Toast Inc (TOST) 2022 Q4 法說會逐字稿

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

下午好。我叫艾米麗，今天我將擔任你們的會議接線員。在此，歡迎大家參加 Toast 財報電話會議。 （操作員說明）

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

我現在將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。

Thank you, Emily. Welcome to Toast earnings conference call for the fourth quarter and year ended December 31, 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.

謝謝你，艾米麗。歡迎參加截至 2022 年 12 月 31 日的第四季度和年度的 Toast 收益電話會議。在今天的電話會議上，首席執行官 Chris Comparato 和首席財務官 Elena Gomez 將發表準備好的講話。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, future profit and margin outlook, expected growth and business outlook, including our financial guidance for the first quarter and full year 2023.

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。在此次電話會議中，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意義上的前瞻性聲明。除歷史事實陳述外的所有陳述均為前瞻性陳述，包括管理層對未來財務和運營業績以及運營支出的預期、未來利潤和利潤率前景、預期增長和業務前景，包括我們第一季度的財務指導和2023 年全年。

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 uncertainty that could cause actual results to differ materially from our expectations.

前瞻性陳述僅反映我們截至今日的觀點，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存在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 and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures.

在這次電話會議中，我們將討論某些非 GAAP 財務指標。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 措施的詳細調節。

Unless otherwise stated, all references on this call to cost of revenue, gross profit and gross margin, sales 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行政費用的所有參考均基於非公認會計原則。

Finally, both the press release 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，我們的投資者關係網站 investors.toasttab.com 上將提供新聞稿和此次電話會議的重播，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 thank you, everyone, for joining us this morning. Toast finished 2022 with another quarter marked by strong top line growth of over 50%, further margin improvement and continued product innovation. Our solid results throughout the year are a great testament to the quality of our battle-tested team and consistent execution on our strategy, driving location growth, more deeply serving all segments of the restaurant industry and pushing the industry forward through bold product innovation.

謝謝邁克爾，也謝謝大家今天早上加入我們。 Toast 在 2022 年結束了另一個季度，其收入強勁增長超過 50%，進一步提高了利潤率並繼續進行產品創新。我們全年的穩健業績很好地證明了我們久經沙場的團隊的素質和我們戰略的一貫執行，推動了地點的增長，更深入地服務於餐飲業的各個領域，並通過大膽的產品創新推動行業向前發展。

The complexity of running a restaurant is only increasing. This was particularly evident over the last year with restaurants facing inflation, supply chain challenges and labor constraints while continuing to adapt as guests demand a more seamless experience.

經營餐廳的複雜性只會增加。這在去年尤為明顯，餐廳面臨通貨膨脹、供應鏈挑戰和勞動力限制，同時隨著客人要求更無縫的體驗而不斷適應。

With that backdrop, the need for restaurants to leverage technology to improve efficiency, grow sales and quickly adapt is more critical than ever. And the value of Toast all-in-one digital platform continues to grow. We added approximately 23,000 net new locations to our platform in 2022 and the percentage of locations attaching 6 or more SaaS modules increased by nearly 10 points evidence of strong customer demand.

在這種背景下，餐廳利用技術來提高效率、增加銷售額和快速適應的需求比以往任何時候都更加重要。 Toast 一體化數字平台的價值不斷增長。 2022 年，我們在平台上淨增加了約 23,000 個新位置，附加 6 個或更多 SaaS 模塊的位置百分比增加了近 10 個百分點，這表明客戶需求強勁。

There are countless examples of how Toast is helping our customers deliver better top and bottom line results, including Alpine Inn, a tavern in California unlocked a 76% increase in revenue since adding Toast Mobile Order & Pay, driving higher check sizes, a better guest experience and helping manage the labor shortage.

有無數例子可以說明 Toast 如何幫助我們的客戶提供更好的收入和收入結果，包括加利福尼亞州的一家小酒館 Alpine Inn 自添加 Toast Mobile Order & Pay 以來收入增長了 76%，推動了更高的支票規模，更好的客人經驗並幫助管理勞動力短缺問題。

Another example is Silver Diner, which rolled out Toast to 21 locations. Since implementing our platform, servers using Toast Go handhelds are able to cover 1 to 2 more tables than before, decreasing table turn times by an average of 3 to 5 minutes, providing tangible efficiency benefits. These examples also show how our platform feeds a virtuous cycle that creates a better experience for all stakeholders restaurant ecosystem, enabling staff to be more efficient and effective leads to happier employees, which translates to a better experience for guests who leaves higher tips and reinforce the restaurant as a great place to work for employees.

另一個例子是 Silver Diner，它在 21 個地點推出了 Toast。自實施我們的平台以來，使用 Toast Go 手持設備的服務器能夠覆蓋比以前多 1 到 2 張桌子，平均減少 3 到 5 分鐘的桌子周轉時間，提供切實的效率優勢。這些示例還展示了我們的平台如何提供良性循環，為所有利益相關者的餐廳生態系統創造更好的體驗，使員工更有效率和有效地帶來更快樂的員工，這轉化為給留下更高小費的客人更好的體驗並加強餐廳作為員工工作的好地方。

This dynamic leads to more successful better run restaurants. And as restaurants use more of our integrated platform, it strengthens the cycle, creating powerful network effects for our customers. Restaurants operate in a competitive, rapidly evolving industry within profit margins, magnifying the importance of technology. And with the value of our industry-leading platform can offer, we see a generational opportunity to serve as the industry's technology backbone. We are still in the early stages of our potential market opportunity even after our growth over the last few years, less than 10% of U.S. restaurant locations are on the Toast platform, and our Q4 ARR only represents about 2% of the $55 billion market opportunity, leaving a long runway of growth ahead as we continue to execute.

這種動態導致更成功、經營更好的餐廳。隨著餐廳更多地使用我們的集成平台，它加強了循環，為我們的客戶創造了強大的網絡效應。餐廳在競爭激烈、利潤率快速發展的行業中運營，放大了技術的重要性。憑藉我們行業領先的平台所能提供的價值，我們看到了成為行業技術支柱的一代人的機會。即使在我們過去幾年的增長之後，我們仍處於潛在市場機會的早期階段，只有不到 10% 的美國餐廳位置在 Toast 平台上，我們的第四季度 ARR 僅佔 550 億美元市場的約 2%機會，在我們繼續執行的過程中留下一條漫長的增長道路。

Turning to our Q4 results. On a year-over-year basis, total revenue grew 50% to $769 million. ARR increased 59% to $901 million and GPV was up 49% to $25.5 billion. Sustaining our top line momentum while delivering consistent margin expansion throughout 2022 is evidence of both the scalability of our business model and our commitment to balancing investments in key growth areas with efficiency and cost discipline.

轉向我們的第四季度結果。與去年同期相比，總收入增長 50% 至 7.69 億美元。 ARR 增長 59% 至 9.01 億美元，GPV 增長 49% 至 255 億美元。保持我們的收入增長勢頭，同時在整個 2022 年實現持續的利潤增長，這既證明了我們業務模型的可擴展性，也證明了我們致力於平衡關鍵增長領域的投資與效率和成本紀律。

In Q4, adjusted EBITDA improved to an $18 million loss. We also sustained healthy location growth, adding approximately 5,500 net new locations in Q4 to end the year with approximately 79,000 total live locations. We consistently executed on our proven, scalable go-to-market strategy throughout 2022, and we continue to benefit from the flywheel effects we've discussed in more and more markets.

在第四季度，調整後的 EBITDA 改善至虧損 1800 萬美元。我們還保持了健康的位置增長，在第四季度淨增加了大約 5,500 個新位置，到年底共有大約 79,000 個實際位置。在整個 2022 年，我們始終如一地執行我們經過驗證的、可擴展的上市戰略，我們將繼續受益於我們在越來越多的市場中討論過的飛輪效應。

As we increase penetration, we're confident that we can continue to efficiently grow locations and ARR. Underpinning our location growth is strong demand across restaurant segments. In addition to momentum with SMB restaurants, we continue to gain traction upmarket with larger customers as we invest in our platform.

隨著我們提高滲透率，我們有信心繼續有效地增加地點和 ARR。支撐我們位置增長的是各個餐廳領域的強勁需求。除了 SMB 餐廳的發展勢頭外，隨著我們對平台的投資，我們繼續吸引更多高端客戶。

I'll highlight a few bookings from the past quarter. After working with Toast at their Budd Dairy Food Hall location, Cameron Mitchell Restaurants is rolling out Toast to all restaurant brands in their multi-concept FSR focused portfolio. They were impressed with how Toast easily supported various partners and tech integrations and saw potential for Toast to be their trusted tech partner as the company grows.

我將重點介紹上個季度的一些預訂。在他們的 Budd Dairy Food Hall 位置與 Toast 合作後，Cameron Mitchell Restaurants 正在向其多概念 FSR 重點產品組合中的所有餐廳品牌推出 Toast。他們對 Toast 如何輕鬆支持各種合作夥伴和技術集成印象深刻，並看到了隨著公司的發展 Toast 成為他們值得信賴的技術合作夥伴的潛力。

In addition to our API integrations, Cameron Mitchell is using our multi-location management module to help standardize operations and easily configure menus. They are using our Toast Go handhelds for smoother dining experiences in the front of house and our Kitchen Display Systems to improve back-of-house operations. They also plan to trial additional features that will further help them control the guest experience.

除了我們的 API 集成，Cameron Mitchell 還使用我們的多位置管理模塊來幫助標準化操作和輕鬆配置菜單。他們使用我們的 Toast Go 手持設備在前台提供更順暢的用餐體驗，並使用我們的廚房顯示系統改善後台操作。他們還計劃試用其他功能，以進一步幫助他們控制客戶體驗。

Here, north of Boston, Michael's Harborside is a well-known waterfront eatery with a significant uptick in business in warmer months. After enduring another busy season of payroll and scheduling pain in an outdated POS, they look to Toast to help revamp their approach. In addition to our robust all-in-one platform, Michael's Harborside was attracted to our payroll and team management solution to help digitally onboard their influx of seasonal employees, enable workers to independently swap shifts using our Sling app and dramatically reduce weekly time spent on payroll from the hour plus they were used to.

