Toast Inc (TOST) 2022 Q1 法說會逐字稿

Good afternoon. My name is Sam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast earnings conference call. (Operator Instructions) Thank you.

下午好。我叫山姆，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Toast 收益電話會議。 （操作員說明）謝謝。

I'll now turn the call over to Michael Senno, Vice President of Investor Relations and Treasury. You may begin your conference.

我現在將把電話轉給投資者關係和財政部副總裁 Michael Senno。你可以開始你的會議了。

Thank you, Sam. Welcome to Toast's earnings conference call for the first quarter ended March 31, 2022. On today's call our CEO, Chris Comparato; and CFO, Elena Gomez, will open with prepared remarks. They will then be joined by our COO, Aman Narang, for our Q&A session.

謝謝你，山姆。歡迎參加 Toast 於 2022 年 3 月 31 日結束的第一季度財報電話會議。在今天的電話會議上，我們的首席執行官 Chris Comparato；首席財務官埃琳娜·戈麥斯 (Elena Gomez) 將以準備好的講話作為開場白。然後，我們的首席運營官 Aman Narang 將與他們一起參加我們的問答環節。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of the Securities and the Exchange Act. All statements other than statements of historical facts are forward-looking statements including those regarding management's expectations of future financial and operational performance and operational expenditures, expected growth and business outlook, including our financial guidance for the second quarter and full year 2022. Forward-looking statements reflect our views only as of today, and except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our SEC filings for a discussion of the risks and uncertainties that could cause actual results to differ materially from our expectations.

在我們開始之前，我想提請您注意今天新聞稿中包含的安全港聲明。在本次電話會議中，我們將發表與我們的業務相關的聲明，這些聲明可能被視為《證券交易法》所定義的前瞻性聲明。除歷史事實陳述外，所有陳述均為前瞻性陳述，包括管理層對未來財務和運營業績以及運營支出、預期增長和業務前景的預期，包括我們對 2022 年第二季度和全年的財務指導。聲明僅反映我們截至今天的觀點，除法律要求外，我們不承擔更新或修改這些前瞻性聲明的義務。請參閱今天的新聞稿和我們提交給美國證券交易委員會的文件中的警示性語言，以討論可能導致實際結果與我們的預期產生重大差異的風險和不確定性。

During this call, we will discuss certain non-GAAP financial measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures. Unless otherwise stated, all references on this call to cost of revenue, gross profit and gross margin, selling and marketing expense, research and development expense and general and administrative expense are on a non-GAAP basis.

在本次電話會議中，我們將討論某些非公認會計準則財務措施。這些非 GAAP 措施無意替代我們的 GAAP 結果。請參閱我們的收益發布和 SEC 文件，了解這些非 GAAP 措施與最具可比性的 GAAP 措施的詳細對賬。除非另有說明，否則本次電話會議中對收入成本、毛利潤和毛利率、銷售和營銷費用、研發費用以及一般和管理費用的所有引用均基於非公認會計原則。

Finally, both the press releases and a replay of this call, including the accompanying investor presentation, will be available on our Investor Relations website at investors.toasttab.com.

最後，將在我們的投資者關係網站investors.toasttab.com 上提供新聞稿和本次電話會議的重播，包括隨附的投資者介紹。

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

有了這個，讓我把電話轉給克里斯。

Thank you, Michael, and good afternoon, everyone. Toast delivered a strong first quarter, coming in well ahead of expectations across the board. We added a record number of net new locations to our platform as we continue to lead the digitization of the $800 billion restaurant industry and penetrate our $55 billion market opportunity. Our performance is a function of continued execution on our 3 core growth drivers: increasing the number of restaurant locations on our platform, delivering product innovations, so restaurants use more of our platform to drive success with all of their stakeholders; and deepening our ability to serve all segments of the market.

謝謝你，邁克爾，大家下午好。 Toast 第一季度表現強勁，遠超預期。隨著我們繼續引領價值 8000 億美元的餐飲業的數字化並滲透我們 550 億美元的市場機會，我們在我們的平台上增加了創紀錄數量的淨新地點。我們的業績是我們持續執行我們的 3 個核心增長驅動力的函數：增加我們平台上的餐廳數量，提供產品創新，因此餐廳更多地使用我們的平台來推動所有利益相關者的成功；並加深我們為所有細分市場提供服務的能力。

Despite being one of the largest industries in the world, restaurants have been underserved by technology with one of the lowest levels of digitization of any sector. Running a restaurant is also an incredibly complex and competitive business. The pandemic, a tight labor market, supply chain constraints and inflation have only magnified the challenges. The stakes have never been higher for restaurant owners to embrace technology to help them improve operational efficiency and increase sales so they can thrive in this dynamic new world.

儘管是世界上最大的行業之一，但餐館的技術服務不足，這是所有行業中數字化水平最低的行業之一。經營餐廳也是一項極其複雜且競爭激烈的業務。大流行、勞動力市場吃緊、供應鏈限制和通貨膨脹只會放大挑戰。對於餐館老闆來說，採用技術來幫助他們提高運營效率和增加銷售額，以便他們能夠在這個充滿活力的新世界中茁壯成長，所面臨的風險從未像現在這樣高。

Over the next several years, we expect every restaurant to operate on a unified digital platform. And just like we've seen in other industries, restaurants that embrace a digital platform performed better. As the restaurant industry goes through this wholesale digital transformation, we expect restaurant spend on technology to increase closing the gap with other industries. Amid this secular shift to digital in the cloud, Toast is executing on a generational opportunity to become the trusted partner restaurants need and to serve as the industry's technology backbone.

在接下來的幾年裡，我們希望每家餐廳都能在統一的數字平台上運營。就像我們在其他行業看到的那樣，採用數字平台的餐廳表現更好。隨著餐飲業經歷這種批發數字化轉型，我們預計餐廳在技術上的支出將增加，縮小與其他行業的差距。在這種向雲中數字化的長期轉變中，Toast 正在抓住一代人的機會，成為餐廳需要的值得信賴的合作夥伴，並成為該行業的技術骨幹。

We are leading restaurants into a new era of hospitality. With our laser focus on restaurants and a proven track record of innovation, we've built the best-in-class platform that offers restaurants everything they need to win, to delight their guests, attract and retain employees, manage supplier relationships and ultimately do what they love and thrive. We understand the unique needs of restaurants of any size or concept in a way that no other platform can and we are adding more capabilities to help serve every segment of the market and expand our reach.

我們正在引領餐廳進入一個熱情好客的新時代。憑藉我們對餐廳的高度關注和經過驗證的創新記錄，我們建立了一流的平台，為餐廳提供贏得勝利、取悅客人、吸引和留住員工、管理供應商關係並最終實現所需的一切他們熱愛和茁壯成長。我們以其他平台無法企及的方式了解任何規模或概念的餐廳的獨特需求，並且我們正在增加更多功能以幫助服務於市場的各個細分市場並擴大我們的覆蓋範圍。

Now turning to our results for the quarter. Revenue increased 90% year-over-year to $535 million in the first quarter, and ARR increased 66% year-over-year to $637 million. This was driven by an acceleration in subscription revenue growth from the addition of new locations and continued customer adoption of our growing portfolio of products as well as strong growth in GPV. Customers using 4 or more core modules beyond point-of-sale and payments reached 60% in Q1, contributing to the robust 103% year-over-year growth in subscription revenue.

現在轉向我們本季度的業績。第一季度收入同比增長 90% 至 5.35 億美元，ARR 同比增長 66% 至 6.37 億美元。這是由於新地點的增加和客戶對我們不斷增長的產品組合的持續採用以及 GPV 的強勁增長所推動的訂閱收入增長加速。第一季度，使用 4 個或更多核心模塊的銷售點和支付之外的客戶達到 60%，促成訂閱收入同比強勁增長 103%。

GPV on our platform increased 98% year-over-year to $18 billion in Q1. And for the first time ever, we exceeded 5,000 net new locations in a quarter. We ended Q1 with approximately 62,000 live locations on our platform, up nearly 45% year-over-year, and we're still just scratching the surface of this massive long-term opportunity. Even as our ARR has more than tripled over the past 2 years, it still represents only about 1% of our $55 billion market opportunity in the U.S.

我們平台上的 GPV 在第一季度同比增長 98% 至 180 億美元。有史以來第一次，我們在一個季度內新增了超過 5,000 個新地點。我們在第一季度結束時在我們的平台上擁有大約 62,000 個實時位置，同比增長近 45%，我們仍然只是觸及這個巨大的長期機會的表面。儘管我們的 ARR 在過去 2 年中增長了兩倍多，但它仍然只占我們在美國 550 億美元市場機會的 1% 左右。

On the back of our strong start to the year, we increased our full year revenue guidance by 6% at the midpoint of the range, which implies 48% year-over-year growth. We also improved our adjusted EBITDA outlook as we focus on driving efficient growth.

在我們今年開局強勁的背景下，我們將全年收入指引在該範圍的中點上調了 6%，這意味著同比增長 48%。我們還改善了調整後的 EBITDA 前景，因為我們專注於推動有效增長。

I want to add additional context on our investment levels this year. Our Q1 results are further evidence of the momentum in our business and the reason we have conviction to invest to capture the massive market opportunity in front of us. At the same time, the current environment calls for heightened discipline and we're actively evaluating our spend to make sure we scale in a sustainable, efficient manner. That means identifying efficiency opportunities throughout our business and directing our investments only to areas that drive growth and have a proven return profile. We've shown in the past we can grow efficiently and deliver profits with a proven go-to-market approach that gains leverage with scale, healthy unit economics and disciplined cost management. We're confident we will drive sustained strong growth and healthy long-term profitability. Our updated guidance implies a margin improvement in the second half of the year and we expect to continue on that trajectory moving forward.

