Toast Inc (TOST) 2023 Q1 法說會逐字稿

Good afternoon. My name is Cole, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast's earnings conference call. (Operator Instructions) I'll now turn the call over to Michael Senno, Senior Vice President of Finance and Strategy, Treasury and Investor Relations. You may begin your conference.

下午好。我叫 Cole，今天我將擔任你們的會議接線員。在此，歡迎大家參加吐司的財報電話會議。 （操作員說明）我現在將電話轉給財務和戰略、財政部和投資者關係高級副總裁邁克爾森諾。你可以開始你的會議。

Thank you, Cole. Welcome to Toast earnings conference call for the first quarter ended March 31, 2023. 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，科爾。歡迎參加截至 2023 年 3 月 31 日的第一季度的 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, location growth, future profit and margin outlook, expected growth and business outlook, including our financial guidance for the second 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，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、地點增長、未來利潤和利潤率前景、預期增長和業務前景的預期，包括我們的財務指導2023 年第二季度和全年。

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. 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.

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

最後，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 afternoon. First quarter results marked a strong start to the year, coming in ahead of expectations across the board. Our consistent execution delivered solid top line growth of over 50% and significant year-over-year margin improvement and is a function of our continued focus on our core strategy, driving location growth, more deeply serving all segments of the restaurant industry, and pushing the industry forward through continued product innovation.

謝謝邁克爾，也謝謝大家今天下午加入我們。第一季度的業績標誌著今年開局強勁，全面超出預期。我們始終如一的執行帶來了超過 50% 的穩健收入增長和顯著的同比利潤率提高，這是我們持續關注核心戰略、推動地點增長、更深入地服務於餐飲業的所有細分市場以及推動行業通過不斷的產品創新向前發展。

The restaurant industry is undergoing a generational shift to cloud-based technology and Toast is at the forefront of that change. We are uniquely positioned to help restaurants of all sizes and types, start, manage, grow and expand their businesses. While there remains some uncertainty in the broader macro environment, consumer spending at our restaurants remains healthy. The restaurant industry has proven its durability over time, and we believe it will continue to navigate challenges as they have many times in the past.

餐飲業正在經歷向基於雲技術的代際轉變，而 Toast 處於這一變革的最前沿。我們具有獨特的優勢，可以幫助各種規模和類型的餐廳啟動、管理、發展和擴展業務。雖然更廣泛的宏觀環境仍存在一些不確定性，但我們餐廳的消費者支出仍然健康。隨著時間的推移，餐飲業已經證明了它的耐用性，我們相信它將繼續應對過去多次面臨的挑戰。

Now turning to our Q1 results. On a year-over-year basis, total revenue grew 53% to $819 million. ARR increased 55% to $987 million and GPV was up 50% to $26.7 billion. At the same time, Q1 adjusted EBITDA improved to a $17 million loss compared to a $45 million loss in the previous year, driving an over 600 basis points improvement in adjusted EBITDA margin. Our ability to deliver sustained top line momentum, while rapidly moving towards profitability, is a testament to our commitment to balancing investments in key growth areas with efficiency and cost discipline as we scale the business.

現在轉向我們的第一季度結果。與去年同期相比，總收入增長 53% 至 8.19 億美元。 ARR 增長 55% 至 9.87 億美元，GPV 增長 50% 至 267 億美元。與此同時，第一季度調整後的 EBITDA 虧損從上一年的 4500 萬美元減少到 1700 萬美元，推動調整後 EBITDA 利潤率提高了 600 多個基點。我們能夠提供持續的收入增長勢頭，同時迅速實現盈利，這證明了我們在擴展業務時平衡關鍵增長領域投資與效率和成本紀律的承諾。

On the back of our strong Q1, we raised full year revenue guidance 4% at the midpoint, which implies 37% year-over-year growth and increased our adjusted EBITDA guide with the midpoint of the range at breakeven. That increase is a result of the momentum we're seeing in the business and our commitment to the efficiency and cost disciplines I just mentioned. Elena will provide more details about our outlook shortly.

在我們強勁的第一季度的支持下，我們將全年收入指引提高了 4%，這意味著同比增長 37%，並在盈虧平衡範圍的中點提高了調整後的 EBITDA 指引。這種增長是我們在業務中看到的勢頭以及我們對我剛才提到的效率和成本紀律的承諾的結果。 Elena 將很快提供有關我們前景的更多詳細信息。

We continue to see healthy location growth, adding over 5,500 net new locations in Q1 and ending the quarter with approximately 85,000 total live locations. Our go-to-market strategy continues to efficiently drive strong ARR growth through both increased penetration with traction across the TAM and healthy ARPU growth. In the SMB space, our differentiated localized sales efforts continue to scale. We see that, as we're in markets longer and rep tenure increases, we can move markets into flywheel status, meaning higher inbound volume, higher win rates and greater penetration.

我們繼續看到健康的位置增長，在第一季度淨增加了 5,500 多個新位置，並在本季度結束時擁有大約 85,000 個在線位置。我們的上市戰略繼續通過提高滲透率和整個 TAM 的牽引力以及健康的 ARPU 增長來有效地推動強勁的 ARR 增長。在 SMB 領域，我們差異化的本地化銷售工作繼續擴大。我們看到，隨著我們進入市場的時間更長，代表任期增加，我們可以使市場進入飛輪狀態，這意味著更高的入境量、更高的贏單率和更高的滲透率。

In one mid-Atlantic City, where the rep tenure is above average at 2-plus years, the market tipped into a rapid growth stage and increased the number of locations by over 60% in 2 years to reach over 20% penetration amongst SMB restaurants. When it hit flywheel status, we saw lead volume increase, and it has remained elevated versus prior levels. This is one example of the growing number of flywheel markets and with only a small fraction of the SMB TAM in flywheel markets today, there's still tremendous opportunity ahead. As rep tenure and time in market increases, we expect more markets to benefit from the flywheel effect our go-to-market approach creates, enabling us to scale efficiently.

在一個大西洋中部城市，代表任期超過平均水平超過 2 年，市場進入快速增長階段，地點數量在 2 年內增加了 60% 以上，在 SMB 餐廳中的滲透率達到 20% 以上.當它達到飛輪狀態時，我們看到鉛量增加，並且與之前的水平相比仍保持較高水平。這是飛輪市場數量不斷增長的一個例子，如今飛輪市場中的 SMB TAM 只佔一小部分，未來仍有巨大的機會。隨著代表任期和市場時間的增加，我們預計會有更多市場受益於我們的上市方法所產生的飛輪效應，從而使我們能夠有效地擴大規模。

So let me highlight some of our recent customer wins from across the TAM. In SMB, as Wisconsin Dells' based Buffalo Phil's planned for this year's busy season and with positive referrals from other local restaurants, they shifted to Toast, adopting 13 modules that span every pillar of the Toast offering. In the front of the house, Buffalo Phil's will use Toast Go handhelds to work their multilevel dining space and banquet hall, mobile order and pay for additional table efficiency, and Toast Tables for managing their active wait list as well as several other modules to provide an enhanced guest experience.

因此，讓我重點介紹我們最近從整個 TAM 贏得的一些客戶。在 SMB 中，位於威斯康星戴爾的 Buffalo Phil's 計劃迎接今年的旺季，並且在其他當地餐廳的積極推薦下，他們轉向了 Toast，採用了 13 個模塊，涵蓋了 Toast 產品的每個支柱。在房子的前面，Buffalo Phil's 將使用 Toast Go 手持設備來處理他們的多層用餐空間和宴會廳，移動訂單和支付額外的餐桌效率，以及 Toast Tables 來管理他們的活動等候名單以及其他幾個模塊來提供增強的賓客體驗。

Back of house, our payroll and team management solution will streamline onboarding and scheduling with their sizable seasonal employee base. And our kitchen display systems will power smoother kitchen operations. They'll also use xtraCHEF to provide better invoice visibility and help ensure too much inventory isn't left over as the busy season wanes.

在後台，我們的薪資和團隊管理解決方案將簡化他們龐大的季節性員工群的入職和日程安排。我們的廚房顯示系統將使廚房操作更加順暢。他們還將使用 xtraCHEF 來提供更好的發票可見性，並幫助確保在旺季結束時不會留下過多的庫存。

While the SMB market is an obvious sweet spot for us, we're making good progress across different parts of the TAM and across restaurant types. Down market in the small SMB space, we're optimizing pricing and packaging to meet the needs of that customer segment and leveraging an e-commerce sales motion and self-service onboarding to efficiently grow in this segment.

雖然 SMB 市場對我們來說是一個明顯的甜蜜點，但我們在 TAM 的不同部分和餐廳類型方面取得了良好進展。在小型 SMB 領域的低端市場，我們正在優化定價和包裝以滿足該客戶群的需求，並利用電子商務銷售活動和自助入職服務在該領域實現高效增長。

In the regional mid-market space, Toast recently added 8 more locations to Denver-based TAG Restaurant Group, bringing the group's full footprint of more than a dozen locations onto Toast. Toast was initially serving the fast casual side of TAG's portfolio and then expanded to higher-end FSR locations to allow TAG to have a single technology platform across its portfolio. TAG saw the benefits of a partner, who could seamlessly support all operations across its various restaurant types and is adding modules including third-party delivery, API integrations for our partner network, multi-location management for easy menu updates, invoicing and Toast Go handheld devices for its full-service locations.

在區域中端市場空間，Toast 最近為總部位於丹佛的 TAG Restaurant Group 添加了 8 個門店，將集團的十多個門店的全部足跡帶到了 Toast。 Toast 最初服務於 TAG 產品組合的快速休閒方面，然後擴展到更高端的 FSR 位置，以允許 TAG 在其產品組合中擁有單一技術平台。 TAG 看到了合作夥伴的好處，合作夥伴可以無縫支持其各種餐廳類型的所有運營，並且正在添加模塊，包括第三方交付、我們合作夥伴網絡的 API 集成、用於輕鬆更新菜單的多位置管理、發票和 Toast Go 手持設備其全方位服務地點的設備。

Moving further up market. In the first quarter, we signed a 300-plus location national QSR chain that wanted a more innovative technology partner with top-notch integration functionality, ease of use and better overall reporting visibility across its entire operating ecosystem. The breadth of these customer wins are clear examples of the power of our restaurant-specific integrated POS and software strategy and the range of customer sizes and types that we can serve. And at only 10% market share for U.S. restaurant locations, we're still very early in penetrating the domestic TAM. We expect to continue adding locations at a healthy clip, are investing to most effectively serve each segment of the TAM, and we are uniquely positioned to capitalize on the big opportunity ahead of us.

