Toast Inc (TOST) 2023 Q2 法說會逐字稿

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

下午好。我叫科爾，今天我將擔任會議主持人。此時，我歡迎大家參加 Toast 財報電話會議。 （操作員說明）

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

現在我將把電話轉給財務和戰略、財務和投資者關係高級副總裁 Michael Senno，您可以開始會議了。

Thank you, Cole. Welcome to Toast's Earnings Conference Call for the Second Quarter ended June 30, 2023. On today's call our CEO, Chris Comparato; COO, Aman Narang; and CFO, Elena Gomez, will open with prepared remarks, which will be followed by our Q&A session.

謝謝你，科爾。歡迎參加 Toast 於 2023 年 6 月 30 日結束的第二季度收益電話會議。在今天的電話會議上，我們的首席執行官 Chris Comparato 表示：首席運營官，阿曼納朗；首席財務官埃琳娜·戈麥斯 (Elena Gomez) 將首先發表準備好的講話，然後進行問答環節。

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 third 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。在本次電話會議中，我們將做出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》含義內的前瞻性聲明。除歷史事實陳述外的所有陳述均為前瞻性陳述，包括有關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的陳述，包括我們對2023 年第三季度和全年。

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

前瞻性陳述僅反映我們截至目前的觀點，除非法律要求，否則我們不承擔更新或修改這些前瞻性陳述的義務。請參閱今天新聞稿中的警告性語言和我們向 SEC 提交的文件，了解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的討論。

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.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。請參閱我們的收益發布和向 SEC 提交的文件，了解這些非 GAAP 衡量標準與最具可比性 GAAP 衡量標準的詳細調節表。除非另有說明，本次電話會議中所有提及的收入成本、毛利潤和毛利率、銷售和營銷費用、研發費用以及一般和管理費用均基於非公認會計原則。

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

最後，本次電話會議的新聞稿和重播，包括隨附的投資者演示文稿，將在我們的投資者關係網站 Investors.toasttab.com 上提供。

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

現在，讓我把電話轉給克里斯。

Thank you, Michael, and thank you, everyone, for joining us this afternoon. We sustained our operating momentum in Q2, posting strong results across the board, further evidence of Toast's unique positioning to help lead the digital transformation of the restaurant industry and empower the restaurant community to do what they love and thrive. We achieved notable milestones this quarter, surpassing $1 billion in ARR and posting positive adjusted EBITDA and free cash flow for the first time as a public company, which speaks to the consistent execution of our strategy.

謝謝邁克爾，也謝謝大家今天下午加入我們。我們在第二季度保持了運營勢頭，全面公佈了強勁的業績，進一步證明了 Toast 的獨特定位，即幫助引領餐飲行業的數字化轉型，讓餐廳社區能夠做他們喜歡的事情並蓬勃發展。本季度我們實現了顯著的里程碑，ARR 超過 10 億美元，並作為上市公司首次公佈正調整 EBITDA 和自由現金流，這表明我們戰略的一貫執行。

First, we are focused on driving location growth. And in Q2, we set a record for quarterly net new location additions with over 7,500 and ended the quarter with approximately 93,000 locations. Second, we are working to serve all segments of the restaurant industry. In June, we announced a deal naming Toast as an approved vendor for Marriott's Select service hotels, a clear proof point that we can push deeper into the restaurant TAM and unlock the restaurant space or the enterprise space. And lastly, we are focused on continued product innovation to open up more segments of the TAM and better serve our customers.

首先，我們專注於推動位置增長。在第二季度，我們創下了季度淨新增門店數量超過 7,500 個的記錄，本季度末新增門店數量約為 93,000 個。其次，我們致力於服務餐飲業的各個領域。 6 月，我們宣布了一項交易，將 Toast 命名為萬豪精選服務酒店的認可供應商，這清楚地證明我們可以深入 TAM 餐廳並解鎖餐廳空間或企業空間。最後，我們專注於持續的產品創新，以開拓 TAM 的更多細分市場並更好地服務我們的客戶。

The Toast for Hotel Restaurants offering and newer items like Toast Tables and the recently announced Catering & Events product are all examples of the product advancements we're making. These efforts are translating into strong results. In the second quarter, on a year-over-year basis, total revenue increased 45% to $978 million, and GTV was up 38% to $32.1 billion. ARR finished up $1.1 billion, up 45% from last year and more than double from 2 years ago, evidence of our ability to scale the business through both increased penetration across the TAM and healthy ARPU growth.

酒店餐廳的 Toast 產品以及 Toast Tables 等新產品以及最近發布的餐飲和活動產品都是我們正在取得的產品進步的例子。這些努力正在轉化為強勁的成果。第二季度總收入同比增長 45% 至 9.78 億美元，GTV 增長 38% 至 321 億美元。 ARR 最終實現 11 億美元，比去年增長 45%，比兩年前增長了一倍多，這證明了我們有能力通過提高 TAM 滲透率和健康的 ARPU 增長來擴展業務。

Coupled with our strong top line and operational performance, we delivered adjusted EBITDA of positive $15 million in Q2 compared to a $33 million loss in the prior year, reflecting an over 600 basis point improvement in adjusted EBITDA margin. The combination of durable top line growth and consistent margin improvement is the result of our dedication to balancing investments in key growth areas with efficiency and cost discipline as we scale the business.

加上我們強勁的收入和運營業績，我們第二季度調整後 EBITDA 為正 1500 萬美元，而去年同期虧損 3300 萬美元，反映出調整後 EBITDA 利潤率提高了 600 個基點以上。持久的營收增長和持續的利潤率提高相結合，是我們在擴大業務時致力於平衡關鍵增長領域的投資與效率和成本控制的結果。

On the back of our healthy first half results and operating momentum, we raised full year revenue guidance to 41% year-over-year growth at the midpoint and increased our adjusted EBITDA guide to a range of $15 million to $35 million. We remain focused on driving efficient, durable growth and expect continued margin expansion as we march towards the long-term target margins that we previously shared with you.

在上半年業績和運營勢頭良好的背景下，我們將全年收入指引上調至同比增長 41%，並將調整後 EBITDA 指引提高至 1500 萬美元至 3500 萬美元的範圍。我們仍然專注於推動高效、持久的增長，並期望隨著我們向之前與您分享的長期目標利潤率邁進，利潤率將持續增長。

A core tenet of our product strategy is to position our platform to expand deeper into the TAM. Toast for Hotel Restaurants and our expanding enterprise capabilities were key in unlocking the Marriott opportunity. The deal we announced enables our team to sell the Toast platform to Marriott's Select Service hotels in the U.S. and Canada. There's a range of food and beverage service models across Marriott's Select Service properties from full-service dining to quick service, to poolside ordering. The flexibility of our platform to meet the unique needs of different restaurant sizes and formats in the Select Service level was another important differentiator for Marriott.

我們產品戰略的核心宗旨是將我們的平台定位為更深入地擴展到 TAM。 Toast for Hotel Restaurant 和我們不斷擴大的企業能力是釋放萬豪機遇的關鍵。我們宣布的交易使我們的團隊能夠向美國和加拿大的萬豪精選服務酒店出售 Toast 平台。萬豪精選服務酒店提供一系列餐飲服務模式，從全方位服務餐飲到快速服務，再到池畔點餐。我們的平台能夠靈活地滿足精選服務級別中不同餐廳規模和業態的獨特需求，這是萬豪的另一個重要優勢。

While it's still early, we've taken a small number of Marriott locations live already, and we look forward to bringing the power of our platform to more Marriott properties moving forward and continuing to go deeper in the enterprise segment. Another way our product is unlocking the ability to go deeper into the TAM and better serve all restaurant stakeholders is by expanding support to numerous restaurant service models.

雖然現在還為時過早，但我們已經在少數万豪酒店投入使用，我們期待著將我們平台的力量帶到更多萬豪酒店，並繼續深入企業領域。我們的產品釋放更深入 TAM 並更好地服務所有餐廳利益相關者的能力的另一種方式是擴大對眾多餐廳服務模式的支持。

In our last Voice of the Restaurant Industry Survey, restaurants reported they're managing 7 service models on average, including catering. And last week, we announced the launch of Toast Catering & Events, a new product fully integrated with the Toast point-of-sale to help restaurants seamlessly manage large catering orders and event planning. It incorporates order tracking, initial quotes and helps with contracts. And once booked, events get integrated to calendars and orders are fed directly to the kitchen at the right time. The product also creates invoices and allows for direct digital payment through Toast. This builds on the invoicing product that we announced last October and bolsters our ability to more deeply serve parts of the TAM as we estimate over 60% of SMB restaurants offer catering in addition to their on-premise business.

在我們上次的《餐飲業之聲》調查中，餐廳報告稱他們平均管理著 7 種服務模式，其中包括餐飲。上週，我們宣布推出 Toast Catering & Events，這是一款與 Toast 銷售點完全集成的新產品，可幫助餐廳無縫管理大型餐飲訂單和活動策劃。它包含訂單跟踪、初始報價並幫助簽訂合同。一旦預訂，活動就會集成到日曆中，訂單會在正確的時間直接發送到廚房。該產品還可以創建發票並允許通過 Toast 進行直接數字支付。這建立在我們去年 10 月宣布的發票產品的基礎上，增強了我們更深入地為 TAM 部分地區提供服務的能力，因為我們估計超過 60% 的 SMB 餐廳除了提供內部業務外還提供餐飲服務。

Other product enhancements we've recently made include the launch of our next-generation digital ordering suite. Since we first introduced online ordering in 2014, we facilitated more than 250 million commission-free orders for our customers. Based on customer input, our enhanced digital ordering suite offers a mobile optimized design, search engine optimized menus and website customization capabilities. In addition, we've updated the checkout experience to improve conversion. These efforts are targeted to help customers increase sales and build and maintain direct relationships with their guests. However, we made a mistake in how we approach monetizing the value of this suite.

