Toast Inc (TOST) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

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

我叫莎拉，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to Toast's fourth quarter and full year 2024 earnings conference call.

現在，我歡迎大家參加 Toast 的 2024 年第四季和全年財報電話會議。

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, Sarah.

謝謝你，莎拉。

Welcome to Toast's earnings conference call for the fourth quarter and full year ended December 31, 2024.

歡迎參加 Toast 截至 2024 年 12 月 31 日的第四季和全年財報電話會議。

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

參加今天電話會議的有執行長兼共同創辦人 Aman Narang；和財務長 Elena Gomez 將發表準備好的致辭，然後是我們的問答環節。

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，我想提請大家注意今天的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，我們將發表與我們的業務相關的聲明，這些聲明可能根據《證券法》和《交易法》的定義被視為前瞻性聲明。

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, business and investment strategy, expected growth and business outlook, including our financial guidance for the first quarter and full year 2025.

除歷史事實陳述以外的所有陳述均為前瞻性陳述，包括管理層對未來財務和營運業績和營運支出、地點成長、未來獲利能力和利潤率前景、業務和投資策略、預期成長和業務前景的預期，包括我們對 2025 年第一季度和全年的財務指導。

Forward-looking statements reflect our views only as of today, and except as required by law, we undertake no obligation to update or revise these forward-looking statements.

前瞻性陳述僅反映我們截至今天的觀點，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.

請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件中警告性的語言，以了解可能導致實際結果與我們的預期存在重大差異的風險和不確定性的討論。

During this call, we will discuss certain non-GAAP financial measures, 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，我們將討論某些非公認會計準則財務指標，包括但不限於非公認會計準則訂閱服務毛利和非公認會計準則金融科技解決方案毛利，我們將其統稱為經常性毛利流。

These are the basis for our top line guidance.

這些都是我們營收指導的基礎。

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

這些非公認會計準則指標並非旨在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.

請參閱我們的收益報告和美國證券交易委員會 (SEC) 文件，以了解這些非 GAAP 指標與最具可比性的 GAAP 指標的詳細對帳。

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對收入成本、毛利和毛利率、銷售和行銷費用、研發費用以及一般和行政費用的引用均基於非 GAAP 基礎。

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，您可以在投資者關係網站 investors.toasttab.com 上找到該新聞稿。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.

現在，讓我將電話轉給阿曼。

Thanks, Michael, and thank you, everybody, for joining us this afternoon. 2024 was a great year for Toast.

謝謝，邁克爾，也謝謝大家今天下午加入我們。 2024 年對 Toast 來說是偉大的一年。

We added a record 28,000 net locations.

我們新增了創紀錄的 28,000 個網路地點。

Our recurring gross profit streams grew 34% year over year.

我們的經常性毛利流年增34%。

Adjusted EBITDA grew to $373 million, and we were GAAP profitable for the first time in the history of the business.

調整後的 EBITDA 成長至 3.73 億美元，這是我們公司歷史上首次實現 GAAP 獲利。

I'm really proud of our team, and I'm confident that we're well positioned for a great 2025.

我為我們的團隊感到無比自豪，我堅信我們已準備好迎接偉大的 2025 年。

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。

From day one, our vertical strategy has served us well by focusing on solving the needs of restaurants better than anybody else in the world.

從第一天起，我們的垂直策略就為我們帶來了良好的服務，因為我們專注於比世界上任何其他人更好地解決餐廳的需求。

This has allowed us to deepen our market share and establish a leadership position across SMB and mid-market restaurants here in the US.

這使我們鞏固了我們的市場份額並在美國中小型企業餐廳中確立了領導地位。

More recently, we've also started to expand our addressable market into new customer segments, new geographies, and new verticals.

最近，我們也開始將我們的目標市場擴展到新的客戶群、新的地區和新的垂直市場。

In 2024, our enterprise team had their best year yet with marquee wins, including Potbelly, Perkins, and Hilton Hotels.

2024 年是我們企業團隊迄今為止最好的一年，取得了包括 Potbelly、Perkins 和希爾頓酒店在內的多項重大勝利。

We continue to drive strong growth across our international markets.

我們持續推動國際市場的強勁成長。

And our team in food and beverage retail demonstrated in 2024 that we should invest more to grow even faster in 2025.

我們在食品和飲料零售領域的團隊在 2024 年證明，我們應該加大投資，以實現 2025 年更快的成長。

Over the next decade, we have the opportunity to serve many multiples of our 134,000 covered locations today.

未來十年，我們有機會為目前 134,000 個覆蓋地點的許多倍提供服務。

Not only can we grow market share and scale locations in our four US restaurant segments, we can continue to expand our TAM by building out the platform to support new geographies and new verticals across complex higher GPV merchants where we have a right to win.

我們不僅可以在美國四個餐廳領域擴大市場份額和擴大門市規模，還可以透過建立平台來支援新的地域和新的垂直市場，跨越我們有權取勝的複雜的更高 GPV 商家，從而繼續擴大我們的 TAM。

Our strategy remains consistent with what we shared recently at our Investor Day, but we have refreshed our priorities to reflect what is most critical in 2025.

我們的策略與我們最近在投資者日分享的內容保持一致，但我們已經更新了我們的優先事項，以反映 2025 年最關鍵的事項。

First, scaling locations and market share in our core US restaurant business; second, demonstrating that our new markets can be material drivers of growth; third, increasing customer adoption of our broad platform and driving differentiation through data and AI; and lastly, continue to hold a high bar and invest against our most important priorities while gradually expanding margins.

首先，擴大我們核心美國餐飲業務的門市和市場佔有率；第二，證明我們的新市場可以成為成長的物質動力；第三，增加客戶對我們廣泛平台的採用，並透過數據和人工智慧推動差異化；最後，繼續保持高標準並針對我們最重要的優先事項進行投資，同時逐步擴大利潤率。

All right, again, first, scaling locations and market share in our core US restaurant business.

好的，再次強調，首先，擴大我們核心美國餐飲業務的門市和市場份額。

Despite our strong growth at just 15% market share in the US restaurant market, we have tremendous headroom to scale.

儘管我們在美國餐飲市場的佔有率僅為 15%，但我們仍具有巨大的擴展空間。

In 2024, we increased market share and location count in all of our top 100 markets in the SMB segment.

2024 年，我們在中小型企業領域所有前 100 個市場的市佔率和門市數量均有所增加。

Our most penetrated markets continue to see strong growth, which gives us confidence that our flywheel strategy is working, and we have the opportunity to scale market share in the years ahead.

我們滲透率最高的市場繼續保持強勁成長，這使我們相信我們的飛輪策略正在發揮作用，並且我們有機會在未來幾年擴大市場份額。

In 2025, we plan to surgically increase sales and marketing investments in our core business, including brand investments to increase awareness and consideration.

2025 年，我們計劃大幅增加核心業務的銷售和行銷投資，包括品牌投資，以提高知名度和考慮度。

As an example, we recently launched our, It's the Little Things campaign, that highlights how much the small details matter in hospitality.

例如，我們最近發起了「小事決定一切」活動，強調了酒店業中小細節的重要性。

And can be the difference between an incredible guest experience versus just an average one.

這可能是令人難以置信的客戶體驗與一般客戶體驗之間的差異。

This campaign showcases the breadth and depth of our vertically integrated restaurant platform, a reason why more than one-third of all James Beard award winners and over half of all Michelin star-rated US restaurants run their businesses on Toast.

這次活動展示了我們垂直整合餐廳平台的廣度和深度，這也是為什麼超過三分之一的詹姆斯比爾德獎獲獎者和超過一半的美國米其林星級餐廳在 Toast 上開展業務的原因。

One of these Michelin stars belongs to Revere, a fine dining restaurant in Washington, D.C. that have seen significant time and cost savings with Toast.

其中一顆米其林星星屬於華盛頓特區的高級餐廳 Revere，該餐廳使用 Toast 後節省了大量時間和成本。

Toast Payroll has cut the time it takes with their small team to do payroll from three hours down to one.

Toast Payroll 將其小團隊處理薪資單所需的時間從三個小時縮短至一個小時。

And because it's integrated directly into Toast, it's also more accurate.

而且由於它直接整合到 Toast 中，因此也更加準確。

They also use xtraCHEF to save time and inventory and identify when they're overpaying for ingredients, like when they decided to pull lobster from their menu recently after seeing the prices of lobster skyrocket.

他們還使用 xtraCHEF 來節省時間和庫存，並確定何時為食材支付了過高的費用，例如，在看到龍蝦價格飛漲後，他們最近決定將龍蝦從菜單中撤下。

Without this data on their fingertips, their menu costs would have been overbudget.

如果缺乏這些數據，他們的菜單成本就會超出預算。

Toast frees up the Revere team and gets them out of the back office so that they can focus on what they do best, delivering an award-winning testing menu and a great guest experience.

