Shift4 Payments Inc (FOUR) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Shift4 Payments Third Quarter 2020 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Shift4 Payments 2020 年第三季度收益電話會議。（操作員說明）

I would now like to turn the call over to your speaker today, Sloan Bohlen, Investor Relations. Please go ahead.

我現在想把電話轉給你今天的發言人，投資者關係部的 Sloan Bohlen。請繼續。

Thank you, operator. I'd like to welcome everyone to Shift4's Third Quarter 2020 Earnings Conference Call.

謝謝你，運營商。歡迎大家參加 Shift4 的 2020 年第三季度收益電話會議。

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 fact should be considered forward-looking statements, including statements regarding management's plans, strategies, goals and objectives; the potential annualized gross profit related to conversion of gateway-only merchants; our acquisitions and their ability to bring us into a high-growth vertical; the expected impact of COVID-19 on our business and industry; and anticipated financial performance, including our financial outlook for the fourth quarter of 2020. These statements 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.

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都應被視為前瞻性陳述，包括有關管理層計劃、戰略、目標和目的的陳述；與僅網關商家轉換相關的潛在年化毛利；我們的收購及其將我們帶入高增長垂直領域的能力； COVID-19 對我們的業務和行業的預期影響；以及預期的財務業績，包括我們對 2020 年第四季度的財務展望。這些陳述既不是承諾也不是保證，而是涉及已知和未知的風險、不確定性和其他重要因素，這些因素可能導致我們的實際結果、業績或成就與前瞻性聲明明示或暗示的任何未來結果、業績或成就存在重大差異聲明。

Factors discussed in the Risk Factors section of our quarterly report on Form 10-Q for the quarter ended September 30, 2020, 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.

我們截至 2020 年 9 月 30 日止季度的 10-Q 表季度報告的風險因素部分中討論的因素，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前瞻性報告所顯示的結果存在重大差異在這次電話會議上發表的聲明。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 measure in the company's earnings release, which can be found on our Investor Relations website at investors.shift4.com.

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。

And with that, let me turn the call over to the Chief Executive Officer, Jared Isaacman.

說到這裡，讓我把電話轉給首席執行官賈里德·艾薩克曼 (Jared Isaacman)。

Good morning, and thank you all for joining us today. We're pleased to report that Shift4 had a reasonably strong quarter despite a market backdrop that remains challenging. COVID-19, along with other factors, continues to pressure the economy and consumer spend at large. Year-to-date, consumer credit card spend, as tracked by Visa, is down 7%. Including debit, the overall spend trend is still at a modest 4% increase from the prior year. While this marks improvement from the depths earlier in the year, the shape of the recovery remains uncertain.

早上好，感謝大家今天加入我們。我們很高興地報告，儘管市場背景仍然充滿挑戰，但 Shift4 的季度表現相當強勁。COVID-19 連同其他因素繼續對經濟和整個消費者支出構成壓力。年初至今，Visa 追踪的消費者信用卡支出下降了 7%。包括借方在內，總體支出趨勢仍較上年小幅增長 4%。雖然這標誌著今年早些時候的深度有所改善，但復甦的形式仍不確定。

It's against that backdrop that our results stand out and, in our view, serves as a proof point that Shift4 provides a meaningfully differentiated solution, which ultimately creates demand for our services. In the third quarter, we grew end-to-end volume by just over 20%. In fact, every month this year, we've grown end-to-end volume year-over-year, except for April and May at the onset of the COVID-19 crisis.

正是在這種背景下，我們的結果脫穎而出，在我們看來，這證明了 Shift4 提供了有意義的差異化解決方案，最終創造了對我們服務的需求。第三季度，我們的端到端交易量增長了 20% 以上。事實上，今年每個月，除了 COVID-19 危機爆發時的 4 月和 5 月，我們的端到端交易量都同比增長。

In the spirit of transparency and in line with the periodic Shift4Cares.com updates we have been releasing, it's worth highlighting that October was our highest month ever with end-to-end volume up 28% year-over-year. This performance is entirely attributable to the growth of our end-to-end merchant count from both gateway conversions and net new wins. Year-to-date, we've boarded 18% more merchants than the same period in 2019.

本著透明的精神並根據我們發布的定期 Shift4Cares.com 更新，值得強調的是，10 月是我們有史以來最高的月份，端到端交易量同比增長 28%。這一業績完全歸功於我們端到端商家數量的增長，來自網關轉化和淨新贏。年初至今，我們接待的商戶比 2019 年同期多 18%。

Our passion for constant innovation drives this growth, whether that be via new technologies, bolt-on capabilities or disruptive go-to-market strategies. We don't sit still and are laser-focused on solving the pain points of the world's best merchants.

我們對不斷創新的熱情推動了這種增長，無論是通過新技術、補強能力還是顛覆性的上市戰略。我們不會坐以待斃，專注於解決全球最佳商家的痛點。

With that grounding, let's turn our attention to the results for this quarter. As detailed in our release this morning, Shift4's third quarter results were reasonably strong, highlighted by our end-to-end payment volumes of $7.1 billion, which was up over 20% from last year, as I mentioned before. Our increased volumes drove 10% growth in gross revenues less network fees and resulted in an adjusted EBITDA of $28.7 million and an EBITDA margin of 32.7% for the quarter.

有了這個基礎，讓我們把注意力轉向本季度的結果。正如我們今天早上發布的詳細信息，Shift4 第三季度的業績相當強勁，正如我之前提到的，我們的端到端支付量為 71 億美元，比去年增長了 20% 以上。我們增加的銷量推動總收入減去網絡費用後增長 10%，並導致本季度調整後的 EBITDA 為 2870 萬美元，EBITDA 利潤率為 32.7%。

We spent quite a bit of time during the quarter speaking with investors, and I would like to now address a few questions or misperceptions that we have encountered in our discussions. The first misperception is that Shift4's growth story is only about converting gateway-only merchants to our end-to-end solution. To be clear, that is a big part of our strategy, and we see huge opportunity in those conversions and believe, in aggregate, the opportunity could deliver as much as $500 million in annualized incremental gross profit.

本季度我們花了很多時間與投資者交談，現在我想談談我們在討論中遇到的一些問題或誤解。第一個誤解是 Shift4 的成長故事只是關於將僅使用網關的商家轉換為我們的端到端解決方案。需要明確的是，這是我們戰略的重要組成部分，我們在這些轉換中看到了巨大的機會，並且相信，總體而言，這些機會可以帶來高達 5 億美元的年度增量毛利潤。

That said, we think it's equally important to recognize that Shift4's solution set is highly competitive and is winning us new merchants and payment market share as well. Solving pain points for merchants also means solving pain points for our software partners, and they, in turn, bring us more merchants. In a way, these new merchant wins says a lot about the other 2 main misperceptions we run into with our investors. One is that Shift4 is really just about the restaurant and hospitality space. The second is that Shift4 and our merchants operate on legacy technologies.

也就是說，我們認為同樣重要的是要認識到 Shift4 的解決方案集具有很強的競爭力，並且正在為我們贏得新的商家和支付市場份額。為商家解決痛點，也就是為我們的軟件合作夥伴解決痛點，他們反過來又為我們帶來更多的商家。在某種程度上，這些新的商人勝利充分說明了我們與投資者遇到的其他兩個主要誤解。一是 Shift4 實際上只是關於餐廳和接待空間。第二個是 Shift4 和我們的商家使用傳統技術運營。

To this, we first note that 40% -- or nearly 40% of our overall end-to-end volume is for merchants that fall outside of the restaurant and hospitality space. As we've discussed previously, the incredibly important and complex software integrations that make Shift4 so special in the hospitality market are used in a multitude of adjacent and entirely uncoupled verticals. For example, our customers can be found inside health care, education institutions, specialty retailers, golf courses, entertainment venues and more.

對此，我們首先註意到，我們端到端總交易量的 40% 或近 40% 是針對餐廳和酒店業以外的商家。正如我們之前所討論的，使 Shift4 在酒店市場如此特別的極其重要和復雜的軟件集成被用於大量相鄰且完全不耦合的垂直領域。例如，我們的客戶遍布醫療保健、教育機構、專業零售商、高爾夫球場、娛樂場所等。

To be clear, we love the advantaged position we have worked hard to build in the restaurant and hospitality verticals, but that is clearly not the limit of our capabilities. In fact, we are expanding our reach into many new domains, and we're going to talk about that in just a minute.

需要明確的是，我們喜歡我們在餐廳和酒店垂直領域努力建立的優勢地位，但這顯然不是我們能力的極限。事實上，我們正在將我們的影響力擴展到許多新領域，我們將在一分鐘內討論這個問題。

Second, it's probably worth pointing out that there is innovation and disruption happening across the spectrum of commerce. The technological approach some of our peers are taking to simplify commerce for the most basic merchants is not necessarily transferable or applicable to the more complex merchants we serve. The vast majority of Shift4 customers depend on multiple software suites, ranging from emerging cloud solutions to enterprise on-premise servers.

其次，可能值得指出的是，整個商業領域都在發生創新和顛覆。我們的一些同行為簡化最基本的商家的商務而採用的技術方法不一定可以轉移或適用於我們所服務的更複雜的商家。絕大多數 Shift4 客戶都依賴多個軟件套件，從新興的雲解決方案到企業本地服務器。

Our technology allows merchants to operate a diverse array of commerce-enabling software and take advantage of best-in-class payment solutions such as our contactless and ordering products like SkyTab or QR Pay. We've also developed enterprise-grade business intelligence and analytic products. These are examples of merchant pain points that our technology is solving, which is very much different than, say, crypto enablement and peer-to-peer payments that a different category of merchants may require.

我們的技術使商家能夠運行各種支持商務的軟件，並利用一流的支付解決方案，例如我們的非接觸式和訂購產品，如 SkyTab 或 QR Pay。我們還開發了企業級商業智能和分析產品。這些是我們的技術正在解決的商家痛點的例子，這與不同類別的商家可能需要的加密支持和點對點支付有很大不同。

On our second quarter earnings call, we provided a detailed overview of how Shift4 is differentiated and why our model has so much success with a growing set of merchants. Instead of repeating that story, I'd encourage those that are new to the Shift4 story to listen to the second quarter earnings remarks. What I thought would be far more valuable today is to talk about where Shift4 is going, and this morning's M&A announcement is just one more step on that journey.

在我們第二季度的財報電話會議上，我們詳細概述了 Shift4 如何與眾不同，以及為什麼我們的模型在越來越多的商家中取得如此成功。與其重複這個故事，我鼓勵那些剛接觸 Shift4 故事的人聽聽第二季度的收益評論。我認為今天更有價值的是談論 Shift4 的發展方向，而今天早上的併購公告只是這一旅程的又一步。

In my IPO founder letter, I explained a lot about our history and our organizational philosophy towards seeking out problems and complexity and pain points and, ultimately, opportunities in order to further our grand payments ambitions. What began 2 decades ago with basic process improvements has, over the years, led to major pivots in technology and go-to-market strategy, and we've grown larger and more profitable each year as a result.

在我的 IPO 創始人信中，我解釋了很多關於我們的歷史和我們的組織理念，以尋找問題、複雜性和痛點，並最終尋找機會，以進一步實現我們的宏偉支付雄心。20 年前開始的基本流程改進，多年來導致了技術和上市戰略的重大轉變，因此我們每年都在發展壯大和盈利。

For example, just 3 years ago, we operated largely as a payment provider for a single software brand and didn't work with a single hotel. During the last quarter, we powered payments for dozens of software brands and roughly 1/3 of the hotels in the U.S. We didn't have a single Major League stadium prior to our Raiders announcement last quarter and now are in discussions with many venues around the country.

例如，就在 3 年前，我們主要作為單一軟件品牌的支付提供商運營，並沒有與單一酒店合作。在上個季度，我們為數十個軟件品牌和美國大約 1/3 的酒店提供支付服務。在上個季度發布攻略之前，我們沒有一個大聯盟體育場，現在正在與周圍的許多場館進行討論國家。

Our performance is sometimes incorrectly measured solely on gateway conversions, as I touched on before, but 3 years ago, we didn't own any gateways. Seeking out opportunities and taking big evolutionary steps is core to the Shift4 DNA. And we're pleased to announce the next milestone in our mission to deliver a unified commerce experience on a global level.

正如我之前提到的，我們的績效有時僅根據網關轉換進行錯誤衡量，但 3 年前，我們沒有任何網關。尋找機會並採取重大的進化步驟是 Shift4 DNA 的核心。我們很高興地宣布我們在全球範圍內提供統一商務體驗的使命的下一個里程碑。

Our acquisition of 3dcart is incredibly exciting as it brings us yet another high-growth vertical. For those not familiar, 3dcart is an e-commerce platform powering over 14,000 web stores across the globe. It's a textbook Shift4 acquisition and that it's a highly capable platform with a strong brand and attractive economics with a revenue model that's easily portable to payments.

我們對 3dcart 的收購非常令人興奮，因為它為我們帶來了另一個高增長的垂直領域。對於那些不熟悉的人，3dcart 是一個電子商務平台，為全球 14,000 多家網上商店提供支持。這是教科書式的 Shift4 收購，它是一個功能強大的平台，擁有強大的品牌和有吸引力的經濟效益，其收入模式可以輕鬆移植到支付中。

I wanted to highlight some high-level points that I think will be worthwhile to understand. First, the incumbents, like Shopify, BigCommerce, Wix and Square, have really been doing an outstanding job. But this is a $2 trillion addressable market, and there's no such thing as a winner-take-all in business.

