Toast Inc (TOST) 2022 Q2 法說會逐字稿

Good afternoon. My name is Hannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast Second Quarter 2022 Earnings Call. (Operator Instructions) Thank you.

下午好。我的名字是漢娜，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Toast 2022 年第二季度財報電話會議。 （操作員說明）謝謝。

I will now turn the call over to Michael Senno, Vice President of Investor Relations and Treasury. You may begin your conference.

我現在將把電話轉給投資者關係和財政部副總裁 Michael Senno。你可以開始你的會議了。

Thank you, Hannah. Welcome to Toast's earnings conference call for the second quarter ended June 30, 2022. On today's call are CEO, Chris Comparato; and CFO, Elena Gomez, who will open with prepared remarks. They will then be joined by our COO, Aman Narang, for our Q&A session.

謝謝你，漢娜。歡迎參加 Toast 於 2022 年 6 月 30 日結束的第二季度財報電話會議。今天的電話會議是首席執行官 Chris Comparato；首席財務官埃琳娜·戈麥斯 (Elena Gomez) 將以準備好的發言作為開場白。然後，我們的首席運營官 Aman Narang 將與他們一起參加我們的問答環節。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of the Securities and the Exchange Act. All statements other than statements of historical facts are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, expected growth and business outlook, including our financial guidance for the third quarter and full year 2022.

在我們開始之前，我想提請您注意今天新聞稿中包含的安全港聲明。在本次電話會議中，我們將發表與我們的業務相關的聲明，這些聲明可能被視為《證券交易法》所定義的前瞻性聲明。除歷史事實陳述外，所有陳述均為前瞻性陳述，包括有關管理層對未來財務和運營業績以及運營支出、預期增長和業務前景的預期，包括我們對 2022 年第三季度和全年的財務指導。

Forward-looking statements reflect our views only as of today. And except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our SEC filings for a discussion of the risks and uncertainties that could cause actual results to differ materially from our expectations.

前瞻性陳述僅反映我們截至今天的觀點。除法律要求外，我們不承擔更新或修改這些前瞻性陳述的義務。請參閱今天的新聞稿和我們提交給美國證券交易委員會的文件中的警示性語言，以討論可能導致實際結果與我們的預期產生重大差異的風險和不確定性。

During this call, we will discuss certain non-GAAP financial measures. These non-GAAP financial measures are not intended to be a substitute for our GAAP results. Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures. Unless otherwise stated, all references on this call through cost of revenue, gross profit and gross margin, selling and marketing expense, research and development expense, and general and administrative expense are on a non-GAAP basis.

在本次電話會議中，我們將討論某些非公認會計準則財務措施。這些非 GAAP 財務指標無意替代我們的 GAAP 結果。請參閱我們的收益發布和 SEC 文件，了解這些非 GAAP 措施與最具可比性的 GAAP 措施的詳細對賬。除非另有說明，本次電話會議中通過收入成本、毛利潤和毛利率、銷售和營銷費用、研發費用以及一般和管理費用的所有引用均基於非公認會計原則。

Finally, both the press releases and a replay of this call, including the accompanying investor presentation, will be available on our Investor Relations website at www.investors.toasttab.com.

最後，將在我們的投資者關係網站 www.investors.toasttab.com 上發布新聞稿和本次電話會議的重播，包括隨附的投資者演示文稿。

With that, let me turn the call over to Chris.

有了這個，讓我把電話轉給克里斯。

Thank you, Michael, and good afternoon, everyone. Toast continues to build on our operational momentum in Q2, posting strong efficient growth, exceeding both our revenue and profit expectations, and delivering another record quarter of new location additions. This momentum stems from the consistent execution of our core growth strategy, driving location growth, deepening our ability to serve all segments of the restaurant industry and delivering product innovation for restaurants.

謝謝你，邁克爾，大家下午好。 Toast 在第二季度繼續鞏固我們的運營勢頭，實現了強勁的高效增長，超出了我們的收入和利潤預期，並創造了另一個創紀錄的季度新增地點。這一勢頭源於我們始終如一地執行核心增長戰略、推動位置增長、深化我們為餐飲業所有領域提供服務的能力以及為餐廳提供產品創新。

On that front, last month, we announced the acquisition of Sling to further expand our team management suite and help restaurants deepen their relationship with employees. We're excited to welcome the Sling team to the Toast family.

在這方面，上個月，我們宣布收購 Sling，以進一步擴展我們的團隊管理套件並幫助餐廳加深與員工的關係。我們很高興歡迎 Sling 團隊加入 Toast 大家庭。

While we have tremendous momentum across our business, we're also cognizant of the current macroeconomic backdrop and what it means for our customers. Restaurants are operating in a challenging environment, facing heightened food cost inflation, labor constraints, higher wages and uncertainty in this broader economy. But the restaurant industry has faced challenges many times before and proven incredibly resilient over time. Restaurants adapted and bounced back from unprecedented conditions during COVID and have successfully navigated prior economic downturns. It's a testament to how much people enjoy the restaurant experience. Even in the most challenging times, people love eating out, and restaurants are often at the center of our communities.

雖然我們的業務發展勢頭強勁，但我們也認識到當前的宏觀經濟背景及其對客戶的意義。餐館在充滿挑戰的環境中運營，面臨食品成本通脹加劇、勞動力限制、工資上漲和更廣泛經濟中的不確定性。但餐飲業以前曾多次面臨挑戰，並且隨著時間的推移證明了難以置信的彈性。餐廳在 COVID 期間適應並從前所未有的條件中恢復過來，並成功度過了之前的經濟衰退。這證明了人們對餐廳體驗的喜愛程度。即使在最具挑戰性的時期，人們也喜歡外出就餐，而餐館通常是我們社區的中心。

Turning to our results for the quarter. Revenue increased 58% year-over-year to $675 million in the second quarter, and ARR was up 59% to $787 million. GPV remains strong, growing 62% year-over-year to $23 billion in Q2. We also continue to drive strong location growth. After adding over 5,000 net new restaurant locations in a quarter for the first time in Q1, we now exceeded 6,000 net new restaurant locations in Q2, just incredible growth that is being driven by our strong bookings pipeline as well as continued low churn. As a result of our consistent execution and first half performance, we are raising our full year revenue guidance by 5% at the midpoint of the range, which implies 55% year-over-year growth.

轉向我們本季度的業績。第二季度收入同比增長 58% 至 6.75 億美元，ARR 增長 59% 至 7.87 億美元。 GPV 依然強勁，第二季度同比增長 62% 至 230 億美元。我們還繼續推動強勁的位置增長。在第一季度首次增加超過 5,000 家淨新餐廳後，我們現在在第二季度淨新餐廳超過 6,000 家，這是由於我們強大的預訂渠道以及持續的低流失率推動的令人難以置信的增長。由於我們一貫的執行力和上半年的業績，我們將全年收入指引在該範圍的中點上調了 5%，這意味著同比增長 55%。

Driving towards profitability is a key priority for our team, and the progress is clear in the significant adjusted EBITDA margin improvement in Q2. With the increased focus on efficiency and rigorous prioritization of our investment opportunities, we expect to sustain these improvements, and we're raising our adjusted EBITDA outlook for 2022 by $35 million at the midpoint to reflect that. Elena will provide more detail on our outlook shortly.

實現盈利是我們團隊的首要任務，第二季度調整後 EBITDA 利潤率的顯著改善取得了明顯的進展。隨著對效率和對投資機會的嚴格優先排序的日益關注，我們預計將保持這些改進，並且我們將調整後的 2022 年 EBITDA 前景在中點上調 3500 萬美元以反映這一點。 Elena 將很快提供有關我們前景的更多詳細信息。

With the restaurant industry in the midst of a generational shift to cloud-based digital solutions, we continue to seamlessly execute our proven go-to-market strategy to capitalize on that opportunity. As we increase density in more established territories, we benefit from the flywheel effect that drives referrals and inbound leads, driving higher and more efficient productivity. At the same time, we're gaining traction in less developed markets and are on a path to replicate that flywheel effect as we gain share.

隨著餐飲業正處於向基於雲的數字解決方案的代際轉變中，我們將繼續無縫執行我們經過驗證的上市戰略，以利用這一機會。隨著我們在更成熟的地區增加密度，我們受益於推動推薦和入站線索的飛輪效應，從而推動更高和更高效的生產力。與此同時，我們在欠發達市場獲得了牽引力，並且隨著我們獲得份額，我們正在復制這種飛輪效應。

In addition to the strong growth in new locations, customer churn remains low. Our industry-leading platform adds tremendous value for our customers, helping them grow and creating a passionate and loyal customer base. The success of the Toast restaurants we support lie at the heart of our business model. We grow as our customers grow.

除了新地點的強勁增長外，客戶流失率仍然很低。我們行業領先的平台為我們的客戶增加了巨大的價值，幫助他們成長並建立了一個充滿激情和忠誠的客戶群。我們支持的 Toast 餐廳的成功是我們商業模式的核心。我們隨著客戶的成長而成長。

In Q2, we continue to see success with all formats and types of restaurants. I'll highlight a few examples. In enterprise, we expanded our relationship with Jamba Juice by 40 locations, bringing our partnership to more than 700 total locations. As part of the expanded relationship, Jamba is piloting the addition of the Toast Kiosk product to streamline checkout and help combat heightened labor costs. Jamba Juice showcases how Toast is designed to increase throughput in high-volume environments like QSR and fast casual and how some of our largest customers continue to adopt more of our platform to increase efficiency and drive growth.

