Added over 6,500 net new locations in third
quarter 2023
Annualized recurring run-rate (ARR) as of
September 30, 2023 grew 40% year-over-year
Third quarter net loss was $(31) million and
Adjusted EBITDA was $35 million
Toast (NYSE: TOST), the all-in-one digital technology platform
built for restaurants, today reported financial results for the
third quarter ended September 30, 2023.
“Toast delivered solid results in the third quarter. ARR grew
40% to over $1.2 billion with our consistent go-to-market execution
driving strong net location additions combined with continued ARPU
growth. Our focus on balancing durable top line growth with
efficiency led to our seventh consecutive quarter of Adjusted
EBITDA margin expansion,” said Toast CEO Chris Comparato.
“Toast is well-positioned to be the trusted platform for
restaurants of all sizes and types, remaining at the forefront of
this generational opportunity to transform the industry with
technology. On January 1, 2024, Aman Narang will become CEO of
Toast as I shift focus to my Board role. Aman’s been an incredible
partner and I’m confident he will lead Toast into its next era of
growth, and continue to raise the bar on innovation to support the
restaurant industry. I’m grateful to all our Toasters worldwide who
continue to lead with humility and live our mission to empower the
restaurant community to delight guests, do what they love, and
thrive.”
Financial Highlights for the Third Quarter of 2023
- ARR as of September 30, 2023 was $1,218 million, up 40%
year-over-year.
- Gross Payment Volume (GPV) increased 34% year-over-year to
$33.7 billion.
- Total locations increased 34% year-over-year to approximately
99,000, with net new locations of over 6,500 in Q3 2023.
- Revenue grew 37% year-over year to $1,032 million.
- Gross profit of $226 million was up 50% year-over-year.
Non-GAAP gross profit grew 49% year-over year to $244 million.
- Net loss was $(31) million in Q3 2023 compared to net loss of
$(98) million in Q3 2022. Adjusted EBITDA was $35 million in Q3
2023 compared to Adjusted EBITDA of $(19) million in Q3 2022.
- Net cash provided by operating activities of $47 million and
Free Cash Flow of $37 million in Q3 2023, compared to net cash
(used in) operating activities of $(69) million and Free Cash Flow
of $(80) million, respectively, in Q3 2022.
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, 2023, Toast expects
to report:
- Revenue in the range of $1.00 billion to $1.03 billion
- Adjusted EBITDA in the range of $5 million to $15 million
For the full year ending December 31, 2023, Toast expects to
report:
- Revenue in the range of $3.83 billion to $3.86 billion (up from
$3.81 billion to $3.87 billion)
- Adjusted EBITDA in the range of $38 million to $48 million (up
from $15 million to $35 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
- Toast announced the appointment of Aman Narang as CEO,
effective January 1, 2024. Narang has served as Toast’s
Co-President since December 2012 and Chief Operating Officer since
June 2021. He will take over as CEO from Chris Comparato, who has
served as the company’s CEO since February 2015, leading Toast
through a remarkable period of growth with a focus on profitability
and operational excellence. Both Comparato and Narang will remain
on the Board and Lead Independent Director Mark Hawkins will become
Chair.
- To help cafes, coffee shops, and bakeries add new revenue
streams, speed up service with faster workflows, and grow their
business, Toast announced Toast for Cafes & Bakeries. New
products included in the launch include Catering Online Ordering
and Restaurant Retail, which can benefit restaurants of all
types.
- Toast announced significant updates to the Toast platform,
including the launch of a new mobile app and an enhanced
point-of-sale (POS) experience. The new Toast Now mobile app is
designed to meet the dynamic nature of how owners and operators
manage restaurants, and Toast’s new POS experience has been
reimagined from the ground up, resulting in a system that is easier
to set up, learn, and use.
