Added approximately 8,000 net new Locations in
second quarter 2024
Annualized recurring run-rate (ARR) as of June
30, 2024 grew 29% to $1.5 billion
Achieved GAAP operating income of $5 million in
second quarter
Net income was $14 million and Adjusted EBITDA
was $92 million in second quarter
Toast (NYSE: TOST), the all-in-one digital technology platform
built for restaurants, today reported financial results for the
second quarter ended June 30, 2024.
“Our team executed incredibly well in the second quarter and
delivered strong results, including adding a record number of net
locations and achieving GAAP profitability ahead of expectations.
We are sustaining growth at scale while expanding margins by taking
a disciplined approach to investing our resources against our most
important priorities,” said Toast CEO and Co-Founder Aman Narang.
“We continue to see strong growth domestically across restaurant
types while building on our momentum internationally and across
exciting new verticals like food and beverage retail. Our
best-in-class customer experience, further strengthened by our
platform and data investments, remains the foundation helping us
scale and grow.”
Financial Highlights for the Second Quarter of 2024
- ARR as of June 30, 2024 was $1.5 billion, up 29% year over
year.
- Gross Payment Volume (GPV) increased 26% year over year to
$40.5 billion.
- Total Locations increased 29% year over year to approximately
120,000.
- GAAP subscription services and financial technology solutions
gross profit was up 27% year over year from Q2 2023 to $330
million. Non-GAAP subscription services and financial technology
solutions gross profit grew 29% year over year to $344
million.
- GAAP operating income was $5 million in Q2 2024 compared to
GAAP operating loss of $(80) million in Q2 2023.
- GAAP net income was $14 million in Q2 2024 compared to net loss
of $(98) million in Q2 2023. Adjusted EBITDA was $92 million in Q2
2024 compared to Adjusted EBITDA of $15 million in Q2 2023.
- Net cash provided by operating activities of $124 million and
Free Cash Flow of $108 million in Q2 2024, compared to net cash
provided by operating activities of $50 million and Free Cash Flow
of $39 million, respectively, in Q2 2023.
Percentages may not tie due to rounding. For more information on
the non-GAAP financial measures and key metrics discussed in this
press release, please see the sections titled “Key Business
Metrics” and “Non-GAAP Financial Measures,” as well as the
reconciliations of non-GAAP financial measures to their nearest
comparable GAAP financial measures at the end of this press
release.
Outlook1
For the third quarter ending September 30, 2024, Toast expects
to report:
- Non-GAAP subscription services and financial technology
solutions gross profit in the range of $345 million to $355 million
(23-27% growth compared to Q3 2023)
- Adjusted EBITDA in the range of $70 million to $80 million
For the full year ending December 31, 2024, Toast expects to
report:
- Non-GAAP subscription services and financial technology
solutions gross profit in the range of $1,340 million to $1,360
million (27-29% growth compared to 2023, up from 25-27%
growth)
- Adjusted EBITDA in the range of $285 million to $305 million
(up from $250 million to $270 million)
The outlook provided above constitutes forward-looking
information within the meaning of applicable securities laws and is
based on a number of assumptions and subject to a number of risks.
See cautionary note regarding “Forward-looking Statements” in this
press release.
Recent Business Highlights
- Showing continued momentum with larger customers, Toast
recently signed customers including Sonny’s BBQ, Uno Pizzeria &
Grills, Hwy 55, and PPX Hospitality Group, which owns brands
including Legal Sea Foods, representing a cumulative commitment of
more than 200 locations across the U.S.
- Toast garnered a host of workplace awards in the second
quarter, including being named a Great Place to Work in Canada,
India, Ireland, Taiwan, the United Kingdom, and the United States;
named to the U.S. News Best Companies To Work For list; and named a
Fortune Best Workplaces for Millennials™ in the United States.
These build on being awarded to Glassdoor Best Places to Work 2024
list earlier in the year.
- In June, Toast launched an AI innovation hub, highlighting some
of Toast’s AI-powered innovations released to date such as
Benchmarking, Instant Toast Support, and an AI-Powered Marketing
Assistant. A recent survey from Toast showed that 57% of
restaurants surveyed reported already using or wanting to use
AI-powered experiences2.
