Shift4 Payments Inc (FOUR) 2021 Q2 法說會逐字稿

Welcome to today's Shift4 Payments Second Quarter 2021 Earnings Call. My name is Jordan, and I'll be coordinating your call today. (Operator Instructions). I'm now going to hand over to Sloan Bohlen to begin. Sloan, please go ahead.

歡迎來到今天的 Shift4 Payments 2021 年第二季度收益電話會議。我叫 Jordan，今天我將負責協調你的來電。（操作員說明）。我現在要交給 Sloan Bohlen 開始。斯隆，請繼續。

Thank you. I'd like to welcome everyone to Shift4's earnings conference call for the 3 months ended June 30, 2021.

謝謝。歡迎大家參加 Shift4 截至 2021 年 6 月 30 日止三個月的收益電話會議。

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 facts 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 the 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.

在開始之前，我想提醒大家，本次電話會議將包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。所有在此次電話會議上做出的與歷史事實無關的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 對我們企業和行業的預期影響，包括經濟復甦、疫苗接種率提高、國家重新開放以及我們的任何產量恢復；我們的網關商家看到的網關滲透率和支出；對新客戶、收購和其他交易的期望；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。

These payments are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results. Performance or achievements expressed or implied by the forward-looking statements, factors discussed in the Risk Factors section of our 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 6 months ended June 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.

這些付款既不是承諾也不是保證，而是涉及已知和未知的風險、不確定性和其他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的重要因素。前瞻性陳述所表達或暗示的業績或成就，以及我們截至 2020 年 12 月 31 日的年度報告 10-K 表的風險因素部分中討論的因素，這些因素由我們的 10-Q 表季度報告更新為截至 2021 年 6 月 30 日的 6 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。

Any such forward-looking statements represent management's estimates as of the date of this call. While we might 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.

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的某個時候更新此類前瞻性陳述，但即使後續事件導致我們的觀點發生變化，我們也不承擔任何這樣做的義務。

In addition, we may also reference certain non-GAAP measures on this call, which are reconciled to the nearest GAAP measure in the company's earnings release, which can be found on our Investor Relations website at investors.shift4.com. And with that, let me turn the call to our Chief Executive Officer, 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接近的 GAAP 指標相一致，可在我們的投資者關係網站 investors.shift4.com 上找到。說到這裡，讓我把電話轉給我們的首席執行官賈里德·艾薩克曼 (Jared Isaacman)。

Thank you, Sloan. Good morning, and thank you all for joining us. As you saw in our pre-announcement a few weeks back, we achieved reasonably strong results for the quarter setting new records for end-to-end processing volume, gross revenue less network fees and adjusted EBITDA.

謝謝你，斯隆。早上好，感謝大家加入我們。正如您在幾週前的預告中看到的那樣，我們在本季度取得了相當強勁的業績，在端到端處理量、總收入減去網絡費用和調整後的 EBITDA 方面創下了新紀錄。

Specifically, we reported end-to-end volume of $11.8 billion. To put it into perspective, that is nearly 3x the same period last year and is more than double the same period in 2019. Similarly, we grew gross revenue less network fees to $136 million or 81% compared to the same period in 2019. Gross revenue less network fee growth in the second quarter was up 40% compared to just a quarter ago. As was the case last quarter, the majority of our growth was the result of new and larger merchants joining our platform over the last 12 months.

具體來說，我們報告的端到端交易量為 118 億美元。換句話說，這是去年同期的近 3 倍，是 2019 年同期的兩倍多。同樣，與 2019 年同期相比，我們的總收入減去網絡費用後增至 1.36 億美元或 81%。與一個季度前相比，第二季度扣除網絡費用的總收入增長了 40%。與上一季度的情況一樣，我們的大部分增長是過去 12 個月新的和更大的商家加入我們平台的結果。

Volume growth also improved as expected, as the country continues to reopen. Consistent with our volume growth, we are driving a higher mix of our revenues from net processing fees as more and more of our gateway customers migrate to our end-to-end solution, which, as you know, represents significant accretion to our profitability.

隨著該國繼續重新開放，銷量增長也如預期有所改善。與我們的銷量增長一致，隨著越來越多的網關客戶遷移到我們的端到端解決方案，我們正在推動淨處理費收入的更高組合，如您所知，這代表著我們盈利能力的顯著增加。

Overall, when we look at our top line growth, the second quarter is a great example of the multiple ways Shift4 can grow. And our model has inherent operating leverage, evidenced this quarter by the improvement in our adjusted EBITDA margins, second quarter adjusted EBITDA margins came in at 33%. We are driving margin improvement while simultaneously making investments supporting our expansion into new verticals, including the introduction of many new digital capabilities. It's also worth reiterating that several of our acquisitions were EBITDA-neutral than negative, but are expected to contribute meaningfully as we execute on our integrated payment strategy and unlock revenue synergies. To put it more plainly, we believe there is embedded margin uplift as our new vertical strategies ramp and scale.

總的來說，當我們看我們的收入增長時，第二季度是 Shift4 多種增長方式的一個很好的例子。我們的模型具有固有的經營槓桿，本季度我們調整後的 EBITDA 利潤率的改善證明了這一點，第二季度調整後的 EBITDA 利潤率為 33%。我們正在推動利潤率的提高，同時進行投資以支持我們向新垂直領域的擴張，包括引入許多新的數字功能。同樣值得重申的是，我們的幾項收購對 EBITDA 的影響是中性的，而不是負面的，但隨著我們執行綜合支付戰略並釋放收入協同效應，預計將做出有意義的貢獻。更明確地說，我們相信隨著我們新的垂直戰略的發展和規模的擴大，嵌入式利潤率會有所提高。

With that, let me update you on a few strategic initiatives we are pursuing at Shift4 and a few exciting new merchant wins from the second quarter as well as a little color as to where we are going. Tao Group, which owns many of the most recognizable restaurant and entertainment venues around the world, selected Shift4 as its end-to-end payment solution provider for all of its U.S.-based venues. Tao selected Shift4 not only for our holistic solutions package, but also for our contactless and mobile payments technology, which was critical for their nightlife venues in this current environment. This win should really not be that surprising.

有了這個，讓我向您介紹我們在 Shift4 上追求的一些戰略舉措和第二季度的一些令人興奮的新商戶勝利以及我們前進方向的一些顏色。Tao Group 在全球擁有許多最知名的餐廳和娛樂場所，選擇 Shift4 作為其在美國所有場所的端到端支付解決方案提供商。Tao 選擇 Shift4 不僅是因為我們的整體解決方案包，還因為我們的非接觸式和移動支付技術，這對於他們在當前環境下的夜生活場所至關重要。這場胜利真的不應該那麼令人驚訝。

As an integrated payments company that focuses on the most demanding environments in commerce, including hospitality and F&B, Shift4 is in an advantaged position for opportunities like Tao Group. What should be surprising is our notable wins in online, in venue and the overall regulated gaming market. We, of course, have stated our intentions to pursue this exciting vertical for some time, mostly leveraging our incumbency in many casinos around the country as well as our mobile capabilities in sports stadiums. That stated, Shift4 should have been viewed as the underdog relative to other payment companies that had existing customer relationships and payment capabilities from the more mature European market.

作為一家專注於最苛刻的商業環境（包括酒店和餐飲）的綜合支付公司，Shift4 在抓住像 Tao Group 這樣的機會方面處於有利地位。應該令人驚訝的是我們在在線、場館和整體受監管博彩市場上取得的顯著勝利。當然，我們已經表示我們打算在一段時間內追求這個令人興奮的垂直領域，主要是利用我們在全國許多賭場的在職以及我們在體育場館的移動能力。也就是說，相對於在更成熟的歐洲市場擁有現有客戶關係和支付能力的其他支付公司，Shift4 應該被視為弱者。

As stated, we announced a preferred partnership with BetMGM to power their online gaming and sports betting transactions. Similarly, through our partnership with Sightline, Shift4 has a growing capability to facilitate regulated gaming transactions, both online and in venue such as our cashless casino payment experience that we expect to roll out at Resorts World Casino in Las Vegas. While we have not been putting out press releases each time a state approves Shift4 for a gaming license, know that we've been accumulating licenses at an accelerated pace.

如前所述，我們宣布與 BetMGM 建立首選合作夥伴關係，以支持他們的在線遊戲和體育博彩交易。同樣，通過我們與 Sightline 的合作，Shift4 越來越有能力促進受監管的在線和現場博彩交易，例如我們預計將在拉斯維加斯名勝世界賭場推出的無現金賭場支付體驗。雖然我們沒有在每次州批准 Shift4 遊戲許可證時發布新聞稿，但要知道我們一直在加速積累許可證。

In addition to significant accomplishments in gaming, stadiums and hospitality, you will find other wins in our materials, including reference to some e-commerce merchants, that were the result of our acquisition and ongoing enhancement of the Shift4Shop platform. We continue to see growing adoption of the product. And since the acquisition, we've added over 36,000 new web stores. Now with over 50,000 businesses on the platform as of June 30, Shift4Shop has grown its merchant base over 230%. It's worth pointing out that it's a long road from a web store creation to a merchant processing transaction.

除了在遊戲、體育館和酒店業方面取得的重大成就外，您還會在我們的材料中找到其他勝利，包括對一些電子商務商家的提及，這是我們收購和不斷增強 Shift4Shop 平台的結果。我們繼續看到越來越多地採用該產品。自收購以來，我們新增了超過 36,000 家網上商店。截至 6 月 30 日，平台上已有超過 50,000 家企業，Shift4Shop 的商戶基數增長了 230% 以上。值得指出的是，從創建網上商店到商家處理交易還有很長的路要走。

As such, we are evolving our Shift4Shop strategy to include: a, aggressively prioritizing new user experience, restaurant and hospitality specific themes with tight integrations to our POS platform, and I'm going to talk about that in just a minute, as well as our online ordering capabilities and other marketplace initiatives like capital offerings. And b, simultaneously pursuing partnerships that will accelerate Shift4Shop's entry into new geographic markets, risk management tools and capabilities like crypto acceptance that we have recently released. This two-pronged approach of organic development initiatives supported by strong strategic partnerships will meaningfully accelerate our road map objectives and the overall momentum of Shift4Shop.

因此，我們正在改進我們的 Shift4Shop 策略，以包括：a，積極優先考慮新的用戶體驗、餐廳和酒店特定主題，並與我們的 POS 平台緊密集成，我將在一分鐘內討論這一點，以及我們的在線訂購功能和其他市場計劃，如資本發行。b，同時尋求合作夥伴關係，這將加速 Shift4Shop 進入新的地理市場、風險管理工具和我們最近發布的加密接受等功能。這種由強大的戰略合作夥伴支持的有機發展計劃的雙管齊下的方法將有意義地加速我們的路線圖目標和 Shift4Shop 的整體勢頭。

I spent a good amount of time talking about recent performance and accomplishments. Before turning things over to Taylor, I would like to take a bit of your time to talk about where we're going. Our organizational priorities are as follows: number one, leveraging our 350 unique software integrations to pursue $150 billion of gateway volume as well as the rest of the market that relies on the same integration. This is without question playing to our immense strengths in verticals where it's very hard to replicate Shift4's capabilities. As many of you know, the gateway conversion opportunity that is embedded in our business is probably the single biggest point of difference between Shift4 and virtually every other fintech player in the market.

