Toast, Inc. (TOST) 2026 Q2 法說會逐字稿

Good afternoon. My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to Toast second quarter 2026 earnings conference call. Today's call will be 45 minutes. I will now turn the call over to Michael Senno, Senior Vice President of Finance. You may begin your conference.

各位下午好。我叫 Christine，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Toast 2026 年第二季財報電話會議。今天的電話會議將進行 45 分鐘。現在我將把電話交給財務資深副總裁 Michael Senno。您可以開始了。

Thank you. Welcome to Toast second quarter 2026 earnings call. First, 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.

謝謝。歡迎參加 Toast 2026 年第二季財報電話會議。首先，執行長 Aman Narang 與財務長 Elena Gomez 將先發表準備好的開場致詞，接著進行問答。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。

These forward-looking statements include expectations around financial and operational metrics, products, business and investment strategy and guidance. 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.

這些前瞻性陳述包括對財務與營運指標、產品、業務與投資策略以及財測指引的預期。實際結果可能有重大差異，我們亦明確聲明不負有更新今日所作前瞻性陳述之任何義務。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. 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流。這些指標是我們營收端指引的基礎。這些非 GAAP 指標並非用以取代我們的 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。

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

那麼，接下來我把電話交給 Aman。

Thanks, Michael, and thank you all for joining us today. We had another great quarter. In Q2, we grew recurring gross profit streams over 28% and expanded GAAP operating income margins to 26%. We had a record 9,500 net location adds in the quarter, 1,000 more than our previous high watermark. Our core business continues to scale.

謝謝你，Michael，也感謝各位今天加入我們。我們又交出了一個非常出色的季度。在第二季，我們的經常性毛利流成長超過 28%，GAAP 營業利益率擴大至 26%。本季淨新增據點達到創紀錄的 9,500 家，比我們先前的最高紀錄多出 1,000 家。我們的核心業務持續擴張規模。

Our new markets are growing rapidly, and we're reinventing our platform with AI to agents and software, working together to drive real business outcomes for customers. For example, Toast IQ Grow, our marketing agent is the fastest-growing product we have ever launched, and it's giving us more conviction in our AI opportunity and its potential to scale ARPU over time. I'm so thankful for our incredible Toast team who continue to execute and deliver at a very high level.

我們的新市場快速成長，而我們也正以 AI 重新打造平台，讓代理（agents）與軟體協同運作，為客戶帶來實質的業務成果。例如，Toast IQ Grow——我們的行銷代理——是我們歷來推出成長最快的產品，這也讓我們對 AI 機會及其隨時間推升 ARPU 的潛力更具信心。我非常感謝我們卓越的 Toast 團隊，持續以極高水準執行並交付成果。

We're excited to announce a number of notable new customers to toast across the different market segments we serve. In our core business, we welcome Kung Fu Tea, a brand with over 300 locations. In Enterprise, we're thrilled to become an endorsed provider by a leading hospitality brand, Best Western, to continue our momentum across hotels. And internationally, we expanded our relationship with TGI Fridays in the UK. In addition to this momentum across our restaurant segments, in retail, we continue to see really strong traction including our very first gas stations where we're processing fuel payments for the very first time.

我們很高興宣布，在我們服務的不同市場區隔中，Toast 新增了多家值得關注的新客戶。在核心業務方面，我們歡迎擁有 300 多家門市的品牌 Kung Fu Tea。在企業客戶（Enterprise）方面，我們很榮幸成為領先旅宿品牌 Best Western 認可的合作供應商，持續推進我們在飯店領域的動能。在國際市場方面，我們擴大了與英國 TGI Fridays 的合作關係。除了在餐飲各細分市場的動能之外，在零售領域我們也持續看到非常強勁的進展，包括我們首次進入加油站場景，並首次開始處理燃油付款。

We've had a great first task, and our top priorities heading into the back half of 2026 remain unchanged. Number one, expand what Toast can do for customers with AI, from software to an Agentic platform that takes on critical work and delivers business outcomes for customers. Number two, expand the markets we serve. And lastly, reinvent how we work with AI to accelerate our most important goals and drive durable growth.

我們在上半年有一個很好的開局，而進入 2026 年下半年，我們的首要優先事項仍維持不變。第一，以 AI 擴展 Toast 能為客戶做的事，從軟體走向代理式（Agentic）平台，承擔關鍵工作並為客戶交付業務成果。第二，擴大我們所服務的市場。最後，以 AI 重新塑造我們的工作方式，加速最重要的目標並推動可持續的成長。

We are well positioned as a vertically integrated platform across software, hardware, payments and lending. Customers recognize the role we play as the most important technology partner and are looking to us to help them take advantage of the opportunity AI creates. I continue to believe executing against these priorities, sets us up to scale Toast $10 billion in ARR and beyond.

作為橫跨軟體、硬體、支付與放貸的垂直整合平台，我們具備良好定位。客戶認可我們作為最重要科技夥伴所扮演的角色，並期待我們協助他們把握 AI 所帶來的機會。我仍然相信，落實這些優先事項，將使我們有能力把 Toast 的 ARR 擴大到 100 億美元並更上一層樓。

Okay. Let's jump into the priorities. Number one, expand what Toast can do for customers. Toast has spent 14 years evolving from a point-of-sale system to a system of record, software that helps restaurants manage their operations, staff, guests and suppliers. But many of our customers don't have the time to leverage everything those offers and end up outsourcing important functions, functions such as marketing, payroll and bookkeeping.

好。讓我們進入這些優先事項。第一，擴展 Toast 能為客戶做的事。Toast 花了 14 年時間，從一套銷售點（POS）系統演進為一個記錄系統（system of record）——協助餐廳管理營運、員工、顧客與供應商的軟體。但我們許多客戶沒有時間充分運用所有功能，最後往往把一些重要職能外包出去，例如行銷、薪資與記帳。

With AI, we are showing that we can take on some of that work and do it even better. Digital marketing is the first Agentic workflow we launched, and we have seen tremendous success thus far. In fact, Toast IQ Grow is on track to become the fastest-growing product to $10 million in ARR. The early customer reception reinforces that we're solving a real problem and have a large opportunity to monetize our offerings. Toast IQ Grow brings together the tools and capabilities to improve a customer's website, SEO, digital ordering and social presence, leveraging the customer's data to build effective marketing campaigns that drive better guest conversion. I'll give you an example.

透過 AI，我們正在證明，我們可以承接其中一部分工作，而且做得更好。數位行銷是我們推出的第一個代理式（Agentic）工作流程，迄今已看到巨大的成功。事實上，Toast IQ Grow 正朝著成為最快達到 1,000 萬美元 ARR 的產品邁進。早期客戶的回饋再次印證，我們正在解決真實痛點，並且在我們的產品變現方面擁有龐大機會。Toast IQ Grow 整合多種工具與能力，以改善客戶的網站、SEO、數位點餐與社群曝光，並運用客戶資料建立有效的行銷活動，帶來更好的來客轉換。我舉個例子。

Spirits Food & Friends is a family-owned restaurant in Louisiana that started with Toast in 2025, consolidating more than 10 disparate systems onto a single platform across POS, payroll, scheduling and more. Now they're using Toast IQ Grow to power their marketing.

Spirits Food & Friends 是路易斯安那州一家家族經營的餐廳，於 2025 年開始使用 Toast，將超過 10 套分散的系統整合到單一平台，涵蓋 POS、薪資、排班等。現在他們正使用 Toast IQ Grow 來驅動其行銷。

For the first time ever, they are segmenting marketing campaigns using their data and are able to conduct these campaigns directly to sales. As a result, they have not only cut their monthly agency spend by 70%, they've also generated over $100,000 in marketing attributed sales in just under two months.

他們有史以來第一次運用自身資料來分眾行銷活動，並能將這些活動直接連結到銷售。因此，他們不僅將每月代理商支出降低了 70%，也在不到兩個月內創造了超過 10 萬美元、可歸因於行銷的銷售額。

We are uniquely positioned to bring the benefits of Toast IQ Grow to restaurants across our platform. We can optimize the full revenue cycle, the digital presence that gets restaurants discovered, drives orders and reaches new guests to customize advertising, the point-of-sale system that captures transactions in-store and online, and the multichannel marketing engine that brings guests back.

我們具備獨特優勢，能將 Toast IQ Grow 的效益帶給平台上的餐廳客戶。我們可以優化完整的營收循環：讓餐廳被發現的數位曝光、帶動訂單並觸及新顧客以進行客製化投放的廣告能力、可在店內與線上擷取交易的 POS 系統，以及能把顧客帶回來的多通路行銷引擎。

Fueled by transaction data, we know what guests ordered, how often they return and when they stop coming back. We know the restaurants too. the sales trends, the slow niches and the overall capacity. Toast IQ Grow will use all of that to drive guest back across e-mail, text, push notifications and social, moving us towards personalized on marketing at scale. And because we power the point of sale, we can close the loop with each campaign tied directly to the orders it drives.

