Toast Inc (TOST) 2021 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to Toast's Fourth Quarter 2021 Earnings Conference Call. I'm Edward Parker, Investor Relations. Today, our CEO, Chris Comparato, and CFO, Elena Gomez, will join us and discuss our fourth quarter and full year results. After their prepared remarks, we'll take questions.

大家下午好，歡迎參加 Toast 2021 年第四季度收益電話會議。我是投資者關係部的 Edward Parker。今天，我們的首席執行官 Chris Comparato 和首席財務官 Elena Gomez 將加入我們並討論我們的第四季度和全年業績。在他們準備好發言後，我們將回答問題。

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 Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

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，我們將根據 1933 年證券交易法（經修訂）第 27A 條和 1934 年證券交易法（經修訂）第 21E 條的含義，發表與我們業務相關的聲明.

All statements other than statements of historical fact are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, expected growth and business outlook, including our financial guidance for the first quarter and full year 2022. 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.

除歷史事實陳述外，所有陳述均為前瞻性陳述，包括有關管理層對未來財務和運營業績以及運營支出、預期增長和業務前景的預期，包括我們對 2022 年第一季度和全年的財務指導。前瞻性陳述僅反映我們今天的觀點，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 present both GAAP and non-GAAP financial measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. Please refer to our press release, which lays out the detailed reconciliation of GAAP to non-GAAP measures, including some new adjustments we made this quarter. Both the press releases and the replay of this call, including the accompanying investor presentation, will be available on our Investor Relations website.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。這些非 GAAP 措施無意替代我們的 GAAP 結果。請參閱我們的新聞稿，其中列出了 GAAP 與非 GAAP 措施的詳細調節，包括我們在本季度進行的一些新調整。新聞稿和本次電話會議的重播，包括隨附的投資者介紹，都將在我們的投資者關係網站上提供。

With that, I'd like to turn the call over to Chris.

有了這個，我想把電話轉給克里斯。

Thanks, Edward, and thank you all for taking the time to join us today. Toast delivered a strong fourth quarter in fiscal year 2021 as restaurants' need for an all-in-one platform to help them thrive has only become more important. Before I jump into our results for the fourth quarter and fiscal year, I want to provide you with an overview of our business.

謝謝，愛德華，感謝大家今天抽出時間加入我們。 Toast 在 2021 財年第四季度實現了強勁的業績，因為餐廳對幫助他們茁壯成長的一體化平台的需求變得更加重要。在我進入第四季度和財政年度的業績之前，我想為您提供我們業務的概述。

First, let me remind you about our big ambitions. We have an amazing opportunity to empower the restaurant community around the world to delight their guests, do what they love and thrive. That is our mission. Toast provides restaurants with an all-in-one digital technology platform that combines point-of-sale, front-of-house, back-of-house and guest-facing technology integrated with financial technology and payments all built with the restaurant's success in mind. Toast works for all restaurants, regardless of size, concept or cuisine, from independent cafes to enterprise brands. We serve every stakeholder, from the guest to the GM or owner, to the waitstaff, to the chef, suppliers and the entire ecosystem.

首先，讓我提醒您我們的遠大抱負。我們有一個絕佳的機會讓世界各地的餐廳社區能夠取悅他們的客人，做他們喜歡做的事並茁壯成長。這就是我們的使命。 Toast 為餐廳提供了一個一體化的數字技術平台，該平台將銷售點、前台、後台和麵向客人的技術與金融技術和支付相結合，所有這些都與餐廳在頭腦。 Toast 適用於所有餐廳，無論大小、概念或菜式，從獨立咖啡館到企業品牌。我們為每一位利益相關者服務，從客人到總經理或所有者，再到服務員，再到廚師、供應商和整個生態系統。

This past year was transformational for Toast as we executed on our plan and became a publicly traded company. Our initial public offering in September was a big milestone for our company and our customer community, and the momentum continued through the end of the year, resulting in a very strong Q4. Our community grew rapidly as we added more restaurants to our platform and as the percentage of live customers on our platform using 4 or more modules continue to increase. This is a result of our strong focus on execution.

過去的一年對 Toast 來說是變革性的，因為我們執行了我們的計劃並成為了一家上市公司。我們在 9 月份的首次公開募股對我們公司和我們的客戶社區來說是一個重要的里程碑，這種勢頭一直持續到年底，導致第四季度非常強勁。隨著我們在我們的平台上增加了更多的餐廳，以及我們平台上使用 4 個或更多模塊的現場客戶的百分比繼續增加，我們的社區迅速發展。這是我們高度重視執行的結果。

Let me share a few financial highlights. During the quarter, revenue increased 111% year-over-year to $512 million. And annualized recurring run rate, or ARR, increased 74% year-over-year to $568 million. This was driven by continued strength in gross payment volume, or GPV, the addition of new locations to our platform as we capture market share and continued customer adoption of our growing portfolio of products.

讓我分享一些財務亮點。本季度，收入同比增長 111% 至 5.12 億美元。年化經常性運行率 (ARR) 同比增長 74% 至 5.68 億美元。這是由於總支付量或 GPV 的持續強勁，隨著我們佔領市場份額而在我們的平台上增加了新的地點，以及客戶對我們不斷增長的產品組合的持續採用。

The industry continues to rebound from the impact of COVID-19, and GPV on our platform increased to $17 billion in Q4, a 125% increase year-over-year. We ended the quarter with approximately 57,000 live locations on our platform, up from approximately 40,000 locations in Q4 of 2020, representing a 41% increase year-over-year.

該行業繼續從 COVID-19 的影響中反彈，我們平台上的 GPV 在第四季度增加到 170 億美元，同比增長 125%。在本季度末，我們的平台上約有 57,000 個實時位置，高於 2020 年第四季度的約 40,000 個位置，同比增長 41%。

As our customer community grew, we also saw accelerated adoption of our platform as the percentage of customers using 4 or more core modules beyond point-of-sale and payments increased from 48% in Q4 of 2020 to 59% in Q4 of 2021. As a result, our software-as-a-service ARPU increased year-over-year by 30% from Q4 of 2020. Finally, as customers rely on Toast to run their businesses, our net retention continues to be strong and was 135% for 2021, as Elena will discuss in a few minutes.

隨著我們客戶社區的發展，我們也看到我們平台的加速採用，因為在銷售點和支付之外使用 4 個或更多核心模塊的客戶比例從 2020 年第四季度的 48% 增加到 2021 年第四季度的 59%。因此，我們的軟件即服務 ARPU 比 2020 年第四季度同比增長 30%。最後，由於客戶依賴 Toast 開展業務，我們的淨留存率繼續保持強勁，為 135% 2021，正如 Elena 將在幾分鐘內討論的那樣。

Now I'd like to take a moment and provide some context on the industry as a whole. Throughout 2021, the operating environment remained challenging for restaurant operators as they faced the dual challenges of shifting workforce dynamics and a sustained labor shortage alongside rising input prices due to supply chain disruption and accompanying inflation. As you can imagine, it is challenging to run a restaurant in this environment, and we are committed now more than ever to being the true partner to the restaurant industry, just as we've been since the onset of the pandemic and for the last 10 years.

現在我想花點時間提供一些關於整個行業的背景信息。整個 2021 年，餐廳經營者的經營環境仍然充滿挑戰，因為他們面臨勞動力動態變化和持續勞動力短缺以及由於供應鏈中斷和隨之而來的通貨膨脹導致投入價格上漲的雙重挑戰。可以想像，在這種環境下經營一家餐廳是一項挑戰，我們現在比以往任何時候都更致力於成為餐飲業的真正合作夥伴，就像我們自大流行爆發以來和最後一次一樣10年。

With this backdrop, what we have learned in our history serving the industry is that restaurant operators are incredibly resilient. Even before COVID-19, the industry was transforming. Dining itself was changing from mobile order and pay at the table to delivery and online ordering. The pandemic accelerated these changes. When looking at the performance of restaurants on the Toast platform, we have been impressed by their ability to take full advantage of the platform's capabilities to reinvent their business and navigate the impact of COVID-19. Later this month, we will publish the first edition of our Quarterly Restaurant Trends report, which gives visibility into the overall state of the restaurant industry through sales data from restaurants on the Toast platform.

在這種背景下，我們在為該行業服務的歷史中了解到，餐廳經營者俱有難以置信的彈性。甚至在 COVID-19 之前，該行業就已經開始轉型。餐飲本身正在從移動訂購和餐桌支付轉變為送貨和在線訂購。大流行加速了這些變化。在查看餐廳在 Toast 平台上的表現時，我們對他們能夠充分利用該平台的能力來重塑其業務並駕馭 COVID-19 的影響印象深刻。本月晚些時候，我們將發布第一版季度餐廳趨勢報告，通過 Toast 平台上餐廳的銷售數據，可以了解餐飲業的整體狀況。

Let me share a few highlights today. As the industry rebounded from the impact of COVID-19 in 2021, restaurant sales, as measured by same-store GMV, or gross merchandise volume, on the Toast platform increased by 41% year-over-year from 2020 to 2021. Overall same-store sales of Toast customers continue to exceed pre-COVID levels, as evidenced by GMV per location increasing nearly 6% from Q4 2019 to Q4 2021. These are just a few strong signs that the restaurant industry, while continually battle-tested, is resilient. We will continue to lobby Congress to replenish the Restaurant Revitalization Fund, but we are also glad to see Toast adoption contributing to restaurant success and helping restaurants navigate through this difficult time.

