 40% conversion of adjusted EBITDA and non-GAAP EPS range of $5.15 to $5.35 per share. Again, both the EPS and the adjusted free cash flow revision are majority of the result of the incremental net interest expense resulting from the increased Term Loan B to prefund the August 2027 convertible notes and the flow-through of earnings revisions. Just some color on guidance.

以上換算為全年指引區間如下：GRLNF 為 24.8 億至 25.3 億美元，年增 25% 至 28%；調整後 EBITDA 為 11.5 億至 11.8 億美元，年增 19% 至 22%；調整後自由現金流為 4.65 億至 4.75 億美元，約為調整後 EBITDA 的 40% 轉換率；非 GAAP EPS 區間為每股 5.15 至 5.35 美元。再次說明，EPS 與調整後自由現金流的修正，多數是因為為預先籌資因應 2027 年 8 月可轉債到期而增加 Term Loan B 所帶來的額外淨利息費用，以及獲利修正的傳導效應。以上是對指引的一些補充說明。

Although we now have an outlook that will favor the low end of our original guidance range, we are proud of the durability and resilience that the business is exhibited by absorbing the travel disruptions associated with the Middle East conflict in the first half of the year. However, given the duration of the conflict, incorporating an estimated $25 million impact to Q3 and updating the outlook for approximately $20 million of FX translation impact seems prudent to acknowledge and comprises the majority of the $40 million midpoint guidance revision.

雖然我們目前的展望將偏向原先指引區間的低端，但我們對公司在上半年吸收中東衝突相關旅遊中斷所展現的耐久性與韌性深感自豪。然而，考量衝突持續時間，將第三季估計 2,500 萬美元的影響納入，並更新約 2,000 萬美元的匯率換算（FX translation）影響展望，是較為審慎的作法；這也構成 4,000 萬美元指引中點下修的主要部分。

On an FX-neutral basis, our GRLNF guidance now reflects 24% to 27% year-over-year growth compared to an FX-neutral growth of 24% to 29% in our prior guidance range. Said differently, the midpoint of our GRLNF growth range has only been reduced by 100 basis points on an FX-neutral basis. And now last, 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. In Q2, we repurchased approximately 650,000 shares at an average price of approximately $38.

以排除匯率影響（FX-neutral）計算，我們目前的 GRLNF 指引反映年增 24% 至 27%，相較於先前指引區間的 FX-neutral 年增 24% 至 29%。換句話說，在 FX-neutral 基礎上，我們的 GRLNF 成長區間中點僅下調 100 個基點。最後談資本配置。每一筆可配置的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）與每股調整後自由現金流。在第二季，我們以約 38 美元的平均價格回購約 65 萬股。

We were intentionally conservative this quarter given current leverage levels and the cash consumptive quarter we were in. Cumulatively, we have deployed $625 million against the $1 billion share repurchase authorization announced 3 quarters ago and this has resulted in an approximate 11% reduction in non-GAAP share count for the authorized period.

鑑於目前的槓桿水準以及我們所處的現金消耗季度，我們本季刻意採取較保守的作法。累計而言，我們已在三季前宣布的 10 億美元庫藏股回購授權中動用 6.25 億美元，並使授權期間的非 GAAP 流通股數約減少 11%。

On debt capital structure, our Q2 2026 pro forma net leverage was 3.7x and we maintain our view that we do not intend to exceed 3.75x pro forma net leverage on a sustained basis. Based on performance trajectory and guidance, the business is expected to delever by year-end to our long-term average net leverage level in the low 3s. As mentioned on July 8, we extended the maturity of our $550 million revolving credit facility, which remains undrawn and raised an additional $1 billion of Term Loan B at the same terms as our existing Term Loan B with proceeds principally to address the August 2027 convertible note maturity. The net result is that we have successfully termed out our capital structure to 2031.

就債務資本結構而言，我們 2026 年第二季備考淨槓桿為 3.7 倍；我們仍維持觀點，即不打算在持續性基礎上超過 3.75 倍的備考淨槓桿。依據業績走勢與指引，預期公司將在年底前去槓桿至長期平均的低 3 倍淨槓桿水準。如 7 月 8 日所提，我們延長了 5.5 億美元循環信用額度的到期日（目前仍未動用），並以與既有 Term Loan B 相同條件額外募集 10 億美元的 Term Loan B，資金主要用於因應 2027 年 8 月到期的可轉債。最終結果是，我們已成功將資本結構的到期年限延展至 2031 年。

Before turning the call back to Taylor, I want to thank our colleagues for their flawless execution at one of the world's grandest events of the World Cup. At every venue, you tirelessly executed to ensure that our customers could deliver the moments that matter in the most demanding environment. With that, let me now turn the call back to Taylor.

在把電話交回給 Taylor 之前，我想感謝同仁們在世界盃這項全球最盛大的賽事之一中，展現了無懈可擊的執行力。在每一個場館，你們不知疲倦地執行，確保我們的客戶能在最嚴苛的環境中交付那些重要時刻。接下來，我把電話交回給 Taylor。

Thanks, Chris. And operator, we're ready for questions.

謝謝你，Chris。接線員，我們準備開始提問。

(Operator Instructions) Dan Dolev, Mizuho.

(接線員指示) Dan Dolev，瑞穗。

Lots of good things here. I hope people pay attention to that as well. Chris, question for you. Has anything changed regarding your capital allocation priorities? So for example, how are you thinking about buybacks, acquisitions and leverage here?

這裡有很多好消息。我也希望大家能注意到這一點。Chris，有個問題想請教你。你們在資本配置優先順序方面有任何改變嗎？例如，你們如何看待回購、併購以及槓桿水準？

Yes. Thanks for the question, Dan. Yes. So I would start with the overarching phrase that our capital allocation framework remains unchanged. I think we have the benefit of having a few different value creation drivers within that framework, and we have to be prudent about how to balance it at all times, given how focused we are on driving return on invested capital, and so when you think about where we are, though, in this past quarter, I think it's fair to acknowledge that we had to approach things with a little more conservatism and that was very deliberate.

是的。謝謝你的問題，Dan。是的。我先從整體來說：我們的資本配置框架維持不變。我認為在這個框架下，我們有幾個不同的價值創造驅動因素；考量到我們非常專注於提升投入資本報酬率（ROIC），因此必須隨時審慎地在各項之間取得平衡。不過，回到我們目前的情況，在過去這一季，我認為可以公允地說，我們必須以更保守的方式來處理一些事情，而且這是非常刻意的。

. So the execution against the share repurchase in the quarter was certainly impacted by the fact that we acknowledge where we are on our pro forma net leverage level at 3.7x, and we acknowledge where we are -- where we were in a second quarter that is a seasonally cash-consumptive quarter. You take those 2 things together and the strategic decision was to be intentionally conservative at the time. Obviously, the cash flow generation seasonality changes in the back half of the year. And then in general, from a liquidity standpoint, we're in a much more improved position in light of the recent financing.

