Toast Inc (TOST) 2024 Q1 法說會逐字稿

Good afternoon. My name is Cameron, and I will be your conference operator today. At this time, I would like to welcome everyone to Toast First Quarter 2024 Earnings Conference Call. Today's call will be 45 minutes. I'll now turn the call over to Michael Senno, Senior Vice President of Finance. You may now begin your conference.

午安.我叫卡梅倫，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 Toast 2024 年第一季財報電話會議。今天的通話時間為 45 分鐘。現在我將把電話轉給財務高級副總裁 Michael Senno。您現在可以開始會議了。

Thank you, Cameron. Welcome to Toast's earnings conference call for the first quarter ended March 31, 2024. On today's call are CEO and Co-Founder, Aman Narang; and CFO, Elena Gomez, who'll open with prepared remarks, which will be followed by our Q&A session.

謝謝你，卡梅倫。歡迎參加 Toast 截至 2024 年 3 月 31 日的第一季財報電話會議。財務長 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 Act 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 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 second quarter and full year 2024.

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，這些聲明可能被視為《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，包括有關管理層對未來財務和營運業績以及營運支出、地點增長、未來盈利能力、時間表和利潤前景、重組計劃和股票回購的預期影響的預期的陳述計劃、預期成長和業務前景，包括我們對 2024 年第二季和全年的財務指導。

Forward-looking statements reflect our views only as of today, and except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our SEC filings for a discussion of the risks and uncertainty that could cause actual results to differ materially from our expectations.

前瞻性陳述僅反映我們截至目前為止的觀點，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。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，以了解可能導致實際結果與我們的預期產生重大差異的風險和不確定性的討論。

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.

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。

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. Finally, the press release can be found on the Investor Relations website at investors.toasttab.com. After the call, a replay will be available on our website. And with that, let me turn the call over to Aman.

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。最後，新聞稿可以在投資者關係網站 Investors.toasttab.com 上找到。通話結束後，我們的網站上將提供重播。接下來，讓我把電話轉給阿曼。

Thank you, Michael, and thank you, everyone, for joining us this afternoon. 2024 is off to a great start with first quarter results ahead of expectations across the board. We added over 6,000 net locations to our platform, our recurring gross profit streams increased 33% year-over-year, and adjusted EBITDA came in at $57 million, a $74 million improvement versus Q1 last year.

謝謝邁克爾，也謝謝大家今天下午加入我們。 2024 年有一個良好的開端，第一季業績全面超出預期。我們在平台上新增了 6,000 多個網點，經常性毛利流年增 33%，調整後 EBITDA 為 5,700 萬美元，比去年第一季提高了 7,400 萬美元。

I'm really proud of how the whole team performed, and we are well positioned to continue to scale and have a terrific year. Our mission at Toast is to help restaurants delight their guests, do what they love and thrive. We continue to innovate and drive value for our restaurant community, including with the recent launch of our restaurant management suite and upgraded digital storefront suite and a marketing suite, which for the first time, is leveraging AI to help our customers stay one step ahead.

我對整個團隊的表現感到非常自豪，我們已經做好了繼續擴大規模的準備，並度過了美好的一年。 Toast 的使命是幫助餐廳取悅顧客、做他們喜歡做的事情並蓬勃發展。我們不斷創新並為餐廳社群創造價值，包括最近推出的餐廳管理套件、升級的數位店面套件和行銷套件，該套件首次利用人工智慧來幫助我們的客戶保持領先一步。

We're looking forward to sharing more about our longer-term vision and strategy at our Investor Day on May 29. We've increased our outlook for the full year based on our performance in Q1, and we are all focused on the 4 strategic priorities I laid out in our February earnings call: one, scaling locations and market share in our core business; two, driving ARR through platform growth; three, expanding addressable market into new adjacencies; and four, setting up the company to scale and deliver ongoing operating leverage.

我們期待在 5 月 29 日的投資者日上分享更多有關我們的長期願景和戰略的信息。財報電話會議上列出了優先事項：第一，擴大我們核心業務的地點和市場份額；二、透過平台成長推動ARR；三、將潛在市場擴展到新的鄰接地區；第四，建立公司以擴大規模並提供持續的營運槓桿。

First, scaling restaurant locations and gaining share in our core business. We added over 6,000 net locations in the quarter, driven by the combination of our purpose-built restaurant platform and our local go-to-market engine. As we gain momentum in local markets across the country, we continue to see a pliable effect with higher rep productivity and faster market share gains, which gives us confidence in sustaining healthy location growth.

首先，擴大餐廳規模並增加我們核心業務的份額。在我們專門打造的餐廳平台和本地上市引擎的共同推動下，我們在本季新增了 6,000 多個淨營業點。隨著我們在全國各地本地市場的發展勢頭不斷增強，我們繼續看到代表生產力提高和市場份額增長更快的柔韌效應，這讓我們有信心維持健康的地區增長。

Let me share 2 recent customer stories that speak to our momentum and the value we create for customers. Pickles Pub is a busy full-service restaurant and bar in downtown Baltimore near Camden Yards and M&T Bank Stadium. They switched to Toast to partner with a technology partner that could handle their volume, streamline operations and increase speed of service, particularly on those busy game days. On opening day for the Orioles, they blew through their previous sales record and credit the uplift in part to faster speed of service after implementing Toast Go Handhelds, Mobile Order & Pay and Kitchen Display Systems.

讓我分享兩個最近的客戶故事，這些故事講述了我們的動力以及我們為客戶創造的價值。 Pickles Pub 是一家繁忙的全方位服務餐廳和酒吧，位於巴爾的摩市中心，靠近卡姆登庭院和 M&T 銀行體育場。他們轉而使用 Toast 來與能夠處理其數量、簡化營運並提高服務速度的技術合作夥伴合作，尤其是在那些繁忙的比賽日。在金鶯隊開幕當天，他們就打破了先前的銷售記錄，並將這一提升部分歸功於實施 Toast Go 手持設備、移動訂單和支付以及廚房顯示系統後服務速度的加快。

Since switching to Toast, they have reduced order to delivery times for drinks to under a minute. And in addition, the addition of Mobile Order & Pay has opened up a new service model with 20% of food and drink orders coming in directly from guests scanning QR codes at the table and placing the orders themselves.

自從改用 Toast 後，他們將飲料的訂單到交貨時間縮短到了不到一分鐘。此外，行動點餐支付的加入，開啟了新的服務模式，20%的餐飲訂單直接來自客人在餐桌上掃描二維碼並自行下單。

I'm also excited to announce our agreement with Snooze Eatery, a breakfast and lunch concept with over 70 locations nationwide. Snooze needed a technology partner that could support their growth plans and provide a better guest experience with faster and more accurate service. They're rolling out Toast across their footprint. And for the locations they've taken live, they're already seeing benefits. Toast handhelds have increased server capacity, leading to higher sales, higher tips and greater earnings. As these 2 stories highlight, our focus on creating products that drive value for our customers continues to drive our growth.

我還很高興地宣布我們與 Snooze Eatery 達成協議，Snooze Eatery 是一家早餐和午餐概念店，在全國擁有 70 多個分店。 Snooze 需要一個能夠支援其發展計劃並透過更快、更準確的服務提供更好的賓客體驗的技術合作夥伴。他們正在他們的足跡上推出Toast。對於他們已經拍攝的地點，他們已經看到了好處。 Toast 手持裝置提高了伺服器容量，從而帶來更高的銷售額、更高的小費和更高的收入。正如這兩個故事所強調的那樣，我們專注於創造為客戶創造價值的產品，這將繼續推動我們的發展。

Our second priority is driving ARR and ARPU by building products and experiences our customers love. Earlier this year, we launched a suite-based approach to packaging that simplifies the sales process for customers and our sales reps alike. Our suites are designed with good, better, and best tiers and creates a path for customers to adopt more of our platform over time as well as provide a framework for us to roll out and monetize new products and features. They cover the breadth and depth of our customers' needs across restaurant operations, guest experience, as well as employee and supplier management.

