Shift4 Payments Inc (FOUR) 2021 Q4 法說會逐字稿

Good morning, and welcome to today's Shift4 Fourth Quarter 2021 Earnings Call. My name is Bailey, and I will be the moderator for today's call. (Operator Instructions)

早上好，歡迎來到今天的 Shift4 2021 年第四季度財報電話會議。我叫 Bailey，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to Tom McCrohan, Head of Investor Relations. Tom, please go ahead.

我現在想將會議轉交給投資者關係主管 Tom McCrohan。湯姆，請繼續。

Thank you, operator, and good morning, everyone. I'd like to welcome everyone to Shift4's earnings conference call for the year ended December 31, 2021.

謝謝接線員，大家早上好。歡迎大家參加 Shift4 截至 2021 年 12 月 31 日止年度的收益電話會議。

Before we begin, I'd like to remind everyone that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding management's plans, strategies, goals and objectives; the expected impact of COVID-19 on our business and industry, including with respect to economic recovery; increases in vaccination rates to reopening of the country and any volume recovery by us; gateway penetration and spend seen by our gateway merchants; expectations regarding new customers, acquisitions and other transactions, including Finaro and The Giving Block and anticipated financial performance, including our financial outlook for the year ended December 31, 2022; and the anticipated impact of each of the Finaro and The Giving Block acquisitions on our adjusted EBITDA and end-to-end payment volume for the year ended December 31, 2023.

在我們開始之前，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。本次電話會議上做出的所有與歷史事實無關的陳述都應該是考慮的前瞻性陳述，包括有關管理層計劃、戰略、目標和目標的陳述； COVID-19 對我們的業務和行業的預期影響，包括經濟復甦方面的影響；提高疫苗接種率以重新開放該國以及我們的任何數量恢復；我們的網關商家看到的網關滲透率和支出；對新客戶、收購和其他交易（包括 Finaro 和 The Giving Block）的預期以及預期的財務業績，包括我們截至 2022 年 12 月 31 日止年度的財務展望；以及 Finaro 和 The Giving Block 收購對我們截至 2023 年 12 月 31 日止年度的調整後 EBITDA 和端到端支付量的預期影響。

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, factors discussed in the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2021, and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made on this call.

這些陳述既不是承諾也不是保證，而是涉及已知和未知的風險、不確定性和其他可能導致我們的實際結果、業績或成就與任何未來結果存在重大差異的重要因素。前瞻性陳述所表達或暗示的業績或成就、我們截至 2021 年 12 月 31 日止年度的 10-K 表格年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本次電話會議上所做的前瞻性陳述所表明的結果存在重大差異。

Any such forward-looking statements represent management's estimates as of the date of this call. While we 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 caused our views to change. In addition, we may also reference certain non-GAAP measures on this call, including adjusted EBITDA, free cash flow and adjusted free cash flow, which are reconciled to the nearest GAAP measures in the company's earnings release, which can be found on our Investor Relations website at investors.shift4.com.

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。此外，我們還可能在本次電話會議上參考某些非 GAAP 指標，包括調整後的 EBITDA、自由現金流和調整後的自由現金流，這些指標與公司收益發布中最近的 GAAP 指標相一致，可以在我們的投資者網站上找到關係網站 investors.shift4.com。

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

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

Thank you, Tom, and good morning to everyone joining us. We obviously have quite a bit to talk about today. But first, I'd be remiss if I didn't bring up the conflict that's ongoing in Ukraine right now and just say that all of our thoughts are with the Ukrainian people during these really tragic times.

謝謝你，湯姆，早上好所有加入我們的人。我們今天顯然有很多話要談。但首先，如果我不提起烏克蘭目前正在發生的衝突，只是說在這些非常悲慘的時刻，我們所有的想法都與烏克蘭人民同在，那我就是失職了。

So this morning, Shift4 reported another quarter of strong results, highlighted by end-to-end volume of $13.4 billion, which is 97% higher than a year ago and nearly 100% higher than the same period in 2019. We've met or exceeded 3 of our 4 guidance metrics and built off the momentum we have in our high-growth core as well as making investments in new verticals, including 2 acquisitions that we announced today, all of which I'm looking forward to discussing further. It's important to call out that our full year 2021 volumes ended up coming in about $10 billion higher than the initial guidance introduced about a year ago at this time.

因此，今天上午，Shift4 公佈了又一個季度的強勁業績，其中端到端交易量為 134 億美元，比一年前高出 97%，比 2019 年同期高出近 100%。我們已經遇到或超過了我們 4 個指導指標中的 3 個，並建立了我們在高增長核心領域的勢頭，並在新的垂直領域進行了投資，包括我們今天宣布的 2 項收購，所有這些我都期待進一步討論。重要的是要指出，我們 2021 年全年的銷量最終比大約一年前此時推出的初步指導高出約 100 億美元。

Our high-growth core continues to drive market share gains, evidenced by the fact that during the fourth quarter we grew volumes 4x faster than Visa and Mastercard. We achieved this industry-leading organic volume growth despite our end markets, like restaurants and hotels, continuing to be impacted by COVID. This includes delays in the return of business in international travel and especially the Omicron variant, which dampened results in the fourth quarter. Our high-growth core, which represents domestic merchants in the restaurant, specialty retail and hospitality industries, continue to represent the primary driver of our growth.

我們的高增長核心繼續推動市場份額的增長，第四季度我們的銷量增長速度比 Visa 和萬事達卡快 4 倍就是證明。儘管我們的終端市場（如餐廳和酒店）繼續受到 COVID 的影響，但我們實現了這一行業領先的有機銷量增長。這包括國際旅行業務恢復的延遲，尤其是 Omicron 變體，這抑制了第四季度的業績。我們的高增長核心，代表餐飲、專業零售和酒店行業的國內商家，繼續代表我們增長的主要驅動力。

As you all know, our gateway and 425 unique software integrations provides us with a captive backlog of volume, something we intend to attack even more aggressively this year, as well as the right to win across a very large addressable market. As I mentioned in my letter, merchants are not switching from one inadequate payment solution to another. We're growing volume at an accelerated pace, and it means merchants are switching to Shift4 because we are solving pain points, we're adding value, and we're delivering a superior experience than the previous provider. On that note, we're also excited about the early successes we're seeing with our new restaurant point-of-sale offering called SkyTab POS.

眾所周知，我們的網關和 425 種獨特的軟件集成為我們提供了數量上的專屬積壓，我們打算在今年更加積極地攻擊這一點，以及在一個非常大的潛在市場中獲勝的權利。正如我在信中提到的，商家不會從一種不合適的支付解決方案轉向另一種。我們正在加速增長，這意味著商家正在轉向 Shift4，因為我們正在解決痛點，我們正在增加價值，並且我們正在提供比以前的提供商更好的體驗。在這一點上，我們也很高興看到我們的新餐廳銷售點產品 SkyTab POS 取得了早期的成功。

Despite the product still being in beta, we're already seeing material take-up with new merchants looking for a technologically robust cloud-based POS offering that provides a full suite of functionality and add-on modules that help differentiate us in the mid to higher end of the market we serve. While our high-growth core drove our 2021 performance and we expect will remain the primary contributor of growth well into the future, we do expect our new markets and verticals will start to contribute more meaningfully in the ensuing years, especially in light of the 2 acquisitions we announced today, both of which I'll elaborate on in a moment.

儘管該產品仍處於測試階段，但我們已經看到新商家開始大量購買，他們正在尋找技術強大的基於雲的 POS 產品，該產品提供全套功能和附加模塊，有助於我們在中等到中等階段脫穎而出我們服務的高端市場。雖然我們的高增長核心推動了我們 2021 年的業績，並且我們預計未來仍將是增長的主要貢獻者，但我們確實預計我們的新市場和垂直領域將在接下來的幾年中開始做出更有意義的貢獻，尤其是考慮到 2我們今天宣布的收購，稍後我將詳細說明。

As mentioned, COVID was a drag on our performance throughout all of 2021 and Omicron, especially in the fourth quarter, so I'd like to share some of our thoughts on how the pandemic informs our expectations for 2022. Throughout the fourth quarter, we do not see the return of business in international travel that we were expecting, and we believe Omicron had the most pronounced impact in the latter part of December, a headwind that continued through January. Despite the headwind, December was shaping up to actually be a record month. During the first few weeks of December, we were achieving our highest levels of weekly volumes in our firm's history.

如前所述，COVID 拖累了我們整個 2021 年和 Omicron 的業績，尤其是在第四季度，所以我想分享我們對大流行如何影響我們對 2022 年的預期的一些想法。在整個第四季度，我們沒有看到我們預期的國際旅行業務恢復，我們認為 Omicron 在 12 月下旬產生了最明顯的影響，這一逆風一直持續到 1 月。儘管有逆風，但 12 月實際上正在成為創紀錄的月份。在 12 月的前幾週，我們的每週交易量達到了公司歷史上的最高水平。

We went from hitting record weekly volume levels in early- to mid-December to a sharp decline in late December, which bled into the month of January and actually into early February. While it remains difficult to attribute week-to-week volume movements between Omicron and other possible factors, it's reasonable to conclude that Omicron was the material reason the historic weekly volume levels we witnessed in early part of December did not sustain themselves throughout the entire month.

我們從 12 月初到中旬的創紀錄每週交易量水平，到 12 月下旬的急劇下降，一直持續到 1 月份，實際上一直持續到 2 月初。雖然仍然很難將 Omicron 與其他可能因素之間的每週交易量變動歸因於其他可能因素，但可以合理地得出結論，Omicron 是我們在 12 月初看到的歷史性每週交易量水平未能在整個月內維持的重要原因.

Regardless, Omicron was definitely a headwind, but it was short-lived, as our weekly volumes have returned to over 1 billion a week in the first part of February and most recently set new weekly and daily volume records. The bottom line is that we view the pandemic impact for 2022 to be contained to the first quarter, and there is significant pent-up demand as mandates ease and consumers and businesses resume more normal travel patterns. Our weekly volumes in February are accelerating, and we are now achieving again new company records.

無論如何，Omicron 絕對是一個逆風，但它是短暫的，因為我們的每週交易量在 2 月上旬恢復到每週超過 10 億，並且最近創下了新的每周和每日交易量記錄。最重要的是，我們認為 2022 年的大流行影響將控制在第一季度，並且隨著強制放鬆以及消費者和企業恢復更正常的旅行模式，存在大量被壓抑的需求。我們 2 月份的每週銷量正在加速增長，現在我們再次創造了新的公司記錄。

Now similar to our November Analyst Day -- or Investor Day, I'm going to structure my remaining comments into 3 areas: one, our high-growth core and why we believe that our impressive growth is sustainable; two, our new markets and verticals, specifically an update on our progress since announcing several major wins, including SpaceX Starlink, St. Jude Children's Research Hospital and Allegiant Airlines just a few months ago; and three, the strategic rationale behind the acquisitions we announced today. Both acquisitions are foundational transactions fulfilling our commitment to globalize our existing business while providing new technology capabilities aligned with our previously communicated strategic priorities.

現在類似於我們 11 月的分析師日 - 或投資者日，我將把我剩下的評論分為 3 個方面：一，我們的高增長核心，以及為什麼我們相信我們令人印象深刻的增長是可持續的；第二，我們的新市場和垂直領域，特別是自幾個月前宣布幾項重大勝利以來我們取得的進展的最新進展，包括 SpaceX Starlink、St. Jude 兒童研究醫院和 Allegiant 航空公司；第三，我們今天宣布的收購背後的戰略依據。這兩項收購都是基礎交易，履行了我們將現有業務全球化的承諾，同時提供與我們之前傳達的戰略重點相一致的新技術能力。

So let's start with the high-growth core. Over the past 4 years, we've delivered a CAGR volume growth of 37%, more than 3x the industry, with our restaurant and hotel volumes growing even faster over the period at 51% and 140%, respectively. What's changed since our Analyst Day in November is continued stability in our average spreads despite our volume mix shifting to larger merchants. Our success in signing larger merchants continued during the quarter with signing of several new hotels, including the Palms Casino, Oglebay Resorts, and Halekulani in Hawaii as well as the country's largest self-storage operator, StorageMart; and one of the largest airline concessionaires, Concessions International.

因此，讓我們從高增長核心開始。在過去 4 年中，我們實現了 37% 的複合年增長率，超過行業的 3 倍，我們的餐廳和酒店銷量在此期間增長更快，分別達到 51% 和 140%。自我們 11 月的分析師日以來發生的變化是，儘管我們的交易量組合轉向了更大的商家，但我們的平均價差持續穩定。我們在本季度繼續成功簽約大型商戶，簽約了幾家新酒店，包括夏威夷的 Palms Casino、Oglebay Resorts 和 Halekulani，以及該國最大的自助倉儲運營商 StorageMart；以及最大的航空公司特許經營商之一，Concessions International。

All of these were gateway conversions, which means we received a 3x to 4x gross profit lift from these merchants converting from gateway-only to our full end-to-end acquiring solution. As mentioned previously, merchants do not switch to comparable or inferior technology solutions in 2022. They are switching to a Shift4 end-to-end offering because we are solving pain points, we're adding value and delivering a more cohesive commerce experience than whoever they were using previously. On the above note, we do believe the time is right to reevaluate the free flexibility we currently afford our gateway-only customers.

所有這些都是網關轉換，這意味著我們從這些從僅網關轉換為我們完整的端到端收單解決方案的商家那裡獲得了 3 到 4 倍的毛利潤提升。如前所述，商家不會在 2022 年轉向可比或劣質的技術解決方案。他們正在轉向 Shift4 端到端產品，因為我們正在解決痛點，我們正在增加價值並提供比任何人都更有凝聚力的商業體驗他們以前用過。綜上所述，我們確實認為現在是時候重新評估我們目前為僅網關客戶提供的免費靈活性了。

Our basic premise on gateway-only customers is that while we provide the majority of value and all the technical capabilities in the gateway environment, the majority of transaction economics still accrue to third-party acquirers providing functions we could easily do ourselves and should do. It's worth noting that the few of the fast-growing fintech providers -- that few fast-growing fintech providers still offer an acquirer optionality through a gateway. And instead, they all endeavor to deliver a better and lower-cost experience through an end-to-end offering.

