Toast Inc (TOST) 2023 Q4 法說會逐字稿

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

午安.我叫凱特，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Toast 財報電話會議。 （操作員說明）

Thank you. I'll now turn the call over to Michael Senno, Senior Vice President of Finance. You may begin the conference.

謝謝。現在我將把電話轉給財務高級副總裁 Michael Senno。您可以開始會議了。

Thanks, Kate. Welcome to Toast's Earnings Conference Call for the Fourth Quarter and Full Year ended December 31, 2023.

謝謝，凱特。歡迎參加 Toast 截至 2023 年 12 月 31 日的第四季和全年財報電話會議。

On today's call are CEO and Co-Founder, Aman Narang; and CFO, Elena Gomez. We'll open with prepared remarks, which will be followed by our Q&A session.

出席今天電話會議的有執行長兼共同創辦人 Aman Narang；和財務長埃琳娜·戈麥斯。我們將以準備好的發言開始，然後是問答環節。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release.

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。

During this call, we'll make statements related to our business that may be can be forward looking within the meaning of the Securities Act and the Exchange Act. All statements other than statements of historical facts are forward-looking statements, including those regarding management's expectations or future financial and operational performance and operational expenditures; location growth; future profitability time line and margin outlook; anticipated impact of our restructuring plan and share repurchase program; expected growth and business outlook, including our financial guidance for the first quarter and full year 2024. 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.

在這次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能是《證券法》和《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，包括有關管理層的預期或未來財務和營運業績以及營運支出的陳述；位置增長；未來獲利時間線和利潤前景；我們的重組計劃和股票回購計劃的預期影響；預期成長和業務前景，包括我們對 2024 年第一季和全年的財務指引。前瞻性陳述僅反映我們截至目前為止的觀點，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聲明。請參閱今天的新聞稿和我們的警告語言。美國證券交易委員會提交的文件，討論可能導致實際結果與我們的預期有重大差異的風險和不確定性。

During this call, we will discuss certain non-GAAP financial measures, including, but not limited to, non-GAAP subscription services gross profit and non-GAAP Financial Technology Solutions gross profit, which we refer to collectively as our recurring gross profit streams. These are the basis for our top line guidance. 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 GAAP 財務指標，包括但不限於非 GAAP 訂閱服務毛利和非 GAAP 金融科技解決方案毛利，我們統稱為我們的經常性毛利流。這些是我們頂線指導的基礎。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，以了解這些非 GAAP 衡量標準與最具可比性 GAAP 衡量標準的詳細調整表。除非另有說明，本次電話會議中所有提及的收入成本、毛利和毛利率、銷售和行銷費用、研發費用以及一般和管理費用均基於非公認會計原則。

Finally, the press release and our earnings presentation can be found on the Investor Relations website at investors.toasttab.com. We will no longer publish an earnings presentation on a quarterly basis going forward. After the call, a replay will be available on our website.

最後，新聞稿和我們的收益報告可以在投資者關係網站 Investors.toasttab.com 上找到。今後我們將不再按季發布收益報告。通話結束後，我們的網站上將提供重播。

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

接下來，讓我把電話轉給阿曼。

Thank you, Michael. Good afternoon, everyone, and thank you for joining today's conference call.

謝謝你，麥可。大家下午好，感謝您參加今天的電話會議。

This is my 12th year since we launched Toast in my basement with Steve Fredette and Jonathan Grimm back in 2012. And I'm honored to be here today with all of you and leave this great business as CEO on my first earnings call.

自從2012 年我們與Steve Fredette 和Jonathan Grimm 在我的地下室推出Toast 以來，今年已經是我工作的第12 個年頭了。今天我很榮幸能和大家一起來到這裡，並在我的第一次財報電話會議上以CEO 的身份離開這家偉大的公司。

Before I recap 2023 and look ahead to 2024, I do want to address one topic upfront. We've made the difficult but right decision to reduce our head count by 10%. As you know, Toast grew rapidly over the past 3 years to support our growing customer community. As we've taken a look across the organization, it has become clear that we grew our team too quickly in some areas, and we need to restructure the organization to best align with our most important priorities. The changes we announce today primarily focus on noncustomer-facing roles. And we remain committed to sustaining healthy top line growth and delivering a best-in-class customer experience.

在回顧 2023 年並展望 2024 年之前，我確實想先討論一個主題。我們做出了艱難但正確的決定，將員工人數減少 10%。如您所知，Toast 在過去 3 年中快速成長，以支援我們不斷成長的客戶社群。當我們審視整個組織時，很明顯我們在某些​​領域的團隊發展得太快，我們需要重組組織，以最好地與我們最重要的優先事項保持一致。我們今天宣布的變更主要關注非面向客戶的角色。我們仍然致力於維持健康的營收成長並提供一流的客戶體驗。

I want to thank every Toaster, past and present, including those who are leaving us, for the important part each of you played in getting us to where we are today. In the very immediate term, my priority is to ensure we navigate today's decision with empathy and support for those affected. As we work through this transition, I'm confident we can tap into a renewed sense of optimism for the opportunity ahead. Our defining challenge for 2024 is to operate with a shared urgency against our mission, raise the bar on how we collaborate and maintain a relentless focus on our customers.

我要感謝過去和現在的每一位烤麵包機，包括那些離開我們的人，感謝你們每個人為我們取得今天的成就所發揮的重要作用。就短期而言，我的首要任務是確保我們以對受影響者的同情和支持來做出今天的決定。當我們完成這項轉變時，我相信我們能夠對未來的機會抱持新的樂觀態度。我們 2024 年的決定性挑戰是，以共同的緊迫感來完成我們的使命，提高我們合作的標準，並持續關注我們的客戶。

Over the past decade, we've built a leading integrated software platform for the restaurant industry. And since our IPO in September 2021, we've launched so much innovation to help restaurants thrive: products like reservations, websites, scheduling, retail capabilities for restaurants, a full redesign of our POS experience and, more recently, our Toast Now operator app, to name a few. This focus on platform innovation has allowed us to double the number of restaurants in our platform to 106,000 and more than double ARR to over $1.2 billion since the IPO.

在過去的十年裡，我們為餐飲業建立了領先的整合軟體平台。自2021 年9 月首次公開募股以來，我們推出了許多創新來幫助餐廳蓬勃發展：預訂、網站、日程安排、餐廳零售功能等產品，全面重新設計我們的POS 體驗，以及最近推出的Toast Now 運營商應用程序，僅舉幾例。自 IPO 以來，對平台創新的重視使我們平台上的餐廳數量增加了一倍，達到 106,000 家，ARR 增加了一倍以上，達到超過 12 億美元。

As we look ahead, our conviction in the future is as strong as ever. We are well on our way to becoming the technology platform of choice for the entire restaurant industry. Continuing to deliver on our mission and serving as the technology backbone for restaurants will lead to significant value creation for all our stakeholders, our customers, our shareholders and, of course, our Toasters that support our community each and every day.

展望未來，我們對未來的信心一如既往。我們正在努力成為整個餐飲業首選的技術平台。繼續履行我們的使命並成為餐廳的技術支柱，將為我們的所有利益相關者、我們的客戶、我們的股東，當然還有每天為我們的社區提供支援的烤麵包機創造巨大的價值。

To accomplish this, we're focused on four strategic priorities: first, scaling restaurant locations within our core business; second, driving ARR and ARPU by building products and experiences our customers love; third, expanding our addressable market by launching and scaling new growth vectors; and fourth, setting up the company to scale and deliver ongoing operating leverage. Now let me walk through each of this in more detail.

為了實現這一目標，我們專注於四個策略重點：首先，擴大我們核心業務中的餐廳位置；其次，透過打造客戶喜愛的產品和體驗來推動 ARR 和 ARPU；第三，透過啟動和擴大新的成長載體來擴大我們的目標市場；第四，建立公司以擴大規模並提供持續的營運槓桿。現在讓我更詳細地介紹每一個內容。

First, we will continue to win market share and scale restaurant locations within our core business. We added over 6,500 net locations in Q4 and ended the year with approximately 106,000 locations, a 34% increase versus 2022. Our ability to sustain over 30% location growth at this scale is a testament to our competitive differentiation: our all-in-one platform, our localized go-to-market approach and the consistent execution by our sales and customer success teams.

首先，我們將繼續贏得市場份額並擴大核心業務範圍內的餐廳數量。我們在第四季度新增了超過6,500 個網點，到年底新增了約106,000 個網點，與2022 年相比增長了34%。我們能夠以如此規模維持超過30% 的網點增長，這證明了我們的競爭優勢：我們的一體化服務平台、在地化的市場進入方法以及我們的銷售和客戶成功團隊的一致執行。

The momentum in our SMB segment has allowed us to double the number of flywheel markets over the past year with 30% of our markets now in flywheel defined by over 20% SMB market share. Our rep productivity in flywheel markets is over 10% higher than other markets, leading to faster share gains. Even in our most penetrated markets where we have over 30% market share, we are still gaining share at a healthy clip. These markets are a benchmark for how we expect other markets to evolve over time and gives us confidence in sustaining healthy location growth.

中小型企業細分市場的發展勢頭使我們的飛輪市場數量在過去一年中翻了一番，目前我們 30% 的市場屬於飛輪市場，而中小型企業市場份額超過 20%。我們在飛輪市場的代表性生產力比其他市場高出 10% 以上，從而帶來更快的份額成長。即使在我們滲透率最高的市場（我們擁有超過 30% 的市場份額），我們仍在以健康的速度獲得份額。這些市場是我們預期其他市場如何隨時間發展的基準，並讓我們有信心維持健康的地點成長。

The foundation of our success starts with high-value, full-serve restaurants, which our go-to-market team is prioritizing. In addition, we're gaining traction across the broader TAM as we expand our product offerings to serve different restaurant types. And as our addressable market grows and we see gradual adjustments in our mix across SMB, mid-market, enterprise and international restaurants, we expect ARPU to continue to increase and GPV per location to remain above industry averages. Our team continues to ensure we maintain a healthy unit economics as we scale locations across these categories.