我花了很多時間談論最近的表現和成就。在將事情交給泰勒之前，我想花點時間談談我們的發展方向。我們的組織優先事項如下：第一，利用我們的 350 個獨特的軟件集成來追求 1500 億美元的網關量以及依賴相同集成的其他市場。毫無疑問，這充分發揮了我們在垂直領域的巨大優勢，在垂直領域很難復制 Shift4 的功能。正如你們中的許多人所知，我們業務中嵌入的網關轉換機會可能是 Shift4 與市場上幾乎所有其他金融科技公司之間最大的區別。

In order to achieve our objectives, we're going to continue to make investments in our products and capabilities to solve pain points for these customers as further incentive to move to our end-to-end platform. Some of these investments take the form of internal systems, customer self-help capabilities, automation and other solutions to deliver a better experience for our merchants and the thousands of software partners that support them.

為了實現我們的目標，我們將繼續對我們的產品和能力進行投資，以解決這些客戶的痛點，進一步激勵他們轉向我們的端到端平台。其中一些投資採取內部系統、客戶自助功能、自動化和其他解決方案的形式，為我們的商家和支持他們的成千上萬的軟件合作夥伴提供更好的體驗。

Two, we are about 2 quarters away from releasing our next-generation restaurant platform. I say platform because this is more than just a new point-of-sale application. It's an entire experience-based platform for restaurants and their patrons. We are leveraging our immense expertise in the restaurant industry, along with feedback from roughly 1/3 share of the F&B market that our technology is presently touching today, to deliver a platform that will have a major emphasis on QR and other contactless means to pay, a tighter online ordering experience with our products as well as third-party delivery providers, a modern, low-cost and reliable architecture, business intelligence, analytics and a marketing engine to drive loyalty and frequency from patrons, all wrapped up in a sexy mobile optimized hardware.

第二，我們距離發布下一代餐廳平台還有大約兩個季度的時間。我說平台是因為這不僅僅是一個新的銷售點應用程序。這是一個面向餐廳及其顧客的完整的基於體驗的平台。我們正在利用我們在餐飲業的豐富專業知識，以及我們的技術目前觸及的大約 1/3 的餐飲市場份額的反饋，以提供一個主要強調 QR 和其他非接觸式支付方式的平台，我們的產品以及第三方交付提供商的更緊密的在線訂購體驗，現代，低成本和可靠的架構，商業智能，分析和營銷引擎，以提高顧客的忠誠度和頻率，所有這些都包裹在一個性感的移動優化硬件。

We're building an ecosystem around this platform to include payroll, capital offerings and other solutions we think restaurant owners will find helpful. We expect to go to market with this solution in late Q1 2022 through our vast network of sophisticated and aligned distribution partners capable of selling and supporting merchants at a local level. This will enable us to pursue an upgrade opportunity with our existing customers, driving incremental SaaS revenues and winning further share of what is an enormous and exciting market.

我們正在圍繞這個平台構建一個生態系統，其中包括工資單、資本發行和我們認為餐廳老闆會覺得有用的其他解決方案。我們預計將在 2022 年第一季度末通過我們龐大的成熟且一致的分銷合作夥伴網絡將這一解決方案推向市場，這些合作夥伴能夠在當地銷售和支持商家。這將使我們能夠與現有客戶一起尋求升級機會，推動 SaaS 收入增加，並在這個巨大而令人興奮的市場中贏得更多份額。

Three, we're a company that has created a lot of value over the years through a disciplined but aggressive approach to M&A when the right inorganic opportunities present themselves. Our momentum adding new merchants in adjacent verticals such as stadiums and e-com is proof we can successfully identify the right strategic assets to complement our business. We recently completed another convertible bond offering that significantly increased our cash position. We would not have gone down this road if we were not gaining some measure of confidence in our pipeline of opportunities.

第三，我們是一家多年來在合適的無機機會出現時通過有紀律但積極進取的併購方法創造了大量價值的公司。我們在體育館和電子商務等相鄰垂直領域增加新商家的勢頭證明，我們可以成功地確定合適的戰略資產來補充我們的業務。我們最近完成了另一項可轉換債券發行，這大大增加了我們的現金頭寸。如果我們對我們的機會管道沒有獲得一定程度的信心，我們就不會走這條路。

As we progress, our road map of opportunities is immense. The 3 priorities I referenced above really just scratch the surface. We're adding capabilities to our existing payment platform that enable further scale and a right to win in new verticals and even taking us organically into new geographies.

隨著我們的進步，我們的機會路線圖是巨大的。我上面提到的 3 個優先事項實際上只是觸及表面。我們正在為我們現有的支付平台添加功能，以實現進一步的規模和在新的垂直領域獲勝的權利，甚至將我們有機地帶入新的地區。

So with that, let me turn this call over to Taylor Lauber to give you some additional color on our volumes through the summer as well as some of our recent announcements in sports and entertainment. Taylor?

因此，讓我把這個電話轉給 Taylor Lauber，為您提供一些關於整個夏季的書籍以及我們最近在體育和娛樂方面的一些公告的更多顏色。泰勒？

Thanks, Jared, and good morning, everyone. We exited the very strong quarter with solid momentum and remain optimistic that we are returning to a more normal seasonal cadence by the end of this calendar year. For example, July end-to-end payment volume was approximately $4.7 billion, as we continue to benefit from a larger base of merchants and those merchants benefit from increased spending. This continued merchant growth is important to spend a moment on because I think oftentimes, our dominance in hospitality and restaurants can give the misperception that we are an economic recovery play from an investment standpoint.

謝謝，Jared，大家早上好。我們以強勁的勢頭結束了非常強勁的季度，並且仍然樂觀地認為我們將在本日曆年年底恢復到更正常的季節性節奏。例如，7 月份的端到端支付量約為 47 億美元，因為我們繼續受益於更大的商戶基礎，而這些商戶也從增加的支出中受益。這種持續的商業增長很重要，因為我認為通常，我們在酒店和餐館的主導地位可能會給人一種誤解，即從投資的角度來看，我們正在推動經濟復甦。

Note that we exited Q2 with roughly 7% more active merchants than in Q1, and this merchant growth of between 0.5% and 1% per week has continued through July. We would note that forecasting, specifically with regard to seasonality, is quite difficult when you consider the impact of merchant growth, new industry verticals and increased spending as a result of economic recovery. Regardless, it's safe to say that although volume levels are improving, some pockets of our merchant base continue to be impacted by COVID. Barring any material new COVID imposed restrictions, we expect our third quarter volumes to continue benefiting from seasonality and the momentum we have in our business, followed by a more typical seasonal moderation heading into the fourth quarter.

請注意，我們在第二季度結束時的活躍商家數量比第一季度多了大約 7%，而且這種每週 0.5% 至 1% 的商家增長一直持續到 7 月份。我們會注意到，當您考慮經濟復甦帶來的商家增長、新行業垂直和支出增加的影響時，預測，特別是關於季節性的預測是相當困難的。無論如何，可以肯定地說，儘管交易量水平正在提高，但我們的部分商家群繼續受到 COVID 的影響。除非 COVID 施加任何重大新限制，否則我們預計我們第三季度的銷量將繼續受益於季節性和我們業務的發展勢頭，然後是進入第四季度的更典型的季節性放緩。

As Jared noted, we continue to sign new stadiums within the sports and entertainment market. And we are excited to see a return to live sporting and entertainment events. Some of our stadium clients have already hosted live events. For instance, last month, Allegiant Stadium in Las Vegas opens to a full capacity crowd attending an entirely cashless Garth Brooks concert. Also, as we mentioned in our release, Shift4 was selected by Chicago's United Center to power all payments throughout their venue, including integration with the Bulls, Blackhawks and United Center mobile apps.

正如 Jared 指出的那樣，我們繼續在體育和娛樂市場內簽署新的體育場館。我們很高興看到現場體育和娛樂活動的回歸。我們的一些體育場客戶已經舉辦了現場活動。例如，上個月，拉斯維加斯的 Allegiant 體育場向滿員觀眾開放，參加完全無現金的 Garth Brooks 音樂會。此外，正如我們在新聞稿中提到的那樣，Shift4 被芝加哥的聯合中心選中，為整個場地的所有支付提供支持，包括與公牛隊、黑鷹隊和聯合中心移動應用程序的集成。

In addition to our previous wins, these new merchants represent proof points that our value proposition to provide stadium clients with a best-in-class in-venue mobile shopping experience for their fans, including everything from pregame ticketing to in-seat ordering and scan-on-the-go merchandise. We remain active in the market evaluating M&A opportunities and continue to view acquisitions as part of our growth strategy. The success we had with VenueNext and Shift4Shop, including our recent partnership with Sightline, has helped build upon our already strong reputation in the marketplace as a visionary partner.

除了我們之前的勝利外，這些新商戶還證明了我們的價值主張，即為體育場客戶為他們的球迷提供一流的場內移動購物體驗，包括從賽前購票到座位訂購和掃描的一切- 隨身攜帶的商品。我們仍然積極參與市場評估併購機會，並繼續將收購視為我們增長戰略的一部分。我們與 VenueNext 和 Shift4Shop 取得的成功，包括我們最近與 Sightline 的合作，幫助我們在市場上建立了作為有遠見的合作夥伴的良好聲譽。

With that, let me turn the call over to our CFO, Brad Herring, to review our financials.

有了這個，讓我把電話轉給我們的首席財務官 Brad Herring 來審查我們的財務狀況。

Thanks, Taylor. Similar to the last quarter, the numbers I'll be referencing are included in the release we distributed this morning. I'll start with a few quick comments. First, we are very proud to mention that Q2 represents a record quarter to Shift4 across all of our key measures, including processed volumes, merchant counts, revenue production and profitability. Second, because of the impact of COVID on Q2 2020 results, I'm going to focus more on relevant comparables, such as sequential growth over Q1 and variances against Q2 of 2019, which represents our performance prior to COVID.

謝謝，泰勒。與上一季度類似，我將引用的數字包含在我們今天早上發布的新聞稿中。我將從一些簡短的評論開始。首先，我們非常自豪地提到，在我們所有的關鍵指標（包括處理量、商家數量、收入生產和盈利能力）中，第二季度代表了 Shift4 創紀錄的季度。其次，由於 COVID 對 2020 年第二季度業績的影響，我將更多地關注相關的可比數據，例如第一季度的連續增長和與 2019 年第二季度的差異，這代表了我們在 COVID 之前的表現。

As highlighted in our release, we generated $136 million of gross revenue less network fees in the quarter. This record figure represents a 40% increase compared to last quarter and an 81% increase over Q2 of 2019 pre-COVID level. The continued growth in revenues over the first quarter was mostly due to a 54% increase in net processing revenues, driven by a new bunch of boardings and further recovery in consumer spending. Net processing revenue now makes up 68% of gross revenues less fees, up from 61% from the previous quarter as we continue to monetize our services through adoption of our end-to-end solution.

