Toast Inc (TOST) 2024 Q3 法說會逐字稿

Good afternoon. My name is Pauley, and I will be your conference operator today. At this time, I would like to welcome everyone to Toast's third-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 begin your conference.

午安.我叫保利，今天我將擔任你們的會議操作員。此時，我歡迎大家參加Toast 2024年第三季財報電話會議。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。您可以開始您的會議了。

Thanks, Pauley. Welcome to Toast's earnings conference call for the third quarter ended September 30, 2024. On today's call are CEO and Co-Founder; Aman Narang; and CFO, Elena Gomez, will open with prepared remarks, which will be followed by our Q&A session.

謝謝，保利。歡迎參加 Toast 截至 2024 年 9 月 30 日的第三季財報電話會議。阿曼納朗；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.

在我們開始之前，我想提請您注意今天新聞稿中包含的安全港聲明。在本次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能被視為《證券法》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 fourth quarter and full year 2024.

除歷史事實陳述外，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的預期的陳述；我們的重組計劃、認股權證回購和股票回購計劃的預期影響；預期成長和業務前景，包括我們對第四季和 2024 年全年的財務指引。

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.

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。這些都是我們首要指導的基礎。

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.

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, everybody, for joining us this afternoon. We delivered another strong quarter. We added approximately 7,000 net locations. Our current gross profit streams grew 35% year over year. Adjusted EBITDA came in at $113 million, and our GAAP operating income was $34 million.

謝謝邁克爾，也謝謝大家今天下午加入我們。我們又交付了一個強勁的季度。我們增加了大約 7,000 個網點。我們目前的毛利年增 35%。調整後 EBITDA 為 1.13 億美元，我們的 GAAP 營業收入為 3,400 萬美元。

I'm really proud of the team, and I'm confident we're well positioned to finish out the year strong and bring this momentum with us into 2025. Our mission at Toast is to help restaurants to delight their guests, do what they love and thrive.

我為這個團隊感到非常自豪，我相信我們有能力以強勁的勢頭結束這一年，並將這一勢頭帶入 2025 年。成長。

We proudly serve nearly 127,000 locations today. And our long-term ambition is to scale this impact across new geographies, new market segments and new verticals. As we think about not just the coming years, but what's possible over the next decade, I firmly believe we can serve many multiples of our current customer count by both increasing market penetration in our current markets and continuing to expand our addressable markets over time.

如今，我們為近 127,000 個地點提供服務，對此我們深感自豪。我們的長期目標是在新的地區、新的細分市場和新的垂直領域中擴大這種影響。當我們不僅考慮未來幾年，而且考慮未來十年的可能性時，我堅信，透過提高當前市場的市場滲透率並隨著時間的推移繼續擴大我們的潛在市場，我們可以為當前客戶數量的許多倍提供服務。

Over the past year, we've been focusing on disciplined investments that align with our most important priorities and support our long-term vision. And we have so much to be proud of. While the progress over the past 10 years has been tremendous, we're still early in unlocking the full potential of the opportunity that lies ahead.

在過去的一年裡，我們一直專注於符合我們最重要優先事項並支持我們長期願景的嚴格投資。我們有很多值得自豪的事。儘管過去 10 年取得了巨大進步，但我們仍處於釋放未來機會全部潛力的早期階段。

We've increased our outlook for the full year based on our performance in the third quarter, and we remain focused on the four strategic priorities we laid out earlier this year. Number one, scaling locations and market share in our core business; number two, expanding our offering for restaurants that customers love; number three, expanding our addressable market into new adjacencies and finally; number four, setting up the company to deliver ongoing operating leverage as we scale.

根據第三季的業績，我們提高了對全年的展望，並且我們仍然專注於今年稍早提出的四個策略重點。第一，擴大我們核心業務的地點和市場佔有率；第二，擴大我們為顧客喜愛的餐廳所提供的服務；第三，將我們的目標市場擴展到新的鄰近地區，最後；第四，讓公司隨著規模的擴大而提供持續的營運槓桿。

First, scaling restaurant locations and gaining share in our core business. Over the past three years we've more than doubled our market share in the US, including recently signed mid-market brands Metro Diner, Giordano’s Pizza, and Earl Corporation, but we’re still only at 14% penetration. Our purpose-built restaurant platform and local go-to-market engine create a flywheel effect as we increase density in local markets, driving approximately 7,000 net-adds in the quarter.

首先，擴大餐廳規模並增加我們核心業務的份額。在過去三年裡，我們在美國的市佔率增加了一倍多，包括最近簽約的中端市場品牌 Metro Diner、Giordano's Pizza 和 Earl Corporation，但我們的滲透率仍然只有 14%。隨著我們增加本地市場密度，我們專門打造的餐廳平台和本地市場進入引擎產生了飛輪效應，在本季度淨增加了約 7,000 家餐廳。

Our customers continue to choose Toast as they expand locations, solidifying our position in the market as the choice for growing successful restaurants. Here’s a story that speaks to this momentum. Cultivate Food and Coffee is a full-service restaurant and coffee concept in the Atlanta area that recently opened their third location with Toast. Cultivate uses a variety of Toast products to increase speed of service and reduce errors across their locations.

我們的客戶在擴張門市時繼續選擇 Toast，鞏固了我們作為不斷發展的成功餐廳的選擇的市場地位。這裡有一個故事可以說明這種勢頭。 Cultivate Food and Coffee 是亞特蘭大地區一家提供全方位服務的餐廳和咖啡概念店，最近以 Toast 開設了第三家分店。 Cultivate 使用各種 Toast 產品來提高服務速度並減少各個地點的錯誤。

For example, servers are able to process orders in half the time, with 80% fewer errors, using our Toast Go handhelds. And even though Cultivate’s new location has more complex payroll needs than before, managers are able to save time and process payroll in just minutes through Toast.

例如，使用我們的 Toast Go 手持設備，伺服器可以將訂單處理時間縮短一半，錯誤率減少 80%。儘管 Cultivate 新地點的薪資需求比以前更加複雜，但管理人員仍可以透過 Toast 在幾分鐘內處理薪資，從而節省時間。

These time savings add up: we heard from Cultivate that the efficiency gains from Toast free them up to create a positive environment for staff and memorable experiences for guests. It’s stories like this that inspire us and our team to keep innovating.

這些節省的時間加起來：我們從 Cultivate 獲悉，Toast 提高了效率，可以為員工創造積極的環境，為客人創造難忘的體驗。正是這樣的故事激勵我們和我們的團隊不斷創新。

Moving on, our second priority is expanding our offering for restaurants with products and experiences customers love. To help our customers drive demand we’ve just released two new products to help restaurants reach their guests, Branded App and SMS Marketing.

