Shift4 Payments, Inc. · NYSE:FOUR
Shift4 Payments — Investor Day (2025)
102 slides from Shift4 Payments's investor day presentation, 2025
Slide 1: Investor Day 2025
SHIFT@ da Z — Investor Day 2025 . <a :
Slide 2: Forward-Looking Statements Disclaimer
Forward-Looking Statements Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Shift4 Payments, Inc. (“we,” “our,” the “Company,” or “Shift4”) intends such forward-looking statements to be covered by the safe ha
Slide 3: Agenda
agenda 01 Opening Remarks Where We Are Today, How the Business Has Grown, and Where We’re Going 02 Overview of the Business Restaurants, Hospitality, Sports & Entertainment, and Unified Commerce Product 03 SkyTab, Payments Platform, SkyTab Venue, and Unified Commerce 04 How We Work The Shift4 Way 05
Slide 4: Opening Remarks
01 Opening Remarks
Slide 5: Scorecard Since Our Investor Day in 2021
Scorecard Since Our Investor Day in 2021 2021 2021 MEDIUM TERM 2024 3 YEAR CAGR ACTUAL OUTLOOK ACTUAL (2021-2024) $47 $160 $165 E2E VOLUME 52% Billion Billion Billion GROSS REVENUE $529 $1.15 $1.35 37% LESS NETWORK FEES Million Billion Billion $167 $677 ADJ EBITDA Million 59% Million ADJ EBITDA MARG
Slide 6: We Have Delivered Superior Financial Performance While Improving Quality of the Business
103% X NRR e We Have Delivered 3.5 um Superior Financial l Vo Performance While 99% Improving the Quality NRR of the Business 115% NRR
Slide 7: Evolution…While Also Improving Unit Economics
Evolution…While Also Improving Unit Economics Factors Contributing to Higher Factors Contributing to Stable Customer Customer Lifetime Value (LTV) Acquisitions Costs (CAC) ➔ Increased duration of average customer due to ➔ Shift towards direct distribution = lowered third positive mix shift towards e
Slide 8: Organization Philosophy: The Shift4 Way
Organization Philosophy: The Shift4 Way Quick and Communicate Data-Informed Small Scrappy Stay Flat Often Decision Making Teams Radical Procedurally Delete Execute Ownership Driven the Parts with Urgency
Slide 9: Your Investment in Us: High Growth & High Margins for >5x Returns
Your Investment in Us: High Growth & High Margins for >5x Returns Value today if $10,000 invested League unto ourselves: at the time of Shift4 IPO1 Delivered HIGH GROWTH and HIGH MARGINS2 All performance excludes dividends 1) Peer performance assumes pro-rata investments across a 20 company peer gro
Slide 10: Why Should You Believe the Sustainability of Our Growth?
Why Should You Believe the Sustainability of Our Growth? Differentiated Massive Track Record Identifying Right to Win in Our Payments and Integrating Value- Chosen End Markets Cross Sell creating Acquisitions
Slide 11: We are going to go all over the world and bring the magic
We are going to go all over the world and bring the magic from our USA products and integrations in to the global market. ➔ We are going to win restaurants ➔ We are going to win hotels ➔ We are going to win stadiums and theme parks ➔ We are going to win more customers like our strategic partner ➔ We
Slide 12: Overview of the Business
02 Overview of the Business
Slide 13: Our Current Right to Win
Our Current Right to Win Verticals where we have a current right to win TODAY Restaurants Hospitality Sports & Entertainment Unified Commerce
Slide 14: Restaurants
Our Capabilities ➔ Modern and purpose built restaurant technology, including POS software, business intelligence and critical marketplace integrations ➔ Over 150 SkyTab developers, with thousands of collective years of experience in restaurant technology ➔ One hand to shake: A vertically integrated
Slide 15: Hospitality
Our Capabilities ➔ Payment platform optimized for both simple and complex hospitality environments ➔ Over 550 integrations means instant compatibility with virtually any hotel ➔ Business Intelligence tools built for hotel operators ➔ A vertically integrated technology stack with in-house expertise i
