Toast Announces Third Quarter 2024 Financial Results
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) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando una crescita significativa e una forte performance finanziaria. L'azienda ha aggiunto circa 7.000 nuove sedi nette, portando il totale a quasi 127.000, con un incremento del 28% rispetto all'anno precedente. Il tasso ricorrente annualizzato (ARR) è salito del 28% a 1,6 miliardi di dollari. Il volume di pagamento lordo (GPV) è aumentato del 24% su base annua, raggiungendo 41,7 miliardi di dollari. Il profitto lordo dei servizi in abbonamento GAAP e delle soluzioni tecnologiche finanziarie è aumentato del 35% a 365 milioni di dollari, mentre l'EBITDA rettificato ha raggiunto 113 milioni di dollari, rispetto ai 35 milioni di dollari nel Q3 2023. Il reddito netto GAAP è stato di 56 milioni di dollari, segnando un'inversione rispetto a una perdita netta GAAP di (31) milioni di dollari nel Q3 2023. Il cash flow netto fornito dalle attività operative è stato di 109 milioni di dollari, con un flusso di cassa libero di 97 milioni di dollari. Le previsioni di Toast per il Q4 2024 includono un profitto lordo non GAAP compreso tra 370 milioni e 380 milioni di dollari e un EBITDA rettificato tra 90 milioni e 100 milioni di dollari. Per l'intero anno, si prevede un profitto lordo non GAAP tra 1.395 milioni e 1.405 milioni di dollari, e un EBITDA rettificato tra 352 milioni e 362 milioni di dollari.
Toast (NYSE: TOST) informó sobre los resultados financieros del tercer trimestre de 2024, destacando un crecimiento significativo y un sólido rendimiento financiero. La compañía añadió aproximadamente 7.000 nuevas ubicaciones netas, llevando el total a casi 127.000, un aumento del 28% en comparación con el año anterior. La tasa de ingresos recurrentes anualizados (ARR) creció un 28% hasta $1.6 mil millones. El volumen bruto de pagos (GPV) aumentó un 24% en comparación con el año anterior, alcanzando $41.7 mil millones. Las ganancias brutas de los servicios de suscripción y las soluciones de tecnología financiera en GAAP aumentaron un 35% hasta $365 millones, y el EBITDA ajustado alcanzó $113 millones, en comparación con $35 millones en el Q3 de 2023. La ganancia neta GAAP fue de $56 millones, revirtiendo una pérdida neta GAAP de $(31) millones en el Q3 de 2023. El efectivo neto generado por actividades operativas fue de $109 millones, con un flujo de caja libre de $97 millones. La perspectiva de Toast para el Q4 de 2024 incluye una ganancia bruta no GAAP entre $370 millones y $380 millones y un EBITDA ajustado entre $90 millones y $100 millones. Para el año completo, se espera que la ganancia bruta no GAAP esté entre $1,395 millones y $1,405 millones, y el EBITDA ajustado entre $352 millones y $362 millones.
토스트 (NYSE: TOST)는 2024년 3분기 재무 결과를 발표하며 강력한 재무 성과와 눈에 띄는 성장을 강조했습니다. 회사는 약 7,000개의 새로운 순 위치를 추가하여 총 127,000개에 가까운 수치를 기록했으며, 이는 작년 대비 28% 증가한 수치입니다. 연간 반복 수익률 (ARR)은 28% 증가하여 16억 달러에 달했습니다. 총 결제량 (GPV)은 작년 대비 24% 증가하여 417억 달러에 도달했습니다. GAAP 구독 서비스 및 금융 기술 솔루션의 총 이익은 35% 증가하여 3억 6,500만 달러에 이르렀고, 조정된 EBITDA는 1억 1,300만 달러에 이르렀으며, 이는 2023년 3분기 3,500만 달러와 비교됩니다. GAAP 순이익은 5,600만 달러로, 2023년 3분기 GAAP 순손실 (3,100만 달러)에서 반전되었습니다. 운영 활동으로부터 제공된 순현금은 1억 0,900만 달러였으며, 자유현금흐름은 9,700만 달러였습니다. 토스트의 2024년 4분기 전망은 비GAAP 총 이익이 3억 7,000만 달러에서 3억 8,000만 달러 사이이고, 조정된 EBITDA가 9천만 달러에서 1억 달러 사이로 예상됩니다. 연간으로, 비GAAP 총 이익은 13억 9,500만 달러에서 14억 500만 달러로 예상되며, 조정된 EBITDA는 3억 5,200만 달러에서 3억 6,200만 달러로 예상됩니다.