Conference Call Information
Toast will host a live conference call at 5:00 p.m. Eastern Time
on Tuesday, August 6, 2024. The live webcast of the conference call
can be accessed through Toast’s investor relations website at
http://investors.toasttab.com. A replay of the webcast will be
available for a period of 90 days after the call.
Toast has used, and intends to continue to use, its Investor
Relations website (http://investors.toasttab.com), as well as the
Toast Newsroom (https://pos.toasttab.com/news), as a means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD. Information on or
that can be accessed through Toast’s Investor Relations website, or
that is contained in any website to which a hyperlink is provided
herein is not part of this press release, and the inclusion of
Toast’s Investor Relations website address, and any hyperlinks are
only inactive textual references.
About Toast
Toast is a cloud-based, all-in-one digital technology platform
purpose-built for the entire restaurant community. Toast provides a
comprehensive platform of software as a service (SaaS) products and
financial technology solutions that give restaurants everything
they need to run their business across point of sale, payments,
operations, digital ordering and delivery, marketing and loyalty,
and team management. We serve as the restaurant operating system,
connecting front of house and back of house operations across
service models including dine-in, takeout, delivery, catering, and
retail. Toast helps restaurants streamline operations, increase
revenue and deliver amazing guest experiences. For more
information, visit www.toasttab.com.
_________________________
1 A reconciliation of these forward
looking Non-GAAP measures to the corresponding GAAP measure is not
available without unreasonable effort because of the inherent
difficulty of accurately forecasting the occurrence and financial
impact of the various adjusting items necessary for such
reconciliations that have not yet occurred, are out of our control,
or cannot be reasonably predicted, including but not limited to the
change in fair value of our warrant liability and stock-based
compensation. For the same reasons, the Company is unable to assess
the probable significance of the unavailable information, which
could have a material impact on its future GAAP financial
results.
2 To help better understand the restaurant
industry, Toast conducted a blind survey of 755 restaurant
decision-makers operating 16 or fewer locations in the United
States from May 17, 2024 to June 2, 2024. Respondents include a mix
of both full-service and quick-service restaurants. Respondents
were not made aware that Toast was fielding the study. Panel
providers granted incentives to restaurant respondents for
participation. Using a standard margin of error calculation, at a
confidence interval of 95%, the margin of error on average is +/-
4%.
Forward-looking Statements
This press release contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the context of the statement and
generally arise when Toast or its management is discussing its
beliefs, estimates or expectations. Such statements generally
include the words “believes,” “plans,” “intends,” “targets,” “may,”
“could,” “should,” “will,” “expects,” “estimates,” “suggests,”
“anticipates,” “outlook,” “continues,” or similar expressions.
These statements are not historical facts or guarantees of future
performance, but represent the beliefs of Toast and its management
at the time the statements were made regarding future events which
are subject to certain risks, uncertainties and other factors, many
of which are outside Toast’s control. Actual results and outcomes
may differ materially from what is expressed or forecast in such
forward-looking statements. Forward-looking statements include,
without limitation, statements about expected financial positions
or growth; results of operations; cash flows; guidance on financial
results for the third fiscal quarter and full year of 2024;
statements about future operating results; the expectations of
demand for Toast’s products and growth of its business; statements
about new products and offerings and the benefits thereof; the
growth rates in the markets in which Toast competes; Toast’s
investments in technology and infrastructure; Toast’s ability to
deliver innovative solutions; Toast’s ability to attract and retain
customers and the commitments from its customers; financing plans;
business strategy; operating plans; competitive positions; and
growth opportunities for existing products.