在這裡，波士頓北部的 Michael's Harbourside 是一家著名的海濱餐館，在溫暖的月份生意顯著增加。在過時的 POS 中經歷了又一個工資單和日程安排的繁忙季節後，他們希望 Toast 幫助改進他們的方法。除了我們強大的一體化平台外，Michael's Harbourside 還被我們的薪資和團隊管理解決方案所吸引，該解決方案幫助他們以數字方式入職季節性員工，使員工能夠使用我們的 Sling 應用程序獨立調換班次，並大幅減少每週花在工作上的時間從他們習慣的小時數開始的工資單。

Michael's Harborside is also excited to leverage Toast handhelds to help servers work their various rooms, decks and outdoor dining spaces when the business -- when the busy season returns. California-based Bubble Tea Shop Tea.spoon selected Toast to be their tech partner at 45 locations in their franchise-focused, rapidly expanding footprint, Tea.spoon was impressed by a restaurant-specific enterprise-grade features, our strong customer references and our proven track record of onboarding and supporting franchise-based QSRs. With Toast, Tea.spoon will offer franchisees a turnkey all-in-one solution that includes our Toast Go handhelds for line busting, our Kitchen Display Systems for back-of-house experience, our digital kiosks, which they see as a real differentiator to control labor costs. They will also leverage Toast multi-location management, our scheduling and payroll products and xtraCHEF for invoice automation.

Michael's Harborside 也很高興能夠利用 Toast 手持設備幫助服務器在業務繁忙季節回歸時在各個房間、甲板和戶外用餐空間工作。位於加利福尼亞州的 Bubble Tea Shop Tea.spoon 選擇 Toast 作為其 45 個地點的技術合作夥伴，他們以特許經營為重點，並迅速擴大業務範圍，Tea.spoon 對餐廳特定的企業級功能、我們強大的客戶參考和我們的服務印象深刻在入職和支持基於特許經營的 QSR 方面的良好記錄。借助 Toast，Tea.spoon 將為特許經營商提供一站式一體化解決方案，其中包括用於排隊的 Toast Go 手持設備、用於後台體驗的廚房顯示系統以及我們的數字信息亭，他們將其視為真正的差異化因素以控制勞動力成本。他們還將利用 Toast 多地點管理、我們的日程安排和工資單產品以及 xtraCHEF 實現發票自動化。

On top of our location growth momentum, customers like Tea.spoon continue to attach more products. As of the end of Q4, 41% of our customers attached 6 or more SaaS modules. That percentage has more than doubled in just 2 years thanks to our continued platform expansion, improving packaging designs to enable our sales team to efficiently attach more products at booking and the growing momentum of our multichannel upsell strategy.

除了我們的位置增長勢頭之外，像 Tea.spoon 這樣的客戶繼續附加更多產品。截至第四季度末，我們 41% 的客戶附加了 6 個或更多 SaaS 模塊。由於我們持續的平台擴張、改進包裝設計以使我們的銷售團隊能夠在預訂時有效地附加更多產品以及我們多渠道追加銷售戰略的增長勢頭，該百分比在短短 2 年內翻了一番以上。

These factors contributed to the subscription revenue increasing over 90% year-over-year in 2022, and we continue to see a significant opportunity to further expand SaaS ARPU over time. Helping our customers succeed by unlocking growth and increasing efficiency is at the heart of our business and is what informs our product innovation as the needs of guests rapidly evolve and the importance of developing incremental revenue streams grow, restaurants are increasingly diversifying into more service models.

這些因素導致訂閱收入在 2022 年同比增長超過 90%，我們繼續看到隨著時間的推移進一步擴大 SaaS ARPU 的重要機會。通過釋放增長和提高效率來幫助我們的客戶取得成功是我們業務的核心，並且隨著客人需求的迅速發展和開發增量收入流的重要性的增長，餐廳正越來越多樣化地採用更多服務模式，這也是我們產品創新的原因。

Our Voice of the Restaurant Industry Survey from last year found that on average, restaurants employ 7 different service models. In Q3, we launched Toast Invoicing, enabling restaurants to efficiently manage wholesale and catering orders, along with their core restaurant business in 1 integrated system. Over 5,000 customers have already used our invoicing product to streamline their billing and payment processes and with an average transaction value over $650, it's also an opportunity for these customers to grow their business.

我們去年的餐飲業之聲調查發現，平均而言，餐廳採用 7 種不同的服務模式。在第三季度，我們推出了 Toast Invoicing，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及其核心餐廳業務。超過 5,000 名客戶已經使用我們的發票產品來簡化他們的計費和支付流程，平均交易價值超過 650 美元，這也是這些客戶發展業務的機會。

To further expand the service models available through our platform, today, we announced the acquisition of Delphi Display Systems, a leading provider of digital menu and drive-through products Integrating Delphi into the Toast platform will enable us to offer drive-thru capabilities on our platform for the first time, giving our customers the option to employ this critical service model to grow their business and offer guests a more omnichannel experience.

為了進一步擴展通過我們的平台提供的服務模式，今天，我們宣布收購德爾福顯示系統，這是一家領先的數字菜單和得來速產品供應商。將德爾福集成到 Toast 平台將使我們能夠在我們的平台上提供得來速功能。平台，讓我們的客戶可以選擇採用這一關鍵服務模式來發展他們的業務，並為客人提供更多的全渠道體驗。

Adding a drive-through offering and digital menu boards enhances our offering for both small and large quick-serve restaurants. In Q2 of last year, we launched Toast for quick-serve restaurants, and we've seen strong follow-through in our funnel from QSRs over the last few quarters. Drive-thru is a critical service model for QSRs and has become an even more important over the past few years. We're excited to welcome the Delphi team to our Toast family and partner more deeply to serve these restaurants.

添加免下車服務和數字菜單板增強了我們為小型和大型快餐店提供的服務。去年第二季度，我們為快餐店推出了 Toast，在過去幾個季度中，我們在 QSR 漏斗中看到了強大的後續行動。得來速是 QSR 的一種重要服務模式，並且在過去幾年中變得更加重要。我們很高興地歡迎德爾福團隊加入我們的 Toast 大家庭，並更深入地合作為這些餐廳提供服務。

We plan to continue to add more capabilities to our QSR offering in 2023 to drive even deeper penetration in this segment going forward. Last week, we announced our Order with Google integration, expanding our suite of digital ordering products, this capability expands the online reach of our restaurants by providing visibility in Google Search and Google Maps and unlocks another channel for customers to grow their online ordering business. Order with Google is fully integrated with our platform, making it easy for restaurants to update their menus and hours in 1 place and seamlessly manage order flow.

我們計劃在 2023 年繼續為我們的 QSR 產品添加更多功能，以推動未來更深入地滲透到這一領域。上週，我們宣布了 Order with Google 集成，擴展了我們的數字訂購產品套件，此功能通過在 Google 搜索和 Google 地圖中提供可見性擴大了我們餐廳的在線覆蓋範圍，並為客戶開闢了另一個渠道來發展其在線訂購業務。 Order with Google 與我們的平台完全集成，讓餐廳可以輕鬆地在一處更新菜單和營業時間，並無縫管理訂單流程。

Together with online ordering and the Toast Takeout app, we continue to offer restaurants more options to grow their off-premise business efficiently with commission-free online ordering while enabling them to offer guests a cost-efficient, seamless experience.

連同在線訂購和 Toast Takeout 應用程序，我們繼續為餐廳提供更多選擇，以通過免佣金在線訂購有效地發展場外業務，同時使他們能夠為客人提供具有成本效益的無縫體驗。

In addition to our broad platform, our extensive partner ecosystem continues to expand. During Q4, we exceeded 200 partners in our network, which encompasses technology integration partners, local partners and large national food and beverage suppliers. Our growing partner ecosystem gives customers access to a wide range of products and services to meet the needs of their restaurant, complementing our existing expanding platform and further enhancing the value Toast provides to customers.

除了我們廣泛的平台，我們廣泛的合作夥伴生態系統也在不斷擴大。在第四季度，我們的網絡中有超過 200 個合作夥伴，其中包括技術集成合作夥伴、本地合作夥伴和大型國家食品和飲料供應商。我們不斷發展的合作夥伴生態系統使客戶能夠獲得廣泛的產品和服務，以滿足他們餐廳的需求，補充我們現有的擴展平台，並進一步提升 Toast 為客戶提供的價值。

Over half our customers are using a partner integration today through our API module. And these customers are using 3 integrations on average. Customers that use our partner integrations have over 30% higher total ARPU and a lower churn rate than customers not using API integrations, evidence of the value our partner ecosystem adds for customers and how it enhances our platform. This is another example of the reinforcing benefits from our platform as we jointly help customers grow, our partners grow and we grow. Thank you to our partners for sharing in the mission to help the restaurant industry thrive.

今天，我們一半以上的客戶正在通過我們的 API 模塊使用合作夥伴集成。這些客戶平均使用 3 個集成。與不使用 API 集成的客戶相比，使用我們合作夥伴集成的客戶的總 ARPU 高出 30% 以上，客戶流失率更低，這證明了我們的合作夥伴生態系統為客戶增加的價值以及它如何增強我們的平台。這是我們共同幫助客戶成長、我們的合作夥伴成長以及我們成長的另一個例子，我們的平台會增強收益。感謝我們的合作夥伴分享幫助餐飲業蓬勃發展的使命。

So as we move into 2023, we are focused on continuing to execute on the same strategy that has been delivering consistent strong results. First, as we continue to drive location growth, customer trust will always be the foundation of everything we do. The opportunity ahead is massive and ensuring we are the trusted platform for the restaurant industry as our business scales is always our top priority. Second, product innovation is integral to our DNA. We have an exciting pipeline of new products to help restaurant owners further optimize their operations and to build on the suites of products we offer restaurants to deepen their touch points with their most important stakeholders, guests, employees and suppliers.

因此，當我們進入 2023 年時，我們將專注於繼續執行相同的戰略，該戰略一直在提供一致的強勁成果。首先，隨著我們繼續推動地點增長，客戶信任將永遠是我們所做一切的基礎。未來的機遇是巨大的，確保我們成為餐飲業值得信賴的平台，因為我們的業務規模始終是我們的首要任務。其次，產品創新是我們 DNA 中不可或缺的一部分。我們擁有一系列令人興奮的新產品，可幫助餐廳業主進一步優化其運營，並在我們為餐廳提供的產品套件的基礎上進一步深化他們與最重要的利益相關者、客人、員工和供應商的接觸點。

Third, we will keep investing to more deeply serve all segments of the restaurant industry. This includes tailored offerings to better serve restaurant types like QSRs and enhancing the capabilities for customer segments like mid-market and enterprise.