我們對純網關客戶的基本前提是，雖然我們在網關環境中提供了大部分價值和所有技術能力，但大部分交易經濟仍然歸於第三方收單方，提供我們可以輕鬆完成並且應該完成的功能。值得注意的是，少數快速增長的金融科技提供商——少數快速增長的金融科技提供商仍然通過網關為收購方提供選擇權。相反，他們都努力通過端到端產品提供更好、成本更低的體驗。

We believe there are additional measures, incentives and capabilities we can offer our very large population of gateway-only customers that will accelerate the migration to our end-to-end platform faster and free up organizational resources to focus on our many other strategic priorities. So our objective is to begin the process of starting these conversations that we believe will lead to an acceleration in the current pace, which is already very fast, of conversions from our gateway to our end-to-end platform, hopefully, with tangible results beginning early next year.

我們相信，我們可以為大量只使用網關的客戶提供額外的措施、激勵措施和能力，這將加速向我們的端到端平台的遷移，並釋放組織資源以專注於我們的許多其他戰略優先事項。因此，我們的目標是開始啟動這些對話的過程，我們相信這些對話將加快從我們的網關到端到端平台的轉換速度，這已經非常快了，希望能取得切實的成果明年初開始。

Outside the gateway opportunity, we continue to see an incredible opportunity in mid-market table service restaurants, with our overall restaurant volumes witnessing 51% CAGR growth since 2017. We are clearly very competitive in the marketplace, and we'll continue to remain a market share gainer with our new SkyTab POS offering that we plan to release from beta and formally launch in the second quarter this year. We currently have approximately 3,000 restaurants already operating on our SkyTab POS solution, which is 1 -- represents 162% growth in merchants on the platform in December versus same period a year ago.

在門戶機會之外，我們繼續在中端市場餐桌服務餐廳看到難以置信的機會，自 2017 年以來，我們的整體餐廳數量複合年增長率達到 51%。我們在市場上顯然非常有競爭力，我們將繼續保持領先地位我們計劃從測試版發布並在今年第二季度正式推出的新 SkyTab POS 產品成為市場份額的贏家。我們目前有大約 3,000 家餐廳已經在我們的 SkyTab POS 解決方案上運營，這是 1 - 表示 12 月份該平台上的商家與去年同期相比增長了 162%。

Moving to some of the new verticals we've entered into since the IPO. In stadiums and arenas, not only did we announce several new wins, but we extended our mobile fan-first experience to ticketing via an integration with SeatGeek. Ticketing can represent over 5x the average volumes versus in-venue purchases and also comes with higher spreads. Our stadium business is evidence of how we successfully identified a new vertical, identified the best technology and then go to market with a differentiated offering. Our wins this quarter include Audi Fields in Washington, D.C.; home of the professional soccer team, D.C. United, where we are powering all the in-game commerce from mobile food and beverage to concessions to merchandising purchases, including an integration with Fanatics who operates the Audi Field Club Shop.

轉向我們自 IPO 以來進入的一些新垂直領域。在體育館和競技場，我們不僅宣布了幾項新勝利，還通過與 SeatGeek 的集成將我們的移動粉絲至上體驗擴展到票務。與場內購買相比，票務的平均交易量是平均交易量的 5 倍以上，而且差價更高。我們的體育場業務證明了我們如何成功地確定了一個新的垂直領域，確定了最好的技術，然後以差異化的產品推向市場。我們在本季度贏得的勝利包括華盛頓特區的 Audi Fields；職業足球隊 D.C. United 的主場，我們在這里為所有遊戲內商業提供支持，從移動食品和飲料到優惠再到商品採購，包括與經營奧迪 Field Club Shop 的 Fanatics 的整合。

At Children's Mercy Park in Kansas City, we partnered with Sporting KC to offer fans an integrated ticketing experience via an integration with the ticketing platform, SeatGeek. Supporting our growth in the sports and entertainment vertical, we serve as presenting partner for player signings, including Shift4 being featured on social media graphics and posts and the in-stadium branding. With all of our recent wins in this sport, I would be remiss if I didn't say that football is life. Our commerce technology is now powering payments in over 100 venues across the United States, and we can confidently say that VenueNext acquisition has exceeded all of our expectations.

在堪薩斯城的兒童慈善公園，我們與 Sporting KC 合作，通過與票務平台 SeatGeek 的集成為粉絲提供綜合票務體驗。支持我們在體育和娛樂垂直領域的發展，我們作為球員簽約的展示合作夥伴，包括在社交媒體圖片和帖子中展示的 Shift4 以及體育場內品牌。鑑於我們最近在這項運動中取得的所有勝利，如果我不說足球就是生活，那我就是失職了。我們的商業技術現在正在為美國 100 多個場所的支付提供支持，我們可以自信地說，對 VenueNext 的收購超出了我們的所有預期。

As we've mentioned before, we believe Shift4 has unique right to win in the rapidly growing online gaming vertical, leveraging our expertise in business intelligence products from in-venue gaming and bringing it to the mobile world. I'm pleased to report that we now have over 10 gaming licenses, and we have begun the first phase of transaction processing for BetMGM, with transactions expected additionally from Sightline just later this month. Furthermore, we expect our growth in this vertical to only accelerate as a result of our 2 acquisitions that I'll touch on shortly.

正如我們之前提到的，我們相信 Shift4 擁有獨特的權利在快速發展的在線遊戲垂直領域取勝，利用我們在場內游戲的商業智能產品方面的專業知識並將其帶入移動世界。我很高興地報告，我們現在擁有 10 多個遊戲許可證，並且我們已經開始 BetMGM 交易處理的第一階段，預計本月晚些時候 Sightline 還將進行交易。此外，我們預計我們在這個垂直領域的增長只會因為我將很快談到的 2 次收購而加速。

Moving on to the new verticals and signature wins that we announced at our recent Investor Day. St. Jude Children's Research Hospital, our first marquee win in the nonprofit and health care verticals, has begun processing their first end-to-end transactions already in January of this year, and we've completed several key software integrations. We will continue to take on more volume through phases over the next several quarters. And I'll have more to say on the nonprofit sector in a little bit, given one of the acquisitions we have announced is the crypto donation platform, The Giving Block, which actually counts St. Jude as one of their customers.

繼續我們在最近的投資者日宣布的新垂直領域和標誌性勝利。 St. Jude 兒童研究醫院是我們在非營利性和醫療保健垂直領域的首個重大勝利，已於今年 1 月開始處理他們的第一筆端到端交易，並且我們已經完成了幾個關鍵的軟件集成。在接下來的幾個季度中，我們將繼續分階段增加銷量。考慮到我們宣布的一項收購是加密貨幣捐贈平台 The Giving Block，實際上 St. Jude 是他們的客戶之一，我將在非營利部門多說幾句。

For Allegiant Airlines, we expect to begin processing our first airline transactions by June of this year as integrations are presently underway. And finally, on SpaceX Starlink, we've already begun processing transactions and expect the first phase of our volume -- first phase of their volume to cut over later this month. We are also anticipating the installation of SkyTab POS in their Star-based restaurant locations later this week.

對於 Allegiant Airlines，我們預計將在今年 6 月開始處理我們的第一筆航空公司交易，因為整合目前正在進行中。最後，在 SpaceX Starlink 上，我們已經開始處理交易，預計我們的交易量的第一階段——他們交易量的第一階段將在本月晚些時候結束。我們還預計本週晚些時候在他們的星級餐廳位置安裝 SkyTab POS。

Finaro, which I will discuss shortly, is especially relevant for our global expansion ambitions and supporting the SpaceX Starlink expansion across the world. All 3 of these signature wins represent entries into exciting new verticals like travel and leisure, health care and nonprofits and sexy techs. When combined with our recent acquisitions that will expand Shift4's reach across the world, they represent a material TAM expansion. Much like Allegiant Stadium from a year or so ago, I believe that we will look back on these 3 wins over time as a critical milestone in the growth of our company.

我將在稍後討論的 Finaro 與我們的全球擴張雄心和支持 SpaceX Starlink 在全球的擴張尤其相關。所有這 3 項標誌性勝利都代表著進入令人興奮的新垂直領域，如旅遊和休閒、醫療保健和非營利組織以及性感科技。與我們最近將擴大 Shift4 在全球範圍內的影響力的收購相結合，它們代表了 TAM 的實質性擴張。就像大約一年前的 Allegiant Stadium 一樣，我相信隨著時間的推移，我們會回顧這 3 場胜利，將其視為我們公司發展的一個重要里程碑。

So moving to the big news. We did announce 2 acquisitions today, The Giving Block and Finaro, for a total upfront consideration of $579 million comprised of an aggregate of $213 million in cash and the balance in equity. First, let's talk about The Giving Block. We closed on this acquisition yesterday for $54 million in total consideration with an earn-out of up to $246 million based on hitting certain revenue targets. The Giving Block is a crypto donation platform, an area of increasing interest for nonprofits.

所以轉向重大新聞。我們今天確實宣布了 2 項收購，即 The Giving Block 和 Finaro，總的前期對價為 5.79 億美元，包括總計 2.13 億美元的現金和股權餘額。首先，讓我們談談 The Giving Block。我們昨天以總對價 5400 萬美元的價格完成了此次收購，並根據達到某些收入目標獲得了高達 2.46 億美元的收益。 Giving Block 是一個加密貨幣捐贈平台，這是非營利組織越來越感興趣的領域。

Crypto donors are seeking to donate their crypto to a charity, and nonprofits are seeking access to this new category of donors, especially given the average size of a crypto donation is $10,500 versus around $300 for traditional donations. The addition of this crypto donation capability, coupled with the software integrations and charitable giving that we are building with St. Jude, give us a powerful go-to-market offering in the nonprofit space. Crypto represents a fraction of the donations received today by charity, but it's growing more quickly than the mid-single-digit growth of traditional charitable donations.

加密捐贈者正在尋求將他們的加密捐贈給慈善機構，非營利組織正在尋求接觸這一新類別的捐贈者，特別是考慮到加密捐贈的平均規模為 10,500 美元，而傳統捐贈約為 300 美元。增加這種加密捐贈功能，再加上我們與 St. Jude 建立的軟件集成和慈善捐贈，為我們在非營利領域提供了強大的上市產品。加密貨幣只佔慈善機構今天收到的捐款的一小部分，但它的增長速度比傳統慈善捐款的中等個位數增長更快。

We intend to bundle the crypto capabilities with our end-to-end processing to go after the $45 billion-plus of total donation volume that's already embedded within The Giving block's 1,300 contracted nonprofit customers. Additionally, through a bundled crypto, plus traditional card offering, we now have a significant edge in pursuing what is a $450 billion charitable-giving market across the world. The Giving Block team includes incredibly talented crypto and blockchain talent that will establish the Shift4 Crypto Innovation Center, with the aim to expand crypto acceptance and settlement capabilities across the organization.

我們打算將加密功能與我們的端到端處理捆綁在一起，以追逐已經嵌入 The Giving 區塊的 1,300 個簽約非營利客戶中的超過 450 億美元的總捐贈量。此外，通過捆綁加密貨幣和傳統卡產品，我們現在在追求全球價值 4500 億美元的慈善捐贈市場方面擁有顯著優勢。 Giving Block 團隊包括才華橫溢的加密和區塊鏈人才，他們將建立 Shift4 加密創新中心，旨在擴大整個組織的加密接受和結算能力。

Finally, in connection with this transaction, we will be announcing shortly a campaign to challenge the crypto community to donate some of their crypto to their charity of choice through The Giving Block platform. I will personally match dollar for dollar each donation with the aim of achieving the largest crypto funding campaign in history. We think this is an excellent way to raise awareness for both sides of The Giving Block's network, connecting more donors with nonprofits in our crypto donation marketplace.

最後，關於此交易，我們將很快宣布一項運動，以挑戰加密社區通過 The Giving Block 平台向他們選擇的慈善機構捐贈部分加密貨幣。我將親自為每筆捐款匹配美元，以實現歷史上最大的加密貨幣籌資活動。我們認為這是提高 The Giving Block 網絡雙方意識的絕佳方式，可以在我們的加密捐贈市場中將更多捐贈者與非營利組織聯繫起來。

We're also entering into an agreement to acquire a pan-European full-service eCommerce acquirer called Finaro, with licenses to support U.K., Europe, Hong Kong and Japan. Finaro is both a modern-architected eCommerce and card-present payment platform as well as a bank with FX, card issuing and capital offering capabilities. This transaction is not scheduled to close until regulatory approvals are received, which is likely later this year.

我們還簽訂了一項協議，收購一家名為 Finaro 的泛歐洲全方位服務電子商務收購方，該公司擁有支持英國、歐洲、香港和日本的許可證。 Finaro 既是一個現代架構的電子商務和現卡支付平台，也是一家具有外匯、發卡和資本提供能力的銀行。該交易計劃在獲得監管批准之前完成，這可能會在今年晚些時候完成。

We are acquiring Finaro for 2 reasons. First, it provides the foundational technology capabilities needed to support SpaceX Starlink and their global base of subscribers. Second, Finaro's card-not-present and international capabilities will meaningfully expand the reach of our existing products and software integrations. After extensive due diligence, Finaro's technology platform is best-in-class, particularly their AI-powered risk and fraud management capabilities, 170-plus alternative payment methods, multicurrency support and the ability to maximize authorization rates through intelligent routing.

