FOUR - Earnings call transcript Q3 2024

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Operator

Greetings, and welcome to the Shift4 Third Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Tom McCrohan, Executive Vice President Investor Relations for Shift4. Thank you.

begin. may You

Thomas McCrohan

Officer; and Third operator, on everyone, welcome Officer. Chief and call Disman, and Thank Chief our XXXX good Earnings ShiftX's Financial Executive ShiftX's Isaacman, Quarter are me Lauber, Conference to President; today Nancy you, Jared morning, Taylor Call. the With

can This as on at accessed section call investors.shiftX.com. be our call is on Twitter, X which Twitter website, also Relations being Investor webcast simulcast Spaces, Today's known formerly can which is being corporate @ShiftX. our the of be through found account

materials quarterly to been quarterly Our website. letter, financial shareholder our to quarterly results all and have other related results IR our posted

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

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

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

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

Jared Isaacman

Thanks, Tom.

a today. cover lot have we So to

up into this to following sections. the So going I'm break call

the then we're and to end QX going expectations initiatives, off major start dive reflections So IPO. we're by and QX, go results, on going our and with into then to vertical deep about since performance the we'll for on talk

pleased execution can really with a control. strong overall we within we're So that our was performance variables reasonably quarterly what the and

and less all gross adjusted network EBITDA our adjusted So major we've KPIs, revenue across flow. delivered free cash volume, quarterly fees, records so

record excluding XXX were drag recent basis a XX% or margins nearly XX.X% EBITDA of adjusted acquisitions. also point from a quarterly Our when

cash which million $XXX.X free versus up XX% represents conversion. flow, year is we million Specifically, cash a of ago EBITDA, XX% and flow adjusted a $XXX free of generating delivered

really let's well So quarter. talk in went the about what

especially wins, new our within one strongest absolutely logo was quarters of it hospitality. So for

So wins. well better off quarter for to that Vegas I hospitality properties a as a committed can't as large operator mega right Las starts also KSL casino ShiftX. It very actually recall with international

we #X the in payments So in end-to-end are world. we believe hospitality

Similarly, we the provider believe payments and in world. sports in entertainment #X we're end-to-end

the theme literally we on. roll we global chip and our say We continue continue So win to we're products, unranked them. are world I'd SkyTab follow comes wins but in to installs ticketing to streams cloud-based the and SaaS like capabilities, that's strategic it trajectory. merchant comes all park e-commerce associated relationship stadium restaurant quickly when to the SkyTab, we a #X believe the just our it as revenue strong other very over world, growth our change customers as blue and to when expect POS

flow an $X saw to billion. the billion XXXX. contracted quarter, a incredible Over our restaurants our We volumes of actuals big last a alongside new to hotels in international list and hit volume logos, $XX goal set XX,XXX backlog brings and, into contracted

card-present international But pretty X,XXX it's in with up merchants have short I we're think come first do clear complete. that to regard. we installations our Vectron going over

down. XX,XXX think to I X So we're go.

least going we resulted I'd growth. of our continued believe you in and premium we volume We if that our acquisition capabilities into be gift offerings. the that discipline good, convert, will, flat and and say bundle rest $XXX alongside and funnel, can expense with are we're its enhanced and fact gateway a culture our very staying XXX,XXX in realization also conversion deleting profitable Givex. synergy to going of the and parts that of structure. and what more topped customers billion We added off capital That's the add firepower to to at about loyalty has

our network gross of a As fee for fourth the EBITDA guidance and result, have revenue we the raised less midpoint once quarter. again

heard of could clearly in you we quickly. that gone verticals we Well, better. spending serve. you've But softening, as the grew incredibly So especially have that there's to some been others, from brings what some consumer

would along European with farther liked As also Canadian to strategy. have mentioned, presence been have card we much and our

So restaurants we be unique But now. we had to have new to these from certainly processing X,XXX pretty is card-present payments as about there thousand in and we year's no were good building next work. ahead. should the XX,XXX is more by where hoping really geographies, for years very a merchants have look quickly, the European processing which will the mysteries momentum come But several

similar like vertical. a a deep to prior dive Now do quarters, each of bit to I'd into

really are they ShiftX. of industry, we in and customers the trust the place envy the Our appreciate

growth our past every this quarter. rattle is please just one associated questioning a this wins have to I'm of payments, mind, And and in is these those for the of stream So rates, we includes off keep entirely revenue that delivered the wins about organic. summary

clearly think in and quarter the of payments are I as I statement. this #X before, world, hospitality announcements mentioned that So in kind the we reinforced

X incredible on operator how Mountain off on ice, we're top premier ski mountain just who variety of KSL to to and So with resorts, or to properties, Coast Camelback, and of future. this learned Blue the starting other skiers expand for including going beachside continue resorts, many other Resorts, us into and East including a

in to other to process want proud just mega undisclosed hotel. for Vegas we emphasize, very international in the Las the And sign includes and a domestic also resort I payments the new don't also and that locations. restaurants are their We

we resorts are processing the bar, in hospitality announce think at in to guest the stays, it refer shops, with and retail times, spa restaurants. others #X being world, means I the confuse we these the regard. the us the reservations and people the and this in all When

lots our believe deals our even So competitor, Revel our than restaurant closest offering. believe in marketing moving leading deliver POS SkyTab Givex, and #X on, as than the are deals, generate a win more do in less payments a Vectron, a cloud-based a and, in payments list virtue the considerably payments a to plus distribution, in traditional discuss way on importantly, I to sales world revenue talent of like massive have and spend the by lot of and and can we of cross-sell ever having broader relationship but customer. signature new without we we foot And to most with customer We to. software we these investments door

know and around products is Now streams, include the sunset the results a SkyTab. subscription our offering, alongside legacy revenue proof growing we quickly to which demonstrate and that organization points rally product profitable single how other

in XX quarter and currently states, Family Coffee, restaurants, dozens operates wins chain fast-growing Pizza, Texas, that restaurant notable Lombardi past California in include XXX coffee locations Shakey's and some Biggby in of Now this over a primarily which operates Washington. Concepts, operates which locations XX

