Toast Inc (TOST) 2025 Q2 法說會逐字稿

Good afternoon. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Toast's Second Quarter 2025 Earnings Conference Call. Today's call will be 45 minutes. I'll now turn the call over to Michael Senno, Senior Vice President of Finance.

午安.我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Toast 2025 年第二季財報電話會議。今天的通話時間為 45 分鐘。現在我將把電話轉給財務高級副總裁 Michael Senno。

You may begin your conference.

您可以開始您的會議了。

Thank you. Welcome to Toast earnings conference call for the second quarter ended June 30, 2025. On today's call, our CEO, Aman Narang; and CFO, Elena Gomez, will open with prepared remarks, which will be followed by our Q&A session.

謝謝。歡迎參加 Toast 2025 年 6 月 30 日結束的第二季財報電話會議。在今天的電話會議上，我們的執行長 Aman Narang 和財務長 Elena Gomez 將以準備好的發言開場，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 and business outlook, including our financial guidance for the third quarter of 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，包括關於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、預期增長和業務前景的預期，包括我們對 2025 年第三季度的財務指導。

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陳述的義務。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 recurring gross profit streams. These are the basis for our top line guidance.

在本次電話會議中，我們將討論某些非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。這些是我們頂線指導的基礎。

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

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，本次電話會議中提到的所有收入成本、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均基於非公認會計準則。

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

最後，您可以在投資者關係網站 investors.toasttab.com 上找到新聞稿。電話會議結束後，我們將在網站上提供重播。

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

現在，讓我把電話轉給阿曼。

Thanks, Michael, and thank you to everyone for joining us today. We've had a great first half of the year. Q2 results came in ahead of expectations. We've added a record 8,500 net new locations. We grew recurring gross profit 35%, and we've delivered $161 million of adjusted EBITDA.

謝謝，邁克爾，也謝謝大家今天加入我們。我們度過了一個美好的上半年。第二季業績超乎預期。我們新增了創紀錄的 8,500 家門市。我們的經常性毛利成長了 35%，調整後 EBITDA 達到 1.61 億美元。

GAAP operating income reached $80 million.

GAAP營業收入達到8000萬美元。

At Toast, our mission is to help restaurants delight their guests do what they love and thrive. Our strong results reflect our consistent execution across the company and more importantly, they reinforce our belief in the significant long-term opportunity ahead of us. We're seeing that opportunity play out as we grow market share in our core and accelerate our momentum across our new customer segments.

在 Toast，我們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。我們的強勁業績反映了我們整個公司的一致執行力，更重要的是，它們增強了我們對未來重大長期機會的信心。隨著我們核心市場份額的成長以及我們在新客戶群中發展勢頭的加快，我們看到了這一機會的發揮。

In Q2, we crossed 10,000 live locations across enterprise, international and food and beverage retail and now serve approximately 148,000 locations across our customer segments. We're excited to welcome Firehouse Subs, a 1,300 QSR enterprise brand as well as Zabar's, the iconic New York grocer to the Toast platform, further signaling our progress in enterprise and retail.

在第二季度，我們的業務涵蓋了企業、國際和食品飲料零售領域的 10,000 個營業地點，目前為客戶群中的約 148,000 個營業地點提供服務。我們很高興歡迎擁有 1,300 家 QSR 企業品牌的 Firehouse Subs 以及標誌性的紐約雜貨店 Zabar's 加入 Toast 平台，這進一步表明了我們在企業和零售領域的進步。

Internationally, we launched in Australia. This is our fourth international market, extending our reach beyond the UK, Ireland and Canada and another step towards building the leading platform -- global platform for restaurants. We're also thrilled to announce an exciting partnership with American Express. This collaboration will bring together reservation listings from Resy, Tock, and Toast Tables into Local by Toast, our mobile app to make it easier to find and book tables. We also plan to use the reservation data and the power of our platform to enable personalized experiences for diners at the point of sale, including American Express card members.

在國際上，我們在澳洲推出了產品。這是我們的第四個國際市場，將我們的業務範圍擴展到英國、愛爾蘭和加拿大以外，並朝著打造領先平台——全球餐飲平台邁出了一步。我們也很高興宣布與美國運通建立令人興奮的合作關係。此次合作將把 Resy、Tock 和 Toast Tables 的預訂清單整合到我們的行動應用程式 Local by Toast 中，以便更輕鬆地找到和預訂餐桌。我們還計劃利用預訂數據和我們平台的強大功能，為銷售點的食客（包括美國運通卡會員）提供個人化的體驗。

We're excited about the value the two companies can deliver together for both restaurants and diners through this exciting partnership.

我們很高興看到兩家公司能夠透過這項令人興奮的合作共同為餐廳和食客創造價值。

At the start of the year, we laid out four key priorities. Number one, scale locations and market share in our core US restaurant business; number two, demonstrate that these new market segments can be material drivers of growth; third, increased customer adoption of our broad platform and drive differentiation through data and AI; and lastly, continue to hold ourselves to a high bar and invest against our most important priorities while gradually expanding margins.

今年年初，我們列出了四個主要優先事項。第一，擴大我們核心美國餐飲業務的門市和市場份額；第二，證明這些新的細分市場可以成為成長的物質驅動力；第三，提高客戶對我們廣泛平台的接受度，並透過數據和人工智慧推動差異化；最後，繼續嚴格要求自己，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。

So let's jump into number one, starting with our core restaurant business. We have strong momentum driven by our purpose-built restaurant platform and our local go-to-market team. As a result of positive customer feedback and the brand investments we've made, we've seen the largest year-over-year increase in brand consideration in our peer set. We grew share in nearly every SMB market we operate in.

那麼讓我們進入第一點，從我們的核心餐飲業務開始。我們擁有強大的發展勢頭，這得益於我們專門打造的餐廳平台和本地行銷團隊。由於積極的客戶回饋和我們所做的品牌投資，我們在同行中看到了品牌關注度同比增長最大的成長。我們在幾乎所有開展業務的中小企業市場中都實現了份額的成長。

In our top 10 markets, we continue to see higher rep productivity and higher market share gains relative to our averages. The fact that we're still seeing strong gains in these markets where we have over 30% penetration across large and small metro areas is a clear sign our flywheel strategy is working. We're also expanding the breadth of our platform with new products and features like Toast Go 3 and our new AI-powered intelligence engine, ToastIQ, which reflects a steady drumbeat of innovation that's core to our strategy.

在我們的十大市場中，我們繼續看到相對於平均更高的銷售代表生產力和更高的市場份額成長。事實上，我們在這些市場仍然保持強勁成長，在大都會和小都市地區的滲透率均超過 30%，這清楚地表明我們的飛輪策略正在發揮作用。我們也透過 Toast Go 3 和新的人工智慧引擎 ToastIQ 等新產品和新功能擴展了我們平台的廣度，這體現了我們戰略核心的穩定創新節奏。

Beyond every update is our focus on the thousand little things that make the Toast platform such a great tool for restaurants. An example of this is Supper Club, a neighborhood restaurant in market in Richmond, Virginia. A deciding factor in their switch to Toast was our Catering & Events product, which replaced a third-party app that was cumbersome for them and their customers.

除了每次更新之外，我們還關注成千上萬的細節，使 Toast 平台成為餐廳的絕佳工具。一個例子是 Supper Club，位於維吉尼亞州里士滿市的社區餐廳。他們轉向 Toast 的一個決定性因素是我們的餐飲和活動產品，它取代了對他們及其客戶來說繁瑣的第三方應用程式。

Since switching to Toast, Supper Club has seen a nearly 40% jump in catering sales. Toast Catering is both easy to use and seamlessly integrates into the Toast platform, including our point-of-sale devices and handhelds which has allowed them to take out significantly more business and even open a second location in March this year. It's a great example of how when our customers grow, we grow right alongside them. Now second, moving gears.

