Toast, Inc. (TOST) 2026 Q1 法說會逐字稿

Good afternoon. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to Toast first quarter 2026 earnings conference call. Today's call will be 45 minutes.

下午好。我叫 Krista，今天將擔任各位的電話會議主持人。此刻，我想歡迎各位參加 Toast 2026 年第一季財報電話會議。今天的會議將進行 45 分鐘。

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

接下來我將把電話交給財務資深副總裁 Michael Senno。您可以開始您的會議。

Thank you. Welcome to Toast's first quarter 2026 earnings call. Toast's CEO, Aman Narang; and CFO, Elena Gomez, will open with prepared remarks, followed by Q&A. Before we start, I'd like to remind everyone that today's call may include forward-looking statements, which are subject to risks and uncertainties and reflect our views and assumptions only as of today. These forward-looking statements include expectations around financial and operational metrics, business and investment strategies and guidance.

謝謝。歡迎參加 Toast 2026 年第一季財報電話會議。Toast 執行長 Aman Narang 與財務長 Elena Gomez 將先發表準備好的談話，之後進行問答。在開始之前，我想提醒各位，今天的電話會議可能包含前瞻性陳述；此類陳述受風險與不確定性影響，且僅反映我們截至今日的觀點與假設。這些前瞻性陳述包括對財務與營運指標、業務與投資策略以及指引的預期。

Actual results may vary significantly, and we expressly disclaim any obligation to update the forward-looking statements made today. For a detailed discussion of risks, please refer to the cautionary language in today's press release and our SEC filings.

實際結果可能有重大差異，我們明確聲明不負有更新今日所作前瞻性陳述的任何義務。關於風險的詳細討論，請參閱今日新聞稿中的警示性語言以及我們向 SEC 提交的文件。

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，我們將討論若干非 GAAP 財務衡量指標，包括但不限於非 GAAP 訂閱服務毛利與非 GAAP 金融科技解決方案毛利；我們將其合稱為經常性毛利來源。這些指標是我們營收端指引的基礎。

These non-GAAP measures are not intended to be a substitute for our GAAP results. Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures.

這些非 GAAP 指標並非用來取代我們的 GAAP 結果。請參閱我們的財報新聞稿與 SEC 文件，以取得這些非 GAAP 指標與最可比 GAAP 指標之間的詳細調節表。

Unless otherwise stated, all references on this call to cost of revenue, gross profit and gross margin, sales and marketing expense, research and development expense and general and administrative expense are on a non-GAAP basis.

除非另有說明，本次電話會議中所有對營收成本、毛利與毛利率、銷售與行銷費用、研發費用以及一般與行政費用的提及，均以非 GAAP 基礎呈現。

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

接下來，讓我把電話交給 Aman。

Thanks, Michael, and thank you, everybody, for joining us today. 2026 is off to a strong start. In Q1, we grew recurring gross profit streams 27% and expanded GAAP operating income margins to 21%. We added 7,000 net locations and are broadening who we serve from local restaurants across the US to enterprise chains, international markets and retail.

謝謝你，Michael，也謝謝各位今天加入我們。2026 年開局強勁。第一季，我們的經常性毛利來源成長 27%，GAAP 營業利益率擴大至 21%。我們淨新增 7,000 個據點，並正擴大服務對象，從美國各地的在地餐廳，延伸至企業連鎖、國際市場以及零售。

By bringing our same playbook of depth and operational expertise that built our core business to each new market. I'm really proud of the Toast's team. We are both delivering world-class results and reinventing ourselves at the same time. from how we build for, sell to and support our customers with AI as well as a series of AI investments across our platform to help our customers with the intelligence and the efficiency necessary to run a more successful and profitable business.

我們把打造核心業務所累積的同一套方法論——深度能力與營運專業——帶到每一個新市場。我為 Toast 團隊感到非常自豪。我們一方面交出世界級成果，同時也在重塑自我：從我們如何為客戶打造產品、如何銷售、如何支援客戶，全面導入 AI；並在整個平台上進行一系列 AI 投資，協助客戶取得經營更成功、更高獲利業務所需的洞察與效率。

Toast IQ is the foundation for our evolution from a software platform to an agent platform that can drive outcomes for our customers. And with the recent launch of Toast Growth, which includes our first AI agent, we are already seeing this vision start to come to life. I'm excited to share more in a couple of minutes as we break down our priorities, but what's incredibly exciting is we are just tapping the surface of what's possible here. Our progress in each of these areas is shaping our revised set of priorities in 2026. Number one, expand with Toast customers grow from a software to an agented platform that can do work and deliver outcomes for our customers.

Toast IQ 是我們從軟體平台演進為「代理（agent）」平台的基礎，能為客戶推動成果。隨著近期推出 Toast Growth（其中包含我們的第一個 AI 代理），我們已經看到這個願景開始落地。接下來幾分鐘我會分享更多，並拆解我們的優先事項；但真正令人振奮的是，我們才剛觸及這裡可能性的表面。我們在各領域的進展，正在形塑我們 2026 年更新後的一組優先事項。第一，與 Toast 客戶一起擴張：從軟體走向可執行工作、並為客戶交付成果的代理式平台。

Number two, expand the markets we serve. And number three, reinvent the organization with AI and dramatically accelerate productivity.

第二，擴大我們所服務的市場。第三，以 AI 重塑組織並大幅加速生產力。

We are incredibly well positioned as a vertically integrated platform across software, hardware and fintech. We are a foundational technology partner for our customers, and they are looking to us to help them take advantage of the opportunities AI creates. We will lean into this opportunity while continuing to execute our strategy of expanding to new markets to scale this business to $5 billion and $10 billion and beyond.

作為橫跨軟體、硬體與金融科技的垂直整合平台，我們具備極佳的競爭位置。我們是客戶的基礎性技術夥伴，而他們也期待我們協助他們把握 AI 所帶來的機會。我們將積極投入這個機會，同時持續執行擴張至新市場的策略，把這門業務規模化至 50 億美元、100 億美元，並更上一層樓。

All right. So let's dig in to our priorities. Number one, growth from a software to an agentic platform that can do work and deliver outcomes for our customers. For 14 years, we've evolved a point-of-sale solution into a comprehensive system of record, helping customers manage operations, employees, guests and suppliers. As we've delivered more value and built out our platform, we've seen broader price attached at higher ARPUs.

好。那我們來深入談談優先事項。第一，從軟體成長為能執行工作、並為客戶交付成果的代理式平台。14 年來，我們把一套 POS 解決方案演進為全面的系統紀錄平台，協助客戶管理營運、員工、顧客與供應商。隨著我們交付更多價值並擴展平台，我們看到更廣泛的定價採用，並帶來更高的 ARPU。

But what I consistently hear from customers is that they love our ambition and our innovation, they're stretched thin and don't have enough time to leverage everything we built.

但我持續從客戶那裡聽到的是：他們喜歡我們的企圖心與創新，但他們人手吃緊、時間不足，無法充分運用我們打造的一切。

As a result, small business owners outsource functions critical to running a profitable business. things like marketing, bookkeeping, payroll tax and more. We've always provided the software. And now with AI, we will provide the service that can actually do the work for them. They can leverage our growing agent layer to outsource capabilities that are not their core competency and give them time back to do what they do best, great food, great service and great hospitality.

因此，小型企業主會把攸關獲利經營的關鍵職能外包，例如行銷、記帳、薪資稅務等。我們一直提供的是軟體。而現在有了 AI，我們將提供能真正替他們把工作做完的服務。他們可以運用我們日益成長的代理層，把非核心能力的工作外包出去，騰出時間回到他們最擅長的事：好吃的食物、優質的服務與出色的待客之道。

Our advantage here is structural. The data that powers these functions, what guests order, how often and when they visit, how much our customers spend on labor and inventory, how the business is performing or already lived in Toast. That data has been built up over 14 years, and every new location and transaction makes it more valuable. And every agent we deploy deepens the value we can deliver for our customers. This advantage is already showing up in the product.

