Toast Inc (TOST) 2024 Q2 法說會逐字稿

Good afternoon.

午安.

My name is Brika, and I will be your conference operator today.

我叫 Brika，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to Toast's Second Quarter 2024 Earnings Conference Call.

在此，我歡迎大家參加 Toast 2024 年第二季財報電話會議。

Today's call will be 45 minutes.

今天的通話時間為 45 分鐘。

I'll now turn the call over to Michael Senno, Senior Vice President of Finance.

現在我將把電話轉給財務高級副總裁 Michael Senno。

You may begin your conference.

您可以開始您的會議了。

Thank you, operator.

謝謝你，接線生。

Welcome to Toast's earnings conference call for the second quarter ended June 30, 2024.

歡迎參加 Toast 截至 2024 年 6 月 30 日的第二季財報電話會議。

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.

出席今天電話會議的有執行長兼共同創辦人 Aman Narang；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.

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 considered forward-looking within the meaning of the Securities Act and the Exchange Act.

在本次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能被視為《證券法》和《交易法》含義內的前瞻性聲明。

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 and margin outlook, anticipated impact of our restructuring plan, warrant repurchase and share repurchase program, expected growth and business outlook, including our financial guidance for the third quarter and full year 2024.

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、未來盈利能力和利潤前景、我們重組計劃、認股權證回購和股票回購買的預期影響的預期的陳述計劃、預期增長和業務前景，包括我們對第三季度和 2024 年全年的財務指導。

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.

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。

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.

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有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.

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。

These are the basis for our top line guidance.

這些是我們頂線指導的基礎。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

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。

Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures.

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.

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 can be found on the Investor Relations website at investors.toasttab.com. After the call, a replay will be available on our website.

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。

And 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, and thank you, everyone, for joining us this afternoon.

謝謝邁克爾，也謝謝大家今天下午加入我們。

We had a strong second quarter.

我們的第二季表現強勁。

We added a record 8,000 net locations.

我們增加了創紀錄的 8,000 個網路位置。

Our recurring gross profit streams increased 29% year-over-year.

我們的經常性毛利年增 29%。

Adjusted EBITDA came in at $92 million, and we've achieved GAAP income profitability ahead of expectations.

調整後的 EBITDA 為 9,200 萬美元，我們的 GAAP 收入獲利能力超出了預期。

I'm really proud of how the team performed, and we're well positioned to continue to scale and have a strong second half.

我對球隊的表現感到非常自豪，我們已經做好了繼續擴大規模並擁有強勁下半場的準備。

Our mission at Toast is to help restaurants delight their guests, do what they love and thrive.

Toast 的使命是幫助餐廳取悅客人、做他們喜歡的事情並蓬勃發展。

At our first Investor Day in May, we shared the opportunity, strategy and drivers behind our momentum.

在五月的第一個投資者日上，我們分享了我們發展勢頭背後的機會、策略和驅動因素。

At about 13% share in US restaurants, we have an incredible opportunity out of us to scale and become the platform of choice serving this amazing industry.

我們在美國餐廳的份額約為 13%，我們擁有絕佳的機會來擴大規模並成為服務這個令人驚嘆的行業的首選平台。

Our products and data assets, combined with our local go-to-market engine and customer success teams, uniquely position us to drive both location and ARPU expansion, and sustained durable growth over the long term.

我們的產品和數據資產，加上我們本地的上市引擎和客戶成功團隊，使我們處於獨特的地位，能夠推動位置和 ARPU 擴張，並實現長期持續持久成長。

In addition to scaling across US SMB and mid-market restaurants, we're thoughtfully laying the foundation to expand our TAM across key international markets, enterprise restaurant chains as well as food and beverage retail.

除了在美國中小企業和中端市場餐廳進行擴張之外，我們還精心奠定了基礎，以將我們的 TAM 擴展到主要國際市場、企業連鎖餐廳以及食品和飲料零售。

The team has done a great job of identifying segments of the market where we have a right to win without distracting from our ability to scale in our core market segments.

團隊在識別我們有權獲勝的細分市場方面做得非常出色，同時又不影響我們在核心細分市場擴大規模的能力。

And these investments allow us to expand our TAM and support our ability to drive durable growth and shareholder returns.

這些投資使我們能夠擴大 TAM 並支持我們推動持久成長和股東回報的能力。

We've increased our outlook for the full year based on our performance in the first half, and we're all focused on the four strategic priorities we laid out earlier this year: one, scaling locations and market share in our core business; two, expanding our offering for restaurants with products customers love; three, expanding our addressable market into new adjacencies; and four, setting up the company to deliver ongoing operating leverage as we scale.

根據上半年的業績，我們提高了全年的預期，我們都專注於今年早些時候制定的四個戰略重點：一是擴大核心業務的位置和市場份額；二是擴大核心業務的覆蓋面。第二，擴大我們為餐廳提供的產品範圍，提供顧客喜愛的產品；第三，將我們的目標市場擴展到新的周邊地區；第四，建立公司以隨著規模的擴大提供持續的營運槓桿。

So first, scaling restaurant locations and gaining share in our core business.

首先，擴大餐廳規模並獲得我們核心業務的份額。

Our record 8,000 net adds in the second quarter were driven by our purpose-built restaurant platform and our local go-to-market engine.

我們第二季創紀錄的 8,000 家淨增是由我們專門打造的餐廳平台和本地上市引擎所推動的。

As we gain momentum in local markets across the country, we continue to see a flywheel effect, with higher rep productivity and faster market share gains.

隨著我們在全國各地市場的發展勢頭增強，我們繼續看到飛輪效應，代表生產力更高，市場份額增長更快。

In fact, in our top 10 flywheel markets across the country with the highest market share, we saw 50% more wins on average in Q2 versus non-flywheel markets.

事實上，在我們全國市佔率最高的 10 個飛輪市場中，我們發現第二季的勝利比非飛輪市場平均多出 50%。

This gives us confidence in our ability to continue to drive strong market share gains over time.

這讓我們對隨著時間的推移繼續推動市場份額強勁增長的能力充滿信心。

And we're gaining share because restaurants see the impact we can have on their businesses.

我們正在獲得份額，因為餐廳看到了我們對其業務的影響。

I'll spotlight one recent example that speaks to the value we bring.

我將重點介紹一個最近的例子，它說明了我們帶來的價值。

Bezoria, a growing fast-casual concept in Great Atlanta, switched to Toast from another cloud provider to help fuel their next stage of growth.

Bezoria 是大亞特蘭大不斷發展的快速休閒概念，它從另一家雲端供應商轉向了 Toast，以幫助推動下一階段的成長。

By complementing our POS terminals with self-ordering kiosks for guests and kitchen display systems across their food and prep lines, they've reduced average order times by 5 minutes.

透過為我們的 POS 終端配備供客人自助點餐的資訊亭以及食品和準備生產線上的廚房顯示系統，他們將平均點餐時間縮短了 5 分鐘。

And as a result, Bezoria estimates that they have increased revenue by 25% across their locations.

因此，Bezoria 估計他們在各個地點的收入增加了 25%。

Switching gears.

切換齒輪。

Our second priority is expanding our offering to restaurants with products and experiences customers love.

我們的第二個優先事項是將我們的產品範圍擴展到餐廳，提供顧客喜愛的產品和體驗。

Our platform and partner ecosystem serves all the restaurant stakeholders, operators, guests, employees and suppliers, and creates value across many dimensions, including supporting new revenue streams, driving throughput and simplifying operations.

我們的平台和合作夥伴生態系統為所有餐廳利害關係人、經營者、客人、員工和供應商提供服務，並在多個方面創造價值，包括支援新的收入來源、提高吞吐量和簡化營運。

Last quarter, I talked about the launch of product suites across good, better, and best tiers to simplify how we sell and how our customers adopt our products.