Toast 解放了 Revere 團隊，讓他們離開後台辦公室，專注於自己最擅長的領域，提供屢獲殊榮的測試菜單和出色的客戶體驗。

Moving on, our second priority is demonstrating that these new markets can be material drivers of growth.

接下來，我們的第二個任務是證明這些新市場可以成為成長的物質驅動力。

In 2024, we made great progress across enterprise, international, and retail, and expect to surpass 10,000 customer locations across these new segments later this year.

2024 年，我們在企業、國際和零售領域取得了巨大進步，預計今年稍後這些新領域的客戶數量將超過 10,000 個。

We're investing in these businesses because customer reception and feedback had been strong.

我們之所以投資這些業務，是因為客戶的反應和回饋一直很強烈。

And we see the potential for them to drive significant location expansion for many years to come.

我們看到了它們在未來許多年推動大規模門市擴張的潛力。

In 2025, we will invest in our R&D platform and our go-to-market capacity to drive customer satisfaction, win rates, and market share across these new markets, positioning us for strong growth in 2026 and beyond.

2025 年，我們將投資於我們的研發平台和市場進入能力，以提高這些新市場的客戶滿意度、成功率和市場份額，為我們在 2026 年及以後的強勁成長做好準備。

In our enterprise business, as I shared, I'm excited to announce that Hilton Hotels and Resorts has chosen to partner with Toast as an approved food and beverage PS provider.

在我們的企業業務中，正如我所分享的，我很高興地宣布希爾頓酒店及度假村已選擇與 Toast 合作，成為認可的食品和飲料 PS 提供者。

This builds on our growing presence in hotels, including large chains such as Marriott and Choice Hotels, as well as many independent operators who see the benefit of the Toast Platform.

這建立在我們在酒店業不斷增長的影響力之上，其中包括萬豪和精選酒店等大型連鎖酒店，以及許多看到 Toast 平台優勢的獨立運營商。

In addition, we've also signed our largest full-service restaurant deal with Ascend Brands, starting with 500 Perkins and Huddle House restaurants.

此外，我們還與 Ascend Brands 簽署了最大的全方位服務餐廳協議，首批合作餐廳為 500 家 Perkins 和 Huddle House 餐廳。

Ascend recognized that they needed a modern cloud-based technology partner to improve operational efficiency, to help the staff drive consistently great service, and support their ambitious expansion plan.

Ascend 意識到他們需要一個現代化的基於雲端的技術合作夥伴來提高營運效率，幫助員工持續提供優質服務，並支持他們雄心勃勃的擴張計劃。

Beyond these wins, our pipeline and presence of market has never been stronger, and I look forward to welcoming more large brands to Toast later this year.

除了這些勝利之外，我們的管道和市場影響力也從未如此強大，我期待今年稍後更多大品牌加入 Toast。

Internationally, you've heard us talk about our growth and positive customer feedback in our international markets despite missing key parts of our platform that needed to be internationalized.

在國際上，儘管我們的平台缺少需要國際化的關鍵部分，但您已經聽到我們談論我們在國際市場上的成長和積極的客戶回饋。

We made progress against this throughout 2024, and most recently launched our loyalty and restaurant retail products.

我們在 2024 年取得了進展，最近推出了我們的忠誠度和餐廳零售產品。

SaaS ARPU for international locations that went live in Q4 2024 was up 50% year over year.

2024 年第四季上線的國際地區的 SaaS ARPU 年增 50%。

And in 2025, we believe we have the necessary surface area across our platform to grow market share, expand sales capacity to have a great year.

到 2025 年，我們相信我們的平台將擁有足夠的面積來擴大市場份額、擴大銷售能力，從而迎來一個豐收的年份。

And lastly in retail, 2024 was really a year of test and learn.

最後，對於零售業來說，2024 年實際上是測試和學習的一年。

We knew that the same vertically-focused approach that has worked so well in restaurants would work for us in food and beverage retail.

我們知道，在餐廳中行之有效的垂直聚焦方法同樣也適用於食品和飲料零售業。

As we brought on initial customers, we've had tremendous learnings that has helped shape our product road map and our customer-facing strategy across sales, marketing and customer success.

當我們擁有第一批客戶時，我們獲得了大量的知識，這些知識幫助我們塑造了產品路線圖以及面向銷售、行銷和客戶成功的客戶策略。

One decision we have made is to scale a dedicated sales team to support our retail efforts to keep our restaurant team focused on increasing market share in our core market and let a specialist team go after this new opportunity.

我們做出的一個決定是擴大專門的銷售團隊來支持我們的零售工作，以使我們的餐廳團隊專注於增加核心市場的市場份額，並讓專業團隊去尋找這個新的機會。

Food and beverage retail market, especially in grocery and convenience has historically been served by legacy solutions with relatively low market share across horizontal cloud-based entrants.

食品和飲料零售市場，尤其是雜貨和便利商店，歷來都是由傳統解決方案提供服務，在橫向雲端運算進入者中，這些解決方案的市場份額相對較低。

Our vertical approach has resonated with customers, because we're going deep on the challenges these customers face, including the need for our mobile inventory tool, as well as new service models to make it easier and faster to drive speed of service, manage inventory, and efficiency at checkout as well as improve the guest experience.

我們的垂直方法引起了客戶的共鳴，因為我們深入研究了這些客戶所面臨的挑戰，包括對我們的行動庫存工具的需求，以及新的服務模式，以便更輕鬆、更快地提高服務速度、管理庫存和結帳效率並改善客戶體驗。

To bring this to life, let me share an example, Kelly's Market in Decatur, Georgia.

為了說明這一點，讓我分享一個例子，喬治亞州迪凱特的凱利市場。

Kelly's is a grocery meets deli meets coffee meets wine bar.

Kelly's 是一家集雜貨店、熟食店、咖啡店和酒吧於一體的店。

And before Toast, they actually used two separate point-of-sale systems because they didn't have something that could work seamlessly across their operation.

在使用 Toast 之前，他們實際上使用了兩個獨立的銷售點系統，因為他們沒有一個可以在整個營運過程中無縫協作的系統。

Toast makes it possible for Kelly's to really deliver on hospitality.

Toast 使得 Kelly's 能夠真正提供熱情好客的服務。

For example, a customer sandwich order follows them as they move from the deli counter over to grocery and then to checkout, something other POS systems struggle to do.

例如，顧客的三明治訂單會跟隨他們從熟食櫃檯到雜貨店再到結帳，這是其他 POS 系統難以做到的。

Kelly's is also able to customize each terminal to the store so that a POS prompts to tip at the coffee bar but not at grocery checkout.

Kelly's 還能夠根據商店的情況定制每個終端，以便 POS 可以在咖啡吧提示給小費，但在雜貨店結帳時不會提示給小費。

And most importantly, with Toast, they're able to streamline their purchasing, receiving, and inventory workflows into a single system to save the team more than 10 hours a week.

最重要的是，借助 Toast，他們能夠將採購、接收和庫存工作流程簡化為一個系統，為團隊每週節省 10 多個小時的時間。

While it is exciting to track our progress and outlook this year, I have even more conviction about what's possible over the next decade, as we scale market share and expand our TAM beyond these markets we're in today.

雖然追蹤我們今年的進展和前景令人興奮，但我對未來十年的可能性更有信心，因為我們將擴大市場份額，並將我們的 TAM 拓展到目前所在的市場之外。

Brick-and-mortar businesses continue to be underserved by modern, easy-to-use technology, and our platform is architected to be able to expand across multiple growth vectors in parallel.

實體企業仍然得不到現代、易於使用的技術的充分服務，而我們的平台架構能夠同時跨越多個成長向量擴展。

Next, our third priority is to increase customer adoption of our broad platform and drive differentiation by leveraging data and AI.

接下來，我們的第三個重點是提高客戶對我們廣泛平台的採用，並利用數據和人工智慧來推動差異化。

At Toast, we deeply understand restaurants, the people that work in them, and the little things that add up to improving the lives of everyone in this business.

在 Toast，我們深刻了解餐廳、在餐廳工作的人以及那些為改善這個行業中每個人的生活所做的小事。

This is reflected in how we build our products and has fueled our location growth while also increasing attach rates and ARPU.

這體現在我們如何打造我們的產品，推動了我們的位置成長，同時也提高了附加率和 ARPU。

Our aim is to help solve the hardest challenges our customers face, and to do so, through a tightly integrated platform that remains easy to use.

我們的目標是透過一個緊密整合且易於使用的平台來幫助解決客戶面臨的最艱鉅的挑戰。

That's a delicate balance that we work hard to maintain.

這是一個微妙的平衡，我們需要努力維持。

I'll share some examples from the past year.

我將分享過去一年的一些例子。

For front-of-house staff, we've launched dozens of enhancements to our core POS software to kiosks, as well as kitchen display systems, to help drive guest engagement and demand with large websites, branded apps, SMS marketing, powered by AI capability; and to help restaurants manage cost and complexity.