正如我們在新聞稿中強調的那樣，我們在本季度產生了 1.36 億美元的總收入減去網絡費用。這一創紀錄的數字比上一季度增長了 40%，比 2019 年第二季度 COVID 前的水平增長了 81%。第一季度收入的持續增長主要是由於淨加工收入增長了 54%，這是受新一批登機和消費者支出進一步復甦的推動。由於我們繼續通過採用我們的端到端解決方案將我們的服務貨幣化，淨加工收入現在佔扣除費用後總收入的 68%，高於上一季度的 61%。

Gateway and SaaS other revenue streams both grew double digits from Q1 due to the recovery of the hospitality merchants on the gateway and continued growth in the merchant base. Q2 spreads landed at 78 basis points, increasing 3 basis points from what we reported in the first quarter. The increase over last quarter is the net of the normal seasonal lift of 3 to 5 basis points we would expect, combined with a 1 to 2 basis point sequential quarter decline we have signaled due to our continued shift toward larger end-to-end merchants.

Gateway 和 SaaS 的其他收入流都比第一季度增長了兩位數，這歸功於 Gateway 上的酒店商戶復甦以及商戶基礎的持續增長。第二季度息差降至 78 個基點，比我們在第一季度報告的增加了 3 個基點。上一季度的增長扣除了我們預期的正常季節性提升 3 到 5 個基點，加上我們已經發出信號的連續季度下降 1 到 2 個基點，這是由於我們繼續轉向更大的端到端商家.

With regards to profitability, we reported a record $45 million in adjusted EBITDA for the second quarter. This represents a 65% increase over Q1 reported results when adjusted for the impact of the credit loss that we absorbed in the first quarter. It also represents a 67% increase over Q2 of 2019 pre-COVID levels, when we normalize for consistent accounting treatment of equipment leases.

關於盈利能力，我們報告第二季度調整後的 EBITDA 達到創紀錄的 4500 萬美元。根據我們在第一季度吸收的信用損失的影響進行調整後，這比第一季度報告的結果增長了 65%。這也比 2019 年第二季度 COVID 前的水平增加了 67%，當時我們對設備租賃進行一致的會計處理。

As Jared mentioned, our second quarter results represent an adjusted EBITDA margin of 33% against gross revenues less network fees. This represents 10 percentage points of margin expansion over Q1's adjusted EBITDA margin or 5 percentage points when adjusted for the impact of the $5.2 million credit loss from Q1. Our margin trends continue to benefit from improved revenue generation and associated scale benefits within the cost structure. It should be noted that the recent acquisitions of 3dcart and VenueNext negatively impacted Q2 margins by 240 basis points, as we continue to shift their preacquisition revenue streams to our spread-based monetization model and integrate these businesses into our operating structure.

正如 Jared 所提到的，我們第二季度的業績表明調整後的 EBITDA 利潤率為 33%，總收入減去網絡費用。這表示利潤率比第一季度調整後的 EBITDA 利潤率高出 10 個百分點，或者在針對第一季度 520 萬美元的信貸損失的影響進行調整後提高了 5 個百分點。我們的利潤率趨勢繼續受益於成本結構內收入增加和相關規模效益。應該指出的是，最近對 3dcart 和 VenueNext 的收購對第二季度利潤率產生了 240 個基點的負面影響，因為我們繼續將他們收購前的收入流轉移到我們基於價差的貨幣化模式，並將這些業務整合到我們的運營結構中。

We reported our first quarter positive GAAP net income since our IPO. And as a result, you will notice we've included an additional section in the table on Page 11 of our press release, reflecting the dilutive effect of unvested restricted stock and the outstanding convertible notes. For purposes of calculating adjusted net income per share, we continue to use a more conservative non-GAAP diluted share count that includes Class B shares. As a result, for the second quarter, our adjusted net income per share of $0.22 is based on non-GAAP weighted average diluted share count of 85.1 million shares. We did not execute on any significant capital transactions during the quarter. However, we issued just over $630 million of convertible debt in late July.

自 IPO 以來，我們第一季度的 GAAP 淨收入為正。因此，您會注意到我們在新聞稿第 11 頁的表格中增加了一個部分，反映了未授予的限制性股票和已發行可轉換票據的稀釋作用。為了計算調整後的每股淨收益，我們繼續使用更保守的非 GAAP 稀釋股數，其中包括 B 類股。因此，對於第二季度，我們調整後的每股淨收益為 0.22 美元，這是基於 8510 萬股的非 GAAP 加權平均稀釋股數計算得出的。本季度我們沒有執行任何重大資本交易。然而，我們在 7 月下旬發行了略高於 6.3 億美元的可轉換債券。

With regard to liquidity, we ended the quarter with approximately $700 million in cash and approximately $100 million of available capacity on our revolving credit facility. Notable for the quarter is a cash outlay of approximately $120 million for employee tax withholdings and payroll taxes on 3.1 million shares of stock vested on the 1-year anniversary of our IPO. 80% of these shares were issued at the time of the IPO with a 1-year vesting period, but this is not representative of typical cash outlays related to our equity-based compensation plan.

關於流動性，我們在本季度末擁有約 7 億美元的現金和約 1 億美元的循環信貸額度。本季度值得注意的是大約 1.2 億美元的現金支出，用於在首次公開募股 1 週年之際歸屬 310 萬股股票的員工預扣稅和工資稅。這些股份中的 80% 是在 IPO 時發行的，授予期為 1 年，但這並不代表與我們基於股權的薪酬計劃相關的典型現金支出。

Now on to updates for our annual guidance. To start, we are increasing our full year volume guide by $2 billion to a range of $46 billion to $48 billion and increasing our full year gross revenue guide by $100 million to a range of $1.3 billion to $1.4 billion. We are increasing our full year gross revenue less network fee guidance by $20 million to a range of $500 million to $510 million. This increase is coming from the incremental processing revenue generated by the raise in volume.

現在更新我們的年度指南。首先，我們將全年銷量指南增加 20 億美元至 460 億美元至 480 億美元，並將全年總收入指南增加 1 億美元至 13 億美元至 14 億美元。我們將扣除網絡費用後的全年總收入增加 2000 萬美元，達到 5 億至 5.1 億美元的範圍。這種增長來自數量增加產生的增量處理收入。

For EBITDA, we are increasing our annual guidance to land between $175 million and $180 million. An increase of $10 million over prior guidance is from an assumed 50% pass-through rate on the incremental processing revenue mentioned earlier. We used 50% versus a gross margin of 57% due to continued investments in OpEx related to technology scaling efforts and additional staffing to support new verticals. Lastly, we would note that our new outlook ranges do not contemplate any potential economic slowdown or further lockdowns due to the COVID-19 Delta variant. As of now, we do not anticipate any significant negative impact, but we'll update you all if needed.

對於 EBITDA，我們正在將年度指導增加到 1.75 億美元至 1.8 億美元之間。比之前的指導增加 1000 萬美元是由於前面提到的增量處理收入的假定 50% 傳遞率。我們使用了 50% 而毛利率為 57%，這是由於與技術擴展工作相關的 OpEx 持續投資以及支持新垂直領域的額外人員配置。最後，我們要指出的是，我們的新展望範圍沒有考慮到任何潛在的經濟放緩或因 COVID-19 Delta 變體而進一步封鎖。截至目前，我們預計不會產生任何重大負面影響，但如果需要，我們會及時通知大家。

With that, let me turn the call over to the operator for your questions.

有了這個，讓我把電話轉給接線員來回答你的問題。

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

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

Congrats on these results. When we look at the results, what is the driving force of what we saw was a very, I think you said 7% new merchant growth sequentially. What does that translate to when you think about it on a year-over-year basis? And when we just try to break out the strong volume, the further acceleration in July, I think you said it was $4.7 billion, hitting more than the $1 billion per week, how much of that is reopening versus the new merchant growth you're seeing?

祝賀這些結果。當我們看結果時，我們看到的驅動力是非常的，我想你說的是 7% 的新商家連續增長。當您逐年考慮時，這意味著什麼？當我們試圖打破強勁的成交量時，7 月份的進一步加速，我想你說的是 47 億美元，達到每週超過 10 億美元，其中有多少是重新開放與你的新商戶增長看到了嗎？

Darrin, thanks for the question. This is Taylor. I think what's great to see about the 7% sequential growth is that if you recall, we had 4% month-over-month growth in April over March, right? And so that's a really important number to ground up because you still had reopening going on, especially within the hotel space as spring break started to occur. So seeing 7% on a consistent basis over the quarter, it really goes to show you that merchants are joining, right? And that's not a hotel that had closed and reopened for spring break for the first time. So this 0.5% to 1% a week, it sort of bumps around a little bit in between those 2 ranges, is a consistent number that we've seen joining the platform, quite frankly, going back even before the pandemic.

達林，謝謝你的提問。這是泰勒。我認為看到 7% 的連續增長的好處是，如果你還記得的話，我們在 4 月份比 3 月份有 4% 的環比增長，對吧？因此，這是一個非常重要的數字，因為您仍在重新開放，特別是在春假開始時在酒店空間內。所以看到本季度穩定增長 7%，這真的表明商家正在加入，對吧？這不是一家第一次因春假而關閉和重新開放的酒店。所以這個每週 0.5% 到 1%，它在這兩個範圍之間有點顛簸，這是我們在加入該平台時看到的一致數字，坦率地說，甚至可以追溯到大流行之前。

And so to see it continue is, I think, really a testament to the quality of the product offering. Now the mix is augmenting slightly. But I think what's really important to understand is that the real new markets are not yet active contributors. So you'd have, for example, a small handful of stadiums doing one event or so in July. But not count at all, and yet when they show up in our July reported numbers, next quarter, we're going to see a lot more volume per site out of them. And I think the July number shouldn't be a surprise, right? When you're adding merchants at this pace on the larger merchants, you should continue to grow. I think the one thing we just want to be mindful of is that in the fourth quarter, we typically see a seasonal slowdown, right, across all of our merchant base. So we want to be cautious that $4.7 billion is a number we're exceptionally proud of and you want to be mindful in the fourth quarter that you see typically a slowdown within your existing base, but we're not seeing a slowdown in merchant adds.

因此，我認為，看到它繼續下去，確實證明了產品質量。現在，這種組合略有增加。但我認為真正重要的是要了解真正的新市場還不是積極的貢獻者。因此，例如，您會在 7 月有一小部分體育場館舉辦一場左右的賽事。但根本不算數，但當它們出現在我們 7 月份報告的數字中時，下個季度，我們將看到每個站點的數量要多得多。而且我認為 7 月的數字應該不足為奇，對吧？當您以這種速度在較大的商家中添加商家時，您應該繼續增長。我認為我們只想注意的一件事是，在第四季度，我們通常會看到我們所有商家群體的季節性放緩。因此，我們要小心謹慎，47 億美元是一個我們引以為豪的數字，您要注意在第四季度，您通常會看到現有基數放緩，但我們沒有看到商家增加放緩.

All right. That's really helpful. So I mean, obviously, it's a mix. When you think about that kind of growth on a year-over-year basis, it's obviously a lot more than just reopening when we think about the number of merchants. If I remember correctly, it was over 20% or 25% year-over-year trending last quarter. So it almost seems like it's accelerated a bit to some degree on a year-over-year basis.

