Toast Inc (TOST) 2022 Q3 法說會逐字稿

Good afternoon. My name is Daniel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast earnings conference call.

下午好。我的名字是丹尼爾，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 收益電話會議。

[Operator Instructions)

【操作說明】

Thank you. I'll now turn the call over to Michael Senno, Vice President of Investor Relations and Strategic Finance. You may begin your conference.

謝謝你。我現在將把電話轉給投資者關係和戰略財務副總裁 Michael Senno。你可以開始你的會議了。

Thanks, Daniel. Welcome to Toast's Earnings Conference Call for the third quarter ended September 30, 2022. On today's call are CEO, Chris Comparato, and CFO, Elena Gomez; will open with prepared remarks. They will then be joined by our COO, Aman Narang, for our Q&A session.

謝謝，丹尼爾。歡迎參加截至 2022 年 9 月 30 日的第三季度 Toast 收益電話會議。今天的電話會議是首席執行官 Chris Comparato 和首席財務官 Elena Gomez；將打開準備好的評論。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 the 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 rates of certain metrics estimated time line for future profitability, future profit and margin outlook and our financial guidance for the fourth 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和運營支出的預期、某些指標的預期增長率、預計未來盈利能力的時間線、未來利潤和利潤率前景以及我們對 2022 年第四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 measures are not intended to be a substitute for our GAAP results. Please refer to our earnings release, the accompanying Investor Presentation and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures.

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 措施無意替代我們的 GAAP 結果。請參閱我們的收益發布、隨附的投資者演示文稿和 SEC 文件，了解這些非公認會計原則措施與最具可比性公認會計原則措施的詳細對賬。

Unless otherwise stated, all references on this call to 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.

除非另有說明，否則本次電話會議中對收入成本、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 investors.toasttab.com.

最後，將在我們的投資者關係網站investors.toasttab.com 上提供新聞稿和本次電話會議的重播，包括隨附的投資者介紹。

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. Before I jump in, I'm going to apologize up-front for any coughing outburst or sips of hot tea as I'm recovering from a nasty cold. So let's jump in.

謝謝你，邁克爾，大家下午好。在我加入之前，我要先為我從嚴重感冒中恢復過來時的任何咳嗽爆發或喝熱茶道歉。所以讓我們跳進去。

This past quarter marked the first anniversary of Toast IPO. I want to thank all of our employees for their focus and dedication as well as our partners, customers and investors. We look forward to our ongoing partnership. And while we've accomplished a lot over the past year, we're even more excited about the opportunity in the years to come.

上個季度是 Toast IPO 一周年紀念日。我要感謝我們所有員工的專注和奉獻，以及我們的合作夥伴、客戶和投資者。我們期待著我們持續的合作夥伴關係。雖然我們在過去一年取得了很多成就，但我們對未來幾年的機會更加興奮。

Toast delivered a strong Q3, delivering continued efficient time growth and improved profitability. In addition to topping our revenue and EBITDA expectations, we surpassed $100 billion in annualized GPV for the first time. These results are a testament to the consistent execution of our core strategy, driving location growth, deepening our ability to serve all segments of the restaurant industry and delivering product innovation. On the product front, last month, we hosted Spark, our annual innovation event, where we announced the new product updates to help restaurants grow and expand their business and overcome key challenges.

Toast 實現了強勁的第三季度業績，實現了持續有效的時間增長並提高了盈利能力。除了超出我們的收入和 EBITDA 預期外，我們的年化 GPV 首次超過 1000 億美元。這些結果證明了我們始終如一地執行核心戰略、推動位置增長、加深我們為餐飲業所有領域提供服務和提供產品創新的能力。在產品方面，上個月，我們舉辦了年度創新活動 Spark，我們在會上宣布了新產品更新，以幫助餐廳發展和擴大業務並克服關鍵挑戰。

A key highlight is Toast invoicing, a new product to help restaurants seamlessly manage catering and wholesale orders alongside their in-store take out and delivery businesses. a great example of our continued product innovation and how we're leveraging new products to better serve different restaurant types.

一個關鍵亮點是 Toast 發票，這是一種新產品，可幫助餐廳無縫管理餐飲和批發訂單以及店內外賣和送貨業務。這是我們持續產品創新以及我們如何利用新產品更好地服務於不同類型餐廳的一個很好的例子。

While the fundamentals in our business remain strong, we continue to closely monitor the uncertain macroeconomic environment that both we and our customers are operating in.

儘管我們業務的基本面依然強勁，但我們將繼續密切關注我們和我們的客戶所處的不確定的宏觀經濟環境。

Toast customers continue to see solid consumer demand, and the restaurant industry remains healthy. We're focused on partnering with both new and existing customers to ensure they are able to adapt and thrive in this dynamic environment. In addition, we are equally prepared to adapt our business to any macro changes in the restaurant industry.

吐司客戶繼續看到強勁的消費需求，餐飲業保持健康。我們專注於與新老客戶合作，以確保他們能夠適應這種動態環境並茁壯成長。此外，我們同樣準備好使我們的業務適應餐飲業的任何宏觀變化。

In the third quarter, we grew revenue 55% year-over-year to $752 million, and ARR was up 60% to $868 million. GPV remains healthy, increasing 53% year-over-year in Q3.

第三季度，我們的收入同比增長 55% 至 7.52 億美元，ARR 增長 60% 至 8.68 億美元。 GPV 保持健康，第三季度同比增長 53%。

We also continue to drive strong location growth, adding approximately 5,500 net new locations and ending the quarter with approximately 74,000 total locations, sustaining over 40% growth in total locations even as our scale grows is indicative of our powerful go-to-market strategy and industry-leading platform.

我們還繼續推動強勁的位置增長，增加了大約 5,500 個淨新位置，並在本季度末共有大約 74,000 個位置，即使我們的規模增長，總位置也保持超過 40% 的增長，這表明我們強大的進入市場戰略和行業領先的平台。

As a result of this consistent execution, we are raising our full year revenue guidance by 3% at the midpoint of the range which implies 59% year-over-year growth. We're also increasing our adjusted EBITDA guidance by nearly $30 million at the midpoint.

由於這種一致的執行，我們將全年收入指導提高了 3%，在該範圍的中點，這意味著同比增長 59%。在中點，我們還將調整後的 EBITDA 指引增加了近 3000 萬美元。

The continued margin improvement in Q3 is further evidence of our focus on cost discipline and efficiency efforts and our progress towards profitability. We remain committed to balancing investments in our most important areas to go after the massive market opportunity in front of us with disciplined cost management and healthy unit economics to sustain that efficient growth as we scale.

第三季度利潤率的持續提高進一步證明了我們對成本紀律和效率工作的關注以及我們在盈利方面取得的進展。我們仍然致力於平衡對我們最重要領域的投資，以通過嚴格的成本管理和健康的單位經濟來追求我們面前的巨大市場機會，以在我們擴大規模時維持有效的增長。

Our ability to scale our proven go-to-market strategy gives us confidence that our unit economics will continue to improve over time. We've discussed the flywheel effect that drives increasing referrals and inbounds as we increase penetration in a local market. That results in higher and more efficient productivity. That higher productivity leads to more ARR and better profit contribution as these markets scale.

我們擴展成熟的上市戰略的能力使我們相信，隨著時間的推移，我們的單位經濟將繼續改善。我們已經討論了隨著我們增加在當地市場的滲透率而推動增加推薦和入境的飛輪效應。這導致更高和更有效的生產力。隨著這些市場的擴大，更高的生產力會帶來更多的 ARR 和更好的利潤貢獻。

Over the past year, the percentage of total SMB restaurant locations in markets to have over 20% penetration has increased by more than 5x, and we continue to gain share in these markets, proof that we still have significant room to keep increasing share even in our more established markets. A large majority of our markets are still below that 20% penetration, and we're investing to replicate that flywheel effect in more markets. When you combine the significant untapped SMB opportunity with our nascent share in the enterprise and international segments, we still have a long runway of growth ahead, and we're well positioned to capitalize on the digital transformation in the restaurant industry.

在過去的一年裡，滲透率超過 20% 的 SMB 餐廳總數的百分比增加了 5 倍以上，而且我們繼續在這些市場中獲得份額，這證明即使在我們更成熟的市場。我們的大部分市場仍低於 20% 的滲透率，我們正在投資以在更多市場複製這種飛輪效應。當您將尚未開發的重要中小企業機會與我們在企業和國際領域的新生份額相結合時，我們仍有很長的增長道路，我們已做好充分準備利用餐飲業的數字化轉型。

Demand for Toast across the full spectrum of the restaurant types remains strong, and our new customers continue to take advantage of more products across our platform to operate more efficiently and grow their business. I'll highlight a few examples from the past quarter.

各種餐廳類型對 Toast 的需求依然強勁，我們的新客戶繼續利用我們平台上的更多產品來提高運營效率並發展業務。我將重點介紹上個季度的幾個例子。

Antoine's, one of New Orleans storied French Quarter restaurants selected Toast as its technology partner, known for its classic fine dining experience Antoine's wanted a new partner who could modernize its back of house while also preserving its special front-of-house experience.

Antoine's 是新奧爾良著名的法國區餐廳之一，它選擇 Toast 作為其技術合作夥伴，該合作夥伴以其經典的精緻用餐體驗而聞名 Antoine's 想要一個新的合作夥伴，該合作夥伴可以在保持其特殊的前廳體驗的同時使其後部現代化。

In addition to our robust all-in-one platform, Antoine was attracted to our payroll and Toast's manager solution to help eliminate the inefficiency of making multiple back-office trips each night to aggregate tips with their legacy POS. They're also using 13 of Toast's kitchen display systems in their spans kitchen, along with several of our guest modules.

除了我們強大的多合一平台之外，Antoine 還被我們的工資單和 Toast 的經理解決方案所吸引，以幫助消除每晚進行多次後台旅行以使用其傳統 POS 匯總小費的低效率。他們還在他們的跨度廚房中使用了 13 個 Toast 的廚房顯示系統，以及我們的幾個客人模塊。

Antoine came to us via a strong referral from another New Orleans Toast customer. A great example of the relationships our local go-to-market team builds and how that flywheel effect works as we gain traction in these local markets.

