Shift4 Payments (FOUR) 7 Nov 222022 Q3 Earnings call transcript

Good morning or good afternoon. Hello and welcome to the Shift4 3Q 2022 Earnings Call. My name is Adam and I’ll be your operator today. [Operator Instructions] I will now hand over to Tom McCrohan to begin.

So Tom, please go ahead when you are ready.

you thank and morning operator. Good to We call. quarter conference third welcome you earnings ShiftX’s With Jared Strategy today Executive call Officer. me the on are Disman, Chief Lauber, President Nancy Officer; our Isaacman, and and Chief Officer; our Financial Taylor Chief ShiftX's webcast is Investor the which being our Relations at be found This investors.shiftX.com. of website, on call section can

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

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

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

are non-GAAP the on over financial and me turn discussed GAAP the measures With let to available Jared? information today's any that, this in call related For call, Jared. quarterly letter. shareholder reconciliations

everyone. Good you, Thank Tom. morning

which into playing best stage Not about our and an are but in a growth we an driver environment continued well out an driving record delivered geopolitical SkyTab in and new organic international so ShiftX lot performance, beta, partners, we especially So, team recently of primary with have distribution growth high quarter, the growth, impressed inorganic surprisingly, and increasing closing be important close role on larger this our that today. released XXXX, to economic incredibly our including and as verticals. We're responsible from uncertainty. well on results some and of growth with our number move the our insourcing we the our of of substantial POS the pleased XXXX. very new I'm increasingly sets to and volume in executed products talk initiatives, releasing PSP, verticals core

and XX% in for year-over-year for quarterly and our gross our KPIs, volume year-over-year of We cash third adjusted revenue volume, the end-to-end we free growth fees. generated records flow. in less history our the time payment organically, quarter, billion XX% quarterly all network in achieved first for growth So, XX exceeded including also we in

results continued a mentioned, meaningful new high verticals, contribution growth well As includes Entertainment, Sexy from in as strength benefited core, Gaming Tech. our more which our Sports & as and from

enterprise conversion gateway source continues men's to terms of the be during comparable economic component of on This strategy reliable previously one end-to-end sunset And our Our announced several gateway initiative. new is a gateway to quarter, our we wins. customers renewed offering.

be business to deliver capabilities and Additionally, we a importantly, update you acquisition minute. tech we a the quarter, and delivered commerce our to SkyTab a few consistent all our capabilities growth enhance our promises this officially customers days focus in was of the are with provide will execution revenue which September and our achieved capability will worth ago complementary our virtually quarter, the international of is previously strategy very That expansion that in last and gross operations of during close out Finaro event but indications on note, less where close to that XXXX And is of and our very and of is to that Day United our specifics the encouraging. unified this and our expanded first deliver quarter expansion of It European Analyst regulatory we'll strategy. with expect growth global network that by and enabler On our synergies inaugural we on our first laid announced you e-commerce we to strong progress PSP, speak approval, many in still underway I'll and SkyTab Shift’s integrate our did today the in acquisition, for fee of closing the we’re launched revenue the and forward looking to ability later and at year plans. and we This Finaro. upon future initiatives. XXXX. emphasizing meeting POS November some international organic international attract volume which more showcase quarter eventual future a financial early acquisition global States additional of know, just do as we key is a in stated, through pending well brings Most new

and XXXX our guidance quarter for this KPIs, the fourth previously of ranges our free volume Again, all be all third all KPIs. of the including quarter, into Given cash applies adjusted increasing to end, we XXXX results are will the guidance we high-end across our the of our early above of look ranges. flow. this our provided of our increasing and To

of uncertain mercy and the broader us as this to path exponential assets new not of afford cannot The without we accumulated, gateway have peers in be. environment, our completely While including adding integrations, a products a alongside are the some built consumer predict have we the may customer. our growth we software economy even ever behavior at we

a on the are Persistent we believe concern, for focused performing As backdrop. remains is what company above, cause economic control. can quite inflation despite mentioned challenging I a we but do well,

are on to movers excess the we verticals a have the initiatives demonstrated, from needle have to to be as economic in plan but quarter our over internal we right the decisions. Obviously, cycles, made of prioritizing to in deliver year proven the profitable, embark decisions various new this So, not and growth peers. immune past and invest responsible

durability all model. experience the just have last hope economic done cycles plus the and uniqueness we've and demonstrate quarter results and over of expertise we like operate We the our to in XX this years the

on then new now So, of similar more provide our update the performance core high going on an quarters, specific prior growth to the to updates I'm verticals. our and

our quarter. again, starting the driver high core, So, of for this once growth with primary performance it is

when XXXX that at core, reminder, related high restaurant, to growth time at supporting within of the retail was represents and we primarily company which payment a were refer we industries. IPO, needs it essentially the our hospitality, the complex the time As specialty June

to us plus as right integrations, these in is pursue a upon large a very XXX of cross-sell to well gateway enables complex customers. which environments addressable software as only over based win existing software our Our large population only and market,

over within alongside we the the Our past grow still remains conversion very this built strong new software integrations TAM continues technology unique products software early the gateway growth added healthy. the year as continues We're to high to to pain innings core as solve integrations and points results. deliver have funnel in XX we've very

resort; Shawnee our Pier operates Pappas we our Space premier alongside number Inn sunset & and During signed Florida's world's across largest began casino; high Cocoa Honolulu’s Kahala quarter, and the high is this Restaurants, a a Golf Nation, accelerate World Coast. locations XXX% growth gateway we new core. Chickasaw operates year, Beach high-end growth which includes restaurant Earlier This which Casino and is project Resort; Winstar restaurants growth within core. Resort, resort within luxury which to properties the Resort, the of country; which designed

details in in the some a sunset include impressive only as Retreat the on Taylor results we Shadows further wins our such just and project featured are both California. some really are first will and Mountain in steps this minutes. few provide While gateway based of few program, [indiscernible],

card We at to continue peers. our on volume networks. the low-double-digit CAGR XXXX, to major grew basis, When four-year growth since evaluate ourselves two XX% growth a viewed volumes relative to our compared

quarter. merchant per volume continues most recent average Our and levels to XXXX XXX% was of pre-pandemic for the increase

growth network pre-pandemic at Our quarterly period. EBITDA fees XXX%, is levels along volume gross XXX% revenue with and XXX% of same the at adjusted over less

do including and is only shift high upmarket. offering considerable provides opportunities SkyTab an restaurant we lodging two-part despite stable of disruptive. growth unlock recent existing so core with merchants, to to growth Our across our of price revenue SkyTab strategy. The mix restaurants value our by operational proposition attractive, of spreads and us SkyTab verticals, efficiencies base remain all launch POS continued our the Not

our win new of share as well. fair net We positioned merchants are to

includes new bringing markets. geographic this So SkyTab into

addition Angeles name University, the Iowa found the In that's the of Dame, and Notre restaurant be traditional Orchestra, at now Los University Symphony a Center, State hotel few. just to to Club, venues, Fargo can SkyTab Football Wells the and Chicago

are positioning to We market experience and of economics taking our by improve and advantage the modern cloud over SkyTab features, intuitive architecture, in-sourcing control customer our enhance the unit distribution. POS further