好的。這真的很有幫助。所以我的意思是，很明顯，這是一個混合體。當你考慮同比增長時，當我們考慮商家數量時，這顯然不僅僅是重新開業。如果我沒記錯的話，上個季度的同比趨勢超過 20% 或 25%。因此，它幾乎似乎在某種程度上與去年同期相比有所加速。

And then quickly, just on the yield. When we think about what the kind of volume that's coming on is and the yielding in general, are we still confident in the 50 basis points or greater for the larger merchant category and maybe 70, 80 basis points averages going forward?

然後很快，就在產量上。當我們考慮即將發生的交易量和總體收益時，我們是否仍然對較大的商家類別的 50 個基點或更高以及未來的平均 70、80 個基點有信心？

Darrin, this is Brad. I'll take that. And you're exactly right. I mean the 50 number we talked about last time is certainly a floor. What we're seeing is certainly a mix across the board, across the spectrum of merchants. So while we are adding some of these large merchants in those 50 ranges, we are certainly adding -- we continue to add restaurants, we continue to add specialty retail merchants in the 80 to 100 basis point range. So it will be going back down to a book rate.

達林，這是布拉德。我會接受的。你是對的。我的意思是我們上次談到的 50 個數字肯定是一個底線。我們所看到的肯定是各種商家的全面混合。因此，雖然我們在這 50 個範圍內添加了一些大型商家，但我們肯定會添加 - 我們繼續添加餐廳，我們繼續在 80 到 100 個基點範圍內添加專業零售商。所以它會回到賬面利率。

Our next question comes from David Togut of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

You've clearly underscored the strength of your liquidity and a number of opportunities in the acquisition pipeline. Could you talk through your focus in terms of acquisition, would this be in terms of adding to horizontal capability like a 3dcart or going more deeper into existing or new verticals like a VenueNext?

您清楚地強調了您的流動性實力和收購渠道中的許多機會。你能談談你在收購方面的重點嗎，這是增加像 3dcart 這樣的水平能力，還是更深入地進入現有或新的垂直領域，如 VenueNext？

Yes. Thanks, David. Jared Isaacman here. Good question. I'd say the story is really unchanged. We've continued to say that we have a pretty healthy pipeline that Taylor's team has been developing. They're really going in a number of directions, right? Like on one end of the spectrum, you have the big transformational-type acquisitions we're looking for. I'll -- 2017, when we acquired Shift4 and began our gateway strategy, in which case, we could be talking about moving into new geographic markets, extending our reach there. We could be talking about an exciting new vertical that kind of shares some of the characteristics that we found very helpful within our current core markets, like multiple different types of software that deliver a commerce experience. That's where we typically would want to focus.

是的。謝謝，大衛。賈里德艾薩克曼在這裡。好問題。我會說這個故事真的沒有改變。我們繼續說我們有一個非常健康的管道，泰勒的團隊一直在開發。他們真的朝著很多方向前進，對吧？就像在頻譜的一端，你有我們正在尋找的大型轉型型收購。我會 - 2017 年，當我們收購 Shift4 並開始我們的網關戰略時，在這種情況下，我們可能會談論進入新的地理市場，擴大我們在那裡的影響力。我們可能會談論一個令人興奮的新垂直領域，它具有我們發現在當前核心市場中非常有用的一些特徵，例如提供商務體驗的多種不同類型的軟件。這就是我們通常想要關注的地方。

And then when you kind of flip to the other end of the spectrum where you're talking about smaller transactions consistent with some of our last deals like VenueNext, like 3dcart, which is now Shift4Shop, in which case, you could be talking about entering into new verticals, you could be talking about accelerants within our existing verticals. For example, we did an acquisition almost a year ago, maybe a little less than that, which was MICROS Retail Systems. It was a pro serve company and it helped pull forward a lot of our growth within our current markets as well as accelerate some of our gateway conversions as well.

然後當你轉向范圍的另一端時，你談論的是與我們最近的一些交易一致的較小交易，比如 VenueNext，比如 3dcart，現在是 Shift4Shop，在這種情況下，你可以談論進入進入新的垂直領域，你可能會談論我們現有垂直領域內的促進劑。例如，我們在大約一年前進行了一次收購，收購時間可能比那次要少一點，那就是 MICROS Retail Systems。這是一家專業服務公司，它幫助推動了我們在當前市場中的大量增長，並加速了我們的一些網關轉換。

So I'd say those are really all on the table and nothing really has changed as much other than you may have noticed in some of my remarks that even things like moving into new geographic markets, which probably we would have said on other earnings calls would have been favored more in terms of like an inorganic initiative, we wound up just allocating some of our dollars towards that. And we're already right now doing some things in the Caribbean. We're already looking to develop that further from an acquiring -- to add additional acquiring type capabilities. And that was an entirely organic initiative. So even though we have some wish list items, we certainly have a lot of firepower to deploy against them. We're not slowing down on the organic side of it.

所以我想說的是，這些都已經擺在桌面上了，除了你在我的一些評論中可能已經註意到的之外，沒有什麼真正的改變，甚至像進入新的地域市場這樣的事情，我們可能會在其他財報電話會議上說就無機倡議而言，它本來會更受青睞，我們最終只是為此分配了一些美元。我們現在已經在加勒比地區做一些事情。我們已經在尋求從收購中進一步發展——添加額外的收購類型功能。這是一項完全有機的舉措。因此，即使我們有一些願望清單項目，我們當然也有很多火力可以用來對付它們。我們並沒有在有機方面放慢腳步。

Great. I appreciate that. Just as a follow-up question, Brad, I just want to confirm just the guidance methodology. Historically, you've excluded the impact of acquisitions from future guidance. And in the first quarter, you also excluded the impact of any stadium-related volume. As we think about the implied second half guide, does that still exclude acquisition impact and stadium volume? Or are those now baked in?

偉大的。我很感激。作為後續問題，布拉德，我只想確認指導方法。從歷史上看，您已將收購的影響排除在未來的指導之外。在第一季度，您還排除了任何與體育場相關的交易量的影響。當我們考慮隱含的下半場指南時，這是否仍不包括收購影響和體育場容量？或者那些現在已經烤好了？

Good question. So no, the -- when you look at the back half, we still do not have any assumed additional acquisitions targeted for Q3 and Q4 embedded in that guide nor do we have significant stadium volume. Taylor mentioned, what's coming through now is measured in hundreds of thousands of dollars. So no, we do not have a significant ramp at all coming in from the stadium vertical.

好問題。所以不，當你看後半部分時，我們仍然沒有任何假設的針對第三季度和第四季度的額外收購嵌入在該指南中，我們也沒有大量的體育場館。泰勒提到，現在發生的事情以數十萬美元來衡量。所以不，我們根本沒有從體育場垂直方向進入的明顯坡道。

Just to clarify, David, we do obviously have the expense base, right? And this has been a theme we want to make sure is crystal clear. So we have the full annualized impact of the expense base of VenueNext and Shift4Shop and the MICROS business that Jared mentioned. So the OpEx does reflect sort of the incremental employees.

澄清一下，戴維，我們顯然有費用基礎，對吧？這一直是我們想要確保非常清晰的主題。因此，我們對 Jared 提到的 VenueNext 和 Shift4Shop 以及 MICROS 業務的費用基礎產生了全面的年度化影響。因此，OpEx 確實反映了某種增量員工。

Our next question comes from Ashwin Shirvaikar of Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Congratulations on the quarter. I wanted to ask with regards to the outlook, what's embedded? Sort of what gets you to the high end versus the low end. And you mentioned cadence, I think, in one of the responses here for 4Q growth being a little lighter. Obviously, when we look at the past, both 2019 and '20, it's a little difficult to figure out what true seasonality is. If you could comment on how you're thinking of that with respect to your outlook.

祝賀這個季度。我想問一下關於前景，嵌入式是什麼？是什麼讓你到達高端而不是低端。我認為，您在這裡提到的節奏之一是對第四季度增長的回應之一。顯然，當我們回顧 2019 年和 20 年的過去時，很難弄清楚什麼是真正的季節性。如果你能評論一下你是如何看待你的觀點的。

Yes, sure. I'll start. I think it's important to note that we continue to be conservative in our volume guidance. I mean this is always evidenced, hopefully, by the fact that when we're guiding, annualizing recent trends gets you beyond those guides. So there's not a lot of science in the range, except that we think it's prudent to give a range. And then there's the cautionary statement, which is we see much more normal seasonal patterns this year. And we talked about depressed payment volumes leading up to the middle of February and then a strong increase in March and then a strong increase again in June, sustained due to summer.

是的，當然。我會開始。我認為重要的是要注意我們在數量指導方面繼續保持保守。我的意思是，當我們進行指導時，對近期趨勢進行年度化可以使您超越這些指南，這一事實始終可以證明這一點，希望如此。所以在這個範圍內沒有太多的科學依據，除了我們認為給出一個範圍是謹慎的。然後是警告聲明，我們今年看到了更正常的季節性模式。我們談到了導致 2 月中旬的支付量低迷，然後在 3 月強勁增長，然後在 6 月再次強勁增長，由於夏季而持續。

And we would expect, to the extent that the first sort of half of the year or first 7 months of the year have been -- have expressed normal seasonal patterns, that the fourth quarter looks seasonally normal as well, meaning that payment volume per site declines during that quarter. I think the balance to that, right, is our strong merchant growth. The balance to that are things like fall sports events in stadiums that we don't include in our guide because it's a bit unknown. So I think the methodology on our guide hasn't really changed much from what we've done in the past, which is point to the most recent evidence and add some conservatism for the months ahead given what we've seen in the merchant base. And to the extent that our offering continues to outperform and merchants join at the strong pace, then we hope we'll do better than what the guide suggests.

我們預計，在某種程度上，今年上半年或今年前 7 個月 - 已經表達了正常的季節性模式，第四季度看起來也符合季節性，這意味著每個網站的支付量該季度下降。我認為平衡是我們強勁的商業增長。與此平衡的是我們沒有包括在我們的指南中的體育場館的秋季體育賽事，因為它有點未知。因此，我認為我們指南中的方法與我們過去所做的並沒有太大變化，這是指向最新的證據，並根據我們在商家群中看到的情況為未來幾個月增加一些保守主義.如果我們的產品繼續表現出色並且商家以強勁的步伐加入，那麼我們希望我們會比指南建議的做得更好。

Understood. Understood. And in the past, you've often talked about if volumes came back for existing clients, merchants to, say, 2019 levels, it would result in 20% higher, 25% higher outcomes. Where do we stand now, given we have seen quite a bit of a recovery already, if you can comment about that?

明白了。明白了。過去，你經常談到，如果現有客戶、商家的交易量恢復到 2019 年的水平，結果會提高 20%、25%。鑑於我們已經看到了相當大的複蘇，我們現在處於什麼位置，您是否可以對此發表評論？

Yes. I'll take this one, only because I'm probably responsible for the very unclear statement in our prepared remarks on it, because it's hard math to do. I think you have to look at pockets of the merchant base and analyze them on a case-by-case basis. I would say restaurants, in general, from a payment volume perspective are looking reasonably good. You'd see this in things like the Visa and MasterCard or the American Express category stack data. However, the way it manifests itself is higher prices as opposed to fuller occupancy in most parts of the country.

