FOUR - Earnings call transcript Q2 2024

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Operator

Greetings. Welcome to the Shift4 Second Quarter 2024 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Tom McCrohan, Executive Vice President, Investor Relations. Thank you.

begin. may You

Thomas McCrohan

Taylor Good webcast Quarter operator. found the and to of This which Executive welcome today our website Nancy Thank Financial our the Chief Earnings morning, investors.shiftX.com. Investor Conference at Second Officer. Officer; Chief ShiftX's XXXX Jared is on be President; Call. ShiftX's and are Ditman, being you, call Isaacman, everyone, Lauber, on With can call section me Relations

known being at our Today's and which on shareholder simulcast as call posted formerly our account Twitter, related quarterly be spaces Twitter letter, also been all ShiftX through through accessed to is have other materials results can IR X our quarterly results quarterly corporate financial our website.

include guarantees are These factors. actual many today forward-looking result and as our and Our statements. of could performance, certain call not differ materially of important results a earnings statements future uncertainties and risks, materials

those Forms website. and concerning Relations information SEC's factors website of most the in XX-Q, our find the can corporate our and Additional you section XX-K reports on available on Investor is recent which

For reconciliations any today's available information non-GAAP shareholder call, quarterly are letter. in GAAP measures on the this related financial and discussed

Jared. turn Jared? that, over With let the call me to

Jared Isaacman

the Thanks, I'm the our of busy quarterly the is momentum into again, results we quarter, Tom. year. This reasonably a half very back and once and pleased with have heading

quarter. We X quick we KPI on summary, for outperformed closed a as the Revel financial So and our acquisitions, Vectron. goals

and here expansion of U.S. internationally. hotels, strategic and thousands customer, We the efforts new support large very stadiums and we continued in our organic of international our restaurants won in

So on quarterly to the results.

growth in network profit quarter, growth gross and gross XX% payment less we volume, end-to-end second in the revenue generated XX% in XX% fees. year-over-year For growth

a growth margins the quarter as We EBITDA, also XXX XX% to points versus $XXX adjusted expanded corresponding ago. our XX% year basis million year-over-year representing of generated

our and Our negatively finaro, quarter. drag operating XXX basis points Appetize for of the the from impacted which margins margin margins by the together acquisitions expanded approximately despite

from Now are margin to naturally, generated synergies disappear and a as up realized, ago. expansion drag cash to $XX importantly, million ongoing free expect contribute targets. versus Most year XX% we that those acquisitions the adjusted of flow, we our

also considerable stable, basis growth. XX spreads at blended coming in remained points Our very volume approximately despite

the with bit Now highlights. more compared to share remarks, being following wanted my aim some prior sustained of of a I to the prepared

Now starting with core. our

signature Chicago quarter properties, as Blackcomb, is Our win this hospitality Resorts Toronto. is Whistler as and part Nobu, Vail new which Nobu of well

Park, Valley, construction Inn Resort We Ocean and the also Stein Resort Casino Louisiana. Resort, and is and open that Cobblestone Live year Airy to Lodge, scheduled currently Amrit in under Casino National Scott next signed and Yosemite and Spa, Pier new Suites, Hotel Resort, Deer Sixty-Six Valley & Stein Mount

many our at which nothing of before close look have major enterprise I've impressive. taken resorts, and it's on never been a of short of pipeline our gateway,

paying attention, So desirable for of a those billions And every in single if new hospitality this quarter. we to represent our like wins some cover inorganic locations the these you're debate, on at volume organic like net the or that in country. most list poke

SkyTab But hotels So I as quarter-over-quarter. now installs nearly accelerate growth not should we'd with and we if valued. in were XX,XXX times the which turning reality to talk XX% about be the even is simply to feel system continues probably like toast representing restaurants, at appropriately more because QX, we known increase of stadiums, our

incentives single mobile charge product a, for with ordering acquisition more with we b, and we cost attribute could intelligent it's the a a lowest and and strong it's to teams a philosophy programs, our cloud indirect delivers SkyTab strong Now coverage, between module distribution the our feature-rich customer strategy ownership lead that success cost and every though and M&A. online solutions; always low to, feature, use through of direct not referral

our SkyTab, goals. of on far or QX our will rates, every on check XXXX system the we daily those the restaurant installation results momentum and of just run some And X current any out like more Twitter, if at posts wins, we Twitter. Now exceed notable doubt you about day post have

you So really and awesome verify of really start-ups. can really kind firsthand It's new well. restaurants some going

Alpaca fast restaurant restaurants is of which located which will Chicken, XX an Lobster, XRG, notable the locations, is casual XX Cipriani Shack mobile our quarter Stanford California. located devices which XX restaurant chain, deploy Mexican which converting Angie's group, is across Oyster of which of X their ShuckiN restaurant, distinct the Casa casual now SkyTab Manhattan, this at operator some XX more experience, to is locations. include Now hotels, wins and X concepts, their restaurant an in TLaquepaque Gabbiano [indiscernible] club and locations fast of SkyTab Lower in Bar

fishing and in In chain Los and bookstores we a located BYU is Turner's Arizona which and California college specialty specialty for and retail, West added Southern Angeles XX-store university store hunting wildcats. outdoorsman,

Sports Aviators, team team Vegas Now Miami Open Minor a the Colts, we signings, which the turning Phantoms, our Heat, which of quarter verticals. really Entertainment, Indianapolis and for the also newer which Flyers. got the includes Las Indiana also strong League Bears, Valley to the of Grizzlies, & has some Chicago Philadelphia As, Pacers, ticketing, In the the Memphis and Lehigh ticketing, had the AAA for the the is the which including

Diego the famous the signed University their well Football MLS Indiana Houston, University of of also and teams, Football several college State as Club, the a Austin couple We Boise as smirk Club. turf, including teams, San

Additionally, with Gillette to at we a provide Stadium. Patriot New experience agreements fans concession England checkout-free with signed

mentioned, Football reiterate, Football of just with Vegas it's that Las ticketing, X the Austin the Diego sports the came these Now Cult, and pacers, Club but aviators. San to in I teams Club,

overall Now turning nicely from volume has The up vertical really this the contribution ramped to nonprofits. year.