第三，我們將繼續投入，更深入地服務餐飲業的各個細分領域。這包括量身定制的產品，以更好地服務於 QSR 等餐廳類型，並增強針對中端市場和企業等客戶群的能力。

And fourth, we will continue building out our international business, while we're still very early, the potential opportunity is significant, and we look forward to taking the next steps in the multiyear journey. Our focus on balancing key investments with disciplined cost management throughout 2022 sets us up well to maintain our operating momentum and deliver another year of strong durable growth in 2023.

第四，我們將繼續發展我們的國際業務，雖然我們還很早，但潛在的機會是巨大的，我們期待著在多年的旅程中邁出下一步。我們專注於在整個 2022 年平衡關鍵投資與嚴格的成本管理，這使我們能夠很好地保持我們的運營勢頭，並在 2023 年實現又一年的強勁持久增長。

We expect to deliver 32% revenue growth for full year 2023 at the midpoint of our guidance range while driving further margin improvement as we progress toward adjusted EBITDA profitability by the end of the year. We remain committed to prudently investing to capitalize on the significant market opportunity while efficiently scaling our business.

我們預計 2023 年全年的收入將在我們的指導範圍的中點實現 32% 的增長，同時隨著我們在年底前實現調整後的 EBITDA 盈利能力，進一步提高利潤率。我們仍然致力於謹慎投資，以利用重要的市場機會，同時有效地擴展我們的業務。

As we start the year, the macroeconomic backdrop remains uncertain, while the restaurant industry has continued to perform relatively well, we're aware there is less visibility on consumer trends and restaurants continue to operate in a dynamic environment. Our top priority is to continue to help restaurants leverage our platform to overcome the challenges they face and emerge stronger.

今年年初，宏觀經濟背景仍不明朗，而餐飲業繼續表現相對良好，我們意識到消費者趨勢的可見度較低，餐廳繼續在動態環境中運營。我們的首要任務是繼續幫助餐廳利用我們的平台來克服他們面臨的挑戰並變得更加強大。

The uncertainty also calls for us to remain flexible. We've proven our ability to navigate uncertainty in the past and we're well prepared to adapt quickly to any change in trends. Our progress over the last year to ensure a lean cost structure positions us to move even faster as the environment evolves and the flexibility to maintain a disciplined growth mindset as we execute against the massive opportunity ahead.

不確定性還要求我們保持靈活性。過去，我們已經證明了我們應對不確定性的能力，並且我們已做好充分準備，可以快速適應趨勢的任何變化。過去一年，我們在確保精益成本結構方面取得的進展使我們能夠隨著環境的發展更快地採取行動，並在我們應對未來的巨大機遇時靈活地保持有紀律的增長心態。

As we turn the page on 2022 and look ahead to 2023, I want to thank our growing customer community for their confidence in Toast, our employees for their focus and dedication, and our extended network of partners, investors and others who continue to support Toast and the broader restaurant community. While we've accomplished a lot together over the past year, we believe we are just getting started, and we're excited about the opportunity in the years to come.

當我們翻開 2022 年的新篇章並展望 2023 年時，我要感謝我們不斷壯大的客戶群體對 Toast 的信任，感謝我們員工的專注和奉獻，以及我們擴展的合作夥伴網絡、投資者和其他繼續支持 Toast 的人和更廣泛的餐廳社區。雖然我們在過去的一年裡一起取得了很多成就，但我們相信我們才剛剛開始，我們對未來幾年的機會感到興奮。

Now I'll turn the call over to Elena.

現在我會把電話轉給埃琳娜。

Good morning, and thanks, Chris, and thank you, everyone, for joining. I want to start with a shout out to the entire Toast team, thank you for another great quarter and consistent execution and hard work that drove our strong performance throughout the past year. We sustained our operating momentum in Q4, exceeding the high end of our range on both our revenue and adjusted EBITDA guidance. Our industry-leading software and payments platform continues to drive solid top line growth while our commitment to scalable, efficient growth has resulted in 4 consecutive quarters of adjusted EBITDA margin improvement. And we're just getting started.

早上好，謝謝克里斯，謝謝大家的加入。首先，我想向整個 Toast 團隊大聲疾呼，感謝你們又一個出色的季度以及始終如一的執行力和辛勤工作，這推動了我們在過去一年中的強勁表現。我們在第四季度保持了經營勢頭，超過了我們的收入和調整後 EBITDA 指導範圍的高端。我們行業領先的軟件和支付平台繼續推動穩健的收入增長，而我們對可擴展、高效增長的承諾導致連續 4 個季度調整後的 EBITDA 利潤率有所提高。我們才剛剛開始。

We're still in the early stages of a generational opportunity to be the restaurant industry's trusted technology partner with smart targeted investments in product innovation to continue to expand our industry-leading platform combined with the same consistent disciplined execution we delivered in 2022, we believe we have a long runway of top and bottom line growth ahead.

我們仍處於成為餐飲業值得信賴的技術合作夥伴的一代人機會的早期階段，我們相信，通過對產品創新進行明智的有針對性的投資，以繼續擴展我們行業領先的平台，並結合我們在 2022 年交付的同樣一貫的紀律執行力，我們相信我們前面還有一條很長的頂線和底線增長的跑道。

In Q4, we added approximately 5,500 net new locations, increasing the total number of live locations on our platform to approximately 79,000. Our differentiated go-to-market approach and the strong execution of our sales team led to consistent strong net location adds throughout the year, enabling us to sustain approximately 40% year-over-year location growth.

在第四季度，我們淨增加了大約 5,500 個新位置，使我們平台上的實時位置總數增加到大約 79,000 個。我們差異化的上市方法和我們銷售團隊的強大執行力導致全年持續強勁的淨位置增加，使我們能夠維持約 40% 的同比位置增長。

As demonstrated in many examples Chris just shared, we're seeing success across the full breadth of our restaurant segments, maintaining our strength in SMB while building momentum upmarket. Total revenue grew 50% year-over-year to $769 million in the fourth quarter. For the full year 2022, total revenue of $2.7 billion was up 60% from the previous year. ARR, which is our core operational metric, closed the year at $901 million, up 59% year-over-year.

正如 Chris 剛剛分享的許多例子所展示的那樣，我們在我們的餐廳細分市場的各個方面都取得了成功，在保持我們在 SMB 的實力的同時建立了高端市場的勢頭。第四季度總收入同比增長 50% 至 7.69 億美元。 2022 年全年總收入為 27 億美元，比上年增長 60%。 ARR 是我們的核心運營指標，全年收於 9.01 億美元，同比增長 59%。

Subscription revenue and fintech gross profit, the key components of our recurring revenue totaled $232 million in Q4, up 73% year-over-year, driven by our continued location growth and healthy ARPU growth across both SaaS and fintech. Our 2022 performance resulted in a total net retention rate, or NRR, of 118%. That's down from 135% in 2021. As a reminder, we anticipated the decline since 2021 benefited from GPV recovery and higher margin debit and credit non-present volume during COVID, which stabilized in 2022.

訂閱收入和金融科技毛利潤是我們經常性收入的主要組成部分，第四季度總計 2.32 億美元，同比增長 73%，這得益於我們在 SaaS 和金融科技領域的持續增長和 ARPU 的健康增長。我們 2022 年的業績導致總淨保留率 (NRR) 達到 118%。這比 2021 年的 135% 有所下降。提醒一下，我們預計自 2021 年以來的下降得益於 GPV 恢復以及 COVID 期間較高的保證金借貸非現存量，後者在 2022 年趨於穩定。

Our SaaS NRR increased 5 points to 128%, driven by our momentum in upsell, continued location expansion from existing customers and low churn. Subscription services revenue grew 76% year-over-year in Q4, while total SaaS ARPU increased nearly 20% and is up by more than 50% from 2 years ago as we continue to see new customers join the platform with higher ARPU and existing customers adopt more products.

我們的 SaaS NRR 增長了 5 個百分點，達到 128%，這得益於我們的追加銷售勢頭、現有客戶的持續擴張和低流失率。訂閱服務收入在第四季度同比增長 76%，而總 SaaS ARPU 增長了近 20%，比 2 年前增長了 50% 以上，因為我們繼續看到新客戶以更高的 ARPU 和現有客戶加入該平台採用更多的產品。

As of the end of Q4, 41% of our restaurant locations attach 6 or more SaaS modules compared to just 32% last year, and the average SaaS ARPU for this cohort is significantly higher than our overall SaaS ARPU. This is a great example of the longer-term ARPU potential as we continue to expand the platform, optimize our packaging and refine our upsell motion.

截至第四季度末，我們 41% 的餐廳位置附加了 6 個或更多 SaaS 模塊，而去年這一比例僅為 32%，而且這一群體的平均 SaaS ARPU 明顯高於我們整體 SaaS ARPU。這是長期 ARPU 潛力的一個很好的例子，因為我們將繼續擴展平台、優化我們的包裝並改進我們的追加銷售活動。

Moving to fintech solutions. Revenue grew 52% to $640 million, and gross profit was up 71% year-over-year to $137 million in the fourth quarter. GPV growth remained solid and increased 49% to $25.5 billion in Q4. Average annualized GPV per processing location was just below $1.4 million, up 7% year-over-year and slightly below Q3 levels, in line with typical seasonal patterns.

轉向金融科技解決方案。第四季度收入增長 52% 至 6.4 億美元，毛利潤同比增長 71% 至 1.37 億美元。 GPV 增長保持穩健，第四季度增長 49% 至 255 億美元。每個加工點的平均年化 GPV 略低於 140 萬美元，同比增長 7%，略低於第三季度的水平，符合典型的季節性模式。

We also continue to benefit from our nonpayment fintech products and services led by Toast Capital. These products drove approximately $24 million of gross profit in Q4. Our growing Toast Capital offering provides eligible customers with fast, flexible access to capital to grow their business. And as our customers grow and expand their business, we grow with them. For example, a steakhouse in Georgia used funds from Toast Capital to install powered curtains to enclose its patio during colder months. That opened up about 70 additional seats driving incremental sales in the winter and contributed to 20% sales growth in 2022, providing the restaurant a great ROI.

