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Here are 1-2 brief analogies for Shift4 Payments (FOUR):

• Shift4 is like Square, but focused on larger businesses like hotels, restaurants, and stadiums, providing integrated payment processing and business management solutions.
• Shift4 is like Toast, but for a wider range of large hospitality and entertainment venues beyond just restaurants, including hotels, casinos, and theme parks.

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• Payment Processing Services: Facilitates the acceptance, authorization, and settlement of credit and debit card transactions for merchants.
• Point-of-Sale (POS) Systems: Provides integrated hardware and software solutions, such as SkyTab, for managing sales transactions and business operations.
• Payment Gateway Solutions: Offers secure connectivity and APIs for businesses to link their systems to various payment networks and process transactions online.
• Integrated Payment Solutions for ISVs: Enables independent software vendors (ISVs) to embed payment processing capabilities directly into their applications and platforms.
• Business Intelligence & Analytics: Delivers data insights and reporting tools to help merchants analyze their transaction data and optimize business performance.

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Shift4 Payments (FOUR) primarily sells its payment processing and technology solutions to other businesses (merchants) across a wide range of industries. Due to the nature of the payment processing industry, which typically involves a vast number of individual merchant relationships, Shift4 does not publicly disclose a short list of "major customer companies" that would constitute a significant portion of its revenue. Furthermore, these customers are often individual properties, franchises, or privately held businesses rather than a few large, publicly traded entities that would have a stock symbol.

Instead, Shift4 serves a broad and diverse merchant base within key verticals. The major categories of businesses that Shift4 serves include:

• Hospitality Businesses: This segment includes a wide array of hotels, resorts, restaurants, bars, and independent hospitality venues. Shift4 often processes payments for properties operating under major hotel brands (e.g., Marriott, Hilton, Hyatt, though these are typically individual properties/franchisees) as well as numerous independent restaurants and large casino operators.
• Sports & Entertainment Venues: Shift4 is a prominent payment processor for major sports stadiums (serving various NFL, NBA, MLB, NHL teams), concert arenas, theme parks, and other entertainment complexes. They handle transactions for concessions, merchandise, and ticketing at these high-volume locations.
• Retail & E-commerce Businesses: Shift4 also caters to a broad base of brick-and-mortar retail stores, ranging from small businesses to larger chains, as well as online businesses that require comprehensive e-commerce payment solutions.

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• Visa Inc. (V)
• Mastercard Incorporated (MA)
• American Express Company (AXP)
• Discover Financial Services (DFS)

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Jared Isaacman, Executive Chairman (Founder and former CEO)

Jared Isaacman founded Shift4 Payments (originally United Bank Card) in 1999 at the age of 16 and has served as CEO since its inception until recently becoming Executive Chairman. Under his leadership, the company grew into a publicly traded enterprise, processing over $200 billion in payments annually by 2020. In 2012, Isaacman co-founded Draken International, a defense aerospace company providing adversary training, which he later sold a majority stake in to Blackstone, a Wall Street firm, in 2019 for a nine-figure sum.

Taylor Lauber, CEO

Taylor Lauber assumed the role of CEO in February 2022 and has a tenure of 3.75 years. He previously held the President role for nearly seven years, starting in 2018. He also served as Chief Strategy Officer.

Christopher N. Cruz, Chief Financial Officer

Christopher N. Cruz was appointed Chief Financial Officer of Shift4 Payments effective September 1, 2025. Prior to this role, he was a member of Shift4's board of directors since the company went public in 2020. His background includes experience in investing, having served as a partner at the investment management firm Searchlight Capital and as a member of the investment team at Oaktree Capital Management.

Michael Isaacman, Chief Commercial Officer

Michael Isaacman serves as the Chief Commercial Officer at Shift4 Payments.

Doug Demko, Chief Operating Officer

Doug Demko is the Chief Operating Officer of Shift4 Payments.

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The key risks to Shift4 Payments' business include its significant exposure to cyclical consumer spending, intense competition in the payments industry, and risks associated with its acquisition-led growth strategy.