我想為我們今年的投資水平添加更多背景信息。我們的第一季度業績進一步證明了我們業務的發展勢頭，也是我們堅信投資以抓住擺在我們面前的巨大市場機會的原因。與此同時，當前環境要求加強紀律，我們正在積極評估我們的支出，以確保我們以可持續、有效的方式擴展。這意味著在我們的整個業務中識別效率機會，並將我們的投資僅引導到推動增長並具有可靠回報的領域。我們過去已經證明，我們可以通過一種行之有效的進入市場的方法來有效地增長並提供利潤，這種方法可以利用規模、健康的單位經濟和嚴格的成本管理來獲得槓桿作用。我們有信心推動持續強勁的增長和健康的長期盈利能力。我們更新的指引意味著下半年的利潤率會有所提高，我們預計將繼續沿著這一軌跡向前發展。

Now I want to turn to how we're executing on our core growth drivers. As the restaurant industry undergoes the secular shift to digital in the cloud, driving location growth is a key priority, and we're leaning into this in a number of ways to build on our momentum. We continue to benefit from our proven scalable go-to-market formula. The restaurant industry is a uniquely local business and our model feeds on that. As we've seen in our most established markets as our penetration increases and more customers in a market experience our superior product offering, the number of referrals and inbound leads accelerate, creating a flywheel effect that drives strong and efficient growth. We're investing in less developed markets to build that same flywheel. And as we build this muscle broadly across more markets, we expect it to continue to drive efficient location growth.

現在我想談談我們如何執行我們的核心增長驅動力。隨著餐飲業經歷長期向雲中數字化的轉變，推動位置增長是一個關鍵優先事項，我們正通過多種方式來加強我們的勢頭。我們將繼續受益於我們久經考驗的可擴展上市公式。餐飲業是一個獨特的本地業務，我們的模型以此為基礎。正如我們在最成熟的市場中看到的那樣，隨著我們的滲透率增加，市場中更多客戶體驗到我們卓越的產品，推薦和入站線索的數量加速，產生了推動強勁和高效增長的飛輪效應。我們正在投資欠發達市場來製造同樣的飛輪。隨著我們在更多市場廣泛建立這種力量，我們預計它將繼續推動有效的位置增長。

Not only are we rapidly adding locations, we are seeing that our new customers are leveraging more of our products from the onset, a strong signal of the demand for our broader platform. Software ARPU for locations booked in Q1 approximately doubled from just 2 years ago. We've seen strong uptake for our guest modules as we've significantly enhanced our products to help customers cater to the evolving guest needs over the past 2 years.

我們不僅在迅速增加地點，而且我們看到我們的新客戶從一開始就使用我們更多的產品，這是對我們更廣泛平台的需求的強烈信號。第一季度預訂地點的軟件 ARPU 大約比 2 年前翻了一番。在過去 2 年中，我們顯著增強了我們的產品以幫助客戶滿足不斷變化的客戶需求，因此我們的客戶模塊得到了強勁的吸收。

Our payroll and team management offering is also building momentum, and we continue to see a significant opportunity to attach more products to our existing customer base, an important indication of our long-term ARPU growth potential.

我們的工資單和團隊管理產品也在建立勢頭，我們繼續看到將更多產品附加到我們現有客戶群的重要機會，這是我們長期 ARPU 增長潛力的重要指標。

Let me share with you a few examples of the strong demand we are seeing across restaurant segments. This quarter, we expanded our relationship with Union Square Hospitality Group, which has created some of New York's most beloved restaurants, cafes and bars. They're expanding Toast to 16 total locations, including Gramercy Tavern, Union Square Cafe, The Modern and their daily provisioned concepts. In addition to our Toast Go handheld point-of-sale and kitchen operations, USHG will manage their multiple concepts and menu configurations using our multi-location menu management. They are also planning on using toast for hotel restaurants to manage their Marta location, allowing them to seamlessly charge the hotel rooms during the payment process.

讓我與您分享一些我們在餐飲領域看到的強勁需求的例子。本季度，我們擴大了與聯合廣場酒店集團的合作關係，該集團創建了一些紐約最受歡迎的餐廳、咖啡館和酒吧。他們正在將 Toast 擴展到總共 16 個地點，包括 Gramercy Tavern、Union Square Cafe、The Modern 和他們的日常供應概念。除了我們的 Toast Go 手持式銷售點和廚房操作，USHG 將使用我們的多位置菜單管理來管理他們的多個概念和菜單配置。他們還計劃在酒店餐廳使用 toast 來管理他們的 Marta 位置，從而使他們能夠在付款過程中無縫地向酒店房間收費。

This quarter, we also expanded our relationship with Nothing Bundt Cakes, a national bakery chain. Nothing Bundt Cakes expanded its relationship with Toast, purchasing our product for 70 new locations in Q1, which would increase our partnership to over 500 locations in the next 12 months. They are using Toast to drive revenue and help build a seamless purchase process for their guests.

本季度，我們還擴大了與全國麵包連鎖店 Nothing Bundt Cakes 的合作關係。 Nothing Bundt Cakes 擴大了與 Toast 的關係，在第一季度為 70 個新地點購買了我們的產品，這將使我們的合作夥伴關係在未來 12 個月內增加到 500 多個地點。他們正在使用 Toast 來增加收入並幫助為客人建立無縫的購買流程。

Tacombi, a growing fast casual Mexican food chain, expanded with Toast in Q1. They were live with Toast in 13 locations using our Toast Go, our Toast Flex and multi-location management products, and they signed a contract to add several more locations in the next 12 months using all of these products. Additionally, Tacombi is adding our kitchen display system in their current locations.

Tacombi 是一家成長中的快速休閒墨西哥食品連鎖店，在第一季度與 Toast 一起擴張。他們使用我們的 Toast Go、Toast Flex 和多地點管理產品在 13 個地點與 Toast 一起生活，他們簽署了一份合同，在未來 12 個月內使用所有這些產品增加更多地點。此外，Tacombi 正在他們當前的位置添加我們的廚房展示系統。

In addition to our broad and growing platform, we also continue to grow our extensive partner ecosystem, which now includes more than 180 partners across large national food and beverage suppliers, technology integration partners and local partners. This quarter, we extended our reseller partnership with U.S. Foods, a leading foodservice distributor that works with approximately 250,000 restaurants and foodservice operators. We focused on continuing to strengthen our partner network to give our customers seamless access to every product and service they need, further enhancing the value our platform provides.

除了我們廣泛且不斷發展的平台外，我們還繼續發展我們廣泛的合作夥伴生態系統，該生態系統現在包括大型國家食品和飲料供應商、技術集成合作夥伴和本地合作夥伴的 180 多個合作夥伴。本季度，我們擴大了與美國食品公司的經銷商合作夥伴關係，美國食品公司是一家領先的餐飲服務分銷商，與大約 250,000 家餐廳和餐飲服務運營商合作。我們專注於繼續加強我們的合作夥伴網絡，讓我們的客戶無縫訪問他們需要的每一種產品和服務，進一步提升我們平台提供的價值。

Shifting to product innovation. I talk to many of our customers every quarter and a consistent theme I hear is they didn't get into the restaurant industry because they love technology, but they do realize that the industry is going through a digital transformation and they need a partner who they can grow with so they can do what they love. That's why we consider Toast an extension of R&D for the restaurant industry.

轉向產品創新。我每個季度都會與我們的許多客戶交談，我聽到的一個一致的主題是他們進入餐飲業並不是因為他們喜歡技術，但他們確實意識到這個行業正在經歷數字化轉型，他們需要一個他們自己的合作夥伴可以一起成長，這樣他們就可以做自己喜歡的事。這就是為什麼我們認為 Toast 是餐飲業研發的延伸。

We give restaurants all the tools they need to run their business, integrated point-of-sale and payments mobile ordering and delivery, marketing and loyalty, team management, friction access -- frictionless access to capital and a growing array of integrated services to meet the evolving needs of our customers.

我們為餐廳提供運營業務所需的所有工具、集成的銷售點和支付移動訂購和交付、營銷和忠誠度、團隊管理、摩擦訪問——無摩擦的資本訪問和越來越多的集成服務以滿足我們客戶不斷變化的需求。

We've built an array of products that serve restaurant owners at their core, but also create a better experience for all stakeholders in the restaurant ecosystem, guests, employees and suppliers. There tends to be a flywheel between happier employees, leading to happier restaurant guests and both contributing to more successful, better run restaurants.

我們構建了一系列產品，以服務餐廳業主為核心，同時也為餐廳生態系統中的所有利益相關者、客人、員工和供應商創造更好的體驗。更快樂的員工之間往往有一個飛輪，導致更快樂的餐廳客人，並為更成功、更好經營的餐廳做出貢獻。

We're continuing to invest in products to further differentiate our platform by enhancing and deepening the touch points between restaurants and each stakeholder. And with our integrated platform, as restaurants add more of our products, it strengthens the flywheel, creating powerful network effects for our customers.

我們將繼續投資產品，通過加強和深化餐廳與每個利益相關者之間的接觸點，進一步區分我們的平台。通過我們的集成平台，隨著餐廳增加我們的產品，它增強了飛輪，為我們的客戶創造了強大的網絡效應。

In supplier management, we're making great progress with our xtraCHEF product, which provides accounts payable automation and inventory management. With restaurants facing supply chain challenges and inflation, we're seeing just how important it is to help our customers manage profitability by easily comparing the cost of a menu item versus what they're charging. And longer term, we have opportunities to expand the services we offer restaurants in this area and further optimize and automate their supplier management.