Slide 16: Sports & Entertainment
Our Capabilities ➔ World-class technology driving a mobile-first, fan-centered experience ➔ A payment platform integrated to software across all revenue centers of a complex entertainment environment ◆ Food & Beverage ◆ Suites ◆ Ticketing ◆ Retail ◆ Parking ◆ Autonomous self-checkout ➔ In-house hard
Slide 17: Unified Commerce
Our Capabilities ➔ A payment platform offering a single integration to all aspects of commerce ◆ Card-present and ecommerce ◆ Local and international acceptance ◆ Global remittance ◆ AI enabled fraud management and risk monitoring ➔ Essential vertical features for: ◆ Retail & ecommerce ◆ Gaming ◆ Tr
Slide 18: Strategic Evolution of Our Go-To-Market Strategy
Strategic Evolution of Our Go-To-Market Strategy Partner Revenue Share 21.4% of GRLNF Partner Revenue Share 11.8% of GRLNF
Slide 19: Geographic Reach at IPO
Geographic Reach at IPO @ PROCESSING AT IPO a“
Slide 20: Geographic Reach Today
Geographic Reach Today
Slide 21: Product
03 Product
Slide 22: Shift4 Product Team Organization
Shift4 Product Team Organization SKYTAB VENUE SKYTAB UNIFIED COMMERCE PAYMENTS PLATFORM ➔ Product teams structured to drive rapid growth ➔ Ownership with Accountability – squads own and merchant-centric solutions business outcomes, enabling fast decision-making ➔ Each cross-functional team organized
Slide 23: Technologists, Small & Scrappy Team Alignment
1,000 Small & Scrappy Localized Optimized for Technologists Team Alignment Domain Expertise Global Expansion
Slide 24: Product-Driven Organizational Philosophy
Product-Driven Organizational Philosophy Can’t Fail Mindset 1 We build products that merchants must trust—scalable, stable, and resilient by design Customer-Focused Product Development 2 Demands of most complex customers informs product design and delivery for all customers Amazing Merchant Experien
Slide 25: Shift4 Product
SHIFT@ PRODUCT / Hospitality SkyTab Venue ified Commerce
Slide 26: Restaurants: SkyTab POS
RESTAURANTS: SKYTAB POS
Slide 27: Why We Win in Restaurants
Why We Win in Restaurants All-in-one restaurant platform focused on mobility, operational efficiency, reliability and exceptional merchant experience Vertically integrated technology stack acoss restaurant point of sale, payment processing, hardware, analytics, etc. Deep expertise with leaders absor
Slide 28: Modern All-in-one POS Designed for Restaurants & Hospitality
Mobile Optimized Kitchen Efficiency Restaurant ➔ Enterprise menu Modern All-in-one POS ➔ Tableside ordering configuration ➔ Mobile & curbside ordering ➔ Kitchen display system with Designed for Restaurants ➔ Purpose-built tablet ordering customizable workflows ➔ InCharge management app ➔ Real-tIme i
Slide 29: SkyTab Platform Roadmap
SkyTab Platform Roadmap ➔ Localization in 10 International Expansion Markets Fiscal compliance, tax, language, local payment methods ➔ Enterprise Management Incorporating enterprise capabilities required by the largest brands ➔ Mobile Optimized Restaurant Fully refreshed and optimized mobile orderin
Slide 30: SkyTab Crypto Payments
SkyTab Crypto Payments Accept crypto and stablecoin payments at checkout for goods and services. Never touch crypto. Cryptocurrency is automatically converted to US dollars and settled to your bank account. Reduce risk. Crypto has no risk of chargebacks or fraud Optional Crypto + Stablecoin settleme
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Slide 32: Hospitality: Payments Platform
HOSPITALITY: PAYMENTS PLATFORM
Slide 33: Hospitality: Embracing Complexity
