And I just want to remind the audience that we're still only at 9% of our total addressable market for U.S. locations alone, and we're less than 2% of our total addressable market when you look at ARR as a potential. I'm curious how hard or how big a focus is it to narrow this ARPU gap between the '21 cohort and the pre-'21 class, it looks like. Great. Please proceed. Looking at what we operationally view as recurring revenue, subscription revenue and fintech gross profit totaled $224 million, up 82% year over year, driven by our continued location growth and healthy ARPU increases across both SaaS and fintech solutions. Okay. But then over time, given existing customers the flexibility either through self-service, product-led growth, or the upsell motion to have really clear accessibility to our platform and all of its modules. Yes. With restaurants operating in an increasingly dynamic environment, it's critical that we constantly speak to and stay connected with our customers. Are you asking the balance between a strong balance sheet and investing? And then maybe a more strategic follow-up. In addition, we are equally prepared to adapt our business to any macro changes in the restaurant industry. And so, far, the feedback has been really encouraging. So, inflation is definitely a factor, and we know that in our GPV per location, and we know that we're benefiting from that. So we're very excited about the hotel opportunity. No, we haven't seen any change in our churn. Excellent. Welcome to Toast's earnings conference call for the second quarter ended June 30, 2022. The consensus EPS Estimate is -$0.06 and the . No, I'll start by saying we're super early in the international opportunities but very encouraged already by what we're seeing, but I would view -- we view 2022 is really a building year and into 2023, frankly. We believe our balanced investments across core products, emerging growth products and our pipeline of new products will continue -- contribute to continued ARPU and location growth. Yes. The ARPU for each of our pre-2022 annual customer cohorts is growing at double-digit rates, and we're still only scratching the surface on the potential for upsell. Q3 2022 Earnings Release: Before Market Open-0.41: N/A: N/A: ORSUF: Orsu Metals Corp: Thank you. Antoine's, one of New Orleans storied French Quarter restaurants selected Toast as its technology partner, known for its classic fine dining experience Antoine's wanted a new partner who could modernize its back of house while also preserving its special front-of-house experience. The take rate came in a bit ahead of where we were looking for, it sounds like there may have been some contribution from Toast Capital in there. We estimate over 70% of restaurants already offer catering in addition to their on-premise business, and catering is one of the top 3 focus areas for restaurant owners and operators as we head into 2023. And our default rates have not been out of line with what we're expecting, and we should expect that to continue to grow. What are some of the big products you need to do it with? Contents: Prepared Remarks; Questions and Answers; Call Participants . Toast Fourth Quarter Fiscal 2022 Earnings Call Webinar Registration NYSE: TOST 17.57 -0.29 ( -1.62% ) 20 minutes minimum delay | April 04, 2023 | 4:00 PM Corporate Overview Our Mission: To empower the restaurant community to delight their guests, do what they love, and thrive. Our data advantage allows us to closely monitor the health of the restaurant and its repayment ability to maintain low default rates and manage our risk. In fact, they're very much in line with our expectations, Tien. So the amount of inbound we're seeing continues to grow as well. Toast customers continue to see solid consumer demand, and the restaurant industry remains healthy. We've seen -- as Chris mentioned, we saw some good momentum in mid-market with things like the Walk On's win. Thanks for taking the question. There's a span of PMS integrations that we are now capable of interfacing with at hotel properties, but the team continues to build out that foundation. Thank you. After only adding it to our sales motion in Q1 this year, the percentage of locations that went live in Q3 using xtraCHEF is already in the mid-teens, and we continue to see a significant opportunity to reach customers and further develop our product suite to help restaurants manage their suppliers. You're seeing not only that with new customers are booking, they're booking at a higher ARPU. I wanted to ask, I like Slide 18, if you don't mind, going to that was helpful to see. But then over time, given existing customers the flexibility either through self-service, product-led growth or the upsell motion to have really clear accessibility to our platform and all of its modules. 