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Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

98fb4283bf4de767bec1de5130fd25efa4be4f6a0935334f57bb67b43e58ae57

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

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Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

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e6f31da83fabfeed5555ee2aa4b7087066ce2993204cb71738e816d55917dc10

Current Assets (USD, millions)

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Accounts Receivable (USD, millions)

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Goodwill (USD, millions)

Intangible Assets (USD, millions)

Current Liabilities (USD, millions)

Accounts Payable (USD, millions)

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Non-Current Liabilities (USD, millions)

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Lease Liabilities (USD, millions)

Deferred Tax Liabilities (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

af8deca153f9fb611c7c3909a37e6a35feb20e102d48356305e52df0f5f254aa

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?  **[TOST_3406780_17]** **[TOST_3406780_4]** 

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?  **[TOST_3406780_5]** 

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?  **[TOST_3406780_18]** 

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?  **[TOST_3406780_18]** **[TOST_3406780_7]** 

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?  **[TOST_3406780_7]** **[TOST_3406780_5]** **[TOST_3406780_12]** 

12a8e4a23a272196dcc55490e1b4ddeac8a06240391e3477b521c2d0472b1dc8

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.  **[0001650164-23-000369_tost-20230930.htm:20]** **[0001650164-24-000084_tost-20231231.htm:7]** **[0001650164-24-000383_tost-20240930.htm:17]** **[0001650164-24-000283_tost-20240630.htm:15]** 

1. **Financial Technology Solutions** - Facilitates payment transactions through transaction-based fees and includes marketing and servicing working capital loans through Toast Capital.  **[0001650164-24-000084_tost-20231231.htm:97]** 
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.  **[0001650164-24-000084_tost-20231231.htm:97]** 
3. **Hardware and Professional Services** - Sells hardware such as terminals, tablets, and handhelds, and offers professional services like installation, configuration, and training.  **[0001650164-24-000084_tost-20231231.htm:97]**

1c50f8838a8e5797aa2785cc3f712403ecc173b8a1c5c8ba90331316290a4253

ARR [$ Million]

GPV [$ Billion]

Locations [Count]

9a4197fabd7a80f76ceb4295c8a5d820fac60e0c328789d4c97fab48899bcf19

United States

Other Regions

Total Revenue

6351021d904ac3a1031f37c11b51ab930a329579a5d7a287bc3fc788f39cb32e

1. **Location Growth Outlook**  
   **Q:** Will you add more locations in '25 vs '24?  
   **A:** We've had a great quarter with **7,000 net adds**  **[TOST_3406780_7]** , and strong net adds in 2024.  **[TOST_3406780_7]**  Led by our flywheel markets driving strong productivity  **[TOST_3406780_7]** , we're confident in our ability to continue driving location growth into next year.  **[TOST_3406780_7]** 

2. **Price Increases Impact**  
   **Q:** How long will price increases roll through the base?  
   **A:** We made very targeted price changes for a small cohort of customers, effective in September.  **[TOST_3406780_9]**  Minimal impact in Q3, small impact in Q4.  **[TOST_3406780_9]**  Pricing is a long-term strategy, and we'll occasionally make targeted adjustments where it makes sense.  **[TOST_3406780_9]** 

3. **Software ARPU Expansion**  
   **Q:** What's driving the sharp acceleration in software ARPU?  
   **A:** We improved our ARR to revenue conversion by enhancing billing infrastructure and quote-to-cash processes.  **[TOST_3406780_11]**  This resulted in more ARR converting to revenue.  **[TOST_3406780_11]**  Some of this is a **one-time benefit**  **[TOST_3406780_11]** , so future quarters won't be as high as Q3 but higher than historical levels.  **[TOST_3406780_11]** 

4. **Enterprise Pipeline Growth**  
   **Q:** How is the enterprise pipeline building?  
   **A:** We're continuing to build on previous years with increasing scale and opportunities.  **[TOST_3406780_10]**  This reflects our go-to-market execution and investments in product capabilities upmarket.  **[TOST_3406780_10]**  Enterprise is an important growth vector for us over the next decade.  **[TOST_3406780_10]** 

5. **Capital Business Outlook**  
   **Q:** Where will capital volumes as % of GPV be longer term?  
   **A:** Our execution has been excellent, with **$43 million** in performance this quarter  **[TOST_3406780_13]** , and default rates are as expected.  **[TOST_3406780_13]**  We'll continue to grow the program in a balanced way  **[TOST_3406780_13]** , and there's no reason we couldn't grow through more attach while ensuring a balanced risk-adjusted manner.  **[TOST_3406780_13]** 