我們成功的基礎始於高價值、全方位服務的餐廳，這是我們的行銷團隊優先考慮的。此外，隨著我們擴大產品範圍以服務不同類型的餐廳，我們在更廣泛的 TAM 中獲得了吸引力。隨著我們的目標市場不斷成長，我們看到中小企業、中端市場、企業和國際餐廳的組合逐漸調整，我們預計 ARPU 將繼續成長，每個地點的 GPV 將保持高於行業平均水平。隨著我們在這些類別中擴展地點，我們的團隊將繼續確保保持健康的單位經濟效益。

In addition to our SMB market segment, which is the largest share of the market and remains the biggest driver of net adds, we continue to see growth in our mid-market segment, including brands such as Wetzel's Pretzels, the 99, Dirty Dough, Romano's Macaroni Grill, that have joined Toast over the past year.

除了佔據最大市場份額並仍然是淨增長的最大推動力的中小企業市場之外，我們繼續看到中端市場的成長，包括 Wetzel's Pretzels、the 99、Dirty Dough 等品牌， Romano's Macaroni Grill 於去年加入了Toast 行列。

Let me highlight one FSR win from the quarter. Urban Prime Marketplace & Restaurant owned by Chef Ercan Ekinci in Florida opened in October. Urban Prime is an upscale FSR with large indoor and outdoor dining areas as well as a Broadway Market featuring a butcher shop, sushi and wine. After extensive research, Urban Prime selected Toast to consolidate their business across their thriving restaurant and gourmet market and are leveraging our POS terminals, Toast Go handle devices, kitchen display systems, online ordering, gift cards and marketing. Using our restaurant retail product, they were able to consolidate POS systems across their restaurant and market to simplify their front and back-office operations and consolidate all the revenue streams into a single back end. In addition, they've also recently switched to Toast Payroll to further streamline and simplify their business. It's great to see Urban Prime expand with Toast and refer several restaurants to Toast.

讓我重點介紹一下本季 FSR 的一場勝利。由主廚 Ercan Ekinci 在佛羅裡達州擁有的 Urban Prime Marketplace & Restaurant 於 10 月開幕。 Urban Prime 是一家高檔 FSR，設有大型室內和室外用餐區以及設有肉店、壽司和葡萄酒的百老匯市場。經過廣泛研究，Urban Prime 選擇 Toast 來鞏固其在蓬勃發展的餐廳和美食市場的業務，並利用我們的 POS 終端、Toast Go 手柄設備、廚房顯示系統、線上訂購、禮品卡和行銷。使用我們的餐廳零售產品，他們能夠整合整個餐廳和市場的 POS 系統，以簡化前台和後台運營，並將所有收入流整合到一個後端。此外，他們最近還改用 Toast Payroll，以進一步精簡和簡化他們的業務。很高興看到 Urban Prime 透過 Toast 進行擴張，並將多家餐廳推薦給 Toast。

Our second priority is driving ARR and ARPU by building products and experiences our customers love. To complement our strong location growth, we are laser-focused on increasing ARR at scale. In 2023, we grew total ARR 35% year-over-year. We believe there is runway in our existing markets to continue to scale locations while also increasing both SaaS and fintech ARR to product innovation, pricing and our continued investment in upselling existing customers through our growth sales team.

我們的第二要務是透過打造客戶喜愛的產品和體驗來推動 ARR 和 ARPU。為了補充我們強勁的地點成長，我們專注於大規模提高 ARR。 2023 年，我們的總 ARR 年增 35%。我們相信，我們現有的市場有能力繼續擴大業務範圍，同時提高 SaaS 和金融科技 ARR，以實現產品創新、定價以及透過我們的成長銷售團隊對現有客戶進行追加銷售的持續投資。

High product attach rates is an important driver of ARPU. Many of our existing products have plenty of runway to scale and our product teams continue to act on customer feedback to enhance and expand their terminal attach potential across our customer base. For new customers, earlier this month, we rolled out simpler product packaging that will enable our new business reps to maximize initial product attach and ARPU while balancing strong location growth. And for existing customers, price adjustments is a new lever that we're looking to build into our ongoing ARPU growth strategy. We will take a holistic approach across both SaaS and fintech, and you should see progress from us in 2024 that we build on moving forward.

高產品附加率是 ARPU 的重要驅動力。我們的許多現有產品都有足夠的擴展空間，我們的產品團隊將繼續根據客戶回饋採取行動，以增強和擴大其在整個客戶群中的終端連接潛力。對於新客戶，本月早些時候，我們推出了更簡單的產品包裝，這將使我們的新業務代表能夠最大限度地提高初始產品附加價值和 ARPU，同時平衡強勁的位置成長。對於現有客戶而言，價格調整是我們希望將其納入我們持續的 ARPU 成長策略的新槓桿。我們將在 SaaS 和金融科技領域採取整體方法，您應該會在 2024 年看到我們在此基礎上取得的進步。

One customer that has expanded and adopted more of the platform is Angelo's Ristorante in Massachusetts. Angelo's is a classic Italian eatery, half fine dining, half tea cafeteria, which joined Toast in 2018. On a busy Friday night, Angelo's may send 40 to 50 tickets to the kitchen in a short 15-minute period. And to support this volume, they went looking for a new POS. After looking at 10 different systems, they chose Toast because we best met their needs.

馬薩諸塞州的 Angelo's Ristorante 是擴展並採用更多平台的客戶之一。 Angelo's 是一家經典的意大利餐廳，一半是精緻餐飲，一半是茶餐廳，於 2018 年加入了 Toast。在繁忙的周五晚上，Angelo's 可能會在短短 15 分鐘內向廚房發送 40 到 50 張票。為了支持這個數量，他們開始尋找新的 POS。在考察了 10 個不同的系統後，他們選擇了 Toast，因為我們最能滿足他們的需求。

Since joining Toast, Angelo's SaaS ARR has almost doubled. Angelo, the restaurant owner, has worked closely with us to add more products to grow revenue, including online ordering, catering events and Toast tables. With Toast tables, Angelo's host can more efficiently manage table turnover and bring in more reservations. And as a new payroll customer this year, Angelo is excited about the time and cost savings he's seen so far.

自從加入 Toast 以來，Angelo 的 SaaS ARR 幾乎翻了一番。餐廳老闆 Angelo 與我們密切合作，增加更多產品來增加收入，包括線上訂購、餐飲活動和吐司桌。借助 Toast 餐桌，Angelo 的主人可以更有效地管理餐桌週轉率並帶來更多預訂。作為今年的新薪資客戶，Angelo 對迄今為止所節省的時間和成本感到興奮。

So shifting to our next priority, our third priority is expanding our TAM by launching and scaling new growth vectors. To complement our success across SMB restaurants, our product team is hard at work to make Toast an even better fit across enterprise, hotel restaurants and international markets. Last week, we announced an agreement with Choice Hotels. Toast will be the brand standard for Cambria and Radisson Hotels as well as a qualified vendor for other Choice brands. Cambria and Radisson will leverage the breadth of the Toast platform, including Toast online ordering, mobile order and pay, kiosk and Toast payments to support the different dining options across their properties.

因此，轉向我們的下一個優先事項，我們的第三個優先事項是透過啟動和擴展新的成長向量來擴展我們的 TAM。為了補充我們在中小型餐廳的成功，我們的產品團隊正在努力使 Toast 更好地適應企業、酒店餐廳和國際市場。上週，我們宣布與精品國際酒店集團達成協議。 Toast 將成為 Cambria 和 Radisson Hotels 的品牌標準，也是其他 Choice 品牌的合格供應商。 Cambria 和 Radisson 將利用 Toast 平台的廣泛性，包括 Toast 線上訂購、行動訂購和支付、自助服務終端和 Toast 支付，以支援其酒店內的不同餐飲選擇。

We are also thrilled to welcome Caribou Coffee to Toast. They chose us to maximize speed of service across their coffee shops and partner with a scalable restaurant platform to support their expansion plans.

我們也很高興歡迎 Caribou Coffee 加入 Toast。他們選擇我們來最大限度地提高咖啡店的服務速度，並與可擴展的餐廳平台合作以支持他們的擴張計劃。

And internationally, I'm excited to share that we've exceeded 1,000 locations as of the fourth quarter. The team has worked hard to establish the Toast brand in parts of Canada, the U.K. and Ireland, using the same localized go-to-market approach that has worked domestically. The customer reception in these markets has been terrific, and it reminds me of what we saw here in the U.S. in the early days. As more of our platform is available at international markets, including online ordering, guest marketing and reservations, we expect to drive higher ARPU and further improve our payback period and margins. This is a priority in 2024.

在國際上，我很高興地告訴大家，截至第四季度，我們的分公司已超過 1,000 個。該團隊採用與國內相同的在地化進入市場方法，努力在加拿大、英國和愛爾蘭的部分地區建立 Toast 品牌。這些市場的客戶接待非常好，這讓我想起了早期我們在美國看到的情況。隨著我們平台的更多功能在國際市場上推出，包括線上訂購、賓客行銷和預訂，我們預計將提高 ARPU，並進一步提高我們的投資回收期和利潤率。這是 2024 年的優先事項。

We're confident that the enterprise and international markets represent a significant growth opportunity for Toast. Additionally, we're also looking to leverage our differentiated go-to-market engine, our all-in-one platform and our growing scale to open up new opportunities for us. We're seeding investments in new parts of the TAM where we believe our market position provides a competitive advantage. Restaurant retail is a good example of this, and these nascent initiatives should further complement our growth potential over the long term.

我們相信，企業和國際市場為 Toast 帶來了巨大的成長機會。此外，我們還希望利用我們差異化的上市引擎、一體化平台和不斷增長的規模為我們開闢新的機會。我們正在 TAM 的新部分進行種子投資，我們相信我們的市場地位可以提供競爭優勢。餐廳零售就是一個很好的例子，這些新興舉措應進一步補充我們的長期成長潛力。

Next, our fourth priority is setting up the company to operate and scale to deliver ongoing operating leverage. In 2023, we grew ARR 35% and adjusted EBITDA to $61 million, which was a $175 million improvement year-over-year. Our progress shows the scalability of our business as we balance growth and profitability. As we continue to grow, we're committed to the ambitious priorities I laid out above as well as delivering increased operating leverage, including GAAP operating income profit, by the first half of 2025. This effort includes managing our stock-based compensation expense with the same discipline that we approach all our expense lines.

