Exceeded $100B in annualized run-rate GPV for
the first quarter ever Third quarter subscription revenue grew 96%
year-over-year Annualized recurring run-rate (ARR) as of
September 30, 2022 grew 60% year-over-year
Toast (NYSE: TOST), the all-in-one digital technology platform
built for restaurants, today reported financial results for the
third quarter ended September 30, 2022.
"Toast delivered strong results in the third quarter, surpassing
$100 billion in annualized GPV for the first time and driving
sustained revenue momentum and continued margin improvement,” said
Toast CEO, Chris Comparato. “We continue to balance efficiency with
disciplined investments in innovation to power the restaurant
industry. The launch of Toast Invoicing is the latest example of
how we help restaurants efficiently grow their business through our
leading integrated platform. At a time when restaurants need a
trusted technology partner more than ever, we remain focused on
helping our customers drive efficiency, grow their business and
continue to successfully adapt to the dynamic operating
environment.”
Financial Highlights for the Third Quarter of 2022
- Total locations increased over 40% year-over-year to
approximately 74,000.
- Revenue grew 55% year-over year to $752 million.
- ARR as of September 30, 2022 was $868 million, up 60%
year-over-year.
- Gross Payment Volume (GPV) increased 53% year-over-year to
$25.2 billion.
- Gross profit of $151 million was up 82% year-over-year from Q3
2021. Non-GAAP gross profit grew 78% year-over year to $164
million.
- Net loss was $98 million in Q3 2022 compared to net loss of
$254 million in Q3 2021. Adjusted EBITDA was $(19) million in Q3
2022 compared to Adjusted EBITDA of $(12) million in Q3 2021.
- Net cash used in operating activities of $(69) million and Free
Cash Flow of $(80) million in Q3 2022, compared to net cash used in
operating activities of $(18) million and Free Cash Flow of $(22)
million, respectively, in Q3 2021.
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.
Outlook
For the fourth quarter ending December 31, 2022, Toast expects
to report:
- Revenue in the range of $730 million to $760 million
- Adjusted EBITDA in the range of $(30) million to $(20)
million
For the full year ending December 31, 2022, Toast expects to
report:
- Revenue in the range of $2,692 million to $2,722 million (up
from $2,620 million to $2,660 million)
- Adjusted EBITDA in the range of $(127) million to $(117)
million (up from $(160) million to $(140) 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”
below.
Recent Business Highlights
- In September, Toast released the results of its first Voice of
the Restaurant Industry Survey, a poll of restaurant
decision-makers. Similar to themes we’ve seen this year, labor
shortages and increased prices due to inflation are the top
challenges facing our customers. One in three restaurants said
they’ve had a difficult time hiring in 2022 and almost 40% started
tracking the prices of key ingredients. As restaurants try to adapt
to these challenges, operators anticipate focusing on technology to
play a significant role in implementing new systems to help them
navigate the year ahead.
- Toast announced a number of new products and updated features
at last month's restaurant innovation event, Spark. With tools like
xtraCHEF Price Tracker to help combat inflation and new products
like Order Ready Notifications to reach guests wherever they are,
Toast is committed to enable restaurants to delight their guests,
do what they love and thrive.
- In October, Toast announced the launch of Toast Invoicing, a
new product to help restaurants seamlessly manage catering and
wholesale orders alongside their in-person, takeout and delivery
business. Toast Invoicing allows restaurants to streamline
operations and simplify payments for all types of orders and
events, merging revenue sources that had otherwise required
multiple systems to manage.
- Toast was recently named one of the 2022 Best Workplaces for
Women by Fortune magazine.
Conference Call Information
Toast will host a live conference call at 5:00 p.m. Eastern Time
on Thursday, November 10, 2022 to discuss the results. 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
single platform of software as a service, or SaaS, products and
financial technology solutions that give restaurants everything
they need to run their business across point of sale, operations,
digital ordering and delivery, marketing and loyalty, and team
management. By serving as the restaurant operating system across
dine-in, takeout, and delivery channels, Toast helps restaurants
streamline operations, increase revenue and deliver amazing guest
experiences. For more information, visit www.toasttab.com.
