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    Toast Inc (TOST)

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    Toast, Inc. (TOST) is a cloud-based, all-in-one digital technology platform designed specifically for the restaurant industry. The company offers a comprehensive suite of software-as-a-service (SaaS) products and financial technology solutions, including integrated payment processing and restaurant-grade hardware. Toast serves as the restaurant operating system, connecting front-of-house and back-of-house operations across various service models such as dine-in, takeout, delivery, catering, and retail.

    1. Financial Technology Solutions - Facilitates payment transactions through transaction-based fees and includes marketing and servicing working capital loans through Toast Capital.
    2. Subscription Services - Provides access to Toast's software applications over a term of 12 to 36 months, with fees based on location, software products purchased, hardware configuration, and employee count.
    3. Hardware and Professional Services - Sells hardware such as terminals, tablets, and handhelds, and offers professional services like installation, configuration, and training.
    NamePositionStart DateShort Bio
    Aman NarangChief Executive Officer, Co-FounderJanuary 1, 2024Aman Narang is a Co-Founder of Toast, Inc. and has served as its CEO since January 1, 2024. Previously, he was Co-President (2012-2023) and COO (2021-2023). He holds B.S. and M.S. degrees from MIT.
    Stephen FredettePresident, Co-FounderJanuary 2024Stephen Fredette is a Co-Founder and has been serving as President of Toast, Inc. since January 2024. He was Co-President (2015-2023) and CEO (2011-2015). He holds a B.S. in Chemistry from MIT.
    Elena GomezChief Financial Officer, Interim Chief Accounting OfficerMay 2021 (CFO), August 9, 2024 (Interim CAO)Elena Gomez has been the CFO of Toast, Inc. since May 2021 and became Interim Chief Accounting Officer on August 9, 2024. She was previously CFO at Zendesk and held senior roles at Salesforce.
    Brian ElworthyGeneral Counsel, Corporate SecretaryNovember 2016 (GC), August 2021 (CS)Brian Elworthy has been the General Counsel of Toast, Inc. since November 2016 and the Corporate Secretary since August 2021. He previously worked at inVentiv Health and Ropes & Gray LLP.
    Michael MatlockChief Accounting Officer (Resigned)March 1, 2023Michael Matlock served as the Chief Accounting Officer of Toast, Inc. starting March 1, 2023. He announced his resignation on June 20, 2024, effective August 9, 2024.
    Jonathan VassilChief Revenue OfficerJanuary 2022Jonathan Vassil has been the Chief Revenue Officer of Toast, Inc. since January 2022. He joined Toast in August 2017 and previously held leadership roles at GolfNow, Orderup, and Groupon.
    1. Your GPV per location has declined approximately 3% year-over-year for consecutive quarters, and you expect this trend to continue into Q4. What are the underlying factors driving this decline, and how do you plan to address them?

    2. Operating expenses increased 11% year-over-year in Q3, with sales and marketing expenses up 25% and R&D expenses up 5%. How do you justify these increased investments amidst declining GPV per location, and what return on investment do you expect?

    3. Churn remains slightly above 10% on an annualized basis, primarily impacting smaller restaurants. What strategies are you implementing to reduce churn among these smaller clients and improve overall retention?

    4. You added approximately 7,000 net locations this quarter. Can you provide a breakdown between new restaurant openings and competitive takeaways, and how sustainable is this level of net adds in the current market environment?

    5. You are investing more in TAM expansion areas like retail and international markets next year. Given the early stages of these ventures and increased operating expenses, how confident are you that these investments will yield profitable returns, and what are the main risks you foresee?

    Program DetailsProgram 1
    Approval DateFebruary 2024
    End Date/DurationNo expiration date
    Total additional amount$250 million
    Remaining authorization amount$194 million as of September 30, 2024
    DetailsRepurchase of Class A common stock, flexible capital allocation, no obligation to acquire specific amount, may be suspended at any time