Hospitality: Embracing Complexity Over 550 integrations means instant compatibility with virtually any hotel Vertically integrated technology stack enabling frictionless payments from booking to check out Business Intelligence tools specifically built for hotel operators and designed to streamline o
Slide 34: Hospitality Roadmap
Hospitality Roadmap ➔ Accelerated Global Expansion Additional local payment methods, Pay by Link, BNPL and integration enablement activity to to enable expanding geographies ➔ Dynamic Currency Conversion (DCC) Enable currency selection at all points of interaction ➔ Hospitality Loyalty & Insights Fu
Slide 35: Sports & Entertainment: SkyTab Venue
SPORTS & ENTERTAINMENT: SKYTAB VENUE
Slide 36: Why We Win in Sports & Entertainment
Why We Win in Sports & Entertainment A single platform that powers the complete fan experience: ticketing, parking, concessions, retail, and suites World-class technology driving a mobile-first experience: cross-mobile ordering, digital wallet, loyalty + payments Lower cost of ownership due to vendo
Slide 37: SkyTab Venue – Alternative Options
SkyTab Venue – Alternative Options Restaurant POS PMS Without Gateway SkyTab Venue, Concessions POS an S&E merchant must combine multiple systems, adding costs and complexity to their business POS Gateway Loyalty Parking Mobile Vendor Gateway Ticketing Vendor Gateway Suites
Slide 38: SkyTab Venue – Single Solution
SkyTab Venue – Single Solution With SkyTab Venue, a single solution powers the full fan experience, in and around the venue – from online and box office ticket sales to concessions, retail and parking
Slide 39: SkyTab Venue – F&B
Restaurants SkyTab Venue – F&B Trusted by more than half of the major league sports venues in North America, SkyTab Venue provides a seamless customer experience, handling high order volumes, both online and offline F&B Point-of-Sale ➔ Quick-Service Concessions ➔ Self-Service Kiosk ➔ Full-Service Cl
Slide 40: SkyTab Venue – Mobile Ordering
Restaurants SkyTab Venue – Mobile Ordering SkyTab Venue powers mobile ordering for world renowned stadiums and the world’s largest theme parks – modernizing the guest experience while reducing labor and hardware costs Mobile Ordering ➔ Order Ahead for Pickup ➔ Scan-and-Go Self-Checkout ➔ In-Seat Del
Slide 41: SkyTab Venue – Retail Capabilities
Restaurants SkyTab Venue – Retail Capabilities Self-Checkout Partnerships with the industry’s leading retail POS and autonomous self-checkout platforms to accept Shift4 card-present and card-not-present payments Autonomous, Self-Checkout Partners Retail POS Partners Retail Delivery Pickup Concession
Slide 42: SkyTab Venue – Loyalty
SkyTab Venue – Loyalty Loyalty The SkyTab Venue Wallet provides a sophisticated first-party loyalty program for Loyalty season ticket members and VIP fans to redeem benefits and pay Loyalty Wallet Accepted Everywhere ➔ Robust Rewards Engine ➔ Gift Cards and Stored Value ➔ “Cash-Back” Bonuses ➔ Prefe
Slide 43: SkyTab Venue – Roadmap
SkyTab Venue – Roadmap ➔ Geographic Expansion ◆ Grow SkyTab Venue’s Capada Pro Sports market share, leveraging the inroads that overall expansion efforts and recent M&A activity have opened ◆ Expand internationally, initially targeting territories where domestic differentiators may be leveraged, e.g
Slide 44: Unified Commerce
UNIFIED COMMERCE
Slide 45: One Platform, One Integration, Global Reach
ONE PLATFORM 4 ONE INTEGRATION 4 GLOBAL REACH Informed by the Most Demanding Customers on (& off) the Planet
Slide 46: Unified Commerce Capabilities
Unified Commerce Capabilities Global Reach, Cross Border & Local AI Fraud Engine Acquiring Tools and capabilities to identify and prevent Supporting different acquiring model to provide a fraudulent users and transactions seamless payment experience across the globe with support for card present and
Slide 47: Global Reach with Local Acquiring
