false
Q2
0001794669
--12-31
true
false
true
true
true
true
us-gaap:AccountingStandardsUpdate201815ProspectiveMember
P1Y
four:AccountingStandardsUpdateTwentyTwentyZeroSixMember
P8Y
P9Y
P17Y
P4Y
P3Y
P8Y
P9Y
P9Y
P2Y
P4Y
P2Y
P3Y
P3Y
P3Y
0001794669
2021-01-01
2021-06-30
xbrli:shares
0001794669
us-gaap:CommonClassAMember
2021-08-02
0001794669
us-gaap:CommonClassBMember
2021-08-02
0001794669
us-gaap:CommonClassCMember
2021-08-02
iso4217:USD
0001794669
2021-06-30
0001794669
2020-12-31
iso4217:USD
xbrli:shares
0001794669
us-gaap:CommonClassAMember
2021-06-30
0001794669
us-gaap:CommonClassAMember
2020-12-31
0001794669
us-gaap:CommonClassBMember
2021-06-30
0001794669
us-gaap:CommonClassBMember
2020-12-31
0001794669
us-gaap:CommonClassCMember
2021-06-30
0001794669
us-gaap:CommonClassCMember
2020-12-31
0001794669
2021-04-01
2021-06-30
0001794669
2020-04-01
2020-06-30
0001794669
2020-01-01
2020-06-30
0001794669
us-gaap:CommonClassAMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
2020-04-01
2020-06-30
0001794669
us-gaap:CommonClassAMember
2021-01-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
2020-01-01
2020-06-30
0001794669
us-gaap:CommonClassCMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassCMember
2020-04-01
2020-06-30
0001794669
us-gaap:CommonClassCMember
2021-01-01
2021-06-30
0001794669
us-gaap:CommonClassCMember
2020-01-01
2020-06-30
0001794669
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
0001794669
us-gaap:RetainedEarningsMember
2020-12-31
0001794669
us-gaap:NoncontrollingInterestMember
2020-12-31
0001794669
us-gaap:RetainedEarningsMember
2021-01-01
2021-03-31
0001794669
us-gaap:NoncontrollingInterestMember
2021-01-01
2021-03-31
0001794669
2021-01-01
2021-03-31
0001794669
us-gaap:AdditionalPaidInCapitalMember
srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember
2020-12-31
0001794669
us-gaap:RetainedEarningsMember
srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember
2020-12-31
0001794669
srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember
2020-12-31
0001794669
us-gaap:CommonClassAMember
four:VenueNextMember
2021-01-01
2021-03-31
0001794669
us-gaap:AdditionalPaidInCapitalMember
four:VenueNextMember
2021-01-01
2021-03-31
0001794669
us-gaap:NoncontrollingInterestMember
four:VenueNextMember
2021-01-01
2021-03-31
0001794669
four:VenueNextMember
2021-01-01
2021-03-31
0001794669
us-gaap:AdditionalPaidInCapitalMember
2021-01-01
2021-03-31
0001794669
us-gaap:CommonClassAMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-01-01
2021-03-31
0001794669
us-gaap:CommonClassBMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-01-01
2021-03-31
0001794669
us-gaap:CommonClassCMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-01-01
2021-03-31
0001794669
us-gaap:AdditionalPaidInCapitalMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-01-01
2021-03-31
0001794669
us-gaap:NoncontrollingInterestMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-01-01
2021-03-31
0001794669
us-gaap:CommonClassAMember
2021-01-01
2021-03-31
0001794669
us-gaap:CommonClassAMember
2021-03-31
0001794669
us-gaap:CommonClassBMember
2021-03-31
0001794669
us-gaap:CommonClassCMember
2021-03-31
0001794669
us-gaap:AdditionalPaidInCapitalMember
2021-03-31
0001794669
us-gaap:RetainedEarningsMember
2021-03-31
0001794669
us-gaap:NoncontrollingInterestMember
2021-03-31
0001794669
2021-03-31
0001794669
us-gaap:RetainedEarningsMember
2021-04-01
2021-06-30
0001794669
us-gaap:NoncontrollingInterestMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassBMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassCMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-04-01
2021-06-30
0001794669
us-gaap:AdditionalPaidInCapitalMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-04-01
2021-06-30
0001794669
us-gaap:NoncontrollingInterestMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-04-01
2021-06-30
0001794669
us-gaap:AdditionalPaidInCapitalMember
2021-04-01
2021-06-30
0001794669
us-gaap:AdditionalPaidInCapitalMember
2021-06-30
0001794669
us-gaap:RetainedEarningsMember
2021-06-30
0001794669
us-gaap:NoncontrollingInterestMember
2021-06-30
0001794669
us-gaap:RedeemablePreferredStockMember
2019-12-31
0001794669
four:CommonClassAUnitsMember
2019-12-31
0001794669
four:CommonClassBUnitsMember
2019-12-31
0001794669
us-gaap:MemberUnitsMember
2019-12-31
0001794669
us-gaap:RetainedEarningsMember
2019-12-31
0001794669
2019-12-31
0001794669
us-gaap:RetainedEarningsMember
2020-01-01
2020-03-31
0001794669
2020-01-01
2020-03-31
0001794669
us-gaap:MemberUnitsMember
2020-01-01
2020-03-31
0001794669
us-gaap:RedeemablePreferredStockMember
2020-03-31
0001794669
four:CommonClassAUnitsMember
2020-03-31
0001794669
four:CommonClassBUnitsMember
2020-03-31
0001794669
us-gaap:MemberUnitsMember
2020-03-31
0001794669
us-gaap:RetainedEarningsMember
2020-03-31
0001794669
2020-03-31
0001794669
us-gaap:RetainedEarningsMember
2020-04-01
2020-06-04
0001794669
2020-04-01
2020-06-04
0001794669
us-gaap:MemberUnitsMember
2020-04-01
2020-06-04
0001794669
us-gaap:RedeemablePreferredStockMember