Toast (NYSE: TOST) a annoncé ses résultats financiers du troisième trimestre 2024, mettant en lumière une croissance significative et une solide performance financière. L'entreprise a ajouté environ 7 000 nouveaux sites nets, portant le total à près de 127 000, soit une augmentation de 28 % par rapport à l'année précédente. Le taux de revenus récurrents annualisés (ARR) a augmenté de 28 % pour atteindre 1,6 milliard de dollars. Le volume total des paiements (GPV) a augmenté de 24 % par rapport à l'année précédente pour atteindre 41,7 milliards de dollars. Le bénéfice brut des services d'abonnement GAAP et des solutions technologiques financières a augmenté de 35 % pour atteindre 365 millions de dollars, et l'EBITDA ajusté a atteint 113 millions de dollars, contre 35 millions de dollars au T3 2023. Le bénéfice net GAAP s'élevait à 56 millions de dollars, marquant un retournement par rapport à une perte nette GAAP de (31) millions de dollars au T3 2023. La trésorerie nette provenant des activités opérationnelles était de 109 millions de dollars, avec un flux de trésorerie disponible de 97 millions de dollars. Les perspectives de Toast pour le T4 2024 incluent un bénéfice brut non GAAP compris entre 370 millions et 380 millions de dollars et un EBITDA ajusté compris entre 90 millions et 100 millions de dollars. Pour l'année complète, le bénéfice brut non GAAP est attendu entre 1 395 millions et 1 405 millions de dollars, et l'EBITDA ajusté entre 352 millions et 362 millions de dollars.
Toast (NYSE: TOST) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht und dabei ein erhebliches Wachstum sowie eine starke finanzielle Performance hervorgehoben. Das Unternehmen fügte etwa 7.000 netto neue Standorte hinzu, wodurch die Gesamtzahl auf fast 127.000 steigt, was einem Anstieg von 28% im Vergleich zum Vorjahr entspricht. Der annualisierte wiederkehrende Umsatz (ARR) wuchs um 28% auf 1,6 Milliarden Dollar. Das Bruttovolumen der Zahlungen (GPV) stieg um 24% gegenüber dem Vorjahr auf 41,7 Milliarden Dollar. Der Bruttoertrag aus den GAAP-Abonnementdiensten und finanziellen Technologielösungen erhöhte sich um 35% auf 365 Millionen Dollar, und das bereinigte EBITDA erreichte 113 Millionen Dollar, verglichen mit 35 Millionen Dollar im Q3 2023. Der GAAP-Nettoeinkommen betrug 56 Millionen Dollar, ein Wendepunkt von einem GAAP-Nettoverlust von (31) Millionen Dollar im Q3 2023. Der Netto-Cashflow aus betrieblichen Tätigkeiten betrug 109 Millionen Dollar, mit einem freien Cashflow von 97 Millionen Dollar. Der Ausblick von Toast für das Q4 2024 umfasst einen nicht-GAAP Bruttoertrag zwischen 370 Millionen und 380 Millionen Dollar sowie ein bereinigtes EBITDA zwischen 90 Millionen und 100 Millionen Dollar. Für das gesamte Jahr wird ein nicht-GAAP Bruttoertrag zwischen 1.395 Millionen und 1.405 Millionen Dollar sowie ein bereinigtes EBITDA zwischen 352 Millionen und 362 Millionen Dollar erwartet.
- Added approximately 7,000 net new locations.
- ARR grew 28% to $1.6 billion.
- GPV increased 24% to $41.7 billion.
- GAAP gross profit rose 35% to $365 million.
- Adjusted EBITDA reached $113 million, up from $35 million in Q3 2023.
- GAAP net income was $56 million, compared to a net loss of $(31) million in Q3 2023.
- Net cash provided by operating activities was $109 million.
- Free Cash Flow was $97 million.
- None.
Added approximately 7,000 net new Locations in third quarter 2024
Annualized recurring run-rate (ARR) as of September 30, 2024 grew
Net income was
“Toast delivered a strong third quarter, adding approximately 7,000 net new locations, growing our recurring gross profit streams1
Financial Highlights for the Third Quarter of 2024
-
ARR as of September 30, 2024 was
, up$1.6 billion 28% year over year. -
Gross Payment Volume (GPV) increased
24% year over year to .$41.7 billion -
Total Locations increased
28% year over year to nearly 127,000. -
GAAP subscription services and financial technology solutions gross profit was up
35% year over year to . Non-GAAP subscription services and financial technology solutions gross profit grew$365 million 35% year over year to .$378 million -
GAAP income from operations was
in Q3 2024 compared to GAAP loss from operations of$34 million in Q3 2023.$(59) million -
GAAP net income was
in Q3 2024 compared to GAAP net loss of$56 million in Q3 2023. Adjusted EBITDA was$(31) million in Q3 2024 compared to Adjusted EBITDA of$113 million in Q3 2023.$35 million -
Net cash provided by operating activities of
and Free Cash Flow of$109 million in Q3 2024, compared to net cash provided by operating activities of$97 million and Free Cash Flow of$47 million , respectively, in Q3 2023.$37 million
Percentages may not tie due to rounding. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled “Key Business Metrics” and “Non-GAAP Financial Measures,” as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.