在第二季度，我們繼續看到所有形式和類型的餐廳都取得了成功。我將強調幾個例子。在企業方面，我們將與 Jamba Juice 的關係擴大了 40 個地點，使我們的合作夥伴總數達到 700 多個地點。作為擴展關係的一部分，Jamba 正在試行添加 Toast Kiosk 產品，以簡化結賬流程並幫助應對勞動力成本的上升。 Jamba Juice 展示了 Toast 如何旨在提高 QSR 和快速休閒等大容量環境中的吞吐量，以及我們的一些最大客戶如何繼續採用我們的更多平台來提高效率和推動增長。

[Chip Cookies] selected Toast in Q2 to support its growing 13-location business. From making it back-of-house more efficient with our Payroll, xtraCHEF and multi-location management products to using our point-of-sale and delivery services to more efficiently serve customers, Chip Cookies saw the value of Toast as an all-in-one solution that could help them grow while managing their business more efficiently. By leveraging more than 10 of our modules, Chip Cookies is a great example of how the benefits to customers increase as they leverage more of our integrated platform.

[Chip Cookies] 在第二季度選擇了 Toast 來支持其不斷增長的 13 個地點的業務。從使用我們的 Payroll、xtraCHEF 和多地點管理產品提高後台效率，到使用我們的銷售點和交付服務更有效地為客戶服務，Chip Cookies 看到了 Toast 的價值。 - 一種解決方案，可以幫助他們成長，同時更有效地管理業務。通過利用我們的 10 多個模塊，Chip Cookies 是一個很好的例子，說明當客戶更多地利用我們的集成平台時，他們的利益如何增加。

While [Chip] highlights how new customers are using more of our platform, we also have a significant opportunity to help customers find more ways to leverage the full expense of our platform to create value for their businesses. Our e-commerce offering, Toast Shop, provides customers an efficient self-service options to seamlessly add products and has been a consistent source of incremental SaaS ARPU. Last year, we also started a growth sales team, solely focused on selling to our existing customers to complement Toast Shop. We continue to invest in and evolve that team, and the second quarter marked the first time the entire growth team was selling our full product set. This enables each of our reps to efficiently partner with customers on ways to utilize the full breadth of our platform.

雖然 [Chip] 強調了新客戶如何更多地使用我們的平台，但我們也有重要的機會幫助客戶找到更多方法來利用我們平台的全部費用為他們的業務創造價值。我們的電子商務產品 Toast Shop 為客戶提供高效的自助服務選項以無縫添加產品，並且一直是增量 SaaS ARPU 的持續來源。去年，我們還成立了一個成長型銷售團隊，專注於向現有客戶銷售，以補充 Toast Shop。我們繼續對該團隊進行投資和發展，第二季度標誌著整個增長團隊首次銷售我們的全套產品。這使我們的每個代表都能夠有效地與客戶合作，以利用我們平台的全部範圍。

A good example of the benefit of our growth team that -- a good example of the benefit our growth teams can bring customers is Maize Mexican Grill, a fast casual restaurant group. Maize initially inquired about adding our loyalty product across its locations. Our growth team worked with the customer to highlight the benefits of our full platform, which led to them adopting several of our guest products as well as Payroll and xtraCHEF. This showcases the power of having a team focused on upsell and reps equipped to help customers take advantage of the full power of our integrated platform. While we are pleased with the initial results, we're still early on in this area. We see a big opportunity to drive broader adoption of our platform among existing customers.

我們的增長團隊的好處的一個很好的例子 - 我們的增長團隊可以為客戶帶來好處的一個很好的例子是玉米墨西哥燒烤，一個快速休閒的餐廳集團。 Maize 最初詢問是否在其位置添加我們的忠誠度產品。我們的增長團隊與客戶合作，強調我們完整平台的優勢，這導致他們採用了我們的幾種客戶產品以及 Payroll 和 xtraCHEF。這展示了擁有一支專注於追加銷售的團隊和有能力幫助客戶利用我們集成平台的全部功能的代表的力量。雖然我們對初步結果感到滿意，但我們仍處於該領域的早期階段。我們看到了推動現有客戶更廣泛地採用我們的平台的巨大機會。

One of Toast's key differentiators is our focus on restaurants and our ability to deeply serve different customer segments regardless of size or format. Earlier this year, we announced Toast for Hotel Restaurants, a powerful new solution designed to meet the unique needs of hotel restaurant operators by seamlessly integrating leading hotel property management systems with the Toast platform. As a result of that new capability, in Q2, we signed a regional hotel chain for its full-service restaurant concept across over 10 locations. This hotel chain will use our handheld point-of-sale for table-side order and pay, our kitchen display systems to expedite orders and our multi-location management to efficiently manage menus. This is evidence of the opportunity we have to go much deeper in the hotel restaurant segment with our new offering.

Toast 的主要區別之一是我們對餐廳的關注以及我們深入服務不同客戶群的能力，無論其規模或形式如何。今年早些時候，我們發布了用於酒店餐廳的 Toast，這是一種強大的新解決方案，旨在通過將領先的酒店物業管理系統與 Toast 平台無縫集成來滿足酒店餐廳運營商的獨特需求。由於這項新能力，我們在第二季度簽署了一家區域連鎖酒店，為其在 10 多個地點提供全方位服務的餐廳概念。這家連鎖酒店將使用我們的手持式銷售點進行桌邊訂單和付款，使用我們的廚房展示系統加快訂單速度，並使用我們的多地點管理來有效管理菜單。這證明了我們必須通過我們的新產品在酒店餐廳領域更深入地發展。

Shifting to products. As we continue to enable our customers to deeply connect with all of their stakeholders, I want to focus on the critical employee touch point. In the midst of an extremely challenging labor market, winning the hearts and minds of employees is more important than ever. Last month, we announced the acquisition of Sling, a leading employee scheduling and communications solution. Integrating scheduling and communications into our platform alongside our other team management products, including Payroll, Tips Manager and PayCard, will help restaurants deepen their relationship with employees, more efficiently manage labor and create a differentiated employee experience.

轉向產品。隨著我們繼續讓我們的客戶與他們的所有利益相關者建立深度聯繫，我想專注於關鍵的員工接觸點。在極具挑戰性的勞動力市場中，贏得員工的心比以往任何時候都更加重要。上個月，我們宣布收購領先的員工日程安排和通信解決方案 Sling。將日程安排和溝通與我們的其他團隊管理產品（包括 Payroll、Tips Manager 和 PayCard）集成到我們的平台中，將幫助餐廳加深與員工的關係，更有效地管理勞動力並創造差異化的員工體驗。

Employee communications and scheduling is a high-engagement product, and it's also an important new touch point for Toast, with more than 11 million restaurant workers in the U.S. Similar to our prior acquisitions, our relationship with Sling started as a partnership, which launched early last year. The strong customer signal informed our view on how the product can enhance our entire team management suite. After incorporating Sling into our sales motion, our win rate was higher when customers evaluated Sling and Payroll together compared to when only quoting Payroll. This offers early proof of how Sling complements our existing team management suite and can enhance the overall value proposition to our customers.

員工溝通和日程安排是一種高參與度的產品，也是 Toast 的一個重要的新接觸點，在美國擁有超過 1100 萬餐廳員工。與我們之前的收購類似，我們與 Sling 的關係始於合作夥伴關係，並較早推出去年。強烈的客戶信號讓我們了解該產品如何增強我們的整個團隊管理套件。將 Sling 納入我們的銷售動議後，與僅引用 Payroll 相比，當客戶同時評估 Sling 和 Payroll 時，我們的勝率更高。這為 Sling 如何補充我們現有的團隊管理套件並增強對客戶的整體價值主張提供了早期證據。

With Sling as part of the Toast family, we plan to fully integrate the offering into our platform to provide customers a seamless experience. The acquisition also allows us to accelerate product development, in alignment with the road map for our team management suite and continue to build features specifically targeted for our restaurant customers and their employees. Sling makes our team management suite more robust, and is another example of how with our cloud-based platform, purpose built to meet the specific needs of restaurants, no partner is better positioned to help the industry adapt and thrive than Toast.

Sling 作為 Toast 系列的一部分，我們計劃將產品完全集成到我們的平台中，為客戶提供無縫體驗。此次收購還使我們能夠加快產品開發，與我們的團隊管理套件的路線圖保持一致，並繼續為我們的餐廳客戶及其員工構建專門針對的功能。 Sling 使我們的團隊管理套件更加強大，並且是另一個例子，說明我們的基於雲的平台是如何通過專門為滿足餐廳的特定需求而構建的，沒有任何合作夥伴比 Toast 更能幫助行業適應和發展。

While restaurant industry sales have fully bounced back from COVID and are above 2019 levels, as I noted earlier, restaurants are facing challenges. Labor and food are 2 -- are the 2 biggest expenses for restaurants, and the current environment has amplified the pressure on both. Inflation is at a multi-decade high, and the restaurant workforce is still about 6% below prepandemic levels, creating staffing constraints. But our platform is built to help restaurants navigate these challenges. We provide restaurants with an array of products to automate processes and increase efficiency across their workflows so they can focus on what matters the most: the food, their guests and their employees.

