Toast Inc (TOST) 2025 Q1 法說會逐字稿

Good afternoon. My name is Tamika, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast's first-quarter 2025 earnings conference call. Today's call will be 45 minutes.

午安.我叫 Tamika，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Toast 2025 年第一季財報電話會議。今天的通話時間為 45 分鐘。

I will now turn the call over to Michael Senno, Senior Vice President of Finance. You may begin your conference.

現在我將電話轉給財務高級副總裁 Michael Senno。您可以開始您的會議了。

Thank you, Tamika, and welcome, everybody, to Toast's earnings conference call for the first quarter ended March 31, 2025. 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.

謝謝你，塔米卡，歡迎大家參加 Toast 截至 2025 年 3 月 31 日的第一季財報電話會議。參加今天電話會議的有執行長兼聯合創始人 Aman Narang；兼財務長 Elena Gomez 將以準備好的致辭開場，然後是問答環節。

Before we start, I'd like to draw your attention to the Safe Harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of the Securities Act and the Exchange Act. All statements, other than statements of historical facts, are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, location growth, future profitability and margin outlook, business and investment strategy, expected growth of business outlook, including our financial guidance for the second quarter and full-year 2025.

在我們開始之前，我想提請您注意今天的新聞稿中包含的安全港聲明。在本次電話會議中，我們將發表與我們的業務相關的聲明，這些聲明可能被視為《證券法》和《交易法》所定義的前瞻性聲明。除歷史事實陳述之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及營運支出、地點增長、未來盈利能力和利潤率前景、業務和投資策略、預期業務增長前景的預期，包括我們對 2025 年第二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. 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.

前瞻性陳述僅反映我們截至今天的觀點。除法律要求外，我們不承擔更新或修改這些前瞻性聲明的義務。請參閱今天的新聞稿和我們提交給美國證券交易委員會的文件中關於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 current gross profit streams. These are the basis for top-line guidance.

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，我們將其統稱為當前的毛利流。這些是頂線指導的基礎。

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. Unless otherwise stated, all references on the 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.

這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。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。除非另有說明，電話會議中對收入成本、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所有引用均基於非 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 also 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，我們的網站上也會提供重播。

And with that, let me turn the call over to Aman.

現在，讓我把電話轉給阿曼。

Thank you, Michael, and thank you, everybody joining us this afternoon. We've had a great start to the year, with results ahead of expectations. In Q1, we added over 6,000 net locations. Our recurring gross profit streams 7% year over year, adjusted EBITDA grew to $133 million, and our GAAP operating income was $43 million.

謝謝你，邁克爾，也謝謝今天下午加入我們的所有人。今年我們有一個良好的開端，業績超乎預期。第一季度，我們增加了超過 6,000 個網路地點。我們的經常性毛利年增 7%，調整後的 EBITDA 成長至 1.33 億美元，我們的 GAAP 營業收入為 4,300 萬美元。

Our mission at Toast is to help restaurants to light their gas to what they love and thrive. We power approximately 140,000 customers locations globally, and we continue to believe we have a much larger opportunity to serve many multiples of that number over the next decade, both by growing share in our core US SMB market as well as accelerating growth in our new geographies, new verticals, and in enterprise.

Toast 的使命是幫助餐廳點燃他們熱愛的事業並蓬勃發展。我們為全球約 140,000 個客戶地點提供服務，我們始終相信，透過增加我們在美國核心 SMB 市場的份額以及加速我們在新地區、新垂直行業和企業中的成長，我們在未來十年內有更大的機會為這個數字的數倍提供服務。

In Q1, we saw strong momentum in our bookings across all of our market segments, including marquee wins in Applebee's and Topgolf that speak to our ability to serve large complex operations at scale. While we are playing close attention to what's going on in the macroenvironment around us, we remain confident in our ability to execute. The momentum we've seen at the start of this year gives us confidence we should see record net adds in Q2, and as such, we have raised our 2025 full outlook based on our performance.

在第一季度，我們所有細分市場的預訂量都呈現強勁勢頭，其中包括在 Applebee's 和 Topgolf 的重大勝利，證明了我們能夠大規模服務大型複雜業務的能力。在我們密切關注周圍宏觀環境變化的同時，我們仍然對我們的執行能力充滿信心。我們在今年年初看到的勢頭讓我們有信心在第二季度看到創紀錄的淨增值，因此，我們根據我們的表現提高了 2025 年的完整展望。

Let me share a brief update on the four priorities I laid out for the business at the start of the year. The 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, continuing to hold a high bar and investing against our most important priorities while gradually expanding margins.

讓我簡單介紹一下我年初為公司製定的四大優先事項。第一，擴大我們核心美國餐飲業務的門市和市場份額；第二，證明我們的新市場可以成為成長的物質驅動力；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。

The first scaling locations and market share in our core US restaurant business. We continue to see strong momentum at scale within our core US SMB segment, which is driving the majority of our growth. Our recipe continues to be at the intersection of a vertical platform approach, combined with a differentiated in-market go-to-market team. This drives strong win rates, where we win a majority of the time across all of our key competitors. We grew locations in essentially all of our markets across our SMB TAM versus last year, and our flywheel markets continue to see above average reproductivity.

首次擴大我們核心美國餐飲業務的門市和市場份額。我們的核心美國中小企業部門持續保持強勁的規模化發展勢頭，這推動了我們的大部分成長。我們的方案仍然是垂直平台方法與差異化的市場進入團隊結合。這帶來了很高的勝率，我們在大多數時候都戰勝了所有主要競爭對手。與去年相比，我們在 SMB TAM 中的所有市場中基本上都擴大了門市數量，並且我們的飛輪市場繼續保持高於平均水平的生產力。

Sales AE productivity across new bookings was up in Q1 year over year, which is what is giving us confidence into Q2 and the balance of the year. The product and engineering teams continue to leverage both customer and sales feedback to prioritize the roadmap needed to support durable location growth in our core segment over the long term. This includes the investments in the 1,000 little things that differentiates our platform for restaurants, including things like language support for non-native English speakers, memberships for businesses like wineries and clubs, as well as more complex eatertainment concepts, including one of our newest customers Topgolf.

第一季新訂單的銷售 AE 生產力年增，這讓我們對第二季及全年業績充滿信心。產品和工程團隊繼續利用客戶和銷售回饋來優先制定長期支援核心部門持久位置成長所需的路線圖。這包括對 1,000 個小細節的投資，這些細節使我們的餐廳平台與眾不同，包括為非英語母語人士提供語言支援、為酒莊和俱樂部等企業提供會員資格，以及更複雜的餐飲娛樂概念，其中包括我們的最新客戶之一 Topgolf。

If you have been to Topgolf, you'll know that Topgolf pairs its leading modern golf entertainment experience with a full-serve restaurant and bar. They wanted a POS partner that could deliver seamless hospitality to guests across their entire operation at scale. Guests want to be able to order and add to their check quickly without disrupting their golf game.

如果你去過 Topgolf，你就會知道 Topgolf 將其領先的現代高爾夫娛樂體驗與全方位服務的餐廳和酒吧結合在一起。他們想要一個能夠在整個營運過程中為客人提供無縫服務的 POS 合作夥伴。客人希望能夠快速下單並付款，而不影響打高爾夫球。

And our handhelds help them take orders and payments at the golf bay. Our KDS streamlines kitchen operations and our above-store multi-location management tools help them track and manage all aspects of their operation centrally. We're really excited to partner with an industry-leading concept like Topgolf, a customer that really speaks to the versatility of the Toast platform.

我們的手持設備可以幫助他們在高爾夫球場接受訂單和付款。我們的 KDS 簡化了廚房操作，我們上述商店的多地點管理工具可幫助他們集中追蹤和管理其操作的各個方面。我們非常高興能與 Topgolf 這樣的業界領先概念合作，Topgolf 是一家真正體現 Toast 平台多功能性的客戶。

Next, moving on. Our second priority is demonstrating that our new markets can be material drivers of growth. As I had mentioned to start the year, we expect to cross 10,000 locations across international, food and beverage retail, and enterprise in 2025, and we remain on track to do that. We continue to build out the platform to support the broader TAM across these exciting new segments and have key proof points that speak to our progress.