今天給大家分享幾個重點。隨著該行業在 2021 年從 COVID-19 的影響中反彈，從 2020 年到 2021 年，Toast 平台上的餐廳銷售額（以同店 GMV 或商品總額衡量）同比增長 41%。總體相同- Toast 客戶的商店銷售額繼續超過 COVID 之前的水平，從 2019 年第四季度到 2021 年第四季度，每個地點的 GMV 增長了近 6%。這些只是餐飲業在不斷經受考驗的同時，正在有彈性的。我們將繼續遊說國會以補充餐廳振興基金，但我們也很高興看到 Toast 的採用有助於餐廳的成功並幫助餐廳度過這一困難時期。

To better support our customers in the restaurant industry at large as they reimagine their businesses, we hosted thousands of restaurant operators for a virtual edition of Spark, our restaurant innovation event, where we previewed the newest Toast technology. During the course of the day, we unveiled an entire suite of new products designed to help restaurants take control of their finances, navigate the labor shortage, regain control of third-party delivery and better manage their P&Ls. The response from our customer community was overwhelmingly positive. So let me share 2 examples.

為了更好地支持整個餐飲業的客戶重新構想他們的業務，我們為數千家餐廳經營者舉辦了 Spark 虛擬版，我們的餐廳創新活動，我們在其中預覽了最新的 Toast 技術。當天，我們推出了一整套新產品，旨在幫助餐廳控制財務、解決勞動力短缺問題、重新控制第三方配送並更好地管理損益。我們客戶社區的反應非常積極。所以讓我分享2個例子。

As many of you know, there is substantial demand for faster access to capital in the restaurant industry As both their point-of-sale and payments processor for restaurants, we have unprecedented visibility into the health of their business. Nearly 2 years ago, we introduced Toast Capital, which allows restaurants to borrow money and pay that money back as a percentage of daily sales. Restaurants absolutely love this product as they pay back more on busy days and less on slow days. At Spark, we introduced a new longer-duration loan product, and the demand for this new product has been robust. During calendar year 2021, we originated over $100 million in total Toast Capital loans.

正如你們許多人所知，餐飲業對更快獲得資本的需求很大，作為他們的餐廳銷售點和支付處理器，我們對他們的業務健康狀況有著前所未有的了解。大約 2 年前，我們推出了 Toast Capital，它允許餐館借錢並按照每日銷售額的百分比償還這筆錢。餐廳絕對喜歡這種產品，因為他們在忙碌的日子裡回報更多，而在緩慢的日子裡回報更少。在 Spark，我們推出了一種新的長期貸款產品，對這種新產品的需求一直很強勁。在 2021 日曆年，我們總共發放了超過 1 億美元的 Toast Capital 貸款。

A second highlight from Spark was the introduction of an enhanced suite of products designed to help restaurants maintain control of takeout and delivery. With Orders Hub, Toast has helped more than 20,000 restaurants manage both takeout and delivery orders from first-party Toast ordering channels and third-party providers. Toast is the first restaurant technology platform to deliver direct integrations with the 5 largest third-party delivery brands: DoorDash, Caviar, Grubhub, Postmates and Uber Eats. And our Performance Center provides unique visibility into the profitability of each channel. When used together, this new suite of products enables our customer community to truly take control of their takeout and delivery business.

Spark 的第二個亮點是引入了一套增強的產品，旨在幫助餐廳保持對外賣和外賣的控制。借助 Orders Hub，Toast 已幫助 20,000 多家餐廳管理來自第一方 Toast 訂購渠道和第三方供應商的外賣和外賣訂單。 Toast 是第一個與 5 個最大的第三方交付品牌直接集成的餐廳技術平台：DoorDash、Caviar、Grubhub、Postmates 和 Uber Eats。我們的績效中心提供了對每個渠道盈利能力的獨特可見性。當一起使用時，這套新產品使我們的客戶社區能夠真正控制他們的外賣和送貨業務。

We're excited about how our customers are using these new products announced at Spark and how they further our position as the leading all-in-one platform for restaurants.

我們對我們的客戶如何使用 Spark 宣布的這些新產品以及他們如何進一步鞏固我們作為領先的餐廳一體化平台的地位感到興奮。

Throughout the quarter, we experienced robust demand in the market for the Toast platform. In 2021, we added around 17,000 new restaurant locations on the platform. Throughout Q4, we saw incredible demand across all segments, from single-location SMB restaurants to regional mid-market and large enterprise brands. This quarter, we signed a new deal with Sinelli Concepts, the holding company for multiple national restaurant and retail brands, including Which Wich Superior Sandwiches, Paciugo Gelato Caffe, Birdguesa Tenders & Tots, Supernova and Earth Burger. Sinelli Concepts is looking to improve efficiency by moving its business to a digital platform. It will be rolling out Toast to 250 locations nationwide for point-of-sale, kitchen display systems and kiosks.

在整個季度，我們都經歷了市場對 Toast 平台的強勁需求。 2021 年，我們在平台上新增了約 17,000 家餐廳。在整個第四季度，我們看到所有細分市場的需求都令人難以置信，從單一地點的 SMB 餐廳到區域中型市場和大型企業品牌。本季度，我們與多個全國性餐廳和零售品牌的控股公司 Sinelli Concepts 簽署了一項新協議，包括Which Wich Superior Sandwiches、Paciugo Gelato Caffe、Birdguesa Tenders & Tots、Supernova 和Earth Burger。 Sinelli Concepts 正在尋求通過將其業務轉移到數字平台來提高效率。它將在全國 250 個地點推出 Toast，用於銷售點、廚房展示系統和售貨亭。

We also signed a new deal with Cohn Restaurant Group, which is rolling out Toast for front of house with Toast Go and Order & Pay at the table and back of house with our Kitchen Display System. Cohn Restaurant Group will use Toast at 35 locations, both in California and Hawaii, and will continue its efforts in converting its entire technology stack to a best-in-class cloud-based platform.

我們還與 Cohn Restaurant Group 簽署了一項新協議，該集團正在使用 Toast Go 和在餐桌上訂購和付款的 Toast 和我們的廚房顯示系統在屋後推出 Toast。 Cohn Restaurant Group 將在加利福尼亞和夏威夷的 35 個地點使用 Toast，並將繼續努力將其整個技術堆棧轉換為一流的基於雲的平台。

Pavement Coffeehouse, an independent and locally-owned coffee house with 8 shops in Boston and Cambridge, purchased Toast POS and payroll in Q4. Toast is replacing multiple vendors for loyalty, payroll, gift cards and online ordering. By consolidating on Toast, customers like Pavement Coffeehouse can see lower total cost and experience the benefits of an integrated platform, common UI, shared data and a single partner relationship to manage.

Pavement Coffeehouse 是一家獨立的本地咖啡館，在波士頓和劍橋擁有 8 家商店，在第四季度購買了 Toast POS 和工資單。 Toast 正在取代多個供應商的忠誠度、工資單、禮品卡和在線訂購。通過在 Toast 上進行整合，像 Pavement Coffeehouse 這樣的客戶可以降低總成本，並體驗到集成平台、通用 UI、共享數據和單一合作夥伴關係管理的好處。

In addition to the exciting growth across our customer community, we also welcomed a new Board member to our Board of Directors in Q4. Hilarie Koplow-McAdams joined the Toast Board of Directors on November 30. If you're not familiar with Hilarie, she has spent more than 3 decades in operating and leadership roles devoted to accelerating high-growth software companies through sales, business development, customer success and more. Currently, she is a venture partner with New Enterprise Associates, NEA, a venture capital firm. Prior to NEA, Hilarie served as the President of New Relic, President of Global Sales at Salesforce and also held executive roles at Intuit Inc. and Oracle Corporation. We are really excited about having Hilarie on our Board. Welcome to the team, Hilarie.

除了整個客戶社區的令人興奮的增長之外，我們還在第四季度迎來了一位新的董事會成員加入我們的董事會。 Hilarie Koplow-McAdams 於 11 月 30 日加入 Toast 董事會。如果您不熟悉 Hilarie，她在運營和領導崗位上工作了 3 多年，致力於通過銷售、業務開發、客戶等加速高增長軟件公司的發展。成功等等。目前，她是風險投資公司 NEA New Enterprise Associates 的風險合夥人。在加入 NEA 之前，Hilerie 曾擔任 New Relic 的總裁、Salesforce 的全球銷售總裁，還曾在 Intuit Inc. 和 Oracle Corporation 擔任行政職務。我們非常高興能有 Hilarie 加入我們的董事會。歡迎加入團隊，希拉里。

Before I wrap up and pass the call to Elena, I thought it would also be helpful to tee up our primary focus areas that we look forward to updating you on in 2022. The first is our focus on being the trusted platform of choice for the restaurant industry. There are approximately 860,000 restaurant locations across the U.S., and we see an enormous opportunity ahead within this large addressable market. As evidenced by our growth in Q4, there is tremendous demand for the Toast platform as restaurant operators navigate the new normal. Toast is the all-in-one technology platform built exclusively for restaurants by people who understand their specific needs.

在我結束並將電話轉給 Elena 之前，我認為啟動我們期待在 2022 年更新您的主要關注領域也會有所幫助。首先是我們專注於成為值得信賴的首選平台餐飲業。美國大約有 860,000 家餐廳，我們在這個龐大的潛在市場中看到了巨大的機會。正如我們在第四季度的增長所證明的那樣，隨著餐廳運營商適應新常態，對 Toast 平台的需求巨大。 Toast 是由了解其特定需求的人們專門為餐廳打造的一體化技術平台。

Second, our industry has been through a massive transition during the past 2 years. To help our customer community navigate this transition, we will continue to invest in their success through our commitment to customer success and support.