在供應商管理方面，我們的 xtraCHEF 產品取得了長足進步，該產品提供應付賬款自動化和庫存管理。由於餐廳面臨供應鏈挑戰和通貨膨脹，我們看到通過輕鬆比較菜單項的成本與他們的收費來幫助我們的客戶管理盈利能力是多麼重要。從長遠來看，我們有機會擴展我們在該地區為餐廳提供的服務，並進一步優化和自動化他們的供應商管理。

Our payroll and team management products speed up employee onboarding, simplify payroll and ensure employees are paid on time. With restaurants still facing labor challenges, if you're not providing a great employee experience and paying your employees quickly, it will be more difficult for you to hire and retain great talent, which impacts the guest experience and sales. We believe both selling payroll into our existing customer base and continuing to innovate in this space to help restaurants offer employees even more services that can differentiate them in this tough labor market represent meaningful growth opportunities going forward.

我們的工資單和團隊管理產品可加快員工入職、簡化工資單並確保員工按時獲得報酬。由於餐廳仍面臨勞動力挑戰，如果您不提供出色的員工體驗并快速支付員工工資，您將更難以僱用和留住優秀人才，這會影響客人體驗和銷售。我們相信，無論是向我們現有的客戶群出售工資單，還是在這一領域繼續創新，以幫助餐廳為員工提供更多服務，使他們在這個艱難的勞動力市場中脫穎而出，都代表著未來有意義的增長機會。

As we continue to build scale and drive growth in our core segments, another key growth strategy is to position Toast to increase penetration in all restaurant segments and expand to new markets. With our laser focus on serving the restaurant industry, we're uniquely able to adapt our platform to meet the specific needs of different types of restaurants. One example from this quarter is targeted for quick service restaurants. We've built an offering that better suits the needs of these restaurants and helps them get results even quicker.

隨著我們繼續擴大核心業務的規模並推動增長，另一個關鍵的增長戰略是定位 Toast 以提高在所有餐飲領域的滲透率並擴展到新市場。由於我們專注於服務餐飲業，我們能夠獨特地調整我們的平台來滿足不同類型餐廳的特定需求。本季度的一個例子是針對快餐店的。我們已經建立了一個更適合這些餐廳需求的產品，並幫助他們更快地獲得結果。

As I mentioned, we also announced Toast for Hotel Restaurants, a new solution designed to meet the unique needs of hotel restaurant operators. Toast now integrates with several hotel management software providers, allowing us to better serve this segment and we're focused on continuing to adapt our product and packaging to serve the specific needs of each type of restaurant in order to drive deeper penetration across segments.

正如我所提到的，我們還發布了用於酒店餐廳的 Toast，這是一種新的解決方案，旨在滿足酒店餐廳經營者的獨特需求。 Toast 現在與多家酒店管理軟件提供商集成，使我們能夠更好地服務於這一細分市場，我們專注於繼續調整我們的產品和包裝以滿足每種類型餐廳的特定需求，以推動跨細分市場的更深入滲透。

In addition, as we discussed last quarter, we've seeded an initial investment in international this year. We believe our best-in-class product offering and go-to-market approach translates well to other markets, which will enable us to tap into our broader TAM and become another driver -- growth driver longer term.

此外，正如我們上個季度所討論的那樣，我們今年已經在國際上進行了初步投資。我們相信我們一流的產品供應和進入市場的方法可以很好地轉化為其他市場，這將使我們能夠利用我們更廣泛的 TAM 並成為另一個驅動力——長期增長驅動力。

Before closing, I wanted to thank our customers and employees, the restaurant industry remains resilient even amid the many macro challenges across the globe, and we are incredibly proud to be able to partner with our customers as they navigate these challenges and thank you to our great employees for helping get Toast off to a great start in 2022 and build on our terrific operating momentum.

在結束之前，我要感謝我們的客戶和員工，即使在全球範圍內面臨許多宏觀挑戰，餐飲業仍然保持彈性，我們非常自豪能夠與我們的客戶合作應對這些挑戰，並感謝我們的優秀的員工幫助 Toast 在 2022 年取得了良好的開端，並鞏固了我們出色的運營勢頭。

We're still very early in our journey. And we're confident that by continuing to relentlessly execute on our strategy, we'll create significant value for our customers and shareholders over the long term.

我們的旅程還很早。我們相信，通過繼續不懈地執行我們的戰略，我們將為我們的客戶和股東創造長期的重大價值。

Finally, before I pass the call over to Elena to go through our financials, I want to congratulate her on her 1-year anniversary at Toast. What an incredible year it's been. Elena, I'm excited to partner with you on this journey ahead.

最後，在我將電話轉給 Elena 以了解我們的財務狀況之前，我想祝賀她在 Toast 工作一周年。這是多麼不可思議的一年。埃琳娜，我很高興能在未來的旅程中與您合作。

And now, Elena, I'll turn it over to you.

現在，埃琳娜，我會把它交給你。

Thanks, Chris. 1 year went really fast. And equally, I'm excited about the partnership. And thank you, everyone, for joining. To start, I wanted to echo Chris in thanking both our customers for their continued partnership and the entire Toast team, whose dedication and tireless work led to another great quarter. It's thanks to them that we got off to a great start in 2022 coming in ahead of our expectations across our key metrics. This is evidence of our solid operating momentum and the power of our industry leading platform.

謝謝，克里斯。 1年過得真快。同樣，我對這種夥伴關係感到興奮。謝謝大家的加入。首先，我想回應 Chris，感謝我們的客戶一直以來的合作夥伴關係以及整個 Toast 團隊，他們的奉獻精神和不懈的工作帶來了另一個偉大的季度。多虧了他們，我們在 2022 年有了一個良好的開端，超出了我們對關鍵指標的預期。這證明了我們穩健的經營勢頭和我們行業領先平台的力量。

We're still in the very early stages of this massive opportunity to provide restaurants with all the products and services they need as the industry transitions to digital and navigates new challenges. As Chris mentioned, the number of net new locations added to our platform accelerated in Q1 to over 5,000 and we ended the quarter with approximately 62,000 locations. Driving location growth is one of our key priorities, and we're investing to build on this momentum and continue to efficiently increase our market penetration.

隨著行業向數字化轉型並應對新挑戰，我們仍處於這一巨大機會的早期階段，為餐廳提供他們所需的所有產品和服務。正如 Chris 所說，第一季度添加到我們平台的淨新地點數量加速至超過 5,000 個，我們在本季度結束時約有 62,000 個地點。推動位置增長是我們的主要優先事項之一，我們正在投資以鞏固這一勢頭，並繼續有效地提高我們的市場滲透率。

Total revenue grew 90% year-over-year to $535 million and ARR hit $637 million as of the end of Q1, up 66% from last year. As we've discussed, ARR is our core operational metrics and the best indication of our underlying growth, and we continue to see healthy trends in both our recurring revenue streams, SaaS and payments, which underpin our ARR growth.

截至第一季度末，總收入同比增長 90% 至 5.35 億美元，ARR 達到 6.37 億美元，比去年增長 66%。正如我們所討論的，ARR 是我們的核心運營指標，也是我們潛在增長的最佳指標，我們繼續看到我們的經常性收入流、SaaS 和支付方面的健康趨勢，這支撐了我們的 ARR 增長。

Subscription services revenue growth accelerated to a robust 103% in the first quarter, driven by our strong growth in new locations as well as increasing adoption of our portfolio of SaaS products by new and existing customers. As of March 31, 2022, 60% of our Toast locations used 4 or more core products, on top of our integrated POS and payment solutions compared to 51% a year ago, reflecting the benefit of our continued product innovation.

由於我們在新地點的強勁增長以及新老客戶越來越多地採用我們的 SaaS 產品組合，第一季度訂閱服務收入增長加速至強勁的 103%。截至 2022 年 3 月 31 日，除了我們的綜合 POS 和支付解決方案之外，我們 60% 的 Toast 門店使用 4 種或更多核心產品，而一年前這一比例為 51%，這反映了我們持續產品創新的好處。

With customers using more of our end-to-end platform, our SaaS ARPU continues to increase at a healthy clip. The growing ARPU is particularly evident in our new locations. The average SaaS ARPU for new bookings in Q1 has more than doubled in just 2 years to nearly 6,000 as customers continue to adopt more of our products at booking.

隨著客戶越來越多地使用我們的端到端平台，我們的 SaaS ARPU 繼續以健康的速度增長。不斷增長的 ARPU 在我們的新地點尤為明顯。隨著客戶在預訂時繼續採用我們更多的產品，第一季度新預訂的平均 SaaS ARPU 在短短 2 年內翻了一番多，達到近 6,000 個。

In addition, we still have a meaningful opportunity to drive deeper product adoption among our existing customer base over time. We believe the trends in new bookings and the upsell opportunities point to a long runway to drive continued ARPU growth. One example is the growing adoption of our payroll product, which Chris alluded to.

此外，隨著時間的推移，我們仍然有一個有意義的機會來推動我們現有客戶群更深入地採用產品。我們認為，新預訂趨勢和追加銷售機會表明，推動 ARPU 持續增長的道路很長。一個例子是我們的工資單產品越來越多的採用，克里斯提到了這一點。

In Q1, approximately 30% of our total bookings included Toast payroll on initial sales, up from 15% last year. We're seeing early benefits from expanding our sales efforts to focus on existing restaurants that switch to the Toast platform. In addition, the majority of new restaurant openings coming on to our platform continue to attach Toast payroll at the time of booking. We're still early in this opportunity and as an example where we can continue to increase attach rates of bookings and drive upsell to existing customers to drive further ARPU growth.

在第一季度，我們大約 30% 的總預訂量包括初始銷售的 Toast 工資，高於去年的 15%。我們看到了擴大銷售工作以專注於切換到 Toast 平台的現有餐廳的早期收益。此外，大多數進入我們平台的新餐廳在預訂時繼續附上 Toast 工資單。我們仍然處於這個機會的早期，並且作為一個例子，我們可以繼續提高預訂附加率並推動對現有客戶的追加銷售，以推動 ARPU 的進一步增長。

Longer term, we have the potential to layer on more features and services for our restaurant employees, helping our customers differentiate themselves in a tight labor market while unlocking incremental monetization on our platform.