我們最近進行的其他產品增強包括推出下一代數字訂購套件。自 2014 年首次推出在線訂購以來，我們已為客戶促成了超過 2.5 億筆免佣金訂單。根據客戶的輸入，我們增強的數字訂購套件提供移動優化設計、搜索引擎優化菜單和網站定制功能。此外，我們還更新了結賬體驗以提高轉化率。這些努力旨在幫助客戶增加銷售額並與客人建立和維持直接關係。然而，我們在如何通過該套件的價值貨幣化方面犯了一個錯誤。

Listening to our customers is a core ethos for how we operate and our day-to-day efforts are guided by a relentless focus on being the restaurant community's trusted partner. It was on this basis and after extensive constructive discussions with our customers that we decided to remove the $0.99 consumer-facing fee from Toast digital ordering channels.

傾聽顧客的聲音是我們運營的核心精神，我們的日常工作以成為餐廳界值得信賴的合作夥伴為目標。正是在此基礎上，經過與客戶進行廣泛的建設性討論，我們決定從 Toast 數字訂購渠道中取消面向消費者的 0.99 美元費用。

As we continue to innovate with new products and further strengthen the value we provide customers, we are well positioned to monetize our offering, commensurate with that value. We will be more thoughtful on how we adjust pricing going forward, and we recognize the importance of considering the impact to all stakeholders as we do that. We remain committed to the same high level of transparency and partnership with customers that we've always delivered.

隨著我們不斷創新新產品並進一步增強我們為客戶提供的價值，我們處於有利地位，可以將我們的產品貨幣化，與該價值相稱。我們將更加深思熟慮地考慮如何調整未來的定價，並且我們認識到在這樣做時考慮對所有利益相關者的影響的重要性。我們仍然致力於一如既往地保持高水平的透明度以及與客戶的合作關係。

To wrap up, I want to thank our customers and employees. Our mission to empower the restaurant community to delight their guests, do what they love and thrive guides our efforts and underpins our strategy. We raised the bar in the first half of the year, driving record location additions, launching new products and service models to move deeper into all aspects of the TAM and delivering on our goal of adjusted EBITDA profitability.

最後，我要感謝我們的客戶和員工。我們的使命是讓餐廳社區取悅他們的客人，做他們喜歡的事情並蓬勃發展，這指導我們的努力並鞏固我們的戰略。我們在今年上半年提高了標準，推動了創紀錄的營業點增加，推出了新產品和服務模式，以更深入地涉足 TAM 的各個方面，並實現了調整後 EBITDA 盈利能力的目標。

In short, the Toast platform is resonating with customers. We have momentum across all segments, and we're still in the early stages of tapping the massive opportunity to be the restaurant industry's trusted technology partner. We're confident that continuing to execute on our strategy and mission will generate significant long-term value for our customers, our community and our shareholders.

簡而言之，Toast平台正在引起客戶的共鳴。我們在所有細分市場都有發展勢頭，而且我們仍處於利用巨大機遇成為餐飲業值得信賴的技術合作夥伴的早期階段。我們相信，繼續執行我們的戰略和使命將為我們的客戶、社區和股東帶來巨大的長期價值。

Now I'll turn the call over to Aman to discuss our go-to-market performance.

現在我將把電話轉給 Aman，討論我們的上市表現。

Thank you, Chris, and good afternoon, everyone. First off, I'm really proud of the team's performance in the quarter. We added 7,500 net restaurant locations, exceeding our prior quarterly record by over 1,000 locations. Our local go-to-market approach continues to drive sustained momentum in our SMB segment, which, as many of you know, is core to our growth.

謝謝克里斯，大家下午好。首先，我對團隊本季度的表現感到非常自豪。我們淨增了 7,500 家餐廳，比上一季度的記錄多了 1,000 多家。我們的本地市場進入方式繼續推動中小型企業細分市場的持續發展勢頭，正如你們許多人所知，這是我們增長的核心。

As we're in markets longer and the average tenure of our account executive team grows, we benefit from higher inbound volume, increased win rates and higher rep productivity, which drives market penetration. This important trend continues to hold in our SMB business as we gain share and acts as a flywheel to drive efficient growth. We're also excited about our progress off market, the strong quarter in our mid-market segment and, as Chris mentioned, the recent announcement of Marriott to help us break into enterprise.

隨著我們進入市場的時間越來越長，客戶執行團隊的平均任期也越來越長，我們將受益於更高的入站量、更高的獲勝率和更高的代表生產力，從而推動市場滲透。隨著我們獲得份額並充當推動高效增長的飛輪，這一重要趨勢在我們的中小企業業務中繼續存在。我們還對我們在市場外取得的進展、中端市場領域的強勁季度以及正如克里斯提到的萬豪最近宣布幫助我們進入企業市場感到興奮。

As I look back at the quarter, we're really pleased with where our go-to-market funnel and book locations stand as well as the team's focus to continuously improve our onboarding processes to both bring customers live faster and set them up for success. Let me spend a few minutes highlighting a couple of customer wins from the quarter that speak to our progress.

回顧本季度，我們對我們的上市渠道和預訂地點以及團隊致力於不斷改進我們的入職流程以使客戶更快地生活並為他們的成功做好準備感到非常滿意。讓我花幾分鐘時間重點介紹本季度取得的幾項客戶成果，這些成果說明了我們的進展。

In our SMB segment, Tempo Urban Bistro is a full-service restaurant outside of Phoenix that will leverage the breadth of our platform, implementing 9 different modules across all our product pillars. This includes our Toast Go handhelds in the dining rooms, Kitchen Display Systems to streamline kitchen operations, Toast Tables to manage reservations, Mobile order & Pay to streamline front of house service and loyalty, gift cards and e-mail marketing to turn guests into regulars.

在我們的中小型企業細分市場中，Tempo Urban Bistro 是鳳凰城以外的一家提供全方位服務的餐廳，它將利用我們平台的廣度，在我們所有的產品支柱上實施 9 個不同的模塊。這包括餐廳中的Toast Go 手持設備、用於簡化廚房操作的廚房顯示系統、用於管理預訂的Toast Tables、用於簡化前台服務和忠誠度的移動訂單和支付、用於將客人變成常客的禮品卡和電子郵件營銷。

In addition, Tempo will use Toast Payroll and xtraCHEF to optimize back-of-house operations. Tempo has plans to open 3 or 4 more restaurants and is excited to grow with Toast.

此外，Tempo 將使用 Toast Payroll 和 xtraCHEF 來優化後台運營。 Tempo 計劃再開設 3 到 4 家餐廳，並很高興能與 Toast 一起成長。

Switching to mid-market. The Ninety Nine Restaurant & Pub, in partnership with its service provider, Restaurant Growth Services, will implement Toast across more than 90 locations in the Northeast. Serving more than 20 million guests annually, the Ninety Nine was attracted to Toast because they saw the opportunity to more efficiently manage both front-of-house and back-of-house operations with our platform. Across the brand, they plan to use Toast Go handle devices, Kitchen Display Systems and POS terminals to enhance the guest and staff experience. Additionally, their back-office team will use our API integration and multi-location management module to better centralize menu updates and visibility into their operations.

轉向中端市場。 The Ninety Nine Restaurant & Pub 與其服務提供商 Restaurant Growth Services 合作，將在東北部 90 多個地點實施 Toast。 Toast 每年為超過 2000 萬客人提供服務，九十九人被 Toast 所吸引，因為他們看到了通過我們的平台更有效地管理前台和後台運營的機會。在整個品牌中，他們計劃使用 Toast Go 手柄設備、廚房顯示系統和 POS 終端來增強賓客和員工的體驗。此外，他們的後台團隊將使用我們的 API 集成和多位置管理模塊來更好地集中菜單更新和操作可見性。

Moving to our international markets, Canada, Ireland and the U.K. We are very encouraged by the early customer feedback. Customers love the core capabilities that help streamline restaurant operations, and our R&D team is hard at work listening to our customers and making more of our platform capabilities available to them. One great example is our partnership with Arcade in the U.K. After successfully implementing Toast at its first location in Center Point in London, Arcade is adding Toast to its new Battersea location and 2 food trucks.

轉向我們的國際市場，加拿大、愛爾蘭和英國，我們對早期客戶的反饋感到非常鼓舞。客戶喜歡有助於簡化餐廳運營的核心功能，我們的研發團隊正在努力傾聽客戶的意見，並向他們提供更多我們的平台功能。一個很好的例子是我們與英國 Arcade 的合作。在倫敦 Centre Point 的第一家門店成功實施 Toast 後，Arcade 正在其新的巴特西門店和 2 輛食品卡車中添加 Toast。

With 13 cuisines under 1 roof under the iconic Power Station, Arcade Battersea will follow the same model as the first location and implement a Toast Platform across the entire Food Hall operation and use our Kitchen Display System in all the kitchens. In addition to our POS terminals, servers will use handheld to help facilitate more orders and drive additional revenue and a better guest experience. Arcade is also leveraging our API integrations across several key partners.

巴特西拱廊(Arcade Battersea) 在標誌性發電站下的1 個屋頂下提供13 種美食，將遵循與第一個地點相同的模式，在整個美食大廳運營中實施吐司平台，並在所有廚房中使用我們的廚房顯示系統。除了我們的 POS 終端外，服務器還將使用手持設備來幫助促進更多訂單、增加額外收入和更好的賓客體驗。 Arcade 還利用我們在多個關鍵合作夥伴之間的 API 集成。

As we scale the number of restaurant locations, our upsell team has more opportunity to help our customers expand their relationship with Toast. For perspective, among locations with more than 10,000 in SaaS ARPU, about half of them exceed that threshold 10,000 after adding products through our upsell team at Toast Shop, which is our e-commerce platform for existing customers.

