Financial Performance - GAAP operating income was $5 million in Q2 2024, compared to a GAAP operating loss of $(80) million in Q2 2023[1][2] - Net income was $14 million in Q2 2024, compared to a net loss of $(98) million in Q2 2023[1][2] - Adjusted EBITDA was $92 million in Q2 2024, compared to $15 million in Q2 2023[1][2] - Adjusted EBITDA for Q2 2024 was $92 million, a significant improvement from $15 million in Q2 2023[27] - Net cash provided by operating activities was $124 million and Free Cash Flow was $108 million in Q2 2024, compared to $50 million and $39 million, respectively, in Q2 2023[2] - Net cash provided by operating activities for the three months ended June 30, 2024, was $124 million, compared to $50 million for the same period in 2023[13] - Net cash used in investing activities for the six months ended June 30, 2024, was $33 million, compared to $54 million for the same period in 2023[13] - Net cash provided by financing activities for the six months ended June 30, 2024, was $47 million, compared to $46 million for the same period in 2023[13] - Total cash, cash equivalents, cash held on behalf of customers, and restricted cash at the end of June 30, 2024, was $864 million, compared to $622 million at the end of June 30, 2023[13] - Free cash flow for Q2 2024 was $108 million, a substantial increase from $39 million in Q2 2023[35] - Net cash provided by operating activities in Q2 2024 was $124 million, compared to $50 million in Q2 2023[35] Revenue and Profit Metrics - Annualized recurring run-rate (ARR) grew 29% year-over-year to $1.5 billion as of June 30, 2024[1][2] - Gross Payment Volume (GPV) increased 26% year-over-year to $40.5 billion in Q2 2024[2] - Gross Payment Volume (GPV) for Q2 2024 reached $40.5 billion, a 26% increase compared to $32.1 billion in Q2 2023[26] - Total Annualized Recurring Run-Rate (ARR) grew to $1.473 billion in 2024, up 29% from $1.140 billion in 2023[26] - Non-GAAP Subscription Services Gross Profit increased to $127 million in Q2 2024, up from $90 million in Q2 2023[31] - Non-GAAP Financial Technology Solutions Gross Profit remained steady at $217 million in Q2 2024, compared to $177 million in Q2 2023[32] - For Q3 2024, Toast expects Non-GAAP subscription services and financial technology solutions gross profit to be in the range of $345 million to $355 million, representing 23-27% growth compared to Q3 2023[4] - For full year 2024, Toast expects Non-GAAP subscription services and financial technology solutions gross profit to be in the range of $1,340 million to $1,360 million, representing 27-29% growth compared to 2023[4] Operational Metrics - Added approximately 8,000 net new locations in Q2 2024, bringing total locations to approximately 120,000, a 29% year-over-year increase[1][2] - A live location (Location) is defined as a unique site using Toast Point of Sale with transaction volumes above a minimum threshold[25] Expense Management - Non-GAAP Sales and Marketing Expenses decreased to $97 million in Q2 2024 from $84 million in Q2 2023[33] - Non-GAAP Research and Development Expenses were $63 million in Q2 2024, down from $66 million in Q2 2023[34] - Non-GAAP General and Administrative Expenses reduced to $55 million in Q2 2024 from $61 million in Q2 2023[34] AI and Innovation - Toast launched an AI innovation hub in June 2024, with 57% of surveyed restaurants reporting already using or wanting to use AI-powered experiences[6] Definitions and Key Metrics - Adjusted EBITDA is defined as net income (loss) adjusted for stock-based compensation, depreciation, amortization, and other non-operating items[15] - Non-GAAP Subscription Services and Financial Technology Solutions Gross Profit excludes stock-based compensation and depreciation/amortization expenses[16] - Gross Payment Volume (GPV) is a key metric representing the total dollars processed through the Toast payments platform[22] - Annualized Recurring Run-Rate (ARR) is calculated using subscription and payment processing services, excluding Toast Capital and SaaS credits[23]

Lauri Patterson Introduction & Investment Thesis I had last written about Toast (NYSE:NYSE:TOST) in May, where I held my "buy" rating on the stock after it reported its Q1 FY24 earnings, where revenue and Adjusted EBITDA grew 31% and 435% YoY, respectively. My bullish thesis was predicated on my belief that the company is continuing to scale into new locations while building a strong sales organization to drive a higher number of product modules per customer, enabling it to unlock operating leverage. Since ...

Toast (TOST) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock. Shares of this restaurant software provider have returned +3.4% over the past month versus the Zacks S&P 500 composite's +1.1% change. The Zacks Internet - Software industry, to which Toast belongs, has lost 6.4% over this period. Now the key question is: Where could the stock be headed in the near term? While media r ...

Toast (TOST) closed the most recent trading day at $26, moving +1.25% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.08% for the day. Elsewhere, the Dow saw a downswing of 0.12%, while the tech-heavy Nasdaq appreciated by 0.07%. The investment community will be closely monitoring the performance of Toast in its forthcoming earnings report. The company is scheduled to release its earnings on August 6, 2024. In that report, analysts expect Toast to post earning ...

Toast Inc. (TOST, Financial) is a $13 billion market cap payment solutions company that is tailored toward restaurants of any size, with the vast majority of its presence coming from the United States. With more than a billion dollars in annual revenue, Toast also offers software solutions to these restaurants and capital financing via Toast Capital, where clients can obtain loans directly and have accumulated approximately $1 billion in loan originations. This is done at a lower credit risk as Toast Capita ...

Toast's restaurant management software is more popular than ever, but the fast-growing business is still losing money. Shares of Toast (TOST 2.49%) recently got a little bump from a positive analyst note. Dan Dolev at Mizuho upgraded his rating on the stock to outperform and raised his price target to $33 per share. Dolev's new price target implies a 21% gain over the next 12 months if the rest of the stock market begins viewing the restaurant software company in the same light as he does. Is now a good tim ...

The case for Toast There are several growth opportunities that management has identified and is already investing in. It continues to add locations in its core business at a healthy pace, and 20% of new locations come from referrals. Do you like to eat out? You might have noticed recently that more and more restaurants have shiny new hardware to take orders and accept payment, whether fast food or sit-down style. Toast (TOST 2.49%) is one of the most popular versions, and it's growing quickly. Its stock is ...

Toast (TOST 2.49%) has quickly emerged as a leader in the digital transformation of the restaurant industry. With shares trading near a 52-week high, could shares of Toast still make an appetizing addition to your portfolio? While point-of-sale equipment and food ordering technology have long been staples of small and large dining establishments, Toast stands out with its vertically integrated platform. Its cloud-based management suite supports all aspects of often-complex restaurant operations. The latest ...

Shares of this restaurant software provider have returned +7.3% over the past month versus the Zacks S&P 500 composite's +4.3% change. The Zacks Internet - Software industry, to which Toast belongs, has gained 0.1% over this period. Now the key question is: Where could the stock be headed in the near term? Revisions to Earnings Estimates For the current quarter, Toast is expected to post a loss of $0.02 per share, indicating a change of +89.5% from the year-ago quarter. The Zacks Consensus Estimate remained ...

TINTON FALLS, N.J., July 8, 2024 /PRNewswire/ -- Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced that long-term Commvault executive and current Chief Financial Officer (CFO), Gary Merrill, will transition to a new role, serving as the company's first Chief Commercial Officer (CCO). In this role, Merrill will lead the company's global sales and partner teams. DiRico spent close to a decade at Toast, where she was instrumental in its succes ...