- Toast committed to fight food waste with new innovation and
philanthropic investments. Toast launched Food Waste Reduction
(FWR), a set of features available to all Toast customers at no
additional cost, designed to help restaurants measure and manage
food waste in their operations—and save money doing so. Toast.org,
the company’s social impact arm, will bolster its commitment to
creating a more sustainable food ecosystem with a $1 million
partnership with ReFED, a national nonprofit dedicated to ending
food loss and waste.
Conference Call Information
Toast will host a live conference call at 5:00 p.m. Eastern Time
on Tuesday, November 7, 2023 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 2023; 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 competes; Toast’s investments in technology and
infrastructure; success of Toast’s marketing and sales strategies;
Toast’s leadership transition plan; the expected results of the
launch of Toast Now, Toast for Cafes & Bakeries, new
functionalities including the new POS experience, Catering Online
Ordering and Restaurant Retail, and the benefits of such launch and
functionalities on Toast’s business and operations; Toast’s ability
to deliver innovative solutions; Toast’s ability to attract and
retain customers both in the U.S. and globally; 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, 2022, Toast’s Quarterly
Report on Form 10-Q for the three months ended September 30, 2023
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 share and
per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenue:
Subscription services
$
131
$
90
$
358
$
230
Financial technology solutions
856
628
2,338
1,628
Hardware
34
27
106
86
Professional services
11
7
27
19
Total revenue
1,032
752
2,829
1,963
Costs of revenue:
Subscription services
43
29
118
81
Financial technology solutions
674
494
1,828
1,289
Hardware
58
52
181
165
Professional services
30
25
90
71
Amortization of acquired intangible
assets
1
1
4
4
Total costs of revenue
806
601
2,221
1,610
Gross profit
226
151
608
353
Operating expenses:
Sales and marketing
100
84
299
232
Research and development
87
74
264
203
General and administrative
98
78
276
203
Total operating expenses
285
236
839
638
Loss from operations
(59
)
(85
)
(231
)
(285
)
Other income (expense):
Interest income, net
10
3
27
5
Change in fair value of warrant
liability
18
(21
)
(5
)
102
Other income (expense), net
—
1
—
(1
)
Loss before benefit (provision) for income
taxes
(31
)
(102
)
(209
)
(179
)
Benefit (provision) for income taxes
—
4
(1
)
4
Net loss
$
(31
)
$
(98
)
$
(210
)
$
(175
)
Net loss per share attributable to common
stockholders:
Basic
$
(0.06
)
$
(0.19
)
$
(0.40
)
$
(0.34
)
Diluted
$
(0.09
)
$
(0.19
)
$
(0.40
)
$
(0.54
)
Weighted average shares used in computing
net loss per share:
Basic
535,219,532
513,719,867
529,535,807
509,507,937
Diluted
536,534,932
513,719,867
529,535,807
510,000,352
TOAST, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited)
(in millions, except share and
per share amounts)
September 30,
2023
December 31,
2022
Assets:
Current assets:
Cash and cash equivalents
$
514
$
547
Marketable securities
516
474
Accounts receivable, net
95
77
Inventories, net
98
110
Deferred costs, net
56
44
Prepaid expenses and other current
assets
201
155
Total current assets
1,480
1,407
Property and equipment, net
69
61
Operating lease right-of-use assets
23
77
Intangible assets, net
28
29
Goodwill
113
107
Restricted cash
49
28
Deferred costs, non-current
59
38
Other non-current assets
13
14
Total non-current assets
354
354
Total assets
$
1,834
$
1,761
Liabilities and Stockholders’
Equity:
Current liabilities:
Accounts payable
$
27
$
30
Operating lease liabilities
10
14
Deferred revenue
38
39
Accrued expenses and other current
liabilities
499
413
Total current liabilities
574
496
Warrants to purchase common stock
72
68
Operating lease liabilities,
non-current
22
80