Antoine 是通過另一位 New Orleans Toast 客戶的強烈推薦來找我們的。一個很好的例子，說明了我們當地的市場營銷團隊建立的關係，以及當我們在這些當地市場獲得牽引力時飛輪效應如何發揮作用。

Walk On's is excited to leverage Toast across its growing footprint of nearly 100 existing and planned locations across the South and Midwest, co-owned by NFL star Drew Brees and named the #1 Best Sports Bar in America by ESPN and the #1 sports bar franchise 2 years running by entrepreneur Walk On's has started to Toast's at some of their locations. Seem to enhance their technology, Walk On's is adopting our POS for its ease of use, our Toast Go handhelds to help navigate seas of sports fans and our API integrations to provide superior service through all of our ordering channels.

Walk On's 很高興能在其在南部和中西部近 100 個現有和計劃中的地點不斷增長的足跡中利用 Toast，這些地點由 NFL 明星 Drew Brees 共同擁有，並被 ESPN 評為美國排名第一的最佳體育酒吧和排名第一的體育酒吧由企業家 Walk On's 經營了 2 年的特許經營權已經開始在他們的一些地點敬酒。似乎要增強他們的技術，Walk On's 正在採用我們的 POS，因為它易於使用，我們的 Toast Go 手持設備幫助在體育迷的海洋中導航，我們的 API 集成通過我們所有的訂購渠道提供卓越的服務。

Taco Maya is a fast casual QSR with 6 existing and 4 planned locations throughout Chicago and Illinois. Taco Maya will be implementing 10 Toast's module assets footprint, including xtraCHEF for better visibility into costs, multi-location management for easier menu updating and online ordering and Mobile Order & Pay among others, to provide an efficient, seamless customer experience.

Taco Maya 是一個快速休閒的 QSR，在芝加哥和伊利諾伊州擁有 6 個現有和 4 個計劃中的位置。 Taco Maya 將實施 10 Toast 的模塊資產足跡，包括用於更好地了解成本的 xtraCHEF、用於更輕鬆地更新菜單和在線訂購的多地點管理以及移動訂購和支付等，以提供高效、無縫的客戶體驗。

Every location also includes a patio, which Taco Maya will equip servers with our Toast Go handhelds to service. It's a great use case for our Toast Gos, which have proven to benefit staff productivity. Taco Maya is just one example of the momentum we're building in the QSR segment. Earlier this year, we announced Toast for QSR. And in Q3, QSRs represented nearly half of our bookings, its highest level in recent years.

每個位置還包括一個露台，Taco Maya 將為服務器配備我們的 Toast Go 手持設備以進行服務。對於我們的 Toast Gos 來說，這是一個很好的用例，事實證明它可以提高員工的工作效率。 Taco Maya 只是我們在 QSR 領域建立的勢頭的一個例子。今年早些時候，我們發布了用於 QSR 的 Toast。在第三季度，QSR 占我們預訂量的近一半，是近年來的最高水平。

One important benefit of our vertical focus on the restaurant industry is the ability to leverage the Toast platform to develop offerings tailored to the needs of specific restaurant types, enabling us to deepen our penetration across restaurant segments.

我們對餐飲業的垂直關注的一個重要好處是能夠利用 Toast 平台開發適合特定餐廳類型需求的產品，從而使我們能夠加深對餐廳細分市場的滲透。

With restaurants operating in an increasingly dynamic environment, it's critical that we constantly speak to and stay connected with our customers. We recently conducted our annual Voice of the Restaurant Industry Survey to gain insights into the major challenges facing restaurants and how tech can help them thrive. Similar to themes we've seen this year, labor shortages and inflation are the challenges facing our customers. 1 in 3 restaurants said they've had a difficult time hiring in 2022 and almost 40% started tracking the prices of key ingredients. The survey also highlighted employee scheduling as one of our customers' biggest technology pain points, reinforcing the importance of adding Sling to our team management product suite.

隨著餐廳在日益動態的環境中運營，我們不斷與客戶交流並與客戶保持聯繫至關重要。我們最近進行了年度餐飲業之聲調查，以深入了解餐廳面臨的主要挑戰以及技術如何幫助他們蓬勃發展。與我們今年看到的主題類似，勞動力短缺和通貨膨脹是我們客戶面臨的挑戰。三分之一的餐廳表示，他們在 2022 年招聘時遇到了困難，近 40% 的餐廳開始跟踪關鍵食材的價格。該調查還強調了員工排班是我們客戶最大的技術痛點之一，強調了將 Sling 添加到我們的團隊管理產品套件中的重要性。

In addition, our customers are also diversifying their businesses to meet the evolving needs of guests and to develop new revenue streams. On average, restaurant surveyed employed 7 different service models such as on-premise, takeout, delivery, catering, wholesale, curbside and drive-thru. Our recent product innovations highlight how Toast is uniquely positioned to help restaurants navigate these challenges and take advantage of new opportunities to transform and grow.

此外，我們的客戶也在多元化他們的業務，以滿足客人不斷變化的需求並開發新的收入來源。平均而言，接受調查的餐廳採用了 7 種不同的服務模式，例如店內、外賣、外賣、餐飲、批發、路邊和得來速。我們最近的產品創新突出了 Toast 如何獨特地幫助餐廳應對這些挑戰並利用新的機會進行轉型和發展。

At Spark, we announced Toast invoicing, which enables restaurants to efficiently manage wholesale and catering orders along with their core restaurant business in 1 integrated system.

在 Spark，我們發布了 Toast 發票，它使餐廳能夠在 1 個集成系統中有效地管理批發和餐飲訂單以及他們的核心餐廳業務。

Our customers can save time on managing paperwork and multiple systems while getting paid faster and seamlessly capitalizing on the opportunity to grow their business with more service models.

我們的客戶可以節省管理文書工作和多個系統的時間，同時更快地獲得報酬，並利用更多服務模式發展業務的機會。

Toast invoicing showcases our ability to deeply serve hybrid locations and provide a seamless billing and payment solution for both B2B and B2C. We estimate over 70% of restaurants already offer catering in addition to their on-premise business, and catering is one of the top 3 focus areas for restaurant owners and operators as we head into 2023.

Toast 發票展示了我們深入服務混合地點並為 B2B 和 B2C 提供無縫計費和支付解決方案的能力。我們估計，超過 70% 的餐廳已經在其內部業務之外提供餐飲服務，而在我們進入 2023 年時，餐飲服務是餐廳業主和經營者的三大重點領域之一。

A great example of how customers are leveraging our new invoicing offering is founders table, which operates 2 QSR Dos Toros Taqueria and Chopt Creative Salad and is a great strategic partner of ours. They went live with invoicing in June at 19 of their Dos Toros locations in order to streamline their operations and payments for catering into 1 platform after previously using a separate point solution.

客戶如何利用我們新的發票產品的一個很好的例子是創始人表，它經營 2 QSR Dos Toros Taqueria 和 Copt Creative Salad，是我們的重要戰略合作夥伴。他們於 6 月在 Dos Toros 的 19 個地點啟用了發票，以便在之前使用單獨的積分解決方案後，將他們的運營和餐飲支付簡化到一個平台中。

In addition to the efficiency of managing this through a single integrated platform over the past 3 months, Dos Toros monthly invoice and usage with Toast's more than doubled. And in September alone, invoicing drove a 17% uplift in their payments volume on Toast.

除了過去 3 個月通過單一集成平台進行管理的效率外，Dos Toros 的月度發票和 Toast 的使用量增加了一倍多。僅在 9 月，發票就推動了他們在 Toast 上的支付量增加了 17%。

At Spark, we also featured our xtraCHEF Price Tracker. As I mentioned earlier, this is a major pain point for restaurants due to the inflationary environment. Our customers can access the price tracker directly from our newly designed xtraCHEF dashboard to stay on top of fluctuating ingredient prices and costs. Restaurants like Plaza Pizza are watching price fluctuations week-to-week and in response to these insights have engaged in negotiations with food distributors. Plaza Pizza was able to successfully reduce food costs by nearly 10%. Other customers are monitoring key price changes to make strategic decisions about their menus, their recipes and pricing.

在 Spark，我們還推出了 xtraCHEF 價格跟踪器。正如我之前提到的，由於通脹環境，這是餐館的主要痛點。我們的客戶可以直接從我們新設計的 xtraCHEF 儀表板訪問價格跟踪器，以掌握不斷波動的原料價格和成本。 Plaza Pizza 等餐廳每週都在關注價格波動，並根據這些見解與食品經銷商進行談判。 Plaza Pizza 成功地將食品成本降低了近 10%。其他客戶正在監控關鍵的價格變化，以便對他們的菜單、食譜和定價做出戰略決策。

Our ability to help customers navigate this important issue is evident in how quickly the attach rate for xtraCHEF has ramped. After only adding it to our sales motion in Q1 this year, the percentage of locations that went live in Q3 using xtraCHEF is already in the mid-teens, and we continue to see a significant opportunity to reach customers and further develop our product suite to help restaurants manage their suppliers.

我們幫助客戶解決這個重要問題的能力體現在 xtraCHEF 的附加率增長速度有多快。在今年第一季度僅將其添加到我們的銷售活動中之後，使用 xtraCHEF 在第三季度上線的地點的百分比已經在十幾歲左右，我們繼續看到一個重要的機會來接觸客戶並進一步開發我們的產品套件以幫助餐廳管理他們的供應商。

Finally, I'd like to highlight Toast Capital, where our data on restaurant performance enables us to help offer restaurants seamless, low friction access to capital. The majority of applicants received an approval decision in 1 business day, and on average, funds are dispersed to customers just 2 days after signing their loan agreement. That differentiated customer experience is evident in customer retention.

最後，我想強調一下 Toast Capital，我們的餐廳業績數據使我們能夠幫助餐廳為餐廳提供無縫、低摩擦的融資渠道。大多數申請人在 1 個工作日內收到批准決定，平均而言，在簽署貸款協議後僅 2 天，資金就會分配給客戶。這種差異化的客戶體驗在客戶保留方面很明顯。

Among the 2021 customer cohort, over 70% have taken a second loan and in some cases, multiple additional loans. In Q3, we exceeded our offering, adding a 360-day loan with larger available loan sizes to give customers more choice and meet a wider range of use cases.

