Shift4 Payments Inc (FOUR) 2021 Q3 法說會逐字稿

Hello, and welcome to the Shift4 Third Quarter 2021 Earnings Call. My name is Emily, and I will be coordinating the call today. (Operator Instructions) I'll now turn the call over to our host, Tom McKean, Head of Investor Relations. Please go ahead.

大家好，歡迎來到 Shift4 2021 年第三季度財報電話會議。我叫 Emily，今天我將負責協調電話會議。 （操作員說明）我現在將電話轉給我們的主持人投資者關係主管 Tom McKean。請繼續。

Thank you, operator. I'd like to welcome everyone to Shift4's earnings conference call for the 3 months ended September 30, 2021. Before we begin, I'd like to remind everyone that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding management's plans, strategies, goals and objectives. The expected impact of COVID-19 on our business and industry, including with respect to economic recovery, increases in vaccination rates, the reopening of the country and any volume recovery by us, gateway penetration and spend seen by our gateway merchants, expectations regarding new customers, acquisitions and other transactions and anticipated financial performance, including our financial outlook for the year ended December 31, 2021, and any other comments regarding future operating performance. These statements are neither promises nor guarantees that involve known and unknown risks certain other important factors that may cause our actual results, performance or achievements to be materially different from any future results.

謝謝你，運營商。歡迎大家參加 Shift4 截至 2021 年 9 月 30 日止三個月的收益電話會議。在我們開始之前，我想提醒大家，本次電話會議將包含私人證券訴訟意義上的前瞻性陳述1995 年改革法案。在此次電話會議上做出的與歷史事實無關的所有陳述均應視為前瞻性陳述，包括有關管理層計劃、戰略、目標和目標的陳述。 COVID-19 對我們的商業和行業的預期影響，包括經濟復甦、疫苗接種率提高、國家重新開放和我們的任何銷量恢復、我們的門戶商家看到的門戶滲透率和支出、對新的期望客戶、收購和其他交易以及預期的財務業績，包括我們截至 2021 年 12 月 31 日止年度的財務展望，以及有關未來經營業績的任何其他評論。這些陳述既不是承諾，也不是涉及已知和未知風險的某些其他重要因素的保證，這些因素可能導致我們的實際結果、業績或成就與任何未來結果存在重大差異。

Performance or achievements expressed or implied by the forward-looking statements, factors discussed in the Risk Factors section of the annual report on Form 10-K for the year ended December 31, 2020, as updated by our quarterly report on Form 10-Q for the 9 months ended September 30, 2021, and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made on this call. Any such forward-looking statements represent management's estimates as of the date of this call. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

前瞻性陳述所表達或暗示的業績或成就，截至 2020 年 12 月 31 日止年度 10-K 表格年度報告風險因素部分討論的因素，根據我們的 10-Q 表格季度報告更新截至 2021 年 9 月 30 日的 9 個月，以及我們向美國證券交易委員會提交的其他文件可能導致實際結果與本次電話會議上所做的前瞻性陳述所表明的結果存在重大差異。任何此類前瞻性陳述均代表管理層截至本次電話會議之日的估計。雖然我們可能會選擇在未來某個時候更新此類前瞻性陳述，但我們不承擔任何這樣做的義務，即使後續事件導致我們的觀點發生變化。

In addition, we may also reference certain non-GAAP measures on this call, which are reconciled to the nearest GAAP measures in the company's earnings release, which can be found on our Investor Relations website at investors.shift4.com. Lastly, we are hosting our Investor Field Day event later today in Allegiant Stadium in Las Vegas. And as a reminder, the presentation portion of the event will be webcast and begin at 12 noon Eastern time, 9 a.m. Pacific. The webcast link can be found under the Events section of our Investor Relations website, investors.shift4.com. We encourage you to tune in at noon today to hear from our executive management team regarding how the company is positioned to deliver superior results in the months and years ahead. And with that, let me turn the call over to our Founder and Chief Executive, Jared Isaacman.

此外，我們還可能在此次電話會議上引用某些非 GAAP 指標，這些指標與公司收益發布中最近的 GAAP 指標相一致，可在我們的投資者關係網站 investors.shift4.com 上找到。最後，我們將在今天晚些時候在拉斯維加斯的 Allegiant 體育場舉辦我們的投資者實地日活動。提醒一下，該活動的演示部分將在東部時間中午 12 點，太平洋時間上午 9 點開始進行網絡直播。可以在我們的投資者關係網站 investors.shift4.com 的活動部分下找到網絡廣播鏈接。我們鼓勵您今天中午收聽我們的執行管理團隊關於公司如何定位以在未來幾個月和幾年內取得卓越成果的消息。說到這裡，讓我把電話轉給我們的創始人兼首席執行官賈里德·艾薩克曼 (Jared Isaacman)。

Thank you, Tom. Good morning, everyone. Big day today, lots to talk about. As you may have seen this morning, Shift4 reported solid results, including end-to-end volume of $13.5 billion, up 90% versus the third quarter a year ago and nearly 130% higher than the same period in 2019. Our quarterly volume results represent record levels of volume production for the company. We also reported impressive revenue and adjusted EBITDA levels for the quarter with gross revenue less network fees up nearly 70% versus last year and adjusted EBITDA margins of 38%. Our adjusted EBITDA margins represent a nearly 500 basis point increase from last year's third quarter and about 450 basis points sequentially, evidence of our scale and operating leverage. This expansion was also in the face of increased investment to pursue several new verticals that I'm really excited to talk about in a few minutes and share more details on later today during our Investor Field Day.

謝謝你，湯姆。大家，早安。今天是個大日子，有很多話要說。正如您今天早上看到的那樣，Shift4 報告了穩健的業績，包括 135 億美元的端到端交易量，比去年同期增長 90%，比 2019 年同期增長近 130%。我們的季度交易量結果代表了公司創紀錄的批量生產水平。我們還報告了本季度令人印象深刻的收入和調整後的 EBITDA 水平，總收入減去網絡費用後比去年增長了近 70%，調整後的 EBITDA 利潤率為 38%。我們調整後的 EBITDA 利潤率比去年第三季度增加了近 500 個基點，環比增加了約 450 個基點，證明了我們的規模和經營槓桿。這種擴張也面臨著增加投資以追求幾個新的垂直領域，我很高興在幾分鐘內談論這些，並在今天晚些時候的投資者實地日分享更多細節。

While I believe our performance rivals are out of our strongest peers, there's no question our volumes in parts of August and throughout September moderated more than we would have expected, which we can only surmise was attributable to the COVID Delta variant. There were several well-publicized comments by our airline and hotel executives that would also suggest fall travel fell below expectations from earlier in the summer.

雖然我相信我們的性能競爭對手不在我們最強大的同行中，但毫無疑問，我們在 8 月的部分時間和整個 9 月的交易量比我們預期的要緩和，我們只能推測這是由於 COVID Delta 變體造成的。我們的航空公司和酒店高管發表了幾項廣為人知的評論，這些評論也表明秋季旅行低於夏季早些時候的預期。

I'd like to focus my comments this morning on 3 areas: our core integrated payment performance, the amazing progress since our IPO and finally, the transformation that is about to take place. This will essentially be a summary overview of what we intend to expand upon during our Investor Field Day later today.

今天上午我想把我的評論集中在 3 個方面：我們的核心綜合支付性能、自首次公開募股以來取得的驚人進展，以及即將發生的轉型。這基本上是對我們打算在今天晚些時候的投資者實地日期間擴展的內容的概述。

So first, our core integrated payments business, which enables us to differentiate and compete in the complex restaurant, hospitality and specialty retail verticals is performing incredibly well. As a reminder, we go to market with our aligned software partners and win in near equal parts across a large addressable market and by converting customers from our gateway platform to our end-to-end platform. Over 99% of the transactions processed at Shift4 are, in fact, integrated and successes in these verticals is defined by first, software integration. At the time of the IPO, we possessed approximately 350 unique software integrations. Over the last 18 months, that number has grown to over 425, with most of the recent additions representing modern cloud-based solutions. Many of our merchants require multiple software integrations across multiple years of version history, which makes replication of our integration library nearly impossible.

因此，首先，我們的核心綜合支付業務，使我們能夠在復雜的餐廳、酒店和專業零售垂直領域中脫穎而出並展開競爭，表現非常出色。提醒一下，我們與我們一致的軟件合作夥伴一起進入市場，並通過將客戶從我們的網關平台轉換到我們的端到端平台，在一個巨大的可尋址市場中贏得幾乎平等的份額。事實上，在 Shift4 處理的交易中有超過 99% 是集成的，這些垂直領域的成功首先取決於軟件集成。在 IPO 時，我們擁有大約 350 個獨特的軟件集成。在過去的 18 個月裡，這個數字已經增長到超過 425 個，最近新增的大部分代表現代基於雲的解決方案。我們的許多商家都需要跨越多年版本歷史的多個軟件集成，這使得我們的集成庫幾乎不可能複制。

Our gateway volume specifically is so defensible that it has actually grown to nearly $170 billion in volume since the prior quarter. Our integrations connected to our gateway and representing such volume is connected to virtually every legacy merchant acquirer. That volume represents a significant economic opportunity with a 4% to 5% lift in gross profit from moving to our end-to-end platform.

特別是我們的網關交易量非常可靠，自上一季度以來實際上已經增長到近 1700 億美元。我們的集成連接到我們的網關並代表此類數量幾乎連接到每個傳統商戶收單機構。這一數量代表了一個重要的經濟機會，通過遷移到我們的端到端平台，毛利潤提高了 4% 到 5%。

B, volume growth and resilient spreads. At Shift4, we have been growing so fast. Investors sometimes lose sight of how hard it is to actually differentiate through technology, grow volume and capture meaningful spread. This is probably why many of our competitors don't even report volume growth. At Shift4, we are growing volumes so quickly and in large more complex merchants that investors confuse mix shift upmarket at higher revenues per merchant as spread compression. In reality, and as you will see during our Investor Field Day presentation, our spreads have either remained constant consistent or grown in our core verticals despite the perceived threat of competition. And then add value through technology. Merchants are simply not signing up for nonintegrated solutions. Legacy merchant acquirers with large books of nonintegrated merchants are losing share, and they are gravitating towards technology-enabled platforms like Shift4 and others. We've developed technology that solves pain points like pay-at-the-table, order at table, QR code-based payments, QR code ordering, online ordering, loyalty, business intelligence and even a brand-new full-blown POS platform that we'll talk about in a bit.

B，交易量增長和彈性利差。在 Shift4，我們一直在快速成長。投資者有時會忽視通過技術真正實現差異化、增加交易量和獲得有意義的價差是多麼困難。這可能就是為什麼我們的許多競爭對手甚至沒有報告銷量增長的原因。在 Shift4，我們的交易量增長如此之快，而且在更複雜的大型商戶中，投資者將每個商戶收入更高的混合轉移高端市場與價差壓縮混淆了。實際上，正如您將在我們的投資者實地日演示中看到的那樣，儘管存在競爭威脅，但我們的利差要么保持一致，要么在我們的核心垂直領域有所增長。然後通過技術增加價值。商家根本不會註冊非集成解決方案。擁有大量非集成商戶賬簿的傳統商戶收單機構正在失去份額，他們正被 Shift4 等技術支持的平台所吸引。我們開發的技術可以解決餐桌支付、餐桌點餐、基於二維碼的支付、二維碼訂購、在線訂購、忠誠度、商業智能，甚至是全新的成熟 POS 平台等痛點我們稍後會談到。

We shared with you previously that our new carbohydrate killing platform, code-named Edgewater, and now I'm pleased to announce the platform has a name, and it's called SkyTab POS. And it's not PowerPoint. It's already in 2,000-plus merchants, including the United Center. This modern hybrid cloud software is feature-rich and driven by customer experience-driven philosophy. SkyTab POS will drive incremental SaaS revenues as roughly 85% of the 125,000 restaurants we presently serve today, pay little but nothing in SaaS fees. It will also unlock other revenue opportunities as we roll out payroll, capital and look to monetize our marketplace platform. Further, we expect our thousands of distribution partners to find success in what is an exciting addressable market while also improving margins as customers migrate to a single modern and highly supportable platform. We're excited to share a lot more details on our SkyTab POS product during our Investor Field Day.