.因此，本季的股票回購執行確實受到影響，原因在於我們注意到按備考口徑（pro forma）計算的淨槓桿倍數為3.7倍，也注意到我們所處的情況——第二季在季節性上屬於現金消耗較高的季度。把這兩點放在一起，我們的策略性決策是在當時刻意採取保守作法。顯然，現金流生成的季節性在下半年會改變。此外，從流動性角度來看，受近期融資影響，我們的狀況已明顯改善。

Maybe one other thing I would say about it, though, is that as we think through the cash flow generation in these coming quarters, and the growth that we anticipate, I think it's fair to reiterate that within that capital allocation framework, it's not just about repurchases, it's also about making sure we continue to invest.

另外我還想補充一點：當我們思考未來幾季的現金流生成以及我們預期的成長時，我認為也可以再次強調，在這個資本配置框架下，不僅僅是回購，也包括確保我們持續投資。

I think something that we like to highlight is the fact that this was a record quarter for us in terms of investment into product technology platform as well. We continue to believe that there are a number of interesting opportunities to strategically enhance or accelerate some of our strategic initiatives by looking at tuck-in M&A as well. So I would say, overall, no change in the way we think about the framework but very much intentional in how we look at it, given some of the seasonality dynamics. I don't know if there's anything else you wanted to add Taylor.

我們想強調的一點是，就對產品技術平台的投資而言，這一季對我們來說是創紀錄的一季。我們仍然相信，透過評估補強型併購（tuck-in M&A），在策略上強化或加速部分策略性計畫，存在不少有趣的機會。因此我會說，整體而言，我們對框架的看法沒有改變，但在考量一些季節性動態時，我們在運用上非常刻意且審慎。Taylor，不知道你是否還想補充什麼。

No. I think you said it well. We've invested meaningfully in technology. We continue to see lots of interesting M&A opportunities. I would sort of categorize them in the tuck-in category.

沒有。我覺得你說得很好。我們在技術方面投入相當多。我們也持續看到許多有趣的併購機會。我會把它們大致歸類為補強型（tuck-in）併購。

But keep in mind, we're in many dozens of countries that we weren't in just a few years ago. And in most cases, with a single product. So the ability to deliver the rest of our product whether that's been buying a local sales team is something that we're incredibly focused on. So nothing's changed with I think Chris' caveat that Q2 warranted a little bit of caution, but Q3 less so.

但請記住，短短幾年前我們還未進入的國家，如今我們已在數十個國家營運。而且在多數情況下，只有單一產品。因此，能夠把我們其餘的產品交付出去——無論是透過收購當地銷售團隊等方式——是我們極度專注的事情。所以整體沒有改變；我同意Chris的但書：第二季需要更謹慎一些，但第三季就不那麼需要。

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

Chris, so you raised a new Term Loan B during the quarter. Can you just talk about the uses of funds and how you're thinking about your balance sheet here?

Chris，你們在本季新增了一筆Term Loan B。你能談談資金用途，以及你們如何看待目前的資產負債表嗎？

Yes, sure. Thanks for the question, Rayna. So we -- on July 8, we successfully executed a combination of extending our revolving -- our revolver maturity into a new 5-year and take that out to 2031 and also raised $1 billion of Term Loan B on essentially fungible terms or the same terms as our existing term loan. The primary use of proceeds there was to prefund the August 2027 convertible note maturity so that we could successfully term out the entirety of the capital structure into the 2031 territory. And actually, 2032, if you think about where there's -- where there actually is funded debt because the revolver is undrawn. And that's the primary purpose of that capital.

好的，當然。謝謝你的問題，Rayna。我們在7月8日成功完成一項組合交易：一方面將我們的循環信貸——也就是revolver——到期日延長為新的5年期，並將到期時間延至2031年；同時也籌得10億美元的Term Loan B，其條款基本上可互換（fungible），或說與我們現有的定期貸款條款相同。該筆資金的主要用途，是為2027年8月到期的可轉換公司債進行預先融資（prefund），以便我們能夠成功把整個資本結構的期限延展到2031年區間。而且實際上，如果你看真正有動用的債務（funded debt），因為revolver尚未動用，期限甚至到2032年。這就是這筆資金的主要目的。

I think the other dynamic within it is to acknowledge that within that, we also have some general corporate proceeds that went to the balance sheet, improves liquidity. And all the while, I think it was fair to say that it was a well-received offering in general. Ratings remained affirmed and unchanged as well the debt markets really do view us as a seasoned issuer and we're very supportive of the transaction given the fact that you could see the terms that came through are probably really amongst the market best for our BB rating -- our BB corporate rating. So overall, really satisfied with the transaction outcome and like where our balance sheet is right now.

我認為另一個面向是要指出：在此之中，我們也有一部分一般公司用途資金進入資產負債表，提升了流動性。同時，我認為可以說整體發行反應良好。信用評等也維持確認且沒有變動；債券市場確實把我們視為成熟的發行人，並且非常支持這筆交易，因為你可以看到最終條款，對於我們的BB評等——我們的BB公司評等——而言，可能屬於市場上相當優異的水準。總體而言，我們對交易結果非常滿意，也很喜歡目前資產負債表的狀態。

That's really helpful. And just one quick follow-up, you announced some pretty big wins in retail. And I think your initial expectations were like signing smaller retailers. So just like are you surprised by the bigger wins? And should we continuing to expect that type of traction with large retailers.

這很有幫助。另外一個簡短追問：你們在零售領域宣布了一些相當大的勝利。而我記得你們最初的預期比較像是簽下較小型的零售商。所以，你們對於拿下更大型的案子感到意外嗎？我們是否應該持續預期你們在大型零售商上也會有這種牽引力？

So there's a lot of receptivity across kind of the larger retail base. This is a group that Global Blue has had a marquee product offering in for quite some time. Increasingly, as the tax-free shopping sort of product adds new geographies, those retailers were the default for those retailers in those geographies. I would say I wouldn't want to challenge the sales motion that we have now, which is a lot of the SMBs that we would reference in the materials, these are same-day decision makers. This is a walk-in, get a meaningful enhancement from a product perspective and adopt the product quite quickly.

在較大型的零售客群中，整體接受度很高。Global Blue在這個族群中，長期以來一直有旗艦型的產品供給。隨著免稅購物這類產品逐步擴展到新的地理區域，這些零售商在那些地區往往就成為零售商的預設選擇。我想我不會去質疑我們現在的銷售推進方式；我們在資料中提到的許多中小企業（SMB），其決策者往往可以當天就做決定。這是一種走進去、從產品角度獲得顯著提升，並且很快就採用產品的模式。

Any of the enterprise retailers we work with require deep and sophisticated customizations and take longer to board, et cetera. I think as has kind of always been the case we Shift4, and it's kind of interesting to use in the context of the World Cup, like you win the MetLife so that it helps substantiate why all the local businesses around the MetLife should be doing business with you, and that continues to be the case in Europe.

我們合作的任何企業級零售商都需要深入且複雜的客製化，導入（onboard）時間也更長，等等。我認為一直以來Shift4都是如此；用世界盃的情境來比喻也很有趣：你先拿下MetLife，這有助於證明為什麼MetLife周邊的所有在地商家都應該跟你做生意，而在歐洲也仍然是同樣的道理。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

So I think a lot of investors appreciate the Shift4 approach, which, as you mentioned earlier, results often in lower customer acquisition costs. One of the hallmarks of that over the years has been the gateway strategy. And of course, there's many other means of doing this in conversion. But specific to gateway, there was originally the Shift4 gateway, there was a merchant link gateway. More recently, that opportunity has been somewhat replenished with Eigen and even more recently, Bambora. I was hoping you could give a little bit of an update on what remains in the -- specific to the gateway conversion opportunity and maybe a little bit more specifically on the two more recent ones in terms of Eigen and Bambora.