在 2021 年的客戶群中，超過 70% 的人獲得了第二筆貸款，在某些情況下，還獲得了多筆額外貸款。在第三季度，我們超出了我們的產品範圍，增加了 360 天貸款和更大的可用貸款規模，為客戶提供更多選擇並滿足更廣泛的用例。

The strong customer value proposition of Toast Capital and the different offerings we've added over the past year continue to drive healthy growth with SMB businesses underserved by the banking community in an estimated 2/3 of all SMB businesses having financial needs each year. We have a clear opportunity to leverage our expanding portfolio of banking products to both add significant value for our customers and drive strong growth going forward.

Toast Capital 強大的客戶價值主張和我們在過去一年中增加的不同產品繼續推動健康增長，銀行業服務不足的中小企業每年估計有 2/3 的中小企業有金融需求。我們有明確的機會利用我們不斷擴大的銀行產品組合為我們的客戶增加重要價值並推動未來強勁增長。

In summary, Toast delivered strong execution and continued momentum in Q3, balancing targeted investments to drive product innovation with focus on healthy unit economics and disciplined cost management.

總而言之，Toast 在第三季度實現了強勁的執行力和持續的發展勢頭，平衡了目標投資以推動產品創新，同時關注健康的單位經濟和嚴格的成本管理。

Amid uncertain times, we are more committed than ever to our mission to empower the restaurant community, to delight guests, do what they love and thrive. We believe that serving as the restaurant industry trusted technology partner and giving restaurants the tools they need to adapt and succeed will benefit our customers while helping Toast deliver durable, efficient growth for many years to come.

在不確定的時期，我們比以往任何時候都更加致力於我們的使命，即賦予餐廳社區權力、取悅客人、做他們喜歡做的事並茁壯成長。我們相信，作為餐飲業值得信賴的技術合作夥伴，並為餐廳提供適應和成功所需的工具，將使我們的客戶受益，同時幫助 Toast 在未來多年實現持久、高效的增長。

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. Before jumping into the results, I want to thank the entire Toast team for another great quarter, the sustained execution and momentum we've built in the year since our IPO, thanks to the hard work and dedication of our great team.

謝謝，克里斯，謝謝大家的加入。在進入結果之前，我要感謝整個 Toast 團隊又一個偉大的季度，感謝我們偉大團隊的辛勤工作和奉獻精神，我們在首次公開募股後的一年中建立了持續的執行力和動力。

That execution contributed to another strong quarter with revenue and adjusted EBITDA both coming in above the high end of our guidance in Q3.

該執行促成了另一個強勁的季度，收入和調整後的 EBITDA 均高於我們第三季度指導的高端。

Our integrated software and payments model together with a differentiated go-to-market approach is built to scale efficiently. And our balanced top line growth and improved profitability is early evidence of that.

我們的集成軟件和支付模式以及差異化的上市方法旨在有效擴展。我們平衡的收入增長和盈利能力的提高就是這方面的早期證據。

We're still less than 2% of the $55 billion US market and have a huge opportunity ahead as we lead the restaurant industry's digital transition. We're confident that continuing to invest in innovation scale, our integrated business model will enable us to sustain both strong growth and margin improvement.

在 550 億美元的美國市場中，我們仍然不到 2%，在引領餐飲業數字化轉型的過程中，我們擁有巨大的機遇。我們有信心繼續投資於創新規模，我們的綜合業務模式將使我們能夠保持強勁的增長和利潤率的提高。

In Q3, we added approximately 5,500 net new locations, increasing the number of total live location on our platform to approximately 74, 000. The growth is broad based with a healthy balance of existing restaurants switching over to Toast, existing customers expanding their footprint and new restaurants partnering with those.

在第三季度，我們新增了大約 5,500 個新地點，使我們平台上的總直播地點數量增加到約 74,000 個。增長的基礎是廣泛的，現有餐廳切換到 Toast、現有客戶擴大其足跡和與這些合作的新餐廳。

As evidenced by the examples Chris just shared, we're gaining traction across different types and segments of restaurants, thanks to the breadth of our industry-leading platform and the ability to deeply serve the entire industry. We expect to sustain our momentum in Q4 with net location adds in a similar range as Q3.

正如 Chris 剛剛分享的示例所證明的那樣，由於我們行業領先的平台的廣度和深入服務整個行業的能力，我們在不同類型和細分的餐廳中獲得了牽引力。我們預計第四季度將保持我們的勢頭，淨位置增加的範圍與第三季度相似。

Turning to our financial results. ARR, which is our core operational metric ended Q3 at $868 million, up 60% year-over-year. Total revenue grew 55% year-over-year to $752 million.

轉向我們的財務業績。 ARR 是我們的核心運營指標，截至第三季度末為 8.68 億美元，同比增長 60%。總收入同比增長 55% 至 7.52 億美元。

Looking at what we operationally view as recurring revenue, subscription revenue and fintech gross profit totaled $224 million, up 82% year-over-year driven by our continued location growth and healthy ARPU increases across both SaaS and fintech solutions.

看看我們在運營上認為的經常性收入、訂閱收入和金融科技毛利潤總計 2.24 億美元，在我們持續的位置增長和 SaaS 和金融科技解決方案的 ARPU 健康增長的推動下，同比增長 82%。

Subscription services revenue increased 96% year-over-year in the third quarter, benefiting from our sustained location growth and increased product adoption. Total shop ARPU grew more than 20% year-over-year, driven by both new and existing customers.

第三季度訂閱服務收入同比增長 96%，這得益於我們持續的位置增長和產品採用率的提高。在新老客戶的推動下，店鋪總 ARPU 同比增長超過 20%。

As we've discussed, new customers are joining the platform at higher ARPU than in prior years as they leverage the expanding breadth of our platform.

正如我們所討論的，新客戶以比往年更高的 ARPU 加入該平台，因為他們利用了我們平台不斷擴大的廣度。

Chris alluded to the increasing attach rate of nascent products like xtraCHEF, that's just one example of how our sales team is attaching more products at booking contributing to higher SaaS ARPU for our more recent customer cohorts.

Chris 提到 xtraCHEF 等新生產品的附加率不斷提高，這只是我們的銷售團隊如何在預訂時附加更多產品的一個例子，從而為我們最近的客戶群貢獻了更高的 SaaS ARPU。

Existing customers are leveraging upsell channels to add more products. The ARPU for each of our pre-2022 annual customer cohorts is growing at double-digit rates, and we're still only scratching the surface on the potential for upsell.

現有客戶正在利用追加銷售渠道來添加更多產品。我們每個 2022 年前的年度客戶群體的 ARPU 都以兩位數的速度增長，而我們仍然只是觸及追加銷售潛力的皮毛。

New products like payroll and xtraCHEF are still early on their growth and have much higher penetration with new customers than older cohorts. Plus, we have an exciting pipeline of new products for our customers to benefit from. As we continue to develop our upsell team and refine our sales motion, we believe we can continue to increase SaaS ARPU across our annual customer cohort.

payroll 和 xtraCHEF 等新產品仍處於早期增長階段，並且與舊同類產品相比，對新客戶的滲透率要高得多。此外，我們還有一系列令人興奮的新產品可供客戶受益。隨著我們繼續發展我們的追加銷售團隊並完善我們的銷售行動，我們相信我們可以繼續在我們的年度客戶群中增加 SaaS ARPU。

On the fintech solutions side, revenue grew 55% to $628 million, and gross profit was up 74% year-over-year to $134 million in the quarter.

在金融科技解決方案方面，本季度收入增長 55% 至 6.28 億美元，毛利潤同比增長 74% 至 1.34 億美元。

GPV growth remains healthy and increased 53% to $25 billion in Q3. Average annualized GPV per processing location of $1.4 million was roughly flat with Q2 and up 8% year-over-year. The growth in GPV per processing location is a result of higher average ticket and the continued rebound in customer transactions, which remains slightly below 2019 levels in Q3.

GPV 增長保持健康，第三季度增長 53% 至 250 億美元。每個處理地點的平均年化 GPV 為 140 萬美元，與第二季度大致持平，同比增長 8%。每個處理地點的 GPV 增長是由於平均票證增加和客戶交易量持續反彈，第三季度仍略低於 2019 年的水平。

In addition to healthy payments volume, we're also benefiting from our growing portfolio of fintech products and services led by Toast Capital. Those products drove $17 million of gross profit in Q3. Toast Capital offers a strong value proposition, and we have a great opportunity to further penetrate the significant restaurant lending, marketing opportunity as we expand the offering.

除了健康的支付量外，我們還受益於由 Toast Capital 領導的不斷增長的金融科技產品和服務組合。這些產品在第三季度推動了 1700 萬美元的毛利潤。 Toast Capital 提供了強大的價值主張，隨著我們擴大產品範圍，我們有很好的機會進一步滲透重要的餐廳貸款和營銷機會。

In addition to Toast Capital, our portfolio of non-POS fintech products with nascent offerings like PayCard and payout and other products currently in development highlight the strategic benefit of our fintech capabilities and the opportunity to build products that add value for our customers while differentiating our offering and driving additional monetization.

除了 Toast Capital，我們的非 POS 金融科技產品組合以及 PayCard 和支付等新興產品以及目前正在開發的其他產品突出了我們金融科技能力的戰略優勢，以及構建為我們的客戶增加價值的產品同時使我們與眾不同的機會提供和推動額外的貨幣化。

The combined -- the combination of continued optimization efforts from our payments platform investments, coupled with the growth in other fintech products resulted in a net take rate increasing to 53 basis points.

結合——我們的支付平台投資的持續優化工作，加上其他金融科技產品的增長，淨吸收率增加到 53 個基點。

As a reminder, GPV per processing location is typically higher during peak season in the second and third quarters each year. We expect GPV per processing location to seasonally decline quarter-over-quarter in Q4 and in Q1 each year.

提醒一下，在每年第二和第三季度的旺季，每個處理地點的 GPV 通常會更高。我們預計每個處理地點的 GPV 將在每年的第四季度和第一季度季度環比下降。

Total gross profit of 8% year-over-year and 31% quarter-over-quarter to $164 million, resulting in gross margin of 21.8%. We delivered gross margin improvement in each of our reporting lines leading to over 300 basis point gross margin improvement compared to Q2.