Outlook2
For the fourth quarter ending December 31, 2024, Toast expects to report:
-
Non-GAAP subscription services and financial technology solutions gross profit in the range of
to$370 million (32$380 million -35% growth compared to Q4 2023) -
Adjusted EBITDA in the range of
to$90 million $100 million
For the full year ending December 31, 2024, Toast expects to report:
-
Non-GAAP subscription services and financial technology solutions gross profit in the range of
to$1,395 million (32$1,405 million -33% growth compared to 2023, up from 27-29% growth) -
Adjusted EBITDA in the range of
to$352 million (up from$362 million to$285 million )$305 million
The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See cautionary note regarding “Forward-looking Statements” in this press release.
Recent Business Highlights
- Toast announced its Fall Product Release with new mobile features designed to help restaurants unlock new revenue streams, boost their brand presence, and deepen the connection with their guests. Highlights include a Branded Mobile App and SMS Marketing to drive diner engagement on mobile devices.
-
Toast recently released the results of its third Voice of the Restaurant Industry Survey3, a poll of restaurant decision-makers which highlights the current state of the restaurant industry and how business owners are feeling about the future. Amongst the top findings,
28% of restaurant owners surveyed hope to open a new location over the next 12 months. Additionally, restaurant operators say they are very likely to implement AI in several ways over the next year, with approximately40% of respondents selecting options including optimizing menu performance, making recommendations for guests, benchmarking their business performance against their peers, and optimizing pricing. - Toast was named an honoree of the Inc. 2024 Power Partners Awards, a premier list of the best B2B providers for small- and medium-sized businesses. The annual list recognizes organizations across the country for awardees’ support of entrepreneurs across a number of facets of their business, and being instrumental to their growth.
Conference Call Information
Toast will host a live conference call at 5:00 p.m. Eastern Time on Thursday, November 7, 2024. The live webcast of the conference call can be accessed through Toast’s investor relations website at http://investors.toasttab.com. A replay of the webcast will be available for a period of 90 days after the call.
Toast has used, and intends to continue to use, its Investor Relations website (http://investors.toasttab.com), as well as the Toast Newsroom (https://pos.toasttab.com/news), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Toast’s Investor Relations website, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Toast’s Investor Relations website address, and any hyperlinks are only inactive textual references.
About Toast
Toast is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a comprehensive platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, payments, operations, digital ordering and delivery, marketing and loyalty, and team management. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. For more information, visit www.toasttab.com.
____________________________________ |
1 Toast considers Non-GAAP subscription services and financial technology solutions gross profit to be its recurring gross profit streams. |
2 A reconciliation of these forward looking Non-GAAP measures to the corresponding GAAP measure is not available without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliations that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to the change in fair value of our warrant liability and stock-based compensation. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. |
3 To help better understand the restaurant industry, Toast conducted a blind survey of 755 restaurant decision-makers operating 16 or fewer locations in |
Forward-looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Toast or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent the beliefs of Toast and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside Toast’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements about expected financial positions or growth; results of operations; cash flows; guidance on financial results for the fourth fiscal quarter and full year of 2024; statements about future operating results; the expectations of demand for Toast’s products and growth of its business; statements about new products and offerings and the benefits thereof; the growth rates in the markets in which Toast competes; Toast’s investments in technology and infrastructure; Toast’s ability to deliver innovative solutions; Toast’s ability to attract and retain customers and the commitments from its customers; financing plans; business strategy; operating plans; competitive positions; and growth opportunities for existing products.
The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Toast’s filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations'' in Toast’s Annual Report on Form 10-K for the year ended December 31, 2023, Toast’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024 that will be filed following this earnings release, and Toast’s subsequent SEC filings. Toast can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to Toast as of the date hereof, and Toast disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing Toast’s views as of any date subsequent to the date of this press release.