2020-06-04
0001794669
four:CommonClassAUnitsMember
2020-06-04
0001794669
four:CommonClassBUnitsMember
2020-06-04
0001794669
us-gaap:MemberUnitsMember
2020-06-04
0001794669
us-gaap:RetainedEarningsMember
2020-06-04
0001794669
2020-06-04
0001794669
us-gaap:RedeemablePreferredStockMember
2020-06-05
2020-06-30
0001794669
four:CommonClassAUnitsMember
2020-06-05
2020-06-30
0001794669
four:CommonClassBUnitsMember
2020-06-05
2020-06-30
0001794669
us-gaap:CommonClassAMember
2020-06-05
2020-06-30
0001794669
us-gaap:CommonClassBMember
2020-06-05
2020-06-30
0001794669
us-gaap:CommonClassCMember
2020-06-05
2020-06-30
0001794669
us-gaap:AdditionalPaidInCapitalMember
2020-06-05
2020-06-30
0001794669
us-gaap:MemberUnitsMember
2020-06-05
2020-06-30
0001794669
2020-06-05
2020-06-30
0001794669
us-gaap:NoncontrollingInterestMember
2020-06-05
2020-06-30
0001794669
us-gaap:RetainedEarningsMember
2020-06-05
2020-06-30
0001794669
us-gaap:CommonClassAMember
2020-06-30
0001794669
us-gaap:CommonClassBMember
2020-06-30
0001794669
us-gaap:CommonClassCMember
2020-06-30
0001794669
us-gaap:AdditionalPaidInCapitalMember
2020-06-30
0001794669
us-gaap:RetainedEarningsMember
2020-06-30
0001794669
us-gaap:NoncontrollingInterestMember
2020-06-30
0001794669
2020-06-30
0001794669
four:VenueNextMember
2021-01-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
us-gaap:IPOMember
2020-06-09
2020-06-09
0001794669
us-gaap:CommonClassAMember
us-gaap:OverAllotmentOptionMember
2020-06-09
2020-06-09
0001794669
us-gaap:CommonClassAMember
us-gaap:IPOMember
2020-06-09
0001794669
us-gaap:CommonClassCMember
us-gaap:PrivatePlacementMember
2020-06-09
2020-06-09
0001794669
four:IPOAndPrivatePlacementMember
2020-06-09
2020-06-09
0001794669
four:SeniorNotesDueTwoThousandTwentyFiveMember
2021-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2021-01-01
2021-06-30
0001794669
four:FirstLienTermLoanFacilityMember
2021-06-30
0001794669
four:AcquiredTechnologyMember
srt:ScenarioPreviouslyReportedMember
2020-12-31
0001794669
us-gaap:CostOfSalesMember
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
2020-04-01
2020-06-30
0001794669
us-gaap:CostOfSalesMember
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
2020-01-01
2020-06-30
0001794669
us-gaap:GeneralAndAdministrativeExpenseMember
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
four:MisclassificationOfCostOfSalesInGeneralAndAdministrativeExpensesMember
2020-04-01
2020-06-30
0001794669
us-gaap:GeneralAndAdministrativeExpenseMember
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
four:MisclassificationOfCostOfSalesInGeneralAndAdministrativeExpensesMember
2020-01-01
2020-06-30
0001794669
us-gaap:CostOfSalesMember
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
four:MisclassificationOfCostOfSalesInGeneralAndAdministrativeExpensesMember
2020-04-01
2020-06-30
0001794669
us-gaap:CostOfSalesMember
srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember
four:MisclassificationOfCostOfSalesInGeneralAndAdministrativeExpensesMember
2020-01-01
2020-06-30
0001794669
srt:ScenarioPreviouslyReportedMember
2020-04-01
2020-06-30
0001794669
srt:RestatementAdjustmentMember
2020-04-01
2020-06-30
0001794669
srt:ScenarioPreviouslyReportedMember
2020-01-01
2020-06-30
0001794669
srt:RestatementAdjustmentMember
2020-01-01
2020-06-30
0001794669
srt:ScenarioPreviouslyReportedMember
four:CommonClassAAndClassCMember
2020-04-01
2020-06-30
0001794669
four:CommonClassAAndClassCMember
2020-04-01
2020-06-30
0001794669
srt:ScenarioPreviouslyReportedMember
four:CommonClassAAndClassCMember
2020-01-01
2020-06-30
0001794669
four:CommonClassAAndClassCMember
2020-01-01
2020-06-30
0001794669
srt:ScenarioPreviouslyReportedMember
2020-06-30
0001794669
four:SpaceExplorationTechnologiesCorpMember
2021-06-30
0001794669
four:SightlinePaymentsMember
2021-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2020-01-01
2020-12-31
0001794669
four:AccountingStandardsUpdateTwentyTwentyZeroSixMember
2021-01-01
0001794669
four:AccountingStandardsUpdateTwentyTwentyZeroSixMember
2021-06-30
0001794669
us-gaap:AccountingStandardsUpdate201813Member
2021-06-30
0001794669
four:VenueNextMember
2021-03-03
2021-03-03
xbrli:pure
0001794669
four:VenueNextMember
2021-03-03
0001794669
four:VenueNextMember
us-gaap:CommonClassAMember
2021-03-03
2021-03-03
0001794669
four:VenueNextMember
us-gaap:RestrictedStockUnitsRSUMember
2021-03-03
2021-03-03
0001794669
four:VenueNextMember
us-gaap:CommonClassAMember
2021-01-01
2021-06-30
0001794669
four:VenueNextMember
four:ProfessionalFeesMember
2021-04-01
2021-06-30
0001794669
four:VenueNextMember
four:ProfessionalFeesMember
2021-01-01
2021-06-30
0001794669
us-gaap:DevelopedTechnologyRightsMember
four:VenueNextMember
2021-03-03
2021-03-03
0001794669
us-gaap:TrademarksAndTradeNamesMember
four:VenueNextMember
2021-03-03
2021-03-03
0001794669
us-gaap:CustomerRelationshipsMember
four:VenueNextMember
2021-03-03
2021-03-03
0001794669
four:ThreeDCartAcquisitionMember
2020-11-03
2020-11-05
0001794669
four:ThreeDCartAcquisitionMember
2020-11-05