從長遠來看，我們有潛力為我們的餐廳員工提供更多功能和服務，幫助我們的客戶在緊張的勞動力市場中脫穎而出，同時在我們的平台上解鎖增量貨幣化。

Moving to financial technology solutions. Revenue grew 93% to $438 million. Fintech solutions gross profit, which is net of payment transaction costs and what we operationally -- what we operationally as a second component of our recurring revenue, was $91 million in the quarter, a 66% year-over-year increase. That was driven by GPV growth of 98% to $18 billion. annualized GPV per processing location remained strong at an average of $1.2 million. As a reminder, we typically see seasonally higher GPV per processing locations in the second and third quarter.

轉向金融技術解決方案。收入增長 93% 至 4.38 億美元。金融科技解決方案的毛利潤（扣除支付交易成本和我們的運營成本——我們作為經常性收入的第二個組成部分）在本季度為 9100 萬美元，同比增長 66%。這是由 GPV 增長 98% 至 180 億美元推動的。每個處理地點的年化 GPV 保持強勁，平均為 120 萬美元。提醒一下，我們通常會在第二和第三季度看到每個處理地點的季節性更高的 GPV。

As we noted last quarter, our debit and credit mix has returned to pre-COVID trends, while the mix of card not present volumes continues to moderate with consumers increasingly returning to dining and restaurants. Total gross profit grew 38% year-over-year and 23% quarter-over-quarter to $101 million. Gross margin improved by over 250 basis points compared to Q4 to 18.9%, boosted by improvements across our subscription services, fintech solutions and hardware margins. Looking at our recurring revenue strength subscription and fintech growth profit totaled $135 million for a 73% increase year-over-year, reflecting the strong customer growth and healthy ARPU increases across both SaaS and fintech solutions.

正如我們上個季度所指出的那樣，我們的借記卡和信用卡組合已恢復到 COVID 之前的趨勢，而隨著消費者越來越多地返回餐飲場所，不存在卡的交易量組合繼續放緩。總毛利同比增長 38%，環比增長 23%，達到 1.01 億美元。與第四季度相比，毛利率提高了 250 個基點以上，達到 18.9%，這得益於我們訂閱服務、金融科技解決方案和硬件利潤率的改善。從我們的經常性收入實力訂閱和金融科技增長利潤來看，總計 1.35 億美元，同比增長 73%，反映了 SaaS 和金融科技解決方案的強勁客戶增長和健康的 ARPU 增長。

Turning to our customer acquisition costs. We're focused on maintaining efficient unit economics as we invest to scale the business and our track record of attractive payback periods continue to give us the confidence to lean into the significant opportunity in front of us.

轉向我們的客戶獲取成本。在我們投資以擴大業務規模時，我們專注於保持高效的單位經濟效益，而且我們在有吸引力的投資回報期方面的記錄繼續讓我們有信心抓住擺在我們面前的重大機遇。

As a reminder, operationally, we manage our hardware and professional services growth profit as customer acquisition costs. Hardware costs remain elevated and increased year-over-year due to higher freight and product costs related to supply chain dynamics.

提醒一下，在運營方面，我們將硬件和專業服務增長利潤作為客戶獲取成本進行管理。由於與供應鏈動態相關的運費和產品成本增加，硬件成本仍然很高並且同比增長。

Compared to Q4, hardware costs improved quarter-over-quarter as trade expenses declined off peak levels, and we benefited from onetime adjustments. We're in the process of strategically increasing our hardware inventory, enabling us to shift to lower cost shipping methods while continuing to deliver products to our customers in a timely manner. While we expect hardware costs to remain high over the next few quarters, we believe they will normalize over time as we leverage lower cost shipping methods and focus on optimizing other parts of our supply chain.

與第四季度相比，硬件成本環比有所改善，因為貿易費用從峰值水平下降，我們受益於一次性調整。我們正在戰略性地增加硬件庫存，使我們能夠轉向成本更低的運輸方式，同時繼續及時向客戶交付產品。雖然我們預計硬件成本在未來幾個季度仍將居高不下，但我們相信隨著我們利用低成本運輸方式並專注於優化供應鏈的其他部分，它們將隨著時間的推移而正常化。

Sales and marketing is our other customer acquisition expense. After reducing our sales force at the onset of COVID, we're investing to rebuild the team in order to continue to drive market share. As part of that investment, we're strengthening our presence in less penetrated areas. The power of our go-to-market approach is that we increased market share in a territory, we see increasing inbound leads through referrals and from brand awareness, resulting in higher productivity for our sales reps. That flywheel effect enables us to scale efficiently as we gain traction. And we're investing to build the foundation to kickstart that flywheel in more and more markets.

銷售和營銷是我們的其他客戶獲取費用。在 COVID 爆發時減少了我們的銷售人員後，我們正在投資重建團隊，以繼續提高市場份額。作為該投資的一部分，我們正在加強我們在滲透率較低的領域的影響力。我們進入市場方法的力量在於我們增加了一個地區的市場份額，我們看到通過推薦和品牌知名度增加了入境線索，從而提高了我們的銷售代表的生產力。這種飛輪效應使我們能夠在獲得牽引力時有效地擴展。我們正在投資為在越來越多的市場中啟動飛輪奠定基礎。

Even as we increased investment in sales and marketing, we've maintained consistent efficiency. We believe measuring sales and marketing expense as a percentage of recurring revenue is the best indication of how we're executing. Sales and marketing as a percent of recurring revenue declined significantly after the cost cuts in the first half of 2020 and has now held in the same range, 7 quarters since then. That's been driven by an increasing number of new locations we're adding to the platform each quarter and continued growth in ARPU. This gives us further conviction to lean into the large opportunity we have ahead. As we do so, we continue to manage our unit economics, and we're confident that as we gain scale, we'll deliver leverage on our sales and marketing costs over time.

即使我們增加了對銷售和營銷的投資，我們也保持了一致的效率。我們認為，衡量銷售和營銷費用佔經常性收入的百分比是我們執行情況的最佳指標。在 2020 年上半年削減成本後，銷售和營銷佔經常性收入的百分比顯著下降，自那時以來已有 7 個季度保持在同一範圍內。這是由於我們每個季度都會向平台添加越來越多的新地點以及 ARPU 的持續增長。這使我們進一步堅信，我們將抓住未來的巨大機遇。當我們這樣做時，我們將繼續管理我們的單位經濟，並且我們相信，隨著我們擴大規模，我們將隨著時間的推移對我們的銷售和營銷成本產生影響。

Moving down the P&L. We're also investing in research and development to build out our platform. This includes deepening the integration and features on newer products like payroll and xtraCHEF, which we believe represents strong monetization opportunities longer term. In addition, as Chris mentioned, we're adding capabilities to better serve different restaurant segments, which will position us to penetrate segments where we've typically had less of a presence.

向下移動損益表。我們還投資於研發以構建我們的平台。這包括深化工資單和 xtraCHEF 等新產品的集成和功能，我們認為這代表了長期的強大貨幣化機會。此外，正如 Chris 所提到的，我們正在增加功能以更好地服務於不同的餐廳細分市場，這將使我們能夠滲透到我們通常較少存在的細分市場。

Similar to last quarter, the increase in general and administrative costs were mainly due to public company-related expenses. Overall, adjusted EBITDA of negative $45 million in Q1 was better than our expectations. The outperformance reflects continued strength in GPV and SaaS revenue growth in addition to the progress on reducing hardware costs as we navigate the challenging macro environment.

與上一季度類似，一般和行政成本的增加主要是由於與上市公司相關的費用。總體而言，第一季度調整後的 EBITDA 為負 4500 萬美元，好於我們的預期。出色的表現反映了 GPV 和 SaaS 收入增長的持續強勁，以及在我們應對充滿挑戰的宏觀環境時降低硬件成本的進展。

Now let me turn to guidance. For the second quarter, we expect revenues to be in the range of $635 million to $665 million, which represents 53% year-over-year growth at the midpoint. We expect the adjusted EBITDA to be in the range of $60 million to negative $50 million. For the full year, we're increasing our revenue expectations by 6% at the midpoint to reflect the momentum in software revenue growth and our expectation for GPV growth to remain strong.

現在讓我轉向指導。對於第二季度，我們預計收入將在 6.35 億美元至 6.65 億美元之間，中點同比增長 53%。我們預計調整後的 EBITDA 將在 6000 萬美元至負 5000 萬美元之間。對於全年，我們將收入預期中點提高 6%，以反映軟件收入增長的勢頭以及我們對 GPV 增長保持強勁的預期。

We now expect full year revenue to be in the range of $2.5 billion to $2.55 billion, which represents 48% year-over-year growth at the midpoint. Following our strong Q1 performance, we're also raising our adjusted EBITDA guidance to be in the range of negative $195 million to negative $175 million for 2022. This reflects the targeted investments we're making across sales and marketing and research and development to drive the core growth strategies that Chris highlighted.

我們現在預計全年收入將在 25 億美元至 25.5 億美元之間，中間值同比增長 48%。在我們強勁的第一季度業績之後，我們還將調整後的 EBITDA 指引提高到 2022 年負 1.95 億美元至負 1.75 億美元的範圍內。這反映了我們在銷售和營銷以及研發方面進行的有針對性的投資，以推動克里斯強調的核心增長戰略。

Given the incredible demand for our product, growing ARPU as customers do more with us, and the massive market opportunity in front of us, we're confident that these investments will deliver strong returns. While these investments are resulting in higher burn today, make no mistake, we remain focused on working towards long-term profitability and the current environment has only increased our urgency. We're actively driving efficiencies across the company and tightly managing all discretionary spend in order to help fund our key growth initiatives while improving profitability.