TOAST, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(unaudited) |
|||||||||||||||
(in millions, except per share amounts) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Subscription services |
$ |
189 |
|
|
$ |
131 |
|
|
$ |
506 |
|
|
$ |
358 |
|
Financial technology solutions |
|
1,067 |
|
|
|
856 |
|
|
|
2,963 |
|
|
|
2,338 |
|
Hardware and professional services |
|
49 |
|
|
|
45 |
|
|
|
153 |
|
|
|
133 |
|
Total revenue |
|
1,305 |
|
|
|
1,032 |
|
|
|
3,622 |
|
|
|
2,829 |
|
Costs of revenue: |
|
|
|
|
|
|
|
||||||||
Subscription services |
|
56 |
|
|
|
43 |
|
|
|
159 |
|
|
|
118 |
|
Financial technology solutions |
|
835 |
|
|
|
674 |
|
|
|
2,323 |
|
|
|
1,828 |
|
Hardware and professional services |
|
91 |
|
|
|
88 |
|
|
|
279 |
|
|
|
271 |
|
Amortization of acquired intangible assets |
|
1 |
|
|
|
1 |
|
|
|
4 |
|
|
|
4 |
|
Total costs of revenue |
|
983 |
|
|
|
806 |
|
|
|
2,765 |
|
|
|
2,221 |
|
Gross profit |
|
322 |
|
|
|
226 |
|
|
|
857 |
|
|
|
608 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
119 |
|
|
|
100 |
|
|
|
340 |
|
|
|
299 |
|
Research and development |
|
89 |
|
|
|
87 |
|
|
|
258 |
|
|
|
264 |
|
General and administrative |
|
80 |
|
|
|
98 |
|
|
|
229 |
|
|
|
276 |
|
Restructuring expenses |
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
Total operating expenses |
|
288 |
|
|
|
285 |
|
|
|
873 |
|
|
|
839 |
|
Income (loss) from operations |
|
34 |
|
|
|
(59 |
) |
|
|
(16 |
) |
|
|
(231 |
) |
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
9 |
|
|
|
10 |
|
|
|
30 |
|
|
|
27 |
|
Change in fair value of warrant liability |
|
(1 |
) |
|
|
18 |
|
|
|
(37 |
) |
|
|
(5 |
) |
Other income (expense), net |
|
15 |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
Income (loss) before taxes |
|
57 |
|
|
|
(31 |
) |
|
|
(10 |
) |
|
|
(209 |
) |
Income tax expense |
|
(1 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
(1 |
) |
Net income (loss) |
$ |
56 |
|
|
$ |
(31 |
) |
|
$ |
(13 |
) |
|
$ |
(210 |
) |
Earnings (loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.10 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.40 |
) |
Diluted |
$ |
0.07 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.40 |
) |
Weighted-average shares used in computing earnings (loss) per share: |
|
|
|
|
|
|
|
||||||||
Basic |
|
563 |
|
|
|
535 |
|
|
|
556 |
|
|
|
530 |
|
Diluted |
|
590 |
|
|
|
536 |
|
|
|
556 |
|
|
|
530 |
|
TOAST, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(unaudited) |
|||||||
(in millions, except per share amounts) |
|||||||
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
761 |
|
|
$ |
605 |
|
Marketable securities |
|
511 |
|
|
|
519 |
|
Accounts receivable, net |
|
105 |
|
|
|
69 |
|
Inventories, net |
|
106 |
|
|
|
118 |
|
Other current assets |
|
319 |
|
|
|
259 |
|
Total current assets |
|
1,802 |
|
|
|
1,570 |
|
Property and equipment, net |
|
95 |
|
|
|
75 |
|
Operating lease right-of-use assets |
|
31 |
|
|
|
36 |
|
Intangible assets, net |
|
22 |
|
|
|
26 |
|
Goodwill |
|
113 |
|
|
|
113 |
|
Restricted cash |
|
56 |
|
|
|
55 |
|
Other non-current assets |
|
108 |
|
|
|
83 |
|
Total non-current assets |
|
425 |
|
|
|
388 |
|
Total assets |
$ |
2,227 |
|
|
$ |
1,958 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
30 |
|
|
$ |
32 |
|
Deferred revenue |
|
62 |
|
|
|
39 |
|
Accrued expenses and other current liabilities |
|
656 |
|
|
|
592 |
|
Total current liabilities |
|
748 |
|
|
|
663 |
|
Warrants to purchase common stock |
|
27 |
|
|
|
64 |
|
Operating lease liabilities |
|
27 |
|
|
|
33 |
|
Other long-term liabilities |
|
5 |
|
|
|
4 |
|
Total liabilities |
|
807 |
|
|
|
764 |
|
Commitments and Contingencies |
|
|
|
||||
Stockholders’ Equity: |
|
|
|
||||
Preferred stock- par value |
|
— |
|
|
|
— |
|
Common stock, |
|
||||||
Class A - 7,000 shares authorized; 468 and 429 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
|||||||
Class B - 700 shares authorized; 97 and 114 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
|
— |
|
|
— |
|
|
Accumulated other comprehensive income |
|
3 |
|
|
|
— |
|
Additional paid-in capital |
|
3,053 |
|
|
|
2,817 |
|
Accumulated deficit |
|
(1,636 |
) |
|
|
(1,623 |
) |
Total stockholders’ equity |
|
1,420 |
|
|
|
1,194 |
|
Total liabilities and stockholders’ equity |
$ |
2,227 |
|
|
$ |
1,958 |
|
TOAST, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
