Shift4 Payments, Inc. (NYSE:FOUR) Q1 2024 Earnings Call Transcript

Nancy, I don’t know if want to give any more color than that.

Nancy Disman: Yes. I would just reiterate. We said that SaaS alone restaurant growth was 55%. All within that is a very high percentage coming from SkyTab, well, in excess of that. And I think it’s just all the components that Taylor talked about, just the ramping. I think the one thing you didn’t talk about is just we don’t charge for every enhancement right now and every module within SkyTab. It is — I would say it’s not only is it a low cost, competitively in the market offering. We also are generally giving one-year free to many of our customers. So, there’s this ramp that you’re going to see as we start lapping, SkyTab that’s going to have, it’s going to impact the back half of this year and certainly, in the near term, just bigger revenue, bigger SaaS revenue, just great trajectory.

Sanjay Sakhrani: Appreciate it. And just my follow-up, Jared. I appreciate all of the comments on the strategic review. But maybe, just help us think about, so what valuation you think makes sense, if you were to go down the path of a sale or we’re just trying I’m trying to dimensionalize sort of what would get you excited and how we should think about the trajectory from here? Thanks.

Jared Isaacman: It’s a really tough question, right. Because I think, there’s a pretty big gap between how we are valued today. and frankly, how we’ve been valued for quite some time relative to some of our high-growth peers that don’t even kind of share our profitability profile. So, I guess the thing I would point you to is, I mean during the strategic review, I think almost every analyst put out a note with where they thought Shift4 might transact at. And the rationale behind it. And I was like, I think generally, especially those on the higher end of it, we’re thinking things through correctly. But I think if you watch the evolution throughout that strategic review, those notes kept getting higher and higher. And I think that was rightfully so, especially when you look under the hood at some of the things that are going on.

That certainly makes it hard for, I think, like the strategic parties when there’s a new note kind of every day in the direction it’s going. But I didn’t disagree that on the top end of the some of those ranges that that would have been a more appropriate valuation. But certainly, it’s well, well above, where we’re at presently today.

Sanjay Sakhrani: Okay. Thank you.

Operator: That’s all the time we have for questions today. This concludes today’s conference. You may disconnect your lines at this time and thank you for your participation.