Global Reach with Local Acquiring NORTH AMERICA EUROPE EASTERN EUROPE APAC AFRICA MIDDLE EAST LATAM & CARIBBEAN UNITED STATES AUSTRIA BELGIUM BULGARIA CROATIA ALBANIA HONG KONG BOTSWANA ISRAEL BONAIRE BRAZIL CHILE CANADA CYPRUS CZECH REP. DENMARK ESTONIA BOS. & HERZ. FIJI GAMBIA UAE COLOMBIA BARBADO
Slide 48: Expanding Catalog of Global Payment Methods
Expanding Catalog of Global Payment Methods CARDS DIGITAL WALLETS Korean Local Cards BANK TRANSFER CASH/VOUCHER Brazil Chile Ecuador Brazil Banks Chile Banks Ecuador Banks Cash Payments Cash Payments Cash Payments Lithuania Malaysia Mexico Estonian Banks Indonesia Banks Cash Payments Cash Payments C
Slide 49: Consolidated Business Management Portal
Consolidated Business Management Portal ➔ Single Portal Across All Regions ➔ Consolidated Operational & Business Reporting ➔ Transaction Analysis ➔ Customer Database ➔ Dispute Management Workflow ➔ Fraud Management: Fingerprinting & Blacklisting ➔ Subscription Management ➔ Events & Logs
Slide 50: The Future of Unified Commerce: Our Roadmap
The Future of Unified Commerce: Our Roadmap Global Expansion Merchant Experience ➔ More Countries ➔ API integration assistant ➔ More Local Payment Methods ➔ Fast geography & payment type ➔ Crypto Payment Acceptance expansion ➔ Crypto + Stablecoin Settlements ➔ AI-assisted report builder Platform Opt
Slide 51: How We Work
04 How We Work
Slide 52: How We Work - In Action
How We Work - In Action ATTRACT DEVELOP RETAIN Top Talent Global Career Opportunities and Growth Reward Exceptional Performance ➔ Acquisition strategy drives talent strategy ➔ 44% of employees ex-US year end 2024 ➔ Small, scrappy teams aligned against vs. 18% in 2023 top company objectives The Shift
Slide 53: Program Management Office Overview
Program Management Office Overview The Team Central group established in 2021 to standardize Shift4’s execution strategy for key initiatives, optimize management practices around industry best practices, and continuously improve the organization to drive performance & business goals Josh McCall Chie
Slide 54: Case Study: Appetize
Case Study Appetize was a Point-of-Sale technology provider primarily concentrated in sports and entertainment venues, theme parks, zoos, museums, and college campuses. Appetize was acquired by SpotOn in 2021, and subsequently by Shift4 in October 2023. Their client base included brands like New Yor
Slide 55: How Mission Control Works
How Mission Control Works Time to Revenue Mission Control monitors and alerts through the onboarding process to support merchants as they come online. Customer Satisfaction AI based automations track each merchant escalation, phone call, support request, hardware order, and transaction result in nea
Slide 56: Mission 4 Control
Slide 57: Growth Strategy
05 Growth Strategy
Slide 58: 20+ Years of Integrated Payment Experience
20+ Years of Integrated Payment Experience Shift4 has strategically selected verticals with minimal competition, giving us a right to win Table Service Restaurants Sports & Entertainment Hotels Unified ecommerce Only two major players serve this No other provider offers as many Shift4 controls more
Slide 59: Why We Win Customers
➔ We solve complex problems for our merchants by reducing complexity and streamlining operations across multiple industries. ➔ We were early to integrated payments, strategically selecting areas where we could win and built products to be #1 or #2 in the world. ➔ We deliver differentiated solutions
Slide 60: How We Cross Sell
How We Cross Sell >$1.4T Cross-Sell Strategy ➔ Strategy tops off the funnel through acquisitions ➔ We trade legacy dollars for SAAS + Payments >$800B ➔ Flyer is attached to merchant’s statement >$500B ◆ Stop paying gateway, device, and gift card fees >$400B >$300B ➔ We engage to solve their pain poi