(unaudited) (in millions) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
56 |
|
|
$ |
(31 |
) |
|
$ |
(13 |
) |
|
$ |
(210 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
12 |
|
|
|
8 |
|
|
|
35 |
|
|
|
22 |
|
Stock-based compensation expense |
|
60 |
|
|
|
71 |
|
|
|
193 |
|
|
|
206 |
|
Amortization of deferred contract acquisition costs |
|
21 |
|
|
|
16 |
|
|
|
59 |
|
|
|
44 |
|
Change in fair value of warrant liability |
|
1 |
|
|
|
(18 |
) |
|
|
37 |
|
|
|
5 |
|
Credit loss expense |
|
18 |
|
|
|
19 |
|
|
|
50 |
|
|
|
44 |
|
Stock-based charitable contribution expense |
|
5 |
|
|
|
10 |
|
|
|
5 |
|
|
|
10 |
|
Asset impairments |
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
15 |
|
Gain on warrant extinguishment |
|
(14 |
) |
|
|
— |
|
|
|
(14 |
) |
|
|
— |
|
Other non-cash items |
|
(2 |
) |
|
|
(2 |
) |
|
|
(5 |
) |
|
|
(14 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts receivable, net |
|
(9 |
) |
|
|
18 |
|
|
|
(54 |
) |
|
|
(24 |
) |
Other current assets |
|
3 |
|
|
|
(4 |
) |
|
|
(11 |
) |
|
|
(7 |
) |
Deferred contract acquisition costs |
|
(32 |
) |
|
|
(27 |
) |
|
|
(95 |
) |
|
|
(77 |
) |
Inventories, net |
|
4 |
|
|
|
9 |
|
|
|
12 |
|
|
|
13 |
|
Accounts payable |
|
(3 |
) |
|
|
(15 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
Accrued expenses and other current liabilities |
|
(8 |
) |
|
|
(7 |
) |
|
|
(7 |
) |
|
|
17 |
|
Deferred revenue |
|
(1 |
) |
|
|
(1 |
) |
|
|
23 |
|
|
|
6 |
|
Operating lease right-of-use assets and operating lease liabilities, net |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
Other assets and liabilities |
|
(2 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
(4 |
) |
Net cash provided by operating activities |
|
109 |
|
|
|
47 |
|
|
|
213 |
|
|
|
43 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
||||||||
Cash paid for acquisition, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
Capital expenditures |
|
(12 |
) |
|
|
(10 |
) |
|
|
(41 |
) |
|
|
(31 |
) |
Purchases of marketable securities |
|
(76 |
) |
|
|
(128 |
) |
|
|
(353 |
) |
|
|
(479 |
) |
Proceeds from the sale of marketable securities |
|
27 |
|
|
|
10 |
|
|
|
80 |
|
|
|
23 |
|
Maturities of marketable securities |
|
71 |
|
|
|
99 |
|
|
|
290 |
|
|
|
414 |
|
Other investing activities |
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(3 |
) |
Net cash provided by (used in) investing activities |
|
10 |
|
|
|
(31 |
) |
|
|
(24 |
) |
|
|
(85 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
||||||||
Change in customer funds obligations, net |
|
13 |
|
|
|
(4 |
) |
|
|
40 |
|
|
|
27 |
|
Proceeds from issuance of common stock |
|
29 |
|
|
|
16 |
|
|
|
84 |
|
|
|
31 |
|
Warrant repurchase |
|
(61 |
) |
|
|
— |
|
|
|
(61 |
) |
|
|
— |
|
Repurchases of Class A common stock |
|
(20 |
) |
|
|
— |
|
|
|
(56 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
(39 |
) |
|
|
12 |
|
|
|
7 |
|
|
|
58 |
|
Net increase in cash, cash equivalents, cash held on behalf of customers and restricted cash |
|
80 |
|
|
|
28 |
|
|
|
196 |
|
|
|
16 |
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period |
|
864 |
|
|
|
622 |
|
|
|
747 |
|
|
|
635 |
|
Cash, cash equivalents, cash held on behalf of customers and restricted cash at end of period |
$ |
944 |
|
|
$ |
650 |
|
|
$ |
944 |
|
|
$ |
650 |
|
Reconciliation of cash, cash equivalents, cash held on behalf of customers and restricted cash |
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
761 |
|
|
$ |
514 |
|
|
$ |
761 |
|
|
$ |
514 |
|
Cash held on behalf of customers |
|
127 |
|
|
|
87 |
|
|
|
127 |
|
|
|
87 |
|
Restricted cash |
|
56 |
|
|
|
49 |
|
|
|
56 |
|
|
|
49 |
|
Total cash, cash equivalents, cash held on behalf of customers and restricted cash |
$ |
944 |
|
|
$ |
650 |
|
|
$ |
944 |
|
|
$ |
650 |
|
Non-GAAP Financial Measures
In this press release, Toast refers to non-GAAP financial measures that are derived on the basis of methodologies other than in accordance with
In the tables below, Toast has provided reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. These non-GAAP financial measures should not be considered substitutes for financial measures calculated in accordance with GAAP, and the financial results that Toast calculates and presents in the table in accordance with GAAP, as well as the corresponding reconciliations from those results, should be carefully evaluated.