鑑於對我們產品的巨大需求、隨著客戶與我們合作不斷增加的 ARPU 以及擺在我們面前的巨大市場機會，我們相信這些投資將帶來豐厚的回報。雖然這些投資在今天導致了更高的消耗，但毫無疑問，我們仍然專注於實現長期盈利，而當前的環境只會增加我們的緊迫性。我們正在積極提高整個公司的效率，並嚴格管理所有可自由支配的支出，以幫助為我們的關鍵增長計劃提供資金，同時提高盈利能力。

Making sure we have a lean cost structure is a priority. It will enable us to stay nimble as we rapidly grow and gain operating leverage with scale. Our guidance implies that EBITDA margins will improve by 200 basis points in the second half of the year compared to the first half, and we're positioning the business to continue to deliver consistent margin improvement with durable top line growth in 2023 and beyond.

確保我們擁有精益成本結構是當務之急。這將使我們能夠在快速增長並獲得規模經營槓桿時保持敏捷。我們的指導意味著，與上半年相比，下半年的 EBITDA 利潤率將提高 200 個基點，我們將業務定位為在 2023 年及以後繼續提供持續的利潤率提高和持久的收入增長。

In closing, we're off to a great start in 2022, evidence of our strong execution and industry-leading platform. The restaurant industry is going through a generational shift to digital. And our priority is to further cement our leadership position as the trusted platform of choice for the restaurant industry. We believe through our portfolio of offerings, we can help restaurants boost sales, improve efficiency, retain employees and thrive in one of the most competitive industries. And as we execute on that, we believe it will translate into strong durable growth and healthy profits over the long term.

最後，我們在 2022 年有了一個良好的開端，這證明了我們強大的執行力和行業領先的平台。餐飲業正在經歷向數字化的代際轉變。我們的首要任務是進一步鞏固我們作為餐飲業首選平台的領導地位。我們相信，通過我們的產品組合，我們可以幫助餐廳提高銷售額、提高效率、留住員工並在最具競爭力的行業之一中茁壯成長。當我們執行此操作時，我們相信它將轉化為長期強勁的持久增長和健康的利潤。

Now I'll turn the call back over to the operator to start our Q&A.

現在我將把電話轉回給接線員開始我們的問答。

(Operator Instructions) Your first question is from the line of Tien-Tsin Huang of JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Tien-Tsin Huang。

Chris, I wanted to ask about your -- I think I wrote down here driving efficient growth, heightened discipline, those kind of things. I think Elena, you also talked about watching discretionary expenses. Can you just elaborate on what that might look like? What investments are nonnegotiable for you in terms of growing? And where you might see a little bit of belt tightening, if you want to call it that?

克里斯，我想問一下你的——我想我在這裡寫下了推動高效增長、加強紀律等這些事情。我想埃琳娜，你也談到了觀察可自由支配的開支。你能詳細說明一下這可能是什麼樣子嗎？就增長而言，哪些投資對您來說是不可談判的？如果你想這樣稱呼它，你可能會在哪裡看到一點點勒緊腰帶？

Yes. Chris, I can comment if you want and you can add.

是的。克里斯，如果你願意，我可以發表評論，你可以添加。

Sure.

當然。

So at the highest level, great question. So things that are non -- not something we would not invest in, right? We're going to really focus -- continue to focus in sales. We're going to continue to focus on R&D. We're going to focus on areas that really drive high ROI, that's really important. It's nonnegotiable for us to not go after this market opportunity given the momentum we're seeing, given the signals that we're getting from our customers, et cetera. So those are nonnegotiables for us.

所以在最高級別，很好的問題。所以那些非——不是我們不會投資的東西，對吧？我們將真正專注 - 繼續專注於銷售。我們將繼續專注於研發。我們將專注於真正推動高投資回報率的領域，這非常重要。考慮到我們所看到的勢頭，考慮到我們從客戶那裡得到的信號等等，我們不去追求這個市場機會是不可談判的。所以這些對我們來說是不可談判的。

Areas where we're focused on discretionary -- on managing tightly are things such as overhead discretionary expenses, of course, the typical T&E type of things. And also, over time, really trying to gain leverage in our G&A functions.

我們專注於可自由支配的領域——嚴格管理是諸如間接可自由支配費用之類的事情，當然，典型的 T&E 類型的事情。而且，隨著時間的推移，我們真的試圖在我們的 G&A 職能中獲得影響力。

Perfect. My quick follow-up, just the 5,000 net new locations, records, ahead of where we had, can you keep it up? Is that nominal level sustainable, given what you see? Any call-outs on churn or types of restaurants or channels that did especially well?

完美的。我的快速跟進，僅 5,000 個淨新地點，記錄，領先於我們擁有的地方，你能跟上嗎？鑑於您所看到的，這個名義水平是否可持續？關於流失率或餐廳類型或表現特別好的頻道的任何標註？

Yes. So I can try and my answer is that -- Okay. I was going to say absolutely. We believe we're grabbing market share in multiple segments. Our core segment, our core SMB segment is performing extremely well, and it continues to drive the largest portion of opportunity. And then we're continuing to see success upmarket, in mid-market and enterprise. And we're seeing some pull in that market.

是的。所以我可以嘗試，我的答案是——好的。我要說絕對。我們相信我們正在多個領域搶占市場份額。我們的核心部門，我們的核心 SMB 部門表現非常好，並且繼續推動最大的機會。然後我們繼續在高端市場、中端市場和企業中看到成功。我們看到這個市場有一些吸引力。

So we absolutely believe that we can sustain the growth that we're seeing on location acquisition. And I'll remind you that we're still very early in our TAM penetration. Today, we're only about 7% of the 860,000 restaurants across the U.S. So we're certainly focused on consistent execution. And our unit economics tell us that we should continue to go fast on that lens.

因此，我們絕對相信我們可以維持我們在位置獲取方面看到的增長。我會提醒你，我們在 TAM 滲透方面仍處於早期階段。今天，我們只佔全美 860,000 家餐廳中的 7% 左右。因此，我們當然專注於始終如一的執行。我們的單位經濟學告訴我們，我們應該繼續在這個鏡頭上快速前進。

The next question is from the line of Stephen Sheldon with William Blair.

下一個問題來自斯蒂芬謝爾頓和威廉布萊爾的說法。

I wanted to kind of follow up on the location additions, great results there, and you just talked about some of the areas you're seeing growth. Curious if you've seen any changes on the churn levels? I mean I think you have some natural churn, just given the heavy weighting towards SMB, but your customers, I think, they're significantly better than industry average during the pandemic. So curious if you continue to see moderation there and just general outperformance versus industry averages.

我想跟進地點的增加，那裡取得了很好的成果，你剛剛談到了一些你看到的增長領域。好奇您是否看到客戶流失水平的任何變化？我的意思是，我認為您有一些自然流失，只是考慮到對 SMB 的重視，但我認為，在大流行期間，您的客戶明顯好於行業平均水平。很好奇你是否繼續看到溫和的表現，只是總體表現優於行業平均水平。

Yes. No, we've actually not seen that. We've actually seen churn remain low, something we're really proud of, and it's just a testament to the power of the platform. So we're really encouraged by the fact that churn has remained relatively low.

是的。不，我們實際上沒有看到這一點。實際上，我們已經看到客戶流失率保持在低水平，這是我們真正引以為豪的事情，這也證明了該平台的強大功能。因此，客戶流失率仍然相對較低，這讓我們感到非常鼓舞。

Got it. That's great to hear. On the expansion into QSR, I guess, from a product side, are you needing to build out or develop anything new to support these customers? And I guess, just as an example, clearly, QSRs have a much bigger focus on drive-thru. So just curious what the expansion into QSR could mean when you think about the product road map?

知道了。聽到這個消息我很高興。我想，在向 QSR 擴展時，從產品方面來看，您是否需要構建或開發新的東西來支持這些客戶？我想，作為一個例子，很明顯，QSR 更關注得來速。因此，當您考慮產品路線圖時，只是好奇擴展到 QSR 可能意味著什麼？

Yes. So we have a solid QSR customer base today, but we feel we have the potential to grow faster moving forward. So think of the platform as we have this restaurant breadth and depth platform, but now we're adapting it to specific segments to further accelerate our growth.

是的。因此，我們今天擁有穩固的 QSR 客戶群，但我們認為我們有潛力更快地向前發展。所以想想這個平台，因為我們擁有這個餐廳廣度和深度平台，但現在我們正在調整它以適應特定的細分市場，以進一步加速我們的增長。

So take QSR, it's basically a tailored set of products that are packaged and priced in a way that makes sense for QSR businesses. So tying mobile ordering to KDS and then the ability to SMS text message a guest when the order is ready, that's a superfast flywheel, and we're seeing results where restaurants are telling us, a good example is there's a restaurant chain called Velvet Taco. They're telling us when they apply that packaging and configuration to their concept, they're increasing throughput by more than 20%. So really think about our segmentation work as adapting the platform to be really concept specific, which allows these concepts to then move faster. So that's really what's happening with the segmentation strategy, which is -- QSR is just 1 example. Toast for Hotel Restaurants is yet another example.

所以以 QSR 為例，它基本上是一套定制的產品，以對 QSR 業務有意義的方式進行包裝和定價。因此，將移動訂單與 KDS 綁定，然後在訂單準備好時向客人發送短信，這是一個超快的飛輪，我們正在看到餐廳告訴我們的結果，一個很好的例子是有一家名為 Velvet Taco 的餐廳連鎖店.他們告訴我們，當他們將這種包裝和配置應用到他們的概念中時，他們將吞吐量提高了 20% 以上。因此，請真正考慮我們的細分工作，將平台調整為真正特定於概念的平台，從而使這些概念能夠更快地移動。這就是細分策略正在發生的事情，即——QSR 只是一個例子。酒店餐廳的吐司是另一個例子。

Congrats on the results.

祝賀結果。

Next question is from the line of Timothy Chiodo of Credit Suisse.