在交易資料的驅動下，我們知道顧客點了什麼、回訪頻率，以及他們何時不再回來。我們也了解餐廳本身：銷售趨勢、冷門時段與整體產能。Toast IQ Grow 會運用這一切，透過電子郵件、簡訊、推播通知與社群媒體帶動顧客回流，讓我們朝向可規模化的個人化行銷邁進。而因為我們提供 POS，我們能將每個行銷活動與其所帶動的訂單直接連結，形成閉環。

As you can see, our success with Toast IQ Grow comes out of two things: data and context. That is the foundation of our Toast IQ ecosystem. First on data. As a customer's system of record, Toast understands how it operates, sales, guest preferences, scheduling, order flow and many changes are recorded as they happen. But data alone isn't the advantage. The context from that data and knowing how to read it is.

如你所見，我們在 Toast IQ Grow 上的成功來自兩件事：資料與情境。這就是我們 Toast IQ 生態系的基礎。先談資料。作為客戶的系統紀錄（system of record），Toast 了解其營運方式；銷售、顧客偏好、排班、點單流程以及許多變更都會在發生時被記錄下來。但僅有資料並不是優勢。真正的優勢在於從資料中取得的情境，以及知道如何解讀它。

Over 14 years, we've watched good and bad operators to run their businesses, so long enough to learn what they do and how the best ones think and adapt. We know what a smart many change looks like versus a bad one, when a staffing pattern signals trouble and which pricing moves hold up in a given market.

在過去 14 年裡，我們觀察過經營得好與不好的業者如何經營他們的事業，時間長到足以了解他們在做什麼，以及最優秀的業者如何思考與調整。我們知道什麼樣的菜單變更是明智的、什麼樣的是不好的；何時的人力配置模式代表出現問題；以及在特定市場中，哪些定價調整能夠站得住腳。

Over time, we plan to build on Toast IQ Grow and roll out a series of agent products on top of our software platform using our data and content advantage. This opens up a market opportunity beyond software, marketing, scheduling and payroll and bookkeeping and tax, are services restaurants often pay for today. And in many cases, they're spending a multiple of what they spend on software.

隨著時間推進，我們計畫在 Toast IQ Grow 的基礎上持續打造，並利用我們的資料與內容優勢，在軟體平台之上推出一系列代理（agent）產品。這將開啟超越軟體的市場機會；行銷、排班，以及薪資、簿記與報稅等，都是餐廳今天經常付費購買的服務。而在許多情況下，他們在這些服務上的支出是軟體支出的數倍。

Longer term, imagine a series of agents across these services. Working in concert, they'll be able to build restaurants projected demand, look at food cost and availability, labor schedules and projected guest patterns to drive suggestions that improve profitability. That's an incredibly exciting future, especially in an industry known for slim margins and long hours.

從更長期來看，想像在這些服務領域中有一系列代理。它們協同運作，能夠建立餐廳的需求預測，檢視食材成本與供應情況、勞動排班與預估的顧客來客型態，進而提出提升獲利能力的建議。這是一個令人無比振奮的未來，尤其對於一個以微薄利潤與長工時著稱的產業而言。

Okay. Let's shift gears now to our second priority, which is to expand the markets we serve. In our core business, our sales team continues to drive strong win rates. We're gaining GPV share faster than any other major provider in our space. Kung Fu Tea is a great example of a growing brand that chose Toast because they saw us as a leader and an innovative partner that will help them invest in automation and surface actionable intelligence to keep them step ahead.

好。現在讓我們轉換到第二個優先事項，也就是擴大我們服務的市場。在核心業務方面，我們的銷售團隊持續推動強勁的贏單率。我們取得 GPV 市占的速度，比同領域任何其他主要供應商都更快。功夫茶（Kung Fu Tea）就是一個很好的例子：這個成長中的品牌選擇 Toast，因為他們視我們為領導者與創新夥伴，能協助他們投資自動化並呈現可採取行動的洞察，讓他們保持領先一步。

Across our new terms, enterprise, international and retail, the vertical playbooks that build our restaurant business, product depth, operational expertise and local go-to market is working just as well. In fact, ARR in each of the new TAMs is both larger than the core was and scaling faster than the core did at the same stage of maturity. Internationally, we expanded our partnership with TGI Fridays in the UK. They are one of dozens of customers that have locations with us across multiple countries now. These operators tend to be in the largest global cities around the world where average restaurant sales are higher, which is best aligned with our value proposition.

在我們的新領域——大型企業（enterprise）、國際與零售——用來打造餐廳業務的垂直化作戰手冊：產品深度、營運專業與在地 go-to-market，同樣運作良好。事實上，各個新 TAM 的 ARR 不僅都比核心業務在同階段時更大，而且擴張速度也比核心業務在相同成熟度階段更快。在國際市場方面，我們擴大了與英國 TGI Fridays 的合作夥伴關係。他們是數十位客戶之一，如今在多個國家都有使用我們的據點。這些營運商往往位於全球最大的國際城市，那裡餐廳平均銷售額更高，與我們的價值主張最為契合。

As we expand Toast to more of these Tier 1 markets, I'm confident we can continue to drive durable growth with strong aback periods. In enterprise, we have momentum across the market in restaurants, hotels as well as sports and entertainment venues. We're excited to become an endorsed food and beverage vendor for Best Western giving us the opportunity to go after the thousands of hotel restaurants they have across the US and Canada.

隨著我們將 Toast 擴展到更多這些一線（Tier 1）市場，我有信心我們能在強勁的回收期（payback periods）下，持續推動具韌性的成長。在大型企業市場，我們在餐廳、飯店以及運動與娛樂場館等領域都具備動能。我們很高興成為 Best Western 認可的餐飲供應商，讓我們有機會爭取他們在美國與加拿大數千家飯店餐廳。

Sports and entertainment is a large TAM in the enterprise space, estimated to be a $500 million error opportunity in the US alone. These customers across stadium and corporate dining environments like schools, museums and theme parks, represent an adjacent market to the traditional restaurant TAM we serve. And we have roughly doubled our location count in this market over the past year. It's brands such as VenuWorks, whose portfolio of arenas and stadiums include the Ford Center, which runs on Toast or Alaskan tour company, Allen Marine Tours, running our Toast Go three devices on their excursion vessels.

運動與娛樂在大型企業領域是一個龐大的 TAM，僅在美國就估計有 5 億美元的年化（annual）機會。這些客戶涵蓋體育場館與企業餐飲環境，例如學校、博物館與主題樂園，代表我們所服務的傳統餐廳 TAM 之外的相鄰市場。而在過去一年裡，我們在這個市場的據點數大約翻了一倍。例如 VenuWorks 這類品牌，其競技場與體育場館組合包含 Ford Center，使用 Toast 營運；或阿拉斯加的旅遊公司 Allen Marine Tours，在其觀光船上使用我們的 Toast Go 3 裝置。

Next, shifting gears to retail. We continue to see great progress here as well with ARPUs that are closest to our core business. We have doubled our retail sales capacity over the last year, and we expect that to continue to scale to meet the market opportunity we see.

接著，轉到零售。我們在這裡也持續看到很好的進展，且 ARPU 最接近我們的核心業務。過去一年我們將零售銷售產能提升了一倍，並預期會持續擴張，以符合我們所看到的市場機會。

Today, we're primarily targeting grocery, convenience stores and bottle shops. Grocery remains a priority for us given that this part of the market has particularly attracted GPV and ARPU. We also recently launched fuel payments, bringing our first two gas station convenience stores out of the platform, a large opportunity for us over time. We're also testing into other parts of the broader retail TAM and will expand further where we see product market fit.

目前我們主要鎖定雜貨店、便利商店與酒類專賣店（bottle shops）。雜貨仍是我們的優先重點，因為這一市場區塊特別能帶動 GPV 與 ARPU。我們最近也推出加油站支付（fuel payments），讓我們的前兩家加油站便利商店上線到平台；長期來看，這對我們是很大的機會。我們也正在測試更廣泛零售 TAM 的其他部分，並會在看到產品市場契合（product-market fit）的地方進一步擴張。

Internally, we talk a lot about how Toast emerged as the leading provider for restaurants over the past decade and how we have a broader opportunity to not to scale within restaurants that support local businesses of all types with our platform. Over time, you should expect to see us launch in more sub verticals just as we have within grocery, convenience stores and bottle shops.