是的。我會選擇這個，只是因為我可能要對我們準備好的評論中的非常不明確的陳述負責，因為這很難做數學。我認為您必須查看商家群的口袋並逐案分析。我想說的是，總的來說，從支付量的角度來看，餐館看起來相當不錯。您會在 Visa 和 MasterCard 或美國運通類別堆棧數據中看到這一點。然而，它表現出來的方式是更高的價格，而不是該國大部分地區的更充分的入住率。

So there is higher prices, but merchant average ticket volumes have gone up in a bunch of different places across our book. So it's hard to pin down precisely a recovery of occupancy versus a recovery of ticket prices or ticket prices, quite frankly, going beyond where they would have been pre-pandemic. I would say the hotel space still at a macro level is depressed although at a more regionalized level, hotels are seeing really good tourism behavior ex international, right? So we're seeing pockets where volume in certain cases is above where it would have been pre-pandemic. In other cases, it's still substantially below when you think about international heavy markets and tourism heavy markets.

所以價格更高了，但是在我們書中的許多不同地方，商家的平均票價都在上升。因此，很難準確地確定入住率的恢復與票價或票價的恢復，坦率地說，超出了大流行前的水平。我想說酒店空間在宏觀層面上仍然很低迷，儘管在更區域化的層面上，酒店在國際上看到了非常好的旅遊行為，對吧？因此，我們看到某些情況下的交易量高於大流行前的交易量。在其他情況下，當您考慮國際重度市場和旅遊重度市場時，它仍然大大低於。

So it's why we sort of keep pointing people towards the merchant count growth because if anything, in a world where you've seen a pandemic impact our end markets really, really significantly, the idea that we can point to between 0.5% and 1% active merchant count growth every week throughout that time frame, that's what we like to rely on in terms of predictability. Whether sustained higher average ticket values continue, whether occupancy grows, these are all things that, quite frankly, it's just too hard to predict.

所以這就是為什麼我們一直將人們指向商家數量的增長，因為如果有的話，在一個你看到大流行影響我們的終端市場的世界裡，我們可以指出 0.5% 到 1% 之間的想法在此期間每週活躍商家數量增長，這就是我們在可預測性方面喜歡依賴的。平均票價是否會持續上漲，入住率是否會增長，坦率地說，這些都是很難預測的事情。

Our next question comes from Tim Chiodo of Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Tim Chiodo。

Great. I want to dig into the next-gen restaurant platform that is coming in a few quarters and just talk about that opportunity there. It seems like a great new tool to give to the bars that would be attractive to them in terms of how they allocate their time in selling and recognizing that they have options. And then also, when we think about it as a way to attract new SMB restaurants, but also is there an opportunity for an upgrade within your existing base that might either be take rate supportive or take rate accretive in some manner?

偉大的。我想深入研究幾個季度後即將推出的下一代餐廳平台，並談談那裡的機會。這似乎是一個很好的新工具，可以讓酒吧在他們如何分配銷售時間和認識到他們有選擇權方面對他們有吸引力。然後，當我們將其視為吸引新的 SMB 餐廳的一種方式時，是否也有機會在您現有的基礎上進行升級，這可能會以某種方式支持或增加利率？

Yes, Tim. Jared Isaacman here. And great question. The answer is really yes all around. So it's certainly an opportunity to empower our immense distribution network to simply just go out, differentiate and win in what is a huge market. So we touch 1/3 of the restaurant market today, but not -- but we don't have the end-to-end processing on 1/3 of the restaurant or F&B market today. So they're using some form of payment technology, which is a foot in the door and an opportunity to have a conversation, opportunity to convert gateway volume to end-to-end.

是的，蒂姆。賈里德艾薩克曼在這裡。很好的問題。答案是肯定的。因此，這無疑是一個機會，可以讓我們龐大的分銷網絡能夠走出去，在這個巨大的市場中脫穎而出並贏得勝利。所以我們今天接觸了 1/3 的餐廳市場，但不是——但我們今天沒有對 1/3 的餐廳或餐飲市場進行端到端處理。所以他們正在使用某種形式的支付技術，這是一個踏入大門的機會，一個進行對話的機會，一個將網關流量轉換為端到端的機會。

But there's still the other 2/3 of the market out there, which is pretty exciting. So it's an opportunity for us to grow out, win share in the market. It's an opportunity to upgrade existing merchants that are within our immense base of customers today. And in doing so, that's certainly going to create incremental opportunities from like a SaaS revenue perspective, it's an opportunity to drive gateway to end-to-end volume conversions. And then it's an opportunity as well to just tap into a lot of revenue opportunities in this, the broader kind of payment application ecosystem.

但仍然有另外 2/3 的市場份額，這非常令人興奮。所以這是我們成長、贏得市場份額的機會。這是一個升級我們當今龐大客戶群中現有商家的機會。在這樣做的過程中，從 SaaS 收入的角度來看，這肯定會創造增量機會，這是一個推動網關到端到端批量轉換的機會。然後這也是一個機會，可以在更廣泛的支付應用程序生態系統中挖掘大量收入機會。

We've talked about in the past, right, that if you look at the size of our customers and certainly the direction we're going, should -- did Shift4 have an opportunity to really get involved in payroll and potentially monetize relationship to a customer that way, through other HR services or capital offerings. As we look to this new restaurant platform that we intend to roll out pretty soon and it's already in betas right now, it's actually beyond betas, I would say it's hitting pretty substantial number of customers, it is an opportunity for us to, kind of, dive into that broader ecosystem.

我們過去曾討論過，如果你看看我們客戶的規模，當然還有我們前進的方向，應該 - Shift4 是否有機會真正參與工資單並可能通過與通過其他人力資源服務或資本產品以這種方式吸引客戶。當我們關注這個我們打算很快推出的新餐廳平台時，它現在已經處於測試階段，它實際上已經超越了測試階段，我想說它吸引了相當多的顧客，這對我們來說是一個機會，有點，潛入更廣泛的生態系統。

Another thing I'd say, too, is if you look at some of the applications that will be, I don't know, kind of spearheading what we're describing as this customer patron first approach like QR code-based payments and what we've been doing with SkyTab, you're accumulating a lot of information on consumers that would -- and when I say that, meaning like e-mail addresses for our various marketing and loyalty-based applications, it gives -- it puts Shift4 in an interesting spot where we can start looking at things that otherwise wouldn't have been available to us, not totally going like playing 2 sides like maybe some of the other organizations, but certainly an opportunity to get a little bit closer to it than we have been in the past, if that makes sense.

我還要說的另一件事是，如果你看看一些應用程序，我不知道，它們會帶頭我們所描述的這種顧客至上的方法，比如基於二維碼的支付等等我們一直在與 SkyTab 合作，你正在積累大量關於消費者的信息，當我這麼說時，意思是像我們各種營銷和基於忠誠度的應用程序的電子郵件地址，它提供了 - 它把Shift4 在一個有趣的地方，在那裡我們可以開始研究我們本來無法獲得的東西，不像其他一些組織那樣完全像玩 2 方，但肯定是一個更接近它的機會如果這有意義的話。

Our next question comes from Mike Colonnese of Bank of America.

我們的下一個問題來自美國銀行的 Mike Colonnese。

Nice quarter all around, and congrats again on the 1-year anniversary here since the IPO. My question is on the revised outlook for 2021. So if I take a look at the midpoints you provided for net revenue and end-to-end volumes relative to the prior outlook, I'm coming up with incremental spreads of 1% by taking the $20 million in incremental revs divided by the $2 billion of incremental volumes for the year. So I guess what factors are driving your spread assumptions higher compared to the prior outlook?

整個季度都不錯，再次祝賀 IPO 一周年。我的問題是關於 2021 年修訂後的展望。因此，如果我看一下您提供的相對於先前展望的淨收入和端到端銷量的中點，我將 2000 萬美元的增量收入除以 2 美元，得出 1% 的增量利差年增量達 10 億元。所以我猜想與先前的展望相比，哪些因素正在推動您的價差假設更高？

Mike, this is Brad. So I'll start off with saying one of the things we learned in the conservative spread outlook last quarter, we probably undershot when we talked about the 50 basis point add. So when we approached it this quarter and we raised guidance, we wanted to make sure we were more reflective kind of on the spread side. So when you think about how that $2 billion is going to convert to $200 million, the majority of that is certainly coming through processing revenues. We call it in that 80 basis point range, right? It's going to blend down, like I mentioned with Darrin a little while ago, you've got new stuff coming on at a floor of call it 50 basis points, you've got numbers of merchants still coming on in the 100 to 80 basis point range.

邁克，這是布拉德。因此，我首先要說的是我們在上個季度的保守價差前景中學到的一件事，當我們談到 50 個基點的增加時，我們可能低估了。因此，當我們在本季度接近它並提出指導意見時，我們希望確保我們在傳播方面更具反思性。因此，當您考慮這 20 億美元將如何轉化為 2 億美元時，其中大部分肯定來自加工收入。我們在 80 個基點範圍內稱它為準，對嗎？它會混合下來，就像我剛才和 Darrin 提到的那樣，你有新的東西出現在一個叫它 50 個基點的地板上，你有很多商家仍然在 100 到 80 個基點上點範圍。

So it's going to blend down to more of an 80 basis point range. You also do have some lift in the guide related to some of the nonprocessing revenues. You've got some slight lift in the gateway that recovered a little bit quicker than we thought and some slight lift in the SaaS revenue. So if you think of the $20 million, the vast majority of it is processing, but there are some other components that are non-spread-related.

所以它將混合到更多的 80 個基點範圍內。您在與某些非加工收入相關的指南中也確實有一些提升。網關略有提升，恢復速度比我們想像的要快一點，SaaS 收入也略有提升。所以如果你想到這 2000 萬美元，其中絕大部分是處理，但還有一些其他部分與傳播無關。

The next question comes from James Faucette of Morgan Stanley.

下一個問題來自摩根士丹利的 James Faucette。

I wanted to touch on a couple of little bit of details, is that, first, obviously, the rate at which you're adding new customers is really impressive. I'm wondering if you can give us a little bit of color on where those are coming from? Are these new custom -- like new businesses? Are they coming from others, providers? I'm just kind of wondering where you're taking those new customers from?

我想談幾個細節，首先，很明顯，你增加新客戶的速度確實令人印象深刻。我想知道您是否可以給我們一些關於這些來源的顏色？這些新習俗是否像新業務一樣？他們是來自其他人，提供者嗎？我只是想知道您從哪裡帶走這些新客戶？

James, thanks very much for the question. Jared Isaacman here on this one. This comes back to really just a foundational component to the Shift4 story, which is on the more complex end of the commerce spectrum where we play, there's really only 2 other platforms that have the software integrations that are capable of really competing with us. It's so important understanding that, right, because the payments landscape is huge. Probably everybody thinks that everybody has some right to win, especially as you kind of move up into that more upmarket end of the spectrum, but it's really just not the case, right?