隨著我們擴大餐廳數量，我們的追加銷售團隊有更多機會幫助我們的客戶擴大與 Toast 的關係。從角度來看，在 SaaS ARPU 超過 10,000 的地點中，大約有一半在通過我們在 Toast Shop（我們為現有客戶提供的電子商務平台）的追加銷售團隊添加產品後超過了 10,000 的門檻。

This dual upsell motion with both a sales team and a self-service e-commerce channel provide a holistic offering for customers depending on their needs. Let me highlight one customer story that illustrates how our upsell team partners with customers to expand how they leverage Toast. SLAB, BBQ & Beer, a multi-location barbecue joint in Austin, Texas, joined Toast in 2019. Slab initially started with our POS and online ordering to boost sales through COVID. Since 2019, SLAB has expanded to 4 locations and added Sling and Toast Payroll and Tips Manager through our upsell chain.

這種由銷售團隊和自助電子商務渠道共同進行的雙重追加銷售行動，可以根據客戶的需求為他們提供全面的產品。讓我重點介紹一個客戶案例，該案例說明了我們的追加銷售團隊如何與客戶合作，擴展他們利用 Toast 的方式。 SLAB, BBQ & Beer 是一家位於德克薩斯州奧斯汀的多地點燒烤店，於 2019 年加入 Toast。Slab 最初是從我們的 POS 和在線訂購開始，以通過新冠疫情促進銷售。自 2019 年以來，SLAB 已擴展到 4 個地點，並通過我們的追加銷售鏈添加了 Sling and Toast Payroll 和 Tips Manager。

They credit Toast for streamlining operations and time savings, thanks to centralized reporting and our back-office capabilities to manage menus, sales and employees. On the heels of SLAB BBQ's growth to Toast, its SaaS ARR across all locations has grown by more than 10x since becoming a customer. This is a great example that shows when our customers grow, we grow.

他們認為 Toast 能夠簡化運營並節省時間，這要歸功於集中式報告以及我們管理菜單、銷售和員工的後台功能。繼 SLAB BBQ 發展為 Toast 之後，自成為客戶以來，其所有地點的 SaaS ARR 增長了 10 倍以上。這是一個很好的例子，表明當我們的客戶成長時，我們也會成長。

To wrap, as I mentioned at the start, I'm incredibly proud of our team's performance in this quarter. As we scale and grow market share and continue to invest in our restaurant platform, we are well positioned to drive durable ARR growth both for locations and ARPU over time.

最後，正如我在開始時提到的，我對我們團隊在本季度的表現感到非常自豪。隨著我們擴大和增加市場份額，並繼續投資我們的餐廳平台，我們已做好準備，隨著時間的推移，推動門店的 ARR 和 ARPU 的持久增長。

Thanks. I'll now hand it off to Elena next to go through our quarter in more detail.

謝謝。接下來我將把它交給埃琳娜，讓她更詳細地介紹我們的季度。

Thanks, Aman, and thank you, everyone, for joining. I also want to give a special thank you to the entire Toast team. Your dedication and your continued execution resulted in another great quarter with the results above expectations. We delivered strong top line growth in Q2 and passed the $1 billion mark in ARR, while at the same time demonstrating our ability to consistently drive efficiency across our business. This marks our sixth consecutive quarter of adjusted EBITDA margin improvement and led to our first quarter of positive adjusted EBITDA and free cash flow in 2 years.

謝謝阿曼，也謝謝大家的加入。我還要特別感謝整個 Toast 團隊。你們的奉獻精神和持續的執行力帶來了又一個出色的季度，結果超出了預期。我們在第二季度實現了強勁的營收增長，ARR 突破了 10 億美元大關，同時展示了我們持續提高整個業務效率的能力。這標誌著我們連續第六個季度調整後 EBITDA 利潤率改善，並導致我們兩年來第一個季度調整後 EBITDA 和自由現金流為正值。

The top line momentum is a testament to the value proposition of our industry-leading software and payments platform. So we're still at the early stages of this significant opportunity to lead the restaurant industry's digital transformation and you'll see us continue to balance growth and efficiency as we scale to drive durable top and bottom line growth. Our go-to-market teams are continuing to execute quarter-after-quarter. Q2 was a record for net location growth with more than 7,500 net adds ahead of our expectations.

營收勢頭證明了我們行業領先的軟件和支付平台的價值主張。因此，我們仍處於引領餐飲業數字化轉型的重大機遇的早期階段，您會看到我們在擴大規模以推動持久的營收和利潤增長的同時，繼續平衡增長和效率。我們的市場推廣團隊將繼續每個季度執行任務。第二季度的淨位置增長創歷史新高，淨增加超過 7,500 個，超出了我們的預期。

As a reminder, Q2 is our seasonally strongest quarter of the year, and we typically see lower quarterly net adds in the second half each year. Given our strong pipeline, continued momentum penetrating segments and go-to-market execution, we are raising our expectations for quarterly net adds to be about 6,500 in the second half of the year.

提醒一下，第二季度是我們一年中季節性最強的季度，我們通常會在每年下半年看到較低的季度淨增量。鑑於我們強大的產品線、持續滲透細分市場的勢頭以及進入市場的執行力，我們將下半年季度淨增數量的預期提高到 6,500 輛左右。

While we've taken a handful of Marriott locations live, it's still early. It was not a meaningful contributor in Q2 and is not a major factor in our increased expectations for the remainder of the year as we expect to book and take Marriott locations live over time.

雖然我們已經拍攝了一些萬豪酒店的現場照片，但現在還為時過早。這對第二季度來說並不是一個有意義的貢獻，也不是我們對今年剩餘時間的預期增加的主要因素，因為我們預計隨著時間的推移，萬豪酒店的預訂和上線將持續進行。

Moving to financial results. Total revenue grew 45% year-over-year to $978 million in the second quarter. ARR, which is our core operational metric, increased 45% year-over-year due to growth in both locations and ARPU as the power of our integrated solution resonates with our customers. Total ARPU, which, as a reminder, we look at on an ARR basis was over 12,000 in the quarter, driven by double-digit, year-over-year gains in SaaS ARPU.

轉向財務業績。第二季度總收入同比增長 45% 至 9.78 億美元。由於位置和 ARPU 的增長，我們的核心運營指標 ARR 同比增長了 45%，因為我們的集成解決方案的力量與客戶產生了共鳴。提醒一下，在 SaaS ARPU 同比兩位數增長的推動下，本季度我們根據 ARR 計算的總 ARPU 超過 12,000。

As Chris discussed, we recently rolled back the consumer fee from our digital ordering channels. Our platform provides customers significant value, and we're committed to continue to innovate to further strengthen that value proposition. We're confident we can monetize the value we provide and expect measured pricing adjustments to contribute to ARPU growth over time.

正如克里斯所討論的，我們最近從數字訂購渠道中降低了消費者費用。我們的平台為客戶提供了巨大的價值，我們致力於繼續創新，以進一步強化這一價值主張。我們有信心能夠將我們提供的價值貨幣化，並預計經過衡量的定價調整將有助於隨著時間的推移促進 ARPU 增長。

Moving to fintech solutions. On a year-over-year basis, second quarter revenue grew 44% to $808 million, gross profit was up 55% to $177 million and GPV increased 38% to $32.1 billion. Average annualized GPV per processing location was up 1% year-over-year and 7% sequentially. GPV trends remained stable and in line with our seasonal expectations. And looking ahead, we anticipate GPV growth to moderate given the seasonality of GPV and the moderating tailwind from inflation.

轉向金融科技解決方案。與去年同期相比，第二季度收入增長 44% 至 8.08 億美元，毛利潤增長 55% 至 1.77 億美元，GPV 增長 38% 至 321 億美元。每個加工地點的平均年化 GPV 同比增長 1%，環比增長 7%。 GPV 趨勢保持穩定，符合我們的季節性預期。展望未來，鑑於 GPV 的季節性和通脹的放緩，我們預計 GPV 增長將放緩。

On nonpayment fintech products, led by Toast Capital, contributed approximately $32 million of gross profit in Q2 as we continue to see healthy demand. Defaults for Toast Capital came in slightly below expectations, contributing to bad debt associated with Toast Capital which we recognized within SG&A expense declining relative to the first quarter. As a reminder, our unique position with both historical and real-time access to POS data allows us to monitor the health of restaurants and prudently balance risk while helping our customers grow with fast, flexible access to capital. Net take rate was 55 basis points. Core payment net take rate was flat year-over-year and other fintech products contributed 10 basis points.

由於我們繼續看到健康的需求，以 Toast Capital 為首的非支付金融科技產品在第二季度貢獻了約 3200 萬美元的毛利潤。 Toast Capital 的違約率略低於預期，導致與 Toast Capital 相關的壞賬，我們在 SG&A 費用中確認該壞賬相對於第一季度有所下降。需要提醒的是，我們擁有歷史和實時 POS 數據訪問的獨特地位，使我們能夠監控餐廳的健康狀況並審慎地平衡風險，同時幫助我們的客戶通過快速、靈活的資本獲取來實現增長。淨利率為55個基點。核心支付淨使用率同比持平，其他金融科技產品貢獻了 10 個基點。

Looking ahead, consistent with prior years, we expect the mix of credit to seasonally increase, which will weigh on the quarter net take rate as the year progresses. In Q2, total gross profit grew 80% year-over-year to $225 million, resulting in a gross margin of 23%. Looking at our recurring stream, subscription and fintech gross profit totaled $267 million in the second quarter, up 58% year-over-year.