對於前台工作人員，我們已經對核心 POS 軟體進行了數十項增強，包括自助服務終端以及廚房顯示系統，以幫助透過大型網站、品牌應用程式、簡訊行銷和 AI 功能推動客人參與度和需求；並幫助餐廳管理成本和複雜性。

We've improved reporting and multi-location management, enhanced our payroll and supplier accounting products, and launched a benchmarking tool that leverages our extensive restaurant data to provide actionable insights for our customers.

我們改進了報告和多地點管理，增強了我們的薪資和供應商會計產品，並推出了一個基準測試工具，利用我們廣泛的餐廳數據為我們的客戶提供可操作的見解。

The benchmarking tool has been a game-changer for many of our customers, including our team at Ada's, a full-service restaurant in Louisville, who have used our insights to enhance their menu, add new specials and even change their hours of operation to grow their business.

基準測試工具已經改變了我們的許多客戶，包括位於路易斯維爾的全方位服務餐廳 Ada's 的團隊，他們利用我們的見解來改進菜單、添加新特色菜，甚至改變營業時間來發展業務。

For example, they noticed that chicken sales were underrepresented in restaurants near them by using this data and used that to add and market a fried chicken special on a slower night that boosted Tuesday night revenues by 40%.

例如，他們利用這些數據注意到附近餐廳的雞肉銷量較低，於是利用這些數據在生意清淡的夜晚增加並推銷炸雞特價，使週二晚上的收入提高了 40%。

That's the power of our data.

這就是我們的數據的力量。

The scale of our data set and our product platform, the opportunity that AI creates, and our deep restaurant expertise are a strong foundation to build from as we look to the future.

我們的資料集和產品平台的規模、人工智慧創造的機會以及我們深厚的餐廳專業知識為我們展望未來奠定了堅實的基礎。

We also know how important guest demand and retention are and we will deepen our focus here.

我們也知道客人的需求和保留有多麼重要，我們將在此方面深化我們的關注。

Our strategy is anchored in helping restaurants improve their top and bottom line, and we're confident this will translate into strong ARPU growth and win rates for Toast over the long term.

我們的策略是幫助餐廳提高營收和利潤，我們相信從長遠來看這將轉化為 Toast 強勁的 ARPU 成長和贏利率。

And finally, to wrap up, our fourth priority is to continue to hold high margin, high bar, and invest against what's most important while gradually expanding margins.

最後，總結一下，我們的第四個優先事項是繼續保持高利潤、高標準，並針對最重要的方面進行投資，同時逐步提高利潤率。

In 2024, you saw us make some tough choices and restructure our investments against what's most important.

2024 年，您看到我們做出了一些艱難的選擇，並根據最重要的事項重組了我們的投資。

You also saw us dramatically expand margins while continuing to drive strong top line growth.

您也看到我們大幅擴大利潤率，同時持續推動強勁的營收成長。

In 2025, we will continue to use the same disciplined approach and make investments very deliberately in areas we see long-term opportunity for growth and differentiation.

2025 年，我們將繼續採用同樣嚴謹的方法，並在我們認為具有長期成長和差異化機會的領域進行謹慎的投資。

The Toast team does a great job of leveraging data to invest across different market horizons, which will help us continue to balance margins while doubling down in the areas where we see strong growth potential.

Toast 團隊在利用數據進行不同市場範圍的投資方面做得非常出色，這將有助於我們在看到強勁成長潛力的領域加倍投資的同時繼續平衡利潤率。

As I wrap up, I want to thank and congratulate the Toast team for a record 2024.

最後，我想感謝並祝賀 Toast 團隊在 2024 年創下了紀錄。

I also want to thank our customers and our investors for having confidence in all of us.

我還要感謝我們的客戶和投資者對我們所有人的信任。

I think we have a strong plan for this coming year and, more importantly, have clarity on what is most important to achieve our goals over the long term.

我認為我們對來年有一個周密的計劃，更重要的是，我們清楚知道什麼對於實現我們的長期目標最重要。

Thank you, everybody, and next, I'll turn the call over to Elena to share more on this quarter's results and our outlook for 2025.

謝謝大家，接下來，我將把電話交給 Elena，讓她進一步分享本季的業績以及我們對 2025 年的展望。

Thank you, Aman, and to everyone for joining the call today.

謝謝阿曼以及今天參加電話會議的所有人。

I also want to thank our employees for another successful quarter and to the terrific execution that delivered our record performance throughout the year.

我還要感謝我們的員工，感謝他們又一個季度的成功以及出色的執行力，讓我們全年創下了創紀錄的業績。

Our full year results showcased the strength of our business model in what was a transformational year for Toast.

我們的全年業績彰顯了我們商業模式的實力，這是 Toast 轉型的一年。

We added a record 28,000 net locations, processed approximately $160 billion in payment volume, and grew both ARR and our recurring gross profit streams 34%.

我們創紀錄地增加了 28,000 個淨網點，處理了約 1,600 億美元的支付量，並且 ARR 和經常性毛利潤流均增長了 34%。

We're delivering that growth at scale.

我們正在大規模實現這一成長。

In 2024, we added over $400 million in ARR and processed over 0.5 percentage point of total US GDP.

2024 年，我們的 ARR 增加了 4 億多美元，占美國 GDP 總量的 0.5 個百分點以上。

On top of the strong top line momentum, we also significantly changed the financial profile of the company, highlighting our efficient approach to scaling the business.

除了強勁的營收動能之外，我們還顯著改變了公司的財務狀況，凸顯了我們擴大業務的有效方法。

For the full year 2024, adjusted EBITDA was $373 million with margins expanding 20 percentage points year over year, and we posted our first full year of GAAP profitability.

2024 年全年，調整後的 EBITDA 為 3.73 億美元，利潤率年增 20 個百分點，我們實現了第一個全年 GAAP 盈利。

We entered 2025 operating with momentum and from a position of financial strength.

進入 2025 年，我們將以強勁的營運動能和雄厚的財務實力迎接挑戰。

As you heard from Aman, we see a large and growing opportunity ahead of us to serve many multiples of our customer base.

正如您從阿曼 (Aman) 那裡聽到的，我們看到了巨大且不斷增長的機會，可以為我們的多倍客戶群提供服務。

Our investments in 2025 are primarily directed at accelerating progress in new markets and fortifying our strength in our core as we position the company for durable growth over the long term.

我們對 2025 年的投資主要用於加速新市場的進展和增強我們的核心實力，以實現公司的長期永續成長。

At the same time, we will take the same disciplined approach to balancing growth and profitability that you've seen from us.

同時，我們將採取同樣嚴謹的方法來平衡成長和獲利。

That balance is reflected in the midpoint of our 2025 guidance of 24% growth in our recurring gross profit stream and $520 million in adjusted EBITDA, a 30% margin.

這項平衡反映在我們 2025 年指引的中點，即經常性毛利流動成長 24%，調整後 EBITDA 為 5.2 億美元，利潤率為 30%。

Turning to our results.

談到我們的結果。

In the fourth quarter, our recurring gross profit streams increased 39%, capping off a strong year of top line growth.

第四季度，我們的經常性毛利成長了 39%，為全年強勁的營收成長畫上了句號。

Total monetization measured by our recurring gross profit streams as a percentage of GPV was 93 basis points in the fourth quarter.

以經常性毛利佔 GPV 的百分比來衡量的總貨幣化在第四季為 93 個基點。

That is 10 basis point -- that's a 10-basis point improvement from prior year and reflects our growing share of wallet and the increasing value we're providing our customers.

這是 10 個基點 - 比前一年提高了 10 個基點，反映了我們的錢包份額不斷增長以及我們為客戶提供的價值不斷增加。

We added approximately 7,000 net locations in the quarter, growing our total locations approximately 134,000, up 26% year over year.

我們在本季增加了約 7,000 個淨網點，使我們的總網點數增加到約 134,000 個，較去年同期成長 26%。

Looking out, we are well positioned to add a comparable number of net locations to our platform in 2025 as in 2024.

展望未來，我們預計在 2025 年為我們的平台增加與 2024 年相當數量的網路位置。

In Q4, SaaS ARR grew 32% year over year due to our strong location growth and a 5% increase in SaaS ARPU on an ARR basis.

第四季度，由於我們的位置成長強勁以及 ARR 基礎上的 SaaS ARPU 成長 5%，SaaS ARR 年成長 32%。

Subscription revenue increased 41% and gross profit, 47%, benefiting from the improved ARR to revenue conversion we discussed last quarter, which partially includes a onetime benefit that will not recur in 2025.

訂閱收入成長 41%，毛利成長 47%，這得益於我們上個季度討論過的 ARR 向收入轉化的改善，其中部分包括 2025 年不會重複出現的一次性福利。

Our SaaS net retention rate remained in a healthy range of 110% in 2024, led by solid contributions from upsell and location expansion from existing customers.

到 2024 年，我們的 SaaS 淨留存率仍保持在 110% 的健康範圍內，這主要得益於現有客戶的追加銷售和地點擴張帶來的堅實貢獻。

Payments ARR and fintech gross profit both increased 35% in Q4.