我想強調一些我認為值得理解的高層次觀點。首先，Shopify、BigCommerce、Wix 和 Square 等現有企業確實做得非常出色。但這是一個價值 2 萬億美元的可尋址市場，在商業中不存在贏家通吃的情況。

Second, we spend a lot of time researching the landscape and believe the competitors' revenue models that penalize business owners with escalating SaaS fees and multiple premium plans and add-on services are exhausting and really unnecessary. We believe we can approach this enormous TAM with a more disruptive and, frankly, customer-friendly model, choosing to forego SaaS and premium services and other setup fees and instead monetize our relationship with our customers the same way we have for the last 2 decades, which is through an aligned payment relationship. And so when our merchants do well, so does Shift4.

其次，我們花了很多時間研究形勢，並認為競爭對手的收入模式通過不斷上漲的 SaaS 費用和多種高級計劃和附加服務來懲罰企業主，這種模式令人筋疲力盡，而且確實沒有必要。我們相信，我們可以通過一種更具顛覆性且坦率地說對客戶友好的模式來接近這個龐大的 TAM，選擇放棄 SaaS 和高級服務以及其他安裝費用，而是像過去 20 年一樣通過我們與客戶的關係獲利，這是通過一致的支付關係。因此，當我們的商家表現良好時，Shift4 也會表現出色。

Beyond the above foundational points, I'm confident you will find this acquisition to be highly synergistic with an opportunity to move the needle materially.

除了上述基本要點之外，我相信您會發現此次收購具有高度協同作用，並有機會在實質上推動針頭髮展。

And with that, let me turn this call over to Taylor to provide more details on the quarter and the latest member of the Shift4 family, 3dcart.

因此，讓我將此電話轉給 Taylor，以提供有關本季度和 Shift4 家族最新成員 3dcart 的更多詳細信息。

Thanks, Jared, and good morning, everyone. We are very pleased to report that the third quarter was another strong quarter for every stat we focus on. Of our current end-to-end volume, 36% has come from new merchants. It's worth repeating because, as Jared noted, these wins validate the power of the Shift4 offering in a competitive payments market. And best of all, to Jared's last point about new markets, despite our continued growth in food and beverage and hospitality, we're adding lots of other merchant types as well.

謝謝，Jared，大家早上好。我們很高興地報告，第三季度是我們關注的每個統計數據的又一個強勁季度。在我們目前的端到端交易量中，36% 來自新商家。值得一提的是，正如 Jared 指出的那樣，這些勝利證明了 Shift4 產品在競爭激烈的支付市場中的強大功能。最重要的是，對於 Jared 關於新市場的最後一點，儘管我們在食品和飲料以及酒店業方面持續增長，但我們也在增加許多其他商家類型。

Another exciting trend in our merchant board is the continued lift in annual gross payment volume per merchant. Our average volume per merchant was up 11% year-over-year during Q3, and this includes the drag created as a result of the pandemic. What it tells you is that our average new win is substantially larger than our book. To put a finer point on it, a merchant joining Shift4 in 2020 is over 70% larger than a merchant who joined just 3 years ago. Again, that's in the middle of a global pandemic.

我們商戶板的另一個令人興奮的趨勢是每個商戶的年度總支付量持續上升。在第三季度，我們每個商家的平均交易量同比增長 11%，其中包括大流行造成的拖累。它告訴你的是，我們的平均新贏額比我們的賬面大得多。更準確地說，2020 年加入 Shift4 的商家比 3 年前加入的商家大 70% 以上。同樣，那是在全球大流行的中間。

Put very simply, our compelling offering, paired with an expanding ability to go to new market verticals and attract merchants, represents a huge amount of leverage and growth beyond the gateway conversion opportunity that we have within our current base.

簡而言之，我們引人注目的產品，加上不斷擴展的進入新市場垂直市場和吸引商家的能力，代表著巨大的影響力和增長，超出了我們當前基地內的網關轉換機會。

Merchants and partners come to Shift4 for a variety of reasons, but the common threads are needs for secure payment connectivity, some of the most desirable software integrations, constant feature enhancement to solve pain points and an overall lower cost of ownership. We expect that trend to continue and accelerate as we further expand our e-commerce capabilities with the acquisition of 3dcart.

商家和合作夥伴出於各種原因來到 Shift4，但共同點是需要安全的支付連接、一些最理想的軟件集成、不斷增強功能以解決痛點以及降低總體擁有成本。隨著我們通過收購 3dcart 進一步擴展我們的電子商務能力，我們預計這一趨勢將繼續並加速。

Jared mentioned 3dcart as being textbook Shift4, but I'd like to explain that in more detail. 3dcart has been operating successfully in a very competitive market. Their platform has been built to handle dozens of industry use cases and supports web stores of basically every variety. Once you scroll past the Google ads, you'll find them objectively ranked among the best web store and e-commerce platforms in the industry.

Jared 提到 3dcart 是教科書 Shift4，但我想更詳細地解釋一下。3dcart 一直在競爭激烈的市場中成功運營。他們的平台旨在處理數十個行業用例，並支持幾乎所有種類的網上商店。滾動瀏覽 Google 廣告後，您會發現它們客觀地位列業內最佳網上商店和電子商務平台之列。

The ability to deliver this solution to our merchant base as part of our end-to-end offering is quite compelling and offers obvious revenue synergies. These synergies apply to 3dcart merchants who have been sending their payment volumes to multiple gateways and paying each vendor along the way. This is, of course, just scratching the surface of synergies that we have further highlighted on Slide 11 of the presentation. Over time, we see the possibility to take what is already great omnichannel offering and add our deep vertical expertise in addition to other investments and deliver a category-leading capability.

將此解決方案作為我們端到端產品的一部分提供給我們的商家群的能力非常引人注目，並提供了明顯的收入協同效應。這些協同作用適用於 3dcart 商家，他們一直在將支付量發送到多個網關並在此過程中向每個供應商付款。當然，這只是我們在演示文稿幻燈片 11 中進一步強調的協同作用的冰山一角。隨著時間的推移，我們看到有可能採用已經很棒的全渠道產品，並在其他投資之外增加我們深厚的垂直專業知識，並提供類別領先的能力。

You've seen this playbook from us before. We can take a highly valuable product and disrupt the model for that industry by bundling in the payment processing these merchants are already using multiple vendors for. The fact that many industry incumbents are only just catching up to payments gives us an opportunity and distinct advantage.

你以前看過我們的這本劇本。我們可以採用一種非常有價值的產品，並通過捆綁這些商家已經在使用多個供應商的支付處理來破壞該行業的模式。事實上，許多行業老牌企業才剛剛趕上支付領域，這為我們提供了機會和獨特的優勢。

With that, let me turn it over to Brad to review our financials for the quarter.

有了這個，讓我把它交給布拉德來審查我們本季度的財務狀況。

Thanks, Taylor. Similar to last quarter, I'll be referencing slides in the tail end of our earnings material that will highlight many of the metrics I'm going to speak to.

謝謝，泰勒。與上個季度類似，我將在我們的收益材料的尾端引用幻燈片，這些幻燈片將突出顯示我將要討論的許多指標。

As mentioned in our release, we generated $87.7 million in gross revenue less network fees in the quarter. This represents a 10% increase over the prior year and a 30% increase over Q2. The year-over-year variance was driven by a 25% increase in net processing revenues, driven by continued share wins and gateway conversions.

正如我們在新聞稿中提到的那樣，我們在本季度產生了 8770 萬美元的總收入減去網絡費用。這比上一年增長了 10%，比第二季度增長了 30%。同比差異是由淨處理收入增長 25% 推動的，這是由持續的份額贏得和網關轉換推動的。

Net processing revenue now makes up 65% of our growth revenue less network fees, up from 57% for full year 2019. Growth in net processing revenue was offset by modest declines in gateway and other revenue streams due to the impact of COVID-19 on our hospitality merchants and the continued execution of our strategy to convert gateway and onetime hardware and license sales to our recurring end-to-end solutions. As anticipated in the Q2 earnings call, net spreads returned to more normal levels and finished the quarter at approximately 80 basis points.

淨處理收入現在占我們增長收入減去網絡費用的 65%，高於 2019 年全年的 57%。淨處理收入的增長被網關和其他收入流的適度下降所抵消，原因是 COVID-19 對我們的酒店商家的影響以及我們繼續執行將網關和一次性硬件和許可銷售轉換為我們經常性端到端的戰略- 結束解決方案。正如在第二季度財報電話會議中預期的那樣，淨利差恢復到更正常的水平，本季度結束時約為 80 個基點。

We reported $28.7 million of adjusted EBITDA for the third quarter, an increase of 17% from the prior year. Recall that we changed the accounting treatment of our equipment leases at the beginning of Q3 of 2020. If we had applied our current accounting treatment related to equipment leases to the third quarter of 2019, adjusted EBITDA would have been relatively flat year-over-year. Similarly, if we'd applied our current accounting treatment regarding equipment to the previous quarter, adjusted EBITDA would have increased just over 50% from Q2.

我們報告第三季度調整後的 EBITDA 為 2870 萬美元，比去年同期增長 17%。回想一下，我們在 2020 年第三季度初更改了設備租賃的會計處理方法。如果我們將當前與設備租賃相關的會計處理應用於 2019 年第三季度，調整後的 EBITDA 同比將相對持平。同樣，如果我們將當前關於設備的會計處理應用於上一季度，調整後的 EBITDA 將比第二季度增長 50% 以上。

Our third quarter results represented adjusted EBITDA margin of 32.7% against gross revenue less network fees. On a consistent accounting basis, this represents a 300 basis point decline from prior year as we continue to make investments in top line growth initiatives. Compared to the prior quarter and, again, using the same consistent accounting basis, adjusted EBITDA margins expanded by 470 basis points due to the benefit of the cost actions that were implemented in May of 2020 and increased scale from higher volumes.

我們第三季度的業績顯示調整後的 EBITDA 利潤率為 32.7%，總收入減去網絡費用。在一致的會計基礎上，這比上一年下降了 300 個基點，因為我們繼續投資於頂線增長計劃。與上一季度相比，再次使用相同的一致會計基礎，調整後的 EBITDA 利潤率擴大了 470 個基點，這得益於 2020 年 5 月實施的成本行動以及銷量增加帶來的規模擴大。

Next, let me give you an update on our capitalization and liquidity. First, as you know, we completed a successful secondary equity offering in September of this year, raising $91.8 million in net proceeds, which increased both our liquidity position as well as our ability to pursue capital investment in various growth vectors.

接下來，讓我向您介紹我們的資本化和流動性的最新情況。首先，如您所知，我們在今年 9 月成功完成了二次股權發行，籌集了 9180 萬美元的淨收益，這既增加了我們的流動性頭寸，也增加了我們在各種增長領域進行資本投資的能力。

Second, on October 29, we completed a successful $450 million offering of senior notes that are due 2026. These notes carry a coupon rate of 4.625% and were issued at par. The proceeds of the offering were used to pay off the entirety of our previous term loan facility of that same amount and for general corporate purposes.

其次，10 月 29 日，我們成功發行了 4.5 億美元的 2026 年到期的優先票據。這些票據的票面利率為 4.625%，按面值發行。此次發行的收益用於償還我們之前相同金額的全部定期貸款，並用於一般公司用途。

In addition to saving Shift4 approximately $4 million in annual interest expense, the newly issued notes established Shift4's presence in the public debt markets and provide optionality for future capital raises. As a result of both actions, our liquidity position today is very strong, and Shift4 is positioned well to pursue a number of organic and inorganic growth opportunities. At quarter end, Shift4 had $328.9 million in cash and $89.5 million of capacity on our revolving credit facility.

除了為 Shift4 節省大約 400 萬美元的年度利息支出外，新發行的票據還確立了 Shift4 在公共債務市場的地位，並為未來的融資提供了選擇權。由於這兩項行動，我們今天的流動性狀況非常強勁，Shift4 處於有利地位，可以尋求許多有機和無機增長機會。在季度末，Shift4 擁有 3.289 億美元的現金和 8950 萬美元的循環信貸額度。

Finally, I'd like to discuss our outlook for the upcoming quarter. As we mentioned in our Q2 earnings call, we typically experience a seasonal downturn in Q4 coming out of Q3. While the COVID-19 impact on 2020 has distorted many of the normal industry pattern, we still anticipate a seasonal slowdown in same-store sales as we move into Q4 and summer travel comes to an end and students return back to school. Further, we are including in this outlook the impact of our recently discussed acquisition.

最後，我想談談我們對下一季度的展望。正如我們在第二季度財報電話會議中提到的那樣，我們通常會在第三季度之後的第四季度經歷季節性低迷。儘管 COVID-19 對 2020 年的影響已經扭曲了許多正常的行業模式，但我們仍然預計，隨著我們進入第四季度，夏季旅行結束，學生返校，同店銷售將出現季節性放緩。此外，我們在此展望中包括了我們最近討論的收購的影響。

That said, our revised guidance for Q4 is as follows. In terms of end-to-end volume, we now expect the fourth quarter to range between $7.2 billion and $7.6 billion. This revised guidance is up approximately 10% from our previously provided range of $6.5 billion to $6.9 billion. Consistent with Q3 results, this represents approximately 20% increase over prior year with no significant volume attributed to inorganic sources.