我們之前與您分享了我們新的碳水化合物殺滅平台，代號為 Edgewater，現在我很高興地宣布該平台有一個名字，它叫做 SkyTab POS。而且它不是 PowerPoint。它已經在 2,000 多家商戶中使用，包括聯合中心。這種現代混合雲軟件功能豐富，並受客戶體驗驅動理念的驅動。 SkyTab POS 將推動 SaaS 收入的增加，因為在我們目前服務的 125,000 家餐廳中，大約 85% 幾乎不支付 SaaS 費用。隨著我們推出工資單、資本並尋求通過我們的市場平台獲利，它還將釋放其他收入機會。此外，我們希望我們數以千計的分銷合作夥伴能夠在這個令人興奮的潛在市場中取得成功，同時隨著客戶遷移到單一的現代且高度支持的平台而提高利潤率。我們很高興在投資者實地日期間分享更多關於 SkyTab POS 產品的詳細信息。

Our confidence in the competitive mode around our core's integrated payment business is what has given us the confidence since the IPO to move into several new and fast-growing verticals. And on that note, we've deployed since the IPO, some $200 million of capital between organic and inorganic initiatives to strengthen our core, but primarily to expand our TAM, bringing our integrated payment expertise into 3 new verticals, which are gaming, sports and entertainment and e-commerce.

自 IPO 以來，我們對圍繞我們核心的綜合支付業務的競爭模式充滿信心，這讓我們有信心進入幾個新的和快速增長的垂直領域。在這一點上，自首次公開募股以來，我們已經在有機和無機計劃之間部署了約 2 億美元的資金，以加強我們的核心，但主要是為了擴大我們的 TAM，將我們的綜合支付專業知識帶入 3 個新的垂直領域，即遊戲、體育以及娛樂和電子商務。

Along the way, we have generated $45 million in additional revenue, which barely -- while barely scratching the payments opportunity that is embedded within these products and their associated markets. This is primarily why we are raising our 2021 gross revenue less network fee guidance. On that note, we've made considerable progress across all 3 of these new verticals. This includes successes within the stadium vertical with the addition of Toyota Stadium in Frisco, Texas and T-Mobile Arena here in Las Vegas. We currently have over 80 venues in sports teams adopting our Shift4 software and payment services and cannot be more pleased with our decision to enter this vertical through our acquisition earlier this year of VenueNext.

一路走來，我們已經產生了 4500 萬美元的額外收入，這幾乎沒有——雖然幾乎沒有抓住這些產品及其相關市場中嵌入的支付機會。這就是我們提高 2021 年扣除網絡費用後總收入指引的主要原因。在這一點上，我們在所有這 3 個新垂直領域都取得了相當大的進步。這包括在垂直體育場內取得的成功，包括德克薩斯州弗里斯科的豐田體育場和拉斯維加斯的 T-Mobile 競技場。我們目前有 80 多個運動隊場館採用我們的 Shift4 軟件和支付服務，我們對今年早些時候通過收購 VenueNext 進入這個垂直領域的決定感到非常高興。

We also signed several soccer teams during the quarter, including DC United and the Los Angeles Football Club. We are winning large books of business from our competitors, including industry verticals that were previously considered too difficult to switch over. Additionally, through the 3D Card acquisition in 2020, now called Shift4 Shop, we've increased site count to over 72,000 sites, launched a crypto acceptance service with BitPay and advanced several strategic partnerships while booking notable wins like [adventurer company, Hamali.] We are also still investing in the product by improving user experience, adding templates and interfacing with our restaurant products who eventually have in part a Shopify for restaurants capability.

我們還在本季度簽下了幾支足球隊，包括 DC United 和洛杉磯足球俱樂部。我們正在從競爭對手那裡贏得大量業務，包括以前被認為難以轉換的垂直行業。此外，通過 2020 年收購 3D Card（現稱為 Shift4 Shop），我們已將站點數量增加到 72,000 多個站點，推出了與 BitPay 的加密貨幣接受服務，並推進了多項戰略合作夥伴關係，同時贏得了 [adventurer company, Hamali] 等顯著成就。我們還在通過改善用戶體驗、添加模板和與我們的餐廳產品交互來投資該產品，這些產品最終部分具有餐廳功能的 Shopify。

Last, as a perpetual underdog in the gaming industry, we now have 8 gaming licenses and several integrations with gaming software companies, gaming merchants and alternative payment methods, all of which are necessary to compete and win in this exciting new vertical. We've already announced preferred payment relationships with BetMGM and expect to have multiple relationships processing payments with us before the end of the year. We've built out our gaming specialty through entirely organic means by leveraging our expertise in-venue gaming. As a reminder, Capital Las Vegas Strip has a relationship with Shift4; coupled with our immense right to win in stadiums. We made these investments while still expanding margins nearly 500 basis points for the overall business.

最後，作為遊戲行業的永久弱者，我們現在擁有 8 個遊戲許可證，並與遊戲軟件公司、遊戲商家和替代支付方式進行了多次整合，所有這些都是在這個令人興奮的新垂直領域競爭和獲勝所必需的。我們已經宣布了與 BetMGM 的首選付款關係，並希望在年底前與我們建立多種處理付款的關係。我們利用我們在場內博彩方面的專業知識，通過完全有機的方式建立了我們的博彩專長。提醒一下，Capital Las Vegas Strip 與 Shift4 有關係；再加上我們在體育場內獲勝的巨大權利。我們進行了這些投資，同時仍將整體業務的利潤率提高了近 500 個基點。

I mentioned that I wanted to take this update in 3 parts. The core integrated payments business, the progress since the IPO and the transformation that is about to take place. While we're on to the transformation portion of the update, I'm beyond excited to announce we are entering 4 new verticals and expanding the overall organization's TAM on the shoulders of these signature wins. This includes Allegiant Airlines, a multibillion-dollar airline and hospitality provider that will expand and strengthen our capabilities across the broader travel and leisure market; St. Jude Children's Research Hospital, an organization with a vital mission that access nearly $2 billion a year in donations and opens the door to both nonprofit and health care industries; and finally, a company that I've often said is most well run an innovative organization I've ever seen, and I have an obvious bias but SpaceX and their Starlink broadband service. This 5-year strategic partnership will take our integrated payment service across the world.

我提到我想將此更新分為 3 個部分。核心綜合支付業務，IPO以來的進展和即將發生的轉型。在我們進行更新的轉型部分時，我非常高興地宣布我們將進入 4 個新的垂直領域，並在這些標誌性勝利的基礎上擴展整個組織的 TAM。這包括 Allegiant Airlines，一家價值數十億美元的航空公司和酒店服務提供商，它將擴大和加強我們在更廣泛的旅遊和休閒市場的能力；聖裘德兒童研究醫院，一個肩負重要使命的組織，每年獲得近 20 億美元的捐款，並為非營利性和醫療保健行業打開大門；最後，我經常說的一家公司是我見過的經營得最好的創新組織，我有一個明顯的偏見，但 SpaceX 和他們的 Starlink 寬帶服務。這一為期 5 年的戰略合作夥伴關係將使我們的綜合支付服務遍布全球。

With a specific Starlink payment opportunity, some analysts say it could reach over $100 billion a year. The agreement includes a commitment to convert domestic volume to Shift4 beginning in the first quarter of 2022. And it's also worth noting that SpaceX has a restaurant and a few bars and other hospitality venues in the works in Starbase, Texas, and you can count on those locations using our new SkyTab-powered hospitality platform. These wins have displaced payment companies we immensely respect like Adyen and Stripe, though result in numerous new software integrations to our platform, which allow us to pursue other merchants in those new and exciting verticals and come with the sample approval that Shift4 can play in a lot of new verticals around the world, including what I would refer to as sexy tech.

有了特定的 Starlink 支付機會，一些分析師表示，它每年可能達到 1000 億美元以上。該協議包括承諾從 2022 年第一季度開始將國內業務量轉換為 Shift4。另外值得注意的是，SpaceX 在德克薩斯州 Starbase 有一家餐廳、幾家酒吧和其他招待場所，你可以指望這些地點使用我們新的 SkyTab 支持的酒店平台。這些勝利取代了我們非常尊重的支付公司，如 Adyen 和 Stripe，儘管我們的平台集成了許多新的軟件，這使我們能夠在這些新的和令人興奮的垂直領域追求其他商家，並獲得 Shift4 可以在世界上有很多新的垂直領域，包括我所說的性感科技。

As mentioned in my shareholder letter, this quarter was quite interesting. We began with record volume in July. We definitely felt the impact of the COVID Delta variant. We had a confusing secondary offering from our former sponsor, the TSYS service outage, a rocket launch, supply chain fears and then several disappointing weeks in share price performance.

正如我在股東信中提到的那樣，這個季度非常有趣。我們從 7 月份的創紀錄銷量開始。我們確實感受到了 COVID Delta 變體的影響。我們的前贊助商進行了一次令人困惑的二次發行、TSYS 服務中斷、火箭發射、供應鏈擔憂，然後是幾周令人失望的股價表現。

Hopefully, I view some of these perceived concerns as clearly we've been quite busy and the results and outlook are quite bright. But there's certainly a lot more to discuss, including our multiyear outlook, and that's why we are hosting our Investor Field Day this afternoon. We look forward to sharing our vision in a forum that allows more time and interaction with each of you.

希望我能清楚地看到其中一些擔憂，因為我們一直很忙，結果和前景都很光明。但肯定還有很多要討論的，包括我們的多年展望，這就是我們今天下午舉辦投資者實地日的原因。我們期待在一個允許更多時間和與你們每個人互動的論壇中分享我們的願景。

Before I turn the call over to Taylor and Brad, let me touch on a service disruption that occurred during this quarter. On Saturday, August 21, most of our merchants experienced a service disruption due to a platform outage of one of the industry backbones, TSYS. While this outage was caused by our vendor, we took swift decisive action, including reimbursing those impacted merchants for lost revenue. The financial impact from the TSYS outage on our results for the quarter was approximately $25 million, of which approximately $22 million was recorded as contra revenue. Brad will review the financial impact from the TSYS outage in more detail later during this call, but we strongly believe this was the right action to take for our merchants since the feedback we've received from them has been overwhelmingly positive. And we still are very confident on our recovery through the appropriate parties.

在我將電話轉給泰勒和布拉德之前，讓我談談本季度發生的一次服務中斷。 8 月 21 日星期六，由於行業骨乾之一 TSYS 的平台中斷，我們的大多數商家都經歷了服務中斷。雖然這次中斷是由我們的供應商造成的，但我們迅速採取了果斷行動，包括補償那些受影響的商家的收入損失。 TSYS 中斷對我們本季度業績的財務影響約為 2500 萬美元，其中約 2200 萬美元記為對沖收入。 Brad 稍後將在本次電話會議期間更詳細地審查 TSYS 中斷對財務的影響，但我們堅信這是對我們的商家採取的正確行動，因為我們從他們那裡收到的反饋非常積極。我們仍然非常有信心通過適當的各方來恢復我們的經濟。

And lastly, I simply want to thank you all for those that were inspired to donate to the St. Jude Children's Research Hospital. As you know, we set lofty goals and this was one of our loftiest yet. Thanks to you, the inspiration for event raised over $250 million for a very worthwhile cause. And I can assure you the St. Jude children, their parents and their extended families, they're very grateful for your generosity. And with that, let me turn the call over to our Chief Strategy Officer, Taylor Lauber, who will highlight volume trends and thoughts on trends heading into the year-end. Taylor?

最後，我只想感謝大家，感謝那些受到啟發而向聖裘德兒童研究醫院捐款的人。如您所知，我們設定了崇高的目標，這是我們迄今為止最崇高的目標之一。多虧了你，活動的靈感才為一項非常有價值的事業籌集了超過 2.5 億美元。我可以向你保證，聖裘德的孩子們、他們的父母和他們的大家庭，他們非常感謝你的慷慨。說到這裡，讓我把電話轉給我們的首席戰略官 Taylor Lauber，他將強調銷量趨勢和對年底趨勢的看法。泰勒？

Thanks, Jared, and good morning, everyone. The net new merchant wins we've signed and boarded over the past year have set us up well for sustained volume growth throughout the balance of the year and into 2022. As you all know, many of the merchants we've signed are larger, whether that be hotels or more recently large stadium and event venues. Each of these contributes to our increasingly diversified volume mix and delivers higher average volumes and revenues per merchant.

謝謝，Jared，大家早上好。我們在過去一年中籤署和加入的淨新商戶勝利為我們在今年餘下時間和 2022 年的持續銷量增長奠定了良好基礎。眾所周知，我們簽署的許多商戶規模更大，無論是酒店還是最近的大型體育場館和活動場所。每一項都有助於我們日益多樣化的交易量組合，並提供更高的平均交易量和每個商家的收入。

Forecasting volume remains difficult in the context of an uneven pandemic recovery, an evolving mix shift and the impact all of this has on our seasonality cadence. With that being said, the monthly cadence was a record July and a reasonably strong August, followed by a moderation in September. As we called out in our late October business update, we saw volume growth of over 80% through much of the month. With the months now being concluded, we're happy to report that our full month end-to-end payment volumes ended up 86% year-over-year. This strong volume growth is on top of what had also been a very strong October of 2020, which was up 28% year-over-year despite the pandemic.