總毛利潤同比增長 8%，環比增長 31%，達到 1.64 億美元，毛利率為 21.8%。與第二季度相比，我們的每條報告線都實現了毛利率改善，導致毛利率提高了 300 多個基點。

Turning to customer acquisition costs. Hardware margins improved quarter-over-quarter due to lower shipping costs. Hardware Harbor revenue decreased year-over-year, mainly due to tough seasonal comp and accounting guidelines that require allocation of revenue across bundled products.

轉向客戶獲取成本。由於運輸成本降低，硬件利潤率環比提高。 Hardware Harbor 收入同比下降，主要是由於嚴格的季節性補償和會計準則要求在捆綁產品之間分配收入。

We've seen upsell to existing customers revert to a typical seasonal pattern with Q2 benefiting from more hardware sales to existing customers in preparation for the outdoor season followed by a drop off in Q3. Last year with in-person dining still recovering after COVID, hardware upsell sales in Q3 were stronger than usual.

我們已經看到對現有客戶的追加銷售恢復到典型的季節性模式，第二季度受益於對現有客戶的更多硬件銷售，為戶外季節做準備，隨後第三季度出現下降。去年，在 COVID 之後，當面用餐仍在復蘇，第三季度的硬件追加銷售比往常強勁。

On operating expenses, we continue to take a balanced approach to position for sustained top line momentum as we lead the digitization of the restaurant industry while putting in place a lean, flexible cost structure. Our hiring is focused on key investment areas with the strongest ROI potential, and we're rigorously prioritizing those opportunities as we tightly manage expense growth. At the same time, we're closely monitoring the dynamic macro backdrop and maintaining the flexibility in our cost structure to adapt to the changing environment.

在運營費用方面，我們繼續採取平衡的方式來保持持續的收入增長勢頭，因為我們引領餐飲業的數字化，同時建立了精益、靈活的成本結構。我們的招聘專注於具有最強 ROI 潛力的關鍵投資領域，並且在嚴格管理費用增長的同時，我們嚴格優先考慮這些機會。同時，我們密切關注動態宏觀背景，並保持成本結構的靈活性以適應不斷變化的環境。

Moving to our other customer acquisition costs. Sales and marketing expense growth [slowed] to 54% year-over-year and further decline as a percentage of recurring revenue in Q3. Our go-to-market engine is well positioned to scale efficiently. As we drive sustained share gains and build flywheel effect an increasing number of markets, we expect rep productivity to increase, driving deeper market penetration and improving unit economics.

轉移到我們的其他客戶獲取成本。銷售和營銷費用同比增長 [放緩] 至 54%，並且在第三季度佔經常性收入的百分比進一步下降。我們的上市引擎已做好有效擴展的準備。隨著我們推動持續的份額增長並在越來越多的市場建立飛輪效應，我們預計銷售代表的生產力將會提高，從而推動更深入的市場滲透並提高單位經濟性。

The recent Spark event and release of our Toast's invoicing products, the latest example of how our investments in research and development are driving innovation to help our customers grow their business and improve their bottom line. We believe our balanced investments across core products, emerging growth products and our pipeline of new products will continue -- contribute to continued ARPU and location growth.

最近的 Spark 活動和我們 Toast 發票產品的發布，這是我們在研發方面的投資如何推動創新以幫助我們的客戶發展業務和提高利潤的最新例子。我們相信我們在核心產品、新興增長產品和我們的新產品管道上的平衡投資將繼續——有助於持續的 ARPU 和位置增長。

General and admirative expenses were 25% of recurring revenue. Our G&A expenses include bad debt and credit-related expenses, which were approximately $13 million in Q3. Excluding bad debt and credit-related expenses, G&A grew 66% year-over-year as we continue to absorb public company costs.

一般費用和促銷費用佔經常性收入的 25%。我們的 G&A 費用包括壞賬和信用相關費用，第三季度約為 1300 萬美元。由於我們繼續吸收上市公司成本，不計壞賬和信貸相關費用，G&A 同比增長 66%。

With our emphasis on disciplined cost management, we expect growth in the core G&A expenses to moderate in Q4 and anticipate operating leverage on G&A going forward.

由於我們強調嚴格的成本管理，我們預計核心 G&A 費用的增長將在第四季度放緩，並預計未來 G&A 的運營槓桿作用。

Bad debt and credit-related expenses include bad debt on outstanding receivables as well as liabilities related to Toast Capital and other fintech offerings.

壞賬和信用相關費用包括未償應收賬款的壞賬以及與 Toast Capital 和其他金融科技產品相關的負債。

Our data advantage allows us to closely monitor the health of the restaurant and its repayment ability to maintain low default rates and manage our risk. And while we expect bad debt and credit expenses related to capital to grow as we expand the program, the overall operating margin is healthy and accretive to the business.

我們的數據優勢使我們能夠密切監控餐廳的健康狀況及其還款能力，以保持低違約率並管理我們的風險。雖然我們預計隨著我們擴大計劃，與資本相關的壞賬和信貸費用會增加，但整體營業利潤率是健康的，並且對業務有增長。

Total Q3 adjusted EBITDA was negative $19 million. Our negative 2.6% margin was a 230 basis points improvement quarter-over-quarter.

第三季度調整後的 EBITDA 總額為負 1900 萬美元。我們負 2.6% 的利潤率環比提高了 230 個基點。

Q3 is a great example of our ability to drive healthy top line growth, continue to invest in key areas that will help sustain growth while operating efficiently to improve profitability. We remain focused on optimizing our cost base and rigorously prioritize investments in order to sustain this trajectory going forward.

第三季度是我們推動健康收入增長能力的一個很好的例子，繼續投資於有助於維持增長的關鍵領域，同時有效地運營以提高盈利能力。我們仍然專注於優化我們的成本基礎，並嚴格優先考慮投資，以維持這一發展軌跡。

Now turning to guidance. For the fourth quarter, we expect revenue to be in the range of $730 million to $760 million, which represents 46% year-over-year growth at the midpoint, with adjusted EBITDA expected to be in the range of negative $30 million to negative $20 million.

現在轉向指導。對於第四季度，我們預計收入將在 7.3 億美元至 7.6 億美元之間，中點同比增長 46%，調整後 EBITDA 預計在負 3000 萬美元至負 20 美元之間百萬。

We continue to see healthy GPV trends into Q4 and our guidance reflects a seasonal decline in GPV per location similar to our typical historical trend. Based on strong Q3 performance and Q4 guidance, our full year 2022 revenue expectations are higher at the midpoint. We now expect full year revenue to be in the range of $2.69 billion to $2.72 billion, a 59% year-over-year increase at the midpoint.

我們繼續看到第四季度的健康 GPV 趨勢，我們的指導反映了每個地點的 GPV 季節性下降，類似於我們典型的歷史趨勢。基於強勁的第三季度業績和第四季度指引，我們的 2022 年全年收入預期在中點較高。我們現在預計全年收入將在 26.9 億美元至 27.2 億美元之間，中點同比增長 59%。

Our updated full year adjusted EBITDA guidance range is negative $127 million to negative $117 million, a nearly $30 million improvement at the midpoint from our last guidance. This implies an adjusted EBITDA margin of negative 4.5% for the year at the midpoint. Our focus on efficiency and disciplined cost management this year has enabled us to both meaningfully improve margins the last few quarters and invest in key areas that we believe will contribute to durable efficient growth. We intend to maintain this balanced approach going forward, investing in areas of product innovation as we go after the big market opportunity in front of us while driving operating leverage.

我們更新的全年調整後 EBITDA 指導範圍為負 1.27 億美元至負 1.17 億美元，比我們上次指導的中點提高了近 3000 萬美元。這意味著本年度調整後的 EBITDA 利潤率為負 4.5%。今年我們對效率和嚴格成本管理的關注使我們能夠在過去幾個季度顯著提高利潤率，並投資於我們認為將有助於持久有效增長的關鍵領域。我們打算在未來保持這種平衡的方式，在產品創新領域進行投資，因為我們抓住擺在我們面前的巨大市場機會，同時提高經營槓桿。

The progress we've made to adopt our cost structure this year, along with our continued focus on efficient growth puts us on a trajectory to deliver a quarterly adjusted EBITDA profit by the end of 2023. This assumes the current macro environment remains relatively consistent. We're closely monitoring the key indicators. And if there were a meaningful change to the macro environment that impacts the restaurant industry, we would reassess that timing, but we have a proven ability to navigate changing market conditions and with the improvements in our cost structure, we're prepared to quickly adapt our business to any changes.

我們今年在採用成本結構方面取得的進展，以及我們對有效增長的持續關注，使我們有望在 2023 年底前實現季度調整後的 EBITDA 利潤。這是假設當前宏觀環境保持相對一致的情況下。我們正在密切關注關鍵指標。如果影響餐飲業的宏觀環境發生有意義的變化，我們會重新評估時機，但我們有能力駕馭不斷變化的市場條件，並且隨著成本結構的改善，我們準備快速適應我們的業務有任何變化。

In closing, we had a great third quarter, posting strong financial results on building on our operating momentum. I want to reiterate my thanks to our team for their focused execution. In the face of this dynamic operating environment, restaurants need a trusted technology partner more than ever to help them drive efficiency, offer differentiated guest experiences and enable new service models. Our relentless focus on being that partner to the restaurant industry and solving their biggest pain points is driving the strong growth in our business. And with investments to further strengthen our industry-leading platform, put toss in a great position to lead the digital transition for the restaurant industry.

最後，我們在第三季度取得了出色的成績，在我們的經營勢頭的基礎上發布了強勁的財務業績。我想再次感謝我們團隊的專注執行。面對這種動態的運營環境，餐廳比以往任何時候都更需要值得信賴的技術合作夥伴來幫助他們提高效率、提供差異化的客戶體驗並啟用新的服務模式。我們不懈地致力於成為餐飲業的合作夥伴並解決他們最大的痛點，這正在推動我們業務的強勁增長。並通過投資進一步加強我們行業領先的平台，使折騰處於領先地位，引領餐飲業的數字化轉型。

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

現在我將把電話轉回給接線員開始我們的問答。

(Operator Instructions) Your first question comes from the line of Tien-Tisn Huang JPMorgan.