正如我之前提到的，雖然餐飲業的銷售額已從 COVID 中完全反彈並高於 2019 年的水平，但餐館正面臨挑戰。勞動力和食物是第二——是餐館的第二大支出，而當前的環境加大了兩者的壓力。通貨膨脹處於數十年來的高位，餐廳勞動力仍比大流行前水平低約 6%，造成人員配備限制。但我們的平台旨在幫助餐廳應對這些挑戰。我們為餐廳提供一系列產品，以實現流程自動化並提高工作流程的效率，以便他們可以專注於最重要的事情：食物、客人和員工。

xtraCHEF not only automates manual invoice processing and inventory management, it also provides restaurant managers with real-time data on food cost trends to inform decisions on menu pricing and sourcing to help preserve profitability. With the help of xtraCHEF, [Hunter Valley Hospitality Group] in Texas was able to reduce costs by 3% on average across their locations, saving over $330,000 per year. This is an invaluable tool with food costs rising at historic levels, and we are seeing adoption of xtraCHEF increase as restaurants seek to optimize margins.

xtraCHEF 不僅可以自動處理手動發票處理和庫存管理，還可以為餐廳經理提供有關食品成本趨勢的實時數據，以便為菜單定價和採購決策提供信息，從而幫助保持盈利能力。在 xtraCHEF 的幫助下，得克薩斯州的 [Hunter Valley Hospitality Group] 能夠將其地點的成本平均降低 3%，每年節省超過 330,000 美元。這是一個非常寶貴的工具，食品成本上升到歷史水平，隨著餐館尋求優化利潤，我們看到 xtraCHEF 的採用增加。

Products like our Toast Go handheld, Kiosk and Mobile Order & Pay allows savvy operators to better manage labor expenses and employees to handle more orders per hour, leading to higher tips while also providing a better guest experience. More QSR and fast casual restaurants are rolling out these digital touch points for guests to overcome staffing shortages while meeting evolving customer preferences. And Toast is well positioned to lead that transition.

我們的 Toast Go 手持設備、Kiosk 和 Mobile Order & Pay 等產品讓精明的運營商能夠更好地管理人工費用，讓員工每小時處理更多訂單，從而帶來更高的小費，同時也提供更好的客戶體驗。更多 QSR 和快餐休閒餐廳正在為客人推出這些數字接觸點，以克服人員短缺，同時滿足不斷變化的顧客偏好。 Toast 完全有能力引領這一轉變。

For example, New England Lobster Market & Eatery, a fast casual restaurant, is using our Mobile Order & Pay solution for the majority of its on-premise transactions. In addition to requiring less staff, tips have more than doubled and are automatically split amongst employees, helping the restaurant significantly reduce turnover without incremental wage pressure.

例如，快餐休閒餐廳 New England Lobster Market & Eatery 正在使用我們的移動訂購和支付解決方案進行大部分本地交易。除了需要更少的員工外，小費增加了一倍多，並自動分配給員工，幫助餐廳在不增加工資壓力的情況下顯著減少營業額。

In summary, the Toast platform is more relevant and valuable than ever to our customers as they navigate these changing conditions. As customers use more of our platform, they can drive efficiency across their business to mitigate costs while continuing to offer a great guest experience. Simply put, our goal is to get restaurants all the tools they need to adapt and thrive.

總之，Toast 平台對我們的客戶來說比以往任何時候都更具相關性和價值，因為他們可以駕馭這些不斷變化的條件。隨著客戶更多地使用我們的平台，他們可以提高整個業務的效率以降低成本，同時繼續提供出色的客戶體驗。簡而言之，我們的目標是為餐廳提供適應和發展所需的所有工具。

Restaurants deserve a trusted partner who shares their vision for a future where the restaurants of the entire industry thrive and their businesses flourish, a partner who helps restaurants spend more time delighting customers and less time confused by technology, a partner who will advocate for the industry, and Toast is that partner. In closing, I want to thank our employees for a great first half of the year. I'm proud of how we're executing and our team's tireless effort to add value for our customers.

餐廳值得擁有一個值得信賴的合作夥伴，與他們分享他們對未來的願景，讓整個行業的餐廳蓬勃發展，他們的業務蓬勃發展，一個幫助餐廳花更多時間取悅顧客，減少被技術困惑的時間的合作夥伴，一個將倡導行業的合作夥伴, Toast 就是那個夥伴。最後，我要感謝我們的員工在今年上半年的出色表現。我為我們的執行方式以及我們的團隊為為客戶增加價值所做的不懈努力感到自豪。

Now I'll turn the call over to Elena.

現在我將把電話轉給 Elena。

Thanks, Chris, and thank you, everyone, for joining. And a big thank you to the Toast team. All your hard work and dedication to serving our customers led to another quarter of great results. Both revenue and adjusted EBITDA came in ahead of expectations in Q2. The power of our integrated software and payments model, together with our industry-leading platform, continue to drive strong top line growth. And our commitment to cost discipline was evident in our significant adjusted EBITDA margin improvement.

謝謝，克里斯，謝謝大家的加入。非常感謝 Toast 團隊。您所有的辛勤工作和為客戶服務的奉獻精神帶來了又一個季度的好成績。第二季度的收入和調整後的 EBITDA 均超出預期。我們集成的軟件和支付模式的力量，連同我們行業領先的平台，繼續推動強勁的收入增長。我們對成本紀律的承諾在我們調整後的 EBITDA 利潤率顯著提高中顯而易見。

Not only are we proud of the strong results this quarter, we're also excited to welcome the Sling team to Toast. As Chris mentioned, Sling strengthens our team management product suite and will serve to further differentiate our platform as we focus on being the technology backbone for the restaurant industry.

我們不僅為本季度的強勁業績感到自豪，我們也很高興歡迎 Sling 團隊加入 Toast。正如 Chris 所說，Sling 加強了我們的團隊管理產品套件，並將有助於進一步區分我們的平台，因為我們專注於成為餐飲業的技術骨幹。

Our proven go-to-market strategy and investments to scale the sales team continued to pay off. Net new location adds further accelerated in Q2 to over 6,000, increasing the number of total live locations on our platform to approximately 68,000. The continued market share gains highlight the tremendous value our platform provides restaurants, which also contributes to our consistently low churn rate.

我們久經考驗的上市戰略和擴大銷售團隊的投資繼續獲得回報。第二季度淨新增地點進一步加速至超過 6,000 個，使我們平台上的總活躍地點數量增加到約 68,000 個。持續的市場份額增長凸顯了我們平台為餐廳提供的巨大價值，這也有助於我們始終保持低流失率。

It's worth noting that Q2 is seasonally our strongest quarter for net location adds. Summer is the peak season for restaurants. And with some less likely to switch platforms during their busiest period, we typically add fewer new locations in Q3 than in Q2. We've seen the seasonal pattern in our business over several years and expect the same this year. That said, our pipeline remains strong. The value proposition is clearly resonating, and we are well positioned to sustain our momentum.

值得注意的是，從季節性角度來看，第二季度是我們淨增持最強勁的季度。夏季是餐廳的旺季。由於有些人在最繁忙的時期不太可能更換平台，我們通常在第三季度添加的新地點少於第二季度。多年來，我們已經看到了我們業務的季節性模式，並預計今年也會如此。也就是說，我們的管道仍然強勁。價值主張顯然引起了共鳴，我們有能力維持我們的勢頭。

Turning to our quarterly results. Total revenue grew 58% year-over-year to $675 million. ARR, which is our core operational metric, ended at -- ended Q2 at $787 million, up 59% year-over-year and 24% compared to Q1. Total ARPU eclipsed 11,000 for the first time driven by strong growth in both our recurring revenue stream, SaaS and payments. Subscription services revenue increased 100% year-over-year in the second quarter, benefiting from our location growth and increased product adoption as both new and existing customers leverage more of our platform.

轉向我們的季度業績。總收入同比增長 58% 至 6.75 億美元。 ARR 是我們的核心運營指標，截至第二季度末為 7.87 億美元，同比增長 59%，與第一季度相比增長 24%。在我們的經常性收入流、SaaS 和支付的強勁增長的推動下，總 ARPU 首次超過 11,000。第二季度訂閱服務收入同比增長 100%，這得益於我們的位置增長和隨著新客戶和現有客戶更多地利用我們的平台而增加的產品採用率。

As of the end of Q2, 61% of our Toast locations use 4 or more products on top of our integrated POS and payment solution, but even a higher percentage of new live customers join the platform with 4 or more products. As a result, SaaS ARPU continues to increase for each new quarterly cohort of live customers and is above the average for our platform.

截至第二季度末，我們 61% 的 Toast 門店在我們的集成 POS 和支付解決方案之上使用 4 種或更多產品，但甚至更高比例的新活客戶使用 4 種或更多產品加入該平台。因此，SaaS ARPU 對於每個新的季度實時客戶群繼續增加，並且高於我們平台的平均水平。

As we think about our long-term ARPU potential, we also believe upsell will be a big contributor. As Chris mentioned, our Toast Shop e-commerce store has been an efficient channel for existing customers to add products. With our gross sales team now complementing the e-commerce solution and all those reps selling our full array of products, we have an opportunity to drive deeper adoption of our products like xtraCHEF and Payroll and help customers leverage more of our integrated platform to create value for their business.

當我們考慮我們的長期 ARPU 潛力時，我們也相信追加銷售將是一個很大的貢獻者。正如 Chris 所說，我們的 Toast Shop 電子商務商店一直是現有客戶添加產品的有效渠道。我們的銷售團隊現在補充了電子商務解決方案以及所有銷售我們全系列產品的銷售代表，我們有機會推動 xtraCHEF 和 Payroll 等產品的更深入採用，並幫助客戶利用我們更多的集成平台來創造價值為他們的生意。

Total upsell across Toast Shop and our growth sales team contributed over 20% of the incremental SaaS ARR in Q2, and we see a big opportunity to unlock incremental ARPU growth over time.

Toast Shop 的總追加銷售和我們的增長銷售團隊在第二季度貢獻了超過 20% 的增量 SaaS ARR，我們看到了隨著時間的推移釋放增量 ARPU 增長的巨大機會。

On the fintech solutions side, revenue grew 59% to $562 million, and gross profit was up 54% year-over-year to $114 million in the quarter. As a reminder, SaaS revenue and fintech gross profit comprise what we operationally view as recurring revenue. Fintech gross profit benefited from sustained strength in GPV, which increased 62% to $23 billion in Q2. Average annualized GPV per processing location was up 16% year-over-year to $1.4 million. The growth in GPV per processing location is a result of both higher average ticket and the continued rebound in customer transaction, which was slightly below 2019 levels in Q2.