我們在這裡的優勢是結構性的。支撐這些功能的資料——顧客點了什麼、多久來一次、何時來訪、我們的客戶在人力與庫存上花了多少、業務表現如何——本來就已經存在 Toast 裡。這些資料累積了 14 年，每新增一個據點與每一筆交易都讓它更有價值。而我們部署的每一個代理，都會加深我們能為客戶交付的價值。這項優勢已經在產品上展現出來。

Toast IQ has 40,000 weekly active locations and growing. Operators tell us, Toast IQ is already helping them find revenue opportunities, save time and identify trends they haven't picked up on. For instance, Toast IQ helped the customer in California identify that they weren't covering their food and labor costs when opening an hour early for sporting events last fall.

Toast IQ 每週活躍據點達 40,000 個，且仍在成長。營運者告訴我們，Toast IQ 已經在幫助他們找到營收機會、節省時間，並辨識他們先前未察覺的趨勢。例如，Toast IQ 協助一位加州客戶發現：去年秋天為了體育賽事提早一小時開店時，他們的餐飲與人力成本其實無法被覆蓋。

The customer adjusted their hours based on this insight, and save thousands of dollars. The first Toast IQ agent we've launched is a marketing agent within to Toast IQ grow, which brings together everything a restaurant needs to build the brand online, develop direct cost relationships and drive demand. Toast IQ grow includes websites, online ordering, advertising and marketing capabilities. plus this new marketing agent and a marketing success manager to develop the marketing strategy for restaurant alongside them.

該客戶依據這項洞察調整營業時間，並節省了數千美元。我們推出的第一個 Toast IQ 代理，是 Toast IQ Growth 內的行銷代理；它整合餐廳建立線上品牌、發展直接顧客關係並帶動需求所需的一切。Toast IQ Growth 包含網站、線上點餐、廣告與行銷功能，外加這個新的行銷代理，以及一位行銷成功經理，與餐廳並肩制定行銷策略。

The marketing agent builds and optimizes the campaign from our customers' past performance data, their sales forecast, and soon upcoming events and weather, a full month of campaign across SMS, e-mail and social media in minutes. -- campaigns designed by the marketing agents are already outperforming what restaurants can do on their own. -- with pilot customers using TosakGrow, seeing an average 8% increase in sales compared to similar to restaurants. Sahara Bisto Sharma a fast casual middle easen concept came to South with a fragmented market stack. By adopting CosecGrow's marketing agent, they can now plan and schedule campaigns across e-mail, SMS, as loan Instagram, weeks in advance.

行銷代理會根據客戶過往績效資料、銷售預測，以及不久後將納入的即將到來的活動與天氣，在幾分鐘內產出並最佳化橫跨簡訊、電子郵件與社群媒體的整整一個月行銷活動。——由行銷代理設計的活動，表現已經優於餐廳自行操作的成果。——在使用 Toast Grow 的試點客戶中，相較於類似餐廳，平均銷售提升 8%。Sahara Bisto Sharma（中東風味的快速休閒概念）以分散的行銷工具組合導入 Toast。採用 Toast Grow 的行銷代理後，他們現在可以提前數週規劃並排程跨電子郵件、簡訊以及 Instagram 等渠道的活動。

Nearly one-third of sales in March were directly attributable to Toast marketing tools and sales were up more than 30% compared to the prior four weeks.

3 月份將近三分之一的銷售可直接歸因於 Toast 的行銷工具，且相較於前四週，銷售成長超過 30%。

In addition to helping restaurants drive demand through Toast IQ, we are investing in our consumer network, Toast Local. Toast Local connects restaurants and guests directly with 0 commissions and no middleman. Restaurants use those local to attract new guests and reengage the regulars to loyalty programs and targeted offers.

除了透過 Toast IQ 協助餐廳帶動需求之外，我們也在投資我們的消費者網路 Toast Local。Toast Local 以 0 佣金、無中間商的方式，直接連結餐廳與顧客。餐廳使用 Toast Local 來吸引新顧客，並透過忠誠度方案與精準優惠重新喚回常客。

For guests, they love the convenience of an app that saves them money at tens of thousands of restaurants through not ordering, personalized loyalty rewards and exclusive offers, whether they're ordering pickup, delivery or dining in. That last part is important. Unlike aggregator marketplaces built around delivery, Toast Local extends into the on-premise experience where the majority of restaurant revenue is generated. We recently expanded and experienced significantly Toast Local now enables guests to discover and book a table at over 20,000 restaurants through resi and to Toast Stables, making it 1 of the largest reservation marketplaces.

對顧客而言，他們喜歡這款 App 的便利性：在數以萬計的餐廳中，無論是外帶、自取、外送或內用，都能透過免下單費用、個人化忠誠獎勵與專屬優惠來省錢。最後這一點很重要。不同於以外送為核心的聚合型市集，Toast Local 延伸到店內體驗，而餐廳的大部分營收正是在店內產生。我們近期大幅擴展並顯著提升 Toast Local 的體驗；現在 Toast Local 讓顧客可透過 Resy 與 Toast Tables，在超過 20,000 家餐廳探索並預訂座位，使其成為規模最大的訂位市集之一。

The early traction is strong. We have more than doubled weekly app downloads in the last quarter and Toast Local is not one of the top apps in the app stores, food and drink category.

早期動能強勁。在上一季，我們的每週 App 下載量已超過翻倍，而 Toast Local 目前已是 App 商店「美食與飲品」類別中的頂尖 App 之一。

We plan to roll out a series of Agentic products to tackle other work as well. Over time, we expect agents across restaurant operations, scheduling and payroll, inventory and food costs and bookkeeping and accounting to complement to take growth. By working in concert, they will be able to look at a restaurant projected demand, food cost and availability, labor schedules and projected guest volume to drive suggestions to improve profitability. That's an incredibly exciting future because many of our customers don't have the time or the capabilities to do this effectively today.

我們也計畫推出一系列 Agentic 產品來處理其他工作。隨著時間推進，我們預期涵蓋餐廳營運、排班與薪資、庫存與食材成本，以及記帳與會計等領域的代理（agents），將相互補強並推動成長。透過協同運作，它們將能綜合餐廳的需求預測、食材成本與可得性、勞動排班與預估來客量，提出提升獲利能力的建議。這是一個令人非常振奮的未來，因為我們許多客戶今天沒有時間或能力有效做到這些。

And moving on to Priority two, which is to expand who we serve. The vertical playbook that built our restaurant business, product depth, operational expertise and local go-to-market is not working in enterprise, international and retail. In our core, we're well positioned to grow market share in '26 and beyond, and we're differentiating our both product and brand. In product, customers are signing Toast IQ is the reason they're choosing coast. Our brand campaign built for busy extends the differentiation into the market.

接著談第二項優先事項：擴大我們服務的對象。打造我們餐廳業務的垂直領域作戰手冊——產品深度、營運專業與在地化 go-to-market——正在企業級、國際與零售領域發揮作用。在核心市場方面，我們具備良好條件在 2026 年及之後持續提升市占，並在產品與品牌上形成差異化。在產品面，客戶表示選擇 Toast 的原因是 Toast IQ。我們以「為忙碌而生」（Built for Busy）打造的品牌活動，將這種差異化延伸到市場端。

This provision reflects the fundamental truth about our customers. Busy is the ultimate sign of success whether they're running a family restaurant, an enterprise chain or a multi-location retailer. And it captures our product philosophy to shift solutions and products to help customers get and stay busy.

這項主張反映了關於我們客戶的一個基本事實。無論是經營家庭餐廳、企業連鎖，或多據點零售商，「忙碌」都是成功的終極象徵。它也體現了我們的產品理念：打造解決方案與產品，幫助客戶變得忙碌並持續忙碌。

From handheld increasing throughput to KTS, keeping the kitchen in sync and starting with the marketing agent, Post-IQ agents taking work off their plate. These differentiators are why we continue to win the majority of the time. We are increasing share across all market types from the largest cities to smaller metro areas and among high GPV restaurants.

從手持裝置提升出餐吞吐量，到 KTS 讓廚房保持同步，再到以行銷代理為起點、由 Post-IQ 代理替他們分擔工作。這些差異化因素，正是我們多數時候能持續勝出的原因。我們正在各類市場型態中提升市占——從最大城市到較小都會區，以及在高 GPV 餐廳族群中。

In our most penetrated markets, we are still growing, giving us confidence in continued healthy share gains for many years to come.

