Toast Inc (TOST) 2025 Q4 法說會逐字稿

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

午安.我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 Toast 公司歡迎各位參加 2025 年第四季及全年財報電話會議。今天的通話時間為45分鐘。

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

現在我將把電話交給財務高級副總裁邁克爾·塞諾。您可以開始會議了。

Thank you, operator. Welcome to Toast's earnings conference call for the fourth quarter and full year ended December 31, 2025. On today's call are CEO, Aman Narang; and CFO, Elena Gomez, will open with prepared remarks, which will be followed by our Q&A session.

謝謝接線生。歡迎參加 Toast 公司截至 2025 年 12 月 31 日的第四季及全年業績電話會議。今天的電話會議將由執行長 Aman Narang 和財務長 Elena Gomez 出席，他們將首先發表準備好的講話，隨後進行問答環節。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of the Securities Act and the Exchange Act. All statements other than statements of historical facts are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, location growth, future profitability and margin outlook, business and investment strategy, expected growth and business outlook, including our financial guidance for the first quarter and full year 2026.

在開始之前，我想提請大家注意今天新聞稿中包含的安全港聲明。在本次電話會議中，我們將發表一些與我們業務相關的聲明，這些聲明可能被視為《證券法》和《交易法》意義上的前瞻性聲明。除歷史事實陳述外，所有其他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、預期增長和業務前景的預期，包括我們對 2026 年第一季和全年的財務指導。

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日的觀點，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。請參閱今天新聞稿和我們向美國證券交易委員會提交的文件中的警示性語言，其中討論了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。

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. 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.

在本次電話會議中，我們將討論一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技術解決方案毛利，我們統稱這些指標為我們的經常性毛利流。這些是我們制定整體指導方針的基礎。這些非GAAP指標並非旨在取代我們的GAAP績效。有關這些非GAAP指標與最可比較GAAP指標的詳細調節表，請參閱我們的獲利報告和提交給美國證券交易委員會的文件。

Unless otherwise stated, all references on this call to cost of revenue, gross profit and gross margin sales and marketing expense, research and development expense, and general and administrative expense are on a non-GAAP basis. Finally, the press release can be found on the Investor Relations website at investors.toasttab.com. After the call, a replay will be available on our website.

除非另有說明，本次電話會議中提及的收入成本、毛利和毛利率、銷售和行銷費用、研發費用以及一般和行政費用均以非公認會計準則 (non-GAAP) 為基礎。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，您可以在我們的網站上收聽錄音回放。

With that, let me turn the call over to Aman.

那麼，我把電話交給阿曼吧。

Thanks, Michael, and thank you, everybody, for joining us today. I'm really proud of the Toast team for what we accomplished in 2025. We grew recurring gross profits, 33%; expanded adjusted EBITDA margins were 34%; and added over 30,000 net locations on the platform.

謝謝邁克爾，也謝謝各位今天蒞臨。我為 Toast 團隊在 2025 年所取得的成就感到非常自豪。我們實現了經常性毛利成長 33%；調整後 EBITDA 利潤率擴大至 34%；平台上新增了 30,000 多個淨營業地點。

Our core continues to grow at a rapid pace, with strong incremental margins as we scale while our emerging TAMs across retail, international, and enterprise doubled ARR in 2025. We welcomed some amazing brands to the Toast platform in Q4, including iconic independent restaurants, such as Carmine's, Chef Daniel Boulud restaurants, multiple enterprise chains, including Papa Murphy's, and noteworthy retailers, including Meadow Lane.

我們的核心業務持續快速成長，隨著規模的擴大，利潤率穩步提升；同時，我們在零售、國際和企業領域的新興市場規模在 2025 年實現了 ARR 翻倍。第四季度，我們迎來了一些優秀的品牌加入 Toast 平台，其中包括標誌性的獨立餐廳，如 Carmine's、Daniel Boulud 主廚的餐廳，以及多家連鎖企業，包括 Papa Murphy's，還有值得關注的零售商，包括 Meadow Lane。

Our product team released over 500 new features, including Toast IQ, our conversational AI assistant. Customer feedback and adoption has been tremendous. Toast IQ not only generates reports and insights about restaurant performance, it executes Saas directly in Toast, ranging from menu management or inventory updates.

我們的產品團隊發布了 500 多項新功能，其中包括我們的對話式人工智慧助理 Toast IQ。客戶回饋和接受度都非常高。Toast IQ 不僅可以產生有關餐廳業績的報告和見解，還可以在 Toast 中直接執行 SaaS，包括菜單管理或庫存更新等。

For example, Toast IQ can analyze and update menus, tell the operator why the Thursday nights might be slow or why a certain daypart is successful and analyze results across locations. It can also answer questions like what events and weather should I pay attention to this week? Or who's working on a Friday night?

例如，Toast IQ 可以分析和更新菜單，告訴經營者為什麼週四晚上生意不好或為什麼某個時段生意好，並分析不同地點的表現。它還可以回答諸如“本週我應該關注哪些事件和天氣？”之類的問題。或者，誰會在周五晚上工作？

Now AI is also reshaping how we work internally, from how we provide customer support, to how we build software and how we sell and market our products. This is making our teams more productive, which opens up capital to invest against our most important long-term priorities. We have strong momentum as we head into 2026. Building on top of a strong Q4, we expect another year of record net location adds and system ARPU growth as we execute against the priorities we laid out last year.

現在，人工智慧也正在重塑我們的內部工作方式，從我們提供客戶支援的方式，到我們建立軟體的方式，再到我們銷售和推廣產品的方式。這提高了我們團隊的生產力，從而釋放出資金，用於投資我們最重要的長期優先事項。進入2026年，我們勢頭強勁。在強勁的第四季基礎上，我們預計今年將再次創下淨新增網點數量和系統ARPU成長紀錄，因為我們將繼續執行去年制定的優先事項。

Number one, growing market share in our core; number two, demonstrating the new markets will be material growth drivers: number three, increasing customer adoption of our platform; and lastly, gradually expanding margins as we invest with discipline. Longer term, if we can do these well, we are positioned to drive year over year growth from over $2 billion in the ARR today to $5 billion and $10 billion and beyond.

第一，擴大我們在核心市場的份額；第二，證明新市場將成為實質的成長驅動力；第三，提高客戶對我們平台的接受度；最後，透過有紀律的投資逐步擴大利潤率。從長遠來看，如果我們能做好這些，我們就有能力將年度經常性收入從目前的 20 億美元以上逐年增長到 50 億美元、100 億美元甚至更高。

Starting with our first priority, growing market share in our core US SMB and mid-market restaurants. We continue to grow market share year after year and now power 20% of SMB and mid-market restaurants in the US. This has nearly doubled over the past three years. We have seen success across all market types, including urban, suburban, and rural markets, as well as ones that had high and lower density of those restaurants. In fact, our sales productivity in our top 10 geos continues to outperform our average, which shows that we have plenty of headroom to continue to gain share.

首先，我們的首要任務是提高在美國中小企業和中端市場餐廳的核心市場佔有率。我們持續擴大市場份額，目前為美國 20% 的中小企業和中型餐廳提供技術支援。在過去三年裡，這一數字幾乎翻了一番。我們在所有類型的市場中都取得了成功，包括城市市場、郊區市場和農村市場，以及餐廳密度高低不同的市場。事實上，我們在前 10 個地區的銷售效率持續高於平均水平，這表明我們還有很大的提升空間來繼續擴大市場份額。

Our vertical platform across software, hardware, fintech, and networking is purpose-built for restaurants and continues to get better. Over the past year, we've launched over 500 platform enhancements, including Toast Go 3, the latest evolution of our handheld device designed to help restaurants drive throughput while elevating the customer experience and improving tips for staff.

我們涵蓋軟體、硬體、金融科技和網路領域的垂直平台是專為餐飲業打造的，而且還在不斷改進。過去一年，我們推出了 500 多項平台增強功能，其中包括 Toast Go 3，這是我們手持設備的最新發展版本，旨在幫助餐廳提高吞吐量，同時提升客戶體驗並增加員工的小費。

Other new releases include Toast IQ and Toast Advertising that are helping customers drive efficiency and guest demand. And Toast Support has been reimagined with AI, with over half of all support interactions now starting digitally through an AI agent, and 70% of those never getting to a human.

其他新發布的產品包括 Toast IQ 和 Toast Advertising，它們可以幫助客戶提高效率並提升顧客需求。Toast Support 已經透過人工智慧進行了重新設計，現在超過一半的支援互動都是透過人工智慧代理以數位方式開始的，其中 70% 的互動甚至不會與真人客服溝通。

Our relentless focus to improve our platform for restaurants has helped us improve win rates with new customers and build a durable referral engine where two-thirds of our demand is inbound, and existing customers are the largest source of referrals. And it’s why many of the busiest and highly successful operators continue to choose Toast. A great example is CaliCart, the group behind New York’s legendary restaurants, including Carmine’s and Virgil’s Barbecue.

我們持續致力於改進餐廳平台，這幫助我們提高了新客戶的成交率，並建立了一個持久的推薦引擎，其中三分之二的需求來自內部推薦，而現有客戶是最大的推薦來源。這也是為什麼許多最繁忙、最成功的營運商繼續選擇 Toast 的原因。CaliCart 就是一個很好的例子，它是紐約傳奇餐廳（包括 Carmine 和 Virgil's Barbecue）背後的集團。

Carmine’s is one of the busiest independent restaurants in the country, with over $40 million in annual sales and up to 3,000 covers per day. After 25 years with an existing provider, they decided on Toast for the depth, speed, and reliability necessary to support their scale. And the first few deployments have gone so well that accelerated their Toast roll out across all locations to leverage the benefits our platform offers.

Carmine's 是全國最繁忙的獨立餐廳之一，年銷售額超過 4000 萬美元，每天接待多達 3000 位顧客。在與現有供應商合作 25 年後，他們決定選擇 Toast，因為 Toast 具備支援其規模所需的深度、速度和可靠性。前幾次部署都非常成功，因此他們加快了在所有地點推廣 Toast 的速度，以利用我們平台提供的優勢。

We hear stories like this from successful operators all the time, and we’re committed to building the best innovation engine to help restaurants of all types and sizes stay ahead during a time when the technology landscape is evolving rapidly. We have plenty of market share in front of us and continue to invest to serve deeper parts of the TAM.