在金融科技解決方案方面，本季度收入增長 59% 至 5.62 億美元，毛利潤同比增長 54% 至 1.14 億美元。提醒一下，SaaS 收入和金融科技毛利潤構成了我們在運營上視為經常性收入的部分。金融科技毛利潤受益於 GPV 的持續增長，第二季度增長 62% 至 230 億美元。每個處理地點的平均年化 GPV 同比增長 16% 至 140 萬美元。每個處理地點的 GPV 增長是由於平均票證較高和客戶交易持續反彈（略低於 2019 年第二季度的水平）的結果。

The net take rate of 49 basis points was within the range we expect in the near term. Debit mix declined quarter-over-quarter, in line with typical seasonal patterns, partly offset by the benefit of our continued cost optimization efforts.

49 個基點的淨利率在我們近期預期的範圍內。借方組合環比下降，與典型的季節性模式一致，部分被我們持續成本優化工作的好處所抵消。

Total gross profit grew 33% year-over-year and 24% quarter-over-quarter to $125 million, resulting in gross margin of 18.5%. Looking at our recurring stream, subscription and fintech gross profit totaled $169 million, up 67% year-over-year, driven by our continued location growth and strong ARPU increases across both SaaS and fintech solutions.

總毛利同比增長 33%，環比增長 24%，達到 1.25 億美元，毛利率為 18.5%。從我們的經常性流來看，訂閱和金融科技毛利潤總計 1.69 億美元，同比增長 67%，這得益於我們持續的位置增長和 SaaS 和金融科技解決方案的 ARPU 強勁增長。

Looking at customer acquisition costs. We continue to tightly manage unit economics to maintain healthy payback periods even as we navigate headwinds on the hardware side and invest to scale the business. As we noted last quarter, hardware margin declined quarter-over-quarter. We expect hardware margins to improve in the second half of the year as we benefit from the shift to lower cost shipping methods. Our decision to strategically increase inventory not only drives cost savings on shipping, but also insulates us from short-term supply chain disruptions, allowing us to continue to seamlessly serve our customers.

查看客戶獲取成本。即使我們在硬件方面遇到逆風並投資以擴大業務，我們仍將繼續嚴格管理單位經濟以保持健康的投資回報期。正如我們上個季度所指出的，硬件利潤率環比下降。我們預計硬件利潤率將在下半年有所改善，因為我們受益於向低成本運輸方式的轉變。我們戰略性地增加庫存的決定不僅可以節省運輸成本，還可以使我們免受短期供應鏈中斷的影響，從而使我們能夠繼續為客戶提供無縫服務。

Before discussing our other cost lines, I want to provide context on the pace of our overall operating expense growth. Over the past year, we accelerated hiring across the business to rebuild our teams following the staff reductions in early 2020 to sustain our momentum as the business rapidly scales and to position Toast to capitalize on this large opportunity ahead. We're now largely past that ramp in hiring. With what's reflected in our updated outlook for the rest of 2022, we believe our cost structure will align with the scale and growth trajectory of the business. That positions us to continue to invest in key growth areas to sustain top line momentum while further improving profitability going forward.

在討論我們的其他成本線之前，我想提供有關我們整體運營費用增長速度的背景信息。在過去的一年中，我們在 2020 年初裁員後加快了整個業務的招聘步伐，以重建我們的團隊，以隨著業務的快速擴展而保持我們的勢頭，並使 Toast 能夠利用未來的這一巨大機遇。我們現在基本上已經超過了招聘人數。根據我們對 2022 年剩餘時間的最新展望所反映的情況，我們相信我們的成本結構將與業務的規模和增長軌跡保持一致。這使我們能夠繼續投資於關鍵增長領域，以保持收入增長勢頭，同時進一步提高未來的盈利能力。

Sales and marketing expense declined as a percentage of recurring revenue in Q2. The initial benefit from scaling our sales team is already evident in the strong location and ARPU growth. Last quarter, we discussed how our go-to-market strategy creates a flywheel effect. As we increased market share in a territory, inbound traffic and referrals grow and our sales reps deliver higher productivity. We expect that to be a tailwind going forward, particularly as we gain traction in the less penetrated territories that we're investing into.

第二季度銷售和營銷費用佔經常性收入的百分比有所下降。擴大我們的銷售團隊所帶來的初步好處已經在強大的地理位置和 ARPU 增長中體現出來。上個季度，我們討論了我們的上市策略如何產生飛輪效應。隨著我們在某個地區增加市場份額，入站流量和推薦人增加，我們的銷售代表提供更高的生產力。我們預計這將是一個順風順水，特別是當我們在我們投資的滲透率較低的地區獲得牽引力時。

In addition, our sales reps naturally become more productive as they gain experience. By ramping hiring over the past year, the average tenure of our sales force has naturally declined. With our sales rep base closer to our target level, we plan to increase the team at a more steady state and expect our average tenure to increase, which historically led to increased productivity. We expect both of these dynamics to contribute to increased efficiency in sales and marketing expenses over time.

此外，隨著經驗的積累，我們的銷售代表自然會變得更有效率。通過在過去一年增加招聘，我們銷售人員的平均任期自然下降。隨著我們的銷售代表基礎更接近我們的目標水平，我們計劃在更穩定的狀態下增加團隊，並期望我們的平均任期增加，這在歷史上會導致生產力提高。我們預計，隨著時間的推移，這兩種動態都將有助於提高銷售和營銷費用的效率。

Research and development is another area where we accelerated investment over the past year. This includes continuing to develop and broaden our platform and scaling the team to support the incredible growth we've experienced over the past 2 years. We now have more than doubled the number of locations on our platform than the onset of COVID, and our ambitions have grown significantly. We're investing to build platform scalability and stability in order to support hundreds of thousands of restaurants over the coming years.

研發是我們過去一年加速投資的另一個領域。這包括繼續開發和擴大我們的平台並擴大團隊規模，以支持我們在過去 2 年中經歷的令人難以置信的增長。現在，我們平台上的地點數量比 COVID 發生時增加了一倍多，我們的雄心壯志也顯著增長。我們正在投資建立平台的可擴展性和穩定性，以便在未來幾年支持數十萬家餐廳。

Product innovation also remains core to our growth strategy. Our strong ARPU growth gives us conviction on the ROI of our product investments. And we still have a huge opportunity to add more products that restaurants want and provide features and functionality that will enable us to both broaden and more deeply penetrate our TAM.

產品創新也仍然是我們增長戰略的核心。我們強勁的 ARPU 增長使我們對產品投資的投資回報率充滿信心。我們仍然有巨大的機會來添加更多餐廳想要的產品，並提供使我們能夠擴大和更深入地滲透我們的 TAM 的特性和功能。

In the first half of 2022, approximately 20% of our R&D spend went towards products and initiatives that represent less than 5% of our ARR today. We expect these areas to become important drivers over the next few years. That investment is skewed towards products where we've already seen initial traction like our team management suite, notably Payroll. A smaller portion is allocated to initiatives that we expect to be meaningful drivers in the medium term. We're committed to maintaining a balanced R&D profile, investing to drive continued innovation in our core products and to scale our platform while allocating capital to emerging areas that we have high conviction can increase our ARPU potential and expand our market opportunity.

在 2022 年上半年，我們大約 20% 的研發支出用於產品和計劃，這些產品和計劃目前占我們 ARR 的比例不到 5%。我們預計這些領域將成為未來幾年的重要驅動力。這項投資偏向於我們已經看到最初牽引力的產品，例如我們的團隊管理套件，尤其是工資單。一小部分分配給我們期望在中期成為有意義的推動力的舉措。我們致力於保持平衡的研發概況，投資以推動我們核心產品的持續創新並擴大我們的平台，同時將資金分配到我們堅信可以增加我們的 ARPU 潛力並擴大我們的市場機會的新興領域。

Moving down the P&L. The year-over-year growth in general and administrative expenses continue to be primarily related to public company-related expenses. The growth in G&A should decline to a more steady-state level in Q4 as we fully lap the initial step-up from late last year. We intend to remain disciplined in managing overhead and expect to deliver operating leverage in G&A starting in 2023.

向下移動損益表。一般和管理費用的同比增長仍然主要與上市公司相關費用有關。 G&A 的增長應該會在第四季度下降到更穩定的水平，因為我們完全完成了從去年年底開始的初步增長。我們打算在管理開銷方面保持紀律，並預計從 2023 年開始在 G&A 中提供運營槓桿。

Total Q2 adjusted EBITDA was negative $33 million, well ahead of our guidance, and margins improved 350 basis points quarter-over-quarter to negative [4.9%]. Our increased focus on efficiency and cost discipline contributed to the beat. Additionally, with GPV seasonally higher, we typically see greater quarter-over-quarter margin improvement in Q2, and that was amplified with GPV exceeding expectations.

第二季度調整後的 EBITDA 總額為負 3300 萬美元，遠超我們的預期，利潤率環比增長 350 個基點至負值 [4.9%]。我們對效率和成本紀律的日益關注促成了這一節拍。此外，隨著 GPV 季節性較高，我們通常會看到第二季度的季度利潤率提高幅度更大，並且隨著 GPV 超出預期而被放大。

Now turning to guidance. For the third quarter, we expect revenue to be in the range of $700 million to $730 million, which represents 47% year-over-year growth at the midpoint, with adjusted EBITDA expected to be in the range of negative $40 million to negative $30 million. Following our strong first half of the year, we are increasing our revenue expectations for the full year by 5% at the midpoint. We now expect full year revenue to be in the range of $2.62 billion to $2.66 billion, a 55% year-over-year increase at the midpoint. We are also raising our adjusted EBITDA guidance range to negative $160 million to negative $140 million for 2022. This includes the integration of Sling, which is a modest drag on EBITDA. The midpoint of our updated range is a $70 million and 360 basis point margin improvement compared to the initial '22 guidance we gave in February.