The forward-looking statements contained in this release are
also subject to other risks and uncertainties, including those more
fully described in Toast’s filings with the Securities and Exchange
Commission (“SEC”), including in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations'' in Toast’s Annual Report on
Form 10-K for the year ended December 31, 2023, Toast’s Quarterly
Report on Form 10-Q for the three and six months ended June 30,
2024 that will be filed following this earnings release, and
Toast’s subsequent SEC filings. Toast can give no assurance that
the plans, intentions, expectations or strategies as reflected in
or suggested by those forward-looking statements will be attained
or achieved. The forward-looking statements in this release are
based on information available to Toast as of the date hereof, and
Toast disclaims any obligation to update any forward-looking
statements, except as required by law. These forward-looking
statements should not be relied upon as representing Toast’s views
as of any date subsequent to the date of this press release.
TOAST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
(in millions, except per share
amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenue:
Subscription services
$
166
$
121
$
318
$
227
Financial technology solutions
1,023
808
1,896
1,482
Hardware and professional services
53
49
104
88
Total revenue
1,242
978
2,318
1,797
Costs of revenue:
Subscription services
53
39
103
75
Financial technology solutions
806
631
1,488
1,155
Hardware and professional services
96
99
188
183
Amortization of acquired intangible
assets
1
1
2
2
Total costs of revenue
956
770
1,781
1,415
Gross profit
286
208
537
382
Operating expenses:
Sales and marketing
115
100
222
199
Research and development
87
92
169
177
General and administrative
75
96
149
179
Restructuring expenses
4
—
46
—
Total operating expenses
281
288
586
555
Income (loss) from operations
5
(80
)
(49
)
(173
)
Other income (expense):
Interest income, net
10
9
20
17
Change in fair value of warrant
liability
(1
)
(26
)
(37
)
(23
)
Other income (expense), net
—
—
(1
)
1
Income (loss) before taxes
14
(97
)
(67
)
(178
)
Income tax expense
—
(1
)
(2
)
(1
)
Net income (loss)
$
14
$
(98
)
$
(69
)
$
(179
)
Earnings (loss) per share attributable to
common stockholders:
Basic
$
0.03
$
(0.19
)
$
(0.13
)
$
(0.34
)
Diluted
$
0.02
$
(0.19
)
$
(0.13
)
$
(0.34
)
Weighted-average shares used in computing
earnings (loss) per share:
Basic
556
529
552
527
Diluted
587
529
552
527
TOAST, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in millions, except per share
amounts)
June 30, 2024
December 31, 2023
Assets:
Current assets:
Cash and cash equivalents
$
691
$
605
Marketable securities
528
519
Accounts receivable, net
101
69
Inventories, net
110
118
Other current assets
309
259
Total current assets
1,739
1,570
Property and equipment, net
90
75
Operating lease right-of-use assets
33
36
Intangible assets, net
23
26
Goodwill
113
113
Restricted cash
58
55
Other non-current assets
99
83
Total non-current assets
416
388
Total assets
$
2,155
$
1,958
Liabilities and Stockholders’
Equity:
Current liabilities:
Accounts payable
$
33
$
32
Deferred revenue
62
39
Accrued expenses and other current
liabilities
641
592
Total current liabilities
736
663
Warrants to purchase common stock
101
64
Operating lease liabilities
29
33
Other long-term liabilities
6
4
Total liabilities
872
764
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock- par value $0.000001; 100
shares authorized, no shares issued or outstanding
—
—
Common stock, $0.000001 par value:
Class A - 7,000 shares authorized; 458 and
429 shares issued and outstanding as of June 30, 2024 and December
31, 2023, respectively
Class B - 700 shares authorized; 102 and
114 shares issued and outstanding as of June 30, 2024 and December
31, 2023, respectively
—
—
Accumulated other comprehensive loss
(1
)
—
Additional paid-in capital
2,976
2,817
Accumulated deficit
(1,692
)
(1,623
)
Total stockholders’ equity
1,283
1,194
Total liabilities and stockholders’
equity
$
2,155
$
1,958
TOAST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited) (in
millions)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Cash flows from operating
activities:
Net income (loss)
$
14
$
(98
)
$
(69
)
$
(179
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
12
8
23
14
Stock-based compensation expense
67
72
133
135
Amortization of deferred contract