自從改用 Toast 以來，Supper Club 的餐飲銷售額成長了近 40%。Toast Catering 不僅易於使用，而且可以無縫整合到 Toast 平台，包括我們的銷售點設備和手持設備，這使得他們能夠開展更多業務，甚至在今年 3 月開設了第二家分店。這是一個很好的例子，說明當我們的客戶成長時，我們也跟著成長。現在，第二步，移動齒輪。

Our second priority is demonstrating that these new market segments can be material drivers of growth. We crossed 10,000 live locations across enterprise, food and beverage retail and international, and these new customer segments are on track to surpass $100 million in ARR collectively by the end of the year, a milestone that took six years in our core business.

我們的第二個優先事項是證明這些新的細分市場可以成為成長的物質驅動力。我們的業務範圍涵蓋了企業、食品和飲料零售和國際領域的 10,000 個營業點，這些新客戶群預計在今年年底前實現超過 1 億美元的 ARR，這是我們核心業務歷時六年才實現的里程碑。

In enterprise, our vision is to have the most iconic restaurant brands in Toast and drive innovation for the entire industry. Our investments are paying off, and we'll keep enhancing the platform to meet the needs of large-scale operators. We're also seeing strong interest from customers to use more of our platform, which will contribute to scaling enterprise ARPUs over time.

在企業方面，我們的願景是讓 Toast 擁有最具代表性的餐廳品牌，並推動整個產業的創新。我們的投資正在獲得回報，我們將繼續增強平台以滿足大型營運商的需求。我們也看到客戶對使用我們的平台表現出濃厚的興趣，這將有助於隨著時間的推移擴大企業 ARPU。

In food and beverage retail, we're off to another -- we're off to a strong start, and the early signals are really promising. We're building deeper inventory management tools, expanding integrations and scaling our dedicated sales team. Total ARPU for retail customers is already above $10,000, a clear indication our value proposition is resonating. Food retailers like Zabar's New York City are using Toast Retail to handle their large SaaS-based operation, manage over 30,000 SKUs across the 20,000 square foot store and process more than 2,500 transactions daily. Zabar's shows how Toast supports complex high-volume retail environments.

在食品和飲料零售領域，我們又邁出了新的一步——我們有一個強勁的開端，早期的訊號確實令人鼓舞。我們正在建立更深入的庫存管理工具，擴大整合並擴大我們專門的銷售團隊。零售客戶的總 ARPU 已經超過 10,000 美元，這清楚地表明我們的價值主張引起了共鳴。像 Zabar 的紐約分店這樣的食品零售商正在使用 Toast Retail 來處理其基於 SaaS 的大型業務，管理 20,000 平方英尺商店中的 30,000 多個 SKU，每天處理超過 2,500 筆交易。Zabar 展示了 Toast 如何支援複雜的大批量零售環境。

Across the UK, Ireland and Canada, rolling out more of our products is driving a steady increase in booked ARPU. We're also seeing greater traction among full-service restaurants, which now make up the majority of our new wins in these regions, showing that product improvement investments in our go-to-market teams are paying -- and in our go-to-market teams are paying off.

在英國、愛爾蘭和加拿大，我們推出的更多產品正在推動預訂 ARPU 的穩定成長。我們也看到全方位服務餐廳的吸引力越來越大，這些餐廳現在構成了我們在這些地區新勝利的大部分，這表明我們對行銷團隊的產品改進投資正在獲得回報 - 而且我們的行銷團隊正在獲得回報。

We're launching Australia with the same products we have in our other international markets today. Our fast comprehensive launch down under is thanks to the learnings and infrastructure from our first three markets and the localization investments we've made over the past few years. We took our first customer, Graze Craze live in Australia this summer.

我們將在澳洲推出與我們目前在其他國際市場相同的產品。我們在澳洲的快速全面推出得益於我們在前三個市場累積的經驗和基礎設施以及過去幾年所做的在地化投資。今年夏天，我們在澳洲接待了我們的第一位客戶 Graze Craze。

Graze Craze is an existing Toast customer in the US and we were top of mind when they decided to expand to Australia. They initially opted for a local provider at launch but couldn't find other POS provider that matched Toast's capabilities. So they were excited to transition to Toast when we would -- when we could support their Australian operations. They're now using our guest facing displays, kitchen display screens and online ordering products to solve for the operational friction and reporting gaps they experienced with the local system at launch.

Graze Craze 是 Toast 在美國現有的客戶，當他們決定擴展到澳洲時，我們是他們首先想到的。他們最初在發佈時選擇了本地供應商，但找不到其他能夠匹配 Toast 功能的 POS 提供者。因此，當我們能夠支持他們的澳洲業務時，他們很高興過渡到 Toast。他們現在正在使用我們的面向客人的顯示器、廚房顯示器和線上訂購產品來解決他們在啟動本地系統時遇到的操作摩擦和報告差距。

And they planned to add more products like e-mail marketing and loyalty to help drive demand, and above-store tools, including multi-location management and reporting to power their continued expansion across Australia.

他們還計劃增加更多產品，如電子郵件行銷和忠誠度計劃，以幫助推動需求，以及店面工具，包括多地點管理和報告，以支持他們在澳洲的持續擴張。

Shifting gears, our third priority is increasing customer adoption of our platform and driving differentiation through data and AI. We were a pioneer in bringing purpose-built handhelds to market 7 years ago, redefining in-store operations and service to restaurants. And since then, billions of orders have run through Toast Go Handhelds giving us a deep understanding of what works on the restaurant floor.

換個角度來說，我們的第三大優先事項是提高客戶對我們平台的採用率，並透過數據和人工智慧推動差異化。七年前，我們率先將專用手持設備推向市場，重新定義了店內營運和餐廳服務。從那時起，數十億份訂單已經透過 Toast Go Handhelds 處理，讓我們深入了解了餐廳的運作方式。

Our new Toast Go 3 handheld builds on that foundation and continues to push the industry forward. It's the only device that combines ToastIQ, Toast's intelligence engine with built-in cellular connectivity, so staff can take orders, process payments and print receipts seamlessly across Wi-Fi and cellular networks. It does all this while being lighter, faster and more durable than before with a 24-hour battery life.

我們的新款 Toast Go 3 手持裝置以此為基礎，持續推動產業向前發展。它是唯一一款將 ToastIQ（Toast 的智慧引擎）與內建蜂窩連接相結合的設備，因此員工可以透過 Wi-Fi 和蜂窩網路無縫地接受訂單、處理付款和列印收據。它不僅能實現所有這些功能，而且比以前更輕、更快、更耐用，電池續航力長達 24 小時。

With ToastIQ, staff now get real-time context about their guests to help increase check sizes. Personalized notes and guest details from to Toast Tables show up directly into our Toast Go 3 handhelds and terminals. And our Amex partnership aims to build on this technology to deliver these personalized experiences for Amex card members as well.

借助 ToastIQ，員工現在可以獲得有關客人的即時信息，從而幫助增加帳單金額。Toast Tables 的個人化註釋和客人詳細資料直接顯示在我們的 Toast Go 3 手持裝置和終端上。我們與美國運通的合作旨在利用這項技術為美國運通卡會員提供個人化的體驗。

Haywire Restaurants in Texas calls the Toast Go 3 a game changer. They used to lose Wi-Fi in certain areas of their 3-story concrete building, but now with Toast Go 3 cellular functionality they can seamlessly transition between cellular and Wi-Fi to stay connected and take payments without getting interrupted. The new handheld meet the demand of their restaurants, including drops on their concrete floors or servers working double shifts, who now carry a handheld all day long, without needing to charge it. Haywire also says that Toast Go 3 as a tool for growth, giving them a reliable way to generate sales of community events and festivals and open the door to sales they wouldn't access otherwise.

德州的 Haywire 餐廳稱 Toast Go 3 改變了遊戲規則。他們過去常常在三層混凝土建築的某些區域失去 Wi-Fi，但現在藉助 Toast Go 3 蜂窩功能，他們可以在蜂窩和 Wi-Fi 之間無縫切換，保持連接並不受干擾地付款。新的手持設備滿足了餐廳的需求，包括水泥地板上的跌落或兩班倒的服務員，他們現在整天攜帶手持設備，而無需充電。Haywire 也表示，Toast Go 3 是一種成長工具，為他們提供了一種可靠的方式來創造社區活動和節日的銷售額，並為他們打開了原本無法獲得的銷售大門。

Now lastly, our fourth priority is to continue to invest with discipline while expanding our margins. Our updated full year outlook reflects the strength of our execution and the scalability of our business. We have reached the medium-term margin guidance we laid out at our Investor Day ahead of plan, and we're confident in our ability to continue investing behind what's most important to fuel long-term growth while balancing margins over time.