在大流行病復甦不均衡、不斷變化的組合轉變以及所有這些都對我們的季節性節奏產生影響的情況下，預測銷量仍然很困難。話雖如此，月度節奏是創紀錄的 7 月和相當強勁的 8 月，隨後是 9 月的緩和。正如我們在 10 月下旬的業務更新中所呼籲的那樣，我們看到本月大部分時間的銷量增長超過 80%。隨著幾個月的結束，我們很高興地報告說，我們整個月的端到端支付量同比增長了 86%。這種強勁的銷量增長是在 2020 年 10 月也非常強勁的基礎上實現的，儘管發生了大流行，但銷量同比增長了 28%。

All else being equal, we anticipate the fourth quarter year-over-year volumes growth to benefit from easier comparisons and a continued increase in travel as we finish out the year. We also called out our active merchant growth of 25% for the same October period versus a year ago. We anticipate our fourth quarter active merchant growth to also benefit from more favorable comparisons as merchant growth in November and December last year was weaker due to increased COVID-related restrictions. Sequentially, we exited Q3 with roughly 5% more active merchants than in Q2.

在其他條件相同的情況下，我們預計第四季度的銷量同比增長將受益於更容易的比較和我們年底時旅行的持續增長。我們還指出，與去年同期相比，10 月份我們活躍的商家增長了 25%。我們預計我們第四季度的活躍商戶增長也將受益於更有利的比較，因為去年 11 月和 12 月的商戶增長因與 COVID 相關的限制增加而減弱。因此，我們在第三季度結束時的活躍商家比第二季度多了大約 5%。

As Jared noted, we continue to sign new stadiums within the sports and entertainment market and remain excited to see a return to capacity crowds. Outside of stadiums, we entered the nonprofit charitable giving market with the signing of St. Jude's Children's Research Hospital. We view the nonprofit charitable giving market as both growing and large with an estimated $795 billion of addressable volume in the U.S. alone. We believe we have a unique value proposition to offer charitable fundraising organizations, including the ability to integrate a wide variety of point of giving systems, both legacy and modern. Our addressable opportunity-has increased substantially over the past year as we enter gaming and e-commerce, expanding our hospitality client base substantially through a combination of gateway conversions and net new wins. And now with SpaceX Starlink, we are ready to take all these verticals global.

正如 Jared 指出的那樣，我們繼續在體育和娛樂市場簽署新的體育場館，並且仍然很高興看到觀眾人數恢復。在體育場館之外，我們通過與聖裘德兒童研究醫院的簽約進入非營利慈善捐贈市場。我們認為非營利性慈善捐贈市場正在增長且規模龐大，僅在美國就估計有 7950 億美元的可尋址數量。我們相信我們有一個獨特的價值主張來為慈善籌款組織提供服務，包括整合各種傳統和現代捐贈系統的能力。隨著我們進入遊戲和電子商務，我們可尋址的機會在過去一年中大幅增加，通過網關轉換和淨新勝利的組合大幅擴大了我們的酒店客戶群。現在有了 SpaceX Starlink，我們已準備好將所有這些垂直領域推向全球。

The gateway opportunity remains extremely healthy, with gateway volumes increasing to $170 billion, and we remain in a pull position to continue gaining market share in large complex hospitality environments as a result of our 425 software integrations. As a reminder, roughly 50% of our ongoing production continues to be generated from gateway to end-to-end conversions. Over the past year, we estimate that through both organic and inorganic initiatives, we've increased our addressable market by a factor of 3x from our IPO roughly 18 months ago.

網關機會仍然非常健康，網關數量增加到 1700 億美元，並且由於我們的 425 個軟件集成，我們仍然處於領先地位，可以繼續在大型複雜的酒店環境中獲得市場份額。提醒一下，我們持續生產的大約 50% 繼續從網關到端到端轉換生成。在過去的一年裡，我們估計通過有機和無機的舉措，我們的目標市場比大約 18 個月前的 IPO 增加了 3 倍。

More importantly, we have marquee wins within each vertical, which validate our strategic positioning, guide our capital allocation and diversify our revenue streams. Over the quarter, some of you reached out to us inquiring about a hardware vendor named PACS over security-related concerns. While we use PACS devices, they represent less than 10% of our deployed terminals. Given our larger multi-vertical presence, it's always been important to support a robust family of device manufacturers. Those myriad device certifications pay dividends because supply chains can sometimes be constrained.

更重要的是，我們在每個垂直領域都取得了重大勝利，這驗證了我們的戰略定位，指導了我們的資本配置並使我們的收入來源多樣化。在本季度，你們中的一些人與我們聯繫，詢問一家名為 PACS 的硬件供應商是否存在與安全相關的問題。雖然我們使用 PACS 設備，但它們只占我們已部署終端的不到 10%。鑑於我們更大的多垂直業務，支持強大的設備製造商家族一直很重要。這些無數的設備認證帶來了好處，因為供應鏈有時會受到限制。

It's also worth noting that we encrypt all our terminals with our proprietary encryption keys regardless of the device manufacturer. The security protocols we use are best-in-class and have insulated us from challenges other processors appear to have encountered. We remain active in the market evaluating M&A opportunities and remain disciplined on price, but have more strategic rationale than ever before to continue building and fortify around our recent customer wins. With that, let me turn the call over to Brad Herring to review our financials.

還值得注意的是，無論設備製造商如何，我們都使用專有加密密鑰對所有終端進行加密。我們使用的安全協議是一流的，使我們免受其他處理器似乎遇到的挑戰。我們仍然積極參與市場評估併購機會，並在價格上保持自律，但比以往任何時候都有更多的戰略依據來繼續建立和鞏固我們最近贏得的客戶。有了這個，讓我把電話轉給 Brad Herring 來審查我們的財務狀況。

Thanks, Taylor. Before I dive into the financials, I want to make a few quick comments. First, when we talk about our Q3 results and compare them to other periods, we're excluding the impact of the TSYS outage on the current quarter. I'm going to cover the details of that more in just a minute. Second, it remains relevant to highlight our performance to 2019 pre-pandemic levels to highlight our growth trajectory without the noise created in 2020 by COVID-19.

謝謝，泰勒。在我深入探討財務之前，我想快速發表一些評論。首先，當我們談論我們的第三季度業績並將其與其他時期進行比較時，我們排除了 TSYS 中斷對當前季度的影響。我將在一分鐘內詳細介紹它。其次，突出我們在 2019 年大流行前水平的表現仍然很重要，以突出我們的增長軌跡，而沒有 COVID-19 在 2020 年造成的噪音。

Similar to last quarter, we are proud to report record performance across our KPIs. Gross revenue in the quarter was $400 million, up 86% from the prior year, while gross revenue less network fees was $148 million, up 69% from the prior year and up 86% when compared to Q3 of 2019. This continued growth was fueled by a 73% year-over-year increase in net processing revenue. Shift4 continues to board new end-to-end merchants and consumer spending continues to recover. In the current quarter, net processing made up 67% of our gross revenue less network fees, up 2 percentage points from the same quarter last year. In addition, we've seen continued growth in our SaaS revenues as we continue to expand our TAM via acquisitions and organic investments into new verticals, such as gaming, e-commerce and sports and entertainment.

與上一季度類似，我們很自豪地報告了我們 KPI 的創紀錄業績。本季度的總收入為 4 億美元，比去年同期增長 86%，而扣除網絡費用後的總收入為 1.48 億美元，比去年同期增長 69%，與 2019 年第三季度相比增長 86%。這種持續增長得到了推動淨加工收入同比增長 73%。 Shift4繼續登陸新的端到端商戶，消費者支出持續復甦。在本季度，淨處理占我們總收入減去網絡費用的 67%，比去年同期上升 2 個百分點。此外，隨著我們通過收購和對新垂直領域（例如游戲、電子商務以及體育和娛樂）的有機投資繼續擴大我們的 TAM，我們已經看到我們的 SaaS 收入持續增長。

We're also expanding penetration of our peripheral products and services such as POS software, online order, pay at the table, order at table and our Lighthouse business intelligence into our existing base of over 125,000 restaurant merchants. Specifically, our subscription and other revenue stream has grown 72% when comparing to the third quarter of the same quarter -- third quarter of last year. Spreads for the quarter came in at 74 basis points, which is 4 basis points lower than the spread we reported in Q2. The decline from previous quarter was slightly more than anticipated as we saw a significant increase in hotel volumes that blended down aggregate spreads in the quarter. That shift in mix stabilized towards the end of Q3 as the summer travel season came to an end.

我們還在擴大我們的外圍產品和服務的滲透率，例如 POS 軟件、在線訂購、桌上支付、桌上訂購和我們的 Lighthouse 商業智能，進入我們現有的 125,000 多家餐廳商家。具體來說，與去年同期第三季度相比，我們的訂閱和其他收入流增長了 72%。本季度的利差為 74 個基點，比我們在第二季度報告的利差低 4 個基點。與上一季度相比的下降幅度略高於預期，因為我們看到酒店數量顯著增加，導致本季度的總價差下降。隨著夏季旅遊旺季的結束，這種結構轉變在第三季度末趨於穩定。

It's worth highlighting that spreads within our restaurant and hotel verticals have actually increased over Q3 of 2020 by approximately 8%, further supporting the pricing power of our differentiated end-to-end solution. For the quarter, we reported an adjusted EBITDA of $55.8 million, which represents an increase of 94% over prior year and a 128% increase over Q3 2019 pre-pandemic levels. Our third quarter results produced an EBITDA margin of 38%, which represents nearly 500 basis points of margin expansion over Q3 2020 as we continue to benefit from the scalability of our cost structure.

值得強調的是，我們餐廳和酒店垂直領域的價差實際上比 2020 年第三季度增加了約 8%，進一步支持了我們差異化的端到端解決方案的定價能力。本季度，我們報告調整後的 EBITDA 為 5580 萬美元，比上年增長 94%，比 2019 年第三季度大流行前水平增長 128%。我們第三季度的業績產生了 38% 的 EBITDA 利潤率，與 2020 年第三季度相比，利潤率增長了近 500 個基點，因為我們繼續受益於成本結構的可擴展性。

Keep in mind, our margins would have expanded even faster had we not elected to make several organic and inorganic investments to expand into new and fast-growing verticals. While these investments have already resulted in meaningful contributions to our SaaS revenue streams, we are still in the early days of monetizing the natural payments opportunity. This is important to understand as we look to balance expanding margins in our existing integrated payments footprint while continuing to grow revenues within new verticals.

請記住，如果我們沒有選擇進行多項有機和無機投資以擴展到新的和快速增長的垂直領域，我們的利潤率會增長得更快。雖然這些投資已經為我們的 SaaS 收入流做出了有意義的貢獻，但我們仍處於將自然支付機會貨幣化的早期階段。了解這一點很重要，因為我們希望在現有綜合支付足跡中平衡不斷擴大的利潤率，同時繼續在新的垂直領域內增加收入。

With respect to capital transactions within the quarter, we completed a successful convertible bond offering that raised approximately $618 million in July. With that offering, we exited Q3 with approximately $1.3 billion in cash and still retained approximately $100 million of borrowing capacity against our revolving credit facility.

關於本季度的資本交易，我們成功完成了可轉換債券發行，在 7 月份籌集了約 6.18 億美元。通過此次發行，我們以大約 13 億美元的現金退出了第三季度，並且仍然保留了大約 1 億美元的循環信貸額度借貸能力。

As I mentioned in my opening remarks, I want to take a quick minute to describe how the impact of the TSYS outage is reflected in our financial statements. While our 10-Q will include more detailed information, I want to summarize the impact on this call.

正如我在開場白中提到的，我想花一點時間來描述一下 TSYS 中斷的影響如何反映在我們的財務報表中。雖然我們的 10-Q 將包含更詳細的信息，但我想總結一下對此次電話會議的影響。

First, the $22.4 million of payments made to merchants is reflected as a onetime reduction of payments based revenue in accordance with applicable accounting guidance under ASC 606; second, the $2.3 million of payments made to partners is reflected as a onetime increase within other cost of sales; lastly, there were some additional onetime costs totaling approximately $400,000 that are embedded within various income statement lines, resulting in a total impact for the quarter of $25.1 million. This total amount is reflected as an add-back in our reconciliation to adjusted EBITDA.