Now to or Twitter search investors you ShiftX we and can see X, daily. encourage posted the are on wins

systems, beta have on XX,XXX the installed coming XXXX. we set we goal SkyTab X and since to years of out pace exceed in far over ago, we Now are XX,XXX installed that

worth we best. are also out second being never that satisfied It's pointing

We map have road further great a to enhance product. the

the experience, SkyTab we have all the over world. literally We take we'll and believe

park to world are #X payments. I sports moving and entertainment, when comes it the software we believe on, and theme in Now

each wins We quarter continue plus payment deliver software ticketing alongside to wins. many

Wizards Spurs, Brooklyn the the teams. San the and Dallas of Grizzlies, of Antonio the Washington University favorite Stars, this Nets, more Arkansas, So quarter the Washington Memphis your includes Capitals,

vertical, yet to other your wallet this park with with or family past are but took If almost assuredly summer, this still theme down. important our technology. it of Flags you're oneX Six with or within days And this stadiums any highest in the processing share gaining in slowing Disney signs marks commerce the early interacting we volume quarter no you of

Now nonprofits. to turning

Block, customers. to a attract Our of donation platform, new The Giving nonprofit continues lot

signed Humanity giving can of already The Foundation, are double yet. more name Silicon few. Foundation, So this Lymphoma The tell year's you to American we're Israeli volume Community Sinai Follicular not Valley, Education prime in Medical year-to-date a volume, quarter, than just I season Center. Montana for last we Mount and even is These Habitat

we've Give live, integration to our is ShiftX moreover, Stripe. So migrating now merchants Lively over from with and begun

see Lively Give it's fundraising a investments nonprofits platform, in nonprofits. by and offers prior innovation. to free-of-charge used fruits our over a as beginning technology the So X,XXX We're also reminder, currently of

The through years what opportunity billion to we donation made ago is $XXX pursue As nonprofits. a X.X annually acquired Block about reminder, that's a Giving

could time, Now at the really nonprofits. we all crypto the just our not also benefit of established customers, ways to center crypto explore innovation

pro trying timing crypto, And really we this is always very our Now goes new back our commitment to IPO of puck think be the opportunity. that's administration with rather is the to where going.

So X merchants. cases. available to intend we a we payment We use for stable and end, October of really announced that coins to crypto that initial as many of our in form see make

to seek wealth So where on luxury significant items. crypto crypto people luxury have who their goods, spend

historically even be big jet So via suite, the paid restaurants. charges a hotel would ShiftX transfers. electronic private or events high-end platform or at a other have outside been These of wire this could charter now

to goal the we So transaction this bring is ShiftX on the want rails.

developing crypto use to card traditional availability growing typically for in all encountered second crypto use over are is a debit payment merchant A emerging there our categories looking popularity. into credit as in strategic customer fraud as think but and world, combat follow great with well. that are last, methods, and low case, countries the APMs we and is other And case we

already existing clients customers this crypto to seeing are more So our as have and these pay charter with Tao significant initiative. overall, We such among luxury [ customers are flight from learn we committed Group capabilities. early interest ], Blade company, for about

to gaming. turning Now

locations, festival the are Farm also now is lounge out our MGM home annual at Grand sportsbook the which We Cardinals with Detroit. ]. the to and Arizona at roll mobile continue we sportsbook devices more of live We're and [ Stadium, live at BetMGM at SkyTab BetMGM State the BetMGM

online casino for also in with with Sports affiliated lottery. Play is Philadelphia gaming, the Complex. we live And gaming our we relationship So the South Lotto.com live state with Live, in the online expanded site which Maine's went of located

Moving on to international.

follow now has helped process some that the going the strategy other Our be and is for That well. customer U.S.A. markets. successful into those over us then in software been world have strategic bring integrations product, and all our to services time the very

So South Burundi. this and African Zimbabwe, Sudan, new past countries: launched Botswana quarter, we X in

for our early X solution launch capabilities, e-commerce other and QX, both to additional on countries MOR to soon, like strategic XXXX. Lat believe added And that the we a Zealand cross-border, with between our horizon expect customer. for and just global X e-commerce local, sufficient Am is we now enterprise Australia local We option customers, and have viable New in to global

meanwhile, So and products markets. card-present running our and these bringing into we playbook capabilities are the

to alongside card-present New Zealand of and fully Australia installed for expect XXXX, international hotel So I our see rollout. in in rest and SkyTabs example, stadiums the

of acquisition laying go-to-market meaningful and the Now quarter the the revenue for Europe. have foundation already transforming Vectron restaurants model made throughout announced support in to and Europe, we this last progress our offering

of So Vectron's we through existing it's start strong XXX have network. head by base a and supported XX,XXX merchants, POS installed reseller now

the installing and several mentioned So I earlier, energized team And motivated. as restaurants our we first already Germany. began in is

merchants with expanded use our expanding relationship cases. progress other made We new international and have into

scope And So to we increased for have public our capabilities the their transit of card-present a retail customers. [indiscernible] example, base European recently transit that traction with within developed providing separately, is expanded gaining the we solution global relationship mass system. of

which independent Spa and international wins, mass which signed offering and is our live the other growing. the a X,XXX countries Winnipeg's Gary one is also Hotel Fort Spain, collection of and pipeline and Center, additional Germany, Hotels, of is Romania pay-as-you-go Magnuson our Italy, We've landmarks. protocol supports currently and transit Conference hospitality of Visa Portugal, and including hotels the in architectural is So over Mastercard

online Services for important travel Ireland. Poppy of key nonprofits, this our a is Hungary; which ], include Some which a and and the life-saving X boats wins veterans rental and workshops to U.K. for customers; service the is agency; and Appeal, for Wagon, support and The RNLI quarter solution [ U.K. of which an software is international provides their other provides which Class life Armed services car Romania which auto Move, Exolvis

So make set pretty with we're it timing, always exact our for formula growth rates but nail the unique hard at times, the stage the to how the of balance pleased is year.

with months for to EBITDA our ago, contributions -- again Givex, X from with midpoint outperformance the mentioned, line account as but limited and gross than less mostly grow revenue profitably less fees we once raised of have the really expectations network we the As plan. in

We less continue be year fee full organic network XX%. expect excess growth in to to gross of revenue

you raise on have will to it, further of simply at expectations any estimates year, see XXXX EBITDA But take save our consensus you early Now are XXXX our we we QX seasonal this Investor will time. expectations already for adjustments. or the Day there without updated if and and next no desire we growth annualize guidance midpoint

balance I view of and we the year Now to with back went progress the just step public. worthwhile over complete, years the since made a X.X we've QX and think take the it's last