接下來，我們的第四個優先事項是讓公司能夠運作和擴展，以提供持續的營運槓桿。 2023 年，我們的 ARR 成長了 35%，並將 EBITDA 調整為 6,100 萬美元，年增了 1.75 億美元。我們的進步顯示我們在平衡成長和獲利能力時業務的可擴展性。隨著我們的不斷發展，我們致力於實現我上面列出的雄心勃勃的優先事項，並在 2025 年上半年之前提高營運槓桿，包括 GAAP 營運收入利潤。這項工作包括管理我們的股票薪酬費用我們對待所有費用項目都遵循同樣的原則。

Additionally, as we start to scale free cash flow, our capital allocation approach will evolve. This includes prioritizing organic investments in areas we have signal and conviction that we can grow, looking at M&A if we see the right opportunities and returning capital to our shareholders. To support this, our Board has approved a $250 million share repurchase authorization, which we will leverage opportunistically based on market conditions. We plan to regularly evaluate and optimize our capital allocation priorities and we will do so with a disciplined and transparent approach.

此外，隨著我們開始擴大自由現金流，我們的資本配置方法將會演變。這包括優先在我們有訊號和信念可以成長的領域進行有機投資，如果我們看到合適的機會就考慮併購，並向股東返還資本。為了支持這一目標，我們的董事會已批准了 2.5 億美元的股票回購授權，我們將根據市場狀況適時利用該授權。我們計劃定期評估和優化我們的資本配置優先事項，並將採取嚴格且透明的方法。

All right. To wrap up, I want to leave you with a few themes that I covered today. We have a large opportunity ahead and have built the foundation to capitalize on it. As we execute our playbook to deliver continued market share gains in our core business, we will invest in parallel and leverage our strengths to open up additional TAM and build new growth curves. We will sustain ARPU and ARR growth through a combination of product attach and pricing. And we're confident we have a scalable business model, and we'll continue to balance growth and profitability.

好的。最後，我想向大家介紹我今天要討論的幾個主題。我們面臨著巨大的機遇，並已奠定了充分利用這一機會的基礎。當我們執行我們的策略以在核心業務中實現持續的市場份額成長時，我們將並行投資並利用我們的優勢來開闢更多的 TAM 並建立新的成長曲線。我們將透過產品附加和定價的結合來維持 ARPU 和 ARR 成長。我們相信我們擁有可擴展的業務模式，並且我們將繼續平衡成長和獲利能力。

I want to thank all our Toasters, including those who will be leaving us, for your dedication and contribution to Toast. As I said earlier, this week is a tough week. But I'm confident that we will move past this and, over time, build a stronger Toast. I also want to thank our customers for entrusting us to support this incredible community. And I want to thank our shareholders for believing in us and the potential in this business.

我要感謝我們所有的 Toast 人，包括那些即將離開我們的人，感謝你們對 Toast 的奉獻和貢獻。正如我之前所說，本周是艱難的一周。但我相信我們會克服這個困難，並隨著時間的推移，建立一個更強大的 Toast。我還要感謝我們的客戶委託我們支持這個令人難以置信的社區。我要感謝我們的股東對我們以及這項業務潛力的信任。

Thank you. And now I'll turn it over to Elena.

謝謝。現在我會把它交給艾琳娜。

Thank you, Aman, and to everyone for joining. I'd like to thank all of our Toasters for their hard work and commitment, including those we are saying goodbye to today. Organizational changes like these are hard, though this is a necessary step to streamline how we operate and position us to move faster to capitalize on the opportunity ahead.

謝謝你，阿曼，也謝謝大家的加入。我要感謝我們所有的烤麵包機人員的辛勤工作和奉獻精神，包括我們今天要告別的人。像這樣的組織變革是困難的，儘管這是簡化我們運作方式並使我們能夠更快地利用未來機會的必要步驟。

In 2023, we showed our ability to balance durable growth and profitability. For the year, Toast processed over $125 billion in payment volume, up 38%. ARR grew 35%. And total fintech and subscription gross profit, our recurring gross profit streams, increased 49% for the year. We are efficiently scaling the business and driving cost discipline, delivering adjusted EBITDA of $61 million, a 6% margin on our recurring gross profit stream, 22 percentage points better than 2022.

2023年，我們展現了平衡持久成長和獲利能力的能力。今年，Toast 處理的支付額超過 1,250 億美元，成長 38%。 ARR 成長了 35%。金融科技和訂閱毛利總額（我們的經常性毛利流）今年成長了 49%。我們正在有效地擴展業務並推動成本控制，調整後的 EBITDA 達到 6,100 萬美元，經常性毛利流動的利潤率為 6%，比 2022 年提高了 22 個百分點。

Over the past 2 years, we've embedded durable efficient growth as a principle for how we operate the business. The midpoints of our 2024 guidance at 24% growth in our recurring gross profit streams and $210 million in adjusted EBITDA reinforces this and puts us on track for GAAP operating income profitability by the first half of 2025. As you heard from Aman, we are still in the early stages of our growth potential and committed to maintaining the same approach as we lean into the growth opportunity and continue to scale.

在過去的兩年裡，我們將持久且高效的成長作為我們經營業務的原則。我們2024 年指導方針的中點是我們的經常性毛利流動成長24%，調整後EBITDA 成長2.1 億美元，這強化了這一點，並使我們預計在2025 年上半年實現GAAP 營業收入獲利能力。正如您從安縵那裡聽到的那樣，我們仍然在我們成長潛力的早期階段，我們致力於在抓住成長機會並繼續擴大規模時保持相同的方法。

The three main areas I want to cover today are our fourth quarter results, our guidance and the impact of our restructuring plan and our capital allocation approach, including the $250 million share repurchase program we announced today.

我今天想介紹的三個主要領域是我們的第四季度業績、我們的指導以及重組計劃和資本配置方法的影響，包括我們今天宣布的 2.5 億美元股票回購計劃。

Starting with our fourth quarter results. We added over 6,500 net locations, increasing our total locations to approximately 106,000, up 34% year-over-year. SaaS ARR grew 43% year-over-year driven by the strong location growth and a 7% increase in SaaS ARPU as we lean into our customer acquisition momentum and balance ARPU growth. Our SaaS net retention rate, or NRR, remained in a healthy range, at 117%, led by solid contributions from upsell and location expansion from existing customers. Fourth quarter payments ARR grew 28% and fintech gross profit increased 29%.

從我們第四季的業績開始。我們新增了超過 6,500 個網點，使網點總數增加至約 106,000 個，較去年同期成長 34%。在強勁的地理位置成長和 SaaS ARPU 成長 7% 的推動下，SaaS ARR 年成長 43%，因為我們依靠客戶獲取勢頭並平衡 ARPU 成長。我們的 SaaS 淨保留率 (NRR) 保持在 117% 的健康範圍內，這得益於現有客戶追加銷售和地點擴張的強勁貢獻。第四季支付 ARR 成長 28%，金融科技毛利成長 29%。

Fourth quarter GPV increased 32% to $33.7 billion, and GPV per location declined modestly year-over-year, in line with our expectations and consistent with the trends exiting the third quarter. As a reminder, fourth quarter GPV per location is seasonally lower than the third quarter, and payments ARR reflects the same seasonality. Net take rate was 52 basis points in the quarter.

第四季 GPV 成長 32%，達到 337 億美元，每個地點的 GPV 年比小幅下降，符合我們的預期，也與第三季的趨勢一致。提醒一下，第四季每個地點的 GPV 季節性低於第三季度，付款 ARR 也反映了相同的季節性。本季淨利率為 52 個基點。

Our non-payments fintech solutions led by Toast Capital contributed $34 million in gross profit in Q4, reflecting steady, healthy demand. We continue to take a balanced approach to growing Toast Capital, and our unique position with real-time access to POS data allows us to monitor the health of restaurants and prudently balance risk while helping our customers grow at fast, flexible access to capital.

由 Toast Capital 領導的我們的非支付金融科技解決方案在第四季度貢獻了 3,400 萬美元的毛利，反映了穩定、健康的需求。我們繼續採取平衡的方法來發展 Toast Capital，我們能夠即時存取 POS 數據的獨特地位使我們能夠監控餐廳的健康狀況並審慎平衡風險，同時幫助我們的客戶快速、靈活地獲取資本來實現成長。

ARR remains our north star. As Aman laid out, across two growth vectors, locations and ARPU, we have multiple levers to sustain healthy ARR growth over time. We will prioritize the highest-value locations to extend our success in this segment of the market. At the same time, the breadth of our integrated platform and ongoing product innovation opens up the entire restaurant TAM to us and we plan to capitalize on that opportunity to drive further share gains.

ARR 仍然是我們的北極星。正如安縵所闡述的那樣，在地點和 ARPU 兩個成長載體上，我們擁有多種槓桿來維持 ARR 的長期健康成長。我們將優先考慮價值最高的地點，以擴大我們在這一市場領域的成功。同時，我們綜合平台的廣度和持續的產品創新為我們打開了整個 TAM 餐廳的大門，我們計劃利用這個機會進一步推動份額成長。

As we expand, we will remain grounded in unit economics and will tightly manage payback periods across the portfolio to ensure we drive incremental profit as we scale our locations. In 2023, our dollar-based payback period was 14 months, in line with our target for the portfolio and an improvement from 2022 even as we expanded into more parts of the TAM and increased our international investment.

隨著我們的擴張，我們將繼續立足於單位經濟效益，並將嚴格管理整個投資組合的投資回收期，以確保我們在擴張地點時增加利潤。 2023 年，我們以美元為基礎的投資回收期為 14 個月，符合我們的投資組合目標，並且比 2022 年有所改善，即使我們擴展到 TAM 的更多地區並增加了國際投資。

In fintech, our long-term growth drivers for increasing core net take rate remain, driving towards lowest cost per transaction and leveraging our unique customer relationships to provide additional fintech solutions. We anticipate SaaS ARPU growth to be in mid-single digits over the near term driven by increasing attach and pricing. Across both SaaS and fintech, pricing is a lever that we will use methodically to monetize the value we provide customers. As Aman discussed, this is a capability we are building to be an ongoing part of our growth algorithm over time.