首先，根據 ASC 606 下適用的會計指南，向商戶支付的 2240 萬美元反映為基於支付的收入的一次性減少；其次，支付給合作夥伴的 230 萬美元反映在其他銷售成本中的一次性增加；最後，還有一些額外的一次性成本總計約 400,000 美元，這些成本包含在損益表的各個項目中，導致本季度的總影響為 2510 萬美元。這一總額反映在我們對調整後 EBITDA 的調節中。

Also we would like to point you to the appendix of our deck where we present adjusted gross revenue, gross profit, net income and net income per share, each adjusted for the impact of the outage.

此外，我們還想向您指出我們甲板的附錄，其中我們展示了調整後的總收入、毛利潤、淨收入和每股淨收入，每一項都根據停電的影響進行了調整。

Now I want to spend a few minutes on some small updates and commentary on our guidance. First, we are reaffirming our latest full year guidance on end-to-end volumes; second, we are increasing our full year guidance for gross revenue less network fees now to reflect the full year target of $520 million to $525 million. This primarily represents outperformance of our nonvolume SaaS-based revenue streams, mostly from our investments in new verticals. With respect to adjusted EBITDA, we are also reaffirming our latest guidance of $175 million to $180 million. The reason we have not chosen to raise adjusted EBITDA guidance despite our increases to revenue are related to the previous discussion regarding the minimal impact on adjusted EBITDA in the early quarters of our acquisitions and investments we are making to expand into new verticals.

現在我想花幾分鐘時間對我們的指南進行一些小的更新和評論。首先，我們重申我們最新的全年端到端交易量指南；其次，我們現在正在增加我們對總收入減去網絡費用的全年指導，以反映 5.2 億美元至 5.25 億美元的全年目標。這主要代表了我們基於 SaaS 的非批量收入流的出色表現，主要來自我們對新垂直領域的投資。關於調整後的 EBITDA，我們還重申了 1.75 億至 1.8 億美元的最新指導。儘管我們的收入有所增加，但我們沒有選擇提高調整後 EBITDA 指引的原因與之前的討論有關，即我們為擴展到新的垂直領域而進行的收購和投資對調整後 EBITDA 的影響微乎其微。

Excluding the impact of the merchant failure that we discussed in the first quarter of this year, our adjusted EBITDA would actually fall between $180 million and $185 million.

排除我們在今年第一季度討論的商家倒閉的影響，我們調整後的 EBITDA 實際上將在 1.8 億美元至 1.85 億美元之間。

Finally, while we do not want to steal any thunder away from our Investor Field Day event later this afternoon, we would like to set some expectations over the medium term. That said, over the next 3 years, we expect the CAGR on end-to-end volume to be at least 50% and the CAGR on gross revenue less network fees to be at least 30%. We would ask that you hold questions related to our medium-term outlook until our Investor Field Day where we'll have the opportunity to discuss some of the exciting developments within our business to support our medium-term outlook. With that, I will turn the call back over to the operator for your questions.

最後，雖然我們不想從今天下午晚些時候的投資者實地日活動中搶走任何風頭，但我們想設定一些中期預期。也就是說，在未來 3 年內，我們預計端到端流量的複合年增長率至少為 50%，總收入減去網絡費用後的複合年增長率至少為 30%。我們會要求您在我們的投資者實地日之前提出與我們的中期展望相關的問題，屆時我們將有機會討論我們業務中一些令人興奮的發展，以支持我們的中期展望。有了這個，我會把電話轉回給接線員來回答你的問題。

(Operator Instructions) Our first question comes from Darrin Peller from Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Darrin Peller。

Thanks for all this updated information on the outlook of the new verticals . Just touching on that for a minute. The progress that you're now making in these incremental verticals looking at charity and some of the airlines, can you just touch on the leverage that you're basing your technology differentiation in your current verticals to allow you into those categories? I mean whether it's St. Jude's or it's some of the other charities you mentioned in the slides or it seems like the complexity you service with all the different ISVs is allowing for that. And how big could these opportunities would be relative to some of the verticals you're in today, again, when looking at some of the wins you're having.

感謝所有這些關於新垂直行業前景的更新信息。稍微談一談。您現在在關注慈善機構和一些航空公司的這些增量垂直領域取得的進展，您能否談談您在當前垂直領域中基於技術差異化以允許您進入這些類別的槓桿作用？我的意思是無論是 St. Jude's 還是您在幻燈片中提到的其他一些慈善機構，或者看起來您為所有不同的 ISV 提供服務的複雜性都允許這樣做。在查看您所取得的一些勝利時，這些機會相對於您今天所處的某些垂直領域會有多大。

Yes, Darrin. Good question, Jared here. Thank you. This is what our payment platform does. We're an integrated payments company, which means we connect into commerce-enabling software to encrypt and tokenize and drive secure payment transactions. The fact that we've been in predominantly restaurants, hotels and specialty retail is really more a factor of the merchant environment requiring multiple different types of software. That complexity is what has necessitated Shift4. There was never a platform limitation that could take us into these other verticals. In fact, these other verticals share a lot of similarities to restaurants, hotels and specialty retailers. They have multiple different software types in these verticals in order to deliver a commerce experience. I mean, in fact, nonprofit has been eye-opening for us. As I think we've mentioned this over the last probably 2 or 3 quarters, they use multiple different types of software applications for their various fundraising efforts.

是的，達林。好問題，賈里德。謝謝。這就是我們的支付平台所做的。我們是一家綜合支付公司，這意味著我們連接到商業支持軟件以加密和標記化並推動安全支付交易。事實上，我們一直主要從事餐館、酒店和專業零售業務，這實際上更多地是商業環境需要多種不同類型軟件的一個因素。這種複雜性正是 Shift4 所必需的。從來沒有平台限制可以將我們帶入這些其他垂直領域。事實上，這些其他垂直行業與餐廳、酒店和專業零售商有很多相似之處。他們在這些垂直領域擁有多種不同的軟件類型，以提供商務體驗。我的意思是，事實上，非營利組織讓我們大開眼界。正如我認為我們在過去可能 2 或 3 個季度中提到的那樣，他們使用多種不同類型的軟件應用程序來進行各種籌款活動。

So these industries share a lot of the characteristics that have made us successful today. But when it all comes down to it, we drive transactions in commerce-enabling software and we do it really well. So I think that's one. And I think it's also important to know when we do capture those software integrations, whether it's been health care, nonprofit, airline, it's very safe to say that the Starlink's payment platform is quite actually -- or software is actually quite proprietary. It does open us up to all the other merchants that occupy the space in those verticals. And with Starlink specifically, which is a global initiative, it takes our restaurant business, our hotel business, our stadium business, our gaming business, our e-com business, into all the same geographies that we're following for Starlink.

因此，這些行業具有許多使我們今天取得成功的特徵。但當一切歸結為它時，我們推動商業支持軟件的交易，我們做得非常好。所以我認為這是一個。而且我認為了解我們何時捕獲這些軟件集成也很重要，無論是醫療保健、非營利組織還是航空公司，都可以非常安全地說 Starlink 的支付平台實際上是——或者軟件實際上是非常專有的。它確實讓我們向佔據這些垂直領域空間的所有其他商家敞開了大門。特別是 Starlink，這是一項全球計劃，它將我們的餐飲業務、酒店業務、體育場業務、遊戲業務、電子商務業務帶入我們為 Starlink 所關注的所有相同地區。

And then in terms of the opportunity they represent, we put that in our presentation, Allegiant Airline does -- I mean, you can see that they're a public company, they do $2 billion-plus in payment volume right now. Thank you to our research hospitals and nonprofit. They do nearly $2 billion in donations. And then in terms of Starlink, they are already just in beta, doing over $1 billion of payment volume, and you can see a number of different analysts out there that believe that just Starlink alone could be $100-billion-a-year payment opportunity going forward. So you can probably guess why we're so excited about these signature wins.

然後就他們所代表的機會而言，我們將其放在我們的演示文稿中，Allegiant Airline 確實 - 我的意思是，你可以看到他們是一家上市公司，他們現在的支付量超過 20 億美元。感謝我們的研究醫院和非營利組織。他們捐贈了近 20 億美元。然後就 Starlink 而言，他們已經處於測試階段，支付量超過 10 億美元，你可以看到許多不同的分析師認為，僅 Starlink 一項就可能成為每年 1000 億美元的支付機會向前走。所以您可能會猜到為什麼我們對這些標誌性的勝利如此興奮。

All right. That's really helpful. Just one quick follow-up on the revenue yields just because I know you touched on -- I think, Brad, you touched on it being around-SaaS revenue upside, which is great to see, especially just given some of the questions on and off through the year about yields here. Clearly, as you grow, you're able to sustain obviously strong yields given the CAGR is, I guess, we'll wait for the Investor Day discussion to go into. But when we look at geography of yields for the fourth quarter on a seasonal basis for a minute, if you could just remind us of that? And then just when you talk about some of these new verticals and new larger categories, I assume they're going to come with lower yields, but obviously just bigger, more broad opportunities. Just to make sure we're thinking about that right. And a great job overall.

好的。這真的很有幫助。只是對收入收益率的快速跟進，因為我知道你談到了——我想，布拉德，你談到了圍繞 SaaS 收入增長的問題，這很高興看到，尤其是考慮到一些關於和在這裡過了一年左右的產量。顯然，隨著你的成長，你能夠維持明顯強勁的收益率，因為複合年增長率是，我想，我們將等待投資者日討論進入。但是，當我們花一分鐘時間看一下第四季度的收益率地理分佈時，您是否可以提醒我們這一點？然後當你談論其中一些新的垂直行業和新的更大類別時，我認為它們的收益率會更低，但顯然只是更大、更廣泛的機會。只是為了確保我們考慮的是正確的。總體來說做得很好。

Darrin, you're exactly right. So for Q4, if you think of kind of normal seasonality, we'd expect a slight dip in Q4 just related to the normal seasonal pattern. I'm going to highlight, like we talked about before, we do expect that continued kind of 1 to 2 basis point decline just with merchant mix. We're going to talk about some more of that later today in our investment discussions. And we're also going to talk a little bit more about the second point you made, which is very valid, which is as you go upmarket, you will see the economics play out that the spreads on larger merchants is slightly less than what we're seeing now on our average merchant size and we're going to talk about that. But what's really important to understand is the quantum of revenue that we can generate off of these merchants. So if you look at a revenue per merchant basis, you're going to see some pretty staunch acceleration in that number as well. We're going to cover both of those in more detail today. So I look forward to diving into that.

達林，你完全正確。因此，對於第四季度，如果你想到某種正常的季節性，我們預計第四季度會略有下降，這與正常的季節性模式有關。我要強調的是，就像我們之前談到的那樣，我們確實預計商戶組合會繼續下降 1 到 2 個基點。我們將在今天晚些時候的投資討論中討論更多內容。我們還要多談談你提出的第二點，這是非常有道理的，當你進入高端市場時，你會看到經濟學的結果，即大商戶的價差略低於我們現在看到我們的平均商家規模，我們將討論這個問題。但真正重要的是要了解我們可以從這些商家那裡獲得多少收入。因此，如果您查看每個商家的收入，您也會看到該數字的一些相當穩定的加速。我們今天將更詳細地介紹這兩者。所以我期待著深入研究。

Yes. And one thing I would just layer on to. Obviously, we provide a lot of detail, and we'll talk a little bit later today on how different verticals have an impact on spread, but overall, your average revenue per merchant goes up. But these new verticals that we've announced have a lot of opportunities into them. First, they are priced with margin; but second, when you get into nonprofit, charitable giving, there's opportunities to push costs back on the consumers making the donations, which usually come at a pretty healthy spread. When you get into international markets, it opens up cross-border payment opportunities, which also, as you guys are aware, usually coming in pretty higher spreads. So I think there's going to be a lot more to talk about for sure as we move into these new verticals that I think will be pretty interesting.

是的。還有一件事我會繼續講下去。顯然，我們提供了很多細節，今天晚些時候我們將討論不同的垂直行業如何影響傳播，但總的來說，每個商家的平均收入會增加。但是我們已經宣布的這些新的垂直領域有很多機會。首先，它們是按保證金定價的；但其次，當你進入非營利性慈善捐贈時，就有機會將成本推回到進行捐贈的消費者身上，這通常會產生相當健康的利差。當你進入國際市場時，它開闢了跨境支付機會，正如你們所知，通常會有更高的利差。所以我認為，隨著我們進入這些我認為會非常有趣的新垂直領域，肯定會有更多的話題可以討論。

Our next question comes from Jason Kupferberg from Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

This is Kathy on for Jason. First I just wanted to ask a little bit more about the TSYS outage. I appreciate all the disclosure and the transparency around that. I just wanted to confirm, are those impacts fully behind you in 3Q? Or are you kind of expecting any lingering effects in 4Q -- And can you just explain a little bit more about like what brought upon the situation? What's like an unexpected volume spurred? And was there any kind of loss of data or security issues related to it?