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。今年早些時候，我們推出了基於套件的包裝方法，為客戶和我們的銷售代表簡化了銷售流程。我們的套件採用良好、更好和最佳的等級進行設計，為客戶隨著時間的推移更多地採用我們的平台創造了一條途徑，並為我們推出新產品和功能並從中獲利提供了一個框架。它們涵蓋了客戶在餐廳營運、賓客體驗以及員工和供應商管理方面需求的廣度和深度。

Let's walk through how the suites are adding value for our customers. The restaurant management suite helps multi-location operators access the latest version of our above-store management tools, and for the first time, access powerful benchmarking data across all restaurants on our platform. Our digital storefront suite helps restaurants take control of their online business, and our marketing suite helps them bring their guests back more often. These launches are scratching the surface of how Toast can leverage one of the best data sets in the restaurant industry to create value for customers.

讓我們來看看這些套件如何為我們的客戶增加價值。餐廳管理套件可協助多地點經營者存取我們最新版本的店面管理工具，並首次存取我們平台上所有餐廳的強大基準數據。我們的數位店面套件可幫助餐廳控制其線上業務，而我們的行銷套件可幫助他們更頻繁地吸引客人回來。這些發布只是觸及了 Toast 如何利用餐飲業最佳數據集之一為客戶創造價值的表面。

To bring this to life with an example, Whisk is a neighborhood restaurant North of Dallas that recently adopted our AI-powered writing assistant included in our marketing suite. The writing assistant not only does a great job of describing Whisk's food and atmosphere, it has cut the time required to send out a guest engagement campaign by more than half. Our recent AI-enhanced marketing campaign drove over $2,500 in sales for Whisk in April alone.

舉個例子，Whisk 是達拉斯北部的一家鄰裡餐廳，最近採用了我們的行銷套件中包含的人工智慧寫作助理。寫作助理不僅出色地描述了 Whisk 的食物和氛圍，還將發送賓客參與活動所需的時間縮短了一半以上。我們最近的人工智慧增強行銷活動僅在 4 月就為 Whisk 帶來了超過 2,500 美元的銷售額。

Moving to our third priority, expanding our addressable market into new adjacencies. We continue to gain momentum across the first 3 international countries we launched in, the U.K., Canada, and Ireland and remain confident in the potential these markets have to help us drive growth. In Q1, we expanded the platform internationally with the launch of our integrated online ordering capability, which has been received incredibly well by our customers. And as the year progresses, we expect to launch more of our platform across both in-restaurant operations as well as the guest experience. This should help us drive further product differentiation and expand ARPU across these international markets.

轉向我們的第三個優先事項，將我們的目標市場擴展到新的鄰近地區。我們繼續在我們推出的前 3 個國際國家（英國、加拿大和愛爾蘭）中獲得動力，並對這些市場幫助我們推動成長的潛力充滿信心。在第一季度，我們透過推出整合線上訂購功能將平台擴展到國際範圍，受到了客戶的熱烈歡迎。隨著時間的推移，我們預計將在餐廳營運和賓客體驗方面推出更多平台。這應該有助於我們進一步推動產品差異化並擴大這些國際市場的 ARPU。

Within enterprise, we continue to gain momentum across a broad range of customers. The launch of the enterprise tier of our management suite allows our customers to manage their operations at scale and reduce the administrative workload on their corporate teams. Our pipeline in the segment remains strong, and we have confidence that we'll continue to increase penetration over time. And beyond international and enterprise, we're also investing to open up new opportunities where our vertical platform and our local go-to-market team can be a competitive advantage.

在企業內部，我們繼續在廣泛的客戶中獲得動力。我們管理套件企業層的推出使我們的客戶能夠大規模管理其營運並減少企業團隊的管理工作量。我們在該領域的產品線仍然強勁，我們有信心隨著時間的推移，我們將繼續提高滲透率。除了國際和企業之外，我們還進行投資以開闢新的機會，使我們的垂直平台和本地市場進入團隊可以成為競爭優勢。

Our fourth priority is setting up the company to scale and deliver ongoing operating leverage to complement our growth. As I mentioned, we delivered over $57 million in adjusted EBITDA in the past quarter, a $74 million improvement versus Q1 last year. We have aligned our resources on our most important priorities and are building a culture where everyone across the organization is taking efficiency seriously. This allowed us to increase our full year guidance and puts us on track to expand margins by over 13 percentage points to the midpoint versus last year without sacrificing our most important growth and innovation initiatives.

我們的第四個優先事項是建立公司規模並提供持續的營運槓桿以補充我們的成長。正如我所提到的，上個季度我們實現了超過 5700 萬美元的調整後 EBITDA，比去年第一季增加了 7,400 萬美元。我們已將資源集中在最重要的優先事項上，並正在建立一種文化，讓整個組織的每個人都認真對待效率。這使我們能夠提高全年指導，並使我們的利潤率比去年提高 13 個百分點以上，達到中點，同時又不犧牲我們最重要的成長和創新舉措。

To wrap up, I'll leave you with a few thoughts: one, I'm confident in how we're executing and thrilled to be leading this team; and two, we're still in the early innings of what is possible and have the foundation in place to capitalize on this incredible opportunity ahead. I want to thank every Toaster for their continued dedication and passion for our mission. It wouldn't be here without you. Our customers who are entrusting us to support you all, and our investors for believing in us and the potential in this business. Thank you, and now I'll turn the call over to Elena to share more about this quarter's results.

最後，我想留給大家一些想法：第一，我對我們的執行方式充滿信心，並且很高興能夠領導這個團隊；第二，我們仍處於可能性的早期階段，並已具備充分利用未來這一令人難以置信的機會的基礎。我要感謝每一位烤麵包機對我們使命的持續奉獻和熱情。沒有你就不會在這裡。我們的客戶委託我們支持你們所有人，我們的投資者相信我們和這項業務的潛力。謝謝，現在我將把電話轉給埃琳娜，分享更多有關本季業績的資訊。

Thank you, Aman, and to everyone for joining today. To start, I'll reiterate a thank you to our entire Toast team, whose hard work and continued execution led to another successful quarter. Top and bottom line results exceeded expectations, evidence of our operating momentum and disciplined approach at driving both growth and profitability. In the quarter, ARR grew 32%, and total fintech and subscription gross profit, our recurring gross profit streams increased 33% year-over-year.

謝謝你，阿曼，也謝謝大家今天的加入。首先，我要再次感謝整個 Toast 團隊，他們的辛勤工作和持續的執行力帶來了另一個成功的季度。頂線和底線結果超出了預期，證明了我們的經營動力和推動成長和獲利能力的嚴格方法。本季度，ARR 成長了 32%，金融科技和訂閱毛利總額以及我們的經常性毛利流年增了 33%。

Adjusted EBITDA was $57 million in the first quarter, a 19% margin on our recurring gross profit streams, up 26 percentage points from Q1 last year. In Q1, we executed on reshaping our cost structure, better aligning our investments with our highest priorities and positioning ourselves to go faster on key growth initiatives. We now expect slightly higher annualized run rate savings and to capture more in-year savings in 2024 than initially estimated, including in Q1.

第一季調整後 EBITDA 為 5,700 萬美元，經常性毛利潤率為 19%，比去年第一季成長 26 個百分點。在第一季度，我們重塑了成本結構，更好地調整我們的投資與我們的最高優先事項，並定位自己以更快地實施關鍵成長計劃。我們現在預計年化運行率節省量將略高，並且 2024 年的年內節省量將比最初估計的要多，包括第一季。

The first quarter also included onetime cost benefits related to the restructuring. Those factors coupled with stronger-than-expected GPV as the quarter progressed, led to significant adjusted EBITDA outperformance in Q1 and contributed to the increase in our full year outlook. Our conviction in the opportunity ahead is stronger than ever. We will reinvest part of the incremental savings in key growth areas. We added over 6,000 net locations in Q1, increasing total live locations to approximately 112,000, up 32% year-over-year. Our focused vertical strategy and differentiated go-to-market engine, coupled with consistent execution, continue to drive location growth as we deepen penetration across the full breadth of the restaurant TAM.