6. **GPV per Location Trend**  
   **Q:** Has GPV per location troughed in Q3?  
   **A:** GPV per location was down **3%**, consistent with Q2  **[TOST_3406780_17]** , and has been relatively stable over several quarters.  **[TOST_3406780_17]**  As we head into Q4, it will be in the same range, as reflected in our guidance.  **[TOST_3406780_17]**  We expect a similar trend over the next couple of quarters.  **[TOST_3406780_17]** 

7. **Strategic Priorities Ahead**  
   **Q:** Any re-prioritization of initiatives for next year?  
   **A:** Our strategy remains consistent with what we outlined at Investor Day.  **[TOST_3406780_14]**  We're focusing on scaling our core business and expanding into areas with good opportunities like international and CPG retail.  **[TOST_3406780_14]**  We're investing more in these areas based on positive signals.  **[TOST_3406780_14]** 

8. **Net Adds and Churn**  
   **Q:** Are the 7,000 net adds balanced between openings and takeaways?  
   **A:** The **7,000 net adds** are consistent with past trends  **[TOST_3406780_18]** , showing a good mix of new openings and existing restaurants upgrading.  **[TOST_3406780_18]**  Churn is largely aligned with historical patterns, impacting smaller ARR due to smaller restaurants.  **[TOST_3406780_18]** 

9. **Retail Go-To-Market Strategy**  
   **Q:** How are you approaching retail go-to-market strategy?  
   **A:** We see great momentum in retail, giving us confidence to invest more in 2025.  **[TOST_3406780_16]**  We're investing strategically with a team focused on retail and leveraging our existing sales reps to drive lead flow.  **[TOST_3406780_16]**  We're tweaking and testing the best approach to maximize growth.  **[TOST_3406780_16]** 

10. **New Product Upsell Strategy**  
    **Q:** How are you upselling Branded App and SMS Marketing?  
    **A:** These are valuable additions to our guest suite to help customers drive demand.  **[TOST_3406780_8]**  Early feedback is great, especially among mid-market and multi-unit SMB customers.  **[TOST_3406780_8]**  It's part of our long-term growth strategy to drive locations and expand our TAM.  **[TOST_3406780_8]**  Gross profit impact is too early to report, but our focus on unit economics and payback periods remains.  **[TOST_3406780_8]** 

11. **International and Retail Wins**  
    **Q:** Any numbers on location wins for international and retail?  
    **A:** We're seeing continued momentum since Investor Day.  **[TOST_3406780_12]**  Progress across both international and retail is positive.  **[TOST_3406780_12]**  In CPG retail, there's good progress across grocery, convenience, and bottle shops.  **[TOST_3406780_12]**  Internationally, we're adding more products, improving unit economics and productivity.  **[TOST_3406780_12]**  We plan to invest more in these businesses in '25 based on current signals.  **[TOST_3406780_12]** 

12. **ARR vs. Revenue Growth**  
    **Q:** What's the difference between SaaS ARPU and subscription revenue growth?  
    **A:** Differences between ARR and revenue are due to timing, concessions, or credits.  **[TOST_3406780_15]**  When discussing SaaS ARPU, we're referring to an ARR basis.  **[TOST_3406780_15]**  The team's execution has been strong.  **[TOST_3406780_15]** 

f79a8437a89d548e0f768ef35d1530422ea3634fa3c9f3fc4f411e360dcc0a12

e20a758b0677317e17bf48fd040ae86b984f1aa1c63675730e8e69eb438a8219

Subscription Services

Financial Technology Solutions

Hardware

Professional Services

Hardware and Professional Services

bd8de5d3d45ee85627d1fc1c77b388b976851882df0ffffc2a87fbd8ef9381ac

| Program Details            | Program 1          |
|----------------------------|--------------------|
| Approval Date              | February 2024  **[0001650164-24-000383_tost-20240930.htm:12]**   |
| End Date/Duration          | No expiration date  **[0001650164-24-000383_tost-20240930.htm:12]**  |
| Total additional amount    | **$250 million**  **[0001650164-24-000383_tost-20240930.htm:12]**  |
| Remaining authorization amount | **$194 million** as of September 30, 2024  **[0001650164-24-000383_tost-20240930.htm:12]**  |
| Details                    | Repurchase of Class A common stock, flexible capital allocation, no obligation to acquire specific amount, may be suspended at any time  **[0001650164-24-000177_tost-20240331.htm:10]** **[0001650164-24-000383_tost-20240930.htm:12]** **[0001650164-24-000283_tost-20240630.htm:11]**  |