這是傑森的凱西。首先，我只想多問一點有關 TSYS 中斷的問題。我感謝所有的披露和透明度。我只是想確認一下，這些影響在第三季度是否完全消失了？或者你是否有點期待第四季度的任何揮之不去的影響——你能多解釋一下是什麼導致了這種情況嗎？什麼是刺激的意想不到的成交量？是否有任何類型的數據丟失或與之相關的安全問題？

Yes, sure. No problem, Jared here. I'm happy to take that, Kathy. So first, you'd really have to ask Global Payments as to the ultimate root cause on that. They really punished a lot of the industry with that situation. But it very much is onetime in nature. It happened back in August. We put out a disclosure to it. There was never any issues at all with security or cardholder data. That's all our technology, which works very well. PCI-validated point-to-point encryption on every one of those transactions.

是的，當然。沒問題，賈里德在這裡。我很樂意接受，凱西。因此，首先，您真的必須向 Global Payments 詢問最終的根本原因。在這種情況下，他們確實懲罰了很多行業。但它在本質上是一次性的。事情發生在八月份。我們對其進行了披露。安全或持卡人數據從來沒有任何問題。這就是我們所有的技術，效果很好。每筆交易都經過 PCI 驗證的點對點加密。

Yes, I mean, ultimately, TSYS is one of the, call it, 4 or 5 backbones in the industry, and they haven't put out a lot of specifics as to what the cause was. But on a Saturday night, you can imagine the impact to restaurants and hotels. We did the right thing and just issued these credits per the discussion today, specifically with the goal of putting all this behind us.

是的，我的意思是，歸根結底，TSYS 是業內 4 或 5 個骨乾之一，他們沒有詳細說明原因。但是在周六晚上，您可以想像對餐館和酒店的影響。我們做了正確的事情，根據今天的討論發布了這些積分，特別是為了讓所有這些都成為我們的目標。

I mean we're growing really fast. We're obviously entering a lot of new verticals. We don't want to spend time arguing with our customers. We don't want to wind up in litigation. We've had no customer complaints, no litigation coming out of this issue. In fact, what we've had is a lot of signature wins, more stadiums have come online, more restaurants and hotels to -- if we were taking actions similar to other payment processors of which literally hundreds of banks, financial institutions were caught up in this. We'd never be able to grow at the pace we're doing it.

我的意思是我們發展得非常快。我們顯然正在進入許多新的垂直領域。我們不想花時間與客戶爭論。我們不想結束訴訟。我們沒有收到任何客戶投訴，也沒有就此問題提起訴訟。事實上，我們已經取得了很多標誌性的勝利，更多的體育場館已經上線，更多的餐館和酒店——如果我們採取類似於其他支付處理商的行動，實際上有數百家銀行、金融機構被趕上了在這。我們永遠無法以現在的速度增長。

So no, we don't expect any lingering issues going forward. In fact, this kind of became case closed back in August. That said, we have been talking with you with our investors since the IPO about our own final piece to the payment rails that we brought in-house, which we call Project (inaudible) that will remove any dependency on the TSYS backbone starting in early 2022 to make sure that we have complete control of this and never be in a situation of recurrence.

所以不，我們預計未來不會有任何揮之不去的問題。事實上，這種情況早在 8 月份就結案了。也就是說，自 IPO 以來，我們一直在與投資者討論我們自己在內部引入的支付軌道的最後一部分，我們稱之為項目（聽不清），它將從早期開始消除對 TSYS 主幹的任何依賴2022年，以確保我們對此有完全的控制，並且永遠不會再發生這種情況。

Okay. That's great to hear. Very helpful. And I guess, if I could just ask, switching gears a little bit. If you look at the rate at which gateway volume has been converted to end-to-end of the past couple of quarters. I think even this quarter, you kind of said 50%, if I believe I had that number correct. Is there any reason to believe that, that pace would accelerate or decelerate materially as we head into 2022?

好的。聽到這個消息我很高興。很有幫助。我想，如果我能問一下，稍微換檔一下。如果您查看過去幾個季度網關量轉換為端到端的速率。我想即使是這個季度，如果我相信我的數字是正確的，你也會說 50%。是否有任何理由相信，隨著我們進入 2022 年，這一步伐會大幅加快或放緩？

Great question. This is Taylor. I'll cover it. There's absolutely no reason it would decelerate. In fact, that's a trend we've seen very consistently over the past several years, even throughout the pandemic. And the right way to think about it is we've got this $170-odd billion in volume, 425 software integrations that are naturally inclined to continue to consolidate business with us via that gateway conversion mechanism.

很好的問題。這是泰勒。我會覆蓋它。絕對沒有理由減速。事實上，這是我們在過去幾年中一直看到的趨勢，甚至在整個大流行期間也是如此。正確的思考方式是我們擁有 1700 多億美元的交易量，425 個軟件集成自然傾向於通過網關轉換機制繼續與我們整合業務。

But when you think about those 425 software integrations, their installed base goes far beyond that $170 billion that's on the gateway. So if you put yourself in our shoes and you look at production on our end-to-end platform in any given month, and you say about half is coming from these easy gateway conversions and about half is coming from a larger installed base of these integrations, that makes sense to us. And it's proven throughout really choppy periods to work pretty consistently with that.

但是，當您考慮這 425 個軟件集成時，它們的安裝基礎遠遠超過網關上的 1700 億美元。因此，如果您設身處地地考慮我們的情況，看看任何給定月份在我們端到端平台上的生產情況，您會說大約一半來自這些簡單的網關轉換，大約一半來自更大的這些安裝基礎集成，這對我們來說很有意義。事實證明，在整個非常動蕩的時期，它都能與此保持一致。

There's always nuances. There's always a hotel chain that decides to do all in one quarter where you might get some outsized net new wins versus gateway conversion. But generally speaking, you have a lot of shots on goal against that $170 billion, but a much larger installed base outside of that and it blends around to 50-50.

總是有細微差別。總是有一家連鎖酒店決定在一個季度內完成所有工作，在那裡您可能會獲得一些超大的淨新勝利與網關轉換。但總的來說，你有很多目標可以對抗這 1700 億美元，但除此之外還有一個更大的安裝基數，它混合了大約 50-50。

In terms of acceleration, we spend basically every week thinking through ways that we could accelerate it. And there's a bunch of things we can do. Like Jared always likes to say, and it's a true statement. We don't have to be a gateway. Being a gateway and sending volume to our competitors is like an accommodation that we're making because of the way the industry evolved over the past decade. We don't have to do that. I think the stance we've taken, which is provide incentives to migrate, provide the education on why it's a better solution for merchants and win about half of those merchants via gateway conversion and then get net new wins is a good compromise for that. But yes, at any given time, we're evaluating, do we want to maintain a legacy connection? Do we want to create a more unique partnership with one of those software integrations to help compel them to migrate faster -- and I would say, at the top level, while it looks like a very consistent mix of 50-50, these incentives drive ISV versus another to either convert a lot more gateway merchants or bring us a bunch of net new wins in any particular quarter.

在加速方面，我們基本上每週都會花時間思考可以加速它的方法。我們可以做很多事情。就像賈里德總是喜歡說的那樣，這是一個真實的陳述。我們不必成為網關。由於過去十年行業的發展方式，作為門戶並向我們的競爭對手發送流量就像我們正在做的住宿。我們不必那樣做。我認為我們採取的立場是提供遷移激勵，提供教育，說明為什麼它對商家來說是更好的解決方案，並通過網關轉換贏得大約一半的商家，然後獲得淨新勝利，這是一個很好的妥協。但是，是的，在任何給定時間，我們都在評估，我們是否要保持舊版連接？我們是否想與其中一個軟件集成建立更獨特的合作夥伴關係，以幫助迫使他們更快地遷移——我想說，在頂層，雖然它看起來像是 50-50 的非常一致的組合，但這些激勵措施推動ISV 與另一個 ISV 相比，要么轉換更多的網關商家，要么在任何特定季度為我們帶來大量淨新勝利。

So we're doing things all the time. I think the blended effect of that has consistently been 50-50. And we're hesitant to press some of the more aggressive layers that would undoubtedly accelerate that migration because of all the net new win success we're having. It's built a lot of goodwill the way we've approached kind of this gateway migration process for customers.

所以我們一直在做事情。我認為混合效應一直是 50-50。而且我們猶豫是否要施壓一些更具侵略性的層，這無疑會加速遷移，因為我們擁有所有新的淨胜利成功。它以我們為客戶處理這種網關遷移過程的方式建立了很多善意。

Our next question comes from Dan Perlin from RBC.

我們的下一個問題來自 RBC 的 Dan Perlin。

Great. And thanks for all the details. It's fantastic. I'm not trying to steal thunder from this afternoon, but I did have a quick question on the SkyTab POS. Just conceptually, was this -- do you guys feel like this was something you needed to do in order to control payment monetization longer term? Obviously, there's a cross-selling opportunity in SaaS revenues that were -- I guess you're just kind of leaving on the table there. So that's a huge opportunity. But as the industry continues to kind of pivot to more of controlled POS, was this kind of a competitive necessity that you need to do? Or do you feel like this is unique and different to your product set?

偉大的。並感謝所有細節。這是夢幻般的。我不是想從今天下午搶風頭，但我確實有一個關於 SkyTab POS 的快速問題。只是從概念上講，這是——你們覺得這是為了長期控制支付貨幣化需要做的事情嗎？顯然，SaaS 收入中存在交叉銷售機會——我猜你只是想離開那裡。所以這是一個巨大的機會。但隨著該行業繼續轉向更多受控 POS，您需要做這種競爭必要性嗎？還是您覺得這與您的產品系列不同？

Thanks, Dan. So I mean, we didn't feel any feel any pressure in the market to make our investments and build out SkyTab POS, you can probably see from some of the slides in the investor deck, we've been continuing to win in the restaurant vertical despite the competitive environment for years and years now. This is just the right thing to do.

謝謝，丹。所以我的意思是，我們在市場上沒有感受到任何壓力來進行我們的投資和建立 SkyTab POS，您可能可以從投資者甲板上的一些幻燈片中看到，我們一直在餐廳繼續獲勝儘管多年來競爭激烈，但仍然是垂直的。這是正確的做法。

Four years ago, we acquired software POS companies from a different generation. It had a ton of embedded integrated payment volume living inside it, a lot of sophisticated distribution. We were able to unlock considerable value through those acquisitions. But it was never the long-term plan to support 4 different restaurant POS platforms. The idea was always to consolidate around a modern cloud-based architecture that: one, it just provides a lot of efficiency gains from a support perspective, hybrid cloud Android-based operating systems, very, very low maintenance, easy to support, easy to push out updates. But yes, it also opens up another -- a lot of other opportunities that we weren't as focused on with our prior strategy, which was monetizing through SaaS.

四年前，我們收購了不同時代的軟件 POS 公司。它裡面有大量的嵌入式集成支付量，很多複雜的分佈。我們能夠通過這些收購釋放出可觀的價值。但支持 4 個不同的餐廳 POS 平台從來不是長期計劃。這個想法始終圍繞現代基於雲的架構進行整合：其一，從支持的角度來看，它只是提供了大量的效率提升，混合雲基於 Android 的操作系統，非常非常低的維護，易於支持，易於推出更新。但是，是的，它也開闢了另一個 - 許多其他機會，我們沒有像我們之前的戰略那樣專注於通過 SaaS 獲利。

I mean the reality is, as you can see, even this quarter is you can capture SaaS revenue and meaningful payment volume. As we discussed in our comments, 85% of the 125,000 restaurants that we touch today don't have a SaaS contribution. We have a marketplace with integration to DoorDash and Uber Eats and Postmates. There's probably 50 existing marketplace integrations, hundreds more.