acquisition costs
19
14
38
28
Change in fair value of warrant
liability
1
26
37
23
Credit loss expense
17
12
32
25
Asset impairments
1
15
1
15
Other non-cash items
(1
)
(12
)
(3
)
(13
)
Changes in operating assets and
liabilities:
Accounts receivable, net
(23
)
(22
)
(45
)
(42
)
Other current assets
5
3
(14
)
(3
)
Deferred contract acquisition costs
(33
)
(26
)
(63
)
(50
)
Inventories, net
10
5
8
4
Accounts payable
(14
)
6
2
12
Accrued expenses and other current
liabilities
38
44
1
24
Deferred revenue
13
4
24
7
Operating lease right-of-use assets and
operating lease liabilities, net
—
1
—
1
Other assets and liabilities
(2
)
(2
)
(1
)
(6
)
Net cash provided by (used in) operating
activities
124
50
104
(5
)
Cash flows from investing
activities:
Cash paid for acquisition, net of cash
acquired
—
—
—
(9
)
Capital expenditures
(16
)
(11
)
(29
)
(21
)
Purchases of marketable securities
(131
)
(175
)
(276
)
(351
)
Proceeds from the sale of marketable
securities
35
6
53
13
Maturities of marketable securities
108
168
219
315
Other investing activities
—
—
—
(1
)
Net cash used in investing activities
(4
)
(12
)
(33
)
(54
)
Cash flows from financing
activities:
Change in customer funds obligations,
net
(21
)
(6
)
28
31
Proceeds from issuance of common stock
26
4
55
15
Repurchases of Class A common stock
(32
)
—
(36
)
—
Net cash provided by (used in) financing
activities
(27
)
(2
)
47
46
Net increase (decrease) in cash, cash
equivalents, cash held on behalf of customers and restricted
cash
93
36
118
(13
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
—
—
(1
)
—
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at beginning of period
771
586
747
635
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at end of period
$
864
$
622
$
864
$
622
Reconciliation of cash, cash
equivalents, cash held on behalf of customers and restricted
cash
Cash and cash equivalents
$
691
$
488
$
691
$
488
Cash held on behalf of customers
115
91
115
91
Restricted cash
58
43
58
43
Total cash, cash equivalents, cash held on
behalf of customers and restricted cash
$
864
$
622
$
864
$
622
Non-GAAP Financial Measures
In this press release, Toast refers to non-GAAP financial
measures that are derived on the basis of methodologies other than
in accordance with United States generally accepted accounting
principles (“GAAP”). Toast uses certain non-GAAP financial
measures, as described below, to understand and evaluate its core
operating performance. These non-GAAP financial measures, which may
be different than similarly-titled measures used by other
companies, are presented to enhance investors’ overall
understanding of Toast’s financial performance and should not be
considered substitutes for, or superior to, the financial
information prepared and presented in accordance with GAAP. Toast
believes that these non-GAAP financial measures provide useful
information about its financial performance, enhance the overall
understanding of its past performance and future prospects, and
allow for greater transparency with respect to important metrics
used by Toast’s management for financial and operational
decision-making.
In the tables below, Toast has provided reconciliations of these
non-GAAP financial measures to the most directly comparable
financial measures calculated and presented in accordance with
GAAP. These non-GAAP financial measures should not be considered
substitutes for financial measures calculated in accordance with
GAAP, and the financial results that Toast calculates and presents
in the table in accordance with GAAP, as well as the corresponding
reconciliations from those results, should be carefully
evaluated.
The following are the non-GAAP financial measures referenced in
this press release and presented in the tables below:
- Adjusted EBITDA is defined as net income (loss), adjusted to
exclude stock-based compensation expense and related payroll tax
expense, depreciation and amortization expense, interest income
(expense), net, income taxes and certain other items that are not
considered to reflect our operating activities and performance
within the ordinary course of business, such as restructuring and
restructuring-related expenses, acquisition expenses, fair value
adjustments on warrant liabilities, expenses related to early
termination of leases (which includes associated asset impairments)
and stock-based charitable contribution expense, as
applicable.