（操作員說明）您的第一個問題來自Tien-Tisn Huang JPMorgan。

Great. Great results here. I wanted to ask, I like Slide 18, if you don't mind, going to that. was helpful to see. I'm curious how hard or how big a focus is it to narrow this ARPU gap between the the '21 cohort and the pre-'21 class, it looks like. What are some of the big products you need to do it with? And I think it sounds like the product upsell team will be tasked to do that. Any detail there would be great.

偉大的。在這裡取得了很好的成績。我想問一下，我喜歡幻燈片 18，如果你不介意，就去那個。看到很有幫助。我很好奇縮小 '21 隊列和 21 之前的班級之間的 ARPU 差距有多難或有多大的重點，看起來。您需要使用哪些大型產品？而且我認為聽起來產品追加銷售團隊將負責這樣做。那裡的任何細節都會很棒。

Thanks for the question. This is Aman. Look, I think one of the things we're really proud of is just a great performance by our go-to-market team in Q3. You're seeing not only that with new customers are booking, they're booking at a higher ARPU. And you're also seeing that core of customers over time, as you saw on Slide 18, are expanding ARPU over time. And it's really across the board, right? We've got, on the upsell team, our growth as are getting more familiar with these newer products, as Elena mentioned, the attach rates of some of these products like employee cloud and xtraCHEF is lower and their high ARPU products. And then on to shop, we've got products like our guest products, even capital, as Chris talked about and also our core products in terms of just adding more hardware and software subscriptions through kiosks and such.

謝謝你的問題。這是阿曼。看，我認為我們真正引以為豪的一件事就是我們的上市團隊在第三季度的出色表現。您不僅會看到新客戶正在預訂，而且他們的 ARPU 更高。正如您在幻燈片 18 中看到的那樣，隨著時間的推移，您還會看到核心客戶正在擴大 ARPU。它真的是全面的，對吧？正如 Elena 所提到的，在追加銷售團隊中，隨著對這些新產品越來越熟悉，我們的增長有所增長，其中一些產品（如員工雲和 xtraCHEF）的附加率較低，而且它們的 ARPU 產品較高。然後去購物，我們有像我們的客戶產品這樣的產品，甚至是資本，正如克里斯所說的那樣，還有我們的核心產品，只是通過信息亭等添加更多的硬件和軟件訂閱。

And so across the board seeing really good momentum, and it's really both on new business bookings as well as an upsell as well.

因此，全面看到了非常好的勢頭，而且它確實既適用於新業務預訂，也適用於追加銷售。

Great. And just my quick follow-up, if you don't mind. Just bigger picture question around risk appetite. Going into a less certain macro, just risk appetite in general with underwriting new locations, the capital business, you talked about xtraCHEF. What do you, what signals are you watching there to dial it up or down?

偉大的。如果你不介意的話，只是我的快速跟進。只是圍繞風險偏好的大局問題。進入一個不太確定的宏觀，只是一般風險偏好與承保新地點，資本業務，你談到了 xtraCHEF。你是什麼，你在看什麼信號來向上或向下撥號？

Yes. So our just capital business, we -- first of all, we see a lot of the data with our customers, so we're well positioned to really understand their ability to pay, their sort of their payment volume and so on. So the risk is largely managed. We pay careful attention to signals, but we're not seeing anything so far in our loan portfolio that leads us to believe that default rates are out of line. In fact, they're very much in line with our expectations, Tin. So we're not seeing that risk. But of course, we're going to keep monitoring it in light of the backdrop that we're in.

是的。所以我們的資本業務，我們——首先，我們看到了我們客戶的很多數據，所以我們有能力真正了解他們的支付能力，他們的支付量等等。因此，風險在很大程度上得到了控制。我們密切關注信號，但到目前為止，我們的貸款組合中沒有看到任何讓我們相信違約率不正常的情況。事實上，它們非常符合我們的預期，Tin。所以我們沒有看到這種風險。但是，當然，我們將根據我們所處的背景繼續對其進行監控。

The next question comes from the line of DJ Hynes of Canaccord.

下一個問題來自 Canaccord 的 DJ Hynes。

Nice set of results here. Elena, maybe I'll start with you. I wanted to ask about inflationary impacts on GPV per location and how we should think about that going forward that there's kind of a mix of pros and cons, right? On the one hand, high prices are a good thing for payment volume. I presume at some point, it works against traffic. So how should we be thinking about that as we factor the data points into our model?

這裡的結果很好。埃琳娜，也許我會從你開始。我想問一下通貨膨脹對每個地點的 GPV 的影響，以及我們應該如何看待未來的利弊混合，對吧？一方面，高價格對支付量是一件好事。我想在某些時候，它會影響交通。那麼，當我們將數據點納入模型時，我們應該如何考慮呢？

Yes. No, that's a great question. So inflation is definitely a factor, and we know that in our GPV per location, and we know that we're benefiting from that. And we're also benefiting from higher transaction volumes. And I sort of commented on the fact that our ticket is being up, but also our transaction levels are close but not all the way back to 2019. So we're going to benefit a bit as that with respect to pre-COVID levels. Then the other interesting data point we look at is the cost of food. At home and the cost of food away from home, and we're seeing that the cost of food at home is growing faster than the cost of food away from home. So as diners have become more comfortable, and we're seeing that trend of consumer demand shifting to food away from home. We expect to continue to benefit from that as well.

是的。不，這是一個很好的問題。所以通貨膨脹絕對是一個因素，我們知道每個地點的 GPV，我們知道我們從中受益。我們也受益於更高的交易量。我有點評論說我們的門票正在上漲，而且我們的交易水平也很接近，但還沒有回到 2019 年。因此，相對於 COVID 之前的水平，我們將受益一點。然後我們看到的另一個有趣的數據點是食物的成本。在家和離家吃飯的成本，我們看到在家吃飯的成本增長速度快於離家吃飯的成本。因此，隨著食客變得更加舒適，我們看到消費者需求的趨勢正在轉移到遠離家鄉的食物上。我們預計也將繼續從中受益。

Yes. Interesting. Okay. And then maybe a more strategic follow-up. Just around like the importance of building out the self-serve product-led motion to the long-term margin profile of the business. And I'm just thinking like as you scale refilling the natural customer attrition do you see with kind of lower and lower cost of acquisition channels is obviously going to be important. But would love to get your thoughts a, on progress there; and b, just how important that is.

是的。有趣的。好的。然後可能是更具戰略性的後續行動。就像建立以自助服務產品為主導的運動對企業長期利潤狀況的重要性一樣。而且我只是在想，隨著您擴大自然客戶流失的規模，您是否看到越來越低的獲取渠道成本顯然很重要。但是很想得到你的想法，關於那裡的進展； b，這有多重要。

Yes. DJ, this is Chris. I think you want to put yourself in a position to support the restaurants demands whether it's a net new customer upfront, as Aman mentioned, bundling more of the platform up-front in efficient motion to win that customer.

是的。 DJ，這是克里斯。我認為您希望自己能夠支持餐廳的需求，無論它是前期的淨新客戶，正如 Aman 所提到的，以有效的方式預先捆綁更多平台以贏得該客戶。

But then over time, given existing customers the flexibility either through self-service, product-led growth or the upsell motion to have really clear accessibility to our platform and all of its modules. So we spend a lot of time looking at that customer journey for restaurant segments of all types to identify what is the right channel for which they can get exposed to the right products, and then we capitalize on those efforts. And we're seeing that those teams are becoming more and more productive over time.

但隨著時間的推移，通過自助服務、以產品為主導的增長或追加銷售動作，為現有客戶提供了靈活性，以便真正清楚地訪問我們的平台及其所有模塊。因此，我們花了很多時間研究所有類型餐廳的客戶旅程，以確定他們可以接觸到正確產品的正確渠道，然後我們利用這些努力。我們看到這些團隊隨著時間的推移變得越來越有生產力。

So that's what we look at. But then we complement that with making sure that the platform has all the needs that address the restaurant's pain points, and we continue to select and build the right products to address those pain points.

這就是我們所看到的。但隨後我們通過確保平台具有解決餐廳痛點的所有需求來補充這一點，並且我們繼續選擇和構建正確的產品來解決這些痛點。

The next question comes from Will Nance of Goldman Sachs.

下一個問題來自高盛的 Will Nance。

Nice results today. It's great to see the strength on the top line and particularly in the subscription revenues. And I guess I wanted to follow up, on I think Tien-Tsing's question on the subscription ARPUs.

今天成績不錯。很高興看到頂線的實力，尤其是訂閱收入。我想我想跟進一下，關於我認為 Tien-Tsing 關於訂閱 ARPU 的問題。

I thought Slide 18 was great as well. Wondering if you could maybe dig into the step function change in ARPUs in the 2021 cohort. I mean is that primarily a result of payroll and maybe a little bit of extra shafts? Or is there something specific you would kind of point us to that drove that step function? And then the follow-on is, what does the sales motion look like, the upsell motion for the back book to get some of these higher ARPU products kind of penetrated in the base?

我認為幻燈片 18 也很棒。想知道您是否可以深入研究 2021 年隊列中 ARPU 的階躍函數變化。我的意思是這主要是工資單的結果，也許還有一點額外的軸？或者有什麼具體的東西你會向我們指出來驅動那個階躍函數？然後接下來是，銷售動作是什麼樣的，為了讓這些高 ARPU 產品中的一些滲透到基地而進行的追加銷售動作？

Sure, I'll take that and Aman, feel free to chime in as well. So that step-function is really broad based as we started testing different bundles that resonate with our customers. We started understanding that customers are actually, our sales team is getting really good at positioning the breadth of the platform. That's really the important part. They're getting used to solution selling. And in that, they're selling all elements of the platform, whether it's the guest products, online ordering, things like that as well as hardware, so it's really the breadth of products, payroll on xtraCHEF, payroll more obviously played a role, but we still have a continued opportunity with payroll. And xtraCHEF is too early to have that big of an impact. In fact, in 2021 was really nascent. So I would -- I don't even know it shows so early in 2021. So it's really a payroll and the broad breadth of the platform versus any 1 product.