接下來，我們的第二個優先事項是擴大我們為餐廳提供的產品和顧客喜愛的體驗。為了幫助我們的客戶推動需求，我們剛剛發布了兩款新產品來幫助餐廳吸引顧客：品牌應用程式和簡訊行銷。

First, our new Branded App allows our customers to build a best-in-class native app experience for iOS and Android including integrated digital ordering, delivery, loyalty, and more. This helps our customers level the playing field with much larger brands at a fraction of the cost and has been particularly successful with our multi-unit SMB’s and mid-market customers. This builds on our website product released earlier in the year as we round out the guest facing products included in our essential, premium, and pro tiers of our Digital Storefront Suite.

首先，我們新的品牌應用程式可讓我們的客戶為 iOS 和 Android 建立一流的本機應用程式體驗，包括整合的數位訂購、交付、忠誠度等。這有助於我們的客戶以極低的成本與更大的品牌建立公平的競爭環境，並且在我們的多部門中小企業和中端市場客戶中尤其成功。這是建立在我們今年稍早發布的網站產品的基礎上的，因為我們完善了數位店面套件的基本、高級和專業級別中包含的面向客人的產品。

With multiple offerings at various price points, we now provide options for a variety of different businesses and show our customers how they can expand with us as they grow. Our customers are already seeing increasing guest loyalty through a branded app powered experience. For example, guests who order through the app are four times more likely to be repeat customers than those who order through a restaurant’s website.

憑藉不同價位的多種產品，我們現在為各種不同的企業提供選擇，並向我們的客戶展示他們如何隨著我們的發展而與我們一起擴展。我們的客戶已經看到，透過品牌應用程式驅動的體驗，客戶忠誠度不斷提高。例如，透過應用程式訂購的客人成為回頭客的可能性是透過餐廳網站訂購的客人的四倍。

Pita Way, a fast-casual Mediterranean restaurant with 37 locations across the Midwest, saw orders from their newly launched branded app make up almost 15% of their digital sales since they’ve launched. Second, we added a highly requested capability in SMS Marketing to our Marketing Suite to help our customers reach their guests directly and generate more revenue. Our customers will be the first to tell you, SMS Marketing just works.

Pita Way 是一家地中海休閒快餐餐廳，在中西部地區擁有 37 家分店，自推出以來，來自其新推出的品牌應用程式的訂單幾乎佔其數位銷售額的 15%。其次，我們在行銷套件中添加了人們強烈要求的簡訊行銷功能，以幫助我們的客戶直接接觸他們的客人並產生更多收入。我們的客戶將第一個告訴您，簡訊行銷確實有效。

Spaghettini, a full-service Italian restaurant in California, attributed over $11,000 in sales to SMS Marketing in its first month alone. It’s a critical tool when business is slow. For example, during a quiet period, Spaghettini sold out of a surf-and-turf special after promoting it with a text campaign. But we’re not just expanding our offering by releasing new products.

Spaghettini 是一家位於加州的全方位服務義大利餐廳，光是在第一個月，SMS Marketing 就帶來了超過 11,000 美元的銷售額。當業務不景氣時，它是一個重要的工具。例如，在淡季期間，義大利麵的海陸特餐在透過文字宣傳活動進行推廣後就銷售一空。但我們不僅僅是透過發布新產品來擴大我們的產品範圍。

Our vertical SaaS strategy goes deep and focuses on a wide range of unique restaurant-first capabilities, what we refer to as our thousand little things. This fall alone we released over a dozen updates across products like Toast Now, Benchmarking, Kiosks, Toast Tables, and Payroll in response to direct customer feedback.

我們的垂直 SaaS 策略深入人心，專注於各種獨特的餐廳優先功能，我們稱之為「千件小事」。光是今年秋天，我們就根據客戶的直接回饋發布了 Toast Now、Benchmarking、Kiosks、Toast Tables 和 Payroll 等產品的十多項更新。

Switching gears, our third priority is expanding our addressable market into new adjacencies including food and beverage retail, international, and enterprise. These new verticals represent meaningful TAMs where we see a right to win, and our investments in these areas position us to drive sustained location growth over the long term.

換個角度，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，包括食品和飲料零售、國際和企業。這些新的垂直領域代表了有意義的 TAM，我們認為我們有獲勝的權利，而我們在這些領域的投資使我們能夠推動長期的持續成長。

We continue to see great signal across these market segments which has given us even more conviction to increase our investments in these areas as we head into 2025. In food and beverage retail, we’ve expanded product functionality to now accept EBT SNAP benefits which opens up more of the grocery and convenience store TAM.

我們繼續在這些細分市場中看到良好的訊號，這讓我們更有信心在進入2025 年時增加在這些領域的投資。福利，這開設更多雜貨店和便利商店 TAM。

We’re proud to be able to serve the over 42 million Americans who rely on SNAP, including customers at Gangnam Market, a 28,000 square foot market in Chicago that does over $10 million in sales annually and manages over 15,000 SKUs. Gangnam Market’s owners knew Toast would be able to meet the needs of their new concept because they had already used Toast in past restaurants.

我們很自豪能夠為超過4,200 萬依賴SNAP 的美國人提供服務，其中包括江南市場(Gangnam Market) 的客戶。超過15,000 個SKU。江南市場的業主知道 Toast 能夠滿足他們新概念的需求，因為他們已經在過去的餐廳中使用過 Toast。

Next, in International, we’re continuing to see momentum with month-over-month gains in attach for guest products that we rolled out this year which is helping us drive our unit economics and sales productivity. Customers in the UK, Ireland, and Canada can now also access Toast Now, our mobile operator app, where they can view real-time data about their restaurant.

接下來，在國際市場，我們繼續看到今年推出的客用產品逐月成長的勢頭，這有助於我們提高單位經濟效益和銷售生產力。英國、愛爾蘭和加拿大的客戶現在還可以存取我們的行動電信商應用程式 Toast Now，在那裡他們可以查看有關其餐廳的即時數據。

As we continue to invest internationally and see the attach rates of our products improve, we have even more conviction in what international markets represent for Toast as long-term growth drivers. And within enterprise, I’m excited to announce we’ve won Potbelly Sandwich Works and will be deploying Toast across their 400-plus locations in the US.

隨著我們繼續在國際上投資並看到我們產品的附加率不斷提高，我們更加相信國際市場對 Toast 的長期成長驅動力的作用。在企業內部，我很高興地宣布我們贏得了 Potbelly Sandwich Works，並將在其位於美國的 400 多個地點部署 Toast。

Our pipeline entering 2025 is really strong, and we continue to make progress across our roll-outs with Marriott, MTY group, NBC, and many others. And lastly, our fourth priority is to continue to deliver ongoing operating leverage as we scale.

我們進入 2025 年的管道非常強大，我們在與萬豪、MTY 集團、NBC 和許多其他公司的推廣中繼續取得進展。最後，我們的第四個優先事項是隨著我們的規模擴大，繼續提供持續的營運槓桿。

In 2024, we reshaped our cost structure, positioning us to invest behind the priorities we’ve laid out to drive durable growth over the long term while continuing to expand our margins towards the targets we presented at our Investor Day. I am confident in our team’s ability to make the right tradeoffs and set us up for the future.