year combined. all last the of more of So first volume half in year, processed we this than

stronger cycle vertical that the year which election growth during the in donations, second typically really [indiscernible] in on XXXX, quarter, the nature is Children's Hospital, already we're minus deliver a very in and large of volume XXX% occur half to given even year-over-year nonprofit established of customer. expect $X billion-plus typical fourth We Research including to a track seasonal be this the

really growth the winning Now was a just lot. volume by driven

differentiated Our the prop going later move value platforms, volume non-U.S. given ship processor this moved acceptance. strategy go-to and to This fully their payments, all we gain payment traction and we're market to for volume is gain from and for to U.S. summer. card fundraising month, continues

supports a variety Gain events. & Given high-profile of fundraising

the to for we're So excited payments going Boston the pretty powering be Marathon for forward. example,

significantly we're fundraising the our with lively, year-end to from with go and expect our merchants live coming platform, over volumes give these scheduled with to We also made ramp great progress initial by months. platforms we integration fundraising really and

Health So Institute, the World also just Micron the OSF partnerships, Healthcare, lot James of Malala Vision CenterPoint, fundraising signed SoHo of Amnesty a International, customers and Hutton outside Canada. impressive we've nonprofit Fund, U.K., like

moving Now on to gaming.

devices We continue to and home at out live which our Sportsbook now at mobile Reds. is ballpark, Great BetMGM's roll of SkyTab American we're Cincinnati locations, the

Next we're in Sportsbooks Cardinals locations of the in book including by Stadium, XX month, live and with casinos to locations is year, going within located BetMGM Arizona of home the which sports all we're be this the the X end Nevada. StamstateFarm across going states, live

going their including Massachusetts we Lottery in State online offer prime new gaming gaming, where clients, the we're betting, In for and our New signed Lato.com of to state sports expand the relationship Jersey. several platform with

[indiscernible] We JACK and also state Okay. Courier Entertainment platform, signed of sports wagering lottery for Texas the

a here. on Moving of to lot international. We've progress made

the into well several notably strategic example, customer into organically we important African and our additional located of end first Asia we our expand Lanka and new as Leone. year, XX countries malts. most Moldova By followed and in expect X for Sierra the to as Africa this in So Fiji including Pacific, Sri markets, countries to countries

lot this pleased So we're we're internationally Panaro of of as progress We with very way. it able relationship. acquisition organic the now expand important prior in a a to the very to attribute

serving processing serving XX Now our now payments momentum vertical. We're we stations. vehicle in charging electric in Europe, countries this continue

early advantage win is integrations So our multiple market to ecosystem. within and with players our mover this to the right due in

certifying use the really to providers use devices, investments authorizations we that EV-ready hardware with functionality and various vehicle incremental feature resorts. support relationships most like Our our including the case in electric strategic unique

station lane. that we today, turnkey it's and a growing within have very charging no EV solution, wonder So quickly why so we're

transactions with and on our in Hotel signed international continuing results. retailer watch holiday online Germany. process their brand the travel Now Heroes jewelry German for prestigious Bombay store Italian we'll We Estonia, where and the agency travel in [indiscernible]; Talen

for into X,XXX also locations utility agreement with We to pay payment Portugal. throughout which Portugal's an process over provider a entered payments bill is shop,

the Trading BMD Dana signed [indiscernible] continue major merchants through is over in to list wallet Europe. their LED per to our partnership Air adding share retailer, Walt, payments and signed We APS. Italy boarding by company, of developer, with Albania Danish We Flat grow pay. And Air, which APS soon than Nordics formerly We're month KM Germany, Ski, we XXX with recently and in power European equipment also more our is countries the which DoorDash, owned where XX delivery Malta. we

of the Again, this with laundry organic. are quarter revenue I relationships rattle contracted associated all wins these purely newly each list off and are that

So moving allocation. on capital to

going on synergies. closed we very first, are deliver quarter that acquisitions to the during meaningful So X

for follows transaction So a playbook. proprietarily starting and the with sourced shift Revel, this is much very

products duplicative arming parts So States. markets massive reducing just a with or United along the to associated cross-sell, leading beyond and SkyTab the distribution the opportunity sell costs in multiple includes payment

SkyTab have several retail, in Now enterprise the talent from Revel will awesome service markets that some been and and with quick they've capabilities offerings along localization international already they serving. accelerate

big cash XXXX. the approximately having the accelerant expect Revel we a EBITDA synergies in burner million previously as adjusted of SkyTab. contribute half Revel a we to despite company's to since So back $XX of inception, communicated, And been

sourced like the proprietarily time example that playbook, some another Now now. we've Vectron working is for ship transaction on Revel, fine for of been

unlock to deal we restaurants merchants, delivers dealers a this Sky scale. is And recognize XXX-plus infrastructure partners got this opportunities the business. cross-sell transaction. value So restaurant XX,XXX mentioned, spent hospitality over upgrade powers The and eventually the distribution We've opportunity I software approach distributed and in months and the we pursue payments market across XX Europe. the on huge to hundreds Central installed at of to talent Cab. base and Europe Vectron by predominantly and working in as monumental

impact delisting So a immediate predominantly develop where Germany. and closing unlike and more is over we Vectron with though, the we expect longer of the business, because in opportunity the this Revel process to time, on have

backwards similar over come. we deals the to steps ultimately are very to years like to going Now sprint several take in definitely the far past, forward

secular anticipated guaranteed Vectron positions payments should scale Germany. path production our from SkyTab derisked completely clear, shift has countries goals many us card-based to it and Vectren to though, So to European like delivers benefit distribution be the also restaurant Europe. a and in throughout

very, as evolution specifically business payment some just Also, you to integrated well letter, and opportunity we we lead may And the is call. during consumer not this the in their positioned our experience, digitization opportunity, out mentioned we way week influencing is a really digital and very are to that towards our my commerce on overall in Europe So from obvious. Europe as earnings sit agreed benefit for behavior it. to going of come of when now and hands wait the last Mastercard know, are recently throughout called more QX just

can literally Some hundreds the Meta, payment Clover companies market [indiscernible] Alto, were transition. in formed by found deploying even from of capital products intelligently tech are benefited intelligent Microsoft, that mean while M&A. of I was greatest have inside like Amazon, their examples and Apple, Palo companies there be the

And be and lot delivered it. So Revel going be transactions. very there's like We're will to winners a winning of more XRAM good we've them. and at

flow million Second, ample implementing additional million last of have buybacks repurchase fund quarter, authorization we equity our and cash and over did to $XX buyback our we acquisitions. $XXX since free

So in balance Nancy our a talk is and to bit going her leverage more about prepared sheet little remarks.