現在轉向指導。對於第三季度，我們預計收入將在 7 億美元至 7.3 億美元之間，中點同比增長 47%，調整後 EBITDA 預計在負 4000 萬美元至負 30 美元之間百萬。在上半年表現強勁之後，我們將全年收入預期中點提高了 5%。我們現在預計全年收入將在 26.2 億美元至 26.6 億美元之間，中點同比增長 55%。我們還將調整後的 EBITDA 指導範圍提高到 2022 年的負 1.6 億美元至負 1.4 億美元。這包括對 EBITDA 的適度拖累的 Sling 的整合。與我們在 2 月份給出的 22 年初始指導相比，我們更新範圍的中點是 7000 萬美元和 360 個基點的利潤率提高。

In addition to our strong execution and continued top line momentum, the improvement reflects our increased cost discipline and current pace of hiring as we focus on delivering durable efficient growth. Our current outlook puts us on track for a 130 basis point margin improvement in the second half of the year compared to the first while continuing to make targeted investments in key growth areas to position Toast for a sustained location and ARPU growth for years to come.

除了我們強大的執行力和持續的收入增長勢頭之外，這一改善還反映了我們在專注於實現持久的高效增長時提高了成本紀律和當前的招聘步伐。我們目前的展望使我們有望在今年下半年與上半年相比提高 130 個基點的利潤率，同時繼續在關鍵增長領域進行有針對性的投資，以使 Toast 在未來幾年實現持續的位置和 ARPU 增長。

Improving profitability is a top priority across the company. Our results and our improved outlook are indicative of our focus on efficiency and cost discipline. These efforts will enable us to drive toward profitability faster. As we look ahead, while our business remains healthy into Q3, we recognize the economic outlook in the U.S. is mixed. Given that, we have been measured in our guidance for the rest of the year to factor in that uncertainty and the potential for slower consumer trends.

提高盈利能力是整個公司的首要任務。我們的業績和我們改善的前景表明我們對效率和成本紀律的關注。這些努力將使我們能夠更快地實現盈利。展望未來，雖然我們的業務在第三季度保持健康，但我們認識到美國的經濟前景喜憂參半。鑑於此，我們在今年剩餘時間的指導中進行了衡量，以考慮這種不確定性和消費趨勢放緩的可能性。

Overall, we've made great progress on positioning our cost structure for the scale and growth profile of our business, which will enable us to deliver operating leverage and move even faster on growth opportunities to sustain top line momentum. It also gives us the flexibility to adapt quickly to any change in the business or macro environment.

總體而言，我們在根據業務規模和增長情況定位成本結構方面取得了很大進展，這將使我們能夠提供運營槓桿並更快地把握增長機會以維持收入增長勢頭。它還使我們能夠靈活地快速適應業務或宏觀環境的任何變化。

Looking back at the first half. While we are very pleased with our performance, we're still early -- in the early innings, with only 1% penetration of this massive $55 billion market opportunity. We remain focused on our goal to serve as the technology backbone for the restaurant industry, continually bolstering our platform with more products and features to add value for our customers and to help them outperform their competitors. And we're confident that continuing to execute on our mission will drive sustained location and ARPU growth and create significant long-term shareholder value.

回顧上半場。雖然我們對自己的表現感到非常滿意，但我們還處於早期階段——在早期階段，這個 550 億美元的巨大市場機會的滲透率只有 1%。我們仍然專注於成為餐飲業技術骨幹的目標，不斷通過更多產品和功能支持我們的平台，為我們的客戶增加價值並幫助他們超越競爭對手。我們相信，繼續執行我們的使命將推動持續的位置和 ARPU 增長，並創造顯著的長期股東價值。

Now I'll turn the call back over to the operator to start our Q&A session.

現在我將把電話轉回給接線員，開始我們的問答環節。

(Operator Instructions) The first question is from the line of Will Nance with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Will Nance。

Nice results today. I wanted to ask on some of the comments that you made around operating leverage starting in next year as well as a lot of the progress that you've made year-to-date in controlling costs and, obviously, raising the EBITDA margin expectations for the year. I don't think you guys have given a long-term profitability target, but I think last quarter, you guys talked about kind of getting the cash flow breakeven over the near term. I'm wondering if you can kind of update us on your latest thoughts on when you guys would expect to get there over the next couple of quarters, particularly as we look out to 2023 and you're kind of signaling more operating leverage to come.

今天成績不錯。我想問一下你從明年開始就運營槓桿所做的一些評論，以及你今年迄今為止在控製成本方面取得的許多進展，顯然，提高了 EBITDA 利潤率預期那一年。我認為你們沒有給出長期盈利目標，但我認為上個季度，你們談到了在短期內實現現金流盈虧平衡。我想知道您是否可以向我們介紹您對未來幾個季度預計何時到達那裡的最新想法，特別是在我們展望 2023 年並且您暗示將有更多運營槓桿的情況下.

Yes. Thanks for the question. So hopefully, you can tell that improving profitability is one of our biggest priorities. And we've made great progress in the first half of the year on EBITDA, and you can see that reflected in our guidance. And we believe we'll exit this year in a position to balance the investments of growth and margin improvement. And I just want to be mindful of the macro. So I mentioned in my prepared remarks that our guidance reflected some of that, which is also part of the reason we didn't want to give guidance beyond 2022 because we want to be incredibly balanced in that.

是的。謝謝你的問題。因此，希望您能看出提高盈利能力是我們最大的優先事項之一。今年上半年，我們在 EBITDA 方面取得了很大進展，您可以在我們的指導中看到這一點。我們相信我們今年將退出，以平衡增長和利潤率改善的投資。我只想注意宏觀。因此，我在準備好的發言中提到，我們的指導反映了其中的一部分，這也是我們不想在 2022 年之後提供指導的部分原因，因為我們希望在這方面取得難以置信的平衡。

And we also, frankly, want to take advantage of this market opportunity that's presented to us. We still believe and have a ton of conviction that there's a lot of growth to come, and we're in the early innings. So we're trying to balance that growth with also cost discipline, as you guys can see in our results.

坦率地說，我們也想利用這個呈現給我們的市場機會。我們仍然相信並堅信未來會有很多增長，而且我們還處於早期階段。因此，正如你們在我們的結果中看到的那樣，我們正在努力平衡這種增長與成本紀律。

Got it. That's helpful. And then maybe just a follow-up on some of the take rate dynamics in the quarter. I know you mentioned mix and then some of the optimization things going on. Any color on the recent kind of small business interchange changes that the networks announced? And how much -- how meaningful that was to you guys net take rate?

知道了。這很有幫助。然後也許只是對本季度一些採取率動態的跟進。我知道你提到了混合，然後是一些優化的事情。網絡宣布的最近的小型企業交換變化有什麼顏色嗎？多少——這對你們的淨吸收率有多大意義？

Yes. The biggest impact really was the mix shift from credit -- from debit to credit. So that's really the primary driver, offset by some of our own cost optimization efforts. So I would say that's the primary story. There is nothing different to report on that.

是的。最大的影響確實是從信貸的組合轉變——從借方到貸方。所以這真的是主要驅動力，被我們自己的一些成本優化工作所抵消。所以我會說這是主要的故事。沒有什麼不同的報告。

The next question is from the line of Josh Baer with Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

Great quarter. Wanted to ask about the 6,000-plus location additions. Any more commentary on regions of strength or market segments that were driving the location additions or any big restaurant groups, restaurant chains? Just looking for more context on that success on the location number.

很棒的季度。想詢問 6,000 多個地點的新增內容。關於推動地點增加或任何大型餐飲集團、連鎖餐廳的實力區域或細分市場的更多評論？只是在位置編號上尋找有關該成功的更多背景信息。

Yes, Josh. Good question. On the whole, the bookings trends remain really solid, and we're pleased with how the sales team is executing across the board. And we're pretty encouraged with the incremental demand from some of our recent product announcements. The team continues to do quite well in FSR as well as QSR. And I'd say it's broad growth across the board. And there's no segment-specific breakout. It's really just been across the board.

是的，喬什。好問題。總體而言，預訂趨勢仍然非常穩固，我們對銷售團隊的全面執行情況感到滿意。我們對我們最近發布的一些產品的增量需求感到非常鼓舞。該團隊在 FSR 和 QSR 方面繼續表現出色。我會說這是全面的廣泛增長。並且沒有特定於細分市場的突破。這真的只是全面的。

Okay. Got it. And then one on Sling. Any financial impact to the model to call out?

好的。知道了。然後是 Sling。對模型有什麼財務影響嗎？

The impact of Sling is just not material to the numbers today. So we're not going to call it out.

Sling 的影響對今天的數字來說並不重要。所以我們不會說出來。

The next question comes from the line of Stephen Sheldon with William Blair.

下一個問題來自斯蒂芬謝爾頓和威廉布萊爾的對話。

Congrats on the really strong performance here. Wanted to ask about consumer behavior. I think you said you're being a little cautious with your assumptions there in the guidance. But just based on the visibility you have, have there been any shifts in the way consumers are engaging with your restaurant clients as the macro environment has gotten tougher, as consumer sentiment has weakened here? Any general changes to call out there during the quarter and into July?

恭喜這裡的出色表現。想詢問消費者行為。我想你說過你對指南中的假設有點謹慎。但是，僅根據您的知名度，隨著宏觀環境變得更加艱難，消費者與您的餐廳客戶互動的方式是否發生了變化，因為這裡的消費者情緒已經減弱？在本季度和 7 月期間有什麼一般性的變化嗎？

Sure. Thanks, Stephen. First, we're not seeing any signs of a drop in consumer demand or pull back in spending in our business. Restaurants are seeing healthy demand. Consumers continue to spend on services like dining, and the GPV trends are strong. That said, we're pretty mindful of the mixed macroeconomic signals, and we're monitoring closely.