我們還繼續受益於由 Toast Capital 領導的非支付金融科技產品和服務。這些產品在第四季度推動了大約 2400 萬美元的毛利潤。我們不斷增長的 Toast Capital 產品為符合條件的客戶提供快速、靈活的資金獲取渠道，以發展他們的業務。隨著我們的客戶成長和擴展他們的業務，我們與他們一起成長。例如，佐治亞州的一家牛排館使用 Toast Capital 的資金安裝了電動窗簾，以便在寒冷的月份封閉露台。這增加了大約 70 個座位，推動了冬季的銷量增長，並促成了 2022 年 20% 的銷售額增長，為餐廳帶來了可觀的投資回報率。

We're uniquely positioned to manage the risk profile of our portfolio and prudently scale the offering, our restaurant POS and payment processing data provides insight to assess and monitor the health of a restaurant to inform our underwriting process and pricing. Loans are repaid using a portion of each restaurant's daily payment volume reducing repayment risk. Our banking partnership also includes a loss cap to offer further protection.

我們在管理我們的投資組合的風險狀況和審慎地擴大產品規模方面處於獨特的地位，我們的餐廳 POS 和支付處理數據提供了洞察力來評估和監控餐廳的健康狀況，從而為我們的承保流程和定價提供信息。使用每家餐廳每日付款額的一部分償還貸款，降低還款風險。我們的銀行合作夥伴關係還包括一個損失上限，以提供進一步的保護。

These factors enable us to balance risk while helping our customers grow and continuing to expand our business. Net take rate increased to 54 basis points, driven by the growth in other fintech products, slightly offset by the seasonal higher credit mix similar to what we typically see in Q4. We expect net take rate to remain in a similar range in 2023.

這些因素使我們能夠平衡風險，同時幫助我們的客戶成長並繼續擴大我們的業務。在其他金融科技產品增長的推動下，淨利率上升至 54 個基點，但被類似於我們通常在第四季度看到的季節性較高信貸組合所抵消。我們預計 2023 年淨利率將保持在類似的範圍內。

In Q4, total gross profit grew 110% year-over-year and 5% quarter-over-quarter to $172 million, resulting in total gross margin of 22.4%.

第四季度，總毛利潤同比增長 110%，環比增長 5%，達到 1.72 億美元，總毛利率為 22.4%。

Looking at our recurring stream, subscription and fintech gross profit totaled $207 million in the fourth quarter, up 78% year-over-year, showcasing the power of our integrated business model.

看看我們的經常性流，訂閱和金融科技毛利潤在第四季度總計 2.07 億美元，同比增長 78%，展示了我們整合業務模式的力量。

Turning to customer acquisition costs. Hardware margins improved slightly due to lower shipping costs. Hardware revenue decreased year-over-year due to the pricing and packaging of bundled product sales. Excluding that impact, hardware revenue increased driven by upsell and location growth. Our sales and marketing investments continue to deliver solid returns as evidenced by our consistent net new location adds each quarter. We expect to continue to efficiently scale our go-to-market engine as we drive deeper penetration and build a flywheel effect in more markets over time.

轉向客戶獲取成本。由於運輸成本降低，硬件利潤率略有提高。由於捆綁產品銷售的定價和包裝，硬件收入同比下降。排除這一影響，硬件收入在追加銷售和位置增長的推動下有所增長。我們的銷售和營銷投資繼續帶來可觀的回報，每個季度我們一致的新地點淨增加就證明了這一點。隨著我們推動更深層次的滲透並隨著時間的推移在更多市場建立飛輪效應，我們希望繼續有效地擴展我們的上市引擎。

Managing customer acquisition costs and maintaining healthy unit economics is a key focus as we scale the business and help inform our investment decisions. For the full year in 2022, our payback period was in line with our expectations at approximately 15 months. We remain confident in our ability to scale our unit economics as we benefit from increasing market penetration, the rep tenure driving the productivity of our sales team, opportunities to optimize hardware costs and continued momentum in ARPU growth.

在我們擴展業務並幫助我們做出投資決策時，管理客戶獲取成本和保持健康的單位經濟效益是一個關鍵重點。對於 2022 年全年，我們的投資回收期約為 15 個月，符合我們的預期。我們對擴大單位經濟效益的能力充滿信心，因為我們受益於不斷提高的市場滲透率、推動銷售團隊生產力的代表任期、優化硬件成本的機會以及 ARPU 增長的持續勢頭。

As Chris highlighted, our Order with Google integration is the latest example of the ongoing product innovation resulting from our R&D investments, and we have an exciting pipeline of new products and capabilities on tap for 2023 that will further enhance our platform and unlock more value for our customers and drive sustained ARPU and location over the long term.

正如 Chris 所強調的那樣，我們的 Order with Google 集成是我們研發投資帶來的持續產品創新的最新例子，我們擁有一系列令人興奮的新產品和功能，將於 2023 年投入使用，這將進一步增強我們的平台並為我們的客戶並長期推動持續的 ARPU 和位置。

In Q4, total general and administrative expenses increased 39% year-over-year. Excluding bad debt and credit-related expenses, G&A expenses grew 5% year-over-year as we started to lap the step-up in public company costs and benefit from operating leverage. Bad debt and credit-related expenses totaled $18 million in Q4, which includes bad debt on outstanding receivables as well as liabilities related to Toast Capital and other fintech offerings.

第四季度，一般和行政費用總額同比增長 39%。剔除壞賬和信貸相關費用後，G&A 費用同比增長 5%，因為我們開始應對上市公司成本的上升並從經營槓桿中獲益。第四季度壞賬和信貸相關費用總計 1800 萬美元，其中包括未清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。

As a reminder, we expect bad debt and credit-related expenses related to Toast Capital to increase as we grow the program. The overall operating margin for Toast Capital is healthy and accretive to the overall business, and we believe indicative of the health of the program.

提醒一下，我們預計與 Toast Capital 相關的壞賬和信貸相關費用會隨著項目的發展而增加。 Toast Capital 的整體營業利潤率健康且對整體業務有利，我們認為這表明該計劃的健康狀況。

Total Q4 adjusted EBITDA was negative $18 million and margin was 2.3% over 600 basis points improvement from the prior year. This progress is a direct result of our focus on having a lean cost structure combined with durable top line growth. The improvements to our cost structure and commitment to disciplined investing and efficiency put us in a great position to drive sustained margin improvements in 2023 and increase our ability to adapt quickly in this dynamic environment.

第 4 季度調整後的 EBITDA 總額為負 1800 萬美元，利潤率為 2.3%，比上年提高 600 個基點。這一進展是我們專注於精益成本結構與持久的收入增長相結合的直接結果。我們成本結構的改善以及對紀律投資和效率的承諾使我們處於有利地位，可以在 2023 年推動持續的利潤率改善，並提高我們在這種動態環境中快速適應的能力。

Now let me turn to guidance. For the first quarter, we expect revenue to be in the range of $745 million to $775 million, representing 42% year-over-year growth at the midpoint. Adjusted EBITDA is expected to be in the range of negative $30 million to negative $20 million. Our guidance reflects a typical seasonal decline in GPV per processing location as Q1 is historically the lowest quarter of the year.

現在讓我轉向指導。對於第一季度，我們預計收入將在 7.45 億美元至 7.75 億美元之間，中點同比增長 42%。調整後的 EBITDA 預計在負 3000 萬美元至負 2000 萬美元之間。我們的指引反映了每個加工地點 GPV 的典型季節性下降，因為第一季度歷來是一年中最低的季度。

For full year 2023, we expect revenue to be in the range of $3.57 billion to $3.66 billion, which represents 32% year-over-year growth at the midpoint, with adjusted EBITDA guidance in the range of negative $30 million to negative $10 million. At the midpoint, this implies a 370 basis point margin improvement and nearly $100 million profit improvement compared to 2022. We also remain on target to deliver a quarterly adjusted EBITDA profit by the end of 2023.

對於 2023 年全年，我們預計收入將在 35.7 億美元至 36.6 億美元之間，中點同比增長 32%，調整後的 EBITDA 指引在負 3000 萬美元至負 1000 萬美元之間。從中點來看，這意味著與 2022 年相比，利潤率提高了 370 個基點，利潤提高了近 1 億美元。我們還計劃在 2023 年底之前實現季度調整後的 EBITDA 利潤。

To provide some additional context on our guidance, we intend to maintain a balanced approach in 2023 with disciplined targeted investments to capitalize on the opportunity to be the trusted platform for the restaurant industry, while staying lean and efficient as we scale. We also plan to make further investments in longer-term initiatives, such as building enterprise capabilities and expanding internationally, which both expand our market opportunity and position Toast for sustained strong growth over the long term.

為了提供更多關於我們指導的背景信息，我們打算在 2023 年保持一種平衡的方法，通過有紀律的有針對性的投資來利用這個機會成為餐飲業值得信賴的平台，同時在我們擴大規模的同時保持精簡和高效。我們還計劃進一步投資於長期計劃，例如企業能力建設和國際擴張，這既擴大了我們的市場機會，又使 Toast 能夠長期保持強勁增長。

Now looking beyond 2023, we're confident that our integrated software and payments model will continue to scale efficiently, as total subscription plus fintech gross profit in our core business compounds over time, we expect to show meaningful operating leverage. As we achieve larger scale, we expect adjusted EBITDA as a percentage of total subscription plus fintech gross profit to reach 30% to 35% range.

現在展望 2023 年以後，我們相信我們的集成軟件和支付模型將繼續有效擴展，因為隨著時間的推移，我們核心業務的總訂閱量加上金融科技毛利潤會復合，我們預計將顯示出有意義的運營槓桿。隨著我們實現更大的規模，我們預計調整後的 EBITDA 佔總認購額加上金融科技毛利潤的百分比將達到 30% 至 35% 的範圍。

This financial profile reflects our current business mix and does not factor in the impact from nascent long-term opportunities like expansion into enterprise segment or international. We intend to execute the same playbook going forward balancing efficiency and margin improvement with disciplined targeted investments to capitalize on the massive opportunity in our core business, which we believe will drive several years of sustained strong growth.