下一個問題來自瑞士信貸的 Timothy Chiodo。

I wanted to ask about what's implied in the guide in terms of the payback periods? They've been incredibly impressive and stable. I was just wondering if you could just give a comment on what might be implied there for that stability for the rest of the year, particularly in light of the comments that you made around some of the cost savings initiatives in terms of the shipping costs that you might be looking at? And also the potential for the hardware cost to normalize, maybe not this year but over time?

我想問一下指南中關於投資回收期的含義是什麼？他們令人難以置信的令人印象深刻和穩定。我只是想知道您是否可以就今年剩餘時間的穩定性可能暗示的內容髮表評論，特別是考慮到您就運輸成本方面的一些成本節約舉措發表的評論你可能在看？還有硬件成本正常化的潛力，也許不是今年，而是隨著時間的推移？

Yes. Great question. Thanks. So we actually have very healthy payback periods and consistent with what we -- and thus, despite the elevated hardware costs that we've experienced over the last couple of quarters. Our goal, as I mentioned in the last call, continues to be in the mid-teens, and we have confidence we'll be able to accomplish that through this year.

是的。好問題。謝謝。因此，我們實際上有非常健康的投資回收期，並且與我們的情況一致——因此，儘管我們在過去幾個季度中經歷了硬件成本的上升。正如我在上次電話會議中提到的那樣，我們的目標仍然是青少年，我們有信心在今年能夠實現這一目標。

Excellent. Very helpful. And a follow-up is on the financial technology solutions take rate. It was a little bit higher than maybe some of us would have expected. Maybe you could just comment on was there anything that came through there maybe from the capital side that might have contributed? Or was that really just more the pure payments and net take rate was a little bit higher than maybe we had forecasted?

優秀的。很有幫助。後續是關於金融技術解決方案的採用率。它比我們中的一些人預期的要高一點。也許您可以評論一下是否有任何可能來自資本方面的東西可能有所貢獻？或者這真的只是純粹的支付和淨接受率比我們預測的要高一點？

Yes. That's -- Toast capital continues to be just not material for our total results. But as I mentioned, some of the debit -- we had a little bit higher debit in Q1 than typical. So that's really the dynamic that is causing our take rates to be what it is. I would just tell you that we believe the take rates that you see in Q1 is a reasonable take rate for the near term. And then I would always just take this opportunity to make sure to zoom out and just think about take rate is -- it's just 1 dimension of our business, right? We really think about our business beyond take rate. And you saw the performance in our SaaS business as well. So I would just encourage you to look at the broader picture beyond take rate.

是的。那是 - Toast 資本對於我們的總體結果仍然不重要。但正如我提到的，一些借方——我們在第一季度的借方比典型的要高一點。所以這確實是導致我們的採取率成為現在這樣的動態。我只想告訴你，我們相信你在第一季度看到的利率在短期內是合理的。然後我總是會藉此機會確保縮小範圍並考慮採取率是 - 它只是我們業務的一個維度，對嗎？我們真的在考慮我們的業務而不是採取率。您也看到了我們 SaaS 業務的表現。所以我只是鼓勵你看看比採取率更廣泛的圖景。

The next question is from the line of Josh Baer of Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

Congrats on a great quarter. I wanted to talk about GPV. I guess, to what extent from your data were restaurants able to pass on some higher cost to customers and just thinking about the benefit to you as far as your payments revenue stream from GPV? And then I have a follow-up.

祝賀一個偉大的季度。我想談談GPV。我想，從您的數據來看，餐廳在多大程度上能夠將一些更高的成本轉嫁給客戶，並且只是考慮到您的 GPV 支付收入流對您的好處？然後我有一個跟進。

Yes. We had a -- so thanks for the question. We've seen really healthy GPV per processing location. And obviously, we know that it's an inflationary environment, and we're seeing our customers, of course, play with pricing. But really, the demand has been really strong. So we're encouraged by that. And that's really what's reflecting in our confidence, in our guide, but also just strong execution in Q1 and really strong demand all the way around.

是的。我們有一個 - 所以感謝這個問題。我們已經看到每個處理位置的 GPV 非常健康。顯然，我們知道這是一個通貨膨脹的環境，我們當然看到我們的客戶在玩定價。但實際上，需求非常強勁。所以我們對此感到鼓舞。這確實反映了我們的信心，我們的指南，以及第一季度的強勁執行力和一路強勁的需求。

Great. And that's clear, especially given Omicron impacts were real in January and Q1. I guess like on the strong guide, maybe thinking month-to-month throughout Q1 or into April or even into May, just wondering if you are seeing like any signs of consumer weakening just given the focus on macro environment and inflation in thinking about forward expectations on GPV?

偉大的。這很清楚，尤其是考慮到 Omicron 的影響在 1 月和第一季度是真實的。我想就像在強指南上一樣，可能會在整個第一季度或 4 月甚至 5 月逐月考慮，只是想知道您是否看到任何消費者疲軟的跡象，只是考慮到對宏觀環境和通脹的關注。對 GPV 的期望？

I can jump in. Yes. So we've not seen any material impact on the current sort of macro trends. There's no evidence of a slowdown from our perspective on restaurant spend. In fact, like we feel restaurants are seeing healthy demand from consumers. And a good example is dine-in. If you look at restaurants across the U.S. running Toast, dine-in is up 46% year-over-year from Q1 of 2021 to Q1 of this year.

我可以跳進去。是的。因此，我們沒有看到對當前宏觀趨勢的任何實質性影響。從我們對餐廳支出的角度來看，沒有證據表明出現放緩。事實上，就像我們覺得餐館看到消費者的健康需求一樣。一個很好的例子是堂食。如果你看看美國各地經營 Toast 的餐廳，從 2021 年第一季度到今年第一季度，堂食同比增長 46%。

So that's a really healthy dynamic that tells us that consumers are going back into restaurants and doing it quite frequently, especially post-COVID. So we think that trend will continue, and we think the consumer demand is high, and we believe that restaurants have pricing power to play with pricing to continue to serve those consumers. So we don't see any evidence of the slowdown or a material risk on that front.

所以這是一個非常健康的動態，它告訴我們消費者正在回到餐館並且經常這樣做，尤其是在 COVID 之後。所以我們認為這種趨勢將繼續下去，我們認為消費者的需求很高，我們相信餐館有定價權來發揮定價來繼續為這些消費者服務。因此，我們沒有看到任何放緩跡像或這方面的重大風險。

Your next question is from the line of Will Nance with Goldman Sachs.

您的下一個問題來自高盛的 Will Nance。

I wanted to maybe ask a few questions on the efficiency initiatives that you guys talked about. Obviously, very nice to hear, particularly in the current environment about taking a second look at spending. I'm sure that will be well received. I guess my question is more longer term, and I totally get that investing in profitable growth is the focus for now. And there's no reason to slow down. And I don't think any of us want to pin you down on a near-term target of profitability. But as you guys look out farther and how this business can kind of scale to profitability over time, how do you think about the long-term profitability profile? And maybe what's the sort of the path of the building blocks to getting there?

我想就你們談到的效率舉措問幾個問題。顯然，很高興聽到，特別是在當前環境下重新審視支出。我相信這會很受歡迎。我想我的問題是更長期的，我完全明白投資於盈利增長是目前的重點。而且沒有理由放慢腳步。而且我認為我們中的任何人都不想讓你確定近期的盈利目標。但是，當你們看得更遠，以及這項業務如何隨著時間的推移實現盈利時，你如何看待長期盈利狀況？也許構建塊到達那裡的路徑是什麼？

Yes. Great question. I'll take that. So we don't have a specific target to share today. But it's really important that we're balancing sustained sort of durable growth with improving profitability, which is a huge priority growth, which I hope came through in our scripts.

是的。好問題。我會接受的。所以我們今天沒有具體的目標要分享。但非常重要的是，我們要在持續增長與提高盈利能力之間取得平衡，這是一個巨大的優先增長，我希望在我們的腳本中實現這一點。

And at the highest level, we're positioning the business for consistent margin improvement as we look into the back half of 2022, which was reflected in the guide. And going forward from there, we want to focus on consistent improvement in our margin profile. And longer term, we believe an integrated model, which we always talk about and we have multiple monetization streams which will be highly profitable in a steady state.

在最高級別，我們將業務定位為持續提高利潤率，因為我們展望了 2022 年下半年，這在指南中有所體現。從那裡開始，我們希望專注於持續改善我們的利潤率狀況。從長遠來看，我們相信一個我們一直在談論的綜合模式，我們有多種貨幣化流，在穩定狀態下將獲得高利潤。

So when you look at the various components, you think about strong unit economics, you think about investing in R&D and then really getting scale in our G&A. So there's a bunch of levers we have, but we are focused on building a lean cost structure, which will allow us to pivot and really continue to sustain this high growth profile with a very lean cost structure along the way.

因此，當您查看各個組成部分時，您會想到強大的單位經濟學，您會想到投資於研發，然後在我們的 G&A 中真正擴大規模。所以我們有很多槓桿，但我們專注於建立一個精益成本結構，這將使我們能夠轉向並真正繼續維持這種高增長，並在此過程中採用非常精益的成本結構。

So with that, I would say that we will see consistent improvement in margins over time, but I'm not going to share a specific time frame or target today.

因此，我想說隨著時間的推移，我們將看到利潤率持續提高，但我今天不打算分享具體的時間框架或目標。

Got it. Okay. I appreciate the (inaudible). It definitely come across in the script. Second question unrelated is more on the software side. Interesting stat on the new business coming in at around 6,000 ARPU, it's like 50% higher than where the business is today.

知道了。好的。我很欣賞（聽不清）。它肯定會在腳本中出現。第二個無關的問題更多是在軟件方面。新業務的有趣統計數據約為 6,000 ARPU，比現在的業務水平高出 50%。

As you look -- maybe could you talk a little bit about the process of upselling on the existing customer base? What does that look like? And what's the success you've had in getting some of the existing customers to adopt, say, something like the payroll products or additional modules?