At ramping towards For example, all evenly quarter, XX% of beginning upon sales now conclusion our third-party. XX% nearly distribution. the direct third-party the of we POS sales more and the and balanced at are relied of QX,

That our is stated, populated direct our third-party partners operating in now more the still desirable the markets. find where of coverage will areas have more presence sales while gaps. You most we sparsely in

build West momentum looking Coast on flagship product. to close are around new we our POS We the as

on remain As we by increasing have focused removing complexity, improving efficiencies. and we the leading discussed organization parts, operational in prior quarters, excellence

legacy retiring POS on are distribution examples great of focusing with products SkyTab new our ShiftX brands and the strategy software So, energies and a balanced solution way.

highly experience, a restaurants we opportunity [Skyforce] to many set energized brands. our and is technology sales is and price of restaurant customer XXX,XXX a using over target disruptive legacy result, an our distribution and to internal As a edge at excited one now point. motivated team team direct unmatched a existing deliver have The plan [ph] the game tremendous POS leading

makes POS to represent a to sell. Skyforce base migration space our and for of new of integrations their our patrons. path key SkyTab As existing hardware, Its direct also capabilities which compelling mentioned, fun expect restaurants, serve seeking are we system team for many to aged a it better

Our both stadiums system on entertainment past interesting SkyTab installed customer, And States this note, of first and United very the the POS our but successfully summer. restaurant we opportunity mid-to-high also set outside venues. a includes end

more and growth close is core it out restaurants I remember the As category represents important than high that update, this to hotels.

core growth including software. contribution commerce UPS that, stores, retailers other our the to let's Shops, retail, notable high their secure require the [ph] and capabilities and like verticals. validated] move Forum Caesars lumber, that integration [PCI new address customers enabling specialty over With from furniture Our also to

seen a this strategic our We notable relationships. in and from volume merchant quarter new have enterprise verticals uptick

new verticals will we in enterprise strategic or a to also stated, alternative & For certain That in new new now competitive new confidentiality volumes consider our verticals entertainment, we travel, verticals donations not we and includes along requirements expect merchant the spreads do tech. of sexy timing other to our customer spreads quarter. sensitivities. APMs, due boarding, strategic and with to expand fourth sports out relationships, breaking the with crypto clarity, emphasize, to certain merchants due It's which be international, methods important our very be vertical or payment to nonprofit across gaming, or

categories these reinforcing from international despite the of was growth driven. volume organically virtually and end-to-end no contribution the remains inclusion third there in quarter, Finally, APMs, volume that

As the delayed you verticals to volume now has made from we improvement progress very also and pleased and quarter throughout July We're was Airlines, processing been Allegiant scheduled the third remainder of can of the during without see, and the quarter. this new the accelerated is begin benefit in which with month. the

in XXXX. we're new now on longer originally was stated, ramp you we our we as a contributor meaningful it the than become of volume only head took a track see, overall for into anticipated to new And While can verticals matter much verticals more of as time.

which To from University, more the came improvement Stadium adding Iowa the an our this Colorado, a for Los time large Angeles sports State signed licenses of clients in quarter in non-profit our Orchestra. in number volume click we implementing contribution double University on volume, of Football football Villanova with NFL NCAA expected, the and Houston the and verticals, increased new Club, states, new of more customers. season gaming entertainment, the and As vertical Symphony resulted Chicago in starting Texas, University, some contribution & from

volume wins really park consistent, from beginning. ticketing is theme and only just stadium new While been have

this For early SeatGeek is ticketing with begin set to example, live with will next processing our complete, integration we year. go and month now ticketing further integration

interesting our have early provider live of sports. the a with ticketing note, for marriage zoos for our provider combining always entered we've sports the aquariums teams this first state & year we agreement strengths with with leading product also we located college in examples and two an entertainment seen the leading of integration we sports expect to stadiums into gaming, with and next an and On Washington. of the go Additionally, in possibility with ticketing

and rate the is well leader in Our VenueNext U.S., software the remains market impressive. theme installed over at now numerous and of and parks opportunities our stadiums funnel remains XXX win

notable the venue. customers from as plans expansion entertainment the offers our only stated that the support of really interest international company Our expect we benefit performance in continue and sports full ecosystem sporting alongside & to has our the vertical to position many attracted to

So, gaming than continue tribal we a more moving versus state with and on to tripling volume to gaming, licenses add year ago.

to vertical the to grow currently and volume capabilities. to continues acquisition add our working more this nonprofits, and in expect international efforts over a we APMs ramp of processing block. organizations with With We of X,XXX overall nonprofit are giving result we as our the as respect

part As growth. Block Giving the donations, impressive platform market nonprofits crypto, a is marketplace, the Giving leading the translating crypto despite we interest of is Block’s seeking for continue in the see reminder, turmoil customer to be to and which among into

peak we for the nature donation the season volumes. do of nonprofits, Given represent to quarter the expect fourth

European now to agency alongside online expect Now, in the processing integration month Airlines travel, travel we Allegiant delayed Kiwi.com. and this begin it of was

and an announce year. of later have additional airline a we international our hope We to this expanding result which as signed capabilities,

to category, An customer same acquisition, have it is A signing in Finally, quarter important our of as of grow Fanatics In opens which continues vertical, nearly we European we've announced our example as have tech – point last to already begun be Boeing processing this result end with opportunities of sexy great a would Vegas Las over tech probably PSP hours incredibly we months. of and also for quarter the which all complete quickly respect sexy location. very that customer the to a took of at that we interesting our a a integration of a the Company for completed world. matter quarter. recently the the of that integration the that ShiftX closed instead strategic could

not ShiftX. That short aware, operational not in of College their merchandising the the like from previously that including verticals multi-national United end many Universities by momentum There found the early process and] League never in-venue those MLS, the our sites a the largest year. merchants are Allegiant days. time expansion international since new Major States, generating announcement, have period NFL, in-venue strong including now have of Sports. partner even Fanatics over announced In [ph] having and with NHL, NBA, of For has [Time in is and across The in still and the the Fanatics anticipate we e-commerce MLB, locations XX and additional sports we that would RFPs begun success yet. have stated, our merchants been is interest, processing considered

than contribution to the ramp took longer these verticals new driver well-positioned the So, years while much from a in ahead. bit our and performance a months are to meaningful of become verticals expected, more

initiative. on I and Taylor, So, Commerce talking expansion about a global passing little Global our wanted bit before provide to a off to brief update it you

connect necessary via First, an and Finaro arm's we to do regulatory expect on length with we XXXX payment our progress by continue European Finaro to make partnerships. to In first the quarter close the approvals. the interim, of to work continue platforms

have other. wins. achieved to several continue also each to refer already and We merchants notable

continue capabilities we to and via enhance addition, international e-commerce In M&A. our

earlier the already, rates ability capable like European the at the As in offer PSP tucked-in States It end our Stripe already that quarter. integration is to protection integration would our payment endeavors alongside this close of conversion international really to both via new is for provider many service reduced Where XX customers. we both and ShiftX Finaro. integrating vertical capability, It a in limited with to it billing inorganic and the in are merchants had their best-in-class and mentioned we a certainly not Europe expansion and payment highly and We can countries. have time worth wish of just optimize e-commerce mentioning initiatives. enabled we fraud the United now authorization is technology over support recurring offer to platform or