第四季支付 ARR 和金融科技毛利均成長了 35%。

GPV was $42 billion, up 25% year over year, with Q4 GPV per location down 1% versus the prior year.

GPV 為 420 億美元，比去年同期成長 25%，第四季每個地點的 GPV 比上年同期下降 1%。

Q4 net take rate was 56 basis points with a core net take rate of 46 basis points.

第四季淨承接率為 56 個基點，核心淨承接率為 46 個基點。

We typically see a quarter-over-quarter decline in payments take rate in Q4 from seasonally higher precedents.

我們通常會看到，第四季的支付率較上一季下降，而季節性先例則有所提高。

However, Q4 payments take rate increased one basis point versus Q3 due to continued cloud optimization and the targeted price changes we made in September.

然而，由於持續的雲端優化和我們 9 月做出的​​目標價調整，第四季度的支付率較第三季增加了一個基點。

We're confident in the team's execution, and we'll continue to take a balanced approach to pricing, making thoughtful, targeted adjustments to complement our primary growth drivers of location additions and product attach.

我們對團隊的執行力充滿信心，我們將繼續採取平衡的定價方式，做出深思熟慮、有針對性的調整，以補充我們的主要成長動力，即增加地點和產品附加價值。

Non-payment fintech solutions led by Toast Capital contributed $43 million in gross profit in Q4.

Toast Capital 主導的非支付金融科技解決方案在第四季度貢獻了 4,300 萬美元的毛利。

For the year, Toast Capital originations exceeded $1 billion, reflecting steady healthy demand from our customers.

今年，Toast Capital 的發起額超過了 10 億美元，反映了我們客戶穩定且健康的需求。

Toast Capital bad debt was down for a full year versus 2023, even as gross profit grew over 20%.

儘管毛利增加了 20% 以上，但 Toast Capital 的壞帳餘額與 2023 年相比全年都有所下降。

That improvement reflects adding the forward flow model and lower default rates through optimizing our customer underwriting process.

這項改進反映了透過優化我們的客戶核保流程來增加正向流模型和降低違約率。

Looking ahead, we expect bad debt to [portfolio basis] as the program scales and for Toast Capital's contribution to take rate to remain in a similar range as in 2024.

展望未來，我們預計，隨著計畫規模的擴大，壞帳將佔 [投資組合基礎]，而 Toast Capital 的貢獻率將保持在與 2024 年相似的範圍內。

Moving to expenses.

轉向費用。

In Q4, operating expenses excluding bad debt and credit-related expenses increased 12%, reflecting targeted investments in our highest priority growth initiatives.

第四季度，不包括壞帳和信貸相關費用的營業費用增加了 12%，反映了我們對最優先的成長計畫的有針對性的投資。

That includes expanding our retail-specific sales team and seeding new brand investments, which contributed to a 32% year-over-year increase in sales and marketing expenses.

其中包括擴大我們的零售專用銷售團隊和開展新品牌投資，這導致銷售和行銷費用年增 32%。

R&D grew 2%, while G&A declined 12%, excluding $19 million of bad debt credit-related expenses.

研發費用增加了 2%，而一般行政費用下降了 12%，其中不包括 1,900 萬美元的壞帳信用相關費用。

In 2025, our investments will directly align with the priorities Aman laid out, accelerating our progress in our new markets, continuing to drive market share gains in our core, and innovation that leverages our scale and data to further differentiate our vertical offerings.

2025年，我們的投資將與安縵提出的優先事項直接保持一致，加速我們在新市場的進展，繼續推動核心市場份額的成長，並利用我們的規模和數據進行創新，進一步區分我們的垂直產品。

Our dollar-based payback period remain in the mid-teen months in 2024.

我們的美元回報回收期仍為 2024 年的十五六月。

We manage payback on a portfolio basis and our ability to maintain a consistent level even as we increase investment in our TAM expansion areas demonstrates the strength and efficiency of our core customer group.

我們根據投資組合來管理回報，即使在增加對 TAM 擴展領域的投資時，我們仍能保持一致的水平，這證明了我們核心客戶群的實力和效率。

We will continue to manage payback to mid-teens on a portfolio basis as we make long-term growth investments.

在進行長期成長投資的同時，我們將繼續根據投資組合管理將報酬率控制在十五六成左右。

Adjusted EBITDA was $111 million in the fourth quarter, and margins expanded 18 percentage points year over year to 28%.

第四季調整後 EBITDA 為 1.11 億美元，利潤率年增 18 個百分點至 28%。

GAAP operating income was $32 million in Q4, reflecting strong operating performance and lower stock comp expense.

第四季 GAAP 營業收入為 3,200 萬美元，反映出強勁的營運業績和較低的股票補償費用。

Through disciplined equity management, stock-based comp was 16% of recurring gross profit streams exiting 2024, and we remain on track to reach our target of low double-digit percent of recurring gross profit over the medium term.

透過嚴格的股權管理，到 2024 年，股票型薪酬佔經常性毛利潤流的 16%，並且我們仍有望在中期內實現經常性毛利達到低兩位數百分比的目標。

Free cash flow totaled $134 million in Q4 and $306 million for the full year.

第四季自由現金流總計 1.34 億美元，全年自由現金流總計 3.06 億美元。

In 2025, we anticipate free cash flow to broadly mirror adjusted EBITDA for the full year, and expect typical seasonality throughout the year with lower free cash flow [for the] quarter and the seasonality of our payments business and the timing of annual cash bonus payments.

到 2025 年，我們預計自由現金流將與全年調整後的 EBITDA 大致相同，並且預計全年將出現典型的季節性，其中季度自由現金流較低，並且我們的支付業務和年度現金獎金支付時間也受季節性影響。

Moving to guidance.

轉向指導。

In Q1, we expect total subscription and fintech gross profit growth in the 27% to 30% range and adjusted EBITDA to be $100 million to $110 million.

在第一季度，我們預計總訂閱和金融科技毛利將成長 27% 至 30%，調整後的 EBITDA 將達到 1 億至 1.1 億美元。

On a full year basis, we expect 23% to 25% growth in our recurring gross profit streams.

從全年來看，我們預計經常性毛利將成長 23% 至 25%。

We anticipate higher growth in the first half of the year.

我們預計今年上半年將實現更高的成長。

In the second half of the year, we will lap the improved ARR to revenue conversion and comp against related onetime benefits we saw in 2024.

今年下半年，我們將把改善的 ARR 與收入轉換和補償相結合，以抵消我們在 2024 年看到的相關一次性福利。

On a full year adjusted EBITDA guidance of $510 million to $530 million reflects a 30% margin at the midpoint and reaches our 30% to 35% EBITDA margin targets ahead of expectations.

全年調整後的 EBITDA 指引為 5.1 億美元至 5.3 億美元，反映了中間值 30% 的利潤率，並提前實現了我們 30% 至 35% 的 EBITDA 利潤率目標。

Our ability to increase investments in our new markets while expanding margins is a testament to the durability of our business model and the strength of our position in US SMB and mid-market restaurants.

我們能夠在擴大利潤率的同時增加對新市場的投資，證明了我們的商業模式的持久性以及我們在美國中小型企業餐廳市場中的地位。

With good signals across international, food and beverage retail and enterprise, we have confidence accelerating our investment will drive meaningful penetration over the next years.

由於國際、食品和飲料零售及企業領域出現了良好的訊號，我們有信心加快投資將在未來幾年推動有意義的滲透。

On top of that, we will continue to seed investments in longer-term opportunities to build our next generation of growth vectors.

除此之外，我們將繼續對長期機會進行投資，以建立我們的下一代成長載體。

In all, we are positioning ourselves to deliver healthy growth in 2025, 2026, and beyond.

總之，我們的目標就是在 2025 年、2026 年及以後實現健康成長。

To wrap up, we are executing across the board, growing our core, expanding our TAM and delivering leverage as we scale.

總而言之，我們正在全面執行，發展我們的核心，擴大我們的 TAM，並在擴大規模的同時提供槓桿作用。

Heading into 2025, we're laser-focused on sustaining our momentum and continuing to execute at a high level across those same three areas.

展望 2025 年，我們將全心全意地保持發展勢頭，並繼續在上述三個領域中保持高水準表現。

We're incredibly excited about what lies ahead for Toast and are well positioned to capture the massive opportunities ahead.

我們對 Toast 的前景感到無比興奮，並且已經準備好抓住未來的巨大機會。

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

現在，我將把電話轉回給接線員開始問答。

(Operator Instructions) Will Nance, Goldman Sachs.

(操作員指示) 高盛的威爾·南斯。

Congrats on a strong finish through the year.

恭喜您今年取得了圓滿的成績。

Aman, I wanted to follow up on some of the comments you made around, and I think Elena just echoed around the strong signals you're seeing in both international and retail and some of the newer initiatives.