最後，我們的第四個優先事項是繼續嚴格投資，同時擴大利潤率。我們更新的全年展望反映了我們的執行力和業務的可擴展性。我們已提前實現了在投資者日制定的中期利潤率指導，並且我們有信心有能力繼續投資於推動長期成長最重要的領域，同時平衡利潤率。

As I close out, I want to thank every Toaster, our customers and our investors. The progress we're making is a direct result of the team's incredible execution and the confidence our customers and investors have in what we're building. Our platform helps local businesses thrive and I've never been more excited about the opportunity that's in front of us. Thank you.

最後，我要感謝每一位 Toaster、我們的客戶和我們的投資者。我們所取得的進步直接得益於團隊出色的執行力以及客戶和投資者對我們所建立成果的信心。我們的平台幫助當地企業蓬勃發展，我從未對擺在我們面前的機會感到如此興奮。謝謝。

And with that, I'll turn the call over to Elena.

說完這些，我將把電話轉給埃琳娜。

Thank you, Aman, and to everyone for joining. To start, I would also like to thank our incredible team for another strong quarter, which came in above our expectations. In the second quarter, ARR grew 31% and total fintech and subscription gross profit, our recurring gross profit streams increased 35% year-over-year. Total take rate across SaaS and fintech gross profit was 93 basis points in the quarter, an increase of 8 basis points from a year ago, reflecting our growing share of wallet and the increasing value we are providing our customers.

謝謝阿曼，也謝謝大家的參與。首先，我還要感謝我們優秀的團隊，他們又一個季度表現強勁，超出了我們的預期。第二季度，ARR 成長 31%，金融科技和訂閱總毛利、我們的經常性毛利流年增 35%。本季 SaaS 和金融科技毛利的總接受率為 93 個基點，比去年同期增加了 8 個基點，反映了我們錢包份額的不斷增長以及我們為客戶提供的價值的不斷增加。

Adjusted EBITDA was $161 million for the quarter, with margins expanding 8 percentage points year-over-year to 35%, and GAAP operating income was $80 million. We also increased our full year guidance to reflect our strong quarter and the operating momentum we have heading into the second half of the year.

本季調整後的 EBITDA 為 1.61 億美元，利潤率年增 8 個百分點至 35%，GAAP 營業收入為 8,000 萬美元。我們也提高了全年業績預期，以反映本季的強勁表現以及下半年的營運動能。

We posted a record quarter with approximately 8,500 net location additions, and we ended Q2 with 148,000 locations, up 24% from a year ago. Our results reflect deeper penetration in our core customer segment complemented by growing momentum across our new customer segments. As Aman mentioned, across international, enterprise and food and beverage retail, we crossed 10,000 locations in Q2.

我們本季創下了新增門市數量約 8,500 個的紀錄，第二季結束時門市總數達到 148,000 個，比去年同期增加了 24%。我們的業績反映了我們在核心客戶群中更深層的滲透，並輔以我們在新客戶群中的成長勢頭。正如阿曼所提到的，在國際、企業和食品飲料零售領域，我們在第二季度的門市數量已超過 10,000 個。

We were excited about the new bellwether brands like Firehouse Subs and Zabar's showing the versatility of our platform to serve a wide range of customers across all segments. The traction we're seeing is a testament to our investments to serve these new customer segments across both product and go-to-market and our confidence in the trajectory of these new customer segments continues to grow.

我們對 Firehouse Subs 和 Zabar 等新的領頭羊品牌感到非常興奮，它們展示了我們平台的多功能性，可以為各個領域的廣大客戶提供服務。我們所看到的牽引力證明了我們在產品和上市方面為服務這些新客戶群所做的投資，我們對這些新客戶群發展軌蹟的信心持續增長。

We expect these new TAMs to become increasingly meaningful parts of our business over time and contribute to sustained long-term growth. As a result, we are investing behind our success. We're building out the product to serve deeper parts of these new TAMs and scaling go-to-market to accelerate our progress. That includes expanding into new geographies over time and we're excited to have our first customer live in Australia.

我們預計這些新的 TAM 將隨著時間的推移成為我們業務中越來越有意義的部分，並為持續的長期成長做出貢獻。因此，我們正在為我們的成功進行投資。我們正在建立產品以服務這些新 TAM 的更深層部分，並擴大上市規模以加速我們的進步。這包括隨著時間的推移擴展到新的地區，我們很高興我們的第一位客戶來自澳洲。

Looking out to the remainder of the year, we remain on track for more location net adds in 2025 versus 2024, driven by our consistent go-to-market execution and comprehensive product offering in our core, complemented by the growing scale from new customer segments. SaaS ARR grew 30% year-over-year, driven by location growth and a 5% increase in SaaS ARPU on an ARR basis. Subscription revenue increased 37% and gross profit grew 43%, benefiting from the improved ARR to revenue conversion we discussed last year.

展望今年剩餘時間，我們仍有望在 2025 年實現比 2024 年更多的地點淨增，這得益於我們持續的市場執行和核心的全面產品供應，以及新客戶群規模的不斷增長。SaaS ARR 年成長 30%，這得益於地點成長以及 ARR 基礎上 SaaS ARPU 成長 5%。訂閱收入成長了 37%，毛利成長了 43%，這得益於我們去年討論過的 ARR 轉化為收入的提高。

As a reminder, beginning next quarter, we will lap the step-up and the associated onetime benefits we saw in Q3 and Q4 of last year and therefore, expect subscription revenue to more closely mirror SaaS ARR growth beginning in Q3.

提醒一下，從下個季度開始，我們將延續去年第三季和第四季的成長和相關的一次性收益，因此，預計從第三季開始，訂閱收入將更接近 SaaS ARR 的成長。

Payments ARR increased 32% and fintech gross profit grew 30% in the second quarter. GPV was $50 billion, growing 23% year-over-year with GPV per location down 1% versus last year. Fintech net take rate was 57 basis points, and payments net take rate was 49 basis points. Both increased 3 basis points from a year ago from a combination of ongoing optimization efforts, small targeted pricing moves and new products, including surcharging. Nonpayment fintech solutions led by Toast Capital contributed $40 million in gross profit and 8 basis points in take rate.

第二季支付 ARR 成長 32%，金融科技毛利成長 30%。GPV 為 500 億美元，年增 23%，但每個地點的 GPV 與去年相比下降了 1%。金融科技淨接受率為 57 個基點，支付淨接受率為 49 個基點。透過持續的最佳化努力、小幅有針對性的定價調整以及包括附加費在內的新產品的推出，兩家公司的利潤都比去年同期增加了 3 個基點。Toast Capital 主導的非支付金融科技解決方案貢獻了 4,000 萬美元的毛利和 8 個基點的佣金率。

Capital take rate contribution was in line with Q2 last year. And as a reminder, is seasonally lower in Q2 due to higher GPV. Toast Capital remains healthy with solid demand from customers and defaults remain in line with our expectations. Looking ahead, we continue to expect Toast Capital's contribution and net take rate to remain in the 10 basis point range. Excluding $19 million of bad debt and credit-related expenses, operating expenses increased 18% in Q2.

資本吸收率貢獻與去年第二季一致。需要提醒的是，由於 GPV 較高，第二季的銷售額出現季節性下降。Toast Capital 保持健康，客戶需求強勁，違約率符合我們的預期。展望未來，我們繼續預期 Toast Capital 的貢獻和淨利率將維持在 10 個基點的範圍內。不包括 1,900 萬美元的壞帳和信貸相關費用，第二季的營運費用增加了 18%。

That's primarily from a 28% increase in sales and marketing expenses as we grow our go-to-market footprint across international and retail.