展望未來，與往年一樣，我們預計信貸組合將季節性增加，這將隨著時間的推移影響季度淨吸收率。第二季度，總毛利潤同比增長 80%，達到 2.25 億美元，毛利率為 23%。從我們的經常性流來看，第二季度訂閱和金融科技毛利潤總計 2.67 億美元，同比增長 58%。

Turning to our customer acquisition costs. Hardware revenue increased year-over-year due to both strong location adds and existing customers adding more hardware ahead of peak season. Hardware margins improved, primarily benefiting from lower shipping costs on a year-over-year basis. On the sales and marketing side, expenses increased 33% year-over-year as we lap the investments made to scale the sales team. We continue to grow both in our new business and upsell sales team in a targeted manner while remaining focused on scaling unit economics and supporting sustained go-to-market momentum.

轉向我們的客戶獲取成本。由於強勁的位置增加和現有客戶在旺季前添加更多硬件，硬件收入同比增長。硬件利潤率有所改善，主要受益於運輸成本同比下降。在銷售和營銷方面，由於我們為擴大銷售團隊而進行的投資，費用同比增加了 33%。我們繼續有針對性地發展新業務和追加銷售團隊，同時繼續專注於擴大單位經濟效益並支持持續的上市勢頭。

Shifting to R&D. Our disciplined investment approach is delivering continued product innovation, including our recent launch of Toast Catering & Events. This offering builds of our invoicing product and is a good example of how our products can help customers simplify their workflows, improve guest interactions and drive additional transaction volume through Toast. In Q2, G&A expenses increased 33% year-over-year. Bad debt and credit-related expenses totaled $15 million in Q2, with the reserves related to Toast Capital, representing the majority of the expense. Excluding bad debt and credit-related expenses, G&A grew 10% year-over-year, and we expect to see continued leverage as we remain focused on efficiencies and managing headcount.

轉向研發。我們嚴謹的投資方法正在提供持續的產品創新，包括我們最近推出的 Toast Catering & Events。該產品以我們的發票產品為基礎，是我們的產品如何幫助客戶簡化工作流程、改善賓客互動並通過 Toast 推動額外交易量的一個很好的例子。第二季度，G&A 費用同比增長 33%。第二季度壞賬和信貸相關費用總計 1500 萬美元，其中與 Toast Capital 相關的準備金佔了大部分費用。不包括壞賬和信貸相關費用，一般管理費用同比增長 10%，我們預計槓桿率將持續存在，因為我們仍然專注於效率和管理員工人數。

Total Q2 adjusted EBITDA was $15 million and margin was 1.5%, delivering on our goal of adjusted EBITDA profitability. This performance was a function of our sustained top line growth and cost discipline as we scale the business. As I mentioned earlier, gross profit from our recurring streams, fintech and subscription grew 58% year-over-year and adjusted EBITDA margin relative to our recurring streams was 5.6%.

第二季度調整後 EBITDA 總額為 1500 萬美元，利潤率為 1.5%，實現了我們調整後 EBITDA 盈利能力的目標。這一業績是我們業務規模持續增長和成本控制的結果。正如我之前提到的，我們的經常性業務、金融科技和訂閱的毛利潤同比增長 58%，調整後的 EBITDA 利潤率相對於我們的經常性業務為 5.6%。

As a reminder, these 2 metrics are the basis for how we calculate Rule of 40, and the combination of the 2 was 64%, marking the fifth consecutive quarter we exceeded the Rule of 40. Free cash flow was $39 million in the quarter, marking the first time we had positive quarterly free cash flow since becoming a public company. This was a result of positive adjusted EBITDA in the quarter and a benefit from working capital, primarily related to the growth in GPV.

提醒一下，這 2 個指標是我們計算 40 規則的基礎，這 2 個指標的組合為 64%，標誌著我們連續第五個季度超過 40 規則。該季度的自由現金流為 3900 萬美元，這是我們成為上市公司以來首次實現正季度自由現金流。這是本季度調整後的 EBITDA 為正值以及營運資本帶來的好處，主要與 GPV 的增長有關。

Looking ahead, we expect some seasonality in working capital quarter-to-quarter tied to GPV trends and the timing of certain payments. But over time, we anticipate free cash flow should largely follow a similar trajectory as adjusted EBITDA trends. Now let me turn to guidance. For the first -- for the third quarter, we expect revenue to be in the range of $1.01 billion to $1.04 billion, representing 36% year-over-year growth at the midpoint. Adjusted EBITDA is expected to be in the range of $15 million to $25 million, representing approximately 50 basis points of sequential margin improvement at the midpoint.

展望未來，我們預計每個季度的營運資金會出現一些季節性，這與 GPV 趨勢和某些付款時間有關。但隨著時間的推移，我們預計自由現金流將在很大程度上遵循與調整後 EBITDA 趨勢類似的軌跡。現在讓我談談指導。對於第一季度和第三季度，我們預計收入將在 10.1 億美元至 10.4 億美元之間，中間值同比增長 36%。調整後的 EBITDA 預計在 1500 萬美元至 2500 萬美元之間，相當於中點連續利潤率提高約 50 個基點。

Following our solid first half performance, we are increasing our full year guidance and now expect full year revenue to be in the range of $3.81 billion to $3.87 billion, a 41% year-over-year increase at the midpoint. Our updated full year adjusted EBITDA guidance range is $15 million to $35 million as we now expect to be profitable on an adjusted EBITDA basis for the full year.

繼上半年業績穩健之後，我們正在提高全年指導，目前預計全年收入將在 38.1 億美元至 38.7 億美元之間，中值同比增長 41%。我們更新後的全年調整後 EBITDA 指導範圍為 1500 萬美元至 3500 萬美元，因為我們現在預計全年調整後 EBITDA 基礎上將實現盈利。

In closing, we finished the first half of 2023 with tremendous momentum driving record location growth and adjusted EBITDA profitability and positive free cash flow in Q2. We are well positioned to sustain that momentum and capitalize on the massive market opportunity ahead as the restaurant community's trusted partner, while driving durable ARR growth and creating long-term shareholder value. Thanks again to our customer base for your trust and thanks to the Toast team for another quarter of strong execution.

最後，我們以巨大的勢頭結束了 2023 年上半年，推動了創紀錄的地點增長，調整後的 EBITDA 盈利能力和第二季度的正自由現金流。作為餐廳界值得信賴的合作夥伴，我們有能力保持這一勢頭並充分利用未來的巨大市場機遇，同時推動持久的 ARR 增長並創造長期股東價值。再次感謝我們的客戶群的信任，並感謝 Toast 團隊又一個季度的強勁執行力。

Now I'll turn the call over to the operator to begin Q&A.

現在我將把電話轉給接線員開始問答。

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

（操作員指令） 您的第一個問題來自摩根大通黃天欽的專線。

So going through everything, growth seems great here. I'd love to just ask, if you don't mind, on the $0.99 fee and the lessons learned, I guess, is really the question that I have from implementing that and withdrawing. I'm sure you spoke to a lot of your clients. And Chris, you mentioned stakeholders in meeting those expectations as well. So can you comment on lessons learned?

因此，經歷了一切，這裡的增長似乎很棒。如果您不介意的話，我很想問一下關於 0.99 美元的費用和吸取的教訓，我想，這確實是我在實施和退出過程中遇到的問題。我確信您與很多客戶交談過。克里斯，您也提到了滿足這些期望的利益相關者。那麼您能評論一下所吸取的教訓嗎？

Yes. Thanks, Tien-Tsin. It's a good question. I'm going to actually give a bit of background on this because some of you may also have similar questions. So for background, we had made significant upgrades, as I mentioned in my script, to our online ordering products, which actually allow for increased guest conversion and better consumer discovery. We'd actually communicated and tested multiple packaging and pricing approaches over the course of the past year, some of which were similar to the fees that several of our competitors employ. As we expanded the rollout more broadly, several customers voiced pretty constructive feedback.

是的。謝謝田津。這是一個好問題。我實際上將提供一些背景知識，因為你們中的一些人可能也有類似的問題。因此，就背景而言，正如我在腳本中提到的，我們對在線訂購產品進行了重大升級，這實際上可以提高客人轉化率並更好地發現消費者。實際上，在過去的一年裡，我們溝通並測試了多種包裝和定價方法，其中一些方法與我們的一些競爭對手採用的費用類似。隨著我們更廣泛地擴大推廣範圍，一些客戶提出了非常有建設性的反饋。

One thing I love about our customer base is that they tell us exactly how they feel about everything, the good, the bad and the ugly. And upon that feedback, we quickly recognize that we made a mistake, mainly about how we approach the price change, basically, the pricing structure change and the impact to their guests. At the end of the day, while this is what I'd call somewhat of a foot fault on 1 module, this does not have an impact on our ability to leverage packaging and pricing over time. Our customers understand that the products and innovation require investment, and they consistently tell us that they're willing to pay for value.

我喜歡我們的客戶群的一件事是，他們準確地告訴我們他們對一切事物的感受，無論是好的、壞的還是醜的。根據這些反饋，我們很快意識到我們犯了一個錯誤，主要是我們如何處理價格變化，基本上是定價結構的變化以及對客人的影響。歸根結底，雖然我稱之為 1 個模塊的某種程度的錯誤，但這並不影響我們隨著時間的推移利用包裝和定價的能力。我們的客戶明白產品和創新需要投資，他們不斷地告訴我們他們願意為價值付費。

So from a lesson learned standpoint, we learned a lot from this. And there's more questions we're going to ask ourselves internally when we execute these types of pricing changes or structural changes moving forward. For example, what is the impact on every stakeholder? Often, we talked about the flywheel between happy employees, happy guests and happy restaurants. So just asking the right questions on how it affects our key stakeholders is core to our mission, and our mission is rooted in being the trusted partner to the restaurant community. So we've learned quite a bit. I actually think it's going to make us stronger in the future as we leverage packaging and pricing, but quite a few lessons learned but pretty confident in our stance to leverage things moving forward. But good question.