Slide 61: Land and Expand Strategy
Land and Expand Strategy SPORTS & ENTERTAINMENT JULY 2020 MAR 2021 FEB 2022 JAN 2023 OCT 2023 2024+ We leveraged our Acquired VenueNext, Integrations/partnerships Unlocked the last Primary competitor Brought S&E value Oracle partnership to began dominating the with ticketing platforms major ticketin
Slide 62: Scalable & Repeatable Customer Acquisition and Onboarding
SMB (Restaurants, Small Hotels) ➔ Solution specialists recruited from the restaurant industry and trained on our tech stack engage and win new business. ➔ Our platform rapidly boards, programs, and activates Scalable & Repeatable new merchants, assisted by the Launch Team. ➔ Standardized process fol
Slide 63: Unmatched in the Market
Leverage our products and value We position ourselves to maximize proposition and direct GTM strategy to win engagements and create more Unmatched net new customers in key verticals. opportunities. in the Market Shift4 has built a more cost efficient customer acquisition strategy Our sales funnel is
Slide 64: Evolution of Our TAM
GS Oo & |__| TAM at IPO Sports & Online Entertainment Gaming & Non-Profits ax Airline Bookings Evolution of Our TAM Broadband Internet us. eCommerce us. Retail European eCommerce European Restaurants European Hospitality European Retail ical $14T+ Total TAM
Slide 65: How We Accelerate Our Growth
How We Accelerate Our Growth STRATEGY GROUP OBJECTIVE Maximize the long-term growth of the company in a capital efficient manner
Slide 66: How We Accomplish Our Objectives: Capital Allocation
How We Accomplish Our Objectives: Capital Allocation Excess Capital Available For Investment Acquisitions & Shareholder Customer Acquisition Product Investment Investments Upfront Sales Incentives R&D Acquisitions Stock Buybacks Hardware
Slide 67: How Acquisitions Fuel Growth
How Acquisitions Fuel Growth Acquisition-led growth strategy Advantaged Enhanced Platform Delete Accelerated CAC Model / Capabilities Set the Parts Time to Market
Slide 68: How We Measure Our Success
How We Measure Our Success Total Return on Capital Total Capital Incremental EBITDA Total Return Deployed and FCF Generated on Capital
Slide 69: How Have We Performed?
How Have We Performed? 5-Year Return on Invested Capital Growth in Annual EBITDA: $590mm Growth in Annual FCF: $424mm Total Capital Invested: $2.7bn 4.6x 6.4x 16% EBITDA MULTIPLE FCF MULTIPLE FCF YIELD
Slide 70: What Makes Us Unique?
What Makes Us Unique? Pioneer recognizing the disruption of integrated payments, continuing to move quickly to take advantage 3 acquisition themes with specific synergy realization playbooks, improving with each deal Advantaged sourcing model and proven execution team Sustainable attractive long-ter
Slide 71: Acquisition Themes With Replicable Playbooks
Acquisition Themes With Replicable Playbooks 01 02 03 Top Off the Funnel International Capability and Delete the Parts Expansion Enhancement RATIONALE RATIONALE RATIONALE Superior CAC model to Recreate Shift4 Leverage Shift4 playbook SaaS/payment competitors playbook abroad in other verticals Due di
Slide 72: Recapping Previous Acquisition Strategies
Recapping Previous Top Off the Funnel and Delete the Parts Acquisition Strategies Capability International Enhancement Expansion
Slide 73: Survivors After Deleting the Parts
Survivors After Top Off the Funnel and Delete the Parts Deleting the Parts Capability International Enhancement Expansion
Slide 74: Case Study
Case Study CARD PRESENT VOLUME GRLNF ADJ EBITDA VOLUME 30% 2.0x 1.9x 2.4x 3% PRIOR TO TODAY PRIOR TO TODAY PRIOR TO TODAY PRIOR TO TODAY SIGNING SIGNING SIGNING SIGNING
Slide 75: Global Blue
06 Global Blue
Slide 76: Shift4 to Acquire Global Blue for $2.5 Billion in All-Cash Transaction