The following are the non-GAAP financial measures referenced in this press release and presented in the tables below:
- Adjusted EBITDA is defined as net income (loss), adjusted to exclude stock-based compensation expense and related payroll tax expense, depreciation and amortization expense, interest income (expense), net, income taxes and certain other items that are not considered to reflect our operating activities and performance within the ordinary course of business, such as restructuring and restructuring-related expenses, acquisition expenses, fair value adjustments on warrant liabilities, gain on warrant extinguishment, expenses related to early termination of leases (which includes associated asset impairments) and stock-based charitable contribution expense, as applicable.
- Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit is defined as subscription services gross profit and financial technology solutions gross profit, adjusted to exclude stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Costs of Revenue are defined as costs of revenue excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Gross Profit is defined as gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Subscription Services Gross Profit is defined as subscription services gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Financial Technology Solutions Gross Profit is defined as financial technology solutions gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Hardware and Professional Services Gross Profit is defined as hardware and professional services gross profit excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Non-Payments Financial Technology Solutions Gross Profit is defined as financial technology gross profit excluding payments financial technology gross profit.
- Non-GAAP Sales and Marketing Expenses are defined as sales and marketing expenses excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP Research and Development Expenses are defined as research and development expenses excluding stock-based compensation expense and related payroll tax expense, and depreciation and amortization expense.
- Non-GAAP General and Administrative Expenses are defined as general and administrative expenses excluding stock-based compensation expense and related payroll tax expense, depreciation and amortization expense, acquisition expenses, expenses related to early termination of leases (which includes associated asset impairments), and stock-based charitable contribution expense.
- Free Cash Flow is defined as net cash provided by (used in) operating activities reduced by purchases of property and equipment and capitalization of internal-use software costs (collectively referred to as capital expenditures).
Adjusted EBITDA, Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit, Non-GAAP Costs of Revenue, Non-GAAP Gross Profit, Non-GAAP Subscription Services Gross Profit, Non-GAAP Financial Technology Gross Profit, Non-GAAP Hardware and Professional Services Gross Profit, Non-GAAP Non-Payments Financial Technology Solutions Gross Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP Research and Development Expenses, Non-GAAP General and Administrative Expenses, and Free Cash Flow do not purport to represent profitability and liquidity measures as defined in accordance with GAAP. These measures are provided to investors and others to improve the quarter-to-quarter and year-to-year comparability of Toast's financial results and to ensure that investors understand the information Toast uses to evaluate the performance of its businesses.
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations since they do not include the impact of certain expenses and cash flows that are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Thus, our Adjusted EBITDA, Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit, Non-GAAP Costs of Revenue, Non-GAAP Gross Profit, Non-GAAP Subscription Services Gross Profit, Non-GAAP Financial Technology Gross Profit, Non-GAAP Hardware and Professional Services Gross Profit, Non-GAAP Non-Payments Financial Technology Solutions Gross Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP Research and Development Expenses, Non-GAAP General and Administrative Expenses, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
Key Business Metrics
In addition, Toast also uses the following key business metrics to help it evaluate its business, identify trends affecting its business, formulate business plans, and make strategic decisions:
-
Gross Payment Volume (“GPV”) is defined as the sum of total dollars processed through the Toast payments platform across Toast Processing Locations in a given period. GPV is a key measure of the scale of Toast’s platform, which in turn drives our financial performance. As Toast customers generate more sales and therefore more GPV, Toast generally sees higher financial technology solutions revenue.
-
Annualized Recurring Run-Rate (“ARR”) is defined as a key operational measure of the scale of Toast’s subscription and payment processing services for both new and existing customers. To calculate ARR, Toast first calculates recurring run-rate on a monthly basis. Monthly Recurring Run-Rate, or MRR, is measured on the final day of each month as the sum of (i) Toast’s monthly billings of subscription services fees, which we refer to as the subscription component of MRR, and (ii) Toast’s in-month adjusted payments services fees, exclusive of estimated transaction-based costs, which we refer to as the payments component of MRR. MRR does not include fees derived from Toast Capital or related costs. MRR is also not burdened by the impact of SaaS credits offered. The MRR calculation includes all locations on the Toast platform and locations on legacy solutions, which have a negligible impact on ARR.
ARR is determined by taking the sum of (i) twelve times the subscription component of MRR and (ii) four times the trailing-three-month cumulative payments component of MRR. Toast believes this approach provides an indication of its scale, while also controlling for short-term fluctuations in payments volume. ARR may decline or fluctuate as a result of a number of factors, including customers’ satisfaction with the Toast platform, pricing, competitive offerings, economic conditions, or overall changes in Toast’s customers’ and their guests’ spending levels. ARR is an operational measure, does not reflect Toast’s revenue or gross profit determined in accordance with GAAP, and should be viewed independently of, and not combined with or substituted for, Toast’s revenue, gross profit, and other financial information determined in accordance with GAAP. Further, ARR is not a forecast of future revenue and investors should not place undue reliance on ARR as an indicator of Toast’s future or expected results.