2024 年，我們重塑了成本結構，將投資置於我們制定的優先事項之上，以推動長期持久增長，同時繼續擴大利潤率，以實現我們在投資者日提出的目標。我對我們團隊做出正確權衡並為未來做好準備的能力充滿信心。

As that wrap up, I’m confident in our team, the plan we have in place, and the opportunity ahead of us. Thank you to every Toaster for your dedication and passion for our mission. There's no question, we wouldn't be here without you.

總而言之，我對我們的團隊、我們所製定的計劃以及我們面前的機會充滿信心。感謝每一位烤麵包機對我們使命的奉獻與熱情。毫無疑問，沒有你我們就不會在這裡。

Thank you to our customers. It’s an honor to serve you. And to our investors, thank you for continuing to believe in us and our potential. Now I’ll turn the call over to Elena to share more about this quarter’s results.

感謝我們的客戶。很榮幸為您服務。感謝我們的投資者繼續相信我們和我們的潛力。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. I also want to thank our employees, whose hard work and consistent execution led to another successful quarter with top and bottom-line results exceeding expectations. In the third quarter, ARR increased 28%, and total fintech and subscription gross profit, our recurring gross profit streams grew 35%.

謝謝阿曼和大家的加入。我還要感謝我們的員工，他們的辛勤工作和一貫的執行力使我們的季度業績又取得了成功，頂線和底線的業績都超出了預期。第三季度，ARR 成長了 28%，金融科技和訂閱毛利總額（我們的經常性毛利流）成長了 35%。

Our strong top line growth is complemented by our efficient and disciplined approach to scaling the business, resulting in adjusted EBITDA of $113 million, a 30% margin on our recurring gross profit streams, and GAAP Operating Income of $34 million.

我們強勁的營收成長得益於我們高效、嚴格的業務擴展方法，調整後的 EBITDA 為 1.13 億美元，經常性毛利流動利潤率為 30%，GAAP 營業收入為 3,400 萬美元。

Third quarter results came in above our expectations, driven by strong topline results, including a higher contribution from Toast Capital and upside to SaaS revenue. We added approximately 7,000 net locations in Q3, increasing total locations to nearly 127,000, up 28% year over year.

由於強勁的營收業績，包括 Toast Capital 的更高貢獻以及 SaaS 營收的上升，第三季業績超出了我們的預期。第三季度，我們淨新增約 7,000 個分行，使分行總數增至近 127,000 個，較去年同期成長 28%。

The combination of our purpose-built platform and localized go-to-market motion continue to drive our momentum. With our strong performance year-to-date, we remain on track to deliver more net location adds in 2024 versus 2023.

我們的專用平台和在地化的市場推廣活動相結合，繼續推動我們的發展動能。憑藉今年迄今的強勁表現，我們仍有望在 2024 年比 2023 年增加更多的淨位置。

SaaS ARR grew 33% year over year, driven by strong location growth and a 4% increase in SaaS ARPU on an ARR basis. Subscription revenue increased 44% year over year, growing faster than SaaS ARR due to ongoing focus across the organization to improve our ARR to revenue conversion. Part of that improvement is sustainable going forward, and part of the increase in subscription revenue was a one-time benefit.

受強勁的地理位置成長和 SaaS ARPU（以 ARR 計算）成長 4% 的推動，SaaS ARR 年成長 33%。訂閱收入年增 44%，成長速度快於 SaaS ARR，因為整個組織持續專注於提高 ARR 到收入的轉換。這種改進的一部分是可持續的，而訂閱收入的成長部分是一次性的好處。

Payments ARR grew 23% and fintech gross profit increased 27% in the third quarter. GPV was $41.7 billion, growing 24% year over year with GPV per location down approximately 3% versus last year. Net take rate was 56 basis points with a core net take rate of 45 basis points.

第三季支付 ARR 成長 23%，金融科技毛利成長 27%。 GPV 為 417 億美元，年增 24%，每個地點的 GPV 比去年下降約 3%。淨採用率為 56 個基點，核心淨採用率為 45 個基點。

We made targeted payments pricing changes for a small cohort of customers in September. It had minimal impact in the quarter, and we expect a small benefit to net take rate in Q4. As we’ve discussed, we are building a motion for ongoing small, targeted price adjustments and view pricing as one lever to complement our primary growth drivers over the long-term.

9 月份，我們對一小部分客戶進行了有針對性的付款定價調整。它對本季的影響很小，我們預計第四季的淨採用率會略有提高。正如我們所討論的，我們正在製定一項持續進行小規模、有針對性的價格調整的動議，並將定價視為補充我們長期主要增長動力的一個槓桿。

Gross profit from non-payments fintech solutions increased to $43 million driven by healthy demand for Toast Capital. Defaults remain in line with our expectations and due to continued optimization and the addition of forward flow, bad debt associated with Toast Capital is down relative to the prior year even as we scale the program.

由於對 Toast Capital 的健康需求，非支付金融科技解決方案的毛利增加至 4,300 萬美元。違約率仍符合我們的預期，由於持續優化和遠期流量的增加，即使我們擴大了該計劃，與 Toast Capital 相關的壞帳仍較上一年下降。

Let me share one story that shows how customers value the fast, low friction access to capital to grow their business. The Bond Group, which owns the popular speakeasy and ice cream shop UES in New York City, used Toast Capital to help with early operations for a new concept called Champagne Problems they opened earlier this year.

讓我分享一個故事，展示客戶如何重視快速、低摩擦的資本取得方式來發展業務。 Bond Group 擁有紐約市頗受歡迎的地下酒吧和冰淇淋店 UES，該集團利用 Toast Capital 幫助他們於今年早些時候開設的名為“Champagne Problems”的新概念的早期運營。

The quick and seamless access to funding allowed the owner to maintain strategic control of her business, while avoiding the time and complexity associated with traditional loans. The Bond Group considers Toast to be an ideal partner for growth given Toast’s unique visibility into their financials and business operations, and plans to use Toast Capital to help with future expansions.

快速、無縫地獲得資金使業主能夠保持對其業務的策略性控制，同時避免與傳統貸款相關的時間和複雜性。鑑於 Toast 對財務和業務營運的獨特洞察力，Bond Group 認為 Toast 是理想的成長合作夥伴，並計劃利用 Toast Capital 來幫助未來的擴張。

Shifting back to the P&L, total operating expenses excluding bad debt and credit related expenses increased 11% year over year in the third quarter, accelerating versus the first half of 2024 due to the planned reinvestments in our highest priority areas.

回到損益表，第三季不包括壞帳和信貸相關費用的總營運費用年增 11%，由於計劃在最優先領域進行再投資，增速較 2024 年上半年有所加快。

Sales & Marketing expenses were up 25% year over year in Q3 as we made targeted investments across our TAM-expansion areas, upsell, and US go-to-market channels to increase market share gains. R&D increased 5% year over year in the third quarter, reflecting investments aligned with our product strategy.