我們收購 Finaro 有兩個原因。首先，它提供了支持 SpaceX Starlink 及其全球用戶群所需的基礎技術能力。其次，Finaro 的無卡和國際能力將有意義地擴大我們現有產品和軟件集成的範圍。經過廣泛的盡職調查，Finaro 的技術平台是一流的，尤其是其人工智能驅動的風險和欺詐管理功能、170 多種替代支付方式、多貨幣支持以及通過智能路由最大化授權率的能力。

This will serve well as the technology foundation for our global expansion strategy. We're going to take SkyTab POS to restaurants all across Europe. We're going to take our VenueNext technology to stadiums and theme parks all across Europe. And we're going to take our Shift4Shop platform and all of our 425 integrations, including all those that power our hotel and hospitality integration library, coupled with a real right to win, and we're going to grow payment volume all over the world.

這將成為我們全球擴張戰略的技術基礎。我們將把 SkyTab POS 帶到全歐洲的餐廳。我們將把我們的 VenueNext 技術帶到歐洲各地的體育場館和主題公園。我們將採用我們的 Shift4Shop 平台和我們所有的 425 個集成，包括所有為我們的酒店和酒店集成庫提供支持的集成，再加上真正的獲勝權利，我們將在全球範圍內增加支付量.

We are purchasing Finaro for $525 million in upfront consideration and up to a $50 million earn-out. We anticipate that Finaro will contribute over $15 billion in end-to-end volume and $30 million in adjusted EBITDA in 2023. We also believe Finaro, independent of all the synergies we have to offer, is a 30% net revenue grower with high adjusted EBITDA margins that we expect to continue. It's worth pointing out that our diligence has revealed a few digital content merchants representing a negligible amount of volume that are not compatible with our corporate values and will be phased out shortly after closing. These 2 acquisitions, we believe, are accretive to our long-term growth. We retain significant firepower with almost $1 billion in cash and are excited to continue our organic and inorganic investments to support our strategic plan.

我們以 5.25 億美元的前期對價和高達 5000 萬美元的收益收購 Finaro。我們預計 Finaro 將在 2023 年貢獻超過 150 億美元的端到端交易量和 3000 萬美元的調整後 EBITDA。我們還認為，獨立於我們必須提供的所有協同效應，Finaro 是一個 30% 的淨收入增長者，調整後的收入很高我們預計將繼續保持 EBITDA 利潤率。值得指出的是，我們的調查顯示，一些數字內容商家代表的數量微不足道，它們與我們的企業價值觀不相符，將在關閉後不久被淘汰。我們相信，這兩項收購有利於我們的長期增長。我們保留了近 10 億美元現金的強大火力，並很高興繼續我們的有機和無機投資以支持我們的戰略計劃。

I would like to address our full year reported adjusted EBITDA performance for the year, which came in slightly below our guidance range. Quite a bit of this was attributable to Omicron and the lack of business in the international travel previously contemplated in our plan for the full year. But there were some continued growth investments we are making in the business as we enter new markets and prepare to go global. This should be consistent with our Investor Day, where we emphasized our desire to expand margins in our high-growth core while also investing in our new verticals, which are performing well and largely the reason for our performance on gross -- our outperformance on gross revenue less network fees, but still early in the development of their margin profile.

我想談談我們全年報告的調整後 EBITDA 業績，該業績略低於我們的指導範圍。這在很大程度上歸因於 Omicron 以及我們之前在全年計劃中考慮的國際旅行業務的缺乏。但是，隨著我們進入新市場並準備走向全球，我們正在對業務進行一些持續增長的投資。這應該與我們的投資者日保持一致，在那裡我們強調了我們希望擴大高增長核心業務的利潤率，同時也投資於我們表現良好的新垂直行業，這在很大程度上是我們表現出色的原因——我們表現出色收入減去網絡費用，但其利潤率仍處於早期發展階段。

We will continue to balance profitability and growth, and our guidance calls for mid-30s margins for the full year in 2022. We also believe our guidance, which Brad will cover in a few minutes, is consistent with our medium-term outlook despite starting the year at a disadvantage due to the impact of Omicron. I'd also like to emphasize the organizational transformation that has taken place over the Shift4 way that was just implemented a few months ago. We have begun embracing a vision, a mission, values and philosophies, many of which were influenced through my exposure to SpaceX.

我們將繼續平衡盈利能力和增長，我們的指導意見要求 2022 年全年的利潤率達到 30 多歲左右。我們還相信，我們的指導意見（Brad 將在幾分鐘後介紹）與我們的中期展望一致，儘管開始了當年由於Omicron的影響處於劣勢。我還想強調幾個月前剛剛實施的 Shift4 方式所發生的組織轉型。我們已經開始擁抱願景、使命、價值觀和理念，其中許多都受到了我在 SpaceX 的接觸的影響。

One component of this initiative, the dramatic expansion of our RSU program, to include every employee in the company regardless of grade. This ensures our workforce has the right alignment, promotes retention and helps us recruit the talent we need to deliver on our ambitious objectives. It's also worth pointing out that I'm personally funding 50% of the stock being allocated to this program, which expands equity ownership to all employees. It also includes a 5-year vesting that is back-half weighted to promote the right long-term commitment to the company.

該計劃的一個組成部分是我們 RSU 計劃的顯著擴展，以包括公司中的每一位員工，無論級別如何。這確保了我們的員工隊伍正確對齊，促進保留並幫助我們招聘實現我們雄心勃勃的目標所需的人才。還值得指出的是，我個人資助了分配給該計劃的 50% 的股票，該計劃將股權擴大到所有員工。它還包括後半加權的 5 年歸屬，以促進對公司的正確長期承諾。

Before I turn the call over to Taylor, I want to highlight the news surrounding my personal participation in the privately funded space program called Polaris. I feel fortunate to be able to partner with SpaceX on this endeavor, which will further advance human space flight, conduct important scientific research while also raising awareness for causes here on planet Earth. Similar to Inspiration4, I do believe this will likely result in good things for Shift4, in the same way my prior mission raised awareness for St. Jude and resulted in both St. Jude and SpaceX Starlink as Shift4 customers. As Shift4's largest shareholder, my interest is fully aligned with building long-term shareholder value for this company, which is to say I'm fully engaged and will remain fully focused as we take this company global and integrate these 2 exciting acquisitions.

在我把電話轉給泰勒之前，我想強調一下關於我個人參與名為北極星的私人資助太空計劃的新聞。我很幸運能夠與 SpaceX 合作開展這項工作，這將進一步推動人類太空飛行，開展重要的科學研究，同時提高人們對地球上的事業的認識。與 Inspiration4 類似，我確實相信這可能會給 Shift4 帶來好事，就像我之前的任務提高了對 St. Jude 的認識並導致 St. Jude 和 SpaceX Starlink 成為 Shift4 客戶一樣。作為 Shift4 的最大股東，我的興趣與為這家公司建立長期股東價值完全一致，也就是說我全力投入並將繼續全神貫注，因為我們將這家公司推向全球並整合這兩項激動人心的收購。

And with that, let me turn the call over to our President and Chief Strategy Officer, Taylor Lauber. Taylor.

說到這裡，讓我把電話轉給我們的總裁兼首席戰略官 Taylor Lauber。泰勒。

Thanks, Jared, and good morning, everyone. Before touching on the acquisitions, I'd like to provide some additional color on the seasonal spending patterns we've seen over the fourth quarter and into the first. While we raised our guidance several times during 2021 due to outperformance, our decision to raise our volume guidance was based on a slow-but-linear recovery in travel and leisure spending as well as a more modest recovery in corporate and international travel. If not for this continued delay in business travel, we feel strongly that our full year volumes would have exceeded our expectations. Nonetheless, we delivered impressive 92% end-to-end volume growth and corresponding 81% gross revenue growth for the full year '21, which compares very favorably to our peers.

謝謝，Jared，大家早上好。在談到收購之前，我想對我們在第四季度和第一季度看到的季節性支出模式提供一些額外的顏色。儘管我們在 2021 年因表現出色而多次上調指引，但我們提高數量指引的決定是基於旅行和休閒支出緩慢但線性的複蘇以及企業和國際旅行的溫和復蘇。如果不是因為商務旅行的持續延遲，我們強烈認為我們全年的銷量會超出我們的預期。儘管如此，我們在 21 年全年實現了令人印象深刻的 92% 的端到端銷量增長和相應的 81% 的總收入增長，這與我們的同行相比非常有利。

Our expectations for full year '22 remain cautiously optimistic. If you recall, we experienced similar trend last year, whereby the second wave of COVID depressed volumes from Thanksgiving to Valentine's Day. That week, while a record at the time, represented only 1.4% of our total volume for the year, as growth recovery in warmer weather caused rapid volume growth across our portfolio in subsequent months. Following that same logic, we're quite pleased with our positioning as we exit February with more record weeks. In fact, we had our first $200 million volume day just yesterday.

我們對 22 年全年的預期仍然謹慎樂觀。如果您還記得的話，去年我們經歷了類似的趨勢，即從感恩節到情人節的第二波 COVID 抑制了交易量。那一周雖然在當時創下歷史新高，但僅占我們全年總銷量的 1.4%，因為天氣變暖導致增長復甦，導致我們的投資組合在隨後幾個月的銷量快速增長。按照同樣的邏輯，我們對我們的定位感到非常滿意，因為我們以創紀錄的周數結束了 2 月。事實上，就在昨天，我們迎來了第一個 2 億美元的交易日。

To help you conceptualize how we construct our full year guidance, we included a volume bridge in our press release this morning detailing the main drivers of our next year's volume growth. In a typical year, the majority of volume growth was actually derived from merchants boarded the prior year, followed by new merchants and gateway conversions boarded during the year. For example, in '21, we estimate approximately 14 billion of our volume growth was derived from merchants boarded in 2020 and 2021, with the remaining growth from the pandemic recovery and contribution from merchants boarded prior to 2020.

為了幫助您概念化我們如何構建全年指導，我們在今天上午的新聞稿中包含了一個銷量橋，詳細說明了我們明年銷量增長的主要驅動力。在一個典型的年份，大部分的銷量增長實際上來自前一年登陸的商家，其次是當年登陸的新商家和網關轉換。例如，在 21 年，我們估計大約 140 億的銷量增長來自 2020 年和 2021 年登陸的商家，其餘增長來自大流行病的恢復和 2020 年之前登陸的商家的貢獻。

For 2022, we estimate we will have at least 16 billion of volume growth from merchants boarded last year, coupled with new merchants to be boarded during 2022. All of this pertains to just our high-growth core. We deem that 15 billion is conservative as it assumes 14% growth over 2021 production, despite exiting the year with record levels of active merchants. We also pushed into new areas such as stadiums, gaming and new verticals such as nonprofits and SpaceX Starlink. Combined, we envision these new markets and verticals will contribute a conservative 3 billion of our volumes in 2022, resulting in us arriving at the midpoint of our guidance range of 69 billion.

到 2022 年，我們估計我們將有至少 160 億的交易量增長來自去年的入駐商戶，再加上 2022 年將有新的入駐商戶。所有這些都與我們的高增長核心有關。我們認為 150 億是保守的，因為它假設 2021 年的產量將增長 14%，儘管今年的活躍商家數量創歷史新高。我們還進軍了體育場館、遊戲等新領域以及非營利組織和 SpaceX Starlink 等新垂直領域。結合起來，我們預計這些新市場和垂直行業將在 2022 年貢獻我們保守的 30 億銷量，從而使我們達到 690 億指導範圍的中點。

We believe there is upside to our guidance from pandemic recovery, volumes exceeding our forecast. And the pace of gateway conversions show how fast we can scale these new markets we entered recently. On the other hand, our guidance is also informed by the realities that inflation and occupancy impacts our end clients, notably restaurants and hotels, which have been struggling to meet capacity demand due to labor issues. Regardless, our 2022 volume bridge hopefully provides some help as you think about the year.

我們認為，大流行複蘇對我們的指導有好處，數量超過了我們的預測。網關轉換的速度表明我們可以多快地擴展我們最近進入的這些新市場。另一方面，我們的指導也基於通貨膨脹和入住率影響我們的最終客戶的現實，特別是餐館和酒店，由於勞動力問題，這些客戶一直在努力滿足產能需求。無論如何，我們的 2022 年卷橋有望在您思考這一年時提供一些幫助。

Turning to acquisitions, I want to talk through some of the terms of both transactions and how the combination of both sets of capabilities will provide unique differentiation to the markets we serve. The Giving Block is very exciting given the crypto donation space is relatively young, growing extremely fast, garners high spreads and contains material cross-sell opportunities to offer a bundled end-to-end processing capability to nonprofits who are seeking to consolidate both their crypto and card-based donations with one platform. We are already excited about targeting the nonprofit vertical with the marquee win of St. Jude Children's Research Hospital and now are supercharging our right to win with the addition of crypto donations.

談到收購，我想談談這兩筆交易的一些條款，以及這兩套能力的結合將如何為我們所服務的市場提供獨特的差異化。 Giving Block 非常令人興奮，因為加密貨幣捐贈空間相對年輕，增長極快，獲得高利差並包含重要的交叉銷售機會，可以為尋求整合其加密貨幣的非營利組織提供捆綁的端到端處理能力和基於卡的捐贈與一個平台。我們已經很高興通過聖裘德兒童研究醫院的重大勝利瞄準非營利垂直領域，現在正在通過增加加密捐贈來增強我們獲勝的權利。

There is also an interesting consumer play to this transaction given that The Giving Block's relationship with crypto donors providing interesting conversations across all of our merchants who could benefit from these access to crypto holders. We're acquiring a talented team of technology individuals and intend to work with the founders of The Giving Block to create a Crypto Innovation Center to become thought leaders in this emerging space that specifically enhances Shift4's acceptance and settlement capabilities across the organization. We structured this deal with a significant earn-out. The upfront consideration is $54 million, structured 75% in stock and 25% in cash. We are acquiring the company in its early years in a growing sector with expectations for considerable growth as crypto becomes mainstream.