international it's by fintech. increasingly begun with see Third, no expansion investments making momentum essentially efforts. to our and would SkyTab while SpaceX I to investments ShiftX organic we accelerate have like incremental many progress Further, underway, encouraged recent we've our the become have secret, become and of

SpaceX Phoenix We and to operations initiatives, funding where have all the no major AI fail will we new over it endeavor internal and including the magic our Project world. initiatives and been to system Control the Center, innovation take approach apply our Mission

feedback many Now we from in and earnings prepared in answer feedback, questions and of attempted to lot remarks. of and shareholder have a them my terms letter, received investor of the throughout really investors our presentation

experience. on what our software commerce of a to quarter, deliver partner strategy to this massive explanation believe to Further example, as payments should a we superior find. for opportunity build So you capitalize by converges and be

You M&A enhance including blow legacy pivot model how the and should up revenue formula, value payments breakdown delete revenue a also we SaaS. of plus proposition our model, parts, the find the towards

also Focus POS. operations. proof is control this are at further oftentimes, is prior of provide he and we enterprise And including mentioned our there to But point control. walks many go-live Taylor in timing things VenueNext through in quarters, beyond past you points the going as our can acquisitions, as

such, well of to less full the contribution that year revenue As backlog QX shared gross of to we go QX to the should majority which this north fees, we year be the Last, the provided have in projections. -- contractual sense full we of XX%. own use our expected volume, check our have and of and live reiterating inorganic QX, with is network along XXXX

market for and and we have from Revel the legacy progress for AI, been the that internal pace revised from The the the XXth of to international SkyTab quarter systems, expansion with Now well quarter, and update accelerates. in investments XX contributions in public, product guidance. this notable as closing, we've accelerate incremental overall time positively guidance the synergy as quarters accounts Vectron outperformance

our economic some to of face of model strength our think business the guide in strategy. the our I'd and Now uncertainty, diversified like demonstrates

businesses failure So do restaurants target funding less we consider the lot that capital risk. have and not We programs, this. ShiftX. do relentless offer Despite more a just we established or generally than that comparisons,

efficient acquisition model our and customer and and cross-selling acquiring an low-cost by We services. on assets have overlooked focused products

we a this believe result, a through And times win can story. economic a the challenging of is grow me As often having without new even most to and customer. not single

and We into Recession, before pull to years have growing pandemic been continue to do dot-com, for we're grown the the through back, going there and the Great so and future. through

high-caliber since either purposes most product the have a and we right distribution attractive that platform done acquisition cost new each merchants public. verticals impressive wins clients integrations every job attractive identifying periods. to pretty alongside acquisitions possess serve win extend intentionally and have good just of customer and for We merchants roster enviable quarter And technology consistently our entering went and capabilities a differentiated markets complex equally payback have a card-present challenging of We our result, announced moat. an software in add and we an or as provide capabilities at where

formula to have a We successful unique delivers playbook and peers. our that results contrast in sharp

while and a consistently flow. As growth our free operating strong delivering result, we margins generating strong are cash expanding

We have our we on to all over U.S.A. payments, are replicating around a integrated well proven in strategy our world. the and software centered success way the

to I'm turn the call to And going over with Taylor. that,

David Lauber

Jared. Thanks,

generally to has and even XX% increased since sales our during the QX. a growing years was that the and with and also important do spend and talking to in no operating time our during is same-store was operating diversified, a our constant from how our As bit the are about insight on note quarters, total in Merchant while demonstrate prior performance is volumes to talk current our relied of same-store at unlock going I'm environment. couple backlog within IPO. but commitment about environment, to I'd well M&A. we our others and of diversification different. for a we we've the economic of best uncertainty at times a It in expectations IPO This provide to X into never Starting the now made growth value like acquisitions comparison recent sales our growth. resiliency we CAGR We industry, despite detailed

many $XXX you we and that As have stake not cautious may been appears it would that the restaurants forever, slowdown. know, mild be last a of experiencing

aggressively of across which contrary, This all as quite is and and attendance the well merchants reasonably to fixed grow we lots works ShiftX hotel a merchants. we travel, are payments taking cross-selling ownership products On favor our These by of software. add cost stadium low attractive priced competitively share and and retail and merchants. well, as are doing -- to continue conditions

Our allow strong cash the are shrinking. to also flexibility when grow flow free balance us others sheet,

a our they We trying prove use are margin. profit our at a internally industry partnering and many track urgently building, Jared achieve inform business thorough metric these rundown growth to a times modest in which to backlog, time various step-up the can invest is buying back a provided helped of and drivers half. in guidance. our when for And wanted in to our underpinning even the highlight the we I

already implemented represents $XX run contracted This current yet but its volume is is volume. rate. expected Our backlog that in roughly at billion or not

While already the have installed time, time these there or installation near to an that be can term. merchants slippage in from are scheduled is either

realize important back is for in the to contribute confidence many factors to this the of It that is that one year. half our volume of growth

signed hotels this When yet. go that contractual for variety commitments, example, of of stadiums line the For should the a number, to season will they live and as that and sports open, we others start see thousands enterprise or signed not you e-commerce gone have waiting customers, you immediately. reasons, nonprofits but of have restaurants, for resorts think resort to such and

the of As realized volume year. expect be this to Jared we this majority mentioned,

a be evolved the more Focus seasoned Given helpful these our of to revenue little give acquisitions, perspective for better model how thought recent to X acquisitions, in order I all companies insight and provide over time. VenueNext to POS on would it some our you X

payment processing in companies models In acquisition. for and dip transition as deliberate planned SaaS. is revenue bundled a and shortly both after This experienced and short, their we

with the revenue being nonrecurring model was on our dependent For in onetime Focus about legacy of nature. revenue very X/X POS revenue

recurring fees months payment the revenue XX% and POS traditionally network often dramatically levels. is of XX% strategy pre-acquisition typical Because higher services model in vendors nature It's as about gross to a Today, than up Focus bundling pivoted they post blowing that fees their we merchants a our money service and a experience. improved getting declined first As less post-acquisition gross than legacy use revenue we higher lows bundled is X and executed Xx saving acquisition, and for, are less result, Xx their on are solution. a multiple in the win-win. network

