Shift4 has reported "non-recurring" acquisition and integration costs in six consecutive fiscal years. At what point does non-recurring become the operating baseline?

From FY2020 through FY2025, the company acquired Finaro, Appetize, Global Blue, and dozens of smaller bolt-ons. Each deal came with its own integration timeline, restructuring charges, and transition costs. The serial nature of the M&A means a new wave of "one-time" costs arrives before the prior wave fully amortizes.

EBITDA adjustments strip these out. Owner's earnings do not.

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