在內部，我們經常討論 Toast 如何在過去十年成為餐廳領域的領先供應商，以及我們有更廣泛的機會——不僅是在餐廳內擴張——而是用我們的平台去支援各類型的在地商家。隨著時間推進，你應該會看到我們在更多子垂直領域推出服務，就像我們已在雜貨、便利商店與酒類專賣店所做的一樣。

All right. To wrap it up, our third priority is to reinvent how we work, scale with AI and invest in durable growth. We are delivering world-class growth and margins at scale. The results of decisions we've made over time, leading to growth opportunities while simultaneously driving efficiency across the business.

好。最後總結一下，我們的第三個優先事項是重塑我們的工作方式、以 AI 擴大規模，並投資於具韌性的成長。我們正在以規模交付世界級的成長與利潤率。這是我們長期以來所做決策的成果：在創造成長機會的同時，也同步推動全公司效率提升。

Our core growth algorithm continues to deliver great results. We're gaining market share, increasing ARPU and our new AI offerings open up more opportunities to scale ARR over time. The margins in our core business are already over 40%, and we expect the margin to continue to scale and be meaningfully higher longer term.

我們的核心成長演算法持續帶來很好的成果。我們正在提升市占、提高 ARPU，而我們新的 AI 產品也開啟更多機會，讓 ARR 隨時間擴大。我們核心業務的利潤率已超過 40%，並預期利潤率將持續擴張，長期而言會顯著更高。

In our new TAMs, we're scaling quickly and on a path to nearly ARR to $200 million this year. Given the strong market demand and the progress we have made on our unit economics, we're investing behind them to scale faster and expect them to be even larger drivers of growth over time. In addition, we're also seeing longer-term bets in areas such as consumer, and new retail TAMs where our scale and platform advantage gives us a unique opportunity to compete and win.

在新的 TAM 中，我們正快速擴張，今年的 ARR 有望接近 2 億美元。鑑於強勁的市場需求以及我們在單位經濟（unit economics）上的進展，我們正加大投資以更快擴張，並預期它們隨時間推進將成為更大的成長驅動力。此外，我們也看到在消費者等領域，以及新的零售 TAM 中的長期押注；我們的規模與平台優勢，讓我們擁有獨特的競爭與勝出機會。

Given these are earlier stage opportunities, we will be disciplined in how we invest, and we'll keep you updated as they progress. As we have shared with you before, we want to compound this business over time to $10 billion in ARR and beyond.

由於這些仍屬較早期的機會，我們會在投資方式上保持紀律，並在進展過程中持續向各位更新。如同我們先前與各位分享的，我們希望隨時間推進，將這門生意複利成長到 100 億美元的 ARR，並在此之上更進一步。

As margins continue to scale in our core business, we will remain disciplined in how we invest back into our newer TAMs and emerging bets and apply the same rigor around capital allocation that got us here. I want to thank every Toaster for their dedication and commitment to Toast. We would not be here without all of your work. And thank you to our customers and investors for your continued support as well.

隨著核心業務的利潤率持續擴張，我們將在回投資到較新的 TAM 與新興押注時保持紀律，並沿用帶領我們走到今天的同等資本配置嚴謹度。我要感謝每一位 Toaster 對 Toast 的投入與承諾。沒有各位的努力，我們不可能走到今天。也感謝我們的客戶與投資人一直以來的支持。

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

接下來，我把電話會議交給 Elena。

Thank you, Aman, and everyone, for joining us today. I want to start by recognizing our team. Q2 came in ahead of expectations across the board, and our results reflect the consistent execution happening throughout the company every day. We posted strong top and bottom line results in the second quarter. ARR grew 25%, and our recurring gross profit streams increased 28% year-over-year.

謝謝你，Aman，也謝謝各位今天加入我們。我想先表揚我們的團隊。第二季各項表現全面優於預期，我們的成果反映出公司每天持續一致的執行力。我們在第二季繳出強勁的營收與獲利表現。ARR 成長 25%，我們的經常性毛利來源年增 28%。

Adjusted EBITDA grew to $221 million and GAAP operating income was $152 million, a 26% margin. On a GAAP basis, we are operating above Rule of 50 with recurring gross profit growth plus operating margin reaching a high of 57% in 2Q, demonstrating the strength of our business model and persistent focus on balancing durable growth and profitability.

調整後 EBITDA 成長至 2.21 億美元，GAAP 營業利益為 1.52 億美元，營業利益率 26%。以 GAAP 基礎計算，我們的表現高於 Rule of 50（經常性毛利成長率加上營業利益率）門檻，第二季達到 57% 的高點，展現我們商業模式的強勁，以及我們持續專注於在可持續成長與獲利能力之間取得平衡。

We added a record 9,500 net new locations in Q2, growing total locations 22% from a year ago to approximately 180,000. Our net add momentum reflects demand for the Toast platform and the strength of our go-to-market execution across our core and new TAMs.

我們在第二季新增創紀錄的 9,500 個淨新據點，使總據點數較去年同期成長 22%，達到約 180,000 個。我們的淨新增動能反映市場對 Toast 平台的需求，以及我們在核心市場與新 TAM 的 go-to-market 執行力。

The breadth of our platform and value we provide customers is also driving sustained growth in monetization. Total take rate measured by recurring gross profit as a percentage of GPV was 98 basis points in Q2, up 5 basis points from a year ago. SaaS ARR grew 27% year-over-year, driven by location volume and consistent mid-single-digit ARPU growth. Subscription gross profit increased 32%, outpacing subscription ARR and revenue growth, benefiting from continued margin expansion. SaaS gross margins were up approximately 240 basis points year-over-year from ongoing optimization efforts, including leveraging AI to transform customer support.

我們平台的廣度以及為客戶提供的價值，也正推動變現能力的持續成長。第二季以經常性毛利占 GPV 的比例衡量之總 take rate 為 98 個基點，較去年同期增加 5 個基點。SaaS ARR 年增 27%，主要由據點數成長與穩定的中個位數 ARPU 成長所帶動。訂閱毛利成長 32%，增速高於訂閱 ARR 與營收成長，受惠於持續的毛利率擴張。在持續優化措施下（包括運用 AI 改造客戶支援），SaaS 毛利率較去年同期提升約 240 個基點。

Payments ARR grew 23% and fintech gross profit increased 26% in the second quarter versus a year ago. GPV was $61 billion, up 22% with GPV per location flat. In the core, GPV came in better than expected with strong same-store sales trends throughout the quarter, including a modest benefit from the World Cup at the end of June. Fintech net take rate was 59 basis points with Payments take rate at 50 basis points. Payments take rate grew year-over-year from the same levers we've seen over the last several quarters, adoption of new products, cost optimization efforts and small targeted pricing moves.

第二季 Payments ARR 年增 23%，金融科技毛利較去年同期增加 26%。GPV 為 610 億美元，年增 22%，每據點 GPV 持平。在核心業務方面，GPV 優於預期，整季同店銷售趨勢強勁，並在 6 月底受世界盃帶來些許正面助益。金融科技淨 take rate 為 59 個基點，其中 Payments take rate 為 50 個基點。Payments take rate 的年增來自我們過去數季看到的相同槓桿：新產品採用、成本優化，以及小幅且具針對性的定價調整。

Nonpayments fintech solutions led by Toast Capital contributed $57 million in gross profit and 9 basis points to take rate. Customer demand for capital remains strong and defaults remain within our expectations, thanks to our data advantage and disciplined underwriting approach.

以 Toast Capital 為首的非支付金融科技解決方案貢獻 5,700 萬美元毛利，並為 take rate 貢獻 9 個基點。客戶對資金的需求仍然強勁，而違約情況也維持在我們的預期範圍內，這得益於我們的數據優勢與嚴謹的承作（underwriting）方法。

Moving down the P&L. Hardware and Professional services gross profit was negative at 11% of our recurring gross profit streams. During the quarter, we received a tariff refund of approximately $10 million that was not contemplated in our Q2 guidance. Based on the current landscape, this represents the bulk of the refunds we expect to receive.

接著看損益表（P&L）下方項目。硬體與專業服務毛利為負，約占我們經常性毛利來源的 11%。本季我們收到約 1,000 萬美元的關稅退稅，這並未納入我們第二季的指引。依目前情勢判斷，這大致代表我們預期可收到的退稅主要部分。

With respect to the dynamic memory market, we've taken several mitigation steps to manage hardware COGS in our supply chain and have already reduced the memory cost impact for 2026 and 2027 versus our original expectations. A few examples of actions we've taken, leveraging earlier generations of our hardware, transitioning certain hardware to lower-cost memory, and opportunistically buying at attractive prices in the spot market to complement our direct vendor relationships.