也就是說，我們對第四季度的修訂指導如下。就端到端交易量而言，我們現在預計第四季度將在 72 億美元至 76 億美元之間。這一修訂後的指引比我們之前提供的 65 億美元至 69 億美元的範圍增加了約 10%。與第三季度的結果一致，這比上一年增加了約 20%，無機來源的數量並不多。

Turning to gross revenue less network fees, we now expect the fourth quarter to range from $88 million to $92 million, which is approximately 17% higher than the previous range of $75 million to $79 million, and reflects higher volumes mentioned previously and modest revenues related to the acquisitions. Lastly, we now expect Q4 adjusted EBITDA to be between $27 million and $30 million, which represents an increase of approximately 30% from our previous guidance of $20 million to $23 million.

談到扣除網絡費用後的總收入，我們現在預計第四季度的收入在 8800 萬美元到 9200 萬美元之間，比之前的 7500 萬美元到 7900 萬美元高出約 17%，反映了前面提到的更高的銷量和適度的相關收入到收購。最後，我們現在預計第四季度調整後的 EBITDA 將在 2700 萬美元至 3000 萬美元之間，這比我們之前的 2000 萬美元至 2300 萬美元的指導增加了約 30%。

As we're all aware, there's still a great deal of uncertainty, especially as it relates to the current pandemic. The guidance we are providing is predicated on volumes and spreads continuing to perform as they did at the end of Q3 and does not contemplate unforeseen events, including, but not limited to, additional increases in COVID-19 cases or additional restrictions on dining, commerce or travel that could be imposed by state governments or local municipalities.

眾所周知，仍然存在很大的不確定性，尤其是與當前的大流行有關。我們提供的指導基於與第三季度末一樣的交易量和價差繼續表現，並且沒有考慮不可預見的事件，包括但不限於 COVID-19 病例的額外增加或對餐飲、商業的額外限制或州政府或地方市政當局可能強制執行的旅行。

With that said, let me turn the conversation back over to Jared.

話雖如此，讓我把話題轉回 Jared。

Thanks, Brad. Before we get to Q&A, I just want to make a few more closing comments, and some colors don't really stick around for that part after Q&A.

謝謝，布拉德。在我們開始問答之前，我只想再做一些結束評論，在問答之後，有些顏色並沒有真正留在那部分。

So as to our results, I want to reiterate that our customers are not immune to the real-world realities. Our performance may be up year-over-year, but we all know, on a merchant-by-merchant basis, it's not an easy time to conduct business. Our customers are overcoming unprecedented levels of adversity long after government stimulus programs have expired, and they're finding ways to persevere. And it's really quite impressive.

至於我們的結果，我想重申，我們的客戶不能免受現實世界的影響。我們的業績可能會逐年上升，但我們都知道，在逐個商家的基礎上，現在開展業務並不容易。在政府刺激計劃到期很久之後，我們的客戶正在克服前所未有的逆境，並且他們正在尋找堅持下去的方法。這真的很令人印象深刻。

I also want to acknowledge all of the Shift4 employees and partners that work tirelessly to deliver the best service and capabilities possible. I'm really fortunate to work with a team that really cares about our small but important contribution to commerce.

我還要感謝 Shift4 的所有員工和合作夥伴，他們孜孜不倦地工作以提供盡可能最好的服務和能力。我真的很幸運能與一個真正關心我們對商業的微小但重要貢獻的團隊一起工作。

We took extra time today to talk about not just where Shift4 is finding success in the present, but where we're going in the future. Shift4 shareholders should enjoy that we built a business with high walls and a nice growth engine, but we're not going to sit on our hands and just let the machine do its thing. Our ambitions have no geographic borders or industry-specific boundaries, and the acquisition of 3dcart is just one piece of that puzzle. We're excited to share more details and already have big plans for our Investor Day in early 2021.

我們今天花了額外的時間來討論 Shift4 目前取得成功的地方，以及我們未來的發展方向。Shift4 股東應該喜歡我們建立了一個高牆和良好增長引擎的企業，但我們不會袖手旁觀，讓機器做它的事情。我們的雄心壯志沒有地理邊界或行業特定邊界，收購 3dcart 只是其中的一塊拼圖。我們很高興能分享更多細節，並且已經為 2021 年初的投資者日制定了宏偉的計劃。

And with that, I'd like to turn it over to the operator for the Q&A portion of this session.

說到這裡，我想把它交給接線員進行本次會議的問答部分。

(Operator Instructions) Your first question comes from the line of David Togut with Evercore ISI.

（操作員說明）您的第一個問題來自 Evercore ISI 的 David Togut。

Good to see the increase in the fourth quarter guidance. Could you just talk through how much of the increase is driven by the inclusion of 3dcart versus the underlying growth of the business?

很高興看到第四季度指導的增加。您能否談談增長中有多少是由 3dcart 的納入與業務的潛在增長驅動的？

Yes. Hey, David, it's Brad. When we put out our guidance, and I mentioned in the statement, there's little to no volume attributable to 3dcart in Q4. So volume is insignificant. When we think about revenue, we did include that in the guidance. It's nominal. It's mid to low single digits, so it's not significant.

是的。嘿，大衛，我是布拉德。當我們發布我們的指導時，我在聲明中提到，第四季度 3dcart 的銷量幾乎沒有。所以體積是微不足道的。當我們考慮收入時，我們確實將其包含在指南中。這是名義上的。它是中低個位數，因此並不重要。

Got it. And just as a quick follow-up, when we look at the 18% growth in end-to-end merchant boards in the third quarter, can you dimension for us how much volume you might have gotten from those boards in the third quarter versus what's to come in Q4 and 2021?

知道了。作為快速跟進，當我們看到第三季度端到端商戶板增長 18% 時，您能否為我們衡量一下第三季度您可能從這些板獲得的銷量與Q4 和 2021 年會發生什麼？

Yes, sure. This is Taylor. What I think you should expect any time we board a customer is that you tend to get basically double the contribution of a merchant that boards in one quarter in the following quarter. Now that's rough math. That's sort of an average, but there is a real seasonality effect. So if you just assume that all our merchants boarded us in the middle of a quarter, you get half the benefit, maybe even a little less when you think about the time to ramp and install. So usually, we expect a doubling.

是的，當然。這是泰勒。我認為你應該期待的是，我們在任何時候接待客戶時，你往往會在下一季度獲得一個季度的商家貢獻的兩倍。現在這是粗略的數學。這是一個平均值，但確實存在季節性影響。因此，如果您只是假設我們所有的商家都在一個季度的中間登機，那麼您將獲得一半的收益，當您考慮啟動和安裝的時間時，甚至可能會更少。所以通常，我們期望翻倍。

And I think maybe just to bring it back to our comments around the second quarter, right, we talked about June merchants that have joined in the quarter, contributing about 3% of volume in June and then about 7% just the following month in July. So hopefully, that's helpful.

我想也許只是為了回到我們在第二季度的評論中，對吧，我們談到了在本季度加入的 6 月商家，在 6 月貢獻了約 3% 的交易量，然後在接下來的 7 月貢獻了約 7% .希望這會有所幫助。

Your next question comes from the line of Timothy Chiodo with Crédit Suisse.

你的下一個問題來自 Crédit Suisse 的 Timothy Chiodo。

Wanted to touch on -- so last quarter and throughout the quarter, we talked a little bit about how -- when asked about capital allocation, the most attractive use of that is really doubling down on your own customer acquisition, given the very, very attractive payback period. I believe you mentioned it could be sort of 8 months or at times even less. You talked about potentially extending that a little bit via the FAR bonuses or better software, more software, hardware, et cetera. Maybe you could just expand upon that strategy to the extent that it's either been implemented or could be implemented over the future and how that could potentially drive growth.

想要談一談 - 所以上個季度和整個季度，我們談了一些關於如何 - 當被問及資本分配時，最有吸引力的用途是真正加倍你自己的客戶獲取，因為非常非常有吸引力的投資回收期。我相信你提到過它可能是 8 個月，有時甚至更短。你談到可能通過 FAR 獎金或更好的軟件、更多的軟件、硬件等來稍微擴展它。也許您可以將該戰略擴展到它已經實施或可以在未來實施的程度，以及它如何可能推動增長。

Yes, sure, Timothy. Jared Isaacman here. Thanks for the good question. So I think we've been rather consistent whenever we really discuss our capital allocation strategy that there's definitely more room to go in terms of customer acquisition costs, just given the powerful unit economics. But then we also look at things like investing in research and development to make available additional capabilities to our customer, similar to what we've done with QR Pay and providing those solutions at little or no cost in order to drive end-to-end volume growth.

是的，當然，蒂莫西。賈里德艾薩克曼在這裡。謝謝你的好問題。因此，我認為每當我們真正討論我們的資本配置策略時，我們都相當一致，即考慮到強大的單位經濟學，在客戶獲取成本方面肯定還有更多的空間。但隨後我們也會考慮投資研發，為我們的客戶提供額外的功能，類似於我們對 QR Pay 所做的，並以很少或免費的方式提供這些解決方案，以推動端到端體積增長。

And then third, to look towards inorganic opportunities. And I think what you'd find is right now, we have all 3 of those strategies really in works and that the acquisition of 3dcart could very well be in line with that because, as we mentioned during our prepared remarks, we might approach 3dcart similar to how we did our QR code strategy in which we might make available a capability set that's entirely comparable to some of the biggest and most well-known e-commerce players in the space at no cost in order to drive payment volume.

第三，尋找無機機會。而且我認為您現在會發現，我們已經將所有 3 種策略都付諸實踐，並且收購 3dcart 很可能符合這一點，因為正如我們在準備好的發言中提到的那樣，我們可能會接觸 3dcart類似於我們執行 QR 碼策略的方式，在該策略中我們可以免費提供與該領域一些最大和最知名的電子商務參與者完全可比的功能集，以推動支付量。

So I think it's not -- and I know I might have used it as just a simple example on prior calls that we could write a check to every customer to move to our end-to-end platform. But that was an oversimplification. The idea is really allocating capital across the spectrum in order to drive end-to-end volume growth. And some of that is in the form of increased bonuses to our partners, which has been responding very well. We've definitely seen a production lift associated with it, but it's also in those inorganic strategies like 3dcart where we can use kind of the same disruptive go-to-market strategies in the past in order to drive end-to-end volume growth. And that's probably the single biggest highlight, I'd say, from the presentation today.

所以我認為它不是 - 我知道我可能只是將它用作先前電話的一個簡單示例，我們可以向每個客戶寫一張支票以轉移到我們的端到端平台。但這是過於簡單化了。這個想法實際上是在整個範圍內分配資本，以推動端到端的銷量增長。其中一些是以增加對我們合作夥伴的獎金的形式出現的，這些合作夥伴的反應非常好。我們肯定已經看到了與之相關的生產提升，但它也在像 3dcart 這樣的無機策略中，我們可以在過去使用某種相同的破壞性上市策略來推動端到端的銷量增長.我想說，這可能是今天演講中最大的亮點。

Great. That really helps. And the somewhat related follow-up is just a quick one on attrition. So earlier in the year, I think you had some pretty conservative attrition assumptions just given the environment, which made sense at the time. Maybe you could just talk briefly about how things might have played out relative to those in terms of the resiliency of your underlying merchant base and perhaps how that attrition might have turned out a little bit better than had been expected at the time?

偉大的。這真的很有幫助。有點相關的後續行動只是關於減員的快速行動。所以在今年早些時候，我認為你有一些非常保守的損耗假設，只是考慮到當時的環境，這是有道理的。也許你可以簡單地談談在你的潛在商家基礎的彈性方面，事情可能會如何發展，也許這種流失可能比當時預期的要好一點？

Yes, sure. So as you'd recall, even prior to our IPO, any discussions around the attrition profile of the business, a forecast of those were pretty draconian only because it was late May and you had no clue what to expect. I would say we've been incredibly pleased, as Jared sort of mentioned on the call, with the resiliency of our margin base. Just to put sort of a finer point on that, it can be difficult to disaggregate because we've got more merchants transacting with us in any given week now than we ever had in our history.

是的，當然。因此，正如您所記得的那樣，即使在我們首次公開募股之前，任何關於業務流失情況的討論，對這些預測的預測都是相當嚴厲的，只是因為當時是 5 月下旬，你不知道會發生什麼。我想說，正如賈里德在電話中提到的那樣，我們對保證金基礎的彈性感到非常高興。只是為了更好地說明這一點，它可能很難分解，因為我們現在在任何給定的一周內與我們進行交易的商家比我們歷史上任何時候都多。

But if you took a static pool, right, if you look at the basket of merchants that are interacting with you or transacting with us during a given week in February prior to the pandemic, and then you look at that exact same pool of merchants today, you'd see about 5% are inactive. And I think it remains to be seen what happens to that 5%. It's probably a little bit soon to pass judgment on it to the positive because we've got lots of things like hotels and restaurants in urban areas that are slow to open if they're highly dependent on business travel, for example. And to the negative, you've got issues like stimulus funding that would make you want to keep an eye on that 5%. But 5% is what we've seen at its peak. And again, we've sort of more than eclipsed that through our growth.

但是，如果您採用靜態池，那麼，如果您查看在大流行之前的 2 月的特定一周內與您互動或與我們進行交易的一攬子商家，然後您查看今天完全相同的商家池，您會看到大約 5% 的用戶處於非活動狀態。我認為這 5% 會發生什麼還有待觀察。對它做出積極的判斷可能有點早，因為我們有很多東西，比如城市地區的酒店和餐館，如果高度依賴商務旅行，它們的開業速度就會很慢。不利的是，你會遇到刺激資金等問題，這會讓你想要關注那 5%。但 5% 是我們在其峰值時看到的。再說一次，我們的增長已經超過了這一點。

Your next question comes from the line of Darrin Peller with Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Darrin Peller。

So when we look at the fourth quarter guide for volume, it obviously shows really, really good trends you had into October. And then it shows, I think, 22% guide, which implies decel for November, December, which we assume is just macro uncertainty more than anything else. But first of all, just making sure, was there anything sort of onetime in the October trends that we should keep in mind or seasonality or year-over-year comps?

