Added over 6,000 net new Locations in first
quarter 2024
Annualized recurring run-rate (ARR) as of March
31, 2024 grew 32% to $1.3 billion
First quarter net loss was $(83) million and
Adjusted EBITDA was $57 million
Toast (NYSE: TOST), the all-in-one digital technology platform
built for restaurants, today reported financial results for the
first quarter ended March 31, 2024.
“Toast is off to a strong start in 2024. Our first quarter
results demonstrate strong topline growth and margin expansion that
we will continue to build on throughout the year. We executed well
against our priorities: scaling restaurant locations; driving ARR
by delivering products customers love; continuing to expand our
addressable market; and building operating leverage as we scale,”
said Toast CEO and Co-Founder Aman Narang. “With a differentiated
business model that scales efficiently, we are positioned for
durable growth and ongoing margin expansion, while investing in
exciting new growth vectors to expand our long-term opportunity.
Thank you to our entire Toast team for a great start to the year.
Our confidence and enthusiasm for the future has never been
stronger.”
Financial Highlights for the First Quarter of 2024
- ARR as of March 31, 2024 was $1.3 billion, up 32% year over
year.
- Gross Payment Volume (GPV) increased 30% year over year to
$34.7 billion.
- Total Locations increased 32% year over year to approximately
112,000.
- GAAP subscription services and financial technology solutions
gross profit was up 32% year over year from Q1 2023 to $291
million. Non-GAAP subscription services and financial technology
solutions gross profit grew 33% year over year to $303
million.
- GAAP gross profit of $249 million was up 43% year over year
from Q1 2023. Non-GAAP gross profit grew 42% year over year to $268
million.
- GAAP net loss was $(83) million in Q1 2024 compared to $(81)
million in Q1 2023. Adjusted EBITDA was $57 million in Q1 2024
compared to Adjusted EBITDA of $(17) million in Q1 2023.
- Net cash (used in) operating activities of $(20) million and
Free Cash Flow of $(33) million in Q1 2024, compared to net cash
(used in) operating activities of $(55) million and Free Cash Flow
of $(65) million, respectively, in Q1 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 second quarter ending June 30, 2024, Toast expects to
report:
- Non-GAAP subscription services and financial technology
solutions gross profit in the range of $320 million to $330 million
(20-24% growth compared to Q2 2023)
- Adjusted EBITDA in the range of $55 million to $65 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 $1,325 million to $1,345
million (25-27% growth compared to 2023, up from 23-25%
growth)
- Adjusted EBITDA in the range of $250 million to $270 million
(up from $200 million to $220 million)
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.
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
- Toast announced its new Restaurant Management Suite providing
restaurants of all sizes with the tools they need to manage their
operations at scale. Capabilities include multi-location management
tools such as scheduling menu and price changes, partner
integrations, and benchmarking analytics. Toast’s new Benchmarking
product enables operators to compare restaurant and menu category
performance against aggregated data from the approximately 112,000
locations on the Toast platform, leveraging AI-based
classification. Expanding on Toast’s commitment to enterprise
brands, the suite includes an enterprise tier with solutions for
the largest customers including Point-to-Point Encryption (P2PE)
security solutions and Enterprise Toast Care for the more complex
configurations, technology stacks, and scale of enterprise
brands.
- Toast announced details for its Digital Storefront and
Marketing Suites. Toast’s Digital Storefront Suite offers robust
website and online ordering capabilities, and its Marketing Suite
combines marketing tools with automation technology. Together, the
suites create a seamless digital hospitality experience for
restaurants, integrate across the Toast platform, and allow
restaurants to gather data from online and point-of-sale (POS)
transactions. The Digital Storefront Suite includes a new intuitive
website builder and robust online ordering capabilities. The
Marketing Suite includes an AI-powered writing assistant to help
create and send marketing emails, powerful marketing automations
and enhancements designed to make it easier to generate targeted
marketing campaigns to bring guests back.
Conference Call Information
Toast will host a live conference call at 5:00 p.m. Eastern Time
on Tuesday, May 7, 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.