這主要是由於我們擴大了國際和零售市場的影響力，銷售和行銷費用增加了 28%。

In the core, we're making targeted rep additions and supporting our brand campaign to deliver ongoing share gains. R&D grew 9%, reflecting investments in our highest priority areas. In the core, Toast Go 3 and newly launched ToastIQ features highlight our continued focus on extending our product differentiation and driving tangible customer outcomes.

核心在於，我們正在有針對性地增加代表，並支持我們的品牌活動，以持續增加市場份額。研發費用成長了 9%，反映了我們對最優先領域的投資。在核心部分，Toast Go 3 和新推出的 ToastIQ 功能凸顯了我們持續專注於擴展產品差異化和推動實際的客戶成果。

Across our new customer segments, we are taking the same vertical approach that has driven our success in the core. We're serving the needs of our customers more deeply in each segment, such as enhancing our inventory solutions for retail, bringing Toast Go 3 internationally and expanding our functionality and integrations in enterprise.

在我們的新客戶群中，我們採取了與核心客戶群相同的垂直方法。我們在各個領域都更深入地滿足客戶的需求，例如增強我們的零售庫存解決方案、將 Toast Go 3 推向國際並擴展我們在企業中的功能和整合。

Adjusted EBITDA was $161 million with a margin of 35%. Our strong Q2 results reflect healthy top line growth, including better-than-expected GPV, as well as our focused execution and disciplined capital allocation. In addition, the seasonality of GPV contributed to the seasonally high margin in the quarter.

調整後的 EBITDA 為 1.61 億美元，利潤率為 35%。我們強勁的第二季業績反映了健康的收入成長，包括好於預期的 GPV，以及我們專注的執行和嚴格的資本配置。此外，GPV 的季節性也導致了本季利潤率的季節性高漲。

Free cash flow was $208 million, driven by strong adjusted EBITDA and a benefit from working capital due to the seasonality of our payments business. GAAP operating income was up $80 million, up from $14 million a year ago. That's both the strength in adjusted EBITDA and our prudent approach to managing stock-based compensation.

自由現金流為 2.08 億美元，受強勁調整後的 EBITDA 和支付業務季節性帶來的營運資金收益推動。以 GAAP 計算的營業收入較上年同期的 1,400 萬美元增加了 8,000 萬美元。這既是調整後 EBITDA 的優勢，也是我們管理股票薪資的審慎方法。

The stock-based comp as a percentage of recurring gross profit was 14% in Q2, down 6 percentage points versus a year ago. We continue to be on a path for stock-based comp to be in low double digits as a percentage of recurring gross profit.

第二季股票基數利潤佔經常性毛利的百分比為 14%，較去年同期下降 6 個百分點。我們將繼續致力於使股票型獲利佔經常性毛利的百分比保持在兩位數以下。

Turning to guidance. For the third quarter, we expect total subscription and fintech gross profit to grow in the range of 23% to 26% year-over-year and adjusted EBITDA to be $140 million to $150 million. We raised our full year outlook due to our strong results and continued momentum across the business. At the midpoint, we now expect 29% growth in fintech and subscription gross profit and $575 million in adjusted EBITDA, a margin of 32%, up 5 percentage points versus 2024.

轉向指導。對於第三季度，我們預計總訂閱和金融科技毛利將年增 23% 至 26%，調整後 EBITDA 為 1.4 億至 1.5 億美元。由於我們業績強勁且整個業務持續保持成長勢頭，我們上調了全年預期。中間值方面，我們目前預期金融科技和訂閱毛利將成長 29%，調整後 EBITDA 將達到 5.75 億美元，利潤率為 32%，比 2024 年成長 5 個百分點。

Let me provide some context on our margin profile in the second half of the year. As a reminder, Q4 margin is typically lower relative to the rest of the year due to the seasonality of payments. In addition, we will have higher tariff expenses in the second half of the year. We take a disciplined approach to scaling the business and based on positive signals in our growth initiatives, we are unlocking incremental investments across both core and our new customer segments to move faster in these areas and position ourselves for sustained long-term growth.

讓我提供一些有關我們下半年利潤率狀況的背景資訊。提醒一下，由於付款的季節性，第四季度的利潤率通常相對於一年中的其他時間較低。此外，下半年我們的關稅支出也會更高。我們採取嚴謹的方法來擴大業務，並根據我們成長計畫中的正面訊號，我們正在核心客戶群和新客戶群中解鎖增量投資，以便在這些領域更快地發展，並為持續的長期成長做好準備。

Overall, we are on track for another year of both strong top line growth and expanding profitability and are confident we can continue to deliver durable growth while driving towards our long-term margin target. To wrap up, we had a great first half, reflecting our consistent execution. Our momentum in the core is strong, and we are really excited by our progress in new customer segments. Looking ahead, we're excited and confident about the opportunity in front of us and believe we are just getting started.

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，並有信心繼續實現持久的成長，同時努力實現我們的長期利潤率目標。總而言之，我們上半場表現非常出色，體現了我們一貫的執行力。我們的核心業務發展勢頭強勁，我們對在新客戶領域的進展感到非常興奮。展望未來，我們對眼前的機會感到興奮和信心，並相信我們才剛開始。

Now I'll 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) Will Nance, Goldman Sachs.

（操作員指示）高盛的威爾·南斯。

Great results today. I wanted to ask a question on the new disclosure on retail ARPUs being, I think, north of $10,000. Obviously, great to see and you've talked about this being a very large average merchant side. I was wondering if you could talk through that number and maybe give some context on the breakdown between payments and software. And then you mentioned further enhancements to the product.

今天的結果很棒。我想問一個關於零售 ARPU 的新披露問題，我認為該數字將超過 10,000 美元。顯然，很高興看到，而且您已經談到這是一個非常大的平均商家方面。我想知道您是否可以談談這個數字，並提供一些有關付款和軟體之間細目的背景資訊。然後您提到了產品的進一步增強。

Where are you kind of now versus where you want to be on the software suite for that vertical? And what types of things do you think to be on the roadmap? I appreciate it.

您現在處於什麼位置，以及您希望在該垂直領域的軟體套件中處於什麼位置？您認為路線圖上有哪些內容？我很感激。

Yes. Well, thanks for the question. If you go back and look at our core business and you look at how we've been able to expand both SaaS ARPU and fintech ARPU over time. It's taken a while to get us to where we are today, where our core ARPU is. And so if you look at how quickly we've been able to get retail ARPU up over $10,000, I think, just really shows that it's a really good opportunity for us.

是的。嗯，謝謝你的提問。如果你回顧我們的核心業務，你會發現我們是如何隨著時間的推移擴大 SaaS ARPU 和金融科技 ARPU 的。我們花了一段時間才達到今天的水平，達到我們的核心 ARPU。因此，如果你看看我們能夠多快地將零售 ARPU 提高到 10,000 美元以上，我想，這確實表明這對我們來說是一個非常好的機會。

That's why we're investing in sales capacity. We're going to continue to invest in the balance of the year.

這就是我們投資銷售能力的原因。我們將在今年餘下時間繼續投資。

And I think the data we're seeing from some of the early reps that we've scaled up, this dedicated team for retail is really, really positive. I think a lot of the products that we have, you think about payments, capital, payroll, scheduling, a lot of that applies, but there are also some very specific products around inventory and that are very specific to retail that we continue to build out.

我認為，我們從一些早期代表那裡看到的數據表明，這個專門從事零售的團隊確實非常積極。我認為我們擁有的許多產品，例如支付、資本、工資單、日程安排，很多都適用，但也有一些非常具體的產品圍繞著庫存，並且非常具體到零售領域，我們正在繼續開發這些產品。

And by the way, they're specific to subcategories within retail. So what's needed in grocery versus liquor stores versus convenience stores and such, there are some differences as well. But net-net, I think if you look at where we are, I think we're ahead of expectations and the potential for -- my confidence in the potential of the business is the highest it's ever been.

順便說一句，它們特定於零售內的子類別。那麼雜貨店、酒類商店、便利商店等需要什麼，也存在一些差異。但總體而言，我認為如果你看看我們現在的情況，我認為我們已經超出了預期，而且潛力巨大——我對業務潛力的信心達到了前所未有的高度。

That's great. I used the loyalty module to grocery store in the neighborhood this weekend, saved me $1. Just on the -- some of the macro dynamics in GMV, I was wondering if you could maybe provide kind of latest and greatest breakdown of some of the GPV per location trends across the base.