我想很多投資人都很欣賞Shift4的做法；如你先前提到的，這通常會帶來較低的客戶取得成本。多年來其中一個標誌性策略就是gateway策略。當然，在轉換（conversion）方面還有許多其他方式。但就gateway而言，最早有Shift4 gateway，也有merchant link gateway。最近，這個機會又因Eigen而在某種程度上得到補充，而更近期則是Bambora。我希望你能更新一下：就gateway轉換機會而言，目前還剩下什麼？以及更具體地談談最近兩個——Eigen與Bambora——的情況。

Yes, sure. Well, I'm glad you categorized it in the way that you did, which is to say that the hallmark of the M&A approach that we've taken over the years is that in every case, it gives us an embedded base of customers to go cross-sell to. So institutionally, we don't think about the ability to migrate a Givex gift card customer over to our payments radically different than we think about an Eigen gateway customer. I would say gateways have been -- it's a no place like home M&A move for us. That's really what we call them in our M&A tracker because the playbook is seasoned, it's understood across the entire company, practically speaking.

是的，當然。嗯，我很高興你用你剛才那種方式來分類；也就是說，我們多年來採取的併購（M&A）策略的一個標誌性特徵是：在每一個案例中，它都讓我們內嵌地獲得一個客戶基礎，便於我們進行交叉銷售。因此，從機構層面來看，我們不會把把一個 Givex 禮品卡客戶遷移到我們的支付產品上，視為與 Eigen 閘道（gateway）客戶有根本性的不同。我會說，閘道一直是——對我們而言屬於「沒有比家更像家的地方」那種併購動作。這也正是我們在併購追蹤器裡對它們的稱呼，因為作戰手冊很成熟、全公司都理解，實務上也是如此。

Eigen has been an awesome proof point for us. We've got one of the largest airport operators, concessionaires in the world has switched over. That was largely a result of the gateway conversion, many hundreds of merchant locations as a result of just that merchant moving. Eigen's been great.

Eigen 對我們來說一直是非常棒的驗證案例。我們有一家全球最大的機場營運商／特許經營商之一已經完成切換。那在很大程度上是閘道轉換的結果；僅僅因為那個商戶的遷移，就帶來了數百個商戶據點的轉換。Eigen 的表現一直很出色。

And they all kind of follow the same pattern, which is to say the newer the gateway, the less progress we've made through it, but again, a really seasoned motion through it. I will say though, we don't challenge our sales teams to prioritize one opportunity or the other. We basically bucket all these merchants into pain points we believe we can solve. So our restaurant team goes after all the restaurants, in our acquired book. Our hotel team does the same.

而且它們大致都遵循相同的模式：也就是說，閘道越新，我們在其上的推進進度就越少；但即便如此，推進的動作仍然非常成熟。不過我想說的是，我們不會要求銷售團隊去優先排序某一個機會而非另一個。我們基本上是把所有這些商戶按我們認為能解決的痛點來分桶。所以我們的餐飲團隊會去攻所有餐廳——在我們收購而來的客戶簿（acquired book）裡。我們的飯店團隊也是一樣。

Just now, our luxury retail team does the same with that. So we try not to sort of put a prescription on moving one versus the other. I would say highlights for us recently have been a beginning of conversion of Revel merchants over to Shift4 Dine, which is quite exciting. Givex, the kind of upper bound of that product is nonexistent, meaning we're attracting lots of awesome institutional customers to that product, and that product is compelling payments conversations. And Eigen, again, no place like home. I would put Bambora in the same category.

剛才我們的奢侈品零售團隊也同樣如此。所以我們盡量不去對推動哪一個、相對於另一個，做出某種「處方式」的規定。我會說，我們近期的亮點包括：開始把 Revel 的商戶轉換到 Shift4 Dine，這相當令人振奮。Givex 方面，該產品的「上限」幾乎不存在，意思是我們正在吸引大量很棒的機構型客戶使用該產品，而該產品也正在帶動很有吸引力的支付合作對話。而 Eigen，再次強調，屬於「沒有比家更像家的地方」。我也會把 Bambora 歸在同一類。

Nate Svensson, Deutsche Bank.

Nate Svensson，德意志銀行。

I appreciate all the details on the Middle East, but I do want to follow up on that just given how dynamic the situation is. For 2Q, I know you said the headwind came in lower than expected, but maybe just wondering if you can give more specifics on where that number was relative to $20 million and kind of the strength you saw offsetting that? And then just as we think about the $25 million headwind that you're baking in for 3Q. So I get that there's seasonality that's a higher travel quarter relative to 2Q. But given the results you saw in 2Q and some flight data that does look like it's improving. Just wanted to hear the assumptions underlying that $25 million?

我很感謝你們提供所有關於中東的細節，但鑑於情勢變化很快，我確實想就此再追問一下。針對 2Q，我知道你說逆風低於預期，但想請你更具體說明一下：那個數字相對於 2,000 萬美元大概落在哪裡，以及你們看到哪些強勁因素在抵消它？另外，當我們思考你們在 3Q 納入的 2,500 萬美元逆風時，我理解有季節性因素——相較於 2Q，3Q 是旅遊更旺的一季。但考量你們在 2Q 的結果，以及一些航班數據看起來正在改善，想聽聽支撐那 2,500 萬美元假設的前提是什麼？

Sure. I'll take that, and thanks for the question. Yes, so look, well said, the right word is dynamic, right? It's been -- it's definitely been a dynamic conflict, the travel disruption that has resulted from it has made forecasting a challenge specific to the corridors that are impacted. And when I say the corridors, I mean the dynamic of the consumer's origin point is an origin point largely in the GCC or Southeast Asia coming into Europe, right?

好的。我來回答，謝謝你的提問。是的，你說得對，用「動態」這個詞很貼切。這確實是一場高度動態的衝突；由此造成的旅遊中斷，使得針對受影響航線走廊（corridors）的預測變得具有挑戰。我所說的走廊，是指消費者出發地的動態——出發地主要在海灣合作委員會（GCC）或東南亞，前往歐洲，對吧？

That's the corridor that we're focused on. And I'll answer the question around the commentary that relative to the $20 million Q2 sort of number that we had baked in as far as kind of like a headwind.

這就是我們關注的走廊。我也會回答你提到的、相對於我們在 Q2 納入的約 2,000 萬美元逆風（headwind）那個數字的評論。

The $20 million, it did perform modestly ahead, not a meaningful amount, but modestly ahead of what we had expected within our forecasting at the time. More than anything, though, the overall TFS category, I think, outperformed across other areas that demonstrates its kind of balance and resilience as a whole. So for example, one of the themes that we had mentioned outside of that affected corridor of sort of GCC, Southeast Asia consumer coming into Europe, outside of that corridor, there was like nice pockets of strength. The S. consumer into the European corridor continued to perform well.