因此，從經驗教訓的角度來看，我們從中學到了很多東西。當我們繼續執行這些類型的定價變化或結構變化時，我們會在內部問自己更多的問題。例如，對每個利益相關者的影響是什麼？我們經常談論快樂的員工、快樂的客人和快樂的餐廳之間的飛輪。因此，就其如何影響我們的主要利益相關者提出正確的問題是我們使命的核心，而我們的使命植根於成為餐廳社區值得信賴的合作夥伴。所以我們學到了很多東西。事實上，我認為，隨著我們利用包裝和定價，這將使我們在未來變得更強大，但我們吸取了很多教訓，但對我們利用未來發展的立場非常有信心。但好問題。

No. That's a thoughtful answer and learning through adversity is a good thing. If you don't mind, just a quick follow-up. It sounds like your location expectation is still quite upbeat for the second half. So it sounds like you feel still -- just as good as you did 9 days ago around location but I just wanted to make sure I caught that correctly.

不，這是一個深思熟慮的答案，從逆境中學習是一件好事。如果您不介意，請快速跟進。聽起來您對下半年的位置預期仍然相當樂觀。所以聽起來你感覺很平靜——就像 9 天前在現場一樣好，但我只是想確保我正確地理解了這一點。

Tien-Tsin, look, I think as I mentioned in my script, really proud of the team's execution. I really feel good about our pipeline, our bookings. As we've talked about in previous calls, one of the biggest drivers for growth for Toast is market density, the number of customers in the market as well as the tenure of our reps. It's really a tailwind for growth, and it's something we control. The more restaurants we get in the market, it acts as a flywheel for us in terms of everything from top of funnel to win rates to productivity. And we feel really good about our outlook for the second half of the year.

天進，你看，正如我在劇本中提到的，我對團隊的執行力感到非常自豪。我對我們的渠道和預訂感到非常滿意。正如我們在之前的電話會議中談到的，Toast 增長的最大驅動力之一是市場密度、市場中的客戶數量以及我們代表的任期。這確實是增長的順風，也是我們可以控制的。我們進入市場的餐廳越多，它就對我們來說就像一個飛輪，從漏斗頂部到贏率再到生產力。我們對下半年的前景感到非常滿意。

Our next question is from Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

Yes, nice numbers here. I wanted to stay on the net adds topic for a minute. You raised the outlook there for the second half. I'm just wondering any particular region or any part of the customer base driving that? Because it doesn't sound like you put much in there for Marriott. So just any additional color on what's driving the higher outlook.

是的，這裡的數字不錯。我想在網絡添加主題上停留一分鐘。您提高了下半年的前景。我只是想知道任何特定地區或客戶群的任何部分推動了這一點？因為聽起來你並沒有為萬豪投入太多。因此，只要對推動更高前景的因素添加任何額外的顏色即可。

Yes. So great question. As I mentioned, I think this is really a story of just our core business in SMB outperforming. I think the team executed really well in the first half. And the state of the pipeline bookings I just mentioned is in great shape. I think we're also -- some of the work we've done, just add to that, broadening our TAM or getting into QSRs, getting into hotels has been helpful as well for the team. I think a lot of this also goes back to our vertical focus on restaurants as being a clear differentiator. And as you pointed out, like it's not about what we're really thrilled about, the Marriott partnership, that is not what is driving the outlook in the second half of the year.

是的。很好的問題。正如我所提到的，我認為這實際上是我們的中小企業核心業務表現出色的故事。我認為球隊上半場的表現非常好。我剛才提到的管道預訂狀況良好。我認為我們還——我們所做的一些工作，只是補充一下，擴大我們的 TAM 或進入 QSR，進入酒店也對團隊有幫助。我認為這在很大程度上也可以追溯到我們對餐廳的垂直關注，這是一個明顯的差異化因素。正如您所指出的，我們真正感到興奮的並不是萬豪的合作夥伴關係，這並不是推動下半年前景的因素。

For sure, for sure. So speaking of Marriott, can you just talk a little bit about the go-to-market motion there, the way you're going to address that opportunity? What kind of sales cycles and kind of competitive dynamics are you expecting there? And I think you're going to market with FreedomPay, in the payment side. If you can just talk through all that.

肯定的，肯定的。說到萬豪，您能否簡單談談那裡的市場推廣動向以及您將如何抓住這一機遇？您期望那裡有什麼樣的銷售週期和競爭動態？我認為你們將在支付方面利用 FreedomPay 進行營銷。如果你能把這一切都講清楚的話。

Sure. Yes. No, great question. So let me zoom out just a little bit. So over the past few years, as we've talked about on these calls, we've made incremental investments in our enterprise platform. And this work really underscores our ability to open up the new opportunities and expand our TAM, not just for Marriott, but for mid-market and enterprise in general.

當然。是的。不，很好的問題。讓我把鏡頭縮小一點。因此，在過去幾年中，正如我們在這些電話會議中所討論的那樣，我們對企業平台進行了增量投資。這項工作確實強調了我們開闢新機遇和擴展 TAM 的能力，不僅為萬豪，而且為整個中端市場和企業。

Some of the work, including our work on hotel APIs, our work on integrations in general and our work on above store configuration and reporting has given us a more confident stance in going after the enterprise segment. In terms of the type of go-to-market, it's a different structure than SMB. These are longer sales cycles. These are a little bit more targeted deals. We're often in a pilot and in a lab.

其中一些工作，包括我們在酒店 API 方面的工作、我們在一般集成方面的工作以及我們在上述商店配置和報告方面的工作，使我們在追求企業細分市場方面更加自信。就進入市場的類型而言，它的結構與中小企業不同。這些是更長的銷售週期。這些是更有針對性的交易。我們經常在飛行員和實驗室裡。

And then in terms of the competition, we think it's relatively greenfield in terms of the enterprise opportunity. There's still quite a bit of legacy upmarket. And we started to record certain wins. I mean certainly, we've announced Marriott and this allows us to be an approved vendor at Marriott. It's still very early days at Marriott.

然後就競爭而言，我們認為就企業機會而言，這是相對未開發的領域。仍然有相當多的傳統高端市場。我們開始取得一些勝利。我的意思是，當然，我們已經宣布了萬豪，這使我們成為萬豪的認可供應商。對於萬豪來說，現在還處於早期階段。

But when we think about some of the other wins across enterprise, Aman mentioned Ninety Nine Restaurants, we had also won Wetzel's Pretzels, which is 300-plus locations. I had already announced last quarter, Golden Krust, which is north of 100 locations. And then we also won Philly Pretzel, which is 170 locations. So our team is picking up momentum. They're more confident in their stance to go after the enterprise market. It's a relatively small team, but they're doing really good work. You have to execute on this TAM expansion.

但是，當我們考慮整個企業中的其他一些勝利時，Aman 提到了九十九個餐廳，我們還贏得了 Wetzel's Pretzels，該餐廳擁有 300 多家門店。我上個季度就已經宣布推出 Golden Krust，它位於 100 個地點以北。然後我們還贏得了費城 Pretzel，共有 170 個地點。所以我們的團隊正在加速發展。他們對進軍企業市場的立場更有信心。這是一個相對較小的團隊，但他們做得非常好。您必須執行此 TAM 擴展。

With regard to FreedomPay, you had mentioned that in your question. Listen, like I said, it's still early with Marriott, but the FreedomPay partnership really gives us a lot of flexibility to work with a certain segment of enterprise customers upmarket and further opens up the enterprise TAM. There's really 2 important things to leave you with on FreedomPay, number one, it allows us to flexibly work with these enterprise customers, who often have unique payment requirements. They're looking to solve payments across spa, hotel, restaurants, across these diverse businesses.

關於FreedomPay，你在問題中提到了這一點。聽著，就像我說的，與萬豪合作還為時尚早，但 FreedomPay 合作夥伴關係確實為我們提供了很大的靈活性，可以與高端市場的特定企業客戶群體合作，並進一步開放企業 TAM。 FreedomPay 確實有兩件重要的事情要留給您，第一，它使我們能夠靈活地與這些企業客戶合作，他們通常有獨特的付款要求。他們正在尋求解決水療中心、酒店、餐廳以及這些多元化企業的支付問題。

So number one, it opens up some TAM and gives us some flexibility to work with these larger customers. And then number two, often, these large enterprise customers are locked into long-term contracts for both POS as well as payments. This allows us to have flexibility to go after them for POS and software.

第一，它開放了一些 TAM，並為我們提供了與這些大客戶合作的靈活性。其次，這些大型企業客戶通常都簽訂了 POS 和支付的長期合同。這使我們能夠靈活地追隨他們的 POS 和軟件。

And we can partner with FreedomPay on those deals, and it just puts us in a stronger position of flexibility for the largest section of enterprise customers. That being said, you're probably going to ask the question, well, what does this do for our core business? And listen, in our core business, both SMB as well as regional and mid-market, this doesn't change our integrated platform between POS and payments. We continue to go to market quite well on the combined platform and Toast Payments will always be an option. So I'll leave it there.

我們可以在這些交易上與 FreedomPay 合作，這讓我們在為最大的企業客戶群體提供更強的靈活性方面處於有利地位。話雖這麼說，您可能會問這個問題，這對我們的核心業務有什麼作用？聽著，在我們的核心業務中，無論是中小企業還是區域和中端市場，這都不會改變我們 POS 和支付之間的集成平台。我們將繼續在合併後的平台上順利進入市場，Toast Payments 將始終是一種選擇。所以我會把它留在那裡。

Our next question is from Josh Baer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬什·貝爾。

Congrats on a strong quarter. I was hoping you could talk a little bit about visibility as far as location additions. Now talking about 13,000 to add in the back half of the year. I guess, like any context for how to think about -- how much you have to go out and win and go live in the next 5 months versus what's either already won or already in implementation or going live from previous wins?