接下來，繼續。我們的第二個優先事項是證明我們的新市場可以成為成長的物質驅動力。正如我在年初提到的那樣，我們預計到 2025 年，國際、食品和飲料零售以及企業門市數量將突破 10,000 個，而且我們仍在朝著這個目標前進。我們將繼續建立平台，以支持這些令人興奮的新領域的更廣泛的 TAM，並擁有證明我們取得進展的關鍵證據點。

In Enterprise, we recently announced Applebee’s, part of Dine Brands, which is our largest win in terms of committed locations. Applebee’s wanted a platform that was both easy to use and easy to deploy across their operation. They’ll leverage our handhelds to improve guest experience, kitchen display screens to drive kitchen efficiency, as well as our above-store Enterprise Management Suite.

在 Enterprise 方面，我們最近宣布了 Dine Brands 旗下的 Applebee’s 餐廳，這是我們在承諾開店方面取得的最大勝利。Applebee 想要一個易於使用且易於在其營運中部署的平台。他們將利用我們的手持設備來改善客人體驗，利用廚房顯示器來提高廚房效率，以及利用我們的店面企業管理套件。

In food and beverage retail, we are taking the same vertical approach that worked so well in restaurants to build out the retail platform, including recently added inventory linking to support more advanced customers. One of those retailers is Beer on the Wall, a three-location bottle shop and beer cafe in Illinois. They’ve got a full retail operation and manage nearly 10,000 SKUs with Toast Retail, but that's complemented by a cozy bar that's almost like a coffee shop.

在食品和飲料零售領域，我們採用了在餐廳中行之有效的垂直方法來建立零售平台，包括最近添加的庫存連結以支援更高級的客戶。其中一家零售商是 Beer on the Wall，這是一家位於伊利諾州、擁有三個地點的酒類商店和啤酒咖啡館。他們擁有完整的零售業務，並透過 Toast Retail 管理近 10,000 個 SKU，但也配備了一個幾乎像咖啡店一樣的舒適酒吧。

Managing inventory at Beer on the Wall used to take over 60 hours a week and require someone to add and manage items separately across their three locations. And since switching to Toast, they have been able to eliminate nearly 40 hours of work weekly since one person can manage it all across the business by leveraging our advanced inventory capabilities. The staff loves how efficient and easy it is to use Toast is across both the front-of-house and back-of-house tests.

Beer on the Wall 的庫存管理過去每週要花 60 多個小時，並且需要有人在三個地點分別添加和管理物品。自從改用 Toast 以來，他們每周可以減少近 40 個小時的工作時間，因為一個人可以利用我們先進的庫存功能來管理整個業務。工作人員非常喜歡 Toast 在前台和後台測試中的高效和易用性。

And lastly, in international, we continue to see great momentum as well. We've expanded our offering to include loyalty, email marketing, and guestbook. Our expanded guest products are resonating with international customers, with guests attach doubling over the past year for our most recent locations that went live. We’re confident that ARPU will continue to scale internationally as we launch more of the platform and grow adoption.

最後，在國際上，我們也持續看到強勁的發展動能。我們已擴大服務範圍，包括忠誠度、電子郵件行銷和留言簿。我們擴展的賓客產品引起了國際客戶的共鳴，過去一年來，我們最新上線的門市賓客數量翻了一番。我們相信，隨著我們推出更多平台並提高採用率，ARPU 將繼續在國際上擴大。

It’s still early days and we have a long runway ahead of us, but I’m excited about the progress we’ve made this quarter across these new segments. Each of them represents a significant growth opportunity for us, and we will continue to invest in our product and our go-to-market capacity to accelerate growth. I’m more bullish than I’ve ever been that these new market segments will represent a material part of our location growth over the long term.

現在還處於早期階段，我們還有很長的路要走，但我對本季我們在這些新領域的進展感到非常興奮。它們每一個都為我們帶來了重大的成長機遇，我們將繼續投資於我們的產品和市場進入能力，以加速成長。我比以往任何時候都更加樂觀地認為，這些新的細分市場將在長期內成為我們門市成長的重要組成部分。

Next, our third priority is to increase customer adoption of our broad platform and drive differentiation through data and AI. From day one, our vertical focus on restaurants has helped us build a differentiated platform that not only serves this broad market from small coffee shops to Michelin-rated restaurants, but also allows us to build an all-in-one platform that works better together. We continue to see increasing attach rates across many of our products and see AI as a unique opportunity to accelerate this growth.

接下來，我們的第三個優先事項是提高客戶對我們廣泛平台的採用率，並透過數據和人工智慧推動差異化。從第一天起，我們對餐廳的垂直關注幫助我們建立了一個差異化的平台，不僅可以服務從小咖啡店到米其林星級餐廳的廣闊市場，而且還使我們能夠建立一個可以更好地協同工作的一體化平台。我們持續看到許多產品的附加率不斷提高，並將人工智慧視為加速這一成長的獨特機會。

Last spring at our Investor Day, we announced sous chef, our AI agent and assistant that supports restaurant operators. It’s currently being piloted with customers with promising early results, and we’re continuing to improve it based on their feedback. We expect sous chef will be an operator’s companion driving business insights across their data, troubleshooting common issues and executing actions to help manage all aspects of their business from menus and ordering, to employee management and scheduling, to managing their digital presence and marketing.

去年春天，在我們的投資者日上，我們宣布推出副廚師長，這是為餐廳經營者提供支援的人工智慧代理商和助理。目前正在對客戶進行試點，早期結果令人鼓舞，我們正在根據他們的回饋繼續改進它。我們希望副廚師長能夠成為營運商的伙伴，透過數據推動業務洞察，解決常見問題並採取行動，幫助管理業務的各個方面，從菜單和訂購，到員工管理和排班，再到管理他們的數位形象和行銷。

We’re also building on sous chef with a broader AI-powered intelligence engine we’re calling ToastIQ with features that combine our restaurant expertise, data, and AI to make our products even more powerful for our customers. To bring this to life as an examples, one of our early customers, Mission Boathouse in Beverly, Massachusetts, saw approximately 6% higher average order volume in the first weekend after adding our new menu upsell tool powered by ToastIQ, a boost that’s having a real impact on server tips as well.

我們也在 Sous Chef 的基礎上建立了一個更廣泛的人工智慧引擎，我們稱之為 ToastIQ，它的功能結合了我們的餐廳專業知識、數據和人工智慧，使我們的產品對客戶更加強大。舉個例子，我們的早期客戶之一，位於馬薩諸塞州貝弗利的 Mission Boathouse，在添加由 ToastIQ 提供支援的新菜單追加銷售工具後，第一個週末的平均訂單量增加了約 6%，這一增長也對服務員小費產生了實際影響。

And our digital chip tool, which pulls key guest data directly into the POS and handhelds, is an important step toward creating highly personalized in-store experiences for guests.

我們的數位晶片工具將關鍵客人資料直接輸入 POS 和手持設備，這是為客人創造高度個人化店內體驗的重要一步。

A second example is Felipe’s Taqueria, who is using our AI-powered advertising tool to run Google Ads campaigns for six of their restaurant locations a1nd are seeing over 10x return on ad spend. As you know, restaurant operators are strapped for time and AI presents a unique opportunity to make our platform both easier to use and more powerful across a range of use cases. We're really early in this journey and we'll continue to invest here to both differentiate our platform and bring increasing value to our customers.

第二個例子是 Felipe’s Taqueria，他們正在使用我們的人工智慧廣告工具為其 6 家餐廳投放 Google Ads 廣告系列，廣告支出回報率超過 10 倍。如您所知，餐廳經營者的時間很緊，而人工智慧提供了一個獨特的機會，使我們的平台更易於使用，並且在一系列用例中更加強大。我們真正處於這趟旅程的早期階段，我們將繼續在此進行投資，以使我們的平台與眾不同，並為我們的客戶帶來越來越多的價值。

Shifting gears, our fourth priority here lastly is to continue to hold a high bar and invest against what's most important, while gradually expanding margins. In Q1, we achieved our medium-term margin goals we laid at Investor Day ahead of our target, and our updated full-year guidance now firmly reflects that. It’s been a great start to the year, and I’m so proud of the team’s ability to drive both strong growth and healthy margin expansion.