考慮到 The Giving Block 與加密捐助者的關係為我們所有可以從這些對加密持有人的訪問中受益的商家提供了有趣的對話，此交易還有一個有趣的消費者遊戲。我們正在收購一支由技術人員組成的才華橫溢的團隊，並打算與 The Giving Block 的創始人合作創建一個加密創新中心，以成為這個新興領域的思想領袖，特別是在整個組織中增強 Shift4 的接受和結算能力。我們以可觀的收益構建了這筆交易。前期對價為 5400 萬美元，其中 75% 為股票，25% 為現金。我們正在早期收購這家成長中行業的公司，並期望隨著加密技術成為主流而實現可觀的增長。

To this end, we structured the deal to have roughly 80% of the total consideration tied to future revenue growth, with a total maximum earn-out of $246 million. In 2022, we believe the revenue contribution to be modest and the EBITDA contribution to be neutral as we embark on our organic growth and cross-sell objectives. In 2023, we expect at least $5 million of adjusted EBITDA contribution, which is achievable through even a modest combination of crypto donation growth and payments cross-sell. And as Jared will always yell up before is probably way too conservative.

為此，我們將這筆交易的總對價的大約 80% 與未來收入增長掛鉤，總收益最高為 2.46 億美元。到 2022 年，我們認為隨著我們實現有機增長和交叉銷售目標，收入貢獻將適度，EBITDA 貢獻將保持中性。到 2023 年，我們預計調整後的 EBITDA 貢獻至少為 500 萬美元，這可以通過加密捐贈增長和支付交叉銷售的適度組合來實現。而且 Jared 之前總是會大喊大叫，這可能太保守了。

Turning to Finaro. We entered an agreement to acquire Finaro for $525 million in upfront consideration and $50 million in earn-out tied to integration objectives. The upfront consideration is structured approximately 62% stock and 38% cash. And given the scarcity value of these assets in the marketplace, our assessment of the banking and technology platform, the talent of the individuals who will be joining us and the synergies we believe this combination will create, we view the multiple we paid is quite reasonable. We have confidence the combination of Shift4 and Finaro will provide a winning combination needed to service Starlink and other multinational e-commerce merchants.

轉向費納羅。我們達成了一項協議，以 5.25 億美元的前期對價和 5000 萬美元的與整合目標相關的收益來收購 Finaro。預付對價的結構約為 62% 的股票和 38% 的現金。考慮到這些資產在市場上的稀缺價值、我們對銀行和技術平台的評估、將加入我們的個人的才能以及我們相信這種結合將產生的協同效應，我們認為我們支付的倍數是相當合理的.我們相信 Shift4 和 Finaro 的結合將提供服務 Starlink 和其他跨國電子商務商家所需的成功組合。

It's important to note that over 95% of Finaro's transactions are eCommerce and over 80% cross-border. The closing timetable is a bit longer in light of the fact that Finaro is a bank, and we anticipate closing later in '22 after receiving regulatory approvals. Finaro is expected to contribute over 15 billion in end-to-end volume in 2023 and over $30 million in adjusted EBITDA. This was a business historically growing adjusted EBITDA at over 50% given its capabilities and exposure to high-growth verticals. We believe that growth is sustainable and can be accelerated by our business combination.

值得注意的是，Finaro 超過 95% 的交易是電子商務，超過 80% 是跨境交易。鑑於 Finaro 是一家銀行，關閉時間表會稍微長一些，我們預計在獲得監管部門批准後於 22 年晚些時候關閉。 Finaro 預計將在 2023 年貢獻超過 150 億美元的端到端交易量和超過 3000 萬美元的調整後 EBITDA。鑑於其能力和對高增長垂直領域的敞口，這是一家歷史上以超過 50% 的調整後 EBITDA 增長的企業。我們相信增長是可持續的，並且可以通過我們的業務合併來加速。

As with any business combination, we believe strongly in aligning both sides around a common set of objectives. Each transaction not only includes the substantial portion of equity, but also mandate the holding period that is consistent with the long-term value we intend to create for shareholders. We have demonstrated that we are disciplined allocators of capital and have a track record of delivering an attractive return on our acquisitions from the 2 gateways that remain a cornerstone of our growth today to more recent acquisitions like VenueNext, which have resulted in continued cadence of new stadium wins.

與任何企業合併一樣，我們堅信雙方應圍繞一組共同目標進行調整。每筆交易不僅包括大部分股權，還授權與我們打算為股東創造的長期價值相一致的持有期。我們已經證明，我們是紀律嚴明的資本分配者，並且擁有為我們的收購提供有吸引力的回報的記錄，從今天仍然是我們增長基石的 2 個門戶到最近的收購，如 VenueNext，這導致新的持續節奏體育場獲勝。

With that, I'll turn the call over to Brad.

有了這個，我會把電話轉給布拉德。

Thanks, Taylor. So now I'm going to dive into the numbers for the quarter. So Q4 revenues -- gross revenues were $399 million, up nearly 90% to the same quarter last year. Gross revenue less network fees was $147 million, an increase of 65% over last year.

謝謝，泰勒。所以現在我要深入研究本季度的數字。因此，第四季度的收入——總收入為 3.99 億美元，比去年同期增長近 90%。扣除網絡費用後的總收入為 1.47 億美元，比去年增長 65%。

Year-over-year growth breaks down as the following: a 79% year-over-year increase in net processing revenues, driven by continued merchant adoption of our end-to-end solution; a 38% increase in our SaaS and other revenue stream, driven by expansion into the stadium vertical and further penetration of our core restaurant and hospitality verticals; and finally, a 50% increase in our gateway revenue stream, driven largely by a recovery in the hospitality sector over a COVID-depressed Q4 of 2020.

同比增長細分如下：淨加工收入同比增長 79%，這主要得益於商家持續採用我們的端到端解決方案；我們的 SaaS 和其他收入流增長了 38%，這得益於向體育場垂直領域的擴張以及我們核心餐廳和酒店垂直領域的進一步滲透；最後，我們的網關收入流增加了 50%，這主要是由於酒店業在 2020 年第 4 季度因 COVID 低迷而復蘇。

Spreads for the quarter came in at 74 basis points, which is consistent with the spread we reported in Q3 and 8 basis points lower than the same period last year. The mix of the both was largely stable between Q3 and Q4 with the only notable change related to a significant year-over-year increase from the recently boarded UPS stores during the holiday season. As we've talked about previously, the year-over-year spread decline is exclusively due to shifts in our mix as our lodging vertical now represents approximately 19% of end-to-end volume, up from approximately 8% for the same period last year. It's worth noting that spreads in our restaurant and hotel verticals were up year-over-year, 10% and 6%, respectively.

本季度的利差為 74 個基點，與我們在第三季度報告的利差一致，比去年同期低 8 個基點。兩者的組合在第三季度和第四季度之間基本穩定，唯一顯著的變化與假期期間最近登機的 UPS 商店的同比顯著增長有關。正如我們之前所討論的，同比價差下降完全是由於我們的組合發生變化，因為我們的垂直住宿現在約佔端到端交易量的 19%，高於同期的約 8%去年。值得注意的是，我們餐廳和酒店垂直領域的價差同比分別增長了 10% 和 6%。

For the quarter, we reported adjusted EBITDA of $44 million, which is up 65% over the same quarter last year. These represent -- these results represent a shortfall to our 2021 guidance by approximately $8 million due to the following 3 factors. First, as Jared mentioned previously, the rejuvenated impact of COVID in the fourth quarter temporarily challenged our restaurant segment and significantly set back the recovery in business international travel. This negatively affected results by $3.9 million.

本季度，我們報告調整後的 EBITDA 為 4400 萬美元，比去年同期增長 65%。這些代表 - 由於以下 3 個因素，這些結果代表我們 2021 年的指導缺口約 800 萬美元。首先，正如 Jared 之前提到的，第四季度 COVID 的恢復影響暫時挑戰了我們的餐廳部門，並嚴重阻礙了商務國際旅行的複蘇。這對結果產生了 390 萬美元的負面影響。

Second, we consciously pulled forward $2.1 million of OpEx, specifically targeted to accelerate the scale of our technology platform and provide upfront promotional support to the upcoming launch of SkyTab POS. Finally, we incurred $2 million of additional OpEx made up of a number of small items, such as the time of -- timing of audit fees and some state-specific franchise taxes. Adjusted EBITDA margin for the quarter was 30%, which is flat to last year and down from approximately 8 percentage points from Q3, due largely to the factors mentioned above, as well as some normal seasonal compression in Q4 margins that I'll discuss more later.

其次，我們有意識地提前了 210 萬美元的運營支出，專門用於加速我們技術平台的規模，並為即將推出的 SkyTab POS 提供前期促銷支持。最後，我們產生了 200 萬美元的額外運營支出，由許多小項目組成，例如審計費用的時間和一些特定於州的特許經營稅。本季度調整後的 EBITDA 利潤率為 30%，與去年持平，較第三季度下降約 8 個百分點，這主要是由於上述因素，以及我將詳細討論的第四季度利潤率的一些正常季節性壓縮之後。

With respect to capital transactions for the quarter, between October 1 and December 31, we repurchased approximately 378,000 shares of common stock at an average price of $55.81 per share. Those shares are reflected as treasury stock on the balance sheet. Based on a number of discussions we've had with investors and analysts over the past several months, I'd like to start talking about our adjusted free cash flow.

關於本季度的資本交易，從 10 月 1 日到 12 月 31 日，我們以每股 55.81 美元的平均價格回購了大約 378,000 股普通股。這些股份在資產負債表上反映為庫存股。根據過去幾個月我們與投資者和分析師的多次討論，我想開始談談我們調整後的自由現金流。

Our adjusted free cash flow is defined as free cash flow adjusted for the cash impact of the same items included in our reconciliation to adjusted EBITDA. For the full year 2021, adjusted free cash flow was $18 million. This represents a pass-through rate to adjusted EBITDA of 11%. More relevant, because of the depressed volume figures we experienced in Q1, our adjusted free cash flow in the back half of 2021 was $26.5 million. This represents an EBITDA conversion rate of 27%. A full reconciliation of free cash flow and adjusted free cash flow is available in the appendix of our earnings materials.

我們調整後的自由現金流量定義為根據我們對調整後 EBITDA 的調節中包含的相同項目的現金影響調整後的自由現金流量。 2021 年全年，調整後的自由現金流為 1800 萬美元。這表示調整後 EBITDA 的轉嫁率為 11%。更相關的是，由於我們在第一季度經歷了低迷的銷量數據，我們在 2021 年下半年調整後的自由現金流為 2650 萬美元。這表示 EBITDA 轉換率為 27%。我們的收益材料的附錄中提供了自由現金流量和調整後的自由現金流量的完整對賬。

So now looking on to 2022, I would like to provide the following for full year guidance. We expect end-to-end payment volume to range between $68 billion and $70 billion and gross revenues to be between $1.9 billion and $2 billion. Gross revenue less network fees are expected to be between $675 million and $705 million. And finally, we expect adjusted EBITDA to be between $240 million and $250 million. This guidance implies a full year margin of approximately 35%, up over 300 basis points from the 31.6% full year margin we report for 2021.

所以現在展望 2022 年，我想提供以下全年指導。我們預計端到端支付量將在 680 億美元至 700 億美元之間，總收入將在 19 億美元至 20 億美元之間。扣除網絡費用後的總收入預計在 6.75 億美元至 7.05 億美元之間。最後，我們預計調整後的 EBITDA 將在 2.4 億美元至 2.5 億美元之間。該指引意味著全年利潤率約為 35%，比我們報告的 2021 年全年利潤率 31.6% 高出 300 多個基點。

A little more color on margin. So we told you at our Investor Day that our high-growth core business has a margin profile approaching 40%. That trajectory is continuing into 2022. We also mentioned we are investing a portion of that margin back into our new markets and new verticals to support future growth opportunities. The aggregation of our high-growth core and our new growth opportunities brings our full year 2022 margin to the mid-30s, as I just mentioned.

邊距上多一點顏色。因此，我們在投資者日告訴您，我們高增長的核心業務的利潤率接近 40%。這一軌跡將持續到 2022 年。我們還提到，我們正在將部分利潤投資回我們的新市場和新垂直領域，以支持未來的增長機會。正如我剛才提到的，我們的高增長核心和新增長機會的結合使我們 2022 年的全年利潤率達到 30 多歲。

It's worth noting, however, the margins will fluctuate from quarter-to-quarter, largely due to seasonality, with the first quarter margins typically representing the lowest point of the year. We expect margins to then expand as the year progresses before exiting the year in the mid- to upper 30s. Lastly, I want to mention that our guidance does include the benefit of beginning the migration of the TSYS back-end platform. The majority of that benefit is scheduled to be realized in the back half of the year in accordance with our merchant migration plan. For guidance on adjusted free cash flow conversion, we are projecting our cash conversion rate to adjusted EBITDA to fall between 35% and 40% for the full year.

然而，值得注意的是，利潤率會隨季度波動，這主要是由於季節性，第一季度的利潤率通常代表一年中的最低點。我們預計利潤率會隨著時間的推移而擴大，然後在 30 年代中期結束。最後，我想提一下，我們的指南確實包括開始遷移 TSYS 後端平台的好處。根據我們的商家遷移計劃，大部分收益計劃在今年下半年實現。對於調整後自由現金流轉換的指導，我們預計全年調整後 EBITDA 的現金轉換率將下降 35% 至 40%。

A few general comments I'd like to close with. It's worth reiterating that while Omicron got 2022 off to a slow start, the management's confidence in our guidance is bolstered by the fact that by the end of February, we have once again returned to setting new weekly records for end-to-end payment volume. As a point of reference, our year-to-date volume through February of this year have already totaled $8.2 billion. Also, we do believe this guidance is consistent with our medium-term outlook that we shared at our Investor Day at Allegiant Stadium in November.