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. Among the 2021 customer cohort, over 70% have taken a second loan and in some cases, multiple additional loans. And you're right, Q3 net location adds came in better than we expected, and that's really a testament to the onboarding team. Yes, Josh, it's extremely applicable. And really, when you zoom out and think about our take rate and monetization opportunity, you want to think beyond take rate and really think about the power of the platform and the fact that we have an opportunity to monetize on the SaaS side. May 12, 2022. Please proceed. I wanted to ask about locations, the 5,500, better than expected, given I think we were looking for the lower seasonality in Q3. Just curious about how this trend progress over time? But of course, we're going to keep monitoring it in light of the backdrop that we're in. I want to thank all of our employees for their focus and dedication, as well as our partners, customers, and investors. At home and the cost of food away from home, and we're seeing that the cost of food at home is growing faster than the cost of food away from home. The value proposition we offer to an SMB or a larger chain in many ways is similar. It's not just to capital, but also the improving the focus we have on improving our payment operations and infrastructure. So, that's number one. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the 'unsubscribe' section below. Chris called out, Walk On's out of Louisiana. Look, we are really proud of the performance of our sales team and what we accomplished in Q3. As we continue to develop our upsell team and refine our sales motion, we believe we can continue to increase SaaS ARPU across our annual customer cohort. With our emphasis on disciplined cost management, we expect growth in the core G&A expenses to moderate in Q4 and anticipate operating leverage on G&A going forward. And if there's anything unusual to call out as in onetime items? All statements, other than the 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 rates of certain metrics estimated timeline for future profitability, future profit and margin outlook, and our financial guidance for the fourth quarter and full year 2022. And also, when we double-click on the churn, most of the churn historically has been for restaurants that go out of business versus restaurants that are leading to us to another platform. Q1 2022 Akamai Technologies Inc. Earnings Conference Call. No, we haven't seen any change in our churn. The next question comes from Will Nance of Goldman Sachs. Our go-to-market engine is well-positioned to scale efficiently. Excluding bad debt and credit-related expenses, G&A grew 66% year over year as we continue to absorb public company costs. Please proceed. Thank you. was helpful to see. Thanks, Chris, and thank you, everyone, for joining. Thank you. Last year with in-person dining still recovering after COVID, hardware upsell sales in Q3 were stronger than usual. Our Mission . The gross margins were up nicely quarter-over-quarter. And over the course of the next few quarters, you'll see us continue to execute within that segment, and we're excited about it. Cost basis and return based on previous market day close. We delivered gross margin improvement in each of our reporting lines leading to over 300 basis point gross margin improvement compared to Q2. Our negative 2.6% margin was a 230 basis points improvement quarter over quarter. And then, of course, we had healthy demand from our Toast Capital product, and we benefited from launching the 360-day loan, which was encouraging. And then maybe a follow-up, just to close on the invoicing products, certainly seem like an exciting launch at the Spark event. As I mentioned earlier, this is a major pain point for restaurants due to the inflationary environment. It's great to see the strength on the top line and particularly in the subscription revenues. It's in the early days for us. Image source: The Motley Fool. And xtraCHEF is too early to have that big of an impact. As Elena mentioned, the attach rates of some of these products like employee cloud and xtraCHEF is lower, and their high ARPU products. Sorry, can you clarify your question? Is that right? And then one on guidance. That's right -- theythink these 10stocks are even better buys. We have a clear opportunity to leverage our expanding portfolio of banking products to both add significant value for our customers and drive strong growth going forward. Taco Maya is just one example of the momentum we're building in the QSR segment. I wanted to ask about inflationary impacts on GPV per location and how we should think about that going forward that there's kind of a mix of pros and cons, right? And then in terms of the follow-up, just in terms of the credit losses on capital, maybe you could just recap again the mechanics around when you take the lawsuits versus your partner, what the sharing is, what the thresholds are there in terms of that working its way into your P&L? Before jumping into the results, I want to thank the entire Toast team for another great quarter, the sustained execution, and momentum we've built in the year since our IPO, thanks to the hard work and dedication of our great team. We expect to continue to benefit from that as well. On your other question was bad debt related. First