在金融科技領域，我們提高核心淨利率的長期成長動力仍然存在，推動每筆交易成本最低，並利用我們獨特的客戶關係提供額外的金融科技解決方案。我們預計，在附加費和定價增加的推動下，SaaS ARPU 的成長在短期內將達到中個位數。在 SaaS 和金融科技領域，定價是一種槓桿，我們將有條不紊地使用它來將我們為客戶提供的價值貨幣化。正如 Aman 所討論的，這是我們正在建立的功能，隨著時間的推移，它將成為我們成長演算法的持續組成部分。

Turning to our expenses. We manage hardware and services as customer acquisition costs and provide these on a discounted basis to offer an easy, low-friction on-ramp for customers. Q4 hardware and services gross margin improved 19 percentage points compared to last year, primarily reflecting lower shipping costs and ongoing operational efficiencies.

轉向我們的開支。我們將硬體和服務作為客戶獲取成本進行管理，並以折扣方式提供這些服務，為客戶提供輕鬆、低摩擦的入口。第四季硬體和服務毛利率比去年提高了 19 個百分點，主要反映了運輸成本的降低和持續的營運效率。

Sales and marketing expenses increased 18% year-over-year in Q4 as we continue to invest in our upsell and international sales teams and make targeted investments in our U.S. new business team to drive deeper penetration. Sales and marketing as a percentage of our recurring gross profit streams improved by 400 basis points in Q4 relative to last year. Our go-to-market motion is a competitive differentiator and an important part of our ability to efficiently scale the business, enabling us to sustain healthy ARR growth while moderating investments in sales and marketing.

由於我們繼續投資追加銷售和國際銷售團隊，並對美國新業務團隊進行有針對性的投資以推動更深層次的滲透，第四季度的銷售和行銷費用同比增長 18%。與去年相比，第四季度銷售和行銷占我們經常性毛利流的百分比提高了 400 個基點。我們的上市行動是一個競爭優勢，也是我們有效擴展業務能力的重要組成部分，使我們能夠維持健康的 ARR 成長，同時減少對銷售和行銷的投資。

R&D expenses grew 17% year-over-year in the fourth quarter. Our product investments are aligned with our priorities to serve more of the TAM to expand ARPU by increasing the addressability of our products and serving more of our customers' needs and to seed longer-term growth initiatives. Complementing these priorities is an emphasis on delivering best-in-class customer experiences and building scalable, resilient infrastructure to support hundreds of thousands of locations.

第四季研發費用年增17%。我們的產品投資與我們的優先事項一致，即為更多 TAM 提供服務，透過提高產品的可尋址性、滿足更多客戶的需求來擴大 ARPU，並培育長期成長計畫。作為這些優先事項的補充，重點是提供一流的客戶體驗和建立可擴展、有彈性的基礎設施來支援數十萬個地點。

G&A expenses grew 5% year-over-year in the quarter. Excluding $20 million of bad debt and credit-related expenses primarily related to reserves for Toast Capital, G&A was up 3%. That's a result of our ongoing efficiency efforts and prudently managing overhead defenses.

本季的一般管理費用年增 5%。不包括主要與 Toast Capital 準備金相關的 2,000 萬美元壞帳和信貸相關費用，G&A 成長 3%。這是我們持續努力提高效率和謹慎管理架空防禦的結果。

Adjusted EBITDA was $29 million in the quarter. The 10% margin on our recurring gross profit streams marked a 19 percentage point improvement from Q4 last year driven by the combination of continued strong top line growth and operating leverage as we efficiently scale the business.

本季調整後 EBITDA 為 2,900 萬美元。我們的經常性毛利流動為 10%，較去年第四季提高了 19 個百分點，這得益於持續強勁的營收成長和我們有效擴展業務的營運槓桿。

Free cash flow totaled $81 million in the quarter and $93 million for the full year. We converted over 100% of adjusted EBITDA to free cash flow, with working capital benefiting from stronger GPV trends in December. Over time, we anticipate the trajectory of free cash flow to broadly mirror adjusted EBITDA. Free cash flow is typically lower in the first quarter each year due to seasonality of our payments business and the timing of cash bonus payments, and this year in Q1 we'll also include severance payments. Given these factors, we expect free cash flow to be negative in Q1, then accelerate as the year progresses.

本季自由現金流總計 8,100 萬美元，全年自由現金流總計 9,300 萬美元。我們將超過 100% 的調整後 EBITDA 轉化為自由現金流，營運資本受益於 12 月強勁的 GPV 趨勢。隨著時間的推移，我們預期自由現金流的軌跡將大致反映調整後的 EBITDA。由於我們的支付業務的季節性和現金獎金支付的時間安排，每年第一季的自由現金流通常較低，今年第一季我們還將包括遣散費。考慮到這些因素，我們預計第一季自由現金流將為負值，然後隨著今年的進展而加速。

In terms of the restructuring we announced today, we anticipate recognizing $45 million to $55 million in restructuring and related charges for the year, with most of it falling in Q1. In total, we expect over $100 million in annualized savings, including stock-based compensation from the restructuring and lower hiring. We will reinvest a portion of savings into our highest-conviction growth initiatives.

就我們今天宣布的重組而言，我們預計今年將確認 4,500 萬至 5,500 萬美元的重組及相關費用，其中大部分發生在第一季。總的來說，我們預計年化節省將超過 1 億美元，其中包括重組和減少招聘帶來的基於股票的薪酬。我們將把一部分儲蓄再投資到我們最有信心的成長計劃中。

Our 2024 top line guidance is for the combination of subscription and fintech non-GAAP gross profit, our recurring gross profit streams, which is the P&L metric that most closely aligns with ARR. In Q1, we expect 22% top line growth and $20 million in adjusted EBITDA at the midpoint. This reflects slower GPV trends in January due to weather headwinds across many parts of the country. GPV has stabilized over the past few weeks, and we continue to closely monitor.

我們的 2024 年營收指引是針對訂閱和金融科技非 GAAP 毛利、我們的經常性毛利流的組合，這是與 ARR 最接近的損益指標。第一季度，我們預計營收成長 22%，調整後 EBITDA 中點為 2,000 萬美元。這反映出由於全國許多地區的天氣逆風，一月份的 GPV 趨勢放緩。 GPV 在過去幾週已趨於穩定，我們將繼續密切關注。

Net location adds in 2024 will follow the typical seasonal pattern. We expect a lower Q1 similar to Q1 last year in the 5,500 range, then location adds will peak in Q2 as restaurants prepare for a busy season. More broadly, with a healthy pipeline, consistent go-to-market execution and increasing contribution from new segments as the year progresses, we are well positioned to add more locations to our platform in 2024 than last year.

2024 年的淨位置增加將遵循典型的季節性模式。我們預計第一季的數量將與去年第一季類似，在 5,500 個範圍內，然後隨著餐廳為旺季做準備，門市數量的增加將在第二季達到頂峰。更廣泛地說，憑藉健康的管道、一致的上市執行以及隨著時間的推移新細分市場的貢獻不斷增加，我們有能力在 2024 年為我們的平台添加比去年更多的地點。

On a full year basis, the $210 million midpoint of our adjusted EBITDA guidance reflects a nearly $150 million improvement and margin expansion of 10 percentage points relative to 2023. As we drive efficiency and increase profitability, we'll prudently invest in our highest-priority growth areas, including product innovation and our go-to-market engine. In addition, we will continue to invest in longer-term initiatives where we have conviction, like international expansion and enterprise, as well as plant seeds in newer initiatives where we see a clear right to win to expand our market opportunity and extend our growth potential.

全年來看，我們調整後的EBITDA 指引中位數2.1 億美元反映了與2023 年相比近1.5 億美元的改善和利潤率擴大了10 個百分點。在我們提高效率和提高獲利能力的同時，我們將謹慎投資於我們最優先的領域成長領域，包括產品創新和我們的上市引擎。此外，我們將繼續投資於我們有信心的長期計劃，例如國際擴張和企業，並在新計劃中播種，我們認為這些計劃有明確的獲勝機會，以擴大我們的市場機會並擴大我們的成長潛力。

Stock-based compensation is an area we're managing with the same rigor and discipline as other expenses. Through a combination of disciplined head count management, including the restructuring plan announced today, changes to equity granting practices and the roll-off of large grants made in 2021 and 2022 over the next couple of years, our goal is for stock-based comp to decline from 27% in 2023 to low double digits as a percentage of our recurring gross profit streams over the medium term.

基於股票的薪酬是我們以與其他費用相同的嚴格和紀律來管理的一個領域。透過嚴格的人員管理，包括今天宣布的重組計劃、股權授予做法的改變以及未來幾年 2021 年和 2022 年大額贈款的滾存，我們的目標是實現基於股票的競爭占我們中期經常性毛利潤流的百分比將從2023 年的27% 下降到低兩位數。

Managing our equity program will also improve dilution. We are committed to maintaining net share dilution on our total fully diluted share count, which includes all stock awards, to below 2% annually. With the combination of continued adjusted EBITDA margin expansion and leverage in our stock-based compensation, we are on track for GAAP operating income profit by the first half of 2025.

管理我們的股權計劃也將改善股權稀釋。我們致力於將完全稀釋後的總股數（包括所有股票獎勵）的淨股稀釋率每年保持在 2% 以下。透過持續調整的 EBITDA 利潤率擴張和股票薪酬的槓桿作用，我們預計在 2025 年上半年實現 GAAP 營業收入利潤。

Lastly, let me turn to capital allocation. As our free cash flow profile grows, our capital allocation strategy will evolve. Our top priority continues to be investing organically in our business to drive sustainable long-term growth. Even as we strategically invest, we are committed to driving increasing free cash flow. With excess free cash flow, we will evaluate M&A. So we will hold a high bar given the strong organic growth outlook, and we're adding the option to return capital to shareholders to our capital allocation toolkit with a $250 million share repurchase authorization. We do not have a timetable on repurchases and will act judiciously and opportunistically. We plan to regularly optimize across these priorities to do what's best for the business at any given time, and we'll always optimize for long-term shareholder value.