- Non-GAAP Subscription Services and Financial Technology
Solutions Gross Profit is defined as subscription services gross
profit and financial technology solutions gross profit, adjusted to
exclude stock-based compensation expense and related payroll tax
expense, and depreciation and amortization expense.
- Non-GAAP Costs of Revenue are defined as costs of revenue
excluding stock-based compensation expense and related payroll tax
expense, and depreciation and amortization expense.
- Non-GAAP Gross Profit is defined as gross profit excluding
stock-based compensation expense and related payroll tax expense,
and depreciation and amortization expense.
- Non-GAAP Subscription Services Gross Profit is defined as
subscription services gross profit excluding stock-based
compensation expense and related payroll tax expense, and
depreciation and amortization expense.
- Non-GAAP Financial Technology Solutions Gross Profit is defined
as financial technology solutions gross profit excluding
stock-based compensation expense and related payroll tax expense,
and depreciation and amortization expense.
- Non-GAAP Hardware and Professional Services Gross Profit is
defined as hardware and professional services gross profit
excluding stock-based compensation expense and related payroll tax
expense, and depreciation and amortization expense.
- Non-GAAP Non-Payments Financial Technology Solutions Gross
Profit is defined as financial technology gross profit excluding
payments financial technology gross profit.
- Non-GAAP Sales and Marketing Expenses are defined as sales and
marketing expenses excluding stock-based compensation expense and
related payroll tax expense, and depreciation and amortization
expense.
- Non-GAAP Research and Development Expenses are defined as
research and development expenses excluding stock-based
compensation expense and related payroll tax expense, and
depreciation and amortization expense.
- Non-GAAP General and Administrative Expenses are defined as
general and administrative expenses excluding stock-based
compensation expense and related payroll tax expense, depreciation
and amortization expense, acquisition expenses, expenses related to
early termination of leases (which includes associated asset
impairments), and stock-based charitable contribution expense.
- Free Cash Flow is defined as net cash provided by (used in)
operating activities reduced by purchases of property and equipment
and capitalization of internal-use software costs (collectively
referred to as capital expenditures).
Adjusted EBITDA, Non-GAAP Subscription Services and Financial
Technology Solutions Gross Profit, Non-GAAP Costs of Revenue,
Non-GAAP Gross Profit, Non-GAAP Subscription Services Gross Profit,
Non-GAAP Financial Technology Gross Profit, Non-GAAP Hardware and
Professional Services Gross Profit, Non-GAAP Non-Payments Financial
Technology Solutions Gross Profit, Non-GAAP Sales and Marketing
Expenses, Non-GAAP Research and Development Expenses, Non-GAAP
General and Administrative Expenses, and Free Cash Flow do not
purport to represent profitability and liquidity measures as
defined in accordance with GAAP. These measures are provided to
investors and others to improve the quarter-to-quarter and
year-to-year comparability of Toast's financial results and to
ensure that investors understand the information Toast uses to
evaluate the performance of its businesses.
Our definitions may differ from the definitions used by other
companies and therefore comparability may be limited. In addition,
other companies may not publish these or similar metrics. Further,
these metrics have certain limitations since they do not include
the impact of certain expenses and cash flows that are reflected in
our Consolidated Statements of Operations and Consolidated
Statements of Cash Flows. Thus, our Adjusted EBITDA, Non-GAAP
Subscription Services and Financial Technology Solutions Gross
Profit, Non-GAAP Costs of Revenue, Non-GAAP Gross Profit, Non-GAAP
Subscription Services Gross Profit, Non-GAAP Financial Technology
Gross Profit, Non-GAAP Hardware and Professional Services Gross
Profit, Non-GAAP Non-Payments Financial Technology Solutions Gross
Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP Research
and Development Expenses, Non-GAAP General and Administrative
Expenses, and Free Cash Flow should be considered in addition to,
not as substitutes for, or in isolation from, measures prepared in
accordance with GAAP.