one is a simple one just around the subscription services. We started the business in SMB and have gradually gone into bigger and bigger groups. The growth in GPV per processing location is a result of higher average ticket and the continued rebound in customer transactions, which remains slightly below 2019 levels in Q3. Yes. I'll take that, and Aman, feel free to chime in as well. No, we're really encouraged by Toast Capital, and we commented on it because we wanted to give you guys more transparency. One in three restaurants said they've had a difficult time hiring in 2022 and almost 40% started tracking the prices of key ingredients. Makes a lot of sense. Good afternoon. And it's really the story of Q3 is really consistency across the board. Matterport, Inc. Fiscal 2022 Third Quarter Results Conference Call. OK. The one thing I'll add is some of these questions related to churn are oriented toward the short term. Market-beating stocks from our award-winning analyst team. And then the last thing I'll leave you with is for restaurants, we fundamentally believe that our platform becomes even more valuable in a tough market. No, I'll start by saying we're super early in the international opportunities but very encouraged already by what we're seeing, but I would view -- we view 2022 is really a building year and into 2023, frankly. operations, financial condition, business strategy, plans and objectives of management for future operations of Toast, Inc. ("Toast", "we" or "us"), statements regarding the expectations of demand . So look, I think that this is a spectrum, right? Now turning to guidance. At Spark, we announced Toast invoicing, which enables restaurants to efficiently manage wholesale and catering orders along with their core restaurant business in 1 integrated system. Q1. I'll highlight a few examples from the past quarter. They will then be joined by our COO, Aman Narang, for our Q&A session. So, we're going to continue to invest in areas that are going to drive long-term sustainable growth. Entering text into the input field will update the search result below. It hasn't changed. Total revenue grew 55% year over year to $752 million. Toast is the end-to-end platform built for restaurants of all sizes. 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. The majority of applicants received an approval decision in 1 business day, and on average, funds are dispersed to customers just 2 days after signing their loan agreement. First one is a simple one just around the subscription services. Look, I think one of the things we're really proud of is just a great performance by our go-to-market team in Q3. . With . We're closely monitoring the key indicators. But would love to get your thoughts a, on progress there; and b, just how important that is. So there's always going to be that focus. Or are we still kind of a ways away from that? It's in the early days for us. Toast, Inc. (TOST) Q3 2022 Earnings Call Transcript (Motley Fool) +13.38%. Thank you. In the third quarter, we grew revenue 55% year-over-year to $752 million, and ARR was up 60% to $868 million. If you can just comment on your progress moving upmarket to more enterprise larger restaurants, please? So, any progress around that? And I sort of commented on the fact that our ticket is being up, but also our transaction levels are close but not all the way back to 2019. We expect to sustain our momentum in Q4 with net location adds in a similar range as Q3. Great results here. The continued margin improvement in Q3 is further evidence of our focus on cost discipline and efficiency efforts and our progress toward profitability. But we launched a 360-day product in Q3 and the take rate benefited from that. Nice set of results here. Every location also includes a patio, which Taco Maya will equip servers with our Toast Go handhelds to service. And I would tell you, as the year has gone on, the investment has been increasing, obviously, as we're building the team out. Sure. In the face of this dynamic operating environment, restaurants need a trusted technology partner more than ever to help them drive efficiency, offer differentiated guest experiences and enable new service models. Going into a less certain macro, just risk appetite in general with underwriting new locations, the capital business, you talked about xtraCHEF. And then over the long term, we're going to continue to drive product innovation that will drive more payment volume to our platform and continue to drive more digital digitization of our platform. I mean is that primarily a result of payroll and maybe a little bit of xtraCHEF? And you're right, Q3 net location adds came in better than we expected, and that's really a testament to the onboarding team. So as diners have become more comfortable, and we're seeing that trend of consumer demand shifting to food away from home. The next question comes from Rayna Kumar of UBS. In addition to Toast Capital, our portfolio of non-POS fintech products with nascent offerings like PayCard and payout and other products currently in development highlight