針對動態記憶體市場，我們已採取多項緩解措施，以管理供應鏈中的硬體銷貨成本（COGS），並且相較於原先預期，已降低 2026 與 2027 年的記憶體成本影響。我們採取的行動例子包括：採用較早世代的硬體、將部分硬體轉換為較低成本的記憶體，以及在現貨市場以具吸引力的價格進行機會性採購，以補充我們與供應商的直接合作關係。

We'll continue to pull these levers and evaluate other areas to lower costs while meeting customer demand and maintaining our best-in-class hardware. When the memory market stabilizes, we're going to come out with structurally better hardware margins than before, thanks to the optimization work we're doing across harbor product costs and supply chain.

我們將持續運用這些槓桿，並評估其他降低成本的領域，同時滿足客戶需求並維持我們同級最佳的硬體。當記憶體市場趨於穩定時，憑藉我們在硬體產品成本與供應鏈上的優化工作，我們的硬體毛利率結構將比以往更佳。

Operating expenses increased 19% from a year ago, excluding $29 million of bad debt and credit-related expenses. Our investment priorities remain consistent, fueling continued share gains in the core scaling our new TAMs, building the AI product capabilities that will differentiate toast for years ahead and seeding long-term bets.

在排除 2,900 萬美元的呆帳與信用相關費用後，營業費用較去年同期增加 19%。我們的投資優先順序維持一致：推動核心市場持續提升市占、擴大新 TAM 規模、打造能在未來多年讓 Toast 脫穎而出的 AI 產品能力，並投入長期布局。

Sales and marketing expenses increased 22%, reflecting incremental investments to support our sustained strong location growth. In the core, we're growing our upsell and account management teams and going deeper across subsegments of the TAM like non-native English speaking customers, plus we're increasing our go-to-market presence across new TAMs.

銷售與行銷費用增加 22%，反映為支援我們持續強勁的據點成長而進行的額外投資。在核心市場，我們擴大加購（upsell）與客戶經營（account management）團隊，並更深入 TAM 的各子區隔，例如非英語母語客群，同時也提升我們在新 TAM 的 go-to-market 佈局。

R&D expenses grew 23%. We're investing to deepen the product capabilities that matter most: our Agentic platform, vertical-specific innovations in each new TAM and AI tooling across the organization to improve productivity. The early results with products like Toast IQ Grow give us confidence in our right to win when we harness our data and AI capabilities to do more for our customers. In Q2, adjusted EBITDA grew 38% to $221 million and margins expanded 240 basis points to 37%. This reflects strong top line execution continued discipline across the cost structure and the tariff refund benefit.

研發費用成長 23%。我們持續投資以深化最關鍵的產品能力：我們的 Agentic 平台、各新 TAM 的垂直領域創新，以及全組織的 AI 工具以提升生產力。像 Toast IQ Grow 等產品的早期成果，讓我們對於運用數據與 AI 能力為客戶創造更多價值、並取得勝利的能力更具信心。第二季調整後 EBITDA 成長 38% 至 2.21 億美元，利潤率擴張 240 個基點至 37%。這反映出強勁的營收端執行力、成本結構上的持續紀律，以及關稅退稅帶來的助益。

Free cash flow was $130 million in the second quarter, down versus a year ago from our strategic decision to acquire and hold more hardware inventory in the near term. We expect the conversion of adjusted EBITDA into free cash flow to improve in the back half of 2026. Over time, we expect to see a corresponding benefit to free cash flow with higher conversion rates when we choose to scale down to more normalized inventory levels.

第二季自由現金流為 1.30 億美元，較去年同期下降，原因是我們策略性決定在短期內收購並持有更多硬體庫存。我們預期 2026 年下半年調整後 EBITDA 轉換為自由現金流的比率將改善。長期而言，當我們選擇將庫存規模降至較正常水準時，較高的轉換率也將對自由現金流帶來相應的正面效益。

GAAP operating income was $152 million, and GAAP EPS was $0.26, both nearly doubling from a year ago. We're complementing strong growth with leverage down the P&L, reflecting disciplined expense management, including stock-based compensation and a lower diluted share count. SBC was 10% of recurring gross profit, down 400 basis points from a year ago, a function of disciplined equity grant practices and lapping the elevated grant values following our IPO.

GAAP 營業利益為 1.52 億美元，GAAP 每股盈餘（EPS）為 0.26 美元，兩者皆較去年同期幾乎翻倍。我們在維持強勁成長的同時，也透過損益表的營運槓桿提升獲利，反映出嚴謹的費用管理，包括股權激勵（SBC）以及較低的稀釋後股數。SBC 占經常性毛利的 10%，較去年同期下降 400 個基點，主要來自嚴謹的股權授予作法，以及 IPO 後較高授予價值的基期效應消退。

Year-to-date, we repurchased over 19 million shares for $486 million. Approximately $100 million remains on our share repurchase authorization. We will continue to opportunistically buy back shares based on market conditions to support long-term shareholder value.

年初至今，我們已以 4.86 億美元回購超過 1,900 萬股。目前在股票回購授權額度下尚餘約 1 億美元。我們將依市場狀況持續把握機會回購股票，以支持股東長期價值。

Turning to guidance. For the third quarter, we expect total subscription and fintech gross profit to grow 22% to 24% year-over-year and adjusted EBITDA to be $210 million to $220 million. On the back of our strong first half results, we're raising our full year 2026 outlook. We now expect recurring gross profit to grow 23% to 25% and adjusted EBITDA to be $805 million to $825 million. We strategically chose to reinvest the tariff refund into key growth initiatives and to see long-term growth. As a result, we're increasing our full year adjusted EBITDA guidance by less than the 2Q beat.

接著談指引。第三季我們預期訂閱與金融科技毛利合計將年增 22% 至 24%，調整後 EBITDA 預計為 2.10 億至 2.20 億美元。基於上半年強勁的表現，我們上調 2026 全年展望。我們目前預期經常性毛利將成長 23% 至 25%，調整後 EBITDA 將為 8.05 億至 8.25 億美元。我們策略性地選擇將關稅退稅再投資於關鍵成長計畫，以追求長期成長。因此，我們上調全年調整後 EBITDA 指引的幅度小於第二季超預期的幅度。

Let me provide some context on our guidance and how we're managing the business for the long term. We're building a generational company that compounds a top-tier growth rates over the next 5 to 10 years. We have a tremendous runway in front of us across core and Horizon two and the opportunity set to build new last curves keeps growing as we scale and expand. We remain disciplined capital allocators and manage our investments across these multiple horizons.

讓我提供一些關於我們指引的背景，以及我們如何以長期角度來經營業務。我們正在打造一家可傳承世代的公司，在未來 5 到 10 年以頂尖的成長率持續複利成長。在核心業務與第二地平線（Horizon 2）方面，我們前方有非常長的跑道；而且隨著我們規模化與擴張，打造新的「最後一哩曲線」的機會集合也持續擴大。我們仍然是紀律嚴明的資本配置者，並在多個地平線之間管理我們的投資。

The core business is Horizon one with a proven growth algorithm and strong cash flow generation. It operates at Rule of 60 with over 20% growth and over 40% margins. We're balancing ongoing efficiency gains with investments in AI products to unlock the significant opportunity to do more for customers. Deploying AI tooling internally will unlock more efficiency and productivity gains as we automate work and the teams reimagine how they operate. This positions us to sustain Rule of 60 in the core with healthy growth and ongoing margin expansion on the path to meaningfully higher margins over time.

核心業務屬於第一地平線（Horizon 1），擁有經驗證的成長演算法與強勁的現金流創造能力。其運作符合「60 法則」（Rule of 60），成長率超過 20%，利潤率超過 40%。我們在持續提升效率的同時，也投資於 AI 產品，以釋放為客戶做得更多的重大機會。在內部部署 AI 工具將在我們自動化工作、並讓團隊重新想像其運作方式時，帶來更多效率與生產力提升。這使我們能在核心業務中維持「60 法則」，在健康成長的同時持續擴大利潤率，並在時間推移下朝著顯著更高的利潤率邁進。

New TAMs, international enterprise and retail are Horizon 2, we expect total ARR to nearly double to $200 million this year, and each is on a path to healthy unit economics at scale. Given the positive signal, we're investing to scale even faster and accelerate our path to be a market leader in each. With the potential for billions of ARR across these businesses and high terminal margins given the leverage they get from our core, we're confident these investments will have significant ROI.