First, we IPO since we said would and have we our setting guidance. since everything accomplished our midterm

established targets back the at of through the we in including net Day fall of to CAGR end in revenue ambitious gross volume and CAGR XX% XXXX. a network are volume So Analyst inaugural and less we XX% XXXX, very those medium-term meet or fees exceed revenue targets, and currently in end-to-end tracking our

entertainment. some sports of half verticals, a our verticals, dozen expansion Now and new hotels in today notably, internationally since IPO, into and dominate these also including diversified we a

e-commerce geographies this to our followed opportunity the towards world our have executed strategic road on multiple around into use yellow and as geographic have expansion. our well large plans We brick customer

accomplished Second, [ our XXXX strategic financial their consensus We economic which experience objectives, most explain while and to we shortfalls. ] midterm profitably, showcased goals on use expectations. to away led exceeding performance, challenges our do establish and this execute geopolitical in

you consensus EBITDA less revenue XXXX $XXX go November respectively. year to back gross fees adjusted of were our for apparent surpassed $X.X It million, and full we presentation, inaugural our day reasonably XXXX, be expectations. if billion So these analyst billion, $XXX should and volume, network expectations

$XX $XXX for XX% numbers than billion expectations billion. those or nearly are Today's at consensus higher our volumes higher

And million the other less fees, revenue network adjusted $XXX ago. XX% now cash consensus adjusted $XXX $X.XX is consensus higher pace is Moreover, exceeded $XXX on $XXX X what in XXXX, any at X challenge free XX% similarly who billion. expectations years or scaled we're higher to million at double find years. you I fintech or for gross EBITDA, For higher higher deliver of past over to consensus flow million nearly reflected million.

what and majority may initiatives. despite third, Now accomplished the we growth organic this through think, skeptics of

geographies. thousands by new installed payments So synergies more customers of integrations of unlocking and done cross-selling new net as revenue payment material what to wallet software new share this includes with simply -- an tens adding such of base capturing our customers, customers with and adding payment of we've new from existing ticketing

is underwrote of acquiring software-only cross-sell time cross-sell of customers, initial funnel today. a gateway primarily result actually From approach our larger meaningfully unique to funnel comprised an As the alone, materially at customer customers topped year funnel the This added of you this at the IPO customers, and $XXX -- additional to we on. off funnel have through volume And acquisition. just in that. payments payment a cross-sell XXX,XXX past nearly we've started billion and over we've restaurant of

alone. we over and of Now Givex, what to believe ShiftX on Quebec billion recently the payment in that a we acquisition from cross-sell closed classic note, recently We be which represents acquisition. acquired announced opportunity additional another $XXX customers XXX,XXX

our so the proven that and our essentially same strategy, our strategy well to we customers. similar gateway-only playbook has to payments these cross-sell gateway worked customers, Now use with will

bonus, solution also payment bundle as markets. enter we distribution, a offerings we Now rest and best-in-class gift that of talent loyalty to our gained our will new more accelerate into product the development into and a and

doing. free we've Now the doing fourth, keep afford our sheet us cash necessary been to flexibility exactly and what flow balance

conversion. a of opportunistically we capital quite delete buying to a efficiency deleveraging will our the margins, mention we with our back that not parts to tracking for cash continued us ensure again time, us attractive improve list any have that keep simply we and stock. And structure, are So always weigh long buyback and free allowed enhance flow expand healthy benefit constantly profile an investment, own some of targets authorization busy to to

of So we record expect the convergence and affords, it. you the capital advantage of have that track intelligently plus doing deploy software the to to us flexibility payments keep opportunity to take and should

internally to work considerable have efficiencies. our we operational overall do Lastly, to improve

So company, one. these in would excellent what delivering consider shareholder all not good we're as results I as letter, I an mentioned a my

celebrating us reports quarter, focus what relentlessly wins. other are the force So that But on you, I've every day on we to inevitably many can we I of promise not good at. earnings times our stated the focus

their So margin expand and consistent systems sunset as we're quality to legacy are generation parts speed legacy we they And internal the to have and initiatives connections, profitable to implement as in like cash our to delete to continue Project POS and we services. days. lot These to operations play expect just upgrade flow incorporate and We're AI control, a around mission of new going you improve our out, gateway overall going should free solutions, Phoenix. then early growth. us centralize of all

that profitable run So mindset really costs. never note, be of the growth and understood business at a to on I've all always ShiftX

So we drive Not rational one. more welcome the but reinforces behavior, our the correct only industry our strategy growth. it shifting was that towards conviction profitable does this

we decisions to It So expenses our from talent where an is all derive but strength. keeping our upgrading informs acquisition. profitability flat underwriting

never service will complexity. us brings improve identifying our and customers up day, complexity how we ways to we So really manage every to let single which operational on

a you lot So ShiftX. think we many of going on that I appreciate have in

have commerce-enabling player all theme from nonprofits, global just restaurants, So business not a domestic but platform the years, really to transformed really serve to over focused last e-commerce, and the stadiums, small over few a the uniquely on world. parks really hotels, just we equipped now restaurants

services. products great So we and have

We have distribution. growing

will really years endure the and for We formula, the have firepower, succeed future. the the and partnerships into to strategic the

honestly this all we comes can an can a our understanding So and so presentation, really together. are my letter that a But entitled investors really between public capture company, -- this to earnings our that call. of there's reasonably how much -- as only on extensive education pretty

such, And a So Taylor. be as investor extensive far Taylor? report. alongside will the turn over call next with earnings that, event we to more hosting will I our

David Lauber

I progress some will with to track our begin growing internally backlog environment, use insights update by cross-sell the and interesting key Jared. on you productivity. Thanks, efficiency also that and and opportunity our discussing current the we provide strategic share indicators our into operating current objectives then all