fa81b76cf2c3c69ea8a5a88f8db4587807273230e1ed455393c61a27a99a161e

### Toast (TOST) Guidance from the Last Four Earnings Calls

#### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024  
- **Guided Period**: Q4 2024 and FY 2024  
- **Guidance**:
  - **Q4 2024 Guidance**:
    - **Total subscription and fintech gross profit growth**: Expected to grow in the **32% to 35% range year-over-year**.  **[TOST_3406780_5]** 
    - **Adjusted EBITDA**: Expected to be in the range of **$90 million to $100 million**.  **[TOST_3406780_5]** 
    - **Sequential decline in adjusted EBITDA and margin**: Attributed to typical seasonal decline in GPV per location and planned reinvestments.  **[TOST_3406780_5]** 
  - **FY 2024 Guidance**:
    - **Fintech subscription gross profit growth**: Expected to grow **32% to 33%**.  **[TOST_3406780_5]** 
    - **Adjusted EBITDA**: Expected to be in the range of **$352 million to $362 million**, representing a **26% adjusted EBITDA margin at the midpoint**.  **[TOST_3406780_5]** 

#### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024  
- **Guided Period**: Q3 2024 and FY 2024  
- **Guidance**:
  - **Q3 2024 Guidance**:
    - **Total subscription and fintech gross profit**: Expected to increase in the **23% to 27% range year-over-year**.  **[TOST_3396706_6]** 
    - **Adjusted EBITDA**: Expected to be in the range of **$70 million to $80 million**.  **[TOST_3396706_6]** 
  - **FY 2024 Guidance**:
    - **Fintech and subscription gross profit**: Expected to grow **27% to 29% year-over-year**.  **[TOST_3396706_6]** 
    - **Adjusted EBITDA**: Expected to be in the range of **$285 million to $305 million**, representing a **22% margin** at the midpoint, which is a **16 percentage point improvement versus 2023**.  **[TOST_3396706_6]** 
    - **GAAP profitability**: Expected to be around **breakeven** for the remainder of the year.  **[TOST_3396706_6]** 

#### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024  
- **Guided Period**: Q2 2024 and FY 2024  
- **Guidance**:
  - **Q2 2024 Guidance**:
    - **Total subscription and fintech gross profit**: Expected to increase in the **20% to 24% range year-over-year**.  **[TOST_3386892_5]** 
    - **Adjusted EBITDA**: Expected to be between **$55 million to $65 million**.  **[TOST_3386892_5]** 
  - **FY 2024 Guidance**:
    - **Fintech and subscription gross profit**: Expected to grow by **26%**.  **[TOST_3386892_5]** 
    - **Adjusted EBITDA**: Expected to be **$260 million**, with a margin of **19%**, marking a **13 percentage point improvement** versus 2023.  **[TOST_3386892_5]** 
    - **GAAP operating income**: Expected to be close to breakeven by the end of the year.  **[TOST_3386892_5]** 

#### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023  
- **Guided Period**: Q1 2024 and FY 2024  
- **Guidance**:
  - **Q1 2024 Guidance**:
    - **Top line growth**: Expected to grow **22%**.  **[TOST_3373809_7]** 
    - **Adjusted EBITDA**: Anticipated to be **$20 million** at the midpoint.  **[TOST_3373809_7]** 
    - **Net location adds**: Expected to be in the **5,500 range**, with location adds peaking in Q2.  **[TOST_3373809_7]** 
    - **Free cash flow**: Expected to be negative in Q1 due to seasonality and timing of cash bonus payments.  **[TOST_3373809_6]** 
  - **FY 2024 Guidance**:
    - **Recurring gross profit streams**: Anticipated to grow **24%**.  **[TOST_3373809_5]** 
    - **Adjusted EBITDA**: Midpoint guidance of **$210 million**, reflecting a nearly $150 million improvement and margin expansion of 10 percentage points relative to 2023.  **[TOST_3373809_7]** 
    - **Stock-based compensation**: Aimed to reduce from **27% in 2023 to low double digits** as a percentage of recurring gross profit streams over the medium term.  **[TOST_3373809_7]** 
    - **Restructuring charges**: Anticipated to be **$45 million to $55 million** for the year, with most in Q1.  **[TOST_3373809_6]** 
    - **Annualized savings**: Expected to exceed **$100 million** from restructuring and lower hiring.  **[TOST_3373809_6]** 
    - **GAAP operating income profitability**: On track for profitability by the **first half of 2025**.  **[TOST_3373809_7]** 