latest Post generating on took which time. nature. some the XX% Xx With revenue towards pre-acquisition dip temporary recurring today, complement business EBITDA and the a spirit than visualize solution. We've we clients in ticketing year-over-year VenueNext as the payment additional Vectron. share a steps the step today, between sales this they lead a the payments. already VenueNext, Legacy cash offer many recurring a cross-sell the took time hardware we in at also VenueNext solution illustrations revenue very in network reaping can this you runway now And gross mentioned rely term. to superior a medium in network gross software delivering wallet onetime greater over we POS levels, XX% letter help very here. contribution with of to SaaS, built of was educate meaningful revenue back novel the remainder entertainment for less With that proposition of is base. in to capture We of stadium see put away from onetime and to fees better technology year, Focus witnessed able sure sales. benefits forward. but we that and a revenue should to I'm transitioned considerable in shareholder is installed back market and our that up steps is some distribution the will on end from although VenueNext hardware as on plus were trends those over Vectron market model take VenueNext that less payments and taking similarly fees to flow of similarities benefits. with It free also acquisition, EBITDA did bundled Volume was are revenue our growth before the revenue, had value the and bundled

integrated with In of of in businesses other alongside bureaucracy ISVs, and technical our all POS these to more of plus payment markets to XXX the M&A, with majority our win as embedded platform examples, new a result. both their Focus don't settle market VenueNext as debt, payments layers with go respective SaaS unnecessary a other we offering of parts. and

talked we noting it's of about worth as set a examples, While broader opportunity small that growing is handful the well.

quite in is, been we and at of frankly, picky about position Our we what point capital our enviable it's pipeline of are being compelling spend history, very on. than in any recent opportunities the and time larger

in quarter, buy Now amount of -- fair And while don't it's M&A our we our talking about spent we in to to in that realize do important build, we approach. partner time have a this and of have the deals. balance conviction

there a years Jared and accelerate we did we convergence payments. when much software back XX do As to mentioned, do and business come What us is in to and grew single acquisition is so sit in of the wait not are for our to to content opportunity still not business first quite quickly.

it that, I will Nancy our financial with results. over you. to Thank discuss to And turn

Nancy Disman

everyone. while million. flow grew deliver year-over-year. quarterly continuing $XXX strong top XX% to volume again Total XX% consistent Thanks, our We to billion ability revenue conversion. Gross grew demonstrating fees less of line expansion results, cash QX Taylor, solid and outperforming morning, good our growth $XX free drive guidance delivered another to and and quarter network and margin of

$XXX versus the points EBITDA and for expanded quarter the basis up XX% adjusted Our same margins XX% year. adjusted last quarter XXX was million, EBITDA to

Appetize than Excluding the expanded businesses, [indiscernible] and legacy impact XXX margins more of basis points. the

reiterating for XX% basis. full revenue contribution SaaS-based impact across Our north our Organic and ticketing. year in increased gateway organic continued and the well our growth and restaurant fees. to merchants, increasingly was an see larger conversion driven quarter quarterly the from we and results We enterprise and be are and on customers revenue contribution momentum of of our the were stadiums monetization payments-based strength further growth of both a from hospitality by the verticals XX%,

Vectron and mid-June. our half for year-to-date and XX Based specialty the other immaterial quarter Jared we be up always legacy often performance signature and and and the The in-quarter a stable. Revel core spreads restaurant, Subscription field XX% and hospitality proposition. Spreads floor we vertical than ShiftX was spreads software remain the from was million the Growth revenue contributions acquisitions and that, QX, year second last continue other in retail given the both $XX not in across acquisitions the to as closed our discussed, to business our the points. penetrating linear. growth model Blended good of This Taylor the of were in same basis other opportunity the payment of first revenue average now was is and points year and investors pivot provided volume, to full driving our in no full The across on subscription XX SkyTab remind previously. up year. expect driven we up value success point them from and mix period our compared blow size sports revenue XX customer revenue for year will towards basis entertainment our basis to vertical. SaaS SMB, related and and less by

and success we revenue acquiring and other software-only subscription achieving. Appetize are clients of will decline growth continued the to outsized Our and converting some other in cause offset to

and total general XX% $XXX year-over-year QX, Additionally, cause revenue bumpiness the In expenses timing increased administrative of million. quarter-to-quarter. onetime to may some

to expenses flat last completed G&A for acquisitions, management, year-over-year. were impact remain the strategic though, highly disciplined in approach the QX a year, growth. of investment We to cost continuing committed while Excluding

overall, talent place. keeping count Jared As in see making we are mentioned, further while incremental But of investing remains flat in goal in we head opportunity. investments our upgrades areas

progressing quickly drive efficiency will overhaul are which further operating model, scalability on across our of We the our platform. and

expansion quarter margins XXXX. adjusted representing second points were QX XX%, of basis EBITDA to compared XXX Our

I over basis mentioned, impact excluding margins XXX points. of As acquisitions, the expanded

be technology, business to synergies high that streamlining on efforts have ongoing in remaining systems many including to our of our M&A, our to opportunities ongoing utilization of scalability still operations. the We horizon, the new integration improve enhance M&A throughout are realized efforts and underlying further from of internal AI conviction the recent implementation margins scalability

flow adjusted year $XX a compared cash Our free quarter up ago. million, in to the XX% was

the outflows a distort for of Total the adjusted include sequential first half in expectations. payment the cash quarter to As quarter roughly flow with interest QX year $XX.X semiannual reminder, XX%, free is cash which a line of million, our can comparison. conversion

the addition working capital interest to conversion due to normal on support our a seasonality capital growth and quarterly will the changes basis business, to In of payments, timing of in deployment there our rates of be to fluctuations the period period. cycle

adjusted Overall, the economics improvement drag with in in expect guidance. the our we will cash our XX% a continue expansion in I flow from our slight guide operating acquisitions unit our talk deliver rate free moment about recent great of confidence line to us model year-over-year give previous in to annual and conversion updated efficient ability plus. just our in with our

stock to million to stock authorized a And December which up capital XX, Directors to of new with May, to transactions, through common Board XXXX. repurchase of repurchase authorized pursuant respect our in $XXX we program are

During available repurchased capacity approximately as shares $XXX June we second of for million, $XX approximately quarter, the million XXX,XXX leaving of XX. approximately

have an we be To to and date, XXX,XXX in approximately QX, we for continue $XX opportunistic. will repurchased additional shares million,

earnings a our the You reconciliation materials. back our in of of shares can complete find