這一財務狀況反映了我們目前的業務組合，並沒有考慮到新興的長期機會的影響，比如擴展到企業部門或國際市場。我們打算在未來執行相同的劇本，通過有紀律的有針對性的投資來平衡效率和利潤率的提高，以利用我們核心業務中的巨大機會，我們相信這將推動數年的持續強勁增長。

As we balance growth and profitability each year, our goal is to consistently exceed the Rule of 40 on the path to our target margin -- target financial profile. Certain years that may mean delivering more margin expansion and in some areas, we may decide to invest more to deepen penetration or increase our ARPU potential. We'll assess those decisions in the context of optimizing our long-term cash flow potential.

在我們每年平衡增長和盈利能力時，我們的目標是在實現目標利潤率——目標財務狀況的道路上始終超越 40 法則。某些年份可能意味著實現更多的利潤率擴張，在某些領域，我們可能決定投資更多以加深滲透或增加我們的 ARPU 潛力。我們將在優化我們的長期現金流潛力的背景下評估這些決定。

And given the size of the opportunity ahead and the power of our integrated software and payments model, we expect to operate above the Rule of 40 even as our core business grows into this margin profile.

考慮到未來機會的規模以及我們集成軟件和支付模式的力量，即使我們的核心業務增長到這種利潤率，我們也希望在 40 法則之上運作。

Subscription and fintech are our recurring gross profit streams and the basis on which we operate the business and serves as the anchor for our margin and how we assess our operating expenses. We expect a combination of improving unit economics and leverage on overhead cost to drive the path to 30% to 35% margins.

訂閱和金融科技是我們的經常性毛利來源，也是我們經營業務的基礎，是我們利潤率的支柱，也是我們評估運營費用的方式。我們預計單位經濟效益的提高和管理費用的槓桿作用將推動利潤率達到 30% 至 35%。

I'll highlight a few key areas. We will see leverage as our total ARR continues to scale. In addition, as we've discussed, sales and rep productivity is correlated with both rep tenure and market penetration. We've seen this dynamic play out in our flywheel markets and expect that as we continue to drive higher penetration and as rep tenure increases, sales and marketing costs will continue to become more efficient.

我將強調幾個關鍵領域。隨著我們的總 ARR 繼續擴大，我們將看到槓桿作用。此外，正如我們所討論的，銷售和代表生產力與代表任期和市場滲透率相關。我們已經看到這種動態在我們的飛輪市場上發揮作用，並預計隨著我們繼續推動更高的滲透率和代表任期的增加，銷售和營銷成本將繼續變得更有效率。

Longer term, we expect hardware and services margin to improve as we see the full benefit from shift to lower cost shipping and further supply chain optimization plus increased efficiency in onboarding new customers. Our focus on cost discipline and efficiency will also be evident in G&A. We expect operating leverage starting in 2023 and our underlying G&A expenses to benefit from automation and increased scale over time. Our long-term G&A profile also factors in credit liability expenses proportionate with the growth in Toast Capital.

從長遠來看，我們預計硬件和服務利潤率將提高，因為我們看到轉向低成本運輸和進一步優化供應鏈以及提高新客戶入職效率所帶來的全部好處。我們對成本紀律和效率的關注也將在 G&A 中得到體現。我們預計從 2023 年開始的運營槓桿和我們的基本 G&A 費用將受益於自動化和隨著時間的推移擴大規模。我們的長期 G&A 概況還考慮了與 Toast Capital 增長成比例的信用負債費用。

In closing, 2022 was a strong year for Toast, and we continue to have a lot of conviction about our long-term opportunity. The consistent execution across the company led to durable growth where our focus on efficiency and disciplined cost management drove meaningfully margin improvement. We remain in very early stages of an incredible market opportunity and are confident that continuing to relentlessly execute our strategy will lead to sustained location and ARPU growth and create significant long-term shareholder value.

最後，2022 年對 Toast 來說是強勁的一年，我們繼續對我們的長期機會充滿信心。整個公司的一致執行導致持久增長，我們對效率和嚴格的成本管理的關注推動了有意義的利潤率提高。我們仍處於令人難以置信的市場機會的早期階段，並相信繼續堅持不懈地執行我們的戰略將帶來持續的位置和 ARPU 增長，並創造可觀的長期股東價值。

I want to thank all of our employees customers and partners, and we look forward to an exciting 2023.

我要感謝我們所有的員工、客戶和合作夥伴，我們期待著激動人心的 2023 年。

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以開始我們的問答。

(Operator Instructions) Our first question today comes from Dan Dolev with Mizuho.

（操作員說明）我們今天的第一個問題來自 Dan Dolev 和 Mizuho。

Great results. Much appreciated. So I do have a question about -- 2 questions, a question and a quick follow-up about the SaaS thing. So -- if I look at your SaaS growth, revenue per customer was basically like flattish and like slightly down year-over-year. And what happened there? Like I think a lot of people were very bullish or expecting with massive growth in that SaaS revenue per customer? And then I have a quick follow-up.

很棒的結果。非常感激。所以我確實有一個問題 - 2 個問題，一個問題和一個關於 SaaS 事情的快速跟進。所以——如果我看看你的 SaaS 增長，每個客戶的收入基本上持平，並且同比略有下降。那裡發生了什麼？就像我認為很多人都非常看好或期待每個客戶的 SaaS 收入大幅增長？然後我有一個快速跟進。

Yes. So SaaS -- so first of all, I just want to complement our upsell team and our growth team for positioning the platform and really, we're seeing a lot of momentum there. And I also want to remind you that our SaaS ARPU overall is up 20%, Dan, and over 2 years, up 50%. So I just want to start there and provide that context. And also SaaS revenue in Q4 was up 75%. So really, really actually proud of way the team has executed. And we're going to continue to see progress as we innovate more on our platform, we're going to continue to see more customers bringing on more upfront as we land customers at a higher ARPU, but also our upsell team is having really good progress so far.

是的。所以 SaaS——首先，我只想補充我們的追加銷售團隊和我們的增長團隊來定位平台，真的，我們在那裡看到了很多動力。我還想提醒您，我們的 SaaS ARPU 總體增長了 20%，丹，並且在過去 2 年中增長了 50%。所以我只想從那裡開始並提供該上下文。第四季度的 SaaS 收入也增長了 75%。所以真的，真的真的為團隊的執行方式感到自豪。隨著我們在平台上進行更多創新，我們將繼續看到進步，隨著我們以更高的 ARPU 吸引客戶，我們將繼續看到更多客戶帶來更多前期費用，而且我們的追加銷售團隊也非常出色到目前為止的進展。

Got it. It's really helpful. And then my follow-up is on like ARPU trends into 2023. How should we think about the pace of location adds in 2023 and the cadence for the year?

知道了。這真的很有幫助。然後我的後續行動是關於 2023 年的 ARPU 趨勢。我們應該如何考慮 2023 年位置增加的速度和今年的節奏？

Yes. In terms of location adds, like, first of all, again, a complement to the execution by the sales team in 2022, and we continue to see momentum heading into 2023. The funnel is strong and the sales team is executing well. So the one I would point you to is Q1 seasonally typically lower than Q2 and Q3. So just keep that in mind. But we continue to believe we've got momentum in the business at this point.

是的。在位置方面，首先，再次補充銷售團隊在 2022 年的執行力，我們繼續看到進入 2023 年的勢頭。漏斗很強大，銷售團隊執行得很好。所以我要指出的是 Q1 季節性通常低於 Q2 和 Q3。所以請記住這一點。但我們仍然相信我們在這一點上的業務發展勢頭良好。

Great. Great results. Congratulations.

偉大的。很棒的結果。恭喜。

Our next question comes from Stephen Sheldon with William Blair.

我們的下一個問題來自斯蒂芬謝爾頓和威廉布萊爾。

I wanted to start with, I guess, a more high-level question. And I know you're still early in gaining market share across most markets. But if you just looked at some of your more mature markets, does it seem like location market share caps out or slows down in a certain threshold? And maybe it's still too early to know that, but I guess, asked another way, do you think it's harder to get that initial 20% location market share in a certain market? Or is it harder to get the next 20% if you more frequently have to unseat another SaaS incumbent. And I guess even with some of the flywheel dynamics that you're clearly seeing.

我想，我想從一個更高級的問題開始。而且我知道你在大多數市場上獲得市場份額還處於早期階段。但是，如果您只關註一些更成熟的市場，您會發現位置市場份額似乎在某個閾值上達到上限或放緩了嗎？也許現在知道還為時過早，但我想，換一種方式問，你認為在某個市場上獲得最初 20% 的位置市場份額更難嗎？或者，如果您更頻繁地不得不取代另一個 SaaS 現任者，那麼獲得下一個 20% 的份額是否會更難。我想即使有一些你清楚地看到的飛輪動力學。

Yes, Stephen, great question. Look, I think we continue to see the same dynamic where as we gain market share and get market density and rep tenure up in these markets, the productivity of our reps and our ease continues to improve. That's the trend we continue to see. And I think that's not only in terms of the productivity, but also the win rates we see against our competitors. And so there is nothing in our data that we're seeing that says that we can continue to grow into plywood markets. And I think in terms of your question, whether it's the first 20% or the last 20%, I'll tell you the first 10% is what's the hardest.

是的，斯蒂芬，好問題。看，我認為我們繼續看到同樣的動態，隨著我們獲得市場份額並獲得市場密度和代表在這些市場中的任期，我們代表的生產力和我們的輕鬆程度繼續提高。這是我們繼續看到的趨勢。我認為這不僅體現在生產力方面，還體現在我們看到的與競爭對手的勝率方面。因此，我們所看到的數據中沒有任何內容表明我們可以繼續發展到膠合板市場。我認為就你的問題而言，無論是前 20% 還是後 20%，我會告訴你前 10% 是最難的。

Got it. That's really helpful. And just a follow-up, great to see the Order with Google integration, would love to get your thoughts on how big of an opportunity that might be, what kind of topline growth implications there could be, and whether those any notable impact on unit economics for orders and payments that flow through there relative to your existing online ordering solutions?