Key Business Metrics
In addition, Toast also uses the following key business metrics
to help it evaluate its business, identify trends affecting its
business, formulate business plans, and make strategic
decisions:
- Gross Payment Volume (“GPV”) is defined as the sum of total
dollars processed through the Toast payments platform across Toast
Processing Locations in a given period. GPV is a key measure of the
scale of Toast’s platform, which in turn drives our financial
performance. As Toast customers generate more sales and therefore
more GPV, Toast generally sees higher financial technology
solutions revenue.
- Annualized Recurring Run-Rate (“ARR”) is defined as a key
operational measure of the scale of Toast’s subscription and
payment processing services for both new and existing customers. To
calculate ARR, Toast first calculates recurring run-rate on a
monthly basis. Monthly Recurring Run-Rate, or MRR, is measured on
the final day of each month as the sum of (i) Toast’s monthly
billings of subscription services fees, which we refer to as the
subscription component of MRR, and (ii) Toast’s in-month adjusted
payments services fees, exclusive of estimated transaction-based
costs, which we refer to as the payments component of MRR. MRR does
not include fees derived from Toast Capital or related costs. MRR
is also not burdened by the impact of SaaS credits offered. The MRR
calculation includes all locations on the Toast platform and
locations on legacy solutions, which have a negligible impact on
ARR. ARR is determined by taking the sum of (i) twelve times the
subscription component of MRR and (ii) four times the
trailing-three-month cumulative payments component of MRR. Toast
believes this approach provides an indication of its scale, while
also controlling for short-term fluctuations in payments volume.
ARR may decline or fluctuate as a result of a number of factors,
including customers’ satisfaction with the Toast platform, pricing,
competitive offerings, economic conditions, or overall changes in
Toast’s customers’ and their guests’ spending levels. ARR is an
operational measure, does not reflect Toast’s revenue or gross
profit determined in accordance with GAAP, and should be viewed
independently of, and not combined with or substituted for, Toast’s
revenue, gross profit, and other financial information determined
in accordance with GAAP. Further, ARR is not a forecast of future
revenue and investors should not place undue reliance on ARR as an
indicator of Toast’s future or expected results.
Locations
We define a live location, or Location, as a unique location
that has used Toast Point of Sale to record transaction volumes
above a minimum threshold, and has not been marked as a churned
location as of the date of determination. A Location can use Toast
payment services, which we refer to as a Toast Processing Location,
or for select enterprise customers, not use Toast’s payment
services, which we refer to as a Non-Toast Processing Location.
Customers of legacy solutions provided by companies that we have
acquired, that do not use Toast Point of Sale, are not included in
our Location count.
Summary of Key Business
Metrics and Non-GAAP Results
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in billions)
2024
2023
% Growth
2024
2023
% Growth
Gross Payment Volume (GPV)
$
40.5
$
32.1
26
%
$
75.2
$
58.8
28
%
As of June 30,
(dollars in millions)
2024
2023
% Growth
Payments Annualized Recurring Run-Rate
$
743
$
598
24
%
Subscription Annualized Recurring
Run-Rate
730
542
35
%
Total Annualized Recurring Run-Rate
(ARR)
$
1,473
$
1,140
29
%
Adjusted EBITDA
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Net income (loss)
$
14
$
(98
)
$
(69
)
$
(179
)
Stock-based compensation expense and
related payroll tax
70
74
130
141
Depreciation and amortization
11
8
20
14
Interest income, net
(10
)
(9
)
(20
)
(17
)
Change in fair value of warrant
liability
1
26
37
23
Termination of leases
2
13
2
13
Restructuring and restructuring-related
expenses1
4
—
46
—
Acquisition expenses
—
—
—
1
Income tax expense
—
1
2
1
Adjusted EBITDA
$
92
$
15
$
148
$
(3
)
1 Restructuring and restructuring-related
expenses for the three and six months ended June 30, 2024 include
$1 million and $32 million, respectively, of severance benefits, $2
million and $12 million, respectively, of stock-based compensation
expense, and $1 million and $2 million, respectively, of
accelerated depreciation related to facilities.