當然。謝謝，斯蒂芬。首先，我們沒有看到任何消費者需求下降或我們業務支出回落的跡象。餐館看到了健康的需求。消費者繼續在餐飲等服務上花費，GPV 趨勢強勁。也就是說，我們非常注意混合的宏觀經濟信號，並且我們正在密切關注。

We still have -- and even through July, we haven't seen any pullback on consumer demand. And while we're not immune, consumer spend at restaurants has held up relatively well during past recessions, and we've been looking at past recessions. And we feel pretty confident in what consumers will spend within the restaurant market.

我們仍然有——甚至到了 7 月，我們還沒有看到消費者需求出現任何回落。雖然我們不能倖免，但在過去的經濟衰退期間，餐館的消費者支出保持相對較好，我們一直在研究過去的經濟衰退。我們對消費者在餐飲市場上的消費充滿信心。

And then the last point I'd make is for restaurants, our platform becomes even more valuable in a tough market. So if we did see signal, you could rest assured that we've got scenarios planned, and we feel like our platform is in a good spot to help restaurants adapt and navigate uncertainty. So we feel pretty good on that consumer dimension.

然後我要說的最後一點是餐廳，我們的平台在艱難的市場中變得更加有價值。因此，如果我們確實看到了信號，您可以放心，我們已經計劃好了場景，我們覺得我們的平台處於幫助餐廳適應和應對不確定性的好地方。所以我們在消費者維度上感覺很好。

Very helpful. And then just as a follow-up. As you talk about a bigger focus on profit and margins, just want to make sure I understand how you plan to manage things there. Is that more -- the margins will continue to stabilize? Or are you also expecting absolute losses to moderate as we think about 2023 and beyond?

非常有幫助。然後只是作為後續行動。當您談到對利潤和利潤率的更大關注時，只是想確保我了解您計劃如何管理那裡的事情。還有更多——利潤率將繼續穩定嗎？或者，當我們考慮到 2023 年及以後，您是否也預計絕對損失會放緩？

Yes. I mean I think the way to think about it is what you guys probably don't see is we're metering our hiring and really focusing on investments in high ROI areas. We're taking a deep inspection in areas that don't drive revenue today and being incredibly ruthless in our prioritization there. And so as we think about margins, you should see a steady improvement over time and a commitment from this management team to get to breakeven and profitability over the near term.

是的。我的意思是我認為思考它的方式可能是你們可能沒有看到的是我們正在衡量我們的招聘並真正專注於高投資回報率領域的投資。我們正在對今天不增加收入的領域進行深入檢查，並且在我們在那裡的優先級方面非常無情。因此，當我們考慮利潤率時，您應該會看到隨著時間的推移穩步改善，並且該管理團隊承諾在短期內實現盈虧平衡和盈利。

The next question is from the line of DJ Hynes with Canaccord.

下一個問題來自 DJ Hynes 與 Canaccord 的對話。

Congrats on the results. Chris, just thinking strategically in context of the industry challenges you mentioned, right, you guys have tons of data. You have areas of regional concentration. You talked about heightened food cost. Is there an opportunity to create a group purchasing solution? Like would that make sense as part of the finance suite? I know there are others that do this, but I just think that you guys would be really well positioned to participate in that opportunity.

祝賀結果。克里斯，只是在你提到的行業挑戰的背景下進行戰略思考，對，你們擁有大量數據。你有區域集中的區域。你談到了食品成本的上漲。是否有機會創建團購解決方案？作為財務套件的一部分，這是否有意義？我知道還有其他人這樣做，但我只是認為你們非常有能力參與這個機會。

Yes, DJ. It's a good question. I'm not going to comment specifically on that opportunity. But as Elena had mentioned in her script, about 20% of our R&D investment goes towards medium- and longer-term growth initiatives. This includes opportunities that sit within our existing product portfolios. For example, xtraCHEF and what we could be doing with xtraCHEF over the long term. You look at team management and what we could be doing with Payroll, now with Sling and with Pay Card in the future. So each of our product lines of business within the platform have substantial innovation ahead of them.

是的，DJ。這是個好問題。我不會具體評論這個機會。但正如 Elena 在她的劇本中提到的，我們大約 20% 的研發投資用於中長期增長計劃。這包括我們現有產品組合中的機會。例如，xtraCHEF 以及我們可以長期使用 xtraCHEF 做什麼。你看看團隊管理以及我們可以用 Payroll 做什麼，現在用 Sling 和未來用 Pay Card。因此，我們平台內的每條產品業務線都面臨著重大的創新。

And then on top of that, we continue to experiment and invest in new ventures. And these are things that I'm not going to talk about today, but we're planting the seeds for how restaurants will thrive in the future. And we're talking 5 to 10 years down the road, basically the next acts for how we think restaurants will operate. So this 20% of our R&D is super important because you'll continue to see us experiment, listen to our customers and then adapt to their needs. But I'm not going to speak specifically to group purchasing as an idea.

最重要的是，我們繼續試驗和投資新的企業。這些是我今天不打算談論的事情，但我們正在為餐館在未來如何蓬勃發展播下種子。我們正在談論未來 5 到 10 年，基本上是我們認為餐廳將如何運作的下一步行動。因此，我們研發的這 20% 非常重要，因為您將繼續看到我們進行實驗，傾聽客戶的意見，然後適應他們的需求。但我不會專門談論團購這個想法。

Yes. Yes. Understood. We'll stay tuned there. Elena, just on the 68,000 locations, can you remind us the ballpark mix of quick serve versus full service and how that feeds into the distribution curve of GPV per location?

是的。是的。明白了。我們會在那裡繼續關注。 Elena，僅在 68,000 個地點，您能否提醒我們快速服務與全方位服務的大致組合，以及這如何影響每個地點的 GPV 分佈曲線？

DJ, this is Aman, by the way. We had -- look, if you look at our quick serve segment of the market, we have had customers in quick serve for a long time. That's been core to how we've grown. And over time, we have added capability within our platform to help serve this segment better. And so a couple of things. One, in Q2, we saw that as a percentage of our overall bookings, QSR increase, and we're confident that, that can continue going forward as well.

DJ，順便說一下，這是阿曼。我們有 - 看，如果你看看我們的快速服務市場，我們已經有客戶在很長一段時間內快速服務。這一直是我們成長的核心。隨著時間的推移，我們在我們的平台中增加了功能，以幫助更好地服務於這一細分市場。還有幾件事。第一，在第二季度，我們看到 QSR 佔總預訂量的百分比有所增加，我們相信，這也可以繼續向前發展。

As Chris mentioned, you saw Jamba, right, piloting in the enterprise space, Jamba piloting our kiosk solutions. And really, if you look at our core capabilities that we offer, that QSR we depend on, some of the things that I'll highlight: one, our guest-facing display, right; our self-ordering kiosk; our kitchen display screens; online ordering; and loyalty.

正如 Chris 所提到的，您看到 Jamba，對，在企業空間中進行試點，Jamba 正在試點我們的信息亭解決方案。真的，如果你看看我們提供的核心能力，我們所依賴的 QSR，我會強調一些事情：第一，我們的面向客人的顯示器，對；我們的自助點餐亭；我們的廚房顯示屏；在線訂購；和忠誠。

And then some of the capabilities that I think are unique to the Toast platform that QSRs really benefit from are things like -- a little bit specific like text and fulfillment. So instead of a buzzer, for example, the ability for KDS to text someone when their food is ready. Mobile order and pick, the ability to add to order as you go through the line and then add -- want to add a coffee or dessert later, right? Toast delivery services, the ability to have integrated delivery is partly online ordering or single-use promo codes. And so there's a lot within that platform that's easily accessible for QSR, and that's what gives us confidence in our opportunity ahead in the segment.

然後，我認為 QSR 真正受益的 Toast 平台獨有的一些功能是 - 有點具體，比如文本和履行。因此，例如，KDS 可以在食物準備好時給某人發短信，而不是蜂鳴器。移動訂單和挑選，能夠在您通過生產線時添加訂單然後添加 - 想稍後添加咖啡或甜點，對嗎？ Toast Delivery 服務，集成交付的能力部分是在線訂購或一次性促銷代碼。因此，QSR 可以輕鬆訪問該平台中的很多內容，這讓我們對我們在該領域的機會充滿信心。

The next question is from the line of Timothy Chiodo with Credit Suisse.

下一個問題來自瑞士信貸的 Timothy Chiodo。

I want to talk -- given your comments about the restaurant operating environment, I want to see if you could give us some more context around when we look at your gross adds, so not the net adds, but the gross adds, and we think about what portion of those are coming from either a brand-new restaurant that was just started, just a brand-new company versus an existing restaurant that either is using another system or no system, what is the mix of that within your gross adds? And then the follow-up is, has the trend in that mix been pretty stable? Or has it changed over time?

我想談談 - 鑑於您對餐廳運營環境的評論，我想看看您是否可以在我們查看您的總增加量時給我們更多背景信息，所以不是淨增加量，而是總增加量，我們認為其中有多少來自剛剛開始的全新餐廳，只是一家全新的公司，而不是使用另一個系統或沒有系統的現有餐廳，您的總增加值中的組合是什麼？然後跟進的是，這種組合的趨勢是否相當穩定？還是隨著時間的推移而改變？

Yes. So Tim, it's a good question. It's really a balanced growth across our bookings and our net adds. We certainly see restaurants that are already operating move to Toast, and they believe in a digital platform. And these are existing restaurants that are hyper-local go-to-market team, knows how to tap into, and we see those restaurants move to Toast. Secondly, we're seeing restaurants already on Toast expand, and those are net adds as well. So we're seeing quite a bit of expansion within our portfolio from existing customers. And then thirdly, we certainly see net new locations in the form of new constructions. And it's always been a sort of a balanced attack across those 3.