因此，當我們查看第四季度的銷量指南時，它顯然顯示了進入 10 月份的非常非常好的趨勢。然後它顯示，我認為，22% 的指導，這意味著 11 月、12 月的減速，我們認為這只是宏觀不確定性，而不是其他任何因素。但首先，請確保我們應該牢記 10 月份的趨勢或季節性或同比比較中是否有任何一次性因素？

And then more importantly, I think you guys are showing -- you mentioned 60% of your volume is restaurants and hospitality. I'd be curious to hear just how this compares to the past percentages that were outside of those 2 core areas and where you expect that to go. I know that's a question that we've talked about before with you guys, but you had some really good success moving beyond your traditional verticals.

然後更重要的是，我認為你們正在展示——你們提到你們 60% 的銷量是餐館和酒店業。我很想知道這與過去在這 2 個核心區域之外的百分比以及您期望的百分比相比如何。我知道這是我們之前與你們討論過的一個問題，但你們在超越傳統垂直領域方面取得了一些非常好的成功。

Yes, sure. Thanks. This is Taylor. I'll address those. I think you're just going to find a continued theme that we're cautiously optimistic in the guidance that we provide. October, if you just look like on a seasonal basis, you'd expect it to trend down from September, even in a high-growth environment like we would have seen in 2019, for example. November is typically not much better. But October turned out really well for us at not just up year-over-year, but also higher than any of the other months that we've had so far this year and in the company's history.

是的，當然。謝謝。這是泰勒。我會解決這些問題。我認為你只會找到一個持續的主題，我們對我們提供的指導持謹慎樂觀的態度。10 月，如果你只是從季節性的角度來看，你會預計它會從 9 月開始下降，即使在我們在 2019 年看到的高增長環境中也是如此。十一月通常也好不了多少。但 10 月份對我們來說非常好，不僅同比增長，而且比我們今年迄今為止和公司歷史上的任何其他月份都要高。

So I feel like we're going to be defending our guidance much in the same way we did in -- on the Q2 call to say that we've got decent data points. But all the news around us gives us pause in trying to get too euphoric about the very positive trends we see every day.

因此，我覺得我們將以與我們所做的相同的方式捍衛我們的指導方針——在第二季度的電話會議上說我們有不錯的數據點。但是我們周圍的所有新聞都讓我們停下來，不要對我們每天看到的非常積極的趨勢過於樂觀。

And then in terms of your question on mix shift, it's shifting somewhat meaningfully, I would say. You'd probably see about a 10% decline in the contribution from hotels and restaurants now as compared to, I don't know, 2018 or 2019. Some of that is a little bit depressed because you've got hotels doing less volume, although hotels have been a very fast-growing vertical for us as well.

然後就你關於混合轉變的問題而言，它正在發生某種有意義的轉變，我會說。與我不知道的 2018 年或 2019 年相比，您現在可能會看到酒店和餐館的貢獻下降了約 10%。其中一些有點令人沮喪，因為你的酒店業務量較少，儘管酒店對我們來說也是一個增長非常快的垂直行業。

I think the key point to the message is that we have got almost as many software brands that were their bread-and-butter merchants outside of a hotel and -- or a restaurant but they happen to want to sell into that market, and so they partner up with us and then they bring us into main street, and it's working well. So we just thought it's important to highlight that because I think we've seen pretty consistent themes in questioning, and it's just worth giving more clarity into our merchant base.

我認為該信息的關鍵點在於，我們擁有的軟件品牌幾乎與他們在酒店和餐廳以外的主要商家一樣多，但他們恰好想向該市場銷售產品，所以他們與我們合作，然後將我們帶到主要街道，而且運作良好。所以我們只是認為強調這一點很重要，因為我認為我們在提問中看到了非常一致的主題，值得讓我們的商家群更加清晰。

Yes. All right. That's helpful data. Just my quick follow-up is around 3dcart. I mean it seems like you'd be focused more on the pretty small side of the SMB, although please correct me if I'm wrong on that, I mean, maybe if it's medium-sized or whatnot. And I'd be curious, strategically, you guys have always talked about moving more and more into larger enterprise, and we should keep that in mind with yield and whatnot. But is this a little bit of a pivot from that? Or does this really address both all ranges and sizes of merchants?

是的。好的。這是有用的數據。我的快速跟進是關於 3dcart 的。我的意思是，您似乎更關注 SMB 的小規模，但如果我在這方面有誤，請糾正我，我的意思是，如果它是中型或類似的。而且我很好奇，從戰略上講，你們一直在談論越來越多地進入更大的企業，我們應該在收益和其他方面牢記這一點。但這是否是其中的一個支點？還是這真的適用於所有範圍和規模的商家？

Yes, it's a great question. So Jared Isaacman here again. So we've been doing a lot of research for probably a longer period of time than most would think in terms of entering into the e-commerce market and really, actually, just taking a big evolutionary step for the business in general towards a more -- a view more towards a unified global commerce platform.

是的，這是一個很好的問題。Jared Isaacman 又來了。因此，就進入電子商務市場而言，我們進行了大量研究的時間可能比大多數人想像的要長，實際上，這只是為整個企業邁出了一大步，朝著更廣泛的方向發展。 ——更傾向於統一的全球商業平台。

But just back to the e-commerce topic, specifically in the research we were doing there, we did a competitive matrix really across the top 5 dominant web store platforms. And I think what you'd find is 3dcart scores on the upper end in almost every respect. And that includes even like B2B capabilities, which would be more in line with, say, like the Shopify Plus platform and what you wouldn't find like on a Square Weebly platform or some of the other providers.

但回到電子商務主題，特別是在我們在那裡所做的研究中，我們確實在前 5 大主要網絡商店平台上做了一個競爭矩陣。而且我認為您會發現 3dcart 幾乎在所有方面都得分較高。這甚至包括 B2B 功能，這將更符合 Shopify Plus 平台以及您在 Square Weebly 平台或其他一些提供商上找不到的功能。

So I wouldn't judge too much based on how the website is today and where they've kind of go-to-market and found success historically because the capability set is totally competitive across the spectrum from like really the small SMBs that really need just a simple way to get going and selling things online all the way up to, like I said, B2B capabilities, which is pretty unique within the e-commerce platform landscape.

因此，我不會根據網站今天的情況以及他們在哪些地方進入市場並在歷史上取得成功來判斷太多，因為該功能集在整個範圍內都具有完全的競爭力，就像真正需要的小型 SMB 一樣只是一種開始在線銷售東西的簡單方法，就像我說的，B2B 功能，這在電子商務平台領域是非常獨特的。

Your next question comes from the line of Dan Perlin with RBC Capital Markets.

你的下一個問題來自 Dan Perlin 與 RBC Capital Markets 的對話。

I also had a question around the acquisition. You talked about, I think, additional opportunities maybe from a geographic perspective. And I'm just wondering kind of where your head is there in terms of taking on more opportunities through this kind of funnel acquisition to get you into different geographies and, specifically, maybe where those geographies might be at this point.

我對收購也有疑問。我認為，你談到了可能從地理角度來看的額外機會。我只是想知道在通過這種漏斗收購獲得更多機會方面，你的頭腦在哪裡，讓你進入不同的地區，具體來說，也許這些地區此時可能在哪裡。

Yes. So Jared Isaacman again here on this. So we shared an awful lot in our prepared remarks earlier. But if you go in there and kind of read between some of the lines, one of the statements I made was that 3dcart is one piece of the puzzle. So there's no question that if you look at the current customer base of 3dcart, you'd find a pretty diverse array of merchants all over the globe where there's already some international optimization to the platform. There is some cross-border payment capability. But again, it is just really one piece of the puzzle.

是的。所以 Jared Isaacman 再次來到這裡。因此，我們之前在準備好的發言中分享了很多內容。但是，如果您進入那裡並在某些行之間進行閱讀，我所做的其中一項陳述是 3dcart 是拼圖的一部分。因此，毫無疑問，如果您查看 3dcart 當前的客戶群，您會發現全球範圍內的商家種類繁多，並且已經對平台進行了一些國際優化。有一定的跨境支付能力。但同樣，這只是拼圖的一部分。

So nothing has changed in terms of our ambition to have a global commerce platform. If you look at who our customers are, whether they're the hotels, the restaurants, the specialty retailers, those brands have planted their flags all over the world, and we have an obligation to follow them and deliver the same capabilities as we do currently in the U.S. But I'd look at 3dcart again as a key piece in that puzzle, but it's not the entirety of the story. You guys will have to kind of stay tuned in terms of the direction we're going in order to kind of solve that broader opportunity set.

因此，就我們擁有全球商務平台的雄心而言，一切都沒有改變。如果你看看我們的客戶是誰，無論他們是酒店、餐廳還是專業零售商，這些品牌已經在世界各地插上了自己的旗幟，我們有義務追隨他們並提供與我們相同的能力目前在美國，但我會再次將 3dcart 視為該拼圖中的關鍵部分，但這並不是故事的全部。為了解決更廣泛的機會集，你們將不得不繼續關注我們前進的方向。

Understood. If I could just ask a follow-up on the average volume per merchant, I think you said 11% year-on-year. And then the following statistic there was that merchants are joining today, I think you said 70% larger than a year ago. In keeping with this conversation around your mix shift that's changing, I mean, what are these merchants? Are these typically large-scale resorts that have multiple opportunities? Are these a play into some of the software aspects that you alluded to earlier? I just want to try and get a better sense of where that's coming from and just the sheer magnitude that size difference is pretty meaningful.

明白了。如果我可以問一下每個商家的平均交易量，我想你說的是同比 11%。然後下面的統計數據是商家今天加入，我想你說的比一年前大 70%。為了與圍繞您正在發生變化的混合轉變的對話保持一致，我的意思是，這些商家是什麼？這些典型的大型度假村是否有多種機會？這些是您之前提到的某些軟件方面的遊戲嗎？我只是想嘗試更好地了解它的來源，以及大小差異的絕對意義。

Yes, sure. This is Taylor. I'll address that. Just to actually clarify the 2 statistics. The 11% is that if you look at an average merchant in our book today, simply quarterly volume over merchants transacting, what you'd find is that the average merchant does 11% more in a year than you would have found a year ago in Q3.

是的，當然。這是泰勒。我會解決這個問題。只是為了實際澄清 2 個統計數據。11% 是如果你看看今天我們書中的一個普通商人，只是每個季度的商人交易量，你會發現平均商人一年的交易量比一年前多 11% Q3.

The 70% larger is actually just a different measurement period. It's looking over a 3-year period. And this is the story of Shift4's constant evolution, right? Back in 2017, we had one software company delivering us merchants. It was the brand that we founded. And fast forward to today, and you have dozens, in any given month or quarter, we're bringing us merchants. And typically, those merchants are adopting more sophisticated software and by definition, therefore, are more sophisticated merchants that do more volume.

大70%其實只是測量週期不同而已。它正在尋找超過 3 年的時間。這就是 Shift4 不斷進化的故事，對吧？早在 2017 年，我們就有一家軟件公司為我們的商家提供服務。這是我們創立的品牌。快進到今天，你有幾十個，在任何給定的月份或季度，我們都會給我們帶來商人。通常，這些商家正在採用更複雜的軟件，因此，根據定義，這些商家是更複雜的商家，他們的交易量更大。

If you look at a hotel, it gets interesting because we capture every single revenue center in that hotel. It might be an independent restaurant operating in the lobby. It might be a golf course operating next to it. In any case, those merchants are -- each of those revenue centers is 70% bigger than the average merchant we would have had from 3 years ago.

如果你看一家酒店，它會變得很有趣，因為我們捕獲了該酒店的每一個收入中心。它可能是在大堂經營的獨立餐廳。它可能是在它旁邊經營的高爾夫球場。無論如何，這些商家都是——這些收入中心中的每一個都比我們 3 年前的平均商家大 70%。

Your next question comes from the line of Ashwin Shirvaikar with Citi.

你的下一個問題來自花旗的 Ashwin Shirvaikar。

Jared, Taylor, Brad, good solid quarter again. Congratulations. I wanted to ask about the conversions. Has the pace of conversion sort of picked up here even more than you might have assumed before? And when you kind of look at that pace of conversions, does that have a seasonal pattern on it as well? I'm asking because do your clients, perhaps, not want to convert heading into year-end, so they're kind of pulling stuff forward? Might we see some kind of a lumpiness in that conversion? Or is that base still very, very underpenetrated, so you can continue to pull?

賈里德、泰勒、布拉德，再次表現出色。恭喜。我想問一下轉換。這裡的轉化速度是否比您之前想像的更快？當您查看轉換速度時，是否也有季節性模式？我問是因為您的客戶是否可能不想將標題轉換為年末，所以他們有點向前推進？我們可能會在這種轉換中看到某種塊狀物嗎？或者那個基地仍然非常非常低，所以你可以繼續拉？

Yes. Ashwin, great question. So Jared Isaacman here. So first, while we continue to try and make the generic statement that in any given month, 50% of our production comes from just net new wins share taking and 50% are conversions, there's no question that throughout the pandemic, we probably skewed more towards conversions. And I think that just speaks to like a significant incumbency advantage we have at Shift4 because once you're powered up on our gateway, it's like a utility in the business. All of the wires have been run. All of the devices have been established. So when a customer wants to continue -- consider the power of our end-to-end value proposition, it can be as simple as changing a merchant number and we capture that business.