進一步向上移動市場。在第一季度，我們簽署了一家擁有 300 多個地點的全國 QSR 連鎖店，該連鎖店需要一個更具創新性的技術合作夥伴，該合作夥伴具有一流的集成功能、易用性和在整個運營生態系統中更好的整體報告可見性。這些客戶贏得的廣度是我們針對特定餐廳的集成 POS 和軟件策略的強大功能以及我們可以服務的客戶規模和類型範圍的明顯例子。在美國餐廳位置的市場份額僅為 10%，我們在滲透國內 TAM 方面仍處於早期階段。我們希望繼續以健康的速度增加地點，正在投資以最有效地服務 TAM 的每個部分，並且我們處於獨特的位置以利用我們面前的巨大機遇。

Our focus on the restaurant industry is a key differentiator and tenet of our product strategy. We are building the specific features and capabilities to meet the unique needs of different segments and types of restaurants, enabling us to deeply penetrate the entire TAM. Our Toast for Hotels product, which integrates seamlessly into hotels' property management systems is a clear example of this motion in action. This product has opened up our ability to better serve hotel restaurants and we're seeing great momentum.

我們對餐飲業的關注是我們產品戰略的一個關鍵差異化因素和宗旨。我們正在構建特定的特性和功能，以滿足不同細分市場和類型餐廳的獨特需求，使我們能夠深入滲透整個 TAM。我們的 Toast for Hotels 產品無縫集成到酒店的物業管理系統中，是這一行動的一個明顯例子。該產品開啟了我們更好地為酒店餐廳提供服務的能力，我們看到了巨大的發展勢頭。

In the first quarter, we signed family-owned Pacific Northwest Cornerstone McMenamins, which selected Toast for its entire portfolio of 57 pubs and breweries, many of which are located on McMenamins' hotel properties. McMenamins was attracted to Toast to help streamline operations and to leverage our powerful partner integrations. They look forward to implementing our all-in-one solution and using products including PMS integration, Toast Go handhelds, and Mobile Order & Pay to provide food and beverage access in more areas of their unique properties, from room service to garden picnics. McMenamins will also use xtraCHEF to modernize their approach to inventory management and Toast Online Ordering in our kitchen display systems for additional efficiency.

在第一季度，我們與家族企業 Pacific Northwest Cornerstone McMenamins 簽約，該公司選擇 Toast 為其 57 家酒吧和啤酒廠的全部投資組合，其中許多位於 McMenamins 的酒店物業內。 McMenamins 被 Toast 吸引來幫助簡化操作並利用我們強大的合作夥伴集成。他們期待實施我們的一體化解決方案，並使用包括 PMS 集成、Toast Go 手持設備和移動訂購和支付在內的產品在其獨特物業的更多區域提供餐飲服務，從客房服務到花園野餐。 McMenamins 還將使用 xtraCHEF 使我們的廚房展示系統中的庫存管理和 Toast 在線訂購方法現代化，以提高效率。

We are truly excited about the opportunities to transform guest hospitality experiences. Another example of where we're investing to further our abilities to more deeply serve each part of the TAM is in enterprise. We're adding enhanced reporting APIs, specific features for QSRs like POS screens designed to help staff enter orders faster, and improved multi-location management functionality aimed at making menu changes across hundreds or thousands of locations easier and faster.

我們真的很高興有機會改變客人的款待體驗。我們正在投資以提高我們的能力以更深入地為 TAM 的每個部分服務的另一個例子是在企業中。我們正在添加增強的報告 API、QSR 的特定功能，例如旨在幫助員工更快輸入訂單的 POS 屏幕，以及改進的多位置管理功能，旨在使數百或數千個位置的菜單更改更容易和更快。

Additionally, Toast now has a P2PE listed payment solution, which when deployed, will meet the unique payment security requirements of this segment, and we believe the progress we're making to better serve this customer segment will enable us to further penetrate enterprise.

此外，Toast 現在擁有 P2PE 上市支付解決方案，部署後將滿足該細分市場獨特的支付安全要求，我們相信我們在更好地服務該客戶細分市場方面取得的進展將使我們能夠進一步滲透企業。

In addition to investing in areas that can serve different parts of the TAM, our product strategy is anchored around building out a suite of solutions tailored for each of our restaurant stakeholders, restaurant operators, guests, employees and suppliers. An example of this is the recent launch of Toast Tables, our reservation and waitlist management solution. Tables broadens our ability to engage guests and provides our restaurant customers with more nimble ways to manage their operations through a single platform solution.

除了投資於可以為 TAM 的不同部分提供服務的領域之外，我們的產品戰略還圍繞著為我們的每個餐廳利益相關者、餐廳經營者、客人、員工和供應商構建一套量身定制的解決方案。這方面的一個例子是最近推出的 Toast Tables，這是我們的預訂和等候名單管理解決方案。 Tables 拓寬了我們吸引客人的能力，並為我們的餐廳客戶提供了更靈活的方式來通過單一平台解決方案來管理他們的運營。

This differentiated offering is seamlessly integrated with the rest of the Toast platform and allows restaurants to manage operations with one vendor at an affordable monthly price. Toast Tables is off to a fantastic start. In March alone, Toast Tables powered over 450,000 unique bookings. And since going beta just a year ago, has reached thousands of restaurant locations, a feat that took other reservation providers many years to achieve.

這種差異化的產品與 Toast 平台的其餘部分無縫集成，並允許餐廳以可承受的月度價格與一家供應商一起管理運營。 Toast Tables 有了一個美妙的開端。僅在 3 月份，Toast Tables 就促成了超過 450,000 次獨立預訂。自從一年前開始測試以來，已經覆蓋了數千家餐廳，這是其他預訂提供商多年才實現的壯舉。

Toast Tables is emblematic of our ability to quickly innovate on evolving customer needs. Over a short period, a small team was able to build a solution, get it in the hands of several customers for testing and feedback before going beta and going live. Our vertical focus provides us the room to innovate and tailor features to the specific needs of restaurants, while our go-to-market engine and large customer base provide us a rapid feedback loop and the ability to scale new products quickly and efficiently.

Toast Tables 象徵著我們根據不斷變化的客戶需求快速創新的能力。在很短的時間內，一個小團隊能夠構建一個解決方案，在測試和上線之前將其交到幾個客戶手中進行測試和反饋。我們的垂直重點為我們提供了根據餐廳的特定需求進行創新和定制功能的空間，而我們的上市引擎和龐大的客戶群為我們提供了快速反饋循環以及快速有效地擴展新產品的能力。

As we've expanded our product and grown our customer base, we've become smarter about the varying rates customers will adopt our products. This is especially true with the growth and development of our upsell team. This team has grown significantly over the last year and it has allowed us to better balance both customer growth and product adoption. We're able to be more strategic about what products do best as part of the upfront sales motion versus at varying times in a customer's journey on Toast.

隨著我們擴展我們的產品並擴大我們的客戶群，我們對客戶採用我們產品的不同比率變得更加明智。隨著我們追加銷售團隊的成長和發展，尤其如此。這個團隊在過去的一年裡有了顯著的發展，它使我們能夠更好地平衡客戶增長和產品採用。作為前期銷售活動的一部分，我們能夠更具戰略性地確定哪些產品最適合客戶在 Toast 上的旅程中的不同時間。

With our consistent innovation engine, differentiated distribution motion and growth of our upsell team, we will continuously evaluate and refine this land-and-expand approach.

憑藉我們始終如一的創新引擎、差異化的分銷活動和我們追加銷售團隊的成長，我們將不斷評估和完善這種土地和擴張的方法。

So our teams are operating at full steam, and the progress we've had to start the year is proof that our focused strategy to grow locations and be the trusted platform for the restaurant industry continue to innovate and invest to more deeply serve all segments of the restaurant industry, including building out enterprise and international is paying off. We recently had our brand launches in Canada, Ireland and the U.K., marking another early step to unlock the significant opportunity outside of the U.S.

因此，我們的團隊正在全速運轉，我們在今年開始所取得的進展證明，我們專注於擴大地點和成為餐飲業值得信賴的平台的戰略繼續創新和投資，以更深入地服務於所有細分市場餐飲業，包括建立企業和國際正在獲得回報。我們最近在加拿大、愛爾蘭和英國推出了我們的品牌，這標誌著我們又邁出了開拓美國以外重要機遇的早期一步。

As we execute on this growth strategy, we also remain focused on efficiency and cost discipline, putting us on track to sustain healthy growth and deliver adjusted EBITDA profit as the year progresses.

在我們執行這一增長戰略的同時，我們還繼續關注效率和成本紀律，使我們走上正軌，以保持健康增長，並隨著時間的推移實現調整後的 EBITDA 利潤。

Before closing, I want to thank our customers and our employees. We're off to a great start this year. The team is executing in all the right places to go after the large opportunity ahead of us while operating with efficiency as a north star.

在結束之前，我要感謝我們的客戶和我們的員工。今年我們開局不錯。團隊在所有正確的地方執行，以抓住我們面前的巨大機會，同時作為北極星高效運作。

Now I'll turn the call over to Elena.

現在我會把電話轉給埃琳娜。

Thanks, Chris, and thank you, everyone, for joining. I want to start by thanking the entire Toast team for your hard work and steady execution. Our consistent momentum drove another solid quarter with both revenue and adjusted EBITDA exceeding the high end of our guidance ranges. We continue to balance strong top line growth with disciplined investments, evidenced by our fifth consecutive quarter of adjusted EBITDA margin improvement.