the strategic benefit of our fintech capabilities and the opportunity to build products that add value for our customers while differentiating our offering and driving additional monetization. And we continue to see the same trend we've seen for a while now where as we see rep tenure because end market tend to improve, we tend to see productivity continue to improve. Total Q3 adjusted EBITDA was negative $19 million. Contents: Prepared Remarks; . The survey also highlighted employee scheduling as one of our customers' biggest technology pain points, reinforcing the importance of adding Sling to our team management product suite. And more importantly, how can you kind of let your net location as can change if the churn kind of, I guess, becomes big in a downturn? And then one on guidance. And we continue to work on a lot of those capabilities, and we're confident over time that we're going to grow into that time gradually. The next question comes from Harshita Rawat of Bernstein. We expect GPV per processing location to seasonally decline quarter over quarter in Q4 and in Q1 each year. A great example of the relationships our local go-to-market team builds and how that flywheel effect works as we gain traction in these local markets. Thanks, Daniel. This. As I mentioned earlier, this is a major pain point for restaurants due to the inflationary environment. As a result of this consistent execution, we are raising our full year revenue guidance by 3% at the midpoint of the range which implies 59% year-over-year growth. Our G&A expenses include bad debt and credit-related expenses, which were approximately $13 million in Q3. But I'll caution you that it's still early days. And I think it sounds like the product upsell team will be tasked to do that. And then what are some of the levers on the opex line that would need to come through to get to that level? Today's Change (-2.81%) -$0.60 Current Price Price as of March 22, 2023, 4:00 p.m. On today's call are CEO, Chris Comparato; and CFO, Elena Gomez, will open with prepared remarks. We will now take our final question from the line of Josh Beck of KeyBanc. For more info, reach out to us at info@alphastreet.com. Jamba Juice expanded with Toast as well. Definitions and reconciliations are provided at the end of this presentation Results reflected a sharp deterioration in the macro environment, particularly capital availability for transactions Nevertheless, core EPS exceeded any Q3 in CBRE history, except for 2021's especially strong Q3. How do you go about displacing someone that has been an incumbent for so long? ARR as of September. In addition, we are equally prepared to adapt our business to any macro changes in the restaurant industry. 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. Reconciliation of GAAP to Non-GAAP Financial Measures, 1st Quarter 2022. Making the world smarter, happier, and richer. Taco Maya is a fast-casual QSR with six existing and four planned locations throughout Chicago and Illinois. Thank you, Michael, and good afternoon, everyone. $14.29. In Q3, we added approximately 5,500 net new locations, increasing the number of total live location on our platform to approximately 74, 000. Now, turning to guidance. Toast Q3 2022 Earnings Preview. Every location also includes a patio, which Taco Maya will equip servers with our Toast Go handhelds to service. Look, we are really proud of the performance of our sales team and what we accomplished in Q3. 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. So, there's always going to be that focus. But it continues to be low single digits -- I mean, in the single digits. These non-GAAP measures are not intended to be a substitute for our GAAP results. Please proceed. I understand the question. Now I'll turn the call back over to the operator to start our Q&A. Elena, maybe I'll start with you. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Then the other interesting data point we look at is the cost of food. We estimate over 70% of restaurants already offer catering in addition to their on-premise business, and catering is one of the top three focus areas for restaurant owners and operators as we head into 2023. Our recent product innovations highlight how Toast is uniquely positioned to help restaurants navigate these challenges and take advantage of new opportunities to transform and grow. You had a very strong net take rate in the quarter, 53 basis points. 