詹姆斯，非常感謝你提出這個問題。賈里德·艾薩克曼 (Jared Isaacman) 在這裡。這實際上只是 Shift4 故事的一個基礎組成部分，它處於我們所玩的商業範圍的更複雜的一端，實際上只有 2 個其他平台具有能夠真正與我們競爭的軟件集成。理解這一點非常重要，對吧，因為支付領域是巨大的。可能每個人都認為每個人都有獲勝的權利，尤其是當你進入更高端的領域時，但事實並非如此，對吧？

In a world of integrated payments where you're connecting software to a payment platform, especially multiple different types of software, we're talking about like specialty retailers or ski resorts, big hospitality resorts or complex restaurants like Tao Group, for example, that we referenced in our prepared remarks, there's only 3 platforms that have those software integrations that would be able to compete for that business. And that's really the case on the whole upper end, more complex end of that commerce spectrum, and Shift4 is one of them.

在集成支付的世界中，您將軟件連接到支付平台，尤其是多種不同類型的軟件，我們談論的是專業零售商或滑雪勝地、大型酒店度假村或像 Tao Group 這樣的綜合餐廳，例如，我們在準備好的評論中提到，只有 3 個平台具有能夠競爭該業務的軟件集成。在整個商業領域的整個高端，更複雜的一端，情況確實如此，而 Shift4 就是其中之一。

Now we've said for a while, we own more links in the value chain than any other payment provider. So what does that mean? We just have more tools available to us to differentiate when we're already afforded a seat at the table. So things like QR code-based payments and contactless payments and mobile payments and online ordering, we own all of these capabilities already. So we just have so many different levers to pull some of the incentives and carrots as inducements to make available these customers to move over to our end-to-end platform.

現在我們已經說過一段時間了，我們在價值鏈中擁有的鏈接比任何其他支付提供商都多。那是什麼意思呢？當我們已經在談判桌上佔有一席之地時，我們只是有更多可用的工具來區分。所以像基於二維碼的支付、非接觸式支付、移動支付和在線訂購，我們已經擁有所有這些能力。因此，我們只有這麼多不同的槓桿來拉動一些激勵措施和胡蘿蔔作為誘因，讓這些客戶可以轉移到我們的端到端平台。

It's a very powerful value proposition because it really comes down to taking out a lot of complexity, which means taking out a lot of costs, which was important to our customers in like the best of economic times before the pandemic, it was obviously very relevant to them, through the pandemic because we were adding a lot of customers and actually growing volume during such a challenging time period. And that's what we just continue to do as part of our ongoing strategy, recognizing we're in such an advantaged position. We look for capabilities to further differentiate. We look to take the strengths that we have in this complex end of the market and bring it into other comparable verticals like sports entertainment and theme parks and do exactly the same thing right now. So really, we're in a competitive landscape with you, and we're able to differentiate in a very effective way. And that's why we're growing customer count and which is contributing volume.

這是一個非常強大的價值主張，因為它實際上歸結為消除了很多複雜性，這意味著消除了很多成本，這對我們的客戶來說很重要，就像大流行之前最好的經濟時期一樣，這顯然非常相關對他們來說，通過大流行是因為我們在這樣一個充滿挑戰的時期增加了很多客戶並且實際上增加了數量。這就是我們繼續做的事情，作為我們持續戰略的一部分，認識到我們處於如此有利的地位。我們尋找進一步差異化的能力。我們希望利用我們在這個複雜市場的優勢，將其帶入其他類似的垂直領域，如體育娛樂和主題公園，並立即做同樣的事情。所以真的，我們和你處於競爭格局中，我們能夠以一種非常有效的方式脫穎而出。這就是為什麼我們正在增加客戶數量並貢獻數量。

The one thing, James, that I just want to be very specific on because there was a comment by Jared during the prepared remarks. When we say active merchant count growth, that is merchants producing volume on our rails. And that's really important, right? So when a stadium signs up and they don't have an event yet, that's not included in that count. When a web store is built, unless that web store is actively selling product every week, it's not in that count as well. So all Jared's comments ring true. There's not a lot of the sort of emerging markets in that count yet because these are things that we're still growing. Even though we're adding customers, until the volume comes through, it doesn't show up in that incremental submission.

有一件事，James，我只想非常具體地說明，因為 Jared 在準備好的發言中發表了評論。當我們說活躍商家計數增長時，就是商家在我們的軌道上產生了數量。這真的很重要，對吧？因此，當體育場註冊但他們還沒有舉辦活動時，這不包括在內。建立網上商店時，除非該網上商店每週都在積極銷售產品，否則它也不在這個範圍內。所以 Jared 的所有評論都是正確的。目前還沒有很多新興市場，因為這些是我們仍在增長的東西。即使我們正在添加客戶，但在數量達到之前，它不會顯示在增量提交中。

Got it. And I guess kind of a somewhat related question to your comments, Jared, in terms of the capability and the speed at which you're adding capabilities. Clearly, we've looked at and you have been very successful in finding acquisitions to add in to the capability stack of Shift4 over the years. But if you're unable to or you're not finding the things, solutions that you want in the market that you can acquire or that kind of thing, should we think that it might make sense to increase R&D or spend elsewhere to try to continue to improve the advantages of Shift4 more aggressively? Or do you think that you can still continue on the kind of the strategy and the capital allocation path that you have in the past?

知道了。Jared，我想關於您添加功能的能力和速度方面的問題與您的評論有點相關。很明顯，多年來，我們已經看過並且您在尋找收購以添加到 Shift4 的能力堆棧方面非常成功。但是，如果你不能或你沒有找到你想要的東西，你可以在市場上獲得的解決方案或類似的東西，我們是否應該認為增加研發或在其他地方投資以嘗試可能有意義繼續更積極地提升Shift4的優勢？或者你認為你仍然可以繼續你過去的那種策略和資本配置路徑嗎？

So I think the answer is we're doing both. We certainly like M&A. I think we've been pretty successful at it over the years. We've done a number of transactions that have unlocked substantial amount of value. We continue to look. The other thing too is we just -- we're not going to be pressured to do a deal that we're going to regret. I know a lot of us here, myself included, we consider this like a life sentence. So we don't want to do a transaction 2 years down the road we're kicking ourselves for. So we're trying to remain pretty disciplined in that regard.

所以我認為答案是我們都在做。我們當然喜歡併購。我認為這些年來我們在這方面非常成功。我們已經完成了許多釋放大量價值的交易。我們繼續看。另一件事也是我們只是 - 我們不會被迫做一個我們會後悔的交易。我認識這裡的很多人，包括我自己，我們認為這就像無期徒刑。所以我們不想在我們為之奮鬥的道路上進行 2 年的交易。因此，我們正努力在這方面保持紀律嚴明。

And what happens is, we identify an opportunity and if we can't solve for it in a way that an M&A transaction could, we just prioritize an organic initiative. A good example of that is what we did with pay at table, order at table, which is our SkyTab product, that was a solution we released in 2019 that really took off during the pandemic and continues to be one of the strongest technology initiatives that we've gone to market with. And the real reality was that every solution that was out there that we would look at from an inorganic perspective was just no good. And that was why pay and order at table just never took off in the U.S. market for like 20 years, even though it was predicted.

發生的事情是，我們發現了一個機會，如果我們不能以併購交易可以解決的方式解決它，我們只是優先考慮有機計劃。一個很好的例子就是我們在桌上付款，在桌上訂購，這是我們的 SkyTab 產品，這是我們在 2019 年發布的解決方案，在大流行期間真正起飛，並且仍然是最強大的技術舉措之一我們已經上市了。而真正的現實是，我們從無機角度來看的每一個解決方案都不好。這就是為什麼 20 年來餐桌上支付和訂購從未在美國市場起飛的原因，即使它是預測的。

And international, I think pretty much every earnings call since we've been public, somebody asked the question about what are you doing to enter into new markets. And we point out that we have a lot of customers that have international presence and that this is not -- like we're very aware of the opportunity in front of us. We just don't want to be pressured into a bad deal. What did we do? We prioritized some internal resources to start expanding our reach slowly, like we didn't organically make a leap across the Atlantic into Europe, but we're starting to do more things in, say, the Caribbean markets. And we're learning from it, and it's an organic initiative. And we'll see if -- we want to continue to fund that to potentially take us even farther geographic areas. So the answer is, you just -- we're just balancing both. If something gets us really excited and we think we can create a lot of value with it, we're certainly happy to allocate dollars in that direction. It's not -- we're able to achieve an awful lot of like really powerful things in terms of our organic investments.

在國際上，我認為自從我們公開以來，幾乎每一次財報電話會議，都會有人問到你在做什麼來進入新市場的問題。我們指出，我們有很多擁有國際業務的客戶，而這並不是——就像我們非常清楚擺在我們面前的機會一樣。我們只是不想被迫達成一筆糟糕的交易。我們做了什麼？我們優先考慮一些內部資源，開始慢慢擴大我們的影響力，就像我們沒有有機地跨越大西洋進入歐洲一樣，但我們開始在加勒比市場做更多的事情。我們正在從中學習，這是一項有機的舉措。我們會看看——我們是否想繼續資助它，以便有可能把我們帶到更遠的地理區域。所以答案是，你只是 - 我們只是在平衡兩者。如果某件事讓我們真的很興奮，並且我們認為我們可以用它創造很多價值，我們當然很樂意在那個方向上分配資金。它不是——我們能夠在我們的有機投資方面實現很多非常強大的東西。

Our next question comes from John Davis of Raymond James.

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

Jared, I just wanted to touch on a comment I think you made, and I wanted to clarify, in the prepared remarks. The gateway volume was now about $150 billion. I think we go back a year at the IPO, it was $185 billion. So just curious how much of that has been converted? And if you don't have an explicit number, just maybe an update on gateway conversions.

Jared，我只是想談談我認為你在準備好的評論中發表的評論，我想澄清一下。網關交易量現在約為 1500 億美元。我想我們回到 IPO 的一年，它是 1850 億美元。所以很好奇其中有多少已被轉換？如果您沒有明確的數字，也許只是網關轉換的更新。

Yes. Let me just clarify, and then Jared can talk about the conversion pace. We just pulled -- we just referenced the stats that we gave on our last earnings call. So that was a March annualized number of $150 billion of gateway volume. We haven't refreshed that for the second quarter earnings.

是的。讓我澄清一下，然後 Jared 可以談談轉換速度。我們剛剛拉 - 我們只是參考了我們在上次財報電話會議上提供的統計數據。所以這是 3 月份的年化網關交易量 1500 億美元。我們還沒有更新第二季度的收益。

Yes. And my apologies if I didn't add in approximately in there. I don't think we're significantly off. I think that approximately $150 billion of gateway volume to go is probably pretty accurate. Because even though, as Taylor mentioned, that was the number we cited at the end of quarter 1. And we, of course, had a fair amount of conversions. Like the actual pace of conversions from gateway customers to end to end has been unchanged for several years now. You also would have had somewhat of a recovery from within the gateway base anyway, so you probably -- just as markets open. So you're probably in that same ballpark.