謝謝克里斯，也謝謝大家的加入。首先，我要感謝整個 Toast 團隊的辛勤工作和穩定執行。我們一貫的勢頭推動了又一個穩健的季度，收入和調整後的 EBITDA 都超過了我們指導範圍的高端。我們繼續在強勁的收入增長與有紀律的投資之間取得平衡，我們連續第五個季度調整後的 EBITDA 利潤率有所改善就證明了這一點。

We remain in the early stages of an incredible opportunity to be the trusted technology partner of the restaurant industry. With our leading software and payment platform, differentiated go-to-market strategy and focused execution, we believe we have a long runway of sustained top line growth and margin expansion ahead.

我們仍處於成為餐飲業值得信賴的技術合作夥伴的絕佳機會的早期階段。憑藉我們領先的軟件和支付平台、差異化的上市戰略和專注的執行，我們相信我們在未來的持續收入增長和利潤率擴張方面有很長的路要走。

In Q1, we added over 5,500 net new locations, increasing the total number of live locations on our platform to approximately 85,000. Our go-to-market engine is executing at a high level and seeing success across the full breadth of the restaurant TAM, leading to the continued market share gains. In addition to the strength in SMB, as Chris discussed, we're also gaining momentum upmarket with key wins in the middle market segment, picking up traction in hotels and leveraging our e-commerce motion to gain share down market.

在第一季度，我們淨增加了 5,500 多個新位置，使我們平台上的實時位置總數增加到大約 85,000 個。我們的上市引擎正在高水平執行，並在 TAM 餐廳的整個範圍內取得成功，從而導致市場份額持續增長。正如 Chris 所討論的那樣，除了 SMB 的實力之外，我們還在高端市場獲得動力，在中端市場領域取得關鍵勝利，在酒店領域獲得牽引力，並利用我們的電子商務舉措獲得市場份額。

Q2 is typically a seasonally strong quarter for location growth and combined with a strong pipeline and consistent go-to-market execution, we anticipate net new location adds in Q2 to be north of 6,500. Looking further ahead with the combination of consistent sales rep productivity, growth of flywheel markets and traction across more parts of the TAM, we expect quarterly net location adds to be closer to the 6,000 range in the second half of the year compared to the 5,500 quarterly adds we saw in last year's second half.

第二季度通常是地點增長的季節性強勁季度，再加上強大的管道和一致的上市執行，我們預計第二季度淨新增地點將超過 6,500 個。展望未來，結合一致的銷售代表生產力、飛輪市場的增長以及 TAM 更多地區的牽引力，我們預計下半年季度淨位置增加將接近 6,000 的範圍，而季度淨位置為 5,500添加我們在去年下半年看到的。

Total revenue grew 53% year-over-year to $819 million in the first quarter. ARR, which is our core operational metric, ended Q1 at $987 million, up 55% year-over-year. Subscription services revenue grew 70% year-over-year in the first quarter, benefiting from healthy location growth and higher ARPU. SaaS ARPU on an ARR basis increased 16% year-over-year and 3% quarter-over-quarter.

第一季度總收入同比增長 53% 至 8.19 億美元。 ARR 是我們的核心運營指標，第一季度末為 9.87 億美元，同比增長 55%。第一季度訂閱服務收入同比增長 70%，這得益於健康的位置增長和更高的 ARPU。基於 ARR 的 SaaS ARPU 同比增長 16%，環比增長 3%。

I want to provide some context on ARPU growth going forward. Overall, we continue to focus on driving total ARR growth through a combination of both locations and sustainable ARPU expansion over the long term. Over the last 2 years, we drove a step function change in SaaS ARPU and doubled our location count, and this provided a tailwind of SaaS ARPU and revenue growth.

我想提供一些關於未來 ARPU 增長的背景信息。總體而言，我們將繼續專注於通過結合兩個地點和長期可持續的 ARPU 擴展來推動總體 ARR 增長。在過去的 2 年裡，我們推動了 SaaS ARPU 的階梯式變化，並將我們的位置數量翻了一番，這為 SaaS ARPU 和收入增長提供了助力。

Looking specifically at SaaS ARPU, it increased nearly 60% since the end of 2020, as we expanded from a point-of-sale offering to an integrated platform and shifted to selling the product on a platform basis. At the same time, we ramped several key new products, all of which led to landing much higher ARPU at booking.

具體來看 SaaS ARPU，自 2020 年底以來增長了近 60%，因為我們從銷售點產品擴展到集成平台，並轉向在平台基礎上銷售產品。與此同時，我們推出了幾款關鍵的新產品，所有這些產品都在預訂時實現了更高的 ARPU。

In addition, as Chris discussed, as we develop our upsell motion, we have become more sophisticated about optimizing the mix of products to land the booking. Our upsell team allows us to be more nimble about what we sell upfront and how we grow with customers over time, ensuring we phase in products at the right time for different customers. The investments we're making to expand across the TAM, coupled with adding products and features that are unique to restaurants underpin our 2 strategic growth vectors, locations and ARPU.

此外，正如 Chris 所討論的，隨著我們開發追加銷售活動，我們在優化產品組合以實現預訂方面變得更加成熟。我們的追加銷售團隊使我們能夠更靈活地了解我們的前期銷售內容以及我們如何隨著客戶的推移而成長，確保我們在正確的時間為不同的客戶分階段推出產品。我們正在為擴展整個 TAM 進行的投資，加上餐廳獨有的產品和功能，鞏固了我們的 2 個戰略增長向量、位置和 ARPU。

The combination of these 2 are key to driving total ARR as we further penetrate the $55 billion market opportunity. We expect there will be a balance between the 2 of these in any given year and as we comp against the step-up in ARPU growth, we anticipate more moderate ARPU growth in 2023. We remain incredibly confident in the large and growing long-term SaaS ARPU opportunity as we continuously refine both our new business and upsell motions and further differentiate ourselves through ongoing product innovation. At over $2,000 of ARPU for the full featured product, Toast Tables is a great example of our ability to expand the ARPU opportunity and address more of our restaurants' tech spend.

隨著我們進一步深入 550 億美元的市場機會，這兩者的結合是推動總 ARR 的關鍵。我們預計在任何一年中，這兩者之間都會保持平衡，並且隨著我們與 ARPU 增長的加速進行比較，我們預計 2023 年 ARPU 增長將更加溫和。我們對龐大且不斷增長的長期增長充滿信心SaaS ARPU 機會，因為我們不斷完善我們的新業務和追加銷售活動，並通過持續的產品創新進一步脫穎而出。全功能產品的 ARPU 超過 2,000 美元，Toast Tables 是我們擴大 ARPU 機會和解決更多餐廳技術支出能力的一個很好的例子。

Our long-term confidence is underpinned by the fact that we have a growing base of customers generating high SaaS ARPU. A great example of this is a Midwest brewery offering craft beer and food generates about average annual GPV and over $20,000 in SaaS ARPU. This customer is using a total of 9 modules, including Online Ordering, Mobile Order & Pay and Toast Tables. In addition, the customer is leveraging multiple Toast Go handhelds and a number of KDS to streamline operations.

我們擁有不斷增長的客戶群，產生高 SaaS ARPU，這一事實支撐了我們的長期信心。一個很好的例子是中西部的啤酒廠，提供精釀啤酒和食品，平均每年產生 GPV，SaaS ARPU 超過 20,000 美元。該客戶總共使用了 9 個模塊，包括在線訂購、移動訂單和支付以及 Toast Tables。此外，該客戶還利用多個 Toast Go 手持設備和多個 KDS 來簡化操作。

As we expand the platform, there are multiple paths we can offer customers to reach high SaaS ARPU. Approximately 10% of our locations have SaaS ARPU above $10,000. That's nearly double the percentage from the previous year. And at the end of Q1, 42% of locations were taking 6 plus modules, which is up from 36% in the previous year.

隨著我們擴展平台，我們可以為客戶提供多種途徑來達到高 SaaS ARPU。我們大約 10% 的地點的 SaaS ARPU 超過 10,000 美元。這幾乎是前一年百分比的兩倍。在第一季度末，42% 的地點採用 6+ 模塊，高於去年的 36%。

Moving to fintech solutions. First quarter revenue grew 54% to $673 million, and gross profit was up 65% year-over-year to $150 million. GPV growth remains healthy and increased 50% year-over-year to $26.7 billion in Q1. Average annualized GPV per processing location was approximately $1.4 million, up 11% year-over-year and flat quarter-over-quarter. Q1 year-over-year revenue growth benefited from the comparison to Omicron in 2022. We expect GPV growth to moderate for the balance of the year.

轉向金融科技解決方案。第一季度收入增長 54% 至 6.73 億美元，毛利潤同比增長 65% 至 1.5 億美元。 GPV 增長保持健康，第一季度同比增長 50% 至 267 億美元。每個加工地點的平均年化 GPV 約為 140 萬美元，同比增長 11%，環比持平。與 2022 年的 Omicron 相比，第一季度的收入同比增長受益。我們預計 GPV 增長將在今年餘下時間放緩。

Our nonpayment fintech products led by Toast Capital drove approximately $26 million of gross profit in Q1. Demand for our Toast Capital offering remained strong in the quarter as we continue to provide eligible customers fast, flexible access to capital. In the quarter, Toast Capital originations totaled approximately $175 million or 70 basis points of GPV. We remain uniquely positioned to manage the risk profile of the portfolio, thanks to our restaurant POS and payment processing data. That enables us to assess and monitor the health of a restaurant, to inform our underwriting process and pricing and prudently balance risk while growing the product to help our customers grow. For example, Dudley's Sport & Ale, a sports bar and rooftop in Northern Virginia, used a portion of funding received through a Toast Capital loan to build a new pergola on the roof, adding 16 tables to the rooftop. The Pergola paid for itself for the span of 3.5 weeks and has contributed to a daily sales volume increase of over 10% month-over-month so far.