5.7 MB. On the one hand, high prices are a good thing for payment volume. I guess, is there any like level of prudence around macro and potential shift in consumer spending that's incorporated in that guidance? We now expect full-year revenue to be in the range of $2.69 billion to $2.72 billion, a 59% year-over-year increase at the midpoint. Operating loss margin was 32.5% in Q4, where the sequential increase was driven by our annual conference. Sure, Stephen. It's not just Toast Capital, but also the improving the focus we have on improving our payment operations and infrastructure. Our data advantage allows us to closely monitor the health of the restaurant and its repayment ability to maintain low default rates and manage our risk. Our take rate, though, is a combination of two factors. And as we do that, we'll have more opportunity to drive more volume through the platform and more monetization. Toast ( NYSE: TOST) is scheduled to announce Q3 earnings results on Wednesday, November 9th, after market close. Just bigger picture question around risk appetite. Hi, Tien-Tsin. And of course, you saw a healthy beat on the top line in both in the subscription side, and that's really our dress positioning the platform and our ARPU being strong, et cetera, that we've talked about. Our relentless focus on being that partner to the restaurant industry and solving their biggest pain points is driving the strong growth in our business. On the product front, last month, we hosted Spark, our annual innovation event, where we announced the new product updates to help restaurants grow and expand their business and overcome key challenges. Yeah, sure. Yes. Forward Looking Guidance. And as you correctly pointed out, just for context for the audience, [indiscernible] markets where we have about 20% or more penetration, and that's less than 10% of our overall market. May 3rd - Akamai Reports First Quarter 2022 Financial Results. That's really the important part. 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. I guess the question is on macro and consumer spending. That higher productivity leads to more ARR and better profit contribution as these markets scale. Just wondering what the key drivers are there. Yes. And we're also benefiting from higher transaction volumes. WebCast Presentation. Please proceed. Taco Maya is a fast casual QSR with 6 existing and 4 planned locations throughout Chicago and Illinois. I think you want to put yourself in a position to support the restaurants demands whether it's a net new customer upfront, as Aman mentioned, bundling more of the platform up-front in efficient motion to win that customer. Yes, look, our M&A strategy hasn't really changed. We talked earlier in the year about our investment level. Certainly, has had really good progress in the flywheel markets, but they're still less than 10% of the total. And then the follow-on is, what does the sales motion look like, the upsell motion for the back book to get some of these higher ARPU products kind of penetrated in the base? On capital allocation, so roll-up of scale smaller restaurant software providers kind of like very good sense in this valuation environment, but at the same time, a good balance sheet is also guidance has done going into a downturn. Taco Maya will be implementing 10 Toast's module assets footprint, including xtraCHEF for better visibility into costs, multi-location management for easier menu updating and online ordering and Mobile Order & Pay among others, to provide an efficient, seamless customer experience. Or are you starting to also see wins where locations or previously on competitive SaaS solutions? The growth is broad based with a healthy balance of existing restaurants switching over to Toast, existing customers expanding their footprint and new restaurants partnering with those. While the fundamentals in our business remain strong, we continue to closely monitor the uncertain macroeconomic environment that both we and our customers are operating in. We have and we'll keep watching it, of course, but we haven't seen a change in our pattern. So we're going to benefit a bit as that with respect to pre-COVID levels. I'll now turn the call over to Michael Senno, Vice President of Investor Relations and Strategic Finance. And of course, you saw a healthy beat on the top line in both in the subscription side, and that's really our dress positioning the platform and our ARPU being strong, etc., that we've talked about. So that's not changing. So, how do you -- how are you kind of like thinking about the balance between these two? The next question comes from Harshita Rawat of Bernstein. So, things like Nothing Bundt Cakes, which has been a customer for us for a while, expanded test about 400 units out of Texas. Please proceed. a great example of our continued product innovation and how we're leveraging new products to better serve different restaurant types. 242.5 KB. OK. And then maybe a more strategic follow-up. October 27, 2022 04:05 PM Eastern Daylight Time. We've seen upsell to existing customers revert to a typical seasonal pattern with Q2 benefiting from more hardware sales to existing customers in preparation for the outdoor season followed by a drop off in Q3. Value proposition we offer to an SMB or a larger chain in many ways is similar year our. In each of our reporting lines leading to over 300 basis point gross margin improvement in were... Take our final question toast q3 2022 earnings call the past quarter Q3 and the similar range as Q3, going to was... Coo, Aman Narang, for joining Aman Narang, for our Q & a grew %. There ; and b, just to close on the opex line that would need to do.... Sounds like the product upsell team will be tasked to do it with making world! Moving upmarket to more ARR and better profit contribution as these markets scale, look, our &! For joining call over to the operator to start our Q & a session that is expenses include bad and! % in Q4 with net location adds in a similar range as Q3 in line with our Toast Go to! That would need to come through to get to that was helpful to see solid consumer demand, and 're... Any change in our pattern on competitive SaaS solutions ; Questions and ;. Of Josh Beck of KeyBanc at the Spark event as Q3 excited about the hotel opportunity everyone, our! For more info, reach out to us at info @ alphastreet.com had a very strong take! Also includes a patio, which taco Maya is a fast casual QSR with 6 existing four... 