是的。如果我沒有在其中添加大約內容，我深表歉意。我不認為我們有很大的不同。我認為大約 1500 億美元的網關流量可能非常準確。因為儘管正如 Taylor 提到的那樣，這是我們在第一季度末引用的數字。當然，我們有相當數量的轉化。就像從網關客戶到端到端的實際轉換速度多年來一直沒有變化。無論如何，你也會從門戶基地內部有所恢復，所以你可能 - 就像市場開放一樣。所以你可能在同一個球場。

But in terms of pace of conversion, it's very consistent, I mean, very consistent that we win approximately 50% of our new customers to be just winning share of the market connected to any number of our integrations. And the other 50% is customers that are on our gateway that migrate over. Yes. So there's certainly a lot of opportunity that remains within the existing basic gateway customers. I don't think our position has changed at all in terms of what we think is addressable, which is all of it. It's just a healthy base that we're pursuing with our thousands of really aligned software partners.

但就轉換速度而言，它非常一致，我的意思是，非常一致，我們贏得了大約 50% 的新客戶，只是贏得了與我們的任何數量的集成相關的市場份額。另外 50% 是我們網關上遷移過來的客戶。是的。因此，現有的基本網關客戶肯定還有很多機會。我認為就我們認為可以解決的問題而言，我們的立場根本沒有改變，僅此而已。這只是我們與數以千計的真正一致的軟件合作夥伴一起追求的健康基礎。

Yes. And this shouldn't surprise people, right? So when we quote that 0.5% to 1% end-to-end customer growth and everyone sort of recognizes how great that is, keep in mind, we've got 3 to 4x the volume in our gateway that we have on our end-to-end platform. So it should be an awesome feeder system for us for many years to come. There are certain things that accelerate portions of those, and we spend a lot of time with our business development teams each week identifying pockets that are more right at that point in time for conversion than others. I think hotels coming back to life and bringing their technology staff back in, for example. But it's a constant effort, and it's a really, really big population. So it's largely unchanged, as Jared mentioned, and still a ton to go if we see it as great.

是的。這不應該讓人們感到驚訝，對吧？因此，當我們引用 0.5% 到 1% 的端到端客戶增長並且每個人都意識到這有多棒時，請記住，我們的網關數量是我們端的 3 到 4 倍 -到端平台。因此，對於我們未來的許多年來說，它應該是一個很棒的饋線系統。有些事情會加速其中的一部分，我們每週都會花很多時間與我們的業務開發團隊一起確定在那個時間點比其他人更適合轉換的口袋。例如，我認為酒店會恢復生機，並讓他們的技術人員回歸。但這是一項持續的努力，而且人口真的非常多。因此，正如 Jared 提到的那樣，它在很大程度上沒有改變，如果我們認為它很棒，還有很長的路要走。

Yes. Maybe just to build on that more. So Jared again here. When I went -- in my prepared remarks, I said our #1 priority is still pursuing the opportunity in our 350 unique software integrations affords us, of which the gateway volume is really top of the list, right, $150 billion in volume. And we've always said that we develop various capabilities in order to -- and then give them away at like little to no cost as an incentive to help those customers migrate from gateway to end-to-end because it's such a significant lift in gross -- annualized gross profit.

是的。也許只是為了進一步發展。Jared 又來了。當我去的時候——在我準備好的發言中，我說我們的第一要務仍然是在我們 350 種獨特的軟件集成中尋求機會，其中網關數量確實位居榜首，對，1500 億美元的數量。而且我們一直說，我們開發各種功能是為了——然後以極低的成本甚至免費贈送它們，作為幫助這些客戶從網關遷移到端到端的激勵，因為它極大地提升了gross——年化毛利潤。

So what did I already share in the remarks. We're developing a next-generation restaurant payment platform, POS platform. A lot of that $150 billion in gateway volume are restaurants, right? So maybe the incentive that they were waiting for over the last couple of years is the next-generation platform that does things for them that their current solution is unable to do. Maybe it's free loyalty because we've been developing and enhancing our current loyalty capability. And they would otherwise be paying a third party in order to deliver a loyalty experience for their customers, right?

那麼我已經在評論中分享了什麼。我們正在開發下一代餐廳支付平台，POS 平台。1500 億美元的門戶交易量中有很多是餐館，對吧？因此，也許他們在過去幾年等待的動機是下一代平台可以為他們做他們目前的解決方案無法做到的事情。也許這是免費的忠誠度，因為我們一直在發展和增強我們目前的忠誠度能力。否則他們會向第三方付款，以便為他們的客戶提供忠誠度體驗，對嗎？

So these are things that are orders ahead that are additional incentives and capabilities to incentivize those customers to migrate to our end-to-end platform, which is no different than what we've done with QR codes, QR ordering or online ordering or pay-at-table, order-at-table, delivery and takeout. It's just another example of it. So #1 priority focusing on that $150 billion in volume that we're just in such an advantaged position to pursue as well as all of the other volume that's connected into those same integrations that are pretty uniquely situated on the Shift4 platform.

因此，這些都是提前訂購的東西，它們是額外的激勵措施和能力，可以激勵這些客戶遷移到我們的端到端平台，這與我們對 QR 碼、QR 訂購或在線訂購或支付所做的沒有什麼不同- 在餐桌上，在餐桌上點菜，送貨和外賣。這只是它的另一個例子。因此，#1 優先關注我們處於如此有利地位的 1500 億美元交易量，以及與 Shift4 平台上非常獨特的相同集成相關的所有其他交易量。

Okay. Great. And then just as a follow-up, Jared. We've been talking about M&A for a while. You guys have done a couple of nice tuck-ins. How much of a struggle is valuation? Is that something that's holding you up? Obviously, assets are relatively expensive. So does that mean probably more likely tuck-ins in the near term? Or just curious on how much of a hang up valuations have been in your hunt for maybe something larger?

好的。偉大的。然後作為後續行動，Jared。我們討論併購已經有一段時間了。你們做了一些不錯的安排。估值有多困難？這是阻礙你的事情嗎？顯然，資產相對昂貴。那麼這是否意味著在短期內更有可能收手？或者只是想知道在你尋找更大的東西時有多少掛起的估值？

So just to be clear, like it's not just valuation, right? It's also the quality of the asset itself. So when I think back to 2017 when we acquired our first gateway, which was the Shift4 Gateway, I mean that was like a record multiple for us. I mean it was probably 24, 25x forward EBITDA on a fully -- even I think at Year 1 synergized basis, it averaged down pretty quickly. But we were prepared to pay up for what would probably been considered toxic valuations at that time period.

所以要明確一點，這不僅僅是估值，對吧？這也是資產本身的質量。因此，當我回想起 2017 年我們獲得第一個網關（即 Shift4 網關）時，我的意思是這對我們來說就像創紀錄的倍數。我的意思是，它可能是 24、25 倍的遠期 EBITDA——即使我認為在第 1 年的協同基礎上，它平均下降得很快。但我們準備為當時可能被認為有毒的估值付出代價。

I don't actually think anything's changed in terms of 2021 or 2020 in terms of the valuation we're willing to pay for a quality asset. I just don't think a lot of the deals -- of course, you probably would have seen some of them would have been announced from others who end up pursuing them were that high quality, where we felt like we could leverage a playbook that's worked incredibly well for us to just unlock an integrated payments opportunity. So yes, I mean, valuation is certainly part of it, but we want good quality assets, and I don't think there's been too many out there that got us super excited. I don't know, Taylor, if you want to layer on that.

實際上，就我們願意為優質資產支付的估值而言，我認為 2021 年或 2020 年不會發生任何變化。我只是不認為很多交易——當然，你可能會看到其中一些交易是從其他最終追求它們的人那裡宣布的，質量很高，我們覺得我們可以利用一個劇本為我們打開集成支付機會的工作非常出色。所以，是的，我的意思是，估值肯定是其中的一部分，但我們想要優質資產，而且我認為沒有太多讓我們超級興奮的資產。我不知道，泰勒，你是否想在上面疊加。

Yes. It's something we talk about a lot, especially with investors given the current climate. I think the public markets and the SPAC sort of subsector of the public markets have done sort of very good and very bad things for those of us focused on M&A. In the good camp, they have shaken more trees than a single strategy department could ever shake. And so the attitude towards selling your business is much more positive. And therefore, we see a ton more than we would in a normalized environment. It's very easy to sort of get your phone call taken.

是的。這是我們經常談論的話題，尤其是在當前形勢下與投資者之間。我認為公開市場和 SPAC 這類公開市場的子部門對我們這些專注於併購的人來說既有好事也有壞事。在好的陣營中，他們搖動的樹木比單個戰略部門所能搖動的還要多。因此，出售您的業務的態度要積極得多。因此，我們看到的比在正常環境中看到的要多得多。很容易讓您的電話被接聽。

On the other side of the coin, it set valuation expectations that are flat out like unreasonable. And so in many cases, we find ourselves sort of waiting for a normalization or waiting for sort of a reckoning which we saw a little bit, right, in Q2 within the SPAC market of valuation expectations tempering. Again, none of this impedes sort of the excellent, highly strategic transactions because we still have managed to find plenty of them to spend time on.

另一方面，它設定了不合理的估值預期。因此，在許多情況下，我們發現自己在某種程度上等待正常化或等待某種清算，我們在 SPAC 市場的估值預期回火的第二季度看到了一點點，對。同樣，這一切都不會妨礙一些優秀的、高度戰略性的交易，因為我們仍然設法找到了很多可以花時間的交易。

But I do think it's worth sort of noting that, right? Like it is a myriad of opportunities, a lot to sit through, to Jared's point, on quality because the difference between a nice product that might get traction later and a really strong embedded base of customers to cross-sell is radically different in our minds. And I think the latter is tremendously undervalued right now. I think the idea of finding a pocket of merchants that you can deliver a much wider platform through the way we have with our point-of-sale acquisition and our gateway acquisition, this goes to our benefit, but I think that the market is sort of missing that at the moment, that's what makes us excited.

但我確實認為值得一提，對吧？就 Jared 的觀點而言，就質量而言，這就像是無數的機會，有很多需要堅持的機會，因為在我們看來，一個可能會在以後受到關注的好產品與真正強大的嵌入式客戶群進行交叉銷售之間的區別是截然不同的.我認為後者現在被嚴重低估了。我認為找到一小部分商家的想法，你可以通過我們收購銷售點和收購網關的方式提供更廣泛的平台，這對我們有利，但我認為市場有點此刻想念它，這就是讓我們興奮的原因。

Yes. Jared again here. I would like to think over the long run that just continuing to be disciplined in our strategy is going to pay off very well for our shareholders and Shift4 as an organization. To be honest, like it's not hard to win an auction. We just take the last comp and add like 20% or something to it. So I don't think it's very -- you're very good as a management team just to win every auction and like set new revenue multiples on every transaction.

是的。賈里德又來了。我想從長遠來看，只要繼續遵守我們的戰略，就會為我們的股東和 Shift4 作為一個組織帶來豐厚的回報。老實說，贏得拍賣並不難。我們只拿最後一個 comp 並添加 20% 左右的東西。所以我不認為這是非常 - 作為一個管理團隊，你非常擅長贏得每一次拍賣，並且喜歡在每筆交易中設定新的收入倍數。

Our next question comes from Chris Donat of Piper Sandler.

