Shift4 展现出强劲的内生增长，其专有 POS 系统收入随时间显著提升。
逐段跳播
当我看到它时，我感觉就像，“哦，就是这个。”一家公开上市的公司。我，每当他们，在那里看到你，让我微笑。做吧，“Andrew，给我PAR、Fiserv、GPN和Shift4，说说其中的区别。”
When I see it, I feel It's like, "Oh, this is it." A public Traded Company." I Whenever they See you there, Makes me smile. Do it, " Andrew, Give me PAR, Fiserv, GPN and Shift4 In The differences "Tell me."
不，但如果我，ShiftFore对比Visa对比Fiserv，看看我。那么，它们之间，区别是什么？我的意思是，Shift4，以及其他支付处理商，区别，最容易理解的方式之一，就是——一。主题可能是卡在场与卡不在场的区别。
No, but if I ShiftFore vs. Visa vs. Fiserv's Look at me. So, their In What is the difference? I mean, shift four. and others Payment Processors In Difference Most understanding The easy ways One is—one.
The subject may be Card Present vs. card knot Present tense Difference.
看Shift4，你会看到，几乎所有情况下，这都是卡在场（card present）的主题。
Shift4 Looking at You will see, almost In all cases This is the card. To be present ( card present) subject.
Shift4的每一项业务都是软件集成的支付。
Shift4 Every job Is the software- Integrated Payment.
Shift4的一个有趣方向是，全球性的，或者像Fiserv那样，不，你是这个。这件复杂的事，容易理解，“你可以，”我理解为什么我们在某些细分领域能赢。如果我们在这个细分领域继续做得好，但它的价格实际上要高得多。所以在我看来，要么就是这个。吸引力的一部分。
Shift4's An interesting The direction is, Global or Like Fiserv No, you are this. The complex matter Easy to understand "You can," I Understand why we Specific In some sectors I win.
And if We are this Specific In the sectors Keep doing good, But its price Actually, a lot more. . So in my mind Either this is it. One of the attractions Part.
如果我们想，Shift4在餐饮里是什么？做吧。讨论我可以，因为这就是最广泛、也是我更熟悉的。Shift4做什么？他们为什么能赢？符合条件的，这些东西。而在我看来，要么其余的细分领域就是人们。从那里去理解，你可以。
If we want Shiftfour What is in the restaurant? Do it. To discuss I can, because this is it. The most Wide and Man this More about Familiar. What does ShiftFor do? Why do they win?
Eligible, these things . And in my mind Either the rest The sectors are people. From there To understand You can.
看当前的业务，他们网络费用之外，大约赚取25亿美元的总收入。这是25亿。大约10亿来自餐饮细分领域。但这非常赚钱，根据我的计算，餐饮细分领域大约贡献4.5亿美元的EBITDA。
Current Towards business Look, where They Network fees Except for about Two and a half billion Gross Revenue Earns. This is two and a half. Billions About one in Billions come Restaurant sector From.
But this Very Profitable, mine According to the calculation Restaurant sector From about 450 Million EBITDA Comes.
而且你知道，这家公司随着时间如何构建，如果你看到它，它就会上涨。明白，他们，例如，PAR——他谈过它，同样Lightspeed——市场上也有。显然，Lightspeed是另一家上市公司，那个，还有SpotOn，当然还有Toast。
市场上有很多种餐饮POS系统。而Shift4如何自己建立餐饮业务，它所做的就是，2017年他们收购了三个大型的餐饮POS系统。
And you know, This company Over time How to build If you see it, it will rise. Understand, they For example, PAR- He said about it, Likewise Lightspeed )-and in the market There is.
Obviously, Lightspeed Another public The company, that With SpotOn ), and of course Toast. Many in the market Kind Restaurant POS There is a system. . and shiftfour ( Shift4) How Restaurant Business Ourselves Established What it did was, In 2017 they Three big on- Love Restaurant POS system Acquisition Did.