阿曼，我想跟進一下你剛才發表的一些評論，我認為埃琳娜剛才也提到了你在國際和零售領域以及一些新舉措中看到的強烈信號。

It sounded like you rejiggered a few of the strategic priorities for investment this year based on some of the feedback that you're getting.

聽起來您根據收到的一些回饋重新調整了今年投資的一些策略重點。

You mentioned the (technical difficulty) retail.

您提到了（技術難度）零售。

Wondering if you could just talk about how things are progressing versus your expectations.

想知道您是否可以談談事情的進展與您的預期如何。

And there was a little bit more emphasis in the upfront commentary around servicing multiples of the current location base.

在前期評論中，對服務當前地點基礎的多個部分進行了更多的強調。

And I think you also mentioned new verticals as well.

我認為您也提到了新的垂直領域。

And so just wondering how kind of the thought process has changed or evolved over time around kind of the surface area that you want Toast to address over time?

所以，您很想知道，隨著時間的推移，圍繞著您希望 Toast 解決的表面領域，思考過程發生了怎樣的變化或發展？

Thanks.

謝謝。

Yeah.

是的。

I can start.

我可以開始了。

Thanks, Will.

謝謝，威爾。

First off, I just want to just reinforce that the bulk of the focus of the company is to continue to scale and drive towards leadership in our core US restaurant segment.

首先，我只想強調，公司的主要重點是繼續擴大規模並推動我們在美國核心餐廳領域的領導地位。

That's where we're seeing the bulk of the growth.

我們看到那裡的成長最為顯著。

That's where we see the bulk of investment.

我們看到大部分投資都集中在這一領域。

And I don't want to underplay that in any way.

我絕不會低估這一點。

It's also -- I think, at the same time, it's great to see the signals we are seeing in these new segments.

同時，我認為，看到我們在這些新領域看到的訊號也是件好事。

And I mentioned that we're approaching 10,000 locations this year across the segment.

我提到過，今年我們在該領域的門市數量將接近 10,000 家。

That's a nice milestone for the team.

這對球隊來說是一個美好的里程碑。

And it's really across all these growth segments.

它確實涵蓋了所有這些成長領域。

You look at -- in retail, as I mentioned in my prepared remarks, is like this was a year of test and learn.

你看——在零售業，正如我在準備好的發言中提到的，這一年就像是測試和學習的一年。

And we're seeing the right signals in terms of unit economics and ARPU to give us confidence to say, let's go invest and build a dedicated team here against retail.

我們在單位經濟效益和 ARPU 方面看到了正確的訊號，這讓我們有信心說，讓我們在這裡投資並建立一支專門針對零售業的團隊。

On enterprise, I think compared two or three years ago, we're seeing a much stronger pipeline.

在企業方面，我認為與兩三年前相比，我們看到了更強大的管道。

The product has come a long way.

該產品已取得長足進步。

And we're starting to see more consistent wins, and I expect that really to continue this year.

我們開始看到更多持續的勝利，我預計今年這種情況還會繼續下去。

And then in international, the big focus was really expanding SaaS ARPU and we've done that.

然後在國際方面，重點是擴大 SaaS ARPU，我們已經做到了這一點。

I think it's up 50% for go-live year over year.

我認為其上線率同比去年增長了 50%。

And so, all of that is giving us confidence to say we should invest.

所以，所有這些都讓我們有信心說我們應該投資。

But again, like if you look at where we are as a company, we're still at 15% market share in the US restaurant segment -- in US restaurants.

但是，如果你再看看我們公司的現狀，我們在美國餐廳領域的市佔率仍然為 15%。

And so that still is a big focus area for us as well.

所以這仍然是我們關注的一個重點領域。

Awesome.

驚人的。

Appreciate that.

非常感謝。

And maybe Elena, just a more numerical question.

也許是埃琳娜，這只是一個更數字的問題。

I think in the fourth quarter, I think the SaaS ARR per location came in a touch higher than what we were expecting, and I would say, similar on the same-store sales number.

我認為在第四季度，每個地點的 SaaS ARR 略高於我們的預期，我想說，與同店銷售額數字相似。

And so just wondering if you have any color on sort of what you're seeing, if you can -- maybe if we're seeing some of that improvement in the international ARPU come through in the fourth quarter?

所以我很想知道，您是否可以具體說明您所看到的情況，也許我們可以看到第四季度國際 ARPU 有所改善？

And maybe what kind of the trends at a high level you're expecting in the near term, particularly around same-store sales?

您預期近期的整體趨勢是什麼樣的，尤其是同店銷售額的趨勢？

I know there's been some chatter around wildfires and weather and stuff in the [first] quarter.

我知道第一季人們一直在討論野火、天氣等問題。

Any color on in terms of what you're seeing will be helpful.

就您所看到的任何顏色而言，都是有幫助的。

Thanks.

謝謝。

Yeah.

是的。

Let me take the first question on SaaS ARPU.

讓我來回答關於 SaaS ARPU 的第一個問題。

And if you zoom out and think about the scale of our ARR, a little bit of movement on revenue can have an impact on ARPU.

如果你縮小範圍，思考我們的 ARR 規模，你會發現收入的一點變動都會對 ARPU 產生影響。

So I would say we're kind of in the same zone, so I feel like in a healthy zone and so there's nothing specific about the quarter and just keep that scale in mind.

所以我想說我們處於同一區域，所以我覺得處於健康區域，因此本季沒有什麼特別之處，只要記住這個規模即可。

And then in terms of same-store sales, Q4, we saw a little bit of improvement, and so you can see GPV per location was down 1%.

然後就第四季度的同店銷售額而言，我們看到了一點改善，因此您可以看到每個地點的 GPV 下降了 1%。

And so that was what really drove Q4.

這才是推動第四季的真正因素。

And heading into the year in Q1, obviously, the fires, the storms that hit the country, and leap year, believe it or not, played a role last year.

進入第一季度，顯然，火災、襲擊該國的風暴以及閏年（不管你信不信）在去年都發揮了一定作用。

That won't play a role this year.

今年這一因素不會發揮作用。

So all that combined, you'll see a bigger decline in Q1 than you saw in Q4.

綜合考慮所有這些因素，你會看到第一季的降幅比第四季更大。

But generally speaking, GPV per location stays in a narrow band.

但一般而言，每個地點的 GPV 都保持在一個較窄的範圍內。

And we feel no reason to believe that will be different in 2025.

我們認為沒有理由相信 2025 年的情況會有所不同。

Joshua Baer, Morgan Stanley.

摩根士丹利的 Joshua Baer。

Great.

偉大的。

Congrats on the quarter and the strong guide.

祝賀本季和強勁的指引。

I wanted to talk a little bit more about unit economics.

我想進一步談談單位經濟學。

And it seems like by saying that your managed payback on a portfolio basis, it implies some differences in the payback periods for the different growth areas in the portfolio.

而且，透過說你根據投資組合來管理回報，似乎意味著投資組合中不同成長領域的回報期會有所不同。

Just hoping you could unpack a little bit.

只是希望你能解開一點。

Any insight into some of those differences, into customer acquisition costs, or SaaS ARPU, GPV per location across enterprise, international, and the retail adjacencies?

您對於這些差異、客戶獲取成本、SaaS ARPU、企業、國際和零售鄰近每個地點的 GPV 有何見解？

Sure, Joshua.

當然，約書亞。

If you look at the retail business, I'll start there.

如果你看一下零售業，我就從那裡開始。

The CAC payback is healthy today.

今日CAC的回報很健康。

If you look at the TAM and the GPV per unit, it, on average, tends to be stronger than the average restaurant.

如果你看一下 TAM 和每單位 GPV，它平均而言往往比普通餐廳要強。

And so that gives us confidence in where to invest, and that's really where we're investing.

這讓我們對投資方向充滿信心，而這正是我們真正投資的地方。

Internationally, it was important that we got SaaS ARPU up.

從國際角度來看，提升 SaaS ARPU 非常重要。

That's why we focus on that because restaurants internationally tend to be a little bit smaller than in the US.

這就是我們關注這一點的原因，因為國際上的餐廳往往比美國的餐廳小一點。

And then enterprise, I think it's really very deal specific.

然後對於企業來說，我認為這確實與交易非常相關。

It just really depends on the deal.

這確實取決於交易情況。

But overall, if you look at the portfolio of customers we brought on, because you're signing up hundreds of customers at a time, typically, the CAC and the unit economics there are strong.

但總體而言，如果你看看我們帶來的客戶組合，因為你一次簽約數百名客戶，通常，CAC 和單位經濟都很強勁。

I think one thing that Elena and the finance team do a great job of is really making sure we're managing to overall payback and overall unit economics.

我認為埃琳娜和財務團隊做得非常出色的一件事就是確保我們能夠實現整體回報和整體單位經濟效益。

That's why we've been able to expand margins for the past couple of years.

這就是我們過去幾年能夠擴大利潤的原因。

But we're also looking at it on a segment basis.

但我們也會從細分角度來看這個問題。

And I think in each of these segments, part of the reason we have confidence to invest more, whether it's in retail or international is because we're seeing the right signals in our data.