最後，讓我談談資本配置。隨著我們的自由現金流狀況的成長，我們的資本配置策略也將持續發展。我們的首要任務仍然是對我們的業務進行有機投資，以推動可持續的長期成長。即使我們進行策略性投資，我們也致力於推動自由現金流的增加。有了多餘的自由現金流，我們就會評估併購。因此，鑑於強勁的有機成長前景，我們將保持較高的標準，並且我們將透過 2.5 億美元的股票回購授權向我們的資本配置工具包中添加向股東返還資本的選項。我們沒有回購時間表，但會明智地、機會主義地採取行動。我們計劃定期優​​化這些優先事項，以便在任何特定時間做對業務最有利的事情，並且我們將始終針對長期股東價值進行最佳化。

To wrap up, we are executing across the board, growing our location count, driving value for our customers, seeding new, longer-term growth initiatives and positioning the company to operate fast and nimble going forward. We are planning to host an Analyst Day during the second quarter where we will go deeper into our business and share more about our market opportunity and strategy. I'm incredibly excited about what lies ahead for Toast.

總而言之，我們正在全面執行，增加我們的網點數量，為客戶創造價值，播種新的長期成長計劃，並使公司未來能夠快速且靈活地運作。我們計劃在第二季度舉辦分析師日活動，屆時我們將深入探討我們的業務並分享更多有關我們的市場機會和策略的資訊。我對 Toast 的未來感到非常興奮。

Thank you. And now I'll turn the call back to the operator to begin Q&A.

謝謝。現在我將把電話轉回接線員以開始問答。

(Operator Instructions) Your first question will be from the line of Will Nance with Goldman Sachs.

（操作員說明）您的第一個問題將來自高盛的 Will Nance。

I appreciate all the color today and congrats on the strong results. You mentioned pricing a couple of times in the prepared remarks. So maybe you could just kind of expand a bit on in terms of how you're thinking about pricing, I know it's something you guys have been talking about in the past couple of quarters. And then, Elena, maybe just a numerical clarification on the guidance, the mid-single-digit ARPU, is that on an ending basis kind of like we discussed last year? Or is that more on an ongoing basis over the course of the year?

我很欣賞今天所有的顏色，並祝賀取得的優異成績。您在準備好的評論中多次提到定價。因此，也許您可以稍微擴展一下您對定價的看法，我知道這是您在過去幾個季度一直在談論的事情。然後，埃琳娜，也許只是對指導的數字澄清，中間個位數的 ARPU，是不是像我們去年討論的那樣？或者說這種情況在這一年持續存在？

Sure. Thanks, Will. I'll start by saying, if you look at pricing, it's an important lever for us, but we plan to use it gradually as part of our broader strategy. We've been at this for over a decade, and we're continuing to invest in our restaurant-specific platform to help restaurants thrive. And I think our customers understand that as we continue to invest in this platform, that we will increase prices over time. If you look at our new customers that are joining our platform, they're paying us more across both SaaS and fintech. And over time, we expect that in existing customers, we will make those adjustments gradually and it's going to be a lever that we'll use over time.

當然。謝謝，威爾。首先我要說的是，如果你看看定價，它對我們來說是一個重要的槓桿，但我們計劃逐步將其用作我們更廣泛策略的一部分。我們在這方面已經有十多年了，我們將繼續投資我們的餐廳特定平台，以幫助餐廳蓬勃發展。我認為我們的客戶明白，隨著我們繼續投資這個平台，我們將隨著時間的推移提高價格。如果你看看加入我們平台的新客戶，你會發現他們在 SaaS 和金融科技方面向我們支付了更多費用。隨著時間的推移，我們預計我們將在現有客戶中逐步進行這些調整，這將成為我們隨著時間的推移而使用的槓桿。

Yes. And Will, you asked the question about SaaS and is that an ending point over the course of the year, and we expect it to be in that range over the course of the year.

是的。 Will，您問了有關 SaaS 的問題，這是否是今年的終點，我們預計它在這一年中將處於這個範圍內。

Got it. I appreciate both of those. And then maybe just a follow-up question on Toast Capital, that's been, I think, a little over a year since you rolled out the longer-duration products there. You kind of mentioned prudently managing that. Just wondering if you could kind of talk about your expectations for that product. Is there something you guys are kind of looking to get more data on or kind of more history? And how should we think about kind of the potential for that product as you continue to scale it?

知道了。我很欣賞這兩點。然後也許只是關於 Toast Capital 的一個後續問題，我想，自從你們在那裡推出長期產品以來已經一年多了。您提到要謹慎管理這一點。只是想知道您是否可以談談您對該產品的期望。你們是否希望獲得更多數據或更多歷史記錄？當您繼續擴展產品時，我們應該如何考慮該產品的潛力？

Yes. Thanks, Will, for the question. So at the highest level, we're really pleased with the performance of Toast Capital, and customer demand has been really steady and default rates are in line with our expectations, so really, really confident in the program overall. We did launch the 360-day program last year. Now we've lapped that. So we're more in a steady state, I would say, in the business but still seeing healthy demand. And I would expect, over the course of this year, it will grow more in line with the rest of the business. But we'll scale it prudently, as you mentioned. And then over the longer term, I think we have an opportunity to continue to evolve and offer more fintech solutions to our customers. But for now, we're going to focus on optimizing this program. It's working well.

是的。謝謝威爾提出這個問題。因此，在最高層面上，我們對 Toast Capital 的表現非常滿意，客戶需求非常穩定，違約率符合我們的預期，所以對整個計畫非常非常有信心。我們去年確實推出了 360 天計畫。現在我們已經做到了。因此，我想說，我們的業務處於穩定狀態，但仍然看到健康的需求。我預計，在今年，它的成長將與其他業務更加一致。但正如您所提到的，我們會謹慎地擴大規模。從長遠來看，我認為我們有機會繼續發展並為客戶提供更多的金融科技解決方案。但現在，我們將專注於優化這個程式。運作良好。

The next question will be from the line of Harshita Rawat with Bernstein.

下一個問題將來自哈希塔·拉瓦特（Harshita Rawat）和伯恩斯坦（Bernstein）的路線。

Elena, can you talk about the dynamics on the gross profit on the fintech side? It looks like the net take rates came down a little bit. I know there's some seasonality here, but can you talk about the drivers here, especially looking forward? I know some of your peers have commented on a favorable pricing environment. And then just as a follow-up, Aman, can you talk about the overall beta for Toast to new business formation which has been kind of running above trend over the last period?

Elena，可以談談金融科技方面毛利的動態嗎？看來淨採用率略有下降。我知道這裡有一些季節性，但你能談談這裡的驅動因素，尤其是未來的驅動因素嗎？我知道你們的一些同行對有利的定價環境發表了評論。然後，作為後續行動，Aman，您能否談談 Toast 對新業務形成的整體貝塔值，該貝塔值在過去一段時間內一直高於趨勢？

I'll cover the first question. I didn't hear clearly the second question, so we may ask you to repeat it, if that's okay.

我將回答第一個問題。我沒聽清楚第二個問題，所以如果可以的話，我們可以請您重複一次。

On the take rate question, take rate in Q4 was 52 basis points. 10 basis points of that is related to Toast Capital. Our core take rate was 42 basis points. There were some customer credits in that take rate, nothing structural to consider over the long term. As we think about take rate over the next year, it will have that same seasonal pattern we do in Q1 where, because of debit, it's higher. But as the year progresses, we should see it improve mostly because we're going to continue our cost optimization efforts. We'll have some surgical pricing that's planned in the latter half of the year. And then longer term, of course, as I will talk about, we will always continue to optimize our take rate and drive it up steadily over time.

關於採用率問題，第四季的採用率為 52 個基點。其中10個基點與Toast Capital有關。我們的核心採用率為 42 個基點。該轉換率中有一些客戶信用，從長遠來看沒有什麼結構性的需要考慮。當我們考慮明年的利率時，它將具有與第一季相同的季節性模式，由於借記，它會更高。但隨著時間的推移，我們應該會看到它的改善主要是因為我們將繼續我們的成本優化工作。我們計劃在今年下半年進行一些手術定價。當然，從長遠來看，正如我將要談到的，我們將始終繼續優化我們的採用率，並隨著時間的推移穩步提高。

And then your second question, do you mind repeating it?

然後你的第二個問題，你介意重複一次嗎？

Yes, of course. So it was about your beta to overall like new business formation on the location adds. I know overall, if I look at like new business formation restaurants, it's been running higher versus trend on the long-term trend. So just any comments there.

是的當然。因此，這是關於您的貝塔值，就像該位置上的新業務形成一樣。我知道總的來說，如果我看看新成立的餐廳，從長期趨勢來看，它的運行速度高於趨勢。所以只是有任何評論。

Yes. Thanks, Harshita. Look, we've continued to see it fairly balanced between new openings and existing restaurants. Post-COVID, we saw a bit of tailwind from new restaurants, but that hasn't tailed off in any material way. I'd also just say, if you zoom out, we've been at this for over a decade and we're the first to build this vertically integrated, restaurant-specific platform, and we'll continue to invest. And what we see, across both existing restaurants and new restaurants, we see our sales team able to continue to gain market share across both, across FSRs and QSRs. And so even in a world where there's some movement in terms of the number of new openings, we're confident in our ability to continue to gain share.

是的。謝謝，哈西塔。看，我們繼續看到新開的餐廳和現有的餐廳之間相當平衡。新冠疫情過後，我們看到了新餐廳帶來的一些推動力，但這並沒有以任何實質方式減弱。我還想說，如果你縮小範圍，我們已經在這方面工作了十多年，我們是第一個構建這個垂直整合的、針對餐廳的平台的公司，我們將繼續投資。我們看到，無論是現有餐廳還是新餐廳，我們的銷售團隊都能夠繼續在 FSR 和 QSR 中獲得市場份額。因此，即使在新職位數量出現一些變化的情況下，我們也對繼續獲得份額的能力充滿信心。

The next question is from the line of Tien-Tsin Huang with JPMorgan.

下一個問題來自摩根大通的黃天欽。

And I appreciate all the profitability focus here. So my question, Elena, for you, you were spot-on with your location outlook here in the second half of '23. You mentioned you're going to add more in '24 than '23. A question I get quite often is, how do the new location additions differ than what you've seen in the past year or 2 years ago? I think there's always this question of are they smaller GPV potential locations. Can you maybe just comment on that big picture-wise?