祝賀季度表現強勁。我希望你能談談關於位置添加的可見性。現在正在討論下半年要增加13,000人。我想，就像任何如何思考的背景一樣——在接下來的5 個月裡，與已經贏得的或已經在實施或從之前的勝利中上線的內容相比，你需要付出多少努力來贏得併上線？

Josh, look, I think we don't guide to the location specifically. But I think the trends we're seeing, as I mentioned, in terms of bookings and pipeline are consistent with what we've seen in the past. And the team has got a lot of confidence in their ability to continue to execute as they have been. I think the strength that we saw in the first half of the year really is consistent with the strength that we've seen really over the past couple of years in our core SMB business, where as we get into market deeper, we've talked about this in the past, get more customer density, our rep tenure is increasing, those are things that are driving our productivity.

喬什，聽著，我想我們並沒有具體指導該地點。但我認為，正如我所提到的，我們在預訂和渠道方面看到的趨勢與我們過去看到的一致。團隊對他們繼續執行的能力充滿信心。我認為我們在今年上半年看到的實力確實與過去幾年我們在核心中小企業業務中看到的實力是一致的，隨著我們深入市場，我們已經談到了過去，獲得更多的客戶密度，我們的代表任期不斷增加，這些都是推動我們生產力的因素。

I think one other thing that the team is thinking about, just to give some color on that, is we're trying to balance and we talked about this last quarter, what the team lands with an initial sale versus how they expand. And so the team is really trying to maximize the number of locations of the platform while also looking as much of the platform upfront. And that's the balance where we kind of maximize win rate and location adds, right, with the ARPU on these deals that we're booking. And so overall, I think, look, at the highest level, we feel really good about the outlook for the second half of the year.

我認為團隊正在考慮的另一件事是，我們正在努力平衡，我們討論了上個季度的情況，即團隊的初始銷售與擴張方式。因此，團隊確實在努力最大限度地增加平台的位置數量，同時也盡可能多地預先考慮平台的情況。這就是我們在預訂的這些交易中最大化獲勝率和位置增加的平衡，對吧，每用戶平均收入 (ARPU)。因此，總的來說，我認為，在最高層面上，我們對今年下半年的前景感到非常滿意。

Okay. Great. And then just one more on locations. I was hoping you could comment a little bit more on international and how that's either contributed in the quarter or in the outlook for the back half.

好的。偉大的。然後再講一個地點。我希望您能對國際比賽以及這對本季度或後半段的前景有何貢獻發表更多評論。

Yes, I'll take that, Josh. So we're really pleased, and Aman mentioned this on his script, we're really pleased with the signal we're seeing internationally. The customer feedback is really positive. And just for everyone's knowledge, we're taking customers live in Dublin, U.K. and Canada. And so far, even though we're in the early days, it's not impacting our location as materially this year, so you should know that. But like I said, the progress is really strong and what we've been focused on is really building out the go-to-market team.

是的，我會接受的，喬什。所以我們真的很高興，阿曼在他的劇本中提到了這一點，我們對我們在國際上看到的信號感到非常滿意。客戶的反饋非常積極。眾所周知，我們正在為英國都柏林和加拿大的客戶提供現場服務。到目前為止，儘管我們還處於早期階段，但它並沒有對我們今年的位置產生重大影響，所以你應該知道這一點。但正如我所說，進展非常強勁，我們一直關注的是真正建立上市團隊。

We're starting to see very similar patterns in the early days of Toast in the U.S. And so that's a good signal for us, we know that playbook. And as Aman mentioned, we're focused on expanding the platform so we can get more of it in the hands of our international customers. But in the end, if we zoom out, just think about what -- our ambition around international is really to drive the same loyalty, the same flywheel markets and replicate that internationally, which is why we're so encouraged by that. So overall, really good progress, but it's not going to be a material contributor to our results this year and to the location growth that we're talking about.

我們開始在美國的 Toast 早期看到非常相似的模式，所以這對我們來說是一個很好的信號，我們知道這個劇本。正如阿曼所提到的，我們專注於擴展該平台，以便我們能夠將更多的平台交到我們的國際客戶手中。但最後，如果我們把目光放遠，想一想——我們在國際上的雄心實際上是推動同樣的忠誠度、同樣的飛輪市場並在國際上複製，這就是為什麼我們對此如此鼓舞。總的來說，確實取得了很好的進展，但這不會對我們今年的業績以及我們正在談論的地點增長做出重大貢獻。

Our next question is from Will Nance with Goldman Sachs.

我們的下一個問題來自高盛的威爾·南斯。

Elena, I was hoping to follow up on the subscription ARPU guidance that you gave a couple of quarters ago. If I look at ARR per location, I think it was up, somewhere 13%, 14% year-over-year this quarter. So it does seem like you're on that glide path to the 10% year-over-year plus or minus that you guided to. But I guess the base of locations is going to end up being a lot higher than what we thought it was when you gave the initial guidance. I'm wondering if you could talk about the interplay between the accelerated location growth and the ARR per location guidance.

Elena，我希望跟進您幾個季度前提供的訂閱 ARPU 指南。如果我看一下每個地點的 ARR，我認為本季度同比增長了 13%、14%。因此，看起來您確實正朝著您所指導的同比增長 10% 或下降 10% 的方向前進。但我猜地點的基礎最終會比您給出初步指導時我們想像的要高得多。我想知道您是否可以談談加速的地點增長和每個地點的 ARR 指導之間的相互作用。

And I guess you mentioned doing a little bit less on the upfront sale and more on the upsell motion. Like is there some interplay between some of the slowdown we've seen in ARR per location growth and the acceleration in net adds? And I guess, as we get all of these locations up and running, would you expect that something like an upsell motion could lead to a re-acceleration in software ARR per location growth in maybe the years ahead?

我猜你提到過在預售方面少做一點，而在追加銷售方面多做一點。就像我們看到的每個地點的 ARR 增長放緩與淨增加加速之間是否存在某種相互作用？我想，當我們讓所有這些地點都啟動並運行時，您是否認為追加銷售動議之類的事情可能會導致未來幾年每個地點的軟件 ARR 增長重新加速？

Yes, thanks. There's a lot in that question, so let me start by saying we're really pleased with the ARR growth at 55% in the quarter. And you're exactly right in that we're balancing -- and Aman sort of mentioned this already, we're balancing our location growth with SaaS ARPU upfront. Our SaaS ARPU grew 14% year-over-year. But the fundamentals -- underlying fundamentals on Saas ARPU, and to your question, are we still driving to that 10% ARPU on an ARR basis? Yes, that's our goal. The fundamentals are strong.

對了謝謝。這個問題涉及很多內容，所以首先我要說的是，我們對本季度 ARR 增長 55% 感到非常滿意。您說得完全正確，我們正在平衡 — Aman 已經提到過這一點，我們正在通過 SaaS ARPU 預先平衡我們的位置增長。我們的 SaaS ARPU 同比增長 14%。但基本面——Saas ARPU 的基本面，對於你的問題，我們是否仍在推動以 ARR 為基礎的 10% ARPU？是的，這就是我們的目標。基本面很強。

As we've mentioned, we had a step-up in ARPU over the last couple of years, hence, the moderation this year. So just keep that in mind. And we're going to continue to build on this upsell motion and on this land and expand motion that we keep talking about. But to the point, our North Star is really ARR growth, and that was a healthy 55% this quarter.

正如我們所提到的，過去幾年我們的 ARPU 有所上升，因此今年有所放緩。所以請記住這一點。我們將繼續在這一追加銷售動議和這片土地上繼續發展，並擴大我們一直在談論的動議。但就這一點而言，我們的北極星確實是 ARR 增長，本季度達到了 55% 的健康水平。

Got it. And on the Marriott, I'm just wondering if you could talk through kind of ARPU dynamics as you move up market. For instance, I know you're partnering with FreedomPay on some of these deals. As those come in, do you see a higher contribution of software? And is there more potential for software ARPU to kind of balance out the lack of payments in these deals? Or any kind of payments revenue stream, kind of ancillary coming from Freedom? Just any color how you think about ARPU dynamics at market.

知道了。至於萬豪酒店，我只是想知道您是否可以談談隨著您進入高端市場的 ARPU 動態。例如，我知道您正在與 FreedomPay 合作開展其中一些交易。隨著這些的出現，您是否認為軟件的貢獻更大了？軟件 ARPU 是否有更大的潛力來彌補這些交易中付款的不足？或者任何類型的支付收入流，來自自由的輔助？無論您如何看待市場上的 ARPU 動態，都可以使用任何顏色。

Yes. No, it's a fair question. So we're really looking -- first of all, I would just start with we always think about our ARPU and payback periods always play a role regardless of the segment that we're in. But just by the nature of them being enterprise customers, the ARR will be larger over time. But then we're going to come back to even if we don't have the payment dynamics in this deal, we're going to focus back on payback periods and unit economics.

是的。不，這是一個公平的問題。所以我們真的在尋找——首先，我首先會考慮我們的ARPU 和投資回收期，無論我們所處的細分市場如何，它們總是發揮著重要作用。但就其本質而言，他們是企業客戶，ARR 會隨著時間的推移而變大。但隨後我們會回過頭來，即使我們在這筆交易中沒有付款動態，我們也會重新關注投資回收期和單位經濟效益。

And we have an opportunity to continue to grow that ARPU over time on the SaaS side. But we're really encouraged by what we're seeing. And it's early days to really have an exact precision on that ARPU, but we anticipate that it will follow the same unit economics that we do for our entire business.