上個季度，我談到了跨良好、更好和最佳水平的產品套件的推出，以簡化我們的銷售方式以及客戶如何採用我們的產品。

We're starting to see this have an impact.

我們開始看到這產生了影響。

For example, since we launched our digital storefront suite in the spring, approximately 30% of book locations upgraded to our Pro tier, which includes our new website product.

例如，自從我們在春季推出數位店面套件以來，大約 30% 的圖書地點升級到我們的專業級，其中包括我們的新網站產品。

And this website product works in concert with the rest of our digital suite to help restaurants build a great online presence.

該網站產品與我們數位套件的其他部分協同工作，幫助餐廳建立良好的線上形象。

As we continue to mature our product suites, we're confident we will see similar trends across our platform, which will, in turn, help us drive product attach and ARR.

隨著我們的產品套件不斷成熟，我們有信心在我們的平台上看到類似的趨勢，這反過來將幫助我們推動產品附加和 ARR。

Internationally, across the UK, Canada, and Ireland, our team has been hard at work building out the platform to drive both differentiation and ARPU.

在國際上，在英國、加拿大和愛爾蘭，我們的團隊一直在努力建立平台以推動差異化和 ARPU。

In the first half, we launched several products, including Online Ordering, Mobile Order & Pay, Gift Cards and Kiosk.

上半年，我們推出了線上下單、手機下單支付、禮品卡、Kiosk等多款產品。

Attach rates are surpassing expectations.

附加率超出預期。

As an example, nearly half of international June bookings adopted Toast Online Ordering.

例如，6 月近一半的國際預訂採用了 Toast 線上訂購。

Tahini's is a Canadian quick-serve restaurant that's already rolled out Toast across 42 locations.

Tahini's 是一家加拿大快餐餐廳，已在 42 家門市推出了 Toast。

The plan is to double our location count next year.

我們的計劃是明年將我們的網點數量增加一倍。

One of the highlights for Tahini's has been a 15% increase in check sizes on their kiosk versus ordering at a POS terminal.

Tahini's 的一大亮點是，與在 POS 終端訂購相比，在其自助服務終端上訂購的支票尺寸增加了 15%。

They credit this increase to our kiosk's ability to prompt for data-driven upsells via beautiful custom images of their dishes for items that go better together.

他們將這一增長歸功於我們的售貨亭能夠透過精美的客製化菜餚圖像來提示數據驅動的追加銷售，以實現更好的搭配。

And this growth in revenue has helped them invest more back into their business to support their ambitious growth goals.

收入的成長幫助他們對業務進行更多投資，以支持其雄心勃勃的成長目標。

Our team has plans to roll out more products internationally this year, including guest marketing, restaurant retail, Toast tables as well as our hotel PMS integration.

我們的團隊計劃今年在國際上推出更多產品，包括賓客行銷、餐廳零售、吐司桌以及飯店 PMS 整合。

And with 2,000 live locations as of Q2, we are excited about our progress and continue to remain bullish on the long-term potential given how early we are in the international opportunity.

截至第二季度，我們已擁有 2,000 個現場地點，我們對我們的進展感到興奮，並繼續看好長期潛力，因為我們在國際機會方面還處於早期階段。

Next, our third priority is expanding our addressable market into new adjacencies, including enterprise and food and beverage retail.

接下來，我們的第三個優先事項是將我們的目標市場擴展到新的周邊地區，包括企業和食品和飲料零售。

We recently expanded our partnership with Wetzel's Pretzels by signing an extension for another 100 stores, in addition to the 300 locations already on our platform.

最近，除了我們平台上已有的 300 家門市外，我們還簽署了另外 100 家門市的延期協議，擴大了與 Wetzel's Pretzels 的合作關係。

We continue to roll our Toast across a number of marquee brands, including Wetzel's and Barbecue Holdings, which are part of fast-growing MTY brands.

我們繼續在多個知名品牌中推出 Toast，包括 Wetzel's 和 Barbecue Holdings，它們是快速成長的 MTY 品牌的一部分。

And the improvements we have made to our platform, combined with our strong pipeline, gives us confidence in steadily increasing enterprise penetration over time.

我們對平台所做的改進，加上我們強大的管道，使我們有信心隨著時間的推移穩步提高企業滲透率。

As I mentioned in our Investor Day in May, the work we've put in over the past decade building on our platform has allowed us to enter new verticals, including grocery, convenience stores and bottle shops.

正如我在五月的投資者日中提到的，過去十年來我們在平台上所做的工作使我們能夠進入新的垂直領域，包括雜貨店、便利商店和瓶裝商店。

There are 220,000 locations and $660 billion in spend in these markets alone in the US.

光是在美國，這些市場就有 22 萬個地點和 6,600 億美元的支出。

And so far, we've booked 1,000 new customers.

到目前為止，我們已經預訂了 1,000 名新客戶。

We see a significant growth opportunity here, in part because so much of this market is still using legacy on-prem solutions and see the benefits of an integrated cloud platform.

我們在這裡看到了巨大的成長機會，部分原因是這個市場的大部分仍在使用傳統的本地解決方案，並且看到了整合雲端平台的優勢。

For example, Victory Hospitality Group in Portland, Maine, recently launched three markets on Toast in addition to their portfolio of award-winning restaurants that have been with us since 2016.

例如，位於緬因州波特蘭的 Victory Hospitality Group 除了自 2016 年以來一直與我們合作的獲獎餐廳組合之外，最近還在 Toast 上推出了三個市場。

Since adding Toast, the staff has been able to offer better service to their guests by making back-office tasks, including inventory management, much more streamlined.

自從加入 Toast 以來，員工能夠透過簡化庫存管理等後台任務來為客人提供更好的服務。

We see examples like this across many of our early retail customers and have confidence that we can drive significant growth in the segment.

我們在許多早期零售客戶中看到了這樣的例子，並相信我們能夠推動該領域的顯著成長。

And finally, our fourth priority is to deliver operating leverage in our core business as we scale both to drive shareholder returns and have the capital available to invest into our nascent market segments.

最後，我們的第四個優先事項是在我們的核心業務中提供營運槓桿，因為我們擴大規模以提高股東回報並擁有可用於投資我們新興細分市場的資本。

Our adjusted EBITDA was $92 million in the second quarter, a $77 million improvement from a year ago.

第二季調整後的 EBITDA 為 9,200 萬美元，比去年同期增加了 7,700 萬美元。

I'm very proud of the team's ability to both drive strong growth and this level of margin expansion in a short period of time.

我對團隊在短時間內推動強勁成長和這種水平的利潤擴張的能力感到非常自豪。

And as we look to the second half of the year, we will invest more back into our business to support our growth plans while working towards our long-term margin goals.

展望今年下半年，我們將更多地投資於我們的業務，以支持我們的成長計劃，同時努力實現我們的長期利潤目標。

To wrap up, I'm confident in how we're executing.

總而言之，我對我們的執行方式充滿信心。

We're still in the early innings and are prepared to capitalize on the opportunity ahead.

我們仍處於早期階段，並準備好利用未來的機會。

I want to thank every Toaster for their continued dedication and passion for our mission; our customers for entrusting us to support them; our partners for helping us enable this great ecosystem; and, of course, our investors for believing in us and the potential in this business.

我要感謝每一位烤麵包師對我們使命的持續奉獻和熱情；我們的客戶委託我們為他們提供支援；我們的合作夥伴幫助我們打造這個偉大的生態系統；當然，還有我們的投資者對我們以及這項業務潛力的信任。

Now I'll turn the call over to Elena to share more about this quarter's results.