我很欣賞這裡對獲利能力的關注。所以我的問題是，艾琳娜，對你來說，你對 23 年下半年的位置展望非常準確。您提到您將在 24 年添加比 23 年更多的內容。我經常收到的一個問題是，新增的地點與您在過去一年或兩年前看到的地點有何不同？我認為始終存在這樣的問題：它們是否具有較小的 GPV 潛在位置。您能從大局上評論一下嗎？

I'm happy, Tien-Tsin. Thanks for the question. I'll repeat actually what I just said. If you think about our mission, we've been at this for 12 years now and we were the first ones to build this platform that was purpose-built for the restaurant industry. And the team is continuing to invest to make it accessible across all restaurants, right, starting in the U.S. and, over time, globally. If you look in the near term, like SMBs continue to drive the majority of our growth, and we see a lot of runway as we gain share. We've talked about how, as we get into markets, I talked about this in my prepared remarks, we see more and more markets getting into flywheel state, which is markets that have over 20% share.

我很高興，田津。謝謝你的提問。我實際上會重複我剛才所說的話。如果您考慮我們的使命，您會發現我們已經在這方面投入了 12 年，而且我們是第一批建立這個專為餐飲業打造的平台的公司。團隊正在繼續投資，以使其在所有餐廳都能使用，從美國開始，隨著時間的推移，擴展到全球。如果你從短期來看，像中小企業這樣的公司將繼續推動我們的大部分成長，並且隨著我們獲得份額，我們會看到很多跑道。我們已經討論過，當我們進入市場時，我在準備好的發言中談到了這一點，我們看到越來越多的市場進入飛輪狀態，即擁有超過 20% 份額的市場。

And then we're also expanding our products to go after the broader TAM, starting with the U.S. TAM, enterprise market as well as mid-market and the SMB, and then international markets as well. The impact to GPV as we expand this TAM should be minimal and gradual. Our average location, we expect, will continue to remain above industry averages. And as we mentioned, like this year, we expect ARPU to continue to grow in 2024 to complement our location growth and be a vector of growth. And the team is very focused on making sure that as we get into new parts of the TAM, we are looking at payback periods to make sure that we have healthy unit economics across the broader TAM.

然後，我們還擴展我們的產品，以瞄準更廣泛的 TAM，首先是美國 TAM、企業市場、中端市場和 SMB，然後是國際市場。當我們擴展 TAM 時，對 GPV 的影響應該是最小的且漸進的。我們預計，我們的平均位置將繼續保持高於行業平均。正如我們所提到的，與今年一樣，我們預計 ARPU 將在 2024 年繼續成長，以補充我們的位置成長並成為成長的載體。團隊非常注重確保當我們進入 TAM 的新部分時，我們正在考慮投資回收期，以確保我們在更廣泛的 TAM 中擁有健康的單位經濟效益。

Great. I didn't mean to be redundant but just wanted to cover that. Then just maybe as a follow-on to that, with that ARPU comment, just the attached products, is that evolving as well? I know the 43%, using 6-plus, has stayed there. But is the composition of products being taken changing at all? I know that a lot of your peers are pushing some of the higher-end stuff like payroll as well, any update there? And I'll jump off.

偉大的。我並不是有意多餘，只是想涵蓋這一點。那麼也許作為後續，隨著 ARPU 評論，只是附加產品，它也在不斷發展嗎？我知道 43% 的人使用 6+，並且一直留在那裡。但所採用的產品成分是否發生了變化？我知道你們的許多同行也在推動一些高端的東西，例如薪資單，有什麼更新嗎？我會跳下去。

Sure. Thanks, Tien-Tsin. Yes, one of the things we just rolled out was pricing and packaging 3.0, the new version, and it's really helping our new business reps optimize with location growth as well as maximizing ARPU upfront, and we're balancing that with our upsell team that we're continuing to scale. In terms of the product attach rates, there's nothing that's fundamentally changed. We're seeing healthy growth across our employee cloud products, our fintech products, our guest products. And the R&D team continue to focus on getting customer feedback as we continue to scale locations to see what are ways in which we can increase terminal attach in terms of expanding the product market fit for these products. But we continue to see healthy growth across the portfolio of products that we offer.

當然。謝謝田津。是的，我們剛剛推出的其中一件事是定價和包裝3.0，新版本，它確實幫助我們的新業務代表根據位置增長進行優化，並最大限度地提高前期ARPU，我們正在與我們的追加銷售團隊平衡這一點我們正在繼續擴大規模。就產品附加率而言，沒有什麼根本性的改變。我們看到我們的員工雲端產品、金融科技產品和訪客產品都在健康成長。研發團隊繼續專注於獲取客戶回饋，同時我們繼續擴大地點，以了解我們可以透過哪些方式來增加終端連接，以擴大適合這些產品的產品市場。但我們繼續看到我們提供的產品組合的健康成長。

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

下一個問題來自史蒂芬·謝爾頓和威廉·布萊爾的對話。

So great to hear that you're now over 30% SMB market share in some markets. And I think you noted that in those markets, you're still seeing healthy share gains. But curious if market share gains seem to be slowing down some once you hit a threshold like that, do you reach some level of saturation where it gets a lot harder to grow locations in some of those markets?

很高興得知您現在在某些市場的中小企業市佔率超過 30%。我想您已經注意到，在這些市場中，您仍然看到了健康的份額成長。但令人好奇的是，一旦達到這樣的門檻，市場佔有率的成長似乎會放緩，是否會達到一定程度的飽和，從而在某些市場中拓展業務變得更加困難？

Yes. Thanks for the question, Sheldon. I mean I mentioned this in my prepared remarks, but even in our markets where we have the highest SMB penetration, this is over 30%, we're still seeing some of the strongest rep productivity and some of the strongest conversion in productivity. I think a lot of that is driven by just the social proof. As we make more customers successful in these markets, we continue to see strong growth. So we haven't seen any change in terms of the rate at which customers are joining our platform and as we get more share in these local markets.

是的。謝謝你的提問，謝爾頓。我的意思是，我在準備好的發言中提到了這一點，但即使在我們擁有最高SMB 滲透率的市場（超過30%），我們仍然看到一些最強的代表生產力和一些最強的生產力轉化。我認為這很大程度上是由社會證明所驅動的。隨著我們幫助更多客戶在這些市場取得成功，我們將繼續看到強勁的成長。因此，我們沒有看到客戶加入我們平台的速度以及我們在這些本地市場獲得更多份額方面發生任何變化。

Got it. That's helpful. And then a follow-up with international monetization, seeming like it's picking up, I think you noted a 1,000 locations in those 3 markets. How are you thinking about expansion into other markets beyond those three that you've been focusing investment on so far?

知道了。這很有幫助。然後是國際貨幣化的後續行動，似乎正在回升，我想您已經注意到這 3 個市場中有 1,000 個地點。除了迄今為止您一直重點投資的三個市場之外，您如何考慮擴展到其他市場？

Yes. It's a good question. For the moment, we're really focused on the markets that we're in. We're still early, in the early days there, and we've been focusing on the go-to-market motion and honing that and building out the platform, so we want to continue to focus there. But we'll update you should that change. But for the near term, we're focused on the countries that we've talked about, which is the U.K., Canada and Dublin.

是的。這是一個好問題。目前，我們真正關注的是我們所在的市場。我們還處於早期階段，我們一直專注於進入市場的行動，並磨練和建立平台，所以我們希望繼續關注那裡。但如果情況發生變化，我們會通知您。但就近期而言，我們的重點是我們已經討論過的國家，即英國、加拿大和都柏林。

The only thing I'll add is, in those markets, we see tremendous potential for growth, right? It's still in the early days of, I think, what's possible. The reception we see from these customers in these markets is very similar to what we saw in the U.S. in the early days, and we want to make sure that we're able to get these markets to a great spot before we think about expanding beyond that.

我唯一要補充的是，在這些市場中，我們看到了巨大的成長潛力，對吧？我認為，目前還處於早期階段。我們在這些市場中看到的這些客戶的反應與我們早期在美國看到的非常相似，我們希望確保在我們考慮擴展到其他市場之前，我們能夠讓這些市場達到一個很好的水平。那。

The next question is from the line of Dave Koning with Baird.

下一個問題來自戴夫·科寧 (Dave Koning) 和貝爾德 (Baird)。

Yes, guys, great job. I guess my first question, the flow-through on recurring GP growth was like 70% to EBITDA the last 2 quarters, so you're getting incredible margin kind of flow-through. And I guess I'm wondering, is that kind of level sustainable? And is there some sort of metric, like EBITDA percent of recurring GP, we could see you give at some point? Is there some sort of target on that?

是的，夥計們，幹得好。我想我的第一個問題是，過去兩個季度，經常性 GP 成長的流量約為 EBITDA 的 70%，因此您將獲得令人難以置信的利潤率流量。我想我想知道，這種水平是否可持續？是否有某種指標，例如經常性 GP 的 EBITDA 百分比，我們可以看到您在某個時候給出？對此有某種目標嗎？

Yes. I mean I'd point you to our guidance. We're really confident in the guidance that we have, Dave, and it's reflecting -- if you think about the long-term guidance we've given out a few quarters ago, we have ambition to get to 30% to 35% long-term recurring gross profit growth. That was something we talked about over the long term -- sorry, EBITDA margin. And so just keep that in mind. That continues to be our focus. And you see us tracking towards that based on the leverage you've seen in the business over the last several quarters and the guidance that we said today. So our ambitions on EBITDA guidance haven't changed over the long term.

是的。我的意思是我會向您指出我們的指導。戴夫，我們對我們的指導非常有信心，這反映出——如果你考慮一下我們幾個季度前給出的長期指導，我們有雄心勃勃地實現 30% 到 35% 的長期指導長期經常性毛利潤增長。這是我們長期討論的問題——抱歉，EBITDA 利潤率。所以請記住這一點。這仍然是我們的重點。您會看到我們根據過去幾個季度在業務中看到的槓桿率以及我們今天所說的指導來追蹤這一目標。因此，從長遠來看，我們對 EBITDA 指導的野心沒有改變。

Great. And then I guess on the fintech yield, I think Harshita asked a little bit about this, too, it was a little down this year. Is the seasonal impact in Q1 being the highest and then going down through the year? Or because of some pricing actions, could we see a little divergence in kind of the normal yield progression through the year?