0001794669
four:ThreeDCartAcquisitionMember
us-gaap:CommonClassAMember
2020-11-03
2020-11-05
0001794669
four:HospitalityTechnologyVendorMember
2020-10-16
2020-10-16
0001794669
four:HospitalityTechnologyVendorMember
2020-10-16
0001794669
four:HospitalityTechnologyVendorMember
2021-04-01
2021-06-30
four:PerformanceObligation
0001794669
us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member
us-gaap:AccountingStandardsUpdate201409Member
2021-01-01
2021-06-30
0001794669
four:PaymentsBasedRevenueMember
2021-04-01
2021-06-30
0001794669
four:PaymentsBasedRevenueMember
2020-04-01
2020-06-30
0001794669
four:PaymentsBasedRevenueMember
2021-01-01
2021-06-30
0001794669
four:PaymentsBasedRevenueMember
2020-01-01
2020-06-30
0001794669
four:SubscriptionAndOtherRevenuesMember
2021-04-01
2021-06-30
0001794669
four:SubscriptionAndOtherRevenuesMember
2020-04-01
2020-06-30
0001794669
four:SubscriptionAndOtherRevenuesMember
2021-01-01
2021-06-30
0001794669
four:SubscriptionAndOtherRevenuesMember
2020-01-01
2020-06-30
0001794669
us-gaap:TransferredOverTimeMember
2021-04-01
2021-06-30
0001794669
us-gaap:TransferredOverTimeMember
2020-04-01
2020-06-30
0001794669
us-gaap:TransferredOverTimeMember
2021-01-01
2021-06-30
0001794669
us-gaap:TransferredOverTimeMember
2020-01-01
2020-06-30
0001794669
us-gaap:TransferredAtPointInTimeMember
2021-04-01
2021-06-30
0001794669
us-gaap:TransferredAtPointInTimeMember
2020-04-01
2020-06-30
0001794669
us-gaap:TransferredAtPointInTimeMember
2021-01-01
2021-06-30
0001794669
us-gaap:TransferredAtPointInTimeMember
2020-01-01
2020-06-30
0001794669
four:AnnualServiceFeesAndRegulatoryComplianceFeesMember
2021-04-01
2021-06-30
0001794669
four:AnnualServiceFeesAndRegulatoryComplianceFeesMember
2020-04-01
2020-06-30
0001794669
four:AnnualServiceFeesAndRegulatoryComplianceFeesMember
2021-01-01
2021-06-30
0001794669
four:AnnualServiceFeesAndRegulatoryComplianceFeesMember
2020-01-01
2020-06-30
0001794669
four:DeferredRevenueIncludingFeesMember
2021-04-01
2021-06-30
0001794669
four:DeferredRevenueIncludingFeesMember
2020-04-01
2020-06-30
0001794669
four:DeferredRevenueIncludingFeesMember
2021-01-01
2021-06-30
0001794669
four:DeferredRevenueIncludingFeesMember
2020-01-01
2020-06-30
0001794669
us-gaap:CostOfSalesMember
2021-01-01
2021-06-30
0001794669
four:AccruedExpensesAndOtherCurrentLiabilitiesMember
2021-06-30
0001794669
four:AccruedExpensesAndOtherCurrentLiabilitiesMember
2020-12-31
0001794669
us-gaap:OtherNoncurrentLiabilitiesMember
2021-06-30
0001794669
us-gaap:OtherNoncurrentLiabilitiesMember
2020-12-31
0001794669
four:VenueNextIncMember
2021-01-01
2021-06-30
0001794669
four:HospitalityTechnologyVendorMember
2021-01-01
2021-06-30
0001794669
four:MerchantRelationshipsMember
2021-01-01
2021-06-30
0001794669
four:AcquiredTechnologyMember
2021-01-01
2021-06-30
0001794669
us-gaap:TrademarksAndTradeNamesMember
2021-01-01
2021-06-30
0001794669
four:CapitalizedSoftwareDevelopmentCostsMember
2021-01-01
2021-06-30
0001794669
four:ResidualCommissionBuyoutsMember
2021-01-01
2021-06-30
0001794669
four:MerchantRelationshipsMember
2021-06-30
0001794669
four:AcquiredTechnologyMember
2021-06-30
0001794669
us-gaap:TrademarksAndTradeNamesMember
2021-06-30
0001794669
four:CapitalizedSoftwareDevelopmentCostsMember
2021-06-30
0001794669
four:ResidualCommissionBuyoutsMember
2021-06-30
0001794669
four:MerchantRelationshipsMember
2020-01-01
2020-12-31
0001794669
four:AcquiredTechnologyMember
2020-01-01
2020-12-31
0001794669
us-gaap:TrademarksAndTradeNamesMember
2020-01-01
2020-12-31
0001794669
us-gaap:NoncompeteAgreementsMember
2020-01-01
2020-12-31
0001794669
four:CapitalizedSoftwareDevelopmentCostsMember
2020-01-01
2020-12-31
0001794669
four:LeaseholdInterestsMember
2020-01-01
2020-12-31
0001794669
four:ResidualCommissionBuyoutsMember
2020-01-01
2020-12-31
0001794669
four:MerchantRelationshipsMember
2020-12-31
0001794669
four:AcquiredTechnologyMember
2020-12-31
0001794669
us-gaap:TrademarksAndTradeNamesMember
2020-12-31
0001794669
us-gaap:NoncompeteAgreementsMember
2020-12-31
0001794669
four:CapitalizedSoftwareDevelopmentCostsMember
2020-12-31
0001794669
four:LeaseholdInterestsMember
2020-12-31
0001794669
four:ResidualCommissionBuyoutsMember
2020-12-31
0001794669
four:DepreciationAndAmortizationExpenseMember
2021-04-01
2021-06-30
0001794669
four:DepreciationAndAmortizationExpenseMember
2020-04-01
2020-06-30
0001794669
four:DepreciationAndAmortizationExpenseMember
2021-01-01
2021-06-30
0001794669
four:DepreciationAndAmortizationExpenseMember
2020-01-01
2020-06-30
0001794669
us-gaap:CostOfSalesMember
2021-04-01
2021-06-30
0001794669
us-gaap:CostOfSalesMember
2020-04-01
2020-06-30
0001794669
us-gaap:CostOfSalesMember
2020-01-01
2020-06-30
0001794669
four:EquipmentUnderLeaseMember
2021-01-01
2021-06-30
0001794669
four:EquipmentUnderLeaseMember
2021-06-30
0001794669
four:EquipmentHeldForLeaseMember
2021-06-30
0001794669
four:EquipmentUnderLeaseMember
2020-01-01
2020-12-31
0001794669
four:EquipmentUnderLeaseMember
2020-12-31
0001794669
four:EquipmentHeldForLeaseMember
