Slide 1: Q1 2025 Shareholder Letter
Q1 2025 SHAREHOLDER LETTER INVESTORS.SHIFT4.COM
Slide 2: Forward-Looking Statements
Forward-Looking Statements This letter contains forward-looking statements within the We have based these forward-looking statements largely on variety of laws and regulations, including those relating meaning of the Private Securities Litigation Reform Act of our current expectations and projection
Slide 3: Dear Fellow Shareholders
Dear Fellow Shareholders, We wrapped up another reasonably strong quarter, executing well on our strategy – I growing rapidly am pleased and profitably, to share generating our quarterly results,free cashlargely which flow, improving fell withinour ourproducts, expectations, and provide a summary of
Slide 4: Heading into spring and summer with optimism
I am personally heading into the spring and summer with a lot of optimism for Shift4 and our combination with Global Blue: • Our products are seeing demand throughout the world, whether that be SkyTab, our hospitality or stadium offerings, or increasingly unified commerce. We are entering an excitin
Slide 5: Performance Highlights First Quarter 2025
Performance Highlights Q1 First Quarter 2025 +35% YoY +37% YoY +40% YoY $19.5M • $168.5M Q1 VOLUME GROSS PROFIT GROSS REVENUE LESS NETWORK NET INCOME +38% YoY FEES(A) ADJUSTED EBITDA(A) • Volume of $45.0 billion during Q1 2025, up 35% from Q1 • Net income for Q1 2025 was $19.5 million. Net income pe
Slide 6: Proven Track Record of Resilience in Uncertain Times
Shift4 Has a Proven Track Record of Resilience in Uncertain Times and Is Better Equipped than Ever Increased Volume and Improved Diversity Move Up Market Financial performance has improved without sacrificing quality Average size of merchant based on volume is +137% of 2023 levels (1) Growing Enterp
Slide 7: Restaurant Update
Restaurant Update Shift4 continues to gain market share in restaurants, winning new restaurants every day LAUNCHING SOON Search "Shift4" on X (f.k.a. Twitter) to see dozens of installs every day! All US locations! We have set a goal for 45,000 total SkyTab systems installed in 2025 7
Slide 8: Hospitality Update
Hospitality Update Continuing Continuing to to expand expandmarket marketshare shareininhospitality hospitalityvertical vertical The Setai delivers oceanfront luxury within walking distance of Miami Beach’s distinctive shopping, fine dining, cultural venues, and its legendary nightlife. Shift4 has p
Slide 9: Hospitality Update
Hospitality Update Continuing Continuing to to expand expandmarket marketshare shareininhospitality hospitalityvertical vertical Shift4 has partnered with NDM Hospitality Spanning 600 acres, Wilderness Resorts in Wisconsin Services to power payments for multiple Dells features three top lodging prop
Slide 10: Hospitality Update
Hospitality Update Continuing Continuing to to expand expandmarket marketshare shareininhospitality hospitalityvertical vertical The Cooper (Beemok Hospitality Collection) The Nantucket Hotel The Cooper is the only luxury waterfront hotel in the vibrant heart of Ranked as one of the Top 5 Best New E
Slide 11: Sports & Entertainment Update
Sports & Entertainment Update Powering payments through POS, mobile ordering, ticketing, and more Shift4 is a payment processor behind retail merchandise sales at leading golf league events nationwide. Shift4 is processing payments for food & beverage concessions at Fenway Park through SkyTab Venue.
Slide 12: Sports & Entertainment Update
Sports & Entertainment Update Powering payments through POS, mobile ordering, ticketing, and more Colorado Rockies Red Rocks Amphitheater Shift4 is powering payments for food & beverage concessions at Coors Shift4 is powering payments for food & beverage concessions at the Field through SkyTab Venue
Slide 13: Unified Commerce Wins
Unified Commerce Wins Continuing to gain momentum in our Unified Commerce vertical NON-PROFITS RETAIL CRYPTO TRANSPORTATION 1 13 3
Slide 14: 1,000+ International Card Present Wins in March Alone
1,000+ International Card Present Wins in March Alone International card present momentum is picking up steam! SkyTab is growing quickly in the UK, Ireland, and Shift4 continues to move Boldly Forward towards becoming a truly global company Canada, while Vectron payment cross-sells are strong in Ger
Slide 15: Going Global: Continuing Our International Momentum
Going Global: Continuing Our International Momentum Shift4 continues Thousands to move of hotels, Boldly Forward restaurants, towards and unified becoming commerce a truly global merchants company are being added all over the world We Continuing to Follow Our Strategic Partner into New Geographies N
Slide 16: How Are Our Recent Deals Performing?