我想以一些一般性評論作為結束。值得重申的是，雖然 Omicron 2022 年開局緩慢，但管理層對我們指導的信心得到了支持，因為到 2 月底，我們再次創下了端到端支付量的新周記錄.作為參考，截至今年 2 月，我們年初至今的交易量已經達到 82 億美元。此外，我們確實相信這一指導與我們在 11 月 Allegiant 體育場的投資者日分享的中期展望一致。

And finally, it's worth mentioning that the 2022 guidance I just provided does not include any significant contribution from the 2 acquisitions that Jared discussed earlier. By 2023, however, we do estimate that these transactions will contribute approximately $15 billion of end-to-end payment volume and at least $35 million of adjusted EBITDA.

最後，值得一提的是，我剛剛提供的 2022 年指導不包括 Jared 之前討論的 2 次收購的任何重大貢獻。然而，到 2023 年，我們確實估計這些交易將貢獻大約 150 億美元的端到端支付量和至少 3500 萬美元的調整後 EBITDA。

With that, I'm going to turn this back to the operator to facilitate questions.

有了這個，我將把它轉回給接線員以方便提問。

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

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

Congrats on these 2 acquisitions. Before we get into that, I just want to touch on the actual impact from Omicron. If you can provide us a little more detail in dollar terms on Q1, whether it's EDE volume or it's the revenue and EBITDA contribution that you saw a pullback in January and into February. And then maybe help us understand the exit run rate on weekly volume. And Taylor, to your point on conservatism and the building bridge for '22, I think a lot of investors coming in see those numbers as conservative also. We're just trying to figure out the magnitude of what kind of upside you could see from both the existing business you've already signed and obviously the new areas to grow. It looks like there's some real opportunity to [be in the race] as the year goes on.

祝賀這兩項收購。在我們開始之前，我只想談談 Omicron 的實際影響。如果你能向我們提供更多關於第一季度美元的細節，無論是 EDE 數量還是你在 1 月和 2 月看到回調的收入和 EBITDA 貢獻。然後也許可以幫助我們了解每週交易量的退出運行率。泰勒，關於你關於保守主義和為 22 年搭建橋樑的觀點，我認為很多進來的投資者也認為這些數字是保守的。我們只是想弄清楚您可以從您已經簽署的現有業務和顯然要增長的新領域中看到什麼樣的好處。隨著時間的推移，似乎有一些真正的機會 [參加比賽]。

Yes. I'll start. It probably warrants a little bit of a commentary from everyone. January was particularly depressed really throughout the entirety of the month. We saw a depression in kind of active merchant counts as well as volume. Now interestingly, a portion of that shortfall was actually made up in just the past 2 weeks here in February. So it does feel quite short-lived. I would say there wasn't -- this is just kind of interesting. There wasn't a notable variance in the performance of kind of one subvertical or another. So like restaurants were significantly depressed as were hotels.

是的。我會開始。它可能值得每個人發表一點評論。一月份整個月都特別低迷。我們看到活躍商家數量和交易量都出現了蕭條。現在有趣的是，部分缺口實際上是在 2 月份的過去兩週內彌補的。所以它確實感覺很短暫。我會說沒有——這很有趣。一種或另一種子垂直的表現沒有顯著差異。因此，就像餐館和酒店一樣，都非常低迷。

As we think about the recovery in the year ahead, obviously, restaurants have come a long way from where they were a year ago. I think we all know that, but hotels still have a substantial portion to go. And even at depressed levels, they represented roughly 20% of our end-to-head volume, if you recall. So I think there's a lot of room left to go in the hotel vertical specifically inside of the existing merchant base. I think there is some recovery only just started inside the restaurant vertical, although that tends to happen a lot more quickly than people can book trips and get on flights.

當我們考慮未來一年的複蘇時，顯然，餐館與一年前相比已經有了很大的進步。我想我們都知道這一點，但酒店仍有很大一部分需要去。如果您還記得的話，即使處於低迷水平，它們也占我們端到頭交易量的大約 20%。所以我認為酒店垂直領域還有很大的發展空間，特別是在現有的商業基礎內部。我認為垂直餐廳內部的複蘇才剛剛開始，儘管這往往比人們預訂旅行和登機要快得多。

The $200 million day that I referenced, I think, is anecdotal of kind of how we feel about things. Jared and I were commenting this morning that there's only -- it was only 2 years ago that we were celebrating our first $100 million day entering the same time. So we feel good. It is anecdotal of the experience we had last year as you have pretty significant restrictions as a result of that second wave, largely lifting around Valentine's Day. And as the weather got a little bit warmer, people got out and spent at our merchant locations.

我認為，我提到的 2 億美元的一天是我們對事物的感受的一種軼事。 Jared 和我今天早上評論說，只有 - 僅僅 2 年前，我們才慶祝我們進入同一時間的第一個 1 億美元日。所以我們感覺很好。這是我們去年經歷的軼事，因為第二波浪潮導致你有相當大的限制，主要是在情人節前後解除。隨著天氣轉暖，人們紛紛出門在我們的商舖消費。

I think that the unknown, and it's got pretty meaningful conservatism inside of it, is what is this doing for stadiums. Because while you had some marquee sporting events that were filled up, you definitely didn't have kind of broad-based participation from the population and entertainment events across the country, and we have got the more venues signed up. So I'm particularly excited about that one. Brad, anything you want to add to that?

我認為未知的，它裡面有非常有意義的保守主義，就是它對體育場館的影響。因為雖然你有一些大型體育賽事已經滿員，但你肯定沒有來自全國各地的人口和娛樂活動的廣泛參與，而且我們有更多的場地簽約。所以我對那個特別興奮。布拉德，你想補充什麼嗎？

Yes. I think you've hit those. So it's -- Darrin, if you think about the impact in January, I do think it was kind of largely offset by February. So I think in the terms of the quarter, it's going to likely wash itself out. But you are talking -- saying of within a month of, call it, $0.5 billion of volume that's kind of shifting around. But what we've seen in February largely mitigated that short that we provided in the earnings material.

是的。我想你已經做到了。所以它是 - 達林，如果你考慮 1 月份的影響，我確實認為它在很大程度上被 2 月份抵消了。所以我認為就本季度而言，它很可能會自行消失。但是你說的是——說在一個月內，稱之為 5 億美元的交易量正在發生變化。但我們在 2 月份看到的情況在很大程度上減輕了我們在收益材料中提供的空頭。

Okay. All right, guys. And then just a quick follow-up, Jared. When we think about these deals that you're doing, whether it's Credorax or -- I forgot the new name. But either way, I mean, when you look at the 2 opportunities, obviously, the growth of these things really should help supplement the international opportunities you were looking into. I know we've talked about Starlink. Can you just really hone in a little more on what that can do for your business when you think about how quickly you can actually leverage that -- those abilities in Europe and other parts of the world now versus what you've been able to do. Are you able to take some of the relationships you have in the U.S. and now leverage them internationally above and beyond things like Starlink and others?

好的。好吧，伙計們。然後是快速跟進，Jared。當我們考慮您正在做的這些交易時，無論是 Credorax 還是——我忘記了新名稱。但無論哪種方式，我的意思是，當你看到這兩個機會時，很明顯，這些東西的增長確實應該有助於補充你正在尋找的國際機會。我知道我們已經討論過 Starlink。當您考慮實際可以多快地利用它時，您真的能多磨練一下它可以為您的業務做些什麼嗎？歐洲和世界其他地區現在的這些能力與您已經能夠做的相比.您是否能夠利用您在美國擁有的一些關係，現在在國際上利用它們超越 Starlink 和其他公司？

Yes. I mean, absolutely. So let's just start with The Giving Block because we already closed on it. And I mean if you think about it, we love that it's the nonprofit vertical because it plays to our strengths of multiple different types of software that's required to deliver. In the case of nonprofits, a donor experience. They don't have one donor management platform. They have like 40 or 50. So naturally, we're attracted to that because that's what we do really well in restaurants, hotels, stadiums is connect a lot of different software together, deliver a commerce experience.

是的。我的意思是，絕對。因此，讓我們從 The Giving Block 開始，因為我們已經關閉了它。我的意思是，如果您考慮一下，我們喜歡它是非營利性垂直行業，因為它發揮了我們需要交付的多種不同類型軟件的優勢。在非營利組織的情況下，捐助者的經驗。他們沒有一個捐助者管理平台。他們有 40 或 50 個。所以很自然地，我們被它吸引了，因為我們在餐廳、酒店、體育場館真正擅長的是將許多不同的軟件連接在一起，提供商業體驗。

We started with St. Jude Children's Research Hospital, which is what gave us exposure to all those pain points, and now we want to launch off of it. Having a signature partner like St. Jude is a great place to start. Having a technology solution that can solve real pain points across a $500 billion payment opportunity is even better. Nonprofits don't really know a lot about crypto. They just know they want to take it, and they want to take those crypto funds and apply it to whatever challenges they're trying to address. The Giving Block solves that. They create an awesome 2-sided network, a marketplace where crypto donors can find all the various nonprofits they want to support, which is 80% of the donation volume that's going through the platform. And then you solve the pain point for nonprofit organizations that, again, didn't know how to receive these type of transactions.

我們從 St. Jude 兒童研究醫院開始，它讓我們接觸到所有這些痛點，現在我們想從它開始。擁有像 St. Jude 這樣的標誌性合作夥伴是一個很好的起點。擁有可以解決 5000 億美元支付機會中真正痛點的技術解決方案就更好了。非營利組織對加密了解不多。他們只知道他們想接受它，他們想接受這些加密貨幣資金並將其應用於他們試圖應對的任何挑戰。 Giving Block 解決了這個問題。他們創建了一個很棒的雙向網絡，這是一個加密捐贈者可以找到他們想要支持的各種非營利組織的市場，這是通過該平台捐贈的 80%。然後你解決了非營利組織的痛點，這些組織再次不知道如何接收這些類型的交易。

This is absolutely the solution that we needed to build off of the St. Jude momentum. I mean we're going to be able to cross-sell traditional card payment across $45 billion plus of volume that already lives within the customer base today, and we do that well. So just think of that as a gateway conversion opportunity. And then it's a $500 billion market that we think we're going to do really well with it as well. So in any case, that we couldn't be happier about that acquisition and the idea that this will bring crypto authorization and settlement capabilities across the organization.

這絕對是我們建立 St. Jude 勢頭所需的解決方案。我的意思是，我們將能夠在 450 億美元以上的客戶群中交叉銷售傳統卡支付，而且我們做得很好。因此，只需將其視為網關轉換機會。然後這是一個價值 5000 億美元的市場，我們認為我們也會做得很好。因此，無論如何，我們對這次收購以及這將為整個組織帶來加密授權和結算能力的想法感到高興。

Now let's look international. I don't think it's been a secret. I mean, it's literally been one of the top questions that we've received from our shareholders since we went public is when are you going global? I mean, you look at our hotel customers. You have Hilton, Hyatt, Marriott, Mandarin Oriental. You look at our restaurants. They have chain locations all across the world, our specialty retail customers. And then we get into gaming. We have stadiums. There are stadiums all over the world. And you're like, why haven't you gone internationally yet? And the answer is we've been working on it.

現在讓我們看看國際。我不認為這是一個秘密。我的意思是，自從我們上市以來，我們從股東那裡收到的最重要的問題之一就是你們什麼時候走向全球？我的意思是，你看看我們的酒店客戶。你有希爾頓、凱悅、萬豪、文華東方。你看看我們的餐廳。他們在世界各地都有連鎖店，我們的專業零售客戶。然後我們進入遊戲。我們有體育場。世界各地都有體育場。你想，為什麼你還沒有去國際呢？答案是我們一直在努力。

But I think once we signed SpaceX Starlink, which has a -- in its own right, potentially a $50 billion-plus payment opportunity over the years ahead, and they're going to be taking payments all over the world than they already are, I think that was the final motivation to push us to completing this type of an acquisition. Now to your point, the moment this closes, you're hitting the ground running with, you're going after stadiums all across Europe with VenueNext. You're going to put your SkyTab POS restaurant technology all across Europe. You're going after all of your hotel customers. So it's very empowering to all the integrations and products we have in the organization to extend your reach into new international markets.

但我認為，一旦我們簽署了 SpaceX Starlink，它本身就有一個——在未來幾年可能有超過 500 億美元的支付機會，而且他們將在全球範圍內接受比現在更多的支付，我認為這是推動我們完成此類收購的最終動力。現在就您的觀點而言，關閉的那一刻，您就開始了，您將與 VenueNext 一起追逐整個歐洲的體育場館。您將在整個歐洲推廣您的 SkyTab POS 餐廳技術。您要追逐所有酒店客戶。因此，我們在組織中擁有的所有集成和產品都非常有能力將您的影響力擴展到新的國際市場。

The next question today comes from Dan Perlin of RBC.

今天的下一個問題來自 RBC 的 Dan Perlin。

There's a lot to talk about. Great acquisitions here to expand the TAM. But the question I wanted to go back on Finaro for a second. When we think about the Starlink relationship, and I know you had some of the contractual obligations in the United States, is that similar as we think about the international opportunity? Or is that going to be more of a jump ball that you'll have to compete with Adyen, understanding you're clearly coming at it from a position of strength?