換個角度，我們的第四個優先事項是繼續保持高標準並針對最重要的事項進行投資，同時逐步擴大利潤率。在第一季度，我們提前實現了投資者日所製定的中期利潤率目標，而我們最新的全年指引也明確反映了這一點。今年的開局很好，我為團隊推動強勁成長和健康利潤擴張的能力感到非常自豪。

As I said at the start, I’m confident in our and our customers’ ability to navigate a dynamic macroenvironment. We believe we’re well positioned to have a strong year while continuing to invest against what’s most important.

正如我在一開始所說的，我對我們和我們的客戶應對動態宏觀環境的能力充滿信心。我們相信，我們已做好準備，在繼續投資最重要的領域的同時，迎來強勁的一年。

To wrap up, I want to thank the Toast team for another great quarter. We wouldn’t be here without you and your dedication and passion that goes without saying. Thank you as well to our customers and investors for continuing to believe in us and our potential. We’ve got a great opportunity ahead of us, a strong plan in place, and most importantly the right team to get us there.

最後，我要感謝 Toast 團隊又一個出色的季度。如果沒有您以及您的奉獻和熱情，我們就不會擁有今天。也感謝我們的客戶和投資者繼續相信我們和我們的潛力。我們面前有一個很好的機會，有一個強有力的計劃，最重要的是，我們擁有一支合適的團隊來幫助我們實現目標。

Now I’ll turn the call over to Elena to share more details about the quarter.

現在我將把電話轉給埃琳娜，讓她分享有關本季的更多細節。

Thank you, Aman, and to everyone for joining. To start, I would also like to thank our employees whose

謝謝阿曼，也謝謝大家的參與。首先，我還要感謝我們的員工，

continued execution across the business led to another strong quarter with top- and bottom-line results exceeding expectations.

整個業務的持續執行帶來了另一個強勁的季度，頂線業績和底線業績都超出預期。

In the first quarter, ARR grew 31%, and total fintech and subscription gross profit, our recurring gross profit streams, increased 37% year over year. Adjusted EBITDA was $133 million for the quarter, with margins expanding 13 percentage points year over year to 32%, and GAAP operating income was $43 million.

第一季度，ARR 成長了 31%，金融科技和訂閱總毛利（我們的經常性毛利來源）年增了 37%。本季調整後的 EBITDA 為 1.33 億美元，利潤率年增 13 個百分點至 32%，GAAP 營業收入為 4,300 萬美元。

We increased our outlook for the full year reflecting our strong first quarter. Consumer trends remain stable through early May. We are closely monitoring the macroenvironment and are well prepared to manage through any scenario as we execute on our priorities in the year ahead. And we’re confident restaurants will remain resilient while navigating this dynamic macroenvironment as they have in the past.

由於第一季業績表現強勁，我們上調了全年預期。五月初消費趨勢維持穩定。我們正在密切關注宏觀環境，並做好充分準備應對未來一年優先事項時可能出現的任何情況。我們相信，餐廳在應對這種動態的宏觀環境時將像過去一樣保持韌性。

In Q1, we added over 6,000 net locations, up relative to net adds in Q1 last year. At the end of the quarter total locations was approximately 140,000, up 25% year over year. We’re deepening our penetration in the core, and as you heard from Aman, gaining momentum across all our verticals with exciting recent customer additions like Applebee’s and Topgolf.

在第一季度，我們增加了超過 6,000 個淨網點，相對於去年第一季的淨增加量有所增加。截至本季末，門市總數約為 14 萬個，年增 25%。我們正在深化對核心市場的滲透，正如您從 Aman 那裡聽到的，隨著 Applebee’s 和 Topgolf 等新客戶的加入，我們在所有垂直領域都獲得了發展勢頭。

Based on the momentum we have to start the year, we’re set up to increase location net adds year over year in 2025 versus 2024 and are tracking for a record quarter of net adds in Q2. At only 10% share of our 1.4 million location TAM across the customer segments we currently serve and with a significant opportunity to expand our TAM over time, we have a lot of confidence that we will serve multiples of our location count over time.

基於我們年初的勢頭，我們計劃在 2025 年實現地點淨增數量同比 2024 年的逐年增加，並預計第二季度的淨增數量將創歷史新高。在我們目前服務的客戶群中，我們的 TAM 為 140 萬個，但僅佔 10%，隨著時間的推移，我們的 TAM 有很大的擴展機會，因此我們非常有信心，隨著時間的推移，我們將為數倍的地點提供服務。

SaaS ARR grew 32% year over year, driven by strong location growth and a 5% increase in SaaS ARPU on an ARR basis. Subscription revenue increased 38% and gross profit grew 45%, benefiting from the improved ARR to revenue conversion we discussed last year. We expect subscription revenue growth to return to more normalized levels in the second half of the year.

SaaS ARR 年成長 32%，這得益於強勁的位置成長以及 ARR 基礎上 SaaS ARPU 成長 5%。訂閱收入成長了 38%，毛利成長了 45%，這得益於我們去年討論過的 ARR 轉化為收入的提高。我們預計下半年訂閱收入成長將恢復到更正常的水平。

Payments ARR grew 31% and fintech gross profit increased 32% in the first quarter. GPV was $42 billion, growing 22% year over year, with GPV per location down 3% versus last year. While we expect total GPV will follow the typical strong seasonal pattern in Q2, we anticipate GPV per location will remain down in a similar range on a year-over-year basis.

第一季支付 ARR 成長 31%，金融科技毛利成長 32%。GPV 為 420 億美元，年增 22%，每個地點的 GPV 與去年相比下降 3%。雖然我們預計第二季整體 GPV 將遵循典型的強勁季節性模式，但我們預計每個地點的 GPV 將與去年同期相比保持在類似的下降範圍內。

Net take rate was 59 basis points. Payments net take rate was 48 basis points, up 3 bps from a year ago from ongoing cost optimization efforts and the targeted pricing moves we made last year. Non-payments fintech solutions led by Toast Capital contributed $47 million in gross profit.

淨利率為59個基點。支付淨接受率為 48 個基點，比去年同期上升了 3 個基點，這得益於我們持續的成本優化工作以及去年採取的有針對性的定價措施。Toast Capital 主導的非支付金融科技解決方案貢獻了 4,700 萬美元的毛利。

Toast Capital continues to perform well. We’re seeing solid growth in originations and defaults remain in line with our expectations. As a reminder, Toast Capital serves an important need for our customers by providing fast, efficient access to capital. Our insight into the health of our customers gives us a unique ability to assess credit quality and make underwriting decisions. We are confident in our ability to manage the risk associated with Toast Capital and expect Toast Capital’s contribution to net take rate to remain in the 10-basis-points range.

Toast Capital 繼續表現良好。我們看到貸款發放量穩定成長，違約率仍符合我們的預期。提醒一下，Toast Capital 透過提供快速、高效的資金獲取方式滿足了我們客戶的重要需求。我們對客戶健康狀況的洞察使我們擁有評估信用品質和做出核保決策的獨特能力。我們對管理與 Toast Capital 相關的風險的能力充滿信心，並預計 Toast Capital 對淨利率的貢獻將保持在 10 個基點的範圍內。

Moving to expenses. In Q1, operating expenses, excluding bad debt and credit-related expenses, increased 12%. This primarily reflects a 25% increase in sales and marketing expenses from investments to grow our sales reps across core, international, and retail plus support our brand marketing campaign.

轉向開支。第一季度，不包括壞帳和信貸相關費用的營業費用增加了 12%。這主要反映了銷售和行銷費用增加 25%，用於投資增加我們在核心、國際和零售領域的銷售代表以及支持我們的品牌行銷活動。

R&D and G&A, excluding $22 million of bad debt and credit related expenses, were essentially flat. Adjusted EBITDA was $133 million with a margin of 32%, achieving our medium-term margin goal of 30% to 35% well ahead of target. The strong Q1 results reflect the healthy top-line growth and solid execution, along with our commitment to prudently scale the business while investing in our growth areas.

研發和一般及行政費用（不包括 2,200 萬美元的壞帳和信貸相關費用）基本上持平。調整後的 EBITDA 為 1.33 億美元，利潤率為 32%，遠超預期地實現了 30% 至 35% 的中期利潤率目標。強勁的第一季業績反映了健康的營收成長和穩健的執行力，以及我們在投資成長領域的同時謹慎擴大業務規模的承諾。

Free cash flow was $69 million. Free cash flow is seasonally lower in Q1 compared to the rest of the year due to the timing of cash bonus payments and the seasonality of GPV. We expect free cash flow to broadly mirror adjusted EBITDA for the full year. We repurchased $17 million in shares in Q1 and remain opportunistic based on market conditions.