How Are Our Recent Deals Performing? We are making tangible progress across all our recent deals, with each effectively following the Shift4 Playbook Top Off the Funnel International Capability & Delete the Parts Expansion Enhancement JUNE 2024 KEY MILESTONES MARQUEE WINS • Top off the Funnel: Payme
Slide 17: Raising Our Full Year 2025 Guidance and Introducing Q2 Guidance
Raising Our Full Year 2025 Guidance and Introducing Q2 Guidance Full Year Guidance Volume Gross Revenue Less Network Fees Maintaining our Volume range Raising our GRLNF Range $200 Billion $220 Billion $1.66 Billion $1.73 Billion TO TO +21% YoY +33% YoY +23% YoY +28% YoY from $1.65 Billion to $1.72 B
Slide 18: Appendix - Financial Information
Appendix - Financial Information 18
Slide 19: Condensed Consolidated Balance Sheets
First Quarter of 2025 Condensed Consolidated Balance Sheets UNAUDITED In millions March 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 1,167.3 $ 1,211.9 Settlement assets 289.0 298.1 Accounts receivable, net 330.6 348.7 Prepaid expenses and other current assets 57.2 51.
Slide 20: Condensed Consolidated Statements of Operations
First Quarter of 2025 Condensed Consolidated Statements of Operations UNAUDITED In millions, except share and per share data Three Months Ended March 31, 2025 March 31, 2024 Gross revenue $ 848.3 $ 707.4 Cost of sales (exclusive of certain depreciation and amortization expense shown separately below
Slide 21: Condensed Consolidated Statements of Cash Flows
First Quarter of 2025 Condensed Consolidated Statements of Cash Flows UNAUDITED In millions Three Months Ended March 31, 2025 March 31, 2024 OPERATING ACTIVITIES Net income $ 19.5 $ 28.5 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 85
Slide 22: Reconciliations of Gross Revenue to Gross Profit and Gross Revenue Less Network Fees
First Quarter of 2025 Reconciliations of Gross Revenue to Gross Profit and Gross Profit to Gross Revenue Less Network Fees UNAUDITED In millions Three Months Ended March 31, 2025 March 31, 2024 Payments-based revenue $ 755.7 $ 655.1 Subscription and other revenues 92.6 52.3 GROSS REVENUE 848.3 707.4
Slide 23: Reconciliations of Net Income to Adjusted EBITDA and Adjusted Net Income
First Quarter of 2025 Reconciliations of Net Income to Adjusted EBITDA and Net Income to Adjusted Net Income UNAUDITED In millions, except share and per share data Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 NET INCOME $ 28.5 $ 54.5 $ 72.2 $ 139.3 $ 19.5 Interest expense 8.1 8.1 18.3 27.3 28.5 Interest
Slide 24: Reconciliation to Free Cash Flow and Adjusted Free Cash Flow
First Quarter of 2025 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow UNAUDITED Three Months Ended In millions, except share and per share data March 31, June 30, September 30, December 31, March 31, 2024 2024 2024 2024 2025 NET CASH PROVIDED
Slide 25: Reconciliation of Shares
First Quarter of 2025 Reconciliation of Shares UNAUDITED Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 BEGINNING BALANCE Class A Shares 60,664,171 60,815,224 61,967,248 66,942,326 67,737,305 Class B Shares 23,831,883 23,831,883 23,750,968 19,801,028 19,801,028 Class C Shares 1,694,915 1,694,915 1,665,854