隨著時間的推移，我們有機會在 SaaS 方面繼續提高 ARPU。但我們所看到的確實令我們深受鼓舞。現在真正準確地了解 ARPU 還為時過早，但我們預計它將遵循與我們為整個業務所做的相同的單位經濟效益。

Got it. Nice job on the customer acquisition acceleration.

知道了。在加速客戶獲取方面做得很好。

Our next question is from Dan Dolev with Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

Really strong results, congrats. Just my question is on the $0.99 fee. I know your competitors are very aggressive, obviously, following that issue. And we've seen them advertise different promotions to try to get customers. Has there been any -- obviously, results, strong results speak for themselves and net adds are super strong. But has there been any kind of conversations with merchants that you didn't have before regarding some sort of an attrition following the $0.99 fee?

非常強勁的結果，恭喜。我的問題是 0.99 美元的費用。我知道你的競爭對手顯然在這個問題上非常激進。我們也看到他們通過不同的促銷活動來吸引顧客。有沒有——顯然，結果，強勁的結果不言而喻，淨增加值非常強勁。但是，您是否曾與商家就 0.99 美元費用後的某種消耗進行過任何形式的對話？

Yes, Dan, good question. No, the answer is no. I mean as you know, it's always been a hypercompetitive space for the past decade. Competition is always throwing campaigns and targets against Toast. But with regard to the $0.99 fee, there's been no churn or impact to location adds and we're in execution mode in our core business. And the competitive dynamics in our opinion, remain the same. Our win rates look good, and we're just plowing forward on execution.

是的，丹，好問題。不，答案是否定的。我的意思是，如您所知，在過去的十年裡，它一直是一個競爭異常激烈的領域。競爭總是針對 Toast 發起活動和目標。但就 0.99 美元的費用而言，位置添加並沒有出現流失或影響，而且我們的核心業務正處於執行模式。我們認為競爭動態保持不變。我們的勝率看起來不錯，而且我們正在努力執行。

Got it. And a quick follow-up, and sorry if it was already addressed, I was in a different call. But can you give us a sense for SaaS ARPU for the second half? And I apologize if it's already been addressed.

知道了。快速跟進，很抱歉，如果這個問題已經得到解決，我正在打另一個電話。但您能給我們介紹一下下半年 SaaS ARPU 的情況嗎？如果這個問題已經得到解決，我深表歉意。

So it has been, but I'm happy to repeat for you, Dan. So Q2, SaaS ARR grew 55%. Just I say that every time because that's really our North Star metric. And in Q2, it grew 14%. But overall, we're still driving to the 10% ARPU as we exit 2023, and that's on an ARR basis just as a reminder. But the fundamentals are strong. Our underlying trends are strong. And as we -- as a reminder, what I mentioned is we mentioned that the last 2 years, we've seen a step-up in ARPU, and we anticipated that it would moderate as the year progresses. So we're still driving towards that 10% ARPU on an ARR basis at the exit of the year.

確實如此，但我很高興為你重複一遍，丹。因此，第二季度，SaaS ARR 增長了 55%。我每次都這麼說，因為這確實是我們的北極星指標。第二季度增長了 14%。但總體而言，到 2023 年結束時，我們仍在朝著 10% 的 ARPU 目標邁進，這只是以 ARR 為基礎，僅供參考。但基本面很強大。我們的潛在趨勢很強勁。正如我們提醒的那樣，我提到的是，我們提到在過去兩年中，我們看到 ARPU 有所上升，我們預計隨著時間的推移，它會有所緩和。因此，我們仍在努力在今年年底實現以 ARR 為基礎的 10% ARPU。

Our next question is from Stephen Sheldon with William Blair.

我們的下一個問題是斯蒂芬·謝爾頓和威廉·布萊爾提出的。

Nice results here. I wanted to ask about the catering expansion, really good to see, and just kind of what that could mean in terms of additional monetization. Will this be kind of another SaaS subscription revenue opportunity you think about adding on ordering invoicing? Or is it more about just supporting more throughput and the monetization would really come from facilitating additional GPV on the payment side? I guess how should we be thinking about catering monetization?

這裡的結果很好。我想問一下餐飲擴張的情況，真的很高興看到，以及這對額外的貨幣化意味著什麼。這是否會成為您考慮在訂購發票上添加的另一個 SaaS 訂閱收入機會？或者更多的是只是支持更高的吞吐量，而貨幣化實際上來自於促進支付方面的額外 GPV？我想我們應該如何思考餐飲貨幣化？

Stephen, 2 things. Number one, it does come with healthy ARPU. So it does add another lever to drive ARPU growth over time similar to what Elena talked about. But then on the invoicing front, certainly, it's going to run on our rails, and that's a second component, but it's healthy on both fronts. I think the one thing I love about our customer base, as I mentioned, is they tell us what they like and what they're missing. And for this one, it's another good example of going deeper into the TAM.

斯蒂芬，有兩件事。第一，它確實具有健康的 ARPU。因此，它確實增加了另一個槓桿來推動 ARPU 隨著時間的推移增長，類似於埃琳娜談到的那樣。但在發票方面，當然，它將在我們的軌道上運行，這是第二個組成部分，但它在兩個方面都是健康的。正如我所提到的，我認為我喜歡我們的客戶群的一件事是他們告訴我們他們喜歡什麼以及他們缺少什麼。對於這個，這是深入 TAM 的另一個很好的例子。

And specifically for our core business, our core SMB business, when 60% of SMB restaurants are offering catering, they're often doing it through manual processes or point solutions and they tell us that an integrated platform is just better. So it's still early. We're very much early in the life cycle of this product. but we're excited about the long-term opportunity for this product because it's going to make the customers' life a lot easier, and then it's going to help us on the ARPU front.

特別是對於我們的核心業務，我們的核心中小企業業務，當 60% 的中小企業餐廳提供餐飲時，他們通常通過手動流程或單點解決方案來完成，他們告訴我們集成平台更好。所以現在還早。我們還處於該產品生命週期的早期階段。但我們對該產品的長期機會感到興奮，因為它將讓客戶的生活變得更加輕鬆，然後它將在 ARPU 方面為我們提供幫助。

Got it. That's very helpful. And then just a follow-up and more high level. Great to see the kind of profitability inflection point. So how do you think about letting profitability ramp here versus reinvesting back into the variety of strategic initiatives you have underway, especially with -- given some of the momentum you have right now, how are you thinking about it?

知道了。這非常有幫助。然後只是後續和更高級別的。很高興看到這種盈利拐點。那麼，您如何看待讓盈利能力提升，而不是重新投資到您正在進行的各種戰略舉措，特別是考慮到您現在擁有的一些動力，您是如何考慮的？

Yes, it's a great question. It's going to be quite balanced. I think that, obviously, running lean and efficient is how we work and how we make decisions every day. But as we -- as I said on my script, we've got a massive opportunity ahead, and we're early in our TAM and have a ton of opportunity to upsell as we grow and innovate more. And so we have to have that balancing act. I would point to our guidance for the near term, and then pointing to our long-term guidance that we gave a couple of quarters ago, and that's on a recurring fintech and gross profit. So we'll be balancing growth and profitability over time. But we certainly want to lean into this momentum we have, especially as we exit 2023.

是的，這是一個很好的問題。將會非常平衡。我認為，顯然，精益高效的運營是我們每天的工作方式和決策方式。但正如我在劇本中所說，我們前面有巨大的機會，而且我們處於 TAM 早期，隨著我們的成長和創新，我們有大量的機會進行追加銷售。所以我們必須採取平衡措施。我會指出我們的近期指導，然後指出我們幾個季度前給出的長期指導，即經常性金融科技和毛利潤。因此，隨著時間的推移，我們將平衡增長和盈利能力。但我們當然希望利用現有的勢頭，尤其是在 2023 年即將結束之際。

Our next question is from Timothy Chiodo with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Timothy Chiodo。

Great. I want to talk a little bit about the mix of your gross adds. So you mentioned a few of the larger chains, 100 units, et cetera, Philly Pretzel and others. Has that created any -- a little bit of a mix shift towards competitive takeaways relative to brand-new formed locations within your overall gross adds? And then I have a brief follow-up on payments rev share.

偉大的。我想談談你們的總增加額的組合。所以你提到了一些較大的連鎖店，100 家連鎖店，等等，Philly Pretzel 等等。相對於您的整體總增加額中全新成立的地點而言，這是否造成了一點點向競爭性外賣的混合轉變？然後我對付款收入份額進行了簡短的跟進。

Tim, yes, look, I think at the highest level, the mix that we see between the openings of existing restaurants has largely remained consistent. We certainly do well when new restaurants opening are up. What we also do -- our team is able to get existing restaurateurs that are using our current system, whether it's legacy or cloud to switch over to Toast. I think there's -- to your question about as we see more success upmarket and mid-market, that hasn't fundamentally changed, I'd say, the mix of opening versus existing restaurants.

蒂姆，是的，你看，我認為在最高層面上，我們看到的現有餐廳開業之間的組合基本上保持一致。當新餐廳開業時，我們當然會做得很好。我們還所做的——我們的團隊能夠讓正在使用我們當前系統的現有餐館老闆（無論是舊系統還是雲系統）切換到 Toast。我認為，對於你的問題，隨著我們看到高端和中端市場取得了更多的成功，我想說的是，開業與現有餐廳的組合併沒有從根本上改變。

Okay. I appreciate that. The follow-up relates to the potential for revenue share. So clearly, you have the FreedomPay integration and some of the enterprise customers, either currently or in the future, will have the decoupled payments through a third-party provider. I'm sure in many cases, as you mentioned, there's already an existing relationship there, but is there any economics at all that Toast might be earning either via FreedomPay or the other processor or any other payments revenue share that we should think of?