自由現金流為 6,900 萬美元。由於現金獎金支付的時間和 GPV 的季節性，第一季的自由現金流與一年中的其他時間相比季節性較低。我們預計全年自由現金流將與調整後的 EBITDA 大致相同。我們在第一季回購了價值 1700 萬美元的股票，並根據市場狀況繼續把握機會。

Turning to guidance. For the second quarter, we expect total subscription and fintech gross profit to grow in the 26% to 29% range year over year and adjusted EBITDA to be $130 million to $140 million.

轉向指導。對於第二季度，我們預計總訂閱和金融科技毛利將年增 26% 至 29%，調整後 EBITDA 為 1.3 億至 1.4 億美元。

As a result of our strong start to the year and continued momentum across the business, we raised our full-year outlook. At the midpoints, we now expect 26% growth in fintech and subscription gross profit and $550 million in adjusted EBITDA, a margin of 31% up 5 percentage points versus 2024. Our guidance factors in stable consumer trends as well as slightly higher tariff expenses related to our hardware.

由於今年開局強勁且整個業務持續保持強勁勢頭，我們上調了全年預期。以中間值計算，我們現在預期金融科技和訂閱毛利將成長 26%，調整後 EBITDA 為 5.5 億美元，利潤率為 31%，較 2024 年上升 5 個百分點。我們的指導因素包括穩定的消費者趨勢以及與我們的硬體相關的略高的關稅費用。

Overall, we are on track for another year of both strong top-line growth and expanding profitability, while continuing to invest in our highest priority long-term growth initiatives.

總體而言，我們預計在新的一年中實現強勁的收入成長和獲利能力的提升，同時繼續投資於我們最優先的長期成長計畫。

To wrap up, we are executing across the board and are confident in the large opportunity ahead of us. We remain focused on positioning the company for durable growth by sustaining our momentum in our core and growing the contributions from our new growth curves to drive long-term value.

總而言之，我們正在全面執行，並對未來的巨大機會充滿信心。我們將繼續致力於透過維持核心業務的發展動能和增加新成長曲線的貢獻來推動公司實現持久成長，從而推動長期價值。

Now, I will turn the call back 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) Timothy Chiodo, UBS.

（操作員指示）瑞銀 (UBS) 的 Timothy Chiodo。

I want to see if you can talk a little bit about the payback periods on some of these large enterprise wins. So oftentimes, we look at a lot of metrics on a per-location basis. But speaking to something like an Applebee's, for example, big 1,500 wins. It's fair to assume that the unit economics on a per-location basis at that scale are going to be lower.

我想看看您是否可以談談這些大型企業獲利的回報期。因此，很多時候，我們會根據每個地點查看很多指標。但以 Applebee’s 為例，大贏家有 1,500 家。可以合理地假設，在這種規模下，每個地點的單位經濟效益將會更低。

But maybe you could talk a little bit about the sales and marketing and the resources that go into winning a customer like that, and how -- when we look at the payback periods, how they might compare to the payback periods that you see overall, which I believe the most recent update was in roughly the mid-teens in terms of months.

但也許您可以稍微談談銷售和行銷以及贏得這樣的客戶所需的資源，以及當我們查看投資回收期時，它們與您看到的整體投資回收期相比如何，我相信最近的更新大約是幾個月左右。

Yeah. Great question. Thanks, Tim. First, I just want to say we're incredibly excited about having Applebee's join the Toast family and the platform, really great execution on the team. And really just builds on the momentum we've had serving larger customers, and it's a result of all the investment we made in the product to serve this segment. So we feel really good about that.

是的。好問題。謝謝，蒂姆。首先，我只想說，我們非常高興 Applebee 加入 Toast 大家庭和平台，團隊的執行力非常出色。這實際上建立在我們為更大客戶提供服務的基礎上，也是我們為服務這一細分市場而在產品上進行的所有投資的結果。所以我們對此感到非常高興。

And to the point you're making, we do manage the business on total payback periods and unit economics. So we're most focused obviously on growth. And we managed to that mid-teens, as you mentioned.

正如您所說，我們確實根據總投資回收期和單位經濟效益來管理業務。因此，我們顯然最關注的是成長。正如您所說，我們成功達到了十幾歲的水平。

For enterprise deals, we look at deals on a deal-by-deal basis. And because of the ARR booked in these deals is so large, the paybacks are very attractive. So that's the big point there is that these deals tend to be much pretty significant deals. And then we look at LTV to CAC as we do for all of our segments. And that's often quite healthy because as you can imagine, the churn for enterprise customers tends to be lower.

對於企業交易，我們會逐一審查交易。由於這些交易中預定的 ARR 非常大，因此回報非常有吸引力。所以，重點在於這些交易往往都是非常重要的交易。然後，我們會像對待所有細分市場一樣，查看 LTV 與 CAC 的關係。這通常非常健康，因為你可以想像，企業客戶的流失率往往較低。

So all in all, really pleased with how we manage the enterprise business. And this particular deal, ARPU is very healthy as well. So overall enterprise, I view is a very healthy business for us to continue to grow.

總而言之，我對我們管理企業業務的方式感到非常滿意。對於這筆特定交易，ARPU 也非常健康。因此，我認為對於整個企業來說，這是一個非常健康的業務，有助於我們繼續發展。

And the minor follow-up is, I believe with the vast majority, all but maybe one or two of your enterprise signings thus far have been attaching payments. Is that still generally the trend and the expectation?

而次要的後續問題是，我相信，到目前為止，絕大多數企業簽約中，除了一兩家以外，其他都已附加付款。這仍然是普遍的趨勢和預期嗎？

Yeah, no, that's right. The majority of our customers attach payments. And even when payments are not in the deal, the economics are still attractive.

是啊，不，沒錯。我們的大多數客戶都附加付款。即使交易中不包含付款，其經濟效益仍具有吸引力。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Nice job. Maybe you could just start off revisiting again how you see the macro trending. Just a little more on what the company is seeing from a same-store sales perspective and just new business formation. And maybe build that into the degree of conservatism potentially embedded in guidance, just given the rate of growth you just showed us versus the outlook going forward relative to cyclicality. Thanks, guys.

幹得好。也許您可以重新開始審視您如何看待宏觀趨勢。再簡單介紹一下公司從同店銷售和新業務形成的角度所看到的情況。也許可以將其納入指導中可能包含的保守程度，只需考慮到您剛剛向我們展示的成長率與相對於週期性的未來前景。謝謝大家。

Thank you, Darren. So I think if you look at same-store sales and consumer trends, they remain stable year to date. They've been in line really with the last few quarters. And one thing that's given us confidence in Q2 and the record net adds we talked about was our sales productivity. Our AE productivity is actually up year over year.

謝謝你，達倫。因此我認為，如果你看一下同店銷售額和消費者趨勢，你會發現今年迄今為止它們仍然保持穩定。與過去幾個季度相比，它們確實保持一致。而讓我們對第二季充滿信心並實現我們所說的創紀錄淨增值的因素之一就是我們的銷售效率。我們的 AE 生產力實際上逐年上升。

New business formations are also stable. And so I think that's really what's giving us confidence in our outlook in terms of net adds this year. And in terms of guidance, maybe, Elena, you can add.

新企業成立也較穩定。因此，我認為這確實讓我們對今年淨增額前景充滿信心。在指導方面，也許艾琳娜你可以補充一下。

Yeah. To Aman's point, we've got a lot of momentum exiting Q1 and into Q2, which has given us that confidence to raise our outlook. And at the end of the day, we feel very optimistic that we have the ability to manage on the things we can't control. We're mindful, of course, of the macro.

是的。正如阿曼所說，我們在第一季結束和第二季時都擁有很大的發展勢頭，這給了我們提升前景的信心。最終，我們感到非常樂觀，因為我們有能力處理我們無法控制的事情。當然，我們關注的是宏觀。

And we're planning, as I said in my script, for the continuation of the trends that we've seen, but confident to manage our guidance through really a range of macro outcomes. So feeling really good we can navigate the backdrop we're in.