那 2,000 萬美元的影響，實際表現略優於預期；幅度不大，但確實略優於我們當時在預測中所預期的。不過更重要的是，整體 TFS 類別我認為在其他領域的表現超出預期，顯示出其整體的平衡性與韌性。例如，我們先前提到的主題之一是：在受影響的走廊——也就是 GCC、東南亞消費者前往歐洲——之外，仍有一些不錯的強勁區塊。美國消費者前往歐洲的走廊持續表現良好。

We continue to see nice strength there. And we saw nice strength coming from the intra-Asia area, so travel into Japan for tax-free shopping. So when you balance out TFS as a whole, it actually was pretty resilient and demonstrates it's kind of the benefit that it has by being as kind of geographically diverse as it is. But in short, to come back to your question around specific to the $20 million, it was modestly ahead.

我們持續看到那裡有不錯的強勁動能。我們也看到來自亞洲區內（intra-Asia）的強勁表現，例如前往日本進行免稅購物的旅遊。因此，當你把整體 TFS 平衡來看，它其實相當有韌性，也顯示出其優勢——因為它在地理分布上相當多元。但簡而言之，回到你關於 2,000 萬美元的具體問題：確實是略優於預期。

That's very helpful. And I hear you on the challenges, especially Asia to Europe, data is confusing to us. So I appreciate the color there. Just for the follow-up on free cash flow. So I get the points on the guidance this year sounds like mostly from the Term Loan B, maybe a little bit from these Middle East headwinds.

這非常有幫助。我也理解你說的挑戰，尤其是亞洲到歐洲的數據對我們來說也很混亂。所以很感謝你補充這些背景。接著追問自由現金流（free cash flow）。我理解你們今年指引的重點，聽起來主要來自 Term Loan B，可能也有一點來自這些中東逆風。

But just as we think about free cash flow conversion into next year and beyond, beyond the higher interest expense that will be flowing through, is there anything going on across the business that changes your confidence or kind of visibility into what free cash flow conversion should look like in future years? Just trying to get our models in the right place as we think about next year and beyond.

但當我們思考明年及更長期的自由現金流轉換率（free cash flow conversion）時，除了會反映在損益中的較高利息費用之外，你們的業務中是否還有任何事情，會改變你們對未來年度自由現金流轉換率應呈現樣貌的信心或能見度？我只是想把我們的模型放在正確的位置，來思考明年及以後。

Yes. No, it's the right question, and it's definitely something that I think -- the Street has done a good job of getting acclimated to through the balance of this year is sort of free cash flow modeling. So we appreciate that. I would say that as I think into next year, it's obviously two large caveats, right? The story of this year, a combination of capital structure, given that we had maturities in '26 and a convertible maturity in '27.

是的。不，這個問題問得很對，而且我認為——市場（the Street）在今年剩餘時間裡，確實已經很好地逐步適應並建立起自由現金流的建模方式。所以我們很感謝。我會說，當我展望明年時，顯然有兩個很大的但書。今年的主軸之一是資本結構，因為我們在 2026 年有到期項目，並且在 2027 年有一筆可轉債到期。

That's now out of the way. I think there was some questions even in last quarter, as to how we might address the '27 convertible and how to think about that within models, hopefully, now that's fully off the table in terms of how to model it. And then the -- obviously, the travel disruptions that we experienced this year have been the other big factor on free cash flow, and corresponding or maybe connected or maybe disconnected, like there has been FX volatility as well.

現在這些都已經處理完畢。我想即便在上一季，市場仍有一些疑問：我們可能會如何處理 2027 年到期的可轉債，以及在模型中該如何看待它；希望現在就建模而言，這已經完全不需要再納入考量。另外——顯然，今年我們經歷的旅遊中斷，是影響自由現金流的另一個重大因素；同時，可能相關也可能不相關，我們也經歷了匯率（FX）波動。

So when you take into those three, if those are not part of what we have to contend with in '27. The answer is no. We don't see anything fundamental. If anything, something that we would reiterate from earlier in the year is that the incremental free cash flow conversion that should come through into the business, it should expand over time, given overall operating leverage that exists. Even when we think about record levels of product investment that is all still well within the normal and ordinary course of what the business can deliver. So I think the short answer is there shouldn't be anything incremental to the aforementioned things that we were facing this year and the capital structure point that you brought up.

所以，當你把這三項因素納入考量，如果這些不再是我們在 2027 年必須面對的問題，答案是否定的。我們看不到任何根本性的變化。如果有的話，我們會重申今年稍早提到的一點：隨著整體營運槓桿的存在，流入業務的邊際自由現金流轉換率應該會隨時間擴大。即便我們考量到創紀錄水準的產品投資，這些仍完全在公司正常、例行的可交付能力範圍之內。所以我想簡短的答案是：除了你提到的今年所面臨的上述因素，以及你提到的資本結構議題之外，不應該還有任何額外增量因素。

Yes. One thing I want to layer into it because fully acknowledged Global Blue is a little bit of a different opportunity than we've had in the past. Typically, whether it's any of the cross-sells I described in Tim's question, it's almost an immediate incremental revenue opportunity on an existing customer, and that revenue is like nearly 100% flow through to the bottom line on a net to EBITDA basis. One thing that's different about Global Blue is we are deliberately investing in meaningful sales build-outs across all the countries that they operate in that we see opportunity. That's because they're not just going to go after Global Blue retail customers, Global Blue SMB customers, they're going to offer all of our other products in those countries.

是的。我想再補充一點，因為我們充分認知到 Global Blue 是一個與過去不同的機會。通常，不論是我在 Tim 的問題中提到的任何交叉銷售，幾乎都是在既有客戶上立即帶來增量營收的機會，而且以淨額對 EBITDA 的角度來看，那些營收幾乎是接近 100% 直接流入到底線。Global Blue 不同的一點在於，我們正有意在其營運的所有國家進行具規模且有意義的銷售擴編投資，我們在那些地方看到了機會。這是因為他們不只會去爭取 Global Blue 的零售客戶、Global Blue 的中小企業（SMB）客戶，他們也會在那些國家提供我們所有其他產品。

So while this early cross-sell motion is great, we're seeing great momentum. Some of the costs associated with that mask what a typical cross-sell might look like. It's all for the right reasons, and that's kind of why when we even first signed and announced the Global Blue transaction, we talked about meaningful synergy benefit in '27. It's because this is -- I think it's very balanced, but it's an investment year to make sure we have the -- all of the infrastructure we want in these countries. And as much of our full product suite available as possible.

因此，雖然這個早期的交叉銷售推進很棒，我們也看到很好的動能。但與此相關的一些成本，會掩蓋典型交叉銷售原本應有的樣貌。這些都是出於正確的原因，這也就是為什麼我們在最初簽署並宣布 Global Blue 交易時，就談到在 2027 年會有顯著的綜效效益。因為這件事——我認為非常平衡——但今年是一個投資年，確保我們在這些國家擁有我們想要的所有基礎設施。並且讓我們完整的產品組合盡可能全面可用。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Two clarifiers for me. First, on the 3Q guide or the effectively the guide for the rest of the year. You basically said similar to last quarter, we are only forecasting potential travel disruption from Middle East conflict for the next 60 days. Now, what does that mean exactly? Does that mean beyond 60 days, it's just an immediate return to normal when we should be considering your model? Or how should we think about that? And second, you called out the FX drag this quarter. But could you give us the last, call it, three, four quarters of FX impact, so we can model properly?