Deferred revenue, non-current
14
7
Other long-term liabilities
3
12
Total liabilities
685
663
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, 423,611,258 and 353,094,009 shares
issued and outstanding as of September 30, 2023 and December 31,
2022, respectively
—
—
Class B common stock, $0.000001 par value-
700,000,000 shares authorized, 114,944,182 and 169,933,289 shares
issued and outstanding as of September 30, 2023 and December 31,
2022, respectively
—
—
Treasury stock, at cost- 225,000 shares
outstanding at September 30, 2023 and December 31, 2022
—
—
Accumulated other comprehensive loss
(2
)
(2
)
Additional paid-in capital
2,738
2,477
Accumulated deficit
(1,587
)
(1,377
)
Total stockholders’ equity
1,149
1,098
Total liabilities and stockholders’
equity
$
1,834
$
1,761
TOAST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited)(in
millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Cash flows from operating
activities:
Net loss
$
(31
)
$
(98
)
$
(210
)
$
(175
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
8
6
22
18
Stock-based compensation expense
71
57
206
167
Amortization of deferred costs
16
12
44
32
Change in fair value of warrant
liability
(18
)
21
5
(102
)
Credit loss expense
19
11
44
18
Stock-based charitable contribution
expense
10
—
10
—
Asset impairments
—
—
15
—
Other
(2
)
(2
)
(14
)
1
Changes in operating assets and
liabilities:
Accounts receivable, net
18
(15
)
(24
)
(30
)
Prepaid expenses and other current
assets
(4
)
(6
)
(7
)
(17
)
Deferred costs, net
(27
)
(18
)
(77
)
(53
)
Inventories, net
9
(33
)
13
(53
)
Accounts payable
(15
)
(8
)
(3
)
(12
)
Accrued expenses and other current
liabilities
(7
)
15
17
91
Deferred revenue
(1
)
(5
)
6
(9
)
Operating lease right-of-use assets and
operating lease liabilities
(1
)
—
—
—
Other assets and liabilities
2
(6
)
(4
)
(13
)
Net cash provided by (used in) operating
activities
47
(69
)
43
(137
)
Cash flows from investing
activities:
Cash paid for acquisition, net of cash
acquired
—
(46
)
(9
)
(46
)
Capitalized software
(10
)
(5
)
(27
)
(10
)
Purchases of property and equipment
—
(6
)
(4
)
(13
)
Purchases of marketable securities
(128
)
(47
)
(479
)
(187
)
Proceeds from the sale of marketable
securities
10
9
23
41
Maturities of marketable securities
99
112
414
190
Other investing activities
(2
)
—
(3
)
—
Net cash provided by (used in) investing
activities
(31
)
17
(85
)
(25
)
Cash flows from financing
activities:
Change in customer funds obligations,
net
(4
)
(11
)
27
26
Proceeds from issuance of common stock
16
5
31
12
Payment of contingent consideration
—
—
—
(2
)
Net cash provided by (used in) financing
activities
12
(6
)
58
36
Net increase (decrease) in cash, cash
equivalents, cash held on behalf of customers and restricted
cash
28
(58
)
16
(126
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
—
(1
)
(1
)
(1
)
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at beginning of period
622
783
635
851
Cash, cash equivalents, cash held on
behalf of customers and restricted cash at end of period
$
650
$
724
$
650
$
724
Reconciliation of cash, cash
equivalents, cash held on behalf of customers and restricted
cash
Cash and cash equivalents
$
514
$
644
$
514
$
644
Cash held on behalf of customers
87
61
87
61
Restricted cash
49
19
49
19
Total cash, cash equivalents, cash held on
behalf of customers and restricted cash
$
650
$
724
$
650
$
724
TOAST, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited)(in
millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Supplemental disclosure of non-cash
investing and financing activities:
Issuance of Class B common stock upon
exercise of common stock warrants
—
—
1
18
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,
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 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 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 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.