正如我在腳本中所說，我們計劃延續我們所看到的趨勢，但有信心透過一系列宏觀結果來管理我們的指導。所以感覺真的很好，我們可以導航我們所處的背景。

Yeah, that's great. And just a quick follow-up would be around pricing. You guys have clearly demonstrated strong attach rates, driving your ability to have pricing or value add is offered. Maybe just talk about what you're seeing now and more importantly, in a different kind of macro, do you still see that as an opportunity or do you have to be more careful on that front? Thanks, guys.

是的，太棒了。接下來的快速問題是定價。你們已經清楚地展示了強大的附加率，推動了你們提供定價或增值的能力。也許只是談論您現在所看到的情況，更重要的是，在不同的宏觀層面上，您是否仍然認為這是一個機會，或者您必須在這方面更加小心？謝謝大家。

Yeah. So that's actually a very fair question. Look, at the highest level, as you know, ARR is our North Star. And it's really -- our growth algorithm is really focused on growing locations and product attach.

是的。所以這其實是一個非常公平的問題。你看，在最高層次上，如你所知，ARR 是我們的北極星。事實上，我們的成長演算法真正專注於成長地點和產品附加價值。

Pricing is a small lever. And I think we have to take a very balanced approach in this macro, obviously, and the conscious of what it feels like to be a customer during this macro. And so we've got to balance sort of doing the right thing for our customers, but also making sure we hit our plans, and I'm confident we can do both very well.

定價只是一個小槓桿。我認為，顯然，我們必須在這個宏觀層面採取非常平衡的方法，並且要意識到在這個宏觀層面上作為客戶的感受。因此，我們必須在為客戶做正確的事情和確保我們實現計劃之間取得平衡，我相信我們可以很好地完成這兩件事。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

First, just an update -- if you, guys, can update on the potential timing of a broader rollout of AI solutions like sous chef and Toast IQ. I continue to think those solutions could be really impactful to clients. It sounds like they're performing well in some pilots.

首先，只是一個更新 - 如果你們可以更新一下更廣泛推出的人工智慧解決方案（如 sous chef 和 Toast IQ）的潛在時間。我仍然認為這些解決方案確實會對客戶產生影響。聽起來他們在一些試點中表現良好。

So how are you thinking about the potential monetization as you roll them out? Would it be more of an upsell with a separate or additional module or more about being included with core solutions and supporting adding those capabilities, supporting the pricing uplift over time?

那麼，您在推出這些產品時如何考慮潛在的獲利能力？它是否更多地是透過單獨或附加模組進行追加銷售，還是更多地包含在核心解決方案中並支援添加這些功能，支援價格隨時間上漲？

Yeah. Thanks, Stephen. Look, I'll start by saying it's really early with a lot of this, but it's very clear that AI is going to have a big impact on our business and our industry. And we're working hard to lay the ground work to really enable the whole organization first and foremost. And this is -- even before you get to customers, like it seems like how we work and how we build software, how we support customers G&A.

是的。謝謝，史蒂芬。首先我要說的是，現在談論這些還為時過早，但很明顯，人工智慧將對我們的業務和產業產生重大影響。我們正在努力奠定基礎，以真正首先為整個組織提供支援。這就是——甚至在你接觸客戶之前，它看起來就像我們的工作方式、我們如何建立軟體、我們如何支援客戶的 G&A。

So the marketing, there's a lot there. It's very clear that we have to get ahead of to be AI-first company.

因此，行銷方面有很多內容。很明顯，我們必須走在前面，成為人工智慧優先的公司。

On the customer front, I think the thing that we keep on going back to is our restaurant, customers are not tech savvy that strap for time. And so we have to help them understand how these tools can actually create value. And so the team is really focused on that.

在顧客方面，我認為我們不斷回想起的事情是我們的餐廳，顧客並不精通技術，也不會浪費時間。因此，我們必須幫助他們了解這些工具如何真正創造價值。因此團隊非常關注這一點。

So you look to this ToastIQ release, it's all about, like this is the intelligence engine that every Toast product will leverage over time. And so some of the examples I shared earlier, like one was you're starting to see some of these customers check size increasing with our AI-enabled upsell module. Or with our AI-enabled marketing campaign, we're starting to seeing not only restaurants generating demand demand through e-mail, text. And the AI generation is about the GenAI which is generating these campaigns for you.

因此，您會看到 ToastIQ 的發布，它就像是每個 Toast 產品都會隨著時間的推移而利用的智慧引擎。因此，我之前分享的一些例子是，您開始看到一些客戶的支票金額隨著我們支援 AI 的追加銷售模組而增加。或者透過我們的人工智慧行銷活動，我們開始看到不僅餐廳透過電子郵件、簡訊產生需求。人工智慧的產生與 GenAI 有關，GenAI 正在為您產生這些活動。

We're starting to see productive ad campaigns on Google and social. So really good to see some early signals of customer impact, but still early. And then on sous chef, the way to think about it is this is like a restaurant Copilot. It's like a data feed and a chat-based tool that our customers and our support team can use. And so it helps you with things like insights about your business.

我們開始看到 Google 和社群媒體上有生產力的廣告活動。因此，看到一些對客戶產生影響的早期訊號確實令人欣喜，但目前仍處於早期階段。然後對於副廚師，我們可以這樣想，就像餐廳的副駕駛。它就像一個數據饋送和基於聊天的工具，我們的客戶和支援團隊可以使用。因此它可以幫助您了解您的業務。

What's an example would be like it might tell you like Monday and Tuesday and your sales forecast is off and you're not profitable. Or it might say, you have some items that keep going out of stock or like keeping up.

舉個例子，它可能會告訴你，週一和週二的銷售預測不準確，你沒有獲利。或者它可能會說，你有一些商品一直缺貨或喜歡跟上。

And then the other thing that is we're doing is we're building out the language interface where sous chef can be the thing you can use to talk to Toast backend. So think about like I want an 86th item or turn off delivery or reset my printer. It's really powerful to have an interface like sous chef where can talk to and actually manage the back-end config.

然後，我們正在做的另一件事是建立語言介面，其中 sous chef 可以用來與 Toast 後端對話。所以想想我想要第 86 件物品或關閉送貨或重置我的印表機。擁有像 sous chef 這樣的介面真的很強大，可以與後端配置進行對話並實際管理。

And so we're really focused at the highest level and just driving customer impact with AI and building an AI-first culture. And if we can have customer impact, like I think we're really confident monetization will follow over time. But right now, I think it's early, and the focus is on really driving customer impact.

因此，我們真正專注於最高層面，只利用人工智慧推動客戶影響並建立人工智慧優先的文化。如果我們能夠對客戶產生影響，那麼我認為我們非常有信心隨著時間的推移，貨幣化將會隨之而來。但現在，我認為還為時過早，重點是真正推動對客戶的影響。

Got it. Makes sense. And then just a quick follow-up. It would be great to just get an update on the international traction. And specifically, are there commonalities on the types of locations you're winning in Canada, UK, and Ireland. And are there any early signs you're seeing a positive referral or word-of-mouth activity picking up?

知道了。有道理。然後只是快速的跟進。如果能了解一下國際情勢的最新情況就太好了。具體來說，您在加拿大、英國和愛爾蘭贏得的地點類型是否有共同點？是否有任何早期跡象表明您看到積極的推薦或口碑活動正在增加？

Yeah, Stephen. I think if you look at the traction we've seen internationally, in some ways, it's very similar to the early days of those in the US, where if you look at our average GP per location in the US, it's higher than industry averages, and we see something similar internationally as well.

是的，史蒂芬。我認為，如果你看看我們在國際上看到的牽引力，在某些方面，它與美國早期的情況非常相似，如果你看看我們在美國每個地點的平均 GP，它高於行業平均水平，我們在國際上也看到了類似的情況。

And the progress has been really strong. As I mentioned, we're ahead of plan across all of our segments. Customer sentiment continues to be strong. We're building out, rationalizing the full platform.

而且進展確實非常強勁。正如我所提到的，我們在所有領域都領先於計劃。顧客情緒持續強勁。我們正在建造並合理化整個平台。

And in terms of network effects, look, at the highest level, Toronto or London are not fundamentally different than Boston and New York. And so what we have to do is there's so many markets that -- whether it's in North America, Western Europe, Australia, New Zealand, a few others where it's -- GPV per location is healthy. And so our focus is really on replicating the playbook we've got in the US.