在我們滲透率最高的市場中，我們仍在成長，這讓我們對未來多年持續健康的市占提升充滿信心。

We're proud to announce that the Daniella Group, the world-renowned Chicago-based restaurant group that includes iconic Allinea, NEXT, the ABR and the office live on Toast. They chose Toast as a key technology partner that shares the same DNA for relentless innovation, commitment to precision and a passion for delivering a stellar guest experience. Across all of our teams, we're building more conviction in the long-term potential with every quarter.

我們很自豪宣布：Daniella Group——總部位於芝加哥、享譽全球的餐飲集團，旗下包含經典品牌 Alinea、NEXT、The Aviary 以及 The Office——已在 Toast 上線。他們選擇 Toast 作為關鍵技術合作夥伴，因為我們擁有相同的 DNA：對持續創新的不懈追求、對精準的承諾，以及提供卓越賓客體驗的熱情。在我們所有團隊的努力下，每一季都讓我們對長期潛力建立更強的信念。

In each of our new TAMs, ARR is growing faster and has higher SaaS ARPU that are corded at a similar time period, demonstrating our proven vertical playbook is working. In Enterprise, we launched Toast for drive-thru, opening up 140,000 locations and we're going deeper in hotels, bringing preferred hotels out of the platform. We also continue to invest in specific product features to deeply serve important subverticals like pizza, demonstrated by winning Hungry Howes, a 500-unit national pizza chain as well as Papa Murphy's. We continue to stay strong growth. And with the pipeline in front of us, I'm confident Enterprise will be a meaningful growth driver for years to come.

在我們每一個新的 TAM 中，ARR 成長更快，且 SaaS ARPU 更高；在相近的時間區間內，這證明我們經驗證的垂直領域作戰手冊正在奏效。在企業級市場，我們推出了適用於得來速（drive-thru）的 Toast，開啟了 140,000 個據點的機會，並在飯店領域持續深化，將 Preferred Hotels 納入平台。我們也持續投資特定產品功能，以深度服務重要的次垂直領域（subverticals），例如披薩；這可從我們贏得 Hungry Howie’s（全國 500 家門市的披薩連鎖）以及 Papa Murphy’s 的案例中得到印證。我們持續維持強勁成長。而從眼前的銷售管線來看，我有信心企業級市場將在未來多年成為重要的成長驅動力。

Internationally, we're scaling location count and growing ARPU. We recently launched our Toast Co three handheld to further differentiate our platform. We see the best opportunity in Tier 1 cities in the countries we're in, where higher GPV restaurants align with our value proposition and drive stronger ARPU and unit economics. As we expand to new markets beyond Canada, UK, Ireland and Australia, -- we plan to launch more Tier 1 cities with high density of busy restaurants.

在國際市場方面，我們正在擴大據點數並提升 ARPU。我們近期推出 Toast Go 3 手持裝置，進一步強化平台差異化。我們看到最大的機會在我們所進入國家的 Tier 1 城市；那裡的高 GPV 餐廳與我們的價值主張更契合，並帶來更強的 ARPU 與單位經濟效益。當我們在加拿大、英國、愛爾蘭與澳洲之外擴展到新市場時，-- 我們計畫在更多忙碌餐廳高度密集的 Tier 1 城市推出。

And in retail, we're scaling quickly and focused on deepening product market fit with high-value operators. Grocery, for example, the near-term focus and represents a meaningful opportunity. There are over 20,000 independent grocers in the US, generating over $250 billion in sales.

在零售方面，我們正在快速擴張，並聚焦於與高價值營運商深化產品市場契合度。例如雜貨（grocery）是短期重點，且代表一個具意義的機會。美國有超過 20,000 家獨立雜貨商，創造超過 2,500 億美元的銷售額。

We're seeing strong traction with these larger, more complex operators and now serve over 100 grocery locations with more than $5 million in sales, demonstrating our platform is capable of handling the volume and complexity of the most demanding retail environments require.

我們在這些規模更大、營運更複雜的業者中看到強勁動能，目前已服務超過 100 個雜貨據點、每個據點銷售額超過 500 萬美元；這證明我們的平台具備處理最嚴苛零售環境所需之量體與複雜度的能力。

The capabilities we built for restaurants, supplier connectivity, invoice workflows SKU level complexity translate directly letting us move fast to meet the needs of these customers.

我們為餐廳打造的能力——供應商連結、發票工作流程、SKU 層級的複雜度——可直接移植，讓我們能快速滿足這些客戶的需求。

Our scale across restaurants and growing presence in retail, give us a unique vantage point. And over time, we see it as the foundation to becoming the platform powering local commerce. Gronapath to significantly scale the locations we serve across our existing TAM and further expand the opportunity to core adjacencies like membership and golf, more international markets and new retail verticals. We will remain disciplined about where we expand, but our vertical playbook has proven, and with the TAM runway in front of us, I'm confident we can replicate our success that we've had in our core business. Now moving on to priority three, which is to drive productivity through AI.

我們在餐廳領域的規模，以及在零售領域日益成長的布局，讓我們擁有獨特的視角。隨著時間推進，我們將其視為成為驅動在地商務（local commerce）之平台的基礎。我們的成長路徑是：在既有 TAM 中大幅擴大我們服務的據點數，並進一步將機會擴展到核心相鄰領域（adjacencies），例如會員制與高爾夫、更多國際市場，以及新的零售垂直領域。我們會在擴張方向上保持紀律，但我們的垂直領域作戰手冊已被證明有效；在眼前仍有充足的 TAM 跑道下，我有信心能複製我們在核心業務中取得的成功。接著談第三項優先事項：透過 AI 提升生產力。

AI is reshaping how we work. Engineering coding velocity is up over 60% year-over-year and accelerating in recent months. This helps us launch our marketing agent three months earlier than planned. In support, we've expanded AI coverage from chat to phone and now have about 40% of our support interactions resolved by AI.

AI 正在重塑我們的工作方式。工程端的程式開發速度年增超過 60%，且近幾個月持續加速。這讓我們能比原計畫提前三個月推出行銷代理。在客服支援方面，我們已將 AI 覆蓋從聊天擴展到電話，目前約有 40% 的支援互動由 AI 解決。

We're seeing efficiencies as we do this, which is enabling us to invest more in account management and upsell for our highest-value customers. As we drive productivity and efficiency, it frees up capital to invest in our top growth initiatives and support our path to 40-plus percent long-term margin. We see a clear plot in materially scaling this business by going deeper in our core markets, expanding what we do for existing customers, scaling the new markets, we're already seeing great success in and over time, opening up new ones. We are operating from a position of financial strength and leaning in to drive sustained long-term growth.

在推進這些工作時，我們也看到效率提升，使我們能在最高價值客戶的客戶經理服務與加購（upsell）上投入更多資源。當我們提升生產力與效率時，便能釋放資本，投資於最重要的成長計畫，並支持我們邁向長期 40% 以上利潤率的路徑。我們清楚看到一條可大幅擴大這項業務規模的路徑：在核心市場更深耕、為既有客戶擴大我們能做的事、擴張我們已在其中取得顯著成功的新市場，並在長期逐步開拓新的市場。我們以財務穩健的姿態營運，並加大投入以推動可持續的長期成長。

We will remain disciplined about where we lean in, guided by customer feedback, and where we have conviction in building differentiated profitable businesses and deliver significant shareholder value. I'm excited about 2026. We are really well positioned for another record year. I want to thank each and every Toaster with their dedication and commitment to Toast. I want to thank our customers and investors for your continued support as well.

我們將在加大投入的方向上保持紀律，以客戶回饋為指引，並聚焦於我們有信心打造具差異化且可獲利的業務之處，為股東創造顯著價值。我對 2026 年感到振奮。我們已做好充分準備，迎接另一個創紀錄的年度。我要感謝每一位 Toaster 對 Toast 的投入與承諾。也要感謝我們的客戶與投資人一直以來的支持。

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

謝謝。接下來我把電話會議交給 Elena。

Thank you, Aman, and everyone, for joining us today. I would also like to thank our team for an excellent start to the year. Q1 results exceeded our expectations, reflecting the consistent high level of execution across the company. In the first quarter, ARR was up 26%. Our recurring gross profit streams increased 27% and total monetization across SaaS and Fintech exceeded 1% of GPV for the first time, adjusted EBITDA was $179 million.