第一季還包括與重組相關的一次性成本效益。這些因素加上本季的 GPV 強於預期，導致第一季調整後的 EBITDA 表現顯著優於預期，並促使我們上調全年前景。我們對未來機會的信念比以往任何時候都更加堅定。我們將把部分增量儲蓄再投資於關鍵成長領域。我們在第一季增加了 6,000 多個淨位置，使總活動位置增加到約 112,000 個，年增 32%。隨著我們加深對 TAM 餐廳全方位的滲透，我們專注的垂直策略和差異化的進入市場引擎，再加上一致的執行力，繼續推動位置成長。

And with Toast in only 13% of U.S. restaurants and just scratching the surface internationally, we continue to have an opportunity to significantly increase share as we execute our playbook. SaaS ARR grew 39% year-over-year, driven by strong location growth and a 5% increase in SaaS ARPU on an ARR basis. And we continue to expect SaaS ARPU on an ARR basis to be in the mid-single digits in the near term.

由於 Toast 在美國餐廳中的佔有率僅為 13%，在國際上也才剛起步，因此，在執行我們的策略時，我們將繼續有機會大幅增加份額。受強勁的地理位置成長和 SaaS ARPU（以 ARR 計算）成長 5% 的推動，SaaS ARR 年成長 39%。我們繼續預計，基於 ARR 的 SaaS ARPU 在短期內將保持在中個位數。

Payments ARR and fintech gross profit both grew 26% in the first quarter. GPV increased 30% to $34.7 billion with GPV per location down 2% year-over-year. After a softer January related to weather, GPV trends bounced back to similar levels we saw exiting 2023 and consistent with seasonal patterns.

第一季支付 ARR 和金融科技毛利均成長 26%。 GPV 成長 30%，達到 347 億美元，每個地點的 GPV 年減 2%。在經歷了與天氣相關的 1 月疲軟之後，GPV 趨勢反彈至我們在 2023 年看到的類似水平，並且與季節性模式一致。

Net take rate was 55 basis points and other fintech products contributed 10 basis points. Our non-payments fintech solutions led by Toast Capital contributed $34 million in gross profit. Toast Capital continues to perform well. Customers value the fast, low-friction access to capital to grow their business, driving healthy demand for the product. As we scale the program, we will diversify and broaden our funding sources. In addition to our existing model, we recently added a forward flow model where a portion of Toast Capital loans are sold to third parties.

淨利率為 55 個基點，其他金融科技產品貢獻了 10 個基點。由 Toast Capital 主導的非支付金融科技解決方案貢獻了 3,400 萬美元的毛利。多士資本繼續表現良好。客戶重視快速、低摩擦地獲得資金來發展業務，從而推動對產品的健康需求。隨著我們擴大該計劃，我們將多元化並擴大我們的資金來源。除了現有模型之外，我們最近還添加了遠期流動模型，其中部分 Toast Capital 貸款出售給第三方。

For loans sold to a third party, we do not take credit risk. As a result, there is a slightly lower revenue take rate and typically no associated bad debt. On the P&L, compared to our current model, that translates to lower recurring gross profit for forward flow originations with nearly 100% flow-through. We plan to balance both models of the scale originations and continue to optimize for maximizing risk-adjusted returns.

對於出售給第三方的貸款，我們不承擔信用風險。因此，收入利用率略低，通常沒有相關的壞帳。在損益表上，與我們目前的模型相比，這意味著流動率接近 100% 的遠期流動源的經常性毛利較低。我們計劃平衡規模起源的兩種模型，並繼續優化以最大化風險調整後的回報。

Expense growth moderated in the first quarter as we continue to drive efficiencies and cost discipline, coupled with savings from the restructuring actions. As we drive efficiency and increase profitability, we'll prudently invest in our highest priority growth areas, including product innovation, our go-to-market engine and new growth vectors to expand our TAM. Sales and marketing expenses were up 13% year-over-year. We continue to grow our upsell and international sales teams and make targeted investments in our U.S. new business team to drive deeper penetration.

由於我們持續提高效率和成本控制，再加上重組行動帶來的節省，第一季的費用成長放緩。在我們提高效率和提高獲利能力的同時，我們將謹慎地投資於我們最優先的成長領域，包括產品創新、我們的上市引擎和新的成長載體，以擴大我們的 TAM。銷售和行銷費用年增 13%。我們繼續擴大我們的追加銷售和國際銷售團隊，並對我們的美國新業務團隊進行有針對性的投資，以推動更深的滲透。

The Q1 restructuring actions impacted our R&D and G&A expense lines more than other parts of the business, resetting the expense growth trajectory in these areas. We expect R&D expenses will grow at a more moderate level as we continue to make targeted investments to drive product innovation and add value for our customers. G&A was down 13% year-over-year, excluding $15 million of bad debt and credit-related expenses, primarily related to reserves for Toast Capital. We expect ongoing operating leverage in G&A, reflecting our continued focus on driving efficiency in G&A as we scale, including through automation and global diversification of our workforce.

第一季的重組行動對我們的研發和一般管理費用線的影響比對業務其他部分的影響更大，從而重置了這些領域的費用成長軌跡。隨著我們繼續進行有針對性的投資以推動產品創新並為客戶增加價值，我們預計研發費用將以更溫和的水平成長。 G&A 年減 13%，不包括 1500 萬美元的壞帳和信貸相關費用，主要與 Toast Capital 的準備金相關。我們預計 G&A 的營運槓桿將持續存在，這反映出我們隨著規模的擴大，將繼續致力於提高 G&A 的效率，包括透過自動化和員工隊伍的全球多元化。

Free cash flow was negative $33 million in the quarter due to the timing of cash bonus payments and severance payments in Q1. We expect free cash flow to be positive for the remainder of the year and broadly mirror adjusted EBITDA on a full year basis.

由於現金獎金支付和遣散費的時間安排在第一季度，該季度的自由現金流為負 3,300 萬美元。我們預計今年剩餘時間的自由現金流將為正，並大致反映全年調整後的 EBITDA。

Turning to guidance. For the second quarter, we expect total subscription and fintech gross profit to increase in the 20% to 24% range year-over-year and adjusted EBITDA to be $55 million to $65 million. Our top line growth rate is negatively impacted by a few points due to adding forward flow and comping a small onetime benefit last year. As a result of our strong start to the year, we raised our full year outlook. At the midpoint, we now expect 26% growth in fintech and subscription gross profit and $260 million in adjusted EBITDA, a margin of 19%, marking a 13 percentage point improvement versus 2023.

轉向指導。對於第二季度，我們預計訂閱總額和金融科技毛利將年增 20% 至 24%，調整後 EBITDA 為 5,500 萬美元至 6,500 萬美元。由於增加了遠期流量並彌補了去年的一次性小額收益，我們的營收成長率受到了一些負面影響。由於今年開局強勁，我們上調了全年展望。目前，我們預期金融科技和訂閱毛利將成長 26%，調整後 EBITDA 將成長 2.6 億美元，利潤率為 19%，較 2023 年提高 13 個百分點。

After executing the restructuring, we now have visibility on higher in-year savings than expected and reset the guidance higher to reflect that. This also factors in our plans to reinvest in key areas of the business to drive sustained growth going forward. With our increased profit expectations for the year and progress on containing stock-based compensation, we are now on a path to be close to breakeven on GAAP operating income by the end of the year.

執行重組後，我們現在可以看到年內節省量高於預期，並將指導值調高以反映這一點。這也是我們計劃對關鍵業務領域進行再投資以推動未來持續成長的因素。隨著我們對今年利潤預期的提高以及在控制股票薪酬方面取得的進展，我們現在正走在年底前接近公認會計準則營業收入盈虧平衡的道路上。

To wrap up, we are making significant progress executing against our goals and are positioned to deliver strong top and bottom line results in 2024. Our top focus remains delivering value to customers, and we are well positioned to drive durable growth across our core business while building new growth curves. We announced our first Investor Day will be held on May 29, at which time you will hear more from our leadership team on our market opportunity, strategy, and growth plans. We are incredibly excited about what lies ahead for Toast and look forward to sharing with you more then.

