Shift4 Payments (FOUR) Oppenheimer's 27th Annual Technology, Internet & Communications Conference summary

Strategic priorities and international expansion

• SkyTab is the top organizational priority, with a focus on scaling in Canada, Europe, U.K., and Ireland.

• Expansion follows strategic e-commerce customers into new markets, leveraging certified payment rails.

• Recent Vectron transaction boosts distribution and reach in Europe.

• Africa and other global markets are being entered by following large e-commerce clients, with profitability and product improvement as key goals.

• Australia and New Zealand are targeted for further restaurant and hotel expansion.

Financial strategy and capital allocation

• $1.1 billion debt offering is opportunistic, providing flexibility for refinancing, buybacks, and growth opportunities.

• Leverage ratio stands at 2.7x, with funds placed in interest-yielding accounts to minimize cost.

• Extra liquidity offers firepower for both organic and inorganic initiatives.

Resilience and growth in economic cycles

• Diversification into hotels and stadiums has reduced exposure to restaurant downturns.

• Maintains high growth rates, with 50% volume growth last quarter and a four-year CAGR near 50%.

• July saw some softening in restaurants, but hotels and stadiums remained stable.