Shift4 has entered into an agreement to acquire Global Blue for $2.5 billion in an all-cash transaction Clear market leader serving the Further reinforces our commitment most recognizable luxury retailers to evolve Shift4 into an integrated all over the world (75K+ global payments platform merchants
Slide 77: Global Blue is a Leader in Global Payments Technology
Global Blue is a Leader #1 50+ in Global Payments TAX FREE SHOPPING SOLUTIONS COUNTRIES1 Technology ➔ Diversified portfolio of tax-free shopping solutions and other value-added offerings including Dynamic Currency ~€30B $500B+ Conversion (“DCC”), Multi-Currency Payments (“MCP”) CY2024 SALES IN STORE
Slide 78: Global Blue has an Iconic Portfolio of Brands Around the World
Global Blue has an Iconic Portfolio of Brands Around the World
Slide 79: Global Blue Operates a Two-sided Network
Global Blue Operates a Two-sided Network Connecting Merchants and Shoppers Globally 75K RETAILERS WITH 400K+ LOCATIONS 15M+ INTERNATIONAL SHOPPERS
Slide 80: Differentiated Product Suite for Blue Chip Luxury Merchant Base
Differentiated Product Suite for Blue Chip Luxury Merchant Base Payments Solutions Tax Free Shopping Description Description ➔ Enables international shoppers to make payments ➔ Support international shoppers with the Value in local currency across 30+ countries in Europe Added Taxes (“VAT”) refund p
Slide 81: How Does the Tax-Free Shopping Solution Work?
How Does the Tax-Free Shopping Solution Work? INTERNATIONAL RETAILERS CUSTOMS & REFUND AGENT SHOPPER AUTHORITIES AT AIRPORTS PURCHASE (including VAT) €70 €600 Consumer Refund Purchase: €500 VAT: €100 €15 Merchant Revenue Issuing Export Validation Refunding (Tax free form) (Goods) (VAT) In store At t
Slide 82: Global Blue has Multiple Long-Term Growth Drivers
Global Blue has Multiple Long-Term Growth Drivers Expanding Market Opportunity ➔ Continued Growth in Tax-Free Shopping in Existing Geographies Italy, France, Spain, Germany, Japan, Korea, Singapore, etc. ~6% ➔ Further Penetrate Existing Markets through Ongoing Digitization PERSONAL GOODS 1 LUXURY MA
Slide 83: A Shared Vision of Empowering Merchants Globally
A Shared Vision of Empowering Merchants Globally 1 Global Blue Enhances Shift4’s Unified Commerce Platform ➔ Shift4’s end-to-end payments platform brings differentiation and scale to Global Blue ➔ Global Blue expands Shift4’s product suite and provides additional use cases for Shift4’s offerings glo
Slide 84: Acquisition Continues Shift4's Evolution into Global Integrated Payments Platform
Acquisition of Global Blue Continues Shift4’s Evolution into a Global Integrated Payments Platform X Combined Company Leading Player in Hospitality, #1 Tax Free Shopping Provider Global Payments Market Sports & Entertainment, Focused on Luxury and Technology Leader in Position and Restaurants Non-lu
Slide 85: Our New Global Footprint
Our New Global Footprint 75+ COUNTRIES
Slide 86: Driving Long-term Growth with Meaningful Revenue Synergies
Driving Long-term Growth with $80MM+ $70MM+ of run-rate revenue …to drive run-rate Meaningful synergies by 2027… EBITDA contribution Revenue Synergies Benefit from Global Blue’s long-term Accelerate penetration of DCC offering Accelerate monetization of Global merchant relationships and Shift4’s uni
Slide 87: Building Strategic Partnership with Ant International and Tencent
Building Strategic Partnership with Ant International and Tencent Ant International and Tencent will become shareholders in the combined business The partnership will include collaboration with Shift4 on the development of our global unified payment platform including payment product development, ex
Slide 88: Transaction Overview