總而言之，我們在實現目標方面取得了重大進展，並準備在 2024 年實現強勁的營收和淨利潤。的成長曲線。我們宣布我們的首個投資者日將於 5 月 29 日舉行，屆時您將聽到我們領導團隊關於我們的市場機會、策略和成長計劃的更多資訊。我們對 Toast 的未來感到非常興奮，並期待與您分享更多。

Now I'll turn the call back over to the operator. Thank you.

現在我將把電話轉回給接線生。謝謝。

(Operator Instructions) Your first question is from the line of Josh Baer with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Josh Baer。

Congrats on a good quarter. Wanted to ask about net take rates from 2 perspectives. I was hoping you could comment on the interchange settlement and how that should impact take rates as well as an update just around taking price as far as the tactical approach of going back to select customers that have off-market contracts.

恭喜季度表現良好。想從兩個角度詢問淨收入率。我希望您能評論交換結算以及這將如何影響採取率，以及圍繞採取價格的更新，以及回到擁有場外合約的精選客戶的戰術方法。

Yes, sure. I can take that. So in terms of the Visa-Mastercard settlement, it's really early and not final. Our early signal is it's most likely going to impact us in the second half of 2025. That's the early read. And also, I would also comment that it won't impact our entire volume of GPV, just at the highest level. So just keep that in mind as you guys update your models.

是的，當然。我可以接受。因此，就 Visa 與萬事達卡的和解而言，現在還處於早期階段，而且還不是最終結果。我們的早期訊號是它最有可能在 2025 年下半年影響我們。而且，我還要評論說，它不會影響我們的整個 GPV 量，只是在最高水準上。因此，當你們更新模型時請記住這一點。

But in the context of pricing, I think your question on take rate, as we've said, we're going to take pricing over time, it's going to be an ongoing cadence of small steady changes in price. No step function change in pricing this year. We're going to start with fintech in the second half of the year. And just keep in mind, it won't have a meaningful impact in 2024. But over time, you should see us execute against a steady cadence of price adjustments, in particular, in places where customers are out of market.

但在定價方面，我認為你關於定價率的問題，正如我們所說，我們將隨著時間的推移進行定價，這將是價格持續小幅穩定變化的節奏。今年的定價沒有階梯函數變動。我們將在今年下半年從金融科技開始。請記住，它不會在 2024 年產生有意義的影響。

Just to build on that, Josh, as we think about growth, it's really a combination of, if you think about our growth algorithm, it's a combination of product attach rates, product innovation and pricing. And we're thinking about all three of them as we think about where we are with 13% market share in the industry.

在此基礎上，喬什，當我們考慮成長時，它實際上是一個組合，如果你考慮我們的成長演算法，它是產品附加率、產品創新和定價的組合。當我們思考我們在行業中擁有 13% 的市場份額時，我們會同時思考這三個因素。

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

下一個問題來自大衛·科寧 (David Koning) 和貝爾德 (Baird)。

I guess first of all, it looked to me like Q2 recurring GP growth is actually a little lower than the back half year. It looks to me like you're calling for a re-acceleration in the back half. Is that right? And what would that be attributed to?

我想首先，在我看來，第二季的經常性 GP 成長實際上比下半年要低一些。在我看來，你似乎在要求後半場重新加速。是對的嗎？這會歸因於什麼呢？

Yes, so a couple of things. One, recurring -- let me just start giving context for the full year and Q2, there's some dynamics at play. But yes, if you look at the full year, our full year guidance at 26% at the midpoint would imply that, obviously, our GP grows over time. Q2, there's a few dynamics at play. One is the implementation of forward flow, which we talked about, and we're comping this onetime benefit to SaaS revenue in Q2. So those are contributing to a lower recurring gross profit in Q2. Then we talked about targeted fintech pricing towards the back half of the year. And that will be slight and gradual.

是的，有幾件事。首先，讓我開始介紹全年和第二季的背景，其中存在一些動態。但是，是的，如果你看看全年，我們全年指引的中點為 26%，這意味著我們的 GP 顯然會隨著時間的推移而成長。 Q2，有一些動態在起作用。一是我們討論過的前向流的實施，我們將這一一次性收益計入第二季度的 SaaS 收入。因此，這些因素導致第二季經常性毛利下降。然後我們討論了下半年的金融科技目標定價。這將是輕微的、漸進的。

Got you. And just maybe as a follow-up, you talked about GPV per location being down a bit, just especially because of January. What is kind of April, May, June? Would we expect acceleration just because you don't have January, obviously, in Q2?

明白你了。也許作為後續行動，您談到每個地點的 GPV 略有下降，特別是因為一月。四月、五月、六月是什麼樣的？我們是否會因為第二季沒有一月份，就期望加速成長？

Yes. So I think -- so you're right, Josh. What happened in Q1, recall, January was a lighter -- we had a weather pattern that impacted January. As the quarter progressed, we saw GPV get back to sort of sustained levels or seasonal levels. So overall GPV was down, on a per location, down 2% in Q1. As we enter into the first part of Q2, down low single digits as we enter into the quarter. So that's what I would say.

是的。所以我認為——所以你是對的，喬許。回想一下，第一季發生的事情，一月的情況比較輕鬆——我們的天氣模式影響了一月。隨著本季的進展，我們看到 GPV 回到了某種持續水平或季節性水平。因此，第一季每個地點的整體 GPV 下降了 2%。當我們進入第二季度的第一部分時，隨著我們進入本季度，下降了低個位數。這就是我要說的。

And then back to the question on the guidance on GPV, just keep in mind, GPV towards the back half of the year, that started to decrease in the back half of last year on a per location. So when you look towards the back half of the year, you'll see the GPV compares improve.

然後回到關於 GPV 指導的問題，請記住，今年下半年的 GPV，每個地點的 GPV 從去年下半年開始下降。因此，當您展望今年下半年時，您會發現 GPV 比較有所改善。

The next question is from the line of David Hynes with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 David Hynes。

Aman, I'd love to ask about the new suites that were rolled out, management suite, digital storefront, marketing suite. As you think about kind of sizing the opportunity in the installed base, how do you think about that? And then maybe you could talk about, are there incumbent technologies there? Is it more of a greenfield opportunity? Like what are the competitive dynamics?

阿曼，我很想詢問有關推出的新套件、管理套件、數位店面、行銷套件的資訊。當您考慮如何確定安裝基礎中的機會時，您如何看待這一點？然後也許你可以談談，那裡有現有的技術嗎？這更像是綠地機會嗎？比如競爭動態是什麼？

Yes. DJ, thanks for the question. If you look back the past couple of years, we've launched a lot of products. And really, the driver behind these suites was to simplify. And so we've introduced these suites to package our products and really simplify the sales process, both for our go-to-market team and our customers in terms of how easy it is to adopt and leverage the platform.

是的。 DJ，謝謝你的提問。如果你回顧過去幾年，我們推出了許多產品。實際上，這些套件背後的驅動力是簡化。因此，我們引入了這些套件來打包我們的產品，並真正簡化銷售流程，無論是對於我們的市場推廣團隊還是我們的客戶來說，採用和利用該平台都是非常容易的。

The suites are organized into good, better, and best tiers to help both let our customers start off, for example, at one tier and then, over time as they see value, adopt more of it. And also as our team is driving more innovation, having a framework where our team can deliver more capabilities without just continuing to launch more and more products. I think it simplifies it for everyone.