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.

謝謝你，阿曼，也謝謝大家的加入。

I also want to thank our employees.

我還要感謝我們的員工。

Your continued focus on execution delivered another strong quarter with top and bottom line results above expectations.

您對執行力的持續關注帶來了另一個強勁的季度，營收和利潤均超出預期。

In the second quarter, ARR grew 29%, driven by strong location growth and continued ARPU expansion.

在強勁的地理位置成長和持續的 ARPU 擴張的推動下，第二季 ARR 成長了 29%。

Total fintech and subscription gross profit, our recurring gross profit stream, also increased 29% year-over-year and totaled $344 million.

金融科技和訂閱毛利總額（我們的經常性毛利流）也較去年同期成長 29%，總計 3.44 億美元。

Adjusted EBITDA was $92 million, representing a 27% margin on our recurring gross profit streams.

調整後 EBITDA 為 9,200 萬美元，占我們經常性毛利流的 27%。

We reached GAAP profitability earlier than expected, an important milestone we have been working towards and further evidence of our ability to drive durable, efficient growth.

我們比預期更早實現了 GAAP 獲利能力，這是我們一直在努力實現的一個重要里程碑，也進一步證明了我們推動持久、高效成長的能力。

In Q2, we added approximately 8,000 net locations, a new quarterly record, increasing our total locations to about 120,000, up 29% year-over-year.

第二季度，我們淨新增約 8,000 個分店，創下季度新紀錄，分行總數增加至約 12 萬個，較去年同期成長 29%。

Location growth was primarily driven by continued share gains in our core US SMB and mid-market customer segment, complemented by the contributions across international, enterprise, and food and beverage retail.

地點成長主要得益於我們核心美國中小企業和中端市場客戶群的份額持續成長，以及國際、企業和食品和飲料零售領域的貢獻。

As a reminder, Q2 is our seasonally strongest quarter of the year as restaurants prepare for peak season, and we typically see lower quarterly net adds in the second half.

提醒一下，第二季度是我們一年中季節性最強的季度，因為餐廳正在為旺季做準備，我們通常會在下半年看到較低的季度淨增量。

SaaS ARR grew 35% year-over-year, driven by strong location growth and a mid-single-digit increase in SaaS ARPU on an ARR basis.

受強勁的地理位置成長和 SaaS ARPU（以 ARR 計算）中個位數成長的推動，SaaS ARR 年比成長 35%。

Payments ARR grew 24% and fintech gross profit increased 23% in Q2.

第二季支付 ARR 成長 24%，金融科技毛利成長 23%。

GPV was $40.5 billion, up 26% year-over-year, with GPV per location down about 3% versus prior year, consistent with recent quarterly trends.

GPV 為 405 億美元，年增 26%，每個地點的 GPV 比去年下降約 3%，與最近的季度趨勢一致。

Net take rate was 54 basis points, with core net take rate flat year-over-year at 45 basis points.

淨採用率為 54 個基點，核心淨採用率為 45 個基點，與去年同期持平。

Our non-payments fintech solutions led by Toast Capital contributed $34 million in gross profit and 8 basis points to the net take rate.

由 Toast Capital 領導的我們的非支付金融科技解決方案貢獻了 3,400 萬美元的毛利和 8 個基點的淨利率。

The net take rate contribution is slightly lower than prior periods due to the introduction of forward flow, which comes with a lower take rate per dollar of origination but carries no credit risk.

由於引入了遠期流量，淨佔用率貢獻略低於前期，每美元原始資金的佔用率較低，但不存在信用風險。

Expanding capacity with diverse funding sources enables us to prudently grow the program and optimize across models to maximize risk-adjusted returns.

透過多樣化的資金來源擴大能力使我們能夠審慎地發展該計劃並優化各種模型，以最大限度地提高風險調整後的回報。

We are on track for the targeted payments pricing increase we've discussed and expected to have a small impact on core net take rate in the second half of the year.

我們正在按計劃實現我們已經討論過的目標支付定價上漲，並預計這將對今年下半年的核心淨採用率產生較小影響。

Over time, ongoing price adjustments will be one of the several drivers of our long-term growth algorithm.

隨著時間的推移，持續的價格調整將成為我們長期成長演算法的幾個驅動因素之一。

Total operating expenses were up 2% year-over-year in the quarter, reflecting a full quarter of savings from restructuring actions taken earlier in the year.

本季總營運費用年增 2%，反映了今年稍早採取的重組行動帶來的整個季度的節省。

We anticipate operating expense growth will increase in the second half as we reinvest savings into our highest priority areas across go-to-market, product, TAM expansion to drive sustained long-term growth.

我們預計下半年營運費用成長將會增加，因為我們將節省的資金重新投資到上市、產品、TAM 擴張等最優先領域，以推動持續的長期成長。

We'll maintain the same disciplined investment approach we've employed and remain focused on driving efficiencies across the business to fund investments and drive margin expansion.

我們將保持我們所採用的同樣嚴格的投資方法，並繼續專注於提高整個業務的效率，為投資提供資金並推動利潤率擴張。

Sales and marketing expenses increased 16% year-over-year in Q2 as we continue to grow our upsell and international sales teams and make targeted investments in our US go-to-market motion to drive deeper penetration.

第二季的銷售和行銷費用年增 16%，因為我們繼續擴大我們的追加銷售和國際銷售團隊，並對我們的美國市場進入計劃進行有針對性的投資，以推動更深層次的滲透。

R&D expenses declined 4% year-over-year in Q2.

第二季研發費用較去年同期下降 4%。

We expect to see the impact of reinvestment starting in Q3.

我們預計從第三季開始就會看到再投資的影響。

We're making targeted investments aligned with our product strategy to provide a differentiated platform for our core SMB and mid-market customers, innovate new products that create value for our customers and expand into new TAMs.

我們正在根據我們的產品策略進行有針對性的投資，為我們的核心中小企業和中端市場客戶提供差異化平台，創新新產品，為我們的客戶創造價值，並擴展到新的 TAM。

Excluding $50 million of bad debt and credit-related expenses, G&A was down 12% year-over-year.

不計 5,000 萬美元的壞帳和信貸相關費用，一般管理費用較去年同期下降 12%。

We will continue to drive efficiency within G&A, including through automation and global diversification of our workforce and expect ongoing operating leverage.

我們將繼續提高 G&A 的效率，包括透過自動化和員工隊伍的全球多元化，並期望持續的營運槓桿。

Bad debt associated with Toast Capital was lower relative to prior periods, benefiting from the addition of forward flow and the continued optimization of the program.

受益於遠期流量的增加和計劃的持續優化，與 Toast Capital 相關的壞帳相對於前期較低。

Our progress in growing adjusted EBITDA, combined with containing stock-based compensation expenses, resulted in our first quarter of GAAP operating income profit reaching $5 million in the quarter.

我們在成長調整後 EBITDA 方面取得的進展，加上控制以股票為基礎的補償費用，導致我們第一季的 GAAP 營業利潤在本季達到 500 萬美元。

Free cash flow totaled $108 million in the second quarter, driven by strong adjusted EBITDA and a benefit from working capital due to the seasonality of our payments business.

第二季自由現金流總計 1.08 億美元，這得益於強勁的調整後 EBITDA 以及支付業務季節性帶來的營運資本利得。

Moving to capital allocation.

轉向資本配置。

Year-to-date, we have repurchased $49 million in shares.

今年迄今為止，我們已回購了價值 4,900 萬美元的股票。

At the start of Q3, we also opportunistically repurchased a warrant for 5.2 million shares expiring in 2027 for $60 million.

