← Shift4 Payments, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Net income | ($55.4m) | ($56.6m) | ($111.4m) | ($74.0m) | $86.7m | $122.9m | $294.5m | $147.0m | |
| Depreciation and amortization | $70.8m | $62.6m | $84.2m | $104.4m | $149.1m | $214.6m | $296.6m | $432.0m | |
| Amortization of capitalized financing costs, net of premium accretion | — | — | — | $5.9m | $8.1m | $8.3m | $9.3m | $15.0m | |
| Deferred income taxes | ($4.0m) | $200k | ($1.3m) | ($2.5m) | ($2.1m) | ($8.1m) | ($322.0m) | $7.0m | |
| Impairment of intangible assets | — | $1.9m | $400k | $0 | $0 | $18.6m | $0 | $9.0m | |
| Loss on extinguishment of debt | — | $0 | $16.6m | $200k | $0 | $0 | $0 | $12.0m | |
| Equity-based compensation expense | — | $0 | $66.2m | $40.8m | $49.6m | $57.4m | $65.5m | $82.0m | |
| Revaluation of contingent liabilities | ($300k) | $15.5m | ($6.1m) | $200k | ($36.6m) | $23.1m | $4.0m | ($4.0m) | |
| Gain on investments in securities | — | — | — | — | ($15.1m) | ($12.2m) | ($66.7m) | $0 | |
| Change in TRA liability | — | — | $0 | $0 | $1.7m | $3.4m | $289.0m | $4.0m | |
| Gain on sale of subsidiaries | — | — | — | — | — | $0 | $0 | ($19.0m) | |
| Provision for bad debts | $2.2m | $5.5m | $7.7m | $11.3m | $10.0m | $9.2m | $6.5m | $16.0m | |
| Unrealized foreign exchange losses | — | — | — | $0 | $0 | $2.5m | $400k | $5.0m | |
| Other noncash items | ($400k) | ($400k) | $100k | $700k | $900k | $1.5m | ($900k) | $0 | |
| Accounts receivable | ($16.6m) | ($18.6m) | ($19.3m) | ($120.7m) | $4.1m | ($52.7m) | ($75.0m) | $5.0m | |
| Prepaid expenses and other assets | $600k | ($2.7m) | ($1.2m) | ($400k) | ($1.5m) | ($6.8m) | ($9.9m) | ($5.0m) | |
| Capitalized customer acquisition costs | — | — | ($19.4m) | ($26.2m) | ($25.2m) | ($34.2m) | ($39.1m) | ($61.0m) | |
| Accounts payable | $11.1m | $12.3m | ($2.0m) | $56.5m | $37.3m | $14.7m | $24.9m | $4.0m | |
| Accrued expenses and other liabilities | $14.8m | $6.0m | ($5.3m) | $5.1m | $8.1m | $2.0m | $42.1m | ($4.0m) | |
| Payments on contingent liabilities in excess of initial fair value | — | — | — | $0 | $0 | ($17.8m) | ($11.4m) | ($1.0m) | |
| Right-of-use assets and lease liabilities, net | — | $0 | $0 | ($500k) | ($300k) | ($100k) | ($700k) | ($4.0m) | |
| Deferred revenue | $800k | $1.1m | $1.2m | $700k | ($2.2m) | ($7.5m) | ($15.1m) | ($6.0m) | |
| Acquisitions, net of cash acquired | ($1.5m) | ($60.2m) | ($49.8m) | ($54.5m) | ($135.3m) | ($169.7m) | ($554.6m) | ($2.7b) | |
| Acquisition of equipment to be leased | — | $0 | ($14.5m) | ($45.9m) | ($53.8m) | ($77.8m) | ($101.3m) | ($125.0m) | |
| Capitalized software development costs | ($4.0m) | ($8.4m) | ($9.7m) | ($21.0m) | ($42.7m) | ($44.1m) | ($65.5m) | ($99.0m) | |
| Deposits with sponsor bank, net | — | — | — | — | $0 | $0 | ($73.2m) | ($16.0m) | |
| Residual commission buyouts | ($3.7m) | ($3.3m) | ($3.9m) | ($10.4m) | ($275.5m) | ($9.5m) | ($15.8m) | ($27.0m) | |