我認為，在每個領域，我們有信心進行更多投資（無論是零售還是國際領域）的部分原因是我們在數據中看到了正確的訊號。

We're seeing them improve and that gives us confidence to invest more.

我們看到他們的進步，這給了我們更多投資的信心。

And in fact, if you look at international, our productivity of our reps internationally is actually better than what it was in the US two or three years into the business.

事實上，如果從國際角度來看，我們國際銷售代表的生產力實際上比我們在美國開展業務兩三年後的生產力要高。

And so that's also giving us some confidence to lean in and invest more.

這也給了我們一些信心投入更多資金。

Overall, long term, if you think about these growth vectors, we see these as like big -- like we see all of them as massive ARR opportunities, right, all these new TAMs over the next decade.

總體而言，從長遠來看，如果你考慮這些成長向量，我們認為它們都很大——就像我們認為它們都是巨大的 ARR 機會一樣，對吧，所有這些未來十年的新 TAM。

That's very helpful.

這非常有幫助。

And just wanted to give you, Aman, the opportunity to talk a little bit about AI.

我只是想給你機會，阿曼，談論一點關於人工智慧的事情。

We've seen some previews for some capabilities around optimizing restaurants and back office and menus and ingredients.

我們已經看到了一些關於優化餐廳、後台辦公室、菜單和食材的功能的預覽。

Just wanted to see like where you are as far as products in the market and customer reception to that?

只是想了解您所在的產品在市場上的情況以及客戶對此的接受程度？

Thank you.

謝謝。

Sure, Josh.

當然，喬希。

We're investing.

我們正在投資。

The great thing with Toast is we've got this amazing opportunity because we've got this amazing data set, right, that we're sitting on top of.

Toast 的偉大之處在於，我們擁有這個絕佳的機會，因為我們擁有這個驚人的數據集，對吧，我們就在其之上。

And so, so far, there are a few wins we've talked about.

到目前為止，我們已經談論了一些勝利。

I mentioned benchmarking as an example.

我提到了基準測試作為範例。

We're starting to see restaurants really use that now, whether it's on leveraging it to look at recommended menu items or inflation trends or how to price the menu or even fraud.

我們開始看到餐廳現在真正使用它，無論是利用它來查看推薦的菜單項目或通貨膨脹趨勢，還是如何為菜單定價，甚至是詐欺。

And so that's been, I think, a nice win where customers that are leveraging the data and making -- and our tools are making it easily accessible.

所以，我認為這是一個很好的勝利，客戶可以利用數據並進行操作——而我們的工具使數據可以輕鬆存取。

Similarly in Sous Chef, it's early, but we're starting to see -- it's really about helping the restaurant GMs, right, be smarter about how to leverage the data around sales and staffing and food costs again to make good decisions and, again, make that data actionable.

同樣，對於 Sous Chef 來說，雖然還處於早期階段，但我們已經開始看到——這實際上是為了幫助餐廳總經理更加聰明地利用銷售、人員和食品成本方面的數據來做出正確的決策，並再次使這些數據具有可操作性。

And then lastly, on generative AI specifically, we've done some nice things on marketing front because, as you can imagine, restaurateurs aren't marketers.

最後，具體到生成式人工智慧，我們在行銷方面做了一些不錯的事情，因為你可以想像，餐廳老闆不是行銷人員。

And so our platform just really makes it easy to create these compelling campaigns on e-mail and text.

因此，我們的平台確實讓您可以輕鬆地透過電子郵件和文字建立這些引人注目的活動。

And so that's helped make those products even more valuable.

這有助於提高這些產品的價值。

And as I think about like the medium term, like this year and next year, the focus for us on AI is really, from a restaurant perspective, is really on how do we improve service.

我認為從中期來看，例如今年和明年，從餐廳的角度來看，我們對人工智慧的關注點實際上是如何改善服務。

Like what are the ways in which we can make servers at the point-of-sale smarter, think of like data-driven upsells, for example?

例如，我們可以用什麼方法讓銷售點的伺服器變得更智能，例如像是數據驅動的追加銷售？

How do you make the experience more personalized at the point of transaction?

如何讓交易時的體驗更個人化？

If those of you that remember the like they could personalize experience, that's something we think we can create with our data.

如果你們記得他們可以個人化體驗，我們認為我們可以利用我們的數據來創造這一點。

So that's a big focus area for us.

所以這是我們關注的一個重點領域。

And then over the long term, we're tracking some of the trends in voice AI and video just because there's a lot happening there in the United States.

從長遠來看，我們會關注語音人工智慧和視訊領域的一些趨勢，因為美國在這些領域發生了很多事情。

And there's a lot of manual restaurant workflows where we think we can help.

我們認為我們可以為許多手動的餐廳工作流程提供幫助。

David Hynes, Canaccord Genuity.

Canaccord Genuity 的 David Hynes。

Hey, guys.

嘿，大家好。

Congrats on the next quarter and excellent 2024.

恭喜下個季度並祝 2024 年一切順利。

Aman, another nice enterprise data point in the quarter.

阿曼，本季另一個不錯的企業數據點。

Maybe you could just talk a little bit about what the pipeline looks like there?

也許您可以稍微談談那裡的管道狀況？

And how are you thinking about positioning the product, whether it's more open, more composable?

您如何考慮定位該產品？

What differentiates you guys as you push up market and pursue those opportunities?

在你們拓展市場和尋求機會時，你們有何不同？

Yeah.

是的。

Sure, DJ.

當然，DJ。

I think it's nice to see the momentum.

我很高興看到這樣的發展動能。

I think this year, just the past couple of quarters, we saw Potbelly and Hilton and Perkins and Huddle House recently.

我想今年，就在過去的幾個季度裡，我們最近看到了 Potbelly、Hilton、Perkins 和 Huddle House。

And that's really a testament to the team and the work they've done over the past couple of years to really build out the platform.

這確實證明了該團隊以及他們在過去幾年中為真正建立該平台所做的工作。

You think of like two, three years ago, we just didn't have all the capabilities needed to go upmarket at that level of scale.

想想兩三年前，我們還沒有達到如此大規模高端市場所需的全部能力。

And so it's been everything from building out enterprise config management.

因此，這一切都是從建立企業配置管理開始的。

It's like how do you manage and publish menus and all the config that exists at a corporate level down to the stores.

這就像您如何管理和發布菜單以及從公司層面到商店的所有配置。

It's about security and compliance needs.

這是關於安全性和合規性需求的問題。

It's things like APIs and, to your point, the composability of the product.

它是諸如 API 之類的東西，以及您所說的產品的可組合性。

There's a lot that's happening there.

那裡發生了很多事。

And I think that the great news is we're seeing our customers see it and see the value of it.

我認為好消息是我們看到我們的客戶看到了它並看到了它的價值。

And so our pipeline is really, I think, never been stronger overall.

因此，我認為，我們的管道總體上從未如此強大。

And we're committed to continue to invest in this TAM.

我們致力於繼續投資該 TAM。

We see the market opportunity here in the US.

我們看到了美國的市場機會。

And I think every year, we should continue to make steady progress here upmarket.

我認為每年我們都應該繼續在高端市場上取得穩定進展。

Great.

偉大的。

And then, Elena, just a follow-up for you quickly on the retail segment.

然後，埃琳娜，我們快速跟進零售領域的情況。

I know it's very early days there, but the proof points from the early customers, like what do they look like from an ARPU contribution, a margin contribution standpoint compared to maybe your normal SMB restaurant type of customer?

我知道現在還為時過早，但從早期客戶的經驗來看，與普通的 SMB 餐廳類型的客戶相比，他們的 ARPU 貢獻和利潤貢獻如何？

Just kind of help me think about the size of those customers and how they could impact the financial model.

只是幫助我思考這些客戶的規模以及他們如何影響財務模型。

Yes.

是的。

It's a good question, DJ.

這是個好問題，DJ。

It's early and so I think we're away from kind of where we ultimately settle out.

現在還為時過早，所以我認為我們還沒有到達最終的安頓之地。

But so far, what we've seen is the economics overall are really healthy.

但到目前為止，我們看到整體經濟狀況確實非常健康。

And the industry average for customers is higher than what the restaurant averages.

而且行業顧客平均高於餐廳平均。

So that's like an early indicator that we have some potential to drive greater ARPU and GPV per location over time.

所以，這就像一個早期指標，表明我們有潛力隨著時間的推移提高每個地點的 ARPU 和 GPV。

But because it's so early and because there's, within retail, various almost many subsegments, it's really too early for us to say where will the dust settle.

但因為現在還為時過早，而且零售業中存在著各種各樣的細分市場，所以我們現在判斷塵埃落定還為時過早。

But so far with the customers we see, we feel really good.

但到目前為止，我們看到的客戶都感覺非常好。

And as Aman said earlier, it's one massive opportunity for us to drive ARR over the long term.

正如阿曼之前所說，這是我們長期推動 ARR 的一個巨大機會。

Timothy Chiodo, UBS.