在第三季初，我們也趁機以 6,000 萬美元回購了 2027 年到期的 520 萬股認股權證。

The warrant repurchase aligns with our broader capital allocation strategy to maximize shareholder value, in part by reducing dilution.

認股權證回購符合我們更廣泛的資本配置策略，以最大限度地提高股東價值，部分是透過減少稀釋來實現的。

We view it as an accelerated, efficient share repurchase and use of cash we would have otherwise allocated for opportunistic stock repurchases.

我們認為這是一種加速、高效的股票回購，以及對現金的使用，否則我們將分配用於機會性股票回購。

As a result, we anticipate a slower pace of buyback through the balance of the year, although we will remain opportunistic based on market conditions.

因此，我們預計今年餘下的時間裡回購步伐將會放緩，儘管我們將根據市場狀況保持機會主義。

Now turning to guidance.

現在轉向指導。

For the third quarter, we expect total subscription and fintech gross profit to increase in the 23% to 27% range year-over-year and adjusted EBITDA to be $70 million to $80 million.

對於第三季度，我們預計訂閱總額和金融科技毛利將年增 23% 至 27%，調整後 EBITDA 為 7,000 萬美元至 8,000 萬美元。

Following our strong first half performance, we are increasing our full year outlook.

繼上半年表現強勁後，我們提高了全年展望。

We now expect 27% to 29% growth in fintech and subscription gross profit and $285 million to $305 million in adjusted EBITDA.

我們目前預計金融科技和訂閱毛利將成長 27% 至 29%，調整後 EBITDA 將成長 2.85 億美元至 3.05 億美元。

At the midpoint, it represents a 22% margin, a 16 percentage point improvement versus 2023.

中間值代表利潤率為 22%，比 2023 年提高了 16 個百分點。

We expect to be around breakeven on a GAAP basis for the remainder of the year.

我們預計今年剩餘時間裡，以公認會計準則計算，將達到損益平衡。

After benefiting from the restructuring savings in the first half of the year, our guidance includes investment in key areas of the business which are concentrated in the back half of the year.

在受益於上半年的重組節省後​​，我們的指導包括對業務重點領域的投資，這些領域集中在下半年。

This is also driving the quarterly fluctuations in adjusted EBITDA margins.

這也推動了調整後 EBITDA 利潤率的季度波動。

Our expectations for the full year margins are representative of how we are managing the business and capture our growth investment and efficiency gains.

我們對全年利潤率的預期代表了我們如何管理業務以及獲取成長投資和效率收益。

We plan to build off of our full year 2024 margin and steadily progress towards our medium- and long-term targets.

我們計劃在 2024 年全年利潤率的基礎上再接再厲，穩步實現中長期目標。

To wrap up, we are extremely proud of our execution and momentum through the first half of 2024.

總而言之，我們對 2024 年上半年的執行力和動力感到非常自豪。

We are on track for a strong second half of the year and well positioned to sustain high growth and margin expansion over the long term.

我們預計在今年下半年實現強勁成長，並做好長期維持高成長和利潤率擴張的準備。

Now I will turn the call back over to the operator to begin Q&A.

現在我將把電話轉回接線員以開始問答。

(Operator Instructions)

（操作員說明）

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Good afternoon.

午安.

Good results here.

這裡有好的結果。

Just wanted to ask on the second half and if there's been any change in restaurant health in the last couple of months since we last got together, I understand the location addition seasonality comment that you mentioned, but just any other observations on the macro side?

只是想問一下下半年以來，自從我們上次聚會以來的過去幾個月，餐廳的健康狀況是否有任何變化，我理解您提到的位置添加季節性評論，但宏觀方面還有其他觀察結果嗎？

Yes.

是的。

Thanks, Tien-Tsin, for the question.

謝謝田進的提問。

So in Q2, our GPV per location was down 3%.

因此，在第二季度，我們每個地點的 GPV 下降了 3%。

And as we head into Q3, it's in that same range, so it's been relatively consistent, and our guidance reflects that as I laid out on the call.

當我們進入第三季時，它處於相同的範圍內，因此相對一致，我們的指導反映了我在電話會議中闡述的這一點。

That said, the macro is dynamic, and we also know a couple of the data points about our restaurants.

也就是說，宏觀是動態的，我們也知道一些關於我們餐廳的數據點。

We've proven to be resilient through various economic cycles.

事實證明，我們在不同的經濟週期中都具有韌性。

But of course, we're going to continue to monitor it.

但當然，我們將繼續監控它。

And just zooming out, as we think about GPV growing 26%, that's $40 billion this quarter, we just have a lot of confidence in our ability to manage the business through to various economic cycles.

縮小範圍，當我們想到本季 GPV 成長 26%（即 400 億美元）時，我們對自己在不同經濟週期中管理業務的能力充滿信心。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

Hey, guys.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to ask about subscription ARR.

我想問一下關於訂閱ARR的問題。

I think it looks pretty strong and annual number looks actually really good.

我認為它看起來相當強勁，而且年度數字看起來確實非常好。

I want to know what kind of products are resonating with your customers today because the upsell performance, at least from what we're seeing here, looks pretty good in the context of the same-store sales allocation.

我想知道今天什麼樣的產品能引起客戶的共鳴，因為至少從我們在這裡看到的情況來看，在同店銷售分配的背景下，追加銷售表現看起來相當不錯。

Thanks for the question, Dan.

謝謝你的提問，丹。

There's a broad range of capabilities we shared across our platform at Analyst Day.

我們在分析師日上在我們的平台上分享了廣泛的功能。

And this is everything from things like data and AI, we shared our benchmarking tool and how the feedback from our customers has been positive.

這就是數據和人工智慧等方面的一切，我們分享了我們的基準測試工具以及客戶的正面回饋。

Generative AI and leveraging that in our CRM tool.

生成式人工智慧並在我們的 CRM 工具中利用它。

Sous Chefs is another area we're excited about to help be an umbrella for all of our AI innovations.

Sous Chefs 是我們很高興能夠幫助成為我們所有人工智慧創新的保護傘的另一個領域。

So that's one area that the team is excited about.

所以這是團隊感到興奮的一個領域。

And then across our platform, we've talked about how the platform has commerce, guests, employee cloud and fintech.

然後在我們的平台上，我們討論了平台如何擁有商業、訪客、員工雲端和金融科技。

And across all of those areas, there are -- there's work the team is putting in to help continue to refine and iterate on the products.

在所有這些領域，團隊正在投入工作來幫助繼續改進和迭代產品。

On guests, for example, our Toast Tables product, catering, online ordering, CRM, our new website product.

以客人為例，我們的 Toast Tables 產品、餐飲、線上訂購、CRM、我們的新網站產品。

There's been good feedback on.

得到了很好的回饋。

On the employee cloud side, there's a lot of focus on our payroll product working in conjunction with our scheduling and our Tips product.

在員工雲端方面，我們的薪資物品與我們的日程安排和提示產品結合使用，得到了許多關注。

We're continuing to work on the product market fit in our supplier and accounting product.

我們將繼續致力於我們的供應商和會計產品的產品市場契合度。

And I'll just wrap by saying a lot of the focus we have as a team, all the work we're doing in suites is really to make sure that we're driving strong ARPU growth in the medium and long term.

最後我想說的是，作為一個團隊，我們所關注的重點是，我們在套件中所做的所有工作實際上都是為了確保我們在中長期推動 ARPU 的強勁成長。

We recognize this is an important growth driver for the business.

我們認識到這是業務成長的重要驅動力。

William Nance, Goldman Sachs.

威廉·南斯，高盛。

Hey, guys.

大家好。

I appreciate you taking the question.

我很感謝你提出這個問題。

Nice to see another strong quarter.