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 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 Toast
Processing Locations in a given period. GPV is a key measure of the
scale of our platform, which in turn drives our financial
performance. As our customers generate more sales and therefore
more GPV, we generally see 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 this metric, we first calculate 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) our monthly billings
of subscription services fees, which we refer to as the
subscription component of MRR, and (ii) our 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. We
believe this approach provides an indication of our scale, while
also controlling for short-term fluctuations in payments volume.
Our ARR may decline or fluctuate as a result of a number of
factors, including customers’ satisfaction with our platform,
pricing, competitive offerings, economic conditions, or overall
changes in our customers’ and their guests’ spending levels. ARR is
an operational measure, does not reflect our revenue or gross
profit determined in accordance with U.S. Generally Accepted
Accounting Principles, or GAAP, and should be viewed independently
of, and not combined with or substituted for, our 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
our 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
September 30,
Nine Months Ended
September 30,
(dollars in billions)
2023
2022
% Growth
2023
2022
% Growth
Gross Payment Volume (GPV)
$
33.7
$
25.2
34
%
$
92.5
$
66.3
40
%
As of September 30,
(dollars in millions)
2023
2022
% Growth
Annualized Recurring Run-Rate (ARR)
$
1,218
$
868
40
%
Adjusted EBITDA
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
Net loss
$
(31
)
$
(98
)
$
(210
)
$
(175
)
Stock-based compensation expense and
related payroll tax
74
58
216
170
Depreciation and amortization
9
6
22
18
Interest income, net
(10
)
(3
)
(27
)
(5
)
Change in fair value of warrant
liability
(18
)
21
5
(102
)
Termination of leases
1
1
14
(1
)
Stock-based charitable contribution
expense
10
—
10
—
Acquisition expenses
—
—
1
2
Provision (benefit) for income taxes
—
(4
)
1
(4
)
Adjusted EBITDA
$
35
$
(19
)
$
32
$
(97
)
Sums may not equal totals due to
rounding.
Non-GAAP Costs of Revenue
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
Costs of revenue
$
806
$
601
$
2,221
$
1,610
Stock-based compensation expense and
related payroll tax
12
9
34
25
Depreciation and amortization
6
4
16
12
Non-GAAP costs of revenue
$
788
$
588
$
2,171
$
1,573
Sums may not equal totals due to
rounding.
Non-GAAP Gross Profit
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
Gross profit
$
226
$
151
$
608
$
353
Stock-based compensation expense and
related payroll tax
12
9
34
25
Depreciation and amortization
6
4
16
12
Non-GAAP gross profit
$
244
$
164
$
658
$
390
Sums may not equal totals due to
rounding.
Non-GAAP Sales and Marketing
Expenses
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
Sales and marketing expenses
$
100
$
84
$
299
$
232
Stock-based compensation expense and
related payroll tax
16
12
47
38
Depreciation and amortization
1
1
2
2
Non-GAAP sales and marketing expenses
$
83
$
71
$
250
$
192
Non-GAAP Research and Development
Expenses
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
Research and development expenses
$
87
$
74
$
264
$
203
Stock-based compensation expense and
related payroll tax
24
19
72
53
Depreciation and amortization
1
—
2
1
Non-GAAP research and development
expenses
$
62
$
55
$
190
$
149
Non-GAAP General and Administrative
Expenses
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
General and administrative expenses
$
98
$
78
$
276
$
203
Stock-based compensation expense and
related payroll tax
22
19
64
54
Depreciation and amortization
1
1
2
2
Termination of leases
1
1
14
(1
)
Stock-based charitable contribution
expense
10
—
10
—
Acquisition expenses
—
—
1
2
Non-GAAP general and administrative
expenses
$
64
$
57
$
185
$
146
Free Cash Flow
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)
2023
2022
2023
2022
Net cash provided by (used in) operating
activities
$
47
$
(69
)
$
43
$
(137
)
Purchases of property and equipment
—
(6
)
(4
)
(13
)
Capitalized software
(10
)
(5
)
(27
)
(10
)
Free Cash Flow
$
37
$
(80
)
$
12
$
(160
)
TOST-FIN
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