其次，我們的行業在過去兩年中經歷了巨大的轉變。為了幫助我們的客戶社區駕馭這一轉變，我們將通過我們對客戶成功和支持的承諾繼續投資於他們的成功。

Third, given our momentum in mid-market and enterprise, we are confident in our ability to serve restaurants of all types and sizes. I shared earlier just a few examples of mid-market and enterprise wins this past quarter, and we will continue to invest in our capability here.

第三，鑑於我們在中端市場和企業的發展勢頭，我們有信心為各種類型和規模的餐廳提供服務。我之前只分享了上個季度中端市場和企業獲勝的幾個例子，我們將繼續在這裡投資我們的能力。

Finally, we have a substantial opportunity to provide our platform to international locations. As discussed earlier, we estimate our total addressable market at least doubles the U.S. opportunity if we look globally. In late 2021, we started our initial investment to seed our international expansion.

最後，我們有大量機會向國際地點提供我們的平台。如前所述，如果我們放眼全球，我們估計我們的總潛在市場至少是美國機會的兩倍。 2021 年底，我們開始了初始投資，為我們的國際擴張播下了種子。

With that, I will close by saying I am honored and humbled to be part of supporting the restaurant industry through this past year. I'm also equally excited about 2022. Restaurants are resilient. They make up the social fabric of our community, and we believe our commitment to aligning our success with restaurant success will lead to a stronger and exciting future ahead.

至此，我將在結束時說，我很榮幸也很榮幸能夠在過去的一年中成為支持餐飲業的一員。我也同樣對 2022 年感到興奮。餐廳很有彈性。它們構成了我們社區的社會結構，我們相信我們致力於將我們的成功與餐廳的成功相結合，這將帶來一個更強大、更令人興奮的未來。

I'd like to thank our customers, our partners and our Toast employees for their hard work and support in 2021. The financial results we're sharing today wouldn't be possible without your confidence in our platform, commitment to the industry and unwavering support for our vision.

我要感謝我們的客戶、合作夥伴和 Toast 員工在 2021 年的辛勤工作和支持。如果沒有您對我們平台的信任、對行業的承諾和堅定不移，我們今天分享的財務業績是不可能實現的支持我們的願景。

Now I'd like to hand it over to our CFO, Elena Gomez.

現在我想把它交給我們的首席財務官 Elena Gomez。

Thanks, Chris, and I just want to echo the thank you to our employees and to our customers. 2021 has been an unforgettable year, and I appreciate your commitment and dedication to our company.

謝謝，克里斯，我只想向我們的員工和客戶表示感謝。 2021 年是難忘的一年，我感謝您對我們公司的承諾和奉獻。

So I'm going to remind you as I get into results that we will refer to GAAP and non-GAAP measures. Refer to today's press release for a reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures.

因此，當我進入結果時，我將提醒您，我們將參考 GAAP 和非 GAAP 措施。請參閱今天的新聞稿，了解 GAAP 與非 GAAP 財務業績的對賬以及有關這些措施的額外披露。

As Chris mentioned, we had a strong Q4 to exit 2021 and to cap off the year, we became a public company. With continued momentum in Q4, we outperformed all key metrics, which is a testament to the strong execution of our collective team. We are proud of the new locations we added to our platform through 2021, which reflect the value of our all-in-one digital platform.

正如克里斯所提到的，我們在 2021 年的第四季度表現強勁，並在今年結束時成為了一家上市公司。隨著第四季度的持續發展勢頭，我們的表現優於所有關鍵指標，這證明了我們集體團隊的強大執行力。我們為到 2021 年添加到平台的新地點感到自豪，這反映了我們一體化數字平台的價值。

In Q4, we generated revenue of $512 million, up 111% year-over-year and $1.705 million (sic) [$1.705 billion] for the full year 2021, a 107% increase year-over-year. We closed the year at $568 million in ARR, up 74% year-over-year. We continue to believe ARR is our North Star metric. As Chris said, we ended the year with approximately 57,000 live locations on our platform compared to 40,000 in Q4 2020, representing a 41% year-over-year growth.

第四季度，我們的收入為 5.12 億美元，同比增長 111%，2021 年全年收入為 170.5 萬美元（原文如此）[17.05 億美元]，同比增長 107%。我們今年的 ARR 為 5.68 億美元，同比增長 74%。我們仍然相信 ARR 是我們的北極星指標。正如 Chris 所說，截至今年年底，我們平台上約有 57,000 個直播地點，而 2020 年第四季度為 40,000 個，同比增長 41%。

In addition, we are also proud to report that our net retention rate, also referred to as NRR, which we reported in our S-1 to be greater than 110% for the last 5 years, was 135% in 2021. NRR comprises both SaaS and fintech solutions revenue, both of which had a retention rate above 110%. SaaS NRR was strong through the expansion of locations from our existing customers as well as customers adding more products. From a fintech perspective, we have shared with you that in 2021, we benefited from higher debit and credit mix as well as higher card-not-present volume. In 2022, we anticipate these trends will have largely stabilized, and as such, we expect NRR going forward to trend closer to 110%, as we shared in the S-1.

此外，我們還很自豪地報告，我們的淨保留率（也稱為 NRR，我們在 S-1 中報告的過去 5 年超過 110%）在 2021 年達到 135%。NRR 包括SaaS 和金融科技解決方案收入，兩者的留存率均高於 110%。 SaaS NRR 通過我們現有客戶的位置擴展以及客戶添加更多產品而變得強大。從金融科技的角度來看，我們與您分享了 2021 年，我們受益於更高的借記卡和信用卡組合以及更高的無卡交易量。到 2022 年，我們預計這些趨勢將基本穩定，因此，我們預計 NRR 將接近 110%，正如我們在 S-1 中所分享的那樣。

Our subscription services revenue grew 86% year-over-year to $54 million in the fourth quarter, driven by an increase in customers adopting more of our SaaS products. As of the end of 2021, 59% of our Toast locations use 4 or more core products on top of our integrated POS and payment solution as compared to 48% a year ago. Our financial technology solutions revenue grew 117% year-over-year to $421 million in the fourth quarter, driven by GPV of $17 billion, which had an increase of 124% year-over-year.

由於客戶越來越多地採用我們的 SaaS 產品，我們的訂閱服務收入在第四季度同比增長 86% 至 5400 萬美元。截至 2021 年底，我們 59% 的 Toast 門店在我們的集成 POS 和支付解決方案之上使用 4 個或更多核心產品，而一年前這一比例為 48%。在 GPV 為 170 億美元（同比增長 124%）的推動下，我們的金融技術解決方案收入在第四季度同比增長 117% 至 4.21 億美元。

GPV is driven by transactions processed on our platform. Since early 2021, annualized GPV per processing location continues to remain strong at an average of $1.3 million per location. As a reminder, our GPV per location dropped by 45% at the onset of COVID but has steadily returned to above pre-COVID levels. As we have stated before, there's quarterly seasonality with our financial technology solutions revenue as restaurants, on average, generally perform better in the second and third quarters. Given that we continue to anticipate seasonal fluctuations in the annualized GPV per location from quarter-to-quarter, however, on an annualized basis, our GPV per location is consistent and remains durable.

GPV 由我們平台上處理的交易驅動。自 2021 年初以來，每個處理地點的年化 GPV 繼續保持強勁，平均為每個地點 130 萬美元。提醒一下，我們每個地點的 GPV 在 COVID 開始時下降了 45%，但已穩步恢復到 COVID 之前的水平。正如我們之前所說，我們的金融技術解決方案收入存在季度季節性，因為餐廳平均在第二和第三季度表現更好。鑑於我們繼續預計每個地點的年化 GPV 會逐季出現季節性波動，但是，按年計算，我們每個地點的 GPV 是一致的並且保持持久。

For the fourth quarter, non-GAAP gross profit, which excludes stock-based compensation and depreciation and amortization expense, that was a mouthful, came in at $82 million, up 54% year-over-year. In addition to the growth in our customer base, this growth was driven by higher revenue per location, which in turn has been driven by continued growth in average revenue per unit, known as ARPU, for both SaaS and financial technology solutions. We are pleased with our ARPU performance as a driver to non-GAAP gross profit, and we believe that such performance can be sustainable.

第四季度，不包括股票薪酬和折舊攤銷費用在內的非公認會計準則毛利潤為 8200 萬美元，同比增長 54%。除了我們客戶群的增長之外，這一增長還受到單位地點收入增加的推動，而這反過來又受到 SaaS 和金融技術解決方案的單位平均收入（即 ARPU）持續增長的推動。我們對我們的 ARPU 表現作為非公認會計原則毛利潤的驅動因素感到滿意，我們相信這種表現可以是可持續的。

Drilling down into our ARPU performance, we've seen our SaaS ARPU increase as a result of continued adoption of our platform by both new and existing customers. We continue to invest in our technology and remain highly focused on driving innovation across our product portfolio. Our fintech solutions ARPU is up more than 50% from Q4 2019 or pre-COVID levels, primarily as a result of GPV per location and card-not-present volume. As a reminder, 2 factors that influence fintech solutions ARPU are the mix of card-not-present volume and the debit/credit mix. Consumers continue to utilize digital channels, and as such, we believe the card-not-present volumes will remain elevated. The debit/credit mix has returned to pre-COVID levels.