是的。阿什溫，好問題。賈里德·艾薩克曼 (Jared Isaacman) 在這裡。因此，首先，雖然我們繼續嘗試做出一般性聲明，即在任何給定月份，我們 50% 的產量來自淨新勝利份額，50% 是轉化率，但毫無疑問，在整個大流行期間，我們可能會更偏向轉化。而且我認為這就像我們在 Shift4 上擁有的一個重要的在職優勢一樣，因為一旦你在我們的網關上啟動，它就像一個業務中的實用程序。所有電線都已鋪設。所有的設備都已建立。因此，當客戶想要繼續 - 考慮我們端到端價值主張的力量時，它可以像更改商家編號一樣簡單，我們就會獲得該業務。

So as you can imagine, when restaurants and hotels were giving consideration to contactless payments or QR codes, if we're able to hit a button and push that out, that's going to be the natural choice, certainly the path of least resistance relative to what we call as a rip and replace, where somebody has to physically come out on site, which is not -- this isn't the environment that's super conducive to that, and rip out what's already been established at the business and install a new platform with new devices and bringing a multitude of other third parties to complete an experience like QR Pay or SkyTab or other contactless products. It's just not an attractive environment to do that. So without a doubt, the gateway conversions and even the software-only portion of our business, we benefited from pretty considerably just because it's already operational in there, and that's a pretty distinct advantage.

所以你可以想像，當餐館和酒店考慮非接觸式支付或二維碼時，如果我們能夠按下一個按鈕並將其推出，那將是自然的選擇，當然是相對於我們稱之為推倒重來，有人必須親臨現場，這不是——這不是非常有利於這樣做的環境，並且推掉企業中已經建立的東西並安裝新的平台與新設備並帶來大量其他第三方來完成 QR Pay 或 SkyTab 或其他非接觸式產品等體驗。這不是一個有吸引力的環境。因此，毫無疑問，網關轉換，甚至是我們業務的純軟件部分，我們都從中受益匪淺，因為它已經在那裡運行，這是一個非常明顯的優勢。

Separate from that, you shouldn't be reading anything into like October's performance and customers kind of pull forward some of their gateway migration considerations or other new net win considerations and that contributed to recent performance. Customers continue to make these migrations throughout the year. I mean, of course, we completed Merchant Link in Q4 last year, but Q4 was an incredibly strong quarter when it came to conversions, really right up through and into December. And I don't think we're anticipating anything to change about that in the months ahead.

除此之外，您不應該像 10 月份的表現那樣閱讀任何東西，客戶會提前考慮他們的一些網關遷移考慮因素或其他新的淨贏考慮因素，這對最近的表現做出了貢獻。客戶全年都在繼續進行這些遷移。我的意思是，當然，我們在去年第四季度完成了 Merchant Link，但就轉換而言，第四季度是一個非常強勁的季度，一直持續到 12 月。而且我認為我們預計在未來幾個月內不會對此有任何改變。

Got it. Got it. And to just kind of put a final point on the specific modeling of it as we peak at the quarters ahead. I'm not asking for '21 outlook or anything like that. But since you're a newly public company or relatively newly public company, can you talk a little bit about 4Q to 1Q seasonality and remind us of the sizing drop in March and the impact of Merchant Link? There were a lot of moving parts last year's 4Q and this year's 1Q. So I just want to get the modeling correct.

知道了。知道了。當我們在未來幾個季度達到頂峰時，只是對它的具體建模提出最後一點。我不是在要求 21 世紀展望或類似的東西。但由於您是一家新上市公司或相對較新的上市公司，您能否談談 4Q 至 1Q 的季節性並提醒我們 3 月份的規模下降和 Merchant Link 的影響？去年第四季度和今年第一季度有很多活動部件。所以我只想讓模型正確。

Yes. Hey, Ashwin, it's Brad. And you're exactly right, there are a number of moving parts. So let's kind of get ahead of Merchant Link first because, as you know, we did bring in Merchant Link for a full quarter in '19. So that will be a comp of a full quarter. But remember, that business has changed pretty substantially in terms of a couple of things. One is we did already monetize, like we've talked about, a lot of the cost synergies from that. So the cost synergies -- or the costs associated with Merchant Link going forward, obviously, are going to look very different than they did in Q4 of last year.

是的。嘿，阿什溫，我是布拉德。你是對的，有很多活動部件。因此，讓我們首先領先於 Merchant Link，因為如您所知，我們確實在 19 年的整個季度引入了 Merchant Link。所以這將是一個完整季度的補償。但請記住，該業務在一些方面已經發生了相當大的變化。一個是我們已經貨幣化了，就像我們已經討論過的那樣，很多成本協同效應。因此，成本協同效應——或者與 Merchant Link 相關的成本，顯然，與去年第四季度相比會有很大不同。

The other component of that is we've kind of intentionally worked on that revenue stream in Merchant Link as we've converted it. So you're obviously going to see the gateway trends continue to decline over time as we convert those to end-to-end. But another thing to consider is when we talked about this, the hospitality side, I mentioned in my earlier statements that hospitality has been hit a little bit harder than some of the food and bev with respect to the gateway revenue stream. So as you're thinking about modeling into Q4 of this year and even in the first quarter of next year, that's something also to consider.

另一個組成部分是我們在轉換 Merchant Link 時有意在 Merchant Link 中處理該收入流。所以你顯然會看到網關趨勢隨著時間的推移繼續下降，因為我們將它們轉換為端到端。但另一件需要考慮的事情是，當我們談到這一點時，酒店方面，我在之前的聲明中提到，在網關收入流方面，酒店業受到的打擊比一些食品和飲料要嚴重一些。因此，當您考慮在今年第四季度甚至明年第一季度進行建模時，這也是需要考慮的事情。

With respect to seasonality, just kind of generally speaking in volume, we do typically see, as Taylor mentioned, a bit of a fall-off as you move into Q4 as weather changes and some other dynamics. There's always historically been a little bit of a spike in the holiday season. This year, I'm as open to anybody as to how that seasonality spike takes place, and that was the driver of how we provided our guidance for Q4. That volume decline typically continues a bit into Q1 as weather continues to kind of obviously influence people's abilities and merchants' abilities for people to get out. But by Q2 and Q3, you'll see that seasonality kick back in again, and that's a normal pattern of the business.

關於季節性，一般來說，正如泰勒所提到的，隨著天氣變化和其他一些動態因素進入第四季度，我們通常會看到數量有所下降。從歷史上看，假期總是有一點高峰。今年，對於季節性高峰是如何發生的，我對任何人都持開放態度，這就是我們如何為第四季度提供指導的驅動因素。隨著天氣繼續明顯影響人們的能力和商家讓人們外出的能力，這種銷量下降通常會持續到第一季度。但到了第二季度和第三季度，你會看到季節性再次出現，這是一種正常的業務模式。

I mentioned in my early statement that a lot of normal patterns are being tested right now. But I do still see kind of a normal Q4, Q1, lower states, Q3, Q4, higher state pattern to continue going forward. It just might have some little different nuances going forward.

我在早期的聲明中提到，現在正在測試許多正常模式。但我仍然看到一種正常的 Q4、Q1、較低狀態、Q3、Q4、較高狀態模式繼續向前發展。未來可能會有一些不同的細微差別。

Your next question comes from the line of [Mike Colonies] with Bank of America.

你的下一個問題來自美國銀行的[Mike Colonies]。

I know last quarter, you mentioned that the sports and entertainment vertical has become more of a focus for you. And you announced a nice win with the Raiders last quarter. Can you share any additional wins that you've made this quarter and what the pipeline currently looks like? And then as a follow-up to that, what are some of the key competitors in this space? And are you generally able to capture better spreads in this vertical relative to others?

我知道上個季度，您提到體育和娛樂垂直領域已成為您的重點。上個季度你宣布與突襲者隊取得了一場漂亮的勝利。您能否分享本季度您取得的任何其他勝利以及目前的管道情況？然後作為後續行動，這個領域的一些主要競爭對手是什麼？相對於其他垂直領域，你們通常能夠獲得更好的價差嗎？

Sure. So Jared Isaacman here. Thanks for the question. So I'd say the pipeline is really healthy. I don't think we're really authorized to release any names of additional wins, but there had been some.

當然。賈里德·艾薩克曼 (Jared Isaacman) 在這裡。謝謝你的問題。所以我想說管道真的很健康。我不認為我們真的有權發布任何額外勝利的名字，但確實有一些。

Interesting on the competitor landscape question. It really plays right into the strength of Shift4's value proposition, which is really all about eliminating multiple layers of vendor complexity to deliver a lower effective cost of service. Because when we look at the competitive landscape, we could tell you who the 2 or 3 most predominant players are on software, 2 or 3 most predominant players are with contactless and handheld solutions, the top player on the gateway side, the top 3 players on the merchant acquiring side, and that's like 4 or 5 vendor layers, and they're all mouths to feed. And that contributes to a greater degree of cost and an endless number of conference calls where there's 6 vendors on the line pointing fingers to each other. So Shift4's value proposition of bundling multiple solutions together to give that one throat to choke, one hand to shake is pretty well received in the market.

關於競爭對手格局的問題很有趣。它真正發揮了 Shift4 價值主張的優勢，這實際上是關於消除多層供應商複雜性以提供更低的有效服務成本。因為當我們觀察競爭格局時，我們可以告訴您誰是 2 或 3 個最主要的軟件參與者，2 或 3 個最主要的參與者使用非接觸式和手持解決方案，網關方面的頂級參與者，前 3 名參與者在商家收購方面，這就像 4 或 5 個供應商層，他們都是需要餵養的人。這導致了更大程度的成本和無窮無盡的電話會議，其中有 6 家供應商在線互相指責。因此，Shift4 將多種解決方案捆綁在一起的價值主張在市場上廣受好評。

In terms of where the spreads shake out, it's across the spectrum. I'd say that they're probably in line with what we see on more of the enterprise hospitality customers, those that have a fair amount of volume, multiple different revenue centers. So there's certainly, definitely, profitable relationships, which is why the market -- we've taken such interest in the market. Yes. So hopefully, that was helpful.

就價差的波動範圍而言，它是跨越頻譜的。我想說他們可能與我們在更多企業酒店客戶身上看到的情況一致，這些客戶擁有相當多的數量，多個不同的收入中心。因此，肯定存在有利可圖的關係，這就是為什麼市場——我們對市場如此感興趣。是的。希望這對您有所幫助。

Your next question comes from the line of John Davis with Raymond James.

你的下一個問題來自 John Davis 和 Raymond James 的台詞。

Jared, just wanted to hit on M&A a little bit. I think this is the first call, there's been more focus internationally, obviously, with the 3dcart acquisition. Going forward, should we expect more international M&A? Is it more opportunistic? Is there something in the U.S. that makes sense that you would do that? Or are you shifting focus outside the U.S.? And then are there any capabilities that you want or you think you need to help you expand outside the U.S.?

Jared，只是想稍微談談併購。我認為這是第一個電話，顯然，隨著 3dcart 的收購，國際上更加關注。展望未來，我們是否應該期待更多的國際併購？是不是更投機？在美國有什麼事情讓你這樣做是有道理的嗎？還是您將重心轉移到美國以外？然後有什麼你想要的或你認為你需要幫助你在美國以外擴張的能力嗎？

Yes, sure. Good question. Well, I'd say first, in general, you should expect us to be active with M&A. That's been how we delivered a lot of value over the last 5 years. 2017 was a very big year for us. If you go back to some of the comments we had in our prepared remarks, 3 years ago, we integrated to one piece of software. And that was the extent of our integrated payment strategy, and it was in the restaurant space. And now we integrate to 350 different software applications, and we pursue across food and bev, hospitality, specialty retail and a number of other adjacencies, including now our entry into a new domain entirely, which is with an e-commerce web store platform. So in every case that we've done these transactions on a synergized basis, I mean, they've been like deleveraging, highly accretive. And you should expect us to continue to do that because I think as an organization, we're pretty good at it.

是的，當然。好問題。好吧，我首先要說的是，總的來說，你應該期望我們積極進行併購。這就是我們在過去 5 年中交付大量價值的方式。2017 年對我們來說是非常重要的一年。如果你回顧一下我們在 3 年前準備好的評論中的一些評論，我們將其集成到一個軟件中。這就是我們綜合支付策略的範圍，它是在餐廳領域。現在我們集成了 350 種不同的軟件應用程序，我們追求食品和飲料、酒店、專業零售和許多其他鄰接領域，包括現在我們完全進入一個新領域，這是一個電子商務網絡商店平台。因此，在每一種情況下，我們都在協同的基礎上完成了這些交易，我的意思是，它們就像去槓桿化，高度增值。你應該期待我們繼續這樣做，因為我認為作為一個組織，我們非常擅長。

In terms of where we're setting our sites, we're really looking at a number of opportunities. It's a very healthy pipeline. International capabilities could certainly be there. There's certainly areas that we could double down or triple down within our current verticals in order to accelerate the migration of gateway customers to end-to-end because that is a layup, as most of you have modeled. So I wouldn't target anything in one -- any one thing specifically, other than we're very active in this. And we're actually probably, I'd say, as excited as we've been in a long time in terms of the opportunities there in front of us.

