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Toast, Inc. (symbol: TOST) is a pioneering company providing an all-in-one point-of-sale (POS) and restaurant management platform. As a cloud-based system crafted specifically for the restaurant industry, Toast delivers an advanced set of functionalities designed to streamline operations and enhance efficiency. Key features include tableside ordering, quick menu modifications, real-time enterprise reporting, online ordering, and labor management, all accessible through an easy-to-use interface.
Established in the United States, Toast serves over 112,000 restaurant locations as of March 2024. The company's business model revolves around generating revenue through software subscription fees, a percentage take rate from each financial transaction processed, loan origination and servicing fees via Toast Capital, and hardware installation and professional services. Unlike many competitors, Toast intermediates every payment transaction on its platform, which amounted to an impressive $126 billion in gross platform volume in 2023.
Toast's product offerings are comprehensive, covering POS systems, inventory and payroll management, delivery integration, e-commerce ordering, reservation management, and loyalty programs. This diverse range of services positions Toast as a critical partner for restaurant operators looking to optimize their business processes and improve customer experiences.
Recent achievements for Toast include significant growth in user adoption, continuous enhancement of their platform capabilities, and strategic partnerships that expand their ecosystem. Toast Capital, the financial services arm of the company, also provides tailored loan products to help restaurants manage cash flow and invest in growth opportunities.
If you’re passionate about transforming the restaurant industry, Toast offers exciting career opportunities. The company prides itself on a fast-paced, hardworking culture that also values having fun and caring deeply about customer success. Join Toast and be part of a team that’s making a real difference in the lives of restaurant operators and their patrons.
Toast (NYSE: TOST) has released its Q3 2024 Restaurant Trends Report, revealing significant shifts in reservation patterns and price increases in food and drinks. The report, based on data from 127,000 restaurant locations, highlights a 11% increase in reservations on Mondays and Tuesdays, while Saturdays saw a 1% decline. Early bird dinners are on the rise, with fewer bookings post 7 p.m. Reservation cancellations dropped to 17% from 19% last year, and 45% of reservations were made for the same day.
Price increases were noted across various items: beer ($6.34, +2.4%), vodka drinks ($9.91, +2.7%), chicken tenders ($10.66, +4.8%), and steak ($26.62, +2.9%). Servers at full-service restaurants earned a median hourly wage of $6.24 and a median tip rate of $21.48. Total tips averaged 18.8%, consistent with Q2 2024. The report also includes detailed price growth for various food and drink items.
Toast (NYSE: TOST) and Uber (NYSE: UBER) have expanded their partnership to help restaurants reduce costs and reach more diners with commission-free delivery. This new integration between Toast Delivery Services and Uber Direct will enable restaurants across the U.S. to save on delivery fees, expand their delivery radius, and use Uber's extensive delivery network for local deliveries of orders made by phone and through Toast's digital ordering channels, including Online Ordering, Branded Mobile App, and Local by Toast (formerly Toast TakeOut) app.
Since 2021, Toast and Uber have partnered to deliver orders made through the Uber Eats app. With this expanded partnership, restaurants can now offer local delivery for sales made from their Toast digital ordering channels and by phone, while accessing commission-free delivery for a low flat fee per order. Uber Direct is used by various businesses including restaurants, grocers, and retailers. The expanded integration aims to provide restaurants with more choice and help them maximize their margins.
Toast (NYSE: TOST) announced that its management team will participate in the UBS Global Technology Conference in Scottsdale, AZ. The presentation is scheduled for Wednesday, December 4, 2024, at 8:55 a.m. MST. Interested parties can access the webcast through Toast's Investor Relations website.
Toast (NYSE: TOST) reported third quarter 2024 financial results, highlighting significant growth and strong financial performance. The company added approximately 7,000 net new locations, bringing the total to nearly 127,000, a 28% year-over-year increase. Annualized recurring run-rate (ARR) grew 28% to $1.6 billion. Gross Payment Volume (GPV) increased 24% year-over-year to $41.7 billion. GAAP subscription services and financial technology solutions gross profit rose 35% to $365 million, and adjusted EBITDA reached $113 million, compared to $35 million in Q3 2023. GAAP net income was $56 million, a turnaround from a GAAP net loss of $(31) million in Q3 2023. Net cash provided by operating activities was $109 million, with Free Cash Flow at $97 million. Toast's outlook for Q4 2024 includes non-GAAP gross profit between $370 million to $380 million and adjusted EBITDA between $90 million to $100 million. For the full year, non-GAAP gross profit is expected between $1,395 million to $1,405 million, and adjusted EBITDA between $352 million to $362 million.