2020-12-31
0001794669
us-gaap:EquipmentMember
2021-06-30
0001794669
us-gaap:EquipmentMember
2020-12-31
0001794669
us-gaap:SoftwareAndSoftwareDevelopmentCostsMember
2021-06-30
0001794669
us-gaap:SoftwareAndSoftwareDevelopmentCostsMember
2020-12-31
0001794669
us-gaap:LeaseholdImprovementsMember
2021-06-30
0001794669
us-gaap:LeaseholdImprovementsMember
2020-12-31
0001794669
us-gaap:FurnitureAndFixturesMember
2021-06-30
0001794669
us-gaap:FurnitureAndFixturesMember
2020-12-31
0001794669
us-gaap:VehiclesMember
2021-06-30
0001794669
us-gaap:VehiclesMember
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2021-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2020-12-31
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2021-06-30
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2020-12-31
0001794669
four:OtherFinancingArrangementsMember
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2021-04-01
2021-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2020-04-01
2020-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
2020-01-01
2020-06-30
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2020-10-31
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2020-10-01
2020-10-31
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2021-01-01
2021-06-30
0001794669
srt:MaximumMember
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2020-10-01
2020-10-31
0001794669
srt:MinimumMember
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
2020-10-01
2020-10-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:CommonClassAMember
2020-01-01
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:CommonClassAMember
2020-12-31
four:Day
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:DebtInstrumentRedemptionPeriodOneMember
2020-01-01
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:DebtInstrumentRedemptionPeriodTwoMember
2020-01-01
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
four:Shift4PaymentsLLCMember
2020-01-01
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
four:Shift4PaymentsLLCMember
2021-01-01
2021-06-30
0001794669
four:FirstLienTermLoanFacilityMember
2019-12-31
0001794669
four:FirstLienTermLoanFacilityMember
2021-01-01
2021-06-30
0001794669
four:SecondLienTermLoanFacilityMember
2019-12-31
0001794669
four:SecondLienTermLoanFacilityMember
2021-01-01
2021-06-30
0001794669
four:FirstLienTermLoanFacilityMember
2020-06-01
2020-06-30
0001794669
four:SecondLienTermLoanFacilityMember
2020-06-01
2020-06-30
0001794669
four:FirstLienTermLoanFacilityMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2019-01-01
2019-12-31
0001794669
four:SecondLienTermLoanFacilityMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2019-01-01
2019-12-31
0001794669
us-gaap:RevolvingCreditFacilityMember
2019-12-31
0001794669
us-gaap:RevolvingCreditFacilityMember
2019-01-01
2019-12-31
0001794669
us-gaap:LondonInterbankOfferedRateLIBORMember
us-gaap:RevolvingCreditFacilityMember
srt:MinimumMember
2019-01-01
2019-12-31
0001794669
us-gaap:BaseRateMember
us-gaap:RevolvingCreditFacilityMember
srt:MinimumMember
2019-01-01
2019-12-31
0001794669
us-gaap:LondonInterbankOfferedRateLIBORMember
us-gaap:RevolvingCreditFacilityMember
srt:MaximumMember
2019-01-01
2019-12-31
0001794669
us-gaap:BaseRateMember
us-gaap:RevolvingCreditFacilityMember
srt:MaximumMember
2019-01-01
2019-12-31
0001794669
us-gaap:LondonInterbankOfferedRateLIBORMember
us-gaap:RevolvingCreditFacilityMember
2019-01-01
2019-12-31
0001794669
us-gaap:BaseRateMember
us-gaap:RevolvingCreditFacilityMember
2019-01-01
2019-12-31
0001794669
us-gaap:RevolvingCreditFacilityMember
srt:MinimumMember
2019-01-01
2019-12-31
0001794669
us-gaap:RevolvingCreditFacilityMember
srt:MaximumMember
2019-01-01
2019-12-31
0001794669
us-gaap:RevolvingCreditFacilityMember
2020-01-01
2020-03-31
0001794669
us-gaap:RevolvingCreditFacilityMember
2020-06-01
2020-06-30
0001794669
us-gaap:RevolvingCreditFacilityMember
2020-12-31
0001794669
us-gaap:StandbyLettersOfCreditMember
2020-12-31
0001794669
us-gaap:RevolvingCreditFacilityMember
four:FirstLienCreditAgreementMember
2021-01-29
0001794669
us-gaap:LetterOfCreditMember
four:FirstLienCreditAgreementMember
2021-01-29
0001794669
four:FirstLienCreditAgreementMember
2021-04-01
2021-06-30
0001794669
four:FirstLienCreditAgreementMember
2021-01-01
2021-06-30
0001794669
us-gaap:RevolvingCreditFacilityMember
four:FirstLienCreditAgreementMember
2021-01-29
2021-01-29
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
srt:MinimumMember
four:FirstLienCreditAgreementMember
2021-01-29
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
four:FirstLienCreditAgreementMember
2021-01-29
2021-01-29
0001794669
srt:MinimumMember
us-gaap:RevolvingCreditFacilityMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2021-01-29
2021-01-29
0001794669
srt:MinimumMember
us-gaap:RevolvingCreditFacilityMember
us-gaap:BaseRateMember
2021-01-29
2021-01-29
0001794669
srt:MaximumMember
us-gaap:RevolvingCreditFacilityMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2021-01-29
2021-01-29
0001794669