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 fourth fiscal quarter and full year of 2022;
statements about future operating results; the expectations of
demand for Toast’s products and growth of its business; the growth
rates in the markets in which Toast compete; Toast’s investments in
technology and infrastructure; Toast’s ability to deliver
innovative solutions; Toast’s ability to attract and retain
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, 2021, Toast’s Quarterly
Report on Form 10-Q for the three and nine months ended September
30, 2022 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.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited)
(in millions, except share and
per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue:
Subscription services
$
90
$
46
$
230
$
115
Financial technology solutions
628
404
1,628
985
Hardware
27
31
86
81
Professional services
7
5
19
12
Total revenue
752
486
1,963
1,193
Costs of revenue:
Subscription services
29
18
81
41
Financial technology solutions
494
327
1,289
779
Hardware
52
43
165
94
Professional services
25
14
71
35
Amortization of acquired technology and
customer assets
1
1
4
3
Total costs of revenue
601
403
1,610
952
Gross profit
151
83
353
241
Operating expenses:
Sales and marketing
84
56
232
130
Research and development
74
40
203
113
General and administrative
78
42
203
110
Total operating expenses
236
138
638
353
Loss from operations
(85
)
(55
)
(285
)
(112
)
Other income (expense):
Interest income (expense), net
3
—
5
(12
)
Change in fair value of warrant
liabilities
(21
)
(198
)
102
(215
)
Change in fair value of derivative
liability
—
—
—
(103
)
Loss on debt extinguishment
—
—
—
(50
)
Other income (expense), net
1
(1
)
(1
)
—
Loss before benefit from income taxes
(102
)
(254
)
(179
)
(492
)
Benefit from income taxes
4
—
4
4
Net loss
$
(98
)
$
(254
)
$
(175
)
$
(488
)
Net loss per share attributable to common
stockholders:
Basic
$
(0.19
)
$
(1.06
)
$
(0.34
)
$
(2.22
)
Diluted
$
(0.19
)
$
(1.06
)
$
(0.54
)
$
(2.22
)
Weighted average shares used in computing
net loss per share:
Basic
513,719,867
239,358,805
509,507,937
219,746,454
Diluted
513,719,867
239,358,805
510,000,352
219,746,454
TOAST, INC.
CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in millions, except share and
per share amounts)
September 30,
2022
December 31,
2021
Assets:
Current assets:
Cash and cash equivalents
$
644
$
809
Marketable securities
409
457
Accounts receivable, net
78
55
Inventories
95
42
Deferred costs, net
40
30
Prepaid expenses and other current
assets
136
92
Total current assets
1,402
1,485
Property and equipment, net
54
41
Operating lease right-of-use assets
74
79
Intangible assets
31
16
Goodwill
107
74
Deferred costs, non-current
36
25
Other non-current assets
37
15
Total non-current assets
339
250
Total assets
$
1,741
$
1,735
Liabilities and Stockholders’
Equity:
Current liabilities:
Accounts payable
$
28
$
40
Operating lease liabilities
13
22
Deferred revenue
40
44
Accrued expenses and other current
liabilities
376
246
Total current liabilities
457
352
Warrants to purchase common stock
61
181
Operating lease liabilities,
non-current
81
77
Deferred revenue, non-current
8
12
Other long-term liabilities
15
22
Total liabilities
622
644
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock- par value $0.000001;
100,000,000 shares authorized, no shares issued or outstanding
—
—
Class A common stock, $0.000001 par value-
7,000,000,000 shares authorized as of September 30, 2022 and
December 31, 2021, 332,432,107 and 167,732,925 shares issued and
outstanding as of September 30, 2022 and December 31, 2021,
respectively
—
—
Class B common stock, $0.000001 par value-
700,000,000 shares authorized as of September 30, 2022 and December
31, 2021, 186,323,432 and 339,437,440 shares issued and outstanding
as of September 30, 2022 and December 31, 2021, respectively
—
—
Additional paid-in capital
2,400
2,194
Accumulated deficit
(1,277
)
(1,102
)
Accumulated other comprehensive loss
(4
)
(1
)
Treasury stock, at cost— 225,000 shares at
September 30, 2022 and December 31, 2021
—
—
Total stockholders’ equity
1,119
1,091
Total liabilities and stockholders’