偉大的。然後我想關於金融科技的收益率，我認為 Harshita 也問了一些這個問題，今年略有下降。第一季的季節性影響是否最高，然後全年下降？或者由於一些定價行為，我們會看到全年正常收益率進展存在一些差異？

Yes, Q1 definitely is typically, because of debit, you'll see a higher impact. And then as the year progresses, it's not just we have a marginal amount in for some surgical pricing in the second half of the year, but you'll continue to see us optimize cost. And that's just part of our normal mode of operating, is really trying to optimize our cost structure over time. So both will play a role in the second half of the year.

是的，第一季肯定是典型的，因為簽帳卡，你會看到更大的影響。隨著時間的推移，我們不僅在下半年的一些手術定價上有邊際金額，而且您將繼續看到我們優化成本。這只是我們正常營運模式的一部分，我們確實在努力隨著時間的推移優化我們的成本結構。所以兩者都會在下半年發揮作用。

The next question is from the line of Tim Chiodo with UBS.

下一個問題來自瑞銀集團 (UBS) 的 Tim Chiodo。

Great. I want to dig in a little bit to the mid-single-digit SaaS ARR per location outlook. Two components there I want to dig into. First is the newer customer cohort and also the potential from the upsell of the back book. On the newer customers or the new cohort, are you able to put a finer point on what sort of SaaS ARR per location level that they are coming in at maybe relative to the total company or relative to last year's new cohort? And then on the existing customers, given you've hired new or added to the sales team for the growth team or the upsell team, maybe you could talk about the contribution to that mid-single-digit growth for the existing book.

偉大的。我想深入了解每個地點 SaaS ARR 的中位數前景。我想深入研究兩個組成部分。首先是新客戶群以及舊書追加銷售的潛力。對於新客戶或新群體，您是否能夠更詳細地說明他們相對於整個公司或相對於去年的新群體的每個地點級別的 SaaS ARR？然後，關於現有客戶，考慮到您已經為成長團隊或追加銷售團隊僱用了新的或增加了銷售團隊，也許您可以談論對現有書籍的中個位數成長的貢獻。

Sure. Thanks for the question. Look, I think we mentioned this in our last earnings call as well. As we optimize our land-and-expand motion, the new customers that are joining Toast, our sales team is optimizing the number of locations as well as the product attach rates. And so the ARPU is slightly lower. And then that's complemented with our upsell team. The upsell team, those are teams that are regionalized, that take over, and are looking to drive attach rates across the product portfolio.

當然。謝謝你的提問。看，我想我們在上次財報電話會議中也提到了這一點。隨著我們優化土地擴張行動、加入 Toast 的新客戶，我們的銷售團隊正在優化地點數量以及產品附加率。所以 ARPU 稍微低一些。然後我們的追加銷售團隊對此進行了補充。追加銷售團隊是區域化的團隊，負責接手並尋求提高整個產品組合的附加率。

I think if you just zoom out for a second and think about the growth potential in the business, we're confident in our ability to continue to drive sustained ARR growth across both locations and ARPU. And we believe both of those will complement each other. And so I think over time, as we continue to improve the capabilities across our product portfolio and improve our pricing and packaging and our upsell motion, there should be continued levers of growth for us into the future.

我認為，如果您稍微關註一下業務的成長潛力，我們就有信心繼續推動兩個地點的 ARR 和 ARPU 持續成長。我們相信這兩者將相輔相成。因此，我認為，隨著時間的推移，隨著我們繼續提高產品組合的能力，改善我們的定價和包裝以及我們的追加銷售行動，我們未來應該會有持續的成長槓桿。

Okay. So essentially, the new customer cohort will be a little bit of a drag on that mid-single-digit ARPU growth. More of the growth will be driven by the other two levers then, the existing customers' upsell and, of course, the pricing. Is that a fair characterization at least for this year?

好的。因此，從本質上講，新客戶群將對中等個位數的 ARPU 成長產生一定的拖累。更多的成長將由其他兩個槓桿推動，即現有客戶的追加銷售，當然還有定價。至少對今年來說，這是一個公平的描述嗎？

Yes, I think that's fair. I think you think of pricing as a gradual lever, right, that complements both locations and product attach rates.

是的，我認為這是公平的。我認為您認為定價是一個漸進的槓桿，對吧，它補充了位置和產品附加率。

The next question is from the line of Samad Samana with Jefferies.

下一個問題來自 Samad Samana 和 Jefferies。

Great. Maybe just on the international side, I know it's only 1,000 locations. But just as we think about that contributing more going forward, how does the average SaaS ARPU for those locations look versus maybe your broader installed base? And a similar question, how does maybe GPV per location compare? And how should we think about that maybe evolving over time as you make more progress in the international markets?

偉大的。也許就國際而言，我知道只有 1,000 個地點。但正如我們考慮為未來做出更多貢獻一樣，這些地點的平均 SaaS ARPU 與您更廣泛的安裝基礎相比如何？還有一個類似的問題，每個地點的 GPV 比較如何？隨著您在國際市場上取得更多進展，我們應該如何考慮隨著時間的推移，這種情況可能會改變？

Yes. Thanks, Samad, for the question. So first of all, as Aman said, we're really pleased with what we're seeing internationally. And we've really focused on the go-to-market motion. We've started with our core platform, so we expect to add more elements to the platform. So as a result of starting with just the core elements of the platform, the ARPU is obviously lower. But as we add more to the platform, we should see it get closer to what we see in the U.S., so that's an opportunity for us. And even with platform we have, we've had a lot of great success. So we expect to add more of the platform in '24. We'll see that play out over the next, obviously, several years in terms of the impact on ARPU. And in terms of the profile of customers, they don't look that different than the U.S.

是的。謝謝薩馬德提出的問題。首先，正如阿曼所說，我們對國際上所看到的情況感到非常滿意。我們確實專注於進入市場的行動。我們已經從我們的核心平台開始，因此我們希望為該平台添加更多元素。因此，由於只從平台的核心元素開始，ARPU 明顯較低。但隨著我們為該平台添加更多內容，我們應該會看到它越來越接近我們在美國看到的情況，所以這對我們來說是一個機會。即使有了我們擁有的平台，我們也取得了許多巨大的成功。因此，我們預計在 24 年添加更多的平台。顯然，我們將在接下來的幾年中看到這種情況對 ARPU 的影響。就客戶概況而言，他們看起來與美國沒有什麼不同。

If you look at our business, the bulk of our net adds continue to come from our core SMB business, right? We reached 1,000 locations over a couple of years. And as we build out the full platform internationally and see the improvements in our payback periods and the unit economics, that's where we'll look to put the pedal down even further. And so in terms of any changes to our mix across GPV and ARPU, you shouldn't expect that to be material in the short term.

如果你看看我們的業務，我們的大部分淨增量仍然來自我們的核心中小企業業務，對嗎？我們在幾年內涵蓋了 1,000 個地點。當我們在國際上建立完整的平台並看到投資回收期和單位經濟效益的改善時，我們將尋求進一步加強。因此，就我們的 GPV 和 ARPU 組合的任何變化而言，您不應期望這在短期內會產生重大影響。

Understood. And then maybe just on the cost side, I know that doing a reduction in force is a difficult decision. I guess, stepping away from head count, are there any other cost savings measures that you're putting in place in addition to just the head count reduction, anything that we should be aware of that flows as the year progresses as well?

明白了。然後也許只是在成本方面，我知道減少兵力是一個艱難的決定。我想，除了減少人員數量之外，您還採取了其他任何成本節約措施嗎？隨著時間的推移，我們還應該注意哪些措施？

We terminated a lease. But just in general, when you zoom out, Samad, I want to make this very clear, like restructuring is one of many efforts that we have been working toward on efficiency for several quarters, right? We delivered over $175 million of leverage this year. And we're going to continue across the company to operate in a very disciplined fashion, so you shouldn't see this as a onetime effort on efficiency but just how we run our business.

我們終止了租約。但總的來說，當你縮小視野時，薩馬德，我想非常清楚地說明這一點，就像重組是我們幾個季度以來一直在努力提高效率的眾多努力之一，對嗎？今年我們提供了超過 1.75 億美元的槓桿。我們將繼續在整個公司以非常嚴格的方式運營，因此您不應該將其視為一次性的效率努力，而只是我們經營業務的方式。

The next question will be from the line of Josh Baer with Morgan Stanley.

下一個問題將來自摩根士丹利的喬許貝爾 (Josh Baer)。

Great. Two on restaurant retail. I guess, first, any context for the mix of locations that might have retail or the addressable GPV opportunity not currently on the platform.

偉大的。餐廳零售業有兩個。我想，首先，可能有零售或目前平台上沒有的可尋址 GPV 機會的地點組合的任何背景。

Yes, Josh, thanks for the question. As I mentioned earlier, SMBs continue to drive the majority of our growth, and we see tremendous runway there. In fact, a lot of the growth and expansion into restaurant retail was driven by our existing restaurants because many of them also offer market and grocery and wine and wanted a single platform across all these businesses. We do think that the GPV and ARPU potential in these businesses, if anything, is stronger. But in terms of if you just zoom out and think about what's driving the bulk of our net adds, it's going to continue to be SMBs and, over time, mid-market enterprise and international, and then beyond that, restaurant retail.

是的，喬什，謝謝你的提問。正如我之前提到的，中小企業繼續推動我們的大部分成長，我們在那裡看到了巨大的發展空間。事實上，餐廳零售業的許多成長和擴張都是由我們現有的餐廳推動的，因為其中許多餐廳還提供市場、雜貨和葡萄酒，並且希望有一個涵蓋所有這些業務的單一平台。我們確實認為這些業務的 GPV 和 ARPU 潛力（如果有的話）更強。但如果你把目光放遠一點，想想是什麼推動了我們淨增加的大部分，那麼它將繼續是中小型企業，隨著時間的推移，中端市場企業和國際企業，然後是餐廳零售業。

Got it. And the follow-up in regard to retail, perhaps if you have a robust restaurant retail offering, you're part of the way there to more fully serving the retail vertical. Is that a TAM expanding opportunity that you're considering down the road?

知道了。至於零售方面的後續行動，也許如果您擁有強大的餐廳零售產品，您就可以為零售垂直領域提供更全面的服務。這是您未來考慮的 TAM 擴張機會嗎？

Yes. I think so over time. Like, if you just zoom out and think about our capabilities that we offer, we started in the restaurant vertical by building this purpose-built platform. That's exclusively built, and that's really what's allowed us to scale and gain market share to being one of the market leaders. As we think beyond this and expand the platform and the portfolio of products that we offer, and the go-to-market engine that we have and the customer success engine that we have, we certainly think there's opportunity for us to expand beyond. But our focus right now is really in markets where food is served, right? You're seeing these lines between restaurants and retail blur. And a lot of these concepts want a single system because they want a single back end that they can use to back all of this data, and that's where we're starting.