這些套件被分為好、更好和最好的等級，以幫助我們的客戶從一層開始，然後隨著時間的推移，當他們看到價值時，採用更多的等級。此外，隨著我們的團隊正在推動更多創新，我們擁有一個框架，使我們的團隊可以提供更多功能，而無需繼續推出越來越多的產品。我認為這對每個人來說都簡化了。

And in terms of like the types of products and areas we're investing in, of course, we're going to continue to invest in the lines of business and products we offer. This is across commerce, restaurant operations, guest experience, have launched a lot of products there, employee experience, fintech and supplier as well.

就我們投資的產品類型和領域而言，當然，我們將繼續投資我們提供的業務線和產品。這涉及商業、餐廳營運、賓客體驗，在那裡推出了許多產品、員工體驗、金融科技和供應商。

And then I think the other thing that we're tracking very closely is how does AI and data play a role. So one of the things that we think is really powerful is we've got one of the most, if not the most powerful data set in the restaurant industry. And so how do you leverage that to help restaurants be more successful? One example is in our management suite. We've added restaurant management suite, we've added data benchmarking to help restaurants better understand how they benchmark relative to their peers, both on sales data, menu data, even what to put in menus and so just helping them be smarter by leveraging the data.

然後我認為我們正在密切追蹤的另一件事是人工智慧和數據如何發揮作用。因此，我們認為真正強大的事情之一是，我們擁有餐飲業中最強大的數據集之一（即使不是最強大的）。那麼您如何利用這一點來幫助餐廳取得更大的成功呢？我們的管理套件就是一個例子。我們添加了餐廳管理套件，並添加了數據基準測試，以幫助餐廳更好地了解他們相對於同行的基準測試情況，包括銷售數據、菜單數據，甚至菜單中的內容，因此只是透過利用來幫助他們改變得更聰明數據。

And then on things like our guest management suite, we're leveraging AI to drive campaigns, again leveraging all that guest data that's in our platform. So that's another big area of focus for the team.

然後，在我們的賓客管理套件等方面，我們利用人工智慧來推動行銷活動，再次利用我們平台中的所有賓客數據。這是團隊關注的另一個重要領域。

Your next question is from the line of Harshita Rawat with Bernstein.

你的下一個問題來自 Harshita Rawat 和 Bernstein。

So Elena, you talked about 30% to 35% margin target long term as you think about percentage of gross profit. As now we think about the operating leverage you're achieving in the business and also kind of driving the gradual adjustment as a component, is there a change in thinking about that long-term profitability target? And also, how should we think about long-term GAAP profitability as well?

Elena，當您考慮毛利百分比時，您談到了 30% 至 35% 的長期利潤目標。現在，當我們考慮您在業務中實現的營運槓桿以及推動逐步調整作為一個組成部分時，對長期獲利目標的思考是否會改變？此外，我們還應該如何考慮長期 GAAP 獲利能力？

Sure, great question. So I'll provide context on our long-term financial profile at Analyst Day. But just sort of pivoting back to 2024, our guidance shows significant progress on margin. And you've seen us deliver that efficiency and scale over the course of the last several quarters. So we're going to continue with that discipline. And you heard Aman talk about his strategic priorities as he's laid out. We're positioning the company really to drive ongoing operating leverage while we're balancing that with growth and innovation. So I don't have an update today but we'll update you at Analyst Day.

當然，很好的問題。因此，我將在分析師日提供有關我們長期財務狀況的背景資訊。但回到 2024 年，我們的指引顯示利潤率取得了重大進展。您已經看到我們在過去幾個季度中實現了這樣的效率和規模。所以我們將繼續遵守這項紀律。你聽到阿曼談論他所製定的戰略重點。我們將公司定位為真正推動持續的營運槓桿，同時我們在成長和創新之間取得平衡。所以我今天沒有更新，但我們會在分析師日向您更新。

And you had a question on GAAP, actually, that's a really good point. You had a question on GAAP. Overall, just keep in mind, we've been very focused on stock-based comp as well as you've heard us talk about that. So that's really what's driving our confidence in the updated guidance on GAAP on this call.

事實上，你有一個關於公認會計準則的問題，這是一個非常好的觀點。您有關於 GAAP 的問題。總的來說，請記住，我們一直非常關注基於股票的比較，並且您已經聽到我們談論過這一點。因此，這確實是推動我們對本次電話會議更新的 GAAP 指南充滿信心的原因。

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

您的下一個問題來自摩根大通的黃天欽。

Sorry, can you hear me?

抱歉，你聽得到我說話嗎？

Yes. Now we can.

是的。現在我們可以了。

Just on the -- I was following up on Dave's question on GPV per location. Beyond the second quarter, I know some of the compares will help. We do see that on our side as well. But just given some of the mix shifts and different focus upmarket, downmarket, any sort of directional view on GPV per location structurally beyond the macro?

就在 - 我正在跟進戴夫關於每個地點的 GPV 的問題。在第二季之後，我知道一些比較會有幫助。我們也確實看到了這一點。但考慮到一些組合的變化以及高端市場、低端市場的不同關注點，在結構上對每個地點的 GPV 有什麼方向性的看法嗎？

Yes, Tien-Tsin, thanks for the question. Nothing material to report there. I mean, if you look at the bulk of our growth, that is still being driven by our core SMB business. And the same effect we've talked about is as we gain share, we're seeing the same flywheel effect. It's taken us a decade to get -- build a business we've built in our SMB business. And while we're excited about the potential internationally in enterprise and other segments of the market, that's not what's materially driving any changes in GPV. I mean, I think some of this is just if you think about restaurant sales trends, they're stable, but year-over-year, there was some small decel that we saw. Now it's stabilized in a narrow band.

是的，田進，謝謝你的提問。那裡沒有什麼可報告的。我的意思是，如果你看看我們的大部分成長，你會發現這仍然是由我們的核心中小企業業務推動的。我們討論過的相同效應是，當我們獲得份額時，我們會看到相同的飛輪效應。我們花了十年的時間才建立起我們在中小型企業業務中建立的業務。儘管我們對企業和其他市場領域的國際潛力感到興奮，但這並不是推動 GPV 發生任何變化的實質原因。我的意思是，我認為其中一些只是如果你考慮一下餐廳的銷售趨勢，它們是穩定的，但與去年同期相比，我們看到了一些小的減速。現在它穩定在窄帶內。

Yes, and I would just add that as we extend the different parts of the TAM, any mix shift will be very gradual over a long period of time.

是的，我想補充一點，隨著我們擴展 TAM 的不同部分，任何混合轉變都將在很長一段時間內非常漸進。

Makes sense. Yes, you got a big base here. Okay, just my quick follow-up maybe for you, Aman. Just we get a lot of questions on competitive intensity and a lot of your peers are upgrading tech and verticalizing and adding more software content around these verticals. Are you seeing any change there? And does it change your sort of focus around product velocity or going into adjacencies, that kind of thing?

說得通。是的，你在這裡有一個很大的基地。好的，我的快速跟進也許是為了你，阿曼。只是我們收到了很多關於競爭強度的問題，而且許多同行正在升級技術和垂直化，並圍繞這些垂直領域添加更多軟體內容。你看到那裡有什麼改變嗎？它是否會改變您對產品速度或進入鄰接關係等方面的關注？

Yes. I mean, look, we're also investing in a big way to continue to innovate for our customers. I talked about some examples with how we're leveraging data and AI to just really help this customer community with this unique data asset that we have. And we had a good -- maybe I'll start by saying that a great quarter. You saw 6,000 net adds, I think great momentum in the business. Back to our -- this really speaks to the team's execution but also our platform and our go-to-market engine.

是的。我的意思是，你看，我們也進行了大量投資，以繼續為我們的客戶進行創新。我談到了一些例子，說明我們如何利用數據和人工智慧，並利用我們擁有的獨特數據資產來真正幫助這個客戶社群。我們度過了一個美好的季度——也許我會首先說這是一個很棒的季度。您看到了 6,000 名淨增人數，我認為該業務勢頭強勁。回到我們的——這確實說明了團隊的執行力，也說明了我們的平台和進入市場的引擎。

And this is always -- we've said this before in calls but it's always been a competitive market. I think we continue to see great execution, good win rates, productivity from our team is strong. And we continue to believe the biggest thing, the biggest factor that's going to drive our growth long term is our own execution, getting more of these markets into flywheel, getting word-of-mouth, getting customer experience to be the best it can be. So nothing material to report. We track a lot of this very closely across competitors, nothing material to report at the moment.