第三季的銷售和行銷費用年增 25%，因為我們在 TAM 擴張領域、追加銷售和美國市場進入通路進行了有針對性的投資，以增加市場份額。第三季研發年增 5%，反映出與我們的產品策略一致的投資。

As Aman mentioned, we recently announced SMS Marketing, Branded App and over a dozen new features across our platform, reflecting the continued innovation to further differentiate our offering and provide more value for customers. We’re also investing behind our TAM expansion areas. In retail we’re adding more product integrations like accepting SNAP EBT payments in our grocery and convenience segments and deepening our retail inventory management offering. Internationally, we’re rolling out more products, including Toast Now, gift cards, and expanding third-party integrations.

正如安縵所提到的，我們最近宣布了簡訊行銷、品牌應用程式以及我們平台上的十多項新功能，這反映出我們不斷創新，以進一步差異化我們的產品並為客戶提供更多價值。我們也在 TAM 擴展領域進行投資。在零售領域，我們正在添加更多產品集成，例如在雜貨和便利商店領域接受 SNAP EBT 付款，並深化我們的零售庫存管理服務。在國際上，我們正​​在推出更多產品，包括 Toast Now、禮品卡和擴展第三方整合。

Excluding $18 million of bad debt and credit related expenses, G&A declined 8% year over year. We expect continued operating leverage in G&A as we maintain a focus on driving efficiencies, including through automation and global diversification of our workforce.

除去 1,800 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 8%。我們預計，隨著我們繼續專注於提高效率，包括透過自動化和員工隊伍的全球多元化，我們預計 G&A 的營運槓桿將持續成長。

Adjusted EBITDA was $113 million in the quarter and margins expanded 17 percentage points year over year to 30%. The strong Q3 results reflect the healthy topline growth and our commitment to prudently scaling the business while balancing investments in more nascent areas like food and beverage retail, international, and enterprise to lay the foundation to deliver durable growth for years to come.

本季調整後 EBITDA 為 1.13 億美元，利潤率年增 17 個百分點，達到 30%。第三季的強勁業績反映了健康的營收成長，以及我們對謹慎擴大業務的承諾，同時平衡對食品和飲料零售、國際和企業等新興領域的投資，為未來幾年實現持久成長奠定基礎。

Our Q3 margin also benefits from typical payments seasonality. GAAP operating income was $34 million in Q3, reflecting our strong operating performance and disciplined approach to managing stock-based compensation expenses. And free cash flow totaled $97 million in the third quarter.

我們第三季的利潤率也受益於典型的付款季節性。第三季 GAAP 營業收入為 3,400 萬美元，反映了我們強勁的經營業績和管理股票薪酬費用的嚴格方法。第三季自由現金流總計 9,700 萬美元。

Moving to capital allocation. Year-to-date through the third quarter, we repurchased over 2 million shares for $56 million for an average price of $23 per share. Early in the third quarter, we also repurchased a warrant representing 5 million shares, reflecting our focus on reducing dilution. We will continue to be opportunistic based on market conditions and act judiciously in support of building long-term shareholder value.

轉向資本配置。年初至今，截至第三季度，我們以 5,600 萬美元的價格回購了超過 200 萬股股票，平均價格為每股 23 美元。第三季初，我們也回購了代表 500 萬股的認股權證，反映出我們致力於減少稀釋。我們將繼續根據市場狀況把握機會，明智行事，支持建立長期股東價值。

Turning to guidance. For the fourth quarter, we expect total subscription and fintech gross profit to grow in the 32% to 35% range year over year and adjusted EBITDA to be $90 million to $100 million. The sequential decline in adjusted EBITDA and margin compared to the third quarter reflects a typical seasonal decline in fourth quarter GPV per location as well as our planned ongoing reinvestments to set ourselves up for sustained healthy growth in both 2025 and over the long term.

轉向指導。對於第四季度，我們預計訂閱總額和金融科技毛利將年增 32% 至 35%，調整後 EBITDA 為 9,000 萬美元至 1 億美元。與第三季相比，調整後EBITDA 和利潤率的連續下降反映了第四季度每個地點GPV 的典型季節性下降，以及我們計劃進行的持續再投資，以便為2025 年和長期的持續健康成長做好準備。

For the full year, we now expect 32% to 33% growth in fintech and subscription gross profit, and $352 million to $362 million in adjusted EBITDA, representing a 26% adjusted EBITDA margin at the midpoint, marking an approximately 20 percentage point improvement in margin versus last year.

對於全年，我們預計金融科技和訂閱毛利將成長32% 至33%，調整後EBITDA 將成長3.52 億美元至3.62 億美元，調整後EBITDA 利潤率中位數將成長26%，標誌著金融科技和訂閱毛利將成長約20 個百分點。

Thus far in 2024 we have delivered meaningful adjusted EBITDA outperformance and significant margin expansion after resetting our cost structure at the beginning of the year and aligning our investments with our highest priority areas. As we exit the year, our strong financial profile enables us to invest in the business to position us for both a strong 2025 and long-term durable growth. We will focus on balancing growth with modest margin expansion as we march towards the 30% to 35% medium-term goal we laid out at investor day.

到目前為止，在年初重新調整成本結構並將投資與最優先領域保持一致後，2024 年我們實現了有意義的調整後 EBITDA 優異表現和顯著的利潤率擴張。在今年即將結束之際，我們強大的財務狀況使我們能夠投資於業務，為我們在 2025 年實現強勁增長和長期持久增長做好準備。隨著我們向投資者日制定的 30% 至 35% 的中期目標邁進，我們將專注於平衡成長與適度的利潤率擴張。

To wrap up, we are executing across the board and are extremely proud of what we have accomplished so far in 2024 and in our position heading into 2025. Now, I will turn the call back over to the operator to begin Q&A.

總而言之，我們正在全面執行，並對 2024 年迄今為止所取得的成就以及進入 2025 年的情況感到非常自豪。

(Operator instructions) Josh Baer, Morgan Stanley.

（操作員指示）Josh Baer，摩根士丹利。

Great. Thanks for the question and congrats on a nice quarter. Questions is on location growth ahead. Your TAM is expanding, execution is strong. You benefit from more efficiency in your density markets, and you're talking about bringing the momentum from this year into 2025. Does that mean that you can add more locations in '25 versus '24? Is it a similar number? Just wondering how you're thinking about the trajectory of location additions?

偉大的。感謝您的提問，並祝賀您度過了一個愉快的季度。問題在於未來的位置成長。您的 TAM 正在擴大，執行力也很強。您受益於密度市場的更高效率，並且您正在談論將今年的勢頭帶入 2025 年。是類似的數字嗎？只是想知道您如何看待位置添加的軌跡？

Hey Josh. Josh, look, I'll start by saying we've had a great quarter, and we had 7,000 net adds. I think overall for the year, we've got strong net adds in 2024. It's really led by our flywheel markets in our core business. These flywheel markets continue to drive strong productivity and stronger productivity than our other markets. And the number of flywheel markets continues to increase.