就我們設置網站的位置而言，我們確實在尋找許多機會。這是一個非常健康的管道。國際能力當然可以存在。當然，在我們當前的垂直領域中，我們可以將某些領域加倍或加倍，以加速網關客戶向端到端的遷移，因為正如你們中的大多數人所建模的那樣，這是一個疊層。所以我不會把任何目標都放在一起——任何一件事，除非我們在這方面非常活躍。實際上，我想說，就擺在我們面前的機會而言，我們很可能會像很長一段時間以來一樣興奮。

Okay. And then just on gateway conversions. I think last quarter, you guys gave a number or percentage of volume that came from conversions in the quarter. Any update there? Any other stat you can give us to just kind of track your progress, kind of where you stand today versus where you thought you were going to be at the beginning of the year from a conversion standpoint or from a volume or merchant count mix? I'm assuming volume is probably maybe not quite where you thought, and merchant count may be ahead. Just any commentary would be helpful.

好的。然後只是網關轉換。我想上個季度，你們給出了本季度轉化產生的數量或百分比。那裡有更新嗎？您可以向我們提供任何其他統計數據來跟踪您的進度，例如從轉化率的角度或從數量或商家數量組合來看，您今天所處的位置與您認為年初的位置相比？我假設交易量可能與您想像的不太一樣，而且商家數量可能領先。任何評論都會有所幫助。

So this is Taylor. I'll address that. We didn't update that stat only because I think it was misinterpreted during the last call. And just to reiterate what we gave at the time is that 17% of our total end-to-end volume was coming from gateway migrations, but we didn't put a time frame on that. That wasn't migrations in the quarter. That was migrations all time. It's a powerful stat when you think about the fact that Jared mentioned, which is that 3 years ago, we didn't have a gateway at all. So you would expect that number to be higher in this quarter because we have had a healthy number of daily migrations. And on average, those merchants contribute more volume per site than sort of a non-gateway conversion, so to speak, or a net new win. But we haven't updated that.

這就是泰勒。我會解決這個問題。我們沒有更新該統計數據，只是因為我認為它在上次通話中被誤解了。重申一下，我們當時給出的是我們端到端總量的 17% 來自網關遷移，但我們沒有為此設定時間框架。那不是本季度的遷移。那是一直以來的遷移。當你想到 Jared 提到的事實時，這是一個強大的統計數據，即 3 年前，我們根本沒有網關。所以你會預計這個季度的數字會更高，因為我們的每日遷移數量是健康的。平均而言，這些商家在每個站點貢獻的流量比某種非網關轉化（可以這麼說）或淨新贏還要多。但我們還沒有更新。

But what I would say is you're somewhat correct in your thesis that gateway migrations contribute healthier to our mid-count at a time like now than they do to our volume only because we've had a ton of success with things like hotels, where the volume contribution just isn't at the level you would normally expect the gateway migration to contribute given the pandemic.

但是我要說的是，您的論點在某種程度上是正確的，即網關遷移在像現在這樣的時候對我們的中期計數的貢獻比對我們的數量的貢獻要大，這僅僅是因為我們在酒店等方面取得了巨大的成功，在大流行的情況下，數量貢獻沒有達到您通常期望網關遷移貢獻的水平。

Yes. And hey, Jared here, just to layer on a bit with a bit more specificity. One of the challenges we have, and I'm sure I mentioned this previously, if not on the Q2 call, but maybe on some of the non-deal road shows, is being able to accurately really score gateway conversions from net new wins. The UPS Store was a great example. That was a net new win at the time they signed the contract. Then we acquired Merchant Link, which means they became a gateway conversion from our existing population of customers, and then they added several thousand e-commerce MIDs, which were net new wins because they were never on the gateway. You can imagine, especially when you're talking about thousands of customers and the volume associated with it, that can really like throw around a lot of the calculations.

是的。嘿，這裡是 Jared，只是為了更具體一點。我們面臨的挑戰之一，我敢肯定我之前提到過這一點，如果不是在第二季度的電話會議上，但也許在一些非交易路演中，是能夠準確地從淨新勝利中真正獲得網關轉換。UPS Store 就是一個很好的例子。在他們簽訂合同時，那是一個淨新的勝利。然後我們收購了 Merchant Link，這意味著他們成為我們現有客戶群的網關轉換，然後他們添加了數千個電子商務 MID，這是淨新勝利，因為它們從未在網關上。你可以想像，尤其是當你談論成千上萬的客戶和與之相關的數量時，這真的很喜歡拋出大量的計算。

What I would say is like, for anyone who has any question marks about where the volume is coming from, look, if we're up 28% year-over-year in end-to-end volume in October, where we've already said a little bit better than 60% of our volume comes from restaurants and hotels, which are highly impacted from the pandemic, it means on like a normalized basis, we're talking 50%-plus end-to-end volume growth from a company that's been doing payments for nearly 21 years.

我想說的是，對於任何對交易量來源有疑問的人來說，看，如果我們 10 月份的端到端交易量同比增長 28%，我們已經已經說過略高於我們 60% 的銷量來自餐廳和酒店，它們受到大流行的嚴重影響，這意味著在正常化的基礎上，我們正在談論 50% 以上的端到端銷量增長來自一家從事支付業務近 21 年的公司。

Now winning share in the market is certainly a component of that. We think we have a pretty compelling value proposition, but you should definitely look towards the gateway conversions as being a major contributor just considering that incumbency factor I referenced previously. So I would say there is nothing we could ever say that would potentially signal that we are disappointed with the progress of our gateway conversions or the effectiveness of that strategy, all things considering when you look at the volumes.

現在贏得市場份額當然是其中的一個組成部分。我們認為我們有一個非常引人注目的價值主張，但考慮到我之前提到的在職因素，您絕對應該將網關轉換視為主要貢獻者。因此，我想說的是，我們無法說出任何可能表明我們對網關轉換的進展或該策略的有效性感到失望的信息，所有這些都是在您查看數量時考慮的。

Your next question comes from the line of Matthew O'Neill with Goldman Sachs.

你的下一個問題來自高盛的馬修奧尼爾。

I don't mean to belabor some of the consistent themes that people have been asking about, but I was just hoping on the 3dcart acquisition. Makes a lot of sense to us. You're getting a mix of faster growth e-comm as well as card-not-present volumes. As far as some just details around the opportunity that lies ahead, is it safe to assume that the volume today is being processed by other sort of suppliers in the industry and, hence, this represents more or less an incremental kind of gateway to end-to-end opportunity for Shift4 as you guys take over and presumably kind of convert those payments onto your own full stack platform?

我並不是要重複人們一直在詢問的一些一致主題，但我只是希望 3dcart 被收購。對我們來說很有意義。您將獲得增長更快的電子商務和無卡交易量的組合。就未來機會的一些細節而言，是否可以安全地假設今天的數量正在由行業中的其他類型的供應商處理，因此，這或多或少代表了一種通往終端的增量網關-當你們接管並可能將這些付款轉換到您自己的全棧平台時，Shift4 的最終機會？

Yes. Hey, sure. So Jared Isaacman here. Happy to take this because, I mean, we're all really excited about 3dcart, but I'm especially excited. If you -- we actually included, I think, a graphic in our presentation which shows all of the various growth trajectories and synergies that we see from the 3dcart acquisition. I'd encourage you to take a look at it.

是的。嘿，當然。賈里德·艾薩克曼 (Jared Isaacman) 在這裡。很高興接受這個，因為，我的意思是，我們都對 3dcart 感到非常興奮，但我特別興奮。如果你 - 我認為我們實際上在我們的演示文稿中包含了一張圖表，它顯示了我們從 3dcart 收購中看到的所有各種增長軌跡和協同效應。我鼓勵你看一看。

No question, there is a ton of volume that's on that platform, measured in the billions, that is not hitting Shift4 today, which isn't surprising because up until this acquisition, nobody would have ever tried to stake a claim that we're a strong e-commerce web store payment provider. We certainly are now with this acquisition. So there's billions in volume there just within the existing base that we're going to certainly migrate over to Shift4. And you should absolutely think about that in the same respect as you would our other gateway to end-to-end migration. But really, the opportunity is all the net new business.

毫無疑問，那個平台上有大量的交易量，以數十億計，今天沒有達到 Shift4，這並不奇怪，因為在這次收購之前，沒有人會試圖宣稱我們是強大的電子商務網絡商店支付提供商。我們現在當然正在進行這次收購。因此，在我們肯定會遷移到 Shift4 的現有基礎中有數十億的數量。您絕對應該像考慮我們的端到端遷移的其他途徑一樣考慮這一點。但實際上，機會是所有的淨新業務。

So 3dcart, from a capability set perspective, and we diligenced this really well, is totally on par with some of the biggest players in this space. But we're definitely an underdog here. I mean 15,000 -- or a little under 15,000 customers relative to 1 million-plus sites that you'd expect from some of the bigger players, I mean, we've got a lot to gain on this one. And I think approaching it with the disruptive pricing strategy, as we talked about previously, I mean every one of these web store providers has these escalating SaaS fees. Basically, as the business grows, they get punished even more for that growth, and they have to pay fees to unlock premium add-ons and other capabilities.

所以 3dcart，從能力集的角度來看，我們非常努力地做到這一點，完全可以與這個領域的一些最大的參與者相提並論。但我們在這裡絕對是弱者。我的意思是 15,000 - 或略低於 15,000 名客戶，相對於您期望從一些較大的參與者那裡獲得的超過 100 萬個站點，我的意思是，我們在這方面有很多收穫。我認為，正如我們之前談到的那樣，採用顛覆性的定價策略來解決這個問題，我的意思是這些網絡商店提供商中的每一個都有這些不斷上漲的 SaaS 費用。基本上，隨著業務的增長，他們會因為這種增長而受到更多的懲罰，他們必須支付費用才能解鎖高級附加組件和其他功能。

Like we're looking at this right from the start saying we're an underdog in this, and we can monetize that relationship entirely through payments, and we might choose to forego all of those type of costs in order to attract customers away from other platforms, not to mention just the general tailwinds of businesses establishing an e-commerce presence in order to sell their goods, especially in the current climate. So I mean the potential for this is really extraordinary. The migration of the existing customers over to our payment platform is meaningful, but it's just kind of one part of what is a pretty exciting acquisition opportunity.

就像我們從一開始就說我們在這方面處於劣勢一樣，我們可以完全通過付款將這種關係貨幣化，我們可能會選擇放棄所有這些類型的成本，以吸引客戶遠離其他平台，更不用說企業建立電子商務業務以銷售其商品的一般順風，尤其是在當前氣候下。所以我的意思是這方面的潛力真的非同尋常。現有客戶遷移到我們的支付平台是有意義的，但這只是非常令人興奮的收購機會的一部分。

That's really helpful. I guess my follow-up would just be around -- I understand a lot of the complexities in sort of quantifying and discussing the existing opportunity of gateway to end-to-end conversions. You gave the example of The UPS Store and just kind of how multifaceted that whole relationship was.

這真的很有幫助。我想我的後續行動將圍繞——我理解在量化和討論端到端轉換網關的現有機會方面有很多複雜性。您舉了 UPS Store 的例子，以及整個關係的多面性。

So absent kind of any numbers, I was just hoping you can -- and absent any names, I guess, of any hospitality merchants or otherwise, maybe you could just share a couple of anecdotes around the pace of those conversions. Are they kind of voluntary? Are the merchants coming to you? Are you reaching out to them more aggressively? And maybe what are the top kind of 1, 2 and 3 kind of reasons, from their perspective, that they're so eager to do these conversions, presumably around cost and vendor simplification? But any comments there would be great.

所以沒有任何數字，我只是希望你能——並且沒有任何名字，我猜，任何酒店商人或其他人，也許你可以分享一些關於這些轉換速度的軼事。他們是自願的嗎？商家來找你了嗎？您是否更積極地與他們接觸？從他們的角度來看，也許第 1、2 和 3 種最重要的原因是什麼，他們如此渴望進行這些轉換，大概是圍繞成本和供應商簡化？但是那裡的任何評論都會很棒。

Yes, sure. This is Taylor. I'll address that. I think in terms of like the cost savings and the benefits for vendor consolidation, that is a very constant drumbeat from Shift4 out to our gateway population. I think it resonates differently at different times for different merchants. So what it does is it creates, at least how we've analyzed the conversions as they happen, it creates a pretty constant sort of lead flow into our organization with I've reacted to this idea that I can save money and tell me what that means.

是的，當然。這是泰勒。我會解決這個問題。我認為就節省成本和供應商整合的好處而言，這是從 Shift4 到我們的網關人群的一個非常持續的鼓聲。我認為它在不同的時間對不同的商家產生不同的共鳴。所以它所做的就是創造，至少我們是如何分析轉化發生的，它創造了一種相當穩定的潛在客戶流進入我們的組織，我對這個想法做出了反應，我可以省錢並告訴我什麼那意味著。

It means that in a very passive way, automated e-mails, for example, you can sort of keep that thing going, and it's going to resonate, as I mentioned, at different times. You can imagine in a population like the hotel base, that would obviously resonate really well in the middle of the pandemic. But if their staff is furloughed, they might not be getting those e-mails, and they start to get them when they come back and react to them.