就網路效應而言，從最高層來看，多倫多或倫敦與波士頓和紐約並沒有根本的差異。因此，我們要做的是，無論是在北美、西歐、澳洲、紐西蘭或其他一些市場，每個地點的 GPV 都是健康的。因此，我們的重點實際上是複製我們在美國所採用的策略。

And I think in terms of like your question about are we seeing a referral channel, the truth is like it's still early. And you go to these markets, and while that create early traction, it's still not the same thing as what you're seeing in the US. And so I think we'll see that over time.

我認為，就您關於我們是否看到推薦管道的問題而言，事實是現在還為時過早。當你進入這些市場時，雖然它們創造了早期的吸引力，但它仍然與你在美國看到的情況不同。所以我認為隨著時間的推移我們會看到這一點。

Dominic Ball, Redburn Atlantic.

多明尼克‧鮑爾 (Dominic Ball)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Great set of results. You clearly demonstrated Toast's ability to fend off competition from cloud-native POS systems, shall we say. But DoorDash, which is a partner and now maybe an emerging competitor, has sort of relaunched its POS system. They're also acquiring seven rooms to deepen their hospitality software suite. How do you find this progression as some partners become more like direct competitors? And does this push Toast to invest a little bit more into local back to us?

非常棒的成果。可以說，您清楚地展示了 Toast 抵禦雲端原生 POS 系統競爭的能力。但作為合作夥伴且可能成為新興競爭對手的 DoorDash 已重新推出了其 POS 系統。他們還收購了七間客房，以深化其酒店軟體套件。當一些合作夥伴變得更像直接競爭對手時，您如何看待這種進展？這是否會促使 Toast 在當地業務上投入更多資金？

Yeah. I think great question, Dominic. Look, our strategy is there really been this vertical strategy from day one is to build the world's best platform for restaurants. And we continue to believe there's a ton to do to continue to not just rest our laurels but continue to build out the platform.

是的。我認為這個問題問得很好，多明尼克。看，我們的策略是從第一天起就一直實行這種垂直策略，即為餐廳打造世界上最好的平台。我們始終相信，我們還有很多工作要做，不僅要滿足於現狀，還要繼續建立平台。

And look, it's been working so far. You've seen our consistency in our execution. And what the R&D and the platform team, the product team is focused on is just as we've got led the way over the past decade with our platform, whether it's the all-in-one cloud, handhelds, some of our guest products, increasing data and AI with the same mentality. We're not going to -- we're going to continue to invest to differentiate and build out the platform.

看看吧，到目前為止它一直在發揮作用。您已經看到了我們執行的一致性。研發和平台團隊以及產品團隊所關注的正是我們過去十年來透過我們的平台所引領的潮流，無論是一體化雲端、手持設備還是我們的一些客戶產品，都以同樣的心態增加數據和人工智慧。我們不會——我們將繼續投資以實現差異化並建立平台。

And your question on local. I think our local strategy is really independent of what others are doing. We're leaning into what we think we can uniquely do well, which is to bring guests in store. And so that's where -- when we think about all the ways in which we can do that, that is specific and distinct to our platform and the things we can do there. And so we continue to do that. But that's independent of what the market is doing.

還有您關於本地的問題。我認為我們的本地策略確實不受其他人所做事情的影響。我們傾向於做我們認為我們能夠做得好的事情，那就是吸引客人到店裡。因此，當我們思考所有可以實現這一目標的方法時，我們發現，這些方法對於我們的平台以及我們可以在該平台上做的事情而言都是具體而獨特的。因此我們將繼續這樣做。但這與市場走勢無關。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Great results here and thanks for taking my question. So if we were to enter a steeper recession, can you talk about how you would expect to manage your cost base versus continuing to invest in the business?

結果非常好，感謝您回答我的問題。因此，如果我們陷入更嚴重的經濟衰退，您能否談談您將如何管理成本基礎而不是繼續投資於業務？

Yeah. Thanks, Rayna. Great question. So we've navigated through very dynamic times in the past, including COVID. And as we said, we haven't seen a change in consumer trends so far, and we know restaurants have proven to be resilient through really a range of macro scenarios.

是的。謝謝，雷娜。好問題。因此，我們過去經歷過非常動盪的時期，包括新冠疫情。正如我們所說，到目前為止我們還沒有看到消費趨勢發生變化，而且我們知道餐廳已經證明了其在一系列宏觀情景下的韌性。

And so when you think about that, that's the context that we operate in. But of course, if we did see pressure in the business -- we've been decisive in the past when we're faced with the downturn and we pulled back spending in areas that are non-revenue generating. And we really be balancing that, right? We want to make sure we think about this business over the long as well.

所以當你考慮到這一點時，這就是我們運作的環境。但當然，如果我們確實看到業務上的壓力——過去當我們面臨經濟衰退時，我們都會果斷採取行動，削減那些不產生收入的領域的支出。我們確實在平衡這一點，對嗎？我們希望確保我們也能夠長遠考慮這項業務。

So we'd be balanced. But overall, I think this team is ready to navigate under any scenario and will be decisive in doing so. Confident we can navigate.

這樣我們就會保持平衡。但總的來說，我認為這支球隊已經做好了應對任何情況的準備，並且會果斷採取行動。我們有信心可以順利航行。

Appreciate it. And as a follow-up, are there any opportunities for Toast to service other dine-in brands like IHOP?

非常感謝。另外，Toast 是否有機會為 IHOP 等其他堂食品牌提供服務？

We are absolutely exploring enterprise team. The one thing that's exciting is that the pipeline that we see across enterprise has never been stronger. This is getting more proof points. I think it's getting the word out and it's also helping us continue to get more interest. And so certainly, I think we continue to see great opportunity.

我們絕對是在探索企業團隊。令人興奮的是，我們看到整個企業的管道從未如此強大。這正得到越來越多的證據。我認為它正在傳播這個消息，而且它也能幫助我們繼續獲得更多的興趣。因此，我當然認為我們將繼續看到巨大的機會。

And I have -- specifically to your question, the current deal is for Applebee's, just to be clear.

我已經明確回答了你的問題，目前的交易是針對 Applebee 的，只是為了清楚起見。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Nice set of results here. I want to revisit the enterprise win with Applebee's. And across a couple of vectors, I guess, number one, can you help us understand the pitch? I mean, I'm sure it's a combination of driving further growth for them, but also being more efficient. Any kind of like KPIs you can provide there.

這裡的結果很不錯。我想重新回顧 Applebee’s 的企業勝利。我想，首先，你能透過幾個向量幫助我們理解音調嗎？我的意思是，我確信這不僅能推動他們的進一步成長，還能提高效率。您可以在那裡提供任何類型的 KPI。

And then my follow-up would be, this is a segment of the market that many investors who were skeptical thought that you guys couldn't actually win. So how do you kind of see this being an anchor tenant for these large chains and enterprises? And are you having additional conversations with more Applebee's-like restaurants today?

然後我的後續問題是，這是市場的一個部分，許多懷疑的投資者認為你們實際上無法獲勝。那麼，您如何看待它成為這些大型連鎖店和企業的主力租戶？您今天是否與更多類似 Applebee's 的餐廳進行了進一步交流？

Yeah, absolutely. I think, as I just mentioned, our enterprise pipeline has never been stronger. And so we are absolutely having conversations with many, many brands. And as we get more and more proof fronts, so it's not just about Applebee's. You look at Marriott and Hilton and Choice Hotels and then you've got Perkins and Potbelly, and there's the -- I don't have all of them, I my finger, but if you look at the list, Applebee's is just one among many as we've been growing our platform of market.

是的，絕對是如此。我認為，正如我剛才提到的，我們的企業管道從未如此強大。因此，我們確實正在與許多品牌進行對話。而且隨著我們得到越來越多的證據，這不僅僅與 Applebee 有關。你看看萬豪、希爾頓和精選酒店，然後你還有帕金斯和 Potbelly，還有——我沒有全部列出，但我舉個例子，但如果你看一下名單，你會發現 Applebee's 只是眾多酒店中的一個，因為我們一直在擴大我們的市場平台。

I have a lot of conviction as you think zoom out and think about the next decade with the way we're investing in the platform and that this is a part of the market that will be available to us for sure.

當您放眼未來十年，思考我們對平台的投資方式，我堅信這肯定是我們可以進入的市場的一部分。

And then to your question about like, why did they buy specifically. I think part of it is if you think -- Applebee's concept has got a big footprint. One of the things they love about it is our industry-leading handheld, the Telco device, because you can take orders and payments to the table, it helps them with check size, tips, turning tables faster. So that's one of the motivators.

