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Mar 31, 2023
Shift4 Q1 2023 Earnings Report
Shift4 achieved new quarterly records for volume, gross revenue less network fees, and free cash flow.
Key Takeaways
Shift4 Payments reported a strong first quarter, marked by significant growth in end-to-end volume, gross revenue, and gross revenue less network fees. The company generated net income of $20.4 million and increased Adjusted EBITDA by 102% over the same period last year. The Board has authorized a $250 million share buyback program.
End-to-end payment volume reached $22.3 billion, a 66% increase year-over-year.
Gross revenue was $547.0 million, up 36% compared to Q1 2022.
Gross profit increased by 78% year-over-year to $138.2 million.
Adjusted EBITDA rose by 102% year-over-year to $89.3 million, with Adjusted EBITDA margins at 45%.
Shift4
Shift4
Forward Guidance
Shift4 is increasing its full year outlook for 2023.
Positive Outlook
- End-to-End Payment Volume: Increased from $104 Billion to $110 Billion
- Gross Revenue: Increased from $2.55 Billion to $2.70 Billion
- Gross Revenue Less Network Fees: Increased from $920 Million to $955 Million
- Adjusted EBITDA: Increased from $420 Million to $440 Million
- Adjusted Free Cash Flow Conversion: 53%+