這意味著以一種非常被動的方式，例如自動電子郵件，你可以讓這件事繼續下去，正如我提到的，它會在不同的時間產生共鳴。你可以想像在像酒店基地這樣的人群中，這顯然會在大流行期間產生很好的共鳴。但是，如果他們的員工休假，他們可能不會收到這些電子郵件，當他們回來並對它們做出反應時，他們就會開始收到它們。

So I would say that is just an underlying current that -- and the reason it's an underlying current is it applies to every single merchant on our platform. Where we've spent a lot of time post-IPO is analyzing more specific nuances, whether it's a population of merchants, be that a large hotel chain or a REIT that owns a lot of hotels, for example, or a particular software version that we believe a lot of merchants would be compelled to benefit from an upgrade but don't want to pay the costs associated with it. We'll tackle those individually.

所以我想說這只是一個潛在的趨勢——它是一個潛在趨勢的原因是它適用於我們平台上的每個商家。我們在 IPO 後花了很多時間分析更具體的細微差別，例如，無論是商家群體，還是大型連鎖酒店或擁有大量酒店的房地產投資信託基金，或者特定軟件版本我們相信很多商家將被迫從升級中受益，但不想支付與之相關的費用。我們將單獨處理這些問題。

And then separately, we'll tackle software relationships. We're having really, really strong success, as Jared mentioned, in the sports and entertainment space. A lot of interesting venues are already on our gateway when you think about where that software might sit. And that software company is seeing the success they're having partnering with us and bringing us back into gateway opportunity.

然後我們將單獨處理軟件關係。正如賈里德所說，我們在體育和娛樂領域取得了非常非常大的成功。當您考慮該軟件可能位於何處時，我們的網關上已經有許多有趣的場所。那家軟件公司正在看到他們與我們合作並使我們重新獲得門戶機會的成功。

So it happens a bunch of different ways. I don't want to say that there's any one theme that compels a pocket to move radically. I'd say they happen all the time. QR code is just another example, right? We talked about it in Q2. That's a feature set you push out that compels a bunch of different merchants to see the benefit to migrate at that point in time.

所以它以多種不同的方式發生。我不想說有任何一個主題會迫使口袋發生根本性變化。我會說它們一直在發生。QR碼只是另一個例子，對吧？我們在第二季度討論過它。這是您推出的一個功能集，它迫使一群不同的商家看到在那個時間點遷移的好處。

Got it. Really helpful. And if you don't mind, I'd just squeeze one follow-up in there on Darrin's question earlier just around the implied growth for November and December. Were there any explicit sort of monthly comps to call out? Or nothing particularly material on a monthly basis?

知道了。真的很有幫助。如果你不介意的話，我會在早些時候就 11 月和 12 月的隱含增長對 Darrin 的問題進行一次跟進。是否有任何明確的月度補償可以調用？或者每月沒有什麼特別重要的？

No. What I think you'd find seasonally is you'd find that Q4 is seasonally slower, and that's typically marked by a meaningfully lower October and November with a higher December. And so in the guidance that we provided, I think we just sort of ignored the fact that October was a great month because there's increased uncertainty, especially around something like December. I think there's a lot of compelling reasons why you'd expect spending to be up, but it's probably too soon to telegraph that.

不。我認為你會發現季節性的是，你會發現第四季度的季節性較慢，而且通常以 10 月和 11 月明顯較低而 12 月較高為標誌。因此，在我們提供的指導中，我認為我們只是忽略了 10 月是一個很棒的月份這一事實，因為不確定性增加了，尤其是在 12 月左右。我認為有很多令人信服的理由可以解釋為什麼你會期望支出增加，但現在就傳達這一點可能還為時過早。

So very consistent with the guidance we've provided really since being public. We're basically telling you all, we're confident in our growth machine, we're confident in merchant boards, we're uncertain in the macro environment, and so we're telling you there's going to be growth there off of Q2, but we're muted in how much any recovery would ever contribute to that.

與我們自公開以來真正提供的指導非常一致。我們基本上是在告訴大家，我們對我們的增長機器充滿信心，我們對商業委員會充滿信心，我們對宏觀環境不確定，所以我們告訴你們，第二季度後那裡將會出現增長，但我們對任何復蘇對此做出的貢獻保持沉默。

Yes. And just Jared here. I mean if you go back to Q2 when we actually first provided guidance for Q3 and Q4, you could have probably read a lot into that based on the results we were hearing, especially, I think we gave 1 month in -- of Q3 at the time. And the answer is really the same is we're a new management team as a new public company -- or new management team operating as a new public company, and we're just going to be pretty conservative as we approach these things, while still trying to give you as much information as possible as to our confidence around the business.

是的。這裡只有 Jared。我的意思是，如果您在我們實際首次為 Q3 和 Q4 提供指導時回到 Q2，您可能已經根據我們聽到的結果閱讀了很多內容，特別是，我認為我們在 - Q3 中給出了 1 個月的時間時間。答案實際上是一樣的，我們是一個新的管理團隊作為一家新的上市公司——或者新的管理團隊作為一家新的上市公司運營，我們在處理這些事情時會非常保守，而仍在努力向您提供盡可能多的信息，以了解我們對業務的信心。

Your next question comes from the line of James Faucette with Morgan Stanley.

你的下一個問題來自 James Faucette 與 Morgan Stanley 的對話。

This is Priscilla on for James. Just wanted to touch base on the take rate. I believe you called out that it was around 80 bps this quarter. How much of that was there -- how much of that was uplifted by card-not-present trends or anything like that? And how much should we be expecting that to normalize over the next couple of quarters?

這是詹姆斯的普里西拉。只是想了解一下採用率。我相信你說過這個季度大約是 80 個基點。其中有多少——其中有多少是由無卡趨勢或類似的東西提升的？我們應該期望在接下來的幾個季度內正常化多少？

Hey, this is Brad, Priscilla. I'll take that. There wasn't a significant shift over previous quarter from -- between present and not present. So that 80 basis points is kind of stabilized coming out of Q2. We've always talked about as this merchant size -- the average merchant size increases, like Taylor kind of walked us through a minute ago, as that happens, we're certainly going to see spreads start to come down to some degree. But it's certainly not going to fall off a cliff per se.

嘿，這是布拉德，普里西拉。我會接受的。與上一季度相比，存在和不存在之間沒有重大轉變。因此，80 個基點在第二季度穩定下來。我們一直在談論這個商家規模 - 平均商家規模增加，就像泰勒在一分鐘前帶我們走過一樣，當這種情況發生時，我們肯定會看到利差開始下降到一定程度。但它本身肯定不會掉下懸崖。

So what we think is the 80 basis point number where we came out of Q3, when we look going forward, that number will continue to drop in our expectations by maybe 1 to 2 basis points a quarter until it starts to stabilize. But that stabilization is not going to be likely until the -- well into '21, even into '22 as these conversions take place and as we continue to move forward the new merchants that are coming on at lower rates.

所以我們認為我們從第三季度出來的 80 個基點數字，當我們展望未來時，這個數字將繼續下降我們的預期，每季度可能下降 1 到 2 個基點，直到它開始穩定。但這種穩定是不可能的，直到 - 進入 21 年，甚至進入 22 年，因為這些轉換發生了，並且隨著我們繼續推進以較低利率出現的新商家。

Perfect. And then just wanted to touch base again on the capital allocation plan. Very clear on how you're dealing with inorganic and organic growth. But on the debt repayment side, has your strategy regarding the rate and the pace of your debt repayment changed at all since you've gone public?

完美的。然後只是想再次觸及資本分配計劃的基礎。非常清楚你是如何處理無機和有機增長的。但在債務償還方面，自上市以來，您關於債務償還率和償還速度的策略是否發生了變化？

Hey, this is Brad. I'll answer that one again. I would say no. We're certainly looking at options to deploy capital. We've obviously reduced our debt cost now, like I mentioned, in the mid-4s in terms of an interest rate. When we play out what to do with our cash, if paying down 4.5% debt makes sense for us, we will certainly do so. I don't know that I see that in the foreseeable future. So the debt repayment plans are likely not changed from what we talked about from the IPO ratios.

嘿，這是布拉德。我會再回答一次。我會說不。我們當然在尋找部署資本的選擇。就像我提到的那樣，就利率而言，我們現在顯然已經在 4 年代中期降低了債務成本。當我們考慮如何使用我們的現金時，如果償還 4.5% 的債務對我們來說有意義，我們肯定會這樣做。我不知道在可預見的未來我是否會看到這一點。因此，我們從 IPO 比率中談到的債務償還計劃可能不會改變。

Your next question comes from the line of Andrew Jeffrey with Truist.

你的下一個問題來自 Andrew Jeffrey 與 Truist 的對話。

Jared, color on new merchant adds is really helpful. I wonder if you can get even a little bit more granular and break down the growth between the net new and the gateway conversions as well as those merchants that are operating on -- or I'm sorry, those merchants you're signing through, our partners, and maybe those that are operating on more legacy point-of-sale where Shift4 is providing the technology enhancement?

Jared，新商家添加的顏色真的很有幫助。我想知道你是否可以更細化一點並分解淨新轉化和網關轉化之間的增長以及正在運營的商家 - 或者對不起，你正在簽約的那些商家，我們的合作夥伴，也許還有那些在 Shift4 提供技術增強的傳統銷售點上運營的合作夥伴？

Yes. So thanks. Jared here. I'm just trying to think that through. So the question -- and just to make sure I understand it, you asked for a breakdown in terms of new adds between gateway conversions and net new adds. And then from there, how many of them are using a legacy point-of-sale system versus that's complemented by Shift4 technology. You wouldn't mind just clarifying on that?

是的。那謝謝啦。賈里德在這裡。我只是想仔細想想。所以這個問題——只是為了確保我理解它，你要求在網關轉換和淨新增之間的新增方面進行細分。然後從那裡開始，他們中有多少人在使用傳統的銷售點系統，而與 Shift4 技術相輔相成。你不介意澄清一下嗎？

Yes, Jared, exactly. I just -- I'm trying to get a sense of as you add -- maybe the easier way to think about it is outside of gateway convergence, if you split apart the other 50% of your merchant growth, how much of that is merchants running on more traditional point-of-sale systems or versus more legacy POS, I guess, the simplest way to think about it.

是的，賈里德，沒錯。我只是 - 我正在嘗試了解你所添加的 - 也許更簡單的思考方式是在網關融合之外，如果你將其他 50% 的商家增長分開，那麼其中有多少是商家在更傳統的銷售點系統上運行或與更多傳統 POS 系統相比，我想，這是最簡單的思考方式。

Well, I mean, I'd say right from the start, just -- and this might not be totally where your question is going, but I think it's a real healthy statement for everyone to understand. Like there is nothing about Shift4's story that screams like nonintegrated Verifone or Ingenico terminals. So everything that we're boarding onto our platform is connecting into some piece of software. I mean, by and large, that's like a 99% statement.

嗯，我的意思是，我會從一開始就說，只是 - 這可能不完全是你的問題所在，但我認為這是一個真正健康的陳述，每個人都可以理解。就好像 Shift4 的故事沒有像非集成 Verifone 或 Ingenico 終端那樣尖叫。因此，我們登上平台的所有內容都連接到某個軟件中。我的意思是，總的來說，這就像一個 99% 的聲明。

So whether we're adding new customers on the gateway, which absolutely -- I mean -- or I'm sorry, migrating customers from the gateway to end-to-end, 100%, those are integrated customers to some sort of software. Now that could be point-of-sale systems in a restaurant or it could be property management systems within a hotel or it could be an ERP system, no question, that's talking to us. That's our platform connecting the software. And that story is not really that different when it comes to net new adds, which is almost assuredly going to be some sort of software. The sale could be in partnership with the ISV who created the software or could be in conjunction with the value-added reseller who implemented and installed the software. This story is entirely about software-driven payments without question.

因此，無論我們是在網關上添加新客戶，這絕對 - 我的意思是 - 或者我很抱歉，將客戶從網關遷移到端到端，100%，那些是集成客戶到某種軟件.現在，這可能是餐廳的銷售點系統，也可能是酒店的物業管理系統，也可能是 ERP 系統，毫無疑問，這正在與我們對話。那是我們連接軟件的平台。當涉及到淨新增時，這個故事並沒有什麼不同，幾乎可以肯定的是，這將是某種軟件。銷售可以與創建該軟件的 ISV 合作，也可以與實施和安裝該軟件的增值經銷商合作。毫無疑問，這個故事完全是關於軟件驅動的支付。

Now how many -- how much was our technology like SkyTab or QR Pay or contactless or online ordering or our business intelligence product, like giving those away at no cost or -- and including it as part of the sales process, how much of that influenced the payments decision from the customer? I'd say it's nearly 100%. So we're always solving some pain points for our partners and merchants in every example when a customer boards our end-to-end platform. I mean that is consistent in every transaction.

現在有多少 - 我們的技術，如 SkyTab 或 QR Pay，或非接觸式或在線訂購，或我們的商業智能產品，比如免費贈送這些產品，或者 - 並將其作為銷售流程的一部分，其中有多少影響了客戶的付款決定？我會說這幾乎是 100%。因此，當客戶登上我們的端到端平台時，我們總是在每個示例中為我們的合作夥伴和商家解決一些痛點。我的意思是在每筆交易中都是一致的。

So I mean even like Raiders stadium or a Hard Rock or a Virgin, any of the recent wins we've announced, there was some form of Shift4 technology that would have otherwise been provided by a multitude of other vendors at additional costs that we were able to bundle and include at little or no cost in order to be a payments customer. That's consistent in almost every deal. What varies -- what matters to a restaurant with QR code-based payments might be entirely different than like a Raiders stadium that may not have sit-down dining, but cares a lot about handheld and mobile connectivity for selling goods and fees or something of that nature. But it's -- we're almost always bundling some form of our technology with the integrated payment sale.