謝謝你，Aman，也謝謝各位今天加入我們。我也要感謝我們的團隊在今年有一個非常出色的開局。第一季業績超出我們的預期，反映出公司整體一貫的高水準執行力。第一季 ARR 成長 26%。我們的經常性毛利來源成長 27%，SaaS 與 Fintech 的總變現率（monetization）首次超過 GPV 的 1%；調整後 EBITDA 為 1.79 億美元。

On a GAAP basis, operating income margin crossed 20% for the first time to 21%, or $110 million and EPS more than doubled to $0.20. Building on last year's momentum, we added 7,000 net locations in Q1 and ended the quarter with 171,000 live locations, up 22% from a year ago.

以 GAAP 基準計算，營業利益率首次突破 20%，達到 21%，即 1.10 億美元；EPS 也翻倍以上至 0.20 美元。延續去年動能，我們在第一季淨新增 7,000 個據點，季末共有 171,000 個上線據點，較去年同期成長 22%。

Our best-in-class vertical SaaS platform and local go-to-market execution continues to drive consistent share gains in our core complemented by increasing contributions across each of our new towns.

我們同級最佳的垂直 SaaS 平台與在地市場推進（go-to-market）執行，持續帶動核心市場穩定的市占提升，並由各個新 TAM 的貢獻成長加以補強。

SaaS ARR grew 27% versus a year ago, driven by the combination of our strong location growth and consistent mid-single-digit SaaS ARPU growth on an ARR basis. Subscription gross profit continues to outpace top line growth at 32%.

SaaS ARR 較去年同期成長 27%，主要來自我們強勁的據點成長，以及以 ARR 計算、穩定的中個位數 SaaS ARPU 成長。訂閱毛利持續以 32% 的速度超越營收成長。

SaaS gross margin exceeded 80% for the first time, expanding nearly 300 basis points from a year ago, to 81%. In addition to ongoing efficiencies as we scale, we're seeing early gains from leveraging AI to transform our customer support experience. Payments ARR and fintech gross profit increased 24% in the first quarter. GPV was $51 billion, up 22% year-over-year with GPV per location down 1% versus last year. Fintech net take rate was 61 basis points and payments take rate was 51 basis points.

SaaS 毛利率首次超過 80%，較去年同期擴張近 300 個基點至 81%。除了規模化帶來的持續效率提升外，我們也看到運用 AI 改造客戶支援體驗的初步成效。第一季支付 ARR 與金融科技毛利成長 24%。GPV 為 510 億美元，年增 22%，但每據點 GPV 較去年下降 1%。Fintech 淨抽成率（net take rate）為 61 個基點，支付抽成率（payments take rate）為 51 個基點。

Payments take rate increased 2 basis points year-over-year, as we continue to execute on cost optimization efforts, new products and targeted pricing adjustments. Non-payment fintech solutions led by Toast Capital contributed $51 million in gross profit and 10 basis points in take rate.

支付抽成率年增 2 個基點，反映我們持續推進成本最佳化、新產品，以及有針對性的定價調整。由 Toast Capital 帶動的非支付類金融科技解決方案貢獻 5,100 萬美元毛利，並帶來 10 個基點的抽成率。

Overall, the program continues to grow at a steady clip, and defaults remain consistent and well within our risk guardrails. Our total monetization take rate measured by recurring gross profit as a percentage of GPV crossed 1% for the first time to 103 basis points.

整體而言，該計畫仍以穩健速度成長，違約情況維持一致，且完全在我們的風險護欄範圍內。以經常性毛利占 GPV 的比例衡量的總變現抽成率（total monetization take rate）首次突破 1%，達到 103 個基點。

The 5 basis point increases versus a year ago demonstrates our growing share of wallet and value we provide our customers. We expect our total take rate to continue to grow as we evolve our platform with AI and deliver more outcomes for our customers.

較去年同期增加 5 個基點，顯示我們在客戶錢包份額（share of wallet）與所提供價值的提升。隨著我們以 AI 演進平台並為客戶交付更多成果，我們預期總抽成率將持續成長。

Moving down the P&L. Hardware and Professional services gross profit was negative 13% of our recurring gross profit streams. We are leaning into our customer acquisition momentum across all of our TAMs and absorbing higher tariff costs.

接著看損益表（P&L）。硬體與專業服務毛利相當於我們經常性毛利來源的負 13%。我們正加大力度把握在所有 TAM 的客戶獲取動能，同時吸收較高的關稅成本。

Our strong overall unit economics and scale enable us to absorb these costs while maintaining healthy payback periods. Excluding $28 million of bad debt and credit-related expenses, operating expenses increased 17% in the first quarter. We're investing in our highest priority areas across product and go-to-market and investing in AI trolling to evolve the way we work and increase productivity.

我們整體強勁的單位經濟效益與規模，使我們能在維持健康回收期的同時吸收這些成本。扣除 2,800 萬美元的呆帳與信用相關費用後，第一季營業費用增加 17%。我們正投資於產品與 go-to-market 的最高優先領域，並投資於 AI 工具以演進我們的工作方式、提升生產力。

Over time, AI efficiency gains will give us the flexibility to invest more in key growth initiatives and support our long-term margin profile. Sales and marketing expenses increased 20%, reflecting our strong location growth. We're investing to support our ongoing market share gains in our core and moving out subsegments like non-native English speaking customers. We're also expanding our go-to-market presence in our new towns, which is accelerating our progress.

長期而言，AI 帶來的效率提升將讓我們更有彈性加碼關鍵成長計畫，並支撐我們的長期利潤率輪廓。銷售與行銷費用增加 20%，反映我們強勁的據點成長。我們持續投資以支持核心市場的市占提升，並拓展至非英語母語客群等子區隔。我們也在新 TAM 擴大 go-to-market 佈局，正加速我們的進展。

R&D expenses grew 20% year-over-year. We're investing in our product strategy to expand our TAM and drive location growth and differentiate our product with Agentec workflows and providing our internal teams with AI capabilities to increase productivity.

研發費用年增 20%。我們正投資於產品策略，以擴大 TAM、帶動據點成長，並透過 Agentic 工作流程強化產品差異化，同時為內部團隊提供 AI 能力以提升生產力。

In Enterprise, we just launched our drive-thru offering. We're expanding ToastCo see internationally and deepening our grocery product for retail customers. And we're further differentiating our core products, most recently with the release of Toast IQ grow and relaunch of Toast Local. Adjusted EBITDA grew 35% to $179 million, a 34% margin. Our Q1 results reflect healthy top line growth as well as our continued focus on driving efficiencies throughout the P&L.

在企業（Enterprise）方面，我們剛推出得來速（drive-thru）方案。我們正將 ToastCo see 拓展至國際市場，並深化面向零售客戶的雜貨（grocery）產品。我們也進一步強化核心產品差異化，最近包括推出 Toast IQ grow，以及重新推出 Toast Local。調整後 EBITDA 成長 35% 至 1.79 億美元，利潤率為 34%。第一季結果反映健康的營收成長，同時也顯示我們持續專注於在整個損益表推動效率提升。

Free cash flow was $115 million. As a reminder, free cash flow is typically lower in Q1 and due to the timing of cash bonus payments and payment seasonality. For the full year, we expect our conversion of adjusted EBITDA into free cash flow to be slightly lower than in 2025. We are strategically purchasing memory chips and plan to hold more inventory in the near term.

自由現金流為 1.15 億美元。提醒一下，自由現金流通常在第一季較低，原因在於現金獎金支付時點與支付業務的季節性。就全年而言，我們預期調整後 EBITDA 轉換為自由現金流的比率將略低於 2025 年。我們正策略性採購記憶體晶片，並計畫在短期內持有更多庫存。

We expect the majority of this cash impact in Q2 and for the free cash impact to normalize over time as inventory moves to customers.