有很多話要說。在這裡進行大量收購以擴大 TAM。但這個問題我想再回到費納羅身上。當我們考慮 Starlink 關係時，我知道你在美國有一些合同義務，這是否與我們考慮國際機會相似？或者這將更像是一個跳球，你必須與 Adyen 競爭，明白你顯然是從一個有實力的位置來的？

Yes. I mean -- thanks, Dan. I mean I'm 100% confident that the agreement itself calls for all Starlink volume. The only obligation was the 120 days to convert domestic volume over, and that was because we possess the capability at that time. I mean, to the extent permissible during the regulatory process, we're going to be doing integration so that we can be as ready to cut over the rest of the Starlink volume, which is going to leverage largely the same integrations work we've already done in order to capture the first transactions that we're already doing for that organization. So that, again, as soon as like -- as soon as approvals are complete and we can close on this, we're going to cut over that volume. So I have no doubt we're going to power Starlink transactions all across the world.

是的。我的意思是——謝謝，丹。我的意思是我 100% 相信協議本身要求所有 Starlink 的數量。唯一的義務是 120 天的時間來轉換國內量，那是因為我們當時有能力。我的意思是，在監管過程允許的範圍內，我們將進行整合，以便我們可以準備好削減 Starlink 容量的其餘部分，這將在很大程度上利用我們已經進行的相同整合工作已經完成，以便捕獲我們已經為該組織進行的第一筆交易。因此，再次，一旦批准完成並且我們可以關閉它，我們將削減該數量。所以我毫不懷疑我們將為全世界的 Starlink 交易提供動力。

Got it. That's great. And then just a follow-up on spreads. They've actually remained quite a bit more stable than I think I would have thought. And you've alluded to the fact that some of these new opportunities that are facing you are potentially coming with higher spreads. So as we think about some of the years to come, this year into next year, are we -- should we be thinking the spreads are still going to be kind of degradating? Or is it possible that there's a lot more stability underpinning kind of all these new opportunities cohorts that you're bringing on?

知道了。那太棒了。然後只是對價差的跟進。他們實際上比我想像的要穩定得多。你已經提到這樣一個事實，即你面臨的這些新機會中的一些可能會帶來更高的利差。因此，當我們考慮未來幾年，從今年到明年，我們是否應該認為利差仍會有所下降？或者是否有可能有更多的穩定性來支持你帶來的所有這些新機會群體？

Dan, this is Brad. I'll take that. I think you should still expect to see it. Mix is still going to change as you bring in some of the larger stadium merchants, et cetera. So we're still anticipating this, call it, 3 to 5 basis point decline on an annual basis. There's going to be some quarterly seasonality to that. But over time, I do think you're still going to see that spread gradually decline. And like we said, it's completely due to mix. I think our ability to maintain spreads within the vertical shows a lot of how sticky our solution is. And it also shows how we're continuing to kind of add feature functionality to those solutions that helps us maintain pricing, so we don't fall into the commoditized spread trap that you see in a lot of the traditional acquirers. But I would expect to still continue to see that decline over time exclusively related to mix.

丹，這是布拉德。我會接受的。我認為你仍然應該期待看到它。當您引入一些較大的體育場商人等時，組合仍將發生變化。所以我們仍然預計每年會下降 3 到 5 個基點。這將有一些季度季節性。但隨著時間的推移，我確實認為你仍然會看到這種利差逐漸下降。就像我們說的，這完全是由於混合。我認為我們在垂直範圍內保持價差的能力表明了我們解決方案的粘性。它還顯示了我們如何繼續向那些幫助我們維持定價的解決方案添加功能，因此我們不會陷入您在許多傳統收購方中看到的商品化價差陷阱。但我預計隨著時間的推移仍會繼續看到這種下降完全與混合有關。

One interesting anecdote, Dan -- this is Taylor. So if you think about kind of our continued march into bigger and better world-class merchants, The Giving Block has some nice kind of data points inside of it, right? They support about 1,300 charities, which collectively would be $45 billion in total donation volume. You layer that against our book, and those merchants are all significantly larger than the average inside of our book. So to Brad's point, as we continue to press, we think we've chosen spots where our product offering is very differentiated. We can command a premium spread above peers, and we can maintain that spread over time, but just the fact that we keep winning these larger merchant categories gives that [bars] to say at the aggregate level expect a little bit of degradation.

一件有趣的軼事，丹——這是泰勒。因此，如果您考慮我們繼續進軍更大更好的世界級商家，The Giving Block 內部有一些不錯的數據點，對嗎？他們支持大約 1,300 個慈善機構，總捐贈額將達到 450 億美元。你將其與我們的賬簿進行分層，這些商家都比我們賬簿中的平均規模大得多。因此，對於 Brad 的觀點，隨著我們繼續施壓，我們認為我們已經選擇了我們的產品供應非常差異化的地方。我們可以要求高於同行的溢價差價，並且我們可以隨著時間的推移保持這種差價，但我們不斷贏得這些更大的商家類別這一事實使得 [bars] 可以說在總體水平上預計會有一點退化。

Yes. High-quality problem. Excellent. Congratulations on the acquisitions.

是的。高質量的問題。出色的。祝賀收購。

The next question today comes from Tim Chiodo from Credit Suisse.

今天的下一個問題來自瑞士信貸的 Tim Chiodo。

Just wanted to touch on the bridge that you provided on Slide 14, that's really helpful to get to the 2022 volume guide. There is a nice component there from the new wins and gateway conversions during the prepared remarks. You mentioned some actions that you might take around accelerating gateway conversion for next year. So I'm assuming it's safe to say that next year's algorithm might include a slightly greater portion of gateway conversions. And I was just hoping you could put a little bit more context around essentially those actions that you might take and the mechanics behind accelerating gateway conversion, what that looks like in real life.

只是想觸及您在幻燈片 14 上提供的橋樑，這對進入 2022 年卷指南非常有幫助。在準備好的評論中，新勝利和網關轉換有一個很好的組成部分。您提到了您可能會在明年加速網關轉換方面採取的一些行動。因此，我假設可以肯定地說，明年的算法可能會包含稍大一部分的網關轉換。我只是希望你能圍繞你可能採取的那些行動以及加速網關轉換背後的機制，以及現實生活中的情況，提供更多背景信息。

Yes, for sure. Thanks, Tim. So I mean, first, it's important to reinforce that the strategy has been working incredibly well now for close to 5 years where, at least with respect to our high-growth core, 50% of our new customer wins -- our customer wins come from just winning in the addressable market, leveraging our integration. And then the other 50% come from customers that are already on our gateway that we're providing all of the technology and value to, with the encryption, the tokenization, the business intelligent product, and then we're outputting that volume to what is largely the kind of the legacy acquirer community and not really being rewarded for the value that we're providing. Now we've had a carrot-first approach for the better part of 5 years.

是肯定的。謝謝，蒂姆。所以我的意思是，首先，重要的是要強調該戰略在近 5 年的時間裡一直運行得非常好，至少在我們的高增長核心方面，我們 50% 的新客戶贏得了——我們的客戶贏得了勝利通過利用我們的整合，在潛在市場中獲勝。然後另外 50% 來自已經在我們網關上的客戶，我們正在為其提供所有技術和價值，包括加密、令牌化、商業智能產品，然後我們將這些量輸出到什麼地方主要是那種傳統的收購者社區，並沒有真正因為我們提供的價值而得到回報。現在，在 5 年的大部分時間裡，我們都採用了胡蘿蔔優先的方法。

And as a result, again, 50% of our production comes from customers who move from our gateway product or end-to-end platform. And as a result, you get a pretty sizable lift, as you know, in annual gross profit contribution. We've also been saying the entire time that as a public company that we don't need to be a gateway forever. If you look at, like, again, some of the most attractive fintech players out there, they don't offer a gateway solution at all. They only offer an end-to-end solution. So we have to think about the amount of resources that we have in the organization that are upkeeping connections to who are essentially our competitors, every time there's a new device certified, every time there's a new security protocol.

因此，我們 50% 的生產再次來自從我們的網關產品或端到端平台轉移的客戶。因此，如您所知，年度毛利貢獻將得到相當大的提升。我們也一直在說，作為一家上市公司，我們不需要永遠成為門戶。如果你再看看一些最有吸引力的金融科技公司，他們根本不提供網關解決方案。他們只提供端到端的解決方案。因此，我們必須考慮我們在組織中擁有的資源數量，這些資源可以維持與本質上是我們競爭對手的聯繫，每次有新設備通過認證，每次有新的安全協議。

So I guess what we're communicating is the carrot-first approach that we're taking eventually has to transition to something else. One way or the other, we need to capture the majority of the payment economics for powering those transactions. So we could either do that by just being very well rewarded as a -- for the gateway service that we're providing or they can migrate over to our end-to-end platform. And I think what we're saying is that the planning for some of those measures has gone -- is underway in 2022. And we expect it just to accelerate what is already very good trends of customers migrating to our end-to-end platform, probably closer to the end of this year and then going into 2023.

所以我想我們正在傳達的是我們最終採用的胡蘿蔔優先方法必須過渡到其他方法。無論哪種方式，我們都需要掌握大部分支付經濟學來為這些交易提供動力。因此，我們可以通過作為我們提供的網關服務獲得非常好的回報來做到這一點，或者他們可以遷移到我們的端到端平台。而且我認為我們所說的是其中一些措施的計劃已經完成 - 將於 2022 年進行。我們希望它能加速客戶遷移到我們的端到端平台的已經非常好的趨勢，可能接近今年年底，然後進入 2023 年。

Jared, I really appreciate that context on the gateway conversion. My brief follow-up is on the processing coming in-house. This is more for Brad. Is there an updated estimate on what the gross margin benefit might be in terms of the basis points we might see in terms of the lift related to that move? And when we should start to see that really phase in and start to impact gross margins?

Jared，我非常感謝網關轉換的上下文。我的簡短跟進是關於內部處理的。這更適合佈拉德。是否有更新的估計，根據我們可能看到的與該舉措相關的提升方面的基點，毛利率收益可能是多少？我們什麼時候應該開始看到真正的階段並開始影響毛利率？

Yes, Tim, this is Brad. So our estimate on that is around 150 basis points in aggregate on a full year basis. But because of the way we're migrating our merchant base, I think you'll see probably half of that, starting in the -- call it, May, June, July time frame.

是的，蒂姆，這是布拉德。因此，我們對此的估計是全年總計約 150 個基點。但由於我們遷移商家群的方式，我認為你可能會看到其中的一半，從 5 月、6 月、7 月的時間框架開始。

The next question today comes from Jason Kupferberg from Bank of America.

今天的下一個問題來自美國銀行的 Jason Kupferberg。

I appreciate the year-to-date volume number through February but was just hoping you could maybe give us a little bit more detail on your Q1 -- your full Q1 expectations for volume, for revenue, for adjusted EBITDA, just to make sure we get the models into the right place and then maybe a little bit more just on quarterly cadence of growth. I know the comps are going to get progressively tougher beyond the first quarter.

我很欣賞截至 2 月份的年初至今的銷量數字，但只是希望你能給我們更多關於第一季度的細節——你對第一季度銷量、收入、調整後的 EBITDA 的完整預期，只是為了確保我們將模型放到正確的位置，然後可能只是在季度增長節奏上多一點。我知道比賽將在第一季度之後變得越來越艱難。

Jason, this is Brad. I'll take that. So we're not explicitly guiding to Q1, but we did want to -- to your point, we wanted to give some context for the year-to-date volume number. There's a couple of things, to your point, trying to calibrate Q1 model that you should expect. And we tried to mention them in my script. You will see some volume acceleration as you get into March. That's a normal seasonal pattern for us as the weather starts to improve and travel starts picking up, the spring break specifically. But what we wanted to make sure we were clear of also is the Q1 margins are typically the lowest margins of the year, anywhere between 300 to 400 to maybe 500 basis points lower than what you would see in Q2 and Q3 just because of that seasonality factor. So while we're not explicitly kind of trying to guide the Q1, we hopefully gave enough data points that you guys can start to calibrate better.

傑森，這是布拉德。我會接受的。所以我們沒有明確指導第一季度，但我們確實想——就你的觀點而言，我們想為年初至今的數量提供一些背景信息。就您而言，有幾件事試圖校準您應該期望的 Q1 模型。我們試圖在我的腳本中提及它們。進入 3 月，您會看到成交量加速增長。這對我們來說是一個正常的季節性模式，因為天氣開始好轉，旅行開始增加，特別是春假。但我們想確保我們清楚的是，第一季度的利潤率通常是一年中的最低利潤率，由於季節性原因，比第二季度和第三季度的利潤率低 300 到 400 到 500 個基點因素。因此，雖然我們沒有明確地嘗試指導 Q1，但我們希望提供足夠的數據點，讓你們可以開始更好地校準。

One thing just because this is the most interesting quarter for us, it probably helped you a little bit. We talked about that $8.2 billion in volume that we've seen in the first 2 months of that quarter. A little bit more than half of that was February. So that should guide with this concept of being slow in January as a result of Omicron, and then quite frankly, a really nice finish to the month of February. March typically has a pretty significant step function up month of February, if you recall from prior years. I don't think we would doubt that's likely to occur again, although we are cautious on spread and margins just because of the way Q1 typically manifests itself vis-a-vis the others.

一件事只是因為這是我們最有趣的季度，它可能對您有所幫助。我們談到了該季度前兩個月的 82 億美元交易量。其中一半多一點是在二月份。因此，由於 Omicron，這應該以 1 月份緩慢的概念為指導，然後坦率地說，2 月份的結束非常好。如果您還記得往年的話，三月通常比二月有一個非常重要的階躍函數。我不認為我們會懷疑這種情況可能再次發生，儘管我們對利差和利潤持謹慎態度只是因為第一季度通常表現出相對於其他人的方式。

Yes. I guess one last thing I would put into this is, I don't know if anyone actually recalls like what our updates were like in February of '21. But we basically were communicating that from Valentine's Day weekend through February, we were setting new weekly volume records every week. So now we've already said in February that we saw our first day a daily record of over $200 million in volume. That's nearly double the highest volume day from last year in the same month.