srt:MaximumMember
us-gaap:RevolvingCreditFacilityMember
us-gaap:BaseRateMember
2021-01-29
2021-01-29
0001794669
srt:MaximumMember
us-gaap:RevolvingCreditFacilityMember
four:FederalFundsRateMember
2021-01-29
2021-01-29
0001794669
us-gaap:RevolvingCreditFacilityMember
four:LondonInterbankOfferedRateAndAlternateBaseRateMember
2021-01-29
2021-01-29
0001794669
srt:MinimumMember
us-gaap:RevolvingCreditFacilityMember
2021-01-29
2021-01-29
0001794669
srt:MaximumMember
us-gaap:RevolvingCreditFacilityMember
2021-01-29
2021-01-29
0001794669
us-gaap:RevolvingCreditFacilityMember
2021-01-29
2021-01-29
0001794669
us-gaap:RevolvingCreditFacilityMember
2021-06-30
0001794669
us-gaap:StandbyLettersOfCreditMember
2021-06-30
0001794669
us-gaap:CommonClassAMember
us-gaap:IPOMember
2021-01-01
2021-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
2019-12-31
0001794669
us-gaap:FairValueInputsLevel3Member
2020-01-01
2020-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
four:EarnoutPaymentsMember
2021-01-01
2021-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
four:EarnoutPaymentsMember
2020-01-01
2020-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
four:ChangeOfControlMember
us-gaap:CommonClassAMember
us-gaap:RestrictedStockUnitsRSUMember
2020-01-01
2020-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
2021-01-01
2021-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
2020-06-30
0001794669
us-gaap:OtherNoncurrentLiabilitiesMember
2019-12-31
0001794669
us-gaap:OtherNoncurrentLiabilitiesMember
2020-06-30
0001794669
us-gaap:FairValueInputsLevel3Member
us-gaap:RestrictedStockUnitsRSUMember
us-gaap:IPOMember
2020-01-01
2020-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2021-06-30
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2021-06-30
0001794669
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2021-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:FairValueInputsLevel2Member
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2021-06-30
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
us-gaap:FairValueInputsLevel2Member
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2021-06-30
0001794669
us-gaap:FairValueInputsLevel2Member
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2021-06-30
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2020-12-31
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2020-12-31
0001794669
us-gaap:CarryingReportedAmountFairValueDisclosureMember
2020-12-31
0001794669
four:ConvertibleNotesDueTwoThousandTwentyFiveMember
us-gaap:FairValueInputsLevel2Member
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2020-12-31
0001794669
four:FourPointSixTwoFiveSeniorNotesDueTwoThousandTwentySixMember
us-gaap:FairValueInputsLevel2Member
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2020-12-31
0001794669
us-gaap:FairValueInputsLevel2Member
us-gaap:EstimateOfFairValueFairValueDisclosureMember
2020-12-31
0001794669
2021-07-01
us-gaap:SoftwareServiceSupportAndMaintenanceArrangementMember
2021-06-30
0001794669
four:FounderMember
four:AircraftServiceMember
2021-01-01
2021-06-30
0001794669
four:FounderMember
four:AircraftServiceMember
four:AccruedExpenseAndOtherCurrentLiabilitiesMember
2021-06-30
0001794669
four:FounderMember
four:AircraftServiceMember
four:AccruedExpenseAndOtherCurrentLiabilitiesMember
2020-12-31
0001794669
us-gaap:GeneralAndAdministrativeExpenseMember
four:FounderMember
four:AircraftServiceMember
2021-01-01
2021-06-30
0001794669
us-gaap:GeneralAndAdministrativeExpenseMember
four:FounderMember
four:AircraftServiceMember
2021-04-01
2021-06-30
0001794669
us-gaap:GeneralAndAdministrativeExpenseMember
four:FounderMember
four:AircraftServiceMember
2020-01-01
2020-06-30
0001794669
us-gaap:GeneralAndAdministrativeExpenseMember
four:FounderMember
four:AircraftServiceMember
2020-04-01
2020-06-30
0001794669
four:ProfessionalFeesMember
2020-04-01
2020-06-30
0001794669
four:ProfessionalFeesMember
2020-01-01
2020-06-30
0001794669
us-gaap:AccountsReceivableMember
four:FollowOnOfferingMember
2020-01-01
2020-09-30
0001794669
us-gaap:AccountsReceivableMember
four:FollowOnOfferingMember
2020-01-01
2020-12-31
0001794669
2021-02-28
0001794669
four:SeptemberTwentyTwentyMarginLoanMember
2021-01-01
2021-06-30
0001794669
four:CommonClassAAndClassBMember
four:RookHoldingsIncorporationMember
four:MarginLoanAgreementMember
srt:MaximumMember
2021-03-31
0001794669
four:MarchTwentyTwentyOneMarginLoanMember
2021-01-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
four:VariablePrepaidForwardContractMember
2021-03-01
2021-03-31
0001794669
four:VariablePrepaidForwardContractMember
2021-03-31
0001794669
us-gaap:CommonClassBMember
four:VariablePrepaidForwardContractMember
srt:MaximumMember
2021-03-31
0001794669
four:NonconvertibleRedeemablePreferredUnitsMember
2021-01-01
2021-06-30
0001794669
four:NonconvertibleRedeemablePreferredUnitsMember
2020-04-01
2020-06-30
0001794669
four:NonconvertibleRedeemablePreferredUnitsMember
2020-01-01
2020-06-30
0001794669
four:CommonClassAUnitsMember
