Shift4 Payments : Q1 2024 Shareholder Letter

This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Shift4 Payments, Inc. ("we," "our," the "Company," or "Shift4") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this letter, other than statements of historical fact, including, without limitation, statements relating to our position as a leader within our industry; our expectations regarding new customers, acquisitions and other transactions, including of our sales partners and their residual streams, and our ability to close said transactions on the timeline we expect or at all; our market growth and international expansion; our plans and agreements regarding future payment processing commitments; our expectations with respect to the economy; our stock price; and our anticipated financial performance, including our financing activities and our financial outlook for the remaining fiscal quarters in 2024 and future periods, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue" or the negative of these terms or other similar expressions, though not all forward-looking statements can be identified by such terms or expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this letter. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the substantial and increasingly intense competition worldwide in the financial services, payments and payment technology industries; potential changes in the competitive landscape, including disintermediation from other participants in the payments chain; the effect of global economic, political and other conditions on trends in consumer, business and government spending; fluctuations in inflation; our ability to anticipate and respond to changing industry trends and the needs and preferences of our merchants and consumers; our reliance on third-party vendors to provide products and services; risks associated with acquisitions; our inability to protect our IT systems and confidential information, as well as the IT systems of third parties we rely on, from continually evolving cybersecurity risks, security breaches and/or other technological risks; compliance with governmental regulation and other legal obligations, particularly related to privacy, data protection

and information security, marketing, cryptocurrency, and consumer protection laws across different markets where we conduct our business; our ability to continue to expand our share of the existing payment processing markets or expand into new markets; additional risks associated with our expansion into international operations, including compliance with and changes in foreign governmental policies, as well as exposure to foreign exchange rates; our ability to integrate and interoperate our services and products with a variety of operating systems, software, devices, and web browsers; our dependence, in part, on our merchant and software partner relationships and strategic partnerships with various institutions to operate and grow our business; and the significant influence Jared Isaacman, our CEO and founder, has over us, including control over decisions that require the approval of stockholders. These and other important factors discussed under the caption "Risk Factors" in Part I, Item 1A. in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and our other filings with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this letter. Any such forward-looking statements represent management's estimates as of the date of this letter. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

We use supplemental measures of our performance which are derived from our consolidated financial information but which are not presented in our consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures include: gross revenue less network fees, which includes interchange and adjustment fees; adjusted net income; adjusted net income per share; free cash flow; adjusted free cash flow; earnings before interest expense, interest income, income taxes, depreciation, and amortization ("EBITDA"); Adjusted EBITDA, Adjusted EBITDA conversion rate; and Adjusted EBITDA margin.

Gross revenue less network fees represents a key performance metric that management uses to measure changes in the mix and value derived from our customer base as we continue to execute our strategy to expand our reach to serve larger, complex merchants.

Adjusted net income represents net income adjusted for certain non-cash and other nonrecurring items that management believes are not indicative of ongoing operations, such as acquisition, restructuring and integration costs, revaluation of contingent liabilities, non-cash impairment of intangible assets, unrealized gain on investments in securities, change in TRA liability, equity-based compensation expense, and foreign exchange and other nonrecurring items.

Adjusted EBITDA is the primary financial performance measure used by management to evaluate its business and monitor results of operations. Adjusted EBITDA represents EBITDA further adjusted for certain non- cash and other nonrecurring items that management believes are not indicative of ongoing operations. These adjustments include acquisition, restructuring and integration costs, revaluation of contingent liabilities, impairment of intangible assets, unrealized gains or losses on investments in securities, changes in TRA liability, equity-based compensation expense, and foreign exchange and other nonrecurring items. Free cash flow represents net cash provided by operating activities adjusted for non-discretionary capital expenditures.

Adjusted EBITDA Margin represents Adjusted EBITDA divided by gross revenue less network fees.

Adjusted Free Cash Flow represents free cash flow further adjusted for certain transactions that are not indicative of future operating cash flows, including settlement activity (which represents the change in our settlement assets and liabilities), acquisition, restructuring and integration costs, the impact of timing of annual performance bonuses, other nonrecurring expenses, and nonrecurring strategic capital expenditures that are not indicative of ongoing activities. We believe Adjusted Free Cash Flow is useful to measure the funds generated in a given period that are available to invest in the business, to repurchase stock and to make strategic decisions.

The Adjusted EBITDA conversion rate is calculated as Adjusted Free Cash Flow divided by Adjusted EBITDA.

We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this letter. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for financial information prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations each of EBITDA and Adjusted EBITDA, gross revenue less network fees, adjusted net income, adjusted net income per share, free cash flow and Adjusted Free Cash Flow to, in each case, its most directly comparable GAAP financial measure are presented in Appendix - Financial Information.

For 2024, we are unable to provide a reconciliation of Gross revenue less network fees, Adjusted EBITDA, and Adjusted Free Cash Flow to Gross Profit, Net Income, and net cash provided by operating activities, respectively, the nearest comparable GAAP measures, without unreasonable efforts. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAPfinancial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items. In addition, key performance indicators include end-to-endpayment volume, spread and margin. End-to-endpayment volume is defined as the total dollar amount of payments that we deliver for settlement on behalf of our merchants. Included in end-to-endvolume are dollars routed via our international payments platform and alternative payment methods, including cryptocurrency and stock donations, plus volume we route to one or more third party merchant acquirers on behalf of strategic enterprise merchant relationships. This volume does not include volume processed through our legacy gateway-onlyoffering.