嘿喬許。喬什，聽著，我首先要說的是，我們度過了一個很棒的季度，我們淨增加了 7,000 人。我認為總體而言，我們在 2024 年實現了強勁的淨成長。這些飛輪市場繼續推動強勁的生產力，並且比我們其他市場更強的生產力。而且飛輪市場的數量還在增加。

In parallel, we're seeing good early momentum, CBG Retail at our Horizon 1 international market. And that does give us more conviction to invest more in those businesses next year. We also had a great win in a top billing enterprise, continue to see moment there as well, steady momentum.

同時，我們在 Horizo​​​​n 1 國際市場上看到了 CBG Retail 良好的早期動能。這確實讓我們更有信心明年對這些業務進行更多投資。我們還在一家頂級計費企業中取得了巨大的勝利，並且繼續看到那裡的時刻，穩定的勢頭。

And if you just zoom out and think about the next decade versus the next year -- like we recognize that it's critical like to both scale and drive -- to both scale and drive market share in our core US business now while expanding our TAM across new verticals and new market segments. And so overall, we're confident in our ability to continue to drive location growth into next year

如果你把目光放遠一點，思考下一個十年與下一年的情況——就像我們認識到規模化和推動力一樣重要——現在擴大我們美國核心業務的規模並提高市場份額，同時將我們的TAM 擴展到各領域新的垂直領域和新的細分市場。總的來說，我們對明年繼續推動地點成長的能力充滿信心

Okay. Got it. Thank you.

好的。知道了。謝謝。

Thanks, Josh.

謝謝，喬許。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi, good evening and thanks for taking my questions. It's great to see the strong results. Maybe first, I'll start on some of the newer items that you mentioned, the Branded App and the SMS Marketing, other ways for you guys to continue to add value that are not just kind of core inside of the restaurant. Just how are we thinking about the upsell or cross-sell motion of those products? Is it a different type of sale? And how should we think about maybe attach rates? And then just Elena, is there a different gross margin profile for those revenue streams?

你好，晚上好，感謝您回答我的問題。很高興看到強勁的成果。也許首先，我將從你們提到的一些新項目開始，品牌應用程式和簡訊行銷，以及其他讓你們繼續增加價值的方式，而不僅僅是餐廳內部的核心。我們如何考慮這些產品的追加銷售或交叉銷售活動？這是一種不同類型的銷售嗎？我們應該如何考慮附加費率？那麼埃琳娜，這些收入流是否有不同的毛利率狀況？

Yeah. Thanks, Samad. I can start Elena, you can jump in after the Branded App and the SMS Marketing tools, they're really nice additions to our guest suite to help our customers drive loyalty and demand. And the early feedback from customers has been great. And we're seeing, especially in mid-market and our multi-unit SMB customers -- really pick it up.

是的。謝謝，薩馬德。我可以啟動 Elena，您可以在品牌應用程式和簡訊行銷工具之後加入，它們是我們賓客套件中非常好的補充，可以幫助我們的客戶提高忠誠度和需求。客戶的早期回饋非常好。我們看到，特別是在中端市場和我們的多部門中小企業客戶中，他們真的很喜歡它。

I think as we think about our longer-term growth strategy. It's both driving locations. That's why we're talking about driving locations in our core business as well as expand the TAM and continuing to invest in our product innovation and continue to make the existing products better. And so this is just one more step to help us continue to make our guest suite an even stronger product in the market.

我認為，當我們考慮我們的長期成長策略時。這兩個地方都是開車的地方。這就是為什麼我們談論推動核心業務的發展、擴大 TAM、繼續投資我們的產品創新並繼續改進現有產品。因此，這只是幫助我們繼續使我們的客房套房成為市場上更強大的產品的又一步。

Yeah, Samad, to the point on gross profit for those products, it's too early, but I can just tell you the discipline that we've seen -- that you've seen us really execute against and the focus on unit economics and payback periods, that doesn't change as we add more products to our platform. So we'll keep an eye on it, but nothing to report. It's too early.

是的，薩馬德，就這些產品的毛利而言，現在還為時過早，但我可以告訴您我們所看到的紀律 - 您已經看到我們真正執行並關注單位經濟效益和回報隨著我們為平台添加更多產品，這一點不會改變。所以我們會密切關注，但沒有什麼好報告的。還太早了。

Great. And then just a follow-up on the price increases. You guys let us know very clearly that it was going to be very targeted. And I think there's some chatter out there on the different magnitude that maybe some people have experienced. I'm curious how long we should think about that rolling through the whole base.

偉大的。然後只是價格上漲的後續行動。你們讓我們非常清楚地知道，這將是非常有針對性的。我認為，對於某些人可能經歷過的不同程度的爭論，存在一些爭議。我很好奇我們應該花多長時間考慮在整個基地進行滾動。

Is something that will take several quarters? Is this something that will take several years? And when should we -- any kind of expectation on what the tailwind will be when it's fully baked into the installed base?

是不是需要幾個季度的時間？這是需要幾年時間的事嗎？當它完全融入安裝基礎時，我們什麼時候應該對順風的預期是什麼？

Thanks, Samad, for the question. So just to frame how we think about pricing, Aman alluded to it a little bit just a minute ago. But as we think about the growth algorithm of the business, right, we think about locations and ARPU as the two primary growth levers and pricing really complements that alongside.

謝謝薩馬德提出的問題。因此，為了框架我們如何看待定價，阿曼在一分鐘前稍微提到了這一點。但當我們考慮業務的成長演算法時，我們將位置和 ARPU 視為兩個主要的成長槓桿，而定價確實是對其的補充。

And the way we think about it is we're going to make target pricing adjustments and build this muscle over time. And so what you saw us do in Q3 was made very targeted price changes for a small cohort of customers went into effect in September. So that's why we comment minimal impact in Q3, some small impact in Q4. But I would think about pricing as something that is going to be with us for a long time, think about it more of as a long-term strategy. And occasionally, we will make targeted pricing adjustments where it makes sense.

我們的想法是，我們將進行目標定價調整，並隨著時間的推移增強這一實力。因此，您看到我們在第三季所做的是針對一小部分客戶進行了非常有針對性的價格調整，並於 9 月生效。這就是為什麼我們評論第三季影響最小，第四季影響較小的原因。但我認為定價將長期伴隨我們，更多地將其視為長期策略。有時，我們會在有意義的情況下進行有針對性的定價調整。

Great. Thank you again.

偉大的。再次感謝您。

Sure.

當然。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Thanks and also big congrats on the strong quarter. So one is a really encouraging win with Potbelly's and enterprise. So just curious how that enterprise pipeline is building? I know it usually takes a lot longer to convert deals there. And for customers that you've won upmarket, what are some of the bigger factors that have helped you win versus competitive solutions?