那太棒了。這個週末我使用忠誠度模組在附近的雜貨店購物，節省了 1 美元。就 GMV 的一些宏觀動態而言，我想知道您是否可以提供整個基礎上每個地點的 GPV 趨勢的最新和最詳細的細分。

Obviously, as you just talked about, you've got maybe an upward bias coming from retail, maybe a downward bias from some of the location adds internationally. We've been seeing negative same-store sales for a while now in restaurants. So just kind of wondering if you could stack rank some of those drivers and talk about any notable changes there?

顯然，正如您剛才談到的，零售業可能呈現向上的傾向，而國際上某些地區的增加則可能呈現向下的傾向。一段時間以來，我們發現餐廳的同店銷售額一直處於負成長狀態。所以我只是想知道您是否可以對其中一些驅動因素進行排名並討論其中的任何顯著變化？

Yes. Since you asked about retail right now, well, even though at the Analyst Day, we talked about how retail GPVs are higher than restaurants because we're newer. We're still growing into that. And so I just want to clarify that. But overall, if you look at GPV trends it's been largely flat for us, and GPV per location was down 1%.

是的。既然您現在詢問零售業，那麼，即使在分析師日，我們也討論了零售 GPV 高於餐廳的原因，因為我們是新公司。我們仍在不斷成長。我只是想澄清這一點。但總體而言，如果你看一下 GPV 趨勢，你會發現我們的 GPV 基本上持平，每個地點的 GPV 下降了 1%。

It's been on this narrow band. And mix is a very small component of it. Like if you look at our customer base overall, GPV has been largely been about flat. I think it's up like a very small amount. And then if you look at the rest of the segments, retail is a little bit higher.

它一直處於這個狹窄的帶狀區域上。而混合物只是其中很小的一部分。如果你看一下我們整體的客戶群，你會發現 GPV 基本上是平的。我認為這個數字上升得非常小。如果你看看其餘的部分，零售業的份額會稍微高一些。

International is a little bit lower. But I think over time, in each of these businesses, what Elena and team are doing a great job of is really looking at unit economics. They're looking at payback periods and margins. And we have confidence that all of these businesses are great opportunities over time.

國際稍微低一點。但我認為，隨著時間的推移，在每項業務中，艾琳娜和團隊真正做得出色的是專注於單位經濟學。他們正在考慮投資回收期和利潤率。我們相信，隨著時間的推移，所有這些業務都將帶來巨大的機會。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Lots of fun momentum here. Just wanted to clarify on the third quarter EBITDA expected to be sequentially down, it looks like. Is that the unlocking of certain investments that you called out there, Elena, can you just elaborate on that maybe and how discretionary that is? I also heard tariff expenses. I just want to get all that straight.

這裡有很多有趣的動力。只是想澄清一下，第三季的 EBITDA 預計會季減，看起來是這樣。埃琳娜，這就是您所說的解鎖某些投資嗎？您能否詳細說明一下，以及這有多自由裁量？我還聽說了關稅費用。我只是想把一切都弄清楚。

Yes. Thanks. It's a great question. Look, we've got a lot of momentum in our customer segments. So what you're seeing in the second half in terms of our margin is that we're increasing our investment in these areas to accelerate our progress.

是的。謝謝。這是一個很好的問題。你看，我們在客戶領域中獲得了很大的發展動能。因此，從我們的利潤率來看，下半年我們看到我們正在增加對這些領域的投資，以加快我們的進步。

You heard Aman talk about 10,000 live locations. Pacing to $100 million in ARR. So we want to continue to invest behind that. And that's really what you're seeing.

您聽到阿曼談論過 10,000 個現場位置。預計 ARR 將達到 1 億美元。因此我們希望繼續對此進行投資。這確實就是你所看到的。

Tariff is also playing a role for sure. It's a fluid environment. Definitely tariffs have a bigger impact in the second half of the year than the first half of the year. But we've got a lot of conviction to invest to grow -- to drive sustained growth over the long term, which is what you're seeing us invest behind in the second half.

關稅肯定也發揮了一定作用。這是一個流動的環境。關稅對下半年的影響肯定比上半年更大。但我們堅信，透過投資成長，推動長期持續成長，這也是我們在下半年投資的原因。

Okay. Great. Then my quick follow-up just on Toast Go 3. I heard a lot of good things about this. Do you expect an upgrade cycle from existing customers using prior versions of Toast Go or is this more about attaching to new sales? Just trying to understand how that layers in?

好的。偉大的。然後我快速跟進 Toast Go 3。我聽到了很多關於此事的好消息。您是否期望使用 Toast Go 先前版本的現有客戶能夠進行升級週期，還是這更多是為了增加新銷售量？只是想了解其中的層次如何？

Yes, I think it's both, Tien-Tsin. If you look at, certainly new customers will likely start Toast Go 3 device, but for a lot of existing customers as their hardware refresh cycles come up. I think a lot of them are really excited about being able to use this device. Because it's got the cellular backup, especially if you've got big spaces, they like the ability to be able to use both Wi-Fi and cellular at the same time.

是的，我認為兩者都有，Tien-Tsin。如果你看一下，新客戶肯定會開始使用 Toast Go 3 設備，但對於許多現有客戶來說，隨著他們的硬體更新周期的到來，他們也會開始使用 Toast Go 3 設備。我認為很多人都對能夠使用這個設備感到非常興奮。因為它有蜂窩備份，特別是如果你有大空間，他們喜歡能夠同時使用 Wi-Fi 和蜂窩功能。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

So Aman, we've had several quarters now with really nice enterprise momentum. I'm curious what you're seeing incumbent vendors at that end of the market doing to thwart the threat that Toast creates, right? Are they trying to innovate? Are they getting more aggressive on price? How price sensitive are the enterprise buyers? Just any color on kind of competitive dynamics in the enterprise segment would be helpful.

因此，阿曼，我們已經有幾個季度表現出非常好的企業發展勢頭。我很好奇，您看到市場末端的現有供應商採取了什麼措施來阻止 Toast 造成的威脅，對嗎？他們正在嘗試創新嗎？他們的定價策略是否變得更激進了？企業買家對價格有多敏感？任何有關企業領域競爭動態的描述都會有所幫助。

Sure, DJ. If you zoom out and look at what's happened in the core independent restaurant business, the adoption of cloud was actually faster, upmarket in enterprise. And so a lot of what we continue to see is a lot of legacy on-premise solutions that Toast is facing. And so I don't think it's really about price. I think it's about leveraging modern tech, where you can use the cloud. And that's really what's driving some of our growth.

當然，DJ。如果你放大來看核心獨立餐飲業務中發生的事情，你會發現雲端運算的採用實際上更快，在企業中更高端。因此，我們繼續看到的是 Toast 面臨的許多遺留的內部部署解決方案。所以我認為這實際上與價格無關。我認為這是關於利用現代技術，您可以使用雲端。這確實是推動我們成長的因素。

We're investing in a big way now with Firehouse Subs, not just in the non-drive-thru but we're also starting to invest now in the drive-thru segment. And certainly, if you look at the competitive environment, we've said this before, it's always been a very competitive environment in this space. And I think our focus is just on customers like the more customer obsessed we can be about solving the problems these enterprise brands have. I think that's what's really driving our growth and our success.

我們現在正在對 Firehouse Subs 進行大規模投資，不僅在非免下車餐廳領域，而且我們現在也開始在免下車餐廳領域進行投資。當然，如果你看一下競爭環境，我們之前就說過，這個領域的競爭一直非常激烈。我認為我們的重點只是客戶，我們越關注客戶，就越能解決這些企業品牌所面臨的問題。我認為這才是真正推動我們成長和成功的因素。

Yes. And I would just build on, DJ. We've begun investing in enterprise really a few years ago, and that's what you're starting to see show up is our capabilities have matured in a way where you're starting to see the likes of Applebee's, and we closed Marriott a couple of years ago. And if you take Firehouse, as an example, one of the reasons they chose Toast is really about the capabilities in store. They really wanted to focus on performance in store.