我們經常從成功的經營者那裡聽到這樣的故事，我們致力於打造最好的創新引擎，幫助各種類型和規模的餐廳在技術格局快速發展的時代保持領先地位。我們面前還有很大的市場份額，並將繼續投資以服務TAM（潛在市場）的更深層部分。

For example, in 2026, we’ll launch better support for non-native English-speaking operators and features to support bars, pizzerias, and membership clubs even better. These investments in our product and our best-in-class go-to-market engine supports our path to doubling market share and ARR over time.

例如，在 2026 年，我們將推出對非英語母語業者的更好支持，並推出功能以更好地支援酒吧、披薩店和會員俱樂部。我們對產品和一流市場推廣引擎的這些投資，將支持我們逐步實現市場份額和年度經常性收入翻倍的目標。

Our second priority is demonstrating that our new markets will be material growth drivers. 2025 was a great year for our new markets. We signed our two largest enterprise customers, Applebee’s and Firehouse Subs, and successfully launched Australia, our fourth international market. And for the first time, we scaled a dedicated go-to-market team outside restaurants and have seen great results in retail.

我們的第二項重點工作是證明新市場將成為重要的成長動力。 2025年是我們新市場發展的重要一年。我們與兩家最大的企業客戶 Applebee’ 和 Firehouse Subs 簽訂了合同，並成功開拓了澳洲市場，這是我們的第四個國際市場。我們首次在餐飲業之外組建了專門的市場推廣團隊，並在零售業中取得了顯著成效。

A few years in, each of these new markets is growing faster than our core was at a similar time period. This growth, combined with the size of TAM in these new markets, gives me confidence they can be material drivers of growth over the long term.

幾年過去了，這些新市場各自的成長速度都超過了我們核心市場在類似時期的成長速度。這種成長，再加上這些新市場的潛在市場規模，讓我相信它們可以成為長期成長的實質驅動力。

We are seeing this success because we’re building on top of a proven vertical playbook. Vertical depth across product, go-to-market, and customer success drove our early success in US SMB restaurants, and we’re applying the same approach when we build for retail, enterprise, and international markets. We are very comfortable leaning into the product and platform complexity necessary in these markets versus a horizontal, one-size-fits-all approach.

我們之所以能取得這樣的成功，是因為我們是在一套行之有效的垂直整合模式的基礎上發展起來的。在產品、市場推廣和客戶成功方面的垂直深度推動了我們在美國中小餐廳的早期成功，我們在為零售、企業和國際市場建立產品時也採用了相同的方法。我們非常樂意應對這些市場中產品和平台的複雜性，而不是採用橫向的、一刀切的方法。

We’re seeing customers switch from legacy on-prem solutions that’s similar to what we saw in restaurants 10 years ago. And as we continue to scale and our platform gets better, we’re confident we will see even higher win rates, rep productivity, and ARPUs over time.

我們看到客戶正在從傳統的本地部署解決方案轉向線上解決方案，這與我們 10 年前在餐廳看到的類似。隨著我們不斷擴大規模，平台也越來越完善，我們相信隨著時間的推移，我們將看到更高的勝率、銷售代表效率和每位用戶平均收入。

In Enterprise, our pipeline and active rollouts have never been bigger. In Q4, we expanded our relationship with NPY Group and signed Papa Murphy’s, a 1,000-plus unit pizza chain. They chose Toast because of our flexible platform across multiple service models, including QSR and casual dining, as well as the feature depth necessary to support large pizza chains.

在企業領域，我們的銷售管道和正在進行的業務推廣規模從未如此龐大。第四季度，我們擴大了與 NPY 集團的合作關係，並與擁有 1000 多家門市的披薩連鎖店 Papa Murphy’s 簽署了合作協議。他們選擇 Toast 是因為我們的平台靈活，涵蓋多種服務模式，包括快餐和休閒餐飲，以及支援大型披薩連鎖店所需的功能深度。

In 2026, we will continue to invest in the platform to support the needs of our largest customers, including the launch of our drive-thru product, which is planned for later this year. We’re confident Enterprise is well positioned to continue to drive strong growth into 2026 and beyond.

2026 年，我們將繼續投資該平台，以滿足我們最大客戶的需求，包括計劃於今年稍後推出的免下車服務產品。我們有信心，Enterprise 已做好充分準備，在 2026 年及以後繼續保持強勁成長。

Internationally, we’re seeing strong location growth, including great early signals from our launch in Australia last year. Customer feedback and pull has been strong, and we hear from successful restaurants across Canada, UK, and Ireland that Toast is making their businesses better. As we continue to build out support for the full platform in these markets, including the launch of our Toast Go 3 handheld, as well as inventory management, I’m confident we will drive even stronger win rates and ARPUs as we scale. Over the next few years, you should expect us to continue to scale in our current markets while opening up new countries thoughtfully, where we have a right to compete and win.

在國際市場上，我們看到了強勁的地區成長，包括去年在澳洲推出後取得的良好早期跡象。顧客的回饋和需求非常強勁，我們從加拿大、英國和愛爾蘭各地成功的餐廳中了解到，Toast 正在改善他們的業務。隨著我們繼續在這些市場建立對完整平台的支持，包括推出我們的 Toast Go 3 手持設備以及庫存管理，我相信隨著我們規模的擴大，我們將實現更高的勝率和 ARPU。在接下來的幾年裡，你們應該會期待我們繼續在現有市場擴大規模，同時謹慎地開拓新的國家，在這些國家，我們有權參與競爭並取得成功。

In Retail, we built out our go-to-market team last year and have seen incredible results so far. Our product can already support convenience stores, grocery chains, bottle shops, butcher shops, and more because our platform offers the feature depth necessary to support businesses with high SKU counts and complex inventory in high-throughput environments. Many of these customers are coming from legacy on-prem solutions and have never experienced a cloud-based solution with the platform capabilities Toast offers across point of sale, guest-facing products, employee management, payments, capital, and inventory.

在零售領域，我們去年組建了市場推廣團隊，目前已經取得了令人矚目的成果。我們的產品已經能夠支援便利商店、連鎖超市、酒類專賣店、肉店等，因為我們的平台提供了必要的功能深度，可以支援 SKU 數量多、庫存複雜、吞吐量高的企業。這些客戶大多來自傳統的本地部署解決方案，從未體驗過 Toast 提供的涵蓋銷售點、面向客戶的產品、員工管理、支付、資金和庫存等各個方面的雲端解決方案平台功能。

Customers especially love when we can support many different concepts within a single backend across their locations, from restaurants and retail shops in a hotel to a grocery store that also has a cafe or a restaurant inside it. A great example is La Carniceria Meat Market, a 25-location butcher and grocer who replaced guesswork with data by deploying our platform, automating inventory and invoices, and understanding their costs better.

客戶尤其喜歡我們能夠在一個後端支持他們各個場所的多種不同概念，從酒店內的餐廳和零售店到設有咖啡館或餐廳的雜貨店。La Carniceria Meat Market 就是一個很好的例子，這家擁有 25 家分店的肉舖和雜貨店透過部署我們的平台，實現了庫存和發票的自動化，並更好地了解了成本，從而用數據取代了猜測。

Automated SKU management cut down manual work, and their rollout was smooth, thanks to our Spanish-speaking sales and support. It’s a clear example of how Toast helps operators run more efficient, profitable businesses.

自動化 SKU 管理減少了人工工作，而且由於我們有講西班牙語的銷售和支援人員，推廣過程非常順利。這清楚地說明了 Toast 如何幫助營運商更有效率、更有利潤地經營業務。

As we look to 2026, we’re continuing to deepen the retail platform with more tailored onboarding support and integrations, including a new partnership with Instacart that allows retailers to sync in-store inventory with Instacart’s marketplace. Our success in food and beverage retail reinforces something we’ve believed for a long time: our platform works well beyond restaurants.

展望 2026 年，我們將繼續深化零售平台，提供更多客製化的入駐支援和集成，包括與 Instacart 建立新的合作夥伴關係，使零售商能夠將店內庫存與 Instacart 的市場同步。我們在食品和飲料零售領域的成功印證了我們長期以來一直堅信的一點：我們的平台遠不止適用於餐廳。

We’re layering in the vertical-specific capabilities to meet the needs of different customer types, and we’re starting to see early success with retail customers outside of food and beverage retail as well. Just as restaurants with hybrid restaurant retail concepts pulled us into retail, we’ll use the signal from our customers and our retail go-to-market team that’s testing the new verticals and be disciplined about where we expand.

我們正在逐步引入垂直行業特定的功能，以滿足不同類型客戶的需求，並且我們已經開始看到在食品和飲料零售以外的零售客戶中取得初步成功。就像那些將餐飲零售概念融合在一起的餐廳把我們拉進了零售業一樣，我們將利用顧客和零售市場推廣團隊的訊號（他們正在測試新的垂直領域），並嚴格控制我們的擴張方向。

Now, zooming out, our new growth markets have been incredibly successful so far, and we will continue to drive outsized growth in 2026 and beyond. As we gain market share and invest in our platform, we expect these new TAMs to drive strong growth and profitability, just as we have in our core. And over the long term, we will continue to invest to expand the opportunity from new verticals to new countries where we believe Toast has product-market fit and can help these businesses run more successfully.

現在，從更宏觀的角度來看，我們新的成長市場迄今都取得了巨大的成功，我們將繼續在 2026 年及以後推動超高速成長。隨著我們獲得市場份額並投資於我們的平台，我們期望這些新的TAM能夠像我們在核心業務領域一樣，推動強勁的成長和獲利能力。從長遠來看，我們將繼續投資，將機會從新的垂直領域擴展到新的國家，我們相信 Toast 在這些國家擁有產品市場契合度，可以幫助這些企業更成功地運作。

Moving on, our third priority is increasing customer adoption of our broad platform and driving differentiation through data and AI. For 13 years, we’ve been at the center of the shift in restaurant technology from on-premise to cloud. We’ve spent that time listening to our customers and solving their toughest problems, which has allowed us to evolve from a point-of-sale solution into a comprehensive system of record that helps them manage operations, employees, guests, and suppliers.