然後回答你的問題，例如，他們為什麼專門購買。我認為部分原因是如果你認為——Applebee 的概念已經產生了巨大的影響。他們喜歡的一件事是我們業界領先的手持設備 Telco 設備，因為您可以將訂單和付款帶到餐桌上，它可以幫助他們更快地確定支票大小、小費和翻台率。這就是其中一個動機。

Our kitchen management and KDS tools is another area where they want to modernize. And then our above-store management, right? And so, in fact, in the Applebee's case, we're actually replacing an in-house solution that they were managing.

我們的廚房管理和 KDS 工具是他們想要現代化的另一個領域。然後是我們的店面管理，對嗎？因此，事實上，就 Applebee 的案例而言，我們實際上正在取代他們管理的內部解決方案。

And so the value prop is really, as you go up market, often starts with in-store, like within the four walls of restaurant, like Toast, some of the benefits we provide in SMB apply into enterprise. And then as we're building out the above-store capabilities that we've talked about in the past, like more to market becomes available to us. But to your point earlier, absolutely, we believe long term this is a meaningful opportunity for us for growth.

因此，價值主張實際上是，當你進入高端市場時，通常從店內開始，例如在餐廳的四面牆內，例如 Toast，我們在 SMB 中提供的一些好處也適用於企業。然後，隨著我們建立過去談到的上述商店功能，我們可以向市場提供更多產品。但正如您之前所說，我們絕對相信，從長遠來看，這對我們而言是一個有意義的成長機會。

Great. And then just a quick follow-up for me. The software ARPU strength was particularly strong in the quarter. I know that the conversion dynamic is a part of it, but anything else around attach or other that's driving that strength there into the double digits.

偉大的。然後我再簡單跟進。本季軟體 ARPU 實力尤為強勁。我知道轉換動態是其中的一部分，但是附加或其他方面的任何其他因素都會將這種強度推向兩位數。

Yeah, it's a great question. Look, I think at the highest level, the team is executing well. And as you know, we really focus on ARR as sort of the long-term metric that we're looking at in the business. So really pleased with the results. And also really thinking about long-term ARPU growth and the many levers that we have to grow that over time, but really good execution on the team.

是的，這是一個很好的問題。看，我認為在最高層面上，該團隊表現良好。如您所知，我們確實將 ARR 視為我們在業務中關注的長期指標。所以對結果非常滿意。而我們也確實考慮了長期的 ARPU 成長以及我們必須隨著時間的推移而實現成長的許多槓桿，但團隊的執行確實很好。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Congrats on a great quarter. I did want to come back to ToastIQ as a follow-up to the earlier question. I mean, I definitely heard the answer. I understand it's very early. But are you able to talk a little bit about the go-to-market or philosophy around pricing? I mean there's a lot of -- anecdotally in the press release, like the value is overwhelming. There's a lot of different products even embedded in ToastIQ. So any more context there would be helpful.

恭喜本季取得優異成績。我確實想回到 ToastIQ 作為先前問題的跟進。我的意思是，我確實聽到了答案。我知道現在還很早。但是您能否談談行銷或定價概念？我的意思是，新聞稿中有很多軼事，例如其價值是壓倒性的。ToastIQ 中甚至嵌入了許多不同的產品。因此，任何更多的背景資訊都會有所幫助。

Yeah. Josh, I think it's not really on pricing, if I'm honest. Like the focus -- and we'll certainly keep you up to date as things develop. But if you look at these products, first of all, if you look at AI to begin with, and it's moving so quickly. I feel like every quarter things are changing, and the tools are getting better and better.

是的。喬希，說實話，我認為這與定價無關。就像焦點一樣－我們一定會隨時向您通報事態的發展。但如果你看看這些產品，首先，如果你先看看人工智慧，它的發展非常快。我覺得每季事情都在變化，工具也越來越好。

And so I think our team is very focused on making sure that we are helping our customers first and foremost like to stay up to date with the trends in AI and trying to find ways to create impact for them. And so I think it's great to see the early impact of some of these case studies we're sharing, but we've got -- these are not products at scale that are still early.

因此，我認為我們的團隊非常注重確保我們首先幫助我們的客戶，並讓他們了解人工智慧的趨勢，並嘗試找到為他們創造影響的方法。因此，我認為看到我們分享的一些案例研究的早期影響是件好事，但這些產品還不是大規模的，還處於早期階段。

And so we have to prove this out at the next level of scale. And I think certainly, like there's no question that if we continue to see these patterns, modernization will be an opportunity for us if we're helping restaurants. Look, at the end of the day, if we're helping them with things like check size, if we're helping them with the guest experience, if we're helping them with sales forecasting, if we're helping them driving demand in restaurants, you think of how many restaurants have all these open seats and there's no tools to help them actually bring guests in when they're slower.

因此，我們必須在下一個規模層面上證明這一點。我認為，毫無疑問，如果我們繼續看到這些模式，那麼如果我們幫助餐館，現代化對我們來說將是一個機會。你看，歸根結底，如果我們在帳單規模等方面幫助他們，如果我們在客人體驗方面幫助他們，如果我們在銷售預測方面幫助他們推動餐廳需求，你會想有多少餐廳有這麼多空位，卻沒有任何工具可以幫助他們在速度較慢的時候真正吸引客人。

And so there are a lot of things we're looking at. And as we start to see impact, we'll certainly look at modernization as well.

所以我們正在關注很多事情。當我們開始看到影響時，當然也會考慮現代化。

Okay, thanks. And then just --

好的，謝謝。然後就--

It is not a perfect answer for you on pricing, but this is where we are.

關於定價，這不是一個完美的答案，但這就是我們的現狀。

No, I appreciate it, Aman. And just wondering, as you start stacking up these enterprise logos with all the moment if you're seeing any reaction or anything different from legacy vendors. Thanks.

不，我很感激，阿曼。我只是想知道，當您開始將這些企業徽標堆積起來時，您是否看到了任何反應或與傳統供應商不同的反應。謝謝。

Not really, not really. I mean, I think we're focused on executing it. We know like there's no shortage of things that R&D team has to do to build out the platform of market. And I think that's what's driving our focus because a lot of what we're doing across the platform to support whether it's SMB a retailer national actually applies upmarket enterprise as well. Think of the broad platform. And so as we build out some of the capabilities upmarket, we believe we can have a differentiated offering.

不完全是，不完全是。我的意思是，我認為我們專注於執行它。我們知道，研發團隊要建立市場平台還有很多事情要做。我認為這就是我們關注的重點，因為我們在整個平台上所做的工作很多都是為了支持中小企業、全國零售商以及高端企業。想想廣闊的平台。因此，隨著我們不斷拓展高端市場的一些能力，我們相信我們可以提供差異化的產品。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Nice results here. I'd be curious on the confidence you have on the second-quarter location number and how we should think about it in the face of the macro. So any sensitivity to that would be great.

結果不錯。我很好奇您對第二季度的位置數字有多大信心，以及我們應該如何從宏觀角度看待它。因此，對此的任何敏感性都是很好的。

And then maybe just anything kind of -- is it like enterprise mix rolling on or other things? Just more color on that location would be amazing. Thank you so much.

然後也許只是任何一種——它就像企業混合滾動或其他東西嗎？如果該位置有更多的色彩，那就太棒了。太感謝了。

Hey, Dan. So I'll start with our core business. In our core business, as I mentioned, the AE productivity was up year over year in Q1 and then really through April as well. And so that's what's driving the confidence in our core business. And in these new segments, we've got aggressive goals in terms of growth and we're seeing results ahead of expectations.

嘿，丹。因此我將從我們的核心業務開始。正如我所提到的，在我們的核心業務中，AE 生產力在第一季同比增長，並且在整個 4 月也是如此。這就是我們對核心業務充滿信心的動力。在這些新的領域，我們在成長方面設定了積極的目標，並且我們看到的成果超出了預期。

But certainly, these winds are great, but at end of the day, the core is still driving the majority of the growth. And so the mix, even if there's any changes in terms of across them, it's very, very gradual.

但當然，這些風是偉大的，但最終，核心仍然推動著大部分的成長。因此，即使在混合方面有任何變化，也是非常非常漸進的。

Got it. Great. And then maybe a quick follow-up. I noticed that the take rate ex-capital moved up a little bit. Can you maybe -- is it just mix or is there something special that you guys are doing to help get that take rate up, which is very nice to see? Thank you.