我們之前在電話中說過這一點，但它一直是一個競爭激烈的市場。我認為我們繼續看到我們團隊出色的執行力、良好的勝率和強大的生產力。我們仍然相信，推動我們長期成長的最大因素是我們自己的執行力，讓更多的市場進入飛輪，獲得口碑，讓客戶體驗達到最佳水準。所以沒有什麼好報告的。我們非常密切地追蹤競爭對手的許多情況，目前沒有什麼值得報告的。

Your next question comes from the line of Peter Heckmann with D.A. Davidson.

你的下一個問題來自 Peter Heckmann 和 D.A.戴維森。

Some of my questions echo what we've already heard, but when you think about that roughly 850,000 restaurant locations in the U.S., I guess how do you feel about how much of that is addressable by your current solution, either the turnkey option or software, hardware but not with payments? I guess, how difficult is it for -- will it be as you move upmarket to displace more modern software or more modern payment players?

我的一些問題與我們已經聽到的內容相呼應，但是當您想到美國大約 850,000 個餐廳地點時，我想您對當前解決方案（交鑰匙選項或軟體）可以解決其中的多少問題有何看法，硬體但不含支付功能？我想，當你轉向高端市場取代更現代的軟體或更現代的支付播放器時，這有多困難？

Yes. Thanks for the question, Pete. Look, I think if you look at the overall TAM, we see there's a lot of room for us to continue to grow in our core TAM. Overall, Toast is about, I think, 13% of U.S. restaurants, as Elena mentioned. Within SMB and mid-market, that penetration is a little bit higher in mid to high teens. And of course, enterprise is still nascent and it's early.

是的。謝謝你的提問，皮特。看，我認為如果你看看整體 TAM，我們會發現我們的核心 TAM 有很大的持續成長空間。總體而言，正如 Elena 所提到的，我認為 Toast 大約占美國餐廳的 13%。在中小型企業和中端市場中，中等到十幾歲的滲透率略高一些。當然，企業仍處於新生階段，而且還處於早期階段。

Even in these markets that are the most penetrated where we've got 25%, 30% share, these are the flywheel markets we talked about, we still see some of the strongest growth in terms of net adds in those markets. And so the #1 focus of the team is to get all of our markets into flywheel state. As we think about in enterprise, you asked about upmarket, I think at least what we see is that the adoption of cloud upmarket is lower. There's more of legacy solutions.

即使在這些滲透率最高的市場中，我們擁有 25%、30% 的份額，這些是我們談到的飛輪市場，我們仍然看到這些市場的淨增量成長最為強勁。因此，團隊的第一要務是讓我們所有的市場進入飛輪狀態。當我們在企業中思考時，您問到高端市場，我認為至少我們看到的是雲端高端市場的採用率較低。還有更多遺留解決方案。

And I think part of why we have expanded our platform to support a partner like FreedomPay is to make the platform more accessible in ways that customers want to buy, so we're more flexible upmarket based on what our customers need. And of course, we've got hundreds of partners as well that are on top of our platform that can build on our solution as well.

我認為我們擴展平台以支援 FreedomPay 這樣的合作夥伴的部分原因是為了讓平台更容易以客戶想要的方式購買，因此我們根據客戶的需求更加靈活地面向高端市場。當然，我們還有數百個合作夥伴，他們在我們的平台上也可以建立我們的解決方案。

So I think certainly, like it's -- as we think about going upmarket, it's -- we're happy with the momentum and the progress we're making. But we also want to be balanced about making sure that the customers we take on are in line with where the platform is going. So we don't want any one customer to take over our road map, for example.

所以我認為，就像我們考慮進軍高端市場一樣，我們對我們正在取得的勢頭和進展感到滿意。但我們也希望保持平衡，確保我們吸引的客戶符合平台的發展方向。例如，我們不希望任何一位客戶接管我們的路線圖。

Okay, that's helpful. And then have you talked about what's implied from a net revenue retention basis in your annual guidance that you think we can see that uptick after the downtick in 2023?

好的，這很有幫助。然後，您是否談到年度指導中的淨收入保留基礎意味著什麼，您認為我們可以在 2023 年下降之後看到這種上升？

Yes. We haven't commented on that specifically so nothing new to report on that today.

是的。我們還沒有對此具體發表評論，所以今天沒有什麼新的報導。

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

你的下一個問題來自史蒂芬謝爾頓和威廉布萊爾。

Maybe I want to start with you, Aman. Want to get some more detail on the benchmarking analytics. How robust could those capabilities become? And how does this support even more differentiation for your platform relative to competing vendors? It seems like you've been a very favorable spot for buying benchmarking, given your size and scale. So how important could these capabilities be to your restaurant owners, operators? And is this a capability that they've been asking for?

也許我想從你開始，阿曼。想要了解更多有關基準分析的詳細資訊。這些功能可以變得多強大？相對於競爭供應商，這如何支援您的平台實現更大的差異化？考慮到您的規模和規模，您似乎一直是購買基準測試的非常有利的地方。那麼這些功能對於您的餐廳老闆、經營者來說有多重要呢？這是他們一直要求的能力嗎？

Yes. Thanks for the question, Stephen. They have been asking for it. I think at the scale that we're at, we've got likely one of the best data sets in the restaurant industry. And so our team is thinking about what are ways in which we can apply to really add value for restaurants. And one of the use cases that, frankly, have come up for years at this point is how can you leverage this data to better understand things like, what are you seeing in terms of sales trends? What are you thinking in terms of inflation and price adjustments? What are you seeing in terms of what's on the menu, pricing on the menu?

是的。謝謝你的提問，史蒂芬。他們一直在要求它。我認為，就我們目前的規模而言，我們可能擁有餐飲業最好的數據集之一。因此，我們的團隊正在思考如何真正為餐廳增加價值。坦白說，多年來出現的用例之一是如何利用這些數據來更好地理解諸如您在銷售趨勢方面看到的情況之類的事情？您對通貨膨脹和價格調整有何看法？您對菜單上的內容和菜單上的定價有何看法？

And so there's a whole host of use cases where our customers value understanding that data across their geographies, zip codes, nationally. And so that's really what's driving that benchmarking initiative. And the early signs from our customers has been very positive. Again, it's early so we're still iterating on the product based upon customer feedback but it's leveraging the data that we have.

因此，在許多用例中，我們的客戶都非常重視了解其地理位置、郵遞區號和全國範圍內的資料。這就是基準測試計畫的真正推動力。我們客戶的早期跡象非常積極。同樣，現在還為時過早，因此我們仍在根據客戶回饋迭代產品，但它正在利用我們擁有的數據。

Very helpful. And then maybe a quick follow-up for Elena on location growth. What's your level of confidence now in being able to surpass 2023 net adds? Are you still on track for that, given the outperformance in the first quarter and what you're seeing in the pipeline?

很有幫助。然後也許是埃琳娜關於位置增長的快速跟進。您現在對超越 2023 年淨增量的信心有多大？考慮到第一季的出色表現以及您在管道中看到的情況，您是否仍有望實現這一目標？

Yes. No, absolutely, Stephen. As Aman said, we had a strong start to Q1, and we're seeing a lot of great momentum from the sales team on the ground. Q2 is typically seasonally stronger and we don't see any reason why that will be different. Seen really good demand and the funnel is strong, so overall, we have no reason -- we still believe that we'll add more locations in 2024 than we did in 2023.