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 second 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; 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 months ended March 31, 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 March
31,
2024
2023
Revenue:
Subscription services
$
151
$
107
Financial technology solutions
873
673
Hardware and professional services
51
39
Total revenue
1,075
819
Costs of revenue:
Subscription services
50
36
Financial technology solutions
683
523
Hardware and professional services
92
85
Amortization of acquired intangible
assets
1
1
Total costs of revenue
826
645
Gross profit
249
174
Operating expenses:
Sales and marketing
107
99
Research and development
83
85
General and administrative
74
82
Restructuring expenses
41
—
Total operating expenses
305
266
Loss from operations
(56
)
(92
)
Other income (expense):
Interest income, net
10
8
Change in fair value of warrant
liability
(36
)
3
Loss before income taxes
(82
)
(81
)
Income tax expense
(1
)
—
Net loss
$
(83
)
$
(81
)
Net loss per share attributable to common
stockholders:
Basic
$
(0.15
)
$
(0.15
)
Diluted
$
(0.15
)
$
(0.16
)
Weighted average shares used in computing
net loss per share:
Basic
547
524
Diluted
547
525
TOAST, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in millions, except per share
amounts)
March 31, 2024
December 31, 2023
Assets:
Current assets:
Cash and cash equivalents
$
578
$
605
Marketable securities
537
519
Accounts receivable, net
86
69
Inventories, net
120
118
Other current assets
330
259
Total current assets
1,651
1,570
Property and equipment, net
82
75
Operating lease right-of-use assets
34
36
Intangible assets, net
25
26
Goodwill
113
113
Restricted cash
57
55
Other non-current assets
90
83
Total non-current assets
401
388
Total assets
$
2,052
$
1,958
Liabilities and Stockholders’
Equity:
Current liabilities:
Accounts payable
$
49
$
32
Deferred revenue
50
39
Accrued expenses and other current
liabilities
614
592
Total current liabilities
713
663
Warrants to purchase common stock
100
64
Operating lease liabilities
30
33
Other long-term liabilities
6
4
Total liabilities
849
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; 450 and
429 shares issued and outstanding as of March 31, 2024 and December
31, 2023, respectively
Class B - 700 shares authorized; 102 and
114 shares issued and outstanding as of March 31, 2024 and December
31, 2023, respectively
—
—
Accumulated other comprehensive loss
(1
)
—
Additional paid-in capital
2,910
2,817
Accumulated deficit
(1,706
)
(1,623
)
Total stockholders’ equity
1,203
1,194
Total liabilities and stockholders’
equity
$
2,052
$
1,958
TOAST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited) (in
millions)
Three Months Ended March
31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(83
)
$
(81
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
11
6
Stock-based compensation expense
66
63
Amortization of deferred contract
acquisition costs
19
14
Change in fair value of warrant
liability
36
(3
)
Credit loss expense
15
13
Other non-cash items
(2
)
(1
)
Changes in operating assets and
liabilities:
Accounts receivable, net
(22
)
(20
)
Other current assets
(19
)
(6
)
Deferred contract acquisition costs
(30
)
(24
)
Inventories, net
(2
)
(1
)
Accounts payable
16
6
Accrued expenses and other current
liabilities
(37
)
(20
)
Deferred revenue
11
3
Other assets and liabilities
1
(4
)
Net cash used in operating activities
(20
)
(55
)
Cash flows from investing
activities:
Cash paid for acquisition, net of cash
acquired
—
(9
)
Capital expenditures
(13
)
(10
)
Purchases of marketable securities
(145
)
(176
)
Proceeds from the sale of marketable
securities
18
7
Maturities of marketable securities
111
147
Other investing activities
—
(1
)
Net cash used in investing activities
(29
)
(42
)
Cash flows from financing
activities:
Change in customer funds obligations,
net
49
37
Proceeds from issuance of common stock
28
11
Repurchases of Class A common stock
(4
)
—
Net cash provided by financing
activities
73
48
Net increase (decrease) in cash, cash
equivalents, cash held on behalf of customers and restricted
cash
24
(49
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
—
—
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at beginning of period
747
635
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at end of period
$
771
$
586
Reconciliation of cash, cash
equivalents, cash held on behalf of customers and restricted
cash
Cash and cash equivalents
$
578
$
451
Cash held on behalf of customers
136
99
Restricted cash
57
36
Total cash, cash equivalents, cash held on
behalf of customers and restricted cash
$
771
$
586
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 (loss) income, 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 (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:
1. 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.