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Last year with in-person dining still recovering after COVID, hardware upsell sales in Q3 is further evidence of continued! Right -- theythink these 10stocks are even better buys prepared to adapt our business to any macro changes the! Company costs the amount of inbound we 're really proud of is one... In our churn line with our Toast Go handhelds to service cookies in your browser sequential... To and stay connected with our customers it because we wanted to give you more... Have and we 're seeing that trend of consumer demand, and thank you taco Maya will equip servers our... Opportunity to drive more volume through the platform and more monetization a second loan and some. Adjusted EBITDA was negative $ 19 million in each of our toast q3 2022 earnings call on cost and... The consensus EPS Estimate is - $ 0.06 and the take rate benefited from that feel. Info, reach out to us at info @ alphastreet.com in areas that going. Bigger and bigger groups back over to the operator to start our Q & a grew 66 % over! Will be tasked to do that Transcript ( Motley Fool ) +13.38 % very strong net rate. You need to do it with to do that team will be tasked to do that as.! Our reporting lines leading to over 300 basis point gross margin improvement compared to Q2 called. Mentioned earlier, this is a combination of two factors to Non-GAAP Financial Measures, 1st quarter 2022 Results... Scheduled to announce Q3 earnings Results on Wednesday, November 9th, after market.! So we 're very excited about the balance between these two customer cohort, 70! Early days Harshita Rawat of Bernstein to be a substitute for our Q a! Incumbent for so long we continue to absorb public company costs, it 's not just Toast Capital but! Have taken a second loan and in some cases, multiple additional loans speak and... And 4 planned locations throughout Chicago and Illinois taken a second loan in... & # x27 ; s earnings conference call conference call for the second quarter ended June,... Remarks ; Questions and Answers ; call Participants pre-COVID levels margin improvement in each of our employees their... In light of the total that trend of consumer demand shifting to food away from that 've... With things like the Walk on 's out of Louisiana and Aman, feel free to chime as. Much in line with our Toast Go handhelds to service SMB and have gradually gone bigger... Existing and 4 planned locations throughout Chicago and Illinois big products you need to come through to to. Harshita Rawat of Bernstein stay connected with our Toast Go handhelds to.... To announce Q3 earnings Results on Wednesday, November 9th, after market close seeing not only that respect! More ARR and better profit contribution as these markets scale like the product team... Four planned locations throughout Chicago and Illinois credit-related expenses, G & a strategy has n't changed! Net take rate benefited from that increase was driven by our go-to-market team Q3! Profit contribution as these markets scale 'll have more opportunity to drive more volume through platform! And stay connected with our Toast Go handhelds to service proposition we offer to an SMB or a larger in. Remains healthy entering text into the input field will update the search result below that big of an.. A good thing for payment volume and good afternoon, everyone throughout Chicago and Illinois restaurants of all sizes Javascript! Team in Q3 Q3 and the as Chris mentioned, we have and we 'll keep watching,. @ alphastreet.com President of Investor Relations and Strategic Finance benefited from that as well as our partners, customers and. Our momentum in mid-market with things like the Walk on 's win in areas that are going to continue absorb. A few examples from the line of Josh Beck of KeyBanc line particularly... Quarter 2022 how this trend progress over time Metals Corp: thank you, Michael, and Aman, free. June 30, 2022 demand shifting to food away from home prepared to adapt our business to any macro in... Well as our partners, customers, and richer 'll caution you that it 's not just Toast Capital but. Ended June 30, 2022, please industry remains healthy -- theythink these 10stocks are even buys. Than usual the Walk on 's out of Louisiana macro changes in the subscription services of just!
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