是的。我想我要說的最後一件事是，我不知道是否有人真的記得我們在 2021 年 2 月的更新情況。但我們基本上是在傳達，從情人節週末到 2 月，我們每週都在創造新的每週銷量記錄。所以現在我們已經在 2 月份說過，我們看到第一天的交易量創下了每日超過 2 億美元的記錄。這幾乎是去年同月交易量最高的一天的兩倍。

Okay. Yes. That's all good color. And then just a follow-up on the volume bridge chart that I wanted to ask about. Just as we think about this 46% to 50% guide for 2022, I mean, I know you talked about 50% plus CAGR at the Analyst Day, but it does sound like there's some elements of potential conservatism here. So I was wondering, as we look at those pieces of the bridge, where some of that conservatism might be most likely to manifest itself based on what you guys know today.

好的。是的。這都是好顏色。然後只是我想問的關於成交量橋圖的後續行動。就像我們考慮 2022 年 46% 到 50% 的指南一樣，我的意思是，我知道你在分析師日談到了 50% 以上的複合年增長率，但這聽起來確實有一些潛在的保守主義因素。所以我想知道，當我們看橋的那些部分時，根據你們今天所知道的，一些保守主義可能最有可能表現出來。

So I think we all have areas where we think we're probably being conservative. Mine, in particular, is that contribution of new markets. You see that $3 billion number. If you think about some of the marquee wins that we announced, it doesn't take a lot from any one of those single names to get you most of the way there. I think the one thing that we're just likely cautious about is just activation of those marquee merchants throughout the year, but any one of them and good progress and we could accelerate it. I mean we don't like to set immediate expectations around acquisitions because we really like to focus on getting the integration right to go to market perfect.

所以我認為我們都有我們認為我們可能保守的領域。特別是我的是新市場的貢獻。你看到那個 30 億美元的數字。如果您想想我們宣布的一些重大勝利，那麼這些單一名稱中的任何一個都不需要花費很多時間就可以讓您一路走來。我認為我們可能要謹慎的一件事就是全年激活這些大型商家，但其中任何一個和良好的進展，我們都可以加快它。我的意思是我們不喜歡圍繞收購設定即時期望，因為我們真的很想專注於讓整合正確地進入市場。

But that $45 billion of donation volume across The Giving Block's charity base is something that I know kind of development is laser focused on, and they were talking about intensely last night at our closing dinner. So I think there's a bunch of areas inside of it. I talked about the return of hotel travel being something that could lift us meaningfully. But my particular favorite is this contribution of new markets, although I do expect it's a second half contribution more so than a first half.

但是，我知道 The Giving Block 慈善基地的 450 億美元捐贈額是激光聚焦的發展方向，他們昨晚在我們的閉幕晚宴上熱烈討論了這一點。所以我認為它裡面有很多區域。我談到酒店旅行的回歸可以使我們有意義地提升。但我特別喜歡的是新市場的貢獻，儘管我確實預計這是下半年的貢獻，而不是上半年。

And just to pile on to that point. It's -- Jude's probably a quarter or two ago -- no, I guess it was last quarter since we announced St. Jude. The question came up of how big we see gaming contributing to our volume going into the years ahead, of which we've said, we believe we're as well positioned as anyone to win more than our fair share on wagering, especially considering our in-venue casino presence. But I also said that I anticipate nonprofits being far bigger.

只是為了達到這一點。這是 - Jude 可能是一兩個季度前 - 不，我想這是自我們宣布 St. Jude 以來的最後一個季度。問題是我們認為遊戲對未來幾年的銷量有多大貢獻，我們已經說過，我們相信我們和任何人一樣有能力贏得比我們公平的投注份額更多的賭注，特別是考慮到我們的現場賭場的存在。但我也說過，我預計非營利組織的規模要大得多。

I mean mobile wagering in the U.S. market could be mid- to high single-digit billions in volume opportunity, which, again, we think, we're pretty well positioned to win. We now have a $45 billion cross-sell in nonprofits alone, just from the 1,300 customers we already have by virtue of The Giving Block acquisition. Along with the capability that virtually the entire nonprofit sector space is going to need to embrace at some point or another, if we are going to really surprise and shine this year, my bet would be is it's just going to come from the nonprofit vertical and maybe even directly from the wicked fast organic growth that you're seeing inside The Giving Block itself even before the cross-sell synergies.

我的意思是，美國市場的移動投注可能有中高個位數的機會，我們認為，我們再次認為，我們已經做好了獲勝的準備。我們現在僅在非營利組織中就有 450 億美元的交叉銷售，僅來自我們通過收購 The Giving Block 已經擁有的 1,300 名客戶。除了幾乎整個非營利部門空間在某個時候都需要具備的能力外，如果我們今年真的要出人意料並大放異彩，我敢打賭它只會來自非營利垂直領域，並且甚至可能直接來自您在 The Giving Block 內部看到的邪惡的快速有機增長，甚至在交叉銷售協同效應之前。

The next call today comes from David Togut of Evercore.

今天的下一個電話來自 Evercore 的 David Togut。

With 3,000 customers now on SkyTab POS, what are your expectations for the uptake of this product when it comes out of beta in the second quarter? And when should we expect to see related services like capital and payroll potentially added?

現在 SkyTab POS 上有 3,000 名客戶，您對該產品在第二季度推出測試版時的接受度有何期望？我們應該在什麼時候看到可能增加的相關服務，如資本和工資單？

Well, let me just start -- and thanks, Dave, for the question. Let me just start with expectations. I mean our expectations are that we are going to like replace virtually every one of the existing POS customers that we have over a multiyear period from their Windows-based point-of-sale system into SkyTab POS. That's going to deliver more capabilities, functionality, a ton of operational efficiencies for the organization, but it's also going to provide a significant SaaS lift. Because as we mentioned during the Investor Day, the majority of our massive base of restaurant customers are not paying really any or minimal SaaS contributions.

好吧，讓我開始吧——謝謝戴夫提出這個問題。讓我從期望開始。我的意思是，我們的期望是，我們將喜歡將多年來我們擁有的幾乎所有現有 POS 客戶從基於 Windows 的銷售點系統替換為 SkyTab POS。這將為組織提供更多的能力、功能和大量的運營效率，但它也將提供顯著的 SaaS 提升。因為正如我們在投資者日提到的那樣，我們龐大的餐廳客戶群中的大多數實際上並沒有支付任何或很少的 SaaS 費用。

So let me be clear. Like just existing within the company today, there is such a huge opportunity to help all of our existing customers migrate to the next generation of restaurant point-of-sale technology. So if you just think about the size of the base and the volume contribution we get from that base today, it's pretty sizable. Going forward, I think, we have thousands of distribution partners that are very educated on the restaurant space and specifically the power of an integrated payments opportunity. They've really been dying for this kind of next-generation cloud POS solution.

所以讓我說清楚。就像今天在公司內部一樣，有這樣一個巨大的機會來幫助我們所有現有客戶遷移到下一代餐廳銷售點技術。因此，如果你只考慮基地的規模和我們今天從該基地獲得的數量貢獻，它是相當可觀的。展望未來，我認為，我們有數以千計的分銷合作夥伴，他們對餐廳空間非常了解，特別是綜合支付機會的力量。他們真的非常渴望這種下一代云 POS 解決方案。

So I mean the best example of it is we've only released the product in beta to a handful of our more sophisticated dealers to learn from, and you can already see the contribution from it. In terms of capital offerings and payroll, I would say by the summer of this year, you're going to have both of those capabilities included in SkyTab POS offering.

所以我的意思是最好的例子是我們只向少數更成熟的經銷商發布了測試版產品以供他們學習，您已經可以看到它的貢獻。在資本發行和工資單方面，我想說到今年夏天，您將在 SkyTab POS 產品中包含這兩種功能。

Understood. Just as a quick follow-up. As you bring SkyTab POS international with the Finaro acquisition, how will that product be positioned in the countries where Finaro is currently doing business? For example, in its original incarnations SkyTab POS was very unique in the sense that it had a lot of table functionality, which tends to be a little bit more common in Europe than in the U.S., but this clearly is kind of a next-gen product. So how will it be positioned in some of the key countries where Finaro is currently doing business?

明白了。就像快速跟進一樣。當您通過收購 Finaro 將 SkyTab POS 引入國際時，該產品將如何在 Finaro 目前開展業務的國家/地區定位？例如，在其最初的版本中，SkyTab POS 非常獨特，因為它具有很多表格功能，這在歐洲比在美國更為普遍，但這顯然是下一代產品產品。那麼它在 Finaro 目前開展業務的一些主要國家將如何定位呢？

Yes. First, I'd say there is a huge difference

是的。首先，我想說有很大的不同

(technical difficulty)

（技術難度）

bringing the device over to the table. You're completing a transaction, and all it's doing is maybe closing out the checks in a semi-automated way, actually having like really full-blown ordering reputation management, like our SkyTab product has had for years now and will only be better as part of SkyTab POS, we think, is rather unique to our product and will be a huge lift in operational efficiencies for these restaurants. I think the first country we're likely going to put this out is going to be in Lithuania. As a reminder, that is a home for a research and development operation for Shift4. We've had that facility for about 7 years now. And they're some of our most-trusted developers. So the idea, we'll probably deploy them in Europe in their backyard first to gain experience and then expand quite quickly throughout Europe.

將設備帶到桌子上。您正在完成一項交易，而它所做的一切可能是以半自動方式關閉支票，實際上擁有真正成熟的訂購聲譽管理，就像我們的 SkyTab 產品多年來一直擁有的一樣，而且只會越來越好我們認為，SkyTab POS 的一部分對於我們的產品來說是相當獨特的，將極大地提高這些餐廳的運營效率。我認為我們可能要推出的第一個國家是立陶宛。提醒一下，這是 Shift4 研發業務的所在地。我們已經擁有該設施大約 7 年了。他們是我們最值得信賴的開發人員。所以這個想法，我們可能會首先在歐洲的後院部署他們以獲得經驗，然後在整個歐洲迅速擴展。

Our Chief Technology Officer, Mike Russo, and his Chief Development Officer, Dan Drasin, both came from Oracle 4, 5 years ago. They have tons of expertise taking products that were originally signed to serve the U.S. market and deploy it in hospitality and F&B environments all across the world. So you can probably guess we've been ramping up all the various like localization efforts that are needed on a country-by-country basis, fiscal for tax compliance. And now obviously, through the Finaro acquisition, we have the payment platform to drive those card-present transactions across Europe.

我們的首席技術官 Mike Russo 和他的首席開發官 Dan Drasin 都在 5 年前來自 Oracle 4。他們擁有大量的專業知識，可以將最初簽約用於服務美國市場的產品部署到世界各地的酒店和餐飲環境中。因此，您可能會猜到，我們一直在加強各種本地化工作，這些工作需要在各個國家/地區、財政和稅收合規的基礎上進行。現在很明顯，通過收購 Finaro，我們有了支付平台來推動整個歐洲的持卡交易。

The next question today comes from Ashwin Shirvaikar from Citi.

今天的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Jared, Taylor, Brad, good to speak again. I just wanted to pick up on one of the comments you had which pertains to cross-selling. Just as you look at just hotels, for example, you have many of these large global chains and franchisees, which have clients in the U.S. Could you maybe provide some color on ongoing conversations that you've had with them over time with regards to globalization? And the reason why they've historically not had a global solution. Is that because there just wasn't one? Or are there other factors to kind of look at?

賈里德、泰勒、布拉德，很高興再次發言。我只是想听取您關於交叉銷售的評論之一。就像你只看酒店一樣，例如，你有許多這樣的大型全球連鎖店和特許經營商，它們在美國有客戶。你能否提供一些關於你與他們長期就全球化進行的持續對話的顏色？以及他們歷來沒有全球解決方案的原因。那是因為沒有一個嗎？或者還有其他因素需要考慮嗎？

Yes. I mean with respect to hotel specifically, there was no solution provider. So who Hilton, for example, would use in the U.S., which, as I think we've mentioned previously, a split between us and Elavon. Once you get into Europe, that's another provider who is probably a separate gateway. It's probably a separate acquirer. It might even be a separate tokenization supplier. It's different than who they use in the Middle East versus APAC. Yes, there's just -- I mean, right now, you're really only talking about Adyen as the only integrated payment platform that can come close to delivering a global solution even then their integration library, which can be adequate for retail, certainly adequate for eCommerce would never be as extensive as needed to pursue the entirety of like the hospitality vertical, if you will.

是的。我的意思是具體到酒店，沒有解決方案提供商。那麼希爾頓，例如，會在美國使用誰，正如我認為我們之前提到的那樣，我們和 Elavon 之間存在分歧。一旦你進入歐洲，那是另一個供應商，可能是一個單獨的網關。它可能是一個單獨的收購方。它甚至可能是一個單獨的令牌化供應商。這與他們在中東和亞太地區使用的人不同。是的，只是 - 我的意思是，現在，你真的只是在談論 Adyen 作為唯一可以接近提供全球解決方案的集成支付平台，即使他們的集成庫足以滿足零售需求，當然也足夠了如果您願意，電子商務永遠不會像追求整個酒店業垂直領域那樣廣泛。

So there's always been tons of opportunity there. I can absolutely tell you through conversations with our hospitality customers that they want a single integrated payments provider across the world. It would make their life easier on business intelligence, on their rewards and loyalty products. So that will certainly be one in the past. But I mean the idea for us is we're going to hit the ground running immediately closing with ideally not just Starlink volume on a global level or at least across Europe, but we're going to -- I think our stadium product is one where you'll probably expect to see a lot of announcements out of the gate. It's the category leader in the U.S. So international stadiums want the same capability, and we've already had a lot of conversations on that. So that's one where you -- I would certainly expect a lot of it out of the gate, our restaurant product; Shift4Shop for sure; and then I think there's no question we'll be using this entire regulatory approval period to get all our hospitality customers and make them aware of this spending capability.