很高興看到另一個強勁的季度。

I wanted to ask maybe sticking with the macro thing from Tien-Tsin's question a second ago, just on decisions to make some of the incremental investments.

我想問的是，也許還是堅持天進剛才問題中的宏觀問題，只是關於進行一些增量投資的決定。

I think there's been a lot of focus on the macro recently.

我認為最近人們對宏觀的關注非常多。

And I guess when you think about adding additional head count to go-to-market functions, how do you think about sort of the mix of net adds and those that are coming from new restaurant openings versus competitive takeaways?

我想，當您考慮為進入市場功能增加額外的員工人數時，您如何考慮淨增加以及新開餐廳和競爭性外賣帶來的淨增加的組合？

And I guess the genesis of the question is, have you seen any impact on just the opportunity out there as sort of new restaurant location formation sort of slows?

我想問題的根源是，隨著新餐廳選址形成的速度放緩，您是否看到了對機會的任何影響？

Are you actually seeing that in the numbers?

您真的在數字中看到了這一點嗎？

And how do you kind of marry that with the decision to accelerate investments in the back half?

您如何將其與加速下半年投資的決定結合起來？

Yes.

是的。

Great question.

很好的問題。

Well, thanks for asking.

嗯，謝謝你的提問。

In terms of like the mix of NROs and existing, we've continued to see not a fundamentally different pattern.

就 NRO 和現有的混合而言，我們仍然沒有看到根本不同的模式。

And our team has the ability to sign and convert both existing restaurants and NROs.

我們的團隊有能力簽約和改造現有的餐廳和 NRO。

If I just zoom out, you think about like the progress we've made, like, one thing I just want to start by saying is I'm really proud of the team's performance.

如果我把目光放遠，你會想到我們所取得的進步，我只想說一件事，我對團隊的表現感到非常自豪。

We had a record 8,000 net adds in Q2.

第二季淨新增人數達到創紀錄的 8,000 人。

And I was reflecting on how 8,000 is an important milestone for us.

我在思考 8,000 週年對我們來說是一個重要的里程碑。

If you look at our ARPU at 12,000 plus, and we're approaching $100 million in ARR that we added in the quarter.

如果你看看我們的 ARPU 超過 12,000，我們在本季增加的 ARR 已接近 1 億美元。

And you think about sustaining this level of growth quarter after quarter for the next decade, I think it's a great outcome.

如果你考慮在未來十年中逐季維持這種成長水平，我認為這是一個很好的結果。

In Q2, specifically, a lot of the net adds came from our core US SMB and mid-market business.

具體來說，在第二季度，許多淨增加來自我們的核心美國中小企業和中端市場業務。

As you can imagine, it's taken us a decade to build our SMB business.

正如您可以想像的那樣，我們花了十年時間才建立我們的中小企業業務。

And as I mentioned on the call, one of the things I'm really proud of is our top 10 flywheel markets continue to be really productive.

正如我在電話中提到的，我真正感到自豪的一件事是我們的十大飛輪市場仍然非常有成效。

In fact, it's at 50% more wins versus non-flywheel markets and flywheel markets have expanded 5x in the last three years.

事實上，與非飛輪市場相比，它的勝利多了 50%，而且飛輪市場在過去三年中擴大了 5 倍。

So while we're excited about adding capacity, sales capacity in international retail, and we will look to do that in the second half, really proud of the progress we've made in our core SMB business.

因此，雖然我們對增加國際零售的產能和銷售能力感到興奮，我們希望在下半年做到這一點，但我們對我們在核心中小企業業務方面取得的進展感到非常自豪。

And to your question about investing, I think it's a fair question.

至於你關於投資的問題，我認為這是一個公平的問題。

Ultimately, we see really healthy factors and unit economics in our core business.

最終，我們在核心業務中看到了真正健康的因素和單位經濟效益。

And we see nice growth drivers in some of these new segments that we're getting into.

我們在我們正在進入的一些新領域中看到了良好的成長動力。

And so as long as we continue to see our unit economics be healthy, we're going to look to continue to invest.

因此，只要我們繼續看到我們的單位經濟效益保持健康，我們就會繼續投資。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey, thanks.

嘿，謝謝。

Nice work in the quarter.

本季工作進展順利。

As you kind of expanded some of these adjacent markets in grocery, convenience stores, et cetera, I think, Aman, you talked about the big opportunities to replace legacy on-prem solutions.

當您擴展雜貨店、便利商店等領域的一些相鄰市場時，我認為，Aman，您談到了取代傳統本地解決方案的巨大機會。

So just wanted to broaden that and ask if there -- as you look at the end markets Toast is pursuing, are there specific portions where there's bigger legacy replacement opportunities than others if you think about SMB restaurants, enterprise restaurants, international and again, those adjacent markets, which you, I think you hit on in your prepared comments?

因此，我想擴大這一範圍，並詢問一下，當您考慮Toast 所追求的終端市場時，如果您考慮中小企業餐廳、企業餐廳、國際餐廳等，是否存在比其他區域有更大傳統替代機會的特定部分？

Yes.

是的。

Thanks for the question, Stephen.

謝謝你的提問，史蒂芬。

I think we've mentioned in the calls in the past that the enterprise segment, the conversion cycles are slower, so there is more legacy upmarket.

我想我們在過去的電話中提到過，企業細分市場的轉換週期較慢，因此有更多的傳統高端市場。

We also see that within retail, there are some very specific needs, and there isn't a great cloud provider that has taken over the space.

我們也看到，在零售業中，存在一些非常具體的需求，並且沒有一家出色的雲端供應商來接管該領域。

In fact, it reminds me a little bit of what the restaurant business was like 10 years ago.

事實上，這讓我想起了10年前餐飲業的情況。

And so those are the two segments that I see a lot of opportunity in.

因此，我在這兩個領域看到了很多機會。

But even if you look at the international markets, for larger restaurants with higher GPV, the trend and pattern we see is a lot of legacy still out there.

但即使你看看國際市場，對於具有較高 GPV 的大型餐廳，我們看到的趨勢和模式仍然存在許多遺留問題。

And so one of the big challenges for us is to really think about asset allocation right across all of these growth vectors

因此，我們面臨的一大挑戰是真正考慮所有這些成長向量的資產配置

And the thing that we're focused on is what is the customer feedback we're getting?

我們關注的是我們得到的客戶回饋是什麼？

What are our payback periods?

我們的投資回收期是多少？

What are our unit economics?

我們的單位經濟效益是多少？

What is our NPS?

我們的 NPS 是什麼？

Those are some of the drivers that help us determine how we allocate capital across these different growth vectors.

這些是幫助我們確定如何在這些不同成長向量之間分配資本的一些驅動因素。

And where we see ultimately long term, the biggest growth potential across these market segments.

從長遠來看，我們最終看到這些細分市場的最大成長潛力。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

I have an upfront question around the upsell teams in land and expand, but if you don't mind, I was hoping to also clarify something for the second half guidance.

我有一個關於土地和擴張方面的追加銷售團隊的預先問題，但如果您不介意的話，我希望也能澄清下半年指導的一些內容。

For the upsell teams in the land and expand, those are two things that you focused on last year, hiring more of the upsell folks in the fourth quarter, I believe.

對於土地和擴張的追加銷售團隊來說，這是您去年關注的兩件事，我相信在第四季度僱用了更多的追加銷售人員。

And maybe you could just talk a little bit about the progress that you're seeing with those teams as those additional heads that might have been brought on later last year probably becoming more productive and as we think about them contributing to SaaS ARPU or SaaS ARR per location in the back half of the year and beyond.