Caribbean. and this Towards in to project Canada we capabilities of add throughout ignited the end past the settlement summer, end-to-end organic

Our Canada our that new successful services ambitions, A and able geographic were we strategic in as have mind, our the we add the us keep merchant support products we global made relationship into is cross-sell, is serving example all customers the fueling United bring markets commerce in to for strategic markets, is we using but what that those restaurant Caribbean volume can merchant relationship. while as quickly needs the and and States well. great gateway our POS where existing primarily of software then

to throughout So, seek to out the be cost focused clear, capital low capabilities laser we on world. using our payment are

[ph] their [with] requirements. strategic important is customer road meet as to deal our landmark commerce endeavor Our we yellow global an brick

sheet balance remains Our strong.

of adjusted we net pursue look our accretive a is recent when forward capacity for that, of technology us our contribution X.Xx, XX-month later Lauber. I other Chief to to Our you de-lever basis at as the York. on call leverage trailing assets to seeing initiatives in giving Taylor? over And some with Taylor update and event turn New quickly. the I'll business today our Officer, President Strategy

morning, our acquisition focus on provide Thanks, trends, gateway on color recent our initiative. good and and remarks everyone. update will volume sunset I on our my then some additional Jared, an strategy,

ongoing of As modest gaming, as a strategic entertainment international and sports relationship, as volume our lodging new as in and We previously year improvement from venues. reminder, a non-profits, a contribution guidance the such travel merchant this billion sequential and & saw our growth. recovery resumption guidance throughout well the business summer travel, X and assumed and verticals our of benefited months provided from for volume – the in

hotel quite year-over-year volume still on September, expected, As basis. strong a but moderated seasonally remains in

highly volume we that our from benefited notably and gateway & sunset new sports of informed ramp, incremental beginning our contributions to volume ultimately increase encouraging a remain addition, project. from our guidance our gaming, disclosed venues, and With despite In previously decision verticals, the customer concerns. from volume into the verticals fourth contributions volume continued macro alongside to trends quarter strategic our new entertainment

over end to end-to-end track on with volume year growth. are We XX% the

is execute not complete important will continue on complete. in barriers provide work Our once entry to new and verticals to integrations complex we that

not ultimately our believe to have combination material sets still continue ramping, if believe us very new expansion, – We as processing next growth. heading course Some and international several SkyTab this into later spending consumers month. of new accounts remain prices relationships, verticals fuel of the that we year will and of processing begun enterprise the Allegiants levels such and enterprise begin anticipate POS high. of to on We back these up discretionary organic food well do sustain pull will

we our believe how model, and will our to sufficiently and believe when us any be and new However, versus verticals expansion any international competitive continues peers sheet economic favorably behaviors also slowdown. pending balance downturn. we change our economic difficult, during quite but mitigate Predicting positioning, position that

and distribution payment path easy [BI [ph] our incredibly with PSP but as some checkout Our billing tuck-in increase in acquisition acquisition alongside balanced very for very reconciliation our well very software of merchants a and cost accelerating strategy reporting] we added unit markets. partners in in vertical. tools. existing several a multi-processor companies as rails with within a throughout continues to between of sophisticated result significantly OpEx, in Europe. offers we direct partners The in-sourced have With and selectively in modest capabilities SkyTab integration a verticals priority desirable of respect support relationship. recurring and now sophisticated We to platform to global To economic scrubbing improved online self-service reduction international Jared include alongside model. This fraud double-click a residual on balance quarter, establish a based sales, in authorized mentioned, restaurant of customer capabilities, strategic merchant an the key that, as experience, expansion, approach superior several the sales growth the

out. to we revenue volume technology check closing to While already or the demo all Finaro no create there able it are we quarter, visit unlock this impact the acquisition you a was integrate to virtually and I stack. dev.shiftX.com account encourage to economic expect of upon to and the do synergies

these sunset another base, our sunset is on believe progressing gateway a and were We've compensated gateway payment project integrated for of also merchants which of towards implemented platform. have able a our well. majority properly also converted to merchant the incremental merchants. We've laborious those end-to-end is quite to of step value handful only that technology connections pricing small critical Our the being been portion we onto provides maintain our

best These have continue way Along to will often We also that we costs growth some many them. in over bespoke predict value our are end-to-end to a ahead. relationships years Investors in paying including we end-to-end improved with in, fuel comparable essentially of way relationships what to numerous our add can our have enterprise the committing engaged to when to offering. inning resulted conversations growth. to mutually to which trajectory move economics, in the our trying the time, ask are determine

should quarter getting scale. reinforce growth both our hopefully just and we're EBITDA This significant long-term revenue, that base it at volume, the still like near feels offers progress, started. And gateway and despite

of our we the we at call our advantage. when I'm across Lastly, growth our is Nancy Disman, turn onboard another results. organization new the to and To thrilled a an talent, a these upgraded are to financial added core, many position verticals others as new to the internationally. time shrinking, over industry in to And discuss high talent in grow yet have be speaking Nancy? enter CFO, scale talent

Thanks, Taylor, and good morning, everyone.

filed X-K on results, XX, Before may have I financial will you to cash filing week to our correct we flows customer be misclassification an on statement turn this relating a and financial statements of acquisition amended that seen to costs. October our

strategic the strength performance the continuing restated and strong quarter, business. delivered restatement flow. the reported priorities. We no third our positively previously of on results our to While our change including the guidance underlying the billion, year. the revenues up and high XX.X million, Total of compared XX%, were while an our and less year, impact any performance gross QX to outlook. last XXX.X unfortunate, same the reinforce network hope the In This volume period XXX.X has fees quarter of revenue QX cash company our were same grew key record last business gross XX% million, earning from accelerate customers restatement were not the from contribution strength this quarter, of gateway of does Results indicators, the XX% new of by any over in economics growth driven this the the continued and our health core, increase last revised reflect contents improving filings, of increasing are and year. of free verticals. we our we our

Given limitations the remained strong verticals disclosure only growth sensitivities, new our for we core, in our growth alongside spreads points. of providing at basis are and very XX competitive high which approximately