深入研究我們的 ARPU 性能，我們看到我們的 SaaS ARPU 增加是由於新客戶和現有客戶繼續採用我們的平台。我們將繼續投資於我們的技術，並繼續高度專注於推動我們產品組合的創新。我們的金融科技解決方案 ARPU 比 2019 年第四季度或 COVID 之前的水平增長了 50% 以上，這主要是由於每個地點的 GPV 和無卡交易量。提醒一下，影響金融科技解決方案 ARPU 的兩個因素是無卡交易量和借記卡/貸記卡組合。消費者繼續使用數字渠道，因此，我們認為無卡交易量將保持高位。借方/貸方組合已恢復到 COVID 之前的水平。

Turning to hardware cost of revenue. As shared in the last earnings call, our freight costs remain elevated due to supply chain dynamics. We continue to believe they will remain elevated through the near term. Despite increased hardware costs, however, we remain confident in our ability to deliver hardware for our customers.

轉向硬件收入成本。正如上次財報電話會議所分享的，由於供應鏈動態，我們的貨運成本仍然很高。我們仍然相信它們將在短期內保持高位。然而，儘管硬件成本增加，我們仍然對我們為客戶交付硬件的能力充滿信心。

Before I turn to operating expenses, I want to remind you that we use customer acquisition cost and payback metrics to measure the performance of our business and guide our investment decisions. We are proud to share that our payback period for the full year 2021 was approximately 12 months. Our healthy unit economics and strong payback periods continue to make us feel confident in our ability to invest for durable growth.

在談到運營費用之前，我想提醒您，我們使用客戶獲取成本和回報指標來衡量我們的業務績效並指導我們的投資決策。我們很自豪地分享，我們 2021 年全年的投資回收期約為 12 個月。我們健康的單位經濟和強勁的投資回報期繼續使我們對投資以實現持久增長的能力充滿信心。

Now let's turn to our operating expenses, which I will review on a non-GAAP basis. In Q4, we continued to invest in sales and marketing and research and development to capture TAM and build out our platform. Additionally, general and administrative costs increased as a result of operating as a public company. This includes costs from the adoption of the new credit loss -- of the new credit losses accounting standard in Q4 and increased investment to support the growth of our business. As a result of these investments, adjusted EBITDA for the fourth quarter was negative $45 million for Q4 and negative $42 million for the full year 2021.

現在讓我們談談我們的運營費用，我將在非公認會計原則的基礎上對其進行審查。在第四季度，我們繼續投資於銷售和營銷以及研發，以獲取 TAM 並構建我們的平台。此外，作為上市公司運營，一般和行政成本增加。這包括在第四季度採用新信用損失——新信用損失會計準則的成本，以及增加投資以支持我們的業務增長。由於這些投資，第四季度調整後的 EBITDA 在第四季度為負 4500 萬美元，在 2021 年全年為負 4200 萬美元。

Now let me turn to guidance. For the first quarter, we expect revenue to be in the range of $469 million to $499 million, which represents 72% year-over-year growth at the midpoint. We expect adjusted EBITDA to be in the range of negative $65 million to negative $55 million. For the full year 2022, we expect revenue to be in the range of $2.349 million to $2.409 million (sic) [$2.349 billion to $2.409 billion], which represents 40% year-over-year growth at the midpoint, and adjusted EBITDA to be in the range of negative $240 million to negative $200 million.

現在讓我轉向指導。對於第一季度，我們預計收入將在 4.69 億美元至 4.99 億美元之間，中點同比增長 72%。我們預計調整後的 EBITDA 將在負 6500 萬美元至負 5500 萬美元之間。對於 2022 年全年，我們預計收入將在 234.9 萬美元至 240.9 萬美元（原文如此）[23.49 億美元至 24.09 億美元]之間，中點同比增長 40%，調整後的 EBITDA 為在負2.4億美元到負2億美元之間。

As you can see, we are deliberately investing to drive long-term growth. The stakes have never been higher for restaurants. The restaurant industry is going through massive change, driven by undeniable trends in the world across labor, supply chain and guest adoption of technology. Our investments in 2022 are reflective of this opportunity we have ahead of us. With only approximately 7% market share here in the United States, we continue to believe we are in the early innings of this opportunity. As such, we will continue to invest in research and development as well as in sales and marketing to cost effectively capture our market share.

如您所見，我們有意投資以推動長期增長。餐館的賭注從未如此之高。在勞動力、供應鍊和客戶採用技術等全球不可否認的趨勢的推動下，餐飲業正在經歷巨大的變化。我們在 2022 年的投資反映了我們面前的這個機會。在美國祇有大約 7% 的市場份額，我們仍然相信我們正處於這個機會的早期階段。因此，我們將繼續投資於研發以及銷售和營銷，以經濟有效地佔領我們的市場份額。

Our primary focus is on being the trusted platform of choice for the restaurant industry. Our business is performing well, and there's enormous demand for the Toast platform as restaurants need to streamline their operations, increase revenue and retain great employees.

我們的主要重點是成為餐飲業值得信賴的首選平台。我們的業務表現良好，對 Toast 平台的需求巨大，因為餐廳需要精簡運營、增加收入並留住優秀員工。

Our ambition continues to be to serve restaurants all around the world. And with that, we will be making foundational investments in 2022 to drive growth internationally. We look forward to updating you on this multiyear journey in future quarters.

我們的目標仍然是為世界各地的餐廳提供服務。因此，我們將在 2022 年進行基礎性投資，以推動國際增長。我們期待在未來幾個季度向您介紹這一多年的旅程。

In closing, our strong 2021 performance demonstrates our success in capturing market share. We are built to serve large -- built to serve a large and growing addressable market, and we've shown we can execute at scale with healthy unit economics. We continue to believe we are uniquely positioned to drive durable growth for ourselves and for restaurants using our platform.

最後，我們在 2021 年的強勁表現表明我們在佔領市場份額方面取得了成功。我們是為大型服務而構建的——為一個龐大且不斷增長的潛在市場而構建，我們已經證明我們可以以健康的單位經濟效益大規模執行。我們仍然相信我們具有獨特的優勢，可以使用我們的平台為我們自己和餐廳推動持久增長。

Now I'd like to turn the call back to the moderator for our Q&A session.

現在我想把電話轉回我們的問答環節的主持人。

All right. Thank you very much, Chris and Elena. Let's go ahead and start our Q&A session. (Operator Instructions)

好的。非常感謝克里斯和埃琳娜。讓我們開始我們的問答環節。 （操作員說明）

And our first question comes from Josh Baer at Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Josh Baer。

So I wanted to get some context on the pace of location additions in '22. If you could provide any insight into kind of how you're thinking about that and maybe tying into the ramp of sales reps and capacity. Like where are you today or in '22 versus 2019 from that perspective?

因此，我想了解 22 年位置添加速度的一些背景信息。如果您可以提供任何關於您如何考慮的見解，並且可能與銷售代表和能力的增長有關。從這個角度來看，你今天或 22 年與 2019 年在哪裡？

Yes, I can start. At the highest level, without me guiding for locations, we've intentionally invested, Josh, in adding to our sales force. And we've often said that TAM is our #1 priority and then ARPU will follow. We're actually balancing both, but we're pretty excited about the locations we added on our platform in 2021. And we see no reason why we wouldn't continue to have success adding locations, frankly, very efficiently, too, with the 12-month payback period that we experienced in 2021. We feel confident to make this investment, and we'll continue to see growth on our platform.

是的，我可以開始了。在最高級別，在沒有我指導地點的情況下，我們有意投資，喬希，以增加我們的銷售隊伍。我們經常說 TAM 是我們的第一要務，然後 ARPU 將緊隨其後。我們實際上正在平衡兩者，但我們對 2021 年在我們的平台上添加的位置感到非常興奮。坦率地說，我們沒有理由不繼續成功地添加位置，坦率地說，也非常有效，與我們在 2021 年經歷了 12 個月的投資回收期。我們有信心進行這項投資，我們將繼續在我們的平台上看到增長。

Great. And related, as far as the location additions that you've been seeing, any way to break down where you're having the most success or where you're strategically focused as far as competitive wins, new geographies in the U.S. that are underpenetrated? And if it is competitive, is it from legacy vendors? Or are you going after cloud replacements? And then I guess, lastly, new restaurant formations and if that's a strategic priority, just winning an outsized share of the new restaurant formations.

偉大的。以及相關的，就您所看到的位置添加而言，任何方式來分解您最成功的地方或您在競爭勝利方面的戰略重點，美國未充分滲透的新地區?如果它具有競爭力，它是否來自傳統供應商？還是您要更換雲？然後我想，最後是新餐廳的形成，如果這是一個戰略重點，那就是贏得新餐廳形成的巨大份額。

I can jump in. Josh, we've seen broad momentum across multiple sectors of our business in multiple geos. I wouldn't say there's any one geo or sector that has grown faster. We're seeing really good traction in SMB, really good momentum in mid-market and enterprise, as I referenced with those examples. And we have teams across the U.S. embedded in local communities going after their market. So we feel good about our position. I'd say we believe that we have the capability to serve restaurants of different types, formats and sizes than any of our competition. So we feel good about our position, and we're seeing steady demand on that front.