知道了。這真的很有幫助。只是一個後續行動，很高興看到 Order 與 Google 的整合，很想听聽您對這可能有多大的機會、可能對收入增長產生什麼樣的影響以及這些是否對單位有顯著影響的想法相對於您現有的在線訂購解決方案，流經那裡的訂單和付款的經濟學？

Yes, it's a good question. I think it's super important for any restaurant to meet the guest and consumer where they are. So we're pretty bullish on the opportunity with Google. Seamlessly integrating with them so if our consumer is on Google Maps or searching on Google and then connecting to the restaurants first-party online ordering capability is a critical success factor and it streamlines both the revenue attached as well as the productivity of the teams. It also eliminates third-party directions to process orders. So for ous it's much more seamless guest experience. Every restaurant should be taking advantage of that, and we think it's a unique opportunity in the market.

是的，這是個好問題。我認為對於任何一家餐廳來說，在他們所在的地方與客人和消費者會面是非常重要的。所以我們非常看好谷歌的機會。與他們無縫集成，如果我們的消費者在谷歌地圖上或在谷歌上搜索，然後連接到餐廳，第一方在線訂購功能是一個關鍵的成功因素，它簡化了附加收入和團隊的生產力。它還消除了處理訂單的第三方指示。所以對我們來說，這是更加無縫的客戶體驗。每家餐廳都應該利用這一點，我們認為這是市場上獨一無二的機會。

Great. And nice results.

偉大的。和不錯的結果。

The next question comes from Timothy Chiodo with Credit Suisse.

下一個問題來自瑞士信貸的 Timothy Chiodo。

I want to talk a little bit about the net take rate for fintech. So 54 basis points in the quarter. And the comment was that next year, the expectation is for that take rate to be roughly in that same range. But given some of the pricing comments by Clover and Fiserv overall in the last quarter, they saw a big yield uptick and took some pricing. There's also the ramping of Toast Capital. And there's also been some reports of tests of price increases that you've been considering in the marketplace. Those 3 factors suggest that maybe there could be some upside to that take rate. And I was hoping you could just comment on those factors and the pricing changes in particular.

我想談談金融科技的淨利率。所以本季度為 54 個基點。評論是，明年，預期採用率大致在同一範圍內。但鑑於上個季度 Clover 和 Fiserv 的一些定價評論，他們看到收益率大幅上升並採取了一些定價。還有 Toast Capital 的崛起。還有一些您一直在考慮在市場上進行價格上漲測試的報告。這 3 個因素表明，該比率可能會有一些上升空間。我希望您能就這些因素，尤其是定價變化發表評論。

Yes. No. So good question, Tim. Thanks for the question. First of all, complement to the Toast Capital team for the momentum and really the fact that we're meeting the demand that we're seeing from our customers on Toast Capital, and that definitely plays into the take rate for the quarter. And just remember that Q4 credit is seasonally higher. So in Q4, we had in our core take rate a bit of a lower take rate, of course. But just keep in mind, year-over-year, our take rate has increased.

是的。不，提姆，問得好。謝謝你的問題。首先，補充 Toast Capital 團隊的勢頭，事實上我們正在滿足我們從 Toast Capital 客戶那裡看到的需求，這肯定會影響本季度的採用率。請記住，第四季度信貸季節性較高。因此，在第四季度，我們的核心採用率當然要低一些。但請記住，年復一年，我們的接受率有所增加。

And then I think what we often talk about, and I'll just remind everyone, we're always focused on both pricing and cost optimization, but cost optimization is important over the long term. And that's just a muscle that we have built in the company that we're focused on. And then finally, I would just zoom out and say that the take rate overall, there's opportunity to -- a longer-term opportunity to offer products to drive more payment volume and drive more digital transaction. And then, of course, there's opportunity to optimize pricing. And I'll let Aman comment on your specific question around pricing.

然後我想我們經常談論的事情，我只是提醒大家，我們一直專注於定價和成本優化，但從長遠來看，成本優化很重要。這只是我們在我們專注的公司中建立的力量。最後，我只想縮小並說總體採用率，有機會 - 提供產品以推動更多支付量和推動更多數字交易的長期機會。然後，當然，還有機會優化定價。我會讓阿曼評論你關於定價的具體問題。

Sure. Thanks, Elena. Tim, look, we're focused on gaining market share, right? And we're always testing pricing, like pricing and packaging is something we're always optimizing, but there's nothing material to report in terms of changes in our pricing and our take rate.

當然。謝謝，埃琳娜。蒂姆，你看，我們專注於獲得市場份額，對吧？我們一直在測試定價，比如定價和包裝是我們一直在優化的東西，但就我們的定價和採用率的變化而言，沒有什麼可報告的。

Okay. I really appreciate that. The very, very brief follow-up is you mentioned the $24 million, I believe, for Q4 for Toast Capital and Pay Card, and it was $17 million last quarter. So maybe I might have missed it. Did you give a full year number for those or just the second half?

好的。我真的很感激。非常非常簡短的後續行動是你提到了 Toast Capital 和 Pay Card 第四季度的 2400 萬美元，上個季度是 1700 萬美元。所以也許我可能錯過了。你是給出了全年的數字還是只給出了下半年的數字？

No, we haven't given the full year.

不，我們還沒有給出完整的年份。

The next question comes from Rayna Kumar with UBS.

下一個問題來自瑞銀的 Rayna Kumar。

You gave some really helpful detail on the macro backdrop. Just curious on your actual '23 guidance. Does that assume macro gets worse or it remains as is?

你在宏觀背景上提供了一些非常有用的細節。只是對您實際的 '23 指導感到好奇。這是假設宏觀經濟變得更糟還是保持原樣？

Yes, it's a fair question. We contemplated the macro and our guidance was with that in the backdrop, we felt like our guidance was prudent just given that there's uncertainty out there. But we've seen resilience in our customers and restaurants in the past. So that's also in our calculus as well.

是的，這是一個公平的問題。我們考慮了宏觀經濟，我們的指導是在這種背景下進行的，我們覺得我們的指導是謹慎的，因為那裡存在不確定性。但我們在過去看到了客戶和餐廳的韌性。所以這也在我們的計算中。

Got it. That's helpful. And then you continue to improve the percentage of customers using elective products. Can you talk a little bit about how demand has evolved for elective products in recent months? And are you finding it easier or more difficult to sell these products given the macro environment we're in?

知道了。這很有幫助。然後你繼續提高客戶使用選修產品的百分比。您能談談最近幾個月對選修產品的需求是如何變化的嗎？鑑於我們所處的宏觀環境，您是否發現銷售這些產品更容易或更困難？

I think it's less about the macro environment, and it's more about restaurants wanting to adopt an all-in-one solution and then also have really strong -- really strong partner ecosystem on top of that platform. So at the end of the day, if you think about the restaurants challenges, they're facing labor challenges, inflation and how to drive top line growth.

我認為這與宏觀環境無關，更多的是餐廳希望採用一體化解決方案，然後在該平台上擁有非常強大的合作夥伴生態系統。因此，歸根結底，如果您考慮餐館面臨的挑戰，他們將面臨勞動力挑戰、通貨膨脹以及如何推動收入增長。

So having a platform that connects those dots and allows them to be much more efficient is what we're after. So we're seeing that value proposition resonate in the market, both for SMB as well as upmarket. And we want to make sure that we give them great technology at their fingertips to drive improvements and do that with our partner ecosystem as well. So we're seeing that broader adoption of modules based on that value proposition.

因此，擁有一個連接這些點並使它們更加高效的平台就是我們所追求的。因此，我們看到該價值主張在市場上引起了共鳴，無論是對於 SMB 還是高端市場。我們希望確保我們為他們提供觸手可及的強大技術，以推動改進，並通過我們的合作夥伴生態系統實現這一目標。因此，我們看到基於該價值主張的模塊得到更廣泛的採用。

The next question comes from Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通的 Tien-Tsin Huang。

Great growth here. Just wanted to -- I think, Elena, or Chris, you mentioned exciting new products for fiscal '23. Just curious, is that more of the Google variety or products on enterprise? Just hoping to get a little bit more flavor on the product roadmap here for the year.

在這裡有很大的成長。只是想 - 我想，埃琳娜或克里斯，你提到了 23 財年令人興奮的新產品。只是好奇，這是更多的谷歌品種或企業產品嗎？只是希望今年的產品路線圖能多一點風味。

Yes. No, it's a good question. You're going to see pilots and opportunities across all lines of business. So both guest facing. You think about the Delphi acquisition this morning, bringing Ken and the team into our fold so that we can more broadly serve QSR restaurants, specifically with drive-thru capabilities. So you're going to see guest-facing opportunities, employee-facing opportunities within our employee cloud and payroll management solution. And then obviously, in the back office, as restaurants fight food cost inflation in and around xtraCHEF is a unique opportunity to continue to show visibility and price tracking across the restaurant sector so that they can optimize their spend.

是的。不，這是個好問題。您將看到所有業務線的試點和機會。所以都面向客人。你想想今天早上對德爾福的收購，將 Ken 和團隊納入我們的行列，這樣我們就可以更廣泛地為 QSR 餐廳提供服務，特別是具有得來速功能。因此，您將在我們的員工雲和薪資管理解決方案中看到面向客人的機會、面向員工的機會。然後顯然，在後台，當餐廳在 xtraCHEF 內部和周圍對抗食品成本通脹時，這是一個獨特的機會，可以繼續展示整個餐廳行業的知名度和價格跟踪，以便他們可以優化支出。

So I'd say it's a broad-based attack on different opportunities across the different stakeholders. But again, with the mission of empowering restaurants of all types to improve their operations.

所以我想說這是對不同利益相關者的不同機會的廣泛攻擊。但同樣，我們的使命是賦予各類餐廳改善運營的能力。

Cool. I appreciate that response. Just my quick follow-up then, maybe just thinking about -- I know a lot of questions around the outlook here. But are you expecting a high level any change in growth composition between location growth and ARPU in '23 versus '22? Just trying to get a sense of relative growth here we should expect to change?