Transaction Overview ➔ Transaction valued at market value of $2.0B or $7.50 per share, implying enterprise value of ~$2.5B TRANSACTION ➔ Purchase price represents a ~15% premium over Global Blue’s closing share price of $6.54 as of SUMMARY February 14, 2025 ➔ Valuation represents ~13x CY2024 EV / EB
Slide 89: Outlook
07 Outlook
Slide 90: 2024 Financial Review and Q4 Highlights
2024 Financial Review and Q4 Highlights +49% YoY +47% YoY +50% YoY $139.3M $205.9M Q4 END-TO-END GROSS GROSS REVENUE LESS NET NETWORK FEES(A) INCOME +51%YoY PAYMENT VOLUME PROFIT ADJ EBITDA(A) (A) Q4 End-to-End Payment Volume Gross Profit & Gross Revenue Less Network Fees • End-to-end ("E2E") paymen
Slide 91: 2025 Guidance
2025 Guidance Volume Adjusted EBITDA $200 Billion TO $220 Billion $830 Million TO $855 Million Gross Revenue Less Network Fees Adjusted Free Cash Flow $1.65 Billion TO $1.72 Billion 50%+ Adj. FCF Conversion
Slide 92: A Deeper Look at The Year Ahead
A Deeper Look at The Year Ahead GROSS REVENUE LESS NETWORK FEES: VOLUME BRIDGE ($BILLION) 24% Growth (at the midpoint) Payments Based Revenue ➔ Driven by volume growth: new, up-sell, cross-sell ➔ Spreads remain stable exiting 2024 Stable Subscription & Other Spreads ~60 bps ➔ SaaS growth will contin
Slide 93: Proven Track Record of Deleveraging
Proven Track Record of Deleveraging Q3’2022 Insourcing of AUG 2024 third-party distributors Issued 2032 unsecured notes ($1,100M) OCT 2023 NOV 2024 4.0x when reflecting Completed acquisition Completed paydown of the 2025 of Appetize and Finaro acquisition of Givex convertible notes 1 Reflects paydow
Slide 94: Medium Term Guidance
The Most Likely Case “Sit on our Hands” Impact of Case Global Blue Following the Shift4 Playbook, with Global Blue & other M&A, you can expect… Medium Term Guidance Gross Revenue Less Gross Revenue Less Gross Revenue Less Network Fees Network Fees Network Fees 3Y CAGR: 3Y CAGR: 3Y CAGR: High Teens 2
Slide 95: $1 Billion in Adj. Free Cash Flow
An Aspirational…but Achievable Goal Exit Run Rate from 2027 $1 Billion in Adj. $1 Billion Adjusted FCF Free Cash Flow
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Slide 97: We Are Thrilled to Welcome Our New Board Member
And One More Thing… We Are Thrilled to Welcome Our New Board Member! Seth Dallaire Executive Vice President and Chief Growth Officer, Walmart U.S. Seth Dallaire is Walmart’s executive vice president and chief growth officer. He is responsible for driving revenue and overseeing all areas that contrib
Slide 98: We are going to go all over the world and bring the magic
We are going to go all over the world and bring the magic from our USA products and integrations in to the global market. ➔ We are going to win restaurants ➔ We are going to win hotels ➔ We are going to win stadiums and theme parks ➔ We are going to win more customers like our strategic partner ➔ We
Slide 99: Shift4
SHIFT @
Slide 100: Reconciliations of Gross Revenue to Gross Profit and Gross Revenue Less Network Fees
Reconciliations of Gross Revenue to Gross Profit and Gross Profit to Gross Revenue Less Network Fees Year Ended December 31, (in millions) 2024 2023 Gross revenue $3,330.6 $2,564.8 Less: Network fees (1,976.2) (1,624.4) Less: Other costs of sales (exclusive of depreciation of equipment under lease)
Slide 101: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA Year Ended December 31, (in millions) 2024 2023 Net income $294.5 $122.9 Interest expense 61.8 32.1 Interest income (33.7) (31.9) Income tax benefit (296.1) (3.4) Depreciation and amortization 296.6 214.6 EBITDA 323.1 334.3 Acquisition, rest
Slide 102: Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow
Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow Year Ended December 31, (in millions) 2024 2023 Net cash provided by operating activities (a) $500.3 $346.0 Capital expenditures (b) (173.9) (135.6) Free Cash Flow 326.4 210.4 Adjustments: Payments on contingent liab