我們以 Toast Capital 為首的非支付金融科技產品在第一季度推動了約 2600 萬美元的毛利潤。隨著我們繼續為符合條件的客戶提供快速、靈活的資金獲取渠道，本季度對 Toast Capital 產品的需求依然強勁。本季度，Toast Capital 的發起總額約為 1.75 億美元或 GPV 的 70 個基點。得益於我們的餐廳 POS 和支付處理數據，我們在管理投資組合的風險狀況方面保持著獨特的優勢。這使我們能夠評估和監控餐廳的健康狀況，為我們的承銷流程和定價提供信息，並在增加產品以幫助我們的客戶成長的同時謹慎地平衡風險。例如，Dudley's Sport & Ale，一家位於北弗吉尼亞州的運動酒吧和屋頂酒吧，使用通過 Toast Capital 貸款獲得的部分資金在屋頂上建造了一個新的涼棚，在屋頂上增加了 16 張桌子。 Pergola 在 3.5 週的時間內收回了成本，迄今為止，日銷量環比增長超過 10%。

This is a great example of our unique ability to provide our customers access to capital, which in turn benefits our business as customers leverage those loans to increase sales and drive growth. In short, when our customer sales grow, we grow.

這是我們為客戶提供獲得資金的獨特能力的一個很好的例子，這反過來又有利於我們的業務，因為客戶利用這些貸款來增加銷售額和推動增長。簡而言之，當我們的客戶銷售額增長時，我們也會增長。

Net take rate increased to 56 basis points with other fintech products contributing about 10 basis points, which was similar to Q4. Looking ahead, we anticipate Toast Capital will grow slower than the sequential GPV growth as Q2 is seasonally strong for GPV. And keep in mind, Q1 benefits from higher debit mix while the mix of credit should increase through the course of the year.

淨利率增加至 56 個基點，其他金融科技產品貢獻約 10 個基點，與第四季度相似。展望未來，我們預計 Toast Capital 的增長將慢於 GPV 的環比增長，因為第二季度的 GPV 季節性強勁。請記住，第一季度受益於較高的借方組合，而貸方組合在一年中應該會增加。

Overall, we continue to expect net take rate to be in the low 50 basis points range in the near term. In Q1, total gross profit grew nearly 87% year-over-year and was up 10% quarter-over-quarter to $189 million, resulting in a total gross margin of 23%. Looking at our recurring streams, subscription and fintech gross profit totaled $229 million in the first quarter, up 71% year-over-year.

總體而言，我們繼續預計短期內淨利率將處於 50 個基點的低位範圍內。第一季度，總毛利潤同比增長近 87%，環比增長 10% 至 1.89 億美元，總毛利率為 23%。從我們的經常性收入來看，第一季度訂閱和金融科技毛利潤總計 2.29 億美元，同比增長 71%。

Turning to customer acquisition costs. Hardware revenue increased year-over-year due to both strong new bookings and upsells to existing customers as restaurants prepare for peak season. Hardware margins were slightly -- were down slightly versus the prior year. On the sales and marketing side, expenses were up 46% in the first quarter due to growth in the sales team over the past year as well as the timing of certain expenses like payroll tax, which we set in Q1 each year.

轉向客戶獲取成本。由於餐館為旺季做準備，新預訂和現有客戶的追加銷售強勁，硬件收入同比增長。硬件利潤略有下降——與上一年相比略有下降。在銷售和營銷方面，由於過去一年銷售團隊的增長以及我們每年第一季度設定的工資稅等某些支出的時間安排，第一季度的支出增長了 46%。

We expect growth in sales and marketing to slow through the rest of the year as we lap investments we made to scale the sales team over the past year. As Chris mentioned, the launch of Toast Tables is the latest example of how R&D investments are driving product innovation that is further [enhancing] the Toast platform and expanding our ARPU potential. We're also investing to support our expansion upmarket into the mid-market and enterprise segments. These investments will further differentiate our platform and unlock deeper penetration across the restaurant TAM, as proven by the progress we've made in the hotel segment with Toast for Hotel Restaurants and in our ability to offer a tailored set of products and services.

我們預計在今年剩餘時間裡銷售和營銷的增長將放緩，因為我們將在過去一年中為擴大銷售團隊而進行的投資。正如 Chris 提到的，Toast Tables 的推出是研發投資如何推動產品創新的最新例證，進一步 [增強] Toast 平台並擴大了我們的 ARPU 潛力。我們還在投資以支持我們將高端市場擴展到中端市場和企業領域。這些投資將進一步使我們的平台脫穎而出，並在餐廳 TAM 中實現更深入的滲透，正如我們通過 Toast for Hotel Restaurants 在酒店領域取得的進展以及我們提供量身定制的產品和服務的能力所證明的那樣。

Overall, we remain excited about our product pipeline and ability to drive sustained ARPU and location growth over the long term. In Q1, total general and administrative expenses increased 45% year-over-year. Excluding bad debt and credit-related expenses, G&A expenses grew 18% year-over-year, and we expect growth to moderate as the year progresses as we remain focused on driving efficiencies and managing headcount. Bad debt and credit-related expenses totaled $15 million in Q1, and the majority of this is due to the reserves related to Toast Capital.

總的來說，我們對我們的產品線以及長期推動持續的 ARPU 和位置增長的能力感到興奮。第一季度，一般和行政費用總額同比增長 45%。不包括壞賬和信貸相關費用，G&A 費用同比增長 18%，我們預計隨著時間的推移增長將放緩，因為我們仍然專注於提高效率和管理員工人數。第一季度的壞賬和信貸相關費用總計 1500 萬美元，其中大部分是與 Toast Capital 相關的準備金。

Total Q1 adjusted EBITDA was negative $17 million, and margin was negative 2.1%, an over 600 basis point improvement from prior year. Excluding bad debt and credit-related expenses, total OpEx growth slowed to 35% year-over-year, and we expect that growth to moderate as the year progresses as we focus on containing headcount growth to our most critical growth areas and driving efficiency across the business.

第一季度調整後的 EBITDA 總額為負 1700 萬美元，利潤率為負 2.1%，較上年同期提高 600 多個基點。不包括壞賬和信貸相關費用，總運營支出同比增長放緩至 35%，我們預計增長將隨著今年的進展而放緩，因為我們專注於將員工人數增長控制在我們最關鍵的增長領域並提高效率這生意。

Now let me turn to guidance. For the second quarter, we expect revenue to be in the range of $920 million to $950 million, representing 39% year-over-year growth at the midpoint. Adjusted EBITDA is expected to be in the range of negative $10 million to 0, representing over 150 basis points of sequential margin improvement at the midpoint.

現在讓我轉向指導。對於第二季度，我們預計收入將在 9.2 億美元至 9.5 億美元之間，中點同比增長 39%。調整後的 EBITDA 預計在負 1000 萬美元至 0 的範圍內，代表中點連續利潤率改善超過 150 個基點。

Based on our strong Q1 performance and Q2 guidance, we increased our full year 2023 revenue expectations by 4% at the midpoint. We now expect full year revenue to be in the range of $3.71 billion to $3.8 billion, a 37% year-over-year increase at the midpoint. Our updated full year adjusted EBITDA guidance range is negative $10 million to positive $10 million. At the midpoint, this implies we will be breakeven for the full year and profitable for the second half of the year.

基於我們強勁的第一季度業績和第二季度指引，我們將 2023 年全年收入預期中值提高了 4%。我們現在預計全年收入將在 37.1 億美元至 38 億美元之間，中點同比增長 37%。我們更新後的全年調整後 EBITDA 指導範圍為負 1000 萬美元至正 1000 萬美元。在中點，這意味著我們將在全年實現盈虧平衡，並在下半年實現盈利。

We also expect free cash flow to turn positive as the year progresses. The increase in our adjusted EBITDA guidance is a function of both the momentum we're seeing in the business and our relentless focus on a scalable, lean cost structure. Across the business, we are balancing investments in the massive opportunities through the technology backbone of the restaurant industry, while staying laser-focused on operating efficiencies to drive share gains, durable growth and consistent margin expansion.

我們還預計，隨著時間的推移，自由現金流將轉正。我們調整後的 EBITDA 指引的增加是我們在業務中看到的勢頭和我們對可擴展、精益成本結構的不懈關注的結果。在整個業務範圍內，我們正在通過餐飲業的技術支柱平衡對巨大機會的投資，同時始終專注於運營效率以推動份額增長、持久增長和持續的利潤擴張。

In closing, Q1 was a great start to the year, posting strong financial results and building on the momentum coming out of 2022. We're well positioned to drive sustained ARPU and location growth and create long-term shareholder value.

最後，第一季度是今年的一個良好開端，公佈了強勁的財務業績，並在 2022 年的勢頭基礎上再接再厲。我們有能力推動 ARPU 和位置的持續增長，並創造長期股東價值。

Lastly, I want to thank all of our employees, customers and partners for helping to support our continued success.

最後，我要感謝我們所有的員工、客戶和合作夥伴幫助支持我們的持續成功。

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 is from Josh Baer with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Josh Baer。

Nice quarter. Talking about momentum both in the mid-market, upmarket as well as downmarket. So a couple of questions there. How are you balancing product and go-to-market investments for those different segments? But then second, how should we think about the mix shift ahead and any potential impacts on GPV per location?

不錯的季度。談論中端市場、高端市場和低端市場的勢頭。所以有幾個問題。您如何平衡這些不同細分市場的產品和上市投資？但其次，我們應該如何考慮未來的組合轉變以及對每個地點 GPV 的任何潛在影響？

I can jump in, Josh, good question. I think we're taking a real balanced approach. I mean our core engine continues to hum at the next level. So when you look at the core SMB, we continue to be quite confident in that hyper local go-to-market engine and how well it's performing. At the same time, we're encouraged about what we're seeing in mid-market and enterprise. So I think you're going to continue to see us expand our TAM, but just make sure that we're measured in how we go upmarket. We're seeing some good pull, but we continue to be a little bit measured in our progress upmarket, the unit economics look really good. But again, we -- our core engine's humming, upmarket, we're seeing good demand. And then I'd say downmarket, we want to make sure that we don't lose that section of TAM.