是的。我只是想繼續前進，DJ。我們幾年前就開始投資企業了，現在你開始看到我們的能力已經成熟，你開始看到像 Applebee’s 這樣的企業，而我們幾年前關閉了萬豪酒店。以 Firehouse 為例，他們選擇 Toast 的原因之一其實就是其商店的功能。他們確實想專注於店內的表現。

They wanted to increase staff efficiency. They wanted to improve guest experience, reliability. And so to me, that's very much a capability, we were able to meet that demand. And that's why you're seeing our -- that's just one example, but you're seeing our pipeline really improve as a result of this investment, which is taken a couple of years to mature.

他們希望提高員工效率。他們希望提高客人體驗和可靠性。所以對我來說，這是一種能力，我們能夠滿足這種需求。這就是為什麼你會看到——這只是一個例子，但你會看到我們的管道因為這項投資而真正得到改善，這項投資需要幾年的時間才能成熟。

Yes, yes. And then, Elena, can you just remind me like a 1,500 location win, a 1,300 location win? Like how long does it take to stand those up? When do they start hitting into net adds?

是的，是的。然後，艾琳娜，你能提醒我 1,500 個地點獲勝，還是 1,300 個地點獲勝嗎？例如要花多久時間才能把它們立起來？他們什麼時候開始淨增？

Yes, it depends. We would collaborate with the new customer and decide what their pipeline is or when they're ready for implementation. But it could be -- like Firehouse, we already have some locations live. So it just depends on the velocity at which they want to go. But generally speaking, it's not that far after we book and then it can take the course of one to two years depending on how fast they want to go.

是的，這要視情況而定。我們將與新客戶合作並決定他們的管道是什麼或何時準備實施。但有可能——就像 Firehouse 一樣，我們已經有一些現場直播的地點。所以這只取決於他們想要的速度。但一般來說，我們預訂後不會太久，然後可能需要一到兩年的時間，這取決於他們想要的速度。

Some customers want to go faster. But generally, a land like that will take -- could take four, six quarters on the outside, maybe two years.

有些顧客想要更快一些。但一般來說，開發這樣的土地可能需要四到六個季度，甚至兩年的時間。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

I want to talk a little bit about what you mentioned in terms of the investment behind go-to-market, but I want to keep it specific to core US restaurants and not looking really at the growth market sales teams. So I was hoping you could comment a little bit around your coverage in the major, major cities. I'm assuming you have salespeople in most of those, but is there more room to add in the major cities? Or is that you've kind of got the coverage?

我想稍微談談您提到的有關進入市場背後的投資，但我想將其具體到美國核心餐廳，而不是真正專注於成長市場的銷售團隊。所以我希望您能就您在主要城市的報導發表一些評論。我假設你們在大多數城市都有銷售人員，但大城市還有更多增加的空間嗎？或者說您已經獲得某種報道了？

And then second, as you move into beyond those major markets, so 50 miles outside of ABC Major City. Is there any kind of a plan to add coverage there? Or would you consider more going with third-party distribution partners, ISOs, banks, et cetera, and to the extent you could comment on the effectiveness of those channels in selling such a vertical-specific product?

其次，當你進入這些主要市場之外時，距離 ABC 大城市 50 英里。有沒有什麼計劃可以增加那裡的覆蓋範圍？或者您會考慮更多地與第三方分銷合作夥伴、ISO、銀行等合作，並且您可以評論這些管道在銷售這種垂直特定產品方面的有效性？

Thanks, Tim. It's a great question. It's actually one we debate internally all the time. If you look at the past 5 years, we've invested a lot to significantly increase our sales capacity. And that's really what's driving the core of our growth.

謝謝，蒂姆。這是一個很好的問題。事實上，這是我們內部一直在討論的問題。回顧過去五年，我們投入了大量資金，大幅提升了銷售能力。這才是真正推動我們成長的核心動力。

The great thing is you look at the flywheel effect we've talked about, that continues. So like in these markets where we've got SMB coverage, you actually see productivity up year-over-year this year as an example. So it just shows that, that strategy continues to work. Now in terms of like what we're doing on coverage.

最棒的是，你看我們所談論的飛輪效應，它還在繼續。因此，就像我們覆蓋中小企業的這些市場一樣，你實際上可以看到今年的生產力年增。這表明該策略仍然有效。現在就我們在報道方面所做的工作而言。

I'd say, in most markets, to your point, we've got coverage. That being said, there are some markets where we feel like we're underpenetrated. So we're being surgical about saying in certain markets, we want to add coverage. And that's true whether they're metro areas or they're suburbs. And so I think it just really depends on kind of what our penetration is, what our productivity is.

我想說，在大多數市場，正如您所說，我們已經得到了覆蓋。話雖如此，我們覺得有些市場的滲透率還不夠。因此，我們正積極地向特定市場推廣，希望增加覆蓋範圍。無論是大都市還是郊區，情況都是如此。所以我認為這實際上取決於我們的滲透率和生產力。

And so we use that to refine, I'd say on the edges, but it's not like a material step function change in terms of how much rep capacity we're adding. I think in terms of like other channels, we've always had a really robust partner ecosystem, like 20% of our new customers come from referrals, that's food distribution partners, tech providers. And so that's certainly a key part of our funnel.

因此，我們利用它來進行改進，我想說在邊緣上，但就我們增加的代表容量而言，它並不像材料階躍函數的變化。我認為就其他管道而言，我們一直擁有非常強大的合作夥伴生態系統，例如 20％ 的新客戶來自推薦，即食品分銷合作夥伴和技術提供者。這當然是我們漏斗的關鍵部分。

But we do think that like it's important for us, to your point about this vertical product that's restaurant-specific that we own the end-to-end experience. And so whether it's the go-to-market, the onboarding, the support we own it all in-house, and we think that's a differentiator in addition to our platform. And so there aren't any plans right now to open that up beyond our core direct strategy, but we're certainly always exploring it's a topic actually we talk about all the time.

但我們確實認為，對我們來說，這很重要，正如您所說，這款針對餐廳的垂直產品是我們擁有端到端的體驗。因此，無論是市場進入、入職培訓或支持，我們都在內部完成，我們認為這是我們平台之外的差異化因素。因此，目前還沒有任何計劃在我們的核心直接策略之外開放這一領域，但我們確實一直在探索，實際上這是我們一直在談論的一個主題。

Matt Coad, Truist.

馬特·科德（Matt Coad），Truist。

Wanted to touch on SaaS ARPU again. You guys are rolling out a lot of different products that you talked about, whether it'd be on the AI front or some of the new hardware. So just curious if you could provide an update on kind of your strategy to price for value here.

想再談談 SaaS ARPU。你們正在推出許多不同的產品，無論是人工智慧方面還是一些新硬體。所以我很好奇您是否可以提供有關您的定價策略的最新資訊。

Yes, sure. So a couple of things. One is our SaaS ARPU in Q2 was around 5%. And really how we think about our growth levers is really focusing on ARR and locations and ARPU are both the vectors we think about. And in terms of pricing, that's really just one small part of our ARPU growth.

是的，當然。有幾件事。一是我們第二季的 SaaS ARPU 約為 5%。實際上，我們對成長槓桿的看法實際上是關注 ARR，而位置和 ARPU 都是我們考慮的載體。就定價而言，這實際上只是我們 ARPU 成長的一小部分。

But absolutely, we're focused on making sure we're driving value for our customers so that pricing is not an objection, if you will. But if you zoom out and think about how can we drive ARPU growth over time, we have a lot of levers available to us.

但絕對地，我們專注於確保為客戶創造價值，因此定價不會成為異議，如果你願意的話。但如果你放眼長遠，思考如何推動 ARPU 隨著時間的推移而成長，我們會發現我們有很多可以利用的槓桿。

We -- A, we know a lot of our products are not a terminal attached. We're going to continue to innovate. Data and AI will certainly play a role in that over time. And then we're still continuing to hone the upsell motion and really balance our land and expand motion. So feeling really confident that the combination of our breadth of our platform will drive ARPU over time.