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實現差異化。13 年來，我們一直處於餐飲技術從本地部署遷移到雲端的核心地位。我們利用這段時間傾聽客戶的意見，解決他們最棘手的問題，這使我們從銷售點解決方案發展成為一個全面的記錄系統，幫助他們管理營運、員工、客人和供應商。

As we’ve delivered more value and built out the partner ecosystem, we’ve seen broader attach of our platform as well as high ARPUs. When talking to customers, what I consistently hear is while they love the Toast platform, they don’t have enough time in their week to leverage everything we have to offer.

隨著我們提供了更多價值並建立了合作夥伴生態系統，我們看到了我們平台更廣泛的應用以及更高的每位用戶平均收入 (ARPU)。在與客戶交談時，我經常聽到他們說，雖然他們喜歡 Toast 平台，但他們一周的時間不夠，無法充分利用我們提供的所有功能。

Many of them are small business owners that are stretched thin to deliver a great customer experience while managing their staff and their suppliers. They don’t have enough actionable alerts and insights to make good decisions about their business in real time. And they outsource a lot of the work from marketing, demand generation, bookkeeping, or accounting, all the work that is critical to ensuring they have a profitable business.

他們中的許多人都是小企業主，既要管理員工和供應商，又要提供優質的客戶體驗，可謂捉襟見肘。他們缺乏足夠的可操作警報和洞察，無法即時做出正確的業務決策。他們將行銷、需求開發、記帳或會計等大量工作外包出去，而這些工作對於確保企業獲利至關重要。

We believe our AI roadmap, built on years of data insights, can help our customers get more from the Toast platform. Toast IQ is the foundation of this strategy. Less than four months post-launch, over half of all Toast locations have used Toast IQ, collectively sending over a million queries, and tens of thousands of locations are already using it each week. We believe this early success comes down to three things: Toast IQ is built on more than a decade of deep restaurant expertise; it’s tightly integrated into the core Toast experience customers already rely on; and is designed to take action, not just surface insights that can help operators run key workflows faster and get more done.

我們相信，基於多年數據洞察而製定的 AI 路線圖可以幫助我們的客戶從 Toast 平台獲得更多收益。Toast IQ 是這項策略的基礎。Toast IQ 推出不到四個月，超過一半的 Toast 門市都已使用過它，累計發送了超過一百萬次查詢，每週已有數萬家門市在使用。我們認為，這一早期成功歸功於三件事：Toast IQ 建立在十多年的深厚餐飲專業知識之上；它與客戶已經依賴的核心 Toast 體驗緊密整合；並且旨在採取行動，而不僅僅是提供洞察，這可以幫助營運商更快地運行關鍵工作流程並完成更多工作。

We’re seeing this impact firsthand with customers like Ollie Current, an early Toast IQ adopter and now uses it daily. Toast IQ helps their teams quickly make decisions and turn hours of manual analysis into clear, actionable insights in just minutes. Recently, the team used Toast IQ to identify menu combinations to boost check sizes, helping them spot opportunities to improve service and drive sales at some of the busiest restaurants in the country.

我們從客戶 Ollie Current 身上親眼目睹了這種影響，他是 Toast IQ 的早期採用者，現在每天都在使用它。Toast IQ 幫助他們的團隊快速做出決策，並在短短幾分鐘內將數小時的手動分析轉化為清晰、可操作的見解。最近，該團隊利用 Toast IQ 來識別可以提高客單價的菜單組合，幫助他們發現改善服務和推動銷售的機會，這些餐廳是全國最繁忙的餐廳之一。

We’re still in the early stages of what AI will enable. Today, customers are using it to get support, analyze data, and make backend configuration changes, such as updating menus or generating content to build an email campaign. We’re investing for Toast IQ to evolve from an assistant to automating workflows, and eventually to running a team of agents that will handle more of the work restaurants have to do manually today.

人工智慧所能帶來的變革，我們目前仍處於早期階段。如今，客戶正在使用它來獲取支援、分析數據以及進行後端配置更改，例如更新選單或生成內容以建立電子郵件行銷活動。我們正在投資，希望 Toast IQ 能從助理發展成為工作流程自動化平台，最終經營一支代理團隊，處理餐廳目前必須手動完成的更多工作。

For example, we expect Toast IQ to run workflows like operating within a budget, to optimize marketing spend, or to understand inventory levels and get ahead of an out-of-stock scenario and then place an order from approved vendors. Over the long term, we expect these AI agents to start to own whole functions, from marketing to managing payroll and tax or accounting and bookkeeping. We believe because our data powers much of this work, we are uniquely positioned to both do it better and cheaper.

例如，我們希望 Toast IQ 能夠運行諸如在預算範圍內運作、優化行銷支出或了解庫存水準並提前應對缺貨情況，然後向已批准的供應商下訂單等工作流程。從長遠來看，我們預計這些人工智慧代理商將開始擁有完整的功能，從行銷到管理薪資和稅務，再到會計和簿記。我們相信，由於我們的數據為這項工作提供了支持，因此我們擁有獨特的優勢，能夠以更低的成本做得更好。

Switching gears, our fourth priority is to continue to invest with discipline in our most important priorities while expanding margins over time. We’re operating from a position of strength. We’ve achieved our medium-term margin targets, including 40% margins in our core ahead of schedule, and have confidence we can both innovate and grow while working towards our long-term margins of 40% plus by holding a high bar on our execution and our capital allocation.

換個角度來看，我們的第四個優先事項是繼續有紀律地投資我們最重要的優先事項，同時隨著時間的推移擴大利潤率。我們處於優勢地位。我們已經提前實現了中期利潤率目標，包括核心業務利潤率達到 40%，我們有信心透過嚴格把控執行和資本配置，在努力實現 40% 以上的長期利潤率的同時，實現創新和成長。

I think we have an opportunity to build a much more material business over the next decade that can both have a much bigger impact for our existing customers and expand the opportunity across new markets where we’re seeing great early success. I’m committed that we will be disciplined in how we invest and only lean into our biggest and highest conviction opportunities, where we can build differentiated and highly profitable businesses that deliver significant shareholder value.

我認為，在未來十年，我們有機會打造一個更實質的業務，這不僅能對我們現有的客戶產生更大的影響，也能將機會擴展到我們已經取得巨大早期成功的新市場。我承諾，我們將嚴格遵守投資原則，只專注於我們最大、最有信心的機會，在這些機會中，我們可以建立差異化且高盈利的業務，從而為股東創造重大價值。

My conviction ultimately comes from our incredible team of Toasters, who care deeply about innovating on behalf of our customers. I want to thank each of them for their dedication and commitment to Toast. I also want to thank our customers and investors for their continued support. We had a great 2025 and we’re confident in our momentum and our plans heading into 2026.

我的信念最終源自於我們優秀的 Toasters 團隊，他們非常關心為我們的客戶進行創新。我要感謝他們每個人對 Toast 的奉獻和付出。我還要感謝我們的客戶和投資者一直以來的支持。我們在 2025 年取得了巨大的成功，我們對 2026 年的發展動能和計畫充滿信心。

Thank you, and with that, I’ll turn the call over to Elena.

謝謝，那麼，我這就把電話交給艾琳娜。

Thank you, Aman, and to everyone for joining us today. I also want to thank our team for another successful quarter and for the continued execution that led to our record performance throughout 2025. Our results showcase the strength of our business model in what was another outstanding year for Toast.

謝謝阿曼，也謝謝今天到場的各位。我還要感謝我們的團隊，感謝他們又一個季度取得成功，並感謝他們持續的執行力，正是這種執行力使我們在 2025 年取得了創紀錄的業績。我們的業績展現了我們商業模式的優勢，對 Toast 來說，這又是輝煌的一年。

Net adds increased every quarter versus a year ago, and we added a record 30,000 net locations in 2025, ending the year with 164,000 locations. ARR grew 26%, and our recurring gross profit streams increased 33% for the year, an incredible accomplishment at our scale, with over $2 billion in ARR and $195 billion in payment volume in 2025.

與去年同期相比，每季的淨新增門市數量都有所增加，2025 年我們新增了創紀錄的 30,000 家淨門市，到年底門市總數達到 164,000 家。年度經常性收入成長了 26%，經常性毛利成長了 33%，以我們的規模而言，這是一個了不起的成就，預計到 2025 年，年度經常性收入將超過 20 億美元，支付額將達到 1950 億美元。

On top of strong top-line momentum, we are efficiently scaling the business through disciplined capital allocation and ongoing cost management. In 2025, we delivered adjusted EBITDA of $633 million and free cash flow of $608 million. GAAP operating income was $292 million, up from just $16 million a year ago, driven by our strong adjusted EBITDA and tight management of stock-based compensation.

在強勁的營收成長動能基礎上，我們透過嚴格的資本配置和持續的成本管理，有效地擴大了業務規模。2025年，我們實現了調整後EBITDA 6.33億美元和自由現金流6.08億美元。 （GAAP）營業收入為 2.92 億美元，而去年同期僅為 1,600 萬美元，這主要得益於我們強勁的調整後 EBITDA 和對股票選擇權激勵措施的嚴格管理。

We entered 2026 in a strong financial position, enabling us to offensively lean into our key growth initiatives. With a path to double market share in our core and accelerate expansion in our new towns, we are confident that continuing to invest behind these opportunities will lead to sustained top-tier growth for several years and create significant shareholder value.

進入 2026 年，我們擁有強勁的財務狀況，這使我們能夠積極推進關鍵成長計畫。我們預計在核心市場實現市場份額翻番，並在新城鎮加速擴張。我們相信，繼續投資這些機會將帶來未來幾年持續的頂級成長，並為股東創造重大價值。

Turning to our fourth quarter results, our recurring gross profit streams increased 28%. Total monetization, measured by our recurring gross profit as a percentage of GPV, hit 98 basis points. That’s a 5 basis point increase from a year ago, reflecting our growing share of wallet and increasing value we provide our customers.

再來看我們第四季的業績，我們的經常性毛利成長了 28%。以經常性毛利佔 GPV 的百分比來衡量的總貨幣化率達到了 98 個基點。這比一年前增長了 5 個基點，反映出我們客戶錢包份額的增加以及我們為客戶提供的價值的提高。

We added approximately 8,000 net locations in the quarter. We are consistently gaining market share in our core, with increasing contributions across our new towns as they scale. Underpinning the location momentum across the business is our best-in-class vertical SaaS platform and local go-to-market execution.