涼爽的。我很欣賞這種回應。只是我的快速跟進，也許只是在想——我知道很多關於這裡前景的問題。但是，您是否期望 23 年與 22 年位置增長和 ARPU 之間的增長構成發生高水平的變化？只是想了解這裡的相對增長，我們應該期望改變嗎？

Yes. No, the composition sensing of our location should be relatively consistent. Like I think the one thing we said is the platform resonates with various parts of the market. So whether it's QSR, FSR, or whether it's smaller-format restaurants, larger-format restaurants. So I think the breadth of our offering has allowed us to resonate in different parts of the TAM. And so we expect that to be consistent.

是的。不會，我們位置的構圖感應應該是比較一致的。就像我認為我們所說的一件事是該平台與市場的各個部分產生共鳴。因此，無論是 QSR、FSR，還是小型餐廳、大型餐廳。所以我認為我們產品的廣度使我們能夠在 TAM 的不同部分產生共鳴。所以我們希望它是一致的。

On the product side, we're just constantly investing to increase our TAM. And then SaaS ARPU, as Elena mentioned, on the call, is up 20% year-over-year, and we continue -- expect to continue to see that in '23 as well.

在產品方面，我們只是不斷投資以增加我們的 TAM。然後，正如 Elena 在電話會議上提到的那樣，SaaS ARPU 同比增長 20%，我們將繼續——預計在 23 年也會繼續看到這種情況。

The next question comes from Josh Baer with Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

Great. With Delphi coming on board and innovations around QSR and hospitality, not so long ago, what are some of the other big areas of innovation, product features, functionality that are needed to further unlock upmarket?

偉大的。隨著德爾福的加入以及圍繞 QSR 和酒店業的創新，不久前，進一步打開高端市場所需的其他一些重要創新領域、產品特性和功能是什麼？

Yes. Very similar to what I just mentioned, Josh. I think you're going to see us push out solutions in our platform that help each stakeholder in the restaurants thrive. So guest-facing omnichannel experiences, we want restaurants to meet the guest where they are. So whether it's online through a search through Google or in drive-thru or in-store through kiosk or at the table, we want to make sure that we create an amazing set of guest experiences and service models that allow the restaurant to drive top line, but then also allow their staff to be productive.

是的。與我剛才提到的非常相似，Josh。我想你會看到我們在我們的平台上推出解決方案，幫助餐廳的每個利益相關者蓬勃發展。因此，面向客人的全渠道體驗，我們希望餐廳能在客人所在的地方與他們見面。因此，無論是通過谷歌在線搜索，還是通過自助服務亭或在餐桌上的得來速或店內，我們都希望確保我們創造了一套令人驚嘆的賓客體驗和服務模式，使餐廳能夠提高收入，但也讓他們的員工提高工作效率。

If you go inside the restaurant, a good example with Silver Diner, we're seeing progress on staff productivity amidst labor changes for restaurants gaining productivity through our platform so that they can better treat their guests, have staff productivity go up and then see happier consumers, happier employees, higher tips and wages, higher ticket sizes and a flywheel within the restaurant that improves the restaurant itself.

如果你走進餐廳，Silver Diner 就是一個很好的例子，我們看到在勞動力變化的情況下，餐廳的員工生產力取得了進步，餐廳通過我們的平台提高了生產力，這樣他們就可以更好地招待客人，提高員工生產力，然後看得更開心消費者、更快樂的員工、更高的小費和工資、更高的票價以及餐廳內的飛輪改善了餐廳本身。

And then as I mentioned in the back office, we believe there's opportunities to better connect food cost optimization back into the supply chain so that the restaurant is optimizing their cost. So you're going to see opportunities across these different stakeholder groups. And that's what gets us excited about the all-in-one platform because our mission is to make sure that we're advancing this platform so that all of these stakeholders can thrive.

然後正如我在後台提到的那樣，我們相信有機會更好地將食品成本優化連接回供應鏈，以便餐廳優化其成本。因此，您將在這些不同的利益相關方群體中看到機會。這就是讓我們對一體化平台感到興奮的原因，因為我們的使命是確保我們正在推進這個平台，以便所有這些利益相關者都能蓬勃發展。

Is there any appetite to accelerate international expansion through M&A?

是否有通過併購加速國際擴張的意願？

Right now, it's a fair question. I mean I think just our overall M&A philosophy for international isn't different than it is for our overall business. So we're looking at is there something that gets us to market faster? Or is there something that's complementary to our product roadmap.

現在，這是一個公平的問題。我的意思是，我認為我們的國際併購理念與我們的整體業務並無不同。所以我們正在研究是否有什麼能讓我們更快地推向市場？或者有什麼東西可以補充我們的產品路線圖。

Right now, our focus is building off of the foundation we started in 2022 internationally, and I don't anticipate that will have a material impact or a meaningful impact anyway in 2023.

目前，我們的重點是建立我們於 2022 年在國際上開始的基礎，我預計這不會在 2023 年產生實質性影響或有意義的影響。

The next question comes from Will Nance with Goldman Sachs.

下一個問題來自高盛的 Will Nance。

Can you spend a little time on some of the macro trends that you guys saw throughout the fourth quarter and into the first quarter? We've heard from other some sort of SMB software-oriented names in the market talking about a temporary slowdown and uptake on new software platforms. I'd note the kind of software ARPU expansion was a little lower, net adds a little lower than in the third quarter. The recent retail sales data, particularly for dining, suggests that spending has been particularly robust in January or into 2023 though. So maybe you could just talk about some of the macro trends you're seeing and how things kind of progressed over the fourth quarter and whether you guys are seeing the same sort of traction in the end market so far in 2023?

你能花點時間談談你們在整個第四季度和第一季度看到的一些宏觀趨勢嗎？我們從市場上其他一些以 SMB 軟件為導向的公司那裡聽說了暫時的放緩和對新軟件平台的採用。我注意到軟件 ARPU 的擴展略低於第三季度，淨增加略低於第三季度。最近的零售銷售數據，尤其是餐飲方面的數據表明，1 月份或 2023 年的支出特別強勁。所以也許你可以談談你看到的一些宏觀趨勢以及第四季度的進展情況以及你們是否在 2023 年到目前為止在終端市場看到了同樣的牽引力？

Sure. Good question, Will. So we're not seeing meaningful changes in consumer demand or spending across our business. So restaurants are seeing demand, and it's in line with our expectations for what I would call historic seasonality trends. We continue to see consumers moving more spend to services like dining out versus food at home. Certainly, January, some of the signals from January on retail sales were strong with continued strength for food services, but we're not really seeing any material or meaningful impact in consumer demand or across restaurants.

當然。問得好，威爾。因此，我們沒有看到消費者需求或整個業務支出發生有意義的變化。所以餐廳看到了需求，這符合我們對我所說的歷史季節性趨勢的預期。我們繼續看到消費者將更多的支出轉移到外出就餐等服務上，而不是在家吃飯。當然，1 月份零售銷售的一些信號很強勁，食品服務持續走強，但我們並沒有真正看到對消費者需求或整個餐廳有任何實質性或有意義的影響。

As we've mentioned before, I think we mentioned this last quarter, consumer spend on dining has proven pretty resilient during past economic slowdowns. So I think that keeps us optimistic that what we're seeing will hopefully continue. That being said, we're pretty mindful of the mixed macro signals and we're monitoring things closely.

正如我們之前提到的，我認為我們在上個季度提到過，事實證明，在過去的經濟放緩期間，消費者在餐飲方面的支出非常有彈性。所以我認為這讓我們保持樂觀，我們所看到的有望繼續下去。話雖這麼說，我們非常注意混合的宏觀信號，並且我們正在密切監視事情。

I think the last point I would make is our platform really helps restaurants adapt and be resilient during tough times. And if you look at the past 2.5 years, we've been incredibly successful allowing restaurants to adjust their business, adapt and have stronger survivability. So I think our platform becomes really valuable in tough market conditions, and that's what we're seeing with things like our SaaS ARPU growth and customers using more modules on the platform.

我想我要說的最後一點是，我們的平台確實可以幫助餐廳在困難時期適應並保持彈性。如果你回顧過去的 2.5 年，我們已經取得了令人難以置信的成功，讓餐廳能夠調整業務、適應並具有更強的生存能力。因此，我認為我們的平台在艱難的市場條件下變得非常有價值，這就是我們在 SaaS ARPU 增長和客戶在平台上使用更多模塊等方面所看到的。

So in general, it's stay the course and continue to be mindful of the signals that are out there.

所以總的來說，它會堅持到底並繼續注意那裡的信號。

Yes. And also, Joshua, I would tell you 2 things. One is our location adds in Q4 were in line with what we expected and comparable to Q3. So not down and not below our expectations. And I'd also reinforce our ARPU is up year-over-year, 20% and up over 2 years, 50%. So just keep that in mind as you consider Q4.

是的。還有，約書亞，我會告訴你兩件事。一是我們在第四季度增加的位置符合我們的預期，並且與第三季度相當。所以不要失望，也不要低於我們的預期。而且我還要強調我們的 ARPU 同比增長 20%，並且在 2 年內增長了 50%。因此，在考慮第四季度時請記住這一點。

Got it. Yes. I see those numbers. And then maybe a follow-up question on Toast Capital. The relationship, I think you mentioned on the timing and some of the rev rec on revenues, and most of that is upfront upon origination. Can you just talk through kind of the drivers of that bad debt expense on a quarterly basis? You kind of called out the sum total of all of credit-related expenses in the P&L. Like how do we think about the relationship between that and revenue? Is that also largely booked upfront?

知道了。是的。我看到那些數字。然後可能是關於 Toast Capital 的後續問題。這種關係，我想你在時間和一些收入的 rev rec 上提到過，其中大部分是在發起時預先確定的。你能每季度談談壞賬支出的驅動因素嗎？您在損益表中列出了所有與信用相關的費用的總和。比如我們如何看待它與收入之間的關係？這也主要是提前預訂的嗎？

Yes. So the way to think about that is -- and so without -- we gave you sort of a proxy, but the way to think about what drives that is really the tenure of the loan. So if it's a 90-day, 270-day or 360-day, that's going to have a different reserve, if you will. And then the creditworthiness of the customers, so all the typical underwriting that you would expect plays into how we reserve for potential future losses. That's the analysis that the team does.