Toast (NYSE: TOST) has announced it will release its third quarter 2024 financial results after U.S. markets close on Thursday, November 7, 2024. The company will host a conference call at 5:00 p.m. Eastern Time on the same day to discuss the results. The financial report and conference call access will be available on Toast's investor relations website, where a replay will also be accessible afterward.
Toast (NYSE: TOST) has announced its Fall Product Release, introducing new mobile features to help restaurants increase revenue and strengthen guest relationships. The key highlights include:
- A Branded Mobile App allowing restaurants to launch customizable iOS and Android apps, integrated with online ordering, POS, and loyalty programs.
- SMS Marketing enabling restaurants to send targeted promotions and messages to guests in real-time.
These innovations aim to drive traffic, grow brand loyalty, and provide restaurants with more ways to connect with guests on their mobile devices. The Branded Mobile App offers customization options, while SMS Marketing leverages AI and automation for efficient communication. Both features are designed to increase repeat orders, boost average check sizes, and enhance guest engagement.
Toast's Q2 2024 Restaurant Trends Report reveals key insights into the U.S. restaurant industry. Quick-service restaurant prices increased across popular lunch items, with sandwiches and wraps averaging $11.26 (+4.6% YOY). Consumer spending shifted towards breakfast and away from dinner and late-night transactions in 20 U.S. cities. In California, QSR cashiers earned a median hourly wage of $16.98 in June.
Tipping rates decreased slightly, with the total average at 18.8%. Full-service restaurant tips dipped to 19.3%, while QSR tips dropped to 15.9%. The report also highlights regional food preferences, with sandwiches and wraps being the most popular in most states, except for tacos in California, Nevada, Oregon, and Texas. The data is based on transactions from approximately 120,000 restaurant locations using Toast's platform as of June 30, 2024.
Toast (NYSE: TOST), the all-in-one digital technology platform for restaurants, has announced its participation in the Goldman Sachs Communacopia & Technology Conference in San Francisco. The company's management team is scheduled to present on Wednesday, September 11, 2024, at 10:50 a.m. PDT. Investors and interested parties can access a webcast of the presentation through Toast's Investor Relations website at https://investors.toasttab.com/overview/. This event provides an opportunity for Toast to showcase its technology and business strategy to a broader audience of investors and industry professionals.
Toast (TOST), a digital technology platform for restaurants, reported Q2 2024 financial results. The company added approximately 8,000 net new locations. Annualized recurring run-rate (ARR) grew 29% to $1.5 billion.
GAAP operating income reached $5 million, compared to a loss of $(80) million in Q2 2023. Net income was $14 million, a significant improvement from a $(98) million loss the previous year. Adjusted EBITDA was $92 million, up from $15 million. Gross Payment Volume (GPV) increased 26% year over year to $40.5 billion.
Total locations rose 29% to approximately 120,000. GAAP gross profit for subscription services and financial technology solutions grew 27% to $330 million, while non-GAAP gross profit increased 29% to $344 million.
For Q3 2024, Toast expects non-GAAP gross profit of $345M-$355M and Adjusted EBITDA of $70M-$80M. For the full year, it projects gross profit of $1,340M-$1,360M and Adjusted EBITDA of $285M-$305M.
Toast (NYSE: TOST), the all-in-one digital technology platform for restaurants, has announced the release date for its second quarter 2024 financial results. The company will disclose its financial performance for the quarter ended June 30, 2024, after the U.S. markets close on Tuesday, August 6, 2024. Following the release, Toast will host a conference call at 5:00 p.m. Eastern Time to discuss the results.
Investors and interested parties can access the news release containing financial results and a link to the conference call on Toast's investor relations website. For those unable to attend the live call, a replay will be made available on the same website.
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