當然，我會接受，Aman 也可以隨意插話。因此，當我們開始測試與客戶產生共鳴的不同捆綁包時，該階梯函數的基礎非常廣泛。我們開始了解客戶實際上是，我們的銷售團隊非常擅長定位平台的廣度。這確實是重要的部分。他們已經習慣了解決方案銷售。在那方面，他們銷售平台的所有元素，無論是客戶產品、在線訂購，還是硬件，所以這真的是產品的廣度，xtraCHEF 上的工資單，工資單更明顯地發揮了作用，但我們仍然有繼續發薪的機會。而 xtraCHEF 產生如此大的影響還為時過早。事實上，2021 年真的是新生事物。所以我會——我什至不知道它會在 2021 年這麼早就顯示出來。所以它真的是一個工資單和平台的廣泛範圍，而不是任何一種產品。

Got it. That helpful. The take rate came in a bit ahead of where we were looking for, it sounds like there may have been some contribution from Toast Capital in there. Just wondering if you could talk through the trajectory of to capital over the last couple of quarters. It sounded like it was a little bit bigger than maybe we thought it was running. So any color you could provide on what the cadence of adoption of those capital has been over the last several quarters would be great.

知道了。那很有幫助。接受率比我們預期的要高一些，聽起來 Toast Capital 可能在那裡做出了一些貢獻。只是想知道您是否可以談論過去幾個季度的資本軌跡。聽起來它比我們想像的要大一點。因此，您可以提供任何關於過去幾個季度採用這些資本的節奏的顏色都會很棒。

Yes. No, we're really encouraged by Toast Capital, and we commented on it because we wanted to give you guys more transparency. But we launched a 360-day product in Q3 and the take rate benefited from that.

是的。不，我們真的受到 Toast Capital 的鼓舞，我們對此發表評論是因為我們想給你們更多的透明度。但我們在第三季度推出了一個 360 天的產品，並且從中受益。

Our take rate, though, is a combination of two factors. It's not just to capital, but also the improving the focus we have on improving our payment operations and infrastructure. So there's always going to be that focus. We have a whole team focused on that all the time. But in Q3, the primary -- the 2 primary drivers for both of those things, not just to use capital.

不過，我們的錄取率是兩個因素的組合。這不僅是為了資本，也是為了改善我們對改善支付業務和基礎設施的關注。所以總會有這樣的焦點。我們的整個團隊一直都在關注這一點。但在第三季度，主要 - 這兩件事的兩個主要驅動因素，而不僅僅是使用資本。

The next question comes from Mayank Tandon of of Needham.

下一個問題來自 Needham 的 Mayank Tandon。

Congrats on the quarter. Aman, you commented I think that you expect to be EBITDA profitable exiting 2023. Could you just maybe walk through the different levers, specifically in terms of what you would then have to deliver on gross margins on the recurring revenue? Any kind of framework around that? And then what are some of the levers on the OpEx line that would need to come through to get to that level?

祝賀本季度。阿曼，您評論說，我認為您預計到 2023 年您將實現 EBITDA 盈利。您能否通過不同的槓桿，特別是您必須在經常性收入的毛利率方面實現什麼？任何類型的框架？那麼運營支出線上的哪些槓桿需要通過才能達到這個水平？

Yes. I'll start by saying we're very early in our -- or we're in the middle and not early, but we're in the middle of our 2023 planning. So I'll have more specifics at our next earnings call. But at the highest level, we're going to continue to focus on cost discipline that we've -- and we've shown you guys for the last several quarters. So that's number one. We're going to continue to gain leverage in the obvious places like G&A. But I want to remind you, we have a massive opportunity ahead. So we're going to continue to invest in areas that are going to drive long-term sustainable growth. And that's how I would think about it as a very balanced approach to 2023 in light of the macro.

是的。我首先要說我們的計劃還很早——或者我們處於中間而不是早期，但我們正處於 2023 年計劃的中間。因此，我將在下一次財報電話會議上提供更多細節。但在最高級別，我們將繼續關注我們已經採取的成本紀律——我們已經向你們展示了過去幾個季度。所以這是第一名。我們將繼續在 G&A 等明顯的地方獲得影響力。但我想提醒你，我們前面有一個巨大的機會。因此，我們將繼續投資於能夠推動長期可持續增長的領域。鑑於宏觀，這就是我將其視為 2023 年非常平衡的方法的方式。

Right. It's still encouraging to hear also definitely should be viewed positively by investors.

正確的。聽到投資者肯定也應該積極看待，這仍然令人鼓舞。

But just as a follow-up, Chris, I think a few months ago, you had identified the hospitality opportunity, I believe, in the press release, you had 40,000-plus locations as a target market. I guess my question there would be, typically, when we think of hospitality, those terminals are usually integrated into the property management systems, where I think a company like Micro is the incumbent. So any progress around that? How do you go about displacing someone that has been an incumbent for so long? I would just love to hear any color around your progress on the hospitality side and how do you see the opportunity playing out?

但作為後續行動，克里斯，我想幾個月前，你已經確定了酒店的機會，我相信，在新聞稿中，你有 40,000 多個地點作為目標市場。我想我的問題是，通常，當我們想到款待時，這些終端通常集成到物業管理系統中，我認為像 Micro 這樣的公司是現任者。那麼這方面有什麼進展嗎？你如何取代一個在位已久的人？我很想听聽您在酒店方面的進展有何不同，您如何看待機會？

Sure. So we're very excited about the hotel opportunity. We continue to build out our PMS integrations and they're well beyond Oracle's PMS. There's a span of PMS integrations that we are now capable of interfacing with at hotel properties, but the team continues to build out that foundation. We're very confident that we can support the restaurants within those hotels. We've got a number of opportunities in our pipeline that are exciting. But I'll caution you that it's still early days. We're winning hotels. But again, we're building that muscle as we speak. And over the course of the next few quarters, you'll see us continue to execute within that segment, and we're excited about it.

當然。所以我們對酒店的機會感到非常興奮。我們繼續構建我們的 PMS 集成，它們遠遠超出了 Oracle 的 PMS。我們現在能夠在酒店物業中進行一系列 PMS 集成，但團隊仍在繼續建立這一基礎。我們非常有信心能夠支持這些酒店內的餐廳。我們的管道中有許多令人興奮的機會。但我會提醒你，現在還為時尚早。我們正在贏得酒店。但同樣，我們在說話時正在鍛煉肌肉。在接下來的幾個季度中，您將看到我們繼續在該領域內執行，我們對此感到興奮。

The next question comes from Josh Baer of Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

I wanted to ask about locations, the 5,500, better than expected, given I think we were looking for the lower seasonality in Q3. Just wondering about the linearity of location adds. Was there any deterioration going month-to-month from September to October or even into November?

我想詢問位置，5,500，好於預期，因為我認為我們正在尋找第三季度較低的季節性。只是想知道位置的線性增加。從 9 月到 10 月甚至到 11 月，是否逐月惡化？

Yes. So I'll talk about Q3. And you're right, Q3 net location adds came in better than we expected, and that's really a testament to the onboarding team. They were converting existing restaurants that were switching to Toast and converting them faster. So we saw a great performance from that team. That pulled some locations into Q3. Based on the current pipeline, I commented in my prepared remarks, we expect Q4 net location to be in a similar range to Q3, and we're still on track for strong growth in the full year.

是的。所以我會談談第三季度。你是對的，第三季度的淨位置增加比我們預期的要好，這確實是對入職團隊的證明。他們正在改造現有的餐廳，這些餐廳正在改用 Toast 並更快地改造它們。所以我們看到了那支球隊的出色表現。這將一些地點拉到了第三季度。根據目前的管道，我在準備好的評論中評論說，我們預計第四季度的淨位置與第三季度的範圍相似，我們仍有望在全年實現強勁增長。

Great. And then one on guidance. Just wanted to make sure I heard right. You were saying that guidance reflects a decline in GPV per location that was similar to historical trends?

偉大的。然後是指導。只是想確保我沒聽錯。您是說指導反映了與歷史趨勢相似的每個地點的 GPV 下降？

Yes. Typically, GPV per location and in my prepared remarks, I mentioned that it's seasonally higher in Q2 and Q3 and dips down into Q4. So that's not unusual. It's typical of historical patterns and our revenue guidance reflects that.

是的。通常，每個地點的 GPV 以及在我準備好的評論中，我提到它在第二季度和第三季度季節性較高，並在第四季度下降。所以這並不罕見。這是典型的歷史模式，我們的收入指導反映了這一點。

Okay. I guess the question is on macro and consumer spending. I guess is there any like level of prudence around macro and potential shift in consumer spending that's incorporated in that guidance?

好的。我想問題在於宏觀和消費者支出。我想在該指南中是否包含對宏觀和潛在消費者支出變化的謹慎程度？

Well, Josh, I'll jump in. We're not seeing any signs of changes in consumer demand or spending across our business. Restaurants continue to see healthy demand in line with what we think are historical seasonality trends. And that said, we're mindful of the macro environment. We believe consumer spend on dining has proven resilient during past recessions.

好吧，喬希，我會加入。我們沒有看到消費者需求或整個業務支出發生變化的任何跡象。餐廳繼續看到與我們認為的歷史季節性趨勢一致的健康需求。也就是說，我們注意到宏觀環境。我們認為，在過去的經濟衰退中，消費者在餐飲上的支出已被證明具有彈性。

And then the last thing I'll leave you with is for restaurants, we fundamentally believe that our platform becomes even more valuable in a tough market. Restaurants are turning to us for driving efficiency, growing their business, as we mentioned, things like invoicing and new service models, maintaining their teams and then driving operational costs across the board. So we think we're in a good spot when it comes to looking at the macro and the situations that have been looming.

然後我要留給您的最後一件事是餐廳，我們從根本上相信我們的平台在艱難的市場中變得更加有價值。正如我們所提到的，餐廳正在向我們尋求提高效率、發展業務、開發發票和新服務模式、維護團隊以及全面降低運營成本等問題。因此，我們認為在宏觀和迫在眉睫的情況方面，我們處於一個很好的位置。

And just to comment on your guidance comments. In October, we're seeing the same seasonal pattern we've seen historically.