During travel the August July and vacations seasonal spending customary in quarter, months we and the of experienced as take consumers lift more. a

most were Although as vertical decline customers call, moderated and that year-over-year. a same-store in noted on in spending we roughly in sales the had X% QX restaurants experiencing

not worsen, quarters. also historic modest September other some percentages highs sentiment in did of travel restaurants in in saw we conjunction and versus context notable of are but have subsided off in materially previous leisure year-over-year back-to-school. sales While softness declines low in same-store single-digit generally been as verticals consumer These the with

been at hotels flat improve basis. with remain and entertainment modestly Looking October, a last has we've restaurants a same-store roughly on and World record the year-over-year same-store particular sales, seasons while weeks. to bright year's sales leading below Series seen levels numerous overlapping spot Sports to

consumer quarter as Our to have have the view growth backlog, due remember of frame quarter wins has new enterprise important time wins of is we of thousands to billion billion, future roughly nearly number pace billion sales productivity quarter. customers, last e-commerce within nonprofits backlog positive current vast hotels, indicator testimony a We or leading the weakness. QX, the resulting even that to higher during strong, confidence $XX gives in be scheduled a of sustained go to near note, sustain our a than that and now others our our our periods into and growth teams X we an merchants live every growing And the in which signed Of us been signed from restaurants, installed yet majority volume is term, the quarters. to converting immediately. $X Despite backlog in approximately up still that it of typically installation of volume $XX spending many X ramping. can months, are for the during

gap progress merchants all our adding Our in our we one we is with support, we global key our contributing most The and software all in on of overlooked is footprint enterprise that closing expanding can more the ShiftX. the e-commerce success, viable support integrations, builds more global over global an are more the e-commerce world customer expanding the geographic e-comm competitors become making option The backlog. of opportunities geographies to businesses. to our probably of other potential inside success

backlog cross-sell from $XXX of opportunity our massive one in that payments of Vectron M&A included the opportunity cross-sell the almost of and annualized our Not alone, remains Year-to-date Givex. primary now efforts. added Revel, is focuses we billion

be put transactions perspective, get playbook deals the become over It X say more access to of previous say, are proven all opportunity we execution deployed alone refined strategy in we're consolidating so massive our the In also conversion the replace and We synergies solution. set these that vendors, reduce road web and To currently save into these with revenue a cross-sell with money us, from an to have wider end-to-end the time, would that to unlock That than successfully a of meaningfully our confident ShiftX of will has same this recent our merchants the using capabilities. to pursue deals. our in more ahead. strategy combined, added processes including XXXX is closed fair gateway-only gateways. merchants can with vendors the

operated nature vendors. merchants notable a so or their choice X% rather together a include because often necessity different the under is not a a perfect -- a of Givex product hobble customers, a sticky deliberate Givex operated historically one an the loyalty the on but required want having as a the churn gift X%. solutions overall customers I example and to over they stand-alone of commerce to XXX,XXX business. Their a This experience strategy, despite of merchants is and is of card XX elaborate that reputation. top for churn with. for which of our best-in-class which these was were Their excellent complex across all world, in They offering M&A and empowered minute. industry some under so complexity most very customer dozen

merchants, is We sense reality angle. hotels Givex our meaningfully believe give represent a The To much will solution these in an here, as enhance the base product capabilities substantial and point alone able complex all as will we've to less could be end-to-end we keep fees we Their magnitude a product growth. one X% stadiums. intend been penetration revenue our increase is like only the Givex of to value this gross to percentage most for constantly and offer pace talent to well. X offer network you the talent customer also that our our are and is across there existing additive And ShiftX. in lines, struggling to add with a

worth the are positioning excited incredibly transactions, also highly attractive. environment noting that we While is it remains of these deal the by

We given a interesting with a creativity, to not to least, proven our are assets a for sought approach strategic revenue be buyer of. increasingly out that synergies and, as part people ability transactions team want

circumstances us our for industry of of sidelined for leverage distinct some reasons. The of gives be buyers variety a our these businesses different in to highly that we are a our in allocation. selective combination capital traditional Additionally, and advantage,

year, M&A common phrase get we M&A of did don't was Good this with anecdotes on competitors often M&A along would Earlier our poorly. a strategy. need challenged who companies

with understand characterization, While the we the we disagree concerns. do

grown at talent the we the on and is and on measuring level, unnecessary XX% company needle annual network EBITDA M&A the our challenging a movers much granular a course-correct genuine we At having to critical despite employees, considerations when look specific Xx repurpose fees highest our strategy then EBITDA of help has gross Since rigid which revenue IPO of the roles, and per metrics employee more and our One to adjusted efficiency parts. CAGR. as executing of constantly constantly teams to less number adherence roughly learn. delete us adjusted our per apply employee at and our

consider While success, when productivity other any give of of as as is only should important a objective hopefully we it that investors not an the important overall it's measure -- deal M&A. is confidence

to results. Nancy the turn over financial our to call I'll now discuss

Nancy Disman

free Thanks, delivered records of We KPIs, Taylor, strong all results, margin major consistent highlighted quarter and good everyone. and and another of conversion. flow quarterly morning, EBITDA, by setting solid across adjusted our cash

excluding grew revenue of XX% XX% remain the for grew Adjusted we fees $XXX Total EBITDA XX.X% million. full billion north and synergize which grew million, over XXX track growth to basis $XXX XX% we nearly Adjusted recent XX Gross XX a QX from to to margins the drag year-over-year. XX year. acquisitions, deliver EBITDA volume expect less were point organic on XX%, revenue year-over-year or to months. of XX% next to network

Our quarterly ticketing. our our across further of were momentum by restaurant larger strength contribution and an and the verticals, hospitality and from continued merchants, and monetization of results increasingly customers driven conversion and enterprise gateway software-only stadiums

in or IPO from both This growth proof We revenue payments-based the the us X diversification and since see point quarter SaaS-based contribution vertical X in fees. that increased strong to when impact is yet our another our allows deliver results even facing verticals. headwinds macro

the streams. last growth up and other by revenue our spreads in spreads year. Vectron compared to million The and the XX businesses a for success across same we SMB, spread $XXX of Subscription revenue basis still full XXX% and QX, remain and SkyTab period third softening year. consumer, average legacy was year XX quarter quarter points Blended a entertainment the across full the stable, driven our for well further points. core Revel was full vertical as sports Despite basis as was penetration of expect and to

to field in calls, ShiftX will realize as and acquisitions model meaningful often decline up payments synergies. from value This blow cause be not will this I pivot proposition. the from growth linear legacy always revenue in earnings a acquisitions As contribution we previous category legacy significant revenue revenue as mentioned payments-related we them towards

timing the some bumpiness Additionally, may onetime revenue cause quarter-to-quarter. of

profitable and We operating significant leverage. on growth remain focused driving delivering

the EBITDA, a to into this expectations conviction to lighter adjusted bit exceed allowed in early many further EBITDA on high quarter, that have is internal ShiftXway. horizon. We the efficiencies improve on Our This our we are delete in with disciplined volume. many run continue scalability and even of we and on parts expense to the we to drive are further record-breaking that XX.X% approach as even us across still margins will acquisitions, opportunities management and when our has recent operational our we And days achieving to still AI investments the underlying margins integrate have system platform.