我可以加入，喬希，問得好。我認為我們正在採取真正平衡的方法。我的意思是我們的核心引擎繼續在一個新的水平上嗡嗡作響。因此，當您查看核心 SMB 時，我們仍然對超本地上市引擎及其性能充滿信心。與此同時，我們對在中端市場和企業中看到的情況感到鼓舞。所以我認為你會繼續看到我們擴大我們的 TAM，但要確保我們在進入高端市場的方式上有所衡量。我們看到了一些好的拉動，但我們在高端市場的進展中繼續有點衡量，單位經濟看起來非常好。但同樣，我們 - 我們的核心引擎嗡嗡作響，高檔，我們看到了良好的需求。然後我會說低端市場，我們要確保我們不會失去 TAM 的那一部分。

So when you see us push out e-commerce and self-service onboarding, it's to make sure that the entirety of the restaurant TAM in the U.S. is addressable by Toast. At the end of the day, we think we're well positioned to now address the entirety of the TAM, given the expansion examples that we've shown you.

因此，當您看到我們推出電子商務和自助入職服務時，這是為了確保 Toast 可以訪問美國 TAM 的整個餐廳。歸根結底，鑑於我們向您展示的擴展示例，我們認為我們現在可以很好地解決整個 TAM。

Yes. Just to build on what Chris said, Josh, as well. We're going to always keep unit economics in mind. So we're going to come back to the payback period that we talk about, which is in the mid-teens, and that's how we're balancing those investments across the segments and pay particular attention to making sure that we always come back to that in a balanced way.

是的。只是以 Chris 所說的為基礎，Josh 也是如此。我們將始終牢記單位經濟學。因此，我們將回到我們談論的投資回收期，即十幾歲中期，這就是我們如何平衡各細分市場的投資，並特別注意確保我們總是回到以一種平衡的方式。

Our next question is from Rayna Kumar with UBS.

我們的下一個問題來自瑞銀的 Rayna Kumar。

Last quarter, you announced the acquisition of Delphi Display Systems. Can you talk about the integration and how that's progressing and if it's helping you win share upmarket?

上個季度，你們宣布收購德爾福顯示系統。您能否談談整合及其進展情況，以及它是否幫助您贏得高端市場份額？

Yes, I can take that. So the integration of Delphi is progressing on track. So we're excited about the team's progress. Ken and the team are doing a great job. As you'll recall, they were already a partner of Toast. So we were already collaborating quite a bit in the field. The acquisition of Delphi is part of the continued commitment that we've made to help QSRs of all sizes, drive speed of service, unlock revenue, unlock drive-through and become more efficient operations.

是的，我可以接受。因此，Delphi 的整合正在按計劃進行。所以我們對團隊的進步感到興奮。肯和團隊做得很好。您會記得，他們已經是 Toast 的合作夥伴。所以我們已經在該領域進行了很多合作。收購德爾福是我們持續承諾的一部分，我們致力於幫助各種規模的快餐店、提高服務速度、釋放收入、解鎖免下車服務並提高運營效率。

So we're excited about this. It adds internal and external digital menu boards with order coordination within the Toast platform. So we're very excited about it. But we are seeing opportunities to increase the lead volume from Toast to Delphi, but I think it's important that it's still early in the integration process, and we're going to make sure that strategically, we make all the right moves early, so that it becomes a foundational component for our go-to-market across the QSR and enterprise space.

所以我們對此感到興奮。它添加了內部和外部數字菜單板，在 Toast 平台內進行訂單協調。所以我們對此感到非常興奮。但我們看到了增加從 Toast 到 Delphi 的潛在客戶數量的機會，但我認為重要的是它仍處於整合過程的早期階段，我們將確保在戰略上，我們儘早採取所有正確的舉措，以便它成為我們在 QSR 和企業領域走向市場的基礎組成部分。

But overall, we're happy with where it is. And we look forward to reporting some wins to you in future quarters.

但總的來說，我們對它的位置感到滿意。我們期待在未來幾個季度向您報告一些勝利。

Got it. And just a follow-up on international. Can you just give us an update on how your international expansion is going? And you've talked about investing roughly $10 million to $20 million towards that segment of the market. Do you expect investments to further ramp up this year?

知道了。只是對國際的跟進。您能否向我們介紹一下您的國際擴張進展情況？你談到了向該市場部分投資大約 1000 萬到 2000 萬美元。您預計今年投資會進一步增加嗎？

Yes. We're taking a very measured approach on international, but early -- and it's early or early in our investment there. But early traction has been really solid, I would say. It's not going to contribute meaningfully to revenue this year. But now we've got the foundation in place. We've done some brand awareness, which is what you guys saw over the last couple of months. And so now we're really focused on honing the go-to-market strategy and continuing to build this awareness. And then, of course, build out the platform on the product side. So we're not going to split out the investment, but it's fair to say we'll invest a little bit more, but we're going to take a very measured approach on further investment.

是的。我們在國際上採取了一種非常慎重的方法，但是很早——而且我們在那裡的投資還很早或很早。但我想說，早期的牽引力真的很穩固。它不會對今年的收入做出有意義的貢獻。但現在我們已經有了基礎。我們做了一些品牌知名度，這是你們在過去幾個月裡看到的。所以現在我們真正專注於磨練進入市場的戰略並繼續建立這種意識。然後，當然，在產品方面構建平台。所以我們不會拆分投資，但可以說我們會多投資一點，但我們將對進一步投資採取非常謹慎的方法。

Our next question is from Tien-Tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Really great results here. So it sounds like stronger location addition expectations relative to ARPU where you see maybe a little bit of moderation, which is not surprising. So any call out on what specifically is driving this? Is it momentum in certain geos or restaurant types and locations? Just any additional color would be great.

這裡的結果真的很棒。所以這聽起來像是相對於 ARPU 的位置增加期望更強，你可能會看到一點點適度，這並不奇怪。那麼，是否有人呼籲具體是什麼推動了這一進程？它是某些地理區域或餐廳類型和位置的勢頭嗎？任何額外的顏色都會很棒。

Sure. Look, as Chris and Elena mentioned on the call, we had a strong quarter on net adds, right, and are expecting a record quarter in Q2. We're really proud of the way the team is executing across the board. We fundamentally continue to see the same trend we've mentioned in previous calls, where restaurant density and rep tenure in our flywheel markets drive improved productivity. A good example of this in the IR deck is this Mid-Atlantic region where you can see as you get more density in restaurants, you see the productivity improve.

當然。看，正如克里斯和埃琳娜在電話會議上提到的那樣，我們在淨增加方面表現強勁，對吧，並且預計第二季度將創下歷史新高。我們為團隊全面執行的方式感到自豪。我們從根本上繼續看到我們在之前的電話會議中提到的相同趨勢，我們的飛輪市場中的餐廳密度和代表任期推動了生產力的提高。在 IR 甲板上的一個很好的例子是這個中大西洋地區，在那裡你可以看到隨著餐館密度的增加，你會看到生產力提高。

Our competitive win rates are strong, right? We win the maturity of the time when we get into the decision, regardless of whether it's QSR or FSRs, new restaurant openings or existing. And really at the macro level, those trends have been largely consistent with previous quarters. And I think we're seeing strong growth in our core SMB segment, right? And while going into new segments, as Chris mentioned on the call, including downmarket e-commerce as well as some really great wins in mid-market as well.

我們的競爭贏率很高，對吧？當我們做出決定時，我們贏得了時間的成熟，無論是 QSR 還是 FSR，新餐廳開業還是現有。實際上，在宏觀層面上，這些趨勢與前幾個季度基本一致。而且我認為我們的核心 SMB 細分市場正在強勁增長，對嗎？正如克里斯在電話會議上提到的那樣，在進入新細分市場的同時，包括低端市場電子商務以及在中端市場取得的一些非常大的勝利。

Terrific. That's great to hear. Just maybe to build on that a little bit. Just -- you mentioned the growth in the upsell teams and it's driving good balance there in terms of when to promote. But are you seeing any sort of change in or surprise, maybe I should add, in terms of the types of add-ons or services that restaurants are looking to add? I don't know if it's just things that are further from the core, like, say, payroll or things that are closer to the core, if you follow my question?

了不起。聽到這個消息我很高興。也許只是在此基礎上再做一點。只是 - 你提到了追加銷售團隊的增長，並且它在何時推廣方面取得了良好的平衡。但是，就餐廳希望添加的附加服務或服務類型而言，您是否看到任何變化或驚喜，也許我應該補充一下？我不知道這是否只是離核心更遠的事情，比如工資單或更接近核心的事情，如果你問我的問題？

Yes, it's a good question. I mean, look, I think -- I'll give you 1 anecdotal example. So we see that when a brand new restaurants opening up to a new location, this could be an expansion of even an existing restaurant within our -- within our customer base. We tend to see higher attach of payroll whereas a customer that's already open, we see -- we call those restaurant switchers, right, on Toast. We see lower attachments apparel upfront and then our upsell team takes over and is able to upsell more of the platform over time.

是的，這是個好問題。我的意思是，看，我想——我會給你一個軼事例子。所以我們看到，當一家全新的餐廳開到一個新的地點時，這可能是我們客戶群中現有餐廳的擴展。我們傾向於看到更高的工資附加值，而我們看到已經開放的客戶 - 我們稱這些餐廳切換器，對，在 Toast 上。我們預先看到較低附件的服裝，然後我們的追加銷售團隊接管並能夠隨著時間的推移追加銷售更多平台。

And I think -- but overall, I'll just go back to -- if you look at our ARR year-over-year, it's up 60%, and both locations and ARPU are contributing. And at the highest level, we see across our key products, the employee cloud, xtraCHEF, some of our guest products like Tables, as Chris and Elena mentioned on the call, we still see lots of opportunity to continue to scale attach. And new business ARPU on booking is still in the mid 5,000 range. And of course, our upsell motion continues to become a bigger factor in terms of the composition of revenue growth, and we expect that to complement ARPU initial booking.

而且我認為 - 但總的來說，我會回到 - 如果你看看我們的 ARR 同比，它增長了 60%，而且地點和 ARPU 都在做出貢獻。在最高級別，我們看到我們的主要產品，員工雲，xtraCHEF，我們的一些訪客產品，如 Tables，正如 Chris 和 Elena 在電話會議上提到的那樣，我們仍然看到很多機會繼續擴大規模。預訂的新業務 ARPU 仍在 5,000 左右。當然，就收入增長的構成而言，我們的追加銷售繼續成為一個更大的因素，我們預計這將補充 ARPU 初始預訂。

No, it's really interesting. Thanks for disclosing the subscription and the payments AR. That's great to see.