We $XXX deployed IPO. repurchasing at our million an have $XX buybacks shares approximately million cumulatively since average of price X.X on

on less than note, from per been our dilution compensation has average. year Of X% stock-based cumulative

the Class AMC million thoughtful of income net the Class largest earnings on outstanding. quarter and dilution. share the a on for ShiftX for Net diluted per income very million, $X.XX shares Adjusted and C fully average A managing or are we basis share second are XX employees, diluted As was million shareholder $XX.X about per diluted quarter was $X.XX. $XX was

remains sheet strong. Our balance

is Revel. to and purchases liquidity in the decline Vectron of due sequential Our cash

indebtedness we total a of cost do XXXX. and has any weighted X.XX%, Our have average not until December maturities

our leverage lowest acquisitions has excluding cash impact the just was The approximately completed, leverage of January extraordinary. quite deleveraging we due to level to XXXX. net lower been profile Our quarter net X.Xx, end at the X.Xx, dropped since

sheet, free back growing punitive balance priorities, opportunistically to options conversion strong afford and us buy without equity. flow year-end EBITDA XXXX expanding and strategic to being satisfy stock maturities cash many Our fund our

to turning Now guidance.

are the guidance closed outperformance and Vectron, Revel contribution We year from June full include XX. QX on to updating our both which and

As we of to payment Taylor installed the model revenue to both companies merchants. we just elaborated, pivot of base as to the payments processing expect cross-sell

billion, to a XX% and full our volume are we expect XX% end-to-end further tightening year-over-year the $XXX growth. for range For range now XXXX, and representing year of guidance to million $XXX

are $X.XX gross and growth. less to year-over-year $X.XX revenue XX% expect billion increasing XX% to our the range fees range We representing network to billion be now

We range are now the million making remains of expect adjusted to $XXX EBITDA range the to $XXX year-over-year The our virtually incremental in Europe. margin despite be unchanged and EBITDA guidance also prior from are in expansion increasing million. investments adjusted we

XX% for million We resetting to cash adjusted adjusted our conversion yields drag previously free cash our of are full free to account also We from expectation year flow XX% at flow this estimate adjusted midpoint guidance. recent XXXX M&A. $XXX the of for the from EBITDA

shareholder annual be and understand of be Page at of to our breakdown on north well fees on expect seasonality our to can of of quarterly continue also full XX% of which letter. guide less are our the updating growth better help to our found gross XX business, year our of organic network midpoint impact revenue We investors the guidance

A call guidance. as to couple pertains outs of our it

run as that rate. SkyTab of are is on about at its We from cross-sell ticketing half but of ahead for momentum progress volume quarter, to A system Real of Nobu Canada, the payments XXXX. and fruit and annual the back of schedule of featured hotel our and low-hanging ShiftX. and demonstrated including discussed, a the implemented each for $XX really second in half XX,XXX by few list over our about impressive expect enterprise be signature driver installs accelerate restaurant it Many acquisition Whistler quarter this each of SkyTab, contracted untouched not or it a Revel. while expected billion and way list stronger Contracted at the long strongest stadium wins Europe, market major we recent including excited of of the last quarters, continue Blackcomb year, this Taylor seasonally are brings. win real of that balance we resorts already Toronto, the yet have previously was and the Strong won't what quarter, backlog acquisition continue year. the goal of in wins we opportunities in an especially our XXXX. Vectron to shared are

drag anticipated at delayed for with in volume not half and we've we seasonal X tightened which spending been highlighting organically countries we at to peak strategic guide to the e-commerce our strategy. clearly of of light with It that new in a our volume the the of least Vectron consumer international not also several and that The would and would into closing raised the imply have years. prior new further Our live the our is set control continues quickly, if have midpoint back go high markets process from guide, customer trends add consistent European EBITDA expanding worth is year. end of

provided an bridge Page on earnings. We XX EBITDA our have of

to for the further of our have midpoint would even without the raised For account even clarity, acquisitions, QX guidance outperformance. recent we

well Before call macro us turning incredibly our environment I reiterate profitable balance cash growth and the uncertainty. of current want generation to for to that back sheet, Jared, position the

me With turn call back now that, to Jared. let the

Jared Isaacman

Thanks, Nancy.

-- X. go So that from was it's are to line going take question submitted we -- a we to for before over well, the questions, multipart

Tanner like awesome the and pull really [indiscernible], X you've actually So you're questions. here, lucky got -- it's

So I'll hit it really try quickly. and

been power the carrot the trajectory business Well, for of time look the just integrations future what of on organic the our some others we've now, game like say beyond these like? verticals that's software XXX-plus I'd that business our in gateway gateway it. pursue stick the on kind It's can. those first, that us few well goes that is and playing to allow volume Now the

require we business, -- Toronto never integrations. our it it mean sorry, proper, those had vertical the pursue Nobu bundled better Chicago. examples ticketing or now, payment for Toronto, our gateway with that we've great other offering think integrations. the but and it, won. now like they X We to So Nobu right could would our quarter ago, but I'm several software with we stadium They on whole we years were compete that at bundled vertical all, I acquired you that this value the our be about When and

All of that is organic growth.

we're it and So an able them, Canada quickly we're now products to of we're Europe. with services a and organic initiative. U.S. taking lot like really in which do and growing SkyTab, in in was the And

conversion plays business to from of after So trajectory the the perspective, organic going extraordinarily be long gateway the like story out. my growth is

take couple You Europe. it to And about things our that is in easy other depends. the that had U.S. and work into products services of a how

some it U.K. SkyTab are for required Germany but time time all has little localize SkyTab very that's now. and versus Ireland localization France, fiscal takes example, There's compliance right are or those efforts in or to So that underway. for -- in the there. been more

that work have, example, Oracle same the Canada or and in as do same in U.S. integrations U.S. the they as work the we Agilisys, they in software they The Europe, the say, they hotels, do for the power in

actually, your it. Our making pretty of Europe. question, in to to part plug-and-play couple VenueNext the in last your And we're yes, stadiums for specific supporting goes of think progress. have to more which stadiums is that Europe, great I software a parts was I But

stadium pretty live that a FC go a as And I went Barcelona as working think we're video on underway the for cool U.K. we our well. first bad Twitter posted the of which live, in is on video

the stadiums than in Europe in go-live do the So they longer actual take for I think any U.S. process don't

are kind stores UPS Fanatics like of examples or trajectory self-storage which last just season outside a the end. we now stadiums wait what's the that is You core got part, the to here's the of kind wins and good to or about I and talk like of And used that one, is there? you think hotels restaurants and the like and then, every for

that just interesting is use are pursue thing these And the we hospitality businesses that to integrations use customers. the same

like, resorts same then hotels have about big the know, don't software. I use think retailers other in So such, and Shops Forum Caesars shops and retail and it,

quarter. resorts. that that example have of a retail say, merchandising have that customers a this Blackcomb to shops ski shops shops. resorts or we what the the stores But software in same is be So ski we it. software Whistler same UPS lot And the Fanatics the of great might lot form a is same use software like that use uses. It ski uses uses

really same It like vertical pursue new integration So not us. that actually line the hospitality it's we use leverages to for business. a of our

appreciate I questions. analysts. those And the We'll to go

Operator

[Operator first is Instructions] from Darrin Our Research. question Wolfe Peller with