adjusted basis flow -- line to to the business, the year cash period strong flow to fluctuations unit compared cash quarterly This our the XX%, of our cycle a a in was working there deployment flows. representing economics flow with model be free due be growth full conversion the changes free $XXX on adjusted cash cash year of capital expectations. efficient free normal continued will XX% in and produce Overall, conversion will quarter up million, period. adjusted Our ago, in free to support seasonality rates in capital and the improvement to our of operating our

to flow in us expense ourselves without companies We and in expansion, efficiency continue sacrificing are product disciplined generate development, growth. to we We global that gains, pride which growth maniacally operations. invest -- few to extremely strategically focused allows exceptional the talent our provide and on are able one ourselves of being cash

September of shares of XXX,XXX program. our During $XXX approximately repurchased third capacity $XX current approximately we XX as approximately million under million, the leaving for quarter, available

in a IPO, the price our million at can million shares approximately our on repurchases $XX. earnings Since totaling have X.X average our shares reconciliation $XXX You find of of of an complete back completed materials. we

largest dilution. about and ShiftX's we shareholder, managing employees, we very are are As thoughtful

EPS fully GAAP the Non-GAAP was $XX share and adjusted million $X.XX. net per was for diluted quarter diluted quarter for income the or basis. third $X.XX GAAP was a million on $XX net income

The historically driver sequential increase of not impact back of to was net to that have primary accounting and Vectron QX was full intangible or approximately QX. amortization the we reminder, quarter added Revel EPS. purchase a income acquired of per $X.XX acquired headwind amortization from and non-GAAP intangible share in $X million As the a

adjusted XXXX, include our with calculations. industry acquired amortization to ahead Looking intangible of conform the we add-back EPS peers and our in will

classified $XXX million further settlement requirement cash million our bonds, to During expanded collateral the a with sheet. restricted $X.X implemented we our structure. quarter, issued facility on in the eliminated to $XXX balance billion we capital took that previously enhance the line which new cash and Citizens, for and balance revolving as our steps We strengthen credit sheet

leverage average indebtedness weighted a quarter total net at approximately and cost Our X.X% our end now was X.Xx. of has

December XX, $XXX debt of expect as heads due current debt million be a up, we in on our to sheet. December XXXX do classified As convertible balance the XXXX

the our operations, after of we down this and However, at finance profile activity positioned the are pay cash it strong to well flow maturity. quarter

balance IPO, notable we items now moment Based take want this it's concluded noncash quarter. not the on since will than on and in two our have tax to realize our our profitability to likely I allowance a growth sheet. highlight more that benefits we that valuation from but accounting the contemplated

such, a but income as benefit on as this we an income to the profitable This required mentioned, given I company. of this tax allowance. noncash record are our item the appears QX As of necessary release is valuation And status a statement.

potential the is receivable our based we tax on item another status to update tax are with liability the associated agreement. required Related,

liability expect million signs them, As them on totaling such, Note large years the but will balance ShiftX, these balances $XXX our paid laws, of only the that note next but to theoretical approximately on take tax with status this given specifically. be are be We fundamental both the growth XX $X a wanted out months. over that current call of associated positive liability recorded I to many strong this realized. based Please to million. amount is tax a though and our we current sheet

sheet, even balance being punitive recent to around to us structure maturities the satisfy EBITDA, without we growing XXXX strong as Our will continue flows year-end buy capital and greater opportunistically our world, equity. free grow back afford stock and cash actions flexibility growing

end Before quickly as guidance, of initial it is approaching we turning our Jared's the reiterating to are outlook, comments. worth medium-term

We CAGR volume XX% are on volume ambitious back and targets or in to XX% gross end-to-end the exceed net fees. in XXXX, network CAGR we revenue less set in revenue track including meet and

Now to guidance.

expect QX include on the from to payments related Givex, revenue which updating outperformance from X. In cross-sell are as capture to we we meaningful We contribution year full ahead, and just November closed the years our for tightening synergies Givex in their across of X of expectations to guidance are the KPIs merchants. just balance reflect and all the ranges year. payment our With under months results year, the QX our processing to we base guidance installed left of

expect $XXX year growth. $XXX range of a year-over-year to full to representing we now For billion end-to-end billion, XX% the XX% volume,

margins $XXX XX%, expect revenue point Year-over-year the growth. to XXX increased adjusted gross $X.XX has expect For now XX% at our EBITDA, midpoint expansion for adjusted be million, EBITDA less updated range XX% representing to we to our year-over-year range from now to about to fees, $X.XX guidance. XX% prior the of billion, the network be billion basis representing to guidance we And year-over-year XX% million $XXX to growth.

of are reflects network and for to which free resetting year the our over We EBITDA. guide cash flow $XXX adjusted fourth full gross expectation midpoints XX% Full quarter XXXX. conversion increasing revenue XX%, will also adjusted adjusted guidance for from cash million yield less flow year fees the free

our a fruit recent opportunities, of the quarter, installs We well resorts our enterprise couple since long and system strongest installs ticketing expected above SkyTab, run installs billion have continue guidance: backlog XXXX including but already its is coming volume are SkyTab at $XX fourth seasonally quarter. cross-sell implemented major rate. beta that accelerate in contracted approximately annual of acquisition the original XX,XXX out of from featured exceed wins A of are quarter. as not Many each XXXX, our fourth now goal callouts pace in payments to XX,XXX especially stadiums, it to XX,XXX. ski to low-hanging pertains to each on of of quarter or list Revel; and yet of contracted

continues hotel customer strategic points still in least XX,XXX to new and the expanding with several now quickly, our e-commerce go markets Despite to conversions set X final organically proof year. been new international in live add with we volume of we And very have countries months falling goal Europe. ramping U.K., are across international our restaurant Canada, for with Central of quickly Ireland and short Vectron XXXX at the and into

organic Importantly, a exceed can if good in network our of growth EBITDA, gross we to relative annualize raised we recently XX%. midpoint continue estimates. place you fees XXXX of are already revenue less see And to QX to consensus expect you