感謝並祝賀本季的強勁表現。因此，Potbelly's 和企業取得了真正令人鼓舞的勝利。只是好奇企業管道是如何建構的？我知道在那裡轉化交易通常需要更長的時間。對於您在高端市場贏得的客戶來說，與競爭解決方案相比，幫助您贏得勝利的更大因素有哪些？

Thanks, Stephen. Potbelly is a great win for us. I've actually got one down the street for me in Massachusetts, I live. I've always loved their food and their bottled peppers. So it's a great brand, excited to partner with them to get them rolled out.

謝謝，史蒂芬。 Potbelly 對我們來說是一場偉大的勝利。事實上，我在馬薩諸塞州的街上已經有一個了，我住在馬薩諸塞州。我一直很喜歡他們的食物和瓶裝辣椒。所以這是一個很棒的品牌，很高興與他們合作推出它們。

As we think about just our enterprise pipeline, I think every year, the thing that I see is we continue to build on the previous year, which is a really good sign. In terms of just the scale we're getting the types of opportunities we're seeing, the scale of the opportunities. And that's really a testament to, of course, our go-to-market execution, but even more importantly, the investments we've been making in our product to continue to support and build out the capabilities upmarket, whether it's enterprise, config management, some of the capabilities we offer above store to help restaurants manage at scale.

當我們考慮我們的企業管道時，我認為每年，我看到的都是我們繼續在前一年的基礎上發展，這是一個非常好的跡象。就規模而言，我們正在獲得我們所看到的機會類型，機會的規模。當然，這確實證明了我們的市場執行力，但更重要的是，我們一直在產品中進行投資，以繼續支持和建立高端市場的功能，無論是企業、配置管理，我們在商店上面提供的一些功能可以幫助餐廳進行規模化管理。

And I think the other piece of it is just there's some custom capability that each of these has, and so building out that capability as well is something we're working on. And the way I think about it, this is enterprise as we think about the next decade, is an important growth vector for us. But it's going to be steady alongside some of the other growth vectors we've talked about in international and enterprise -- international and retail, and of course, our core US SMB business.

我認為另一部分只是其中每個都具有一些自訂功能，因此我們正在努力建立該功能。在我看來，這就是我們對未來十年的思考，也是我們重要的成長載體。但它將與我們在國際和企業領域討論過的其他一些成長向量保持穩定——國際和零售，當然還有我們的核心美國中小企業業務。

Great. Thank you.

偉大的。謝謝。

Dominic Ball, Redburn Atlantic.

多明尼克鮑爾，雷德伯恩大西洋公司。

Hello Aman and Elena, great job as usual. I mean really impressive on software ARPU expansion. Can you speak a little bit more towards where the such sharp acceleration quarter-on-quarter has come from? And then going forward into 2025, how does this also change as you start to win even more retail international and larger merchants?

你好，阿曼和艾琳娜，一如既往，做得很好。我的意思是軟體 ARPU 擴充確實令人印象深刻。能多談談這種季度環比急劇加速的原因嗎？進入 2025 年，當您開始贏得更多國際零售和更大的商家時，這種情況會發生什麼變化？

Yeah, sure. So the comment to answer your question is what happened with the step-up in SaaS revenue this quarter, really proud actually of the team's execution here. There was a focus in the organization to improve our ARR to revenue conversion. The team focused on more specifically, improving the billing infrastructure and looking at the end-to-end quote-to-cash process. And so that resulted in more ARR converting to revenue.

是的，當然。因此，回答您問題的評論是本季度 SaaS 收入成長的情況，實際上對團隊的執行力感到自豪。該組織的重點是提高我們的 ARR 到收入的轉換率。該團隊更具體地專注於改進計費基礎設施並研究端到端的報價到現金流程。因此，更多的 ARR 轉化為收入。

And as I commented, some of that is a onetime benefit. We'll see some -- a little bit more in Q4 on a onetime basis. But the way you should think about the future is -- in Q3, we saw ARR revenue conversion higher than we've seen historically. So we won't -- we shouldn't expect it to be as high as Q3, but certainly higher than historical levels.

正如我所評論的，其中一些是一次性的好處。我們會在第四季一次性看到一些。但你應該思考未來的方式是——在第三季度，我們看到 ARR 收入轉換高於歷史水平。所以我們不會——我們不應該期望它會像第三季度一樣高，但肯定會高於歷史水平。

Okay. And Dominic just a bit on that, you asked about some of the new segments and what they mean. We've seen slightly higher ARPU so far in CPG retail than our core US SMB business and smaller ARPU in international markets.

好的。多明尼克對此做了一點介紹，您詢問了一些新的片段及其意義。到目前為止，我們看到消費品零售業的 ARPU 略高於我們的核心美國中小型企業業務，而國際市場的 ARPU 則較小。

But across both of these businesses, Elena and team and all of us are really carefully looking at the unit economics and contribution margins as we scale them. And if you just look at this year, one of the things I'm really proud of is we've been able to grow these businesses while driving margin expansion this year. It is because there's so much overlap across the core platform and what these new market segments need.

但在這兩項業務中，埃琳娜和團隊以及我們所有人在擴大規模時都非常仔細地研究單位經濟效益和邊際貢獻。如果你看看今年，我真正感到自豪的一件事是我們今年能夠發展這些業務，同時推動利潤率擴張。這是因為核心平台與這些新細分市場的需求有太多重疊。

That's great. Thank you so much. If you don't mind me to ask one more. I mean can you give us any numbers on terms of location wins for international and retail for this quarter?

那太棒了。太感謝了。如果你不介意我再問一個。我的意思是，您能為我們提供有關本季國際和零售業位置贏得的任何數字嗎？

Yeah, just continued momentum really from our Investor Day. We -- I think we had shared some numbers then. And the progress we're seeing across both has been really positive. In CPG retail, we're seeing good progress across all of the -- whether it's grocery or convenience or bottle shops.

是的，我們的投資者日確實延續了這種勢頭。我想我們當時分享了一些數字。我們在這兩個方面看到的進展非常積極。在消費品零售領域，我們看到所有領域都取得了良好的進展——無論是雜貨店、便利商店還是瓶裝商店。

And then international, we're continuing to add more and more of the products, which is improving our unit economics, and our productivity. And so just continue to see really good momentum going to next year. And next -- in '25, we expect to invest more in these businesses based on what signal we're seeing so far this year

然後在國際上，我們繼續添加越來越多的產品，這正在提高我們的單位經濟效益和生產力。因此，明年我們將繼續看到良好的勢頭。接下來 - 25 年，我們預計根據今年迄今為止看到的信號對這些業務進行更多投資

Cool. Thank you.

涼爽的。謝謝。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

Great. Thanks for taking the question. I want to dig in on to capital a little bit. So this business is a key advantage of you being the system of record, and it's not just about the SaaS and the payments, but clearly, this is another advantage that you have, you're in sort of that pull position.