新的 TAM、國際企業與零售屬於第二地平線（Horizon 2）；我們預期今年總 ARR 將接近倍增至 2 億美元，而且各項業務都正走在規模化後具備健康單位經濟效益的路徑上。鑑於正向訊號，我們正加大投資以更快擴張，並加速成為各自市場領導者的進程。考量到這些業務具備達到數十億美元 ARR 的潛力，且由於可借力核心業務而擁有較高的終端利潤率，我們有信心這些投資將帶來顯著的投資報酬率（ROI）。

Lastly, we're seeing longer-term Horizon bets like consumer and other retail verticals. As we scale and add capabilities are right to win across more areas of local commerce expands. Our goal is for these businesses to become key growth drivers for the company three to five years out. We'll take the same gated approach to incubating them like we did with retail and international, only deploying more capital as we find product market that and meet certain success criteria. If we don't see success over a period of time, we'll pull the investment back and either redeploy to the next opportunity or expand margin.

最後，我們也看到更長期的地平線押注（Horizon bets），例如消費者與其他零售垂直領域。隨著我們規模化並新增能力，我們在更多在地商務領域的「勝出權」（right to win）也在擴大。我們的目標是讓這些業務在三到五年後成為公司的關鍵成長驅動力。我們會採取與孵化零售與國際業務相同的分階段（gated）方法，只有在我們找到產品市場契合（product-market fit）並達成特定成功標準時，才投入更多資本。如果在一段時間內看不到成功，我們會收回投資，並將資本重新配置到下一個機會，或用於擴大利潤率。

With our momentum and the opportunities ahead, we believe reinvesting upside into long-term growth areas with high potential ROI is the best path to maximize our long-term enterprise value. In 2026, we're managing to modest margin expansion, consistent with the framework we laid out coming into the year and reiterated with today's guidance. We plan to continue operating with this general framework focused on sustained growth and gradual margin expansion as long as our investments are meeting our expectations. That keeps us on a path to 40% plus long-term adjusted EBITDA margins with the timing firmly in our control.

憑藉我們的動能與前方的機會，我們相信把上行空間再投資到具高 ROI 潛力的長期成長領域，是最大化長期企業價值的最佳路徑。在 2026 年，我們將以溫和的利潤率擴張為目標，這與我們在年初提出、並在今日指引中再次重申的框架一致。只要我們的投資符合預期，我們計畫持續依循這個以持續成長與逐步擴大利潤率為核心的整體框架來營運。這讓我們維持在長期調整後 EBITDA 利潤率 40% 以上的路徑上，而且時點完全由我們掌控。

With the strength of our core and confidence in the margin potential in new TAMs, we believe there's a path to a much higher margin profile over time. The first half of this year was a strong chapter for Toast. We're entering the back half with momentum and confidence in where we're headed, and we're incredibly excited about the opportunity ahead.

憑藉核心業務的強勁表現，以及我們對新 TAM 利潤率潛力的信心，我們相信長期而言有一條通往更高利潤率輪廓的路徑。今年上半年對 Toast 而言是強勁的一章。我們帶著動能進入下半年，對前進方向充滿信心，也對眼前的機會感到無比振奮。

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

現在我把電話交回給接線員，開始問答環節。

(Operator Instructions)

(接線員指示)

Tim Chiodo, UBS.

Tim Chiodo，瑞銀（UBS）。

Great. So Toast IQ Grow, this is a great example of an AI tool that's got a human aspect as well. It supports the restaurants, it supports your ARPU growth. You hit on this a little bit during the prepared remarks, meaning Toast IQ Grow might just be the first of many of these types of tools that could be supportive of both the restaurants and post ARPU. You touched on bookkeeping, tax, payroll scheduling. Maybe you could just talk a little bit more about these potential additional modules, if you will, and what they could mean to longer-term ARPU growth?

很好。所以 Toast IQ Grow，這是一個很好的例子，屬於同時具備 AI 工具與人性化面向的產品。它支援餐廳，也支援你們的 ARPU 成長。你在事先準備的講稿中稍微提到這點，也就是 Toast IQ Grow 可能只是眾多此類工具中的第一個，能同時支持餐廳並推動 ARPU。你提到了簿記、稅務、排班薪資。也許你可以再多談一點這些潛在的額外模組（如果可以這麼說），以及它們對長期 ARPU 成長可能意味著什麼？

Tim, sure. That's exactly the vision over the long term to build out our Agentic platform. Maybe just to zoom out for a second and look at the context of how we got here. Toast started off as a point-of-sale system and then evolved to be really this broader platform. And customers love the fact that it's an all-in-one integrated platform that's got a single point of support. And that's what buys a lot of our growth today.

Tim，當然。這正是我們長期要打造代理式（Agentic）平台的願景。先稍微拉遠一點，看看我們如何走到今天的脈絡。Toast 一開始是一套 POS（銷售點）系統，之後演進成更廣泛的平台。客戶很喜歡它是一個一體化的整合平台，並且有單一支援窗口。而這正是我們今天許多成長的來源。

One of the pieces of feedback we've gotten from operators over the past year is they have -- they find it hard to leverage everything Toast offer, the spread in -- they spread thin just to run their businesses. And so even when they're using the Toast software, they might outsource the function of like marketing, for example, or payroll and tax or inventory management or bookkeeping to a third-party provider. And so we saw that as an important opportunity for us where we said, could Toast take on not just the software that they either run the business, but actually take on some of that work, and we started off with this marketing agent, which is Toast IQ Grow.

過去一年我們從營運者那裡收到的一項回饋是：他們——他們覺得很難充分運用 Toast 所提供的一切；他們光是經營業務就已分身乏術。因此，即使他們在使用 Toast 軟體，他們仍可能把例如行銷、或薪資與稅務、或庫存管理、或簿記等功能外包給第三方供應商。我們把這視為一個重要機會：Toast 能否不只是提供他們用來經營的軟體，而是實際承擔其中一部分工作？我們便從這個行銷代理開始，也就是 Toast IQ Grow。

And I think what has been really powerful about Toast IQ Grow is that, one, we're leveraging data across -- and learning across 150,000-plus customers to figure out, okay, what are the best ways to have a great online ordering presence or a website, optimized SEO, advertising, marketing. And we're also leveraging data on both when the restaurant is busy and when it's not as well as data on guest. And that's what's really allowing us to build a platform where it's actually outperforming what humans can do. Restaurants that switch to our Toast IQ Grow platform, agents rather, are seeing better results. And so are seeing same-store sales growth.

我認為 Toast IQ Grow 真正強大的地方在於：第一，我們利用跨越——並在 15 萬名以上客戶之間進行學習的資料，來找出，好，打造優秀的線上點餐體驗或網站、最佳化 SEO、投放廣告與行銷的最佳方式是什麼。我們也利用餐廳繁忙與不繁忙時段的資料，以及顧客資料。這正讓我們能建立一個平台，其表現實際上超越人類所能做到的。改用我們 Toast IQ Grow 平台（更精確地說，是代理）的餐廳，正在看到更好的成果。因此也看到了同店銷售成長。

And so as we go beyond Toast IQ Grow, we're using the same approach and framework, and we're looking at what are areas where we cannot just provide software but start to take out some of that work. It's early. But you look at like something as simple as voice AI, for example, picking up the phone in the restaurant on the drive through. Over time, we're looking at use cases around scheduling in payroll and tax. So think about like kind of forecasting demand to be smarter about scheduling employees and then making sure that we're getting the best employees, the best shifts.

因此，當我們超越 Toast IQ Grow 之後，我們會用同樣的方法與框架，去看哪些領域我們不僅能提供軟體，還能開始替他們拿掉一部分工作。這還在早期。但例如像語音 AI 這麼簡單的事情：在餐廳得來速接電話。長期來看，我們也在探索薪資與稅務排班相關的使用情境。所以可以想像像是預測需求，讓員工排班更聰明，並確保我們安排到最合適的員工、最好的班次。

And then we're also looking at use cases around inventory management, bookkeeping and accounting. And really, what we're focused on is, one, what are areas where restaurants are leveraging third-party services today and we have a right to win and create value that's outsized relative to -- because of the data and context we have.

此外，我們也在探索庫存管理、簿記與會計相關的使用情境。而我們真正聚焦的是：第一，哪些領域餐廳今天正在使用第三方服務，而我們具備勝出權，並且能創造相對於——由於我們掌握的資料與情境——更為超額的價值。

Harshita Rawat, Bernstein.

Harshita Rawat，Bernstein。

Just a follow-up on Toast IQ Grow. I know it's early days, but any indications on kind of how many locations are kind of converting from trial to paid and how should we also think about like the incremental ARPU here, because considering that some of the products are kind of all that restaurants are paying for, and then also considering the kind of dedicated marketing manager, how should we also be think about the long-term gross margin potential for this product considering some of the costs?