本季我們新增了約 8,000 個淨營業地點。我們在核心市場不斷擴大市場份額，隨著新城鎮規模的擴大，我們在這些新城鎮的貢獻也不斷增加。支撐公司業務拓展的，是我們一流的垂直產業 SaaS 平台和在地化市場推廣策略。

SaaS ARR and subscription revenue each grew 28% year over year. We are complementing our strong location growth with consistent mid-single-digit increases in SaaS ARPU on an ARR basis. SaaS ARPU in our core is growing even faster than total SaaS ARPU, driven by customers continuing to adopt more products across the platform.

SaaS ARR 和訂閱營收均較去年同期成長 28%。我們強勁的業務拓展與 SaaS ARPU 在 ARR 基礎上持續的中位數個位數成長相輔相成。核心業務的 SaaS ARPU 成長速度甚至超過了整體 SaaS ARPU，這主要歸功於客戶不斷採用平台上的更多產品。

Subscription gross profit increased faster than top line at 33%, with SaaS gross margin expanding 300 basis points year over year to 80% in Q4. In addition to ongoing efficiency efforts across the business, the early benefit from leveraging AI to transform our customer support experience is contributing to margin expansion. Our SaaS net retention rate remained in a healthy range at 109% in 2025, led by solid contributions from upsell and location expansion from existing customers.

訂閱業務毛利成長速度超過營收成長速度，達到 33%，其中 SaaS 毛利率在第四季年增 300 個基點，達到 80%。除了公司內部持續推進的效率提升工作外，利用人工智慧改變客戶支援體驗所帶來的早期效益也促進了利潤率的成長。2025 年，我們的 SaaS 淨留存率維持在 109% 的健康水平，這主要得益於現有客戶的追加銷售和地理擴張的穩健貢獻。

Payments ARR grew 24%, and Fintech gross profit grew 25% in Q4. GPV was $51 billion, up 22% year over year, with Q4 GPV per location down 1% versus last year. Fintech net take rate was 58 basis points. Payments take rate increased 2 basis points from a year ago to 48 basis points.

第四季支付業務年度經常性收入成長了 24%，金融科技毛利成長了 25%。第四季 GPV 為 510 億美元，年增 22%，但第四季每個地點的 GPV 比去年下降 1%。金融科技淨收益率為 58 個基點。支付利率較上年同期上升 2 個基點，達到 48 個基點。

We continue to drive year-over-year take rate expansion from cost optimization efforts, new products, and ongoing price optimization, even after lapping the benefit from the September 2024 pricing adjustments. Non-payments fintech solutions, led by Toast Capital, contributed $51 million in gross profit and 10 basis points in take rate. Overall, the program continues to grow at a steady clip, and defaults remain consistent and well within our risk guardrails.

即使在 2024 年 9 月的價格調整帶來的好處已經過去之後，我們仍然透過成本優化、新產品和持續的價格優化來推動逐年增長。以 Toast Capital 為首的非支付金融科技解決方案貢獻了 5,100 萬美元的毛利和 10 個基點的成交率。總體而言，該計劃繼續穩步發展，違約率保持穩定，並遠低於我們的風險控制標準。

Hardware and professional services gross profit was negative 12% of our recurring gross profit streams. In addition to capitalizing on our customer acquisition momentum, we are absorbing higher tariff costs. Our strong overall unit economics and scale enable us to do this while maintaining healthy payback periods.

硬體和專業服務毛利占我們經常性毛利的 12%。除了利用客戶成長動能外，我們還在承受更高的關稅成本。我們強大的整體單位經濟效益和規模優勢使我們能夠在保持健康投資回收期的同時做到這一點。

Moving to expenses. We continue to balance investing in our highest priority initiatives across go-to-market and product while driving efficiencies across the business. Total full-year OpEx, excluding bad debt and credit-related expenses, grew 15%, providing 8 percentage points of operating leverage.

轉到費用部分。我們將繼續平衡對市場推廣和產品等最高優先事項項目的投資，同時提高整個業務的效率。全年營運支出總額（不包括壞帳和信貸相關支出）增加了 15%，提供了 8 個百分點的營運槓桿。

In Q4, sales and marketing expenses increased 21%. We’re investing to support our market share gains in the core, expanding our account management team, and scaling the international and retail go-to-market teams to accelerate our progress. R&D increased 7% as we invest in product differentiation and add capabilities to expand our product market fit across our new growth markets.

第四季度，銷售和行銷費用成長了 21%。我們正在投資以支持我們在核心市場份額的成長，擴大我們的客戶管理團隊，並擴大國際和零售市場推廣團隊，以加速我們的發展進程。研發投入成長了 7%，我們投資於產品差異化，並增加能力以擴大我們在新興成長市場的產品市場契合度。

Adjusted EBITDA grew 47% to $163 million, a 32% margin. Stock-based compensation as a percentage of recurring gross profit, was 12%, down nearly 5 percentage points versus a year ago. That contributed to GAAP operating income more than doubling to $85 million.

調整後 EBITDA 成長 47% 至 1.63 億美元，利潤率為 32%。股票選擇權費用佔經常性毛利的百分比為 12%，比一年前下降了近 5 個百分點。這使得 GAAP 營業收入翻了一番多，達到 8,500 萬美元。

We’ve dramatically expanded adjusted EBITDA over the last few years, reflecting the strong unit economics of our business and focused capital allocation. Dollar-based payback period for our portfolio remained in the mid-teen months in 2025, consistent with the last few years. Our new towns represent significant ARR opportunities, and our early success and strong customer signal give us confidence in our right to win. Payback periods across our new towns are above the core today, given we are earlier in building our go-to-market and product offering.

過去幾年，我們的調整後 EBITDA 大幅成長，這反映了我們業務強勁的單位經濟效益和集中的資本配置。到 2025 年，我們投資組合的美元投資回收期仍維持在十幾個月左右，與過去幾年的情況一致。我們的新城鎮代表著重要的 ARR 機會，我們早期的成功和強大的客戶回饋使我們有信心贏得勝利。由於我們在市場推廣和產品供應方面起步較早，因此我們新城鎮的投資回收期比核心城鎮要長。

As we scale and mature in these areas, we are confident each one is on a path to under 20 months. We have a proven track record and clear roadmap to improve payback periods. In the core, payback dropped from 22 months in 2019 to 14 months in 2023. During that time, we expanded our product offering to increase ARPU and built the flywheel effect, growing referrals and scaling the go-to-market motion to increase rep productivity.

隨著我們在這些領域規模的擴大和能力的提升，我們有信心每個領域都能在 20 個月內完成。我們擁有良好的業績記錄和清晰的路線圖，可以縮短投資回收期。核心投資回收期從 2019 年的 22 個月縮短至 2023 年的 14 個月。在此期間，我們擴大了產品供應，以提高 ARPU，並建立了飛輪效應，增加了推薦量，擴大了市場推廣規模，從而提高了銷售代表的生產力。

We also enabled our team with customer acquisition guardrails that balance efficiency and win rate. Since 2023, we’ve held core payback steady, and we believe operating in this range provides the right balance of growth and discipline, and supports our long-term margin profile of over 40%. We are taking the same approach in our new towns, expanding product capabilities to increase win rates and ARPU, and scaling go-to-market to build the flywheel. Our near-term priority is investing to gain share.

我們也為團隊制定了客戶獲取方面的指導原則，以平衡效率和成交率。自 2023 年以來，我們一直保持核心投資回報穩定，我們相信在這個範圍內營運能夠實現成長和紀律的適當平衡，並支持我們超過 40% 的長期利潤率。我們在新城鎮也採取了同樣的策略，擴大產品功能以提高勝率和每位用戶平均收入，並擴大市場推廣規模以建立飛輪效應。我們近期的首要任務是投資以獲得市場份額。

Over time, we have a clear path to optimize and drive efficiencies in the unit economics as we’ve done in the core. These new areas also leverage our core platform and centralized functions, giving us confidence that at scale, these new towns will drive meaningful profitability.

隨著時間的推移，我們將有一條清晰的路徑來優化和提高單位經濟效益，就像我們在核心業務中所做的那樣。這些新區域也充分利用了我們的核心平台和集中式功能，讓我們有信心，隨著規模的擴大，這些新城鎮將帶來可觀的獲利能力。

Moving to capital allocation. We’ve repurchased approximately 8 million shares for $235 million since the inception of our buyback authorization in 2024, including 3 million shares for $107 million in 2025. Returning capital to shareholders is an important part of our approach to driving long-term shareholder value, and the Board has approved a $500 million increase to our share repurchase authorization. We do not have a specific timetable to complete the authorization and will maintain the same approach to buybacks, opportunistically repurchasing shares based on market conditions to support long-term shareholder value.

接下來討論資本配置。自 2024 年獲得回購授權以來，我們已回購了約 800 萬股，總額達 2.35 億美元，其中包括 2025 年回購的 300 萬股，總額達 1.07 億美元。向股東返還資本是我們推動股東長期價值的重要措施之一，董事會已批准將股票回購授權增加 5 億美元。我們沒有完成授權的具體時間表，並將繼續採取相同的股票回購方式，根據市場狀況擇機回購股票，以支持股東的長期價值。

Turning to guidance and our outlook for the year ahead. Aman and I have highlighted our strong momentum across the Board, and our 2026 outlook builds on this trajectory. We remain well positioned to grow net location ads in 2026 compared to 2025, and sustain mid-single-digit SaaS ARPU growth on an ARR basis.

接下來談談我們的業績指引和對未來一年的展望。阿曼和我強調了我們各方面的強勁發展勢頭，而我們對 2026 年的展望正是建立在這一發展軌跡之上。與 2025 年相比，我們仍有望在 2026 年實現淨位置廣告的成長，並在 ARR 的基礎上保持 SaaS ARPU 的中等個位數成長。

For the full year, we expect 20% to 22% growth in our recurring gross profit streams and adjusted EBITDA of $775 million to $795 million. Implying margins are slightly up year over year, consistent with the expectation we shared last quarter. In addition to the investments we’re making in future growth and higher tariff costs, our guidance also includes approximately 150 basis points of negative impact from higher memory chip costs for our hardware. This headwind emerged since we shared our initial expectations last quarter, with memory costs increasing from the surge in global demand for chips.