As new to we spread this enterprise continue will modestly. to continue merchants, compress add

rapid expansion growth, period QX. do the quarter pace margin For the from of customers the basis margin spread our The difficult, adjusted resulting was for new expect makes same we of approximately to year. EBITDA last the representing over these although verticals, nature quoting XX% and points XXX in spread expand sensitive of the

Class date over diluted for The flow adjusted cash income flow cash free was XX%. our to free $X.XX the reconciliation basis of These and flow quarter. per was on we respectively. share million, our and or shortly settlement cash on adjusted and impact is adjusted materials. share quarter in While cash ago period that invest across continuing year the to our and of equates relieved will A Adjusting delivering is a while this basic the monitoring which and XX.X In on environment. free based the million are was C reflects to $X.XX as Adjusted strategy, expansion, ShiftX, per year current adjusted Balances partners selectively in-source diluted timing. the margin to basis. free bring a will for our full activity the after we flow these cash fluctuate and transactions receivable quarter-end. settlement And reflect million respect discussed, income free net Jared PSP of free contribution free presented net and to nearly $X.XX on which common in capital have cash and support the earnings represented XX.X adjusted acquisition conformed With quarter to million Net A&C conversion reviewing an or closely was deployed set. cash strategy. all available conversion million, quarter, A global was flow cash generated growth we key for the XXX responsibly double results XX%. revenue our income in see distribution of flow. to adjustment methodically materials, the Adjusted expansion the Net volume no a flow of macroeconomic tuck-in in our XX.X are just of we same balances, calendar quarter volume XX.X we our periods you obligations peer on within initiatives this Taylor virtually changes accounts European support for completed to a in to quarter. appendix

with of over XX.X of the just exiting and billion cash, are million million facility. We undrawn X.X XXX on our quarter credit debt

based for pace, of due four a the ratio contribution cash recent leverage generation. X.Xx adjusted net EBITDA, rapid deleveraging flow quarters adjusted of on Our when the is at trailing and to initiatives

balance the profile in business cash and us our strong and flow priorities, continue will Our sheet free to approach. disciplined to while invest strategic capital allow in allocation we our growth remain

performance of quarter's in the and previous execution our of we our key internal the initiatives. as performance our for strong indicators guidance each a are For continued confidence of result our XXXX, of increasing full-year this

guidance end-to-end XX increasing billion. billion XX range to to our We are

billion to X to range revenue billion. growth Our X.XX

less XXX million. XXX million, XXX network million growth range Our million to to XXX and revenue to range to fees our EBITDA adjusted

XXXX to with expect exceed full-year to XX% or now our consistent flow meet date. Lastly, free seen adjusted cash we conversion year level

now level me flow Our with our XX% normalized conversion free the adjusted guidance let industry With to activity, Jared. practice. reflects that, for cash settlement turn free back again consistent call adjusted flow cash

Nancy. you, Thank

Before to of moving to quarter. Q&A, on past the how want proud reiterate this just performance I I am team's

Great when was So, nearly difficult. during derived again United Recession, plus during year hotels was within felt its at now the and navigate A best always of all revenue States. the history, year I've restaurants performed were ahead. volume our This climate the uncertain the the from times XX we company ago, as and throughout entirely and our pandemic, case

to Now, with [globally margins is forward] capabilities now countries we playing with flow, are growing to team, in very really feel Q&A. numerous quickly XXX successfully in processing a operator, I incredible plus verticals turn shift in supporting story, And and what a for [ph]. cash expanding XX operating role APMs. fortunate Alongside over great a an let's free be that,

our today [ph] comes first from And UBS. question open. Instructions] Reena, your ahead. Please is from [Operator go line Kumar] [Reena

Thanks question. morning. my Good taking for

details You on these good verticals could could EBITDA gave discuss trend and some next newer verticals, the a your newer and bit into for dive year? contribution little deeper how in they and revenue you really

Yes. some This an giving Thanks to but competitive tried Reena. of strategic question. throw the is appropriate Hey, significant for by amount detail, also there's We a recognizing and here Taylor. out that needle dynamics. relationships

upcoming we're volume to materials you'll contribution, in throughout So, the time some not explicit but about see talk be that business at disclosing that update growth the going disclosures our the being.

you if in basis. sense a on the Jared, perspective those materials get for it what some want growth I that see know You how you a to will out you sequential in give don't on can it's quarter-over-quarter doing will play XXXX? think

and our relationships. our expand quarter fourth in from spreads Yes, I include strategic verticals the we our prepared new did mean, our to do in that remarks we within expect customer

respect mentioned, confidentiality is a So, our strategic perspective, and verticals as relationship contributor competitive think bigger customer certain specifics to greater the new Taylor from with there becomes a business sensitivity, very to customers. but just not as I

you to with the able that from how the beyond verticals signal and to think quickly that. we will it's the contribution too spreads growing into want but continue to I can't and the these fact be new expand, yes, go details to probably many is, So, idea them associated we

I'd we've is have aren't do yet. piece say, last contributing that we disclosed just previously merchant the that still that

quite So, our high. optimism is

yet and and quite frankly the the that of we completed was kind followed there's our of more volume expected that of pleased quite now, integration terms consider you volume getting We're you, than work year in aren't merchants even when If the with fact pleased pace slower contributing. narrative then to begin. throughout had

very helpful. to and you expect And XX% we distribution? it. should time? third of evolving sales how direct your go Got party, distribution have think towards then direct most over that And then about XX% this [indiscernible] Do that's as number

I be quarter gaps in to party looked reviewing good pretty think know third you that a that evolved West distribution we're going the to how on coverage which don't presentation now. through coverage later the we'll about I spot we're earnings to or solve. if Coast full still There of shows look XX/XX. from over the kind our you are XXX% today,

economic the I improves think wins, our by but providing pretty we've in more the product a to, confident paybacks, what other amazing going country, offer. also you – success areas done eliminate of that’s crossover able inclined an like we're on a and fixed we be We're have of wouldn't in which expense unit they're to model the with populated right now approach that having to take balance. direct going less very we're sparsely to win residual of that is and sales In is markets to distributing sales the good force able new really of growth lot of in normally direct product. case, It's trajectory a a our in which a SkyTab those services markets. want key long-term kind business. more have the to associated populated

to right at this the it move and direction product, like think is to to product. the gaps but closing coverage we our right keep was because going evaluating this for keep So, going really support great we're we're a time

you. Thank Great.