如您所見-也許您能談談現有客戶群的追加銷售過程嗎？那看起來像什麼？您在讓一些現有客戶採用諸如工資單產品或附加模塊之類的產品方面取得了哪些成功？

Yes. We've -- and Aman, I'll let you comment as well. But we've been investing in upsell. We started an upsell team in 2020. We also have an ability for our customers to go on to Toast shop, which allows them to buy products online as well. But our upsell team is very much focused on building that muscle of selling incremental products to our existing installed base. And payroll has been a great example of that. We're early in that opportunity. But we're definitely -- and this upsell team was an investment we made in 2020, built on it in 2021 and continue to invest and see good signal there as well. And that's what's reflected in all of our overall ARPU growth. And as well, even in the consistency of our execution and positioning the entirety of the platform naturally having impact across our entire sales base. But I'll let Aman comment.

是的。我們已經 - 和 Aman，我也會讓你發表評論。但我們一直在投資追加銷售。我們在 2020 年成立了一個追加銷售團隊。我們也有能力讓我們的客戶繼續到 Toast 商店，這讓他們也可以在線購買產品。但是我們的追加銷售團隊非常專注於建立向我們現有的安裝基礎銷售增量產品的力量。工資單就是一個很好的例子。我們處於這個機會的早期。但我們絕對是——這個追加銷售團隊是我們在 2020 年進行的一項投資，並在 2021 年建立在此基礎上，並繼續投資並在那裡看到了良好的信號。這就是我們所有的整體 ARPU 增長所反映的。同樣，即使在我們執行和定位整個平台的一致性方面，自然也會對我們的整個銷售基礎產生影響。但我會讓阿曼發表評論。

Thanks, Elena. I think you hit it actually. We are focused on scaling up our sales and marketing team, both on new business as well as upsell and we're also scaling up our self-service capability into the e-commerce and Toast shop to let our customers buy from us however they want.

謝謝，埃琳娜。我想你真的擊中了它。我們專注於擴大我們的銷售和營銷團隊，包括新業務和追加銷售，我們還將我們的自助服務能力擴大到電子商務和 Toast 店，讓我們的客戶隨心所欲地從我們這裡購買.

Your next question is from the line of Dave Koning with Baird.

您的下一個問題來自戴夫·科寧（Dave Koning）和貝爾德（Baird）的台詞。

A couple of questions. I guess, first of all, a little similar to the last one. Your subscription revenue up 103%. I think it was mid-40s growth in locations and mid-40s growth in average revenue per location. But how much of that is just bigger locations? And then how much of it is kind of what you described before, just a lot more selling to your kind of existing group of locations.

幾個問題。我想，首先，與上一個有點相似。您的訂閱收入增長了 103%。我認為這是 40 年代中期的地點增長和 40 年代中期每個地點的平均收入的增長。但其中有多少只是更大的地點？然後有多少是你之前描述的，只是更多地賣給你現有的一組地點。

This is Chris. I don't think it's -- go ahead, Elena, if you want.

這是克里斯。我不認為它是 - 繼續，Elena，如果你願意的話。

It's a little bit of both. I mean, first, just kudos to the sales team for their great execution and what you're seeing in the SaaS growth being over -- up 100% and having record locations. It's really adoption from both new and existing customers and also higher sale of booking, which is -- which we talked about on the script. And that's really coming back to the positioning of the entirety of the platform upfront, which is obviously really important and an indicator of our confidence in our ability to position the entirety of the platform and have a higher booking -- ARPU booking at upfront.

兩者都有一點。我的意思是，首先，對銷售團隊的出色執行以及您在 SaaS 增長中所看到的一切表示敬意——增長 100% 並擁有創紀錄的位置。這實際上是新客戶和現有客戶的採用以及更高的預訂銷售額，這是我們在劇本中談到的。這真的回到了整個平台的前期定位，這顯然非常重要，並且表明我們對我們定位整個平台並獲得更高預訂的能力充滿信心 - 預先預訂 ARPU。

Yes. One clarification is it's not -- one clarification is it's not bigger locations. It's just doing a much better job at selling the entirety of the platform, both upfront as well as downstream. But it's not as if we're going after bigger locations. It's really just making -- doing a better job at some of the platform story to existing locations that are similarly sized.

是的。一個澄清是它不是 - 一個澄清是它不是更大的位置。它只是在銷售整個平台方面做得更好，無論是前期還是下游。但這並不是說我們要追求更大的位置。它真的只是在製作——在一些平台故事中對現有的類似大小的地點做得更好。

Yes. Got you. That's what I was kind of getting at. So no, that's really -- that's great. And I guess my second question, sequentially, I think your guidance is revenue up something like 19% to 24%. And I guess that's very normal seasonality to be up. But are all segments expected to be up kind of in that same range? Or is there going to be some divergence?

是的。得到你。這就是我的意思。所以不，那真的 - 這很棒。我想我的第二個問題，依次，我認為你的指導是收入增長大約 19% 到 24%。我想這是非常正常的季節性上升。但是，所有細分市場都有望在同一範圍內上漲嗎？還是會有一些分歧？

Yes. I would say we're seeing strength across our entirety of our business.

是的。我想說，我們在整個業務中都看到了實力。

Your next question is from the line of Josh Beck with KeyBanc.

您的下一個問題來自 Josh Beck 和 KeyBanc。

I wanted to drill down on the subscription ARPU, certainly continues to grow at a really nice clip, even though the multiproduct adoption just very slightly expanded less. So does this mean that your customers are gravitating towards some of these larger products? Just not sure if there's any call out on the drivers there.

我想深入了解訂閱 ARPU，它肯定會繼續以非常好的速度增長，儘管多產品的採用率只是略微擴大了一點。那麼這是否意味著您的客戶正在傾向於這些更大的產品？只是不確定那裡的司機是否有任何呼籲。

Yes. I mean I think...

是的。我的意思是我認為...

Yes. I think what I'm hearing -- sorry, Josh. Effectively, our customers are telling us that they want more and more from the platform. So I think what you're seeing is you're seeing us better position the platform story upfront as well as downstream. And then they're telling us that they want to see even more innovation within those modules across the platform. So a good example is what Elena referenced for payroll. We're doing a much better job at attaching payroll upfront as well as upselling it downstream.

是的。我想我所聽到的——對不起，喬希。實際上，我們的客戶告訴我們，他們希望從平台獲得越來越多的東西。所以我認為你看到的是你看到我們更好地定位平台故事的前期和下游。然後他們告訴我們，他們希望在整個平台的這些模塊中看到更多創新。所以一個很好的例子就是 Elena 提到的工資單。我們在前期附加工資單以及向下游追加銷售方面做得更好。

But then restaurants are coming back to us saying, over time, we'd love for you to -- when you look at the employee value proposition to recruit onboard, develop, manage, pay, retain employees, that has its own roadmap of opportunity, and that will be over the long haul that we continue to innovate on top of the existing ARPU base. So we expect we will continue to see the modules used by average customer tick up but then we'll continue to evolve that module landscape over time.

但隨後餐館回复我們說，隨著時間的推移，我們希望您能夠 - 當您查看員工價值主張以招聘、發展、管理、支付、留住員工時，它有自己的機會路線圖，這將是我們在現有 ARPU 基礎上繼續創新的長期目標。因此，我們預計我們將繼續看到普通客戶使用的模塊有所增加，但隨著時間的推移，我們將繼續發展該模塊的格局。

Okay. Great. And maybe just a follow-up on the guidance. Certainly, you're taking up the full year revenue at the midpoint, nicely above the B, I think it's about $95 million. Just listening to the answers, it sounds like it's pretty broad-based across the business. Any callouts where things just materialize quite a bit better than what you were maybe forecasting 90 days ago to drive this kind of upward revision in the full year?

好的。偉大的。也許只是對指導的跟進。當然，你在中點佔全年收入，遠高於 B，我認為大約是 9500 萬美元。只聽答案，聽起來它在整個業務中的基礎非常廣泛。有沒有比你 90 天前預測的要好得多的標註來推動全年的這種向上修正？

Yes. No, I think heading into the year, if you think back 90 days ago, we had a little bit of Omicron ahead, that was a big macro that we factored into our guidance. And what we've really seen is strong GPV growth and strong momentum in our business. And so that's really what's reflected in the guide. And actually, I would say that what we're balancing now is the same thing. We're balancing the macro, we're balancing, making sure we're investing in a lean cost structure and just being prudent with what we see.

是的。不，我認為進入這一年，如果你回想 90 天前，我們前面有一點 Omicron，這是我們在指導中考慮的一個大宏觀。我們真正看到的是強勁的 GPV 增長和我們業務的強勁勢頭。這就是指南中真正反映的內容。實際上，我想說的是，我們現在平衡的是同一件事。我們正在平衡宏觀，我們正在平衡，確保我們投資於精益成本結構，並且對我們所看到的保持謹慎。

Your next question is from the line of Brent Bracelin with Piper Sandler.

您的下一個問題來自 Brent Bracelin 和 Piper Sandler。

I guess one for Chris and a follow-up for Elena. Chris, you were excited about payroll, I think 9 months ago, clearly, payroll continues to kind of perform well, both with new customer attach and now it sounds like better cross on the installed base. You have 62,000 locations today, looking out 3 to 5 years, what's the potential here? Do you think 1/3 of those locations could attach to payroll? Could you get that 50% penetration? Love to better understand based on success here, where it could look like in 5 years?