1. Exposure to Cyclical Consumer Discretionary Spending and Economic Uncertainty: Shift4 Payments' business is heavily concentrated in verticals such as hospitality, entertainment, and retail. These sectors are highly sensitive to consumer discretionary spending, making the company vulnerable to economic downturns, reduced consumer confidence, or decreases in disposable income. A decline in consumer spending directly impacts transaction volumes, which in turn can reduce Shift4's revenue and profitability.
2. Intense Competition in the Payments Industry: The payments processing and technology industry is characterized by substantial and increasing competition. Shift4 faces ongoing challenges from numerous competitors, including larger, diversified peers, and other payments providers who may try to undercut pricing or offer improved products. This competitive pressure could affect Shift4's ability to retain existing customers, attract new merchants, and maintain its market position and growth prospects.
3. Acquisition-Led Growth Strategy and Integration Risks: Shift4 has pursued a strategy of growth through significant acquisitions to expand its market share, capabilities, and geographic footprint. While this strategy offers opportunities, it also presents substantial integration risks. These risks include potential delays or failures in completing transactions, challenges in integrating acquired companies' operations, technologies, and personnel, navigating regulatory complexities in new markets, and the potential inability to realize anticipated synergies. Poor execution or integration could lead to operational inefficiencies, a loss of value, and strain on Shift4's financial resources, potentially limiting its ability to invest in other growth initiatives.

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The emergence and growing adoption of Account-to-Account (A2A) payments, facilitated by Open Banking initiatives and real-time payment networks like FedNow in the United States, represent a clear emerging threat to Shift4 Payments.

Traditionally, payment processors like Shift4 derive substantial revenue from fees associated with processing card-based transactions (Visa, Mastercard, etc.). A2A payments allow funds to move directly from a customer's bank account to a merchant's bank account, often bypassing card networks and their associated interchange and scheme fees. This can significantly lower transaction costs for merchants, making it an attractive alternative.

Evidence for this threat includes the increasing regulatory push for Open Banking globally (e.g., PSD2 in Europe), the rollout and increasing adoption of real-time gross settlement (RTGS) systems like FedNow in the US, and the proliferation of fintech companies specializing in direct bank transfers for payments. If A2A payments gain significant market share, it could erode Shift4's traditional card-processing volumes, put downward pressure on processing margins, and necessitate substantial investment by Shift4 to adapt its platforms and business model to support these lower-margin payment rails, similar to how Netflix's streaming model disrupted Blockbuster's DVD rental business by offering a fundamentally different (and ultimately cheaper/more convenient) method of content delivery.

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Shift4 Payments (NYSE: FOUR) addresses significant markets with its main products and services. The company's addressable market has expanded considerably due to strategic acquisitions and international growth.

• The primary addressable market for Shift4 Payments was historically the $800 billion U.S. hospitality/retail market.
• With international expansion, particularly through the acquisition of Global Blue, Shift4's addressable market is projected to expand to a $1.4+ trillion global opportunity. This expanded market includes new verticals and geographies, such as luxury retail and tourism, especially across Europe and other international regions.

Shift4's main products, such as SkyTab for restaurants, hospitality, and venues, and its Unified Commerce payment infrastructure software, contribute to penetrating these markets. The acquisition of Global Blue specifically targets tax-free shopping and currency conversion, accelerating Shift4's expansion in Europe and providing access to luxury retail clients.

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Share Repurchases

• Shift4's board authorized a new $1 billion stock repurchase program, marking it as the largest in the company's history.
• In May 2025, Shift4 Payments launched a $500 million share buyback program, supported by a $3.3 billion capital raise.
• During Q2 2025, the company repurchased $85 million in shares at a price of $74 per share.

Share Issuance

• A $3.3 billion capital raise was completed in May 2025, which included $1.0 billion in mandatory convertible preferred equity.
• The capital raised was intended to fund the acquisition of Global Blue and facilitate the repurchase of outstanding senior notes.
• Shift4 Payments, Inc. received $1,000.0 million from the issuance of Series A Mandatory Convertible Preferred Stock, in exchange for 10,000,000 units of Series A Mandatory Convertible Preferred Mirror Units from Shift4 Payments, LLC.

Outbound Investments

• Shift4 acquired Global Blue for $2.5 billion.
• The company made an acquisition of SmartPay.
• Shift4 announced the upcoming acquisition of Bambora (Worldline North America), described as a "$90 billion payment gateway."

Capital Expenditures

• Shift4 Payments' capital expenditures demonstrated an increasing trend, growing from $383.8 million in 2020 to $2.26 billion in 2024.
• For the twelve months ending June 30, 2025, capital expenditures totaled $2.147 billion.
• Projected capital expenditures are estimated at $93.25 million for 2025, increasing to $117 million in 2026 and $133 million in 2027.