我們預計全年經常性毛利將成長 20% 至 22%，調整後 EBITDA 將達到 7.75 億美元至 7.95 億美元。這意味著利潤率同比略有上升，與我們上個季度的預期一致。除了我們對未來成長和更高關稅成本的投資外，我們的業績預期還包括硬體記憶體晶片成本上漲帶來的約 150 個基點的負面影響。自從上個季度我們公佈初步預期以來，這種不利因素開始出現，因為全球對晶片的需求激增導致記憶體成本上升。

We expect the cost pressure to be weighted towards the second half of the year as inventory with our higher cost parts roll out. We anticipate the market to stabilize over time, and while near-term hardware costs will be elevated, this does not structurally change our long-term financial profile.

我們預計成本壓力將集中在下半年，因為含有較高成本零件的庫存將陸續推出。我們預期市場會隨著時間的推移而趨於穩定，雖然短期硬體成本會較高，但這不會從根本上改變我們的長期財務狀況。

Over the past few years, we’ve demonstrated the power and leverage in our business model, rapidly expanding margins to hit our medium-term target faster than expected while sustaining over 30% growth, investing in product innovation, and building the next set of growth levers for the company. We are positioning Toast to sustain high growth for the next 5 to 10 years and have high conviction and strong signal across our key growth opportunities.

在過去的幾年裡，我們展現了我們商業模式的力量和槓桿作用，迅速擴大了利潤率，比預期更快地實現了中期目標，同時保持了 30% 以上的成長，投資於產品創新，並為公司建立了下一套成長槓桿。我們正在為 Toast 的未來 5 到 10 年保持高速成長做好準備，並且對我們的關鍵成長機會充滿信心，並有強烈的訊號表明這一點。

As we move through 2026, our bias is toward reinvesting potential top-line upside to go even faster on our growth initiatives, including new TAMs, product and AI investments, and seeding future growth bets. Our rigorous capital allocation approach is unchanged. We’ll only invest where the customer signal and data warrant going faster. We are confident delivering durable compounding growth with the incredible leverage and cash flow generation in our business model will maximize long-term shareholder value.

展望 2026 年，我們傾向於將潛在的營收成長再投資於我們的成長計劃，以更快地推進我們的成長計劃，包括新的目標市場、產品和人工智慧投資，以及為未來的成長押注提供種子資金。我們嚴格的資本配置方法保持不變。我們只會在客戶訊號和數據顯示需要加快步伐時才會進行投資。我們有信心，憑藉我們商業模式中強大的槓桿作用和現金流生成能力，實現持久的複合成長，從而最大限度地提高股東的長期價值。

Turning to our first quarter guidance, we expect the same seasonal patterns in 2026, with Q1 being lighter quarters for both net adds and GPV compared to the rest of the year. That’s reflected in our Q1 guidance for total fintech and subscription gross profit growth of 22% to 24% year over year, and adjusted EBITDA of $160 million to $170 million.

展望第一季業績，我們預計 2026 年的季節性模式與往年相同，第一季的淨新增客戶數和 GPV 都將比一年中的其他季度有所下降。這體現在我們第一季對金融科技和訂閱業務毛利年增 22% 至 24% 的預期，以及調整後 EBITDA 為 1.6 億美元至 1.7 億美元的預期。

To wrap up, we are executing across the Board, growing our core, expanding our TAM, and maintaining healthy margins as we scale. Heading into 2026, we’re laser focused on sustaining our momentum and continuing to execute at a high level across the business. We’re incredibly excited about what lies ahead for Toast and well-positioned to capture the massive opportunity ahead.

總而言之，我們正在全面推進各項工作，發展核心業務，擴大目標市場規模，並在規模擴張的同時保持健康的利潤率。展望 2026 年，我們將全力以赴保持發展勢頭，並繼續在整個業務範圍內保持高水準的執行力。我們對 Toast 的未來發展感到無比興奮，並已做好充分準備，抓住即將到來的巨大機會。

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生，開始問答環節。

(Operator Instructions) Timothy Chiodo, UBS.

（操作說明）Timothy Chiodo，瑞銀集團。

Great. Thank you for taking the question. I wanna first start with SaaS ARR per location. So you mentioned for the full year of 2026 that you’re confident in staying in that mid-single-digit range, which I think is great to hear.

偉大的。感謝您回答這個問題。我想先從每個地區的 SaaS ARR 資料開始。所以你提到，對於 2026 年全年，你有信心維持個位數中段的成長，我覺得這真是個好消息。

You mentioned that core and mid-market -- so core SMB and mid-market, are doing even better than that mid-single digit. There’s a little bit of a drag on the front book from International, Food and Beverage, retail, and Enterprise. But I was hoping you could just break down a little bit of those components because International and Food and Beverage, Retail, yes, they’re lower, but there are good signs of them improving and getting closer and closer.

您提到核心市場和中端市場——也就是核心中小企業和中端市場——的表現甚至比這個個位數的中段成長率還要好。國際、食品飲料、零售和企業等領域對首頁的影響略有拖累。但我希望您能稍微細分一下這些組成部分，因為國際、食品飲料、零售等領域，雖然它們的比例較低，但有跡象表明它們正在改善，而且差距越來越小。

Enterprise is sort of a different animal, right? Enterprise is sold differently, it’s got a different LTV to CAC profile. It’s very different. So really two questions related to this: one, if you could talk about the mid-single-digit SaaS ARR per location, maybe over the medium term; and then two, is if you could talk about if you’ve ever considered or would you consider just breaking out enterprise separately? Because some of these per location metrics would just look a little bit better if enterprise, again, sort of a different type of business, was broken out separately. Thanks.

企業的情況有點不一樣，對吧？企業級產品的銷售方式不同，其顧客終身價值與顧客取得成本的比例也不同。非常不同。所以實際上有兩個相關的問題：第一，您能否談談每個地點 SaaS ARR 在中期內達到個位數的中等水平；第二，您能否談談您是否曾經考慮過或是否會考慮將企業業務單獨拆分出來？因為如果將企業（這又是一種不同類型的企業）單獨列出，那麼其中一些按地點劃分的指標看起來會更好一些。謝謝。

Hey, Timothy. Thanks for the question. So, lots of confidence actually in SaaS ARPU growth to remain in mid-single-digits in '26, similar to what we saw in 2025. And to your point, core SaaS ARPU is actually growing faster than the total company based on exactly what you said, right?

嘿，蒂莫西。謝謝你的提問。因此，我們對 2026 年 SaaS ARPU 的成長充滿信心，預計仍將保持在個位數中段水平，與 2025 年的情況類似。正如你所說，核心 SaaS ARPU 的成長速度實際上比整個公司的成長速度更快，對嗎？

Some of these new TAMs today have lower SaaS ARPUs, but it’s early and we expect that as they -- we expect them to grow as they scale. And just one thing that we’ve looked at in our data, when you look across all three of our business new TAM, SaaS ARPU is ahead, actually, of where the core was at comparable times. So as we roll out more products, and we’re planning on doing that across all of them, we will see ARPU grow over the long term.

目前這些新TAM中的一些SaaS ARPU較低，但現在還處於早期階段，我們預計隨著它們規模的擴大，它們的ARPU將會成長。我們在數據中發現，當我們縱觀我們所有三個業務領域時，新的TAM和SaaS ARPU實際上都領先於核心業務在類似時期的表現。因此，隨著我們推出更多產品（我們計劃在所有產品中都這樣做），我們將看到 ARPU 在長期內成長。

And in terms of enterprise, you know, it’s a really great point that it’s a very different sales cycle. The way we look at it is different. We look at total ARR, really, when we look at enterprise, and we evaluate, to be honest, deal by deal, and the LTV to CAC per deal is really strong, right, there’s high ARR, low CAC, low churn, all of these elements really contributing to strong unit economics.

就企業而言，你知道，這確實是一個很好的觀點，因為它的銷售週期非常不同。我們的看法不同。我們真正關注的是企業級總 ARR，坦白說，我們會逐筆交易進行評估，而每筆交易的 LTV 與 CAC 比值非常高，對吧？ ARR 高，CAC 低，客戶流失率低，所有這些因素都對強勁的單位經濟效益做出了貢獻。

So really encouraged by what we see in international. And as we add more products like Drive-Thru, which we’ve talked about, it’s only an opportunity to continue to grow.

國際上的發展趨勢真的令人鼓舞。隨著我們增加更多產品，例如我們之前討論過的免下車服務，這只會為我們帶來繼續發展的機會。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, good evening. Thank you for taking the question. I wanted to ask on the net adds, really strong finish to close out the year in the fourth quarter. And you reiterating the expectation for net adds up this year. I think you mentioned in the prepared remarks that one of the goals this year is to prove out that the newer verticals can be a material driver of growth, and you’ve kind of given us some data points on that along the way so far.

嘿，晚上好。感謝您回答這個問題。我想問一下淨增收盤的情況，第四季收盤階段表現非常強勁。你重申了今年淨利潤成長的預期。我認為您在準備好的演講稿中提到，今年的目標之一是證明新興垂直領域可以成為成長的實質驅動力，而且到目前為止，您也已經向我們提供了一些數據點。

Maybe you could just talk a little bit about the mix of core versus new verticals this year. You know, what would be a good outcome, and what should we be looking, you know, to kind of gauge your success in those new parts of the business being a material contributor? Thanks.

或許您可以稍微談談今年核心業務與新興業務的組合情況。你知道，什麼樣的結果才算是好的結果？我們應該關注什麼，才能衡量你在業務新領域的成功，以及你是否能做出實質貢獻？謝謝。

Yeah. Hey, Will. So I think first off, as you mentioned, we’re really proud of our, our performance here in 2025. Every quarter in 2025, our net adds were up year over year. And in fact, in Q4 of 2025, the rate of growth accelerated, you know, to over 100. So I think that’s really a testament to the team’s performance.