我有兩點釐清。第一，關於第三季（3Q）指引，或等同於今年剩餘期間的指引。你們基本上說，和上季類似，我們只會就未來 60 天中東衝突可能造成的旅遊中斷進行預測。那這到底具體是什麼意思？這是否表示超過 60 天之後，在我們納入你們模型時，就會立即回到正常？或者我們應該怎麼理解？第二，你們提到本季的匯率（FX）拖累。但你們能否提供過去大概三到四個季度的匯率影響，讓我們可以正確建模？

Yes. Thanks for the question. On the second one, I think it's probably most conducive to do that in a follow-up. So we'll tackle that one as a follow-up. On the first point around what does it really mean to continue to similar to last quarter, use a 60-day outlook forecast.

是的。謝謝你的提問。第二個問題，我想比較適合在會後追蹤提供。所以我們會在後續跟進那一題。第一點，關於「與上季類似，採用 60 天展望預測」到底代表什麼。

So as a reminder when we look at the affected corridors in the TFS business, what we're really focused on is looking at how those corridors are tied to a forward forecast of flights. The flights, the seat capacity and a variety of the factors through data sets that we get are input into an outlook model that allow us to get a pretty good 60-day forward forecast view. I think indicative of the, we'll say, the predictability of that view is that relative to the $20 million sort of figure that we had forecasted as an impact figure in Q2, we were pretty close.

提醒一下，當我們看 TFS 業務中受影響的航線走廊（corridors）時，我們真正關注的是這些走廊如何與航班的前瞻性預測相連結。航班、座位運能以及我們從各種資料集取得的多項因素，會輸入到一個展望模型中，讓我們能得到相當不錯的 60 天前瞻預測視角。我想這個視角的可預測性可以從一點看出：相較於我們在第二季預估的約 2,000 萬美元影響數字，我們實際結果非常接近。

So I think that we wanted to continue that same methodology, use the forward forecast and importantly, not try to predict the duration of a conflict, a geopolitical conflict. So you take those two things together, and we're consistently applying the exact same methodology that we applied the last quarter and that methodology would lend itself towards the $25 million number that we put out there. It's important to understand that the Q3 period in terms of seasonality is the strongest of the quarters in terms of total sales in store or volumes. And so the increase is only a reflection of the seasonally strong Q3 relative to Q2. And I know you didn't ask this as explicitly, but if you sort of think about Q4, the idea of what we're trying to say is that we're not -- we don't want to break the consistent approach we've used in the last two quarters and now try to forecast the fourth quarter on something like a geopolitical conflict.

因此，我們希望延續同樣的方法論，使用前瞻預測，並且重要的是，不去嘗試預測衝突——地緣政治衝突——會持續多久。把這兩點合在一起，我們就能一貫地套用與上季完全相同的方法論，而該方法論會導出我們所提出的 2,500 萬美元數字。需要理解的是，從季節性來看，第三季在門店總銷售或交易量方面是最強的一季。因此，這個增加僅反映第三季相對第二季的季節性更強。我知道你沒有明確問到這點，但如果你再想想第四季，我們想表達的是：我們不——不想打破過去兩季一貫採用的方式，然後現在又試圖就像地緣政治衝突這種事情去預測第四季。

But for context, it's fair to say it's probably a good data point to appreciate that Q4 and Q2 are about the same size in terms of their TFS contribution from a seasonality standpoint in terms of volumes. And so I'll put that out there as hopefully something helpful for your own modeling.

但作為背景資訊，可以合理地說，有個數據點值得你在建模時參考：從季節性、交易量的角度看，第四季與第二季在 TFS 貢獻規模上大致相當。我先把這點提供出來，希望對你的建模有所幫助。

Yes. I just want to hit this again because I sense a little bit of confusion on it. I would say the impacted travel corridor that we anticipated and we forecast in Q2 behaved largely as expected. There were other corridors that outperformed, and therefore, you got a slightly better than forecast result. We are approaching Q3 with the exact same mindset, which is that we know what the impact of the travel corridor would be in the highest seasonal quarter.

是的。我想再強調一次，因為我感覺這裡有些混淆。我會說，我們在第二季所預期並納入預測的受影響旅遊走廊，其表現大致符合預期。另外還有其他走廊表現超出預期，因此你看到的結果略優於預測。我們以完全相同的思維來看第三季，也就是我們知道在季節性最高的一季，該旅遊走廊的影響會是什麼。

And so we're giving investors insights into that. The one thing I would just sort of say with regard to Chris' remarks, no, we haven't had a conflict that's kind of on and off and on and off and on and on. We haven't seen that change travel behaviors radically inside of that corridor. So this is why we're so reticent to want to try to predict beyond what we can see in flight planning capacity. But this is a shopper base that is largely quite resilient.

因此我們向投資人提供這方面的洞見。我想就 Chris 的評論補充一句：不，我們並沒有遇到那種時而爆發、時而緩和、反覆來回的衝突。我們也沒有看到這種情況在該走廊內徹底改變旅遊行為。所以我們才會如此不願意去預測超出我們在航班規劃運能中所能看見的範圍。但這個消費者族群整體而言相當有韌性。

When travel is safe in the eyes of the traveler, they get out and spend quite immediately. So I don't think it's unreasonable to say that when this conflict is decisively over that this impact would be muted.

當旅行在旅客眼中是安全的時候，他們會立刻出門並迅速消費。因此，我不認為說當這場衝突明確結束時，這個影響會被淡化是不合理的。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Look, when we look beyond the Middle East impact, and to really follow up a bit on Tim's question earlier in terms of the cross-sell. It looks like you do have the underlying trends, obviously, in the payment side and the Americas side trending well. So just looking beyond the short-term Middle East conflict impacts and thinking about next year for a little longer, I can't help but wonder where you are on Shift4 One and Global Blue in terms of where you expect to be contributing to numbers. So we know by the end of the year, you're hoping 15-plus countries. It seems like you're progressing well. I think you had 12 now you said.

你看，當我們把視角放到中東影響之外，並且稍微延伸追問一下 Tim 先前關於交叉銷售的問題。看起來你們確實有基本面趨勢——顯然在支付端以及美洲端——都在走強。所以，先不看短期中東衝突的影響，把時間拉長一點看明年，我不禁想問，你們在 Shift4 One 和 Global Blue 上的進度如何、預期何時會開始對數字做出貢獻。我們知道到年底你們希望覆蓋 15 個以上國家。看起來你們進展不錯。我想你們剛才說現在是 12 個。

But help us understand a little bit more in terms of the progress and the time lines you'd expect to see that really start moving the needle where not only do you have entry into the countries, but real ability to process volumes and convert more and more merchants, the sales team set up probably a little more structural time lines.

但請協助我們更理解一些進展與時間表：你們預期何時會真正開始帶動成長，不只是進入這些國家而已，而是具備實際處理交易量、轉換越來越多商戶的能力；銷售團隊的建置可能也需要更結構化的時間表。

Yes, it's an awesome question and it is literally the heart of our strategy here. So to give you a little bit of insight into how Global Blue historically operated, it was a very enterprise-oriented go-to-market motion with strong market share across the enterprises. And the SMBs were largely a self-service operation, meaning an SMB merchant would find its way to Global Blue without a lot of service without a lot of dedicated customer management. Our approach is kind of the inverse of that, which is that the SMBs are the first to target. They're the fastest move.