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

I wanted to ask about the new restaurant platform. And partly about the timing of it now of why working on it now? Is it sort of pandemic related? Or is it just a need to refresh a bunch of technologies. And then thinking about it from the restaurant perspective, what is a typical life cycle for a platform from a restaurant? Like how often do they typically revisit what they do? Or I imagine there's a lot of variation there, but I'm wondering if there's a general rule of thumb of when you might get an opportunity to revisit with restaurants.

我想問一下新的餐廳平台。部分是關於現在的時間安排，為什麼現在要處理它？這與大流行病有關嗎？或者只是需要刷新一堆技術。然後從餐廳的角度來思考，一個典型的餐廳平台的生命週期是什麼？比如他們通常多久回顧一次他們所做的事情？或者我想那裡有很多變化，但我想知道是否有一般的經驗法則可以判斷您何時有機會再次光顧餐廳。

Yes. Thanks, Chris. Jared here. So this new platform, which is internally codenamed Edgewater, existed prior to the pandemic. We did think it was pretty prudent during the pandemic, especially considering how impacted our end markets were, to reprioritize dev resources to adding capabilities to existing solutions. First, just -- I mean it just wasn't like an environment conducive to people coming on site and like ripping out hardware and software and reinstalling new ones, like nobody even wanted to visit face-to-face. So as it became clear that we were emerging from the storm, if you will, we just put the resources back on the project that we've been excited about for several years, which is Edgewater.

是的。謝謝，克里斯。賈里德在這裡。因此，這個內部代號為 Edgewater 的新平台在大流行之前就已經存在。我們確實認為在大流行期間非常謹慎，特別是考慮到我們的終端市場受到的影響有多大，重新確定開發資源的優先級以增加現有解決方案的功能。首先，我的意思是，它不像一個有利於人們來到現場的環境，也不像拆除硬件和軟件並重新安裝新的，就像沒有人願意麵對面訪問一樣。因此，很明顯我們正在擺脫風暴，如果你願意的話，我們只是將資源重新投入到我們多年來一直興奮的項目上，即 Edgewater。

And what is Edgewater designed to do is designed for like take all the different capabilities that we think are essential for an SMB-type restaurant environment and deeply integrate into a single application. So instead of paying third parties for gift and loyalty and online ordering, of which there's like 100 companies out there doing that, plus point of sale plus analytics plus marketing and combining it all into a single ground-up application, Android-based, hybrid cloud, everything customers would want. We've been excited about that idea for a long time. Now we do have, I would say, measured in the hundreds out there in beta, which has been deployed slowly through our existing distribution channels. And as we continue to gain confidence, have more capabilities, we think it will be a pretty big hit for existing customers and new ones.

Edgewater 的設計目的是將我們認為對 SMB 型餐廳環境必不可少的所有不同功能，深入集成到單個應用程序中。因此，與其向第三方支付禮品、忠誠度和在線訂購費用，其中大約有 100 家公司在這樣做，再加上銷售點、分析和營銷，然後將它們全部組合到一個單一的基於 Android 的混合應用程序中雲，客戶想要的一切。很長一段時間以來，我們一直對這個想法感到興奮。我想說，現在我們確實有數百個測試版，它們已經通過我們現有的分銷渠道緩慢部署。隨著我們繼續獲得信心，擁有更多的能力，我們認為這對現有客戶和新客戶來說將是一個相當大的打擊。

Now in terms of like timing for customers, I'd say like if we look at the like upmarket towards more enterprise customer, regional chains, not uncommon for them to be seeking bids in a 3- to 5-year type interval, whether it's like a formal RFP or just soliciting interest. I'd say SMBs, like until they have a problem, they're going to continue to roll with what they got. That's pretty much the general trend. Like we've certainly seen restaurants in the smaller end of the spectrum to roll out a solution inside of like months or a year, if it wasn't solving the pain point that they felt was most relevant for the business.

現在，就客戶的時間安排而言，我想說的是，如果我們將類似的高端市場看向更多的企業客戶、區域連鎖店，他們在 3 到 5 年的時間間隔內尋求投標並不少見，無論是像正式的 RFP 或只是徵求興趣。我會說 SMB，就像他們遇到問題之前一樣，他們將繼續使用他們得到的東西。這幾乎是總趨勢。就像我們肯定看到較小端的餐廳在幾個月或一年內推出解決方案一樣，如果它不能解決他們認為與業務最相關的痛點。

We've also seen plenty of stuff out there that's been around for quite some time. What I would say like with high confidence is like overwhelming vast majority of the restaurant industry is using Windows-based point-of-sale application. And Windows comes with like a lot of headaches, right? It's just a lot of upkeep, and it's pretty draining on hardware and every time there's a Windows update or something, things start breaking. So the market that's going to be right for like a very sexy new platform, following along with our existing strategy of don't charge for like 100 different annoying things and just monetize the relationship through payments, we think, is pretty large and rightfully well timed for our solution.

我們還看到了很多已經存在了很長一段時間的東西。我可以自信地說，絕大多數餐飲業都在使用基於 Windows 的銷售點應用程序。Windows 帶來了很多令人頭疼的問題，對吧？這只是大量的維護工作，而且它非常耗費硬件，每次有 Windows 更新或其他東西時，事情就會開始崩潰。因此，市場將適合像一個非常性感的新平台，遵循我們現有的策略，即不對 100 種不同的煩人的東西收費，而只是通過支付將關係貨幣化，我們認為，這個市場相當大而且理所當然為我們的解決方案計時。

Okay. And then just related to that. Do you think this -- the platform will -- do you expect it to bring in more competition on sort of the smaller size SMB payments world? Or are you still -- this is a different class of restaurant than, say, like a Square goes after.

好的。然後與此相關。您是否認為這個 - 該平台會 - 您是否期望它會在規模較小的 SMB 支付領域帶來更多競爭？或者你仍然 - 這是一個不同類別的餐廳，而不是像 Square 追求的那樣。

Yes, definitely different class than where Square would go after. I mean you're really talking about, within the restaurant market, as of today, if you were to size it up, there's Shift4 and all the various applications we've got and then there's Toast. And we think Shift4 is in a pretty advantaged position because we already touch or power about 1/3 of the restaurants in the United States already. So that's beyond the foot in the door. That's a conversation any time you want it. It's actually -- it's a black email away.

是的，與 Square 追求的目標絕對不同。我的意思是你真的在談論，在今天的餐廳市場中，如果你要擴大規模，有 Shift4 和我們擁有的所有各種應用程序，然後是 Toast。我們認為 Shift4 處於非常有利的位置，因為我們已經觸及或驅動了美國大約 1/3 的餐廳。所以這超出了門的腳。您可以隨時進行對話。實際上 - 這是一封黑色電子郵件。

So we already touch 1/3 out there that we think are going to be interested in migrating towards that more modern architecture, that more modern platform that I just described. And then we also have literally thousands of sophisticated distribution partners that are out there, able to have a conversation at a local level, which further differentiates us from really the only other player out there. So we think it's a pretty big opportunity. And we think the competitive landscape within this space is still quite narrow, and we have our natural advantages.

所以我們已經接觸了 1/3，我們認為他們有興趣遷移到我剛才描述的更現代的架構，更現代的平台。然後我們還有數以千計的老練的分銷合作夥伴在那裡，能夠在當地進行對話，這進一步使我們與真正唯一的其他參與者區分開來。所以我們認為這是一個相當大的機會。而且我們認為這個領域的競爭格局仍然很窄，我們有天然的優勢。

(Operator Instructions) Our next question comes from Andrew Jeffrey of Truist Securities.

（操作員說明）我們的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

Jared, I wonder, could you update us on your thinking around the gateway strategy broadly? And I guess what I'm asking is, is there any thought that you could move directly to offering end-to-end processing solutions as of -- in addition to the conversions within the existing gateway as a means of accelerating growth? And I guess what would be required? And are you investing against that kind of opportunity today?

Jared，我想知道，你能否向我們介紹一下你對網關戰略的總體看法？我想我要問的是，除了現有網關內的轉換之外，您是否認為您可以直接轉向提供端到端處理解決方案作為加速增長的一種方式？我猜需要什麼？您今天是否正在針對這種機會進行投資？

So I want to make sure I understand the question because we've been pretty consistent that about 50% of our production in any given month comes from just winning share of the addressable market. They're going right to the end-to-end platform, leveraging the software integrations we already have. So only about...

所以我想確保我理解這個問題，因為我們一直非常一致地認為，在任何給定月份，我們大約 50% 的產量都來自於在可尋址市場中贏得的份額。他們將直接轉向端到端平台，利用我們已有的軟件集成。所以只有約...

I guess, I'm thinking about more of an enterprise level, thinking about more enterprise-type customers that might traditionally have been on the Shift4 gateway.

我想，我正在考慮更多的企業級別，考慮更多傳統上可能使用 Shift4 網關的企業類型客戶。

For sure. I mean I can think of just a number off the top of my head that we announced over the last year that were just enterprise-grade customers that ported directly to our end-to-end platform. So Virgin Hotels, the Vegas property, half of the Sonesta relationships, I mean there's some M&A activity going on there from the customer, not us, that we're all net new. Wind Creek Casino and Resorts, that's a handful of resort, casino, restaurant wholesale properties, I think mostly on the East Coast. That was all a net new win. Tao Group, which is pretty huge, was a net new win as well.

一定。我的意思是，我能想到去年我們宣布的一些數字，這些數字只是直接移植到我們的端到端平台的企業級客戶。因此，維珍酒店、維加斯酒店、Sonesta 關係的一半，我的意思是客戶而不是我們正在進行一些併購活動，我們都是全新的。Wind Creek Casino and Resorts，這是少數度假村、賭場、餐廳批發物業，我認為主要在東海岸。這完全是一個全新的勝利。相當龐大的陶氏集團也是一個淨新的勝利。

So yes, we're winning enterprise customers independent of the gateway business. In fact, it's kind of one of the reasons why, I mean, everybody always asks us to give like specific merchant counts on gateway conversions and it gets hard because UPS Store at the time the contract was inked was a net new win. We had no gateway affiliation with them whatsoever. We were displacing Chase, we were in competition with FreedomPay. Then we acquired Merchant Link and that happened to be the gateway platform they were leaving and they kind of muddied the waters and you call that a conversion. But point being is like a number of our just pure net new wins independent of the gateway are enterprise customers.

所以是的，我們正在贏得獨立於網關業務的企業客戶。事實上，這就是為什麼，我的意思是，每個人總是要求我們像特定的商家一樣對網關轉換進行計數，這變得很困難，因為在簽訂合同時 UPS Store 是一個淨新的勝利。我們與他們沒有任何關係。我們正在取代大通銀行，我們正在與 FreedomPay 競爭。然後我們收購了 Merchant Link，這恰好是他們離開的網關平台，他們有點把水攪渾了，你稱之為轉換。但重點就像我們的一些獨立於網關的純網絡新勝利是企業客戶。

We have no further questions on the phone line. So I'll hand back to Jared for closing remarks.

我們在電話線上沒有進一步的問題。所以我會交回 Jared 的結束語。

Thank you very much. I appreciate everyone's time today, and we'll speak very soon. I wish you all well.

非常感謝。我感謝大家今天的時間，我們很快就會說話。祝你們一切順利。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。