想追問一下 Toast IQ Grow。我知道現在還算早期，但目前有沒有任何跡象顯示，大概有多少據點正從試用轉為付費？另外我們也該如何看待這裡的增量 ARPU？因為考量到有些產品可能已經是餐廳目前唯一在付費的項目，再加上有專屬的行銷經理配置，從成本角度來看，我們也該如何思考這個產品長期的毛利率潛力？

Yes. Great question, Harshita. One, as I shared, this product, incremental to the software we provide, this product is on track to be the fastest product to $10 million ARR. And we're seeing -- and that's really driven by really good traction, both -- especially in our upsell funnel where customers see the value, really, the main driver of that is we're showing that when customers take our platform, they're seeing same-store saw growth.

是的。問題很好，Harshita。第一，如我分享的，這個產品是我們所提供軟體之外的增量產品，目前正朝著成為最快達到 1,000 萬美元 ARR 的產品邁進。我們也看到——而這主要是由非常好的動能所驅動，尤其是在我們的加購漏斗中，客戶看到了價值；真正的主要驅動因素是，我們正在證明當客戶採用我們的平台時，他們能看到同店銷售成長。

I think in terms of margins, the -- if you look at all AI passed out there in the market today, it's often pick a use case, building -- coding software or support. It's often in a combination of AI and humans. And it's the same approach that we've taken, where the AI is generating, leveraging all the data and context we have, the first task is like, okay, how do you optimize restaurants, social -- digital presence was the best attempted a marketing campaign and the copy on the marketing campaign or on advertising. And then we've got humans reviewing and approving those workflows. And so as we've done some early scale, we've already seen the gross margins improve.

我想就毛利率而言——如果你看今天市場上所有 AI 的落地，通常是選定一個使用情境，用來建置——撰寫軟體或做支援。它往往是 AI 與人力的組合。我們採取的也是同樣的方法：AI 利用我們掌握的所有資料與情境來產生內容；第一個任務像是：好，那要如何優化餐廳的社群——數位曝光？什麼是最佳的行銷活動嘗試？以及行銷活動或廣告文案要怎麼寫。接著由人員來審核並核准這些工作流程。因此在我們做了一些早期規模化之後，已經看到毛利率有所改善。

And frankly, I have no concerns long term about what the gross margins of that business could be. Like we're a lot more focused right now to your earlier question about product market fit and looking at the funnel really closely to make sure that there is a path here to really accelerate growth on that product.

坦白說，長期來看我對那項業務的毛利率可能達到的水準完全不擔心。就像你前面提到的問題，我們現在更聚焦在產品市場契合度，並非常密切地檢視漏斗，確保這裡確實有一條路徑能讓該產品的成長真正加速。

Will Nance, Goldman Sachs.

Will Nance，Goldman Sachs。

I wanted to ask a question on margins. I think delivering a pretty clear message tonight about the continued runway you have to drive efficiencies. We'll also maintaining the top line growth rates and reinvesting into the business. I heard the commentary on sustained Rule of 60 performance, margins in the core already being higher than 40%. And so I guess with the incremental commentary today, I'm wondering if you could just talk qualitatively about where some of that confidence is coming from.

我想問一個關於利潤率的問題。我覺得你們今晚傳達了一個相當明確的訊息：你們仍有持續推動效率提升的空間，同時也能維持營收成長率並把資金再投資回業務。我聽到你們提到可持續的「Rule of 60」表現、核心業務的利潤率已經高於 40%。所以基於今天額外的說明，我想請你們定性地談談，這份信心主要來自哪裡？

For instance, are you seeing -- is it coming more from the unlock and seeing more potential in the core to drive leverage over time? Or have you seen some more evidence on some of the expansion verticals that make you think that margins can trend significantly higher? I'm sure it's a mix of both, but maybe just qualitatively, what are some of the examples you've seen that's giving you that increased confidence?

例如，你們看到的是——這份信心更多是來自核心業務的解鎖，並看到隨時間推進能帶來更多營運槓桿的潛力？還是你們在一些擴張的垂直領域看到更多證據，讓你們認為利潤率能顯著走高？我相信兩者都有，但能否定性地舉一些例子，說明你們看到哪些現象讓信心提高？

Yes. Thanks, Will, for the question. So the short answer is it's both, right? So we are really proud of being really disciplined in terms of capital allocation. And like zooming out, our framework is, we're really positioning the company to be a much bigger company or we're building a generational company where we believe we can be much bigger than we are today.

是的。謝謝 Will 的提問。簡短的答案是兩者都有，對吧？我們對於資本配置的紀律性非常自豪。從更宏觀的角度看，我們的框架是：我們正在把公司定位成一家規模更大的公司——我們在打造一家世代型公司，我們相信未來可以比今天大得多。

And some of that comes from both the way we manage our capital allocation and the discipline that we see but also to the point you made, our new TAMs are showing incredible signal already. Aman talked about reaching $200 million in ARR. So we've always said to the extent that we see success, we're going to actively choose to invest, and that's exactly what we're doing. And now we're going to do it in a very sustained in a very disciplined way, we're going to sustain growth, but at the same time, deliver gradual margin expansion. And so we're seeing all of the proper signals.

其中一部分來自我們管理資本配置的方式與所展現的紀律；但也如你所說，我們新的 TAM 已經展現出非常強的訊號。Aman 提到我們已達到 2 億美元 ARR。所以我們一直說，只要我們看到成功，我們就會主動選擇投資，而我們現在正是這麼做。而且我們會以非常可持續、非常有紀律的方式來做：我們會維持成長，同時也帶來逐步的利潤率擴張。因此我們看到了所有正確的訊號。

And then, of course, AI presents an opportunity for us as a business to reimagine how we work and continue this effort that we've had for many years really around efficiency. And we think we can unlock even more efficiency. That's why the commentary and the script is around meaningfully higher margins, that's because we're going to continue this focus on efficiency, but also as we become an AI-native company, AI first company, we'll see some benefit from that as well.

另外，AI 也為我們這門生意提供了一個機會，讓我們重新想像工作方式，並延續我們多年來在效率方面的努力。我們認為可以解鎖更多效率。這就是為什麼我們在講稿與說明中提到「顯著更高的利潤率」：因為我們會持續聚焦效率；同時，當我們成為一家 AI 原生公司、AI 優先公司時，也會從中獲得一些效益。

Darrin Peller, Wolfe.

Darrin Peller，Wolfe。

All right. Look, it's really nice to see the strength in the location adds this quarter. Can you just touch on the composition of the net adds look like? How would you assess the performance in the core NIM versus the expansion? I know you certainly are highlighting the success you're having in the ARR side. But just in terms of number of users that are showing up there and that's contributing?

好的。聽著，這一季據點新增的強勁表現真的很不錯。你能否談談淨新增的組成結構？你會如何評估核心 NIM 相較於擴張業務的表現？我知道你們確實在強調 ARR 方面的成功。但就出現在那裡、並對此有所貢獻的使用者數量而言，情況如何？

Of course, yes. First off, if you -- the results we have in Q2 and really the first half are really, really strong. Really proud of the sales team's performance. We think we had a new watermark, 9,500 net adds this quarter. I think previously, the watermark was 8,500.

當然可以，是的。首先，如果你看——我們在第二季以及整個上半年取得的成果都非常、非常強勁。我們對銷售團隊的表現感到非常自豪。我們認為這一季創下新的里程碑：淨新增 9,500 個據點。我想之前的里程碑是 8,500。

And really, if you look at it, like the majority of that came from our core business, right? This is the SMB and mid-market business. We continue to see really strong win rates. We see -- I think we're taking stronger GPV in share gains versus anyone else in our core business. Haven't seen anything fundamentally change on the competitive side.

而且如果你仔細看，當中大多數其實來自我們的核心業務，對吧？也就是 SMB 與中型市場業務。我們持續看到非常強的贏單率。我們看到——我認為在核心業務中，我們在 GPV 份額增長方面的表現比任何人都更強。在競爭面上沒有看到任何根本性的變化。

I think this goes back to something I said earlier, which is I think 1 point that's maybe underappreciated a bit is if you look at why customers choose Toast, it's not just because of the point-of-sale, they're picking this all in one platform. Those -- that's what drives our win rate, it's capabilities around the operations of the restaurant, both front house and back of house. It's the guest experience and all the tools there. It's the employee experience, the suppliers, it's the fintech products, it's the lending product. And now increasingly, it's products like Toast IQ Grow.