也許您可以簡單談談您在這些團隊中看到的進展，因為去年晚些時候可能引入的額外負責人可能會變得更加高效，而且我們認為他們對 SaaS ARPU 或 SaaS ARR 做出了貢獻下半年及以後的每個地點。

And then actually, I'll just throw in the guidance clarifier, if you don't mind.

實際上，如果您不介意的話，我會添加指導說明。

If I'm not mistaken, the prior guidance would have implied GPV per location being a little bit better in the second half, and now it's slightly maybe a downtick there.

如果我沒記錯的話，先前的指導意味著下半年每個地點的 GPV 會好一點，而現在可能會略有下降。

So is it fair to say that the guidance is actually absorbing a little bit more macro pressure, and you were still able to raise the guide despite that incremental macro pressure?

那麼，是否可以公平地說，指導意見實際上吸收了更多的宏觀壓力，儘管宏觀壓力不斷增加，但你們仍然能夠提高指導意見？

Yes.

是的。

I mean that's a fair -- let me think about, I'm trying to think about Q1 -- but that's a fair assessment, Tim.

我的意思是，這是一個公平的——讓我想想，我正在嘗試考慮第一季——但這是一個公平的評估，蒂姆。

Our guidance does reflect our latest thinking.

我們的指導確實反映了我們的最新想法。

And what we've seen is it's been relatively consistent in terms of same-store sales.

我們看到，同店銷售額相對穩定。

It's been in this narrow band GPV per location.

每個地點的 GPV 都處於窄帶範圍內。

So that's how we think about it, and we anticipate it to be in a narrow band for the back half of the year, but that's factored into our guidance on a year-over-year basis.

這就是我們的想法，我們預計今年下半年將處於窄幅區間，但這已納入我們的同比指導下。

And on upsell, Tim, on your question on upsell, two years in, we're -- I'll start by saying we're learning a lot.

關於追加銷售，提姆，關於你關於追加銷售的問題，兩年來，我們——我首先要說的是，我們學到了很多東西。

We'll continue to optimize this in conjunction with our new business team.

我們將與新的業務團隊一起繼續優化這一點。

And this team is a critical component of driving -- to drive ARPU growth because the new business team, first and foremost, is focused on growing locations.

該團隊是推動 ARPU 成長的關鍵組成部分，因為新業務團隊首先關注的是不斷成長的地區。

And as our platform continues to improve, I talked about -- to the question earlier about how do we think about the product portfolio and what customers are looking for as we continue to mature our platform and as we continue to invest in the suites to make our products easier to buy and sell.

隨著我們的平台不斷改進，我談到了先前的問題，即我們如何考慮產品組合以及客戶在尋找什麼，因為我們不斷成熟我們的平台，並繼續投資於套件來使我們的產品更容易購買和銷售。

This upsell team is critical to making sure that we continue to drive ARPU growth to complement the great location growth that we're seeing.

這個追加銷售團隊對於確保我們繼續推動 ARPU 成長以補充我們所看到的巨大位置成長至關重要。

And the last thing is we've talked in the past about Toast shop and product-led growth.

最後一件事是我們過去討論過吐司店和產品主導的成長。

That's another thing that R&D team is very focused on, especially for products where the ability to adopt and activate is easier.

這是研發團隊非常關注的另一件事，特別是對於那些更容易採用和啟動的產品。

So I think two years in, we're pleased with the progress the upsell team has made.

因此，我認為兩年後，我們對追加銷售團隊的進展感到滿意。

There's still work to do, and we're committed to making sure that we continue to refine our land and expand motion across our new business team and our upsell team.

仍有工作要做，我們致力於確保繼續完善我們的土地並擴大我們的新業務團隊和追加銷售團隊的行動。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Good afternoon.

午安.

Very strong location adds.

非常強大的位置。

Can you maybe expand upon the contribution also from new areas like food and beverage, retail and international?

您能否擴大食品和飲料、零售和國際等新領域的貢獻？

And then, Elena, how should we also think about location adds in 3Q?

然後，Elena，我們還應該如何考慮第三季的位置添加？

I know you've mentioned seasonality kind of driven headwind also in the second half of the year.

我知道您也提到下半年季節性因素的推動。

Yes.

是的。

Sure.

當然。

Thanks, Harshita.

謝謝，哈西塔。

International and retail are growing nicely as we said at our Analyst Day.

正如我們在分析師日所說，國際和零售業成長良好。

International, we have 2,000 locations lives.

在國際上，我們有 2,000 個地點。

Start to see the investments we're making to expand the platform that's resonating really well with our customers.

開始看到我們為擴展與客戶產生良好共鳴的平台而進行的投資。

And our team has got more to sell in their bag, which has been great.

我們的團隊在他們的包包裡有更多東西可以賣，這很棒。

And we're going to continue to invest to bring more of our platform, as we've shared in the past internationally before we really put the pedal down in some of these markets on go-to-market capacity.

我們將繼續投資以帶來更多的平台，正如我們過去在國際上分享的那樣，然後我們才真正在其中一些市場上增加了上市能力。

And on retail, we're again really proud of the progress the team's made.

在零售方面，我們再次為團隊的進步感到自豪。

This was a (inaudible) project that's gotten to 1,000 locations booked relatively quickly.

這是一個（聽不清楚）項目，很快就有 1,000 個地點被預訂。

But if you remember that if you zoom out and think about this, our core business in the US, we've been at it for 11 years now relative to these new businesses that are still early and haven't had the same level of sales capacity, the same maturity in the product.

但如果你還記得的話，如果你縮小範圍並思考這一點，我們在美國的核心業務，相對於這些仍處於早期階段且尚未達到同等銷售水平的新業務，我們已經從事了 11 年。成熟度相同。

And so the bulk of the adds are coming from our core business.

因此，大部分的新增業務都來自我們核心業務。

And the thing we talked about, the five-wheel effect, is still the primary driver of our growth.

我們談到的五輪效應仍然是我們成長的主要動力。

And as you think about the next few years and you think about especially about the next decade, of course, our aspirations are to continue to expand not just in our core business, but also make these new areas more significant contributors, and we're working on that.

當你思考未來幾年，特別是未來十年時，當然，我們的願望不僅是繼續擴展我們的核心業務，還要使這些新領域做出更重要的貢獻，我們正在努力。

Yes.

是的。

And Harshita, on your question on the second half, first of all, as Aman -- I'll just echo Aman's comments.

Harshita，關於你下半場提出的問題，首先，作為阿曼——我只是回應阿曼的評論。

We had a strong first half of the year on net location adds as the demand and funnel remains strong, and we're still on track to add more net locations in '24 than we did in '23, and that's off a bigger base.

由於需求和漏斗仍然強勁，我們今年上半年的淨位置成長強勁，而且我們仍有望在 24 年增加比 23 年更多的淨位置，而且基礎更大。

I'll just reiterate what I said in the script, which is Q2 quarterly net adds tend to be obviously higher than the rest of the year given the seasonality.

我只是重申我在腳本中所說的話，即考慮到季節性，第二季度季度淨增加往往明顯高於今年剩餘時間。

So just think about that as you plan your models for the second half, but confident the team is executing well.

因此，在規劃下半年的模型時請考慮這一點，但要相信團隊執行得很好。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great.

偉大的。

Thank you for the question.

感謝你的提問。

Was hoping you could unpack GPV per location just a bit more.

希望您能進一步解壓縮每個地點的 GPV。

Any impact from mix, changing mix on that metric?

混合、改變混合對該指標有什麼影響嗎？

And then I was hoping you could dig into the trends you're seeing just across exceeded diner number of ticket items and check sizes.

然後我希望您能夠深入了解您所看到的超過用餐者數量的門票項目和支票尺寸的趨勢。

Yes.

是的。

I'm happy to unpack that.