是的。嘿，威爾。所以我覺得首先，正如你所提到的，我們為我們在 2025 年的表現感到非常自豪。2025 年每個季度，我們的淨新增用戶數都比去年同期有所成長。事實上，到了 2025 年第四季度，成長率加速，超過了 100%。所以我認為這確實證明了球隊的出色表現。

Now, in terms of the composition, what we saw last year was the core was in the same range, and a lot of the incremental growth on net adds came from these new towns. Now, if you think about the core, you know, locations and market share has doubled over the past three years. And so when we look at this year now, what we expect is actually a very similar pattern to play out, where the core should be in a similar range to 2025, and the new TAM should grow further, which is why we have a lot of confidence that net add growth in 2026 should be even higher than 2025.

從組成上看，去年我們看到核心人口數量與去年持平，淨新增人口的很大一部分增長來自這些新城鎮。現在，如果你考慮核心業務，你會發現，在過去三年裡，業務地點和市場份額都翻了一番。因此，當我們展望今年時，我們預計會出現非常相似的模式，核心市場規模應該與 2025 年的規模相近，而新的 TAM 市場規模應該會進一步增長，這就是為什麼我們非常有信心 2026 年的淨新增市場增長率甚至會高於 2025 年。

And some of that is, of course, we’re investing go-to-market capacity. We talked about that in retail. Some of it’s the sales capacity we have added, ramping. And then we’re also doing some early testing. We’re learning, you know, beyond food and beverage retail, and you know, as we expand the TAM further, that’ll give us some upside over the long term as well.

當然，其中一部分是我們對市場推廣能力的投資。我們在零售業討論過這個問題。部分原因是我們新增的銷售能力正在逐步提升。然後我們還在進行一些早期測試。我們正在學習，你知道，超越食品和飲料零售，你知道，隨著我們進一步擴大TAM（總市場規模），從長遠來看，這也會為我們帶來一些好處。

Great. I appreciate that. And then if I could squeeze in a follow-up. I was wondering if you could maybe just address kind of the elephant in the room around AI disruption in software. I mean we used to talk about post trading like a software company has been the bull case, but now that it's gotten up in this AI narrative, I was hoping I could just give you before and you could talk about how you think about the moat around this business and why or why not new entrants leveraging new technology, you know, are or aren’t a threat to the business? Thanks.

偉大的。我很感激。如果我能擠出時間再補充一點就好了。我想問一下，您是否可以談談人工智慧對軟體產業帶來的顛覆性影響這個大家都心知肚明卻又難以啟齒的問題？我的意思是，我們過去常常談論交易後軟體公司是牛市的一面，但現在它已經融入了人工智慧的敘事中，我希望我能先和你談談，你如何看待這個行業的護城河，以及為什麼或為什麼不是利用新技術的新進入者對這個行業構成威脅？謝謝。

Yeah. Yeah, sure, Will. Look, I think if you think about what Toast is, we’re the most important piece of technology restaurateurs use to run their business. Like, we’re where all the work gets done. And you think about, like running the operations, front of house, back of house, kitchen, all the reporting and analytics and data, the guest experience, like a restaurant’s website, online ordering, gift, loyalty, employee management, you know, finance; and it’s really broad.

是的。當然可以，威爾。你看，如果你想想 Toast 是什麼，就會發現我們是餐飲經營者用來經營業務的最重要的科技工具。例如，我們這裡就是所有工作完成的地方。想想看，例如餐廳的運營，前廳、後廚、廚房，所有的報告、分析和數據，顧客體驗，例如餐廳的網站、線上訂餐、禮品、會員、員工管理，你知道，財務；它的範圍非常廣泛。

If you think we don’t talk enough about how if you think about everything Toast offers, it’s software, it’s also hardware, it’s fintech. So things like lending and payments, payroll, with the heavy regulatory and compliance needs. We power the network of these restaurants, and then we’ve got hundreds of partners that sit on top of Toast to extend what our platform offers.

如果你認為我們對 Toast 提供的服務談論得不夠多，那麼想想 Toast 提供的所有服務，它包括軟體、硬體和金融科技。因此，像是貸款和支付、工資發放等，都面臨嚴格的監管和合規要求。我們為這些餐廳的網路提供技術支持，然後我們還有數百家合作夥伴依賴 Toast 平台，擴展我們平台的功能。

And if you talk to our customers, the other thing you’ll hear is, in addition to all the technology that we power, they also look to us to leverage all this technology, almost like an outsourced CIO, like all the sales and services team that enable our customers to leverage all of our technology. And so I think there’s a lot to the Toast platform. I actually think AI is an opportunity for us to lean in even further.

如果你和我們的客戶交談，你還會聽到，除了我們提供的所有技術之外，他們還希望我們能夠利用所有這些技術，就像一個外包的首席資訊長一樣，就像我們所有的銷售和服務團隊一樣，使我們的客戶能夠利用我們所有的技術。所以我認為 Toast 平台有很多值得稱道的地方。我其實認為人工智慧是一個讓我們更進一步的機會。

You know, you look on the customer side, I talked a little bit about this in my prepared remarks, we are -- we started off early on by, you know, automating certain key workflows, like generating an email campaign, or maybe it’s about getting inventory on the shelf faster.

你知道，從客戶的角度來看，我在準備好的演講稿中也稍微談到了這一點，我們——我們很早就開始自動化一些關鍵的工作流程，比如生成電子郵件營銷活動，或者更快地將庫存上架。

And now with Toast IQ, it’s this Copilot that actually can help restaurateurs leverage more of our platform, whether it’s analysis or data, it’s automating certain workflows, making changes to the Toast back end. Voice, I think, is another opportunity. You think about walking up to a kiosk or in a drive-thru, or walking up to a terminal and leveraging voice to automate some of the work of placing an order. And then longer term, you know, we are investing in a big way in Toast IQ to do even more.

現在有了 Toast IQ，這個 Copilot 實際上可以幫助餐廳經營者更好地利用我們的平台，無論是分析還是數據，它都可以自動化某些工作流程，並對 Toast 後端進行更改。我認為，語音技術是另一個機會。您可以想像一下，走到自助點餐機或免下車點餐窗口，或是走到終端機前，利用語音來自動完成一些下單工作。從長遠來看，我們正在大力投資 Toast IQ，以實現更大的發展。

So I talked about how restaurateurs spend a lot of, they outsource, you know, work around generating demand with marketing or bookkeeping, payroll and tax, and we think there’s an opportunity there because a lot of that is our data that’s powering those experiences. There’s an opportunity there to actually make some of those workflows more agentic than they have been in the past, and to create and to do them better and to do them cheaper. So I look at AI as an opportunity for Toast to lean in to and drive innovation and impact for our customers and versus being a risk to business.

所以我談到了餐廳老闆如何花費大量資金，他們將行銷、記帳、工資和稅務等工作外包出去，以創造需求，我們認為這裡存在機會，因為很多時候，我們的數據正在為這些體驗提供支援。這裡存在一個機會，可以真正讓其中一些工作流程比過去更具自主性，並以更低的成本更好地創建和完成它們。因此，我認為人工智慧是 Toast 可以大力投入並為我們的客戶帶來創新和影響的機會，而不是對業務構成風險。

Tsien-Tsin Huang, JP Morgan.

黃建進，摩根大通。

Hey, thanks so much. Nice results. Just to add on to your answer to Will's question there. Is your margin framework, Aman, give you the leeway to lean harder into R&D to the extent that AI creates more opportunity, more tools, product services that you just talked about that customers demand? I'm just curious how you're balancing that, again, the leeway to lean in if you need to?

嘿，非常感謝。結果不錯。我只是想補充你對威爾問題的回答。阿曼，你的利潤框架是否允許你加大研發投入，以應對人工智慧帶來的更多機會、更多工具、產品服務以及客戶所需的其他需求？我只是好奇你是如何平衡這兩者的，也就是在必要時如何留有餘地去積極參與？

Yeah. I'll start in, Aman, maybe you --

是的。我先來，阿曼，或許你--

Go ahead.

前進。

But, Tien-Tsin you're exactly right. Well, part of the reason, in fact, when you just think about our margin profile, we're not expanding margins faster because we're investing in R&D to really sustain this long-term growth that we've talked about innovating for our customers, solving problems for them. That said, our margin framework is to hit that head on remains unchanged, right? We're targeting 40% margins over the long term. And that pace, this is really important. The pace at which we drive that margin is in our control.

但是，田心，你說得完全正確。事實上，部分原因在於，當你仔細想想我們的利潤率情況時，你會發現我們利潤率的成長速度並不快，因為我​​們正在投資研發，以真正維持我們一直所說的為客戶創新、為他們解決問題的長期成長。也就是說，我們正面應對這種情況的利潤框架仍然保持不變，對吧？我們長期目標是實現 40% 的利潤率。而這個速度，真的非常重要。我們能夠控制擴大這項優勢的速度。

And then a lot of things that Aman has said around AI investment, we view that as an incredible opportunity to accelerate and do more for our customers over time.

此外，Aman 也談到了很多關於人工智慧投資的觀點，我們認為這是一個絕佳的機會，可以隨著時間的推移加速發展，為我們的客戶做更多的事情。

Yeah. That's well said, Elena. I just want to reinforce one point. We are here to build a generational company over the next decade. You know, if the reason we’re investing across the business, including in R&D in a big way, is because we think we can serve many multiples of the current 10 that we serve, and we can increase the impact through investments we’re making across the platform.

是的。說得好，埃琳娜。我只想強調一點。我們的目標是在未來十年內打造一家能夠傳承幾代的公司。你知道，我們之所以在整個業務範圍內進行投資，包括大力投資研發，是因為我們認為我們可以服務於目前服務 10 家客戶中的許多家，並且我們可以透過在整個平台上進行的投資來增加影響力。

And so, that’s why we’re investing in R&D. And if we wanted to focus on near shorter-term margin expansion, we absolutely could do that. It’s really about investing for the long term.

所以，這就是我們投資研發的原因。如果我們想專注於短期利潤率擴張，我們完全可以做到。這其實是關於長期投資的問題。

Matt Coad, Trust securities.