Darrin Peller

-- map of a the start Maybe we contribution. the strategy road off more looking could And then how bit plan those. the and make to monetize really on more little just little A of acquisition and most your of

and in for know of terms over some -- on are million Revel some road onto more little really about strategically, then to it $XX over from the so just margin Vectron? how increase from $XX dynamic talked you And hone you moving on I a what moving us revenue the more expectation those the map software And on can Can of acquisitions. you guide being payments. that in million of explain EBITDA, and milestones to from in just there monetize your Jared,

-- a of more you maybe on monetize more those color time little the line some how could And deals.

Jared Isaacman

here. Yes. Darren, Jared

kick to points, of with any the kind drag over the dynamics. specific and it of into some out me of get I'll high-level Let margin to start Nancy then

all, first in deliberate back, the and pivot pause do quick we've acquisitions. I and our of approach earnings reports as these to very type of the of kind focus We demonstrated model a the with business VenueNext of take So mean, look

if throw will migration. software a accelerates revenue, hardware, forgoing it's oftentimes, So it even SaaS away revenue

which with say, to away of bit in kind that in done deals So mind, to of where like that very more go strategies. a heavy quickly Vectron, little probably of pivot have can that you more we revenue especially keep a looks past very, some the concentration respect I'd the onetime when

right Now let's start with Revel now.

the last we contribution announced quarter that we the expected of deal $XX half when that So said back we for million year.

start-up very big almost assume of should that from burn is tech burner. the is Revel we our go we SkyTab deliberately, We world. we much a all shifts on focus very was the future. The say cash coming You that future so can in cost that synergies. in

bigger not big $XX right EBITDA thing, a in synergies why time, we got from to to out move coming move not questions, "Hey, we're some developing isn't volume that some of SkyTab. that cost years. That's say this that customers. and million from where play conversion opportunity going process So going a immediate some That's I are over that's period of don't think huge we're really over baking cross-sell the payments that to Hey, you've some these chain and the play is see to anymore, customers we're there. look, Revel say, to eventually in actively associated XX,XXX with of out that'll But had now is it. couple people

like where this over take play pivot you This going is as this couple like respect Now the you're backwards to with you something out that's are to years. isn't to model. going -- story X steps or that Vectron, going to definitely of maybe take going out for have to over play a a XX,XXX a in is is customers going This payments showing be XX Europe. to years Revel they're wood.

to some going have based over the is process. distribution going all partners sell We play across delisting SkyTab But out. have Europe. that You're this company even this are that take time XXX-plus full to just to -- control going to on don't all

And will where sense drag get know greater over you of flow a when gives of bit much that negative the like don't out you I free any you puts from come. of years the Nancy, play can opportunity where it a some impact margins. where are, cash to these go of on Vectron, bit some but to say hopefully, businesses takes a and little little even if you the So where want

Nancy Disman

Yes.

the for with I what the year is can the lot year. would to And of very takes similar spent what and of think is we Vectron for I I we you're expect looking is Revel virtual to shelter property I time seeing basis synergize last all-in an advertising this. and puts drag on from and in a best new obviously quarter and consolidated add margin gross understand, would at certainly say

So if synergy XX months. think process sometimes more the take you about that will than

doing [indiscernible], certainly So lapping lots integration of still there. even we we're work are though

a of proxy . like the So is about at up -- think flowing that's it's so thing as bottle acquisitions and what patent the a we would looking this get our for what of year, getting X exactly Obviously, probably how that Darren, [indiscernible] [indiscernible] starting it at little half to think expect complicated. to good over kind get I are more back was I going to

Darrin Peller

Okay. That's guys [indiscernible]. really helpful,

David Lauber

Vectron minimis, remember so in longer the I revenue de it's Darren, but we it. do we it think to mind first just I on Nancy, Sorry, question, you part QX. address said contribution and want a Revel of that, on the further commenting and was make clarification I from sure

Nancy Disman

Yes, for sure.

the because completely out we X I think wanted weeks and had that's only remember, put why talking we QX. to organic something immaterial for about we're XX%

you contributor grades, wouldn't look the at the to benefits as half going And back of of them a we for tried quarter. guide the the into even certainly, I the year. think when contemplate So

Darrin Peller

helpful. guys. really helpful That's the backlog quickly, And was Okay. very really to [indiscernible]

to reasons second considering be half. that in idiosyncratic of Just gives lot a you confident the

maybe Just I in terms on same-store to Or conservatism back outlook turn queue. but certain mean, it sales verticals, the of there's point? that, some and the know any built into at this just macro I on I'll comment

Nancy Disman

we when talking were been to about that not you bust thinking guide, the bit, prices of of when And a know we've some about were were I global point. we going we Certainly, pull at tweaked down original the on the Yes. states it think volume little knew days we built some coming. and up the the the

some high But conservatism softening we of is it verticals. a consider really really begin maybe definitely pulled that put generally, the with, we're seeing in it's knowing coming We we low out sales, QX, offset that end generally, other have same-store way wouldn't there. had the to like the think definitely while when across we we of performance our in the And some out solid from would out So we had and solid I about early July, any upside. macro. kind

I So a just right think perspective. midpoint for of we're from now steady holding now, of kind kind

Operator

Dan is with Our question from next Dolev Mizuho.

