On Tuesday, 12 August 2025, Shift4 Payments Inc (NYSE:FOUR) presented at the 2025 Susquehanna Get Carded Conference, highlighting its strategic direction amid significant developments. The company discussed both promising growth prospects and challenges, notably the Global Blue acquisition and international expansion. Shift4 aims for a 30% compound annual growth rate (CAGR) on gross revenue less network fees and adjusted EBITDA. The Global Blue acquisition is a focal point, expected to enhance Shift4’s international presence. Shift4 is committed to disciplined capital allocation and strategic mergers and acquisitions. The company is developing an all-in-one terminal to streamline payment processes. Shift4 plans to integrate Tencent and Ant Group payment methods across its platforms. Shift4 is targeting a 30% CAGR on gross revenue less network fees and adjusted EBITDA. The company models a hypothetical $200 million annual investment for mergers and acquisitions. Historical capital investments have yielded a 4.6x return on EBITDA and a 16% free cash flow yield. Financial contributions from Global Blue are anticipated in the second half of the year. The Global Blue acquisition was finalized on July 3rd, with Jacques Stern now leading Shift4 International. Shift4 is creating a single terminal that combines currency conversion and other functionalities. A small acquisition in Australia was announced, expanding Shift4’s reach. Integration with ticketing technology providers is underway to enhance stadium operations. Shift4 expects synergies from the Global Blue acquisition to emerge in Q1 of the following year. The company is focused on expanding in the unified commerce space and across more geographies. Shift4 emphasizes maintaining market-leading positions and exploring growth in new verticals. Investors showed interest in payment volumes, the Global Blue acquisition, and capital allocation. Management discussed the CFO transition, with Chris Cruz taking over financial leadership. Shift4’s disciplined M&A approach and potential cross-selling opportunities with Global Blue were detailed. Global Blue is doing great. It is largely acting as the independent business it was a year ago. They are winning lots of clients to their tax-free solutions business, which is the VAT refund business they are a category leader in, and they’ve been adding great customers and great capabilities around the world consistently. Similarly, their currency conversion business is growing nicely. The company gave itself a year before it would expect meaningful synergies inside the business. The ability to cross-sell their payments product to their merchant population and embed their currency conversion product across the merchant population is expected. The company believes it will hit the ground running really, really nicely inside of Q1 with a broad-based set of capabilities. Jacques Stern, the CEO of Global Blue, is now the head of Shift4 International. He brings twenty years of executive experience, including prior roles at EdenRed and Accor, the global hotel franchise. His leadership will help formalize Shift4’s governance structures outside the United States, which are built through the lens of operating in 50 countries around the world. Shift4 is working to develop a single all-in-one terminal that consolidates five or six functions, including currency conversion, tax receipt, and identification of tax-free shoppers. This aims to eliminate multiple bank terminals and reduce friction in the purchasing experience, especially for luxury retailers and small local businesses. The goal is to provide a seamless experience that mirrors the ease of large retailers like Louis Vuitton in Paris. Tencent and Ant Group are strategic shareholders in Global Blue. Shift4 sees significant opportunity to work with them to enable their payment methods, particularly for Asian consumers, making the payment experience feel like shopping at home. This collaboration will expand the reach of payment solutions globally. The business process and workflow in Global Blue are often paper-based. Shift4 sees digitization as a key opportunity, enabling instant refunds, easier verification of eligibility, and a more seamless experience for consumers. This will increase the likelihood of refunds and encourage more spending, as consumers become aware of the benefits at the point of sale. Currency fluctuations, such as the stronger euro, have a complex impact on Global Blue’s business. While a weaker US dollar reduces spending by US shoppers, it provides a translation benefit in US dollar revenue reporting. The business is diversified, with travelers from all over the world, which helps absorb currency shocks. To avoid missteps in the larger acquisition, Shift4 has implemented a 'do no harm' mentality, ensuring the business continues to perform well independently. Key safeguards include maintaining continuity for the Global Blue team, respecting market-specific timelines, and avoiding assumptions about the speed of execution in different countries. At a high level, Shift4’s priorities include maintaining market-leading positions in key verticals—hotels, restaurants, sports and entertainment—and expanding these capabilities internationally. The company emphasizes a point of difference, such as its highly differentiated technology in retail, and remains focused on prudent capital allocation to ensure strong returns on investment. The company also continues to grow its presence in stadium operations by integrating with ticketing platforms, which expands revenue opportunities beyond in-stadium purchases to include ticketing and parking. The competitive environment in stadiums remains strong, but Shift4’s ability to provide a seamless, fan-first mobile experience under one roof gives it a significant advantage. The integration of ticketing platforms allows operators to simplify financial reconciliations and improve revenue collection across the entire fan journey. Jared, the largest owner of the business, is focused on capital allocation, per-share return to investors, and international expansion. His involvement is concentrated on these three key areas, allowing him to provide strategic guidance without being distracted by day-to-day operations.

Shift4 at Susquehanna Conference: Global Blue Integration Focus

Shift4 Payments Inc presented at the 2025 Susquehanna Get Carded Conference, focusing on its strategic integration with Global Blue, international expansion, and the development of an all-in-one payment terminal. The company discussed its 30% compound annual growth rate target, disciplined capital allocation, and planned mergers and acquisitions, including a small acquisition in Australia. The Global Blue acquisition, finalized on July 3, 2025, is expected to deliver synergies in the first quarter of the following year, with Jacques Stern now leading Shift4 International. Shift4 plans to integrate Tencent and Ant Group payment methods to enhance the experience for Asian consumers and improve cross-selling opportunities. The company emphasizes digitization of Global Blue’s paper-based processes to enable instant refunds and better consumer experiences. Shift4 is expanding into unified commerce and stadium operations through integration with ticketing platforms, aiming to improve revenue collection and streamline financial reconciliations. Management also discussed a CFO transition, with Chris Cruz taking over financial leadership.