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

Jared Isaacman

was everyone Nancy, I it and bearing with longer appreciate Thanks, than us. I usual. bit a little Okay. know

a coming ShiftX planning to I'm talk on So always There's we're Investor going Day an have to going lot about. up.

it for the to was -- Twitter take want sorry. I that analysts Q&A, turning over So X, before to did submitted from question a or

I about side, do the pursue hasn't followed strategy; So is John who's the long that G. past can this creative you as ShiftX over strategy strategy? continue acquisition believe this this you in from following: curious do replicated retail believe years. and one, why questions. someone to Two Boston, it's another was two, Massachusetts. you From and how the firm few

So reasonably lot A John, all sectors. across I thanks. active of are M&A, companies at mean,

an done is has scaled within acquisition. think payment late. Adyen is even that probably deals. I specifically, company done they've a I only all not of mean, payments Stripe example Square, the

of obvious opportunity, deploying take say would there's an to it strategy. I pretty industry when a intelligently and capital advantage transition is is So in

Palo Amazon, I of In advantage fact, Networks, like respective Apple, quarter, Alto different last within taken of of industries. examples their have gave transitions which all

deals of fix pull a are are I the solid intelligently are, of fix think you people to versus having examples strategy look, to pretty trying late to from are to So deal an and actually opportunity? problems issues Or forward. advantage then take you using problems? it many capital doing And doing a

around scary burn fears ships debt, mistakes, But all then of some. failing make people through see focus those don't to your the they coming where have think the on that's good when are start synergies and become for synergies, realized, lots afraid I it they short. up is conviction worst So to the future, tech and

delivering start flow. free goals or cash actually don't You on margin your

think been using it years. started I to We're Harbortouch, it to do the where that's did it for to our good was pull not doing people this our it others. strategy the because we believing and success opportunity back better. we we've then own organic even saw how we've integrated moved And XX at payment from forward we learned best make then mistakes. capital, by capital. of it our use And really Since since

Now early days keep the this software going look, can question it's very on, of of plus payments.

to together. and run that are chasing the convergence, of essentially we're out they Adyen since think good software going believe will taking as you coming of opportunity to ideas, of if advantage Stripe have So you payments plus same this then well

there has lot shortage year expectations been So do busy was different in This in when we of is a much of no I think because it particularly there was ahead. mean, a opportunities But ZIP also opportunity. that were didn't a valuation in code. we XXXX. XXXX

short things needle. wouldn't that I about pipeline. the our like we So us on coming worry move up can

analysts. of that, up call rest With we'll to the open the the

Operator

comes from with of the line UBS. [Operator first Chiodo Instructions] Timothy Our question

Timothy Chiodo

end-to-end to a volumes guidance of Great. end high in talk little about I the QX. billion for want $XX bit

You talked a little bit about annualization of EBITDA.

less past, but around touch points lighter be in is we little of the and things In bit terms One much point seasonality the could two mix. to QX used end-to-end there's for could the it year? seasonality on. So was I off volumes. jumping $XX essentially use seasonality that Is hoping assume in as fair QX, next billion a a changed to we have

year. to to approach as start appreciating you if fiscal we blocks, high their of are around on And you just building that lot way elaborate or and some Givex I of was related gateway it hoping by opportunity, right? or not was in of multiply that, we giving $XX both next and help billion There's this building but take -- and that there's end and There's conversion the a a those. dealers, X, 'XX the just production. -- just for $XXX active regular volumes year billion versus there's just billion. could Revel guide, the I Vectron investors hoping $XXX blocks dormant highlight at just to there's

David Lauber

thinking of Tim, terms the been Taylor. the summarizing let's movers quite it for always impact let and in of about, that call a you is at you're is is the predictable than kind needle there has generally somewhat Jared have seasonal this and correct the entertainment on cadence in assume 'XX. He's to But hit building is that past. the heavier scheduled I'll of big literally real main QX great business, What's it, sports more happening had QX. it blocks.

in see restaurants do through somewhat volatile behavior You QX.

traditionally even think have Just keep weeks. Thanksgiving and growth. XX% would entertainment the with some little in all of not spending adding of weeks I just Travel to been can volume, bit that's below mind, year's restaurant including heavy a what But are that balance mixed. be like quarter sports a

makes of terms is average year. QX that, it, any off probably of across the is a of volume But contextualize consider right? to how it a our right an think we to QX spending bit call a QX jumping basis XX% sense. point, an you appropriate little all is way thing as kind average let's in that for use Now quarter that than the year, on an softer if verticals not always as, of

Jared Isaacman

you And annualize answer layer look, simplest matter Yes. anything way Look, on. shape is I'll going good I profitable realize because you're emphasis we're in to just growth. there's what. pretty We QX, always to on mean, pointed no -- if EBITDA the that is no just the Tim, on

It's it past hey, you said, too. these billion weighted rolled we've pipeline, contracted also actuals quarter. signed on We we volume, at this Like can look into are volume is deals. -- of a you got backlog. count X not that, a If so $XX this like

So we're pretty I think the idea good. is looking generally,

their of largest hotels, all doesn't doing some like rolling just come and we that's cities mean, That in to why just my in letter. lot needle payments to Europe movers system. a when areas Like time, We I mention our focus transit not my global past have about got like, of of up as what we're terms I the it stadiums restaurants, script like mass In going this already know, I'm an the quarter from, out Investor Day. e-comm. is for core don't in all come ShiftX have on. talked comes to where the we long-winded

figure you a owe we way everybody should now just least to everything that we've So years of outlook. day kind at a what X/X midterm of down like, look so beaten out like have X good last X-year next the I don't know, to our break

like think the looking backlog, a volume of ahead. is looking QX, at annualizing idea So be amount that you'll the everyone comfort in to fair giving I year the

Operator

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

Daniel Perlin

to bit forward just plan. and Vectron dive I for wanted integration in Revel a little the on pull

Germany, transactions that in pull-forward dynamic? what So I the of card-present kind And bit you Secondly, also kind what that to what that European underexecution you and a the rolled guess, or early drove slowdown of kind like as, POS a Canada getting you're U.K. you seeing cross you like current of of did if is in versus maybe Jared, identified of out. in little partly, could U.S.? said, kind quarter put then where just wrong are as learnings have, what some of the went in the

going play various complex lot through Just of to next to puts into the dynamics kind go just have out couple happening, how of quarters. actually that's those of that then and and all a the trying understand takes and transactions to