我可以加入。喬希，我們已經在多個地區的多個業務部門看到了廣泛的勢頭。我不會說有任何一個地區或行業增長得更快。正如我在這些例子中提到的那樣，我們在 SMB 中看到了非常好的牽引力，在中型市場和企業中看到了非常好的勢頭。我們在美國各地都有團隊嵌入當地社區，以追逐他們的市場。所以我們對自己的位置感覺很好。我想說我們相信我們有能力為不同類型、格式和規模的餐廳提供服務，而不是我們的任何競爭對手。因此，我們對自己的立場感覺良好，並且我們看到這方面的需求穩定。

Thanks, Josh. Let's go to Tien-Tsin Huang at JPMorgan, please.

謝謝，喬希。請讓我們去摩根大通的Tien-Tsin Huang。

Just I hear you loud and clear on the investing. I think it makes a lot of sense. The time is now to do it. So with the investments across developing new products, I know you're working really hard to build new products and, of course, customer acquisitions. Just trying to better understand how you're prioritizing those 2. Has it changed versus maybe 90 days ago? And is your LTV-to-CAC thinking still the same versus 90 days ago? Just trying to better understand the OpEx given the wider EBITDA loss for the year.

只是我聽到你大聲而清晰地談論投資。我認為這很有意義。現在是時候去做了。因此，通過對開發新產品的投資，我知道您正在努力開發新產品，當然還有客戶獲取。只是想更好地了解您如何優先考慮這 2 個。與 90 天前相比，它是否發生了變化？與 90 天前相比，您的 LTV 到 CAC 的想法是否仍然相同？鑑於今年的 EBITDA 損失更大，只是試圖更好地了解運營支出。

Yes. No, it's a good question. Let me just start by saying we have a ton of confidence and conviction about our opportunity, and that has not changed at all, actually. In fact, I would say after our performance in 2021, we have even more conviction. And so our prioritization has always been let's focus on capturing the opportunity ahead with the TAM. And we know we're in the early innings, as you know.

是的。不，這是個好問題。讓我首先說我們對我們的機會充滿信心和信念，實際上這根本沒有改變。事實上，我想說，在我們2021年的表現之後，我們更有信心。因此，我們的優先事項始終是讓我們專注於利用 TAM 抓住未來的機會。正如你所知，我們知道我們處於早期階段。

And we also have seen some data points, proof points. Demand continues to be strong and customers engaging on our platform, whether that's NRR, as you saw that we talked about, or just consistent addition of locations to our platform. And so we're going to remain very disciplined and have a lot of rigor about our investments and point investments to things that will drive growth.

我們也看到了一些數據點，證明點。需求繼續強勁，客戶在我們的平台上參與，無論是 NRR，正如你所看到的我們談到的，或者只是不斷地向我們的平台添加位置。因此，我們將保持非常自律，對我們的投資非常嚴格，並將投資指向能夠推動增長的事物。

And then, of course, back to your timing point, the pandemic really amplified the need that customers have for technology and to make their operations more efficient. And we believe when you put all that data together, we're well positioned to capture that opportunity. So it's really important that we're intentional about this investment.

然後，當然，回到你的時間點，大流行確實放大了客戶對技術的需求，並提高了他們的運營效率。我們相信，當您將所有這些數據放在一起時，我們就可以很好地抓住這個機會。因此，我們有意進行這項投資非常重要。

I would tell you, it doesn't mean we're not thinking about profitability, so I don't want you to take that from this at all. In fact, in our executive alignment -- in our comp plans, we've aligned on the fact that we do, at the right time, need to drive operating leverage, right? We're going to drive and orient to durable growth today. But of course, over time, we will drive operating leverage.

我會告訴你，這並不意味著我們沒有考慮盈利能力，所以我根本不希望你從這件事上拿走。事實上，在我們的高管調整中——在我們的薪酬計劃中，我們已經在正確的時間需要推動運營槓桿這一事實保持一致，對嗎？今天，我們將推動和定位於持久增長。但當然，隨著時間的推移，我們將提高運營槓桿率。

Yes. That makes great sense. If you don't mind, just a quick follow-up. Just thinking about the first quarter, Elena. Just any puts and takes there with revenue. And I know seasonality is always something to think about. I know we're coming out of it, hopefully. And I don't know if there's anything to call out with GMV or locations, return or growth in the first quarter versus the fourth.

是的。這很有意義。如果您不介意，只需快速跟進即可。想想第一季度，埃琳娜。只要有收入就可以放在那裡。我知道季節性總是需要考慮的。我知道我們正在走出困境，希望如此。而且我不知道第一季度與第四季度的 GMV 或位置、回報或增長是否有什麼值得關注的地方。

Yes. That's a great question. So I would just point to a couple of things. As a reminder, last year at this time, vaccines were -- we're coming back and people were coming back, right? So just don't forget that as -- you guys, I know a lot of you look at sequential moves. So pay attention to that because we had a big surge last year. We didn't expect that to repeat this year, right, because we've now been unfortunately used to this kind of quasi environment we're operating in.

是的。這是一個很好的問題。所以我只想指出幾件事。提醒一下，去年的這個時候，疫苗是——我們回來了，人們也回來了，對吧？所以不要忘記——你們，我知道你們很多人都在看順序動作。所以要注意這一點，因為我們去年有很大的增長。我們沒想到今年會重蹈覆轍，對，因為不幸的是，我們現在已經習慣了我們所處的這種準環境。

But even without that dynamic from last year, there's always seasonality in our payments, as you know. So Q1 tends to be a quarter where the seasonality is such that we have lower GPV than, say, Q2 and Q3. So that was not much -- that's not what -- that did not surprise us. I would tell you we had a little bit of Omicron in the early part -- late days of December and early part of January, but we believe that's transitory and, frankly, behind us at this point.

但是，即使沒有去年的這種動態，我們的付款也總是存在季節性，如您所知。因此，第一季度往往是季節性因素導致我們的 GPV 低於第二季度和第三季度的季度。所以這並不多 - 這不是什麼 - 這並不讓我們感到驚訝。我會告訴你，我們在早期有一點 Omicron - 12 月末和 1 月初，但我們認為這是暫時的，坦率地說，在這一點上，我們已經落後了。

The other thing I'll point to that you may not see in the guidance is we anticipate SaaS will continue to increase. So you will see that sequential increase Q4 to Q1. So that's -- I hope that gives you enough color to kind of give you the backdrop for Q1.

我要指出的另一件事是，您可能在指南中看不到，我們預計 SaaS 將繼續增長。所以你會看到第四季度到第一季度的連續增長。所以這就是——我希望這能給你足夠的色彩來為你提供第一季度的背景。

It does.

確實如此。

Thanks very much. Let's go to Josh Beck at KeyBanc. Josh?

非常感謝。讓我們去找 KeyBanc 的 Josh Beck。喬什？

I wanted to maybe start with a higher-level question. I think one that is surfacing a lot is really what's the impact of a full reopening, hopefully, as we progress through the year. There's obviously puts and takes against your model. So just kind of curious how you're trying to embed that into the outlook. And what are some of the more important factors we should be keying in on there?

我想從一個更高層次的問題開始。我認為，隨著我們這一年的進展，希望全面重新開放的影響真正浮出水面。顯然有針對您的模型的放送和取放。所以有點好奇你是如何嘗試將其嵌入到前景中的。我們應該重點關注哪些更重要的因素？

Yes. I mean I could jump in at a high level, and Elena, feel free to support it. But I mean listen, we're excited about 2022. We're seeing really strong demand. We're executing well. So our mindset is sort of a growth-oriented mindset to go after locations in the TAM and support the restaurant community as it starts to recover. If you zoom out, this is an industry that's largely been underserved by great technology.

是的。我的意思是我可以跳入高水平，Elena 隨時支持它。但我的意思是聽著，我們對 2022 年感到興奮。我們看到了非常強勁的需求。我們執行得很好。因此，我們的心態是一種以增長為導向的心態，在 TAM 中尋找地點並在餐廳社區開始復蘇時為其提供支持。如果你縮小範圍，這是一個在很大程度上沒有得到偉大技術服務的行業。

And in the past 2 years, they've gone from crisis to survival to recovery and now to a time frame that I think it's time to thrive. So personally, as a team and as a management team and a company and a Board, we're excited about 2022 because we think it's going to be a little bit of a renaissance coming back to the restaurant industry. Though it's been difficult for the past 2 years, we're certainly excited about what lies ahead and some of the momentum that we may see across the entire business.

在過去的兩年裡，他們從危機到生存再到復蘇，現在到了一個我認為是時候蓬勃發展的時間框架。因此，就個人而言，作為一個團隊、一個管理團隊、一個公司和一個董事會，我們對 2022 年感到興奮，因為我們認為這將是餐飲業的複興。儘管過去 2 年很艱難，但我們肯定對未來的發展以及我們可能在整個業務中看到的一些勢頭感到興奮。

Yes. I mean I think in our guidance, as we entered into the year, there's a few trends that really we pay attention to that you guys are familiar with. Card-not-present is one of those, debit and credit mix, all those impact our fintech ARPU. So for card-not-present, as I said in my script, we do believe consumer behavior has largely changed. I think all of us are probably using online ordering more than we did in the past. And so we believe some of that behavior is going to persist. And therefore, we believe CNP will remain somewhat elevated. Debit and credit mix has largely come back to pre-COVID levels. So we factored that into our thinking.

