Shift4 restates prior financials over cash flow classification error; raises FY2022 outlook

Shift4 Payments, Inc.

Non-reliance on FY2021 10-K and Q1/Q2 2022 10-Qs due to misclassification of customer acquisition costs in cash flow statement.
Restatement will reclassify those costs from investing to operating activities; no impact on operating performance or KPIs.
Material weakness identified in internal controls over cash flow classification; expects to file restated statements by Nov 9, 2022.
Company now expects FY2022 results above the previously provided guidance range.

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