2. 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 March
31,
(dollars in billions)
2024
2023
% Growth
Gross Payment Volume (GPV)
$
34.7
$
26.7
30
%
As of March 31,
(dollars in millions)
2024
2023
% Growth
Payments Annualized Recurring Run-Rate
$
634
$
503
26
%
Subscription Annualized Recurring
Run-Rate
671
484
39
%
Total Annualized Recurring Run-Rate
(ARR)
$
1,305
$
987
32
%
Adjusted EBITDA
Three Months Ended March
31,
(dollars in millions)
2024
2023
Net loss
$
(83
)
$
(81
)
Stock-based compensation expense and
related payroll tax
62
68
Depreciation and amortization
10
6
Interest income, net
(10
)
(8
)
Change in fair value of warrant
liability
36
(3
)
Restructuring and restructuring-related
expenses(1)
41
$
—
Acquisition expenses
—
1
Income tax expense
1
—
Adjusted EBITDA
$
57
$
(17
)
(1) Restructuring and restructuring-related expenses include $30
million of severance benefits, $10 million of stock-based
compensation expense, and $1 million of accelerated depreciation
related to facilities.
Non-GAAP Subscription Services and
Financial Technology Solutions Gross Profit
Three Months Ended March
31,
(dollars in millions)
2024
2023
Gross profit (GAAP):
Subscription services
$
101
$
71
Financial technology solutions
190
150
Adjustments:
Stock-based compensation expense and
related payroll tax
5
5
Depreciation and amortization
7
3
Non-GAAP Subscription Services and
Financial Technology Solutions Gross Profit (Non-GAAP)
$
303
$
229
Non-GAAP Costs of Revenue
Three Months Ended March
31,
(dollars in millions)
2024
2023
Costs of revenue
$
826
$
645
Stock-based compensation expense and
related payroll tax
11
11
Depreciation and amortization
8
4
Non-GAAP costs of revenue
$
807
$
630
Non-GAAP Gross Profit
Three Months Ended March
31,
(dollars in millions)
2024
2023
Gross profit
$
249
$
174
Stock-based compensation expense and
related payroll tax
11
11
Depreciation and amortization
8
4
Non-GAAP gross profit
$
268
$
189
Non-GAAP Subscription Services Gross
Profit
Three Months Ended March
31,
(dollars in millions)
2024
2023
Subscription services gross profit
$
101
$
71
Stock-based compensation expense and
related payroll tax
5
5
Depreciation and amortization
7
3
Non-GAAP subscription services gross
profit
$
113
$
79
Non-GAAP Financial Technology Solutions
Gross Profit
Three Months Ended March
31,
(dollars in millions)
2024
2023
Financial technology solutions gross
profit
$
190
$
150
Stock-based compensation expense and
related payroll tax
—
—
Depreciation and amortization
—
—
Non-GAAP financial technology solutions
gross profit
$
190
$
150
Non-GAAP Hardware and Professional
Services Gross Profit
Three Months Ended March
31,
(dollars in millions)
2024
2023
Hardware and professional services gross
profit
$
(41
)
$
(46
)
Stock-based compensation expense and
related payroll tax
6
6
Depreciation and amortization
—
—
Non-GAAP hardware and professional
services gross profit
$
(35
)
$
(40
)
Non-GAAP Non-Payments Financial
Technology Solutions Gross Profit
Three Months Ended March
31,
(dollars in millions)
2024
2023
Financial technology solutions gross
profit
$
190
$
150
Payments financial technology solutions
gross profit
(156
)
(124
)
Non-GAAP non-payments financial technology
solutions gross profit
$
34
$
26
Non-GAAP Sales and Marketing
Expenses
Three Months Ended March
31,
(dollars in millions)
2024
2023
Sales and marketing expenses
$
107
$
99
Stock-based compensation expense and
related payroll tax
(13
)
(15
)
Depreciation and amortization
(1
)
(1
)
Non-GAAP sales and marketing expenses
$
93
$
83
Non-GAAP Research and Development
Expenses
Three Months Ended March
31,
(dollars in millions)
2024
2023
Research and development expenses
$
83
$
85
Stock-based compensation expense and
related payroll tax
(20
)
(22
)
Depreciation and amortization
(1
)
(1
)
Non-GAAP research and development
expenses
$
62
$
62
Non-GAAP General and Administrative
Expenses
Three Months Ended March
31,
(dollars in millions)
2024
2023
General and administrative expenses
$
74
$
82
Stock-based compensation expense and
related payroll tax
(18
)
(20
)
Acquisition expenses
—
(1
)
Non-GAAP general and administrative
expenses
$
56
$
61
Free Cash Flow
Three Months Ended March
31,
(dollars in millions)
2024
2023
Net cash used in operating activities
$
(20
)
$
(55
)
Capital expenditures
(13
)
(10
)
Free Cash Flow
$
(33
)
$
(65
)
Sums may not equal totals due to rounding.
TOST-FIN
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