我們預期這項現金影響多數將發生在第二季，且隨著庫存交付給客戶，對自由現金流的影響將隨時間回歸正常。

GAAP operating income was up over 150% from last year to $110 million. In addition to our strong adjusted EBITDA growth, we're benefiting from ongoing leverage and stock-based compensation. SBC as a percent of recurring gross profit was 11%. That's nearly half what it was just 2 years ago through our disciplined approach to managing stock compensation. Year-to-date, we've repurchased 14 million shares for nearly $400 million.

GAAP 營業利益較去年成長超過 150% 至 1.10 億美元。除了強勁的調整後 EBITDA 成長外，我們也受惠於持續的營運槓桿與股權基礎薪酬（SBC）。SBC 占經常性毛利的比例為 11%。透過我們對股權薪酬管理的紀律做法，這幾乎只有兩年前的一半。年初至今，我們已回購 1,400 萬股，金額接近 4 億美元。

We've been opportunistic given the market pullback and our confidence in the business, and we expect this to be an accretive use of capital.

鑑於市場回檔以及我們對業務的信心，我們把握機會進行回購，並預期這將是具增益性的資本運用。

We have approximately $200 million remaining on our share repurchase authorization, and we'll maintain an opportunistic approach to repurchases based on market conditions to support long-term shareholder value. The combination of our strong financial results and decline in our diluted share count resulted in GAAP EPS more than doubling to $0.20. Turning to guidance. For the second quarter, we expect total subscription and fintech gross profit to grow 22% to 24% year-over-year and adjusted EBITDA to be $185 million to $195 million.

我們的股票回購授權尚餘約 2 億美元；我們將依市場狀況維持機會式回購策略，以支持長期股東價值。強勁的財務表現加上稀釋後股數下降，使 GAAP EPS 翻倍以上至 0.20 美元。接著談展望。第二季我們預期訂閱與金融科技毛利合計年增 22% 至 24%，調整後 EBITDA 為 1.85 億至 1.95 億美元。

We increased our full year 2026 guidance, reflecting our strong start to the year. We now expect recurring gross profit to grow 21% to 23% and adjusted EBITDA to be $790 million to $810 million.

我們上調 2026 全年指引，反映今年強勁的開局。我們目前預期經常性毛利成長 21% 至 23%，調整後 EBITDA 為 7.90 億至 8.10 億美元。

We are positioning Toast to sustain high growth for the next 5 to 10 years. We're seeing positive results from the investments we've made to begin delivering Agentic solutions for our customers, extend our lead in the core and accelerate progress in new TAMs across enterprise, international and retail. Our new TAMs are scaling rapidly, and we're confident each is on the path to be materially larger with healthy unit economics.

我們正讓 Toast 具備在未來 5 到 10 年維持高速成長的定位。我們看到先前投資開始帶來正面成果，已著手為客戶交付 Agentic 解決方案、延伸我們在核心市場的領先優勢，並在企業、國際與零售等新 TAM 加速進展。我們的新 TAM 正快速擴張，我們有信心每一個都走在成為顯著更大規模、且具健康單位經濟效益的道路上。

Our bias remains to reinvest top line outperformance across our growth initiatives and into internal AI tools to transform how we operate. Our bar for investing remains high. It is grounded in customer feedback, improving unit economics and where we have conviction we can generate meaningful long-term cash flow.

我們仍傾向將營收端的超預期表現再投資於各項成長計畫，以及內部 AI 工具，以改造我們的營運方式。我們對投資的門檻仍然很高。其依據包括客戶回饋、單位經濟效益的改善，以及我們確信能產生具意義的長期現金流之處。

To wrap up, we are executing our goals and are on track to deliver strong top and bottom line results in 2026 and while positioning the company for sustained high growth over the next decade as we lead the AI transformation for restaurants and across local commerce. We are more excited than ever about the massive opportunity that lies ahead of us.

總結來說，我們正在落實既定目標，並按計畫在 2026 年交出強勁的營收與獲利表現，同時在我們引領餐廳以及整體在地商務的 AI 轉型之際，為公司未來十年的持續高速成長做好布局。我們對眼前龐大的機會比以往任何時候都更加振奮。

Now I will turn the call back over to the operator to begin Q&A.

接下來我把電話交回給接線員，開始問答環節。

(Operator Instructions)

（接線員指示）

Thanks, Christa. We'll kick off for Q&A. First question will take from Stephen Sheldon at William Blair.

謝謝你，Christa。我們開始進行問答。第一個問題來自 William Blair 的 Stephen Sheldon。

Hey, thanks for taking my questions. Maybe first here, I just wanted to -- I guess, as we think about the hardware, how much of a differentiator do you think your hardware solutions like TOSCO3 could be? And does owning those touch points with employees and servers having them kind of in their hands.

嗨，謝謝讓我提問。我想先從硬體談起——在你們看來，你們的硬體解決方案（例如 TOSCO3）能成為多大的差異化因素？以及，擁有這些與員工、服務生的接觸點，讓他們能把設備拿在手上。

Does that give you a big leg up in terms of, in your view, helping restaurants take AI-supported insights from Toast IQ and making them actionable an employee guest interaction. So I guess, how much this hardware service differentiated? Or are there other things like that as you think about your platform that could serve as a big way up on the AI front?

這是否能讓你們在協助餐廳把 Toast IQ 的 AI 支援洞察，轉化為員工與顧客互動中的可執行行動方面，取得很大的優勢？所以我想問的是，這套硬體服務的差異化程度有多大？或者，當你們思考平台時，還有沒有其他能在 AI 面向形成重大領先優勢的因素？

Yeah, Stephen, I think that's a great question. There's obviously lots of ways in which AI is helping us build across the platform. But I think specifically on hardware, I think we've learned over the years that being vertically integrated across software and hardware as a platform gives us an advantage where we can build capabilities for our customers faster.

是的，Stephen，我覺得這是個很好的問題。顯然 AI 正在以很多方式協助我們在整個平台上打造能力。但就硬體而言，我們多年來學到的是：作為一個平台，軟硬體垂直整合能帶來優勢，讓我們可以更快為客戶打造功能。

And so if you think about -- like to your point about how are we leveraging AI at the table or when a server interacting with guests, there's a few examples of things we've shared over the past few quarters. One example is many upsells where servers have visibility into what are the types of items that are most likely to increase check size.

所以如果你想——就像你提到的，我們如何在餐桌端、或服務生與顧客互動時運用 AI，我們在過去幾季分享過一些例子。其中一個例子是「many upsells」，服務生可以看到哪些品項最可能提高客單價。

More recently, we announced digital check kits, which is basically if you book a table using post tables and soon as resi, you'll be able to get that data right on the handheld when interacting with guests. And over time, the vision there, by the way, is not only to get the data that's stored in the CRM, but to actually look at the guests order history to learn what's most relevant for that guest, like allergy, for example.

最近我們宣布了 digital check kits，基本上如果你用 post tables 訂位，且很快也會支援 resi，你就能在與顧客互動時，直接在手持裝置上取得那些資料。而且長期來看，那裡的願景——順帶一提——不只是取得 CRM 裡儲存的資料，而是實際查看顧客的點餐歷史，去學習對該顧客最相關的資訊，例如過敏等。

We're also testing out things like walking it, just walk out and pay. So if you've got a card on pilot when you book a table, you don't even have to go through the checkout experience. And so that's another example where the server validating that the bill was pay is really important on the handheld. And so I think there's lots of examples where the hardware and software working together, we think can create a great experience.

我們也在測試像 walking it，也就是「直接走出去並付款」這類功能。所以如果你在訂位時已把卡片加入試點，你甚至不需要經歷結帳流程。這也是另一個例子：服務生在手持裝置上確認帳單已付款就非常重要。因此我認為有很多例子顯示，硬體與軟體協同運作能創造很棒的體驗。

Another example is where there's a lot of discussion on voice AI and video AI. And with voice, of course, there's examples like the phone, picking up the phone to automate that experience, drive through but also things like kiosks and handhelds. Imagine walking into a restaurant and the server and the handheld listening to the order and they were getting to the kitchen even faster. And so I think there's lots of ideas, lots of opportunities. Another one is AI listening to the interaction to help coach SaaS better.