Matt Coad，信託證券。

Hey, guys. Thanks for taking the question here. Aman, really appreciate all the AI commentary so far. I just wanted to ask one more. Just curious with all of the broadening out of Toast IQ and everything it's doing for merchants, are you seeing to IQ kind of be a big reason why you're starting to win RFPs? And then if so, what type of merchants find the most value in these tools?

嘿，夥計們。感謝您接受這個問題。Aman，非常感謝你目前為止對人工智慧的所有評論。我只想再問一個問題。我很好奇，隨著 Toast IQ 的不斷擴展以及它為商家所做的一切，您是否認為 IQ 是您開始贏得 RFP 的一個重要原因？那麼，如果屬實，哪些類型的商家最能從這些工具中獲益呢？

Yeah. Today, the focus, I think, is really in our SMB business, and we’re certainly seeing our go-to-market team and our customers. I shared some of the data in terms of usage and adoption. They play a big role in terms of why people are picking Toast.

是的。我認為，今天的重點確實在於我們的中小企業業務，我們當然也關注著我們的市場推廣團隊和我們的客戶。我分享了一些關於使用情況和採用率的數據。它們在人們選擇 Toast 的原因中起著重要作用。

And I think what they-- what customers like about it, if you think about the average SMB restaurant owner, what they like about Toast IQ is that you’ve got this copilot that you can query. So whether it’s simple things like asking questions, analyze data, it’s much faster than finding the specific sub-report that they need. You can generate custom views and data that maybe in the past you’d have to export to Excel and create a custom view on.

我認為，如果你想想一般的中小型餐廳老闆，他們喜歡 Toast IQ 的原因在於，它提供了一個可以查詢的輔助工具。因此，無論是提出問題、分析數據等簡單的事情，都比尋找他們需要的特定子報告要快得多。您可以產生自訂視圖和數據，而過去您可能需要將這些數據匯出到 Excel 並建立自訂視圖。

You can make changes to the back end of Toast, as I mentioned. So it’s -- if you want to (inaudible) that, for example, or change what shows up on online for online ordering. All these workflows that are so crucial, the ability to do them faster has really been valuable for our customers, and we’re certainly seeing that in our sales cycles. We’re seeing our sales team is super excited about it and sees the impact it has because our tool is really purpose-built, right, for the restaurants, because a lot of the data and the use cases are focused on the workflows that our customers care about.

正如我之前提到的，你可以對 Toast 的後端進行更改。所以，如果你想（聽不清楚）那樣做，例如，或更改線上訂購時在線上顯示的內容。所有這些至關重要的工作流程，能夠更快地完成它們對我們的客戶來說真的很有價值，我們在銷售週期中也確實看到了這一點。我們看到銷售團隊對此感到非常興奮，並且看到了它的影響，因為我們的工具確實是專門為餐廳量身打造的，對吧？因為很多數據和用例都集中在客戶關心的工作流程。

So it’s early -- and again, I’d say it’s early, as I mentioned earlier. I think over time we think there’s an opportunity to start to automate more and more complex workflows. So think about like, you know, imagine almost if I’m a restaurant, I want to think about demand when I’m slower, generating marketing spend towards advertising to say, help me drive more demand, in a budget, for example. And then over time, you know, start to make more of the work, more agnostic.

所以現在還早——而且我再次強調，現在還早，正如我之前提到的。我認為隨著時間的推移，我們有機會開始自動化越來越複雜的工作流程。所以想想看，假設我是一家餐廳，我想在生意清淡的時候考慮需求，例如在預算有限的情況下，透過廣告等行銷手段來刺激需求。然後隨著時間的推移，你知道，開始讓更多的作品變得更中立。

So again, good to see the early progress, and we’re gonna continue to invest to make it better investor- better, based upon customer feedback.

所以，很高興看到目前的進展，我們將繼續投資，根據客戶回饋，使其對投資者更加有利。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great, thanks for the question. Changing gears a little bit. Could you expand on the drive-thru product rollout? I think that you acquired a company called Delphi several years ago that had drive-thru tech, and I'm just wondering if that's a segment of the market that you have been addressing already? Or does this rollout open up that market?

太好了，謝謝你的提問。稍微換個話題。可否詳細介紹一下得來速產品的推出情況？我記得你們幾年前收購了一家名為 Delphi 的公司，該公司擁有得來速技術，我想知道這是否是你們已經開始涉足的市場領域？或者說，此次推廣是否會開拓這個市場？

Yeah. So far, our focus upmarket in Enterprise has been a non-drive-thru. If you look at all of our wins so far and the progress we've made, right? It's been in casual dining, it's been in sit-down. It's not been where drive-thru is the primary mode of their operations.

是的。到目前為止，我們在企業高端市場的重點一直是非免下車服務。看看我們迄今為止的所有勝利和進步，對吧？它既出現在休閒餐飲場所，也出現在正式餐廳。以前，免下車服務並不是他們的主要經營模式。

And the investments we're making now, we're going to -- we're planning to launch our drug through product this year, which is going to open up that market in a much bigger way than has been available historically. It doesn't mean that some customers don't use -- that have got small drive-thru -- small amount of rights part of their business don’t use Toast, but there's a lot to supporting multilane drive-thru and some of the complexity that exists there that we're launching this year.

我們現在進行的投資，是為了——我們計劃今年推出我們的藥物產品，這將以比以往更大的方式開拓市場。這並不意味著一些擁有小型得來速通道的客戶不使用 Toast，他們業務的一部分權限較小，但支援多車道得來速通道有很多工作要做，而且其中存在一些複雜性，而這些正是我們今年要推出的功能。

Okay. That's really helpful. And along those lines, are there any other segments of the US market that like you're not able to address today because of product, but maybe it's a potential on the product road map and opening that up down the road?

好的。這真的很有幫助。由此看來，美國市場上還有哪些細分領域，由於產品原因，你們目前無法涉足，但也許這已列入產品路線圖，未來有機會開拓？

Yeah. Yeah, it's a good question. We're seeing across whether it's SMB or enterprise, there are parts of the TAM where we think we can create more value. And as I mentioned, like, for example, in SMB, for non-English-speaking operators, there's some work we've done and we are doing that I think will help.

是的。是的，這是個好問題。我們看到，無論是中小企業或大型企業，在潛在市場中總有一些部分我們認為可以創造更大的價值。正如我剛才提到的，例如，在中小企業領域，對於非英語運營商，我們已經做了一些工作，並且正在做一些工作，我認為這會有所幫助。

Even in parts of TAM where we're established, like bars or pizzerias or membership clubs, we're making some improvements to our product that I think can drive for the win rate. And then upmarket and enterprise, there's opportunity in some segments of the market, like sports And Entertainment as an example, where we've got some traction but we think improving the product can open up that opportunity further.

即使在我們已經站穩腳跟的 TAM 地區，例如酒吧、披薩店或會員俱樂部，我們也在對我們的產品進行一些改進，我認為這可以提高成交率。此外，在高端市場和企業市場，某些細分領域存在機會，例如體育和娛樂領域，我們已經取得了一些進展，但我們認為改進產品可以進一步開拓這些機會。

And then, even other sub-TAMs, you think about like golf, for example, where we think we’ve got some adoption, but not at scale. And so the product team is always looking at, like, all of our data, in a de-average way, where they’re looking at what are our win rates, what’s our market share across all these sub-TAMs. And then using the size of the opportunity to prioritize their roadmaps.

然後，即使是其他細分市場，例如高爾夫，我們認為我們已經取得了一些進展，但規模還不夠大。因此，產品團隊總是以一種去平均化的方式查看我們所有的數據，他們會查看我們的勝率是多少，我們在所有這些子TAM中的市場份額是多少。然後利用這一機會的規模來決定其路線圖的優先順序。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Thanks, and nice results. Taking a step back to put 2026 in perspective, you’re still growing really well while investing heavily. Do you see it as a peak investment year? Is it, at least as it relates to the current cycle? And then related to that, your initial guide for RGP in 2026 implies a back half deceleration. Is there anything you’d like to call out there that’s driving that initial guide or reasons it could prove conservative? Thanks.

謝謝，效果不錯。退一步來看，展望 2026 年，你們在大力投資的同時，仍然保持著非常好的成長動能。你認為今年是投資高峰年嗎？至少就當前週期而言，情況確實如此嗎？此外，與此相關的是，你對 2026 年 RGP 的初步指導表明後半程增速放緩。您認為有哪些因素促成了最初的指導原則，或者有哪些原因可能導致該原則過於保守？謝謝。

Yeah, sure. I’ll take the last question first. Just in terms of how we guide, right? As we start the year, we take a pretty balanced view, as you know, looking at past years. And obviously with GTP, we want to be balanced, but we always aim to do better. Just keep that in mind as we progress. We’ll update you on that over time.

當然可以。我先回答最後一個問題。就我們引導的方式而言，對吧？如你所知，在新的一年伊始，我們會採取相當平衡的視角，回顧過去幾年的情況。顯然，對於 GTP 來說，我們希望保持平衡，但我們始終力求做得更好。請記住這一點，我們接下來會繼續討論。我們會隨時向您報告最新情況。

And then in terms of your first question, you know, on peak investment year. As Aman said earlier, like we’re really thinking about this over the long term. We’re trying to build a generational business, right? And have an ambition to find opportunities where we have the right to win, where the customer signal is really strong. And so 2026 reflects our conviction behind these new TAMs that we’ve talked about.

然後，關於你的第一個問題，你知道，關於投資高峰年。正如阿曼之前所說，我們確實在從長遠角度考慮這個問題。我們正在努力打造一家能夠傳承幾代的企業，對吧？並且要有雄心壯志去尋找我們有把握獲勝的機會，尋找客戶訊號非常強烈的機會。因此，2026 年體現了我們對這些我們討論過的新的 TAM 的信念。

We haven’t changed our long-term margin profile, as I talked about earlier. In fact, we have a lot of conviction, I think even more conviction, because of these TAMs and the fact that we have a path to sub-twenty months. So zooming out, you know, what you’re seeing in 2026 is our confidence that we’ve identified new TAMs that will drive durable growth over the very long term. And like I said earlier, driving margin and the timing of that is really in our control.