Jared Isaacman

it's somewhat I think like a mean, Yes, I Dan, timing. good there's just question. of it's a --

waive like -- hypothetical -- is we I every sort been literally and take So playbook this software signing look, that gateway of a letter XXXX. bonus. or give we fees since that we've that waive costs to a hardware says hard. or you I it's not up will doing is mean, cost, our some sign waive what you Revel, mean, devices and a We send if literally example, some Vectron or for customer free then like

a the timing concessions make certain that you model volume waive up when ramp. line think always I starts to of pivot doesn't perfectly when or or versus

in of with the of went October. like, "Hey, there in pivot just planned. XXX thousands accounts. actually I exactly live like of I I'd beer [ it's My of timing was our the goal would put X that's So say part, actually terms boarding say as going we in gardens ].

end the XXXX like, this in at said year entire -- hotels the and hotels my obviously, hey, of restaurants goal yet, always of and or last and our is We beginning year, beginning year. restaurants So year have focus XX,XXX the across and of the Europe., part last that was throughout -- we the then XX,XXX for guide and don't big riskiest look, area the Europe a of was

with think always some -- I in learning get card look, the there's had thing like think Canada. had mean, debit is we something. in Bank had points card are, certifications in Nova We debit to of I that going another we Scotia Germany. I There

be if have even XX% go, ready something. like like -- going is like gone can't transactions X% no of that or to wouldn't You to expected through you're happy restaurants

it and fix go it to all then you So that got learn you quick, rolling out. back

XX,XXX think I there Europe. these the just think the again of more will -- customer ramped be of is the it like just more it was about deals So kind any now. new predicted was restaurants come Vectron it adds. But revenue mysteries in quickly less from alongside don't from some and our working we up destruction next how I where about

also said And international signed this we just very hotel big then we operator. another quarter,

doing trip we're okay. think Like is XX% stumble greater when generally than hit and we like I growth, working. still So volume think everything and I

Operator

of Oppenheimer the question Kumar line & Our next with Rayna Company. comes from

Rayna Kumar

your consumer gateway still converting And update challenges process? spending details, the opportunities us on the Just gateway? give conversion given for all the much are facing an softening on exist? could remaining you any How you

David Lauber

Rayna, couple been past I'll the as has hit in The of it still largely quarters. opportunity is that. Taylor. it's

some take So of And that there's enterprises of a we've large meaningful in. for longer still when left. made good progress lot volume come the but bring volume with conversation the they

think the was of still today. on billion. gateway probably $XXX annualized I stat There's $XXX over quoted billion the last we volume

the remains that giving. it keeps So gift

one get is conversion smaller locations much out of the now. and remarks more we balance mapped like think it. enterprise pace there's have that the I dialogue, to programmatic There's of thing is series to single that then around eventually my that kind over customers the a

of here dynamic give. like is revenue really contribution the that to really, continues The kind interesting is it paltry. So

consequential you're of to not an interesting went very kind so the It's the the left revenue enormous. conundrum. is with away, opportunity extent but And still

you going. want keep it to So

that the opportunity is tell means Givex bring conversion full the is as business that no gateway of as strategic what if funnel, would by sense. funnel you really I to make is is makes it but as that continuing things a any possible, which on like sure focus dormant us,

Operator

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

Darrin Peller

some adding of little on the the execution thoughts this Nice yourself of you from But I'd guys differentiation to magnitude I having markets. find bit new international is in business. guess, what like more hear you a on

done and verticals. stadiums well your extremely obviously in hotels kind and You've legacy of

of As some there's we some some incremental. where into markets there's overlap, move these

list growth about So maybe most you're top for could the of off business. just the if the international you excited areas

going there many what So differentiation be to moving parts, And the helpful. then would you plan bring is forward.

David Lauber

we're kind about let's why Jared Europe the I'll sure. then about can layer like. world. start of talk and of he'd if rest Yes, excited and -- The so in the

Software plus like converge. yet to factual a payments That statement. is just has

we U.S., to the has what solution completely are in to coming XXXXs a that really, providers commonplace us. late the yet started bundled exciting in where So software And see with in that's really U.S., happened is to now the throughout not of market majority Europe. the

market? value bringing that merchant. we're together be to bundled kind Not a as a lot stack can Now bringing we the in how terms of and of go-to-market software, single to a expertise of we deliver entire on the only bringing are vendor. differentiation, bunch what heck hardware of payments more a to are But increasingly,

Vectron, systems, that's So about expertise solution of if our you a have go-to-market entirely completely in-house. think own and you acquisition the bundled Finaro,

outsourced to the proposition and States we've United which course, approach even it's is multiple calls mouths feed, the working. this software to Europe vendors, with as providers seen seen So hotels, components it's that of have when largely value multiple something not we've is, phone significant try to other in

vertical. throughout out own in assets we're plus is every play the compelling Europe us. across in theme how software really, basically convicted really highly obviously will we to ones macro The of payments So

convicted highly theme. we're So the in macro

bring also chain every merchants. operational expertise, the but for value of of kind also piece these We

Jared Isaacman

Yes. to And simple. on, like Darrin, layer it keeping I just really mean,

too number is in think is surprising be which it which I but just even us some to complex capabilities. shouldn't one, respects, card-present

] a absolutely Europe of the about that think player. giants you have job, started outstanding an as card done if [ present So Adyen

mean, You're integrations single for ShopPay, them. capabilities. e-commerce relatively talking more card-present basic incredible type very present a because new capabilities, it's simple basic software for I terminal. world card Stripe,

these I is It's my like, in why why like all in when why we getting involved are EV are capabilities. Europe like transit or we Europe? This ask, why super up tech operators we card-present all from there even are across -- systems isn't player that winding on these because focuses in that perspective,