是的。不，絕對，史蒂芬。正如阿曼所說，我們在第一季有了一個強勁的開局，我們看到當地銷售團隊的強勁勢頭。第二季度通常季節性較強，我們看不出有任何理由會有所不同。需求非常好，漏斗也很強大，所以總的來說，我們沒有理由——我們仍然相信我們會在 2024 年增加比 2023 年更多的門市。

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

您的下一個問題來自瑞銀 (UBS) 的 Tim Chiodo。

I want to talk a little bit about the sales team. So you mentioned investing behind the upsell team, the international sales teams. I believe the last time that you formally disclosed the size of the overall sales and marketing organization was at the time of the IPO. It was about 730 people and a subset of that would have been the actual quota-carrying salespeople.

我想談談銷售團隊。所以你提到了對追加銷售團隊、國際銷售團隊的投資。我相信您上次正式披露整個銷售和行銷組織的規模是在 IPO 時。大約有 730 人，其中一部分是實際持有配額的銷售人員。

Could you just give some directional color on how large that team may be now? How large the 730 might have grown to? Anything to give us some context on the overall size and breadth of the sales team?

您能否就該團隊現在的規模提供一些方向性的信息？ 730 可能會長到多大？有什麼可以讓我們了解銷售團隊的整體規模和廣度嗎？

Yes. So thanks, Tim, for the question. We've continued to add to the team, of course, since the IPO as you've seen as our locations grown. But keep in mind, this dynamic around flywheels allows us to grow ARR without adding reps. So we're gaining that efficiency and productivity from our sales reps all the while, to the point you made, growing our upsell team, investing behind international and enterprise.

是的。謝謝蒂姆提出這個問題。當然，自首次公開募股以來，我們一直在不斷擴充團隊，正如您所看到的，隨著我們的業務地點不斷擴大。但請記住，飛輪的這種動態使我們能夠在不增加次數的情況下增加 ARR。因此，我們一直從我們的銷售代表那裡獲得效率和生產力，正如您所說的那樣，擴大我們的追加銷售團隊，投資於國際和企業。

So while I can't give specificity at the highest level, we feel like we're really balanced across both our new business team, our upsell team, and now these early investments in international. So overall, we're managing the payback periods as we always do, and that's how we're thinking about surgically adding to our sales force over time.

因此，雖然我無法給出最高等級的具體情況，但我們覺得我們的新業務團隊、我們的追加銷售團隊以及現在這些早期的國際投資都非常平衡。因此，總的來說，我們一如既往地管理投資回收期，這就是我們考慮隨著時間的推移透過手術增加我們的銷售團隊的方式。

Great. And if you don't mind, just a brief numbers follow-up. The forward flow for Toast Capital, you mentioned a little bit of an impact for Q2. But just broadly speaking for the rest of the year, roughly what would that have been in terms of gross profit or recurring gross profit impact, i.e., would the recurring gross profit guide have been a point or two higher absent the forward flow change?

偉大的。如果您不介意，請簡單跟進一下數字。 Toast Capital 的遠期流量，您提到了對第二季的一點影響。但從廣義上講，在今年剩餘時間裡，就毛利潤或經常性毛利潤影響而言，大致會是什麼，即，如果沒有遠期流量變化，經常性毛利潤指導是否會高出一兩點？

Yes, it's early, Tim, so the impact in 2024 won't be as meaningful as I would give you that context for the balance of the year.

是的，蒂姆，現在還為時過早，因此 2024 年的影響不會像我向您介紹今年剩餘時間的背景那樣有意義。

Your next question is from the line of Jason Kupferberg with Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

Just wanted to follow up on the location adds. Obviously, you beat your first quarter guide there, I think, by about 10%. Was hoping you could talk about which segments of the end market drove the upside. And what is your specific expectation for Q2 net adds?

只是想跟進位置添加。顯然，我認為你比第一季的指導值高出約 10%。希望您能談談終端市場的哪些部分推動了上漲。您對第二季淨增量的具體預期是什麼？

Yes. Thanks, Jason. We had, as I mentioned earlier, the bulk of the growth came from our core business. Within our core business, we continue to see, as we get more markets with higher share, it's driving our productivity. And our team's focus is really getting more and more of our markets into this viable state so that we can keep on benefiting from the scale that we're at.

是的。謝謝，傑森。正如我之前提到的，我們的大部分成長來自我們的核心業務。在我們的核心業務中，我們繼續看到，隨著我們獲得更多市場和更高的份額，它正在提高我們的生產力。我們團隊的重點實際上是讓越來越多的市場進入這種可行的狀態，以便我們能夠繼續從現有的規模中受益。

Seeing early good momentum within international and enterprise as well. And those teams, I'd say, are, compared to our SMB business, just early. So while there's good momentum, you could zoom out and think about our core SMB business, we've been at this for a decade. And so these new businesses, while they're contributing and over time, you should expect them to contribute more as a percentage, the bulk of the growth today is really still coming from our core SMB business.

國際和企業內部也看到了早期的良好勢頭。我想說，與我們的中小企業業務相比，這些團隊還處於起步階段。因此，雖然勢頭良好，但您可以放眼看看我們的核心中小企業業務，我們已經在這方面工作了十年。因此，這些新業務雖然正在做出貢獻，但隨著時間的推移，您應該期望它們貢獻更多的百分比，而今天的大部分成長實際上仍然來自我們的核心中小企業業務。

Yes. And in terms of Q2, it's seasonally higher, Jason, but nothing specific. But our momentum is strong.

是的。就第二季而言，它是季節性較高的，傑森，但沒有什麼具體的。但我們的勢頭很強勁。

Any update on just the percent of locations that are using 6 or more of the elective products? I know you've been giving that each quarter. And I think, if I recall, it kind of stabilized around the second half of last year. So just any updates on how that's trending?

是否有關於使用 6 種或更多可選產品的地點百分比的更新？我知道你每季都在付出。我想，如果沒記錯的話，它在去年下半年左右就趨於穩定了。那麼有關於趨勢的更新嗎？

Yes. Sure, Jason. I think that, that metric overall is just less relevant for us. We've added more and more products that now we've packaged up, as I mentioned, to these suites just because it's simpler for our sales reps to sell, our customers to adopt. We added these good, better, best tiers where they can start with one version, take as an example, digital storefront suite, you can start with the version and then add advanced capabilities like websites and advanced versions of online ordering. And so really, the better metric now is adoption of suites at different levels. And of course, we're tracking that with ARPU.

是的。當然，傑森。我認為，總體而言，該指標對我們來說不太相關。正如我所提到的，我們添加了越來越多的產品，現在我們將這些產品打包到這些套件中，只是因為我們的銷售代表更容易銷售，我們的客戶也更容易採用。我們添加了這些好的、更好的、最好的級別，他們可以從一個版本開始，以數位店面套件為例，您可以從該版本開始，然後添加高級功能，例如網站和線上訂購的高級版本。事實上，現在更好的衡量標準是不同等級套件的採用情況。當然，我們正在透過 ARPU 進行追蹤。

Your next question is from the line of Matt Coad with Autonomous.

您的下一個問題來自 Matt Coad 和 Autonomous。

I wanted to ask one more on capital. Curious, if we looked at it from a different perspective so not the dollars of gross profit but rather the dollars of contribution margin, so thinking gross profit less your reserve build, do you think this forward flow agreement will help you kind of like expand that contribution margin percentage and grow contribution margin going forward?

我想再問一個關於資本的問題。好奇的是，如果我們從不同的角度看待它，那麼不是毛利的美元，而是貢獻邊際的美元，所以考慮毛利減去你的儲備金建設，你認為這個遠期流量協議會幫助你擴大規模嗎？

Yes. At the highest level forward flow, the model is such that we don't take credit risk so the margin profile is healthy. And just kind of zooming out when you think about the capital program, we're really trying to optimize or maximize our risk-adjusted returns. So as we scale, we're going to build more partners, and in this case, workflow offers us a really healthy margin profile and still allows us to scale the business as well. So hopefully, that answers your question.