知道了。偉大的。然後可能會有一個快速的跟進。我注意到資本外的提取率略有上升。你能不能——這只是混合，還是你們做了一些特別的事情來幫助提高接受率，這很高興看到？謝謝。

Yeah. Thanks, Dan, for the question. Yeah, take rate is up 4 basis points year over year in Q1. So really pleased with the progress that we've made. And it's really a combination of things, Dan. It's not any single one thing. So think about the pricing initiative that we had in the tail end of 2024, a little bit more of cost optimization, which is just an ongoing focus area looking at cost per transaction that our team does.

是的。謝謝丹提出這個問題。是的，第一季的利率較去年同期上升了 4 個基點。我們對所取得的進展感到非常高興。這確實是多種因素共同作用的結果，丹。這不是任何單一的事情。因此，想想我們在 2024 年底採取的定價舉措，更多的是成本優化，這只是我們團隊持續關注的重點領域，關注每筆交易的成本。

And then some product surcharging is starting to see some traction as well. So it's really a combination of all those. It's not any one single lever, but really pleased with where we're tracking.

一些產品附加費也開始受到歡迎。所以它實際上是所有這些的結合。這不是任何一個單一的槓桿，但對於我們所追蹤的地方確實很滿意。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Elena, I want to ask about hardware, and the impact from tariffs acknowledging the uncertainty in the dynamic environment. I know you talked about slightly higher hardware expenses for the Europe. Maybe just talk about, I guess, the sensitivity around the tariff scenarios and also your ability to pass on some of the cost to your customers. Or do we expect maybe if hardware costs are elevated, maybe slightly higher, longer payback payments? Thank you.

埃琳娜，我想問硬體問題，以及關稅的影響，承認動態環境中的不確定性。我知道您談到了歐洲的硬體費用略高一些。我想，也許只是談論關稅情景的敏感性以及您將部分成本轉嫁給客戶的能力。或者我們是否預計，如果硬體成本上升，可能會略高一些，那麼回報期就會更長？謝謝。

Yeah. Thanks, Harshita. It's a very relevant question, something we've been paying a lot of attention to. So look, based on the current rules, the incremental costs associated with tariffs are manageable and reflected in the guidance and the outlook I shared today. And at the highest level, we're confident we can navigate this very -- I would call a very dynamic landscape. And part of that is because over the course of the last couple of years, we've taken steps to diversify our supply chain and really rely less on China.

是的。謝謝，Harshita。這是一個非常相關的問題，我們一直非常關注。因此，根據現行規則，與關稅相關的增量成本是可控的，並反映在我今天分享的指導和展望中。在最高層面上，我們有信心能夠應對這一非常——我稱之為非常動態的情況。部分原因是，在過去幾年中，我們採取措施實現供應鏈多元化，減少對中國的依賴。

And so as we've done that, that's put us in a position this year where it is a very manageable expense for us. And at the moment -- we have to be balanced at whether or not we consider passing that along to customers. We have to be incredibly balanced in this environment. So we're going to think about pricing holistically. So nothing specific on tariffs that I would comment on.

當我們這樣做的時候，今年我們的支出就變得非常可控了。目前，我們必須權衡是否考慮將其轉嫁給客戶。在這種環境下我們必須保持高度的平衡。所以我們要全面考慮定價。因此，我對關稅沒有什麼具體評論。

Thanks. And as a follow-up, Elena. Just remind us of the location growth algorithm in terms of share from new location apps, existing restaurants, adding new locations, market share. And now you have the growing new vectors in terms of enterprise, international food and beverage retail. Thanks.

謝謝。接下來是埃琳娜 (Elena)。只需提醒我們位置成長演算法，包括新位置應用程式、現有餐廳、增加新位置、市場份額。現在，企業、國際食品和飲料零售方面有了越來越多的新載體。謝謝。

Yeah, I'll start and feel free to. So at the highest level, the share between new and existing continues to be relatively balanced. And then as you think about our net adds adding onto our platform, core continues to be the primary growth engine, of course. But as we continue to invest in these new TAMs, you'll see that -- they'll begin to contribute more over time and certainly as we get into the back half of the year.

是的，我會開始，請隨意。因此，在最高層面上，新建和現有之間的份額繼續保持相對平衡。然後，當您考慮將我們的淨增量添加到我們的平台時，核心當然仍然是主要的成長引擎。但隨著我們繼續投資這些新的 TAM，你會看到——隨著時間的推移，它們將開始做出更多貢獻，尤其是在我們進入下半年時。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

This is Jeremy Sahler on for Samad. Thanks for squeezing me in. The Topgolf plan is really interesting, and I think it shows your continued ability to the TAM and adapt the platform in new formats. I guess can you talk about what went into that deal? I guess, who do you compete against in non-traditional formats like this? How do you think about maybe the metrics per location?

我是傑里米·薩勒 (Jeremy Sahler)，代替薩馬德 (Samad)。謝謝你把我擠進來。Topgolf 計畫確實很有趣，我認為它展示了您持續利用 TAM 和以新形式調整平台的能力。我想您能談談這筆交易的具體內容嗎？我想問一下，在這種非傳統的形式下你會跟誰競爭呢？您如何看待每個地點的指標？

And then lastly, I guess, does it change the way you think about the total TAM, the aggregate of all the formats that you're currently building after?

最後，我想，它是否會改變您對總體 TAM（即您目前正在構建的所有格式的總和）的看法？

Yeah, Thanks, Jeremy. Definitely, the team did a phenomenal job. Excited about this win in Topgolf. In the competition, actually, as you get into the specialized parts of the term, we see a little bit more legacy in terms of what we're competing here on the solutions and that we compete against.

是的，謝謝，傑瑞米。毫無疑問，該團隊的表現非常出色。對在 Topgolf 中獲勝感到非常興奮。實際上，在競爭中，當你進入術語的專業部分時，我們會在解決方案的競爭和競爭對手方面看到更多的遺留問題。

And I think in terms of the value proposition at Topgolf, it's really, we're actually powering the food and beverage, we're also powering the retail and the tea times, the whole thing. And so just as we're building out the platform, it opens up one more opportunity.

我認為，就 Topgolf 的價值主張而言，我們實際上是在為食品和飲料提供動力，我們也在為零售和下午茶時間等所有方面提供動力。因此，當我們建立平台時，它又開闢了另一個機會。

And I think to your point, that is the strategy on our SMB team is to think hard about what are ways in which we can continue to build out the TAM. We talked in the call about, in the script about wineries and membership clubs and non-English native speaking restaurants. And so this just fits in there.

我認為，正如您所說，我們的 SMB 團隊的策略是認真思考如何繼續擴大 TAM。我們在電話中、在腳本中談到了釀酒廠、會員俱樂部和非英語母語餐廳。所以這正好適合那裡。

And in terms of GPV and metrics, these are bigger. If you go to Topgolf, you can see these are big locations. I don't know exactly what GPVs the averages are, but it's a significant footprint and we're excited to power it.

就 GPV 和指標而言，這些都更大。如果你去 Topgolf，你會發現這些都是很大的地方。我不知道 GPV 的平均值到底是多少，但這是一個重要的足跡，我們很高興為它提供動力。

Thanks. That's great color. And then squeeze in a quick follow-up. With the understanding, I guess, that you have the data to manage risk related to Toast Capital itself, I guess, have you seen any change in the creditworthiness of the average restaurant?

謝謝。顏色真棒。然後擠出時間進行快速跟進。我想，您知道您擁有管理 Toast Capital 本身相關風險的數據，那麼您是否看過普通餐廳的信用度有任何變化呢？

I think some metrics out there showed like an increase in credit stress at restaurants separate from same store sales. Are you seeing anything like that?

我認為一些指標表明，與同店銷售額不同，餐廳的信貸壓力增加。你看到類似的東西了嗎？

No, we're not seeing. Our Toast Capital program is super -- the team's executing quite well. It's very healthy. Originations are healthy. And most importantly, our defaults are in line with our expectations. So we're not seeing that pattern.

不，我們沒有看到。我們的 Toast Capital 計劃非常棒——團隊執行得相當好。這非常健康。起源是健康的。最重要的是，我們的預設設定符合我們的預期。所以我們沒有看到這種模式。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。