偉大的。感謝您提出問題。我想深入研究一下資本。因此，這項業務是你作為記錄系統的關鍵優勢，它不僅僅是 SaaS 和支付，但顯然，這是你擁有的另一個優勢，你處於某種拉動的位置。

This topic has become more topical with investors given Clover is somewhat leaning into their Clover Capital business. Square Capital has been delivering good growth for Square. So with all that as a backdrop, when I look at your volumes as a percentage of GPV, it's sort of in the below 1% level. And the program is still relatively nascent compared to Square Capital. Clearly, that's a very different business, right, different vertical distribution, merchant size, et cetera.

鑑於 Clover 在某種程度上傾向於他們的 Clover Capital 業務，這個話題已經成為投資者的熱門話題。 Square Capital 一直為 Square 帶來良好的成長。因此，以所有這些為背景，當我查看你們的交易量佔 GPV 的百分比時，它處於低於 1% 的水平。與 Square Capital 相比，該項目仍處於起步階段。顯然，這是一個非常不同的業務，對吧，不同的垂直分佈、商家規模等等。

But they're more in sort of the 2.5% range, and I just wanted to see if we could talk a little bit about where you think you might sit longer term? Is it in that 1% to 2% range? Could it possibly be higher? And there are certainly good arguments on both sides? Thanks.

但它們更多的是在 2.5% 的範圍內，我只是想看看我們是否可以談談您認為您可能會長期持有的位置？是在1%到2%的範圍內嗎？可能會更高嗎？雙方肯定都有很好的論點嗎？謝謝。

Yeah. Thanks, Tim, for the question. It's a fair question. Like first of all, let me just start by saying the team's execution here has been excellent. And I think the demand for the product is very clear, right? Customers are valuing the fast, low-friction access to capital. And you saw the performance this quarter getting up to $43 million.

是的。謝謝提姆的提問。這是一個公平的問題。首先，我首先要說的是，團隊的執行力非常好。而且我認為產品的需求是非常明確的，對嗎？客戶非常重視快速、低摩擦的資本取得方式。您看到本季的業績高達 4300 萬美元。

And the best thing as we continue to optimize the program, default rates are where we expect them to be. So all in all, it's a really healthy program. As we think about the long term, we're going to continue to grow it in a balanced way.

最好的事情是，隨著我們繼續優化該計劃，違約率達到了我們的預期。總而言之，這是一個非常健康的計劃。當我們考慮長期目標時，我們將繼續以平衡的方式成長。

Other companies have different profiles of customers, so you got to take that into consideration. But over the long term, there's no reason why we could grow the program through more attach. I think we just want to make sure we do that in a very balanced risk-adjusted manner. But we feel really confident where the team is executing today.

其他公司有不同的客戶概況，因此您必須考慮到這一點。但從長遠來看，我們沒有理由透過更多的附加來發展該計劃。我認為我們只是想確保以非常平衡的風險調整方式來做到這一點。但我們對團隊今天的執行情況非常有信心。

Great. Thank you.

偉大的。謝謝。

Dan Dolev, Mizhuo.

丹‧多列夫，米卓。

Hey, guys, really amazing results here. I just want to ask like kind of bigger long-term strategic question in terms of sort of next year? I know you had the Analyst Day, but is there -- in your discussions, if there have been any sort of re-prioritizations into the different initiatives that you're going to take whether international or any other products, given the recent evolvement over the last few months? Thank you.

嘿，夥計們，這裡的結果真的很驚人。我只是想問一個更大的長期策略問題，例如明年？我知道你們度過了分析師日，但是在你們的討論中，考慮到最近的發展，你們將要採取的不同舉措（無論是國際產品還是任何其他產品）是否有任何形式的重新優先順序？個月？謝謝。

Yeah. Hi, Dan, I think a lot of it is consistency with what we outlined at Investor Day. We've seen a really good year in terms of progress against all of our efforts to drive location growth and ARPU growth, and that's continuing to get more markets into flywheel, and continuing to expand our product portfolio in ways that has impact for customers.

是的。嗨，丹，我認為其中很多內容與我們在投資者日概述的內容一致。我們在推動位置成長和 ARPU 成長的所有努力方面取得了非常好的進展，這將繼續吸引更多市場進入飛輪，並繼續以對客戶產生影響的方式擴展我們的產品組合。

And that's really the foundation. As we think about all the future growth opportunities we have, scaling in our core business and driving towards market leadership is foundational. That's the most important thing. As we think about the future, one of the most important things over the next decade is in addition to scaling our core investing to open up the TAM in areas where we see really good opportunity, where there's right -- we think where the there's a right to win, and where we think there's great unit economics and overlap with our platform.

這確實是基礎。當我們思考我們擁有的所有未來成長機會時，擴大我們的核心業務並推動市場領先地位是基礎。這是最重要的事。當我們思考未來時，未來十年最重要的事情之一是除了擴大我們的核心投資之外，在我們認為真正有機會、有正確機會的領域開放 TAM，我們認為有機會的領域獲勝的權利，我們認為有很好的單位經濟效益並且與我們的平台重疊。

And so I think the team has done a great job of finding some of those areas, right, like with international with some of the key markets there, with CPG retail, and we're going to invest some more go-to-market capacity in those areas next year. We're going to keep investing in enterprise business, and also keeping same product expansion to make the products that we have better attach rates.

因此，我認為團隊在尋找其中一些領域方面做得很好，對吧，例如國際市場和消費品零售等一些關鍵市場，我們將投資更多的市場容量明年在這些領域。我們將繼續投資企業業務，並保持相同的產品擴張，以製造我們具有更好附加率的產品。

And so really, the strategy is consistent with what we outlined at Analyst Day. There are also a few things that we're doing that are further out. So we do take some part of our investment in our R&D product in our R&D portfolio. And we're looking -- we're investing in things that are further out.

事實上，該策略與我們在分析師日概述的策略是一致的。我們還正在做一些更遙遠的事情。因此，我們確實將部分研發產品投資納入我們的研發組合中。我們正在尋找——我們正在投資更遙遠的事情。

What we're looking to see is there any signal. Those are things that are where the team is learning, whether it's categories, other sub-verticals, other international markets, and we're going to -- we'll share more as when it's appropriate.

我們希望看到的是有任何訊號嗎？這些都是團隊正在學習的東西，無論是類別、其他子垂直領域、其他國際市場，我們將在適當的時候分享更多內容。

Got it. Well, great results.

知道了。嗯，結果很好。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

This is Conan on for Andrew. I had a quick question on SaaS ARPU -- on your own metric, it was up 4% year over year and just looking at subscription revenue, it was up 12%. Can you go a little bit into what the -- I guess, difference is between the two?