Blended Spread represents the average yield Shift4 earns on the average end-to-end payment volume processed for a given period after network fees.

Blended Spread is calculated as payments-based revenue less gateway revenue and network fees for a given period divided by the end-to-end payment volume processed for the same period.

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• End-to-end("E2E") payment volume of $33.4 billion during Q1 2024, up 50% from Q1 2023.
• Gross revenue of $707.4 million, up 29% from Q1 2023.
• Gross profit of $175.9 million, up 27% from Q1 2023.
• Gross revenue less network fees(A) of $263.7 million, up 32% from Q1 2023.

• Net income for Q1 2024 was $28.5 million. Net income per class A and C share was $0.31 and $0.31 on a basic and diluted basis, respectively. Adjusted net income for Q1 2024 was $50.5 million, or $0.54 per class A and C share on a diluted basis.(A)(B)
• EBITDA of $98.7 million and Adjusted EBITDA of $121.7 million for Q1 2024, up 52% and 36%, respectively. Adjusted EBITDA margin of 46% for Q1 2024.(A)

Q1 End-to-End Payment Volume

($BILLION)

Gross Profit & Gross Revenue Less Network Fees(A)

($MILLION)

Gross Profit: 4-Year CAGR 42%

Gross Revenue Less Network Fees: 4-Year CAGR 35%

$263.7

$200.0

$175.9

$148.8 $138.2

$97.5

$79.1$77.6

$43.4 $47.3

Q1-20Q1-21Q1-22Q1-23Q1-24

Net Cash Provided by Operating Activities & Adjusted Free Cash Flow(A)

Q1-23Q2-23Q3-23Q4-23Q1-24

Hospitality Update

Continuing to expand market share in hospitality vertical

Shift4 has developed a relationship with a premier global operator of casino resorts with a portfolio that encompasses dozens of unique hotel, gaming, and entertainment destinations globally, including some of the most recognizable resort brands in the industry.

As the largest resort casino in North America, Foxwoods offers gaming across seven casinos and features AAA Four-Diamond hotels, a wide array of restaurants, world-renowned spas, award-winning golf, state-of-the-art theaters, and exclusive retailers.

Acme Hospitality owns and operates an award-winning and innovative collection of restaurants and hotels throughout California.

The Ranch at Rock Creek ★

The Ranch at Rock Creek is an all-inclusive luxury Dude Ranch experience in one of Montana's most pristine valleys and the world's first Forbes Travel Guide five-star ranch.

Ho-Chunk operates six casinos across Wisconsin, including resort hotel accommodations, a wide range of dining options, retail stores, and world-class entertainment venues.

Sunseeker Resort

Sunseeker Resort is all-in-one destination resort along the scenic Peace River that reflects the unique character of southwest Florida's Gulf Coast.

Brasada Ranch is a modern desert luxury retreat offering stunning views, upscale accommodations, farm-to-table dining, and a wide range of outdoor activities in the serene Cascade Mountains.

River Street Inn ★

Located in the downtown Historic District of Savannah, the River Street Inn blends warmth and intimacy with the modern comfort and amenities of a contemporary boutique hotel.

Compass Hotel by Margaritaville Naples ★

The Compass Hotel blends Margaritaville's signature casual luxury, fun, and escapism with the convenience and comfort of a more intimate hotel setting in Naples, FL.

A collection of boutique hotels offering endless options for an Old Florida-style getaway with modern amenities, all located just steps from Siesta Key's world-famous Crescent Beach.

The Eddy Taproom & Hotel ★

The ultimate basecamp before embarking on the next adventure, The Eddy Taproom & Hotel in Golden, CO is ideally situated just outside of Denver at the base of the mountains.

Mohonk Mountain House ★

Voted the #1 resort in the Northeast and Mid-Atlantic by Conde Nast Traveler, this Victorian castle resort in New York's Hudson Valley is surrounded by 40,000 acres of pristine forest.

The reigning Super Bowl Champions have selected Shift4 to power the team's ticket sales at GEHA Field at Arrowhead Stadium through our integration with Ticketmaster.

Shift4 has partnered with the Minnesota Vikings to power payments for food & beverage concessions across US Bank Stadium and to process all ticketing transactions through Ticketmaster.

Shift4 will process payments for F&B concessions at American Airlines Center, home of the Dallas Mavericks, Dallas Star, and many other concerts and events throughout the year.

Chicago White Sox

TICKETING WIN

Shift4 and the White Sox have expanded their partnership to include ticket sales through Ticketmaster, in addition to the existing payment processing for F&B concessions, parking, and retail.

TICKETING WIN

Shift4 will be powering payments for all food & beverage concessions at the University of Nebraska, as well as processing ticket sales through our partnership with Paciolan

University of Oklahoma

Shift4 will be powering payments at all food & beverage concessions for Sooners fans at University of Oklahoma's athletics venues.