Locations
We define a live location, or Location, as a unique location that has used Toast Point of Sale to record transaction volumes above a minimum threshold, and has not been marked as a churned location as of the date of determination. A Location can use Toast payment services, which we refer to as a Toast Processing Location, or for select enterprise customers, not use Toast’s payment services, which we refer to as a Non-Toast Processing Location. Customers of legacy solutions provided by companies that we have acquired, that do not use Toast Point of Sale, are not included in our Location count.
Summary of Key Business Metrics and Non-GAAP Results |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||||||||
(dollars in billions) |
2024 |
|
2023 |
|
% Growth |
|
2024 |
|
2023 |
|
% Growth |
||||||
Gross Payment Volume (GPV) |
$ |
41.7 |
|
$ |
33.7 |
|
24 |
% |
|
$ |
116.9 |
|
$ |
92.5 |
|
26 |
% |
|
As of September 30, |
|
|
|||||
(dollars in millions) |
2024 |
|
2023 |
|
% Growth |
|||
Payments Annualized Recurring Run-Rate |
$ |
774 |
|
$ |
631 |
|
23 |
% |
Subscription Annualized Recurring Run-Rate |
|
780 |
|
|
587 |
|
33 |
% |
Total Annualized Recurring Run-Rate (ARR) |
$ |
1,554 |
|
$ |
1,218 |
|
28 |
% |
Adjusted EBITDA |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
$ |
56 |
|
|
$ |
(31 |
) |
|
$ |
(13 |
) |
|
$ |
(210 |
) |
Stock-based compensation expense and related payroll tax |
|
61 |
|
|
|
74 |
|
|
|
193 |
|
|
|
216 |
|
Depreciation and amortization |
|
12 |
|
|
|
9 |
|
|
|
32 |
|
|
|
22 |
|
Interest income, net |
|
(9 |
) |
|
|
(10 |
) |
|
|
(30 |
) |
|
|
(27 |
) |
Gain on warrant extinguishment |
|
(14 |
) |
|
|
— |
|
|
|
(14 |
) |
|
|
— |
|
Change in fair value of warrant liability |
|
1 |
|
|
|
(18 |
) |
|
|
37 |
|
|
|
5 |
|
Termination of leases |
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
14 |
|
Stock-based charitable contribution expense |
|
5 |
|
|
|
10 |
|
|
|
5 |
|
|
|
10 |
|
Restructuring and restructuring-related expenses(1) |
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
Acquisition expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Income tax expense |
|
1 |
|
|
|
— |
|
|
|
3 |
|
|
|
1 |
|
Adjusted EBITDA |
$ |
113 |
|
|
$ |
35 |
|
|
$ |
261 |
|
|
$ |
32 |
|
(1) Restructuring and restructuring-related expenses for the nine months ended September 30, 2024 include |
Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit (Non-GAAP) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
(dollars in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Gross profit (GAAP): |
|
|
|
|
|
|
|
||||
Subscription services |
$ |
133 |
|
$ |
88 |
|
$ |
347 |
|
$ |
240 |
Financial technology solutions |
|
232 |
|
|
182 |
|
|
640 |
|
|
510 |
Adjustments: |
|
|
|
|
|
|
|
||||
Stock-based compensation expense and related payroll tax |
|
5 |
|
|
5 |
|
|
16 |
|
|
15 |
Depreciation and amortization |
|
8 |
|
|
5 |
|
|
22 |
|
|
11 |
Non-GAAP subscription services and financial technology solutions gross profit (Non-GAAP) |
$ |
378 |
|
$ |
280 |
|
$ |
1,025 |
|
$ |
776 |
Non-GAAP Costs of Revenue |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Costs of revenue |
$ |
983 |
|
|
$ |
806 |
|
|
$ |
2,765 |
|
|
$ |
2,221 |
|
Stock-based compensation expense and related payroll tax |
|
(11 |
) |
|
|
(12 |
) |
|
|
(33 |
) |
|
|
(34 |
) |
Depreciation and amortization |
|
(9 |
) |
|
|
(6 |
) |
|
|
(27 |
) |
|
|
(16 |
) |
Non-GAAP costs of revenue |
$ |
963 |
|
|
$ |
788 |
|
|
$ |
2,705 |
|
|
$ |
2,171 |
|
Non-GAAP Gross Profit |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
(dollars in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Gross profit |
$ |
322 |
|
$ |
226 |
|
$ |
857 |
|
$ |
608 |
Stock-based compensation expense and related payroll tax |
|
11 |
|
|
12 |
|
|
33 |
|
|
34 |
Depreciation and amortization |
|
9 |
|
|
6 |
|
|
27 |
|
|
16 |
Non-GAAP gross profit |
$ |
342 |
|
$ |
244 |
|
$ |
917 |
|
$ |
658 |
Non-GAAP Subscription Services Gross Profit |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