是的。我的意思是，我認為在我們的指導中，隨著我們進入這一年，有一些我們真正關注的趨勢是你們所熟悉的。無卡就是其中之一，借記卡和信用卡組合，所有這些都會影響我們的金融科技 ARPU。因此，對於無卡，正如我在腳本中所說，我們確實相信消費者的行為已經發生了很大變化。我認為我們所有人可能比過去更多地使用在線訂購。因此，我們相信其中一些行為會持續存在。因此，我們認為 CNP 將保持一定水平。借記卡和貸記卡組合已基本恢復到 COVID 之前的水平。所以我們把這個因素考慮到了我們的想法中。

And then I would just call out on the COGS side, as I mentioned in the script, we have elevated freight costs, and we believe that's going to persist for the near term. We're keeping an eye on it, of course. But that's -- those are the things that come to mind when you ask a little bit about what do we think about recovery. I think we've seen Omicron come and go, which is great. I think it shows restaurants are resilient. And so we're considering that in our calculus as well.

然後我會在 COGS 方面呼籲，正如我在腳本中提到的那樣，我們的運費上漲了，我們相信這將在短期內持續存在。當然，我們正在密切關注它。但這就是 - 當你問一些關於我們對恢復的看法時會想到的事情。我認為我們已經看到 Omicron 來來去去，這很棒。我認為這表明餐館是有彈性的。所以我們也在微積分中考慮到這一點。

Very helpful. Just a follow-up. The payback period, I believe you said, was 12 months, which is well below the pre-COVID level. So I imagine there's perhaps some positive surprise there. As you think about the future, what range are you comfortable that trending towards? Maybe over what time? Just curious if you could give us any thoughts on how we should be thinking about the payback period from here.

很有幫助。只是一個後續。我相信你說過，投資回收期是 12 個月，遠低於疫情前的水平。所以我想那裡可能會有一些積極的驚喜。當您考慮未來時，您認為該趨勢的範圍是什麼？也許在什麼時間？只是好奇您是否可以就我們應該如何考慮從這裡開始的投資回收期給我們任何想法。

Yes. No, I mean we're proud of our payback. I wouldn't say it was a surprise. I think my finance team would get really mad at me if we said it was a surprise because actually it wasn't a surprise. Like I think we are so focused on unit economics and payback periods. But we did benefit from -- in the first part of the year, we had -- if I say the puts and takes in the first part of the year, we had higher card-not-present and just higher take rates, obviously. But then you counter that with freight costs being elevated, so all those puts and takes really come into play there.

是的。不，我的意思是我們為我們的回報感到自豪。我不會說這是一個驚喜。如果我們說這是一個驚喜，我想我的財務團隊會生我的氣，因為實際上這並不是一個驚喜。就像我認為我們非常關注單位經濟學和投資回收期一樣。但是我們確實受益於 - 在今年上半年，我們有 - 如果我說今年上半年的看跌期權，我們顯然有更高的無卡和更高的接受率。但是，隨著運費的上漲，你會反駁這一點，所以所有這些投入和投入都在那裡真正發揮作用。

But as I think about the future, and as we said in our S-1, as long as our payback period is in the mid-teens, I'm happy with that. Obviously, we're always going to do better. We're always going to try to make our operation more efficient. But I'm happy with that. So I would think about that as more of a longer-term trend than what we had in 2021.

但是當我考慮未來時，正如我們在 S-1 中所說的那樣，只要我們的投資回收期在十幾歲，我就很高興。顯然，我們總是會做得更好。我們總是會努力提高我們的運營效率。但我對此很滿意。因此，我認為這比我們在 2021 年所擁有的更長期趨勢。

Great. Thanks, Josh. Why don't we go to Brent Bracelin at Piper Sandler?

偉大的。謝謝，喬希。我們為什麼不去 Piper Sandler 的 Brent Bracelin？

Two questions, if I could. Maybe Chris, we'll start with you. I'd love to hear early feedback on the Toast Restaurant Card, Pay Card, pay now features. What have you learned so far? I know we're really early, but can be a pretty exciting and incremental lever for you over time. So I'd love to hear any sort of early feedback there on those cards. And then one quick follow-up for Elena. I can't hear you, sorry.

兩個問題，如果可以的話。也許克里斯，我們會從你開始。我很想听到關於 Toast Restaurant Card、Pay Card、pay now 功能的早期反饋。到目前為止你學到了什麼？我知道我們真的很早，但隨著時間的推移對你來說可能是一個非常令人興奮和增量的槓桿。所以我很想听到關於這些卡片的任何早期反饋。然後是對 Elena 的快速跟進。我聽不見你，對不起。

Sorry about that. Yes, Brent, good question. I think it's still early. I mean we launched them in November. It's been a couple of months, not even a full quarter. But we remain really excited. We're putting a lot of investment behind those teams to make sure that those cards have a good product/market fit.

對於那個很抱歉。是的，布倫特，好問題。我覺得現在還早。我的意思是我們在 11 月推出了它們。已經幾個月了，甚至還沒有一個季度。但我們仍然非常興奮。我們為這些團隊投入了大量資金，以確保這些卡具有良好的產品/市場契合度。

Listen, we believe in faster payments to restaurants. We believe in faster early wage access for employees. We believe those 2 fundamental dynamics help the restaurant industry succeed and for each restaurant operator to have better control of their financials.

聽著，我們相信更快地向餐館付款。我們相信員工可以更快地獲得早期工資。我們相信這兩個基本動力有助於餐飲業取得成功，並使每個餐飲經營者更好地控制他們的財務狀況。

So they make a ton of sense, but it's early days. We're excited about the products, and we're continuing to test and iterate and gain customer feedback and listen to our customer base about what we need to tweak to make them better and better. So stay tuned.

所以他們很有意義，但現在還為時過早。我們對產品感到興奮，我們將繼續測試和迭代並獲得客戶反饋，並聽取我們的客戶群關於我們需要調整哪些內容以使它們變得越來越好。所以請繼續關注。

Perfect. And then, Elena, I saved a tough one for you. If I go back and look at quarterly seasonality, we only have post-COVID quarterly seasonality. And so in some regards, we have a big sequential drop in Q2 in 1 year. Another year, we have a big sequential rise in Q2. I'm just -- as we kind of think about going forward towards a normal environment, do you have any general sense for us how we should think about like quarter-to-quarter seasonality of the business given it's been so dynamic in the last couple of years?

完美的。然後，埃琳娜，我為你保存了一個艱難的。如果我回頭看看季度季節性，我們只有 COVID 後的季度季節性。因此，在某些方面，我們在 1 年內第二季度出現了大幅連續下降。又一年，我們在第二季度出現了大幅連續增長。我只是 - 當我們考慮朝著正常環境前進時，你對我們有什麼一般的認識嗎，我們應該如何考慮像季度到季度的業務季節性，因為它在過去如此充滿活力許多年？

Yes. No, Brent, that's a really good question. I had to go back myself for the reason you described and it was before my time. But I think the thing we'll call out is Q2 and Q3 summer months tend to be our high GPV per location quarters. Q1 tends to be the lower quarter. And same with Q4 with the holidays and whatnot. So warm weather gets people out, and that's why you see a lot of increase in our GPV going in Q2 and Q3. So you should expect that more, hopefully, more normal this year going into 2022. And that's how we think about it, too. That's how we planned.

是的。不，布倫特，這是一個非常好的問題。由於您描述的原因，我不得不自己回去，而且那是在我的時間之前。但我認為我們要指出的是第二季度和第三季度夏季月份往往是我們每個地點季度的高 GPV。第一季度往往是較低的季度。與第四季度的假期和諸如此類的情況相同。如此溫暖的天氣讓人們離開，這就是為什麼你看到我們的 GPV 在第二季度和第三季度大幅增長的原因。因此，您應該期望到 2022 年，今年會更加正常。這也是我們的想法。我們就是這樣計劃的。

Thanks, Brent. Next question, let's go to Mayank Tandon from Needham.

謝謝，布倫特。下一個問題，讓我們從 Needham 轉到 Mayank Tandon。

Chris, you mentioned the investments in international and enterprise. Could you talk about what are the unique challenges you expect to face as you penetrate these opportunities? In other words, what are the keys to success based on your experience so far with Toast?

克里斯，你提到了對國際和企業的投資。您能否談談您在把握這些機會時預計將面臨哪些獨特挑戰？換句話說，根據您目前使用 Toast 的經驗，成功的關鍵是什麼？

Sure. No, let's start with enterprise. So we've been in the enterprise space for years and collaborating with our largest customers. It's really making sure that, number one, the platform is as scalable and reliable as possible to support their needs on expansion. So that includes a lot of above-store reporting, multilevel analysis of their business. So it just needs -- we need to make sure that the platform is a core centerpiece of their architecture as they scale their businesses. So that's number one.

當然。不，讓我們從企業開始。因此，我們多年來一直在企業領域工作，並與我們最大的客戶合作。首先，它確實確保該平台盡可能地具有可擴展性和可靠性，以支持他們的擴展需求。這包括大量的店面報告，對其業務的多層次分析。所以它只需要 - 我們需要確保該平台是他們擴展業務時架構的核心核心。所以這是第一名。

Number two, it's important to make sure that we've got strong APIs. As I mentioned back in the IPO, we've got 150-plus technology partners that stitch into our platform on a daily basis. And large enterprises require more complexity around architecture. So they love the fact that we've got a strong partner ecosystem and strong APIs that go along with it.

第二，確保我們擁有強大的 API 很重要。正如我在 IPO 中提到的，我們每天都有 150 多個技術合作夥伴加入我們的平台。大型企業需要更多的架構複雜性。因此，他們喜歡我們擁有強大的合作夥伴生態系統和與之配套的強大 API 的事實。

I'd say the third dimension is making sure that the enterprise has strong reporting. So just the data elements and the data sharing capabilities of the platform are critically important. So we continue to invest in those pieces of the road map so that the enterprises have the right analytics and insights that they need to properly run their business.