我很高興拆開它。

So just to put it in context, Q2 was down 3% August year-to-date in the same zone, as I mentioned.

因此，正如我所提到的，在同一區域中，今年第二季度迄今在同一區域內下降了 3%。

And most of that -- the primary driver of that is same-store sales declining year-over-year.

其中大部分 - 其主要驅動因素是同店銷售額同比下降。

So that's the primary driver.

這是主要驅動力。

There's a small portion related to mix, but it's mostly really same-store sales declining.

有一小部分與混合有關，但主要是同店銷售額下降。

And that trend has been relatively consistent.

而且這種趨勢一直相對一致。

And in terms of the different pockets of our segments, we haven't seen a notable pattern that's different across our segments.

就我們細分市場的不同領域而言，我們還沒有看到不同細分市場之間有顯著差異的模式。

And just to add to that, in terms of check size or order side, there hasn't been any fundamental change.

除此之外，就支票規模或訂單方面而言，沒有任何根本性的變化。

And I think if you look at these changes, these are very gradual and in a narrow band and I think, as Elena mentioned, have been a pattern that we've seen over the past year.

我認為，如果你看看這些變化，你會發現這些變化是非常漸進的，而且是在一個狹窄的範圍內，我認為，正如埃琳娜提到的，這是我們在過去一年中看到的一種模式。

Matt Coad, Autonomous.

馬特‧科德，《自治》。

Hey, guys.

大家好。

Thanks for taking the question here.

感謝您在這裡提出問題。

I wanted to dig in a little bit more on the investments needed in food and beverage retail and international.

我想更多地了解食品和飲料零售和國際所需的投資。

At the Investor Day, you talked about how you've already made a lot of investments to kind of get the product parity there and build out the platforms and all the modules that you need, but it sounds like there's still a good amount of investment that needs to be done.

在投資者日，您談到您已經進行了大量投資，以實現產品平價並建立您需要的平台和所有模組，但聽起來仍然有大量投資這是需要做的。

So I was hoping you could touch on that and maybe use like a baseball analogy, right?

所以我希望你能談談這一點，也許可以用棒球來比喻，對嗎？

Like what ending are we in, in terms of building out the platform for those two new verticals right now?

就目前為這兩個新垂直領域建立平台而言，我們現在處於什麼結局？

Yes.

是的。

I think it's a fair question, Matt.

我認為這是一個公平的問題，馬特。

I'm not going to use the baseball analogy, but I'll say that our core business in the US, we're in year 12 or 11 and we're in year two and year one for these other businesses to give you some context.

I'm not going to use the baseball analogy, but I'll say that our core business in the US, we're in year 12 or 11 and we're in year two and year one for these other businesses to give you some情境.

But look, I'll start by saying like I think the customer reception has been amazing.

但是，我首先要說的是，我認為客戶的接待非常出色。

It's been really positive.

這真的很積極。

This Victory Hospitality story that I shared in the call, we see a lot of these stories across our customer base.

我在電話中分享的這個勝利酒店故事，我們在我們的客戶群中看到了很多這樣的故事。

And I think one of the big drivers is that there's a lot of legacy solutions and the ability to move it to this all-in-one approach in the cloud, it really resonates with our customers in the space.

我認為最大的驅動因素之一是有很多遺留解決方案以及將其轉移到雲端中這種一體化方法的能力，它確實與我們在該領域的客戶產生了共鳴。

In terms of the features, I think one of the ones we shared at Analyst Day that continues to resonate a lot is the ability to manage inventory on the floor.

就功能而言，我認為我們在分析師日分享的持續引起廣泛共鳴的功能之一是管理現場庫存的能力。

We continue to hear feedback, but that's a feature and a capability, and there's some capabilities around that that adds a lot of efficiency for staff.

我們不斷聽到回饋，但這是一項功能和功能，並且有一些功能可以提高員工的效率。

On e-commerce also because you think of these retailers offering e-commerce capability is important.

在電子商務方面，也因為您認為這些零售商提供電子商務能力很重要。

And so having that built into the back end and integrated is really valuable.

因此，將其內置到後端並整合是非常有價值的。

And then, Matt, your question on road map, there's work to do.

然後，馬特，你關於路線圖的問題，還有工作要做。

If you think of the 220,000 locations we laid out, there's work to do on the field integrations that's an area we're working on.

如果您想到我們佈局的 220,000 個地點，您會發現現場整合方面還有很多工作要做，這也是我們正在努力的一個領域。

We're working on the payment side, supporting SNAP and EBT.

我們正在進行支付方面的工作，支援 SNAP 和 EBT。

There's some work in grocery around deli scale management.

雜貨店有一些圍繞熟食店規模管理的工作。

But we also get a lot on the platform.

但我們也在這個平台上得到了很多。

When you think about our platform, we get a lot across things like payroll and payments and scheduling that's built in that can really be reused.

當您想到我們的平台時，我們會發現很多內建的內容，例如薪資、付款和日程安排，確實可以重複使用。

And so we see this as a great opportunity where the return investment our ability to build in the segment is really, really high.

因此，我們認為這是一個很好的機會，我們在該領域建立的投資回報率非常非常高。

And then in international, I think it's not the same lift.

然後在國際上，我認為這不是同一個電梯。

I know I talked about a lot of products, but it's not nearly the same lift to be able to bring these products to market internationally.

我知道我談到了很多產品，但能夠將這些產品推向國際市場卻幾乎沒有同樣的提升。

But as you can imagine, we've taken a decade to build this platform in the US.

但正如你能想像的那樣，我們花了十年的時間在美國建立這個平台。

And so to support internationalization, it's a gradual process that the team is working on.

因此，為了支持國際化，團隊正在進行一個漸進的過程。

Yes.

是的。

The only thing I would build upon what you said, Aman, is, as I mentioned at Analyst Day, we take a very -- we take capital allocation, obviously, as a strategy and some guiding principles.

阿曼，我唯一要以你所說的話為基礎，正如我在分析師日提到的那樣，我們顯然將資本配置作為一項策略和一些指導原則。

And as we think about these emerging businesses, we have a very thoughtful gated way that we approach investing.

當我們思考這些新興業務時，我們有一種非常深思熟慮的投資方式。

And so we wait to see signals before we incrementally invest.

因此，在增量投資之前，我們會等待看到訊號。

So that's just a discipline we have, and you'll continue to see that as we grow these businesses.

所以這只是我們的一項紀律，隨著我們發展這些業務，您將繼續看到這一點。

David Hynes, Canaccord Genuity.

大衛海因斯 (David Hynes)，Canaccord Genuity。

Hey.

嘿。

Thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

Excellent results.

優異的成績。

Aman, I'd love to get an update from you on what you're hearing from customers with respect to interest and your opportunity with AI, whether that's Sous Chef or some of the other initiatives you have underway and I guess how you think these could contribute to the financial model over time.

阿曼，我很想從您那裡得到最新消息，了解您從客戶那裡聽到的關於人工智能的興趣和機會，無論是副主廚還是您正在進行的其他一些舉措，我猜您是如何看待這些的隨著時間的推移，可能會對財務模型做出貢獻。

Yes.

是的。

Thanks for the question, DJ.

謝謝你的提問，DJ。

Look, I think it's still early.

看來，現在還早呢。

I think if you think of the world of AI, one of the things that the team is really focused on is how do we leverage AI to create value for our customers.

我認為，如果你想到人工智慧的世界，團隊真正關注的事情之一就是我們如何利用人工智慧為客戶創造價值。

That's a mantra that we've been reinforcing over and over with our team and just to really make sure that the work we're doing is landing with customers.

這是我們一直在與我們的團隊反覆強調的口號，只是為了真正確保我們正在做的工作能夠落地到客戶那裡。

And one great example of this is the work we did in our guest marketing tools.