我的意思是，正如您所看到的，現實情況是，即使是本季度，您也可以獲得 SaaS 收入和有意義的支付量。正如我們在評論中所討論的那樣，我們今天接觸的 125,000 家餐廳中有 85% 沒有 SaaS 貢獻。我們有一個與 DoorDash、Uber Eats 和 Postmates 集成的市場。可能有 50 個現有的市場集成，還有數百個。

We don't charge any fee for use of that marketplace despite virtually every one of our competitors doing so. It would have been a lot harder to roll out a capital and payroll offering when you have to make it work with 4 different POS platforms versus one. So we embarked on this journey years and years ago. As we mentioned, we called it Project Edgewater, now as a name SkyTab POS, not PowerPoint, there's 2,000 of them deployed out there, including most recently at United Center. And we've got a lot of hungry distribution partners that are eager to go out in the marketplace and make an impact. So that rationale has existed for years and was not the result of any new developments.

我們不對使用該市場收取任何費用，儘管我們的幾乎所有競爭對手都這樣做了。當你必須讓它與 4 個不同的 POS 平台一起工作而不是一個時，推出資本和工資產品會困難得多。因此，我們多年前就踏上了這段旅程。正如我們提到的，我們將其稱為 Edgewater 項目，現在稱為 SkyTab POS，而不是 PowerPoint，那裡部署了 2,000 個，包括最近在 United Center。我們有很多渴望進入市場並產生影響的渴望的分銷合作夥伴。所以這個理由已經存在多年，並不是任何新發展的結果。

And frankly, you can't make this much progress on a completely new restaurant platform if you just decide to do it yesterday, I mean this was in the works for years.

坦率地說，如果你昨天才決定這樣做，你就無法在一個全新的餐廳平台上取得如此大的進步，我的意思是這已經進行了多年。

Yes. No, that's super exciting. And then just quickly on the quarter, Taylor, you mentioned some of the stuff around the October volumes and kind of the cadence I just want to make sure we're clear because that created some consternation during the period. So October was up 86%. I think generally speaking, at the midpoint of the guidance range, it's just maybe 110%. And I know there's some seasonality that typically takes place, I think, in and around November, but the numbers are suggesting an acceleration. So can you just again kind of walk through the cadence of that so that we understand your conviction level there.

是的。不，那太令人興奮了。然後很快就在這個季度，泰勒，你提到了 10 月份的一些東西和節奏，我只是想確保我們很清楚，因為這在這段時間裡造成了一些恐慌。所以 10 月份上漲了 86%。我認為一般來說，在指導範圍的中點，它可能只是 110%。我知道通常會在 11 月及前後出現一些季節性，但數字表明正在加速。那麼，您能否再次了解一下它的節奏，以便我們了解您在那裡的信念水平。

Yes, absolutely. What I'll do first is I'll convey the cadence of last year because I think that's very important. So last year, we had a downright strong October, up 28% year-over-year despite a pandemic. And then as we all recall, starting in kind of the middle of November and throughout December, we had a significant increase in COVID-related restrictions across the country. I think New York City is a good example in California, just simply shut off indoor dining, right when the weather was getting cold. And you had a handful of examples across other states. What that resulted in was a decellerization in growth in November and then a further deceleration in December so much so that December actually contracted modestly year-over-year.

是的，一點沒錯。我首先要做的是傳達去年的節奏，因為我認為這非常重要。所以去年，我們有一個非常強勁的 10 月，儘管發生了大流行，但同比增長了 28%。然後我們都記得，從 11 月中旬開始到整個 12 月，我們在全國范圍內顯著增加了與 COVID 相關的限制。我認為紐約市是加利福尼亞的一個很好的例子，只是在天氣變冷的時候關閉室內用餐。你在其他州有一些例子。結果是 11 月增長減速，然後 12 月進一步減速，以至於 12 月實際上同比小幅收縮。

And so you went from an up 28% October to a contraction in December. That is not a normal seasonal cadence by any stretch of the imagination. That is a significantly impacted quarter as a result of the COVID restrictions. Now contrast to that for this year, what we have is, again, a very strong October, up 86% year-over-year on a tough comp. We're very proud of that. But we expect that given the deceleration in November and December of last year, that it continues to improve. And I think the X factor is what exactly does this lifting of travel restrictions do, what exactly does the significantly larger number of hotels in our base versus last year due due to November and December as travel increases across the country.

因此，您從 10 月上漲 28% 變為 12 月收縮。無論怎麼想，這都不是正常的季節性節奏。由於 COVID 限制，這是一個受到重大影響的季度。現在與今年相比，我們再次看到非常強勁的 10 月，在艱難的情況下同比增長 86%。我們為此感到非常自豪。但我們預計，鑑於去年 11 月和 12 月的減速，它會繼續改善。我認為 X 因素是旅行限制的取消到底做了什麼，由於全國旅行增加，由於 11 月和 12 月，我們基地的酒店數量與去年相比明顯增加了。

I think we're of the opinion in the room that it will undoubtedly increase. It's just exactly the magnitude of that, and that's sort of where we're at today, which is October looks great, and we're going to stick with our guide given the relative of those factors.

我想我們在房間裡的意見是毫無疑問會增加。這正是它的重要性，這就是我們今天所處的位置，十月看起來很棒，鑑於這些因素的相關性，我們將堅持我們的指南。

Our next question comes from Ashwin Shirvaikar from Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

I wanted to take -- I want to start by asking for some more details on the new verticals, say, for example, gaming that you just signed your first -- recently first gaming plan, but you do already have a pretty meaningful presence in Vegas. So what's sort of the process for actually going after that? What's the competitive environment like? Would you need to make more acquisitions or partnerships, such as (inaudible) would do? So let me start there.

我想 - 我想首先詢問有關新垂直領域的更多細節，例如，你剛剛簽署的第一個遊戲 - 最近的第一個遊戲計劃，但你已經在拉斯維加斯。那麼實際之後的過程是什麼樣的呢？競爭環境如何？您是否需要進行更多的收購或合作，例如（聽不清）會這樣做？所以讓我從那裡開始。

Yes. Ashwin, Jared here. I can take that. So it is true -- I mean, first, just really no one -- there were no payment companies that were equipped out of the box to pursue the domestic gaming opportunity. It kind of -- it was shut down years and years ago, it reappeared, became sexy and then Shift4 and obviously, two other payment companies really began sprinting towards it. What do you have to do in order to accommodate this vertical? You need integration. And the integration that we possess in the card-present gaming environment are very different than the ones you need in card not present.

是的。阿什溫，這裡是賈里德。我可以接受。所以這是真的——我的意思是，首先，真的沒有人——沒有開箱即用的支付公司來尋求國內游戲機會。它有點——它在幾年前被關閉，它又出現了，變得性感，然後是 Shift4，顯然，另外兩家支付公司真的開始向它衝刺。為了適應這個垂直方向，你必須做什麼？你需要整合。我們在有卡遊戲環境中擁有的集成與您在無卡遊戲環境中所需的集成非常不同。

But this is -- what it does help us do is separate us as one of the logical players that these gaming organizations should partner with, because if you have insight into a patron gaming and other hospitality business in a card-present environment, and then you're able to link that in a card-not-present environment for mobile gaming, that can provide some valuable insight into some of the partners that we're working with. So that's how -- that is one of our rights to win on top of, we believe that our presence in stadiums is actually pretty relevant as well.

但這是 - 它確實幫助我們做的是將我們作為這些遊戲組織應該與之合作的合乎邏輯的玩家之一分開，因為如果你對持卡環境中的顧客遊戲和其他酒店業務有洞察力，然後您可以將其鏈接到手機遊戲的無卡環境中，這可以為我們正在合作的一些合作夥伴提供一些有價值的見解。所以這就是 - 這是我們獲勝的權利之一，我們相信我們在體育場館的存在實際上也非常重要。

But again, all three of these organizations that are sprinting towards that have to accumulate integrations and they have to accumulate gaming licenses. So we, as I mentioned in our remarks, had 8 gaming licenses, and we've completed integrations to providers we didn't have previously like -- you see we've released [every], I think there's NRT out there, there's (inaudible). BetMGM requires a number of different software integration. So that's what we've been doing for, call it, the last 6 months, accumulating all these integrations, these alternative payment methods so that when the switch gets turned on, we're able to satisfy all the requirements for our customers. And that's well under the way. And I think as I mentioned in my comments, we expect the first mobile gaming transactions to flow across our rails this year in the quarter ahead.

但同樣，所有這三個正在衝刺的組織都必須積累整合，並且他們必須積累遊戲許可證。因此，正如我在評論中提到的那樣，我們擁有 8 個遊戲許可證，並且我們已經完成了與以前沒有的提供商的集成——你看我們已經發布了 [every]，我認為那裡有 NRT，有（聽不清）。 BetMGM 需要許多不同的軟件集成。這就是我們過去 6 個月一直在做的事情，積累了所有這些集成，這些替代支付方式，以便當開關打開時，我們能夠滿足客戶的所有要求。這一切都在進行中。我認為正如我在評論中提到的那樣，我們預計今年第一季度的移動遊戲交易將在我們的軌道上流動。

Got it. Got it. Okay. And then on your medium-term outlook, which is by the end of 2024. So is that sort of an annualized 4Q '24? I mean can you sort of granularize what the actual expectations are and hopefully, maybe even the cadence of it, effects like is it organic? Is it -- does it include acquisitions already and things like that?

知道了。知道了。好的。然後是你的中期展望，即到 2024 年底。那是一種年化的 24 年第四季度嗎？我的意思是，您能否詳細說明實際期望是什麼，並希望，甚至可能是它的節奏，效果是有機的嗎？它 - 它是否已經包括收購之類的事情？

I think that one is appropriate at the table for the day because we spend a lot of time sort of structuring out what the core business should be expected to contribute over time. Exactly what -- where we've invested this capital that Jared talked about, the roughly $200 million in organic and inorganic. And then exactly where these new win will take us. So if you don't mind, I'd prefer we just table that towards a few hours from now.

我認為今天的會議很合適，因為我們花了很多時間來構建核心業務隨著時間的推移應該做出的貢獻。確切地說——我們投資了 Jared 談到的這筆資金，大約 2 億美元用於有機和無機。然後這些新勝利將把我們帶到哪裡。所以如果你不介意的話，我希望我們在幾個小時後就把它擺在桌面上。

Yes. That said, I do want to clarify, we're not getting queued on any sort of like 2024 exit rate (inaudible) another year on Ashwin there. What we're saying is between the core business, which is highly stable and growing very quickly, as you can see in the presentation materials on top of the 3 new verticals that we started in 6 months ago, which is gaming, sports and entertainment and e-commerce; and these 4 signature new wins that are taking us across the world. What we're dealing with now is immense demand, lots of demand. And if you look at our existing core businesses growth rate, that remains stable within verticals that are very, very hard to encroach upon our space on, then there's not a whole lot of what you have to believe in those 7 new verticals that we shared with you. But as we mentioned, we'll go into more specifics in our Investor Field Day.

是的。也就是說，我確實想澄清一下，我們不會在 Ashwin 那裡再排隊等待 2024 年退出率（聽不清）。我們所說的是核心業務之間的高度穩定和快速增長，正如您在我們 6 個月前開始的 3 個新垂直領域（遊戲、體育和娛樂）之上的演示材料中所看到的和電子商務；以及這 4 項標誌性的新勝利將我們帶到了世界各地。我們現在面對的是巨大的需求，大量的需求。如果你看看我們現有的核心業務增長率，它在非常非常難以侵犯我們空間的垂直領域保持穩定，那麼你不必相信我們分享的這 7 個新垂直領域與你。但正如我們所提到的，我們將在投資者實地日討論更多細節。

Our next question comes from Tim Chiodo of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Tim Chiodo。

My question is related to SkyTab POS in a way, but also specific to the 7,000 expert distribution partners talked about earlier and prior and also in the slides today on Slide 25. When we think about those 7,000 expert distribution partners, you mentioned that they're hungry to be able to sell the software. Can you just give us some context on what are some of the other platforms that they're currently selling? How does Shift4 begin to take more of their mind share? And sort of what is their status quo in terms of the platforms that they're most focused on at the moment that their attention will shift over to the new SkyTab POS?

我的問題在某種程度上與 SkyTab POS 相關，但也具體針對之前和之前討論過的 7,000 名專家分銷合作夥伴，以及今天在幻燈片 25 上的幻燈片。當我們考慮這 7,000 名專家分銷合作夥伴時，您提到他們'你渴望能夠銷售該軟件。你能給我們介紹一下他們目前正在銷售的其他一些平台嗎？ Shift4 如何開始佔據他們更多的注意力？在他們的注意力將轉移到新的 SkyTab POS 的那一刻，他們最關注的平台的現狀是什麼？

Yes. I mean, Tom, it's a good question. The answer is they're all I mean they're all representing some Shift4 integrated product or another, whether that's Oracle or focus POS, or future POS or restaurant manager, I mean, keep in mind, we have 425 software integrations. So we're not implying we're going to win these over from other software solutions. We're saying they're already supporting existing Shift4 products. They're very aware of how an integrated payments fueled value proposition can help them differentiate and win in the market.