正如我之前所說，我們的長期利潤率結構並沒有改變。事實上，我們信心十足，我認為更有信心，因為這些 TAM 數據以及我們有辦法將交付週期縮短到 20 個月以內。所以從長遠來看，到 2026 年，我們看到的是我們有信心已經確定了新的潛在市場規模，這些規模將在非常長期的時間內推動持續成長。就像我之前說的，利潤率以及利潤率的實現時機其實都由我們掌控。

Dominic Ball, Rothschild & Co.

多明尼克鮑爾，羅斯柴爾德公司

Thanks for the question. Another question on AI. You know, it’s very much dominating the debate with investors. The key concern, of course, is software becoming more commoditized.

謝謝你的提問。關於人工智慧的另一個問題。你知道，這在與投資者的討論中佔據了主導地位。當然，最關鍵的問題是軟體變得越來越商品化。

So Aman, could you speak a bit more about Toast potentially evolving beyond a software provider into more of a platform business, particularly through the strength of your ecosystem partnerships? Any more additional color on that and how that ecosystem kind of deepens your moat over time would be really helpful. Thank you.

那麼 Aman，您能否再詳細談談 Toast 如何從軟體供應商發展成為平台型企業，尤其是在您強大的生態系統合作夥伴關係的支持下？如果能再詳細解釋一下，以及這種生態系統如何隨著時間的推移加深你的護城河，那就太好了。謝謝。

Yeah, sure, Dominic. I mean, if you look at Toast today, right, it is already, I’d say more than a software provider for our customers. Like, we’ve got -- and I think to your point about, like, how do you deepen the moat? You know, it’s continuing to invest to make the platform better and better to support the use cases that our customers want, including what they have.

當然可以，多明尼克。我的意思是，如果你看看今天的 Toast，對吧，它已經不僅僅是我們客戶的軟體供應商了。例如，我們有──而且我認為你剛才說的，比如，如何加深護城河？你知道，我們會持續投資，讓平台越來越好，以支援客戶想要的各種用例，包括他們已經擁有的東西。

And so if you look at today, like the Toast platform, it’s got software. It’s got a broad software platform across, you know, powering operations, employees, guests, you know, finance -- fintech. I think it’s less well known, we power the network in these restaurants as well. And then we’ve got, as you mentioned, this large partner ecosystem that sits on top.

所以，如果你看看今天的 Toast 平台，它就有了軟體。它擁有一個覆蓋面廣的軟體平台，為營運、員工、客戶、金融（金融科技）等領域提供支援。我認為這一點不太為人所知，我們也為這些餐廳提供網路支援。然後，正如您所提到的，我們還有一個龐大的合作夥伴生態系統位於其頂端。

And so part of the reason the average SMB restaurateur picks Toast is because we simplify all aspects of the technology needs they have to help them run their business. Like, they love the all-in-one nature of our platform. And so, and I think the more we can continue to lean in to make our platform better and better. I mentioned some examples early on with Toast IQ and a voice AI.

因此，中小餐館經營者選擇 Toast 的部分原因是，我們簡化了他們經營業務所需的所有技術需求。他們很喜歡我們平台的一體化特性。所以，我認為我們應該繼續努力，讓我們的平台變得越來越好。我之前提到過一些關於 Toast IQ 和語​​音人工智慧的例子。

And then lastly, if you look at the average restaurateur, they’re spending a lot on fractional work. That’s actually not even full-time hires that the restaurants have. A good example is to drive marketing and demand, you might have someone fractionally on the team, or to manage your books, or accounting and bookkeeping, or to help you with payroll and tax. And those are areas where the data, as I mentioned, comes from Toast.

最後，如果你看看普通的餐廳老闆，你會發現他們在零散的工作上花了很多錢。實際上，這些甚至不是餐廳的全職員工。一個很好的例子是，為了推動行銷和需求，你可以聘請一位兼職人員加入團隊；或者為了管理你的帳簿、會計和簿記，或者為了幫助你處理薪資和稅務問題。正如我之前提到的，這些數據都來自 Toast。

And so we think with OIC, the vision is to start to support more and more complex workflows over time, which eventually, I think, could be actually doing some of the work. And so that's really the vision there in terms of where we're headed with AI. And then I think in terms of your question on what Toast does the software provider I'd argue even already today, cost is a lot more than just a software provider for our customers.

因此，我們認為 OIC 的願景是隨著時間的推移，開始支持越來越複雜的工作流程，最終，我認為，它實際上可以完成一些工作。所以，這就是我們對人工智慧發展方向的願景。至於你問的 Toast 作為軟體供應商的作用，我認為即使在今天，我們為客戶提供的價值也遠遠不止於軟體供應商。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Hey, guys. Thank you. Last but not least, I guess. Quick question and a follow-up on the back to the AI environment, can you maybe talk about sort of the top four to five cross-sell modules and how much of the SaaS AR they represent? And then I have a quick follow-up. Thank you.

嘿，夥計們。謝謝。最後，我想也是最重要的一點。關於回到人工智慧環境，還有一個後續問題：您能否談談排名前四到五個的交叉銷售模組，以及它們在 SaaS AR 中佔比多少？然後我還有一個簡短的後續問題。謝謝。

Hey, Dan. Is the question specific to cross-sell modules tied to AI or -- just to clarify the question.

嘿，丹。這個問題是否特別指與人工智慧相關的交叉銷售模組？ ——為了澄清一下問題。

Yeah, just like given that there’s so much focus on like AI and software, like what are the most kind of important modules that you’re selling in terms of like SaaS, right now?

是的，鑑於現在大家都很關注人工智慧和軟體，那麼就 SaaS 而言，你們目前銷售的最重要的模組是什麼？

Yeah. Yeah, it’s a good, it’s a good question. If you look at the history of like how our platform has evolved, so initially with AI, it was about automating some of the simpler work that a restaurateur had to do. So I’ll give you a simple example. If I’m using our marketing module to drive demand, it’s really valuable to be able to actually generate those email campaigns with AI, because we’ve got lots of data, and with generative AI, you can generate campaigns that’s much faster.

是的。是的，這是一個很好的問題。回顧我們平台的發展歷程，最初引入人工智慧是為了自動化餐廳經營者必須完成的一些比較簡單的工作。所以我給你舉個簡單的例子。如果我使用我們的行銷模組來推動需求，那麼能夠利用人工智慧實際產生這些電子郵件行銷活動就非常有價值，因為我們有很多數據，而藉助生成式人工智慧，您可以更快地產生行銷活動。

Similarly, if you want to bring inventory to your shelf, or online, on e-commerce, the ability to leverage our master catalog and generate images with AI, generate descriptions with AI, just makes that workflow faster. So that’s really how -- that’s an example of how AI is actually embedded across our platform. And if you look at, like, features in guests or employee, for example, with scheduling, right? Being able to forecast demand and be able to automate a schedule is an area that we’re working on, to automate the speed with which restaurateurs can drive an efficient labor schedule.

同樣，如果您想將庫存商品上架到您的貨架上，或者上架到電子商務平台，利用我們的主目錄並使用 AI 生成圖像和描述，就能加快工作流程。所以，這就是人工智慧如何真正嵌入我們平台中的一個例子。如果你看一下客人或員工的功能，例如日程安排，對吧？預測需求和排班自動化是我們正在努力的方向，目的是提高餐廳經營者制定高效勞動力排班的速度。

So it’s really across the board in the platform that we’ve asked our R&D teams to focus on ways to leverage AI to make the platform stronger and better. And specifically on your question on where are we driving cross-sell, I’d say Toast IQ and the adoption of Toast IQ is really the foundation. You know, we have seen really good adoption so far, and as I mentioned, it’s helping us drive win rates.

因此，我們要求研發團隊在平台的各個方面都專注於利用人工智慧來增強和改進平台。具體來說，關於您提出的「我們如何推動交叉銷售」的問題，我認為 Toast IQ 以及 Toast IQ 的採用才是真正的基礎。你知道，到目前為止，我們已經看到了非常好的普及率，而且正如我所提到的，它正在幫助我們提高勝率。

And over time, within that Toast IQ framework, you know, we will, we will launch more, whether it’s more complex workflows, agentic workflows. The examples I think I shared were things like marketing and payroll and bookkeeping, where it’s really owning the whole function over time, and then, of course, with voice as well. So, that’s where we’re headed. And, you know, so far it’s, and the focus really is right now is getting the Toast IQ platform to be adopted more widely.

隨著時間的推移，在 Toast IQ 框架內，我們將推出更多功能，無論是更複雜的工作流程還是代理商工作流程。我分享的例子包括行銷、薪資和簿記等，這些都需要隨著時間的推移真正掌握整個職能，當然，還有語音功能。所以，這就是我們的目的地。而且，你知道，到目前為止，重點確實是讓 Toast IQ 平台得到更廣泛的採用。

Great. Thanks. And maybe just, like a quick follow-up on the location metric has been obviously, like front and center. Like, as we move forward in the outer years, is this still sort of the main metric? Or there’s something else you’d like investors and analysts to be focused on? Thank you and great results.

偉大的。謝謝。或許，就像對位置指標的快速跟進一樣，顯然，位置指標一直是關注的焦點。例如，隨著時間的推移，這是否仍然是主要的衡量標準？或者您希望投資者和分析師關注其他方面？謝謝，效果很好。

Yeah. Yeah, thanks, Dan. I can start. I think -- look, at the end of the day, it’s about driving durable growth. You know, it’s about driving ARR, recurring gross profit. We guide on recurring gross profit and balancing that with healthy margins as we continue to scale.

是的。謝謝你，丹。我可以開始了。我認為——說到底，關鍵在於推動永續成長。你知道，關鍵在於提高年度經常性收入（ARR）和經常性毛利。我們以經常性毛利為導向，並在不斷擴大規模的同時，保持健康的利潤率。

The location growth, and as I mentioned earlier, like, you know, I think the thing that gives me a lot of confidence there is it shows that what we did in SMB restaurants for the past 10 years is applying beyond SMB restaurants as well. And that’s really the crux of why we think there is an opportunity to continue to drive durable net adds over the long term.

地點擴張，正如我之前提到的，你知道，我認為讓我充滿信心的一點是，它表明我們過去 10 年在中小餐館所做的一切也適用於中小餐館以外的領域。而這正是我們認為有機會在長期內持續推動淨成長的關鍵。

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

今天的電話會議到此結束。感謝各位的參與。