只是為了評論您的指導意見。在 10 月，我們看到了與歷史上相同的季節性模式。

Thank you. The next question comes from Timothy Chiodo of Credit Suisse. Greg?

謝謝你。下一個問題來自瑞士信貸的 Timothy Chiodo。格雷格？

First one is a simple one just around the subscription services. The gross margins were up nicely quarter-over-quarter. Maybe just dig into a little bit of that was there pricing, with some cost leverage? And what were some of the drivers that helped that?

第一個是圍繞訂閱服務的一個簡單的。毛利率環比增長良好。也許只是深入研究一下定價，有一些成本槓桿？有哪些驅動因素對此有所幫助？

And then in terms of the follow-up, just in terms of the credit losses on capital, maybe you could just recap again the mechanics around when you take the lawsuits versus your partner, what the sharing is, what the thresholds are there in terms of that working its way into your P&L?

然後就後續行動而言，就資本的信用損失而言，也許你可以再次回顧一下當你與你的合作夥伴提起訴訟時的機制，分享是什麼，門檻是多少這會影響您的損益表嗎？

Yes, sure. So on SaaS gross margin, it's really scaling the business. And of course, you saw a healthy beat on the top line in both in the subscription side, and that's really our dress positioning the platform and our ARPU being strong, et cetera, that we've talked about. So that's really what's the story on SaaS gross margin. On your other question was bad debt related. Is that right?

是的，當然。因此，就 SaaS 毛利率而言，它確實在擴展業務。當然，您在訂閱方面看到了頂線的健康節拍，這實際上是我們對平台的著裝定位以及我們的 ARPU 很強，等等，我們已經討論過。所以這就是SaaS毛利率的真正原因。關於你的另一個問題是壞賬相關。那正確嗎？

Yes, the mechanics.

是的，力學。

Okay. Yes. So basically, as we expand our Toast's loan program, we have to add and accrue for related future potential default rates. And our default rates have not been out of line with what we're expecting, and we should expect that to continue to grow. But overall, the Toast capital program is a healthy business and actually accretive to the business, Tim.

好的。是的。因此，基本上，隨著我們擴大 Toast 的貸款計劃，我們必須添加和累積相關的未來潛在違約率。而且我們的違約率並沒有超出我們的預期，我們應該期望它會繼續增長。但總體而言，Toast 資本計劃是一項健康的業務，實際上對業務有增值作用，蒂姆。

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

下一個問題來自威廉布萊爾的斯蒂芬謝爾頓。

First one here, just another really strong quarter location growth. And so I'm just curious if you're seeing any changes in the types of wins that you're getting. Are these still mostly greenfield wins and situations where you're replacing legacy vendors? Or are you starting to also see wins where locations or previously on competitive SaaS solutions? Just curious if that's changed at all this quarter or this year relative to what you've seen historically.

這裡的第一個，只是另一個非常強勁的季度位置增長。所以我很好奇你是否看到你獲得的勝利類型有任何變化。這些仍然主要是新領域的勝利以及您要替換傳統供應商的情況嗎？或者您是否也開始在競爭 SaaS 解決方案的位置或以前看到勝利？只是好奇這個季度或今年相對於你在歷史上看到的情況是否發生了變化。

Sure, Stephen. Great question. Look, I think we, as Chris and Lena mentioned, really proud of the results in Q3. The sales team is really efficient in terms of driving growth. And it's really the story of Q3 is really consistency across the board. We saw really healthy win rates across legacy and cloud providers. We saw -- when we go into a buying decision, we tend to win more than 50% of the time as we've shared in the past.

當然，斯蒂芬。好問題。看，我認為正如 Chris 和 Lena 所提到的，我們對第三季度的結果感到非常自豪。銷售團隊在推動增長方面非常有效。第三季度的故事真的是全面的一致性。我們在傳統和雲提供商中看到了非常健康的贏率。我們看到——當我們做出購買決定時，我們往往會贏得超過 50% 的勝利，就像我們過去分享的那樣。

We've talked about, in previous calls, we talked about our focus on with our QSR launch and that start to make an impact and the balance in QSR and QSR is starting to to improve.

我們已經討論過，在之前的電話會議中，我們談到了我們對 QSR 發布的關注，這開始產生影響，QSR 和 QSR 的平衡開始改善。

We've seen -- as Chris mentioned, we saw some good momentum in mid-market with things like the Walk On's win. We also had expansion from of our enterprise customers doing nothing (inaudible) and (inaudible).

我們已經看到——正如克里斯所提到的，我們在中端市場看到了一些良好的勢頭，比如 Walk On 的勝利。我們還擴展了我們的企業客戶無所作為（聽不清）和（聽不清）。

And even in terms of trends like new and existing, we -- just coming out of COVID, we've seen some small tailwind on new restaurants opening up and are seeing a good healthy balance in new and opening, existing restaurants as well.

即使在新的和現有的趨勢方面，我們剛剛從 COVID 中走出來，我們已經看到新餐廳開業的一些小順風，並且在新開業的和現有的餐廳中也看到了良好的健康平衡。

Great. That's really helpful. And then just as a follow-up, I know it's very small. You're really talking, I think, about placing seed investments on the international side this year. But love an update on the progress you're seeing there, how you're thinking about investing behind international next year? And any thoughts on when international could be a revenue contributor? Or are we still kind of a ways away from that?

偉大的。這真的很有幫助。然後作為後續行動，我知道它非常小。我認為你真的在談論今年在國際方面進行種子投資。但是喜歡你在那裡看到的最新進展，你是如何考慮明年在國際背後投資的？關於國際何時可以成為收入貢獻者的任何想法？還是我們離那還有一段距離？

Yes. No, I'll start by saying we're super early in the international opportunities but very encouraged already by what we're seeing, but I would view -- we view 2022 is really a building year and into 2023, frankly.

是的。不，我首先要說的是，我們在國際機會方面處於領先地位，但我們已經看到我們已經非常鼓舞了，但我認為——坦率地說，我們認為 2022 年確實是一個建設年，到 2023 年。

We talked earlier in the year about our investment level. It hasn't changed. We're kind of on the low end of the range of $10 million to $20 million that we talked about. And I would tell you, as the year has gone on, the investment has been increasing, obviously, as we're building the team out.

今年早些時候，我們談到了我們的投資水平。它沒有改變。我們處於我們談到的 1000 萬美元到 2000 萬美元範圍的低端。我會告訴你，隨著時間的推移，投資一直在增加，顯然，因為我們正在組建團隊。

But it's still early. We're evaluating all the things that you would expect the go-to-market motion, making sure we understand the product that we want to put out there in international.

但現在還早。我們正在評估您對上市運動的所有期望，確保我們了解我們想要在國際上推出的產品。

We've got a few early customers in Canada, Dublin and U.K. So we're learning from our early customers. And so far, the feedback has been really encouraging. So we're going to continue to make that investment into 2023.

我們在加拿大、都柏林和英國有一些早期客戶。所以我們正在向我們的早期客戶學習。到目前為止，反饋確實令人鼓舞。因此，我們將繼續在 2023 年進行這項投資。

The next question comes from Harshita Rawat of Bernstein.

下一個問題來自 Bernstein 的 Harshita Rawat。

So I have a question on churn. So Elena, how would you think about the kind of industry level restaurant churn you've seen in the past year or so? Is that much lower versus history? And more importantly, how can you kind of let your net location as can change if the churn kind of, I guess, becomes big in a downturn? And I fully appreciate that restaurant in Toast do better versus an average restaurant.

所以我有一個關於流失的問題。那麼 Elena，您如何看待您在過去一年左右看到的那種行業級別的餐廳流失？這比歷史低得多嗎？更重要的是，如果客戶流失在經濟低迷時期變得很大，你怎麼能讓你的網絡位置發生變化？我非常感謝 Toast 的餐廳比普通餐廳做得更好。

Yes. No, we haven't seen any change in our churn. And even during COVID, which was a pretty difficult time for restaurants, our churn was relatively low and consistent. So I wouldn't expect that we would see a change in pattern. We have and we'll keep watching it, of course, but we haven't seen a change in our pattern.

是的。不，我們沒有看到客戶流失有任何變化。即使在 COVID 期間，這對餐館來說是一個相當困難的時期，我們的流失率也相對較低且穩定。所以我不希望我們會看到模式的變化。當然，我們已經並且我們將繼續關注它，但我們還沒有看到我們的模式發生變化。

And also, when we double-click on the churn, most of the churn historically has been for restaurants that go out of business versus restaurants that are leading to us to another platform. But it continues to be low single digits -- I mean, in the single digits. So we're encouraged by that.

而且，當我們雙擊流失時，歷史上大部分流失是針對倒閉的餐廳與將我們帶到另一個平台的餐廳。但它仍然是低個位數 - 我的意思是，在個位數中。所以我們對此感到鼓舞。

The one thing I'll add -- this is Chris. The one thing I'll add is some of these questions related to churn are oriented towards the short term. And I just want to remind the audience that we're still only at 9% of our total addressable market for U.S. locations alone, and we're less than 2% of our total addressable market when you look at ARR as a potential. So we want to be mindful that the restaurant industry is going through a transformation to digital, and it's happening across the back of house to the front of house, and we believe we're still in the early days of leading this transformation.

我要補充的一件事——這是克里斯。我要補充的一件事是，其中一些與客戶流失相關的問題是針對短期的。我只想提醒觀眾，僅在美國地區，我們仍然只占我們總潛在市場的 9%，當你將 ARR 視為潛在市場時，我們還不到總潛在市場的 2%。因此，我們要注意餐飲業正在經歷數字化轉型，它正在從後院到前院發生，我們相信我們仍處於引領這一轉型的早期階段。

So just a reminder, because as we talk about recession warnings, we believe these are short-term considerations, but on the long term, we are increasingly excited about the opportunity ahead.

所以只是提醒一下，因為當我們談論衰退警告時，我們認為這些都是短期考慮，但從長遠來看，我們對未來的機會越來越興奮。

And just a follow-up. On capital allocation, so roll-up of scale smaller restaurant software providers kind of like very good sense in this valuation environment, but at the same time, a good balance sheet is also guidance has done going into a downturn. So how do you -- how are you kind of like thinking about the balance between these 2?