不，這真的很有趣。感謝您披露訂閱和付款 AR。很高興看到。

Our next question is from Will Nance with Goldman Sachs.

我們的下一個問題來自高盛的 Will Nance。

I wanted to maybe follow up on some of the flywheel markets that you guys had talked about. I think you mentioned a greater reliance on inbound channels in these markets. I'm wondering if you could provide any color on how customer acquisition costs vary between flywheel and non-flywheel markets? And then looking forward, you mentioned e-commerce and more self-service kind of being a focus in the future. Maybe you could just talk about how you're thinking about the outlook for customer acquisition costs in more mature markets in a steady state and maybe how that differs from some of these markets when they're in more growth mode?

我可能想跟進你們討論過的一些飛輪市場。我想你提到了這些市場對入站渠道的更大依賴。我想知道您是否可以提供有關飛輪和非飛輪市場之間客戶獲取成本如何變化的任何顏色？然後展望未來，您提到電子商務和更多自助服務將成為未來的重點。也許你可以談談你如何看待穩定狀態下更成熟市場的客戶獲取成本前景，也許這與其中一些處於增長模式的市場有何不同？

Yes. It's a good question. I mean, look, I think back to what I just shared, we continue to see that our strongest growth in our densest markets, right? So this is what we call flywheel markets. And basically, you've got higher restaurant density, you've got higher rep tenure, you've got higher brand awareness. That's what drives greater productivity. So it's really -- and we see this, by the way, in all of our markets as we're getting more and more market share. We're not seeing any impact in terms of productivity. In fact, we're seeing strong -- our strongest productivity in those markets.

是的。這是個好問題。我的意思是，看，我回想一下我剛才分享的內容，我們繼續看到我們在最密集的市場中實現最強勁的增長，對嗎？這就是我們所說的飛輪市場。基本上，你有更高的餐廳密度，你有更高的代表任期，你有更高的品牌知名度。這就是提高生產力的原因。所以它真的 - 順便說一下，隨著我們獲得越來越多的市場份額，我們在所有市場中都看到了這一點。我們在生產力方面沒有看到任何影響。事實上，我們看到了強大的——我們在這些市場上最強的生產力。

And we've got a good mix, whether it's urban markets, suburban markets, Tier 1 cities, smaller cities. We're seeing good mix of markets where we're seeing this effect. And so, of course, as you've got more markets where you've got stronger productivity and a lot of this also drive much stronger customer referrals, you expect to see better unit economics in those markets relative to the markets where we're investing and don't have the same level of rep productivity.

我們有很好的組合，無論是城市市場、郊區市場、一線城市還是小城市。我們看到了我們看到這種效果的良好市場組合。因此，當然，隨著您擁有更多生產力更高的市場，其中很多也推動了更強大的客戶推薦，您期望在這些市場中看到比我們所在的市場更好的單位經濟效益投資並且沒有相同水平的代表生產力。

And I think in terms of your question on e-commerce and mid-marketing, those are markets that are still a small portion of our overall customer base and even our overall growth rate. Most of our growth is still coming from our core SMB TAM. And in those segments, I think we are learning. But I think as Elena and Chris mentioned, we're very focused on unit economics across all of our segments. So even in the lower end of the market, we're looking at things like self-service on purchase, self-service onboarding to make sure the unit economics of those customers are healthy even if the ARPU is lower.

我認為就你關於電子商務和中端營銷的問題而言，這些市場仍然只占我們整體客戶群甚至整體增長率的一小部分。我們的大部分增長仍然來自我們的核心 SMB TAM。在這些領域，我認為我們正在學習。但我認為正如 Elena 和 Chris 提到的那樣，我們非常關注我們所有部門的單位經濟學。因此，即使在低端市場，我們也在考慮購買時的自助服務、自助入職等方式，以確保即使 ARPU 較低，這些客戶的單位經濟效益也是健康的。

Yes. One way to think about it, Will, is to look at the entirety of the U.S. TAM, and make sure that we're adapting our go-to-market motion, our onboarding motion, our self-service motion to support that subsegment of the U.S. TAM. And the conclusion is that, the entirety of the U.S. TAM is now becoming more readily available to Toast. That's really the strategy behind that because we don't want to look at the U.S. TAM and say, well, geez, this section is unaddressable because we can't adapt to the platform or adapt our motions.

是的。威爾，考慮它的一種方法是查看整個美國 TAM，並確保我們正在調整我們的上市行動、我們的入職行動、我們的自助服務行動以支持該細分市場美國 TAM。結論是，整個美國 TAM 現在變得更容易被 Toast 獲取。這確實是背後的策略，因為我們不想看著美國 TAM 說，好吧，天哪，這部分無法解決，因為我們無法適應平台或調整我們的動作。

And what we're seeing is high confidence that we can adapt our motions and we can adapt the platform so that customers of all sizes and types can subscribe and onboard to Toast. So that's really where that's coming from.

我們所看到的是高度自信，我們可以調整我們的動作，我們可以調整平台，以便各種規模和類型的客戶都可以訂閱和加入 Toast。這就是真正的來源。

Got it. I appreciate the detail. And then maybe a separate question in the same vein of growing locations and expanding ARPU. On the payment side, there's been kind of a lot out there in the market on price increases just in the acquiring space overall. I think some of your competitors are putting through some fairly large price increases. I guess, can you maybe talk about the desire to kind of pull that lever and keep pace with some of the market increases versus maybe marketing against it and using it for taking market share in the restaurant space?

知道了。我很欣賞細節。然後可能是一個單獨的問題，與增加地點和擴大 ARPU 相同。在支付方面，市場上整體收購領域的價格上漲有很多。我認為你們的一些競爭對手正在經歷一些相當大的價格上漲。我想，你能談談想要拉動槓桿並跟上一些市場增長的步伐，而不是針對它進行營銷並利用它來奪取餐廳空間的市場份額嗎？

Yes. That's a good question. Look, we're always optimizing pricing and packaging for new customers. We've done -- while we're always optimizing, we've not done any wholesale pricing changes for our customer base. And I think one thing we're testing right now is a usage-based fee. This is on our digital ordering suite, and this is fairly common in the industry. We see this as a near-term opportunity for us and expect to hear -- you should expect to hear more from us on this in the future. But in terms of the wholesale price increase, that's not something we've done.

是的。這是個好問題。看，我們一直在為新客戶優化定價和包裝。我們已經完成了——雖然我們一直在優化，但我們還沒有為我們的客戶群做任何批發價調整。我認為我們現在正在測試的一件事是基於使用的費用。這是在我們的數字訂購套件上，這在行業中相當普遍。我們認為這對我們來說是一個近期的機會，並期待聽到——你應該期待在未來聽到更多關於這方面的信息。但就批發價上漲而言，這不是我們做過的事情。

Our next question is from Tim Chiodo with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Tim Chiodo。

Strong locations guide that you gave for the next 3 quarters. I'm sure that transparency was appreciated. Can you talk a little bit about what you're expecting in terms of any changes at all or the composition across the 3 buckets of gross adds, meaning brand-new restaurants, new locations added from your existing customers and then, of course, the restaurants that are switching over to you from either a legacy or a competitor. Is there anything that you're seeing changing there? And then there's a follow-up on new business formation.

您為接下來的 3 個季度提供的強大位置指南。我確信透明度受到讚賞。您能否談談您對所有變化的預期或 3 個總增加量的構成，這意味著全新的餐廳、現有客戶增加的新地點，當然還有從傳統餐廳或競爭對手那裡轉給您的餐廳。你看到那裡有什麼變化嗎？然後是關於新業務形成的後續行動。

Yes. Look, I think maybe I'll give you a little bit of a boring answer here, but the mix of NROs versus existing restaurants in our base is relatively even, right? There's not anything material that changed here. One thing just to keep in mind is when we talk about new restaurant openings, some of that is expansion from existing customers. So as our base goes up, that can play a bigger role and contribute to our growth. And I think we're able to successfully win new restaurant formations as well as existing restaurants that already have a [TS] platform in place. And our win rates and switchers right. One thing I call as our win rate on switchers does go up with rep tenure, so that is a tailwind as we get into more of these fiber markets that we should expect.

是的。看，我想也許我會在這裡給你一個無聊的答案，但 NRO 與我們基地現有餐廳的組合相對均勻，對吧？這裡沒有任何材料發生變化。要記住的一件事是，當我們談論新餐廳開業時，其中一些是現有客戶的擴張。因此，隨著我們的基礎上升，它可以發揮更大的作用並為我們的增長做出貢獻。而且我認為我們能夠成功贏得新餐廳的組建以及已經擁有 [TS] 平台的現有餐廳。我們的勝率和切換器是正確的。我稱之為我們在切換器上的贏率確實隨著代表任期上升的一件事，所以這是一個順風，因為我們進入了更多我們應該期望的光纖市場。

In terms of mix on QSRs, the mix of QSRs is up from a year ago. That's tied to our push in QSRs that we announced a year ago. And it's good to see the product team focus here in that segment that's allowed us to really gain share faster in the segment. One example of this is actually -- Chris and Elena shared customer stories. A customer called Golden Krust out of White Plains, that started off with 30 locations. It's recently expanded to 111 locations with us. And what they really valued in the platform is all of our 3PD integrations into Uber and DoorDash. That's built in into our platform as well as some of the improvements we've made into our enterprise menu management capability.

就 QSR 的組合而言，QSR 的組合比一年前有所增加。這與我們一年前宣布的 QSR 推動有關。很高興看到產品團隊專注於該細分市場，這使我們能夠真正更快地在該細分市場中獲得份額。這方面的一個例子實際上是——Chris 和 Elena 分享了客戶案例。一位來自懷特普萊恩斯的名為 Golden Krust 的客戶從 30 個地點開始。它最近與我們一起擴展到 111 個地點。他們在該平台中真正看重的是我們與 Uber 和 DoorDash 的所有 3PD 集成。這內置於我們的平台以及我們對企業菜單管理功能所做的一些改進中。

And so I think you should expect to see the mix of QSRs continue to tick up in our mix. But overall, beyond that, nothing else to report.