是的，這是個很棒的問題，而且這確實就是我們策略的核心。先讓我提供一些 Global Blue 過去的營運方式：它是一種非常偏向企業客戶（enterprise-oriented）的市場進入（go-to-market）模式，在大型企業客戶中擁有很強的市占。而中小企業（SMB）則多半是自助式運作，也就是 SMB 商戶會自己找到 Global Blue，但缺乏太多服務、也缺乏專屬的客戶管理。我們的做法某種程度上正好相反：我們會先鎖定 SMB。因為它們推進最快。

They are, quite frankly, some of the highest benefit of consolidating all of these technologies into a single payment device for ease of use and increasing tax-free shopping at that hypothetical watch retailer or perfume boutique, et cetera.

坦白說，將所有這些技術整合到單一支付裝置中，對它們的效益最高：更容易使用，並提升在假設的手錶零售商或香水精品店等場景中的免稅購物（tax-free shopping）。

So we deliberately approach this with the idea that we're going to build a sales team that can focus on that motion explicitly. The way this works in practice, dedicated Shift4 strategy personnel that have done this across multiple acquisitions in their past, going into these countries, sitting in Global Blue offices, hiring local salespeople, training, building all the materials, et cetera. I can't kind of understate the amount of work that our awesome team has done in this. And then there's a threshold we have, which is after X 100 merchants are signed up, the motion is handed over to the local teams and they run with it from there because it is kind of a regular sales quota-based system.

因此，我們刻意以這樣的思路來推進：我們要建立一支銷售團隊，能夠明確聚焦於這種銷售推進模式。實務上，做法是由具備 Shift4 專案策略人員主導，他們過去在多起併購中做過這件事，進入這些國家，進駐 Global Blue 的辦公室，招募當地業務人員、訓練、製作所有物料等等。我真的無法低估我們這支優秀團隊在這件事上投入的工作量。接著我們有一個門檻：在簽下 X 乘以 100 家商戶之後，這個推進模式就會移交給當地團隊，之後由他們接手運作，因為那就比較像是一般以銷售配額為基礎的制度。

We've been able to hand that off in a handful of countries now. So we're very excited about that. That's proving that the motion is working. But again, and I don't think we've been inconsistent on this. Our goal is to be able to produce a few thousand merchants a month exiting the year.

我們現在已經在少數幾個國家把它交接出去了。所以我們對此非常興奮。這也證明這套推進模式是有效的。但再說一次，而且我不認為我們在這點上前後不一致。我們的目標是在年底前，能夠做到每月新增幾千家商戶。

And admittedly with an economic contribution in '26 that is more expense than gain because of the cost of building out these teams. It's the ability to annualize that merchant base through '27 that we've had our eye on -- that's the prize we've had our eye on the entire time. And we're quite optimistic about the pace that we've had. We've got more countries to kind of evaluate than we expected to have. And the teams are just starting to get it, which is super exciting.

坦白說，到了 26 年在經濟貢獻上會是費用大於收益，因為要擴建這些團隊的成本。我們一直盯著的——真正的獎賞——是能在 27 年把這個商戶基礎年化放大。而我們對目前的推進速度相當樂觀。我們要評估的國家比原先預期的還多。而且團隊才剛開始抓到訣竅，這非常令人振奮。

But I think -- and again, this is less of an economic basis. We're admitting to the drag that this investment causes. But Q4 production against these is really the proof point to know that we're set up in the way we want to be for '27.

但我認為——再說一次，這比較不是從經濟面來看。我們也承認這項投資帶來的拖累。不過，第四季在這些項目上的產出，才是真正的驗證點，用來確認我們是否以想要的方式為 27 年做好布局。

All right. Can I ask one follow-up, Chris, for you on just the blended spread at 65 bps in the quarter. Can you just talk about the overall sustainability at this level and what extent this is impacted by the World Cup related mix or Global Blue or DCC perhaps in the quarter?

好的。Chris，我可以再追問一個問題嗎？關於本季綜合利差（blended spread）為 65 個基點。你能談談在這個水準上的整體可持續性嗎？以及本季這個數字在多大程度上受到世界盃相關組合、Global Blue 或 DCC 的影響？

Yes, sure. So I think the 65 basis point spread relative to at the beginning of the year, sort of gave people visibility that we expect spreads on a full year basis to be greater than 60 bps. There isn't really much to the story of unpacking that. I think we view that spread mix is something that within this quarter is kind of well inside of what our expectations would have been. So sorry, when I say it's within, right?

可以，當然。我認為 65 個基點的利差，相較於年初，算是讓大家看見我們預期全年利差會高於 60 個基點。其實沒有太多需要拆解的故事。我們認為本季的利差組合大致上落在我們原本的預期範圍之內。抱歉，我說「落在範圍內」的意思是？

It was within the range of expectations that we were -- that we had for spread. So I don't think there are any specific call-outs to make around the spread differentials. I think what we have said in the past going into this year was that it is possible that we were going to see a bit of a change in terms of the dynamic of relative to the last three years, where enterprise had been an accelerating portion of the book and the enterprise spreads were having a mix shift downward on blended spread.

它是在我們——我們對利差所設定的——預期區間之內。所以我不認為利差差異有任何特別需要點名說明的地方。我們過去在今年開始前就提過，相較於過去三年，可能會看到一些動態上的變化：當時企業客戶（enterprise）在整體業務中占比加速提升，而企業客戶的利差會因組合移轉而拉低綜合利差。

And then this year, as that enterprise merchant base is finally kind of size and scale, and we're now growing off of that size and scale base, as we see more SMB business come through, we may actually start to see some expansion in spreads. So that trend is something that we have called out as a possibility for the year. And it is playing out. We are seeing that, but it's nothing outside of what we were already expecting. So nothing to call out over and above the fact that this is well within the expectations that we had for the year.

而今年，隨著企業商戶基礎終於達到一定規模與量體，我們是在這個規模基礎上繼續成長；當我們看到更多中小企業（SMB）業務進來時，利差其實可能開始擴張。因此，這個趨勢是我們今年曾點出的一種可能性。而它正在發生。我們確實看到了，但並沒有超出我們原本的預期。所以除了這一切都在我們今年的預期範圍內之外，沒有其他需要額外補充的。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Taylor, you mentioned the World Cup was a strong contributor to the second quarter results. And then obviously, we saw that in the payments revenues. I'm just curious, when you look underneath that, do you feel like the business was performing commensurately ahead of sort of expectations as well?

Taylor，你提到世界盃對第二季的結果有很強的貢獻。而且顯然我們也在支付收入上看到了。我想問的是，當你往下拆解來看，你是否覺得業務表現也同樣超出某種預期？

Yes. It's a good question. I actually want to be very balanced on the impact of the World Cup. We definitely saw trends of exuberance specifically in the merchant categories we focus on in host cities around games. It was very obvious in media commenting on this, like the Scots drinking Boston dry, we saw that.