瑞銀的提摩西‧奇奧多 (Timothy Chiodo)。

I want to dig into the more medium-term outlook or growth algorithm for ARR per location.

我想深入研究每個地點的 ARR 的中期前景或成長演算法。

So more recently, it's been in the, call it, 4% to 5% range, mid-single digits.

最近，它一直處於 4% 到 5% 的範圍內，也就是中等個位數。

And I believe the algorithm has been the new customers coming in, maybe slightly lower than total company average, partially due to land and expand, a little bit of a shift down market, maybe the international coming on at initially lower SaaS ARPU.

我相信演算法一直是新客戶的加入，可能略低於公司平均水平，部分原因是登陸和擴張，市場略有下滑，也許國際客戶最初在 SaaS ARPU 上表現較低。

But definitely, you mentioned the existing customers adding new modules.

但可以肯定的是，您提到了現有客戶添加了新模組。

You just gave the new disclosure on international ARPU up 50% as you've expanded the modules there.

您剛剛公佈了有關國際 ARPU 增長 50% 的新信息，因為您擴展了那裡的模組。

And then, of course, there's the pricing element, which you mentioned would be something beyond 2024.

然後，當然還有定價因素，您提到這將是 2024 年以後的事情。

So with all those moving parts, is mid-single digit the right number that investors should consider for, call it, the medium-term or longer-term SaaS ARPU growth?

那麼，考慮到所有這些變動因素，中等個位數是否是投資者應該考慮的正確數字，即中期或長期 SaaS ARPU 成長？

Or are there other factors that you would add or subtract from that list?

或者您想在該清單中新增或刪除其他因素嗎？

Sure.

當然。

I think in the near term, I'd say mid-single digits is the right number.

我認為在短期內，中等個位數是正確的數字。

I hear you, by the way.

順便說一句，我聽到了你的聲音。

There's lots of puts and takes of that business is getting more complex.

這個行業變得越來越複雜，涉及很多方面。

And if you just zoom out, like our goal is to maximize ARR, right?

如果你只是縮小，就像我們的目標是最大化 ARR，對嗎？

You think about locations, product attach and upsell and pricing and so all those variables go into it, and we very much recognize that ultimately, like the way we're going to do that is by driving towards market leadership.

您會考慮位置、產品附加價值、追加銷售和定價等所有這些變量，我們非常清楚，最終，我們要做到這一點的方式就是努力爭取市場領導地位。

I think as we think about like medium and longer term, we've talked a lot on this call about like TAM expansion.

我認為，當我們考慮中期和長期時，我們在這次電話會議上已經談了很多關於 TAM 擴展的問題。

I want to just reinforce that the team is also incredibly focused on the land and expand motion.

我只想強調的是，團隊也非常關注土地和擴張運動。

We're looking at the attach rates across the existing product portfolio.

我們正在研究現有產品組合的附加率。

We're looking to make those products better and better to serve the TAM, continue to improve the way that we can serve that TAM.

我們希望讓這些產品越來越好，以服務 TAM，並繼續改進我們為 TAM 提供服務的方式。

A lot of the work we're doing on data and AI.

我們在數據和人工智慧方面做了很多工作。

If you think about like all the data we have across guests and employees and suppliers, we see an opportunity there.

如果你考慮我們擁有的所有有關客人、員工和供應商的數據，我們會發現其中存在著機會。

And so over the long term, there's a huge focus there to continue to find ways to create more value for customers, which I think ultimately will translate to stronger ARPU.

因此，從長遠來看，我們將專注於繼續尋找為客戶創造更多價值的方法，我認為這最終將轉化為更高的 ARPU。

But in terms of your question, I'd say, like I think the way to think about that is that in the near term, I think the mid-single digits is the way to think about it.

但就你的問題而言，我想說，我認為考慮這個問題的方式是在短期內，我認為中等個位數是考慮這個問題的方式。

And in the longer term, we'll come back to you.

從長遠來看，我們會回到你們身邊。

Great.

偉大的。

And the super quick follow-up is just when you say near term, just roughly, that's about what's implied in the fiscal year 2025 guide, keeping in that roughly mid-single-digit range.

非常快速的後續跟進就是，當您說近期時，只是大致如此，這大約是 2025 財年指南中所暗示的，保持大約在中等個位數範圍內。

Is that fair?

這樣公平嗎？

Yes, that's right.

是的，沒錯。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Great results.

效果非常好。

Hopefully, I didn't miss it but it looks like the payments ARR accelerated significantly to 35%.

希望我沒有錯過，但看起來付款 ARR 大幅加速至 35%。

Can you maybe unpack the change?

您能解開這個變化嗎？

So hopefully, you didn't address it already.

所以希望你還沒解決這個問題。

Can you -- sorry, can you repeat the question, Dan?

你能——抱歉，你能重複一下這個問題嗎，丹？

Sorry about that, yes.

是的，很抱歉。

It looks like the payments ARR accelerated meaningfully in Q4.

看起來第四季的支付 ARR 顯著加速。

I wonder if you can unpack that for us.

我想知道您是否能為我們解開這個謎團。

Yes.

是的。

Thank you, Dan.

謝謝你，丹。

So typically, what we see in Q4 because of the seasonality, right, we typically see our take rate come down in Q4, right?

所以通常情況下，由於季節性的原因，我們在第四季度會看到，我們的接受率在第四季度下降，對吧？

And as the team has done a lot of work on cost optimization, we implemented a price change in September.

由於團隊在成本優化方面做了大量工作，我們在 9 月實施了價格調整。

And so what you're seeing in our take rate is really an increase related to that price change.

因此，您看到的我們的接受率實際上是與價格變化相關的成長。

And so that's how you should think about it.

你應該這樣思考這個問題。

So those are the sort of the puts and takes.

這就是所謂的得失之交臂。

Obviously, there's a lot going on underneath the hood, but those are the primary things I would call out.

顯然，引擎蓋下發生了很多事情，但這些是我要指出的主要事情。

Great quarter.

非常棒的一個季度。

Samad Samana, Jefferies.

薩馬納（Samad Samana），傑富瑞（Jefferies）。

Maybe first one for you, Aman.

阿曼，這對你來說可能是第一個。

If you think about Marriott and if you think about Potbelly, some of your larger wins, and maybe with the rollout cadence and/or the hunting cadence was for Marriott, how should we think about how that would apply to maybe the wins you called out today with Hilton and Ascend?

如果您考慮萬豪，如果您考慮 Potbelly，您的一些較大的勝利，也許推出節奏和/或狩獵節奏是針對萬豪的，我們應該如何思考這將如何應用於您今天與希爾頓和 Ascend 一起取得的勝利？

And just what did you learn with those other big wins?

那麼從其他重大勝利中你學到了什麼呢？

And how should we apply that to what you just announced in terms of the big deals today?

那麼我們應該如何將其應用到您今天剛剛宣布的重大交易中？

Yes.

是的。

Thanks, Samad.

謝謝，薩馬德。

Look, I think not all of these enterprise wins are the same.

看，我認為並非所有這些企業的成功都是一樣的。

Within the hotel business, what's nice is a lot of the franchisees that own Marriott or Hilton or Choice Hotels is actually overlapped, and so we've got pulled into some of these deals.

在酒店業中，令人高興的是，許多擁有萬豪、希爾頓或精選酒店的特許經營商實際上是重疊的，因此我們參與了其中一些交易。

And I think it gives us more upside in terms of these franchisees taking Toast across all of their brands.

我認為，對於這些特許經營商來說，將 Toast 擴展到其所有品牌將為我們帶來更多好處。

Across the hotel space, though, the wins have been -- you got to get the corporate location and then you've got to work with all the franchisees.

然而，在酒店領域，勝利在於——你必須獲得公司所在地，然後必須與所有特許經營商合作。

Whereas in some of the other brands that we work with, there -- it's a commitment across, right, a certain number of locations with a certain rollout plan.

而對於我們合作的其他一些品牌來說，他們需要在一定數量的地點制定特定的推廣計畫。

And so it just really depends on the deal.

所以這確實取決於交易情況。

And more and more, I think, especially as we go into the core restaurant segment, what we have seen more often than that is a rollout plan that's aligned on upfront as part of the win or the booking of the deal.

我認為，特別是當我們進入核心餐廳領域時，我們越來越常看到的是，在前期製定推廣計劃，作為贏得交易或達成交易的一部分。

Understood.

明白了。

And then, Elena, maybe just a follow-up for you.

然後，埃琳娜，也許只是對你的一個後續問題。

You called out the tougher comp created by the ARR conversion dynamic in the back half of '24.

您指出，24 年下半年 ARR 轉換動態創造了更嚴峻的競爭狀況。

Is it fair to think about the first half growth that you're implying is the right way to think about what growth for the full year would have been, if not for that headwind in the back half?

您暗示，如果沒有下半年的逆風，上半年的成長是預測全年成長的正確方法，這樣公平嗎？

Or maybe just help us understand how much you're baking into that and what kind of the pro forma growth would have looked like?