four:SearchlightCapitalPartnersLimitedPartnershipMember
2021-06-30
0001794669
four:CommonClassAUnitsMember
four:RookHoldingsIncorporationMember
2021-06-30
0001794669
four:FormerEquityOwnerMember
four:CommonClassBUnitsMember
2021-06-30
0001794669
us-gaap:PreferredStockMember
2021-06-30
0001794669
us-gaap:CommonClassBMember
2021-01-01
2021-06-30
0001794669
four:Shift4PaymentsIncMember
2020-12-31
0001794669
four:RookAndSearchlightMember
2020-12-31
0001794669
four:Shift4PaymentsIncMember
2021-01-01
2021-06-30
0001794669
four:RookAndSearchlightMember
2021-01-01
2021-06-30
0001794669
four:Shift4PaymentsIncMember
2021-06-30
0001794669
four:RookAndSearchlightMember
2021-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
2020-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
2020-06-01
2020-06-30
0001794669
us-gaap:RestrictedStockUnitsRSUMember
2020-12-31
0001794669
us-gaap:RestrictedStockUnitsRSUMember
2021-01-01
2021-06-30
0001794669
us-gaap:RestrictedStockUnitsRSUMember
2021-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
four:RestrictedStockUnitsNotSubjectToContinuedServiceMember
2021-01-01
2021-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
four:RestrictedStockUnitsInConnectionWithVenueNextAcquisitionVestingAtAnniversaryDatesMember
2021-01-01
2021-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
four:RestrictedStockUnitsInConnectionWithVenueNextAcquisitionVestingAtAnniversaryDatesMember
srt:MinimumMember
2021-01-01
2021-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
four:RestrictedStockUnitsInConnectionWithVenueNextAcquisitionVestingAtAnniversaryDatesMember
srt:MaximumMember
2021-01-01
2021-06-30
0001794669
four:TwoThousandTwentyIncentiveAwardPlanMember
us-gaap:IPOMember
four:RestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsSubjectToContinuedServiceMember
us-gaap:ShareBasedCompensationAwardTrancheThreeMember
four:CommonClassAUnitsMember
2021-01-01
2021-06-30
0001794669
four:RestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsMember
2021-06-30
0001794669
four:RestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
four:LimitedLiabilityCompanyInterestsMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
us-gaap:RestrictedStockUnitsRSUMember
2021-04-01
2021-06-30
0001794669
us-gaap:CommonClassAMember
us-gaap:ConvertibleDebtSecuritiesMember
2021-04-01
2021-06-30
0001794669
four:LLCInterestsConvertIntoPotentialClassACommonSharesMember
2021-01-01
2021-06-30
0001794669
four:LLCInterestsConvertIntoPotentialClassACommonSharesMember
2020-06-05
2020-06-30
0001794669
four:RestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsMember
2021-01-01
2021-06-30
0001794669
four:RestrictedStockUnitsAndPerformanceBasedRestrictedStockUnitsMember
2020-06-05
2020-06-30
0001794669
us-gaap:RestrictedStockUnitsRSUMember
four:NonEmployeeDirectorMember
2021-01-01
2021-06-30
0001794669
us-gaap:RestrictedStockUnitsRSUMember
four:NonEmployeeDirectorMember
2020-06-05
2020-06-30
four:segment
0001794669
four:ConvertibleNotesOfferingMember
four:TwoThousandAndTwentySevenConvertibleNotesMember
us-gaap:SubsequentEventMember
2021-07-26
0001794669
four:ConvertibleNotesOfferingMember
four:TwoThousandAndTwentySevenConvertibleNotesMember
us-gaap:SubsequentEventMember
2021-07-26
2021-07-26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2021
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from to .
Commission file number 001-39313
SHIFT4 PAYMENTS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
|
|
84-3676340 |
(State or other jurisdiction of incorporation or organization) |
|
|
(I.R.S. Employer Identification No.) |
2202 N. Irving Street
Allentown, Pennsylvania |
|
|
18109 |
(Address of principal executive offices) |
|
|
(Zip Code) |
(Registrant’s telephone number, including area code): (888) 276-2108
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Class A Common Stock, $0.0001 par value per share |
FOUR |
The New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Smaller reporting company |
☐ |
Emerging growth company |
☒ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No ☒
As of August 2, 2021, there were 47,233,491 shares of the registrant’s Class A common stock, $0.0001 par value per share, outstanding, 28,240,404 shares of the registrant’s Class B common stock, $0.0001 par value per share, outstanding and 7,422,140 shares of the registrant’s Class C common stock, $0.0001 par value per share, outstanding.
SHIFT4 PAYMENTS, INC.
TABLE OF CONTENTS
2
Table of Contents
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. We intend 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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report, including statements relating to our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures and debt service obligations, the anticipated impact of the COVID-19 pandemic (and any variants of the virus) on our business, and our expectations regarding our filer status as of December 31, 2021 are forward-looking statements. These statements 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.