是的。我的意思是，湯姆，這是個好問題。答案是它們都是我的意思是它們都代表某種 Shift4 集成產品或其他產品，無論是 Oracle 還是 focus POS，還是未來的 POS 或餐廳經理，我的意思是，請記住，我們有 425 個軟件集成。所以我們並不是在暗示我們要從其他軟件解決方案中贏得這些。我們說他們已經在支持現有的 Shift4 產品。他們非常清楚集成支付如何推動價值主張可以幫助他們在市場上脫穎而出並贏得勝利。

That is ready for the next wave of technology, this next sexy product. So we've obviously been communicating with them for some time, if you have 2,000 of these devices that are already -- 2,000 SkyTab POS is already deployed, means that we've already been working with a select group of our kind of our best integrated partners that are out there. And we have pretty big expectations of what they deliver because if they're finding as much success as they are with our current products, which are very good, and that's demonstrated in the volume growth, they should be able to only improve upon, both within our existing base of customers and a great cross-sell and what is a really sexy addressable market. Taylor, I don't know if you have more on that to layer on.

這已經為下一波技術浪潮、下一個性感產品做好了準備。所以我們顯然已經與他們溝通了一段時間，如果您已經擁有 2,000 台這樣的設備 - 已經部署了 2,000 台 SkyTab POS，這意味著我們已經在與我們最好的一組精選人員合作那裡的集成合作夥伴。我們對他們提供的產品抱有很高的期望，因為如果他們發現我們目前的產品取得了同樣的成功，這些產品非常好，並且在銷量增長中得到了證明，那麼他們應該只能改進，兩者在我們現有的客戶群中以及出色的交叉銷售以及真正性感的潛在市場。泰勒，我不知道你是否有更多關於這一點的信息。

No. I think that's well said. Important to note, highly diversified group. I think within the restaurant vertical specifically, support a myriad of different software applications. And what we're going to talk about later today is that's a really differentiated edge. If you look at the restaurant industry specifically over the years, you've had lots of different POS providers gain success in particular swim lanes because of how they've built the product.

不，我認為這說得好。值得注意的是，高度多元化的群體。我認為在垂直餐廳內，支持無數不同的軟件應用程序。我們今天晚些時候要談論的是真正差異化的優勢。如果您多年來專門研究餐飲業，就會發現許多不同的 POS 提供商在特定泳道上取得了成功，因為他們構建產品的方式。

And yet we have a dozen or more of these products under one roof and a lot of internal expertise. So the SkyTab products really designed to help them widen the debt and address more of their own markets and then also upgrade what are undoubtedly some legacy systems within certain stocks. We don't want to pick on any one software provider but we all know that there are big providers with a loyal brand following and a huge legacy base, but have been slow to migrate to the cloud. This allows those distribution partners take advantage of that, Tim.

然而，我們在一個屋簷下擁有十幾種或更多此類產品，並且擁有大量內部專業知識。因此，SkyTab 產品真正旨在幫助他們擴大債務並解決更多自己的市場，然後還升級某些股票中無疑是一些遺留系統。我們不想挑剔任何一家軟件提供商，但我們都知道，有些大型提供商擁有忠實的品牌追隨者和龐大的傳統基礎，但遷移到雲的速度很慢。這讓那些分銷合作夥伴可以利用這一點，蒂姆。

I appreciate that. I'm sorry. What I was trying to get at is my understanding is that the distribution partners have choice in which -- who they partner with, what they sell, it's not necessarily exclusive and that they have options in terms of which POS systems they could sell into the restaurants and maybe the new SkyTab POS helps you gain some mind share with them in terms of where they allocate their time.

我很感激。對不起。我想表達的是我的理解是，分銷合作夥伴可以選擇與誰合作，他們銷售什麼，這不一定是排他性的，而且他們可以選擇將哪些 POS 系統出售給餐廳，也許新的 SkyTab POS 可以幫助您在他們分配時間的地方與他們分享一些想法。

Yes. Well, actually, to be clear, these are partners that are using Shift4 for the vast majority of their business. If they're not using ship for segment, it's because they service a vertical that we don't happen to be in. You might find grocery stores, for example, being serviced by the same group that does restaurants in a local geography.

是的。好吧，實際上，需要明確的是，這些合作夥伴在其絕大多數業務中都使用 Shift4。如果他們不使用 ship for segment，那是因為他們服務的是我們碰巧不在的垂直領域。例如，您可能會發現雜貨店由在當地經營餐館的同一組提供服務。

So they're using Shift4 the majority of their business, but they may be either installing a Windows-based software more often than not, or they might be supporting more restaurants that they've installed over the past decade than they are setting up new locations. This gives them all a reason to go introduce a new product with a familiar face and a bunch of new features at a really attractive price point. So it's much more about augmenting their go-to-market and giving them another tool in their tool kit.

因此，他們在大部分業務中都使用 Shift4，但他們可能要么更頻繁地安裝基於 Windows 的軟件，要么他們可能支持在過去十年中安裝的餐廳數量多於他們設置新餐廳的數量位置。這讓他們都有理由以非常有吸引力的價格推出一款具有熟悉面孔和一系列新功能的新產品。因此，更多的是關於增加他們的上市時間並為他們提供工具包中的另一種工具。

As I think you know well, Tim, we don't try to be heavy-handed about the product from a software perspective that our distribution partners go to market with. All we care about is that they deliver the payments to us. What we've heard from that group is that a product like SkyTab would have a lot of success doing both helping them win that new locations and helping them address some of the concerns that their merchants have across their base. I don't want to get too overarching with the comments because again, 7,000 partners, they all have different needs. Some service hotels entirely, for example, and SkyTab is just something that they can offer to the extent there's a restaurant in the hotel. So there's a bunch of different diversity inside that base. We're going to spend a lot more time on that later today. I think the point is that these are partners that have been loyal to Shift4 a long time and that have deep integrations with us, and we go to market in a pretty lockstep way with each other, and now we're giving them another tool they can rely on.

我想你很清楚，蒂姆，我們不會試圖從我們的分銷合作夥伴推向市場的軟件角度對產品採取嚴厲措施。我們所關心的只是他們將付款交付給我們。我們從該小組那裡聽到的是，像 SkyTab 這樣的產品會取得很大的成功，既可以幫助他們贏得新的地點，也可以幫助他們解決他們的商家在他們的基礎上存在的一些問題。我不想對評論過於籠統，因為 7,000 名合作夥伴，他們都有不同的需求。例如，一些服務型酒店完全可以提供，而 SkyTab 只是在酒店內有餐廳的情況下可以提供的服務。所以那個基地裡面有很多不同的多樣性。我們將在今天晚些時候花更多的時間在這上面。我認為關鍵是這些合作夥伴長期以來一直忠於 Shift4 並與我們進行了深度整合，我們以一種非常同步的方式進入市場，現在我們給他們提供了另一種工具，他們可以依靠。

Yes. And Jared here, just to layer on, I mean, the idea is, should we expect our partners to be even more kind of energized, prioritize more of their time around this new product, of course, I mean everybody likes the next new version of an icon. And right now, SkyTab POS has got a sexy interface. It's got a lot of capabilities embedded in it. free loyalty, embedded online ordering, a clean integration into a marketplace of third-party providers. We have a road map right now that's not far out with capital and payroll offering. Hardware looks good. They're going to be excited to go out and win with it. So I mean, it's not hard to see. Toast is doing very well in the marketplace. I think they're the 2 fastest-growing players, at least within the restaurant vertical would be us and Toast.

是的。 Jared 在這裡，我的意思是，我的意思是，我們是否應該期望我們的合作夥伴更有活力，優先考慮他們在這個新產品上花費更多的時間，當然，我的意思是每個人都喜歡下一個新版本的一個圖標。現在，SkyTab POS 有一個性感的界面。它嵌入了很多功能。免費忠誠度、嵌入式在線訂購、與第三方供應商市場的干淨整合。我們現在有一個路線圖，離提供資本和工資不遠了。硬件看起來不錯。他們會很高興走出去並以此取勝。所以我的意思是，這不難看出。 Toast 在市場上表現很好。我認為他們是增長最快的兩個玩家，至少在垂直餐廳中是我們和 Toast。

If we're introducing sexier, better hardware, with new software interface with more capabilities embedded into it, of course, our partners are going to be charged up to get out there and distribute it, not just to our existing customers, which, for sure, there is a nice SaaS lift and other revenue opportunities that have come from it. We're just going out and continuing to win in what is a very large addressable market.

如果我們推出更性感、更好的硬件，以及嵌入了更多功能的新軟件界面，當然，我們的合作夥伴將有責任走出去並分發它，而不僅僅是我們現有的客戶，對於當然，有一個很好的 SaaS 提升和來自它的其他收入機會。我們只是走出去，繼續在一個非常大的可尋址市場中取勝。

Excellent. Thank you both for all that context. I appreciate it.

出色的。謝謝你們所有的背景。我很感激。

Our next question comes from Andrew Jeffrey from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

I appreciate you taking the time this morning. I'm intrigued by the SaaS comments and the opportunity, Jared. And I wonder if you could talk a little bit about perhaps some of the areas where you think you have the greatest opportunity to drive attach. And how you might help us think about that over time? Do you start to talk about something akin to an ARPU? I'm just trying to think about how we're going to track that and where you're most excited about the opportunity.

我感謝你今天早上抽出時間。 Jared，我對 SaaS 評論和機會很感興趣。我想知道你是否可以談談你認為你最有機會參與其中的一些領域。隨著時間的推移，你如何幫助我們思考這個問題？您是否開始談論類似於 ARPU 的東西？我只是想想想我們將如何跟踪它，以及你對這個機會最感興趣的地方。

Yes. Andrew, there's some good questions there. And I think Brad should weigh in a part of it on how we're thinking about reporting our progress going forward. But I think what we're sharing today is we're pretty -- we're an aggressive organization. We like to move boldly forward. We did a number of acquisitions back in 2017 on restaurant POS software companies that had no SaaS revenue, but they also had no payment revenue.

是的。安德魯，那裡有一些很好的問題。而且我認為 Brad 應該權衡我們如何考慮報告我們未來的進展。但我認為我們今天要分享的是我們很漂亮——我們是一個積極進取的組織。我們喜歡大膽前進。早在 2017 年，我們就對沒有 SaaS 收入但也沒有支付收入的餐廳 POS 軟件公司進行了多次收購。

We've been a payments company for 22 years. We know how to find success leading with payments. And we went after all those customers plus a lot of new customers using that software, primarily monetizing that relationship through payments, and it worked incredibly well.

22 年來，我們一直是一家支付公司。我們知道如何通過支付獲得成功。我們追求所有這些客戶以及使用該軟件的許多新客戶，主要通過支付將這種關係貨幣化，並且效果非常好。

As a result though, here we are at the end of 2021, where we have a lot of restaurants using our restaurant software out there, driving a lot of payments volume and paying a little bit to no SaaS. And that doesn't seem like very reflective of the time. So as we go back out there to the market -- in the market with our immense network of distribution partners, sell new customers as well as upgrade our base of existing customers, SaaS will be a component of the product. I don't think that's like going to be surprising or there's any pushback from the customers.

結果是，我們到了 2021 年底，我們有很多餐廳在那裡使用我們的餐廳軟件，推動了大量的支付量，並為沒有 SaaS 支付了一點費用。這似乎並不能很好地反映當時的情況。因此，當我們回到市場時——在我們龐大的分銷合作夥伴網絡市場上，銷售新客戶以及升級我們現有客戶群，SaaS 將成為產品的一個組成部分。我認為這不會讓人感到驚訝，也不會受到客戶的任何反對。

I think they're going to love to upgrade to a sexy new platform with cool hardware and a lot of features and they are going to be happy to pay some SaaS fees along the way, and we're going to continue to capture the payment economics we already have plus some new leverage from capital, payroll and marketplace. And we're going to pick up a lot of operational efficiencies because it's a lot easier to just support 1 software type than 4 or 5. And it's certainly a lot easier to support an Android-based environment than it is a Windows based. So a lot of opportunity there. I don't think it's a big reach at all. But I'll kick it over to Brad on how best we're going to keep you informed of that progress.