我們——答，我們知道我們的許多產品都沒有附帶終端。我們將繼續創新。隨著時間的推移，數據和人工智慧肯定會發揮作用。然後，我們仍在繼續磨練追加銷售動作，並真正平衡我們的土地和擴張動作。因此，我非常有信心，隨著時間的推移，我們平台的廣度將提高 ARPU。

Yes, just for my quick follow-up, the nonpayment portion of gross profit, so mainly Toast Capital, it was down, I think you said to $40 million this quarter compared to $47 million last quarter. Could you unpack that a little bit for us? Is that kind of just timing related to that decline? Or are you guys pulling back on certain loan growth right now?

是的，只是為了我的快速跟進，毛利的未付款部分，主要是 Toast Capital，它下降了，我想你說的是本季為 4000 萬美元，而上一季為 4700 萬美元。您能為我們稍微解釋一下嗎？這種時機是否與衰退有關？或者你們現在正在抑制某些貸款的成長？

Yes. Overall, I would say the program is really healthy. There's seasonally some dynamic there in Q2. And then there was a little softer demand at the start of the quarter. But overall, we feel really good about where Toast Capital's growth is, the defaults are in line with expectations.

是的。總的來說，我認為這個計劃非常健康。第二季存在一些季節性動態。本季初需求略有減弱。但總體而言，我們對 Toast Capital 的成長感到非常滿意，其違約情況符合預期。

So feel really -- it's a good healthy program for us and continues to be.

所以感覺真的——這對我們來說是一個很好的健康計劃，並且將繼續如此。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

A quick one on the enterprise and one on international. Just wondering with regard to Firehouse, you talked about some of the reasons that they adopted Toast. Just wondering like how that translates into actual products? Are they using -- if you can identify any of the suites that they're going to adopt and if payments is in there too? And then with regard to international and Australia, just wondering how we should think about it?

快速討論一下企業，再快速討論一下國際。只是想知道關於 Firehouse，您談到了他們採用 Toast 的一些原因。只是想知道這如何轉化為實際產品？他們是否在使用——您是否能確定他們將要採用的任何套件以及付款是否也在其中？然後關於國際和澳大利亞，只是想知道我們應該如何看待它？

Is it part of a broader wave two of international expansion, and we're going to hear about other countries and geos? Or is this kind of wave two and that's it for now?

這是第二波國際擴張的一部分嗎？我們是否會聽到其他國家和地區的消息？還是這是第二波，目前就僅此而已？

Yes. On Firehouse Subs, they're definitely taking payments. And in terms of the suite of products, obviously, they're using -- our handhelds are using our KDS and restaurant management suite. So it's the breadth of our platform that they're using. And I'll let Aman talk about international.

是的。在 Firehouse Subs 上，他們肯定會收取費用。就產品套件而言，顯然他們正在使用——我們的手持設備正在使用我們的 KDS 和餐廳管理套件。所以他們使用的是我們平台的廣度。我讓阿曼談談國際議題。

Yes, Josh. On Australia, I think your question was about is Australia part of a broader strategy on wave two, right? I think -- one of the things that's been great about this Australia launch is that we've been able to launch with the same products in Australia that we have actually in our H1 market. This is UK, Ireland, and Canada. And it's the work -- it's the great work the R&D team has done to localize our platform, where we can actually do that.

是的，喬希。關於澳大利亞，我認為您的問題是澳大利亞是否是第二波更廣泛策略的一部分，對嗎？我認為——此次在澳洲推出產品的一大優點是，我們能夠在澳洲推出與我們在 H1 市場相同的產品。這是英國、愛爾蘭和加拿大。這是研發團隊為在地化我們的平台所做的偉大工作，我們實際上可以做到這一點。

As you know, it took us a long time in UK, Ireland and Canada to get all these products out and the ARPU up. And so the fact that we can now launch into new countries with the full platform, I think, is a huge advantage for us. In terms of whether or not we're going to add more countries, we're not ready to announce anything at this time. But certainly, like it's a balance, right? On the one hand, we've got to make sure that in the countries we're in, we're not shortchanging ourselves so that we're set up to be successful.

如您所知，我們花了很長時間才在英國、愛爾蘭和加拿大推出所有這些產品並提高 ARPU。因此，我認為，我們現在可以利用完整的平台進入新的國家，這對我們來說是一個巨大的優勢。關於我們是否要增加更多國家，我們目前還沒有準備好宣布任何消息。但當然，這是一種平衡，對吧？一方面，我們必須確保在我們所處的國家，我們不會虧待自己，這樣我們才能獲得成功。

On the other hand, I think if you look long term, like do we aspire to do more internationally and more globally? Absolutely, the answer is yes.

另一方面，我認為如果從長遠來看，我們是否渴望在國際和全球範圍內做更多的事情？絕對的，答案是肯定的。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

For the record net adds of 8,500, just how much of that was driven by the core business versus the TAM expansion? And then just kind of doubling down on that. When you look at the 10,000 location goal -- it's great to see you pass that for enterprise, international and F&B retail. Is there any way to give us a bit more granularity around the composition of these 10,000 and just where they fit within those three buckets?

對於創紀錄的 8,500 名淨增員工，其中有多少是由核心業務推動的，有多少是由 TAM 擴張推動的？然後就加倍努力了。當您看到 10,000 個地點的目標時 - 很高興看到您在企業、國際和餐飲零售方面都實現了這一目標。有什麼方法可以讓我們更詳細地了解這 10,000 個的組成以及它們在這三個桶中的位置？

Darrin, so if you look at our core business, that's still driving right? The bulk of our growth, we've been at this, obviously, as we've said this before, for more than a decade. And if you look at like the number of go-lives, for example, in our core business that's never been higher. The rep productivity is at really healthy level. The most penetrated markets are seeing healthy gains, in fact, higher than the average markets where we have the most penetration. So really, the core business is incredibly healthy.

達林，如果你看看我們的核心業務，它仍然在推動我們，對嗎？我們的大部分成長顯然已經持續了十多年，正如我們之前所說的那樣。例如，如果你看一下我們核心業務的上線數量，你會發現這個數字從未如此之高。銷售代表的生產力處於非常健康的水平。滲透率最高的市場正在獲得健康的成長，事實上，比我們滲透率最高的市場的平均成長還要高。所以實際上，核心業務非常健康。

Now are these new businesses contributing more as they're scaling, yes, right? If you look at retail, international, enterprise in terms of the percentage of -- net percentage of go-lives, certainly that number is bigger than it's ever been, just because we were now scaling in those markets as well. And that's really what's driving the record net adds in the business.

現在這些新業務在擴大規模時是否會做出更多貢獻，是的，對嗎？如果你從百分比——淨上線百分比——的角度來看零售、國際和企業，那麼這個數字肯定比以往任何時候都要大，因為我們現在也在這些市場擴大規模。這才是推動該產業淨增值記錄的真正原因。

We're on track not only for this quarter, but for the year, as we said last quarter, to have record net adds for the year as well. In terms of the exact composition and breakdown across the three, the only thing I'll say is across all of them, we're seeing good momentum, right?

正如我們上個季度所說，我們不僅為本季實現了預期目標，而且全年也有望實現創紀錄的淨增值。就這三者的具體組成和細分而言，我唯一要說的是，我們看到了良好的勢頭，對嗎？

If you look at retail, we're adding more sales capacity because the margin -- the ARPUs is over $10,000, the rep productivity is healthy. And so that gives a signal that we should lean in and invest.

如果你看一下零售業，我們正在增加銷售能力，因為利潤率——ARPU 超過 10,000 美元，銷售代表的生產力很高。這表明我們應該投入並進行投資。

In international, we've increased ARPU and we're seeing rep productivity be comparable to what we've seen in our US SMB business. Even though we don't have the level of -- we don't have the brand or the penetration that we have in the US. And so that's a good signal. And enterprise, I think enterprise is going to be gradual, right?