是的。這是個好問題。我其實想很平衡地看待世界盃的影響。我們確實看到一些特別亢奮的趨勢，尤其是在主辦城市、比賽周邊、我們聚焦的商戶類別。媒體也很明顯在評論這件事，例如「蘇格蘭人把波士頓喝到斷貨」，我們也看到了。

We saw that in our restaurant data. We saw it in Boston. However, the total payment volume across our SMB franchise, meaning specifically in the stadiums, was not our highest quarter by any measure. Keep in mind the football organization takes these stadiums offline for a couple of months to prepare for this event. The events themselves aren't conducive to concessions.

我們在餐廳數據裡看到了。在波士頓也看到了。不過，我們 SMB 版圖的總支付量（TPV），也就是特別指在球場內的部分，並不是我們任何意義上的最高季度。請記得，足球組織會讓這些球場停用幾個月來準備這個活動。而活動本身也不太有利於販售餐飲（concessions）。

We saw a healthy amounts of kit being sold, a lot of souvenirs being sold, less concessions in general. So I think quite balanced on our impact. And quite frankly, is Shift4 the net beneficiary of this kind of payments activity, absolutely, we are going to an event, traveling to it, even watching an event with friends nearby the venue. That's something we're absolutely a beneficiary of, but it was not a meaningful contributor to the quarter. I think it was more or less what we were expecting.

我們看到有相當多的球衣（kit）銷售、很多紀念品銷售，但整體餐飲販售較少。所以我認為我們受到的影響相當均衡。坦白說，Shift4 是否是這類支付活動的淨受益者？當然是——去參加活動、為此旅行，甚至在場館附近和朋友一起看比賽，我們都會受益。但它並不是本季的重要貢獻來源。我認為大致上就是我們原本的預期。

And in fact, a lot of investors were sort of challenging us to talk up the impact. These are great customers that do great events all the time. And again, they would have probably been as full, if not more full with a regular event calendar in many of these stadiums as they were with the World Cup. Chris, do you want to comment?

事實上，很多投資人一直在挑戰我們，希望我們把影響講得更大。這些都是很棒的客戶，平常就能辦出很棒的活動。而且再說一次，在許多球場，如果是一般的活動行事曆，他們可能會同樣滿場，甚至比世界盃還更滿。Chris，你要補充嗎？

Yes. I would just underscore the same point when you actually go and pick apart the data at a venue by venue, a city by city, you put sort of like a radius of commerce around the venue. We've analyzed and cut and slice the data a few different ways. And it's interesting to see that -- and probably actually shouldn't be that surprising if you actually just went and mapped the calendar of events year-over-year, you would see that the calendar of events at some of the stadiums was much more full last summer. And intuitively, you sort of asked the question, well, why is that?

是的。我只是想強調同一點：當你真的把數據拆到每個場館、每個城市，並在場館周邊畫出一個商業活動半徑來看。我們用幾種不同方式分析、切分與切片這些數據。很有意思的是——而且如果你把逐年活動行事曆拿來對照，其實也不該太意外——你會看到有些球場去年夏天的活動行事曆要滿得多。直覺上你會問：那為什麼會這樣？

And Taylor alluded to it, the idea that these are venues tackling kind of almost a once in a lifetime kind of event. And in order to accommodate it, you have to go offline. I heard an anecdote that you couldn't be on -- the grass has to grow a specific regulated height, so no one can be on the field, let alone taking a country music concert on that field a couple of days before the event.

Taylor 也提到了：這些場館在應對一個幾乎一生一次的活動。為了容納它，你必須暫停營運。我聽過一個軼事：草皮必須長到特定、受規範的高度，所以任何人都不能上場，更別說在活動前幾天還在那塊場地辦鄉村音樂演唱會。

So I think it was an interesting one to unpack, but more than anything, what I would want people to take away is it was a phenomenal showcase for us, our team, our talent, our technology to be flawless in an environment as demanding as that in a stage as large as that. And we're really proud of it, but by no means was it anywhere close to a Super Bowl.

所以我認為這是一個很有趣、值得拆解的案例；但最重要的是，我希望大家帶走的結論是：這對我們、我們的團隊、我們的人才與技術而言，是一次絕佳的展示——在那樣嚴苛的環境、那樣大的舞台上做到零失誤。我們為此非常自豪，但它絕對遠遠稱不上接近超級盃（Super Bowl）的量級。

Yes. So to get to the root of your question, yes, the underlying business performed quite well through the quarter, we're probably equally as proud of that as well. And I would say, as we become a more international business. It didn't -- it probably didn't occur to us prior to the event, but it certainly occurred to us during these events that the Shift4 brand being recognized throughout the world is becoming increasingly important, and the World Cup gave us like a phenomenal platform to do that.

是的。所以回到您問題的核心，是的，基礎業務在本季度的表現相當不錯，我們對此同樣感到非常自豪。而且我會說，隨著我們成為一家更國際化的企業。這件事——在事件發生之前我們可能沒有意識到，但在這些事件期間我們確實意識到，Shift4 品牌在全球被認可變得愈來愈重要，而世界盃為我們提供了一個極佳的平台來做到這一點。

Okay. That's perfect and encouraging. Just a follow-up question to all the balance sheet questions. I know you guys are trying to do a lot, delever, buy back stock, obviously, consider bolt-on M&A opportunities. I guess as we look ahead over the next year, 1.5 years, how should we think about you balancing all of that?

好的。這非常好，也令人鼓舞。我想就所有資產負債表相關問題再追問一下。我知道你們正嘗試做很多事：去槓桿、回購股票，當然也會考慮補強型併購（bolt-on M&A）機會。我想，展望未來一年到一年半，我們應該如何看待你們在這些事項之間的平衡？

I mean, are there opportunities given the way the stock is trading to actually divest some noncore assets and maybe utilize that for the three options? I'm just trying to think about strategically and tactically how you might figure out other ways to create capital and achieve some of the initiatives that you have in place?

我的意思是，考量到股價目前的交易狀況，是否存在一些機會可以實際處分某些非核心資產，並可能把所得用於那三個選項？我只是想從策略與戰術層面思考，你們可能如何找出其他方式來創造資本，並達成你們已經設定的一些計畫與倡議？

Thanks, Sanjay. It's the right overall question, and it's something that is the top of our minds at all times is balancing the capital allocation framework. I think I and we look at it is actually -- it's a high-class problem to have. When you look at the number of ways with which we could generate return on invested capital through our capital allocation framework and also look back on our demonstrated track record and acknowledge that this is a business that has done this very well over periods of time managing both capital deployment and capital harvest to generate return at various periods. And then similarly, to always be able to be shareholder-minded and manage dilution.

謝謝你，Sanjay。這是個很正確的總體問題，而且我們一直都把如何平衡資本配置框架放在首要考量。我認為我以及我們看待它的方式其實是——這是一個「高級的煩惱」。當你看到我們透過資本配置框架可以用多種方式創造投入資本報酬（ROIC），再回頭看我們已證明的歷史紀錄，並承認這是一家長期以來在資本投放與資本回收兩端都管理得很好的企業，能在不同時期創造回報。同時，也始終能以股東為念並管理稀釋。

When you look at kind of the non-GAAP EPS share count, if you look at it year-to-date or not actually, if you look at it relative to when we launched the share repurchase authorization in the third quarter of last year, our share count is down 11%.