Research. The ahead. next please Wolfe question go Darrin from Peller Darrin, from comes

is open. line Your

as have results. mean Nice lot a I Thanks. over there's you said, help environment. your you that almost of items control macro regardless guys. of the Hey, to volume

drove or seeing take other the if in the parse-out obviously. gateway we for any And – and organic are just success so, and could drove, change what behavior conversion seeing worrisome even, demand step the the vertical we change seeing actually And what at quarter then volume gateway fourth quarter wins, quarter? next you what this the quarter look by into – all when any it's of pending in, about the the it I outlook what and it think these merchants yet if mean days something consumer you're acquirers back is in sort you you that and a in gateway, controlled conversions, is And merchant lot variables? that about any is a really are can you and in just talk about whether

don't are what you mind? So, seeing there you if

mean, good I Darrin. questions. Thanks, Yes.

in within growth majority high mean, starters, the core. the absolutely was the growth For of quarter the I

normally is in by software just leveraging XX% and – market new project gateway XX% the underway. So, gateway that's and customer say, active integrations addressable pure driven other an I'd conversion. awesome our We sunset have net do really wins usually new

would typical So, you bit initiative. targeted have you're you're then little had conversions very probably a and forward a that otherwise as pulling all result the getting more gateway of

quarter. like So is share of that for lion's sure the the

mean, I was with is, because great would in, prepared which our for it's be but your from new in what restaurant verticals customers. in quarter this low vertical is otherwise that Next, a I new a seen a growth quarter, remarks, mentioned each from you've as sure, our kicking moderating mean, contribution seasonal I big hospitality kicking

like perform before I to we've alarm don't within even the think kind low of, to that are a the right business consumer probably forever. the right those the say now Taylor, is we stakes that’s case the clear that that is since own that in the will a because kind to first and going terms the are spending. I'd detriment $XX it's moving period very, a year, health anyway In position say we of sounding into last slowdown of verticals. What grow I taken is of there And if overwhelmingly in very you positioned consumer else anyone seasonal think our beginning especially quarter the now, well of not the

to that existing contributions be and should customers our really throughout help think our challenging existing or think eventual quarter this represents is times, new consumer of upon customers history. base going if we've slowdown what's I draw what can our that that of of in realized. we know kind navigate do That's we how gateway that the I verticals always demonstrated well. us And fact to the basic software

right. All helpful, That's really Jared.

we're free profitability. on as cash the and results well side [which on market in, Just focus] cash the conversion EBITDA, free one margin And quick is [ph] on both the see context in to now. EBITDA the as follow-up of it's great

what and other in I remind side terms the really what of variables maybe have know benefit bit there leverage? is seeing levers key little operating are the there on the that pricing your a was just view of sustainability driving gateway you're or and So, strength us, been now on

when of very period euphoria makes and in of it almost the I it of became, year was of climate, that's raised I to that because a we unusual kind deploy a didn't like year kind question. came it a of We be look, going think I time sense said, to immense a a in definitely period We were just market, it Yes, beginning a at and more mean, good XXXX just exuberance the the lot different out clear in and navigating head lot this scratching. capital. us. seemed

the your been margin Having we enough market kind needle achieve And on you think in. there profitability experienced I of of movers. are before, real this can't that expansion by downturns. firepower, recognizing kind So, that you're emphasize in climate and I prioritizing

you POS, So, a have direct timed a approach. sales well to cloud-based more SkyTab in that investments solution allows

expense. So residual expense overhead. on headcount of XX% that you We increased the that can alongside take future organization and a ongoing of by residual lot some fixed initiative. the Certainly, eliminate

you on along expense some benefit, way. all not So, the take

thousand north volume. being a I it do wasn't that cash Vertical, lot volume well of a population it. gateway a stadiums, have free probably also direct appropriate during a maintain associated stated sales same and I wasn't support pandemic. properly – a of to effort a large contribution residual lower have we in terms That that predominantly because maintain improves a volume. of and of It's we've We that doesn't two is very the people into monetized one mean, hardware it lower with mean, have overhead. so big XX expense previously doesn't flows cost restaurants. it's it's I in margins. think XXX billion entered a or And

we've into everything to incredibly kind the flow been from and think the literally been has climate. So, the We do free year cash of of this responsible designed to going is expand margins beginning doing it's thing sustainable.

great. That's Jared. Thanks,

open. line go Credit from your Chiodo Timothy Timothy, from Suisse. comes question next The is Please ahead.

to I terms mechanics. of wanted you. things of Thank A recap couple just Great. in

residual in the to. that of were So, terms in the referring of XXX.X buyouts, terms in-sourcing you the commission

is my impact. end-to-end gross So, revenue and that, be no that from understanding no would there volume impact

there However, goods the gross therefore, pay-away, EBITDA i.e. would profit would reduced cost a higher sold lower, of be be higher. and

as the or basis? years would and quantify on And very those QX an to are well? would That just out be for the have could annualized EBITDA confirm you profit then follow-up if mechanics a what QX on accurate gross If just I roughly helpful. and impact or either in be

Yes. Hi, it's Nancy.

this You've got is that about one as apart kind Jared QX. of would, that exactly I that add we – mechanics offset just going some thing right. I pick we Obviously, mean, what buyout call think we're of into The talked kind about. I of mechanism, wouldn't residual a to, just simply we for not grossed do This because distribution really in-sourcing wasn't us. was right? have this up

see justified mechanics think the So, internal an but side appropriate. I on we we SG&A the build-out sales force, you've them did are offset as generally, as the

great. Okay, kind you. And then minor of Thank ones. two numbers

first for would The be one QX.

the guide associated could acquisition, in the for is how with mentioned much revenue European tuck-in you disclose QX PSP, roughly? you that So, smaller the

No. Go ahead, Taylor.

that. We haven't disclosed

for only, it's different the core it little the gateway we to gateway And problem. is, this last disclosed because know the quarter little maybe No what if is or be spread just one this right. the get a to quarter you've then end-to-end change were like bit this fees, maybe All on a were mechanical the fees fees there's quarter mechanical Okay. bit harder Could that you given looks a any I the gateway there's should aware of? difference. and that

Yes.

commentary Jared’s remarks is this to talked in disclose those. is competitive disclosed I this during to pretty gateway that gateway and through we just And our being fees about had the] vertical of actions quarter. this that extensively something how the new sunset is say sensitive contribution time. going even and the [back interplays back Nancy's some disclose So, spread. part able around What the quarter, It's rose] the we're gateway would but into to we [ph] [ph]. we environment [fees with on scripted to the call of too of quantum that the not the initiative, with Inside QX haven't

Totally saying it's with what appreciate and helpful – aligned Directional rise you. than there. is you're is completely more that. Thank the

I for that you can't Thanks number. respect the taking all So, those. fact that give completely

worries. you. No Thank

comes question The from is Andrew go open. line from your next Bauch SMBC. Andrew, Please ahead.