在國際上，我們提高了 ARPU，並且我們看到銷售代表的生產力與我們在美國中小企業業務中所看到的相當。儘管我們沒有達到美國那樣的水平——我們沒有在美國那樣的品牌或滲透率。這是一個好訊號。至於企業，我認為企業將會逐步發展，對嗎？

Because if you look at these wins, while they're awesome, enterprise wins, the longer sales cycles and so we expect them to be a gradual drip over time. But all three of them are contributing in all three areas, we're investing to continue to open up the longer-term opportunity in front of us.

因為如果你看看這些勝利，你會發現，雖然它們很棒，但企業勝利、銷售週期更長，所以我們預計它們會隨著時間的推移逐漸增加。但他們三人都在這三個領域做出了貢獻，我們正在進行投資以繼續開拓我們面前的長期機會。

That's great to hear. Just a quick follow-up would be on SaaS ARPU. It is still growing very well. And so when we think about how much is driven by customers coming on with higher SaaS ARPU versus just the upsell team continuing to do well. How do we distinguish that if you could help us out.

聽到這個消息真是太好了。接下來我們將快速關注 SaaS ARPU。它仍然生長得很好。因此，當我們思考有多少是由擁有更高 SaaS ARPU 的客戶推動的，而不是僅僅依靠追加銷售團隊的持續良好表現。如果您能幫助我們，我們該如何區分呢？

Yes. So it's both, right? We're seeing ARPU both from customers and existing customers. And that's one thing we're talking about is honing our land and expand motion. But the upsell team is absolutely contributing to that in terms -- and their execution is solid.

是的。所以兩者都有，對嗎？我們可以看到來自客戶和現有客戶的 ARPU。我們正在談論的一件事就是磨練我們的土地並擴大行動。但追加銷售團隊絕對為此做出了貢獻——而且他們的執行力很強。

I think over time, obviously, we want to continue to optimize our product market fit across our whole set of products and continue to drive that. But overall, seeing really good progress across both new and existing customers.

我認為隨著時間的推移，顯然我們希望繼續優化我們整個產品系列的產品市場契合度，並繼續推動這一點。但總體而言，新舊客戶都取得了良好的進展。

David Koning, Baird.

大衛‧科寧，貝爾德。

Great job. I guess, first of all, between Q3 guidance and full year guidance, we have a little insight into Q4. It looks like 21%, 22% at the midpoint in terms of recurring GP growth. Is that a good -- if that's the exit point, is that a good insight into kind of how next year starts? And maybe what might be the moving parts that could kind of move it either way over time?

幹得好。我想，首先，在第三季指引和全年指引之間，我們對第四季有一些了解。就經常性 GP 成長率而言，中間值似乎為 21% 或 22%。這是一個好的——如果這是退出點，那麼這是否能很好地洞察明年的開始？那麼，隨著時間的推移，哪些活動部件可能會使其改變呢？

Yes. Thanks for the question. So a couple of things. One is, as we always aim to do better, and that's really important in how we balance our guidance. Just keep in mind, the first half of the year benefited from that ARR conversion.

是的。謝謝你的提問。有幾件事。一是，我們始終致力於做得更好，這對我們如何平衡指導非常重要。請記住，今年上半年受益於 ARR 轉換。

So that's a dynamic at play in the second half of the year. And then GPV was better than our expectations in Q2. And so just in terms of how we guide, we really focus on being prudent and balanced as we enter into any guidance cycle. The other thing I'll tell you is our investments that we have, we've talked about on this call is really in service of sustaining our growth over the long term. So we're always going to aim to do better, and these investments really will position us for growth not only in '26 but beyond.

這就是下半年的動態。然後第二季的 GPV 好於我們的預期。因此，就我們的指導方式而言，我們在進入任何指導週期時都真正注重謹慎和平衡。我要告訴你們的另一件事是，我們在這次電話會議上討論的投資實際上是為了維持我們的長期成長。因此，我們始終致力於做得更好，這些投資確實將使我們不僅在 26 年而且在未來實現成長。

Great. And just a quick follow-up. July trends. Obviously, Q2 got better with volume, which is great. July trends, like per location, did that start out pretty well?

偉大的。這只是一次快速的跟進。七月趨勢。顯然，Q2 的銷量有所改善，這很好。七月的趨勢（例如每個地點的趨勢）一開始是否很好？

Yes, it's in line with expectations. Yes, I think we're in good shape in July.

是的，符合預期。是的，我認為我們七月的狀態很好。

Dan Dolev, Mizuho Securities.

瑞穗證券的 Dan Dolev。

Great results here, as always. Can you please help us understand how the Amex partnership enhances the flywheel here? Because it seems very cool, that deal that you're doing. Appreciate that.

一如既往，取得了很好的成績。您能否幫助我們了解與美國運通的合作關係如何增強飛輪的作用？因為你正在做的那筆交易看起來非常酷。非常感謝。

Sure, Dan. So what we're doing in this Amex partnership is, one, we're combining inventory from Resy, Tock and Toast Tables into our app. This is Toast Local. And the idea is it's -- you've got one place now where you can go find, right, a place to book restaurants, a broad set of restaurants that are available. Now when you book on any of these platforms, when you check in at the restaurant, what the Toast platform can do is create a personalized experience for you.

當然，丹。因此，我們與美國運通合作所做的就是，首先，我們將 Resy、Tock 和 Toast Tables 的庫存整合到我們的應用程式中。這是 Toast Local。這個想法是——現在你有一個地方可以預訂餐廳，那裡有大量可供選擇的餐廳。現在，當您在任何一個平台上預訂時，當您在餐廳登記入住時，Toast 平台可以為您創建個人化的體驗。

So it's everything from -- you think about allergies, notes, birthdays, but also be able to recommend menu items, whether it's your favorite drink or it is items that you love. So if you think about most people they've got these preferences and their taste profile. So to empower the staff, the host and the server and the kitchen with that data is really valuable in creating personalized experiences. So I think those are two areas to focus. One, broaden the inventory within local; and two, provide a great experience for the guests, including for Amex card members.

所以它涵蓋了一切——你可以考慮過敏、筆記、生日，還可以推薦菜單項，無論是你最喜歡的飲料還是你喜歡的菜。所以如果你想想大多數人，他們都有這些偏好和品味。因此，讓員工、主人、服務員和廚房能夠利用這些數據，對於創造個人化體驗非常有價值。所以我認為這是需要關注的兩個領域。一是擴大本地庫存；二是為客人（包括美國運通卡會員）提供良好的體驗。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

So I want to ask about Sous Chef, which we announced last year. I know you're currently doing pilots. What are you hearing from your customers in terms of the problem they're solving with this AI-powered assistant and the value you're driving? And how differentiated is that product in the market?

所以我想問一下我們去年宣布的 Sous Chef 的情況。我知道你目前正在進行試飛。就客戶使用這款人工智慧助理解決的問題以及您所推動的價值而言，您從客戶那裡聽到了什麼？該產品在市場上的差異化程度如何？

Yes. Thanks for the question, Harshita. We are making really good progress with Sous Chef. The customer feedback has been really positive. I think what people like about the product and data is -- if you think about most restaurant tours, they're not CTOs, they're not CIOs.

是的。謝謝你的提問，Harshita。我們與 Sous Chef 的合作進展順利。客戶的反饋非常正面。我認為人們喜歡產品和數據的原因是——如果你想想大多數餐廳之旅，他們不是 CTO，也不是 CIO。

And so the ability to have a human interface to be able to get insights to get recommendations to be able to actually make changes. So this is like -- this is the ability to take action within the Sous Chef capability is something that we're getting really good feedback and input on.

因此，擁有人機介面才能夠獲得洞察力、獲得建議並真正做出改變。所以這就像是——這是在副廚師能力範圍內採取行動的能力，我們得到了非常好的回饋和意見。

And I think ultimately, our goal here is to build the world's best GPT like interface for restaurants because we've got all this great data. And so we're taking feedback from customers and then -- and we plan to GA the platform at some point later this year.

我認為，我們最終的目標是為餐廳打造世界上最好的類似 GPT 的介面，因為我們擁有所有這些優秀的數據。因此，我們正在聽取客戶的反饋，然後——我們計劃在今年稍後推出 GA 平台。

This concludes today's conference call. Thank you for joining.

今天的電話會議到此結束。感謝您的加入。