所以我的意思是，即使像 Raiders 體育場、Hard Rock 或 Virgin，我們最近宣布的任何勝利，都有某種形式的 Shift4 技術，否則許多其他供應商會以額外成本提供能夠以很少或沒有成本捆綁和包含，以便成為支付客戶。這幾乎在每筆交易中都是一致的。不同之處——對於一家採用基於二維碼支付的餐廳而言，重要的可能與像突襲者體育場這樣的餐廳可能完全不同，後者可能沒有坐下就餐，但非常關心手持和移動連接以銷售商品和費用或類似的東西那種性質。但它 - 我們幾乎總是將某種形式的技術與集成支付銷售捆綁在一起。

Okay. That's helpful. And is it safe to assume that sort of the mix of those new merchants, whether they be on sort of next-gen solutions, cloud-based solutions versus legacy software is staying relatively constant? Have you've seen that shift as well?

好的。這很有幫助。是否可以安全地假設這些新商家的組合，無論他們是使用下一代解決方案，還是基於雲的解決方案與傳統軟件，都保持相對穩定？你也看到了這種轉變嗎？

So it's -- that's a great question. This is Taylor. I think the way to contextualize it is the gateway population has every flavor, right? It's got merchants that were reluctant to upgrade software over the years. It's also got brand-new integrations for the latest versions of those same software suites. So you have a wide variety of it.

所以這是 - 這是一個很好的問題。這是泰勒。我認為將其情境化的方式是門戶人群具有各種風味，對嗎？多年來，它的商家不願升級軟件。它還為這些相同軟件套件的最新版本提供了全新的集成。所以你有各種各樣的。

If you look at a moment in time, like, let's call it, Q3 of 2020, you'd see a little bit less adoption of a brand-new software suite just because like this isn't a rip-and-replace type environment in the middle of a pandemic. And therefore, you'd see more gateway migration, as Jared talked about, where a merchant wants to take advantage of a feature set and doesn't have to touch their software.

如果您及時查看某個時刻，比如 2020 年第 3 季度，您會發現採用全新軟件套件的人數有所減少，因為這不是推倒重來的環境在大流行之中。因此，正如 Jared 所說，您會看到更多的網關遷移，商家希望利用功能集而不必接觸他們的軟件。

One thing to keep in mind is we've got, by nature of sort of how this circle works, very tight relationships with every one of these ISVs. So we -- that merchant who migrates from gateway to end-to-end to take advantage of a feature set that Shift4 provides will very often get an incentive or a benefit to upgrade to the later version of the software they're using at some point in time.

要記住的一件事是，根據這個圈子的運作方式，我們與這些 ISV 中的每一個都建立了非常緊密的關係。所以我們——那些從網關遷移到端到端以利用 Shift4 提供的功能集的商家通常會得到激勵或好處，以升級到他們在某些時候使用的軟件的更高版本時間點。

So I don't want you to get too hung up on the concept of legacy versus next-gen. If you're a merchant in our environment, you're probably operating more than one piece of software. Some of it might be an older piece of software that you're more reluctant to upgrade because of the headache involved with that, and some of it might be brand-new. Even in a case of something like a stadium, you'll typically see a POS that is a little bit older next to something like VenueNext, which is a really great next-gen suite management software.

所以我不想讓你過於糾結於傳統與下一代的概念。如果您是我們環境中的商人，您可能會操作不止一種軟件。其中一些可能是較舊的軟件，您更不願意升級，因為升級會讓人頭疼，而其中一些可能是全新的。即使在體育場之類的情況下，您通常也會在 VenueNext 之類的東西旁邊看到一個稍舊的 POS，這是一個非常棒的下一代套房管理軟件。

So you'll see every flavor of it. I think in the current environment, meaning like this quarter, you see a little bit less appetite to move to a completely new software suite, and that helps accelerate gateway migrations because we can take that suite of software thereon and give it a bunch more features.

所以你會看到它的每一種味道。我認為在當前環境下，也就是像本季度一樣，您會發現遷移到全新軟件套件的興趣有所減弱，這有助於加速網關遷移，因為我們可以在其上採用該軟件套件並為其提供更多功能.

Your next question comes from the line of Michael Del Grosso with Compass Point.

您的下一個問題來自 Michael Del Grosso 與 Compass Point 的合作。

I have a question about kind of the overall volume level and merchants' kind of health as it relates to pre-COVID levels. If I look on your website, and by the way, it's great disclosure that you give, obviously, transaction counts are lower than where they were pre-COVID. How much of that is due to just overall lower spending versus potential attrition in the merchant base?

我有一個關於整體交易量水平和商家健康狀況的問題，因為它與 COVID 之前的水平有關。如果我查看你的網站，順便說一句，你提供的信息很重要，顯然，交易數量低於 COVID 之前的水平。其中有多少是由於總體支出減少與商戶潛在流失造成的？

And then the follow-up is on merchant reserves. Have you taken any action there? Or how does that compare to pre-COVID levels?

然後後續是商家儲備。你在那裡有採取什麼行動嗎？或者這與 COVID 之前的水平相比如何？

Great questions. So with regard to sort of same-store merchants and health, I'll address that and then maybe Brad can talk about the reserve concept, we disclosed in second quarter that our average same-store merchant was doing about 75% of normal during Q2. I think if you look at Q3, you'd see a little bit of an improvement there. You'd probably see around 80% of normal. So nothing sort of marked in the recovery, but I think merchants are operating at a level that we think is somewhat sustainable or very sustainable for the short term. And we're optimistic about what our end-to-end volume looks like when that returns to normal levels for the merchant.

很好的問題。因此，關於同店商家和健康狀況，我會解決這個問題，然後也許 Brad 可以談談儲備概念，我們在第二季度披露我們的平均同店商家在第二季度的表現約為正常水平的 75% .我想如果你看一下第三季度，你會發現那裡有一點改善。您可能會看到正常值的 80% 左右。所以在復蘇中沒有什麼明顯的跡象，但我認為商家的運營水平我們認為在短期內是可持續的或非常可持續的。當商家恢復到正常水平時，我們對端到端交易量的情況持樂觀態度。

If you want to put sort of another lens to it, you can take that statistic I gave, which is that we've seen about a 5% attrition rate, if you want to call it that, of the merchants that we would have expected to be transacting in February, not transacting in a quarter like Q3. I think that's probably as bad as it's going to get. I think there's room for improvement in that as things like hotels come back online. So I don't think that that's necessarily a stat that's going to remain at 5%.

如果你想從另一個角度來看，你可以採用我給出的統計數據，即我們已經看到大約 5% 的流失率，如果你想這麼說的話，我們預期的商家在二月份進行交易，而不是像第三季度那樣在一個季度進行交易。我認為這可能會變得很糟糕。我認為隨著酒店之類的東西重新上線，這方面還有改進的餘地。所以我認為這不一定是一個將保持在 5% 的統計數據。

But when you look at our growth in a month like October of up, call it, 28%, you really see the benefit of the machine that we've created here, which is that even though merchants are down about 20% on average, in our verticals across our book, we're operating at close to up 30%. And that entire differential is the merchants that have joined. And even those merchants are not operating at their full health.

但是當你看看我們在 10 月份的增長，可以稱之為 28%，你真的會看到我們在這裡創造的機器的好處，那就是即使商家平均下降了 20% 左右，在我們的垂直領域，我們的運營率接近 30%。整個差異在於加入的商家。甚至那些商人也沒有完全健康地經營。

So it gives you a sense to how to build to that picture of what we would expect a month like October to be consistent with what we were seeing in February. If there weren't a pandemic, you'd expect to see October as a plus 55% or more end-to-end volume growth if all of our merchants were punching at their weight class.

因此，它讓您了解如何構建我們期望像 10 月份這樣的月份與我們在 2 月份看到的情況一致的情況。如果沒有大流行，如果我們所有的商家都在努力達到他們的體重級別，那麼您預計 10 月份的端到端銷量將增長 55% 或更多。

And Brad, do you want to talk about the reserves?

布拉德，你想談談儲備嗎？

Yes. Hey, Michael, just on reserves real quick. There's always 2 areas of reserves that I look at: one is reserves around our ability to collect fees; and two is reserves around exposure and chargebacks, et cetera. So as we got into Q2, we obviously paid a lot of attention to those. But by the time we got through mid-quarter for Q3, those had normalized back to, I'll call them, pre-COVID levels. So keep in mind also, we have really limited exposure from a prepaid perspective. So those have returned back to, I would call it, significant levels.

是的。嘿，邁克爾，快點進入預備隊。我總是關注兩個儲備金領域：一個是圍繞我們收取費用的能力的儲備金；二是關於風險和拒付等的儲備金。因此，當我們進入第二季度時，我們顯然非常關注這些。但當我們度過第三季度中期時，這些已經恢復正常，我稱之為 COVID 之前的水平。所以還要記住，從預付費的角度來看，我們的曝光率確實有限。所以那些已經回到，我稱之為顯著水平。

Yes. And hey, Jared here, just to kind of [fix] on the point that Brad just made. We've been kind of fortunate to live in a space that is like relatively immune to chargeback risk and even credit exposure to our customers. There was a period, as Brad mentioned, like the end of March, April, May, where you had a lot of hotels running refunds, consumers obviously canceling their trips, and then that was a point where it was possible that if there was a lot of insolvency among hotels, that we could incur some chargeback risk. And then Brad, of course, made appropriate reserves as a result. Those windows passed long ago. I mean you're back into like the totally normal realm that we live in of virtually nonexisting credit or chargeback-related losses.

是的。嘿，這裡是 Jared，只是想 [修復] Brad 剛剛提出的觀點。我們有幸生活在一個相對不受拒付風險甚至客戶信用風險影響的空間。正如 Brad 提到的那樣，有一段時間，比如三月底、四月底、五月底，很多酒店都在退款，消費者顯然取消了他們的旅行，那時候如果有酒店中有很多資不抵債，我們可能會承擔一些拒付風險。當然，布拉德也因此做出了適當的保留。那些窗戶很久以前就過去了。我的意思是你回到了我們生活的完全正常的領域，幾乎不存在信用或退款相關的損失。

Okay. That's helpful color. And then if I just could ask one follow-up on the acquisition and related impacts there. Have you clarified or provided any of the expectations around revenue accretion or anticipated cost impacts in Q4 from that?

好的。這是有用的顏色。然後，如果我能問一個關於收購和相關影響的後續行動。您是否澄清或提供了有關第四季度收入增長或預期成本影響的任何預期？

Yes. So Jared here. I mean, Brad, I think you touched on that previously that embedded within our Q4 guidance, we've taken in consideration the cost and revenue associated with the 3dcart acquisition. What I'd say, which is actually pretty atypical among e-commerce payment platforms, is that this is a profitable business that we acquired. I mean on an LTM basis, it actually is very accretive from an EBITDA perspective.

是的。賈里德在這裡。我的意思是，布拉德，我認為你之前提到了我們第四季度指南中嵌入的內容，我們已經考慮了與 3dcart 收購相關的成本和收入。我要說的是，這在電子商務支付平台中實際上是非常不典型的，這是我們收購的一項有利可圖的業務。我的意思是，在 LTM 的基礎上，從 EBITDA 的角度來看，它實際上是非常增值的。

I think what we're looking at now, and it kind of is in line with the statement we made before about maybe taking a little bit more of a disruptive go-to-market approach and foregoing some SaaS fees in order to capture payments, is how much of the profits of the business we're willing to reinvest in Q4 to drive growth. So I think we've taken some very conservative, I mean, very conservative assumptions in terms of what we've embedded in Q4 as it relates to this acquisition.

我認為我們現在正在看的是，這有點符合我們之前所做的關於可能採取更多破壞性的上市方法並放棄一些 SaaS 費用以獲取付款的聲明，是我們願意將多少業務利潤再投資於第四季度以推動增長。所以我認為我們已經採取了一些非常保守的假設，我的意思是，就我們在第四季度嵌入的與此次收購相關的內容而言，非常保守的假設。

Yes. I don't know, Brad, if there's anything else you want to add?

是的。我不知道，Brad，你還有什麼要補充的嗎？

No, I think that's got it.

不，我想就是這樣。

This concludes our question-and-answer session. I will now turn the call back over to Jared Isaacman for closing remarks.

我們的問答環節到此結束。我現在將把電話轉回 Jared Isaacman 以作結束語。

Yes, thank you. I appreciate everyone joining the call today. I know there's a lot going on in the world. So thanks for giving us some of your time and your continued interest in Shift4.

是的，謝謝。我感謝今天加入電話會議的每一個人。我知道世界上發生了很多事情。因此，感謝您抽出寶貴時間以及您對 Shift4 的持續關注。

And by emphasizing again that while the backdrop does remain quite challenging, Shift4 has many drivers of growth, both organic and across new market verticals. We've never really been more excited about how the company is positioned right now to execute against those opportunities, and we look forward to sharing more in the very near future. There's a lot going on.

並再次強調，雖然背景確實仍然充滿挑戰，但 Shift4 有許多增長驅動因素，既有有機的，也有跨越新的垂直市場的。我們從未真正對公司現在如何定位以應對這些機會感到興奮，我們期待在不久的將來分享更多信息。發生了很多事情。

So thank you. I wish you all well, stay healthy, and have a good day.

所以謝謝。祝大家身體健康，身體健康，天天開心。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。