| Proceeds from sale of subsidiaries | — | — | — | — | — | $0 | $0 | $24.0m | |
| Purchase of intangible assets | — | — | — | $0 | $0 | ($2.0m) | $0 | $0 | |
| Investments in securities | — | $0 | $0 | ($30.5m) | ($1.5m) | $0 | $0 | ($3.0m) | |
| Proceeds from preferred stock | — | — | — | — | — | $0 | $0 | $1.0b | |
| Deferred financing costs | — | ($3.0m) | ($23.2m) | ($15.3m) | ($4.9m) | $0 | ($18.4m) | ($79.0m) | |
| Settlement line of credit | — | — | — | — | $0 | $0 | $73.2m | $16.0m | |
| Settlement activity, net | — | — | — | — | $0 | $42.3m | $54.8m | ($36.0m) | |
| Payments for withholding tax related to vesting of restricted stock units | — | $0 | ($3.9m) | ($125.6m) | ($23.1m) | ($27.9m) | ($32.8m) | ($34.0m) | |
| Payments on contingent liabilities | ($3.2m) | ($3.1m) | ($1.7m) | $0 | ($700k) | ($14.8m) | ($5.7m) | ($15.0m) | |
| Net change in bank deposits | — | — | — | $0 | $0 | ($1.2m) | ($70.8m) | $0 | |
| Net cash provided by operating activities | $25.5m | $26.7m | $23.4m | $29.2m | $275.4m | $388.3m | $500.3m | $634.0m | |
| Acquisition of property, plant and equipment | ($1.6m) | ($8.2m) | ($4.8m) | ($8.2m) | ($8.0m) | ($13.7m) | ($7.1m) | ($10.0m) | |
| Proceeds from sale of investments in securities | — | — | — | $0 | $0 | $14.9m | $126.4m | $3.0m | |
| Net cash used in investing activities | ($41.4m) | ($98.8m) | ($102.1m) | ($196.7m) | ($516.8m) | ($301.9m) | ($691.1m) | ($3.0b) | |
| Proceeds from long-term debt | — | $90.0m | $1.1b | $632.5m | $0 | $0 | $1.1b | $2.8b | |
| Repayment of debt | ($5.2m) | ($5.2m) | ($643.6m) | ($900k) | $0 | $0 | $0 | ($1.1b) | |
| Proceeds from common stock | — | — | — | — | — | $0 | $0 | $88.0m | |
| Repurchases of Class A common stock | — | $0 | $0 | ($19.5m) | ($185.9m) | ($105.4m) | ($145.9m) | ($453.0m) | |
| Acquisition of noncontrolling interests | — | — | — | — | — | $0 | $0 | ($71.0m) | |
| Distributions to noncontrolling interests | — | — | — | $0 | $0 | ($2.9m) | ($19.8m) | ($19.0m) | |
| Payments of preferred dividends | — | ($8.5m) | ($900k) | $0 | $0 | $0 | $0 | ($30.0m) | |
| Other financing activities | — | — | — | — | $0 | $0 | ($5.4m) | ($1.0m) | |
| Net cash provided by (used in) financing activities | $11.3m | $71.0m | $1.0b | $471.2m | ($214.6m) | ($152.2m) | $929.2m | $2.1b | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | — | — | $0 | $0 | $1.0m | $11.1m | ($21.6m) | $55.0m | |
| Change in cash and cash equivalents and restricted cash | ($4.6m) | ($1.1m) | $924.1m | $303.7m | ($455.0m) | ($54.7m) | $716.8m | ($254.0m) | |
| Cash and cash equivalents and restricted cash - beginning of period | — | — | — | $927.8m | $1.2b | $776.5m | $1.4b | $1.2b | |
| Cash paid for interest | — | — | — | $20.9m | $24.4m | $24.0m | $24.0m | $165.0m | |
| Cash paid for income taxes, net of refunds | — | — | — | $400k | $700k | $5.3m | $14.2m | $63.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.