Hey, guys. the question. Thanks for taking

how of cautioned your gateway philosophy like out challenges and to know past mean, wanted you approach and had around to of kind about want incentivize strategy? And more sunset go into you talk merchants on to how more see the do the maybe horizon pivot that as you, the merchant sunset kind that you, is I Just we aggressive strategy? taking environment, called convert get pandemic the kind a stack? sensitivity during in to of about full the challenged to economic a is any I there more a

try I'll little I and bit. Yes, that question. the Thanks mean, for Jared here. answer a

hotels, actually, I throughout history fact that are gateway remain. mean aggressive carrots back of and pretty that All say gateway to of and phenomenally the those customers restaurants I'd our given I entirely the we're introducing it the carrot-first a pandemic, these think sounds like strong that sticks word. dates reason it platforms. even some entire an kind approach. the was

adjustments. a upstream even you're without between at agreements monetize and JPMorgan venture to not are rolling reality, was we order These being the price years rewarded. And JV. a loss from intentionally run acquired of remotely from in their Chase in that One any off proper which joint

intelligence. what encryption, You're the the the tokenization, bulk for capturing is the software the which value, the economics smallest of business integration, the payment portion is the of

to for associated value feel our appropriately all gateways to with say hardware delivering renewals, we handheld the the we re-pricing gradually, emphasize We I you contract the payments, platform. Apple the inning mobile or those carrot same and enough, improved there. Pay, devices venues. have like are mean, wait contactless out if upgrade move payments, We this, first more to our So, said, to support reward operational can't your end-to-end I'd like we're offerings we have through our provide is, an at idea service. compensate in That standard our company efficiencies accounts

just It's all carrots to got the So, existed we've parts remain. that of have some reached on these of the time out a now we platforms period take where decades. for

some the world invest build should the have internal to payment us that of and take free-up be all and future service. rewarded our resources platform over our We just properly for

the under would hardly aggressive. but So, I that's I'd use all say way, word

pretty it's early think days there. I

appreciate I that. no, can No,

quarter another more the in the rate add Just SkyTab side? wanted and see that of likelihood really upon side business. the to of as it medium-term I in that of get straight of perspective, to that functionality mean, business modeling a about there within is kind you want business. the particularly you with the Thinking that that, software positive of trends others? the matches to longer-term a you growth about Just end-to-end on think side touch what

is [ph] revenue only SkyTab, pretty is customers SaaS consolidate today whatsoever. don't pay POS, any plus way with subscription I software considering are the no there's predominantly our acquisitions, over platform only know, as world for SkyTab revenues clock] the mean, donations. I accepting, SaaS SaaS around is mean, which four XX% the question crypto-based SaaS-related lift to that join legacy increase. non-profits of about a going I as you really meaningful one of solution mean, the all you get payments, really fees growth [giving the driving our restaurant we brands

revenue. revenue, is and of the & SaaS entertainment our sports every in for entertainment All with parks theme progress related sure our comes of and venues paying payments sports one we're but making

to volume is yes, So, think mean, pretty like and I straightforward end-to-end understand. I easy

definitely dynamic our our have of place ARPU Gateway years business, I and the will think expansion ahead. business SaaS you kind taking over across a real

of results set nice a on congrats And it. Got guys.

Thank you.

Ashwin comes Citi Shirvaikar from next Group. The question from

ahead. Please open. is line your Ashwin, go

Good before XQ, [ph] Nancy, also came software how And, [speak differentiation you think call. verticals? for know always welcome. the there guys the investment one cycle welcome. about? Can Thank process you. I in but guess Congratulations. a you this new happening that integrations quarter. Is I should officially we with] and you an is in has been timeline

kind first, between verticals. for of me break high let new it’s apart and the question. our Ashwin, growth Jared. it Thanks core hey, Well,

mean, to of have really integrations we're add So, high lot it is growth serve because I mean, within rather high easy verticals new to within continue growth a refresh high core. lucky growth and software I of we the we core, share

software or software It's new integrations spa cloud-based over every salon to last for our platform. So, taking going company XX the develops next and is software software, how refresh that the quarter. management hotel system we added – that on property about

really tell rather merchants So, in moving would is mean, other do that I anything hard new payments respect, that than kind of integration. rather is verticals. easy. companies enterprise I'll into do you software what's and another

of vertical. ago really a like, payment you our that within was seeing as software our have and time want it they this or had processing we there because year of we at start to And into a there's quarter, And be doesn't and I volume what new opportunity this growth expectations our even yet. do today. quarter and So, delayed different you a that And been non-profits hospitality each use region $XXX well hey, to verticals volume move was the kind Analyst to tell tons billion we still it's other hard. we declaring think I'll is impressive It's as from delivering talk – ago. don't it now Day,

the like, helping hard, to customers, within say, advantaged integrated payments grow. we're our anchored making wins, that's to thanks we The and once some those us I'd be is, signature awesome is you and thing in high growth verticals have are fortunate general, So, Once others nice progress, work, become and and core interest new customer you attracts integrations, and tech the the airlines. same one sexy get integration is every gaming This of within verticals. one can you of it same hunting with a with some reuse license non-profit. of the they essentially those certainly

their there a the billing you across [ph]. new emphasis That various strike especially results going is help, of whole the is actually itself like lot this [BI to attracting out PSP I on past with happy acquired mean in integrations the a very European verticals. of we really type know, our friction current integration quarter. layer] So, and take in

horizon So, because a don't we on We I think any well verticals. quite pretty our think for CapEx we're set up new refresh well budget positioned we've for it. certainly things actually have cycle big for the

it. Got for at you this keeping then medium-term you're the this it. And Got completely point estimates that, know year. increasing and appreciate you're on outlook, the

year you to that path visibility get should this would like Because relatively presume lay You does how from you next for metrics? it have, the maybe macro, significant outlook? you look year I to spite macro in we of good the all could growth pretty but end what of out two-year where might imply of, know, in-spite

of sure. event kind that with, ago the big when all start of Yes, a through we'll laid we initiatives year had in out would we I to got talk guidance. a say, we've our progress today later set

the don't couple much our of nicely those through new in think up of in and by evidenced our products. versus accelerating say little be SkyTab through for like would One yet to the the always for that does. a was of And We're session back I to ways position verticals you half way and I full-year is going the vertical think that little pace guidance we're how contributions medium-term up ahead. it going achievable. I to it's I actually new bit third bit varied detract initiatives except play how the there slower think and a we with suggesting sourcing and we've it's of So, catch year. is, a the want feel set years how we quite that like that out of distribution guidance say releasing next XXXX demonstrated thing to that too a from bunch

later really a we into to we lot still medium-term but as meet today, So guidance. about dig that good feel