如果你看非 GAAP EPS 的股數口徑——其實不是年初至今，而是相對於我們在去年第三季啟動股票回購授權時的水準——我們的股數已下降 11%。

So we think about all of this within the balance, and I think that it's something that I would hope people can appreciate and look at the long-term track record around and acknowledge that we're good at it. At the same time, what you're describing, this idea around divestitures is that within the framework? Is it within our lexicon? I mean it is, absolutely. And we have done some divestitures.

所以我們是在這樣的平衡之中思考所有這些事情；我也希望大家能理解並從長期紀錄來看，並承認我們在這方面做得不錯。同時，你所描述的這個想法——關於處分資產——它是否在這個框架之內？是否在我們的用語與思維範疇之內？我的意思是，當然是的。而且我們也做過一些處分。

They're going to be smaller in nature. They are the noncore components of, let's say, acquired companies along the way. I wouldn't expect them to be meaningful or material, but in the philosophy that we have of deleting the parts, driving efficiencies unlocking margin drags that might exist from them. Those are definitely things that we're focused on, and we actually have completed in the last -- within the last 12 months.

它們的性質會比較小。它們是一路以來我們收購的公司中，某些非核心的組成部分。我不預期它們會很重要或具重大性，但依照我們的理念——剔除這些部分、提升效率、釋放原本可能由它們造成的毛利率拖累。這些確實是我們關注的事情，而且我們在過去——最近 12 個月內——也已完成。

Dan Perlin, RBC Capital Markets.

RBC Capital Markets 的 Dan Perlin。

I just wanted to touch back on kind of the incremental investments that you talked about. It sounds like they were a little heavy in the first half around technology investments and obviously product. I'm wondering around the context since you've laid those out now, how do you think about investments in go-to-market to accelerate some of those implementations and maybe where we stand at that point.

我想再回到你們提到的增量投資。聽起來上半年在技術投資以及產品方面的投入稍微偏重。我想在你們現在已經把這些說明清楚的背景下，想請教你們如何看待在市場推進（go-to-market）方面的投資，以加速部分導入落地，以及目前在這方面的進展。

Yes, it's a great question. I would say, first of all, we're doing it. So we've added a meaningful number of salespeople. We try to be, as Chris just mentioned, we try to be incredibly pragmatic about looking at head count allocation across the organization as frequently as we can and where there are areas that we're deemphasizing can those people be applied to others? Or are there areas that deliberately need investment despite what's going on in other parts of the world.

是的，這是個很好的問題。我會先說，我們正在做。所以我們新增了相當數量的業務人員。正如 Chris 剛提到的，我們會盡可能務實地、盡可能頻繁地檢視全組織的人力配置：哪些領域我們正在降低優先順序，這些人是否能轉用到其他領域？或者有哪些領域即使世界其他地方正在發生一些事情，也需要刻意加大投資。

And we've been building sales organizations quite meaningfully through the entire first half of this. And I expect that to continue, all within sort of the guidance ranges that we've provided.

而且在整個上半年期間，我們一直在相當有力地建立銷售組織。我預期這會持續進行，並且都會落在我們所提供的指引區間之內。

We do like when M&A can accelerate that. I can't sort of understate the value of like -- we announced the German POS acquisition a couple of years ago named Vectron that instantly gave us 300 resellers that know how to sell restaurant product to customers, already have a book of customers, et cetera. So we do like to use M&A as a framework for acceleration. I think these types of organizations really understand how we operate and vice versa, and narrowing their scope to a single product or in the case of Vectron, giving them a heck of a lot more value that they can deliver in that product is something that we view as really attractive.

我們也喜歡在併購能加速這件事的時候採用併購。我無法低估其價值——例如我們在幾年前宣布收購德國 POS 公司 Vectron，立刻就讓我們獲得 300 家經銷商，他們懂得如何把餐飲產品賣給客戶，已經有既有客戶群等等。所以我們確實喜歡把併購作為加速的框架。我認為這類組織非常理解我們的運作方式，反之亦然；把他們的範疇收斂到單一產品，或像 Vectron 的案例，讓他們在該產品上能提供更高的價值，這是我們認為非常有吸引力的。

So we're looking at that across the entirety of the 15-plus countries that we mentioned as potential accelerants. They're not particularly large. They're tuck-in in nature, but it's something that we do well. And I think most interestingly, reputationally, we're known as enhancing the value proposition of these teams and the distribution partners themselves. So it's usually a good conversation to have that we're uniquely positioned at.

因此，我們在先前提到的 15 個以上國家中全面尋找這類可能的加速器。它們規模通常不大。屬於補強式（tuck-in）併購，但這是我們擅長的。而且我認為最有意思的是，在聲譽層面，我們被認為能提升這些團隊以及分銷夥伴本身的價值主張。所以通常這會是一段很好的對話，而我們在這方面具備獨特的定位。

Great. And just a quick one, Chris, if I could, on organic growth, came in again very consistent 11%. For just the sake of running kind of interference, I think you said TFS is going to roll into that organic calculus in the 3Q, is there any way to kind of get a preview of what that would have been in this quarter just so we're all level set given the growth rate of TFS relative to the rest of your business.

很好。再快速問一個，Chris，如果可以的話，關於有機成長，本季再次非常一致地達到 11%。為了方便大家理解、避免混淆，我想你提到 TFS 會在第三季納入有機成長的計算口徑；是否能先預覽一下，如果本季就把它納入，會是什麼樣子？這樣我們就能在考量 TFS 相對於你們其他業務的成長率時，先把基準對齊。

Yes. So I think the -- trying to think about it on the fly, I would say that if you were to look at TFS in this quarter, it delivered within that -- the upper end of sort of the mid-single digits in terms of its quarterly growth contribution. And so if you were to blend that in on a weighted basis, TFS is about 1/5 of the revenues. So you can kind of do that math. The important thing that I think you have to take away from it, though, is that, that TFS segment today is burdened by the Middle East travel conflict.

可以。所以我想——我臨場想一下——我會說，如果你看本季的 TFS，它的季度成長貢獻大約落在中個位數（mid-single digits）的上緣。而如果你用加權方式把它混合進來，TFS 約占營收的五分之一。所以你可以大致做一下那個數學。不過我認為你必須帶走的重點是：目前 TFS 這個分部受到中東旅遊衝突的拖累。

So even when you think about looking forward to something like a Q3 and you think about what the implied growth rates are there in that low double digits, you still have to keep in mind that, that very same effect of being weighed down by the Middle East travel disruption, the $25 million number that we gave, that that's in that figure.

所以即使你往前看第三季，並思考那個低雙位數的隱含成長率，你仍必須記住，同樣受到中東旅遊中斷拖累的影響——我們給出的 2,500 萬美元數字——是包含在那個數字裡的。

And absent that figure being embedded within it, that low double digit just mathematically would be into the mid-teens. So hopefully, that answers your question. There's a bit of a brainteaser on the fly to kind of weight the average math. But nonetheless, hopefully, that does give you the building blocks.

如果把那個影響從中剔除，那個低雙位數在數學上就會落到中十位數（mid-teens）。所以希望這回答了你的問題。臨場要做加權平均的計算確實有點像腦筋急轉彎。但無論如何，希望這能提供你所需要的組成要素。

This concludes the allotted time we have for our question-and-answer session and brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

我們的問答環節時間到此結束，也代表今天的會議到此告一段落。感謝各位撥冗參與。您現在可以斷線。