是的。在最高水準的遠期流動中，該模型使我們不承擔信用風險，因此保證金狀況是健康的。當你考慮資本計畫時，我們確實在努力優化或最大化我們的風險調整回報。因此，隨著我們的規模擴大，我們將建立更多的合作夥伴，在這種情況下，工作流程為我們提供了真正健康的利潤狀況，並且仍然允許我們擴展業務。希望這能回答你的問題。

Yes, that's helpful. And then just for my follow-up. Elena, sorry if this is you repeating yourself, but curious if you could provide an update, of the $100 million of annualized cost savings from the risk, how much of that did we see in 1Q?

是的，這很有幫助。然後只是為了我的後續行動。埃琳娜（Elena），抱歉，如果您重複的話，但很好奇您是否可以提供最新信息，即風險帶來的 1 億美元年度成本節省，我們在第一季度看到了多少？

In 1Q, did I say -- I don't think we've given the quarterly guidance, to be honest. But I will tell you, because of the fact that we had -- I talked about on the script some onetime benefits. We had a little bit higher savings than we anticipated, roughly around $10 million of incremental savings from the $100 million. And just keep in mind, 1/3 of it is related to stock-based comp.

在第一季度，我是否說過——說實話，我認為我們沒有給出季度指導。但我會告訴你，因為我們有——我在劇本上談到了一些一次性的好處。我們的節省額比我們預期的要高一些，從 1 億美元的增量節省額中增​​加了約 1000 萬美元。請記住，其中 1/3 與基於股票的比較有關。

Your next question is from the line of Dominic Ball with Redburn Atlantic.

您的下一個問題來自 Redburn Atlantic 的 Dominic Ball。

Great job on taking market share as always. So it seems like in the SMB, the breadth and depth of products offered by Toast is clearly market-leading. My question is for larger merchants, be that upper mid-market or enterprise, are there any product gaps that you would like to fill? I asked this because the recent restaurant management suite put release, the benchmarking tool was really interesting. So should we expect more product releases in the future specifically geared to larger merchants?

一如既往地在佔據市場份額方面做得很好。因此，在中小企業中，Toast 提供的產品的廣度和深度顯然是市場領先的。我的問題是，對於較大的商家，無論是中高端市場還是企業，您是否希望填補任何產品空白？我問這個是因為最近餐廳管理套件發布了，基準測試工具真的很有趣。那麼，我們是否應該期待未來能發布更多專門針對大型商家的產品呢？

Dominic, thanks for the question. That is the plan gradually as we continue to invest across the whole TAM, including enterprise. The goal of the restaurant management suite was to provide a capability where we can start to drop in more and more of the capabilities into the suite. And so whether it's our above-store management tools, whether it's our extensibility and our APIs, food security and compliance, config management, there's a whole host of capabilities that we're investing in to make our product a better fit upmarket, including, by the way, drive-through capabilities as well over time. And so this is the plan in the long term. And the restaurant management suite allows us to package all of it up into a suite that can be used upmarket.

多明尼克，謝謝你的提問。隨著我們繼續對整個 TAM（包括企業）進行投資，我們會逐步製定這項計劃。餐廳管理套件的目標是提供一個功能，我們可以開始將越來越多的功能放入套件中。因此，無論是我們的店面管理工具，還是我們的可擴展性和 API、食品安全和合規性、配置管理，我們都在投資一系列功能，以使我們的產品更適合高端市場，包括：順便說一句，隨著時間的推移，直通車的能力也會增強。這是長期計劃。餐廳管理套件允許我們將所有這些打包成一個可以在高端市場使用的套件。

That's super interesting. And just one more, if that's okay. For international growth, how should we think about the product pipeline, the product parity with the U.S. and then the subsequent OpEx attached to that? So what I mean is, because in the U.S., you sort of build these products from scratch and now that isn't the case when you go international, is there a lower cost of growth or because there's different markets that are actually a higher initial cost of growth?

這太有趣了。如果可以的話，再來一張。對於國際成長，我們應該如何考慮產品線、與美國的產品平價以及隨後的營運支出？所以我的意思是，因為在美國，你是從頭開始建立這些產品，而現在當你走向國際時，情況並非如此，是成長成本較低，還是因為不同的市場實際上具有更高的初始成本成長成本？

Yes. I think, look, maybe I'll just say that we -- if you looked this quarter, we announced the online ordering, integrated online ordering, which is a big feature request from our customers internationally, it's been really well received. And there's a road map to continue to invest and expand the product both from a guest experience standpoint and in restaurant operations perspective to support our international customers. A lot of that is driven by our customer base.

是的。我想，看，也許我會說，如果你看一下本季度，我們宣布了在線訂購、集成在線訂購，這是我們國際客戶提出的一項重大功能要求，它得到了很好的反響。我們制定了路線圖，從賓客體驗的角度和餐廳營運的角度繼續投資和擴展產品，以支持我們的國際客戶。其中很大一部分是由我們的客戶群推動的。

I think the incremental investment to go -- to build out the product, certainly not the same as building the product for the U.S. market, given we're building on top of what we've built here over the past decade. And also, I think one more thing I'll call out is we've built a framework here where whether it's language or currency or location-specific requirements, payments, for example, is one, the capabilities reusable across new market. So as we enter the next scale of markets over time, it should actually allow us to go even faster.

我認為增量投資——建立產品，當然與為美國市場建立產品不同，因為我們是在過去十年在這裡構建的基礎上構建的。而且，我想我要指出的另一件事是，我們在這裡建立了一個框架，無論是語言、貨幣還是特定於地點的要求，例如支付，都是可在新市場中重複使用的功能。因此，隨著時間的推移，當我們進入下一個規模的市場時，它實際上應該會讓我們走得更快。

We will now take our last question from the line of Sheriq Sumar with Evercore ISI.

現在我們將回答 Evercore ISI 的 Sheriq Sumar 的最後一個問題。

I just wanted to ask about the cadence around the SaaS ARPU for this year. Like is there any kind of fluctuation that we could expect? And probably -- I mean, I know it's kind of a bit too early but thinking beyond 2024, I mean, just wanted to get a sense on the upsell strategy that could we expect to see any kind of potential improvement in the SaaS ARPU growth trend from here?

我只是想問一下今年 SaaS ARPU 的節奏。就像我們可以預期的那樣，會有任何波動嗎？可能 - 我的意思是，我知道現在有點為時過早，但考慮到 2024 年之後，我的意思是，只是想了解追加銷售策略，我們是否可以期望看到 SaaS ARPU 增長的任何潛在改善趨勢從這裡開始？

Yes, Sheriq, I'll take that. So in the near term, we've said mid-single digits on an ARR basis, and that's still -- we feel confident in delivering on that in the near term. Zooming out, when you think about our opportunity long term, there's really a few things we think about. One is growing our attach, right? And that's through optimizing the breadth of products we have and working on product market fit, our upsell team, pricing and packaging.

是的，謝里克，我會接受的。因此，在短期內，我們已經表示 ARR 為中個位數，而且我們仍然有信心在短期內實現這一目標。縮小範圍，當你從長遠考慮我們的機會時，我們確實會考慮一些事情。一是增強我們的依戀，對吧？這是透過優化我們擁有的產品的廣度並致力於產品市場契合度、我們的追加銷售團隊、定價和包裝。

And then there's innovation that's -- we're continuing to invest in our R&D team to drive future innovation. And then, of course, as we've talked about, we will implement an ongoing cadence of small steady pricing changes, over time, both on the SaaS side but also even on the fintech side, even though I know you're asking about SaaS ARPU. So we have an opportunity over time to grow our ARPU. But in the near term, mid-single digits is the right proxy on an ARR basis.

然後是創新——我們將繼續投資於我們的研發團隊，以推動未來的創新。當然，正如我們所討論的，隨著時間的推移，我們將在 SaaS 方面，甚至在金融科技方面，持續實施小幅穩定的定價變化，儘管我知道您問的是SaaS ARPU。因此，隨著時間的推移，我們有機會提高 ARPU。但在短期內，以 ARR 為基礎，中個位數是正確的指標。

Operator, I think that ramps up our call for today.

接線員，我認為這增加了我們今天的呼籲。

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

今天的電話會議到此結束。您現在可以斷開連線。