因此，我認為您應該期待看到 QSR 的組合在我們的組合中繼續增加。但總的來說，除此之外，沒有其他可報告的了。

Okay. Great. And just a brief but related follow-up is just around when we look at some of the macro data from the Fed, et cetera, that shows combinations in food services, just the number of new applications being put in at levels that are just way higher than they were pre-COVID. Would you say in general that you're seeing across your core markets an uptick in new restaurant formation? Is it relatively similar? Or is it higher or lower relative to maybe what you saw back in 2018, 2019-ish period?

好的。偉大的。當我們查看美聯儲等機構的一些宏觀數據時，就會有一個簡短但相關的後續行動，這些數據顯示了食品服務的組合，只是新申請的數量處於正常水平高於 COVID 之前。總的來說，您是否會說您在核心市場看到新餐廳形成的增加？是不是比較相似？還是相對於您在 2018 年、2019 年左右時期看到的情況而言，它是更高還是更低？

Yes. I think we've seen an elevated level of new restaurant openings in our portfolio for a while now, right? I don't think that's been going on for a little bit post-COVID. And that trend, I think, is not new at this point.

是的。我認為我們已經看到我們的投資組合中新開餐廳的數量增加了一段時間，對吧？我不認為這種情況在 COVID 後持續了一段時間。我認為，這種趨勢在這一點上並不新鮮。

Excellent. Yes, point was more around it persisting, so that sounds like it is.

出色的。是的，重點更多地圍繞著它持續存在，所以聽起來確實如此。

Our next question is 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。

Congrats on the quarter. In terms of market share, I guess, how much room do you see there to continue replacing legacy vendors, Microsoft, Aloha, et cetera, as you think about the next few years? And on that front, have you seen any uptick in interest or conversations from restaurants on some of the legacy vendors, especially given the cybersecurity issues that one of them recently faced? I guess has that driven any acceleration in replacement opportunities for Toast?

祝賀這個季度。就市場份額而言，我想，在您考慮未來幾年時，您認為繼續取代傳統供應商 Microsoft、Aloha 等的空間有多大？在這方面，您是否看到餐廳對一些傳統供應商的興趣或對話有所增加，尤其是考慮到其中一家最近面臨的網絡安全問題？我想這是否推動了 Toast 更換機會的加速？

Sure. When we look at -- I'll go back to what I said earlier. When we get into a decision, we win a majority of the time and really compete well both against on-premise, and cloud providers. And we continue to see the same dynamic where it is really the biggest thing that we see is when the customer density and rep tenure in our strongest [vital] markets continues to be the biggest driver of rep activity. And of course, as Chris mentioned on the call, it's driven by awareness, top funnel, referrals, stronger close rates.

當然。當我們看——我會回到我之前所說的。當我們做出決定時，我們在大多數情況下都會獲勝，並且在與內部部署和雲提供商的競爭中確實表現出色。我們繼續看到同樣的動態，我們看到的真正最大的事情是，當我們最強大的 [vital] 市場中的客戶密度和代表任期繼續成為代表活動的最大驅動力時。當然，正如克里斯在電話中提到的那樣，它是由意識、頂級漏斗、推薦和更高的成交率驅動的。

And so the biggest thing that the team is focused on is to get into as -- get more of our markets into this vital dynamic we've talked about. And I think as Elena mentioned, we had a strong quarter on net locations adds in Q1, expect a record quarter in Q2. And obviously, that speaks to just the great execution from the team across both legacy providers as well as cloud providers.

因此，團隊關注的最重要的事情就是進入——讓我們的更多市場進入我們已經討論過的這一重要動態。我認為正如 Elena 提到的那樣，我們在第一季度的淨位置增加方面表現強勁，預計第二季度將創下歷史新高。顯然，這說明團隊在傳統供應商和雲供應商之間的出色執行力。

Stephen, this is Chris. Some of those examples I gave in my script, Buffalo Phil's, McMenamins, the TAG Restaurant Group, those are all examples of displacing legacy, by the way. And so we still think there's plenty of legacy out there to go after. But now we've obviously built a strong muscle to compete against both cloud as well as legacy. But the examples that I did mention today were all legacy displacements.

斯蒂芬，這是克里斯。順便說一下，我在劇本中給出的一些例子，Buffalo Phil's、McMenamins、TAG Restaurant Group，這些都是取代傳統的例子。因此，我們仍然認為還有很多遺產值得追尋。但現在我們顯然已經建立了強大的力量來與雲和傳統競爭。但是我今天提到的例子都是遺留的置換。

Perfect. That's really helpful. And just as we think about adjusted EBITDA over the rest of the year, it seems like you may hit the positive inflection point potentially a little sooner than expected. So just curious if relative to what you guided to last quarter, had investment spending plans. Have those changed at all? Or is it really just about stronger top line trends, continued efficiency and you're still planning more or less the same amount of spend on all the different growth initiatives that you, I guess, have underway?

完美的。這真的很有幫助。正如我們考慮今年剩餘時間的調整後 EBITDA 一樣，您似乎可能比預期更早達到正拐點。所以只是好奇相對於你對上個季度的指導，是否有投資支出計劃。那些改變了嗎？或者它真的只是關於更強勁的頂線趨勢、持續的效率，並且你仍在計劃或多或少相同數量的支出用於你正在進行的所有不同的增長計劃？

Yes. I mean I think it's a little bit of both, right? On the top line, you see the momentum and the strong start to the year. And Aman and Chris sort of touched on not only the rep tenure and flywheel markets and how those are progressing. We also are seeing solid GPV trends ahead of our expectations in Q1 and then in April in line with what we typically see. So when you kind of put that together and then you factor in a little bit of the macro backdrop, and then you look at the expense line, look, we've continued to deliver on adjusted EBITDA margin improvement.

是的。我的意思是我認為兩者都有一點，對吧？在頂線，您可以看到今年的勢頭和強勁的開局。阿曼和克里斯不僅談到了代表任期和飛輪市場，還談到了這些市場的進展情況。我們還看到穩固的 GPV 趨勢超出了我們在第一季度的預期，然後在 4 月份與我們通常看到的一致。所以當你把它們放在一起然後你考慮一點宏觀背景，然後你看看費用線，看，我們繼續實現調整後的 EBITDA 利潤率改善。

Like I said on the script, 5 quarters in a row, that discipline is going to continue for the balance of the year. And you'll see OpEx moderate as the year goes on. So we're going to lean into the investments where we have high conviction and where we feel like there's going to be a strong return and then we'll scale back investments if they don't feel -- if they do not meet the hurdles of high ROI. So we are being very cautious and targeted in our investments, and that's what you'll see throughout the year.

就像我在劇本中所說的那樣，連續 5 個季度，這一紀律將在今年餘下的時間裡繼續進行。隨著時間的推移，您會看到 OpEx 適中。因此，我們將傾向於那些我們有很高信念和我們認為會有強勁回報的投資，然後如果他們不覺得——如果他們沒有遇到障礙，我們將縮減投資高投資回報率。所以我們在投資中非常謹慎和有針對性，這就是你全年都會看到的。

Our next question is from Jeff Cantwell with Wells Fargo.

我們的下一個問題來自富國銀行的 Jeff Cantwell。

Can you talk some more about your international launches? It seems like that's big news. What is that actually going to look like? For example, your sales team's already there in each of those markets equally or are you putting more emphasis in 1 particular market at the outset? And then what's your thinking about how quickly you can scale in each of those markets? I'm just trying to kind of get a feel for strategy for the pacing. Any color as you think about this next leg of your growth.

你能再談談你的國際發布嗎？看來這是個大新聞了。那實際上會是什麼樣子？例如，您的銷售團隊已經平等地進入了每個市場，或者您是否在一開始就更加重視一個特定市場？那麼您對在每個市場中擴展的速度有何看法？我只是想感受一下節奏的策略。當你想到你成長的下一段時，任何顏色。

Yes, it's fair. So we've started -- we set out and started with investment in English-speaking countries. And we're really focused right now on honing the go-to-market motion, understanding the landscape and getting brand awareness out there. Canada is very much like our U.S. markets, so we're seeing really great traction there. We'll continue to obviously spend time in the U.K. and Ireland. But so far, the focus is get the -- hone the go-to-market motion, build out the platform today, only our core platform -- elements of our platform are available. We seek to continue to expand the platform that's available to the market. And over time, you'll see that drive more meaningful growth, but I think that's like I said on the call or our prior question, it is not going to have a meaningful contribution in the near term. But over the long term, we think of it as a great opportunity for this business.

是的，這很公平。所以我們已經開始 - 我們開始並開始在英語國家進行投資。我們現在真正專注於磨練進入市場的行動，了解形勢並提高品牌知名度。加拿大與我們的美國市場非常相似，因此我們在那裡看到了非常大的吸引力。我們顯然會繼續在英國和愛爾蘭度過時光。但到目前為止，重點是——磨練上市行動，今天構建平台，只有我們的核心平台——我們平台的元素可用。我們尋求繼續擴展市場可用的平台。隨著時間的推移，你會看到這會推動更有意義的增長，但我認為就像我在電話會議或我們之前的問題中所說的那樣，它不會在短期內產生有意義的貢獻。但從長遠來看，我們認為這是這項業務的絕佳機會。

Okay. Great. Which leads to my follow-up, which is just how do you think about balancing this move internationally with your ongoing drive to improve your profitability over time? I'm curious if there's a way to grow internationally while also expanding [frontline] margins and profitability.

好的。偉大的。這導致了我的後續行動，這就是您如何考慮平衡這一國際舉措與您不斷提高盈利能力的持續努力？我很好奇是否有一種方法可以在擴大 [一線] 利潤率和盈利能力的同時實現國際化發展。

Yes. I mean, I think the one thing is that relative to our total investment in the business, it's not material. That said, we -- like I said earlier, we're really focused on making sure before we continue to invest, we sort of see proven results. And we're early in that journey. I think towards the back half of the year, we'll have a better feel for that. But so far, we're really encouraged by what we're seeing. The demand is healthy.