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. The forward-looking statements in this Quarterly Report are only predictions. 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 Quarterly Report and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to the following:
|
• |
the ongoing impact of the COVID-19 global pandemic on our business and results of operations; |
|
• |
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; |
|
• |
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 expansion of our share of the existing payment processing markets or into new markets; |
|
• |
integration and interoperability of our services and products with a variety of operating systems, software, device and web browsers; |
|
• |
dependence on our merchant and software partner relationships and strategic partnerships with various institutions to operate and grow our business; |
|
• |
impairment of significant amounts of goodwill and intangible assets on our balance sheet; |
|
• |
failure to comply with the U.S. Foreign Corrupt Practices Act, anti-money laundering, economic and trade sanctions regulations, and similar laws; |
|
• |
our dependence on our interest in Shift4 Payments, LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement (“TRA”); |
|
• |
Shift4 Payments, LLC’s ability to make such distributions may be subject to various limitations and restrictions; |
|
• |
our Founder and Searchlight (each as defined herein) have significant influence over us, including control over decisions that require the approval of stockholders; and |
|
• |
those factors described in the sections titled “Risk Factors and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020 and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q. |
Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
You should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
3
Table of Contents
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
SHIFT4 PAYMENTS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in millions, except share and per share amounts)
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
699.7 |
|
|
$ |
927.8 |
|
Accounts receivable, net of allowance for doubtful accounts of $12.8 in 2021 ($5.7 in 2020) (Note 3) |
|
|
177.2 |
|
|
|
92.7 |
|
|
Inventory |
|
|
1.6 |
|
|
|
1.5 |
|
Prepaid expenses and other current assets (Note 11) |
|
|
14.8 |
|
|
|
11.5 |
|
Total current assets |
|
|
893.3 |
|
|
|
1,033.5 |
|
Noncurrent assets |
|
|
|
|
|
|
|
|
Goodwill (Note 5) |
|
|
525.2 |
|
|
|
477.0 |
|
Other intangible assets, net (Note 6) |
|
|
185.1 |
|
|
|
186.3 |
|
Capitalized acquisition costs, net (Note 7) |
|
|
32.8 |
|
|
|
30.2 |
|
Equipment for lease, net (Note 8) |
|
|
47.2 |
|
|
|
36.6 |
|
Property, plant and equipment, net (Note 9) |
|
|
17.5 |
|
|
|
15.1 |
|
Investments in securities (Note 1) |
|
|
29.5 |
|
|
|
— |
|
Other noncurrent assets |
|
|
0.5 |
|
|
|
0.6 |
|
Total noncurrent assets |
|
|
837.8 |
|
|
|
745.8 |
|
Total assets |
|
$ |
1,731.1 |
|
|
$ |
1,779.3 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Current portion of debt (Note 10) |
|
$ |
— |
|
|
$ |
0.9 |
|
Accounts payable |
|
|
116.4 |
|
|
|
60.6 |
|
Accrued expenses and other current liabilities (Note 11) |
|
|
36.2 |
|
|
|
30.1 |
|
Deferred revenue (Note 3) |
|
|
12.0 |
|
|
|
7.8 |
|
Total current liabilities |
|
|
164.6 |
|
|
|
99.4 |
|
Noncurrent liabilities |
|
|
|
|
|
|
|
|
Long-term debt (Note 10) |
|
|
1,117.6 |
|
|
|
1,005.4 |
|
Deferred tax liability (Note 13) |
|
|
0.6 |
|
|
|
2.8 |
|
Other noncurrent liabilities (Note 4) |
|
|
2.1 |
|
|
|
1.7 |
|
Total noncurrent liabilities |
|
|
1,120.3 |
|
|
|
1,009.9 |
|
Total liabilities |
|
|
1,284.9 |
|
|
|
1,109.3 |
|
Commitments and contingencies (Note 16) |
|
|
|
|
|
|
|
|
Stockholders' equity (Note 18) |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value, 20,000,000 shares authorized at June 30, 2021 and December 31, 2020, none issued and outstanding |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.0001 par value per share, 300,000,000 shares authorized, 47,215,604 and 39,737,950 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
Class B common stock, $0.0001 par value per share, 100,000,000 shares authorized, 28,240,404 and 30,625,857 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
Class C common stock, $0.0001 par value per share, 100,000,000 shares authorized, 7,422,140 and 10,188,852 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
601.3 |
|
|
|
738.3 |
|
Retained deficit |
|
|
(306.7 |
) |
|
|
(278.7 |
) |
Total stockholders' equity attributable to Shift4 Payments, Inc. |
|
|
294.6 |
|
|
|
459.6 |
|
Noncontrolling interests (Note 19) |
|
|
151.6 |
|
|
|
210.4 |
|
Total stockholders' equity |
|
|
446.2 |
|
|
|
670.0 |
|
Total liabilities and stockholders' equity |
|
$ |
1,731.1 |
|
|
$ |
1,779.3 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
4
Table of Contents
SHIFT4 PAYMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) (in millions, except share and per share amounts)
|
|
Three months ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Gross revenue |
|
$ |
351.0 |
|
|
$ |
141.8 |
|
|
$ |
590.3 |
|
|
$ |
341.2 |
|
Cost of sales |
|
|
272.9 |
|
|
|
110.2 |
|
|
|
460.4 |
|
|
|
266.2 |
|
Gross profit |
|
|
78.1 |
|
|
|
31.6 |
|
|
|
129.9 |
|
|
|
75.0 |
|
General and administrative expenses |
|
|
51.7 |
|
|
|
88.3 |
|
|
|
105.2 |
|
|
|
109.4 |
|
Depreciation and amortization expense |
|
|
15.5 |
|
|
|
10.4 |
|
|
|
30.9 |
|
|
|
20.9 |
|
Professional fees |
|
|
3.5 |
|
|
|
1.2 |
|
|
|
9.7 |
|
|
|
2.9 |
|
Advertising and marketing expenses |
|
|
2.5 |
|
|
|
0.8 |
|
|
|
22.6 |
|
|
|
2.1 |
|
Restructuring expenses (Note 4) |
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.3 |
|
Other operating (income) expense, net (Note 3) |
|
|
— |
|
|
|
(12.4 |
) |
|
|
— |
|
|
|
(12.4 |
) |
Total operating expenses |
|
|
73.2 |
|
|
|
88.4 |
|
|
|
168.5 |
|
|
|
123.2 |
|
Income (loss) from operations |
|
|
4.9 |
|
|
|
(56.8 |
) |
|
|
(38.6 |
) |
|
|
(48.2 |
) |