bf710dd4eaf00054677ad55b9ba4a35fcc08a26eb54e221d4f4284087805c9ec

| Name              | Position                              | Start Date          | Short Bio                                                                                                                                                                                                                   |
|-------------------|---------------------------------------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Aman Narang       | Chief Executive Officer, Co-Founder  | January 1, 2024     | Aman 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**.  **[0001650164-24-000144_tost-20240422.htm:14]** **[0001193125-23-228134_d556761dex991.htm:0]** **[0001193125-23-228134_d556761d8k.htm:1]**  |
| Stephen Fredette  | President, Co-Founder                | January 2024        | Stephen 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**.  **[0001650164-24-000144_tost-20240422.htm:14]** **[0001650164-24-000125_tost-20240411.htm:14]**  |
| Elena Gomez       | Chief Financial Officer, Interim Chief Accounting Officer | May 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.  **[0001650164-24-000144_tost-20240422.htm:34]** **[0001650164-24-000125_tost-20240411.htm:34]** **[0001650164-24-000226_tost-20240620.htm:1]**  |
| Brian Elworthy    | General Counsel, Corporate Secretary | November 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.  **[0001650164-24-000144_tost-20240422.htm:34]** **[0001650164-24-000125_tost-20240411.htm:34]** **[0001650164-23-000131_tost-20230424.htm:30]**  |
| Michael Matlock   | Chief Accounting Officer (Resigned)  | March 1, 2023       | Michael 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**.  **[0001650164-23-000069_tost-20221231.htm:173]** **[0001650164-24-000226_tost-20240620.htm:1]**                                 |
| Jonathan Vassil   | Chief Revenue Officer                | January 2022        | Jonathan 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.  **[0001650164-24-000144_tost-20240422.htm:34]** **[0001650164-24-000125_tost-20240411.htm:34]**                |

f3081216921a15a543e0b4efb6a3f384ad2d3bc2e5f99b23c7e54a739f7f6b4f

- **Strong net location adds of approximately 7,000 in Q3**, driven by a good mix of new restaurant openings and competitive takeaways, with confidence in **continuing location growth into 2025**, including expansion into Retail and International markets.  **[TOST_3406780_18]** **[TOST_3406780_7]** **[TOST_3406780_12]**
- **Significant win of Potbelly Sandwich Works**, adding over 400 locations, demonstrating **success in the Enterprise segment** and the potential to capture larger clients for substantial future growth.  **[TOST_3406780_10]**
- **Robust performance of Toast Capital**, with increasing demand and potential to expand the program, contributing to overall growth and profitability, while default rates remain in line with expectations.  **[TOST_3406780_13]**

fc69fca4430d003fa651df1da4bce19c07439081c20cee46082a018dfebe0d89

- **Strong momentum in core business with record net location additions**: Toast added a record **8,000 net locations in Q2**, primarily from their core U.S. SMB and mid-market business, indicating robust demand and successful sales execution.  **[TOST_3396706_9]**
- **Successful expansion into international markets and new verticals**: Toast's international operations now have **2,000 locations live**, and they have booked **1,000 new customers** in food and beverage retail, showing significant progress in expanding their addressable market.  **[TOST_3396706_12]**
- **Significant opportunity to replace legacy systems in enterprise and retail segments**: There is substantial potential in segments like enterprise and retail, where many businesses still use legacy on-premise solutions, positioning Toast to capture market share with its cloud-based platform.  **[TOST_3396706_10]**

a4215cc7cea01f7d37414ac6ebf5bd4fcb08b6d55f505a909f833fa6c3eeecd3

- **GPV per location decreased by approximately 3% year-over-year and is expected to remain at similar levels, indicating potential stagnation in customer spending.**  **[TOST_3406780_17]**
- **The company expects adjusted EBITDA to decline sequentially in Q4 compared to Q3 due to typical seasonal declines and planned investments, which may impact profitability.**  **[TOST_3406780_5]**
- **A portion of the increase in subscription revenue was due to a one-time benefit, suggesting future growth in subscription revenue may not be as high.**  **[TOST_3406780_4]** **[TOST_3406780_11]**