是的。所以蒂姆，這是一個很好的問題。這確實是我們的預訂量和淨增加量的平衡增長。我們當然看到已經在運營的餐廳轉向 Toast，他們相信數字平台。這些是現有的餐廳，他們是超本地化的市場團隊，知道如何利用，我們看到這些餐廳轉向 Toast。其次，我們看到 Toast 上的餐廳已經在擴張，而且這些也是淨增加的。因此，我們看到現有客戶在我們的產品組合中進行了相當多的擴展。第三，我們當然會看到新建築形式的淨新地點。在這三個方面，它一直是一種平衡的攻擊。

I think as a reminder, I want to remind you that we're still (inaudible) of the U.S. total addressable market. So our reps in these markets have a lot of surface area to go after, and we're in the early innings of them penetrating these markets to create, call it, flywheel market. So it's a little bit of a balanced attack in these markets across those 3 dimensions.

我想提醒一下，我想提醒你，我們仍然（聽不清）美國的總潛在市場。因此，我們在這些市場的代表有很多表面積要追求，我們正處於他們滲透這些市場的早期階段，以創造，稱之為飛輪市場。因此，在這些市場中，跨越這三個維度進行了一點平衡的攻擊。

The other thing that I'll mention is beyond net adds -- just remember that net adds on locations is only one lever that we play with. The second lever is ARPU. So as we win a customer and build trust, we're growing more of the platform that the average restaurant is using. And that's a really important lever for us because restaurants are adopting more and more of our modules. So it's a little bit of a balanced attack across those growth levers.

我要提到的另一件事是網絡附加值之外——請記住，位置上的網絡附加值只是我們玩的一個槓桿。第二個槓桿是 ARPU。因此，隨著我們贏得客戶並建立信任，我們正在發展更多普通餐廳正在使用的平台。這對我們來說是一個非常重要的槓桿，因為餐館正在採用越來越多的我們的模塊。因此，這是對這些增長槓桿的一點平衡攻擊。

Our next question is from the line of Josh Beck with KeyBanc.

我們的下一個問題來自 Josh Beck 和 KeyBanc。

I wanted to ask a little bit about some of the secondary effects of what you're seeing in the industry. Obviously, restaurants, like you said, have record inflation in a lot of their input costs. So I'm just curious if that is effectively pressing the case for automation and if, in any way, it's helping either improve the top of the funnel activity or the sales cycle in any way.

我想問一些關於你在行業中看到的一些次要影響。顯然，正如您所說，餐館的很多投入成本都出現了創紀錄的通貨膨脹。所以我很好奇這是否有效地推動了自動化的發展，以及它是否以任何方式幫助改善漏斗活動的頂部或銷售週期。

Yes. So I'll start with macro. And so we've been at this for 10 years. And at the macro, we fundamentally believe that the restaurant industry is going to shift. That's a secular shift to a unified digital platform that powers all of the stakeholders across the landscape. And it's been in existence for 10 years, and it's going to continue for many years to come. So we're seeing restaurants transition to digital, both to drive same-store sales, to drive operational efficiency, to drive staff productivity and then to drive automation in the back office. So it's really across the spectrum, Josh.

是的。所以我將從宏開始。所以我們已經做了 10 年了。在宏觀上，我們從根本上認為餐飲業將發生轉變。這是向統一數字平台的長期轉變，該平台為整個領域的所有利益相關者提供支持。它已經存在了 10 年，而且在未來的很多年裡都會繼續存在。因此，我們看到餐廳向數字化轉型，以推動同店銷售、提高運營效率、提高員工生產力，然後推動後台自動化。所以這真的是跨領域的，喬希。

And I think in the back office, there's a unique opportunity for restaurants to really understand food cost optimization. It starts with xtraCHEF, and that's why we're seeing momentum with xtraCHEF, but it's going to go beyond xtraCHEF with innovations in the back office that help restaurants understand their menu profitability, understand where they're wasting money, understand where they can drive better pricing and better food costs, as I mentioned. So I think we're just in the early stages of the opportunity in and around xtraCHEF. And it's exciting for us because we're helping restaurants really adapt and adapt quickly in the back office.

而且我認為在後台，餐廳有一個獨特的機會來真正了解食品成本優化。它始於 xtraCHEF，這就是為什麼我們看到 xtraCHEF 的勢頭，但它將超越 xtraCHEF，在後台進行創新，幫助餐廳了解他們的菜單盈利能力，了解他們在哪裡浪費錢，了解他們可以在哪裡開車正如我提到的，更好的定價和更好的食品成本。所以我認為我們正處於 xtraCHEF 及其周圍機會的早期階段。這對我們來說很令人興奮，因為我們正在幫助餐廳真正適應並在後台快速適應。

Aman, I don't know if you want to add anything else to that.

阿曼，我不知道您是否還想添加其他內容。

I think, look, the xtraCHEF launch has been strong for Toast. We only started selling this in Q1. And I think what's exciting about what we're doing with xtraCHEF is how easy it is for restaurateurs to be able to process invoices just by taking a picture on their phones, right? And that allows accountants and restaurateurs to actually get a sense of food cost really efficiently.

我認為，xtraCHEF 的推出對 Toast 來說非常強大。我們在第一季度才開始銷售這個。我認為我們使用 xtraCHEF 所做的令人興奮的是，餐館老闆只需在手機上拍照就可以輕鬆處理髮票，對吧？這使得會計師和餐館老闆能夠真正有效地了解食品成本。

And one example is one of our customers out of Cincinnati. They -- with all the inflation that we're all seeing, noticed just through the reporting with the xtraCHEF, restaurateurs scanning invoices, they saw the cost of beef and potatoes were up 20%-plus. And just getting that visibility allows them to pay attention to it, and they're able to find a different provider for beef. They looked at ways to increase -- to purchase in bulk, and profit increased on their burgers by 20%, which is the top item they sell. And it's really meaningful, right, for -- given just, as Chris rightfully mentioned, how much of a restaurant spend is on food.

一個例子是我們在辛辛那提的一位客戶。他們——我們都看到了通貨膨脹，通過 xtraCHEF 的報告注意到，餐館老闆掃描發票，他們看到牛肉和土豆的成本上漲了 20% 以上。僅僅獲得這種可見性就可以讓他們關注它，並且他們能夠找到不同的牛肉供應商。他們尋找增加的方法——批量購買，漢堡的利潤增加了 20%，這是他們銷售的頭號商品。這真的很有意義，對，因為——正如克里斯正確提到的那樣，餐廳有多少花在食物上。

Very helpful. Maybe just a follow-up on the subscription ARPU. It certainly seems to have had another nice sequential jump this quarter. My thought was that maybe that would slow down a bit as we went from, say, more front office-oriented adoption maybe during -- and coming out of the pandemic to maybe more back-office types of functionality. So just would be curious to unpack that within the quarter. And then, really, how we should think about the pace of expansion moving forward?

非常有幫助。也許只是訂閱 ARPU 的後續行動。本季度似乎又出現了一次不錯的連續躍升。我的想法是，隨著我們從更面向前台的採用可能會在大流行期間以及從大流行中走向可能更多的後台類型的功能時，這可能會放慢一點速度。所以只是好奇地在本季度內解開它。然後，真的，我們應該如何考慮前進的擴張步伐？

Yes. No, I think it's a good call-out. So as you can tell from our prepared remarks, increasing ARPU is such an important part of our growth strategy. And we continue to see the sales team execute. We talked about Toast Shop. We talked about our growth team and our sell team. And then really, our go-to-market team, our reps are very good at positioning the entirety of the platform. They've been trained to do that and to really position that upfront. So all of that, combined with the innovation that you're seeing in team management and xtraCHEF, is really coming together to drive that outcome that you're seeing. So we feel confident that we'll continue to see progress on ARPU.

是的。不，我認為這是一個很好的呼籲。因此，從我們準備好的評論中可以看出，增加 ARPU 是我們增長戰略的重要組成部分。我們繼續看到銷售團隊執行。我們談到了吐司店。我們談到了我們的增長團隊和我們的銷售團隊。然後真的，我們的上市團隊，我們的代表非常擅長定位整個平台。他們已經接受過培訓，可以做到這一點，並真正把它放在首位。因此，所有這一切，再加上您在團隊管理和 xtraCHEF 中看到的創新，真正匯聚在一起，推動了您所看到的結果。因此，我們有信心繼續看到 ARPU 的進步。

I won't guide to it specifically, but you continue to see -- as we add new customers, our newer customers are actually having higher ARPU as well, which I mentioned in my prepared remarks. So really encouraging. And if I look at what's really driving that, it's a combination of our core products, our core commerce products, but also xtraCHEF and Payroll, which are very early for us. So really encouraging to see that growth.

我不會具體指導它，但你會繼續看到——當我們添加新客戶時，我們的新客戶實際上也有更高的 ARPU，我在準備好的評論中提到了這一點。所以真的很鼓舞人心。如果我看看真正推動這一點的原因，它是我們的核心產品、核心商務產品以及 xtraCHEF 和 Payroll 的組合，這對我們來說還很早。看到這種增長真的很令人鼓舞。

Our next question is from the line of David Koning with Baird.

我們的下一個問題來自貝爾德的大衛科寧。

Nice job. And maybe if I could ask just the subscription ARPU has been going up so consistently, I think 5 quarters in a row of 7% to 12% yield growth, I guess, you could say ARPU growth in that subscription line. Do you have insight into how fast that grows in the future? Or are we at a point now -- I can't imagine it continuing to grow quite that rapidly on a sequential basis. But is there a way for you to almost see -- give some insight, like could that grow 3% sequentially for a while still? Or how should we think about that?