這是柯南為安德魯配音的節目。我有一個關於 SaaS ARPU 的簡單問題——根據您自己的指標，它同比增長了 4%，僅考慮訂閱收入，它就增長了 12%。您能稍微介紹一下——我想，兩者之間的差異是什麼嗎？

Yeah, sure. At the highest level, there are differences at times between ARR and revenue based on timing, based on concessions or credit, things like that. And so that's the primary driver between the two. When talking about SaaS ARPU, we're talking about on an ARR basis, so just keep that in mind.

是的，當然。在最高層面上，ARR 和收入之間有時會因時間、優惠或信貸等因素而存在差異。這是兩者之間的主要驅動力。當談到 SaaS ARPU 時，我們談論的是 ARR 基礎，因此請記住這一點。

And in terms of the 4%, the execution of the team has been strong. And we view ARPU, as Aman mentioned, as one of the key growth levers alongside locations. So that's how we think about it.

而從這4%來看，團隊的執行力一直很強。正如 Aman 所提到的，我們將 ARPU 視為與地點一樣的關鍵成長槓桿之一。這就是我們的想法。

Great. Thanks.

偉大的。謝謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, I appreciate you taking the question. A lot of calls going on tonight, so I'll just ask one. But I wanted to ask about the retail push. Really exciting -- we've kind of seen it out in the wild. I have heard some great feedback on it.

嘿，我很感謝你提出這個問題。今晚有很多電話，所以我只問一個。但我想問一下零售推動的情況。真的很令人興奮——我們已經在野外看到它了。我聽到了一些很好的回饋。

And I'm just curious if you have any incremental thoughts on just how you're thinking about structure and go-to-market? How you're kind of weighing the benefits of, on the one hand, getting scale out of the existing sales force versus having more verticalized or kind of specialty sales force for that product?

我只是好奇您對於如何考慮結構和進入市場是否有任何增量想法？您如何權衡一方面擴大現有銷售團隊規模與為該產品建立更垂直或專業的銷售團隊的好處？

Thanks, Will. Yeah, as you said, we continue to see great momentum in retail across all the subcategories we're playing in. And if you look at 2025, it's giving us more confidence to invest. And I think part of it is, yes, like investing strategically with the team that is very focused on retail. But part of the benefit that we also have is we've got all the sales reps throughout the country that can help drive top of phone lead flow.

謝謝，威爾。是的，正如您所說，我們繼續看到我們所涉足的所有子類別的零售業都呈現強勁勢頭。我認為其中一部分是，是的，就像與非常專注於零售的團隊進行策略性投資。但我們也擁有的部分好處是，我們擁有全國各地的所有銷售代表，可以幫助推動電話銷售線索的成長。

So we're thinking through what is the best approach to maximize growth, and that's something we're tweaking and testing. But at the highest level, thinking of the progress and the signal we've seen so far, this gives us conviction to lean and invest some more next year to see if we can build on the moment from this year. And thank you for the report that you shared our team. Appreciate that.

因此，我們正在思考實現成長最大化的最佳方法，這也是我們正在調整和測試的內容。但在最高層，考慮到迄今為止我們所看到的進展和訊號，這讓我們有信心明年進行更多的傾斜和投資，看看我們是否可以在今年的基礎上再接再厲。感謝您分享我們團隊的報告。很欣賞這一點。

Thanks guys. I appreciate you taking the questions.

謝謝你們。感謝您提出問題。

Thanks, Will.

謝謝，威爾。

Nick Setyan, Wedbush.

尼克·塞蒂安，韋德布希。

Thanks for taking the question and congrats on a great quarter. The restaurant industry seems to have troughed in July an uptick month over month all the way through October here. And so the question is, what that potentially be for GPV per location? Could that have troughed in Q3? And could we see -- expect to see improvement going forward?

感謝您提出問題，並祝賀您度過了一個美好的季度。餐飲業似乎在 7 月份陷入了谷底，並持續到 10 月份，逐月上升。所以問題是，每個地點的 GPV 可能是多少？這會在第三季觸底嗎？我們能否看到－期望看到未來的改進？

Yeah, thanks for the question. So GPV per location was down 3%, consistent actually with Q2, and it's been relatively consistent over the last several quarters. As we head into Q4, it will be in the same range. and that's what our guidance reflects. And we're monitoring, obviously, always monitoring the macro.

是的，謝謝你的提問。因此，每個地點的 GPV 下降了 3%，實際上與第二季度一致，並且在過去幾個季度中相對穩定。當我們進入第四季時，它將處於相同的範圍內。這就是我們的指導所反映的內容。顯然，我們一直在監控宏觀。

It's a tight band. We always say it's going to stay within a type, and we still continue to believe that. And as we consider the kind of over the next couple of quarters, we expect it to be in that similar trend.

這是一個緊密的樂團。我們總是說它將保持在一種類型中，並且我們仍然相信這一點。當我們考慮未來幾季的情況時，我們預計它將處於類似的趨勢。

Thank you.

謝謝。

Jason Koperberg, Bank of America.

賈森‧科珀伯格，美國銀行。

Hey, this is Melissa on for Jason. I wanted to just ask about the net new ads of 7,000 this quarter. Are they fairly balanced between new restaurant openings and competitive takeaways or what can you tell us about the mix there? And a quick question on churn, is it still in the slightly above 10% range on annualized basis or are there any updates to that metric? Thanks.

嘿，這是傑森的梅麗莎。我只想問一下本季 7,000 個淨新廣告。新開餐廳和競爭性外賣之間的平衡是否相當，或者您能告訴我們關於那裡的組合的什麼信息嗎？關於流失率的一個簡單問題是，按年計算，流失率是否仍略高於 10%，或者該指標是否有任何更新？謝謝。

Sure. Yeah, I think 7,000 net ads, it's largely been consistent in terms of the trends we've seen in the past, good mix of new openings as well as existing restaurants that are switching as they upgrade, and the great thing is our go to market team does a great job. In either case, you know, we've got some got some reps hitting quota with (inaudible) and new openings and some with existing restaurants, and so can compete either way.

當然。是的，我認為 7,000 個網路廣告，就我們過去看到的趨勢而言，基本上是一致的，新開張的餐廳以及升級時正在更換的現有餐廳的良好組合，最棒的是我們去市場團隊做得很好。無論哪種情況，你知道，我們都有一些代表達到了配額（聽不清楚）和新開業的餐廳，還有一些代表現有餐廳，因此可以以任何方式競爭。

And in terms of churn, it's largely aligned with what we've shared historically. When we do see churn, it'll be smaller restaurants. And so the impact of ARR is smaller. And our churn metrics just --

就流失率而言，它在很大程度上與我們歷史上分享的內容一致。當我們確實看到流失時，流失的將是規模較小的餐廳。所以ARR的影響較小。我們的流失指標只是—

Similar range.

類似的範圍。

Thank you, everybody.

謝謝大家。

Please conclude today's conference call. Thank you for joining.

請結束今天的電話會議。感謝您的加入。