我想說第三個維度是確保企業有強大的報告。因此，平台的數據元素和數據共享能力至關重要。因此，我們繼續投資於路線圖的這些部分，以便企業擁有正確運營業務所需的正確分析和洞察力。

But we're confident about our position in the mid-market and enterprise space. And as I referenced, the win with Sinelli, it allows us to really accomplish enterprises that are different. They could be an FSR. It could be a QSR. But the strength of the platform to support multiple segments of the restaurant industry is pretty strong.

但我們對我們在中端市場和企業領域的地位充滿信心。正如我所提到的，Sinelli 的勝利讓我們能夠真正實現與眾不同的企業。他們可能是 FSR。它可能是一個 QSR。但該平台支持餐飲業多個細分市場的實力相當強大。

On international, it's going to be early days. I mean, this is more about building the proper foundation to go to market in key markets with the product/market fit that helps every restaurant be successful in the early days of those international markets. So I'm going to temper expectations that it's going to be a foundational year and a building year for international as we put the team in place, the products in place and our execution in place to make sure that customers have a fantastic experience.

在國際上，這將是早期的。我的意思是，這更多的是建立適當的基礎，以產品/市場契合度進入關鍵市場，幫助每家餐廳在這些國際市場的早期取得成功。因此，我將緩和對這將成為國際基礎年和建設年的期望，因為我們將團隊到位，產品到位並執行到位，以確保客戶擁有出色的體驗。

And Elena, you may want to add to that. But it's just a reminder that international is going to be the early days. So in terms of location count and driving ARR, it's going to be lower than perhaps, obviously, what we've seen in the U.S. for years.

埃琳娜，你可能想補充一下。但這只是一個提醒，國際化將是早期階段。因此，就位置數量和駕駛 ARR 而言，顯然它可能會低於我們多年來在美國看到的情況。

Yes. I think the only thing I would add is just making sure that we get the product localized for -- if there's any languages that we need to consider, of course, that's important and making sure that we invest in that over the long term but also being measured about our investment and just making sure we learn in 2022 is really important to us.

是的。我認為我唯一要補充的就是確保我們將產品本地化——當然，如果我們需要考慮任何語言，這很重要，並確保我們長期投資於這方面，而且衡量我們的投資並確保我們在 2022 年學習對我們來說非常重要。

And then as a quick follow-up, just given the war for talent, are you able to hire the sales people and the engineers and other key people to be able to hit those demand targets that you've set for yourself?

然後作為快速跟進，剛剛考慮到人才爭奪戰，您是否能夠僱用銷售人員、工程師和其他關鍵人員來實現您為自己設定的需求目標？

Yes. No, I mean big shout-out to our people team and our talent acquisition team. They've stayed on goal. So when we look at 2021 and the momentum going into 2022, that team's done a fantastic job to find the best talent in key markets and help us scale and execute. So yes, we've been able to keep pace.

是的。不，我的意思是對我們的人才團隊和人才招聘團隊大喊大叫。他們一直在目標上。因此，當我們回顧 2021 年和進入 2022 年的勢頭時，該團隊在尋找關鍵市場中最優秀的人才並幫助我們擴大規模和執行方面做得非常出色。所以是的，我們已經能夠跟上步伐。

Thank you. Our next question is from Stephen Sheldon of William Blair.

謝謝你。我們的下一個問題來自威廉布萊爾的斯蒂芬謝爾頓。

Really nice job on top line results, and great to hear that you're starting to focus more on the international opportunity. Wondering if you could just talk some about the trends you're seeing when you first win new customers. Are you -- what trends are you seeing in terms of the size of initial packages? And what are some of the main products that newer customers are frequently, I guess, including when they're first signing up for Toast?

在頂線結果上做得非常好，很高興聽到你開始更多地關注國際機會。想知道您是否可以談談您第一次贏得新客戶時看到的趨勢。您是否 - 在初始包裝的大小方面看到了哪些趨勢？我猜新客戶經常使用哪些主要產品，包括他們第一次註冊 Toast 的時候？

Yes. I mean I can tell you, Stephen, so when we looked a couple of years ago, our initial -- our customers would typically add about 2 products. That's well over 4 now. And we talked about 50% of our customers more than 4 products. The typical products are Online Ordering, Toast Co. devices, gift cards. Those are all really -- loyalty, all really popular products. And also with our new customers, a lot of them are adopting the Payroll product. We see the majority of our new customers adopting the payroll product. So we're excited about that. And of course, there's an opportunity to sell that to our existing installed base as well.

是的。我的意思是我可以告訴你，斯蒂芬，所以當我們幾年前查看時，我們最初的 - 我們的客戶通常會添加大約 2 種產品。現在已經超過4了。我們談到 50% 的客戶超過 4 種產品。典型的產品是在線訂購、Toast Co. 設備、禮品卡。這些都是真正的——忠誠度，都是非常受歡迎的產品。而且對於我們的新客戶，他們中的很多人都在採用 Payroll 產品。我們看到我們的大多數新客戶都採用了工資單產品。所以我們對此感到興奮。當然，也有機會將其出售給我們現有的安裝基礎。

Got it. That's helpful. And then I guess just when I think about the -- as we think about the sales capacity investments, I guess, where are you focusing incremental sales resources at this time? Has there been any shift towards maybe focusing more on gaining market share in existing markets versus expanding into new markets? I mean would just love an update on what you're seeing in terms of sales efficiency, especially some of the markets where you've been operating maybe the longest.

知道了。這很有幫助。然後我想，當我想到 - 當我們考慮銷售能力投資時，我猜，你現在將增量銷售資源集中在哪裡？是否有任何轉向可能更多地關注在現有市場中獲得市場份額而不是擴展到新市場？我的意思是希望了解您在銷售效率方面看到的最新情況，尤其是您經營時間最長的一些市場。

That's a good question. I mean it's a little bit of both, making sure that we're broadening our presence in newer markets and adding reps into those markets. Again, we're constantly testing and iterating how many reps it takes to accomplish our TAM goals within a market. So I'd say on one front, it's, again, broadening that base of reps in new markets. But then similar to markets like New England, we continue to put reps into New England to go after deeper sections of TAM and then really just make sure that we've got broad brand awareness within those older legacy markets where Toast has been executing, but we can actually put more reps into it and even be more successful.

這是個好問題。我的意思是兩者兼而有之，確保我們正在擴大我們在新市場的影響力並在這些市場中增加代表。同樣，我們不斷測試和迭代在一個市場中完成我們的 TAM 目標需要多少代表。所以我要說，在一個方面，它再次擴大了新市場的銷售代表基礎。但與新英格蘭等市場類似，我們繼續在新英格蘭派駐代表以深入了解 TAM 的更深層次，然後真正確保我們在 Toast 一直執行的舊市場中擁有廣泛的品牌知名度，但是我們實際上可以投入更多的代表，甚至更成功。

So I think it comes back to the fact that we're still in the early days or early innings, as Elena mentioned, of our TAM penetration. Today, we're 7% of the U.S. TAM. So that gives us strong belief that there's enough demand to continue to ramp that go-to-market engine.

所以我認為這又回到了這樣一個事實，即我們仍處於早期或早期階段，正如 Elena 所提到的，我們的 TAM 滲透。今天，我們占美國 TAM 的 7%。因此，這讓我們堅信有足夠的需求來繼續推動該上市引擎。

Thanks, Stephen. Our next question is from Dan Dolev at Mizuho.

謝謝，斯蒂芬。我們的下一個問題來自瑞穗的 Dan Dolev。

Two quick ones. Just -- I saw the take rate. I think, Elena, you mentioned that the debit/credit mix stabilized to pre-COVID. I may have misunderstood you, but it looks like the take rate has been stable sequentially. Can you maybe give us some more detail on what's driving the stabilization in the take rate sequentially despite kind of the movement, the shift from debit to credit?

兩個快的。只是——我看到了錄取率。我想，埃琳娜，你提到借方/貸方組合穩定在 COVID 之前。我可能誤解了你，但看起來採取率已經連續穩定了。您能否向我們提供更多詳細信息，說明是什麼推動了收盤率的穩定，儘管發生了某種運動，從借方到貸方的轉變？

Yes. So actually, our take rate, I think, is slightly down in Q4, and that's primarily because we're getting back to normal on debit and credit. CNP is remaining elevated, and so I feel comfortable with where we are. And stable is probably a pretty solid term in terms of how we think about 2022. But I would just remind you, the beauty of the model, right, is both take rate but then we also have an opportunity to monetize through SaaS. So I would just encourage you as you think about our growth, consider both the take rate but also the SaaS ARPU as well.

是的。所以實際上，我認為，我們的利率在第四季度略有下降，這主要是因為我們的借方和貸方正在恢復正常。 CNP 仍然處於高位，因此我對我們所處的位置感到滿意。就我們對 2022 年的看法而言，穩定可能是一個非常可靠的術語。但我只想提醒你，模型的美妙之處，對，既是採用率，但我們也有機會通過 SaaS 獲利。因此，當您考慮我們的增長時，我會鼓勵您，既要考慮使用率，也要考慮 SaaS ARPU。

Got it. And then just a quick follow-up, more from a strategic perspective. I believe NCR made an announcement last week that they're considering alternatives. Obviously, they're a huge player with Aloha. Obviously, you're not going to discuss any specific M&A, but is the strategy now still pretty much organic? Or will you be willing to look at maybe opportunities to opportunistically bolster your portfolio?