另一個例子是，大家對語音 AI 與影像 AI 有很多討論。以語音來說，當然有像電話這種例子——接起電話來自動化體驗、得來速（drive through），但也包括像自助點餐機（kiosks）與手持裝置。想像你走進餐廳，服務生與手持裝置在聆聽點餐內容，並更快把資訊送到廚房。所以我認為有很多想法、很多機會。另一個是 AI 聆聽互動內容，協助更好地教練 SaaS。

And I think we certainly see the fact that we've got the hardware and the software together being a big advantage in terms of building products faster.

我想我們確實認為，硬體與軟體結合在一起，會是我們更快打造產品的一大優勢。

Got it that's helpful.

了解，這很有幫助。

Samad Samana, Jefferies.

下一位是 Jefferies 的 Samad Samana。

Hi, good evening and thanks for taking my question. But I wanted to ask on Toast IQ. And obviously, there's a lot of focus on AI. And as you think more about monetization and agents and as you think about your own pricing model, would you ever, at some point, revisit how you're thinking about pricing, making it aligned more on maybe like a usage-based nature?

嗨，晚安，謝謝讓我提問。我想問 Toast IQ。顯然市場對 AI 有很多關注。當你們更多思考變現、代理（agents），以及你們自己的定價模式時，你們是否會在某個時間點重新檢視定價思路，讓它更貼近例如「按使用量計費」的模式？

We've seen a lot of rapid change in other parts of software. I don't know if that would be kind of as well aligned for maybe the restaurants out there. So just help us think through that. And do you see that as maybe a potential upside driver over time if they're driving a lot of utilization and value out of it? Thank you so much.

我們在軟體的其他領域看到很多快速變化。我不確定這對餐廳客戶是否同樣適配。所以請幫我們梳理一下你們的想法。另外，若客戶大量使用並從中獲得價值，你們是否認為這可能成為長期的上行驅動因素？非常感謝。

Yeah. Thanks, Ahmad. Good question we're actively exploring not just the capabilities from an ad standpoint into SQ, but also the pricing model. So I think it's topical for us and timely. I'd say, first and foremost, like -- what's exciting to see with TOT gotten now 40,000 customers that are weekly active customers in the platform. That was the first step. It was obviously critical to get usage up.

是的。謝謝你，Ahmad。好問題。我們正在積極探索的不只是從廣告（ad）角度導入到 SQ 的能力，也包括定價模式。所以這對我們來說是個熱門且正逢其時的議題。我會說，首先最令人興奮的是，TOT 現在已經有 40,000 名客戶是平台上的每週活躍客戶。那是第一步。顯然，提高使用量至關重要。

And what we've heard from customers is it's actually useful. Like looking at 1 of the common use cases that here is being able to generate custom use and data versus just getting pre-canned reports.

而我們從客戶那裡聽到的是，它確實有用。例如其中一個常見使用情境是，能夠生成自訂用途與資料，而不只是取得預先制式的報表。

But another area that was rely surprise with analyzing fraud and theft and getting visibility into what's going on there. And then, of course, making changes to the back end of the test getting support more broadly with the chatbot. So I think there's been lots of ways in which Toast IQ is adding value for our customers. I

但另一個相當令人意外的領域，是分析詐欺與偷竊，並看清那裡到底發生了什麼。然後，當然也包括在後端做出調整，以及透過聊天機器人更廣泛地支援測試（test）。所以我認為 Toast IQ 正以很多方式為客戶創造價值。我

showed the example we have on the call about a customer that adjusted their hours by chatting with Toast IQ and recognizing that there were hours they were open when they weren't generating enough profit. I think -- and there are some examples of us also like some products like growth for software and hardware as well as part of the platform.

我在這通電話中分享了一個例子：某位客戶透過與 Toast IQ 對話調整營業時間，並發現有些時段開店其實無法產生足夠利潤。我想——我們也有一些例子，例如像 growth 這類產品，作為平台的一部分，涵蓋軟體與硬體。

But the biggest opportunity that I see right now is -- if you talk to our customers, one of the things you consistently here is like, look, we're trying to keep our doors open. We're trying to make sure there's great food and great hospitality and that takes a lot. And so especially for these busy operators, often they're going to go outsource things like marketing, things like running their back office, apparel and tax or accounting and bookkeeping.

但我現在看到最大的機會是——如果你跟客戶聊，其中一件你會一再聽到的事是：我們正努力讓店能繼續開下去；我們要確保食物好、待客之道好，而這需要投入很多。因此，特別是對這些忙碌的經營者而言，他們往往會把行銷、後台營運、薪資與稅務或會計與記帳等工作外包。而

And for a lot of these assumptions, the data that is necessary to do marketing is actually coming from Toast. And so that's actually the key reason why Toast IQ grow has seen such really good early signal where we're optimizing the digital presence and generating marketing campaigns for them. because all that data is already in test. And we've seen 8% lift in GPV, which is a really good early signal there. And

對於很多這類安排，做行銷所需的資料其實是來自 Toast。這也是 Toast IQ grow 之所以在早期看到非常好的訊號的關鍵原因：我們為他們優化數位曝光並產生行銷活動，因為所有資料都已經在 test 裡。我們看到 GPV 提升 8%，這是非常好的早期訊號。而

I think from a pricing and monetization standpoint, that's what's most important. Because as we take on some of this work, -- by the way, Toast IQ grow. It's an agent, but it's actually also backed by a human that can help support these marketing campaigns. And as we can take on the work I think that's really the opportunity for monetization long term. But we're looking at usage-based to your question as a pricing model as well.

我認為就定價與變現而言，這才是最重要的。因為當我們承接其中一些工作時——順帶一提，Toast IQ grow 是一個代理（agent），但同時也有人力在背後支援這些行銷活動。而當我們能承接這些工作時，我認為這才是長期變現的機會。不過，回到你的問題，我們也在研究按使用量計費作為一種定價模式。

Josh Baer, Morgan Stanley.

Josh Baer，摩根士丹利。

Great. Nice quarter. You highlighted 40% of the support interactions resolved by AI. And then on the engineering side, the velocity up by more than 60%. So seeing a lot of efficiency there.

很好。這一季表現不錯。你們提到有 40% 的支援互動由 AI 解決。另外在工程端，開發速度提升超過 60%。所以看到很多效率提升。

I guess the messaging is you're reinvesting into growth areas while still trending upward towards those long-term margin targets.

我想你們傳達的訊息是：在持續朝長期毛利率目標上行的同時，也把資源再投入到成長領域。

How -- can you talk a little bit about how you make that decision, the growth versus margin decision? And if we'd expect to see, I guess, like how we should interpret that or measure that higher growth for longer or if growth does dip like we would flip higher on the margin side? Just a little help thinking about the growth versus margin philosophy. Thanks.

能否談談你們如何做這個決策，也就是成長與利潤率之間的取捨？以及我們應該如何解讀或衡量：是否會是「更長時間維持較高成長」，或者如果成長下滑，你們就會在利潤率端更積極地拉升？希望能幫助我們理解你們對成長與利潤率的理念。謝謝。

Thanks, Josh, for the question. I'll take that. Yes. Look, I think, first of all, I do believe -- we believe that AI is absolutely going to change the way we work. And we're already seeing, as Aman said, efficiencies in our support organization, efficiencies really across the company, but it's -- we're still continuing to roll out.

謝謝你，Josh，這個問題。我來回答。是的。我想首先，我確實相信——我們也相信——AI 絕對會改變我們的工作方式。而且我們已經看到，如 Aman 所說，在支援組織的效率提升，以及其實在全公司範圍內的效率提升，但——我們仍在持續推廣。

So we want to be balanced with how we think about those benefits. But just zooming out and how we think about balancing growth and profitability, a couple of principles we think about. One is we're really positioning the growth of the company and thinking about our growth profile over the next 5 to 10 years, right? We're trying to position ourselves to invest behind growth initiatives, we believe will deliver durable growth for a very long time. With that, we're also holding the bar high.

所以我們希望在看待這些效益時保持平衡。但拉遠一點看，我們如何在成長與獲利之間取得平衡，有幾個原則。第一，我們是在為公司成長做定位，並思考未來 5 到 10 年的成長輪廓，對吧？我們試圖讓自己能夠投資於我們相信能在很長時間內帶來可持續成長的成長計畫。同時，我們也把標準訂得很高。

You've seen us employ really strong discipline around capital allocation. That's not going to change. And the decisions we make to invest typically are customer signal, rep productivity.