我想這回到我先前說的一點：有一點可能被低估了——如果你看客戶為什麼選擇 Toast，不只是因為 POS，他們選的是一個一體化平台。這——這就是驅動我們贏單率的原因：圍繞餐廳營運的能力，包含前場與後場。還有賓客體驗以及相關的所有工具。還有員工體驗、供應商、金融科技產品、放貸產品。而現在也越來越包括像 Toast IQ Grow 這樣的產品。

And so for us, that's the focus is to continue to drive more and more value for our customers, like we're big believers and continue to be customer obsessed and not competition obsessed. And that's showing up in our win rates and the productivity of the Toast.

因此，對我們而言，重點就是持續為客戶創造越來越多的價值；我們一直深信並持續以客戶為中心，而不是以競爭對手為中心。這也反映在我們的贏單率以及 Toast 的生產力上。

Stephen Sheldon, William Blair.

Stephen Sheldon，William Blair。

I guess just wanted to go back to Grow. And I'm just curious what the early learnings have been around getting customers to implement and optimize around these Agentic capabilities. I know Grow is the only solution you have out there right now from the Agentic side. But how much handholding are you needing to provide to get customers up and running? And is that going to be pretty common as we look forward?

我想回到 Grow 這個話題。我很好奇，在讓客戶導入並圍繞這些 Agentic 能力進行最佳化方面，早期有哪些學習與心得？我知道 Grow 目前是你們在 Agentic 這一側唯一推出的解決方案。但你們需要提供多少手把手的協助，才能讓客戶上線並順利運作？而展望未來，這會不會相當普遍？

Yes, we're still learning. I'll just start by saying, I think it's -- in the context of our business and our scale, even though Toast IQ Grow is growing at rapid click, it's still very early. I think what we see is -- I'll go back to what I said earlier, actually, which is if you look at how we build software, it's incredible tools, but we still need human oversight on top of those tools to make sure we're getting the most out of AI. And I think it's the same mindset where our customers are coming to us and saying, look, we're outsourcing this work of marketing to somebody already. If you could take that on and you can do it better, right?

是的，我們仍在學習中。我先說，在我們的業務與規模脈絡下，即使 Toast IQ Grow 正以非常快的速度成長，現在仍然非常早期。我認為我們看到的是——其實回到我先前說的——如果你看我們如何打造軟體，這些工具非常強大，但我們仍需要在人類監督之下使用，才能確保把 AI 的效益發揮到最大。我認為客戶也是同樣的心態，他們來找我們說：你看，我們本來就已經把行銷工作外包給別人了。如果你們能接手，而且做得更好，對吧？

That's awesome. And so our approach is we're using all the data and context we have, and we are letting AI drive the first half of what, for example, a great website looks like or what are the ways in which you have great online ordering, digital presence. What are the right offers you need to generate? What's the best attempt at a marketing campaign or an ad on social? And then you've got our marketing success managers are viewing and approving that work.

這很棒。所以我們的方法是運用我們掌握的所有資料與情境，讓 AI 先完成一半的工作——例如，一個很棒的網站應該長什麼樣子，或是你要如何打造優秀的線上點餐與數位曝光。你需要產生哪些正確的優惠？行銷活動或社群廣告的最佳嘗試是什麼？接著由我們的行銷成功經理來檢視並核准這些成果。

I think one of the reasons we've been able to see such strong impact where customers that switched to Toast IQ Grow increased same-store sales is because we've got like really unique data. An example is we're looking at the restaurants data in terms of when they're busy when they're not. What are the things that make that brand and the restaurant what it is. On the guest side, we know guest preferences. So over time, these campaigns can get hyper-personalized.

我認為我們之所以能看到如此強勁的成效——也就是改用 Toast IQ Grow 的客戶提升了同店銷售——其中一個原因是我們擁有非常獨特的資料。例如，我們會看餐廳的資料：什麼時候忙、什麼時候不忙。哪些因素構成了這個品牌與餐廳的特色。在顧客端，我們知道顧客偏好。因此，隨著時間推移，這些活動可以變得高度個人化。

And I think we're back to like we're learning a lot about what creates the best possible campaigns. But -- and I expect that over time, it will get better and better in terms of the quality of these campaigns at conversion rates. But the early traction so far has been really positive. This business is running positive margins already, it's increasing. And of course, the growth has been solid.

我想我們又回到：我們正在大量學習，什麼樣的要素能打造出最佳的行銷活動。但——我預期隨著時間推進，這些活動在品質與轉換率方面會越來越好。不過目前為止的早期動能非常正面。這項業務已經在跑正的利潤率，而且還在提升。當然，成長也相當穩健。

Dan Dolev, Mizuho.

Dan Dolev，Mizuho。

Great to see those results. I just wanted to ask a question about the hardware optimization cost. Maybe, Elena, can you unpack -- be a little more specific on some of the savings? And then maybe any initial views on the '27 impact, we're getting that a lot from investors today. Really appreciate the great results again.

很高興看到這些成果。我想問一個關於硬體最佳化成本的問題。也許 Elena，你能否拆解一下——更具體說明一些節省的項目？另外，對於 2027 年的影響是否有任何初步看法？我們今天從投資人那邊被問到很多。再次感謝你們出色的表現。

Yes. Thanks, Dan, for the question. It's definitely a very, I would say, a fluid environment. I would expect the P&L impact in '27 to be greater than '26 just based on how we account for inventory. I think there's really three things I'll leave you with, one -- and I said this in my remarks, I'll just reinforce a few points.

好的。謝謝你，Dan，謝謝這個問題。這確實是一個我會說相當動態的環境。就損益表（P&L）的影響而言，我預期 2027 年會大於 2026 年，主要是基於我們對存貨的會計處理方式。我想我給你三點重點——我在致詞中也提過，我再強調幾個要點。

One is we've done a lot of work to improve the impact that we originally shared for both '26 and '27. And that's really the great work from the hardware ops team deploying mitigation strategies, I can talk about those. Two, we feel very confident about the supply, and we have supply for both '26 and '27. And then three, a really important point because we've done this deep dive over the long term, we're really confident that this work will lead to improved hardware margins over the long run after the memory market stabilizes.

第一，我們做了大量工作，去改善我們原先對 2026 年與 2027 年所分享的影響幅度。這主要歸功於硬體營運團隊推動的因應策略，我可以談談那些策略。第二，我們對供應非常有信心，而且我們已確保 2026 年與 2027 年的供應。第三，也是非常重要的一點：因為我們做了長期的深度盤點，我們非常有信心，一旦記憶體市場趨於穩定，這些工作將在長期帶來更好的硬體毛利率。

So we've done a lot of work to not only impact the near term but also structurally what the hardware margins look like over the long term. So I feel really great about the work, and we're going to continue to do that and optimize anywhere we can really across the hardware P&L.

因此，我們做了很多工作，不僅影響短期，也在結構上改善長期的硬體毛利率樣貌。我對這些工作成果感到非常好，我們也會持續進行，並在硬體損益表（P&L）各處盡可能持續最佳化。

Adam Frisch, Evercore.

Adam Frisch，Evercore。

Your message is crystal clear in the sense that you're investing for growth and for good reason. But for some who may question that, I thought I'd ask it a little bit differently. If you could ballpark it, how much of your increased operating cost is by choice, like your choice to invest in sales and product development and stuff like that? And how much is out of your control like memory costs? And then the question that we're getting tonight is, are you considering a rational -- a resource rationalization in the coming quarters?

你們的訊息非常清楚：你們正在為成長而投資，而且理由充分。但對於可能質疑這點的人，我想換個方式問。如果可以粗略估算，你們營運成本的增加，有多少是出於你們的選擇——例如選擇投資銷售、產品開發等？又有多少是你們無法控制的，例如記憶體成本？另外，我們今晚被問到的問題是：你們是否正在考慮在接下來幾季進行更理性的——資源精簡（resource rationalization）？

Yes. I'll take these. So number one, while hardware is an important part of our P&L, like zooming out, there's a much bigger cost structure that we're managing, and we're actively choosing to invest. And we've sort of laid out the reasons why we have a ton of conviction around not only these new TAMs, we're placing Horizon three bets. But if you just think about the position we're in, we're in an incredibly strong position as a company with our core business at 40% margins, operating at Rule of 60.

是的。我來回答這些。第一，雖然硬體是我們損益表（P&L）的一個重要部分，但拉遠來看，我們正在管理的是更龐大的成本結構，而我們也在主動選擇投資。我們已經闡述了原因：我們不僅對這些新的 TAM（可服務市場總量）非常有信心，也在進行 Horizon three 的押注。但如果你只看我們目前的處境，我們作為一家公司處於極其強勢的位置：核心業務有 40% 的利潤率，並以「60 法則（Rule of 60）」運作。

And now we're in this position where we want to sustain growth over the long term, but also do that in a very disciplined way, which is why we said we'll always have some gradual margin expansion. But we're seeing great signal. It's a positive sign. That means we're investing behind that great signal. So that's sort of the overarching kind of theme you should take from it.