是的。我的意思是，我認為一件事是相對於我們對業務的總投資而言，這並不重要。也就是說，我們 - 就像我之前說的那樣，我們真的專注於確保在我們繼續投資之前，我們會看到一些經過驗證的結果。我們還處在這段旅程的早期。我認為在今年下半年，我們會有更好的感覺。但到目前為止，我們對所看到的情況感到非常鼓舞。需求是健康的。

So we're going to continue to look at that very carefully. I think we've got to balance and understand what will that business look like at a steady state, obviously, and that's what we're thinking about and making sure that when we come back to payback periods and unit economics, we try to focus on balancing the whole picture for the company, right? And so -- but it's going to take some time. We've got to scale that business.

所以我們將繼續非常仔細地研究它。我認為我們必須平衡並了解該業務在穩定狀態下會是什麼樣子，顯然，這就是我們正在考慮的，並確保當我們回到投資回收期和單位經濟時，我們會努力集中精力平衡公司的整體情況，對嗎？所以——但這需要一些時間。我們必須擴大這項業務。

Congrats on the results.

祝賀結果。

Our next question is from Josh Beck with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to go back to really some of the macro commentary. It feels pretty benign from some of the comments that you've made. When I look at the GPV per location as a same-store sales proxy, it's kind of been running in the high single-digit range. Other probably more broader consumer payments companies have indicated in March and April, they saw things maybe slow or skewed towards more nondiscretionary categories. So just curious if you've had any observations that are worth calling out at the same-store sales level as we think about building out the models here.

我想回到真正的一些宏觀評論。從你發表的一些評論來看，感覺非常溫和。當我將每個地點的 GPV 視為同店銷售代理時，它一直在高個位數範圍內運行。其他可能更廣泛的消費者支付公司在 3 月和 4 月表示，他們認為事情可能會放緩或傾向於更多非自由裁量權的類別。所以很好奇，當我們考慮在這裡構建模型時，您是否有任何值得在同店銷售水平上提出的觀察結果。

Josh, demand was solid. When we looked at Q1 trends, demand was solid, pretty much as expected. GPV came in ahead of our expectations for the quarter, and GPV per location was up 11%. And as a reminder, Q1 last year was impacted by Omicron, but we're pleased with what we saw across the quarter. Within the quarter, similar to other reports that you're mentioning, March was slightly lower, but April is consistent with our expectations.

喬希，需求強勁。當我們查看第一季度的趨勢時，需求很穩定，與預期的差不多。 GPV 超出了我們對該季度的預期，每個地點的 GPV 增長了 11%。提醒一下，去年第一季度受到 Omicron 的影響，但我們對整個季度的情況感到滿意。在本季度內，與您提到的其他報告類似，3 月份略低，但 4 月份符合我們的預期。

So we continue to see consumers moving more spend to services like dining out versus retail. We believe that the industry trends with restaurant sales are outperforming overall retail. So that's encouraging. And we also think that consumer spend on dining in past economic slowdowns has been pretty resilient. So those are some comments on what we're seeing.

因此，我們繼續看到消費者將更多支出轉移到外出就餐等服務而不是零售。我們認為，餐廳銷售的行業趨勢優於整體零售業。所以這是令人鼓舞的。我們還認為，在過去的經濟放緩時期，消費者在餐飲方面的支出一直非常有彈性。這些是對我們所看到的內容的一些評論。

I think the other thing is it's important to note that the value of our platform to restaurants becomes even more durable during tough times, because we help restaurants drive operational efficiencies and then we help restaurants drive revenue. So we feel like we're in a pretty good spot, noting the dynamic both from consumers and restaurants and both are incredibly resilient.

我認為另一件事是重要的是要注意，我們的平台對餐廳的價值在困難時期變得更加持久，因為我們幫助餐廳提高運營效率，然後我們幫助餐廳增加收入。所以我們覺得我們處在一個非常好的位置，注意到來自消費者和餐館的動態並且兩者都具有令人難以置信的彈性。

Yes. I mean, just to build on that, April is in line with what we expected. And just a reminder, May and June are big months for us, particularly Mother's Day and Memorial Day weekend. So just keep that in mind. But so far, April is in line with what we typically see.

是的。我的意思是，在此基礎上，4 月符合我們的預期。提醒一下，五月和六月對我們來說是重要的月份，尤其是母親節和陣亡將士紀念日週末。所以請記住這一點。但到目前為止，4 月與我們通常看到的情況一致。

Very helpful. And then I found the stat on -- I believe you said about 10% of locations are greater than $10,000 in ARPU, and I believe that mix almost doubled, you said year-over-year. So how should we think about maybe what is a ceiling there? And then when you were mentioning the moderation in SaaS ARR per location, should we be thinking about the type of level that we're in now, which I think was about a 5-point decel from last quarter as a good proxy? Should we be looking maybe more like the nominal growth? Just any more context there would be appreciated.

很有幫助。然後我發現統計數據——我相信你說過大約 10% 的地點的 ARPU 超過 10,000 美元，而且我相信這個組合幾乎翻了一番，你說同比。那麼我們應該如何考慮那裡的上限是多少？然後當你提到每個位置的 SaaS ARR 的適度時，我們是否應該考慮我們現在所處的水平類型，我認為這比上一季度下降了 5 個百分點作為一個很好的代理？我們是否應該看起來更像名義增長？只要有更多的上下文，我們將不勝感激。

Yes. No, that's a great question. Yes, at the highest level to answer that question just directly, we think about it on -- for the full year. And so I would expect that to moderate somewhere in the plus or minus 10% for the full year. And we think that's incredibly healthy, especially when you put it in context to the step-up that we had over the last quarter -- the last 2 years, actually. I think on my script, I said it was over 60% -- over 50% growth over 2 years. So we know that, that's not going to continue. But 10% growth on an annualized basis is still very healthy.

是的。不，這是一個很好的問題。是的，在最高級別直接回答這個問題，我們會考慮 - 全年。因此，我預計全年的增長率會在正負 10% 左右。我們認為這是非常健康的，尤其是當你把它與我們在上個季度——實際上是過去 2 年——的提升聯繫起來時。我認為在我的腳本中，我說它超過 60%——超過 2 年的增長超過 50%。所以我們知道，這不會繼續下去。但按年率計算 10% 的增長仍然非常健康。

And then when you just zoom out and think about the bigger opportunity, all the innovation we're talking about, that's why we have so much conviction about the growth in ARR. We're seeing momentum in locations. We're seeing our upsell team do really well. We're seeing our ability to go back and -- go back and sell to our installed base more consistently. So when you look at all that and then that proof point that you mentioned, that 10% of our customers are spending more than $10,000. That's just -- that cohort of customers on my script, I had a customer that's spending $20,000 in SaaS ARPU.

然後當你縮小並思考更大的機會時，我們正在談論的所有創新，這就是為什麼我們對 ARR 的增長如此堅信。我們看到了地點的發展勢頭。我們看到我們的追加銷售團隊做得非常好。我們看到了我們回去的能力——回去並更一致地向我們的已安裝基礎銷售產品。因此，當您查看所有這些以及您提到的證據點時，我們 10% 的客戶花費超過 10,000 美元。那隻是——我的腳本中的那群客戶，我有一個客戶在 SaaS ARPU 上花費了 20,000 美元。

So we're starting to see enough proof points of customers really leveraging the breadth of the platform, and we're going to continue to hone this muscle over time. But I would point you back to our North Star continues to be growth in ARR. We've got 2 vectors of growth, whether it's locations in ARPU, we feel incredibly confident about both of those.

因此，我們開始看到足夠多的證據表明客戶確實在利用平台的廣度，並且隨著時間的推移，我們將繼續磨練這種力量。但我會指出你回到我們的北極星繼續在 ARR 增長。我們有兩個增長向量，無論是在 ARPU 中的位置，我們對這兩個都充滿信心。

Our last question will be from Dave Koning with Baird.

我們的最後一個問題將來自 Baird 的 Dave Koning。

And I guess another question on profitability. It looks like the last couple of quarters and really the guidance for the year, I think, too assumes incremental EBITDA margins, something around low double digits on revenue growth or, I guess, incremental on GPV growth, maybe closer to 30% to 35%. Is -- I mean, is that kind of in the ballpark? And is that kind of now a little bit of a pattern that we should expect going forward?

我想另一個關於盈利能力的問題。它看起來像過去幾個季度，實際上是今年的指導，我認為，也假設了 EBITDA 利潤率的增加，收入增長的兩位數左右，或者我猜 GPV 增長的增量，可能接近 30% 到 35% %。是——我的意思是，那是在球場上嗎？這種現在是我們應該期待的模式嗎？

What was the -- I didn't hear the first metric he said.

什麼是——我沒有聽到他說的第一個指標。

What was the incremental EBITDA margin? Well, just on revenue growth of like low double digits.

增量 EBITDA 利潤率是多少？好吧，只是收入增長低兩位數。

Yes. I mean I would just point you back to our guidance is the best way to think about that. Obviously, we're going to try to continue to deliver -- and we see the momentum in the business. We want to be balanced with the macro as well. But yes, you should see consistent margin improvement from us in the same way you've seen for the last 5 quarters.

是的。我的意思是我只想讓你回到我們的指導是思考這個問題的最佳方式。顯然，我們將努力繼續交付——我們看到了業務的發展勢頭。我們也希望與宏觀保持平衡。但是，是的，你應該看到我們的利潤率持續改善，就像你在過去 5 個季度看到的一樣。

All right. And just maybe a quick follow-up. What was -- did you give monthly trends? I know the 50% GPV growth, but did you give kind of month by month, January through March?

好的。也許只是快速跟進。什麼是——你給出了月度趨勢嗎？我知道 50% 的 GPV 增長，但你是否給出了從 1 月到 3 月的月度增長？

No, we don't give that level of detail. But overall, the quarter was strong.

不，我們不提供那種程度的細節。但總體而言，該季度表現強勁。

I would now like to turn the call back over to the presenters for any closing remarks.

我現在想把電話轉回給主持人，聽取任何結束語。

No closing remarks. We thank you all, and have a great day.

沒有結束語。我們感謝大家，祝你有美好的一天。

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

今天的電話會議到此結束。您現在可以斷開線路。