Maybe to at mid-term think Yes, everyone but Day year that Ashwin ahead said, is I for climate outlook the like uncertain we're just all. year. it we'll at said, That Pretty our of we I achievable it's close, I layer much put we're and into regard. in out on, last mean, get mean, Analyst it not ahead. one plan sure,

have assets over is, the demonstrate our climate other now well services entirely and We've should quarter, the odd of all some quarter got a of gateways over share we have the some again, tough And I really opportunity to essentially set ability appreciate. how and take of in of think and this years, ability door products in don't our this across U.S. Having have XX in We've what country. accumulated in owning to volume pretty we've think a And I of do a foot large great we with I two restaurant but investors fantastic mean, navigate markets. incredible. complex natural four the them restaurant this years to in fully we billion these a related lot so. an confidence the know as excess XXX of And is products. into done as real hotels hospitality a

won't journey be that are on control going things able So, there we to ahead. the to for sure, be

in a I our of think reaffirming one it. year should our on signal confidence to lot ability and the performance mid-term outlook achieve

it. you. Got Thank

question open. Please your from Sachs. go Goldman next is line ahead. comes The [indiscernible] William from William

about ask in fairly morning. set a strategy. to Nice a to XX% distribution on bit SkyTab a Good from question Obviously guys. follow-up a third-party go nearly of little single shift distribution this results Hey, the quarter. all to wanted I morning. large

you XX% sales a have modern of the think in about I the higher do today? deals of more are XX% headcount, them, kind retraining guys future? you in-sourcing mentioned reeducating force direct market thinking level to many going of with platform? maybe these And You to be or the just guess How how could

restaurant for training Yes. brought the what point-of-sale I'd technicians good XXX mean, starters everybody the I organization We right? a know, on increased so country. questions guess, Well, service we plus. you in about headcount the I across know, by quarter, there. on say, professional XX% you

of they're literally in have these successful long pursuing the restaurant successful are is, I organizations know that space think the what we've and been for been good have exactly doing. generations. mean, us they already POS opportunities news them been many restaurant I two as for with as

So, And best. that is competitor the they for a with who know there. really doing. ShiftX Toast. and what product hangs have some been they're They They've know now certainly out that mean, against up time. competitor they the I it's

to So, been adapt been their POS actually easy. ability for hit the this and running. rather ground out It's waiting They've I mean and SkyTab to opportunity. get

more results much Right gaps. strong. think of more this two months which launch lot. much I the say is to I We mean coverage go, pretty think in I there it's SkyTab, really formal probably are I closing tried terms of the how over wouldn't to get now, coincide a done to with about

see the review pretty the weak later, still know, Coast. we'll you in that So, as West can we're I on one of slides mean, you

we're of up can think building an being that's If certainly kind to about initiative. organically to a possibility out more think there distribution sort gap direct much sales versus So, coverage that want there's But we going it's force? it that's whether we around, a partner ongoing that too. build I

out like Got the portion what give kind can the of price rolling kind It on seems one stages, And just helpful. maybe that in ton a super us of increases. Makes what's kind you just the update rolling on then like of of an it. increases customer that on sense, of of you're gateway gateway And in the timeline board you've on, number out, pointed past the actually to across kind roughly set? process? that to has billion the gone $XXX through that

kind to [this] also on economics the sense bit fixed at This kind appropriate being ways just just sense. population merchants. move. kind give [ph]. there's more of that wouldn't thumbnail, make time have that the one of three little adjusting of you price or sort we economic connections don't to of is saying But than regardless sense. have warrants sure. Those that makes Yes, approaching for maintain, quick we're a that distinct Q&A. bit There's to about steady There's make of another economics doesn't be a and aggressive were a more adjustment basis is a

way the there. made change, get room commentary a acknowledgment this some that mentioned that well didn't there's on of merchants. implemented is call from to approach Jared They're a really briefly very price you to need success what of those how agreement are And all much as on distinct large. bespoke we've think got we've we've around you suggesting them at terms I in that enterprise but there's then relationships on in And more well, are. their go approach portion sort They've had as sequential much them. with it based a, needs.

portion So, every population. we've single of that addressed

growth will feed Jared volume on And end-to-end we've conversations I as regard just of it's a idiosyncratic it years all of in enterprise them. but revenue with contribution kind with for volume and a that volume versus is on all haven't down to of list because ahead mentioned. we basis SMB, or We it's broken haven't price our pretty both of and think portion, and the whether it the on the relationships had moved

sense just how to minimum gateway And pain the you of get lot bit a to a mean, now to mean, that. go? way. gross much one customer pile is and some Xx when for there give little our we've moves to Maybe save I of Yes. time a I to that stating Xx profit other you on points been along they platform. money in a to uplift solve usually a end-to-end

nothing all the encrypted, said, I the of that like one captured little integrates the that was technology consider are into by So, how it of the design payment provides what commerce intentionally How enabling little. tells we actually acquired. you economics. tokenizes the organization again, and kind virtually this I it, prior And some of the actual to business like gateway software owners economics the of gets, of by intelligence platforms payment the

literally a opportunity billion large the little do. pricing bit more doing So, any can that them for be The that's idea commodity XXX that portion go the getting be across behind should compensated acquirer gives to settlement, properly an it which to the just is is very there real you smallest of in plus service. of scenes order on

of so terms it's pretty surgical. like as far, we've made said, progress In like the Taylor

going the revenue varies in million generating hotel of about based in who independent payment subscription. like you're some the or an a connection equivalents it paying related a XX of You're of phases talking like of like but and equivalency customer plus the on gateway year the is, Netflix

stage reinforcing just So, and a go actually how far which can as initiative still is it the optimal again, driving is is specifically, just early that we also lot well, end-to-end of outcome. which how conversions with

about Got looking taking to later Makes more it. ton all this today. my sense. of questions and of forward Appreciate hearing

Roberto, next please Roberto ISI. question ahead. go from Evercore The comes from Suarez

Your line is open.

the SkyTab Thank you. unit economics. Slide with XX Good morning. Appreciate

client Slide with quantify XX, beta Looking both and at increase retention can in POS? SkyTab the customers the you on new

Number that goes We to say a can think that variables but further analysis out you that. can to just And controlling there's much remotely, update haven't Android-based of set, in-sourcing done distribution product feature do done retention in explicitly. few one, push increases that software, different you us September. customers' haven't the significantly. this you significantly. destiny It's we know, up only the the We retention, at our also and because, launched fair

quarter fall. just into carrying Thanks. that fourth Got at customer to quick the your of Is summer it. in continued global the Where seasonal strength you in as of travel number terms the seeing restaurants? through you We the look beginning and are a a airlines follow-up. base? theme when of that has heard from And hotels

Yes. absolutely. specifically, hotels In

year diminish. lot recall, seen lift price take So, to their lift took this price last if restaurants ability of a We've you year.

those that lot to as people lifted QX. as XXXX had We're room saying think is in those like I can that increase more a still back seeing really probably actual for been we've rate. to a sort Hotels, phenomena, want attend companies trends right? that their restrictions it's So, travel than them. Hotels charge of called transaction international work. you robust really, continue, year, since in rate so

it's years guess, December. in So, anyone's row Again, have sudden a slowdown of in continued a nicely we into QX. if had you recall, two

skittish. hotels we're are is around there, robust. commentary to be that our So, cautious always And but

Thanks so much.