equity
$
1,741
$
1,735
TOAST, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited)
(in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Cash flows from operating
activities:
Net loss
$
(98
)
$
(254
)
$
(175
)
$
(488
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
6
7
18
16
Stock-based compensation expense
57
36
167
95
Amortization of deferred costs
12
7
32
17
Change in fair value of derivative
liability
—
—
—
103
Change in fair value of warrant
liabilities
21
198
(102
)
215
Credit loss expense
11
—
18
1
Change in deferred income taxes
(5
)
—
(5
)
(4
)
Change in fair value of contingent
consideration
—
—
2
—
Loss on debt extinguishment
—
—
—
50
Non-cash interest expense on convertible
notes
—
—
—
12
Other non-cash items
3
—
4
—
Changes in operating assets and
liabilities:
Accounts receivable, net
(15
)
(4
)
(30
)
(19
)
Merchant cash advances and acquired loans
repaid
1
—
3
1
Prepaid expenses and other current
assets
(7
)
(15
)
(20
)
(33
)
Deferred costs, net
(18
)
(13
)
(53
)
(31
)
Inventories
(33
)
(4
)
(53
)
(19
)
Operating lease right-of-use assets
(1
)
4
(2
)
13
Accounts payable
(8
)
8
(12
)
8
Accrued expenses and other current
liabilities
15
14
91
113
Deferred revenue
(5
)
(3
)
(9
)
1
Operating lease liabilities
1
(3
)
2
(13
)
Other assets and liabilities
(6
)
4
(13
)
(5
)
Net cash (used in) provided by operating
activities
(69
)
(18
)
(137
)
33
Cash flows from investing
activities:
Cash paid for acquisition, net of cash
acquired
(46
)
—
(46
)
(26
)
Capitalized software
(5
)
(2
)
(10
)
(6
)
Purchases of property and equipment
(6
)
(2
)
(13
)
(10
)
Purchases of marketable securities
(47
)
—
(187
)
—
Proceeds from the sale of marketable
securities
9
—
41
—
Maturities of marketable securities
112
—
190
—
Net cash provided by (used in) investing
activities
17
(4
)
(25
)
(42
)
Cash flows from financing
activities:
Proceeds from initial public offering,
net
—
950
—
950
Payment of deferred offering costs
—
(4
)
—
(4
)
Extinguishment of convertible notes
—
—
—
(245
)
Change in customer funds obligations,
net
(11
)
10
26
26
Proceeds from exercise of stock
options
5
1
12
18
Payment of contingent consideration
—
—
(2
)
—
Proceeds from issuance of restricted
stock
—
—
—
10
Other financing activities
—
1
—
1
Net cash (used in) provided by financing
activities
(6
)
958
36
756
Net (decrease) increase in cash, cash
equivalents, cash held on behalf of customers and restricted
cash
(58
)
936
(126
)
747
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
(1
)
—
(1
)
—
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at beginning of period
783
405
851
594
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at end of period
$
724
$
1,341
$
724
$
1,341
Reconciliation of cash, cash
equivalents, cash held on behalf of customers and restricted
cash
Cash and cash equivalents
$
644
$
1,302
$
644
$
1,302
Cash held on behalf of customers
61
37
61
37
Restricted cash
19
2
19
2
Total cash, cash equivalents, cash held on
behalf of customers and restricted cash
$
724
$
1,341
$
724
$
1,341
Supplemental disclosure of non-cash
investing and financing activities:
Purchase of property and equipment
included in accounts payable and accrued expenses
$
1
$
—
$
1
$
—
Stock-based compensation included in
capitalized software
3
1
5
1
Issuance of Class B common stock upon
exercise of common stock warrants
—
43
18
43
Issuance of Class B common stock for
payment of contingent consideration
—
—
1
—
Common stock issued for acquisition
—
—
—
15
Deferred offering costs included in
accounts payable and accrued expenses
—
2
—
2
Conversion of convertible preferred stock
into Class B common stock upon initial public offering
—
849
—
849
Issuance of common stock warrants upon
debt extinguishment
—
—
—
125
Deferred payments included in purchase
price
2
—
2
5
Contingent consideration included in
purchase price
—
—
—
2
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, other income (expense) net, acquisition-related
expenses, fair value adjustments on warrant and derivative
liabilities, expenses associated with early termination of leases,
loss on debt extinguishment, charitable contribution stock-based
expense, and income taxes, as applicable.