一個很好的例子就是我們在客戶行銷工具中所做的工作。

When you think of restauranteurs, they're not marketers.

當您想到餐廳老闆時，他們不是行銷人員。

And so the ability to have generative AI create great campaigns for them when they're on their floor and have that drive demand for them.

因此，當他們在場時，生成式人工智慧能夠為他們創造出色的行銷活動，並推動對他們的需求。

And this is all the text and the ability to actually send out these campaigns.

這就是實際發送這些活動的所有文字和能力。

It's a great example of leveraging AI -- generative AI to actually create value and help create demand for restauranteurs.

這是利用人工智慧（生成式人工智慧）實際創造價值並幫助為餐廳創造需求的一個很好的例子。

We've seen examples already, it's early, where it's actually having a big impact on the activation adoption of the product.

我們已經看到了一些例子，現在還為時過早，它實際上對產品的活化採用產生了很大的影響。

Another example on the data side is benchmarking.

數據方面的另一個例子是基準測試。

So as you can imagine, we've got 120,000-plus restaurants on the platform.

正如您可以想像的那樣，我們的平台上有超過 120,000 家餐廳。

And so we've got this amazing data set that we can leverage.

因此，我們擁有了可以利用的令人驚嘆的數據集。

And the team is thinking through what are all the ways in which we can add value.

團隊正在思考我們可以增加價值的所有方式。

And one of them is just leveraging the data to help restaurants be smarter.

其中之一就是利用數據幫助餐廳變得更聰明。

Think of how restaurants think about simple things like what to put on menus or how to price menus, how to think about inflation.

想想餐廳如何考慮簡單的事情，例如菜單上放什麼或如何為菜單定價，如何考慮通貨膨脹。

There's not a lot of data that's been there historically.

歷史上沒有太多數據。

And so the ability to actually log in into Toast and say, tell me in my ZIP code what's going on, has been really, really well received.

因此，能夠實際登入 Toast 並透過郵遞區號告訴我發生了什麼，這項功能非常非常受歡迎。

And with Sous Chef specifically, the idea is it's an umbrella.

特別是對於副主廚來說，它的想法是它是一把雨傘。

Think of it like ChatGPT.

可以把它想像成 ChatGPT。

It's like an umbrella where you can get prompts.

它就像一把雨傘，您可以在其中獲得提示。

You can get recommendations.

您可以獲得建議。

You can also -- over time, you can search to get feedback in terms of how to run a better restaurant.

隨著時間的推移，您還可以搜尋以獲得有關如何經營更好的餐廳的回饋。

And so there are many ideas the team is considering within that umbrella and benchmarking.

因此，團隊在這個框架和基準測試中考慮了許多想法。

Some of the work we're doing with CRM are examples of that where this prompt can give you recommendations on how to leverage data to be smarter or to drive demand.

我們正在使用 CRM 進行的一些工作就是這樣的範例，其中此提示可以為您提供有關如何利用資料變得更聰明或推動需求的建議。

Yes, it makes sense.

是的，這是有道理的。

We did the demo of the benchmarking product down in New York, and it's pretty slick.

我們在紐約進行了基準測試產品的演示，效果非常好。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi, good evening.

嗨，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

Elena, I know I hear you on the back half guidance around net adds in the commentary.

埃琳娜，我知道我在評論的後半部分聽到了有關網絡添加的指導。

I just wanted to ask, are you changing any of your assumptions around what you're expecting for gross retention as you think about the back half on what the net adds ultimately look like?

我只是想問，當您考慮網路添加最終的後半部分時，您是否會改變對總留存率的預期假設？

And I guess any observation on what you saw in the second quarter around churn or retention metrics inside of the installed base?

我想您在第二季度看到的關於已安裝基礎內部的流失或保留指標的情況有什麼觀察嗎？

Yes.

是的。

Broadly speaking now, I think the team has been executing well, no material change in how we're thinking about the business.

總的來說，我認為團隊現在執行得很好，我們對業務的思考方式沒有重大變化。

And on churn, we're slightly above the 10% range on an annualized basis, which is up slightly relative to a year ago but very similar to where it's been the last few quarters.

在客戶流失率方面，我們的年率略高於 10% 的範圍，與一年前相比略有上升，但與過去幾季的情況非常相似。

And it continues to be predominantly out of business churn, so the impact to ARR is low, right, on an ARR basis.

而且它仍然主要是出於業務流失，因此以 ARR 為基礎，對 ARR 的影響很低，對吧。

So we built that into -- the net adds that you see, we build in our churn assumptions and no material change there.

因此，我們將其納入網路補充中，您會看到，我們建立了客戶流失假設，並且沒有發生重大變化。

Got you.

明白你了。

And I apologize if I had missed this, but do you guys still have the view that you'll add more net adds this year than last year?

如果我錯過了這一點，我深表歉意，但是你們仍然認為今年的淨增量會比去年更多嗎？

I think you'd previously said that.

我想你之前已經說過了。

And I'm not sure if I heard that on this call or not.

我不確定我是否在這次電話會議上聽到了這一點。

Yes.

是的。

I answered that a few minutes ago.

我幾分鐘前就回答過這個問題。

So yes, you did hear that.

所以是的，你確實聽到了。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

This is [Conan] on for Andrew.

這是安德魯的[柯南]。

Thanks for taking the question.

感謝您提出問題。

I wanted to focus a little bit on the macro again.

我想再次關注宏觀。

Just in the case that we see slower restaurant spend environment materialize throughout the back half, what are some of the offsets built into the business or levers you can pull from the cost side to manage impacts near term?

如果我們看到下半年餐廳消費環境放緩，那麼您可以從成本方面採取哪些抵銷措施或槓桿來管理近期的影響？

And what are you embedding into the guide?

您要在指南中嵌入什麼內容？

Yes.

是的。

No, thanks for the question, Andrew -- or Conan for Andrew.

不，謝謝你的提問，安德魯——或者柯南，謝謝你的提問。

Look, at the highest level, let me start by saying the value of the Toast platform is durable during tough times, and we've proven that over cycles.

看，在最高層面上，我首先要說的是，Toast 平台的價值在困難時期是持久的，我們已經在多個週期中證明了這一點。

But more importantly, we've proven that we're able to adapt the business quickly.

但更重要的是，我們已經證明我們能夠快速調整業務。

So as we became more a lean company earlier in the year, it just positions us to absorb changes in the macro and enables us to move faster if we need to.

因此，隨著我們在今年早些時候成為一家精益公司，它使我們能夠吸收宏觀的變化，並使我們能夠在需要時更快地採取行動。

So if we needed to take action, we would.

因此，如果我們需要採取行動，我們就會採取行動。

That said, right now, what we're seeing is same-store sales decline is really what's driving the GPV per location.

也就是說，目前我們看到的是同店銷售額下降才是推動每個地點 GPV 的真正原因。

It was down 3% in Q2.

第二季下降了 3%。

We're seeing that same zone as we start the quarter here, and our guidance reflects that.

我們在本季開始時看到了同樣的區域，我們的指導也反映了這一點。

We know the macro is dynamic, of course, but we also know restaurants have proven to be resilient.

當然，我們知道宏觀經濟是動態的，但我們也知道餐廳已被證明具有彈性。

So confident in the guide that we gave, and we'll just continue to monitor.

對我們提供的指南非常有信心，我們將繼續監控。

I would like to hand it back to management team for some final remarks.

我想將其交還給管理團隊以進行一些最後的評論。

Thanks for the time, everyone.

謝謝大家抽出時間。

This does conclude today's call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect your lines, and enjoy the rest of your day.

現在您可以斷開線路，享受剩下的一天。