Non-GAAP Subscription Services and
Financial Technology Solutions Gross Profit (Non-GAAP)
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Gross profit (GAAP):
Subscription services
$
113
$
82
$
215
$
152
Financial technology solutions
217
177
408
327
Adjustments:
Stock-based compensation expense and
related payroll tax
6
4
10
9
Depreciation and amortization
8
4
14
7
Non-GAAP Subscription Services and
Financial Technology Solutions Gross Profit (Non-GAAP)
$
344
$
267
$
647
$
495
Non-GAAP Costs of Revenue
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Costs of revenue
$
956
$
770
$
1,781
$
1,415
Stock-based compensation expense and
related payroll tax
(12
)
(11
)
(22
)
(21
)
Depreciation and amortization
(9
)
(6
)
(17
)
(11
)
Non-GAAP Costs of Revenue
$
935
$
753
$
1,742
$
1,383
Non-GAAP Gross Profit
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Gross profit
$
286
$
208
$
537
$
382
Stock-based compensation expense and
related payroll tax
12
11
22
21
Depreciation and amortization
9
6
17
11
Non-GAAP gross profit
$
307
$
225
$
576
$
414
Non-GAAP Subscription Services Gross
Profit
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Subscription services gross profit
$
113
$
82
$
215
$
152
Stock-based compensation expense and
related payroll tax
6
4
10
9
Depreciation and amortization
8
4
14
7
Non-GAAP subscription services gross
profit
$
127
$
90
$
239
$
168
Non-GAAP Financial Technology Solutions
Gross Profit
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Financial technology solutions gross
profit
$
217
$
177
$
408
$
327
Stock-based compensation expense and
related payroll tax
—
—
—
—
Depreciation and amortization
—
—
—
—
Non-GAAP financial technology solutions
gross profit
$
217
$
177
$
408
$
327
Non-GAAP Hardware and Professional
Services Gross Profit
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Hardware and professional services gross
profit
$
(43
)
$
(50
)
$
(84
)
$
(95
)
Stock-based compensation expense and
related payroll tax
6
7
11
13
Depreciation and amortization
1
1
1
1
Non-GAAP hardware and professional
services gross profit
$
(36
)
$
(42
)
$
(72
)
$
(81
)
Non-GAAP Non-Payments Financial
Technology Solutions Gross Profit
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Financial technology solutions gross
profit
$
217
$
177
$
408
$
327
Payments financial technology solutions
gross profit
(183
)
(145
)
(340
)
(270
)
Non-GAAP non-payments financial technology
solutions gross profit
$
34
$
32
$
68
$
57
Non-GAAP Sales and Marketing
Expenses
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Sales and marketing expenses
$
115
$
100
$
222
$
199
Stock-based compensation expense and
related payroll tax
(17
)
(15
)
(29
)
(30
)
Depreciation and amortization
(1
)
(1
)
(2
)
(2
)
Non-GAAP sales and marketing expenses
$
97
$
84
$
191
$
167
Non-GAAP Research and Development
Expenses
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Research and development expenses
$
87
$
92
$
169
$
177
Stock-based compensation expense and
related payroll tax
(23
)
(25
)
(43
)
(48
)
Depreciation and amortization
(1
)
(1
)
(1
)
(1
)
Non-GAAP research and development
expenses
$
63
$
66
$
125
$
128
Non-GAAP General and Administrative
Expenses
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
General and administrative expenses
$
75
$
96
$
149
$
179
Stock-based compensation expense and
related payroll tax
(18
)
(22
)
(36
)
(42
)
Depreciation and amortization
—
—
—
(1
)
Termination of leases
(2
)
(13
)
(2
)
(13
)
Acquisition expenses
—
—
—
(1
)
Non-GAAP general and administrative
expenses
$
55
$
61
$
111
$
122
Free Cash Flow
Three Months Ended June
30,
Six Months Ended June
30,
(dollars in millions)
2024
2023
2024
2023
Net cash provided by (used in) operating
activities
$
124
$
50
$
104
$
(5
)
Capital expenditures
(16
)
(11
)
(29
)
(21
)
Free cash flow
$
108
$
39
$
75
$
(26
)
Sums may not equal totals due to
rounding.
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