好的。我很感激。後續行動涉及收入分成的潛力。很明顯，您擁有 FreedomPay 集成，並且一些企業客戶（無論是當前還是將來）將通過第三方提供商獲得解耦支付。我確信在很多情況下，正如您所提到的，那裡已經存在一種現有的關係，但是Toast 是否可以通過FreedomPay 或其他處理器或我們應該考慮的任何其他支付收入份額來賺取任何經濟效益？

Yes. So no, I won't get into the specifics of our FreedomPay deal, but it's not meaningful. I would think of it as a SaaS ARPU play for this specific Marriott deal. To Chris' point earlier, though, he did mention there will be times, and we already have those for enterprise customers, do want to leverage us for both. So I wouldn't take FreedomPay and extrapolate it to our entire enterprise book because that's not where we are today.

是的。所以，我不會詳細討論 FreedomPay 交易的細節，但這沒有意義。我將其視為針對萬豪特定交易的 SaaS ARPU 遊戲。不過，對於克里斯早些時候的觀點，他確實提到有時會出現這樣的情況，而且我們已經為企業客戶提供了這些服務，確實希望利用我們來滿足這兩個方面的需求。因此，我不會將 FreedomPay 推斷到我們的整個企業書籍中，因為那不是我們今天的處境。

Our next question is from Samad Samana with Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Maybe Elena, one for you. Just as I think about the -- both the inflection in EBITDA margin this quarter and the change in OpEx, it's actually quite modest in terms of dollar OpEx growth despite the upside of the top line. So I'm just curious, should we think about that as a good proxy for how sales and marketing and R&D dollars should maybe grow over the next couple of quarters going forward? And is that what's aligned to leverage? Just that and then I have a follow-up question as well.

也許埃琳娜，適合你。正如我所思考的那樣——本季度 EBITDA 利潤率的變化和運營支出的變化，儘管營業收入有所上升，但從美元運營支出的增長來看，實際上相當溫和。所以我很好奇，我們是否應該將其視為未來幾個季度銷售、營銷和研發資金應如何增長的良好指標？這與槓桿一致嗎？就這樣，我還有一個後續問題。

Yes. I think the leverage, you're going to see some modest, really, across the business. And we've shown leverage across all of the OpEx lines for the last several quarters. So I would point you to our guidance for the, obviously, without me getting the specifics on the quarter. And I would also point you to the fact that in Q4, there is a little bit of seasonality at play in our payment side of the business. So that will have a different complexion, say, than Q3. But we expect to continue to drive leverage across all of the OpEx lines for the balance of the year.

是的。我認為，在整個企業中，你會看到一些適度的槓桿作用。在過去的幾個季度中，我們已經展示了所有運營支出產品線的槓桿作用。因此，顯然，我會向您指出我們的指導，但我並沒有了解該季度的具體情況。我還想向您指出一個事實，即第四季度，我們的支付業務存在一些季節性因素。因此，這將具有與第三季度不同的膚色。但我們預計今年剩餘時間將繼續提高所有運營支出線的槓桿率。

Okay. Great. And then maybe just a follow-up on pricing. You did mention a couple of times about the $0.99 fee and maybe how the company will think about its philosophy on that. I just want for clarification, there's no assumption on a price increase based on at least the outlook for the rest of the year, right? And I guess when we think about price increase, should we think about that based on the comments that you've given, should we anticipate one at some point in the near future?

好的。偉大的。然後也許只是定價的後續行動。您確實多次提到過 0.99 美元的費用，以及公司可能會如何考慮其對此的理念。我只是想澄清一下，至少根據今年剩餘時間的前景，沒有價格上漲的假設，對吧？我想當我們考慮價格上漲時，我們是否應該根據您給出的評論來考慮這一點，我們是否應該預計在不久的將來某個時候會出現價格上漲？

Yes. So let me zoom out a little bit. So first of all, obviously, our guidance reflects the change to the [EP] that was not included -- no longer in our 2023. But just zooming out definitely pricing is a core element of our strategy over time. And as we think about the next several years, we think about 2 dimensions, right? One is growth and one is profitability. When we consider growth -- we have the 2 axes we always talk about, which is location growth. We're early in the TAM.

是的。讓我把鏡頭縮小一點。首先，很明顯，我們的指導反映了對[EP]的更改，該更改未包含在我們的 2023 年中。但隨著時間的推移，縮小定價肯定是我們戰略的核心要素。當我們思考未來幾年時，我們會考慮二維，對吧？一是增長，一是盈利。當我們考慮增長時，我們總是談論兩個軸，那就是位置增長。我們在 TAM 中還處於早期階段。

We have ARPU. Our ability to cross-sell and upsell, which we have proof points, and we're continuing to hone that land and expand motion. On top of that, we have pricing, which is a key tenet of our strategy over time. So that's really what's driving how we think about the growth in our business. I wouldn't over-rotate to pricing, but it is a key element of our strategy that we're contemplating.

我們有 ARPU。我們有交叉銷售和追加銷售的能力，我們有證據證明這一點，並且我們正在繼續磨練這種能力並擴大行動。最重要的是，我們有定價，這是我們長期戰略的關鍵原則。因此，這確實是推動我們如何看待業務增長的因素。我不會過度關注定價，但這是我們正在考慮的戰略的關鍵要素。

Our last question comes from the line of Peter Heckmann with D.A. Davidson.

我們的最後一個問題來自 Peter Heckmann 和 D.A.戴維森。

Could you go over a little bit more on Toast Capital and your aspirations for that business? First, if you could just give some of the data you typically give on a quarterly basis like funding and if you could go through some of the reserve data again. But as you think about that business, I mean, I think it's generating something like 15% of gross profit today. I guess do you feel it's appropriate to limit the contribution of that business given that, in a different macroeconomic environment, you might have to pull back on that?

您能否詳細介紹一下 Toast Capital 以及您對該業務的期望？首先，您是否可以提供一些通常按季度提供的數據（例如資金），以及是否可以再次查看一些儲備數據。但當你想到該業務時，我的意思是，我認為它今天產生的毛利潤約為 15%。我想您認為限制該業務的貢獻是否合適，因為在不同的宏觀經濟環境下，您可能不得不縮減該業務的貢獻？

Yes. Let me start -- let me zoom out and just start with the premise of why Toast Capital. And then we did have great performance this quarter on Toast Capital, it contributed about 10 basis points to our overall take rate. But at the core, we know our restaurants are under-banked, and we want to give them an opportunity to have access to capital in a fast and flexible way. And the proof points we have is not only do we continue to see demand from new customers, but we're also seeing demand from existing customers coming back and renewing their loans. And our default rates have been, for the most part, in line or better than we expected.

是的。讓我開始——讓我縮小範圍，從為什麼選擇 Toast Capital 的前提開始。然後，本季度我們在 Toast Capital 上確實取得了出色的表現，它為我們的整體採用率貢獻了大約 10 個基點。但從本質上講，我們知道我們的餐廳資金不足，我們希望給他們一個機會，以快速、靈活的方式獲得資金。我們擁有的證據不僅是我們繼續看到新客戶的需求，而且我們還看到現有客戶回來並更新貸款的需求。我們的違約率在很大程度上符合或優於我們的預期。

So in terms of how we think about are we going to grow this program. For the near term, I think there's -- we're going to continue to stay kind of in the zone that we've been in. But it's really important to remember how we manage the risk because that is what is giving us the confidence to continue to extend loans. One is we look at internal and sort of look at it holistically, what are the internal factors we're seeing? What are some of the external factors we're seeing?

因此，就我們如何思考我們將如何發展這個計劃而言。就短期而言，我認為我們將繼續保持在我們已經所處的區域。但記住我們如何管理風險非常重要，因為這給了我們信心繼續發放貸款。一是我們從整體上看待內部因素，我們看到的內部因素是什麼？我們看到了哪些外部因素？

And as a reminder, we see -- we have access to the payment data, which gives us a lot of confidence in the creditworthiness of the customer. And then we partner with a bank to offer the loans. So the loans are coming off of their balance sheet. So it's balance sheet light for us. And our liability is really capped at 15% of the origination. And then we make the collections based on the payment volume daily.

提醒一下，我們看到——我們可以訪問支付數據，這讓我們對客戶的信譽充滿信心。然後我們與銀行合作提供貸款。因此，這些貸款正在從他們的資產負債表上消失。所以這對我們來說資產負債表很輕。我們的責任實際上上限為原始金額的 15%。然後我們根據每天的付款量進行收款。

And so as that's -- so we have a lot of confidence and visibility into the collection. And to your point, if the macro were to change or the environment were to change, then we have levers to sort of manage that. We could tighten our lending parameters. We can reduce duration, which has an impact on bad debt. So there's a few different levers that we can play with should we need to kind of scale back on the program.

因此，我們對這個系列充滿信心和可見度。就你的觀點而言，如果宏觀發生變化或環境發生變化，那麼我們就有辦法進行管理。我們可以收緊貸款參數。我們可以縮短久期，這會對壞賬產生影響。因此，如果我們需要縮減該計劃，我們可以使用一些不同的槓桿。

And actually, we did scale back on the program during COVID in the early days, where we said this might not be the time. And we were able to successfully manage the bad debt during that time. And now we've seen demand come back and as we've relaunched the program and relaunched different loan sizes, et cetera, we've seen a healthy demand. So I feel very confident we've got a great team managing the risk of this business. And more importantly, we're helping our customers scale and grow.

事實上，我們在早期確實在新冠疫情期間縮減了該計劃，但我們表示現在可能不是時候。在那段時間我們能夠成功地管理壞賬。現在我們看到需求回升，隨著我們重新啟動該計劃並重新啟動不同的貸款規模等，我們看到了健康的需求。因此，我非常有信心我們擁有一支優秀的團隊來管理這項業務的風險。更重要的是，我們正在幫助客戶擴大規模和發展。

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

今天的電話會議到此結束。您現在可以斷開線路。