或者也許只是幫助我們了解您對此的投入程度以及預期的成長情況是什麼樣的？

Yes.

是的。

We haven't quantified specifically, Samad, the ARR conversion.

我們還沒有具體量化，Samad，ARR 轉換。

So I would -- I don't want to quantify it here.

所以我不想在這裡量化它。

But the way to think about it is the benefit that we received in 2024 in the second half, had a bit more -- had onetime benefits we've talked about.

但思考的方式是，我們在 2024 年下半年獲得的福利，比我們談到的一次性福利要多一些。

That will not be the case in 2025.

2025年的情況將不再如此。

And so what we have today, exiting the year is kind of the visibility we have today.

所以，我們今天所擁有的，就是我們今天所擁有的能見度。

Obviously, we aim to do better.

顯然，我們的目標是做得更好。

But that's a good proxy to look at the second half of the year.

但這是觀察今年下半年的一個很好的指標。

And just knowing that where we are today, obviously, we aim to do better as we exit the year unless we get more visibility.

我們知道，就我們目前的狀況而言，顯然，除非我們能獲得更多的關注，否則我們的目標是在今年結束時做得更好。

Congrats on the whole Toast team on a great quarter.

恭喜整個 Toast 團隊取得了本季的出色成績。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特（Harshita Rawat）、伯恩斯坦。

Aman, I want to follow up on your market share gains comments in your core US restaurant segment.

阿曼，我想跟進您對美國核心餐廳領域市場份額增長的評論。

What are you seeing with respect to market share gains in your flywheel markets versus non-flywheel?

與非飛輪市場相比，您認為飛輪市場的市佔率成長如何？

And what percentage of your markets are now in flywheel?

你們的市場中現在有多少比例是飛輪市場？

And just a follow-up also on international.

這也是對國際議題的後續關注。

As you're kind of getting the right signals from the international market, are you also kind of rethinking your distribution strategy abroad?

當您從國際市場獲得正確的訊號時，您是否也在重新考慮您的海外分銷策略？

Yes.

是的。

Thanks, Harshita.

謝謝，Harshita。

If you look at the 28,000 net adds we had in 2024, which was a record for Toast, the bulk of the growth came from our core SMB business.

如果您看看我們在 2024 年的淨增 28,000 個用戶（這是 Toast 的最高紀錄），您會發現大部分成長來自我們的核心 SMB 業務。

And so the way we've done that is the flywheel markets continue to perform really well.

我們這樣做的目的是讓飛輪市場繼續表現良好。

These markets perform better than the Toast average, more markets.

這些市場的表現比 Toast 的平均水平要好，而且還有更多市場。

I don't know the exact stat in terms of how many markets in flywheel, but more markets entered flywheel again this year.

我不知道飛輪市場的具體數量，但今年有更多的市場進入飛輪市場。

And so I think that -- the core -- the health of the core SMB business is strong.

所以我認為，核心中小企業業務的健康狀況很好。

On international, was the question about, you said what's the distribution strategy?

關於國際，您的問題是，分銷策略是什麼？

Yes.

是的。

No, I was just thinking about if you're rethinking distribution in terms of just also following a little bit more of a partnership approach internationally.

不，我只是在想，您是否正在重新考慮分銷方式，是否也採取一種國際上的合作方式。

Yes.

是的。

It's a good question, Harshita.

這是個好問題，Harshita。

We are exploring a few different options.

我們正在探索一些不同的選擇。

I think for us right now, the focus is in these initial markets we're in, we want to make sure we execute really well, and we have a path to the kind of success we've had in the US here over the past decade.

我認為對我們來說，目前的重點是這些初始市場，我們希望確保我們執行得非常好，並且我們能走上過去十年在美國的成功之路。

And we're replicating largely the US model because it's worked really well and we believe it's replicable.

我們在很大程度上複製了美國模式，因為它確實運作良好，而且我們相信它是可以複製的。

As we look beyond these markets, I think one of the factors we're looking closely at is what is the GPV per location and the ARPU potential in some of these markets?

當我們放眼這些市場之外時，我認為我們密切關注的因素之一是這些市場中每個地點的 GPV 和 ARPU 潛力是多少？

And that's really what's going to drive our distribution strategy.

這才是真正推動我們分銷策略的動力。

That's one of the variables.

這是變數之一。

Of course, the other variable we're looking at is just, what is the competitive landscape?

當然，我們正在關注的另一個變數是競爭格局是什麼樣的？

What's the penetration of cloud?

雲的滲透力有多強？

And some of the other complexities that are different by market.

還有一些其他複雜情況因市場而異。

And so we are using that to think through like would we ever consider a reseller strategy or would we consider a different distribution strategy through e-commerce?

因此，我們正在思考我們是否會考慮經銷商策略或是否會考慮透過電子商務採用不同的分銷策略？

But we're not there yet.

但我們還沒有到達那裡。

Really, the focus right now is to continue to scale in these existing international markets we have launched in.

實際上，目前的重點是繼續擴大我們已經進入的現有國際市場的規模。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Congrats on the solid results.

恭喜您取得堅實的成果。

I guess just two questions, if I may.

如果可以的話我想只問兩個問題。

I guess, first question, I know you guys made some public comments in the fourth quarter at a conference.

我想，第一個問題，我知道你們在第四季的一次會議上發表了一些公開評論。

You guys were expecting more the 100 to 200 basis point of EBITDA margin expansion.

你們預計 EBITDA 利潤率將擴大 100 到 200 個基點。

Obviously, with the guide today, suggests something quite a bit greater than that.

顯然，今天的指南所暗示的內容遠不止這些。

I think it's 260 to almost 400 or something about that.

我認為是260到400左右。

Can you just talk a little bit about kind of what's changed, I guess, from an EBITDA margin expansion from the fourth quarter to the guide?

您能否稍微談談第四季度的 EBITDA 利潤率擴大與指南相比有哪些變化？

Yes, thanks for the question.

是的，謝謝你的提問。

So we believe the midpoint of our guidance really reflects healthy growth and ongoing gains in profitability, I'll start there.

因此，我們相信，我們預期的中點確實反映了健康的成長和獲利能力的持續成長，我將從這裡開始。

In December, when we made those comments, we hadn't completed our planning process so we continue to refine that as we got into the year.

去年 12 月，當我們發表這些評論時，我們尚未完成規劃流程，因此，隨著新年的到來，我們將繼續完善規劃流程。

But really, the key point we wanted to convey when we were at the conference was our margin expansion in 2025 would be significantly less than 2024, and that's because of what Aman just laid out, right?

但實際上，我們在會議上想要傳達的關鍵點是，我們 2025 年的利潤率成長將明顯低於 2024 年，這是因為阿曼剛才所說的，對嗎？

We're investing for growth, and we've seen a lot of really positive signals from these opportunities to drive margin expansion.

我們正在進行成長投資，我們從這些推動利潤率擴大的機會中看到了許多非常積極的訊號。

And so that's really what ultimately changed is we completed our process but also we had more visibility.

所以最終的改變是，我們完成了流程，並且獲得了更高的可見度。

And so the key point was to make sure we've set that expectation around our margin expansion.

因此，關鍵是要確保我們已經設定了對利潤率擴張的預期。

No, that's helpful.

不，這很有幫助。

And then just as a quick follow-up on the pricing changes that started in September, how do we think about that going through 2025 and to the following years, '26 and beyond?

然後，作為對 9 月開始的價格變化的快速跟進，我們如何看待這種變化將持續到 2025 年及接下來的幾年、2026 年及以後？

Just how much of an impact that will have?

這會產生多大的影響？

Will it have a similar impact each year?

每年都會產生類似的影響嗎？

Or is it kind of just a onetime benefit that lapse in September of this year?

或者這只是一種一次性福利，將於今年 9 月失效？

Yes, it's a fair question.

是的，這是一個合理的問題。

So the pricing you're talking about is the fintech price change we made in September.

所以，您所談論的定價就是我們在九月做出的金融科技價格調整。

I'd zoom out and tell you to think about our primary growth algorithm for the business is driving locations and product attach, and pricing is complementary to that.

我會縮小範圍並告訴你思考我們業務的主要成長演算法是推動位置和產品附加，而定價是對此的補充。

And what you'll see in terms of our strategy is us make small ongoing, very gradual pricing changes across both SaaS and fintech.

就我們的策略而言，您會看到我們對 SaaS 和金融科技的價格進行了持續的小幅、非常漸進的調整。

That's factored into our guidance.

這已計入我們的指導中。

And that's really the strategy you'll see us execute against over the next several years.

這確實是我們在未來幾年將要執行的策略。

So at any point in time, there will not be an outsized impact for pricing, and our guidance obviously reflects the strategy I just laid out.

因此，在任何時候，定價都不會受到過大的影響，我們的指導顯然反映了我剛才提出的策略。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect.

您現在可以斷開連線。