是的。我想隨著時間的推移也是如此。就像，如果你只是縮小範圍並思考我們提供的功能，我們就透過建造這個專用平台從垂直餐廳開始。這是專門建構的，這確實使我們能夠擴大規模並獲得市場份額，成為市場領導者之一。當我們超越這一點並擴展我們提供的平台和產品組合、我們擁有的進入市場引擎和我們擁有的客戶成功引擎時，我們當然認為我們有機會超越這一點。但我們現在的重點實際上是提供食品的市場，對吧？您會看到餐廳和零售店之間的界線變得模糊。許多這些概念需要一個單一的系統，因為他們想要一個可以用來支援所有這些數據的後端，這就是我們的起點。

The next question is from the line of Darrin Peller with Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

I'd love to hear a little bit more about what's going so well on the enterprise side for a moment. Obviously, you brought up hotels and Caribou. Maybe just a little more color on your anticipation there and expectations for that for more progress to come, maybe a bit more on product gaps or product opportunities that you see in that category that you can do some more work on, and maybe even add ARPU on that front as well.

我很想聽聽更多有關企業方面目前進展順利的資訊。顯然，你提到了酒店和馴鹿。也許只是多一點關於您的預期以及對未來取得更多進展的期望，也許更多一點關於您在該類別中看到的可以做更多工作的產品差距或產品機會，甚至可能添加 ARPU在這方面也是如此。

Yes. Thanks for the question, Darrin. Look, we're proud of the team's progress over the past year with new brands. Like, if you just look at Choice and Caribou, which I talked about in my prepared remarks, Marriott in expansion with existing customers, like Nothing Bundt Cakes and MTY, if you just zoom out, we started investing in enterprise business just a couple of years ago. It's really great to see the progress we've made in a short period of time. And we're also seeing really good healthy pipeline and inbound requests from customers. But you got to keep in mind, these are enterprise customers. These are long cycles. And we want to be balanced also in terms of which customers we partner with so it does not distract our R&D teams where a single customer has custom work that can take over our product road maps.

是的。謝謝你的提問，達林。看，我們為團隊過去一年在新品牌方面取得的進步感到自豪。就像，如果你只看一下我在準備好的演講中談到的Choice 和Caribou，萬豪酒店與現有客戶的擴張，例如Nothing Bundt Cakes 和MTY，如果你把目光放遠一點，我們就開始投資企業業務。幾年前。看到我們在短時間內取得的進步真是太棒了。我們也看到非常良好的健康管道和來自客戶的入站請求。但您必須記住，這些是企業客戶。這些都是很長的周期。我們也希望在與哪些客戶合作方面保持平衡，這樣就不會分散我們的研發團隊的注意力，因為單一客戶的客製化工作可以接管我們的產品路線圖。

In terms of some of the capabilities in ARPU, I think it starts by building out some of just the core capabilities, enterprise config management, publishing, security, compliance, data APIs. And over time, like if you look at the reasons SMBs choose Toast, all the platform capabilities in terms of in-store and things like handhelds, for example, mobile order and pay and kiosk, we believe over time, a lot of those will be applicable in the enterprise market as well. But you should expect this to be a gradual, continued momentum upmarket as we expand TAM as opposed to a step-function change in terms of how we're gaining share.

就 ARPU 的一些功能而言，我認為首先要建立一些核心功能、企業組態管理、發布、安全性、合規性、資料 API。隨著時間的推移，就像你看看中小型企業選擇Toast 的原因一樣，所有平台功能（店內和手持設備等），例如行動訂單、支付和自助服務終端，我們相信隨著時間的推移，其中很多都會也適用於企業市場。但你應該預期，隨著我們擴大 TAM，這將是一個漸進的、持續的高端市場動力，而不是我們如何獲得份額的階躍功能變化。

That makes sense. Maybe just a very quick follow-up is on the competitive landscape, maybe more for the SMB side. We obviously continue to hear about other companies talking about a certain type of pause that could be applicable to the restaurant space. But obviously, given the customer adds, you still continue to show very strong traction. You don't notice that in the competitive landscape as much. What are you guys seeing on that front though, any changes?

這就說得通了。也許只是對競爭格局進行非常快速的跟進，也許更多的是針對中小企業方面。顯然，我們不斷聽到其他公司談論某種可能適用於餐廳空間的暫停類型。但顯然，考慮到客戶的補充，您仍然繼續表現出非常強大的吸引力。在競爭環境中你不會注意到這一點。你們在這方面看到了什麼，有什麼改變嗎？

Yes. Look, I think this has always been a competitive market, right, from day 1, when we started this business. What we see in our data is, as we execute and get into more of the markets, restaurants are still local. And the more share we get, the more social proof we have, the more of a flywheel effect it creates. That's the most important trend that we see in our business. Our team obviously is tracking at win rates and competitive dynamics in the market. We've been at this for so long and we've built this vertically integrated platform and expanded it over time, and that's what's really driving our growth more than anything else.

是的。聽著，我認為從我們開始這項業務的第一天起，這一直是一個競爭激烈的市場，對吧。我們從數據中看到，隨著我們執行並進入更多市場，餐廳仍然是本地的。我們獲得的份額越多，我們擁有的社會證據就越多，它產生的飛輪效應就越大。這是我們在業務中看到的最重要的趨勢。我們的團隊顯然正在追蹤市場的獲勝率和競爭動態。我們已經在這方面投入了很長時間，我們已經建立了這個垂直整合的平台並隨著時間的推移對其進行擴展，這才是真正推動我們成長的因素。

We will now take our last question from the line of Dominic Ball with Redburn Atlantic.

現在，我們將從雷德伯恩大西洋公司的多米尼克·鮑爾那裡提出最後一個問題。

A great job on execution when it comes to location growth, winning market share, being clearly very, very strong. My question is, since the summer, you have been, shall we say, strongly signaling price increases. I just want to make sure we get to try in terms of how do you approach doing this, is it raising software prices on old or new merchants? Is it on payments rate? Is it monetizing existing free products? Any more color on this would be great.

在位置成長、贏得市場份額、顯然非常非常強大方面，執行力非常出色。我的問題是，自夏季以來，我們可以說，你們一直在強烈暗示價格上漲。我只是想確保我們能夠嘗試如何做到這一點，是提高老商家還是新商家的軟體價格？是用付款率計算的嗎？它是否透過現有的免費產品貨幣化？任何更多的顏色都會很棒。

Yes. Thanks, Dominic, for the question. Look, as I said earlier, as I stepped in and looked at the business, I think it's important to remember, pricing is an important lever, but it's one lever, and we want to make sure we're using it gradually as part of a broader strategy. One of the focus areas we continue to gain market share and scale is to look at opportunities to continue to expand the terminal attach rates of the product that we have to drive ARPU, and that's a really important driver of ARPU.

是的。謝謝多米尼克的提問。看，正如我之前所說，當我介入並研究業務時，我認為重要的是要記住，定價是一個重要的槓桿，但它只是一個槓桿，我們希望確保我們逐漸將其用作更廣泛的戰略。我們繼續獲得市場份額和規模的重點領域之一是尋找機會繼續擴大我們必須推動 ARPU 的產品的終端附加率，這是 ARPU 的一個非常重要的驅動力。

In terms of the opportunity, specifically in pricing, you look at new customers that are joining our platform. What we see is across both SaaS and payments, they're paying us more than our base. And so we do see an opportunity over time to go back and build it as an ongoing lever, as part of our growth algorithm, to complement location growth as well as product attach. And I think you should expect that to be gradual over time, starting with fintech this year and then SaaS in the out-years.

就機會而言，特別是在定價方面，您會關注加入我們平台的新客戶。我們看到，無論是 SaaS 還是支付，他們支付給我們的費用都高於我們的基礎。因此，隨著時間的推移，我們確實看到了一個機會，可以回去並將其構建為一個持續的槓桿，作為我們增長演算法的一部分，以補充位置增長和產品附加。我認為，隨著時間的推移，這將是漸進的，從今年的金融科技開始，然後是未來幾年的 SaaS。

Yes. That's great. And just one more, if that's okay. I mean, your answer, Aman, to another question around a potential expansion to the retail vertical, first of all, retail restaurant, is that a potential gateway in the future into serving retail merchants? Is this too far for now?

是的。那太棒了。如果可以的話，再來一張。我的意思是，阿曼，您對有關零售垂直領域（首先是零售餐廳）潛在擴張的另一個問題的回答是，這是否是未來為零售商提供服務的潛在門戶？現在這還太遠嗎？

Yes. As I said earlier, a lot of this was driven by our customer base. Our customers really pull us into these hybrid restaurant retail concepts because more and more of them offer not just the restaurant environment, but also, they may offer packaged goods in a market. They may offer grocery, wine. And so these lines are blurring. And the way our team thinks about it is, anywhere food is served, we think that our platform that we built over the past decades offers us an opportunity to go create incremental value for those customers. And so we're starting there. And then I think over time, we'll look at where else Toast can be applicable.

是的。正如我之前所說，這很大程度上是由我們的客戶群推動的。我們的客戶確實將我們帶入了這些混合餐廳零售概念，因為越來越多的客戶不僅提供餐廳環境，而且可能在市場上提供包裝商品。他們可能提供雜貨、葡萄酒。因此，這些界線正在變得模糊。我們團隊的想法是，無論在哪裡提供食物，我們認為過去幾十年來建立的平台為我們提供了為這些客戶創造增量價值的機會。我們就從這裡開始。然後我想隨著時間的推移，我們會看看 Toast 還可以應用在哪些地方。

That will conclude the Q&A session today. At this time, I will turn the call back over to the team for any final closing remarks.

今天的問答環節到此結束。此時，我會將電話轉回團隊進行最後的總結發言。

Yes. Thank you, everybody, for your time today.

是的。謝謝大家今天抽出時間。

Thanks, everyone.

感謝大家。

This concludes this conference call. You may now disconnect.

本次電話會議到此結束。您現在可以斷開連線。