The from go please ahead. James Friedman next SIG. question comes James, from

line open. is Your

Thank Hi. It's you. Jamie.

I see your a overlap to your lot hear How all? gaming, I progress about lot in Slide you entertainment So, and verticals or the wanted & perspective of sports XX, you of and in the about entertainment at – & Taylor, terms in sports you gaming. of a made those Jared, progress do two get the outlined

wagering] alluded let [sports years Yes, Jamie, little mobile in prepared gaming, like in legal it. Happy I right? kind remarks. couple rewind – game, of the in me wasn't ago, We even it a just U.S. to so – my of up Jared. to kind thought [ph] answer the our a until bit So, maybe well, of always clock,

we So, win sprinting new in a handful a have PaySafe relevancy as and zero. from And And that's Europe a and you are say, towards of right basically, of opportunity, you'd payment that lot emerging U.S. and market. APMs would everybody right? have companies what this started one gives us all the think have that to in I

[ph], say, for Bay] do well, we payments Charge] processing via [New European that the [ph] have companies. for all [Safe the You'd example, all would

ShiftX with the of right & category kind in degrees you win are of And success that we know, varying answer to us I single the customers look, that. entertainment, finding casino you And of also experience during So if adds a would a as just will have a from real They'll never, wagering, probably the will baseball this provider. gaming three. three certainly mobile in analytics in a stadiums sports that it say, world the that us all games mean, lot at who of in of XX% this and ShiftX games basketball customers. move football the And to And can, space. customers well, in think, split of gives leader entertainment. kind I of country people think volume their is you plus wagers are casinos probably marry venue kind games. are good or provide And in do environment the to is, [indiscernible] lot probably of sports and between and value. in minimum We

and working well. totally presence that vertical. in it's very So, win I out a the helps believe & entertainment I think differentiator venues and having is sports within stadiums our us gaming strong

is and exactly term you I because this X Thanks helpful. o'clock Length] mean the straight for use what showing dashboard, But be do if ask, getting by then could thanks [Stripe when you Length? Taylor, you that dev.shiftX.com that [ph], that. And this into for just Stripe at may

Yeah.

payment traditionally that or it's complex a where asking own without discussion, pulling come So, an an case been to developer, how anyone whether a an e-commerce without naturally. bunch stack, the a hour for to their integrate NDA, really in documents, it's it's out as self-service that go software it's it's learning the opposed question, runs enterprise ability to a merchant a of doesn't API of what's gateways it's

them. geographies need and supporting common different across multiple like the really, ease time, complexity whether then really of a big integration on scrubbing and offers and platform layers enterprise this against it's reporting over right, e-commerce So, that fraud merchants can processors

that going door So, merchant to the that of a relevant transactions it And is growing the things features kind it's software and be digestible need easy over a billing to to build the recurring things work the extensive as world way. in an very put in more some merchant understand or of releases, how like to and all then might you the provider.

this. Yes. here, me And let layer to on Jared just

in-venue you the your other a ShiftX. and about really the history, absolutely decades commerce I of more than asking And the kind us to casinos, that in has answer of in And software. can is know, So, almost from, all take as other our a management maybe to kind hotel hotels, component for is expand a integrate property new hardware, during it's was of mean, our today. and It's process. bit what restaurants, that venue know, resorts, everything demo right? about for of on kind Taylor stadiums, payments stripes system a customers a integrate and mean, be commerce? couple to what tokenized will pure wants ski integration a I are be said, integrated little just later encrypted process really devices. you software commerce, result, of ShiftX, question, It's update [indiscernible] When there in-venue you're two to months. But a with lengthy that the company having play what providers of separates that's capabilities

process really This in only incredibly it things need sure make to want is developers. made we venue. much make so really, them. interacts climate. They long that well. e-commerce and just decrypt, who for that it to You've devices applicable the they is totally got how a what's the to how compatible software tokenize, eight impressive is are how in like, Stripe And the on we with like with normal for other work month to because like for customers, go or through, that's software abnormal so easy developers successful It app is don't totally

Finaro. So, the integrations has acquired the into already that European that PSP we

was on or month probably takes integration a us. new acquisition. the that again, synergies close literally like, So They was a integrated ShiftX. process could the capabilities. of complete e-commerce a Finaro more. lot already leveraging It long-integration company, It's that hypothetically, a It our will in when we matter hours unlock same which for of a boring customer

we So, that's kind integration capability. we what to refer like Stripe when like of say,

Got it. Thanks for that.

is Andrew we today Jeffrey from Truist. ahead. question go final please The Andrew, from time for have

Your line is open.

the of you sneaking Can the in you QX Thanks. for in in processors hear what space? think ShiftX’s just sort Appreciate at think about to bit, me and other provider you a I'd can we an dominant hear Jared, you win driver particular that venues and you is to, I elaboration talking in why to their little wins. here on you've think venue but end. touched right the be bit market in a on this pretty are little growth love important elaborate venue

I great space. XXX% provider Yes. Andrew. we And a question, are think It's that in dominant the

venue completed a summer the first to know attracted is, you mobile experience it's phone. acquisition So, like describe, commerce fan cell what that's the is company called they the kind Meaning us an within of a VenueNext. as happening taking them consumer VenueNext, entire, of XXXX for place experience. we on in the

Jersey have their booking suite. That's ordering That's they're be. delivered loyalty this they're having during access VIP getting event. they're it should the on likes, us was pandemic been the where the always from Nobody that's can to to their store the pandemic. to It that they're they so That's And pick endless it up. it it's where how So, next ordering the lines their food how probably tickets time. before where half going merchandise very seat. for and they That's way apparent waiting during like is that where

through from this able ticketing with to they're a So their of vertical. in to is of Every of burger and that their like, order driver & able they're in first a And evolution the the of football seats. going to towards wager is I move entertainment key growth half is our be logical Like, all sports for proceeds pay it consumers going kind to on a be going probably beer mean, their the to do letting technology game. of the kind it. industry. a all, and stadium

of companies hospitality do more. obviously The And to kind That's concession Any nicer too version in costs It's customers POS. in stand which So, code our use. experience, like needs four that's winning. first POS can use we and to prone a SkyTab the too. more And failure. win part. on part rather which comparable refreshed, we're direction, is, why means they competitor to which hard is of the the make would of did a story all restaurants or experience. deliver go cracking how other a ours fan three it about else, wants easy same we to with system, Everybody that was nobody that mobile

I'll that. That's a Appreciate leave helpful distinction. it it. at

This concludes today's Q&A.

back to team any for remarks. concluding hand I'll the So, management

Yes. dialing you of Update. SkyTab No, in. we in-person Showcase and later many for appreciate our Hopefully, see today Business we'll everyone

about. We to you Thank bit talk have quite very a much.

Thanks.

concludes you attendance. This much very today's Thank for your call.

You may lines. now your disconnect