你們也看到我們在資本配置上採取非常嚴格的紀律。這不會改變。而我們做出投資決策時，通常會看客戶訊號、業務代表生產力。

We talk to our customers all the time. And so we're looking at signals across all of the businesses to make sure that we're excellent stewards of capital always. And so that's how we think about it. And then opportunistically, we'll continue to look at like, for example, we've repurchased shares, et cetera. So we have a capital allocation framework that we look at.

我們一直都在和客戶溝通。因此我們會觀察各項業務的訊號，確保我們始終是優秀的資本管理者。這就是我們的思考方式。另外在機會合適時，我們也會持續評估，例如我們曾回購股票等等。所以我們有一套資本配置框架來進行評估。

What you should take is we have high conviction about our long-term 40% EBITDA plus margin profile. That has not changed. And you've seen us make a lot of progress in the GAAP profitability as well.

你們應該理解的是：我們對長期 40% 以上 EBITDA 利潤率輪廓有很高的信心。這一點沒有改變。而且你們也看到我們在 GAAP 獲利能力方面取得了很大進展。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey, thanks, Michael, Elena, I was hoping you could touch on enterprise across 2 axes. First, the pipeline you see in that cohort and maybe how that compares to this time a year ago. I mean, does it feel like there's any inflection happening there? And then second would be the backlog of deals that you've won that have yet to go live and what visibility that gives you into location growth over the next several quarters?

嗨，謝謝，Michael、Elena。我希望你們能從兩個面向談談企業客戶。第一，你們在那個客群看到的銷售管線，以及和一年前此時相比如何。我的意思是，那裡是否感覺有任何拐點正在發生？第二是你們已贏得但尚未上線的交易積壓（backlog），以及這能讓你們對未來幾季的據點成長提供多少能見度？

Yeah, Look, I'll start and Aman, you can jump in as well. As -- first of all, we've been on this journey with enterprise. It's a multiyear journey. Let me just start there.

好的。我先開始，Aman 你也可以補充。首先，我們在企業客戶這條路上已經走了一段時間。這是一段跨多年的旅程。我先從這裡說起。

And as you've seen through our wins that we've announced over the course of the last several years, we're definitely getting pulled into enterprise deals, which is healthy. The pipeline continues to be really healthy across -- like I said, you've seen us add more customers. And now with drive-thru, that opens up the opportunity even further. And so really excited about that offering. And the team is executing quite well across the enterprise TAM.

而且正如你們在過去幾年我們公布的贏單所看到的，我們確實被拉進企業級交易中，這是健康的。銷售管線持續非常健康——就像我說的，你們看到我們新增了更多客戶。而現在有了得來速（drive-thru），機會又進一步擴大。所以我們對這個產品非常興奮。團隊在整個企業級 TAM 上的執行也相當到位。

Yeah, I think Linda hit it. I mean there's one stat I'll share is in Q1 '26 alone, we booked more locations than we had total customers in '23. And so I think that momentum has not slowed down across both hotels, full-serve restaurants and drive-thru obviously, we just launched, but there's good customer signal there as well. And we're confident in our ability to hit the plans we got to start the year.

是的，我覺得 Linda 說得很到位。我分享一個數據：僅在 2026 會計年度第一季（Q1 '26），我們簽下的據點數就超過了 2023 年我們的客戶總數。所以我認為這股動能在飯店、全服務餐廳以及得來速等領域都沒有放緩；得來速我們才剛推出，但那裡也有不錯的客戶訊號。我們對達成今年年初制定的計畫很有信心。

Dominic Ball, Rothschild.

Dominic Ball，Rothschild。

Hi, Aman, Elena, Michael, Emily. Thanks for your question. Aman, interesting comments on Toast Local following the commentary yesterday from DoorDash alongside seeing DoorDash POS active in San Francisco, Phoenix, New York. It seems like a formal launch is somewhat imminent. So they have a bundled offering, strong distribution channel. That just like delivery platform transition from a partner to a peer. Toast is the best POS system there is.

嗨，Aman、Elena、Michael、Emily。謝謝你們的提問。Aman，關於 Toast Local 的評論很有意思，尤其是昨天 DoorDash 的說法，以及我們也看到 DoorDash POS 在舊金山、鳳凰城、紐約啟用。看起來他們正式發布可能已迫在眉睫。所以他們有綑綁式方案、強大的分銷通路。這就像外送平台從合作夥伴轉變為同業競爭者。Toast 是目前最好的 POS 系統。

So how do you really get Toast Local to be a real peer to DoorDash? And is there any other competitive responses available to Toast. Thank you.

那你們要如何讓 Toast Local 成為 DoorDash 真正的同級競爭者？另外，Toast 還有哪些可用的競爭應對？謝謝。

Hey, Dominic, I think first off, like we -- whether it's DoorDash or Uber or hundreds of other partners we have, they're critical partners for us because to deliver a great experience, right? Our platform and their platforms have to work really well. That hasn't changed.

嗨，Dominic。我想首先，不論是 DoorDash、Uber，或我們其他數百個合作夥伴，他們對我們都很關鍵，因為要提供很好的體驗，對吧？我們的平台與他們的平台必須能非常順暢地協作。這一點沒有改變。

I think we were the first ones in the space to build a deep vertical platform for restaurants. That's really what has allowed us to grow and succeed and get to 20% plus share in the market. We continue to see the same signals in terms of the growth and the potential that we have. And I think the way we're going to do that is by doing the same thing we did to start the business, which is to focus exclusively focus on the needs of our customers. And so a lot of the focus we've got now on TSA and the agent layer is very much about again, creating value for customers based upon customer feedback.

我認為我們是這個領域第一批打造餐飲深度垂直平台的公司。這正是讓我們得以成長、成功，並在市場取得 20% 以上市占的原因。我們持續看到相同的訊號，顯示我們的成長與潛力。而我認為我們會用與創業初期相同的方法來做到這點：也就是專注——專注於客戶需求。因此，我們目前在 TSA 與代理（agent）層的許多投入，都是為了再次根據客戶回饋，為客戶創造價值。

And so I think as long as we continue to do that, as long as we continue to stay customer obsessed, I think we'll be just fine. I think in terms of local again, I'd say the biggest reason we're launching -- we're leaning into local is based on, again, on customer feedback.

所以我認為只要我們持續這麼做，只要我們持續以客戶為中心，我想我們會做得很好。至於 Local，我會再說一次，我們之所以推出——並加大投入 Local——最大的原因同樣是基於客戶回饋。

Like what we hear consistently from customers is they'd love to have a low commission, no commission channel, where they can generate demand. And so the reason we brought in resi inventory to combine with those sales is now we've got one of the best inventory of restaurants to book tables on. And we think we can do some really unique things with that experience where, one, when you book a table under a card on file, you can make the experience to check out much better.

我們持續從客戶那裡聽到的是：他們希望有一個低抽成、甚至零抽成的渠道，能夠用來創造需求。因此我們把 Resy 的庫存（inventory）納入並與這些銷售結合，原因是現在我們擁有最好的餐廳訂位庫存之一。我們認為可以在這個體驗上做一些非常獨特的事情：第一，當你在綁定卡片（card on file）的情況下訂位時，可以讓結帳體驗好很多。

You can personalize the experience at the table based upon the guests order history in toast. And then we're also looking at data about both the guests and the restaurant in terms of when the restaurant is busy and when they're not to try to create the right set of offers that are personalized to the guests to again drive demand incrementally.

你可以根據客人在 Toast 中的點餐歷史，在餐桌端提供更個人化的體驗。此外，我們也在看客人與餐廳兩端的數據，例如餐廳何時繁忙、何時不忙，來嘗試設計一組合適的優惠，並針對客人做個人化，以再次帶動增量需求。

And so it's our focus on local has really been about helping restaurants get more people in the door. And it's been -- one of the stats that I think is exciting. I'll share is a down shared this on the call as well, are up -- we can have downloads are up 2 times just the last quarter. And you can see the rankings go up in the app stores, would drink category. And so I think really good early momentum, very much focused on bringing restaurants demand in store at a great value.