知道了。然後只是一個快速的跟進，更多的是從戰略的角度來看。我相信 NCR 上周宣布他們正在考慮替代方案。顯然，他們是 Aloha 的重要參與者。顯然，您不會討論任何具體的併購，但該戰略現在仍然非常有機嗎？或者您是否願意尋找機會來支持您的投資組合？

Yes. It's a good question. I mean, Dan, listen, I mean, our organic growth engine continues to be really strong. And the team's executing at an extremely high level. So I think that motion and that growth lever is going to continue. Will we assess strategic opportunities when we see them on the landscape, whether it's within a line of business or more broadly? Perhaps, like I think those opportunities will exist as a growth lever in our future. We've proven that with our acquisition of xtraCHEF and then also our acquisition of StratEx 2 years ago. So we feel confident in our M&A stance, but I'll remind everybody that the organic growth engine continues to execute extremely well, and we're going to continue to prioritize that.

是的。這是個好問題。我的意思是，丹，聽著，我的意思是，我們的有機增長引擎仍然非常強勁。並且團隊的執行水平非常高。所以我認為這種動議和增長槓桿將繼續下去。當我們在環境中看到戰略機會時，我們是否會評估它們，無論是在業務範圍內還是在更廣泛的範圍內？也許，就像我認為這些機會將作為我們未來的增長槓桿存在。通過我們對 xtraCHEF 的收購以及我們在 2 年前對 StratEx 的收購，我們已經證明了這一點。所以我們對我們的併購立場充滿信心，但我會提醒大家，有機增長引擎繼續執行得非常好，我們將繼續優先考慮這一點。

Thanks, Dan. Our next question is from Andrew Bauch of SMBC Nikko.

謝謝，丹。我們的下一個問題來自 SMBC Nikko 的 Andrew Bauch。

Nice set of results considering the COVID challenges that you're facing in the quarter. I wanted to speak to the Capital business. You mentioned the $100 million originated in 2021, which is pretty promising. And you also said that the long-duration loans that you introduced at Spark were a key variable in that accelerating growth. I mean how much of that contributed to the $100 million, if you could contextualize it? And maybe higher level, what percentage would you -- or kind of how should we think about what's addressable within your base for that product?

考慮到您在本季度面臨的 COVID 挑戰，結果很好。我想談談資本業務。您提到 1 億美元起源於 2021 年，這是非常有希望的。你還說你在 Spark 引入的長期貸款是加速增長的一個關鍵變量。我的意思是，如果您可以將其背景化，那麼其中有多少貢獻了 1 億美元？也許更高的水平，你會佔多少百分比 - 或者我們應該如何考慮在你的基礎中可以為該產品解決的問題？

Yes. It's a good question. I think if you step back into the shoes of a restaurant, restaurants desire capital to run their business. They want to have working capital. They want to grow, whether it's new locations or renovate or add a patio. They want to purchase equipment, or they may need emergency funding. So we actually think capital is deeply strategic to help the restaurant industry thrive moving forward.

是的。這是個好問題。我認為，如果你回到餐廳的立場，餐廳會渴望資本來經營他們的業務。他們希望擁有營運資金。他們想要成長，無論是新地點還是翻新或添加露台。他們想購買設備，或者他們可能需要緊急資金。因此，我們實際上認為資本對於幫助餐飲業蓬勃發展具有深遠的戰略意義。

Having multiple products within lending is key because it's not one-size-fits-all. So you're going to see us continue to innovate and test different types of products within Toast Capital. It's still the early days of what Toast Capital could be as a percentage of our entire business. So we're not going to give you sort of the splits between products, but we know that we are on the right path with what we're seeing.

在貸款中擁有多種產品是關鍵，因為它不是一刀切的。因此，您將看到我們在 Toast Capital 中繼續創新和測試不同類型的產品。 Toast Capital 可能占我們整個業務的百分比仍處於早期階段。因此，我們不會為您提供產品之間的分類，但我們知道，我們所看到的一切都在正確的道路上。

And we feel like we've got a significant advantage because we have all the data that flows through the restaurant. So that allows us to effectively underwrite restaurants and really have visibility into the effectiveness and then the payback on those loans. So it's -- we feel like we're in a strong position. We're going to continue to invest in this aspect of the business. But I'll remind you, it's still a small portion of the business today.

而且我們覺得我們有一個顯著的優勢，因為我們擁有流經餐廳的所有數據。因此，這使我們能夠有效地為餐館承保，並真正了解有效性以及這些貸款的回報。所以它 - 我們覺得我們處於有利地位。我們將繼續投資於這方面的業務。但我會提醒你，今天它仍然只是業務的一小部分。

Definitely understood. Then my follow-up would be the 4-plus module adoption rising 10 points from last year is obviously super impressive. I mean how should we think about where that metric goes, be it in 2022 and maybe in the long term?

肯定明白的。然後我的後續行動將是 4+ 模塊採用率比去年上升 10 個百分點，這顯然是非常令人印象深刻的。我的意思是我們應該如何考慮該指標的去向，無論是在 2022 年還是長期？

Yes. I mean I think that's a really good question. I would say our ARPU growth will be steady, but having a steep growth is probably not the way I would model it. I would just plan for steady improvement in our ARPU over time. And that's with the innovation we have today, not to mention the innovation that's coming. So that's how I would think about it, Andrew.

是的。我的意思是我認為這是一個非常好的問題。我會說我們的 ARPU 增長將是穩定的，但急劇增長可能不是我建模的方式。我只是計劃隨著時間的推移穩步提高我們的 ARPU。這就是我們今天擁有的創新，更不用說即將到來的創新了。這就是我的想法，安德魯。

And then on Toast Capital, the only thing I would add is the growth we've seen is -- obviously, we're very encouraged by it. Chris is right, it's early days. The impact to our financials is not material today. But what we love about that program is we're testing and learning, right? We're testing and learning each time. So we started out with 90-day loans. Now we're testing longer-duration loans. And that's a motion that we're going to continue to try to do as we expand what's possible with Toast Capital.

然後在 Toast Capital 上，我唯一要補充的是我們所看到的增長——顯然，我們對此感到非常鼓舞。克里斯是對的，現在還為時尚早。今天對我們的財務狀況的影響並不重大。但是我們喜歡這個程序的是我們正在測試和學習，對吧？我們每次都在測試和學習。所以我們從 90 天的貸款開始。現在我們正在測試長期貸款。這是我們將繼續嘗試做的一項動議，因為我們擴大了 Toast Capital 的可能性。

Thanks, Andrew. Our final question comes from Kartik Mehta of Northcoast Research.

謝謝，安德魯。我們的最後一個問題來自 Northcoast Research 的 Kartik Mehta。

I'm wondering for you, as you've had so much success, what the competition has done and if they've done anything different in the last 6 months.

我想知道你已經取得瞭如此多的成功，比賽做了什麼，以及他們在過去 6 個月裡是否做了什麼不同的事情。

Yes. I can take that. I mean listen, as I mentioned earlier, the restaurant industry has been underserved by great technology, so it's no surprise that there's been competition for the past 10 years. I mean it's a competitive space. But what I like about our position is, number one, we're seeing really strong demand for the platform, and that's a very good signal for us to continue to execute.

是的。我可以接受。我的意思是聽我說，正如我之前提到的，餐飲業一直沒有得到很好的技術服務，所以過去 10 年存在競爭也就不足為奇了。我的意思是這是一個競爭空間。但我喜歡我們的立場是，第一，我們看到對該平台的需求非常強勁，這是我們繼續執行的一個非常好的信號。

Number two, we're seeing healthy win rates. And you're seeing strong payback periods, healthy win rates, so that gives us even more confidence in our execution. So while there's competition, we feel like we are the leading platform to help the restaurant industry grow. And it comes back to the platform. Being an end-to-end restaurant-specific platform that's not multiproduct but is a true platform across the board from front-of-house to back-of-house, that's a key success factor, and we're going to continue to execute on that path.

第二，我們看到了健康的贏率。你會看到強勁的投資回報期和健康的贏率，這讓我們對我們的執行更有信心。因此，儘管存在競爭，但我們覺得我們是幫助餐飲業發展的領先平台。它又回到了平台。作為一個端到端的特定於餐廳的平台，它不是多產品，而是一個從前台到後台的全面平台，這是一個關鍵的成功因素，我們將繼續執行在那條路上。

So we feel good about our position within the competitive landscape. And while there's been announcements over time -- I mean there's been announcements for the past few years on the competitive landscape of restaurants. But we just continue to execute and raise the bar and support our customers. At the end of the day, we want to make sure that every customer has a fantastic experience when they run Toast.

因此，我們對自己在競爭格局中的地位感覺良好。雖然隨著時間的推移已經發布了公告 - 我的意思是過去幾年已經發布了關於餐館競爭格局的公告。但我們只是繼續執行並提高標準並支持我們的客戶。歸根結底，我們希望確保每位客戶在運行 Toast 時都能獲得美妙的體驗。

Well, all right, everyone, thank you very much. That concludes our call. We look forward to speaking with you all next quarter, and have a great afternoon.

好的，好的，大家，非常感謝。我們的電話到此結束。我們期待在下個季度與大家交談，祝大家下午愉快。

Thank you all.

謝謝你們。