Dan Dolev

macro Jared, volume. question give Can of in to full really here. volume good sense of Taylor, maybe results have about bit the the guide. a maybe confidence you the clarify be what would And the into year quick a your the second reduction I drove us great. half, little that

Jared Isaacman

kind X mean as one her customer volume in can as of of really X I have with in driven Nancy, announcing she quarter. which that will in bridge didn't XX,XXX parts, of start year slug this off. the And the put that wins it balance we mentioned progress year, Yes. our last put we're big out it. are we I in is and of restaurants making, in Vectron. eventually was when have over every we layup remarks, but a for Europe hotels control last awesome much we we

that were this for So I thousands delays we getting hotels and hoping like some year. restaurants is think to the just in there of

part other good as the just is rolling is aren't mentioned, The like Nancy times anymore.

have that year, upper that So a when guide the continues, set like end of the staying initially we're that cautious real at we is we said volume though the always beginning power. stakes $XXX the will

in -- if are, to there's is. And smart on mean, how Revel, or I'm lot a it say be trajectory if enter It I same-store like to the for how a entire easier that downturns So us the that to to of growing in basis not greater down things years. restaurants somebody there's think perspective, I and will pace you if on volume all it's history me, macro, isn't where to for sales who's next will sales will to guarantee business we period. over say, a it's the into customers And like that's And predict just certainly to from lot it's I our say, that our been prudent of think for movement. restaurant, Europe off sorry, recession where grown volume from double a is just like generally market. X% doing underwrite are bets revenue, a speaking, there's bets versus something control everybody XXX like in you're look, up. it be, and But hitting at volume our to have of XX that's coming all reduction . a throughout we're tighten than I'm off digits Vectron sure targets hell are the same-store consider. factor we beginning our we that volume just at else I of and have point. that the I a points XX,XXX just believe trying

Operator

Our next Chiodo Timothy with question UBS. is from

Timothy Chiodo

to strong already I hit the and really with on the want of list adds noted And ticketing mentioned was stadiums starting this cross-selling day opportunity. one. ticketing from also a wins. ongoing you of There quarter. you've are Many them

only for off. that a rough made that mind, quick that, to of throughout lot on Maybe think concessions. think that But with But update a $XXX let's have again, already much only I billion I And do I'm if the us follow-up could roughly don't basically I as that you TAM. if ticketing down part of believe you numerous a ones. comes TAM. correct in on the so of how And you all billion that number you're think major the to it's whether you've I ecosystem with portion range way, you've a $XXX mix. of in working question or giving sense integrations really platforms, it has of the the on the or achieved it's U.S. ticketing what on do after or some call that then with

David Lauber

sure. Yes,

I'll this that. cover is Tim, So Taylor.

especially the centers these wallet regards. like think very very concepts, the in distinguish in share, important where revenue X to stadium I versus fragmented market share many environments, are

a X/X -- stadiums XX% have or most the and those parks theme of feel But it's every vary. numbers can good minority some kind these way, we or where in about the market United in a So have States, whether form. by league really in of as we next. share of to the But customer our relationship is mentioned. moving we we shape and the you that's ticketing, entirety to with Holy It's of go most is common venue taken that stadium hypothetical now. of Grail, the market the let's which say, over probably from, appetite the plus that stadium a offerings the common of offerings It's the

us So we're value that. ton our inside really bulk enthused of and in giving the a revenue see center and the quite management ticketing frankly, of of customers

harder any the you that, would maybe at takes that season. to think of choppy is I the I fully busiest our years installing have example a month volume in kind or in we the least quarters is quarter, the the in stadiums VenueNext and a than acquired have And do in year. comes give Appetize just X last it back before we in of XXXX, part when we been other more reasonably year on

when in been installation revenue the the a the you then ticketing of season following pace bulk year. won't usually has of case for sell season season of ticketing, And the But from sport tickets standpoint, volume after So that incredible. until up. starts the see happens and they

the that really of guidance good expectations So I'd volume weighted year is choppier throughout part say our kind of we half ultimate the share. wallet the market feel our about about and cadence this to the has back feel through a share. optimistic really just We led that.

Timothy Chiodo

chart a question. Excellent. of The brief follow-up pie is kind

mentioned So at and in you volume, that about of from letter, shareholder X/X XX% the now you're resorts. hotels

updating on end-to-end chart what look cetera, much of how existing of is pie base If meaning, the you wouldn't based restaurants, that mind, stadiums, the et of volume. rest like, that just might

David Lauber

other. you've et our Yes, sure. X/X, but other like We X/X, mentioned, love also cetera. this. all then things specialty meaning And would and retail, big include hotels customer, stadiums, strategic it that X/X, about got all It's includes restaurants, Jared

which at the but We paying business. modest mentioned in expectation in very other handful continued recently nicely deliberate we're we've in all diversify inside scripted It do kind hotels spending that dividends a merchants I kind bucket, the commitment softness, really of are a and macro. these . And in amount as IPO of Nancy And of all of that to got some offsets verticals. across made restaurants, see mentioned, seeing you'd we're think, today. other great. remarks, I seeing that's, the my of any a of is growing have that none As we

Operator

with Nance Will from Sachs. Goldman is question next Our

William Nance

I -- a wanted call nonstandard over I the model kind we to end the ask conversion had revenues. in I the gateway just like gateway you we discussed know guys coming of And guess, quarters. last revenues saw towards of gateway what of the down last year. of on the, couple the on kind

think $X quarter. this so we million to I got like or

the of And making gateway because we base relative you are of existing kind today just those understanding of take appear the of to low could just as economics where volume. the update just journey? So on realize us the I sort relatively revenues like that they sure then now it's really volume. kind exist large clarifying in we're on but rate, low that

Jared Isaacman

that. to Yes. take Will, I'm happy

that a large very volume still still very we there of. is little off that very, quantity is of there So make

customers rates these very during to at with the that go JV, some with lots are protection First monetize they Data very to because JVs long low back gateway. contracts upstream big of the price that very relationship JPM So chose the that from

sunsetting in there that very can still for there's lot our -- a that want big are them get volume. so connections But don't growth And cut some smaller there a we're incentivized that like lot well, we contribute has fruit of in anymore. single a of It's working deals upkeep ones there to start time. it. of still There's and we certainly So customers been we to get quarter. through over every to we to lot to low-hanging as

GPN, there. to incentivized like those goes we Fiserv But of like low Worldpay. old maintain delete take it's quarter by, more to Heartland, lot think I volume we a a So in Like lot rates every want infrastructure to at ridiculously that are of parts. yes,

doing that a should XXX% we're and represent lot should it be literally, because support will like some deal flow-through uplift those any some that with opportunity of cut customers. obviously, we for some have because them almost So

David Lauber

see we a shareholder also And next in to bunch of try the were you'll this tags letter, Dan, kind to gateway illustrate wins of our different that conversions.

revenue. revenue, volume you that much but of the As benefit pulls and to down end-to-end know, gateway

in us. our in for try opportunity that wouldn't way consistent a it's mitigates any very So funnel I revenue a set. to reduction been there imply meaningfully