(dollars in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Subscription services gross profit |
$ |
133 |
|
$ |
88 |
|
$ |
347 |
|
$ |
240 |
Stock-based compensation expense and related payroll tax |
|
5 |
|
|
5 |
|
|
16 |
|
|
15 |
Depreciation and amortization |
|
8 |
|
|
5 |
|
|
22 |
|
|
11 |
Non-GAAP subscription services gross profit |
$ |
146 |
|
$ |
98 |
|
$ |
385 |
|
$ |
266 |
Non-GAAP Financial Technology Solutions Gross Profit |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
(dollars in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial technology solutions gross profit |
$ |
232 |
|
$ |
182 |
|
$ |
640 |
|
$ |
510 |
Stock-based compensation expense and related payroll tax |
|
— |
|
|
— |
|
|
— |
|
|
— |
Depreciation and amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
Non-GAAP financial technology solutions gross profit |
$ |
232 |
|
$ |
182 |
|
$ |
640 |
|
$ |
510 |
Non-GAAP Hardware and Professional Services Gross Profit |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Hardware and professional services gross profit |
$ |
(42 |
) |
|
$ |
(43 |
) |
|
$ |
(126 |
) |
|
$ |
(138 |
) |
Stock-based compensation expense and related payroll tax |
|
6 |
|
|
|
6 |
|
|
|
17 |
|
|
|
19 |
|
Depreciation and amortization |
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
Non-GAAP hardware and professional services gross profit |
$ |
(36 |
) |
|
$ |
(36 |
) |
|
$ |
(108 |
) |
|
$ |
(117 |
) |
Non-GAAP Non-Payments Financial Technology Solutions Gross Profit |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Financial technology solutions gross profit |
$ |
232 |
|
|
$ |
182 |
|
|
$ |
640 |
|
|
$ |
510 |
|
Payments financial technology solutions gross profit |
|
(189 |
) |
|
|
(148 |
) |
|
|
(529 |
) |
|
|
(418 |
) |
Non-GAAP non-payments financial technology solutions gross profit |
$ |
43 |
|
|
$ |
34 |
|
|
$ |
111 |
|
|
$ |
92 |
|
Non-GAAP Sales and Marketing Expenses |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Sales and marketing expenses |
$ |
119 |
|
|
$ |
100 |
|
|
$ |
340 |
|
|
$ |
299 |
|
Stock-based compensation expense and related payroll tax |
|
(13 |
) |
|
|
(16 |
) |
|
|
(43 |
) |
|
|
(47 |
) |
Depreciation and amortization |
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
Non-GAAP sales and marketing expenses |
$ |
105 |
|
|
$ |
83 |
|
|
$ |
295 |
|
|
$ |
250 |
|
Non-GAAP Research and Development Expenses |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Research and development expenses |
$ |
89 |
|
|
$ |
87 |
|
|
$ |
258 |
|
|
$ |
264 |
|
Stock-based compensation expense and related payroll tax |
|
(22 |
) |
|
|
(24 |
) |
|
|
(66 |
) |
|
|
(72 |
) |
Depreciation and amortization |
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
Non-GAAP research and development expenses |
$ |
66 |
|
|
$ |
62 |
|
|
$ |
190 |
|
|
$ |
190 |
|
Non-GAAP General and Administrative Expenses |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
General and administrative expenses |
$ |
80 |
|
|
$ |
98 |
|
|
$ |
229 |
|
|
$ |
276 |
|
Stock-based compensation expense and related payroll tax |
|
(15 |
) |
|
|
(22 |
) |
|
|
(51 |
) |
|
|
(64 |
) |
Depreciation and amortization |
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
Termination of leases |
|
— |
|
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(14 |
) |
Stock-based charitable contribution expense |
|
(5 |
) |
|
|
(10 |
) |
|
|
(5 |
) |
|
|
(10 |
) |
Acquisition expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Non-GAAP general and administrative expenses |
$ |
59 |
|
|
$ |
64 |
|
|
$ |
170 |
|
|
$ |
185 |
|
Free Cash Flow |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
109 |
|
|
$ |
47 |
|
|
$ |
213 |
|
|
$ |
43 |
|
Capital expenditures |
|
(12 |
) |
|
|
(10 |
) |
|
|
(41 |
) |
|
|
(31 |
) |
Free cash flow |
$ |
97 |
|
|
$ |
37 |
|
|
$ |
172 |
|
|
$ |
12 |
|
Sums may not equal totals due to rounding.
TOST-FIN
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107524847/en/
Media: media@toasttab.com
Investors: IR@toasttab.com
Source: Toast, Inc.
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