- 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 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 associated
with early termination of leases, and charitable contribution
stock-based 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.
Adjusted EBITDA, Non-GAAP Costs of Revenue, Non-GAAP Gross
Profit, Non-GAAP Selling 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 Costs
of Revenue, Non-GAAP 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 all
restaurant locations in a given period. GPV is a key measure of the
scale of Toast’s platform, which in turn drives its 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 (“MRR”) is measured on
the final day of each month for all restaurant locations live on
the Toast platform as the sum of (i) Toast’s monthly subscription
services fees, which is referred to as the subscription component
of MRR, and (ii) Toast’s in-month adjusted payments services fees,
exclusive of estimated transaction-based costs, which is referred
to as the payments component of MRR. MRR does not include fees
derived from Toast Capital or related costs. 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 its 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.
Summary of Key Business
Metrics and Non-GAAP Results
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in billions)
2022
2021
% Growth
2022
2021
% Growth
Gross Payment Volume (GPV)
$
25.2
$
16.5
53
%
$
66.3
$
39.9
66
%
As of September 30,
(dollars in millions)
2022
2021
% Growth
Annualized Recurring Run-Rate (ARR)
$
868
$
544
60
%
Adjusted EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
Net loss
$
(98
)
$
(254
)
$
(175
)
$
(488
)
Stock-based compensation expense and
related payroll tax
58
36
170
97
Depreciation and amortization
6
7
18
16
Interest (income) expense, net
(3
)
—
(5
)
12
Acquisition related expenses
—
—
2
1
Change in fair value of warrant
liability
21
198
(102
)
215
Change in fair value of derivative
liability
—
—
—
103
Termination of leases
1
1
(1
)
1
Loss on debt extinguishment
—
—
—
50
Income tax benefit
(4
)
—
(4
)
(4
)
Adjusted EBITDA
$
(19
)
$
(12
)
$
(97
)
$
3
Non-GAAP Costs of Revenue
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
Costs of revenue
$
601
$
403
$
1,610
$
952
Stock-based compensation expense and
related payroll tax
9
5
25
7
Depreciation and amortization
4
4
12
11
Non-GAAP Costs of Revenue
$
588
$
394
$
1,573
$
934
Non-GAAP Gross Profit
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
Gross profit
$
151
$
83
$
353
$
241
Stock-based compensation expense and
related payroll tax
9
5
25
7
Depreciation and amortization
4
4
12
11
Non-GAAP gross profit
$
164
$
92
$
390
$
259
Non-GAAP Sales and Marketing
Expenses
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
Sales and marketing expenses
$
84
$
56
$
232
$
130
Stock-based compensation expense and
related payroll tax
12
10
38
13
Depreciation and amortization
1
—
2
—
Non-GAAP sales and marketing expenses
$
71
$
46
$
192
$
117
Non-GAAP Research and Development
Expenses
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
Research and development expenses
$
74
$
40
$
203
$
113
Stock-based compensation expense and
related payroll tax
19
9
53
36
Depreciation and amortization
—
1
1
2
Non-GAAP research and development
expenses
$
55
$
30
$
149
$
75
Non-GAAP General and Administrative
Expenses
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
General and administrative expenses
$
78
$
42
$
203
$
110
Stock-based compensation expense and
related payroll tax
19
12
54
41
Depreciation and amortization
1
1
2
3
Acquisition related expenses
—
—
2
1
Termination of leases
1
1
(1
)
1
Non-GAAP general and administrative
expenses
$
57
$
28
$
146
$
64
Free Cash Flow
Three Months Ended September
30,
Nine Months Ended September
30,
(dollars in millions)
2022
2021
2022
2021
Net cash (used in) provided by operating
activities
$
(69
)
$
(18
)
$
(137
)
$
33
Purchases of property and equipment
(6
)
(2
)
(13
)
(10
)
Capitalized software
(5
)
(2
)
(10
)
(6
)
Free Cash Flow
$
(80
)
$
(22
)
$
(160
)
$
17
TOST-FIN
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