而現在我們處在這樣的位置：我們希望長期維持成長，同時也以非常嚴謹自律的方式做到這點，這也是為什麼我們說我們會一直有一些逐步的利潤率擴張。但我們看到很好的訊號。這是正面的跡象。這代表我們會在這些良好訊號背後加大投資。所以這就是你應該從中帶走的整體主軸。

In terms of head count and rationalization of head count, we're always incredibly disciplined frankly, around every head count we hire, and that's not going to change. And as we consider AI, that allows us to reimagine how we work and consider across the company how we can scale even more efficiently. So I do feel very confident in our ability to drive improved drive to meaningfully higher margins over the long term as we begin to adopt AI across the company. And that's not just for our customers, but just even in how we work. I hope I got most of your questions answered.

至於人力編制與人力精簡，我們坦白說一直都非常自律，對於每一個要招募的職缺都很謹慎，這點不會改變。而當我們考量 AI 時，它讓我們能重新想像工作方式，並在全公司範圍思考如何更有效率地擴張規模。因此，隨著我們開始在全公司導入 AI，我對我們長期推動改善、並將利潤率提升到顯著更高水準的能力非常有信心。這不只是為了客戶，也包括我們自身的工作方式。希望我回答到你大部分的問題。

Just to bellow what you said, just to get specific for a second, right? Like if you look at our plan this year, we saw some opportunity based on the performance in our strategic cuisine, the non English-speaking reps, and we've added some additional investment. With retail, we see opportunity to increase in sales investments, we've been green light of that. Toast IQ Grow similarly, we've seen some great early signal with our AI products.

呼應你剛才說的，先具體一點，好嗎？例如，如果你看我們今年的計畫，我們基於在策略性餐飲品類、非英語系業務代表的表現看到了機會，因此我們增加了一些額外投資。在零售方面，我們看到可以增加銷售投資的機會，這部分我們已經開綠燈。Toast IQ Grow 也是類似，我們在 AI 產品上看到一些非常好的早期訊號。

And so that back to your question about choice, a lot of it's our choice. We are leaning into areas that are growth that will allow us to grow over the long term. I think as you can imagine, for example, our new TAMs getting from 100 million to 200 million this year gives us even more conviction, right, to say let's actually try to move even faster.

所以回到你關於「選擇」的問題，很多其實是我們自己的選擇。我們正加大投入在能帶來成長、並讓我們長期成長的領域。我想你也能想像，例如，我們新的 TAM 今年從 1 億提升到 2 億，讓我們更有信心，對吧，去說那我們其實可以再跑快一點。

And while there's always puts and takes in terms of the EBITDA in year like at least my expectation is hardware over time will normalize back to what the margins were free this memory issue. Like the thing to take away is a lot of the focus investment. In fact, even beyond is a right to investment, some investments in consumer, for example, or these new verticals beyond the ones we're in today are by choice because we believe in the long-term potential.

而且雖然在像今年這樣的年度，EBITDA 總會有一些取捨，但至少我的預期是，硬體隨著時間推移會回到正常水準，毛利率也會回到這次記憶體問題之前的水準。重點是，我們有大量的重點投資。事實上，甚至不只是既有的投資，像是一些消費者端的投資，或是我們目前所在垂直領域之外的新垂直領域投資，都是我們主動選擇的，因為我們相信其長期潛力。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

I appreciate that. Kind of building on Adam's question there. I understand the incremental investment created by the tariff refund. It seems like the visibility on expenses is better, so building on what you just responded to, just I'm curious, just prioritization of your incremental investments, where are you seeing the fastest ROI? It sounds like there's a lot of interesting things going on like sports and entertainment. You mentioned fuel payments, things like that. Just hoping you could reorganize the -- where you're seeing the fastest ROI, if that makes sense?

謝謝，我很感激。我想在 Adam 的問題基礎上延伸一下。我理解關稅退稅帶來的增量投資。看起來費用端的能見度更好，所以延續你剛才的回覆，我只是好奇，你們增量投資的優先順序是什麼？你們在哪些地方看到最快的 ROI？聽起來有很多有趣的事情在進行，例如運動與娛樂。你也提到加油站支付之類的。如果可以的話，希望你能重新梳理一下——你們在哪裡看到最快的 ROI？

Yes. Tien-Tsin, I think first of all, like we want to make sure that any opportunities that exist in our core business to maximize growth. We're focused on that. So we talked about some sales capacity in our core and strategic cuisines. This is the non-English part of the TAM.

是的。Tien-Tsin，我想首先，我們希望確保在核心業務中任何能最大化成長的機會，我們都能把握。我們正專注在這點上。所以我們談到在核心與策略性餐飲品類增加一些銷售產能。這是 TAM 中的非英語部分。

Toast IQ Grow, we've seen some early signals that's really positive, and we actually unlock some investment there. And some of that is actually also more broadly on AI products beyond Toast IQ Grow, it will take time to materialize, but we're seeing the signal that we can take on some of the work that's beyond the software and take on some of the services work for restaurants over time with AI.

Toast IQ Grow，我們看到一些非常正面的早期訊號，因此我們也釋放了一些投資到那裡。其中一部分其實也更廣泛地投入在 Toast IQ Grow 之外的 AI 產品上；這需要時間才會具體顯現，但我們看到的訊號是，隨著時間推移，我們可以用 AI 承接一些超出軟體範疇的工作，並為餐廳承接部分服務型工作。

And then our new TAMs, I think it's the -- I get this question internally a lot about authorization too. But I think that the -- maybe I'll start by saying in our retail business, we've got SaaS, ARPU is already there, closest just within a couple of years to our core business.

然後是我們新的 TAM，我想這個——我在內部也常被問到關於授權（authorization）之類的問題。但我想也許我先從零售業務說起：我們有 SaaS，ARPU 已經到位，而且在短短幾年內就接近我們的核心業務水準。

And so we look at the self capacity we have and the productivity of the team that we have and we say we should try to go faster, especially because I think the team is building conviction that as we get to scale, we're going to see some of those liable effects where once you get to 3%, 4%, 5% market share and grow, we expect there to be tailwinds on top of funnel and conversion on win rate. And so we're leaning in there. And then I think internationally in an enterprise, we're being opportunistic. You said sports, entertainment is one example to find areas where we can invest.

因此我們看我們擁有的銷售產能與團隊的生產力，會說我們應該加快速度，特別是因為我認為團隊正在建立信心：當我們達到規模後，會看到一些「飛輪效應」——一旦市占率到 3%、4%、5% 並持續成長，我們預期在漏斗上端與轉換、以及贏單率上會有額外順風。所以我們正在加大投入。另外在國際與企業端，我們會採取機會主義的方式。你提到的運動、娛樂就是一個例子，用來尋找我們可以投資的領域。

And then I think whether you look at the future, we've only talked about this horizon framework, lots of investment in our core investments against our new TAMs. And then we've also got some investments against that set up longer-term future growth. So for example, in retail, you see fuel expansion, for example, recently, leading into grocery. We're also looking at additional sub-verticals, we're looking at best around consumer. We didn't talk a lot about that in today's call, but we've seen really good monthly active user growth on that app as its host local.

再來我想，如果你看更長期的未來，我們談過這個「地平線」框架：大量投資在核心，以及針對新 TAM 的投資。同時我們也有一些投資是為了更長期的未來成長做準備。例如在零售方面，你會看到我們最近的燃料（加油站）擴張，並進一步切入雜貨。我們也在看更多次垂直領域，也在看消費者端的最佳做法。今天的電話會議我們沒有多談，但我們看到那個 App 的月活躍用戶成長非常好，因為它主打在地（host local）。

And so really across the board, where we see opportunity we're leaning in, and Elena and team do a great job of making sure that while we're leaning into growth, we're also looking at all the opportunities to drive efficiency in the business, especially with what AI will make possible.

所以基本上各個面向，只要我們看到機會就會加大投入；而 Elena 和團隊也做得很好，確保我們在追求成長的同時，也在檢視所有能提升營運效率的機會，特別是 AI 將帶來的可能性。

That wraps up our call for today. Thanks, everyone, for joining. Please reach out with any questions, and I hope everyone has a great evening.

我們今天的電話會議就到這裡。感謝各位參與。如有任何問題請與我們聯繫，也祝大家今晚愉快。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。