William Nance

of on No, the adding that all And lots really perfect that makes strong momentum is I obviously acquisitions second sense. of just more you with like is the the did. just opportunity then It SkyTab. seems question guess and some there

channels the call-outs success there So in through couple most are the well you strokes, platform? traction are the seeing seeing in the around where over as I past broad of have SkyTab acquisitions the guys years. if deployments, as the you whether still just any indirect existing are direct any in that's color, done some Where guess, channels through that sales you deploying of the you've

Jared Isaacman

happy of I so entirely indirect, a whether where a the Well, you're it's Yes. direct at that. just hit it's factor -- mean or to country. in it's

summer in partners already so to more have than that back in. of already we in direct years we So of XXXX, all wanted XXXX, we X the a our presence in-sourced ago, market

So X in-sourcing done any years. we probably in -- haven't

Ireland, we for cost. in the third-party fixed in rather in the pretty that sparsely case example, That's And team. markets lot the we the more then Central -- U.K., distribution committed from where more West than those Coast a we have have I'd cost just it's on -- direct to. were of U.S. we variable we'd were comes small populated So production say and said that A have because there. areas. it's

We see start-ups and of also we them gamut can day It's from mean, you have every the restaurants. couple post them. Twitter X. learning really results market just I the we're partners, to of beautiful on covers a really kind with like like there But the and as

SkyTab the in to XXXX those and everything parts. back essentially production, we touch love production or no There deleted that pause is There -- is going So acquired, legacy like the production has like traction. brands, or for been now. we we touch of everything terms no is future harbor [indiscernible] years X

William Nance

Yes, makes sense.

follow-up. of legacy ones a for the a the and those mind when you that about back don't that versus brands sort on time, guess new you've I -- net had the of book you If kind mix customers of conversions platform guess, I what's think the very long sales?

Jared Isaacman

mean, I new. it's Yes. all almost net

iPhone and over. way kind Lighthouse we've you product, to intelligence done the So SkyTab and I of transfer couple has to over XX database I automated in We're our kind your most is like here said know, be have just a of qualify times don't business possible. quarters. think enhancing a which now our for It upgrade path, we click the of platform

it's just existing manual we thoughtfully path. customers migrate So a purposes, do, do very -- other It small tens we years month. single of done like represents for very, every percentage our by be thousands couple programming will small a next of to of products have will automated to like of lot the that retention of so production relatively -- of very the reality SkyTab over couple years. we over is base which like we on not have a existing The upgrades a only doing policy been

Operator

Andrew final Our Schmidt with question from is Citi.

Andrew Schmidt

we of restaurant Maybe about wondering you I the where positioned on there's talk business positioned? QSR Obviously, But set minute. post-Revel, on basis. there. a just a if just can level variation assets terms a go-forward are was where service table you're in for versus of lot out guys

Jared Isaacman

so with think little the very that good set be we've I very own distinct always their when associated landscape have TAM are some competitive there's mean might it. people, question. actually kind said lanes competitive restaurant -- in I bit like bigger I they and Yes, a time it's in reality, a X -- think, for of -- it, there's swim

Then your So little in is essentially, food, coffee and and your and Xenial, lane have in terms is a and table did par that's And Revel it. for. just that you of that your toast as bit, which and that carry, And is cash Square. you ship have play then your shops, Clover such, service. fast bakeries really

retail enterprise interesting really food they have the in would built otherwise and did say capabilities. I some functionality So capabilities fast us it we acquisition some have wouldn't Revel give that they where have solid

into So are that engineering we into just SkyTab.

certainly SkyTab, We'll be have cost over upkeep So anymore. we've $XX like I never Revel on synergies, but that into already EBITDA we that and There efforts talent Revel. feature came payments all including to the product we're we eventually been building customers our another and of as that the mean, on goes resources million will said from SkyTab, not to. towards dev migrate held it new

we same into SkyTab retail Revel capabilities building quick those and So are in service enterprise, of type right now. some

into I think continue to a I Revel to do are those expect going expect table change, but from for excel focus of verticals you the year which year to now, like SkyTab . some next move be and within other the lanes. on, that we is service, to we able

Andrew Schmidt

of And it. a then an -- faster, efficiency -- component expand being everything also work bringing that Does maybe the but just develop to go What an offense component, terms tying on systems faster. obviously, able to the Got market in systems terms of together? there's does the in internal internal work. there's

Jared Isaacman

we're parent this because much. So basement. -- I started mean, XX-year-old love is look, that my a I like this company

fast like as day Our find different first until and need on It CRM, to the of you're use all you from like it to every it. which foundation extra and largely started ago, systems. employees a system a And And personnel we an together have possibly It's in through them are was things mean X bolted a do of course, as some carrying year handful so acquisitions, means perspective lot I Sequel, can. your or years. just then, of touching -- CRM. do done in have up of access to a homegrown, homegrown efficiency you a not it many great you work was

It's Salesforce new internal of And X time out like it's going call Phoenix. well. It's and ago, systems. So pump Like Commercial team all a ago. Palantir. it and with we constantly replace rip on our years kicked Project we built full rolled like modules. off out a of almost long we

I Now for and generated it's much foundation our more. this like is new from ticket system it. the so important, is think all being And

run building out the mission control systems unlocks to of POS also building solutions time that can revenue the time for fast our but a getting for We're saves efficiencies. like lot that's like install in we efficiency field menus, system. or Now whole AI to

So that's all our like world. no over the fill operations

as same seen it's like just in I've like the in the you're environment industries. a having time go-lives monitored as in U.S., Europe very when So at proceduralized other

foundation must expansion people And have is in talks So this this how a goes about the personnel all an of that I much to think lot eventual time like we is don't Nancy we probably important it. appreciate have. margin the

competitors employees new as on, our systems, X,XXX gateway that to of connections lot it's parts those at delete products, business. upkeep goes even internal then things, have POS move faster talent old we and old We repurpose to old that whether that a time can

want that. this can it's flat improving accelerating cool. to and margins. while pretty count that growth head It's we add keep way . I like on So

David Lauber

you No, you. well. it Thank got . think I

Jared Isaacman

with thanks, that okay, dialing some in. But the I'm catch X analysts on dialing I But take appreciate know thanks projects. care. other the we'll about those . in excited and yes, Well, for question. pretty up shortly everyone, for next I call. of

Operator

This you. today's will conference. Thank conclude

at You participation. thank you lines and your time, may disconnect this for your

Shift4 Payments (FOUR) 8 Aug 242024 Q2 Earnings call transcript