Shift4 Payments, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved gross revenue of $909.2 million for the three months, a 35% increase from $675.4 million in the same period of 2023. For the nine months ended September 30, 2024, gross revenue reached $2,443.6 million, up 31% from $1,859.4 million year-over-year. This growth was primarily driven by a 56% increase in end-to-end payment volume, totaling $15.6 billion for the quarter.
Payments-based revenue also saw substantial growth, rising to $806.8 million for the third quarter, compared to $626.9 million in 2023, while subscription and other revenues surged by 111% to $102.4 million. The company’s income from operations for the quarter was $80.4 million, up from $44.7 million in the prior year, and net income increased to $72.2 million from $46.5 million.
Shift4's total assets grew to $5,048.9 million as of September 30, 2024, compared to $3,387.8 million at the end of 2023. Cash and cash equivalents also saw a significant increase, reaching $1,426.4 million, up from $455.0 million at the end of the previous fiscal year. The company’s total stockholders' equity rose to $1,047.8 million, compared to $868.4 million at the end of 2023.
Strategically, Shift4 has been active in expanding its market presence through acquisitions. In the fourth quarter of 2023, the company acquired Credorax, Inc., enhancing its capabilities in Europe and the U.K. Additionally, in June 2024, Shift4 acquired a majority stake in Vectron Systems AG for $62.7 million, which is expected to bolster its expertise in the restaurant and hospitality sectors. The acquisition of Revel Systems, completed in June 2024 for $245.3 million, is anticipated to strengthen Shift4's position in the restaurant and retail markets.
The company also initiated a stock repurchase program in May 2024, allowing for the repurchase of up to $500 million of Class A common stock, with $464.1 million remaining available as of September 30, 2024.
Overall, Shift4 Payments, Inc. demonstrated robust financial performance and strategic growth initiatives, positioning itself strongly in the competitive payment processing landscape.
About Shift4 Payments, Inc.
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