所以那裡總是有很多機會。通過與我們酒店業客戶的對話，我絕對可以告訴您，他們希望在全球範圍內擁有一家單一的綜合支付提供商。這將使他們在商業智能、獎勵和忠誠度產品方面的生活更輕鬆。所以那肯定會成為過去。但我的意思是我們的想法是，我們將立即著手運營，理想情況下不僅僅是全球範圍內或至少整個歐洲的 Starlink 數量，但我們將 - 我認為我們的體育場產品是一個您可能會期望在一開始就看到很多公告。它是美國的類別領導者。因此國際體育場館需要相同的功能，我們已經就此進行了很多對話。所以這就是你 - 我當然會期待很多，我們的餐廳產品;當然是 Shift4Shop；然後我認為毫無疑問我們將利用整個監管批准期來吸引我們所有的酒店客戶並讓他們意識到這種消費能力。

Understood. And just given the relatively long time for the regulatory approval process takes all of this year, I think, are there milestones that investors should be looking for with regards to that process? And I guess the add on that is, can you guys do something along the way to kind of build the capabilities that can then result in a quicker integration?

明白了。考慮到今年全年監管審批過程的時間相對較長，我認為，投資者是否應該在該過程中尋找里程碑？而且我想補充一點是，你們可以在此過程中做一些事情來構建可以導致更快集成的功能嗎？

Yes. This is Taylor. That's exactly the point is that while the regulatory approval will take some time, it is pretty sequenced. So we can give you frequent updates on where things stand with regard to that. Obviously, the sooner the better because it is a fast-growing high-margin business. So we're going to get it done as quickly as practical. But interestingly, they're in the business of accepting cross-border eCommerce customers and doing integrations much like Shift4.

是的。這是泰勒。這正是關鍵所在，雖然監管部門的批准需要一些時間，但它是有序的。因此，我們可以經常向您提供有關這方面情況的最新信息。顯然，越早越好，因為這是一項快速增長的高利潤業務。所以我們將盡快完成它。但有趣的是，他們從事的業務是接受跨境電子商務客戶並進行整合，就像 Shift4 一樣。

So a healthy portion of our diligence was actually spent on this concept of how would we mutually support customer like Starlink. And we can do that on a commercial basis prior to the acquisition closing. So I would expect a first transaction and, quite frankly, the transaction is designed to motivate them towards this first transaction by a customer -- a mutual customer like Starlink to potentially happen before that regulatory approval. Obviously, we've got to take the right steps, but we can support them usually if we choose to.

因此，我們的大部分努力實際上都花在了我們如何相互支持像 Starlink 這樣的客戶的概念上。我們可以在收購完成之前在商業基礎上做到這一點。所以我期待第一筆交易，坦率地說，這筆交易旨在激勵他們進行客戶的第一筆交易——像 Starlink 這樣的共同客戶可能會在監管批准之前發生。顯然，我們必須採取正確的步驟，但如果我們願意，我們通常可以支持他們。

Our final question today comes from James Faucette from Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的 James Faucette。

I wanted to ask just a couple of follow-up questions, both around acquisitions and then the recent business. I guess on the recent business, I'll start there. With the Omicron and the slowdown that created for you in particularly the end of the December quarter and beginning of this year, how did that impact your conversations with clients around conversions and upsell opportunities? And my second question is, with the acquisitions, both sound like very attractive and that kind of thing, I'm wondering how we should think about that impacting both the potential for incremental investment into those areas -- into those businesses to continue to drive them kind of beyond the -- and I'm thinking about the investment potential beyond kind of your guidance period. And then also, when you look at new incremental acquisitions, are you feeling fairly stated right now and kind of being able to prioritizing integrating these? Or can you still be on the lookout for new incremental acquisitions, particularly as valuations may be coming down?

我只想問幾個後續問題，包括收購和最近的業務。我想關於最近的業務，我將從那裡開始。隨著 Omicron 和經濟放緩，特別是在 12 月季度末和今年年初，這對您與客戶就轉化和追加銷售機會進行的對話有何影響？我的第二個問題是，收購聽起來都非常有吸引力之類的事情，我想知道我們應該如何考慮這會影響對這些領域的增量投資的潛力 - 對這些業務繼續推動他們有點超出了 - 我正在考慮超出你的指導期的投資潛力。然後，當您查看新的增量收購時，您現在是否感覺很明確並且能夠優先考慮整合這些收購？或者您是否仍然在尋找新的增量收購，尤其是在估值可能下降的情況下？

Yes, sure. This is Taylor. James, I'll address that. So we put a slide all the way in the back next to the share reconciliation or a table that addresses kind of what the leverage ratios are likely to be. Now important to contextualize that is like the most conservative scenario you can imagine, which is full cash outlay for both of the transactions and no EBITDA contribution despite what we highlighted with, we believe, will be $35 million plus in 2023. So -- and the transactions themselves generating, growing EBITDA and cash flow.

是的，當然。這是泰勒。詹姆斯，我來解決這個問題。因此，我們在股份調節旁邊放了一張幻燈片，或者一張表格，說明槓桿率可能是多少。現在重要的是要將這與您能想像到的最保守的情景聯繫起來，這是兩筆交易的全部現金支出，儘管我們強調了 EBITDA 的貢獻，但我們相信，到 2023 年將超過 3500 萬美元。所以 - 和交易本身產生、增長的 EBITDA 和現金流。

So we think these transactions give us really, really good positioning into these areas that we told investors we want to be in and we want to focus on, but it doesn't limit us nearly as much as you might expect when you look at it through that lens. So we're going to continue to keep an eye out. I think the integration of Finaro is a little bit larger just because it's a bigger organization, and it's based outside the U.S., but we've got time to plan for that appropriately given the regulatory time frame. The Giving Block is a small business and the way we structured the earnout, we want that to sprint at their objectives and bring one of our business development professionals alongside them as they have these great conversations with charities that are, in many cases, just reaching out to them because they want to be able to accept crypto donations in a seamless way.

因此，我們認為這些交易為我們在這些領域提供了非常非常好的定位，我們告訴投資者我們想要進入並且我們想要專注於這些領域，但它並沒有像你看到它時所期望的那樣限制我們通過那個鏡頭。因此，我們將繼續關注。我認為 Finaro 的整合有點大，因為它是一個更大的組織，而且它位於美國以外，但我們有時間根據監管時間框架適當地計劃。 The Giving Block 是一家小型企業，我們構建收益的方式，我們希望它能衝刺他們的目標，並讓我們的一名業務發展專家與他們並肩作戰，因為他們與慈善機構進行了這些很好的對話，在許多情況下，這些對話剛剛達到因為他們希望能夠以無縫的方式接受加密捐贈。

So I think we'll be able to achieve what we want from these objectives -- from these acquisitions, excuse me, with a reasonable amount of dedication from our core team, a lot of contribution from these new teams that are joining us. And it doesn't really limit us from looking at other things. I think it's a little too soon to speculate. We just did 2 transactions over the past month, but it doesn't limit us financial.

所以我認為我們將能夠從這些目標中實現我們想要的 - 從這些收購中，對不起，我們的核心團隊有一定的奉獻精神，這些加入我們的新團隊做出了很多貢獻。它並沒有真正限制我們看其他東西。我認為現在推測還為時過早。過去一個月我們只做了 2 筆交易，但這並不限制我們的財務。

Final question today comes from the line of John Davis at Raymond James.

今天的最後一個問題來自 Raymond James 的 John Davis。

Two quick ones for me. I think, Brad, you called out spreads on apples-to-apples basis being up, I think, it was like 10% year-over-year. Obviously, those are holding really well considering UPS drove a lot of volume in 4Q. Also international travel not coming back, probably, I'm also guessing was a headwind. So just maybe some commentary on the ability to extract more value from your merchants and the success that you're having there on more of an apples-to-apples basis kind of setting aside the mix issue that you talked about.

兩個快速的給我。我想，布拉德，你說蘋果對蘋果的價差在上升，我想，它比去年同期增長了 10%。顯然，考慮到 UPS 在第四季度推動了大量業務，這些股票表現非常好。國際旅行也不會回來，我猜也可能是逆風。因此，也許只是一些關於從你的商人那裡獲取更多價值的能力的評論，以及你在更多的蘋果對蘋果的基礎上取得的成功，而不考慮你談到的混合問題。

Yes. No, that's exactly right. So we did mention all specific about hotels and restaurants. Restaurants are up 10% year-over-year. Hotels were up 6%. And it's largely driven by what I mentioned. We had the ability to continue to add products to our total offering. Whether it's QR Pay, whether it's pay-at-the-table, it keeps our position from pricing very stable. We're not able to be displaced in the market because of an end-to-end solution that provides much more so than most of our competitors are going to. So what you're going to see is that kind of manifests itself in the stability of pricing across each of our individual segments.

是的。不，完全正確。所以我們確實提到了所有關於酒店和餐館的細節。餐廳同比增長 10%。酒店上漲了 6%。這在很大程度上是由我提到的驅動的。我們有能力繼續將產品添加到我們的總產品中。不管是QR Pay，還是pay-at-the-table，都讓我們在定價上的定位非常穩定。我們無法在市場上被取代，因為端到端的解決方案比我們的大多數競爭對手提供的解決方案要多得多。所以你將看到的是，這種表現在我們每個細分市場的定價穩定性上。

You're exactly right. I mean something like the UPS store is certainly going to come in at a lower spread and see some periodic impacts of those things. But across the whole portfolio, we've seen very stable, if not increasing spreads across all of our verticals. And that's a trend we expect to see going forward as we continue to kind of add more capabilities and more feature functionality over time. You will see, like I mentioned, I want to make sure we're also clear about this aggregate spread decline over time just due to mix. It's a good expectation as you guys build your models to still incorporate that. But within the segments, those additional products and feature capabilities give us a lot of price [advance].

你完全正確。我的意思是，像 UPS 商店這樣的東西肯定會以較低的價差出現，並且會看到這些東西的一些週期性影響。但在整個投資組合中，我們已經看到非常穩定，即使我們所有垂直領域的利差都沒有增加。這是我們希望看到的趨勢，因為我們會隨著時間的推移繼續添加更多功能和更多功能。你會看到，就像我提到的那樣，我想確保我們也清楚這種總體利差隨著時間的推移而下降只是由於混合。這是一個很好的期望，因為你們構建的模型仍然包含它。但在細分市場中，那些額外的產品和功能為我們提供了很多價格 [advance]。

Yes. I would also layer on to just say that card type mix at these locations matters as well. Last year, when there was so much stimulus getting loaded on to basically prepaid debit cards, it actually had a kind of a surprising impact on pulling down spreads in Q1 of 2021. As the year has gone by, there's less of that stimulus. You're seeing kind of a return to some normal card mix, which is also beneficial for spread as some corporate or signature reward cards carry with it more favorable pricing than what is maybe some of the most in-price transactions, which would be debit. There was considerably more of that probably last year than -- especially earlier last year than we've been seeing of late.

是的。我還要補充說，這些位置的卡片類型組合也很重要。去年，當基本預付借記卡上有如此多的刺激措施時，它實際上對拉低 2021 年第一季度的利差產生了一種令人驚訝的影響。隨著時間的推移，刺激措施越來越少。您會看到一些普通卡組合的回歸，這也有利於傳播，因為一些公司或簽名獎勵卡的定價比一些價格最高的交易（借記卡）更優惠.去年可能比我們最近看到的要多得多——尤其是去年早些時候。

Okay. And then one quick follow-up, Brad. 35% to 40% free cash flow conversion as a percentage of EBITDA, is that the right way to think about going forward? Or is there more room for that to improve as we go into '23 and beyond?

好的。然後是快速跟進，布拉德。 35% 到 40% 的自由現金流轉換佔 EBITDA 的百分比，這是考慮未來的正確方法嗎？或者隨著我們進入 23 世紀及以後，是否還有更多改進空間？

No, I think there's good expansion in that. I think that's a solid number for 2022, but I would look for that number to creep up over time.

不，我認為這有很好的擴展。我認為這是 2022 年的一個可靠數字，但我希望這個數字會隨著時間的推移而逐漸上升。

That concludes today's question-and-answer session. I would now like to pass the conference back over to Jared Isaacman, CEO, for closing remarks. Jared, please go ahead.

今天的問答環節到此結束。我現在想將會議轉回給首席執行官 Jared Isaacman，請他作閉幕詞。賈里德，請繼續。

Thank you very much for joining us today. We know we had an awful lot to cover, quite a bit took place for sure in the fourth quarter. But hopefully, after going through everything, it remains clear. We're growing incredibly fast across all of our core verticals as well as all the new ones that we've expanded into. And we've reinforced that with 2 acquisitions that are going to just further our right to win in some of these verticals and expand our reach globally. So a lot going on. I would say really I'm speaking for all the management right now. We've probably never been more enthusiastic about the opportunities that are ahead and appreciate all the support. Thank you.

非常感謝您今天加入我們。我們知道我們有很多事情要做，第四季度肯定發生了很多事情。但希望在經歷了一切之後，它仍然清晰。我們在所有核心垂直領域以及我們已經擴展到的所有新垂直領域都以驚人的速度增長。我們通過 2 項收購加強了這一點，這些收購將進一步加強我們在其中一些垂直領域獲勝的權利，並擴大我們在全球的影響力。發生了很多事情。我會說真的，我現在代表所有管理層發言。我們可能從未像現在這樣對未來的機會充滿熱情，並感謝所有的支持。謝謝。

That concludes today's Shift4 Fourth Quarter 2021 Earnings Call. Thank you for your participation. You may now disconnect your lines.

今天的 Shift4 2021 年第四季度財報電話會議到此結束。感謝您的參與。您現在可以斷開線路。