Sky Tab基本上就是ShiftFore，现在被称为Shift4Dine。
Sky Tab Basically ShiftFore, Whom now ShiftfourDine ( Shift4Dine) is called.
总之，他们像收购金店一样在收购。而那个餐饮业务的基础仍然存活。这已经变成了一套打法，2017年，2011年他们买了三个根POS系统和软件，2023年聚焦POS，2024年Revalent，而现在他们在国际上遵循那个战略。
Anyway, they Like gold The shops Acquisition Was doing. And that Restaurant Business The foundation is still Survived. This A playbook It has become, Where 2017 In 2011 they Three roots POS system And software Bought, 2023 Focus in POS, 2024 In Revalent, And now they Internationally That strategy Following.
2021年，他们第一个自有POS产品上市。就是这样。现在Shift4 Dining。我当时在工作时就在做这件事。我意识到一件事。那个产品非常快地获得普及，这是很多人没有注意到的；因为他们不把每个细分领域的信息分开，使其容易获得。
In 2021 Their first Own POS Product market Anna. And that's it. Now shift 4. Dining. I When working I was doing it then. One thing I realized. That the product is very Fast Popularity Getting, which Many people noticed Not doing; Of Because they Each sector Separate information Makes it easily available Doesn't give.
然而，如果你看Shift4的资产负债表，但简单的方法是看租赁设备总值的行。那个净额数字在资产负债表上，但从脚注你可以轻松得到总值数字。这相当清楚。
However If you are on shift 4 Balance of Look at the sheet, but The easy way is Leasing Equipment Gross value See the line. The neat figure Balance It is on the sheet, But the footnote From you Easily gross To get the figure You can. This is quite Clear.
在2021年Shift4 Dining POS开始之前，他们的Harbortouch POS系统名义上是4000万美元的行项目。如果按年计算，可以看到：2021年7000万美元，2018年，2022年1.1亿美元，2023年1.8亿美元，2024年2.5亿美元，2025年3.4亿美元。
现在2026年中期，我们正以4亿美元的速度运行。
Shift in 2021 4 Dining POS Before starting, Their Harbortouch POS system From nominal 40 million One dollar The line item was . Yearly If you calculate Seen: 2021 70 million in 2018 Dollar, in 2022 110 million, 180 in 2023 Million, 2024 In 250 Million, 2025 In 340 Million.
Now In 2026 In the middle We are 400. Million dollars I am at a run rate.
简单说，每个Shift4 Dine POS系统背后，Shift4的成本是2000美元。我知道。每个工作站年交易量大约30万到35万美元。你喜欢的价差，选那个数字。拿它。我持有80个基点。而且每个工作站每月29美元。
Simply put, 4 each shift Dine POS System Behind shift 4 It costs 2,000 Dollar. I know. Each Workstation Annual volume From about 300 350 thousand dollars . Your Favorite Spread Choose the number.
Take it. I am 80. Basis points Hold on. And every At the workstation $29 per month.
剩下的，我是那个计算的人。留给观众。我给了。2021年初7000万美元，从现在到4亿美元的速度，达到这个进展，也就是说，在很短的时间内四倍增长，创造了太多经济机会。在我看来，要么人们看这件事的方式不对，那是长期的。
Shift4随着时间，现在手中真的有一个强大的、自己发明的产品；这就是现在。而只是购买旧的POS系统并加上支付，不是一件常见的事。这真的是一个真实的有机增长故事。
The rest I am the one who calculated. Audience Leave it alone. I gave it. 2021 At the beginning of the year 70 million From now on 400 Millions At speed To reach this Progress, That is, a little In time Four times Growth, Too much Economic Creating opportunities Doing.
In my mind Either people The matter Looking that way No, that's long. Shift after time- In its hands now Really a Strong, Own Invented product There is; This is now. And only the old ones POS system Purchase and payment Worth adding Not a common thing . This is really A real one Organic Growth Story.
这个频道对 $SHFT 的历次判断
Yet Another Value Podcast 在这只股票上只有这一条判断。