是的。因此，考慮這一點的方法是——所以沒有——我們給了你某種代理，但考慮真正驅動貸款期限的方法是什麼。因此，如果它是 90 天、270 天或 360 天，那將有不同的儲備，如果你願意的話。然後是客戶的信譽度，因此您期望的所有典型承保都會影響我們如何為潛在的未來損失預留。這就是團隊所做的分析。

Got it. And most of that is booked upfront at origination as opposed to over the life of loan?

知道了。而且其中大部分是在發起時預先預訂的，而不是在貸款期限內預訂的？

Correct.

正確的。

Our next question comes from Darrin Peller with Wolfe.

我們的下一個問題來自 Darrin Peller 和 Wolfe。

Nice results. Could we just touch on the thought process around the profitability cadence again. I know you've talked about it and that was really helpful, the slide you gave us on the long-term margins. But just considering your views on trade-off on investments and timing on inflection and really just updated thoughts on when you think we could be showing more pronounced profitability levels. Would love to hear some thoughts.

不錯的結果。我們能否再次談談圍繞盈利節奏的思考過程。我知道你已經談過了，這真的很有幫助，你給我們的幻燈片是關於長期利潤率的。但考慮到你對投資權衡和拐點時機的看法，以及你認為我們何時可以顯示更明顯的盈利水平的想法，真的只是更新了。很想听聽一些想法。

Yes. Thanks for the question. So I think, hopefully, you can see from how we've executed in the last year that we've consistently delivered margin improvement. And so that's pretty intentional focus by this management team that won't change. And so we're going to continue to balance and that's a really important thing I want people to hear is we're going to balance this opportunity because we have so much conviction about our opportunity at this moment.

是的。謝謝你的問題。所以我認為，希望你能從我們去年的執行情況中看到我們一直在提高利潤率。因此，這個管理團隊非常有意地關注這一點，不會改變。因此，我們將繼續保持平衡，這是我想讓人們聽到的一件非常重要的事情，那就是我們將平衡這個機會，因為我們現在對我們的機會充滿信心。

And so as you think about the next couple of years, we're going to continue to still have healthy growth, but at the same time, continue to deliver margin expansion with this idea that we're going to be balancing and exceeding the Rule of 40. That's how we're -- our ambition is to plan in that way. So that's what I would tell you.

因此，當你考慮未來幾年時，我們將繼續保持健康增長，但與此同時，我們將繼續實現利潤率擴張，我們將平衡並超越規則40。那是我們的方式-我們的志向是以那種方式計劃。所以這就是我要告訴你的。

And I think it's important for you to realize that we will not -- our path to that margin profile may not always be linear. So as opportunities present themselves, we want that flexibility to kind of lean into that investment.

而且我認為重要的是你要意識到我們不會 - 我們通往利潤率的道路可能並不總是線性的。因此，隨著機會的出現，我們希望這種靈活性能夠在某種程度上傾向於投資。

That's helpful. And just a quick follow-up, and I appreciate that. I just -- if you could just touch on how the front book ARPU has trended? Is it still around 6,000 level you guys have spoken about in the past? Or is it change at all?

這很有幫助。只是快速跟進，我很感激。我只是 - 如果你能談談前台 ARPU 的趨勢如何？還是你們之前說的6000左右？或者它根本沒有改變？

No, we're definitely in that zone.

不，我們肯定在那個區域。

Great. Great. It looks like there's some traction going forward. All right. Appreciate it, guys.

偉大的。偉大的。看起來有一些牽引力向前發展。好的。欣賞它，伙計們。

The next question comes from Josh Beck with KeyBanc.

下一個問題來自 KeyBanc 的 Josh Beck。

I want to ask a little bit about the payback assumption. Certainly, a really good result this year in the mid-teens. And it sounds like efficiency-wise, you feel like there's more opportunity. So as we look forward into '23 and beyond, how important is headcount growth? And is that a good reference point just to think about in terms of efficiency?

我想問一下有關回報假設的問題。當然，今年在十幾歲的時候取得了非常好的成績。這聽起來像是效率方面的，你覺得有更多的機會。因此，當我們展望 23 世紀及以後時，員工人數增長有多重要？就效率而言，這是一個很好的參考點嗎？

Yes. I mean, I think -- so a couple of things. One is we always sort of manage to that mid-teens, Josh. And -- the commentary we tend to make on flywheel markets is really important because that -- as we see more rep tenure and we get deeper into a market, we're going to see productivity increase, and we're going to see that play out.

是的。我的意思是，我認為 - 有幾件事。一是我們總能做到十幾歲，喬什。而且——我們傾向於對飛輪市場發表的評論非常重要，因為——隨著我們看到更多的代表任期和我們更深入地進入市場，我們將看到生產率提高，我們將看到播出。

And so as we continue to replicate these flywheel markets, the need to add capacity that we've added like as an example that we've added in the last few years will be less, right? We should be able to continue to increase rep productivity, which will drive some of that leverage that we anticipate and will allow us to stay within the payback periods that we feel are healthy.

因此，隨著我們繼續複製這些飛輪市場，增加我們在過去幾年中增加的容量的需求將會減少，對吧？我們應該能夠繼續提高代表生產力，這將推動我們預期的一些槓桿作用，並使我們能夠保持在我們認為健康的投資回收期內。

And just to add to that, Josh, we're being opportunistic. So the upsell team, for example, we've seen good progress in ARPU growth, good -- the attach rates of our guest products are holding as we adding more locations. There's lots of upside on our extra shaft and payroll products given they aren't penetrated in our base. So we're investing in some of the emerging markets and upsell -- but to Elena's point, the biggest driver we feel in our more mature markets is really driving market density and driving the tenure over reps up.

除此之外，喬什，我們正在投機取巧。因此，例如，追加銷售團隊在 ARPU 增長方面取得了良好進展，很好——隨著我們增加更多地點，我們的客戶產品的附加率保持不變。我們的額外軸和薪資產品有很多好處，因為它們沒有滲透到我們的基礎中。因此，我們正在投資一些新興市場和追加銷售——但就 Elena 的觀點而言，我們在更成熟的市場中感受到的最大驅動力確實在推動市場密度和推動銷售代表的任期上升。

Okay. And then maybe a follow-up a little bit to Darrin's question just around the target P&L. Thank you for the framework. It's very helpful. But yes, I mean, how should we frame up the horizon around the type of scale that's required. And then what type of impact could because I believe that, that profile excludes enterprise and international like should those factors be included? Would it be more so in the sales and marketing, go-to-market spend? Just curious how to think about those 2 items?

好的。然後可能會跟進 Darrin 圍繞目標 P&L 提出的問題。謝謝你的框架。這非常有幫助。但是，是的，我的意思是，我們應該如何圍繞所需的規模類型構建視野。然後會產生什麼類型的影響，因為我認為，該概況不包括企業和國際，例如是否應該包括這些因素？在銷售和營銷、上市支出方面是否更是如此？只是好奇如何考慮這兩項？

Yes. No, thanks for the call out. You're exactly right. Look, I consider those emerging investments to more like options to continue to sustain our growth over time. But I think what you should hear is we have a big opportunity ahead, and we feel confident we can continue to compound our ARR and fintech gross profit for the next -- for the years -- next years to come. And that's going to be both continued R&D investment, obviously, to continue to deepen our penetration and drive more ARPU.

是的。不，謝謝你的呼喚。你完全正確。看，我認為這些新興投資更像是隨著時間的推移繼續維持我們增長的選擇。但我認為你應該聽到的是我們前面有一個很大的機會，我們相信我們可以在接下來的幾年裡繼續增加我們的 ARR 和金融科技毛利潤。顯然，這將是持續的研發投資，以繼續加深我們的滲透率並推動更多的 ARPU。

And the one way to think about it is we'll be -- what we'd like to think is that at a larger scale, we can drive that profit margin profile. So -- that's probably the best way I can think about it. I don't want to be precise on the timing because, as I said, we want to have that flexibility to invest into opportunities as the market evolves, but we'll always kind of come back to this notion that we want to exceed the Rule of 40 over time.

考慮它的一種方式是我們將會 - 我們想的是，在更大的範圍內，我們可以推動利潤率狀況。所以——這可能是我能想到的最好的方式。我不想在時間上說得很精確，因為正如我所說，我們希望隨著市場的發展靈活地投資機會，但我們總會回到這個概念，即我們想要超越隨著時間的推移，40 的規則。

Our final question today comes from the line of Andrew Bauch with SMBC Nikko.

我們今天的最後一個問題來自 SMBC Nikko 的 Andrew Bauch。

First question on Delphi. How much of this are you contributing in the full year revenue guide or from the EBITDA perspective. And then I have a quick follow-up after that.

關於德爾福的第一個問題。您在全年收入指南中或從 EBITDA 的角度貢獻了多少。之後我會進行快速跟進。

Yes. Delphi is not material to our 2023 P&L. But it is important strategically to our QSR offering. So just consider that over the long term.

是的。德爾福對我們 2023 年的損益表並不重要。但它對我們的 QSR 產品具有戰略意義。因此，請從長遠考慮。

Got it. And then looking at the long-term financial profile, very helpful to kind of pick apart of these pieces. Could you give us a sense on what you're using there for your terminal fintech and subscription gross margins potentially on each line?

知道了。然後查看長期財務狀況，這對區分這些部分非常有幫助。您能否讓我們了解一下您在那裡使用的終端金融科技和每條線路上潛在的訂閱毛利率？

Yes, we're not going to give that detail. But overall, I think you should expect to see leverage in the entire business over time, but we're going to continue to balance that with investing in R&D and innovation, obviously, to continue to drive that ARPU over time.

是的，我們不會提供那個細節。但總的來說，我認為你應該期望隨著時間的推移看到整個業務的槓桿作用，但我們將繼續平衡它與研發和創新投資，顯然，隨著時間的推移繼續推動 ARPU。

But the gross margin line should be fairly stable, we can assume?

但毛利率應該相當穩定，我們可以假設嗎？

I'm not going to comment on that.

我不打算對此發表評論。

All right.

好的。

Those are all the questions we have time for today. So I would like to turn the call back over to the presenters.

這些就是我們今天有時間回答的所有問題。所以我想把電話轉回給主持人。

Okay. Thank you all. Have a great day.

好的。謝謝你們。祝你有美好的一天。

Thank you.

謝謝。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開您的線路。