d9f262fe300eefea58b8d3cff8d4b431620d03ad8812b02d20a4b4f6dc514817

- **SaaS ARPU growth is expected to remain in the mid-single digits on an ARR basis in the near term**, with uncertainty about significant improvement beyond that period.  **[TOST_3386892_25]**
- **Moving upmarket into enterprise customers may be challenging due to lower cloud adoption and competition with legacy solutions**, which could limit Toast's ability to capture this segment of the market.  **[TOST_3386892_13]**
- **Q2 recurring gross profit growth is expected to be lower than the back half of the year**, due to factors like the implementation of the forward flow model and comping a one-time SaaS revenue benefit, potentially indicating slower growth in the near term.  **[TOST_3386892_7]**

30608c119a143e3c97bd4d61d0802aea497549fa7e94a66390ca8d89c4987cc5

- **Toast continues to achieve strong location growth, reaching over 30% SMB market share in some markets and still gaining share at a healthy rate.**  **[TOST_3373809_14]**
- **Expansion into restaurant retail allows Toast to serve hybrid concepts, potentially driving higher Gross Payment Volume (GPV) and Average Revenue Per User (ARPU).**  **[TOST_3373809_22]** **[TOST_3373809_23]**
- **International markets show tremendous potential for growth, with customer reception similar to early U.S. experiences, indicating significant future expansion opportunities.**  **[TOST_3373809_15]**

b5e738976474c8adbd157f60cc608099b02b693cc956a4a9f48676778219e204

- **Toast is experiencing slower Gross Payment Volume (GPV) trends**, with a **22% top line growth expected in Q1 2024**, reflecting slower GPV trends in January due to weather headwinds.  **[TOST_3373809_7]**
- **Dependence on pricing increases and existing customer upsell to drive ARPU growth**, as new customer cohorts are expected to be a drag on mid-single-digit ARPU growth, potentially impacting future revenue growth.  **[TOST_3373809_19]** **[TOST_3373809_26]**
- **Toast is implementing cost-cutting measures, including a 10% headcount reduction**, and **restructuring efforts**, which may indicate financial pressures and challenges in maintaining profitability.  **[TOST_3373809_1]** **[TOST_3373809_21]**

14bb2569041e0ded5cd0597480f5385222243d1e3c48af65a36580459146206a

- **Strong Location Growth**: Toast added over **6,000 net locations** in Q1 2024, exceeding expectations, and expects to add more locations in 2024 than in 2023, indicating strong demand and market penetration.  **[TOST_3386892_19]** **[TOST_3386892_16]**
- **Large Addressable Market with Low Penetration**: Toast is currently in only **13% of U.S. restaurants**, providing significant opportunity to expand market share, especially in the enterprise segment where cloud adoption is lower.  **[TOST_3386892_13]** **[TOST_3386892_24]**
- **Expansion of Product Offerings and Innovation**: Toast is introducing new suites (restaurant management suite, digital storefront suite, marketing suite) to simplify sales and support upselling more products, leveraging their strong data assets and **AI capabilities**, which could drive increased **ARPU** and provide competitive advantages.  **[TOST_3386892_24]** **[TOST_3386892_9]**

2ba510fa43da5c7eb1066395c43c70dd5b986374a692d09515c43f8734655684

- **Gross Payment Volume (GPV) per location declined by 3% in Q2**, driven by same-store sales declines, and this trend is continuing into Q3.  **[TOST_3396706_17]** **[TOST_3396706_7]** **[TOST_3396706_13]**
- **Annualized churn rate increased slightly to above 10%**, up from the prior year, predominantly due to restaurants going out of business.  **[TOST_3396706_16]**
- Despite macroeconomic uncertainties and a potential slowdown in restaurant spending, the company is **increasing investments in go-to-market functions and international expansion**, which may impact operating leverage and profitability.  **[TOST_3396706_17]** **[TOST_3396706_9]** **[TOST_3396706_16]**

fb281e64883d3460062cafbe32dc6d1640d84139e2e77f198fcead511edb4ed4

Toast Inc (TOST)

Financials