我猜一個是給克里斯的，一個是給埃琳娜的。克里斯，你對工資單感到興奮，我認為 9 個月前，顯然，工資單繼續表現良好，無論是新客戶附加還是現在聽起來更好的安裝基礎。你今天有 62,000 個地點，展望 3 到 5 年，這裡有什麼潛力？你認為這些地點中有 1/3 可以附加到工資單嗎？你能得到那 50% 的滲透率嗎？喜歡根據這裡的成功來更好地理解，5 年後它會是什麼樣子？

Yes. I'm not going to give you a number, but what I know in talking to restaurants every day is that they need more technology capability to not just pay their employees, but to recruit, onboard, develop them, plan their schedules, pay them and then retain them. So we see that value chain just within the employee stakeholder, and we build out a roadmap from there on what this piece of the platform could become. And it excites us because we know every restaurant needs this. Like every restaurant needs to get off of manual processes and spreadsheets to better attract and retain their employees and pay their employees and employees want to be paid faster.

是的。我不會給你一個數字，但我每天與餐館交談時知道的是，他們需要更多的技術能力來支付員工工資，但要招募、入職、培養他們、計劃他們的日程安排、支付他們的薪水然後保留它們。因此，我們在員工利益相關者內部看到了價值鏈，我們從那裡構建了一個路線圖，說明平台的這一部分可能會變成什麼。它讓我們興奮，因為我們知道每家餐廳都需要這個。就像每家餐廳都需要擺脫手動流程和電子表格，以更好地吸引和留住員工並支付員工工資，員工希望更快地獲得報酬。

So we're excited about this section of the platform. It continues to perform well. But there's a long journey ahead on its potential. I'm not going to give you a number, except that every restaurant grapples with how to attract and retain their employees. And we see opportunity there.

因此，我們對平台的這一部分感到興奮。它繼續表現良好。但它的潛力還有很長的路要走。我不會給你一個數字，除了每家餐廳都在努力吸引和留住員工。我們在那裡看到了機會。

Got it. So like payroll is just the start of a much bigger ambition you have relative to layering on software?

知道了。所以像工資單只是你相對於軟件分層的更大雄心的開始嗎？

Exactly.

確切地。

Perfect. And then Elena, as a follow-up, clearly, everyone is asking about the cost structure and payback and philosophy. So I'm going to ask it a slightly different way. If I look at the plan here to lean in, you clearly are going to have some heavier free cash flow investments here this year and next, but you do have a strong balance sheet, $1.2 billion in cash. Even with those 2 years of heavy investments, it looks like you're going to have about $900 million in cash exiting 2023.

完美的。然後 Elena，作為後續，顯然，每個人都在詢問成本結構、回報和理念。所以我要用一種稍微不同的方式問它。如果我看一下這裡的計劃，你顯然會在今年和明年在這裡進行一些更大量的自由現金流投資，但你確實擁有強大的資產負債表，12 億美元的現金。即使有這 2 年的巨額投資，到 2023 年為止，您似乎將擁有約 9 億美元的現金。

My question for you is with that much cash, even after 2 years of heavy investments, is the model fully funded to a path to free cash flow? Or do you think you'd have to raise more money? Just trying to better understand how much cash you actually need to get to a positive free cash flow state.

我對你的問題是，即使經過 2 年的大量投資，有這麼多現金，該模型是否已完全為通往自由現金流的道路提供資金？還是您認為您必須籌集更多資金？只是想更好地了解您實際上需要多少現金才能達到正的自由現金流狀態。

Yes. No, it's a fair question. And I feel like we're in a good position where with our performance and consistent execution, we're looking to get to free cash flow breakeven in the -- over the near term, I would say, Brent. So I'm not worried about additional funding needed to help us succeed and go after this opportunity.

是的。不，這是一個公平的問題。而且我覺得我們處於有利位置，憑藉我們的表現和一致的執行，我們希望在短期內實現自由現金流盈虧平衡，我想說的是，布倫特原油。所以我不擔心需要額外的資金來幫助我們成功並抓住這個機會。

Next question is from the line of Andrew Bauch with SMBC Nikko.

下一個問題來自 SMBC Nikko 的 Andrew Bauch。

Just wanted to touch upon the international opportunity that you guys are starting to invest in this year. I mean, maybe what have you learned over the first 3 months? And what's the sort of timeline we should think about before you're actually launching live locations outside the U.S.?

只是想談談你們今年開始投資的國際機會。我的意思是，也許你在前 3 個月學到了什麼？在你真正在美國以外的地方推出直播地點之前，我們應該考慮什麼樣的時間表？

Yes. No, that's a great question. We're in the early innings. And I would just remind you that our 2022 year is really a foundational year for us. We've got a few customers live, and we're getting some really great feedback, and we're learning that the demand is strong. But that said, we're in the early innings, and this is sort of a multiyear journey for us.

是的。不，這是一個很好的問題。我們處於早期階段。我只想提醒你，我們的 2022 年對我們來說確實是一個基礎的一年。我們有一些客戶在現場，我們得到了一些非常好的反饋，我們了解到需求很強勁。但這就是說，我們處於早期階段，這對我們來說是一個多年的旅程。

So I think we're a ways from having meaningful impact on our P&L, but we're encouraged by the early signal from the customers that we're engaging with.

因此，我認為我們可以對我們的損益產生有意義的影響，但我們對我們正在與之接觸的客戶的早期信號感到鼓舞。

Yes, absolutely. I mean even having a couple of live is a good test run. And then touching on a more modeling point. You mentioned that the hardware cost of goods sold came down pretty considerably as freight costs kind of came off peak. I mean it's even more impressive on a net new location basis. So how confident are you that line item kind of remains relatively stable through the rest of 2022? And does it even have room to come down over time?

是的，一點沒錯。我的意思是即使有幾個現場也是一個很好的測試運行。然後觸及更多的建模點。您提到，隨著貨運成本的回落，所售商品的硬件成本大幅下降。我的意思是它在一個全新的位置基礎上更加令人印象深刻。那麼，您對這種訂單項在 2022 年剩餘時間內保持相對穩定的信心有多大？隨著時間的推移，它甚至還有下降的空間嗎？

Yes. No, we -- so you're right. We had some benefit in Q1, some onetime benefits and also we had lower freight costs in Q1. I do expect a little bit of a tick up in Q2. But over the long term, I feel like we can keep -- definitely keep our payback periods in order, which is the goal of ours, but also I would remind you that we do anticipate hardware costs to remain elevated, but definitely something we can manage. And we've been strategically shifting to having more inventory, which is allowing us to lower that shipping cost. So I have a bit more visibility into that. But other than the uptick in Q2, I think we've got a good handle on it.

是的。不，我們——所以你是對的。我們在第一季度獲得了一些收益，一些一次性收益，並且我們在第一季度獲得了較低的運費。我確實預計第二季度會有一點點上漲。但從長遠來看，我覺得我們可以保持 - 絕對保持我們的投資回收期，這是我們的目標，但我還要提醒您，我們確實預計硬件成本會保持較高水平，但絕對是我們可以做到的管理。我們一直在戰略性地轉向擁有更多庫存，這使我們能夠降低運輸成本。所以我對此有更多的了解。但除了第二季度的上升之外，我認為我們已經很好地處理了它。

We will now take our last question from the line of Harshita Rawat of Bernstein.

我們現在將從伯恩斯坦的 Harshita Rawat 提出最後一個問題。

I want to ask about B2B. So you acquired xtraCHEF last year, COGS is a significant portion of your restaurant expense base. Tell us about how you're cross-selling xtraCHEF into your restaurants? And more importantly, in what ways can you participate in B2B or AP automation flows?

我想問一下B2B。因此，您去年收購了 xtraCHEF，COGS 是您餐廳支出基礎的重要組成部分。告訴我們您如何將 xtraCHEF 交叉銷售到您的餐廳？更重要的是，您可以通過哪些方式參與 B2B 或 AP 自動化流程？

Yes, great question. I'll remind everyone that it's still early for xtraCHEF, and we're excited about the opportunity ahead. We just enabled our entire sales force to position and sell xtraCHEF in Q1, so we're excited about their performance. It was ahead of our plan in Q1, but we're very much in the early stages of the product roadmap on B2B.

是的，很好的問題。我會提醒大家，對於 xtraCHEF 來說現在還為時過早，我們對未來的機會感到興奮。我們剛剛讓我們的整個銷售團隊在第一季度定位和銷售 xtraCHEF，所以我們對他們的表現感到興奮。這超出了我們第一季度的計劃，但我們正處於 B2B 產品路線圖的早期階段。

For example, xtraCHEF today does a great job of AP automation, great job at inventory management and recipe management, so we can do really good fleet cost optimization. But over time, the opportunity for this section of the platform is very similar to payroll. If you think about the opportunity to better manage the books and work with accountants, the opportunity to better work with suppliers and consider bill pay to suppliers. So we see a tremendous opportunity in the back office around supplier management, and we're very much in the infancy of this product roadmap. So that's exactly why we went after xtraCHEF, and they've been an integral part of our Toast team in building out this vision, but a really good question.

例如，今天的 xtraCHEF 在 AP 自動化方面做得很好，在庫存管理和配方管理方面做得很好，所以我們可以很好地優化車隊成本。但隨著時間的推移，平台這部分的機會與工資單非常相似。如果您考慮更好地管理賬簿和與會計師合作的機會，以及與供應商更好地合作並考慮向供應商支付賬單的機會。因此，我們在供應商管理的後台看到了巨大的機會，而且我們還處於這個產品路線圖的起步階段。所以這正是我們追求 xtraCHEF 的原因，他們一直是我們 Toast 團隊構建這一願景不可或缺的一部分，但這是一個非常好的問題。

I would like to turn the call back over to the presenters at this time.

我現在想將電話轉回給演示者。

Great. Well, thank you everyone.

偉大的。嗯，謝謝大家。

Thank you everyone.

謝謝大家。

I think we're good. Thank you, everyone.

我認為我們很好。謝謝大家。

That concludes the Toast First Quarter 2022 Earnings Call. Thank you all for your participation. You may now disconnect your lines.

Toast 2022 年第一季度財報電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。