只是一個後續行動。在資本配置上，規模較小的餐飲軟件提供商的上卷在這種估值環境下非常有意義，但同時，良好的資產負債表也為進入低迷提供了指導。那麼你如何——你覺得這兩者之間的平衡如何？

Sorry, can you clarify your question? Are you asking the balance between a strong balance sheet and investing?

對不起，你能澄清你的問題嗎？您是在問穩健的資產負債表和投資之間的平衡嗎？

And acquiring some of the smaller, continuing to acquire some of the smaller providers, especially in the pertinent.

並收購一些規模較小的供應商，繼續收購一些規模較小的供應商，尤其是相關的供應商。

Yes. Yes, fair. I understand the question. Yes, look, our M&A strategy hasn't really changed. I think, obviously, the backdrop has changed. So we're going to continue to canvass the market like we always do. And our guiding principles around acquiring assets to the platform would be consistent with they've always done, which is, is it going to get us to market faster, is it going to be something that is an adjacency to our platform that really solves a pain point for the customer? So that's not changing. Of course, the valuations are different now, and so we're paying attention to that. So we'll be opportunistic if there's a fit.

是的。是的，公平的。我明白這個問題。是的，看，我們的併購策略並沒有真正改變。我認為，顯然，背景已經改變。因此，我們將繼續像往常一樣探索市場。我們圍繞向平台獲取資產的指導原則將與他們一直以來的做法一致，也就是說，它是否會讓我們更快地進入市場，它是否會成為與我們平台相鄰的東西，真正解決客戶的痛點？所以這沒有改變。當然，現在估值不同了，所以我們正在關注這一點。因此，如果合適的話，我們會投機取巧。

The next question comes from Rayna Kumar of UBS.

下一個問題來自瑞銀的 Rayna Kumar。

You had a very strong net take rate in the quarter, 53 basis points. Just wondering what the key drivers are there? And if there's anything unusual to call out as in onetime items?

您在本季度的淨買入率非常高，為 53 個基點。只是想知道那裡的關鍵驅動因素是什麼？如果有什麼不尋常的東西像一次性物品一樣需要注意？

Yes. So I'll repeat what I said earlier, which is there's really 2 factors driving the take rate benefit. One is our continued focus on just payment optimization and we have a whole team focused on that. And then, of course, we had healthy demand from our Toast Capital product, and we benefited from launching the 360-day loan, which was encouraging. So it's a combination of those.

是的。因此，我將重複我之前所說的，即確實有兩個因素推動了利率收益。一是我們繼續專注於支付優化，我們有一個完整的團隊專注於此。然後，當然，我們的 Toast Capital 產品有健康的需求，我們從推出 360 天貸款中受益，這令人鼓舞。所以它是這些的組合。

And really, when you zoom out and think about our take rate and monetization opportunity, you want to think beyond take rate and really think about the power of the platform and the fact that we have an opportunity to monetize on the SaaS side. And then over the long term, we're going to continue to drive product innovation that will drive more payment volume to our platform and continue to drive more digital digitization of our platform. And as we do that, we'll have more opportunity to drive more volume through the platform and more monetization. But I would zoom out and think of it broader than just the in-quarter take rate.

真的，當您縮小並考慮我們的採用率和貨幣化機會時，您想超越採用率並真正考慮平台的力量以及我們有機會在 SaaS 方面貨幣化的事實。然後從長遠來看，我們將繼續推動產品創新，為我們的平台帶來更多的支付量，並繼續推動我們平台的更多數字化數字化。當我們這樣做時，我們將有更多機會通過平台推動更多交易量和更多貨幣化。但我會縮小並認為它不僅僅是季度內的利率。

_

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That's very helpful. And just one follow-up. If you can just comment on your progress moving upmarket to more enterprise larger restaurants, please?

這很有幫助。只有一次跟進。如果您可以評論一下您在向更多企業大型餐廳轉移高檔餐廳的進展，好嗎？

Sure. So look, I think that this is a spectrum, right? We started the business in SMB and have gradually gone into bigger and bigger groups. And we've -- as I just mentioned, we -- in mid-market and enterprise, we saw some good expansion in wins this year. So things like nothing (inaudible), which has been a customer for us for a while, expanded test about 400 units out of Texas. John (inaudible) expanded with Toast as well. Chris called out, walk on out of Louisiana. And I think there's a lot of interest in our enterprise offering. So the amount of inbound we're seeing continues to grow as well.

當然。所以看，我認為這是一個頻譜，對吧？我們從SMB開始業務，逐漸進入越來越大的集團。而且我們 - 正如我剛才提到的那樣，我們 - 在中端市場和企業中，我們今年看到了一些良好的擴張。因此，像什麼都沒有（聽不清）這樣的東西，我們有一段時間是我們的客戶，在德克薩斯州以外的地方擴大了大約 400 個單位的測試。 John（聽不清）也擴展了 Toast。克里斯喊道，走出路易斯安那州。我認為人們對我們的企業產品很感興趣。因此，我們看到的入境數量也在繼續增長。

And when I think about like just for some context, the 4 walls of a restaurant, right? The value proposition we offer to an SMB or a larger chain in many ways is similar. Things like handhelds improve operational efficiency, digital tools to improve automation, self-service. It's certainly outside the 4 walls, where things like config management, menu management, security and compliance, right through. And we continue to work on a lot of those capabilities, and we're confident over time that we're going to grow into that time gradually.

當我在某些情況下考慮時，餐廳的 4 面牆，對吧？我們在許多方面為 SMB 或更大的連鎖店提供的價值主張是相似的。手持設備可以提高運營效率，數字工具可以提高自動化程度，自助服務。它肯定在 4 堵牆之外，配置管理、菜單管理、安全性和合規性等內容貫穿其中。我們將繼續致力於其中的許多功能，並且隨著時間的推移，我們相信我們將逐漸成長為那個時代。

We will now take our final question from the line of Josh Beck of KeyBanc.

我們現在將從 KeyBanc 的 Josh Beck 中提出最後一個問題。

I also was a big fan of Slide 20. Certainly has had really good progress in the flywheel markets, but they're still less than 10% of the total. So I guess my question is, in future years, is this trajectory likely to continue? Or is there some element of the emerging markets that you're just investing in that could maybe limit the slope of the flywheel markets. Just curious about how this trend progress over time?

我也是 Slide 20 的忠實粉絲。當然，飛輪市場取得了非常好的進展，但仍不到總數的 10%。所以我想我的問題是，在未來幾年，這種軌跡可能會繼續下去嗎？或者您是否正在投資新興市場的某些元素，這可能會限制飛輪市場的斜率。只是好奇這種趨勢如何隨著時間的推移而發展？

Yes. Look, great question. Look, we are really proud of the performance of our sales team and what we accomplished in Q3. And as you correctly pointed out, just for context for the audience, (inaudible) markets where we have about 20% or more penetration, and that's less than 10% of our overall market.

是的。看，好問題。看，我們為我們的銷售團隊的表現以及我們在第三季度取得的成就感到非常自豪。正如您正確指出的那樣，僅針對觀眾的背景，（聽不清）我們擁有約 20% 或更多滲透率的市場，而這還不到我們整體市場的 10%。

And we continue to see the same trend we've seen for a while now where as we see rep tenure because end market tend to improve, we tend to see productivity continue to improve. And there's nothing that's telling us that, that trend should not continue.

而且我們繼續看到我們已經看到一段時間的相同趨勢，因為我們看到代表任期因為終端市場趨於改善，我們傾向於看到生產力繼續提高。沒有什麼可以告訴我們，這種趨勢不應該繼續下去。

Excellent. And then maybe a follow-up, just to close on the invoicing products, certainly seem like an exciting launch at the Spark event. When you look across your existing base of customers, I'm curious how applicable the product is. I'm also curious, does it help you get into new segments? Just curious where the strongest product market fit may lie for that product.

出色的。然後也許是後續行動，只是為了結束髮票產品，這看起來肯定是 Spark 活動中令人興奮的發布。當您查看現有的客戶群時，我很好奇該產品的適用性。我也很好奇，它會幫助你進入新的細分市場嗎？只是好奇最適合該產品的產品市場可能在哪裡。

Yes, Josh, it's extremely applicable. In my script, I talked about the different service models that restaurants are deploying to attract and deliver demand.

是的，喬希，它非常適用。在我的劇本中，我談到了餐廳為吸引和滿足需求而部署的不同服務模式。

Catering and invoice is one of those key service models. We believe that roughly 70% of our customer base and the industry has a need to drive catering, whether it's events, whether it's different types of meals, whether it's certain types of opportunities off of the kitchen, we believe the majority of restaurants have this need.

餐飲和發票是這些關鍵服務模式之一。我們認為，我們大約 70% 的客戶群和行業需要推動餐飲，無論是活動，還是不同類型的餐點，是否是廚房外的某些類型的機會，我們相信大多數餐廳都有這個需要。

It's in the early days for us. So on top of invoicing, you'll see this evolve to a broader catering platform. Restaurants today tend to use either manual processes or point solutions to deliver those engagements, but doing it on an all-in-one integrated platform makes it a lot easier for the restaurant operator. And then they could drive more invoicing.

對我們來說還處於早期階段。因此，除了開票之外，您還會看到這演變為更廣泛的餐飲平台。今天的餐廳傾向於使用手動流程或單點解決方案來提供這些參與，但在一個一體化的集成平台上進行操作會使餐廳經營者變得更加容易。然後他們可以推動更多的發票。

As I mentioned, Dos Toros tripled the amount of their invoicing usage over the course of the past 3 months and the payments volume for the restaurants increased 17% and, so we think it's a unique opportunity. It's still early days, but we'll continue to tell stories on how that evolves over the next few quarters.

正如我所提到的，Dos Toros 在過去 3 個月中將其發票使用量增加了兩倍，餐廳的付款量增加了 17%，因此我們認為這是一個獨特的機會。現在還為時尚早，但我們將繼續講述未來幾個季度的發展情況。

Thank you. I would like to turn the call back over to the presenters.

謝謝你。我想將電話轉回給演示者。

Okay. Thank you all. Have a great evening, and thank you for your time.

好的。謝謝你們。祝您度過一個愉快的夜晚，感謝您的寶貴時間。

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。