Loss on extinguishment of debt (Note 10) |
|
|
— |
|
|
|
(7.1 |
) |
|
|
(0.2 |
) |
|
|
(7.1 |
) |
Other income, net |
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
Interest expense |
|
|
(6.3 |
) |
|
|
(11.7 |
) |
|
|
(12.8 |
) |
|
|
(25.0 |
) |
Loss before income taxes |
|
|
(1.4 |
) |
|
|
(75.4 |
) |
|
|
(51.6 |
) |
|
|
(80.2 |
) |
Income tax benefit (Note 13) |
|
|
5.9 |
|
|
|
0.6 |
|
|
|
5.1 |
|
|
|
0.3 |
|
Net income (loss) (a) |
|
|
4.5 |
|
|
|
(74.8 |
) |
|
|
(46.5 |
) |
|
|
(79.9 |
) |
Net income (loss) attributable to noncontrolling interests (b) |
|
|
1.3 |
|
|
|
(73.8 |
) |
|
|
(16.9 |
) |
|
|
(78.9 |
) |
Net income (loss) attributable to Shift4 Payments, Inc. (c) |
|
$ |
3.2 |
|
|
$ |
(1.0 |
) |
|
$ |
(29.6 |
) |
|
$ |
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share: (d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A basic net income (loss) per share |
|
$ |
0.06 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.03 |
) |
Basic weighted average common stock outstanding |
|
|
46,297,553 |
|
|
|
19,002,563 |
|
|
|
44,492,680 |
|
|
|
19,002,563 |
|
Class C basic net income (loss) per share |
|
$ |
0.06 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.03 |
) |
Basic weighted average common stock outstanding |
|
|
8,151,747 |
|
|
|
20,139,163 |
|
|
|
9,075,667 |
|
|
|
20,139,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share: (d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A diluted net income (loss) per share |
|
$ |
0.05 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.03 |
) |
Diluted weighted average common stock outstanding |
|
|
76,995,332 |
|
|
|
19,002,563 |
|
|
|
44,492,680 |
|
|
|
19,002,563 |
|
Class C diluted net income (loss) per share |
|
$ |
0.05 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.56 |
) |
|
$ |
(0.03 |
) |
Diluted weighted average common stock outstanding |
|
|
8,151,747 |
|
|
|
20,139,163 |
|
|
|
9,075,667 |
|
|
|
20,139,163 |
|
(a) |
Net income (loss) is equal to comprehensive income (loss). |
(b) |
Net income (loss) attributable to noncontrolling interests is equal to comprehensive income (loss) attributable to noncontrolling interests, including the net loss for the period January 1, 2020 through June 4, 2020, the date the SEC declared effective the Company’s Registration Statement on Form S-1 filed in connection with its IPO. See Note 1 for more information. |
(c) |
Net income (loss) attributable to Shift4 Payments, Inc. is equal to comprehensive income (loss) attributable to Shift4 Payments, Inc. |
(d) |
For the three and six months ended June 30, 2020, represents basic and diluted net loss per share of Class A and Class C common stock and weighted average shares of Class A and Class C common stock outstanding for the period from June 5, 2020 through June 30, 2020, the period following the Reorganization Transactions and Shift4 Payments, Inc.'s initial public offering described in Note 1. See Note 21 for additional information on basic and diluted net income (loss) per share. |
See accompanying notes to unaudited condensed consolidated financial statements.
5
Table of Contents
SHIFT4 PAYMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND STOCKHOLDERS’ EQUITY/ MEMBERS’ (DEFICIT)
(Unaudited) (in millions, except units and shares)
|
|
Class A
Common Stock |
|
|
|
Class B
Common Stock |
|
|
Class C
Common Stock |
|
|
Additional |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
paid-in
capital |
|
|
Retained
Deficit |
|
|
Noncontrolling
Interests |
|
|
Total
equity |
|
Balances at December 31, 2020 |
|
|
39,737,950 |
|
|
$ |
— |
|
|
|
|
30,625,857 |
|
|
$ |
— |
|
|
|
10,188,852 |
|
|
$ |
— |
|
|
$ |
738.3 |
|
|
$ |
(278.7 |
) |
|
$ |
210.4 |
|
|
$ |
670.0 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(32.8 |
) |
|
|
(18.2 |
) |
|
|
(51.0 |
) |
Cumulative effect of ASU 2020-06 adoption |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(111.5 |
) |
|
|
1.6 |
|
|
|
— |
|
|
|
(109.9 |
) |
Issuance of Class A common stock and fair value of equity-based compensation awards assumed in connection with VenueNext acquisition |
|
|
325,127 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13.5 |
|
|
|
— |
|
|
|
12.8 |
|
|
|
26.3 |
|
Transfer from Founder of right associated with Inspiration4 seat |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.3 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
2.1 |
|
Exchange of shares held by Searchlight |
|
|
2,000,000 |
|
|
|
— |
|
|
|
|
(926,000 |
) |
|
|
— |
|
|
|
(1,074,000 |
) |
|
|
— |
|
|
|
6.3 |
|
|
|
— |
|
|
|
(6.3 |
) |
|
|
— |
|
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14.0 |
|
|
|
— |
|
|
|
— |
|
|
|
14.0 |
|
Vesting of restricted stock units, net of tax withholding |
|
|
46,503 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.4 |
) |
|
|
— |
|
|
|
(1.0 |
) |
|
|
(2.4 |
) |
Balances at March 31, 2021 |
|
|
42,109,580 |
|
|
$ |
— |
|
|
|
|
29,699,857 |
|
|
$ |
— |
|
|
|
9,114,852 |
|
|
$ |
— |
|
|
$ |
660.5 |
|
|
$ |
(309.9 |
) |
|
$ |
198.5 |
|
|
$ |
549.1 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.2 |
|
|
|
1.3 |
|
|
|
4.5 |
|
Exchange of shares held by Searchlight |
|
|
3,152,165 |
|
|
|
— |
|
|
|
|
(1,459,453 |
) |
|
|
— |
|
|
|
(1,692,712 |
) |
|
|
— |
|
|
|
7.9 |
|
|
|
— |
|
|
|
(7.9 |
) |
|
|
— |
|
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.6 |
|
|
|
— |
|
|
|
— |
|
|
|
6.6 |
|
Vesting of restricted stock units, net of tax withholding |
|
|
1,953,859 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(73.7 |
) |
|
|
— |
|
|
|
(40.3 |
) |
|
|
(114.0 |
) |
Balances at June 30, 2021 |
|
|
47,215,604 |
|
|
$ |
— |
|
|
|
|
28,240,404 |
|
|
$ |
— |
|
|
|
7,422,140 |
|
|
$ |
— |
|
|
$ |
601.3 |
|
|
$ |
(306.7 |
) |
|
$ |
151.6 |
|
|
$ |
446.2 |
|
6
Table of Contents
SHIFT4 PAYMENTS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND STOCKHOLDERS’ EQUITY/ MEMBERS’ (DEFICIT) (continued)
(Unaudited) (in millions, except units and shares)
|
|
Redeemable
Preferred Units |
|
|
|
Class A
Common Units |
|
Class B
Common Units |
|
Class A
Common Stock |
|
|