我認為他們會喜歡升級到一個有酷硬件和許多功能的性感新平台，他們會很樂意在此過程中支付一些 SaaS 費用，我們將繼續收取費用我們已經擁有的經濟學以及來自資本、工資和市場的一些新槓桿。我們將提高運營效率，因為僅支持一種軟件類型比支持 4 種或 5 種軟件類型要容易得多。支持基於 Android 的環境肯定比基於 Windows 的環境容易得多。那裡有很多機會。我認為這根本不是一個很大的影響。但我會把它交給布拉德，我們將如何最好地讓你了解這一進展。

Andrew, it is a great question. And just to kind of drill a little bit on what Jared was saying. It used to be we would try to migrate completely out of staff in the payments. We found there's some really good SaaS revenue in there. There's really good revenue that's growing and it's recurring, and it creates a lot of really good sticky behavior with the customers. So as we evolve into some of these new verticals, we are spending a lot of attention to how we're reassessing our pricing models and our pricing programs to make sure that we have a right balance between that SaaS element and the payment element. So what we're going to be looking at is, to your point, some type of an ARPU measure, but we're also looking at what is an average monthly fee for the different services we provide.

安德魯，這是一個很好的問題。只是稍微練習一下 Jared 所說的話。過去，我們會嘗試完全遷移出付款人員。我們發現那裡有一些非常好的 SaaS 收入。確實有很好的收入在增長並且是經常性的，並且它在客戶中創造了很多非常好的粘性行為。因此，當我們發展到其中一些新的垂直領域時，我們非常關注我們如何重新評估我們的定價模型和我們的定價程序，以確保我們在 SaaS 元素和支付元素之間取得適當的平衡。因此，按照您的觀點，我們要研究的是某種 ARPU 指標，但我們也在研究我們提供的不同服務的平均月費是多少。

And if you think about what generates SaaS, it's not only the software, but it's also some of those peripheral things I mentioned a minute ago, whether it's analytics, whether it's pay at the table, online payments, all of these different elements. So a big thing for us was to make sure we can kind of recast our pricing models to capture anywhere we can. So we are going to start talking more about SaaS what's generating SaaS, how it's behaving and how it's growing. So we will -- more to come on how we're actually going to deliver that.

如果你想想是什麼產生了 SaaS，它不僅是軟件，也是我剛才提到的一些外圍事物，無論是分析，還是餐桌上的支付、在線支付，所有這些不同的元素。因此，對我們來說，一件大事是確保我們可以重新制定我們的定價模型，以盡可能地捕捉到任何地方。因此，我們將開始更多地討論 SaaS 是什麼產生了 SaaS，它的行為方式以及它的增長方式。因此，我們將——更多地討論我們將如何真正實現這一目標。

Okay. Yes, I look forward to that. And then just as we come out of pandemic and things start to normalize for restaurants and they start to assess install technology, and as Shift4 becomes more of a software company, how do you address those merchants that might be running on closed systems even as end-to-end Shift4 customers? I'm thinking about MICROS and Radiant, for example.

好的。是的，我很期待。然後，當我們走出大流行病，餐館開始恢復正常，他們開始評估安裝技術時，隨著 Shift4 變得更像是一家軟件公司，你如何應對那些可能在封閉系統上運行的商家，即使是在結束時- 到端 Shift4 客戶？例如，我正在考慮 MICROS 和 Radiant。

Yes. So Jared here. I'm going to kind of emphasize this a little bit in the Investor Field Day, but customers who are migrating to Shift4, they're not dumb, they're not making bad decisions going from like one nonintegrated solution to another or something. I mean Shift4 is an integrated payments company. We connect into software, and we make a lot of connections besides just payments.

是的。賈里德在這裡。我將在 Investor Field Day 中稍微強調這一點，但是正在遷移到 Shift4 的客戶並不愚蠢，他們不會做出從一個非集成解決方案到另一個或其他解決方案的錯誤決定。我的意思是 Shift4 是一家綜合支付公司。我們連接到軟件，除了支付之外，我們還建立了很多聯繫。

So even Oracle MICROS customers that use our technology can tap into handheld pay at table, order at table, QR code-based payments, QR code-based online ordering, right? We make available to them our loyalty application. We -- our marketplace does connect into a number of different software applications besides just SkyTab POS.

因此，即使是使用我們技術的 Oracle MICROS 客戶也可以利用手持式餐桌支付、餐桌下單、基於二維碼的支付、基於二維碼的在線訂購，對吧？我們向他們提供我們的忠誠度應用程序。我們——我們的市場確實連接到許多不同的軟件應用程序，而不僅僅是 SkyTab POS。

So when customers like Tao and Hakkasan have moved over to Shift4 in the last year, they're not doing it at a great expense to the organization from a technology or software perspective. They're making really informed decisions. So I think that when you see the restaurant payment volume growth that we've outlined in the slides and the spreads associated with it, it is because smart merchants are making good choices. It's just there just happens to be more than one choice out there than Toast. It's not a winner-take-all environment.

因此，當像 Tao 和 Hakkasan 這樣的客戶在去年轉向 Shift4 時，從技術或軟件的角度來看，他們並沒有為組織付出巨大的代價。他們正在做出真正明智的決定。所以我認為，當你看到我們在幻燈片中概述的餐廳支付量增長以及與之相關的利差時，這是因為聰明的商家做出了正確的選擇。只是碰巧有不止一種選擇，而不是吐司。這不是一個贏家通吃的環境。

So we love all the software integrations we have already out in the field and the capabilities associated with it. But we're also looking at the future, which is why we built SkyTab POS. And that will be appropriate for a lot of customers to migrate to, it will be appropriate to win a lot of share away from, say, [NCR] and other players that are not partnered with Shift4. And then there will be a lot of software that we currently support today that will be very appropriate for the long term for our customers. Hopefully, that helps.

因此，我們喜歡我們已經在該領域進行的所有軟件集成以及與之相關的功能。但我們也在著眼於未來，這就是我們構建 SkyTab POS 的原因。這將適合許多客戶遷移到，從 [NCR] 和其他未與 Shift4 合作的玩家那裡贏得大量份額是合適的。然後會有很多我們目前支持的軟件，從長遠來看，它們將非常適合我們的客戶。希望這會有所幫助。

Yes. I just want to pile on there a comment. There's 1 comment you made that we're more of a software company. We've been a software company for a very long time, and we operate several brands underneath. We've clearly deemphasized that for the public market because payments we say is our north star. But if you look at a product like Harbortouch, it's been payments plus SaaS for an incredibly long time. So we're really just augmenting the go-to-market on a product level, a little bit within the restaurant space.

是的。我只想在那裡發表評論。您發表了 1 條評論，認為我們更像是一家軟件公司。很長一段時間以來，我們一直是一家軟件公司，我們經營著多個品牌。對於公開市場，我們顯然不再強調這一點，因為我們說付款是我們的北極星。但是如果你看一下像 Harbortouch 這樣的產品，它在很長一段時間內都是支付加上 SaaS。因此，我們實際上只是在產品層面上增加了上市時間，在餐廳空間內增加了一點。

And I think the fact that we deemphasized an ability to grow SaaS revenue during a pandemic wasn't because outside of the pandemic we don't have a lot of leverage in that. It was just our assessment of the market at the time of our IPO was this isn't the right time to push customers towards new product and incremental fees.

而且我認為，我們不強調在大流行期間增加 SaaS 收入的能力並不是因為在大流行之外我們沒有太多的影響力。這只是我們在首次公開募股時對市場的評估，現在不是推動客戶購買新產品和增加費用的合適時機。

Now we feel that there is an increased demand in that. Now behind the scenes, you see that we've added 2,000 restaurants to this platform over about the same time period. So clearly, a very capable product. Clearly, there's some demand in the marketplace. Our assessment is that demand is going to be outsized as a result of exiting the pandemic as compared to where it was and tons of software talent inside of Shift4 that had been less product loyal than we're kind of pushing them towards now, which is actually we do want to go forward with this product. We think it's the right time. We think it's going to win more than some of the other products inside of our stack. And so now it's the time to go.

現在我們覺得這方面的需求增加了。現在在幕後，您會看到我們在大約同一時間段內向該平台添加了 2,000 家餐廳。很明顯，這是一個非常有能力的產品。顯然，市場上有一些需求。我們的評估是，與過去相比，由於疫情已經結束，而且 Shift4 內部的大量軟件人才對產品的忠誠度低於我們現在推動他們的產品忠誠度，因此需求將變得過大，這是實際上我們確實想繼續推進這個產品。我們認為現在是時候了。我們認為它會比我們堆棧中的其他一些產品贏得更多。所以現在是時候離開了。

Our next question comes from Chris Donat from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Chris Donat。

Taylor, I just wanted to maybe approach the issue of fourth quarter expectations from a historical perspective, if that's even valid. You gave us nice comparisons with 2020 in October, November, December. Can you talk about what cadence you saw in like 2018 or 2019? Or is that even fair given how the business mix has changed for you over the last couple of years?

泰勒，我只是想從歷史的角度來探討第四季度的預期問題，如果這有效的話。您在 10 月、11 月和 12 月給了我們與 2020 年的很好的比較。你能談談你在 2018 年或 2019 年看到的節奏嗎？或者，考慮到過去幾年中您的業務組合發生了怎樣的變化，這是否公平？

I don't know that -- it's fair to the extent you can take sort of a business that was predominantly restaurant specialty retail focus back then with a much smaller average merchant and correlate that to a lot of hotels and stadiums. And I think there are certain trends that are consistent, meaning the times of the year that people like to go out and celebrate and go to events and travel, and there's others that are less consistent. So I don't necessarily think, and trust me if I thought we could give a good seasonality profile we would. It's not lost on us that we deliver a very confusing message in that regard. It's just the reality of winning much, much, much higher quality merchants in segments that are adjacent to what our core verticals have been back then.

我不知道——在某種程度上，你可以把當時主要是餐廳特色零售的業務與一個小得多的普通商人聯繫起來，並將其與許多酒店和體育場館聯繫起來，這是公平的。而且我認為有些趨勢是一致的，這意味著一年中人們喜歡出去慶祝、參加活動和旅行的時間，而其他一些則不太一致。所以我不一定認為，如果我認為我們可以提供良好的季節性概況，請相信我。我們在這方面傳遞了一個非常混亂的信息，這並沒有讓我們迷失。這只是在與我們當時的核心垂直領域相鄰的細分市場中贏得質量更高的商家的現實。

We don't expect that the shift is going to be radical as like kind of COVID disappears. But you do expect some of the months that have been peak are your second best month or your third best month or something like that.

我們預計這種轉變不會像 COVID 一樣徹底消失。但是您確實希望達到峰值的某些月份是您第二好的月份或第三好的月份或類似的月份。

How it translates to this quarter. Again, we feel good about our guide. We feel like it's appropriate based on what we've seen one month into the quarter. And there's some uncertainty within really decent pockets of our merchant-based hotels specifically that we're just not clear on exactly how that's going to play through. Yet, we think that if it plays through in a modest way, our guide is a great guide.

它如何轉化為本季度。同樣，我們對我們的指南感覺良好。根據我們在本季度一個月內看到的情況，我們認為這是合適的。在我們以商業為基礎的酒店的真正體面的口袋中存在一些不確定性，特別是我們只是不清楚這將如何發揮作用。然而，我們認為，如果它以適度的方式發揮作用，我們的指南就是一個很好的指南。

Our next question comes from John Davis from Raymond James.

我們的下一個問題來自 Raymond James 的 John Davis。

John are you there?

約翰你在嗎？

John has our e-mail. So we can hop to the next question or I think we might be through the queue. So let us know what you'd like us to do, Emily.

約翰有我們的電子郵件。所以我們可以跳到下一個問題，或者我想我們可能已經排完隊了。所以讓我們知道你希望我們做什麼，艾米麗。

We currently have no further questions. So I'll now hand back to Jared to conclude today's call.

我們目前沒有進一步的問題。所以我現在將交還給賈里德來結束今天的電話會議。

Thank you very much. I appreciate everyone dialing in. Just as a reminder, we have an Investor Field Day that's kicking off shortly, and we've put an awful lot of slides out this morning, and there's quite a bit to talk about. So we invite all of you that have dialed in to join us during the Investor Field Day, either on site or through the virtual connection, and we have a lot more exciting things to talk about. Thank you very much for dialing in.

非常感謝。感謝大家的撥入。提醒一下，我們很快就要開始投資者現場日了，今天早上我們放了很多幻燈片，還有很多要談的。因此，我們邀請所有撥入電話的人在投資者實地日期間在現場或通過虛擬連接加入我們，我們還有很多令人興奮的事情要談。非常感謝您撥入。

Thank you, everyone, for joining today's call. This now concludes our conference. So please disconnect your lines.

謝謝大家參加今天的電話會議。我們的會議到此結束。所以請斷開你的線路。