So Worldline stuff. It's say, not an It huge, is the it's lot integrated does volume. in traditional payments a U.K. old and is player. of card Barclay

focus for was surprising I a we integrated there have to card-present some card in hotel from main think present over well in payments like kind turning our our integrations, clearly product, that of So restaurant perspective. us our our mean, out with But is of stadium doing benefits I complex product. are But Europe. going

when mean, eventual is comes global through coverage. all Now advantage our of to we new to following customer big into these to have there e-commerce, I it our markets. differentiate geographic game take plan

mean, see of are in be I we that kind chip going take You for markets to want other big going of laid kind can and lot are places players a in out. of releases Twitter to the blue one others And rails we're our to that not. those of eventually, customer. advantage

we've happen of somebody like seen Wolt where kind we and -- else. that countries now, because into So they've only it's of think already moved that into went with I right

matter a really really a strong before the happy look, of stages can really choice. others kind just global well. a there's that we serve time join And we'll I like So And few e-comm be that. when we it's only have think of third only like

Operator

Citi. the question comes with from of next Andrew Our Schmidt line

Andrew Schmidt

just in approach organizational I wanted to the dig complexity. on and management

lot, You obviously internal managing doing through going are acquisitions, multiple guys a simplification.

pipeline. of number shift Obviously, for give that part of also glimpse into this a But a you're you M&A is the the us with and spinning. risk lot just initiatives complexity You reduce maybe you how manage culture. associated have of

Jared Isaacman

it I literally the the beat I try mean, I goes ShiftXway day drum every and just love Yes. of and every this week. kind that because and to reinforce

into ahead. activity X of when lot concentrate needle-moving like -- I is needle-moving ago. year think and it -- couple X for or like offsite X initiatives. to there's priorities and like of the It's the is idea try And take of X really, we weeks for just what had one a a kind really our that's executive

a from boils is those. work kind we there's to finance, other anchored lot small And Now direction. our down good some the talent to it. in legal, leadership, moving to across goal where the we major organization, keeping have really get would teams on terms have that underneath But to of of of dev I like the right. empower all all just our always that's it's scrappy say like sub-bullets so of kind PMO on an right of X best talent it incredible That's office. in things

investing project was a a important. I ago, think, pretty management in very office So years strong few

flat, M&A But with ships of parts, spread of you deleting you and lots make burn same and can't when and twice; decision-making executing really, to don't absorbing procedurally layers future; so staying not focus the much do and the emphasize that management, the want all parts table mistake I the ShiftXway the and of you delays radical deleting stumble amount driven if which like of look on again information. urgency; the the at a philosophies reasonable matters we pound ownership; on how time, you the

it organization. restaurant it of the of Enterprise is of Revel. Q&A division management And the ago Q&A like oversee reporting from entire oversee also for elevating of answer our that aspects do out leads our Finaro I'd payment Appetize kind for a ShiftXway really that is multi-menu infrastructure. the whole and heart of year There's came it's from There's talent. leaders -- is, job say So the -- culture. the we awesome a acquisition

So of I like we think that. have lot proof points a good

telling organization. approach believe go the plus the the a else up betterment which best whole it town everyone deal, you number. say, hall when So want But the people makes recently, the like one of Givex, wind big for key on? into jump absolutely next will in like can we have to athletes roles It that here from in anyone one is

David Lauber

generally entrepreneurial at and path Yes, the out say Like it of a figure I long really the is with to well. atypical really organizations. somewhat highly also ROI leash company best every made, decision be that's and you the you inside would are covered root allowed through.

phenomenal success. And how get complicated more is be organization As one your can figure in hire, sound, creative . there you done you long kind partner, can through. you the buy, we enterprise It's cetera. job work, tons how can win a just you math that example. can you can led pushing out of do et on to immensely Nancy's has Well, to a sales has of but you ROI ROI build, as right? is side,

Operator

Our line Sanjay question Sakhrani from with this final morning comes of KBW. the

Sanjay Sakhrani

you is bit margins? significantly softer the the could mentioned? you just changed just anything Obviously, leads that the there third spending on to the down a drill it that in little that you despite Or Is more strong consumer on concerned? be this, are trends but quarter

just observations maybe and doing SkyTab, then really above guys you there. success Any are beyond talked guys Obviously, have on And what about you well given there? the

David Lauber

like have about largely the would same-store that's how there's consumer restaurants Yes, throughout sure. couple say been notable of years. well to restaurants I'll of been the I -- know I persistent trends a this, summer. middle because spending quite done the we've the decline in think since hit was much don't there reasonably witnessed. that sales last

because the we that business declines as of we are a probably softer like adding wouldn't strong October. hotels, same-store the across economy. So don't had in and while sales They basically rebounded -- tons and diversified little as some signs only a you of slightly had that But in really a respects, that's perfect was weakening zero could same-store of summer. have September consumer modest facet verticals. Entertainment, our for inside September. was we're predicted probably sales where there of month example, forever Hotels have base solid all be of across the it customers, that Sports there accordingly.

optimism, it's regard, So for high reason that dividends. pessimism for I'd paying significant still diversification no been and or say has our mixed. There's

we're So content. quite

Jared Isaacman

SkyTab. On

David Lauber

Yes.

Jared Isaacman

We're pleased the think that going pumped -- you're whether pace taking to about in with deals, Europe SkyTab account, wins talent. think Ireland, see a you're U.K. a progress, and of now, think the on just repurposing following general, in our every it's Vectron, mean, Givex, you're and the like lot lot kind with Especially SkyTab. post the one you're to or I of Twitter/X I in pace Again, I that. more even overall past a lot Revel pretty the of we're out we if progress QX. more see matter. things to of you're these And pretty the I going of of burning then them our shift

been Yes, So your that your burned into SkyTab now case because Or the here has be the all in these Vectron where the start your about ship Vectron, QSR, capabilities, across with they to systems XX,XXX like only for localizing fiscal their Eventually, Revel, Europe. basic have product Revel compliance. have Central of is across and all build that. multi-management payments. retail SkyTab, on worry enterprise and markets, that product we replaced

like through in you deals apply talent So our can that every more these go-forward gaining you're one strategy. always of

just like there So continuing to is increase, nice. is which velocity

there. And a who we have point more the them. fine. some maybe in categories we're said, at and a world And #X we more totally restaurants. Toast next -- the -- like lot plan the on I Like to like out #X at in create. one we're payments edge of I we're we're we that knows, close we'll That's think So gap, value in

Operator

this concludes gentlemen, you our question-and-answer We and and thank for concludes our call participation. your today. Ladies you. And that interest Thank session.

You may disconnect lines. your now

Shift4 Payments (FOUR) 12 Nov 242024 Q3 Earnings call transcript