因此，我們對在地化的聚焦，確實一直是為了幫助餐廳把更多人帶進店裡。而且——我覺得有一項數據很令人振奮。我也分享一下，我在電話會議上也提過：下載量——我們的下載量在上一季就成長了2倍。你也可以看到在 App 商店的排名上升，屬於飲品類別。所以我認為這是非常好的早期動能，我們非常專注於以很高的性價比，為餐廳帶來到店需求。

Tim Chiodo, UBS.

Tim Chiodo，瑞銀（UBS）。

Great. Thank you. So a topic that I know a lot of investors would like to get a little bit more comfort with particularly into 2027, it's the hardware topic, right? So you previously said for 2026, it's about 150 basis points impact to EBITDA margins. I know earlier today, you mentioned some impact on free cash flow conversion as you build inventory.

很好。謝謝。所以有一個我知道很多投資人希望更安心、特別是展望到2027年的議題，就是硬體議題，對吧？你之前說過，2026年對 EBITDA 利潤率的影響大約是150個基點。我也知道你今天稍早提到，隨著你建立庫存，對自由現金流轉換率會有一些影響。

But I know this is a challenging topic and it's challenging to forecast. But to the extent that there's anything you could provide around how you're thinking about it for 2027, the supply that you think you'll have entering 2027 and how the kind of the process or conversations go with your suppliers? Thanks.

但我知道這是個具挑戰性的議題，也很難預測。不過在你方便的範圍內，能否談談你們對2027年的思考：你們預期在進入2027年時會有多少供應量，以及你們與供應商之間的流程或溝通大概是怎麼進行的？謝謝。

Yeah, Tim, it's a very relevant question. Thanks. So definitely, like you said, it's a very fluid environment. I think a couple of things that I'll just comment on One is, it's really important to us to not have any customer disruption, and that's a principle that we're operating in. So to that end, we've increased inventory levels to secure the supply into '27.

是的，Tim，這是個非常相關的問題。謝謝。所以確實，如你所說，這是一個非常動態的環境。我想我先評論幾點：第一，對我們來說，最重要的是不要造成任何客戶端的中斷，這是我們運作時遵循的原則。因此，我們提高了庫存水位，以確保供應能延續到2027年。

And of course, we'll remain opportunistic to add supply if it makes sense. But at the highest level, I have no concern about our ability to meet our growth.

當然，如果有意義，我們也會保持機會主義，去增加供應。但從最高層面來看，我完全不擔心我們滿足成長需求的能力。

So that's number one. Number two, the impact to the '27 P&L will be larger than the impact to '26. But as I say that, there's something you really should understand is, one, we're going to manage the margins in '26 and '27 as you've seen us manage it today. So we're going to have healthy margins in both '26 and '27.

這是第一點。第二點，2027年損益表（P&L）的影響會大於2026年的影響。但我這麼說的同時，有一件事你們需要理解：第一，我們會像你們今天看到我們所做的一樣，在2026與2027年管理利潤率。所以我們在2026與2027年都會有健康的利潤率。

So we're actively planning for that. And also the last thing I'll say is Yes, there'll be near-term cost pressure, but we don't anticipate this will have any structural impact to our P&L over the long term. And as I said earlier, we're committed to that long-term margin profile that we've talked about. So all in all, I think the team is managing it well. We're actively managing it and feel very confident in our ability to manage margins, but more importantly, also the ability to get supply to our customers' hands.

我們正在積極規劃這件事。另外我最後想說的是：是的，短期會有成本壓力，但我們不預期這會在長期對我們的損益表（P&L）造成任何結構性的影響。而且如我先前所說，我們承諾維持我們談過的長期利潤率輪廓。所以整體而言，我認為團隊管理得很好。我們正在積極管理，也對我們管理利潤率的能力非常有信心；更重要的是，也有能力把供應交到客戶手上。

Andrew Bauch, BMO.

Andrew Bauch，BMO。

Hey, guys. Thanks for getting me on. I wanted to touch upon the international progress. It seems like over the last several months, we saw a lot of new headlines and new press releases from you anything you've seen so far that's working or anything that's materially different than the US market, given that we're now a couple of years into this push?

嗨，各位。謝謝讓我提問。我想談一下國際市場的進展。看起來在過去幾個月，你們發布了很多新的新聞標題和新聞稿；在我們推進這項策略已經兩年多的情況下，你們目前看到有哪些做法有效，或有哪些地方與美國市場有顯著不同？

Hey, Andrew, overall, really proud of the team's progress. We are -- continue to grow. The international business grew healthy group last year, both in terms of locations as well as on ARPU. We recently launched our Costco three had held internationally, which is a big missing piece really because it's such an important part of our platform. I think 1 of the learnings internationally has been that -- and I'd say most of our investment is set up this way already.

嗨，Andrew，整體而言，我們對團隊的進展感到非常自豪。我們——持續成長。國際業務去年成長健康，無論是在據點數量方面，還是在 ARPU 方面。我們最近在國際市場推出了我們的 Costco 三方手持裝置（handheld），這其實是一個很大的缺口補齊，因為它是我們平台非常重要的一部分。我認為國際市場的一個學習是——而且我會說我們大部分投資本來就已經是這樣配置的。

But where we've seen the most success it is Tier 1 cities. I think in Canada, Vancouver or Toronto or in the UK London or in Australia or something really good early signal in Sydney and Melbourne. And the reason is these cities have the most high GPV busy restaurants where the cost value proposition is most pronounced in terms of like the handhelds or the operational capabilities we offer in our platform.

但我們看到最成功的地方是在一線城市（Tier 1 cities）。例如在加拿大的溫哥華或多倫多、英國的倫敦、澳洲方面，我們在雪梨與墨爾本看到非常好的早期訊號。原因是這些城市擁有最多高 GPV、繁忙的餐廳，在這些地方，我們平台所提供的手持裝置或營運能力等，其成本價值主張最為明顯。

And so I think one of the things we've done is just leaning further into more of a Tier 1 city strategy, I'd say. And so certainly, we'll continue to grow in outside cities in these countries we're in. But as we open up countries it may look more like a Tier 1 city strategy versus going fully deep in every country. And so that's something that we're contemplating and looking at as we head into the back half of this year.

因此，我認為我們做的一件事，就是更進一步加碼一線城市策略。當然，我們也會持續在這些國家的一線城市以外地區成長。但當我們開拓新國家時，可能會更像是一線城市策略，而不是在每個國家都全面深入鋪開。這是我們在今年下半年展望時正在思考與評估的方向。

Yeah, it would be great to see London is a flywood market. Could agree more.

是的，如果能看到倫敦成為一個「flywood」市場會很棒。完全同意。

Absolutely. That's what we're working on. SP-2 Thanks, Andrew. Okay. We're going to take our last question from Ren Kumar at Oppenheimer.

當然。這正是我們正在努力的方向。SP-2 謝謝你，Andrew。好。我們將進行今天最後一個問題，由 Oppenheimer 的 Ren Kumar 提問。

I'm just wondering like what you're seeing for same-store sales into April. And if you saw any changes in the quarter as well.

我想請教一下，你們看到4月的同店銷售（same-store sales）表現如何？以及在本季內是否也看到任何變化？

Yeah, I'll just take that. Overall, our consumer trends have been stable is what I would tell you. GPV per location in Q1 was down 1%, but very much within a reasonable zone and Q2 similar. So overall, customers are quite resilient. They've proven that over many cycles.

好的，我來回答。整體而言，我會說我們的消費者趨勢一直很穩定。第一季（Q1）每個據點的 GPV 下降了1%，但仍在合理範圍內，第二季（Q2）也類似。所以整體來看，客戶相當有韌性。他們在許多景氣循環中都已經證明了這一點。

So that's what we're seeing. And we looked at our own data as well, and it's stable.

所以這就是我們看到的情況。我們也查看了自有數據，表現是穩定的。

Appreciate the color. Thank you.

感謝補充說明。謝謝。

That concludes our conference call today. I want to thank everyone for joining and have a good day.

今天的電話會議到此結束。感謝各位參與，祝各位有美好的一天。