不錯的工作。也許如果我可以問訂閱 ARPU 一直如此持續地上升，我認為連續 5 個季度 7% 到 12% 的收益率增長，我猜，你可以說訂閱線的 ARPU 增長。您是否了解未來的增長速度？或者我們現在是否處於某個階段——我無法想像它會繼續按順序快速增長。但是有沒有辦法讓你幾乎看到 - 提供一些見解，比如在一段時間內還能連續增長 3% 嗎？或者我們應該怎麼想？

Yes. I just answered that. But at the highest level, obviously, that's something that we're completely focused on. I'm not going to guide, obviously, to the future. But what I can tell you is, as we're bringing on more locations, the newer customers that are coming on are coming on with more products. So that should give you a sign that as we're growing, and we're growing fast, we'll start to see that improve over time.

是的。我只是這麼回答的。但在最高級別，顯然，這是我們完全關注的事情。很明顯，我不會指導未來。但我可以告訴你的是，隨著我們引進更多地點，即將到來的新客戶正在推出更多產品。所以這應該給你一個信號，隨著我們的成長，我們正在快速成長，隨著時間的推移，我們將開始看到這種改善。

Okay. And then secondly, just on the hardware revenue. That's been pretty stable, 29 to 31 or so per quarter for a long time. But inventory has grown significantly, I think up 40% sequentially, up 100% year-over-year, give or take. Why isn't hardware revenue growing faster? And maybe how should we see that in the future?

好的。其次，就硬件收入而言。這是相當穩定的，很長一段時間內每季度有 29 到 31 次左右。但庫存顯著增長，我認為環比增長 40%，同比增長 100%，給予或接受。為什麼硬件收入增長不快？也許我們將來應該如何看待它？

Yes. So there's a couple of things. So we did -- there's a couple of things going on there. One is we had lower year-over-year growth in our new customers. So Q2 was our strongest quarter ever for net location adds. But keep in mind, Q1 last year was still depressed by COVID. So the year-over-year growth rate in Q1 was meaningfully higher. And then even while our realized price for hardware sales improved, GAAP accounting requires us to proportionately allocate revenue across bundled products. So this meant we shifted some revenue out of hardware in Q2. But on the whole, when you take out the noise, I look at the revenue and say it's been relatively consistent.

是的。所以有幾件事。所以我們做到了——那裡發生了幾件事。一是我們的新客戶同比增長較低。因此，第二季度是我們有史以來最強勁的淨位置增加季度。但請記住，去年第一季度仍然受到 COVID 的影響。因此，第一季度的同比增長率明顯更高。然後，即使我們的硬件銷售實際價格有所提高，GAAP 會計要求我們按比例分配捆綁產品的收入。所以這意味著我們在第二季度將部分收入從硬件中轉移出來。但總的來說，當你去掉噪音時，我看收入並說它是相對一致的。

And our next question...

我們的下一個問題...

I would -- I'll also add that -- and I mentioned this in my prepared remarks. We have been strategically adding inventory to insulate us from supply chain -- near-term supply chain issues. So I feel confident that our guide reflects all of that.

我會 - 我還要補充一點 - 我在準備好的發言中提到了這一點。我們一直在戰略性地增加庫存，以使我們免受供應鏈 - 近期供應鏈問題的影響。所以我有信心我們的指南反映了所有這些。

Our next question is from the line of Andrew Bauch with SMBC Nikko.

我們的下一個問題來自 SMBC Nikko 的 Andrew Bauch。

Nice set of results here. I wanted to hone in on the gross margin side, and specifically, trying to understand what kind of pricing flexibility you have, be it in SaaS or on fintech solutions. And then on the cost of revenue side, can you give us a little bit more color on where you can drive efficiency in fintech and in SaaS?

這裡的結果很好。我想在毛利率方面進行磨練，特別是試圖了解您擁有什麼樣的定價靈活性，無論是在 SaaS 還是在金融科技解決方案中。然後在收入成本方面，您能否給我們提供更多關於您可以在哪些方面提高金融科技和 SaaS 效率的顏色？

Yes. So I love the question because you're reinforcing something that we think is really important to our business model, which is the opportunity to monetize both on the fintech side and on the SaaS. So that's an important part of our model over time.

是的。所以我喜歡這個問題，因為你正在加強我們認為對我們的商業模式非常重要的東西，這是在金融科技方面和 SaaS 方面都獲利的機會。因此，隨著時間的推移，這是我們模型的重要組成部分。

On the fintech side, we have opportunities to continue to drive more volume to our platform, which obviously would drive more GPV on our platform and higher take rates. But then at the same time, and we've mentioned this a few times, we have a team really focused on cost optimization. And these are operational things that they're doing behind the scenes, including some R&D efforts, et cetera. So the combination of those 2 is sort of how we think about the monetization and the pricing impacts over time on fintech. And then on the SaaS side, obviously, we're going to continue to innovate. And the combination of those 2 really drive over time our ability to continue to grow.

在金融科技方面，我們有機會繼續為我們的平台增加交易量，這顯然會在我們的平台上推動更多的 GPV 和更高的採用率。但與此同時，我們已經多次提到這一點，我們有一個真正專注於成本優化的團隊。這些是他們在幕後進行的操作，包括一些研發工作等等。因此，這兩者的結合就是我們如何看待貨幣化和定價對金融科技的影響。然後在 SaaS 方面，顯然，我們將繼續創新。隨著時間的推移，這兩者的結合確實推動了我們繼續增長的能力。

Got it. And then I know it's still early days, but a lot of questions have been asked here. So any update on the investments you've made in international and what you learned thus far that's working or may be scaling back?

知道了。然後我知道現在還為時尚早，但這裡已經提出了很多問題。那麼，關於您在國際上所做的投資以及您迄今為止所學到的正在發揮作用或可能正在縮減的任何更新？

Yes. No, we're still very committed to international. Our investment, as you guys know, wasn't a significant investment, but it's proceeding as planned. We have some early customers. The read is really good with those initial customers. And just as (inaudible), our 2022 is really a year of building the foundation. So this is a multiyear journey for us. And like you said, very early innings, but we're encouraged by what we see with the initial customers we have.

是的。不，我們仍然非常致力於國際化。正如你們所知，我們的投資並不是一項重大投資，但它正在按計劃進行。我們有一些早期的客戶。對於那些最初的客戶來說，閱讀真的很好。就像（聽不清）一樣，我們的 2022 年確實是奠定基礎的一年。所以這對我們來說是一個多年的旅程。就像你說的那樣，很早的局，但我們對我們在最初的客戶中看到的情況感到鼓舞。

Our last question will come from the line of Jeff Cantwell with Wells Fargo.

我們的最後一個問題來自富國銀行的 Jeff Cantwell。

I wanted to ask you a quick one on efficiency. And your Slide 11 talks about 2/3 of your new locations are coming from inbound channels, and 1/5 are coming from restaurant partner referrals. So can you just remind us what that might have looked like a year ago, 2 years ago? I just want to get a sense of how the trend is about over time because I think that has implications for your ability to continue to scale and grow more efficient over time. So I was just hoping for any additional color you might provide on that.

我想問你一個關於效率的快速問題。您的幻燈片 11 談到 2/3 的新地點來自入站渠道，1/5 來自餐廳合作夥伴的推薦。所以你能提醒我們一年前，兩年前的樣子嗎？我只是想了解隨著時間的推移趨勢是如何變化的，因為我認為這會影響你隨著時間的推移繼續擴展和提高效率的能力。所以我只是希望你能提供任何額外的顏色。

Sure. Thanks for the question. Look, I think we're seeing consistency in our funnel, whether across segments, as Chris mentioned earlier. The percentage of inbound, percentage of referrals has remained consistent. And I think the thing that we're most focused on is continue to invest in our go-to-market team and our customer-facing teams because we know that as we increase tenure on the sales reps and we increase market density, that's the #1 driver of efficiency and growth in our business.

當然。謝謝你的問題。看，我認為我們在漏斗中看到了一致性，無論是跨部門，正如克里斯之前提到的那樣。入站百分比、推薦百分比保持一致。我認為我們最關注的事情是繼續投資於我們的上市團隊和麵向客戶的團隊，因為我們知道，隨著我們增加銷售代表的任期並增加市場密度，這就是#1 推動我們業務的效率和增長。

Okay. Great. And then on your ARR, can you talk just a little bit more about that? Because I noticed that the growth comp from last year was -- pretty impressive growth this quarter off of a growth comp from last year. So can you just remind us about typical seasonality, 1Q, 2Q, 3Q, just so we can be aware of what expectations should be for ARR as we look ahead?

好的。偉大的。然後在你的 ARR 上，你能多談談嗎？因為我注意到去年的增長對比是 - 本季度的增長與去年的增長對比相當令人印象深刻。所以你能提醒我們典型的季節性，1Q，2Q，3Q，這樣我們就可以知道在我們展望未來時應該對 ARR 有什麼期望？

Yes. I think the way to think about it is 2 things. One is both from a location standpoint, typically, Q2 is our highest -- or seasonally higher than Q3, and then it comes back in Q4. So that's the location side. GPV per location also tends to be higher in the summer months. So just keep that in mind. So that's probably the 2 things I'd say about seasonality.

是的。我認為思考它的方式是兩件事。一個是從位置的角度來看，通常第二季度是我們的最高 - 或者季節性高於第三季度，然後在第四季度又回來了。這就是位置方面。在夏季，每個地點的 GPV 也往往更高。所以請記住這一點。所以這可能是我要說的關於季節性的兩件事。

I would now like to turn the call back over to the presenters.

我現在想將電話轉回給演示者。

Okay. Thank you, everyone. We appreciate your time. We appreciate the good questions, and we'll be in touch. So have a great night.

好的。謝謝大家。我們感謝您的時間。我們感謝您提出的好問題，我們會保持聯繫。所以有一個美好的夜晚。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。